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PROPERTY AND LEASES (Tables) | 12 Months Ended
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Jan. 29, 2023
Leases [Abstract] |
Components of property and equipment | The following table presents components of net property and equipment:
in millions | January 29, 2023 |  | January 30, 2022
Land | $ | 8,719 |  |  | $ | 8,617 |
Buildings and improvements | 19,430 |  |  | 19,173 |
Furniture, fixtures, and equipment | 16,564 |  |  | 16,441 |
Leasehold improvements | 2,130 |  |  | 2,016 |
Construction in progress | 1,297 |  |  | 1,139 |
Finance leases | 4,135 |  |  | 3,943 |
Property and equipment, at cost | 52,275 |  |  | 51,329 |
Less accumulated depreciation and finance lease amortization | 26,644 |  |  | 26,130 |
Net property and equipment | $ | 25,631 |  |  | $ | 25,199 |
Schedule of depreciation and finance lease amortization | 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
2022 |  | 2021 |  | 2020
Depreciation and finance lease amortization expense | $ | 2,756 |  |  | $ | 2,650 |  |  | $ | 2,425 |
Schedule of assets and liabilities related to operating and finance 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 Classification |  | January 29, 2023 |  | January 30, 2022
Assets: |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 6,941 |  |  | $ | 5,968 |
Finance lease assets (1) | Net property and equipment |  | 2,899 |  |  | 2,896 |
Total lease assets |  |  | $ | 9,840 |  |  | $ | 8,864 |
Liabilities: |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 945 |  |  | $ | 830 |
Finance lease liabilities | Current installments of long-term debt |  | 231 |  |  | 198 |
Long-term: |  |  |  |  |
Operating lease liabilities | Long-term operating lease liabilities |  | 6,226 |  |  | 5,353 |
Finance lease liabilities | Long-term debt, excluding current installments |  | 3,054 |  |  | 3,038 |
Total lease liabilities |  |  | $ | 10,456 |  |  | $ | 9,419 |
————— (1) Finance lease assets are recorded net of accumulated amortization of $1.2 billion as of January 29, 2023 and $1.0 billion as of January 30, 2022.
Schedule of lease information | The following table presents components of lease cost, excluding short-term lease cost and sublease income which are immaterial:
| Consolidated Statement of Earnings Classification (1) |  | Fiscal |  | Fiscal |  | Fiscal
in millions |  | 2022 |  | 2021 |  | 2020
Operating lease cost | Selling, general and administrative |  | $ | 1,169 |  |  | $ | 1,084 |  |  | $ | 782 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 282 |  |  | 250 |  |  | 167 |
Interest on lease liabilities | Interest expense |  | 125 |  |  | 127 |  |  | 112 |
Variable lease cost | Selling, general and administrative |  | 470 |  |  | 425 |  |  | 277 |
Total lease cost |  |  | $ | 2,046 |  |  | $ | 1,886 |  |  | $ | 1,338 |
————— (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 29, 2023 |  | January 30, 2022
Weighted Average Remaining Lease Term (Years): |  |  |
Operating leases | 9 |  | 9
Finance leases | 14 |  | 15
Weighted Average Discount Rate: |  |  |
Operating leases | 3.2 | % |  | 2.7 | %
Finance leases | 4.3 | % |  | 4.7 | %
Schedule of future minimum rental payments for operating leases | The following table presents approximate future minimum payments under operating and finance leases at January 29, 2023:
in millions | Operating Leases |  | Finance Leases
Fiscal 2023 | $ | 1,152 |  |  | $ | 347 |
Fiscal 2024 | 1,186 |  |  | 364 |
Fiscal 2025 | 1,032 |  |  | 406 |
Fiscal 2026 | 900 |  |  | 297 |
Fiscal 2027 | 769 |  |  | 278 |
Thereafter | 3,446 |  |  | 2,449 |
Total lease payments | 8,485 |  |  | 4,141 |
Less: imputed interest | 1,314 |  |  | 856 |
Present value of lease liabilities | $ | 7,171 |  |  | $ | 3,285 |
————— Note: We have excluded approximately $2.1 billion of leases (undiscounted basis) that have not yet commenced. These leases are expected to commence primarily in fiscal 2023 with lease terms of up to 30 years.
Schedule of future minimum rental payments for financing leases | The following table presents approximate future minimum payments under operating and finance leases at January 29, 2023:
in millions | Operating Leases |  | Finance Leases
Fiscal 2023 | $ | 1,152 |  |  | $ | 347 |
Fiscal 2024 | 1,186 |  |  | 364 |
Fiscal 2025 | 1,032 |  |  | 406 |
Fiscal 2026 | 900 |  |  | 297 |
Fiscal 2027 | 769 |  |  | 278 |
Thereafter | 3,446 |  |  | 2,449 |
Total lease payments | 8,485 |  |  | 4,141 |
Less: imputed interest | 1,314 |  |  | 856 |
Present value of lease liabilities | $ | 7,171 |  |  | $ | 3,285 |
————— Note: We have excluded approximately $2.1 billion of leases (undiscounted basis) that have not yet commenced. These leases are expected to commence primarily in fiscal 2023 with lease terms of up to 30 years.
Schedule of other lease information | The following table presents supplemental cash flow information related to leases:
| Fiscal |  | Fiscal |  | Fiscal
in millions | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows – operating leases | $ | 1,157 |  |  | $ | 1,090 |  |  | $ | 1,022 |
Operating cash flows – finance leases | 125 |  |  | 127 |  |  | 112 |
Financing cash flows – finance leases | 241 |  |  | 182 |  |  | 122 |
Supplemental non-cash information: |  |  |  |  |
Lease assets obtained in exchange for new operating lease liabilities | 1,991 |  |  | 964 |  |  | 969 |
Lease assets obtained in exchange for new finance lease liabilities | 322 |  |  | 672 |  |  | 1,730 |

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