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v3.22.1

Property and Leases | 12 Months Ended
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Jan. 30, 2022
Property and Leases [Abstract] |
Property and Leases | PROPERTY AND LEASES Net Property and Equipment The following table presents components of net property and equipment:
in millions | January 30, 2022 |  | January 31, 2021
Land | $ | 8,617 |  |  | $ | 8,543 |
Buildings and improvements | 19,173 |  |  | 18,838 |
Furniture, fixtures, and equipment | 16,441 |  |  | 15,119 |
Leasehold improvements | 2,016 |  |  | 1,925 |
Construction in progress | 1,139 |  |  | 1,068 |
Finance leases | 3,943 |  |  | 3,308 |
Property and equipment, at cost | 51,329 |  |  | 48,801 |
Less accumulated depreciation and finance lease amortization | 26,130 |  |  | 24,096 |
Net property and equipment | $ | 25,199 |  |  | $ | 24,705 |
The following table presents depreciation and finance lease amortization expense, including depreciation and finance lease amortization expense included in cost of sales:
in millions | Fiscal |  | Fiscal |  | Fiscal
2021 |  | 2020 |  | 2019
Depreciation and finance lease amortization expense | $ | 2,650 |  |  | $ | 2,425 |  |  | $ | 2,223 |
Leases The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases:
in millions | Consolidated Balance Sheet Caption | January 30, 2022 |  | January 31, 2021
Assets: |  |  |  |
Operating lease assets | Operating lease right-of-use assets | $ | 5,968 |  |  | $ | 5,962 |
Finance lease assets (1) | Net property and equipment | 2,896 |  |  | 2,493 |
Total lease assets |  | $ | 8,864 |  |  | $ | 8,455 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Current operating lease liabilities | $ | 830 |  |  | $ | 828 |
Finance lease liabilities | Current installments of long-term debt | 198 |  |  | 66 |
Long-term: |  |  |  |
Operating lease liabilities | Long-term operating lease liabilities | 5,353 |  |  | 5,356 |
Finance lease liabilities | Long-term debt, excluding current installments | 3,038 |  |  | 2,700 |
Total lease liabilities |  | $ | 9,419 |  |  | $ | 8,950 |
————— (1) Finance lease assets are recorded net of accumulated amortization of $1.0 billion as of January 30, 2022 and $815 million as of January 31, 2021. The following table presents components of lease cost, excluding short-term lease cost and sublease income which are immaterial:
| Consolidated Statement of Earnings Caption (1) | Fiscal |  | Fiscal |  | Fiscal
in millions | 2021 |  | 2020 |  | 2019
Operating lease cost | Selling, general and administrative | $ | 1,084 |  |  | $ | 782 |  |  | $ | 827 |
Finance lease cost: |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization | 250 |  |  | 167 |  |  | 86 |
Interest on lease liabilities | Interest expense | 127 |  |  | 112 |  |  | 92 |
Variable lease cost | Selling, general and administrative | 425 |  |  | 277 |  |  | 241 |
Net lease cost |  | $ | 1,886 |  |  | $ | 1,338 |  |  | $ | 1,246 |
————— (1)Costs associated with our sourcing and distribution network are recorded in cost of sales, with the exception of interest on finance lease liabilities. The following table presents weighted average remaining lease terms and discount rates:
| January 30, 2022 |  | January 31, 2021
Weighted Average Remaining Lease Term (Years): |  |  |
Operating leases | 9 |  | 10
Finance leases | 15 |  | 15
Weighted Average Discount Rate: |  |  |
Operating leases | 2.7 | % |  | 2.9 | %
Finance leases | 4.7 | % |  | 5.6 | %
The following table presents approximate future minimum lease payments under operating and finance leases at January 30, 2022:
in millions | Operating Leases |  | Finance Leases
Fiscal 2022 | $ | 1,005 |  |  | $ | 328 |
Fiscal 2023 | 1,023 |  |  | 333 |
Fiscal 2024 | 902 |  |  | 326 |
Fiscal 2025 | 755 |  |  | 367 |
Fiscal 2026 | 646 |  |  | 259 |
Thereafter | 2,764 |  |  | 2,585 |
Total lease payments | 7,095 |  |  | 4,198 |
Less: imputed interest | 912 |  |  | 962 |
Present value of lease liabilities | $ | 6,183 |  |  | $ | 3,236 |
————— Note: We have excluded approximately $1.3 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence primarily between fiscal 2022 and 2023 with lease terms of up to 20 years. The following table presents supplemental cash flow information related to leases:
| Fiscal |  | Fiscal |  | Fiscal
in millions | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows – operating leases | $ | 1,090 |  |  | $ | 1,022 |  |  | $ | 1,003 |
Operating cash flows – finance leases | 127 |  |  | 112 |  |  | 92 |
Financing cash flows – finance leases | 182 |  |  | 122 |  |  | 70 |
Supplemental non-cash information: |  |  |  |  |
Lease assets obtained in exchange for new operating lease liabilities | 964 |  |  | 969 |  |  | 748 |
Lease assets obtained in exchange for new finance lease liabilities | 672 |  |  | 1,730 |  |  | 186 |

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- Definition The entire disclosure for properties and leases. + References No definition available. + Details
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