Leases (Tables)
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12 Months Ended |
Jan. 29, 2022 |
Leases [Abstract] |
|
Summary of Operating and Finance Leases |
The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements:
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|
|
|
Consolidated Balance Sheets |
|
|
(Dollars in Millions) |
Classification |
January 29, 2022 |
January 30, 2021 |
Assets |
|
|
|
Operating leases |
Operating leases |
$2,248 |
$2,398 |
Finance leases |
Property and equipment, net |
1,442 |
708 |
Total operating and finance leases |
3,690 |
3,106 |
Liabilities |
|
|
|
Current |
|
|
|
Operating leases |
Current portion of operating leases |
145 |
161 |
Finance leases |
Current portion of finance leases and financing obligations |
87 |
76 |
Noncurrent |
|
|
|
Operating leases |
Operating leases |
2,479 |
2,625 |
Finance leases |
Finance leases and financing obligations |
1,688 |
926 |
Total operating and finance leases |
$4,399 |
$3,788 |
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|
|
|
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Consolidated Statement of Operations |
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|
|
(Dollars in Millions) |
Classification |
2021 |
2020 |
2019 |
Operating leases |
Selling, general, and administrative |
$298 |
$314 |
$314 |
Finance Leases |
|
|
|
|
Amortization of leased assets |
Depreciation and amortization |
98 |
79 |
72 |
Interest on leased assets |
Interest expense, net |
111 |
102 |
98 |
Total operating and finance leases |
|
$507 |
$495 |
$484 |
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|
|
|
Consolidated Statement of Cash Flows |
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|
|
(Dollars in Millions) |
2021 |
2020 |
2019 |
Cash paid for amounts included in measurement of leased liabilities |
|
|
|
Operating cash flows from operating leases |
$311 |
$305 |
$320 |
Operating cash flows from finance leases |
105 |
102 |
98 |
Financing cash flows from finance leases |
93 |
69 |
76 |
|
Summary of Future Lease Payments |
The following table summarizes future lease payments by fiscal year:
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|
|
|
|
January 29, 2022 |
(Dollars in millions) |
Operating Leases |
Finance Leases |
Total |
2022 |
$283 |
$198 |
$481 |
2023 |
277 |
181 |
458 |
2024 |
246 |
166 |
412 |
2025 |
233 |
160 |
393 |
2026 |
224 |
159 |
383 |
After 2026 |
3,275 |
2,636 |
5,911 |
Total lease payments |
$4,538 |
$3,500 |
$8,038 |
Amount representing interest |
(1,914) |
(1,725) |
(3,639) |
Lease liabilities |
$2,624 |
$1,775 |
$4,399 |
|
Summary of Weighted-Average Remaining Lease Term and Discount Rates |
The following table summarizes weighted-average remaining lease term and discount rate:
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|
|
|
January 29, 2022 |
January 30, 2021 |
Weighted-average remaining term (years) |
|
|
Operating leases |
20 |
19 |
Finance leases |
20 |
18 |
Weighted-average discount rate |
|
|
Operating leases |
6% |
6% |
Finance leases |
7% |
10% |
|
Summary of Other Lease Information |
Other lease information is as follows:
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|
|
|
(Dollars in Millions) |
2021 |
2020 |
2019 |
Property and equipment acquired through: |
|
|
|
Finance lease liabilities |
841 |
128 |
236 |
Operating lease liabilities |
2 |
165 |
106 |
|
Summary of Financing Obligations |
The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements:
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|
|
Consolidated Balance Sheets |
|
|
(Dollars in millions) |
Classification |
January 29, 2022 |
January 30, 2021 |
Assets |
|
|
|
Financing obligations |
Property and equipment, net |
$55 |
$65 |
Liabilities |
|
|
|
Current |
Current portion of finance leases and financing obligations |
31 |
39 |
Noncurrent |
Finance leases and financing obligations |
445 |
461 |
Total financing obligations |
|
$476 |
$500 |
|
|
|
|
|
Consolidated Statement of Operations |
|
|
|
(Dollars in millions) |
Classification |
2021 |
2020 |
2019 |
Amortization of financing obligation assets |
Depreciation and amortization |
$10 |
$11 |
$11 |
Interest on financing obligations |
Interest expense, net |
41 |
36 |
37 |
Total financing obligations |
|
$51 |
$47 |
$48 |
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|
|
Consolidated Statement of Cash Flows |
|
|
|
(Dollars in millions) |
2021 |
2020 |
2019 |
Cash paid for amounts included in measurement of financing obligations |
|
|
|
Operating cash flows from financing obligations |
$40 |
$36 |
$37 |
Financing cash flows from financing obligations |
32 |
36 |
37 |
Proceeds from financing obligations |
15 |
9 |
11 |
(Gain) on extinguishment of debt |
— |
— |
(9) |
|
Summary of Future Financing Obligation Payments |
The following table summarizes future financing obligation payments by fiscal year:
|
|
|
January 29, 2022 |
(Dollars in millions) |
Financing Obligations |
2022 |
$72 |
2023 |
72 |
2024 |
67 |
2025 |
59 |
2026 |
52 |
After 2026 |
445 |
Total lease payments |
$767 |
Non-cash gain on future sale of property |
206 |
Amount representing interest |
(497) |
Financing obligation liability |
$476 |
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Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations |
The following table summarizes the weighted-average remaining term and discount rate for financing obligations:
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|
|
|
January 29, 2022 |
January 30, 2021 |
Weighted-average remaining term (years) |
10 |
8 |
Weighted-average discount rate |
9% |
7% |
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Summary of Cash Rent Out Flows for Operating Leases, Finance Leases, and Financing Obligations |
The following table shows the cash rent out flows for the operating leases, finance leases, and financing obligations:
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Consolidated Statement of Cash Flows |
|
|
|
(Dollars in millions) |
2021 |
2020 |
2019 |
Operating cash flows from operating leases |
$311 |
$305 |
$320 |
Operating cash flows from finance leases |
105 |
102 |
98 |
Financing cash flows from finance leases |
93 |
69 |
76 |
Operating cash flows from financing obligations |
40 |
36 |
37 |
Financing cash flows from financing obligations |
32 |
36 |
37 |
Total cash rent |
581 |
548 |
568 |
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