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Properties and Leases (Tables) | 12 Months Ended
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Jan. 29, 2022
Property Plant And Equipment And Leases Of Lessee [Abstract] |
Major Classes of Property, Plant and Equipment, Net | The major classes of property and equipment, net as of January 29, 2022 and January 30, 2021 are as follows:
|  | January 29, |  |  | January 30, |
|  | 2022 |  |  | 2021 |
|  | (millions) |
Land |  | $ | 1,353 |  |  | $ | 1,390 |
Buildings on owned land |  |  | 3,635 |  |  |  | 3,650 |
Buildings on leased land and leasehold improvements |  |  | 1,303 |  |  |  | 1,268 |
Fixtures and equipment |  |  | 3,922 |  |  |  | 4,032 |
|  |  | 10,213 |  |  |  | 10,340 |
Less accumulated depreciation and amortization |  |  | 4,548 |  |  |  | 4,400 |
|  | $ | 5,665 |  |  | $ | 5,940 |
ROU Assets and Lease Liabilities | ROU assets and lease liabilities consist of:
|  |  |  | January 29, |  |  | January 30, |
|  |  |  | 2022 |  |  | 2021 |
|  | Classification |  | (millions) |
Assets |  |  |  |  |  |  |  |  |  |
Finance lease assets (a) |  | Right of Use Assets |  | $ | 10 |  |  | $ | 12 |
Operating lease assets (b) |  | Right of Use Assets |  |  | 2,798 |  |  |  | 2,866 |
Total lease assets |  |  |  | $ | 2,808 |  |  | $ | 2,878 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Finance (a) |  | Accounts payable and accrued liabilities |  | $ | 2 |  |  | $ | 2 |
Operating (b) |  | Accounts payable and accrued liabilities |  |  | 328 |  |  |  | 198 |
Noncurrent |  |  |  |  |  |  |  |  |  |
Finance (a) |  | Long-Term Lease Liabilities |  |  | 17 |  |  |  | 19 |
Operating (b) |  | Long-Term Lease Liabilities |  |  | 3,081 |  |  |  | 3,166 |
Total lease liabilities |  |  |  | $ | 3,428 |  |  | $ | 3,385 |
(a) | Finance lease assets are recorded net of accumulated amortization of $13 million as of January 29, 2022 and January 30, 2021. As of January 29, 2022 and January 30, 2021, finance lease assets included $1 million and $2 million, respectively, and noncurrent lease liabilities each included $2 million of non-lease components.
(b) | As of January 29, 2022, operating lease assets included $377 million of non-lease components and current and noncurrent lease liabilities included $36 million and $386 million, respectively, of non-lease components. As of January 30, 2021, operating lease assets included $383 million of non-lease components and current and noncurrent lease liabilities included $35 million and $384 million, respectively, of non-lease components.
ROU Assets and Lease Liabilities | The components of net lease expense, recognized primarily within selling, general and administrative expenses are disclosed below. For 2021, 2020 and 2019, lease expense included $80 million, $87 million and $83 million, respectively, related to non-leasecomponents.
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  |  | (millions) |  |  |  |  |
Real estate |  |  |  |  |  |  |  |  |  |  |  |
Operating leases (c) – |  |  |  |  |  |  |  |  |  |  |  |
Minimum rents |  | $ | 359 |  |  | $ | 376 |  |  | $ | 364 |
Variable rents |  |  | 48 |  |  |  | 45 |  |  |  | 54 |
|  |  | 407 |  |  |  | 421 |  |  |  | 418 |
Less income from subleases – |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  |  | (1 | ) |  |  | (1 | ) |  |  | (2 | )
|  | $ | 406 |  |  | $ | 420 |  |  | $ | 416 |
Personal property – Operating leases |  | $ | 7 |  |  | $ | 7 |  |  | $ | 8 |
(c) | Certain supply chain operating lease expense amounts are included in cost of sales.
