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Leases
 12 Months Ended
Jan. 29, 2022
Leases [Abstract]  
Leases Leases
The following table provides the components of lease cost for operating leases for 2021, 2020 and 2019:
202120202019
(in millions)
Operating Lease Costs$216 $223 $207 
Variable Lease Costs108 59 52 
Short-term Lease Costs34 29 22 
Total Lease Cost$358 $311 281 
During 2020, rent was not paid, or was only partially paid, for many stores due to the COVID-19 pandemic. The Financial Accounting Standards Board issued guidance in April 2020 which allowed certain COVID-19-related concessions to be recognized as a reduction of lease costs in the period an amendment is executed. As a result, the Company recognized a $21 million reduction to occupancy expenses in the 2020 Consolidated Statement of Income as a result of executed amendments with landlords.
The following table provides future maturities of operating lease liabilities as of January 29, 2022:
Fiscal Year(in millions)
2022$228 
2023213 
2024203 
2025191 
2026170 
Thereafter382 
Total Lease Payments$1,387 
Less: Interest(228)
Present Value of Operating Lease Liabilities$1,159 
For leases entered into or reassessed after the adoption of ASC 842, Leases, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.
As of January 29, 2022, the Company had additional operating lease commitments that have not yet commenced of $37 million.
The following table provides the weighted average remaining lease term and discount rate for operating leases with lease liabilities as of January 29, 2022 and January 30, 2021:
January 29,
2022		January 30,
2021
Weighted Average Remaining Lease Term (years)6.97.0
Weighted Average Discount Rate5.4 %5.8 %
The following table provides supplemental cash flow information related to the Company's operating leases for 2021, 2020 and 2019:
202120202019
(in millions)
Cash paid for Operating Lease Liabilities (a)$245 $172 $197 
Lease Assets obtained as a result of new Lease Liabilities209 204 199 
 ________________
(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.
Finance Leases
The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2029. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheets. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheets. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method. The Company's finance lease assets and liabilities were not significant for any period presented.
Leases Leases
The following table provides the components of lease cost for operating leases for 2021, 2020 and 2019:
202120202019
(in millions)
Operating Lease Costs$216 $223 $207 
Variable Lease Costs108 59 52 
Short-term Lease Costs34 29 22 
Total Lease Cost$358 $311 281 
During 2020, rent was not paid, or was only partially paid, for many stores due to the COVID-19 pandemic. The Financial Accounting Standards Board issued guidance in April 2020 which allowed certain COVID-19-related concessions to be recognized as a reduction of lease costs in the period an amendment is executed. As a result, the Company recognized a $21 million reduction to occupancy expenses in the 2020 Consolidated Statement of Income as a result of executed amendments with landlords.
The following table provides future maturities of operating lease liabilities as of January 29, 2022:
Fiscal Year(in millions)
2022$228 
2023213 
2024203 
2025191 
2026170 
Thereafter382 
Total Lease Payments$1,387 
Less: Interest(228)
Present Value of Operating Lease Liabilities$1,159 
For leases entered into or reassessed after the adoption of ASC 842, Leases, the Company has elected the practical expedient allowed by the standard to account for all fixed consideration in a lease as a single lease component. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities.
As of January 29, 2022, the Company had additional operating lease commitments that have not yet commenced of $37 million.
The following table provides the weighted average remaining lease term and discount rate for operating leases with lease liabilities as of January 29, 2022 and January 30, 2021:
January 29,
2022		January 30,
2021
Weighted Average Remaining Lease Term (years)6.97.0
Weighted Average Discount Rate5.4 %5.8 %
The following table provides supplemental cash flow information related to the Company's operating leases for 2021, 2020 and 2019:
202120202019
(in millions)
Cash paid for Operating Lease Liabilities (a)$245 $172 $197 
Lease Assets obtained as a result of new Lease Liabilities209 204 199 
 ________________
(a)These payments are included within the Operating Activities section of the Consolidated Statements of Cash Flows.
Finance Leases
The Company leases certain fulfillment equipment under finance leases that expire at various dates through 2029. The Company records finance lease assets, net of accumulated amortization, in Property and Equipment, Net on the Consolidated Balance Sheets. Additionally, the Company records finance lease liabilities in Accrued Expenses and Other and Other Long-term Liabilities on the Consolidated Balance Sheets. Finance lease costs are comprised of the straight-line amortization of the lease asset and the accretion of interest expense under the effective interest method. The Company's finance lease assets and liabilities were not significant for any period presented.