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Leases (Tables) | 9 Months Ended
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Oct. 28, 2023
Leases [Abstract] |
Summary of Operating and Finance Leases | The following tables summarize our operating and finance leases, which are predominately store related, and where they are presented in our Consolidated Financial Statements:
Consolidated Balance Sheets |  |  |
(Dollars in Millions) | Classification | October 28, 2023 | January 28, 2023 | October 29, 2022
Assets |  |  |  |
Operating leases | Operating leases | $2,492 | $2,304 | $2,318
Finance leases | Property and equipment, net | 1,923 | 2,033 | 2,066
Total operating and finance leases | $4,415 | $4,337 | $4,384
Liabilities |  |  |  |
Current |  |  |  |
Operating leases | Current portion of operating leases | 94 | 111 | 109
Finance leases | Current portion of finance leases and financing obligations | 75 | 76 | 78
Noncurrent |  |  |  |
Operating leases | Operating leases | 2,780 | 2,578 | 2,595
Finance leases | Finance leases and financing obligations | 2,270 | 2,344 | 2,346
Total operating and finance leases | $5,219 | $5,109 | $5,128
Consolidated Statement of Operations | Three Months Ended | Nine Months Ended
(Dollars in Millions) | Classification | October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022
Operating leases | Selling, general, and administrative | $68 | $64 | $202 | $197
Finance leases |  |  |  |  |
Amortization of leased assets | Depreciation and amortization | 30 | 33 | 92 | 94
Interest on leased assets | Interest expense, net | 36 | 36 | 108 | 104
Total operating and finance leases |  | $134 | $133 | $402 | $395
Consolidated Statement of Cash Flows | Nine Months Ended
(Dollars in Millions) | October 28, 2023 | October 29, 2022
Cash paid for amounts included in the measurement of leased liabilities |  |
Operating cash flows from operating leases | $202 | $200
Operating cash flows from finance leases | 105 | 99
Financing cash flows from finance leases | 59 | 65
Summary of Future Lease Payments | The following table summarizes future lease payments by fiscal year:
| October 28, 2023
(Dollars in Millions) | Operating Leases | Finance Leases | Total
2023 | $56 | $52 | $108
2024 | 267 | 213 | 480
2025 | 260 | 207 | 467
2026 | 254 | 206 | 460
2027 | 255 | 206 | 461
After 2027 | 4,097 | 3,530 | 7,627
Total lease payments | $5,189 | $4,414 | $9,603
Amount representing interest | (2,315) | (2,069) | (4,384)
Lease liabilities | $2,874 | $2,345 | $5,219
Summary of Weighted-Average Remaining Lease Term and Discount Rates | The following table summarizes weighted-average remaining lease term and discount rate:
| October 28, 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:
| Nine Months Ended
(Dollars in Millions) | October 28, 2023 | October 29, 2022
Property and equipment acquired (disposed) through exchange of: |  |
Finance lease liabilities | $(23) | $714
Operating lease liabilities | 247 | 167
Summary of Financing Obligations | The following tables summarize our financing obligations, which are all store related, and where they are presented in our Consolidated Financial Statements:
Consolidated Balance Sheets |  |  |
(Dollars in Millions) | Classification | October 28, 2023 | January 28, 2023 | October 29, 2022
Assets |  |  |  |
Financing obligations | Property and equipment, net | $45 | $49 | $50
Liabilities |  |  |  |
Current | Current portion of finance leases and financing obligations | 9 | 18 | 17
Noncurrent | Finance leases and financing obligations | 444 | 442 | 445
Total financing obligations | $453 | $460 | $462
Consolidated Statement of Operations | Three Months Ended | Nine Months Ended
(Dollars in Millions) | Classification | October 28, 2023 | October 29, 2022 | October 28, 2023 | October 29, 2022
Amortization of financing obligation assets | Depreciation and amortization | 1 | 1 | 4 | 5
Interest on financing obligations | Interest expense, net | 19 | 16 | 52 | 43
Total financing obligations |  | $20 | $17 | $56 | $48
Consolidated Statement of Cash Flows | Nine Months Ended
(Dollars in Millions) | October 28, 2023 | October 29, 2022
Cash paid for and proceeds from amounts included in the measurement of financing obligations |  |
Operating cash flows from financing obligations | $51 | $42
Financing cash flows from financing obligations | 9 | 16
Proceeds from financing obligations | 19 | 9
Summary of Future Financing Obligation Payments | The following table summarizes future financing obligation payments by fiscal year:
| October 28, 2023
(Dollars in Millions) | Financing Obligations
2023 | $19
2024 | 78
2025 | 79
2026 | 79
2027 | 79
After 2027 | 1,242
Total lease payments | $1,576
Non-cash gain on future sale of property | 115
Amount representing interest | (1,238)
Financing obligation liability | $453
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:
| October 28, 2023 | January 28, 2023
Weighted-average remaining term (years) | 17 | 13
Weighted-average discount rate | 16% | 14%

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