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PROPERTY AND LEASES
 12 Months Ended
Jan. 29, 2023
Leases [Abstract]  
Property and Leases PROPERTY AND LEASES
Net Property and Equipment
The following table presents components of net property and equipment:
in millionsJanuary 29,
2023		January 30,
2022
Land$8,719 $8,617 
Buildings and improvements19,430 19,173 
Furniture, fixtures, and equipment16,564 16,441 
Leasehold improvements2,130 2,016 
Construction in progress1,297 1,139 
Finance leases4,135 3,943 
Property and equipment, at cost52,275 51,329 
Less accumulated depreciation and finance lease amortization26,644 26,130 
Net property and equipment$25,631 $25,199 
The following table presents depreciation and finance lease amortization expense, including depreciation and finance lease amortization expense included in cost of sales:
in millionsFiscalFiscalFiscal
202220212020
Depreciation and finance lease amortization expense$2,756 $2,650 $2,425 
Leases
The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases:
in millionsConsolidated Balance Sheet ClassificationJanuary 29,
2023		January 30,
2022
Assets:
Operating lease assetsOperating lease right-of-use assets$6,941 $5,968 
Finance lease assets (1)
Net property and equipment2,899 2,896 
Total lease assets$9,840 $8,864 
Liabilities:
Current:
   Operating lease liabilitiesCurrent operating lease liabilities$945 $830 
   Finance lease liabilitiesCurrent installments of long-term debt231 198 
Long-term:
   Operating lease liabilitiesLong-term operating lease liabilities6,226 5,353 
   Finance lease liabilitiesLong-term debt, excluding current installments3,054 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.
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
FiscalFiscal
in millions202220212020
Operating lease costSelling, general and administrative$1,169 $1,084 $782 
Finance lease cost:
Amortization of leased assetsDepreciation and amortization282 250 167 
Interest on lease liabilitiesInterest expense125 127 112 
Variable lease costSelling, general and administrative470 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 leases99
Finance leases1415
Weighted Average Discount Rate:
Operating leases3.2 %2.7 %
Finance leases4.3 %4.7 %
The following table presents approximate future minimum payments under operating and finance leases at January 29, 2023:
in millionsOperating
Leases		Finance
Leases
Fiscal 2023$1,152 $347 
Fiscal 20241,186 364 
Fiscal 20251,032 406 
Fiscal 2026900 297 
Fiscal 2027769 278 
Thereafter3,446 2,449 
Total lease payments8,485 4,141 
Less: imputed interest1,314 856 
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.
The following table presents supplemental cash flow information related to leases:
Fiscal
FiscalFiscal
in millions202220212020
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 leases125 127 112 
Financing cash flows – finance leases241 182 122 
Supplemental non-cash information:
Lease assets obtained in exchange for new operating lease liabilities1,991 964 969 
Lease assets obtained in exchange for new finance lease liabilities322 672 1,730