Annual report pursuant to Section 13 and 15(d)

Leases

v2.4.0.8
Leases
12 Months Ended
Feb. 01, 2014
Leases [Abstract]  
Leases
Leases
 
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)
 
2013
 
2012
 
2011
Real property base rent and straight-lined step rent expense
 
$
230

 
$
233

 
$
243

Real property contingent rent expense (based on sales)
 
5

 
10

 
16

Personal property rent expense
 
65

 
67

 
64

Total rent expense
 
$
300

 
$
310

 
$
323

Less: sublease income(1)
 
(16
)
 
(16
)
 
(18
)
Net rent expense
 
$
284

 
$
294

 
$
305

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

As of February 1, 2014, 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
2014
$
258

2015
222

2016
195

2017
163

2018
133

Thereafter
1,938

Less: sublease income
(80
)
Total minimum lease payments
$
2,829


($ in millions)
Capital Leases and Note Payable
2014
$
30

2015
40

2016
17

2017
9

2018

Thereafter

Less: sublease income

Total minimum lease payments
96

Less: amounts representing interest
(7
)
Present value of net minimum lease obligations
$
89