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Leases | 12 Months Ended
--- | ---
Feb. 03, 2024
Leases [Abstract] |
Leases | 7. Leases Supplemental balance sheet information related to our leases was as follows ($ in millions):
| Balance Sheet Location |  | February 3, 2024 |  | January 28, 2023
Assets |  |  |  |  |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 2,758 |  |  | $ | 2,746 |
Finance leases | Property under finance leases, net(1) |  |  | 43 |  |  |  | 50 |
Total lease assets |  |  | $ | 2,801 |  |  | $ | 2,796 |
Liabilities |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Operating leases | Current portion of operating lease liabilities |  | $ | 618 |  |  | $ | 638 |
Finance leases | Current portion of long-term debt |  |  | 13 |  |  |  | 16 |
Non-current: |  |  |  |  |  |  |  |  |
Operating leases | Long-term operating lease liabilities |  |  | 2,199 |  |  |  | 2,164 |
Finance leases | Long-term debt |  |  | 21 |  |  |  | 26 |
Total lease liabilities |  |  | $ | 2,851 |  |  | $ | 2,844 |
(1) (1)Finance leases were recorded net of accumulated depreciation of $54 million and $50 million as of February 3, 2024, and January 28, 2023, respectively. Components of our total lease cost were as follows ($ in millions):
| Statement of Earnings Location |  | 2024 |  | 2023 |  | 2022
Operating lease cost(1) | Cost of sales and SG&A(2) |  | $ | 777 |  |  | $ | 780 |  |  | $ | 770 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of lease assets | Cost of sales and SG&A(2) |  |  | 16 |  |  |  | 15 |  |  |  | 13 |
Interest on lease liabilities | Interest expense |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Variable lease cost | Cost of sales and SG&A(2) |  |  | 239 |  |  |  | 233 |  |  |  | 238 |
Sublease income | SG&A |  |  | (11) |  |  |  | (12) |  |  |  | (13) |
Total lease cost |  |  | $ | 1,022 |  |  | $ | 1,017 |  |  | $ | 1,009 |
(1) (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):
|  |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 772 |  |  | $ | 781 |
Operating cash flows from finance leases |  |  | 1 |  |  |  | 1 |
Financing cash flows from finance leases |  |  | 14 |  |  |  | 18 |
Lease assets obtained in exchange for new lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  |  | 717 |  |  |  | 809 |
Finance leases |  |  | 11 |  |  |  | 18 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 5.2 |  |  |  | 5.1 |
Finance leases |  |  | 5.9 |  |  |  | 5.5 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 3.6 | % |  |  | 3.0 | %
Finance leases |  |  | 3.9 | % |  |  | 3.2 | %
Future lease payments under our non-cancellable leases as of February 3, 2024, were as follows ($ in millions):
|  |  |  |  | Operating Leases(1) |  | Finance Leases(1)
Fiscal 2025 |  |  |  |  | $ | 708 |  |  | $ | 16 |
Fiscal 2026 |  |  |  |  |  | 675 |  |  |  | 10 |
Fiscal 2027 |  |  |  |  |  | 559 |  |  |  | 6 |
Fiscal 2028 |  |  |  |  |  | 432 |  |  |  | 3 |
Fiscal 2029 |  |  |  |  |  | 288 |  |  |  | 1 |
Thereafter |  |  |  |  |  | 460 |  |  |  | 3 |
Total future undiscounted lease payments |  |  |  |  |  | 3,122 |  |  |  | 39 |
Less imputed interest |  |  |  |  |  | 305 |  |  |  | 5 |
Total reported lease liability |  |  |  |  | $ | 2,817 |  |  | $ | 34 |
(1)Lease payments exclude $118 million of legally binding fixed costs for leases signed but not yet commenced.

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