XML 32 R11.htm IDEA: XBRL DOCUMENT v3.26.1
PROPERTY AND LEASES
 12 Months Ended
Feb. 01, 2026
Leases [Abstract]  
Property and Leases PROPERTY AND LEASES
Net Property and Equipment
The following table presents components of net property and equipment:
in millionsFebruary 1,
2026		February 2,
2025
Land$9,499 $9,060 
Buildings and improvements21,321 20,260 
Furniture, fixtures, and equipment20,289 18,474 
Leasehold improvements2,571 2,423 
Construction in progress1,654 1,521 
Finance leases4,133 4,045 
Property and equipment, at cost59,467 55,783 
Less: accumulated depreciation and finance lease amortization
31,446 29,081 
Net property and equipment$28,021 $26,702 
The following table presents depreciation and finance lease amortization expense, including depreciation and finance lease amortization expense included in cost of sales:
in millionsFiscalFiscalFiscal
202520242023
Depreciation and finance lease amortization expense$3,452 $3,283 $3,020 
Leases
The following table presents certain consolidated balance sheet information related to operating and finance leases:
in millionsConsolidated Balance Sheet ClassificationFebruary 1,
2026		February 2,
2025
Assets:
Operating lease assetsOperating lease right-of-use assets$9,204 $8,592 
Finance lease assets (1)
Net property and equipment2,563 2,638 
Total lease assets$11,767 $11,230 
Liabilities:
Current:
   Operating lease liabilitiesCurrent operating lease liabilities$1,418 $1,274 
   Finance lease liabilitiesCurrent installments of long-term debt288 272 
Long-term:
   Operating lease liabilitiesLong-term operating lease liabilities8,160 7,633 
   Finance lease liabilitiesLong-term debt, excluding current installments2,675 2,749 
Total lease liabilities$12,541 $11,928 
—————
(1)    Finance lease assets are recorded net of accumulated amortization of $1.6 billion as of February 1, 2026 and $1.4 billion as of February 2, 2025.
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 millions202520242023
Operating lease costSelling, general and administrative$1,846 $1,661 $1,359 
Finance lease cost:
Amortization of leased assetsDepreciation and amortization322 328 304 
Interest on lease liabilitiesInterest expense113 118 126 
Variable lease costSelling, general and administrative585 566 486 
—————
(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 1,
2026		February 2,
2025
Weighted Average Remaining Lease Term (Years):
Operating leases89
Finance leases1212
Weighted Average Discount Rate:
Operating leases4.2 %4.0 %
Finance leases3.7 %3.7 %
The following table presents approximate future minimum payments under operating and finance leases at February 1, 2026:
in millionsOperating
Leases		Finance
Leases
Fiscal 2026$1,792 $391 
Fiscal 20271,806 386 
Fiscal 20281,607 346 
Fiscal 20291,386 318 
Fiscal 20301,062 294 
Thereafter3,985 1,856 
Total lease payments11,638 3,591 
Less: imputed interest2,060 628 
Present value of lease liabilities$9,578 $2,963 
—————
Note: We have excluded approximately $675 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 millions202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – operating leases$1,847 $1,601 $1,328 
Operating cash flows – finance leases113 118 126 
Financing cash flows – finance leases327 380 271 
Supplemental non-cash information:
Lease assets obtained in exchange for new operating lease liabilities1,741 1,384 1,827 
Lease assets obtained in exchange for new finance lease liabilities263 153 336