Properties and Leases (Tables)
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12 Months Ended |
Jan. 29, 2022 |
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| Property Plant And Equipment And Leases Of Lessee [Abstract] |
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| Major Classes of Property, Plant and Equipment, Net |
The major classes of property and equipment, net as of January 29, 2022 and January 30, 2021 are as follows:
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January 29,
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January 30,
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2022
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2021
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(millions)
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Land
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$
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1,353
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$
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1,390
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Buildings on owned land
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3,635
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3,650
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Buildings on leased land and leasehold improvements
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1,303
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1,268
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Fixtures and equipment
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3,922
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4,032
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10,213
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10,340
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Less accumulated depreciation and amortization
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4,548
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4,400
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$
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5,665
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$
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5,940
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| ROU Assets and Lease Liabilities |
ROU assets and lease liabilities consist of:
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January 29,
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January 30,
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2022
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2021
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Classification
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(millions)
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Assets
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Finance lease assets (a)
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Right of Use Assets
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$
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10
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$
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12
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Operating lease assets (b)
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Right of Use Assets
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2,798
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2,866
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Total lease assets
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$
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2,808
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$
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2,878
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Liabilities
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Current
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Finance (a)
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Accounts payable and accrued liabilities
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$
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2
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$
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2
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Operating (b)
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Accounts payable and accrued liabilities
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328
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198
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Noncurrent
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Finance (a)
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Long-Term Lease Liabilities
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17
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19
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Operating (b)
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Long-Term Lease Liabilities
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3,081
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3,166
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Total lease liabilities
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$
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3,428
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$
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3,385
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(a)
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Finance lease assets are recorded net of accumulated amortization of $13 million as of January 29, 2022 and January 30, 2021. As of January 29, 2022 and January 30, 2021, finance lease assets included $1 million and $2 million, respectively, and noncurrent lease liabilities each included $2 million of non-lease components.
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(b)
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As of January 29, 2022, operating lease assets included $377 million of non-lease components and current and noncurrent lease liabilities included $36 million and $386 million, respectively, of non-lease components. As of January 30, 2021, operating lease assets included $383 million of non-lease components and current and noncurrent lease liabilities included $35 million and $384 million, respectively, of non-lease components.
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| ROU Assets and Lease Liabilities |
The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2021, 2020 and 2019, lease expense included $80 million, $87 million and $83 million, respectively, related to non-leasecomponents.
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2021
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2020
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2019
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(millions)
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Real estate
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Operating leases (c) –
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Minimum rents
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$
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359
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$
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376
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$
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364
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Variable rents
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48
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45
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54
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407
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421
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418
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Less income from subleases –
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Operating leases
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(1
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)
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(1
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)
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(2
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)
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$
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406
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$
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420
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$
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416
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Personal property – Operating leases
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$
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7
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$
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7
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$
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8
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(c)
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Certain supply chain operating lease expense amounts are included in cost of sales.
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| Maturity of Lease Liabilities |
As of January 29, 2022, the maturity of lease liabilities is as follows:
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Operating
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Finance
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Leases
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Leases
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(d and e)
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Total
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(millions)
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Fiscal year
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2022
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$
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3
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$
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358
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$
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361
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2023
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3
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352
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355
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2024
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3
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346
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349
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2025
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3
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342
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345
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2026
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2
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326
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328
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After 2026
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13
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5,181
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5,194
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Total undiscounted lease payments
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27
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6,905
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6,932
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Less amount representing interest
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8
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3,496
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3,504
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Total lease liabilities
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$
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19
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$
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3,409
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$
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3,428
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(d)
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Operating lease payments include $2,959 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $63 million of legally binding minimum lease payments for leases signed but not yet commenced.
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(e)
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Operating lease payments include $1,114 million related to non-lease component payments, with $829 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
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| Maturity of Lease Liabilities |
As of January 29, 2022, the maturity of lease liabilities is as follows:
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Operating
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Finance
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Leases
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Leases
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(d and e)
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Total
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(millions)
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Fiscal year
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2022
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$
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3
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$
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358
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$
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361
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2023
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3
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352
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355
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2024
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3
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346
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349
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2025
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3
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342
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345
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2026
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2
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326
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328
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After 2026
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13
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5,181
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5,194
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Total undiscounted lease payments
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27
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6,905
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6,932
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Less amount representing interest
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8
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3,496
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3,504
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Total lease liabilities
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$
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19
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$
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3,409
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$
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3,428
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(d)
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Operating lease payments include $2,959 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $63 million of legally binding minimum lease payments for leases signed but not yet commenced.
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(e)
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Operating lease payments include $1,114 million related to non-lease component payments, with $829 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
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| Schedule of Supplemental Information Regarding Assumptions and Cash Flows |
Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows:
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January 29,
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January 30,
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Lease Term and Discount Rate
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2022
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2021
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Weighted-average remaining lease term (years)
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Finance leases
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11.9
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12.1
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Operating leases
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21.7
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22.4
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Weighted-average discount rate
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Finance leases
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6.73
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%
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6.70
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%
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Operating leases
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6.54
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%
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6.32
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%
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52 Weeks Ended
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52 Weeks Ended
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Other Information
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January 29, 2022
|
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January 30, 2021
|
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(millions)
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Cash paid for amounts included in the measurement of lease liabilities:
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Operating cash flows used from operating leases
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$
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322
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$
|
521
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Financing cash flows used from financing leases
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3
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4
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Leased assets obtained in exchange for new operating lease liabilities
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15
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430
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