Leases (Tables)

12 Months Ended

Feb. 03, 2024

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	Fiscal Year Ended
	February 3, 2024		January 28, 2023
Weighted-average remaining lease term	6.6 years		6.5 years
Weighted-average discount rate	3.3	%	2.7	%

The following table is a summary of the Company’s components of net lease cost for the fiscal years ended:


		Fiscal Year Ended
In millions	Classification	February 3, 2024		January 28, 2023		January 29, 2022
		(53 weeks)
Operating lease cost	Cost of sales, including buying and occupancy costs	$	2,015	$	1,927	$	1,906
Variable and short term lease cost	Cost of sales, including buying and occupancy costs	1,490		1,359		1,386
Total lease cost		$	3,505	$	3,286	$	3,292

Supplemental cash flow information related to leases is as follows:


	Fiscal Year Ended
In millions	February 3, 2024		January 28, 2023		January 29, 2022
	(53 weeks)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	2,030	$	1,949	$	2,080
Lease liabilities arising from obtaining right of use assets	$	2,055	$	2,095	$	1,658

Schedule of Operating Leases Maturity

The following table as of February 3, 2024 summarizes the maturity of lease liabilities under operating leases:


In millions
Fiscal Year:
2025	$	2,064
2026	1,931
2027	1,727
2028	1,456
2029	1,151
Later years	2,503
Total lease payments(a)	10,832
Less: imputed interest(b)	1,152
Total lease liabilities(c)	$	9,680

(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy.

(b)Calculated using the incremental borrowing rate for each lease.

(c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.