Leases (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Summary of Operating and Finance Leases

The following tables summarize our operating and finance leases, which are predominately store related, and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in Millions)	Classification	February 3, 2024	January 28, 2023
Assets
Operating leases	Operating leases	$2,499	$2,304
Finance leases	Property and equipment, net	1,883	2,033
Total operating and finance leases		4,382	4,337
Liabilities
Current
Operating leases	Current portion of operating leases	102	111
Finance leases	Current portion of finance leases and financing obligations	74	76
Noncurrent
Operating leases	Operating leases	2,781	2,578
Finance leases	Finance leases and financing obligations	2,242	2,344
Total operating and finance leases		$5,199	$5,109

Consolidated Statement of Operations
(Dollars in Millions)	Classification	2023	2022	2021
Operating leases	Selling, general, and administrative	$271	$264	$298
Finance Leases
Amortization of leased assets	Depreciation and amortization	121	126	98
Interest on leased assets	Interest expense, net	144	140	111
Total operating and finance leases		$536	$530	$507

Consolidated Statement of Cash Flows
(Dollars in Millions)	2023	2022	2021
Cash paid for amounts included in measurement of leased liabilities
Operating cash flows from operating leases	$272	$266	$311
Operating cash flows from finance leases	140	133	105
Financing cash flows from finance leases	78	86	93

Summary of Future Lease Payments

The following table summarizes future lease payments by fiscal year:

	February 3, 2024
(Dollars in millions)	Operating Leases	Finance Leases	Total
2024	$268	$213	$481
2025	263	208	471
2026	256	206	462
2027	256	205	461
2028	254	202	456
After 2028	3,902	3,303	7,205
Total lease payments	$5,199	$4,337	$9,536
Amount representing interest	(2,316)	(2,021)	(4,337)
Lease liabilities	$2,883	$2,316	$5,199

Summary of Weighted-Average Remaining Lease Term and Discount Rates

The following table summarizes weighted-average remaining lease term and discount rate:

	February 3, 2024	January 28, 2023
Weighted-average remaining term (years)
Operating leases	20	20
Finance leases	20	20
Weighted-average discount rate
Operating leases	6%	6%
Finance leases	6%	6%

Summary of Other Lease Information

Other lease information is as follows:

(Dollars in Millions)	2023	2022	2021
Property and equipment acquired (disposed) through exchange of:
Finance lease liabilities	(36)	714	841
Operating lease liabilities	278	179	2

Summary of Financing Obligations

The following tables summarize our financing obligations, which are all store related, and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in millions)	Classification	February 3, 2024	January 28, 2023
Assets
Financing obligations	Property and equipment, net	$44	$49
Liabilities
Current	Current portion of finance leases and financing obligations	9	18
Noncurrent	Finance leases and financing obligations	438	442
Total financing obligations		$447	$460

Consolidated Statement of Operations
(Dollars in millions)	Classification	2023	2022	2021
Amortization of financing obligation assets	Depreciation and amortization	$5	$7	$10
Interest on financing obligations	Interest expense, net	70	58	41
Total financing obligations		$75	$65	$51

Consolidated Statement of Cash Flows
(Dollars in millions)	2023	2022	2021
Cash paid for amounts included in measurement of financing obligations
Operating cash flows from financing obligations	$68	$56	$40
Financing cash flows from financing obligations	15	20	32
Proceeds from financing obligations	21	11	15

Summary of Future Financing Obligation Payments

The following table summarizes future financing obligation payments by fiscal year:

	February 3, 2024
(Dollars in millions)	Financing Obligations
2024	$73
2025	79
2026	79
2027	79
2028	76
After 2028	1,163
Total lease payments	$1,549
Non-cash gain on future sale of property	115
Amount representing interest	(1,217)
Financing obligation liability	$447

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:

	February 3, 2024	January 28, 2023
Weighted-average remaining term (years)	16	13
Weighted-average discount rate	16%	14%

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:

Consolidated Statement of Cash Flows
(Dollars in millions)	2023	2022	2021
Operating cash flows from operating leases	$272	$266	$311
Operating cash flows from finance leases	140	133	105
Financing cash flows from finance leases	78	86	93
Operating cash flows from financing obligations	68	56	40
Financing cash flows from financing obligations	15	20	32
Total cash rent	$573	$561	$581