Leases (Tables)

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Summary of Operating and Finance Leases

The following tables summarize our operating and finance leases, which are predominately store related, and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in Millions)	Classification	February 1, 2025	February 3, 2024
Assets
Operating leases	Operating leases	$2,394	$2,499
Finance leases	Property and equipment, net	1,666	1,883
Total operating and finance leases		4,060	4,382
Liabilities
Current
Operating leases	Current portion of operating leases	102	102
Finance leases	Current portion of finance leases and financing obligations	72	74
Noncurrent
Operating leases	Operating leases	2,703	2,781
Finance leases	Finance leases and financing obligations	2,008	2,242
Total operating and finance leases		$4,885	$5,199

Consolidated Statement of Operations
(Dollars in Millions)	Classification	2024	2023	2022
Operating leases	Selling, general, and administrative	$276	$271	$264
Finance Leases
Amortization of leased assets	Depreciation and amortization	113	121	126
Interest on leased assets	Interest expense, net	136	144	140
Total operating and finance leases		$525	$536	$530

Consolidated Statement of Cash Flows
(Dollars in Millions)	2024	2023	2022
Cash paid for amounts included in measurement of leased liabilities
Operating cash flows from operating leases	$265	$272	$266
Operating cash flows from finance leases	132	140	133
Financing cash flows from finance leases	74	78	86

Summary of Future Lease Payments

The following table summarizes future lease payments by fiscal year:

	February 1, 2025
(Dollars in millions)	Operating Leases	Finance Leases	Total
2025	$271	$189	$460
2026	260	186	446
2027	257	186	443
2028	254	182	436
2029	254	178	432
After 2029	3,694	2,761	6,455
Total lease payments	$4,990	$3,682	$8,672
Amount representing interest	(2,185)	(1,602)	(3,787)
Lease liabilities	$2,805	$2,080	$4,885

Summary of Weighted-Average Remaining Lease Term and Discount Rates

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

	February 1, 2025	February 3, 2024
Weighted-average remaining term (years)
Operating leases	19	20
Finance leases	19	20
Weighted-average discount rate
Operating leases	6%	6%
Finance leases	6%	6%

Summary of Other Lease Information

Other lease information is as follows:

(Dollars in Millions)	2024	2023	2022
Property and equipment acquired (disposed) through exchange of:
Finance lease liabilities	(70)	(36)	714
Operating lease liabilities	85	278	179

Summary of Financing Obligations

The following tables summarize our financing obligations, which are all store related, and where they are presented in our Consolidated Financial Statements:

Consolidated Balance Sheets
(Dollars in millions)	Classification	February 1, 2025	February 3, 2024
Assets
Financing obligations	Property and equipment, net	$39	$44
Liabilities
Current	Current portion of finance leases and financing obligations	9	9
Noncurrent	Finance leases and financing obligations	448	438
Total financing obligations		$457	$447

Consolidated Statement of Operations
(Dollars in millions)	Classification	2024	2023	2022
Amortization of financing obligation assets	Depreciation and amortization	$4	$5	$7
Interest on financing obligations	Interest expense, net	74	70	58
Total financing obligations		$78	$75	$65

Consolidated Statement of Cash Flows
(Dollars in millions)	2024	2023	2022
Cash paid for amounts included in measurement of financing obligations
Operating cash flows from financing obligations	$71	$68	$56
Financing cash flows from financing obligations	5	15	20
Proceeds from financing obligations	1	21	11

Summary of Future Financing Obligation Payments

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

	February 1, 2025
(Dollars in millions)	Financing Obligations
2025	$80
2026	81
2027	81
2028	78
2029	77
After 2029	1,103
Total lease payments	$1,500
Non-cash gain on future sale of property	116
Amount representing interest	(1,159)
Financing obligation liability	$457

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:

	February 1, 2025	February 3, 2024
Weighted-average remaining term (years)	16	16
Weighted-average discount rate	16%	16%

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)	2024	2023	2022
Operating cash flows from operating leases	$265	$272	$266
Operating cash flows from finance leases	132	140	133
Financing cash flows from finance leases	74	78	86
Operating cash flows from financing obligations	71	68	56
Financing cash flows from financing obligations	5	15	20
Total cash rent	$547	$573	$561