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Leases | 12 Months Ended
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Feb. 01, 2020
Leases [Abstract] |
Leases | 10. Leases In the first quarter of fiscal 2020, we adopted ASU 2016-02, Leases. See Note 1, Summary of Significant Accounting Policies, for information regarding our adoption and accounting policy for leases. Supplemental balance sheet information related to our leases was as follows ($ in millions):
| Balance Sheet Location |  | February 1, 2020
Assets |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 2,709 |
Finance leases | Property under finance leases, net(1) |  |  | 35 |
Total lease assets |  |  | $ | 2,744 |
Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating leases | Current portion of operating lease liabilities |  | $ | 660 |
Finance leases | Current portion of long-term debt |  |  | 14 |
Non-current: |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  |  | 2,138 |
Finance leases | Long-term debt |  |  | 24 |
Total lease liabilities |  |  | $ | 2,836 |
(1)Finance leases are recorded net of accumulated depreciation of $54 million. Components of our total lease cost were as follows ($ in millions):
| Statement of Earnings Location |  | 2020
Operating lease cost(1) | Cost of sales and SG&A(2) |  | $ | 780 |
Finance lease cost: |  |  |  |  |
Depreciation of lease assets | Cost of sales and SG&A(2) |  |  | 13 |
Interest on lease liabilities | Interest expense |  |  | 2 |
Variable lease cost | Cost of sales and SG&A(2) |  |  | 265 |
Sublease income | SG&A |  |  | (16) |
Total lease cost |  |  | $ | 1,044 |
(1)Includes short-term leases, which are immaterial. (2)Supply chain-related amounts are included in Cost of sales. Other information related to our leases was as follows ($ in millions):
|  |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 810 |
Operating cash flows from finance leases |  |  | 2 |
Financing cash flows from finance leases |  |  | 15 |
Lease assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  |  |  | 676 |
Finance leases |  |  |  | 10 |
Weighted average remaining lease term (in years): |  |  |  |
Operating leases |  |  |  | 5.3 |
Finance leases |  |  |  | 5.0 |
Weighted average discount rate: |  |  |  |  |
Operating leases |  |  |  | 3.3 | %
Finance leases |  |  |  | 4.2 | %
Future lease payments under our non-cancellable leases as of February 1, 2020, were as follows ($ in millions):
. |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Operating Leases(1) |  | Finance Leases(1)
Fiscal 2021 |  |  |  |  | $ | 738 |  |  | $ | 15 |
Fiscal 2022 |  |  |  |  |  | 678 |  |  |  | 11 |
Fiscal 2023 |  |  |  |  |  | 521 |  |  |  | 7 |
Fiscal 2024 |  |  |  |  |  | 388 |  |  |  | 3 |
Fiscal 2025 |  |  |  |  |  | 279 |  |  |  | 2 |
Thereafter |  |  |  |  |  | 456 |  |  |  | 5 |
Total future undiscounted lease payments |  |  |  |  |  | 3,060 |  |  |  | 43 |
Less imputed interest |  |  |  |  |  | 262 |  |  |  | 5 |
Total reported lease liability |  |  |  |  | $ | 2,798 |  |  | $ | 38 |
(1)Lease payments exclude $158 million of legally binding fixed costs for leases signed but not yet commenced. In accordance with the prior guidance, ASC 840, Leases, our leases were previously designated as either capital, financing or operating. Previously designated capital leases are now considered finance leases under the new guidance, ASC 842, Leases, while our previously existing financing leases have been derecognized and reclassified as operating leases. The designation of operating leases remains substantially unchanged under the new guidance. The future minimum lease payments by fiscal year as determined prior to the adoption of ASC 842, Leases, under our previously designated capital, financing and operating leases (not including contingent rent) as disclosed in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019, were as follows ($ in millions):
| Capital Leases |  | Financing Leases |  | Operating Leases(1)
Fiscal 2020 | $ | 14 |  |  | $ | 48 |  |  | $ | 700 |
Fiscal 2021 |  | 11 |  |  |  | 42 |  |  |  | 648 |
Fiscal 2022 |  | 7 |  |  |  | 35 |  |  |  | 513 |
Fiscal 2023 |  | 4 |  |  |  | 24 |  |  |  | 371 |
Fiscal 2024 |  | 2 |  |  |  | 16 |  |  |  | 253 |
Thereafter |  | 7 |  |  |  | 40 |  |  |  | 476 |
Total minimum lease payments |  | 45 |  |  |  | 205 |  |  | $ | 2,961 |
Less amount representing interest |  | (6) |  |  |  | (24) |  |  |  |  |
Present value of minimum lease payments |  | 39 |  |  |  | 181 |  |  |  |  |
Less current maturities |  | (12) |  |  |  | (43) |  |  |  |  |
Present value of minimum lease maturities, less current maturities | $ | 27 |  |  | $ | 138 |  |  |  |  |
(1)Operating lease obligations do not include payments to landlords covering real estate taxes and common area maintenance. These charges, if included, would increase total operating lease obligations by $0.8 billion at February 2, 2019.

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