Leases (Tables)

12 Months Ended

Jan. 28, 2023

Leases [Abstract]

Summary of Operating and Finance Leases

The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in Millions)	Classification	January 28, 2023	January 29, 2022
Assets
Operating leases	Operating leases	$2,304	$2,248
Finance leases	Property and equipment, net	2,033	1,442
Total operating and finance leases		4,337	3,690
Liabilities
Current
Operating leases	Current portion of operating leases	111	145
Finance leases	Current portion of finance leases and financing obligations	76	87
Noncurrent
Operating leases	Operating leases	2,578	2,479
Finance leases	Finance leases and financing obligations	2,344	1,688
Total operating and finance leases		$5,109	$4,399

Consolidated Statement of Operations
(Dollars in Millions)	Classification	2022	2021	2020
Operating leases	Selling, general, and administrative	$264	$298	$314
Finance Leases
Amortization of leased assets	Depreciation and amortization	126	98	79
Interest on leased assets	Interest expense, net	140	111	102
Total operating and finance leases		$530	$507	$495

Consolidated Statement of Cash Flows
(Dollars in Millions)	2022	2021	2020
Cash paid for amounts included in measurement of leased liabilities
Operating cash flows from operating leases	$266	$311	$305
Operating cash flows from finance leases	133	105	102
Financing cash flows from finance leases	86	93	69

Summary of Future Lease Payments

The following table summarizes future lease payments by fiscal year:

	January 28, 2023
(Dollars in millions)	Operating Leases	Finance Leases	Total
2023	$257	$214	$471
2024	243	208	451
2025	235	204	439
2026	229	203	432
2027	227	204	431
After 2027	3,501	3,505	7,006
Total lease payments	$4,692	$4,538	$9,230
Amount representing interest	(2,003)	(2,118)	(4,121)
Lease liabilities	$2,689	$2,420	$5,109

Summary of Weighted-Average Remaining Lease Term and Discount Rates

The following table summarizes weighted-average remaining lease term and discount rate:

	January 28, 2023	January 29, 2022
Weighted-average remaining term (years)
Operating leases	20	20
Finance leases	20	20
Weighted-average discount rate
Operating leases	6%	6%
Finance leases	6%	7%

Summary of Other Lease Information

Other lease information is as follows:

(Dollars in Millions)	2022	2021	2020
Property and equipment acquired through exchange of:
Finance lease liabilities	714	841	128
Operating lease liabilities	179	2	165

Summary of Financing Obligations

The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in millions)	Classification	January 28, 2023	January 29, 2022
Assets
Financing obligations	Property and equipment, net	$49	$55
Liabilities
Current	Current portion of finance leases and financing obligations	18	31
Noncurrent	Finance leases and financing obligations	442	445
Total financing obligations		$460	$476

Consolidated Statement of Operations
(Dollars in millions)	Classification	2022	2021	2020
Amortization of financing obligation assets	Depreciation and amortization	$7	$10	$11
Interest on financing obligations	Interest expense, net	58	41	36
Total financing obligations		$65	$51	$47

Consolidated Statement of Cash Flows
(Dollars in millions)	2022	2021	2020
Cash paid for amounts included in measurement of financing obligations
Operating cash flows from financing obligations	$56	$40	$36
Financing cash flows from financing obligations	20	32	36
Proceeds from financing obligations	11	15	9

Summary of Future Financing Obligation Payments

The following table summarizes future financing obligation payments by fiscal year:

	January 28, 2023
(Dollars in millions)	Financing Obligations
2023	$77
2024	77
2025	76
2026	74
2027	71
After 2027	904
Total lease payments	$1,279
Non-cash gain on future sale of property	166
Amount representing interest	(985)
Financing obligation liability	$460

Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations

The following table summarizes the weighted-average remaining term and discount rate for financing obligations:

	January 28, 2023	January 29, 2022
Weighted-average remaining term (years)	13	10
Weighted-average discount rate	14%	9%

Summary of Cash Rent Out Flows for Operating Leases, Finance Leases, and Financing Obligations

The following table shows the cash rent out flows for the operating leases, finance leases, and financing obligations:

Consolidated Statement of Cash Flows
(Dollars in millions)	2022	2021	2020
Operating cash flows from operating leases	$266	$311	$305
Operating cash flows from finance leases	133	105	102
Financing cash flows from finance leases	86	93	69
Operating cash flows from financing obligations	56	40	36
Financing cash flows from financing obligations	20	32	36
Total cash rent	$561	$581	$548