v2.4.0.6
Leases (Tables)
12 Months Ended
Jan. 28, 2012
Leases  
Schedule of rent expense

 

   
Rent Expense
(millions)
  2011
  2010
  2009
 
   

Property and equipment

  $ 193   $ 188   $ 187  

Software

    33     25     27  

Sublease income (a)

    (61 )   (13 )   (13 )
   

Total rent expense

  $ 165   $ 200   $ 201  
   
(a)
Sublease income in 2011 includes $51 million related to sites acquired in our Canadian leasehold acquisition that are being subleased to Zellers through March 2013, or earlier, at our option.

      

Future Minimum Lease Payments

 

 
Future Minimum Lease Payments
(millions)
  Operating Leases (a)
  Capital Leases (b)
  Sublease Income
  Total
 

2012

  $ 194   $ 122   $ (84 ) $ 232

2013

    197     118     (12 )   303

2014

    157     123     (6 )   274

2015

    151     121     (5 )   267

2016

    144     120     (4 )   260

After 2016

    3,045     3,736     (71 )   6,710
 

Total future minimum lease payments

  $ 3,888   $ 4,340   $ (182 ) $ 8,046

Less: Interest (c)

          (2,651)            
 

Present value of future minimum capital lease payments (d)

  $ 1,689            
 
(a)
Total contractual lease payments include $1,910 million related to options to extend lease terms that are reasonably assured of being exercised and also includes $171 million of legally binding minimum lease payments for stores that are expected to open in 2012 or later.
(b)
Capital lease payments include $2,894 million related to options to extend lease terms that are reasonably assured of being exercised.
(c)
Calculated using the interest rate at inception for each lease.
(d)
Includes the current portion of $22 million.