LEASES (Tables)

3 Months Ended

Apr. 29, 2022

Leases [Abstract]

Components of lease expense and supplemental information

The following table presents components of lease costs included in the Condensed Consolidated Statements of Income for the periods indicated:

	Three Months Ended
	April 29, 2022		April 30, 2021
	(in millions)
Operating lease costs	$	72	$	94
Variable costs	25		26
Total lease costs	$	97	$	120

During the three months ended April 29, 2022 and April 30, 2021, sublease income, finance lease costs, and short-term lease costs were immaterial.

The following table presents supplemental information related to operating leases included in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

	Classification	April 29, 2022			January 28, 2022
		(in millions, except for term and discount rate)
Operating lease right-of-use assets	Other non-current assets	$	837		$	871
Current operating lease liabilities	Accrued and other current liabilities	$	273		$	287
Non-current operating lease liabilities	Other non-current liabilities	687			720
Total operating lease liabilities		$	960		$	1,007
Weighted-average remaining lease term (in years)		5.43			5.51
Weighted-average discount rate		2.97		%	3.01		%

The following table presents supplemental cash flow information related to leases for the periods indicated:

	Three Months Ended
	April 29, 2022		April 30, 2021
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities — operating cash outflows from operating leases (a)	$	80	$	134
Right-of-use assets obtained in exchange for new operating lease liabilities	$	72	$	97

____________________

(a) Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases from discontinued operations was $50 million for the three months ended April 30, 2021.

Maturity of operating lease liabilities

The following table presents the future maturity of the Company’s operating lease liabilities under non-cancelable leases and reconciles the undiscounted cash flows for these leases to the lease liability recognized on the Condensed Consolidated Statements of Financial Position as of the date indicated:

	April 29, 2022
	(in millions)
Fiscal 2023 (remaining nine months)	$	209
Fiscal 2024	225
Fiscal 2025	160
Fiscal 2026	128
Fiscal 2027	105
Thereafter	215
Total lease payments	1,042
Less: Imputed interest	(82)
Total	$	960
Current operating lease liabilities	$	273
Non-current operating lease liabilities	$	687