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New Lease Accounting Standard | 9 Months Ended
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Oct. 27, 2019
Leases [Abstract] |
New Lease Accounting Standard | New Lease Accounting Standard Method and Impact of Adoption On January 28, 2019, we adopted the new lease accounting standard using the optional transition method by recognizing a cumulative-effect adjustment to the consolidated balance sheet and not adjusting comparative information for prior periods. In addition, we elected the package of practical expedients permitted under the transition guidance, which allowed us not to reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases. The cumulative-effect adjustment upon adoption of the new lease accounting standard resulted in the recognition of $470 million of operating lease assets and $500 million of operating lease liabilities on our Consolidated Balance Sheet. The difference of $30 million represents deferred rent for leases that existed as of the date of adoption, which was an offset to the opening balance of operating lease assets. Lease Obligations Our lease obligations consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2020 and 2035. Future minimum lease payments under our non-cancelable operating leases as of October 27, 2019, are as follows:
| Operating Lease Obligations
| (In millions)
Fiscal Year: |
2020 (excluding first nine months of fiscal year 2020) | $ | 28 |
2021 | 112 |
2022 | 104 |
2023 | 83 |
2024 | 60 |
2025 and thereafter | 282 |
Total | 669 |
Less imputed interest | 111 |
Present value of net future minimum lease payments | 558 |
Less short-term operating lease liabilities | 89 |
Long-term operating lease liabilities | $ | 469 |
In addition to our existing operating lease obligations, we have entered into an operating lease that will commence in fiscal year 2021 with a lease term of 7 years for $62 million. Future minimum lease payments under our non-cancelable operating leases as of January 27, 2019, based on the previous lease accounting standard, are as follows:
| Lease Obligations
| (In millions)
Fiscal Year: |
2020 | $ | 100 |
2021 | 97 |
2022 | 90 |
2023 | 77 |
2024 | 54 |
2025 and thereafter | 265 |
Total | $ | 683 |
Operating lease expense for the third quarter and first nine months of fiscal year 2020 was $28 million and $83 million, respectively. Operating lease expense for the third quarter and first nine months of fiscal year 2019 was $22 million and $58 million, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal year 2020 were not significant. Other information related to leases was as follows:
| Three Months Ended |  | Nine Months Ended
| October 27, 2019 |  | October 27, 2019
| (In millions)
Supplemental cash flows information |  |  |
Operating cash flows used for operating leases | $ | 28 |  |  | $ | 78 |
Operating lease assets obtained in exchange for lease obligations | $ | 14 |  |  | $ | 122 |
As of October 27, 2019, our operating leases had a weighted average remaining lease term of 8.5 years and a weighted average discount rate of 3.68%.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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