Maturity of Lease Liabilities | As of January 29, 2022, the maturity of lease liabilities is as follows:
|  |  |  |  |  | Operating |  |  |  |  |
|  | Finance |  |  | Leases |  |  |  |  |
|  | Leases |  |  | (d and e) |  |  | Total |
|  |  |  |  |  | (millions) |  |  |  |  |
Fiscal year |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | $ | 3 |  |  | $ | 358 |  |  | $ | 361 |
2023 |  |  | 3 |  |  |  | 352 |  |  |  | 355 |
2024 |  |  | 3 |  |  |  | 346 |  |  |  | 349 |
2025 |  |  | 3 |  |  |  | 342 |  |  |  | 345 |
2026 |  |  | 2 |  |  |  | 326 |  |  |  | 328 |
After 2026 |  |  | 13 |  |  |  | 5,181 |  |  |  | 5,194 |
Total undiscounted lease payments |  |  | 27 |  |  |  | 6,905 |  |  |  | 6,932 |
Less amount representing interest |  |  | 8 |  |  |  | 3,496 |  |  |  | 3,504 |
Total lease liabilities |  | $ | 19 |  |  | $ | 3,409 |  |  | $ | 3,428 |
(d) | Operating lease payments include $2,959 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $63 million of legally binding minimum lease payments for leases signed but not yet commenced.
(e) | Operating lease payments include $1,114 million related to non-lease component payments, with $829 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
Maturity of Lease Liabilities | As of January 29, 2022, the maturity of lease liabilities is as follows:
|  |  |  |  |  | Operating |  |  |  |  |
|  | Finance |  |  | Leases |  |  |  |  |
|  | Leases |  |  | (d and e) |  |  | Total |
|  |  |  |  |  | (millions) |  |  |  |  |
Fiscal year |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | $ | 3 |  |  | $ | 358 |  |  | $ | 361 |
2023 |  |  | 3 |  |  |  | 352 |  |  |  | 355 |
2024 |  |  | 3 |  |  |  | 346 |  |  |  | 349 |
2025 |  |  | 3 |  |  |  | 342 |  |  |  | 345 |
2026 |  |  | 2 |  |  |  | 326 |  |  |  | 328 |
After 2026 |  |  | 13 |  |  |  | 5,181 |  |  |  | 5,194 |
Total undiscounted lease payments |  |  | 27 |  |  |  | 6,905 |  |  |  | 6,932 |
Less amount representing interest |  |  | 8 |  |  |  | 3,496 |  |  |  | 3,504 |
Total lease liabilities |  | $ | 19 |  |  | $ | 3,409 |  |  | $ | 3,428 |
(d) | Operating lease payments include $2,959 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $63 million of legally binding minimum lease payments for leases signed but not yet commenced.
(e) | Operating lease payments include $1,114 million related to non-lease component payments, with $829 million of such payments related to options to extend lease terms that are reasonably certain of being exercised.
Schedule of Supplemental Information Regarding Assumptions and Cash Flows | Additional supplemental information regarding assumptions and cash flows for operating and finance leases is as follows:
|  | January 29, |  |  | January 30, |
Lease Term and Discount Rate |  | 2022 |  |  | 2021 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Finance leases |  |  | 11.9 |  |  |  | 12.1 |
Operating leases |  |  | 21.7 |  |  |  | 22.4 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Finance leases |  |  | 6.73 | % |  |  | 6.70 | %
Operating leases |  |  | 6.54 | % |  |  | 6.32 | %
|  | 52 Weeks Ended |  |  | 52 Weeks Ended |
Other Information |  | January 29, 2022 |  |  | January 30, 2021 |
|  | (millions) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used from operating leases |  | $ | 322 |  |  | $ | 521 |
Financing cash flows used from financing leases |  |  | 3 |  |  |  | 4 |
Leased assets obtained in exchange for new operating lease liabilities |  |  | 15 |  |  |  | 430 |

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