Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

3 Months Ended

May 04, 2019

ROU assets and lease liabilities consist of:



		May 4, 2019
	Classification	(millions)
Assets
Finance lease assets (a)	Right of Use Assets	$	11
Operating lease assets	Right of Use Assets	2,620
Total leased assets		$	2,631

Liabilities
Current
Finance	Accounts payable and accrued liabilities	$	1
Operating	Accounts payable and accrued liabilities	362

Noncurrent
Finance	Long-Term Lease Liabilities	25
Operating	Long-Term Lease Liabilities	2,798
Total lease liabilities		$	3,186

(a) Finance lease assets are recorded net of accumulated amortization of $12 million as of May 4, 2019.

Lease, Cost [Table Text Block]

The components of net lease expense are disclosed below. Operating lease expense includes variable lease expense of $28 million.



		13 Weeks Ended
		May 4, 2019
	Classification	(millions)
Operating lease expense (b)	Selling, general and administrative expenses	$	122
Sublease income	Selling, general and administrative expenses	(1		)
Net lease expense		$	121

(b) Certain supply chain operating lease expense amounts are included in cost of sales.

Finance Lease, Liability, Maturity [Table Text Block]

As of May 4, 2019, the maturity of lease liabilities is as follows:



	Finance Leases (c)		Operating Leases (d)		Total
	(millions)
Fiscal year
2019	$	2	$	271	$	273
2020	3		331		334
2021	3		330		333
2022	3		312		315
2023	3		307		310
After 2023	32		5,231		5,263
Total undiscounted lease payments	46		6,782		6,828
Less amount representing interest	20		3,622		3,642
Total lease liabilities	$	26	$	3,160	$	3,186

(c) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised.

(d) Operating lease payments include $3,163 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $942 million of legally binding minimum lease payments for leases signed but not yet commenced.

Operating Lease Liability, Maturity [Table Text Block]

As of May 4, 2019, the maturity of lease liabilities is as follows:



	Finance Leases (c)		Operating Leases (d)		Total
	(millions)
Fiscal year
2019	$	2	$	271	$	273
2020	3		331		334
2021	3		330		333
2022	3		312		315
2023	3		307		310
After 2023	32		5,231		5,263
Total undiscounted lease payments	46		6,782		6,828
Less amount representing interest	20		3,622		3,642
Total lease liabilities	$	26	$	3,160	$	3,186

(c) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised.

Schedule of Supplemental Information for Lease Assumptions and Cash Flows [Table Text Block]

Additional supplemental information regarding assumptions and cash flows for operating and finance leases are as follows:



	May 4, 2019
Lease Term and Discount Rate	(millions)
Weighted-average remaining lease term (years)
Finance leases	18.2
Operating leases	23.3
Weighted-average discount rate
Finance leases	6.65	%
Operating leases	6.71	%



	13 Weeks Ended
	May 4, 2019
Other Information	(millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used from operating leases	$	94
Leased assets obtained in exchange for new operating lease liabilities	19

Prior Period Disclosure: Schedule of Future Minimum Payments for Capital and Operating Leases [Table Text Block]

As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows:



	Capitalized Leases (e)		Operating Leases		Total
	(millions)
Fiscal year
2019	$	3	$	325	$	328
2020	3		315		318
2021	3		309		312
2022	3		283		286
2023	3		264		267
After 2023	31		2,758		2,789
Total minimum lease payments	46		$	4,254	$	4,300
Less amount representing interest	20
Present value of net minimum capitalized lease payments	$	26

(e) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease.