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v3.22.2.2

Leases (Tables) | 6 Months Ended
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Jul. 30, 2022
Leases [Abstract] |
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 Sheets |  |  |
(Dollars in Millions) | Classification | July 30, 2022 | January 29, 2022 | July 31, 2021
Assets |  |  |  |
Operating leases | Operating leases | $2,296 | $2,248 | $2,301
Finance leases | Property and equipment, net | 2,114 | 1,442 | 1,226
Total operating and finance leases | 4,410 | 3,690 | 3,527
Liabilities |  |  |  |
Current |  |  |  |
Operating leases | Current portion of operating leases | 108 | 145 | 143
Finance leases | Current portion of finance leases and financing obligations | 78 | 87 | 83
Noncurrent |  |  |  |
Operating leases | Operating leases | 2,568 | 2,479 | 2,532
Finance leases | Finance leases and financing obligations | 2,381 | 1,688 | 1,457
Total operating and finance leases | $5,135 | $4,399 | $4,215
Consolidated Statement of Operations | Three Months Ended | Six Months Ended
(Dollars in Millions) | Classification | July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021
Operating leases | Selling, general, and administrative | $64 | $79 | $133 | $156
Finance leases |  |  |  |  |
Amortization of leased assets | Depreciation and amortization | 32 | 23 | 61 | 43
Interest on leased assets | Interest expense, net | 36 | 27 | 68 | 52
Total operating and finance leases |  | $132 | $129 | $262 | $251
Consolidated Statement of Cash Flows | Six Months Ended
(Dollars in Millions) | July 30, 2022 | July 31, 2021
Cash paid for amounts included in the measurement of leased liabilities |  |
Operating cash flows from operating leases | $135 | $165
Operating cash flows from finance leases | 65 | 52
Financing cash flows from finance leases | 44 | 47
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year:
| July 30, 2022
(Dollars in millions) | Operating Leases | Finance Leases | Total
2022 | $124 | $94 | $218
2023 | 251 | 218 | 469
2024 | 233 | 210 | 443
2025 | 227 | 205 | 432
2026 | 223 | 205 | 428
After 2026 | 3,617 | 3,722 | 7,339
Total lease payments | $4,675 | $4,654 | $9,329
Amount representing interest | (1,999) | (2,195) | (4,194)
Lease liabilities | $2,676 | $2,459 | $5,135
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rate:
| July 30, 2022 | January 29, 2022
Weighted-average remaining term (years) |  |
Operating leases | 20 | 20
Finance leases | 21 | 20
Weighted-average discount rate |  |
Operating leases | 6% | 6%
Finance leases | 6% | 7%
Summary of Other Lease Information | Other lease information is as follows:
| Six Months Ended
(Dollars in Millions) | July 30, 2022 | July 31, 2021
Property and equipment acquired (disposed) through exchange of: |  |
Finance lease liabilities | $730 | $569
Operating lease liabilities | 114 | (29)
Summary of Financing Obligations | The following tables summarize our financing obligations and where they are presented in our Consolidated Financial Statements:
Consolidated Balance Sheets |  |  |
(Dollars in millions) | Classification | July 30, 2022 | January 29, 2022 | July 31, 2021
Assets |  |  |  |
Financing obligations | Property and equipment, net | $52 | $55 | $60
Liabilities |  |  |  |
Current | Current portion of finance leases and financing obligations | 18 | 31 | 34
Noncurrent | Finance leases and financing obligations | 449 | 445 | 449
Total financing obligations | $467 | $476 | $483
Consolidated Statement of Operations | Three Months Ended | Six Months Ended
(Dollars in Millions) | Classification | July 30, 2022 | July 31, 2021 | July 30, 2022 | July 31, 2021
Amortization of financing obligation assets | Depreciation and amortization | 2 | 3 | 4 | 5
Interest on financing obligations | Interest expense, net | 15 | 10 | 27 | 19
Total financing obligations |  | $17 | $13 | $31 | $24
Consolidated Statement of Cash Flows | Six Months Ended
(Dollars in Millions) | July 30, 2022 | July 31, 2021
Cash paid for amounts included in the measurement of financing obligations |  |
Operating cash flows from financing obligations | $26 | $19
Financing cash flows from financing obligations | 11 | 18
Proceeds from financing obligations | 5 | 4
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year:
| July 30, 2022
(Dollars in millions) | Financing Obligations
2022 | $37
2023 | 78
2024 | 77
2025 | 75
2026 | 74
After 2026 | 957
Total lease payments | $1,298
Non-cash gain on future sale of property | 167
Amount representing interest | (998)
Financing obligation liability | $467
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:
| July 30, 2022 | January 29, 2022
Weighted-average remaining term (years) | 14 | 10
Weighted-average discount rate | 13% | 9%

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