Leases (Tables)

12 Months Ended

Feb. 02, 2024

Leases [Abstract]

Schedule of Lease-Related Assets and Liabilities

The lease-related assets and liabilities recorded on the balance sheet are summarized in the following table:

(In millions)	Classification	February 2, 2024		February 3, 2023
Assets
Operating lease assets	Operating lease right-of-use assets	$	3,733	$	3,518
Finance lease assets	Property, less accumulated depreciation1	425		462
Total lease assets		4,158		3,980
Liabilities
Current
Operating	Current operating lease liabilities	487		522
Finance	Current maturities of long-term debt	87		86
Noncurrent
Operating	Noncurrent operating lease liabilities	3,737		3,512
Finance	Long-term debt, excluding current maturities	422		477
Total lease liabilities		$	4,733	$	4,597

1Finance lease assets are recorded net of accumulated amortization of $326 million as of February 2, 2024, and $244 million as of February 3, 2023.

Schedule of Finance and Operating Lease Costs

The table below presents the lease costs for finance and operating leases:

(In millions)	Years Ended
	February 2, 2024		February 3, 2023		January 28, 2022
Finance lease cost
Amortization of leased assets	$	88	$	90	$	89
Interest on lease liabilities	24		29		30
Operating lease cost1	630		734		699
Variable lease cost	258		329		268
Total lease cost	$	1,000	$	1,182	$	1,086

1Includes short-term leases and sublease income, which are immaterial.

Schedule of Operating Lease Maturity

The future minimum rental payments required under operating and finance lease obligations as of February 2, 2024, having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows:

(In millions)	Operating Leases1		Finance Leases2		Total
Fiscal 2024	$	671	$	107	$	778
Fiscal 2025	722		100		822
Fiscal 2026	680		86		766
Fiscal 2027	608		54		662
Fiscal 2028	571		48		619
Thereafter	2,010		227		2,237
Total lease payments	5,262		622		5,884
Less: interest3	(1,038)		(113)		(1,151)
Present value of lease liabilities	$	4,224	$	509	$	4,733

1Operating lease payments include $402 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $179 million of minimum lease payments for leases signed but not yet commenced.

2Finance lease payments exclude $6 million of minimum lease payments for leases signed but not yet commenced.

3Calculated using the lease-specific incremental borrowing rate.

Schedule of Finance Lease Maturity

The future minimum rental payments required under operating and finance lease obligations as of February 2, 2024, having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows:

(In millions)	Operating Leases1		Finance Leases2		Total
Fiscal 2024	$	671	$	107	$	778
Fiscal 2025	722		100		822
Fiscal 2026	680		86		766
Fiscal 2027	608		54		662
Fiscal 2028	571		48		619
Thereafter	2,010		227		2,237
Total lease payments	5,262		622		5,884
Less: interest3	(1,038)		(113)		(1,151)
Present value of lease liabilities	$	4,224	$	509	$	4,733

1Operating lease payments include $402 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $179 million of minimum lease payments for leases signed but not yet commenced.

2Finance lease payments exclude $6 million of minimum lease payments for leases signed but not yet commenced.

3Calculated using the lease-specific incremental borrowing rate.

Summary of Operating and Finance Lease Additional Information

Lease Term and Discount Rate	February 2, 2024		February 3, 2023
Weighted-average remaining lease term (years)
Operating leases	9.23		9.43
Finance leases	8.75		8.96
Weighted-average discount rate
Operating leases	4.11	%	3.78	%
Finance leases	4.93	%	4.92	%

Other Information	Years Ended
(In millions)	February 2, 2024		February 3, 2023		January 28, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	689	$	788	$	708
Operating cash flows used for finance leases	24		29		30
Financing cash flows used for finance leases	92		90		92
Leased assets obtained in exchange for new finance lease liabilities	50		51		110
Leased assets obtained in exchange for new operating lease liabilities1	696		729		815

1Excludes $179 million of leases signed but not yet commenced as of February 2, 2024.