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Leases
9 Months Ended
Jul. 30, 2023
Leases [Abstract]  
Leases Leases
A contract contains a lease when we have the right to control the use of an identified asset for a period of time in exchange for consideration. A majority of our lease arrangements are operating leases. We also have certain leases that qualify as finance leases. We lease certain facilities, vehicles and equipment under non-cancelable operating leases, many of which include options to renew. Options that are reasonably certain to be exercised are included in the calculation of the right-of-use asset and lease liability. Our finance leases are those that contain a purchase option which we are reasonably certain to exercise at the end of the lease term. Our leases do not contain residual value guarantees or significant restrictions that impact the accounting for leases. As implicit rates are not available for the leases, we use the incremental borrowing rate as of the lease commencement date in order to measure the right-of-use asset and liability. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease expense is generally recognized on a straight-line basis over the life of the underlying leased asset.
We elected the practical expedient to account for lease and non-lease components as a single lease component for all leases. For leases with a term of one year or less, we elected not to record a right-of-use asset or lease liability and to account for the associated lease payments as they become due.
The components of lease expense and supplemental information were as follows: 
Three Months EndedNine Months Ended
July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions, except percentages)
Operating lease cost $25 $26 $78 $69 
Finance lease cost:
Amortization of right-of-use assets$$— 
Interest on lease liabilities$$— 
Weighted-average remaining lease term (in years) - operating leases5.87.2
Weighted-average remaining lease term (in years) - finance leases1.1n/a
Weighted-average discount rate - operating leases2.9%2.3%
Weighted-average discount rate - finance leases4.6%n/a
Supplemental cash flow information related to leases are as follows:
 Nine Months Ended
July 30,
2023
July 31,
2022
(In millions)
Operating cash flows paid for operating leases$89 $69 
Operating cash flows paid for finance leases$$— 
Financing cash flows paid for finance leases$$— 
Right-of-use assets obtained in exchange for operating lease liabilities$83 $192 
Right-of-use assets obtained in exchange for finance lease liabilities$109 $— 
As of July 30, 2023, the maturities of lease liabilities are as follows: 
 Operating LeasesFinance Leases
Fiscal(In millions)
2023 (remaining 3 months)$21 $— 
202494 106 
202577 — 
202643 — 
202733 — 
Thereafter105 — 
Total lease payments$373 $106 
Less imputed interest(34)(5)
Total$339 $101 
Leases Leases
A contract contains a lease when we have the right to control the use of an identified asset for a period of time in exchange for consideration. A majority of our lease arrangements are operating leases. We also have certain leases that qualify as finance leases. We lease certain facilities, vehicles and equipment under non-cancelable operating leases, many of which include options to renew. Options that are reasonably certain to be exercised are included in the calculation of the right-of-use asset and lease liability. Our finance leases are those that contain a purchase option which we are reasonably certain to exercise at the end of the lease term. Our leases do not contain residual value guarantees or significant restrictions that impact the accounting for leases. As implicit rates are not available for the leases, we use the incremental borrowing rate as of the lease commencement date in order to measure the right-of-use asset and liability. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease expense is generally recognized on a straight-line basis over the life of the underlying leased asset.
We elected the practical expedient to account for lease and non-lease components as a single lease component for all leases. For leases with a term of one year or less, we elected not to record a right-of-use asset or lease liability and to account for the associated lease payments as they become due.
The components of lease expense and supplemental information were as follows: 
Three Months EndedNine Months Ended
July 30,
2023
July 31,
2022
July 30,
2023
July 31,
2022
(In millions, except percentages)
Operating lease cost $25 $26 $78 $69 
Finance lease cost:
Amortization of right-of-use assets$$— 
Interest on lease liabilities$$— 
Weighted-average remaining lease term (in years) - operating leases5.87.2
Weighted-average remaining lease term (in years) - finance leases1.1n/a
Weighted-average discount rate - operating leases2.9%2.3%
Weighted-average discount rate - finance leases4.6%n/a
Supplemental cash flow information related to leases are as follows:
 Nine Months Ended
July 30,
2023
July 31,
2022
(In millions)
Operating cash flows paid for operating leases$89 $69 
Operating cash flows paid for finance leases$$— 
Financing cash flows paid for finance leases$$— 
Right-of-use assets obtained in exchange for operating lease liabilities$83 $192 
Right-of-use assets obtained in exchange for finance lease liabilities$109 $— 
As of July 30, 2023, the maturities of lease liabilities are as follows: 
 Operating LeasesFinance Leases
Fiscal(In millions)
2023 (remaining 3 months)$21 $— 
202494 106 
202577 — 
202643 — 
202733 — 
Thereafter105 — 
Total lease payments$373 $106 
Less imputed interest(34)(5)
Total$339 $101