Annual report pursuant to Section 13 and 15(d)

Leases

v3.3.1.900
Leases
12 Months Ended
Jan. 30, 2016
Leases [Abstract]  
Leases
Leases and Note Payable
 
We conduct a major part of our operations from leased premises that include retail stores, store distribution centers, warehouses, offices and other facilities. Almost all leases will expire during the next 20 years; however, most leases will be renewed, primarily through an option exercise, or replaced by leases on other premises. We also lease data processing equipment and other personal property under operating leases of primarily three to five years. Rent expense, net of sublease income, was as follows:
($ in millions)
 
2015
 
2014
 
2013
Real property base rent and straight-lined step rent expense
 
$
221

 
$
233

 
$
237

Real property contingent rent expense (based on sales)
 
7

 
8

 
5

Personal property rent expense
 
39

 
53

 
65

Total rent expense
 
$
267

 
$
294

 
$
307

Less: sublease income(1)
 
(11
)
 
(13
)
 
(16
)
Net rent expense
 
$
256

 
$
281

 
$
291


(1)
Sublease income is reported in Real estate and other, net.

As of January 30, 2016, future minimum lease payments for non-cancelable operating leases, including lease renewals determined to be reasonably assured and capital leases, including our note payable, were as follows:  
($ in millions)
Operating Leases
2016
$
227

2017
200

2018
169

2019
146

2020
129

Thereafter
1,816

Less: sublease income
(27
)
Total minimum lease payments
$
2,660

($ in millions)
Capital Leases and Note Payable
2016
$
27

2017
10

2018

2019

2020

Thereafter

Less: sublease income

Total minimum lease payments
37

Less: amounts representing interest
(1
)
Present value of net minimum lease obligations
$
36