Leases
12 Months Ended
Feb. 02, 2013
Leases [Abstract]  
Leases

14.  Leases

 

We conduct the 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)

2012

 

2011

 

2010

Real property base rent and straight-lined step rent expense

$

233 

  

$

243 

  

$

244 

Real property contingent rent expense (based on sales)

 

10 

  

 

16 

  

 

16 

Personal property rent expense

 

67 

  

 

64 

  

 

61 

Total rent expense

$

310 

  

$

323 

  

$

321 

Less: sublease income(1)

 

(16)

 

 

(18)

 

 

(17)

Net rent expense

$

294 

  

$

305 

  

$

304 

 

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

 

 

As of February 2, 2013, future minimum lease payments for non-cancelable operating leases, including lease renewals determined to be reasonably assured and capital leases were as follows:

 

 

 

 

 

 

 

($ in millions)

Operating Leases

2013

$

252 

2014

 

221 

2015

 

184 

2016

 

156 

2017

 

126 

Thereafter

 

1,937 

Less: sublease income

 

(130)

Total minimum lease payments

$

2,746 

 

 

 

 

 

 

 

 

 

($ in millions)

Capital Leases

2013

$

30 

2014

 

29 

2015

 

39 

2016

 

16 

2017

 

Thereafter

 

Less: sublease income

 

 -

Total minimum lease payments

 

124 

Less: amounts representing interest

 

(13)

Present value of net minimum lease obligations

$

111