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Leases (Tables) | 12 Months Ended
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Feb. 01, 2020
Summary of Operating and Finance Leases | The following tables summarize our operating and finance leases and where they are presented in our Consolidated Financial Statements:
Consolidated Balance Sheet | February 1, 2020
(Dollars in Millions) | Classification
Assets |  |  |  |
Operating leases | Operating leases | $ | 2,391 |
Finance leases | Property and equipment, net |  | 672 |
Total operating and finance leases |  |  | 3,063 |
Liabilities |  |  |  |
Current |  |  |  |
Operating leases | Current portion of operating leases |  | 158 |
Finance leases | Current portion of finance lease and financing obligations |  | 88 |
Noncurrent |  |  |  |
Operating leases | Operating leases |  | 2,619 |
Finance leases | Finance lease and financing obligations |  | 877 |
Total operating and finance leases |  | $ | 3,742 |
Consolidated Statement of Income | 2019 |
(Dollars in Millions) | Classification |
Operating leases | Selling, general, and administrative | $ | 314 |
Finance leases |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 72 |
Interest on lease liabilities | Interest expense, net |  | 98 |
Total operating and finance leases |  | $ | 484 |
Consolidated Statement of Cash Flows | 2019
(Dollars in Millions) |
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 320 |
Operating cash flows from finance leases |  | 98 |
Financing cash flows from finance leases |  | 76 |
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year:
| February 1, 2020
(Dollars in Millions) | Operating Leases | Finance Leases | Total
2020 | $ | 303 |  | $ | 181 |  | $ | 484 |
2021 |  | 303 |  |  | 162 |  |  | 465 |
2022 |  | 291 |  |  | 145 |  |  | 436 |
2023 |  | 276 |  |  | 124 |  |  | 400 |
2024 |  | 241 |  |  | 110 |  |  | 351 |
After 2024 |  | 3,426 |  |  | 1,750 |  |  | 5,176 |
Total lease payments |  | 4,840 |  |  | 2,472 |  |  | 7,312 |
Amount representing interest |  | (2,063 | ) |  | (1,507 | ) |  | (3,570 | )
Lease liabilities | $ | 2,777 |  | $ | 965 |  | $ | 3,742 |
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rates:
| February 1, 2020
Weighted-average remaining term (years) |  |  |
Operating leases |  | 20 |
Finance leases |  | 17 |
Weighted-average discount rate |  |  |
Operating leases |  | 6 | %
Finance leases |  | 11 | %
Summary of Financing Obligations | The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements:
Consolidated Balance Sheet | February 1, 2020
(Dollars in Millions) | Classification
Assets |  |  |  |
Financing obligations | Property and equipment, net | $ | 76 |
Liabilities |  |  |  |
Current | Current portion of finance lease and financing obligations |  | 36 |
Noncurrent | Finance lease and financing obligations |  | 490 |
Total financing obligations |  | $ | 526 |
Consolidated Statement of Income | 2019
(Dollars in Millions) | Classification
Amortization of financing obligation assets | Depreciation and amortization | $ | 11 |
Interest on financing obligations | Interest expense, net |  | 37 |
Total financing obligations |  | $ | 48 |
Consolidated Statement of Cash Flows | 2019
(Dollars in Millions) |
Cash paid for amounts included in the measurement of financing obligations |  |  |
Operating cash flows from financing obligations | $ | 37 |
Financing cash flows from financing obligations |  | 37 |
Other financing obligations cash activity |  |  |  |
Proceeds from financing obligations |  |  | 11 |
(Gain) on extinguishment of debt |  |  | (9 | )
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year:
(Dollars in Millions) | February 1, 2020
2020 | $ | 69 |
2021 |  | 71 |
2022 |  | 68 |
2023 |  | 66 |
2024 |  | 60 |
After 2024 |  | 197 |
Total financing obligations payments |  | 531 |
Non-cash gain on future sale of property |  | 225 |
Amount representing interest |  | (230 | )
Financing obligation liability | $ | 526 |
Summary of Weighted-Average Remaining Term and Discount Rate for Financing Obligations | The following table summarizes the weighted-average remaining term and discount rate for financing obligations:
| February 1, 2020
Weighted-average remaining term (years) |  | 9 |
Weighted-average discount rate |  | 7 | %
ASU No. 2016-02 [Member] |
Summary of Changes in Consolidated Balance Sheet upon Adoption of New Standard | The following table summarizes changes in our Consolidated Balance Sheet upon adoption of the new standard:
(Dollars in Millions) |  |  |  |
Assets |  |  |  |
Property and equipment, net | $ | (174 | ) | (a)
Operating leases |  | 2,446 |  | (b)
Other assets |  | (32 | ) | (c)
Total assets | $ | 2,240 |  |
Liabilities and Shareholders' Equity |  |  |  |
Finance lease and financing obligations | $ | (237 | ) | (a)
Operating leases |  | 2,771 |  | (b)
Accrued and other liabilities |  | (413 | ) | (c)
Deferred taxes |  | 31 |  | (d)
Shareholders' equity |  | 88 |  | (d)
Total liabilities and shareholders' equity | $ | 2,240 |  |
(a) | The reductions are primarily due to historical failed sale-leaseback and build-to-suit arrangements where we were deemed the owner for accounting purposes. In accordance with ASC 842 transition provisions, they became operating or finance leases.
(b) | The increases include land and other operating leases which were not previously recorded on our balance sheet or were previously recorded as financing obligations.
(c) | The reductions are primarily due to the reclassification of lease-related assets and liabilities such as straight-line rent and reserves for closed stores to operating lease assets and liabilities.
(d) | The cumulative effect of lease adjustments, net of the deferred tax impact, was recorded as an adjustment to retained earnings. In addition, retained earnings includes a $26 million lease impairment charge.

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