Properties and Leases (Tables)
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12 Months Ended |
Feb. 03, 2024 |
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| Property Plant and Equipment and Leases of Lessee [Abstract] |
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| Schedule of Major Classes of Property, Plant and Equipment, Net |
The major classes of property and equipment, net as of February 3, 2024 and January 28, 2023 are as follows:
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February 3,
2024 |
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January 28,
2023 |
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| Land |
$ |
1,262 |
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$ |
1,334 |
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| Buildings on owned land |
3,205 |
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3,691 |
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| Buildings on leased land and leasehold improvements |
1,332 |
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1,368 |
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| Fixtures and equipment |
3,785 |
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4,153 |
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9,584 |
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10,546 |
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| Less accumulated depreciation and amortization |
4,276 |
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4,633 |
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$ |
5,308 |
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$ |
5,913 |
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| Schedule of ROU Assets and Lease Liabilities |
ROU assets and lease liabilities consist of:
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Classification |
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February 3,
2024 |
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January 28,
2023 |
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(millions) |
| Assets |
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| Finance lease assets (a) |
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Right of Use Assets |
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$ |
8 |
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$ |
9 |
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| Operating lease assets (b) |
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Right of Use Assets |
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2,297 |
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2,674 |
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| Total lease assets |
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$ |
2,305 |
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$ |
2,683 |
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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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$ |
2 |
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$ |
2 |
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| Operating (b) |
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Accounts payable and accrued liabilities |
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356 |
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333 |
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| Noncurrent |
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| Finance (a) |
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Long-Term Lease Liabilities |
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12 |
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15 |
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| Operating (b) |
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Long-Term Lease Liabilities |
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2,974 |
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2,948 |
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| Total lease liabilities |
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$ |
3,344 |
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$ |
3,298 |
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| (a) |
Finance lease assets are recorded net of accumulated amortization of $14 million as of February 3, 2024 and January 28, 2023. As of both February 3, 2024 and January 28, 2023, finance lease assets included $1 million, and noncurrent lease liabilities included $1 million of non-lease components. |
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| (b) |
As of February 3, 2024, operating lease assets included $322 million of non-lease components and current and noncurrent lease liabilities included $36 million and $356 million, respectively, of non-lease components. As of January 28, 2023, operating lease assets included $370 million of non-lease components and current and noncurrent lease liabilities included $36 million and $384 million, respectively, of non-lease components. |
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| Schedule of Components of Net Lease Expense |
The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2023, 2022 and 2021, lease expense included $84 million, $79 million and $80 million, respectively, related to non-lease components.
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2023 |
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2022 |
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2021 |
| (millions) |
| Real estate |
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| Operating leases (c) – |
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| Minimum rents |
$ |
372 |
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$ |
361 |
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$ |
359 |
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| Variable rents |
55 |
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54 |
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48 |
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427 |
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415 |
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407 |
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| Less income from subleases – |
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| Operating leases (d) |
(46) |
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(39) |
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(1) |
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$ |
381 |
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$ |
376 |
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$ |
406 |
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| Personal property – Operating leases |
$ |
6 |
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$ |
7 |
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$ |
7 |
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| (c) |
Certain supply chain operating lease expense amounts are included in cost of sales. |
| (d) |
Represents sublease income from certain corporate office locations. |
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| Schedule of Maturity of Lease Liabilities |
As of February 3, 2024, the maturity of lease liabilities is as follows:
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Finance
Leases |
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Operating
Leases
(e and f) |
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Total |
| (millions) |
| Fiscal year |
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| 2024 |
$ |
3 |
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$ |
357 |
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$ |
360 |
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| 2025 |
3 |
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385 |
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388 |
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| 2026 |
2 |
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368 |
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370 |
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| 2027 |
2 |
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350 |
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352 |
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| 2028 |
1 |
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328 |
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329 |
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| After 2027 |
10 |
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4,737 |
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4,747 |
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| Total undiscounted lease payments |
21 |
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6,525 |
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6,546 |
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| Less amount representing interest |
7 |
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3,195 |
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3,202 |
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| Total lease liabilities |
$ |
14 |
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$ |
3,330 |
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$ |
3,344 |
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| (e) |
Operating lease payments include $2,750 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $77 million of legally binding minimum lease payments for leases signed but not yet commenced. |
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| (f) |
Operating lease payments include $978 million related to non-lease component payments, with $740 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
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| Schedule of Maturity of Lease Liabilities |
As of February 3, 2024, the maturity of lease liabilities is as follows:
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Finance
Leases |
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Operating
Leases
(e and f) |
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Total |
| (millions) |
| Fiscal year |
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| 2024 |
$ |
3 |
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$ |
357 |
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$ |
360 |
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| 2025 |
3 |
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385 |
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388 |
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| 2026 |
2 |
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368 |
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370 |
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| 2027 |
2 |
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350 |
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352 |
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| 2028 |
1 |
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328 |
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329 |
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| After 2027 |
10 |
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4,737 |
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4,747 |
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| Total undiscounted lease payments |
21 |
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6,525 |
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6,546 |
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| Less amount representing interest |
7 |
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3,195 |
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3,202 |
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| Total lease liabilities |
$ |
14 |
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$ |
3,330 |
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$ |
3,344 |
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| (e) |
Operating lease payments include $2,750 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $77 million of legally binding minimum lease payments for leases signed but not yet commenced. |
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| (f) |
Operating lease payments include $978 million related to non-lease component payments, with $740 million of such payments related to options to extend lease terms that are reasonably certain of being exercised. |
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| Schedule of Supplemental Information Regarding Assumptions and Cash Flows |
Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows:
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| Lease Term and Discount Rate |
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February 3,
2024 |
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January 28,
2023 |
| Weighted-average remaining lease term (years) |
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| Finance leases |
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11.2 |
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11.5 |
| Operating leases |
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20.4 |
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21.3 |
| Weighted-average discount rate |
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| Finance leases |
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6.75 |
% |
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6.74 |
% |
| Operating leases |
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6.71 |
% |
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6.58 |
% |
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| Other Information |
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53 Weeks Ended February 3, 2024 |
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52 Weeks Ended
January 28, 2023 |
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(millions) |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows used from operating leases |
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$ |
370 |
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$ |
364 |
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| Financing cash flows used from financing leases |
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3 |
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3 |
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| Leased assets obtained in exchange for new operating lease liabilities |
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214 |
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79 |
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