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Property and Leases (Tables) | 12 Months Ended
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Feb. 02, 2020
Property and Leases [Abstract] |
Components of property and equipment | The components of net property and equipment follow:
in millions | February 2, 2020 |  | February 3, 2019
Land | $ | 8,390 |  |  | $ | 8,363 |
Buildings | 18,432 |  |  | 18,199 |
Furniture, fixtures, and equipment | 13,666 |  |  | 12,460 |
Leasehold improvements | 1,789 |  |  | 1,705 |
Construction in progress | 1,005 |  |  | 820 |
Finance leases | 1,578 |  |  | 1,392 |
Property and equipment, at cost | 44,860 |  |  | 42,939 |
Less accumulated depreciation and finance lease amortization | 22,090 |  |  | 20,564 |
Net property and equipment | $ | 22,770 |  |  | $ | 22,375 |
Schedule of depreciation and capital lease amortization | Depreciation and finance lease amortization expense, including depreciation expense included in cost of sales, follows:
in millions | Fiscal |  | Fiscal |  | Fiscal
2019 |  | 2018 |  | 2017
Depreciation and finance lease amortization expense | $ | 2,223 |  |  | $ | 2,076 |  |  | $ | 1,983 |
Schedule of assets and liabilities related to operating and finance leases | The consolidated balance sheet location of assets and liabilities related to operating and finance leases follow:
in millions | Consolidated Balance Sheet Caption | February 2, 2020
Assets: |  |
Operating lease assets | Operating lease right-of-use assets | $ | 5,595 |
Finance lease assets (1) | Net property and equipment | 934 |
Total lease assets |  | $ | 6,529 |
Liabilities: |  |
Current: |  |
Operating lease liabilities | Current operating lease liabilities | $ | 828 |
Finance lease liabilities | Current installments of long-term debt | 84 |
Long-term: |  |
Operating lease liabilities | Long-term operating lease liabilities | 5,066 |
Finance lease liabilities | Long-term debt, excluding current installments | 1,081 |
Total lease liabilities |  | $ | 7,059 |
————— (1) Finance lease assets are recorded net of accumulated amortization of $644 million as of February 2, 2020.
Schedule of lease information | The components of lease cost follow:
|  | Fiscal
in millions | Consolidated Statement of Earnings Caption | 2019
Operating lease cost | Selling, general and administrative | $ | 827 |
Finance lease cost: |  |
Amortization of leased assets | Depreciation and amortization | 86 |
Interest on lease liabilities | Interest expense | 92 |
Short-term lease cost | Selling, general and administrative | 98 |
Variable lease cost | Selling, general and administrative | 241 |
Sublease income | Selling, general and administrative | (14 | )
Net lease cost |  | $ | 1,330 |
ASU 2016-02 requires that public companies use a secured incremental borrowing rate as the discount rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rates follow:
| February 2, 2020
Weighted Average Remaining Lease Term (Years): |
Operating leases | 10 |
Finance leases | 12 |
Weighted Average Discount Rate: |
Operating leases | 3.1 | %
Finance leases | 10.4 | %
Schedule of future minimum rental payments for operating leases | The approximate future minimum lease payments under operating and finance leases at February 2, 2020 follow:
in millions | Operating Leases |  | Finance Leases
Fiscal 2020 | $ | 955 |  |  | $ | 172 |
Fiscal 2021 | 875 |  |  | 171 |
Fiscal 2022 | 772 |  |  | 170 |
Fiscal 2023 | 677 |  |  | 164 |
Fiscal 2024 | 579 |  |  | 148 |
Thereafter | 2,822 |  |  | 948 |
Total lease payments | 6,680 |  |  | 1,773 |
Less imputed interest | 786 |  |  | 608 |
Present value of lease liabilities | $ | 5,894 |  |  | $ | 1,165 |
————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the consolidated balance sheets as part of transition elections adopted upon implementation of Topic 842. Additionally, we have excluded approximately $1.9 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between 2020 and 2021 with lease terms of one to 20 years.
Schedule of future minimum rental payments for financing leases | The approximate future minimum lease payments under operating and finance leases at February 2, 2020 follow:
in millions | Operating Leases |  | Finance Leases
Fiscal 2020 | $ | 955 |  |  | $ | 172 |
Fiscal 2021 | 875 |  |  | 171 |
Fiscal 2022 | 772 |  |  | 170 |
Fiscal 2023 | 677 |  |  | 164 |
Fiscal 2024 | 579 |  |  | 148 |
Thereafter | 2,822 |  |  | 948 |
Total lease payments | 6,680 |  |  | 1,773 |
Less imputed interest | 786 |  |  | 608 |
Present value of lease liabilities | $ | 5,894 |  |  | $ | 1,165 |
————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the consolidated balance sheets as part of transition elections adopted upon implementation of Topic 842. Additionally, we have excluded approximately $1.9 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between 2020 and 2021 with lease terms of one to 20 years.
Schedule of future minimum rental payments for operating leases | The approximate future minimum lease payments under capital and operating leases at February 3, 2019 and accounted for under previous lease guidance 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 |
Schedule of future minimum lease payments for capital leases | The approximate future minimum lease payments under capital and operating leases at February 3, 2019 and accounted for under previous lease guidance 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 |
Summary of other lease information | Other lease information follows for fiscal 2019:
| Fiscal
in millions | 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows – operating leases | $ | 1,003 |
Operating cash flows – finance leases | 92 |
Financing cash flows – finance leases | 70 |
Lease assets obtained in exchange for new operating lease liabilities | 748 |
Lease assets obtained in exchange for new finance lease liabilities | 186 |

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