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Leases | 12 Months Ended
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Feb. 03, 2024
Leases [Abstract] |
Leases | Leases The following table provides the components of lease cost for operating leases for 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| (in millions)
Operating Lease Costs | $ | 254 |  |  | $ | 238 |  |  | $ | 216 |
Variable Lease Costs | 107 |  |  | 107 |  |  | 108 |
Short-term Lease Costs | 41 |  |  | 37 |  |  | 34 |
Total Lease Cost | $ | 402 |  |  | $ | 382 |  |  | $ | 358 |
The following table provides future maturities of operating lease liabilities as of February 3, 2024:
Fiscal Year | (in millions)
2024 | $ | 242 |
2025 | 257 |
2026 | 229 |
2027 | 182 |
2028 | 150 |
Thereafter | 357 |
Total Lease Payments | 1,417 |
Less: Interest | (232) |
Present Value of Operating Lease Liabilities | $ | 1,185 |
The Company accounts for all fixed consideration in a lease as a single lease component. Therefore, the payments used to measure the lease liability include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. As of February 3, 2024, the Company had additional operating lease commitments that have not yet commenced of $31 million. The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of February 3, 2024 and January 28, 2023:
| February 3, 2024 |  | January 28, 2023
Weighted Average Remaining Lease Term (years) | 6.4 |  | 6.6
Weighted Average Discount Rate | 5.6 | % |  | 5.4 | %
The following table provides supplemental cash flow information related to the Company’s operating leases for 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| (in millions)
Cash paid for Operating Lease Liabilities (a) | $ | 280 |  |  | $ | 249 |  |  | $ | 245 |
Lease Assets obtained as a result of new Lease Liabilities | 185 |  |  | 207 |  |  | 209 |
________________ (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 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| (in millions)
Operating Lease Costs | $ | 254 |  |  | $ | 238 |  |  | $ | 216 |
Variable Lease Costs | 107 |  |  | 107 |  |  | 108 |
Short-term Lease Costs | 41 |  |  | 37 |  |  | 34 |
Total Lease Cost | $ | 402 |  |  | $ | 382 |  |  | $ | 358 |
The following table provides future maturities of operating lease liabilities as of February 3, 2024:
Fiscal Year | (in millions)
2024 | $ | 242 |
2025 | 257 |
2026 | 229 |
2027 | 182 |
2028 | 150 |
Thereafter | 357 |
Total Lease Payments | 1,417 |
Less: Interest | (232) |
Present Value of Operating Lease Liabilities | $ | 1,185 |
The Company accounts for all fixed consideration in a lease as a single lease component. Therefore, the payments used to measure the lease liability include fixed minimum rentals along with fixed operating costs such as common area maintenance and utilities. As of February 3, 2024, the Company had additional operating lease commitments that have not yet commenced of $31 million. The following table provides the weighted average remaining lease term and discount rate for operating lease liabilities as of February 3, 2024 and January 28, 2023:
| February 3, 2024 |  | January 28, 2023
Weighted Average Remaining Lease Term (years) | 6.4 |  | 6.6
Weighted Average Discount Rate | 5.6 | % |  | 5.4 | %
The following table provides supplemental cash flow information related to the Company’s operating leases for 2023, 2022 and 2021:
| 2023 |  | 2022 |  | 2021
| (in millions)
Cash paid for Operating Lease Liabilities (a) | $ | 280 |  |  | $ | 249 |  |  | $ | 245 |
Lease Assets obtained as a result of new Lease Liabilities | 185 |  |  | 207 |  |  | 209 |
________________ (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.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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