Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.1
Leases (Tables)
3 Months Ended
May 04, 2019
Leases [Abstract]  
Lessee Lease [Table Text Block]
ROU assets and lease liabilities consist of:
 
 
May 4, 2019
 
Classification
(millions)
Assets
 
 
Finance lease assets (a)
Right of Use Assets
$
11

Operating lease assets
Right of Use Assets
2,620

Total leased assets
 
$
2,631

 
 
 
Liabilities
 
 
Current
 
 
Finance
Accounts payable and accrued liabilities
$
1

Operating
Accounts payable and accrued liabilities
362

 
 
 
Noncurrent
 
 
Finance
Long-Term Lease Liabilities
25

Operating
Long-Term Lease Liabilities
2,798

Total lease liabilities
 
$
3,186

(a) Finance lease assets are recorded net of accumulated amortization of $12 million as of May 4, 2019.
Lease, Cost [Table Text Block]
The components of net lease expense are disclosed below. Operating lease expense includes variable lease expense of $28 million.
 
 
13 Weeks Ended
 
 
May 4, 2019
 
Classification
(millions)
Operating lease expense (b)
Selling, general and administrative expenses
$
122

Sublease income
Selling, general and administrative expenses
(1
)
Net lease expense
 
$
121

(b) Certain supply chain operating lease expense amounts are included in cost of sales.
Finance Lease, Liability, Maturity [Table Text Block]
As of May 4, 2019, the maturity of lease liabilities is as follows:
 
 
Finance
Leases (c)
 
Operating
Leases (d)
 
Total
 
(millions)
Fiscal year
 
 
 
 
 
2019
$
2

 
$
271

 
$
273

2020
3

 
331

 
334

2021
3

 
330

 
333

2022
3

 
312

 
315

2023
3

 
307

 
310

After 2023
32

 
5,231

 
5,263

Total undiscounted lease payments
46

 
6,782

 
6,828

Less amount representing interest
20

 
3,622

 
3,642

Total lease liabilities
$
26

 
$
3,160

 
$
3,186

(c) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised.
(d) Operating lease payments include $3,163 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $942 million of legally binding minimum lease payments for leases signed but not yet commenced.
Operating Lease Liability, Maturity [Table Text Block]
As of May 4, 2019, the maturity of lease liabilities is as follows:
 
 
Finance
Leases (c)
 
Operating
Leases (d)
 
Total
 
(millions)
Fiscal year
 
 
 
 
 
2019
$
2

 
$
271

 
$
273

2020
3

 
331

 
334

2021
3

 
330

 
333

2022
3

 
312

 
315

2023
3

 
307

 
310

After 2023
32

 
5,231

 
5,263

Total undiscounted lease payments
46

 
6,782

 
6,828

Less amount representing interest
20

 
3,622

 
3,642

Total lease liabilities
$
26

 
$
3,160

 
$
3,186

(c) Finance lease payments include $12 million related to options to extend lease terms that are reasonably certain of being exercised.
(d) Operating lease payments include $3,163 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $942 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Supplemental Information for Lease Assumptions and Cash Flows [Table Text Block]
Additional supplemental information regarding assumptions and cash flows for operating and finance leases are as follows:
 
May 4, 2019
Lease Term and Discount Rate
(millions)
Weighted-average remaining lease term (years)
 
Finance leases
18.2

Operating leases
23.3

Weighted-average discount rate
 
Finance leases
6.65
%
Operating leases
6.71
%

 
13 Weeks Ended
 
May 4, 2019
Other Information
(millions)
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows used from operating leases
$
94

Leased assets obtained in exchange for new operating lease liabilities
19

Prior Period Disclosure: Schedule of Future Minimum Payments for Capital and Operating Leases [Table Text Block]
As of February 2, 2019, as disclosed in the 2018 10-K, minimum rental commitments for noncancellable leases, including executed leases not yet commenced, were as follows:
 
Capitalized
Leases (e)
 
Operating
Leases
 
Total
 
(millions)
Fiscal year
 
 
 
 
 
2019
$
3

 
$
325

 
$
328

2020
3

 
315

 
318

2021
3

 
309

 
312

2022
3

 
283

 
286

2023
3

 
264

 
267

After 2023
31

 
2,758

 
2,789

Total minimum lease payments
46

 
$
4,254

 
$
4,300

Less amount representing interest
20

 
 
 
 
Present value of net minimum capitalized lease payments
$
26

 
 
 
 
(e) For purposes of the disclosure, capitalized lease is used interchangeably with finance lease.