Leases (Tables)

12 Months Ended

Jan. 28, 2023

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	Fiscal Year Ended
	January 28, 2023		January 29, 2022
Weighted-average remaining lease term	6.5 years		6.6 years
Weighted-average discount rate	2.7	%	2.4	%

The following table is a summary of the Company’s components of net lease cost for the fiscal years ended:


		Fiscal Year Ended
In millions	Classification	January 28, 2023		January 29, 2022		January 30, 2021
Operating lease cost	Cost of sales, including buying and occupancy costs	$	1,927	$	1,906	$	1,820
Variable and short term lease cost	Cost of sales, including buying and occupancy costs	1,359		1,386		1,163
Total lease cost		$	3,286	$	3,292	$	2,983

Supplemental cash flow information related to leases is as follows:


	Fiscal Year Ended
In millions	January 28, 2023		January 29, 2022		January 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	1,949	$	2,080	$	1,663
Lease liabilities arising from obtaining right of use assets	$	2,095	$	1,658	$	1,380

Operating Leases Maturity Schedule

The following table as of January 28, 2023 summarizes the maturity of lease liabilities under operating leases:


In millions
Fiscal Year:
2024	$	1,977
2025	1,825
2026	1,628
2027	1,402
2028	1,111
Later years	2,323
Total lease payments(a)	10,266
Less: imputed interest(b)	881
Total lease liabilities(c)	$	9,385

(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy.

(b)Calculated using the incremental borrowing rate for each lease.

(c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.