v3.23.3
Leases
9 Months Ended
Oct. 29, 2023
Leases [Abstract]  
Leases Leases
Our lease obligations primarily consist of operating leases for our headquarters complex, domestic and international office facilities, and data center space, with lease periods expiring between fiscal years 2024 and 2035.
Future minimum lease payments under our non-cancelable operating leases as of October 29, 2023 are as follows:
Operating Lease Obligations
 (In millions)
Fiscal Year: 
2024 (excluding first nine months of fiscal year 2024)
$84 
2025269 
2026248 
2027233 
2028220 
2029 and thereafter
454 
Total1,508 
Less imputed interest187 
Present value of net future minimum lease payments1,321 
Less short-term operating lease liabilities230 
Long-term operating lease liabilities$1,091 
In addition, we have operating leases, primarily for our data centers, that are expected to commence between the fourth quarter of fiscal year 2024 and fiscal year 2025 with lease terms of 3 to 10 years for $924 million.
Operating lease expenses were $69 million and $49 million for the third quarter of fiscal years 2024 and 2023, respectively, and $195 million and $139 million for the first nine months of fiscal years 2024 and 2023, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2024 and 2023 were not significant.
Other information related to leases was as follows:
Nine Months Ended
October 29, 2023October 30, 2022
 (In millions)
Supplemental cash flows information 
Operating cash flows used for operating leases$200 $134 
Operating lease assets obtained in exchange for lease obligations$439 $213 
As of October 29, 2023, our operating leases had a weighted average remaining lease term of 6.3 years and a weighted average discount rate of 3.64%. As of January 29, 2023, our operating leases had a weighted average remaining lease term of 6.8 years and a weighted average discount rate of 3.21%.