PROPERTY AND LEASES

Net Property and Equipment

The components of net property and equipment follow.



in millions	February 3, 2019		January 28, 2018
Land	$	8,363	$	8,352
Buildings	18,199		18,073
Furniture, fixtures, and equipment	12,460		11,506
Leasehold improvements	1,705		1,637
Construction in progress	820		538
Capital leases	1,392		1,308
Property and equipment, at cost	42,939		41,414
Less accumulated depreciation and capital lease amortization	20,564		19,339
Net property and equipment	$	22,375	$	22,075

Depreciation and capital lease amortization expense, including depreciation expense included in cost of sales, follows.



in millions	Fiscal		Fiscal		Fiscal
in millions	2018		2017		2016
Depreciation and capital lease amortization expense	$	2,076	$	1,983	$	1,899

Leases

We lease certain retail locations, office space, warehouse and distribution space, equipment, and vehicles. While most of the leases are operating leases, certain locations and equipment are leased under capital leases. As leases approach maturity, we consider various factors such as market conditions and the terms of any renewal options that may exist to determine whether we will renew or replace the lease. Short-term and long-term obligations for capital leases are included in the applicable long-term debt category based on maturity.

Assets under capital leases (net of accumulated amortization) recorded in net property and equipment follow.



in millions	February 3, 2019		January 28, 2018
Capital leases, net	$	856	$	821

Certain lease agreements include escalating rents over the lease terms. Real estate taxes, insurance, maintenance, and operating expenses applicable to the leased property are our obligations under the lease agreements.

Our total rent expense related to operating leases follows.



in millions	Fiscal		Fiscal		Fiscal
in millions	2018		2017		2016
Total rent expense	$	1,091	$	1,053	$	984

The approximate future minimum lease payments under capital and operating leases at February 3, 2019 follow.



in millions	Operating Leases		Capital Leases
Fiscal 2019	$	976	$	150
Fiscal 2020	912		167
Fiscal 2021	792		143
Fiscal 2022	682		142
Fiscal 2023	584		137
Thereafter	3,090		970
	$	7,036	1,709
Less imputed interest			660
Net present value of capital lease obligations			1,049
Less current installments			57
Long-term capital lease obligations, excluding current installments			$	992