Leases (Tables)

12 Months Ended

Jan. 30, 2021

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:

Consolidated Balance Sheets		January 30, 2021		February 1, 2020
(Dollars in Millions)	Classification
Assets
Operating leases	Operating leases	$	2,398	$	2,391
Finance leases	Property & equipment, net		708		672
Total operating & finance leases			3,106		3,063
Liabilities
Current
Operating leases	Current portion of operating leases		161		158
Finance leases	Current portion of finance leases & financing obligations		76		88
Noncurrent
Operating leases	Operating leases		2,625		2,619
Finance leases	Finance leases & financing obligations		926		877
Total operating & finance leases		$	3,788	$	3,742

Consolidated Statements of Operations		2020		2019
(Dollars in Millions)	Classification
Operating leases	Selling, general, and administrative	$	314	$	314
Finance Leases
Amortization of leased assets	Depreciation and amortization		79		72
Interest on leased assets	Interest expense, net		102		98
Total operating and finance leases		$	495	$	484

Consolidated Statement of Cash Flows	2020		2019
(Dollars in Millions)
Cash paid for amounts included in the measurement of leased liabilities
Operating cash flows from operating leases	$	305	$	320
Operating cash flows from finance leases		102		98
Financing cash flows from finance leases		69		76

Summary of Future Lease Payments

The following table summarizes future lease payments by fiscal year:

	January 30, 2021
	Operating Leases			Finance Leases
(Dollars in Millions)							Total
2021	$	313		$	170		$	483
2022		306			154			460
2023		293			134			427
2024		259			118			377
2025		244			113			357
After 2025		3,448			1,804			5,252
Total lease payments	$	4,863		$	2,493		$	7,356
Amount representing interest		(2,077	)		(1,491	)		(3,568	)
Lease liabilities	$	2,786		$	1,002		$	3,788

Summary of Weighted-Average Remaining Lease Term and Discount Rates

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

	January 30, 2021			February 1, 2020
Weighted-average remaining term (years)
Operating leases		19			20
Finance leases		18			17
Weighted-average discount rate
Operating leases		6	%		6	%
Finance leases		10	%		11	%

Summary of Financing Obligations

The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets		January 30, 2021		February 1, 2020
(Dollars in Millions)	Classification
Assets
Financing obligations	Property & equipment, net	$	65	$	76
Liabilities
Current	Current portion of finance leases & financing obligations		39		36
Noncurrent	Finance leases & financing obligations		461		490
Total financing obligations		$	500	$	526

Consolidated Statement of Operations		2020		2019
(Dollars in Millions)	Classification
Amortization of financing obligation assets	Depreciation and amortization	$	11	$	11
Interest on financing obligations	Interest expense, net		36		37
Total financing obligations		$	47	$	48

Consolidated Statement of Cash Flows	2020		2019
(Dollars in Millions)
Cash paid for amounts included in the measurement of financing obligations
Operating cash flows from financing obligations	$	36	$	37
Financing cash flows from financing obligations		36		37
Proceeds from financing obligations		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:

(Dollars in Millions)	January 30, 2021
	Financing Obligations
2021	$	70
2022		70
2023		67
2024		62
2025		49
After 2025		207
Total lease payments	$	525
Non-cash gain on future sale of property		219
Amount representing interest		(244	)
Financing obligation liability	$	500

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:

	January 30, 2021			February 1, 2020
Weighted-average remaining term (years)		8			9
Weighted-average discount rate		7	%		7	%