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v3.23.1

Leases (Tables) | 3 Months Ended
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Apr. 29, 2023
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 | April 29, 2023 | January 28, 2023 | April 30, 2022
Assets |  |  |  |
Operating leases | Operating leases | $2,368 | $2,304 | $2,224
Finance leases | Property and equipment, net | 1,950 | 2,033 | 1,883
Total operating and finance leases | 4,318 | 4,337 | 4,107
Liabilities |  |  |  |
Current |  |  |  |
Operating leases | Current portion of operating leases | 111 | 111 | 127
Finance leases | Current portion of finance leases and financing obligations | 76 | 76 | 82
Noncurrent |  |  |  |
Operating leases | Operating leases | 2,634 | 2,578 | 2,474
Finance leases | Finance leases and financing obligations | 2,271 | 2,344 | 2,140
Total operating and finance leases | $5,092 | $5,109 | $4,823
Consolidated Statement of Operations | Quarter Ended
(Dollars in Millions) | Classification | April 29, 2023 | April 30, 2022
Operating leases | Selling, general, and administrative | $67 | $69
Finance leases |  |  |
Amortization of leased assets | Depreciation and amortization | 32 | 29
Interest on leased assets | Interest expense, net | 36 | 32
Total operating and finance leases |  | $135 | $130
Consolidated Statement of Cash Flows | Quarter Ended
(Dollars in Millions) | April 29, 2023 | April 30, 2022
Cash paid for amounts included in the measurement of leased liabilities |  |
Operating cash flows from operating leases | $69 | $70
Operating cash flows from finance leases | 35 | 30
Financing cash flows from finance leases | 21 | 22
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year:
| April 29, 2023
(Dollars in Millions) | Operating Leases | Finance Leases | Total
2023 | $193 | $159 | $352
2024 | 253 | 208 | 461
2025 | 245 | 202 | 447
2026 | 238 | 201 | 439
2027 | 237 | 202 | 439
After 2027 | 3,672 | 3,439 | 7,111
Total lease payments | $4,838 | $4,411 | $9,249
Amount representing interest | (2,093) | (2,064) | (4,157)
Lease liabilities | $2,745 | $2,347 | $5,092
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rate:
| April 29, 2023 | January 28, 2023
Weighted-average remaining term (years) |  |
Operating leases | 20 | 20
Finance leases | 20 | 20
Weighted-average discount rate |  |
Operating leases | 6% | 6%
Finance leases | 6% | 6%
Summary of Other Lease Information | Other lease information is as follows:
| Quarter Ended
(Dollars in Millions) | April 29, 2023 | April 30, 2022
Property and equipment acquired (disposed) through exchange of: |  |
Finance lease liabilities | $(56) | $472
Operating lease liabilities | 74 | 11
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 | April 29, 2023 | January 28, 2023 | April 30, 2022
Assets |  |  |  |
Financing obligations | Property and equipment, net | $47 | $49 | $53
Liabilities |  |  |  |
Current | Current portion of finance leases and financing obligations | 17 | 18 | 26
Noncurrent | Finance leases and financing obligations | 439 | 442 | 444
Total financing obligations | $456 | $460 | $470
Consolidated Statement of Operations | Quarter Ended
(Dollars in Millions) | Classification | April 29, 2023 | April 30, 2022
Amortization of financing obligation assets | Depreciation and amortization | 2 | 2
Interest on financing obligations | Interest expense, net | 16 | 12
Total financing obligations |  | $18 | $14
Consolidated Statement of Cash Flows | Quarter Ended
(Dollars in Millions) | April 29, 2023 | April 30, 2022
Cash paid for and proceeds from amounts included in the measurement of financing obligations |  |
Operating cash flows from financing obligations | $16 | $12
Financing cash flows from financing obligations | 4 | 7
Proceeds from financing obligations | 5 | 4
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year:
| April 29, 2023
(Dollars in Millions) | Financing Obligations
2023 | $58
2024 | 77
2025 | 75
2026 | 74
2027 | 71
After 2027 | 931
Total lease payments | $1,286
Non-cash gain on future sale of property | 157
Amount representing interest | (987)
Financing obligation liability | $456
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:
| April 29, 2023 | January 28, 2023
Weighted-average remaining term (years) | 14 | 13
Weighted-average discount rate | 14% | 14%

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