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v3.25.1

PROPERTY AND LEASES | 12 Months Ended
--- | ---
Feb. 02, 2025
Leases [Abstract] |
Property and Leases | PROPERTY AND LEASES Net Property and Equipment The following table presents components of net property and equipment:
in millions | February 2, 2025 |  | January 28, 2024
Land | $ | 9,060 |  |  | $ | 9,027 |
Buildings and improvements | 20,260 |  |  | 20,030 |
Furniture, fixtures, and equipment | 18,474 |  |  | 16,667 |
Leasehold improvements | 2,423 |  |  | 2,254 |
Construction in progress | 1,521 |  |  | 1,192 |
Finance leases | 4,045 |  |  | 4,087 |
Property and equipment, at cost | 55,783 |  |  | 53,257 |
Less: accumulated depreciation and finance lease amortization | 29,081 |  |  | 27,103 |
Net property and equipment | $ | 26,702 |  |  | $ | 26,154 |
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
2024 |  | 2023 |  | 2022
Depreciation and finance lease amortization expense | $ | 3,283 |  |  | $ | 3,020 |  |  | $ | 2,756 |
Leases The following table presents the consolidated balance sheet classification related to operating and finance leases:
in millions | Consolidated Balance Sheet Classification |  | February 2, 2025 |  | January 28, 2024
Assets: |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets |  | $ | 8,592 |  |  | $ | 7,884 |
Finance lease assets (1) | Net property and equipment |  | 2,638 |  |  | 2,840 |
Total lease assets |  |  | $ | 11,230 |  |  | $ | 10,724 |
Liabilities: |  |  |  |  |
Current: |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 1,274 |  |  | $ | 1,050 |
Finance lease liabilities | Current installments of long-term debt |  | 272 |  |  | 268 |
Long-term: |  |  |  |  |
Operating lease liabilities | Long-term operating lease liabilities |  | 7,633 |  |  | 7,082 |
Finance lease liabilities | Long-term debt, excluding current installments |  | 2,749 |  |  | 3,000 |
Total lease liabilities |  |  | $ | 11,928 |  |  | $ | 11,400 |
————— (1) Finance lease assets are recorded net of accumulated amortization of $1.4 billion as of February 2, 2025 and $1.2 billion as of January 28, 2024. 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 |  | 2024 |  | 2023 |  | 2022
Operating lease cost | Selling, general and administrative |  | $ | 1,661 |  |  | $ | 1,359 |  |  | $ | 1,169 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 328 |  |  | 304 |  |  | 282 |
Interest on lease liabilities | Interest expense |  | 118 |  |  | 126 |  |  | 125 |
Variable lease cost | Selling, general and administrative |  | 566 |  |  | 486 |  |  | 470 |
————— (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:
| February 2, 2025 |  | January 28, 2024
Weighted Average Remaining Lease Term (Years): |  |  |
Operating leases | 9 |  | 10
Finance leases | 12 |  | 13
Weighted Average Discount Rate: |  |  |
Operating leases | 4.0 | % |  | 3.7 | %
Finance leases | 3.7 | % |  | 3.7 | %
The following table presents approximate future minimum payments under operating and finance leases at February 2, 2025:
in millions | Operating Leases |  | Finance Leases
Fiscal 2025 | $ | 1,612 |  |  | $ | 378 |
Fiscal 2026 | 1,583 |  |  | 374 |
Fiscal 2027 | 1,418 |  |  | 347 |
Fiscal 2028 | 1,229 |  |  | 310 |
Fiscal 2029 | 1,022 |  |  | 284 |
Thereafter | 4,065 |  |  | 2,009 |
Total lease payments | 10,929 |  |  | 3,702 |
Less: imputed interest | 2,022 |  |  | 681 |
Present value of lease liabilities | $ | 8,907 |  |  | $ | 3,021 |
————— Note: We have excluded approximately $560 million of lease payments (undiscounted basis) for leases that have been signed but have not yet commenced. The following table presents supplemental cash flow information related to leases:
| Fiscal |  | Fiscal |  | Fiscal
in millions | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows – operating leases | $ | 1,601 |  |  | $ | 1,328 |  |  | $ | 1,157 |
Operating cash flows – finance leases | 118 |  |  | 126 |  |  | 125 |
Financing cash flows – finance leases | 380 |  |  | 271 |  |  | 241 |
Supplemental non-cash information: |  |  |  |  |
Lease assets obtained in exchange for new operating lease liabilities | 1,384 |  |  | 1,827 |  |  | 1,991 |
Lease assets obtained in exchange for new finance lease liabilities | 153 |  |  | 336 |  |  | 322 |

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