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Leases | 3 Months Ended
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May 03, 2025
Leases [Abstract] |
Leases | 4. Leases We lease certain property and equipment used in our operations. Some of our store leases include additional rental payments based on a percentage of sales over contractual levels or payments that are adjusted periodically for inflation. Our typical store lease has an initial term of 20 to 25 years and four to eight five-year renewal options. Lease assets represent our right to use an underlying asset for the lease term. Lease assets are recognized at commencement date based on the value of the lease liability and are adjusted for any lease payments made to the lessor at or before commencement date, minus any lease incentives received and any initial direct costs incurred by the lessee. Lease liabilities represent our contractual obligation to make lease payments and include renewal options that are reasonably assured of being exercised. At the commencement date, the lease liabilities equal the present value of minimum lease payments over the accounting lease term. As the implicit interest rate is not readily identifiable in our leases, we estimate our collateralized incremental borrowing rate to calculate the present value of lease payments. Leases with a term of 12 months or less are excluded from the balance; we recognize lease expense for these leases on a straight-line basis over the lease term. We combine lease and non-lease components for new and modified 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 | May 3, 2025 | February 1, 2025 | May 4, 2024
Assets |  |  |  |
Operating leases | Operating leases | $2,374 | $2,394 | $2,498
Finance leases | Property and equipment, net | 1,632 | 1,666 | 1,844
Total operating and finance leases | $4,006 | $4,060 | $4,342
Liabilities |  |  |  |
Current |  |  |  |
Operating leases | Current portion of operating leases | 99 | 102 | 92
Finance leases | Current portion of finance leases and financing obligations | 71 | 72 | 73
Noncurrent |  |  |  |
Operating leases | Operating leases | 2,687 | 2,703 | 2,783
Finance leases | Finance leases and financing obligations | 1,982 | 2,008 | 2,213
Total operating and finance leases | $4,839 | $4,885 | $5,161
Consolidated Statement of Operations | Quarter Ended
(Dollars in Millions) | Classification | May 3, 2025 | May 4, 2024
Operating leases | Selling, general, and administrative | $67 | $69
Finance leases |  |  |
Amortization of leased assets | Depreciation and amortization | 27 | 29
Interest on leased assets | Interest expense, net | 30 | 36
Total operating and finance leases |  | $124 | $134
Consolidated Statement of Cash Flows | Quarter Ended
(Dollars in Millions) | May 3, 2025 | May 4, 2024
Cash paid for amounts included in the measurement of leased liabilities |  |
Operating cash flows from operating leases | $69 | $66
Operating cash flows from finance leases | 29 | 35
Financing cash flows from finance leases | 19 | 19
The following table summarizes future lease payments by fiscal year:
| May 3, 2025
(Dollars in Millions) | Operating Leases | Finance Leases | Total
2025 | $204 | $141 | $345
2026 | 262 | 186 | 448
2027 | 258 | 185 | 443
2028 | 255 | 181 | 436
2029 | 255 | 177 | 432
After 2029 | 3,713 | 2,746 | 6,459
Total lease payments | $4,947 | $3,616 | $8,563
Amount representing interest | (2,161) | (1,563) | (3,724)
Lease liabilities | $2,786 | $2,053 | $4,839
Total lease payments include $3.8 billion related to options to extend operating lease terms that are reasonably certain of being exercised and $2.7 billion related to options to extend finance lease terms that are reasonably certain of being exercised. Additionally, total lease payments exclude $9 million of legally binding lease payments for leases signed but not yet commenced. The following table summarizes weighted-average remaining lease term, weighted-average remaining contractually obligated lease term, and discount rate:
| May 3, 2025 | February 1, 2025
Weighted-average remaining term (years) |  |
Operating leases | 19 | 19
Finance leases | 19 | 19
Weighted-average remaining contractually obligated term (years) |  |
Operating leases | 4 | 4
Finance leases | 5 | 5
Weighted-average discount rate |  |
Operating leases | 6% | 6%
Finance leases | 6% | 6%
The remaining contractually obligated term represents only the remaining noncancelable portion of the leases. Other lease information is as follows:
| Quarter Ended
(Dollars in Millions) | May 3, 2025 | May 4, 2024
Property and equipment acquired (disposed) through exchange of: |  |
Finance lease liabilities | $(10) | $(11)
Operating lease liabilities | 5 | 21
Financing Obligations Historical failed sale-leasebacks that did not qualify for sale-leaseback accounting upon adoption of ASC 842 continue to be accounted for as 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 | May 3, 2025 | February 1, 2025 | May 4, 2024
Assets |  |  |  |
Financing obligations | Property and equipment, net | $38 | $39 | $43
Liabilities |  |  |  |
Current | Current portion of finance leases and financing obligations | 9 | 9 | 8
Noncurrent | Finance leases and financing obligations | 451 | 448 | 438
Total financing obligations | $460 | $457 | $446
Consolidated Statement of Operations | Quarter Ended
(Dollars in Millions) | Classification | May 3, 2025 | May 4, 2024
Amortization of financing obligation assets | Depreciation and amortization | $1 | $1
Interest on financing obligations | Interest expense, net | 18 | 18
Total financing obligations |  | $19 | $19
Consolidated Statement of Cash Flows | Quarter Ended
(Dollars in Millions) | May 3, 2025 | May 4, 2024
Cash paid for and proceeds from amounts included in the measurement of financing obligations |  |
Operating cash flows from financing obligations | $18 | $17
Financing cash flows from financing obligations | 2 | 2
Proceeds from financing obligations | 3 | —
The following table summarizes future financing obligation payments by fiscal year:
| May 3, 2025
(Dollars in Millions) | Financing Obligations
2025 | $60
2026 | 82
2027 | 81
2028 | 78
2029 | 77
After 2029 | 1,107
Total financing obligation payments | $1,485
Non-cash gain on future sale of property | 116
Amount representing interest | (1,141)
Financing obligation liability | $460
Total financing obligation payments include $1.1 billion related to options to extend terms that are reasonably certain of being exercised. The following table summarizes the weighted-average remaining term, weighted-average remaining contractually obligated term, and discount rate for financing obligations:
| May 3, 2025 | February 1, 2025
Weighted-average remaining term (years) | 15 | 16
Weighted-average remaining contractually obligated term (years) | 5 | 5
Weighted-average discount rate | 16% | 16%
The remaining contractually obligated term represents only the remaining noncancelable portion of the financing obligations.

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