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Leases (Tables)

9 Months Ended

Nov. 02, 2019

Leases [Abstract]

Schedule of Lease Cost

The following table provides the components of lease cost for operating leases for the third quarter and year-to-date 2019:

	Third Quarter				Year-to-Date
	(in millions)
Operating Lease Costs (a)	$	206			$	557
Variable Lease Costs	27				67
Short-term Lease Costs	9				19
Total Lease Cost	$	242			$	643

_______________

(a)

As discussed in Note 7, “Property and Equipment, Net," the Company recognized operating lease asset impairment charges of $30 million during the third quarter of 2019. These charges are included as additional operating lease costs for the third quarter and year-to-date 2019.

Schedule of Future Maturities of Operating Lease Liabilities

The following table provides future maturities of operating lease liabilities as of the third quarter of 2019:

Fiscal Year	(in millions)
2019	$	115
2020	720
2021	676
2022	605
2023	546
Thereafter	1,907
Total Lease Payments	$	4,569
Less: Interest	(1,001		)
Present Value of Operating Lease Liabilities	$	3,568

Schedule of Supplemental Information Related to Leases

The following table provides the weighted-average remaining lease term and discount rate for operating leases with lease liabilities as of the third quarter of 2019:

Weighted Average Remaining Lease Term (years)	7.4
Weighted Average Discount Rate	6.2	%

Schedule of Rent Expense

The following table provides rent expense, as presented under the prior accounting standard, for the third quarter and year-to-date 2018:

	Third Quarter				Year-to-Date
	(in millions)
Store Rent:
Fixed Minimum	$	167			$	500
Contingent	15				45
Total Store Rent	182				545
Office, Equipment and Other	25				69
Total Rent Expense	$	207			$	614

Schedule of Future Minimum Rental Payments for Operating Leases

The following table provides future minimum rent commitments under noncancelable operating leases in the next five fiscal years and the remaining years thereafter, as determined under the prior accounting standard, as of February 2, 2019:

Fiscal Year (a)	(in millions)
2019	$	698
2020	676
2021	630
2022	562
2023	504
Thereafter	$	1,738

 _______________

(a)

Excludes additional payments covering taxes, common area costs and certain other expenses generally required by store lease terms.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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-SubTopic 20
-Section 50
-Paragraph 6
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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Tabular disclosure of rental expense from operating leases for each period for which an income statement is presented with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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