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PROPERTY AND LEASES
 12 Months Ended
Feb. 02, 2025
Leases [Abstract]  
Property and Leases PROPERTY AND LEASES
Net Property and Equipment
The following table presents components of net property and equipment:
in millionsFebruary 2,
2025		January 28,
2024
Land$9,060 $9,027 
Buildings and improvements20,260 20,030 
Furniture, fixtures, and equipment18,474 16,667 
Leasehold improvements2,423 2,254 
Construction in progress1,521 1,192 
Finance leases4,045 4,087 
Property and equipment, at cost55,783 53,257 
Less: accumulated depreciation and finance lease amortization
29,081 27,103 
Net property and equipment$26,702 $26,154 
The following table presents depreciation and finance lease amortization expense, including depreciation and finance lease amortization expense included in cost of sales:
in millionsFiscalFiscalFiscal
202420232022
Depreciation and finance lease amortization expense$3,283 $3,020 $2,756 
Leases
The following table presents the consolidated balance sheet classification related to operating and finance leases:
in millionsConsolidated Balance Sheet ClassificationFebruary 2,
2025		January 28,
2024
Assets:
Operating lease assetsOperating lease right-of-use assets$8,592 $7,884 
Finance lease assets (1)
Net property and equipment2,638 2,840 
Total lease assets$11,230 $10,724 
Liabilities:
Current:
   Operating lease liabilitiesCurrent operating lease liabilities$1,274 $1,050 
   Finance lease liabilitiesCurrent installments of long-term debt272 268 
Long-term:
   Operating lease liabilitiesLong-term operating lease liabilities7,633 7,082 
   Finance lease liabilitiesLong-term debt, excluding current installments2,749 3,000 
Total lease liabilities$11,928 $11,400 
—————
(1)    Finance lease assets are recorded net of accumulated amortization of $1.4 billion as of February 2, 2025 and $1.2 billion as of January 28, 2024.
The following table presents components of lease cost, excluding short-term lease cost and sublease income which are immaterial:
Consolidated Statement of Earnings Classification (1)
Fiscal
FiscalFiscal
in millions202420232022
Operating lease costSelling, general and administrative$1,661 $1,359 $1,169 
Finance lease cost:
Amortization of leased assetsDepreciation and amortization328 304 282 
Interest on lease liabilitiesInterest expense118 126 125 
Variable lease costSelling, general and administrative566 486 470 
—————
(1)Costs associated with our sourcing and distribution network are recorded in cost of sales, with the exception of interest on finance lease liabilities.
The following table presents weighted average remaining lease terms and discount rates:
February 2,
2025		January 28,
2024
Weighted Average Remaining Lease Term (Years):
Operating leases910
Finance leases1213
Weighted Average Discount Rate:
Operating leases4.0 %3.7 %
Finance leases3.7 %3.7 %
The following table presents approximate future minimum payments under operating and finance leases at February 2, 2025:
in millionsOperating
Leases		Finance
Leases
Fiscal 2025$1,612 $378 
Fiscal 20261,583 374 
Fiscal 20271,418 347 
Fiscal 20281,229 310 
Fiscal 20291,022 284 
Thereafter4,065 2,009 
Total lease payments10,929 3,702 
Less: imputed interest2,022 681 
Present value of lease liabilities$8,907 $3,021 
—————
Note: We have excluded approximately $560 million of lease payments (undiscounted basis) for leases that have been signed but have not yet commenced.
The following table presents supplemental cash flow information related to leases:
Fiscal
FiscalFiscal
in millions202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$1,601 $1,328 $1,157 
Operating cash flows – finance leases118 126 125 
Financing cash flows – finance leases380 271 241 
Supplemental non-cash information:
Lease assets obtained in exchange for new operating lease liabilities1,384 1,827 1,991 
Lease assets obtained in exchange for new finance lease liabilities153 336 322