Leases

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

Net lease cost recognized on our Consolidated Statements of Operations is summarized as follows:

	Fiscal Year
($ in millions)	2020		2019
Operating lease cost	$	1,043	$	1,233
Variable lease cost	416		621
Sublease income	(4)		(9)
Net lease cost	$	1,455	$	1,845

As of January 30, 2021, the maturities of lease liabilities based on the total minimum lease commitment amount including options to extend lease terms that are reasonably certain of being exercised are as follows:

($ in millions)
Fiscal Year
2021	$	1,071
2022	958
2023	836
2024	738
2025	626
Thereafter	2,575
Total minimum lease payments	6,804
Less: Interest	(1,356)
Present value of operating lease liabilities	5,448
Less: Current portion of operating lease liabilities (1)	(831)
Long-term operating lease liabilities (1)	$	4,617

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(1)Excludes operating lease liabilities reclassified as held for sale.

During fiscal 2020, non-cash operating lease asset activity, net of remeasurements and modifications, was $(362) million which includes $391 million of operating lease asset impairment. In addition, the non-cash operating lease activity also reflects the impact of permanent store closures resulting from our fleet rationalization efforts during fiscal year 2020. During fiscal 2019, non-cash operating lease asset activity, net of remeasurements and modifications, was $533 million. As of January 30, 2021 and February 1, 2020, the minimum lease commitment amount for operating leases signed but not yet commenced, primarily for retail stores, was $127 million and $240 million, respectively. 

As of January 30, 2021 and February 1, 2020, the weighted-average remaining operating lease term was 8.2 years and 8.7 years, respectively and the weighted-average discount rate was 5.1 percent and 4.7 percent, respectively, for operating leases recognized on our Consolidated Financial Statements.

As of January 30, 2021 and February 1, 2020, the Company's finance leases were not material to our Consolidated Financial Statements.

See Note 1 of Notes to Consolidated Financial Statements for additional disclosures related to leases.