Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
3 Months Ended
May 04, 2019
Leases  
Summary of components of lease cost

The components of lease cost are as follows (in thousands):

 

 

 

 

 

 

 

For the Three Months Ended

 

 

May 4, 2019

Operating lease cost

 

$

62,904

Variable lease cost

 

 

19,261

Total lease cost

 

$

82,165

 

Summary of supplemental balance sheet information related to leases

Supplemental balance sheet information related to operating leases consists of the following (in thousands):

 

 

 

 

 

May 4, 2019

Operating lease right-of-use assets

$

955,970

 

 

 

Current portion of operating lease liabilities

$

183,011

Noncurrent portion operating lease liabilities

 

804,895

     Total operating lease liabilities

$

987,906

 

Summary of lease term and discount rate

Lease term and discount rate for operating leases were as follows:

 

 

 

 

 

 

May 4, 2019

Weighted average remaining lease term

 

4.2 years

Weighted average discount rate

 

5.29%

 

Summary of supplemental disclosures of cash flow information

 

Supplemental disclosures of cash flow information consists of the following (in thousands):

 

 

 

 

 

 

 

For the Three Months Ended

 

 

May 4, 2019

Cash paid for operating leases

 

$

63,656

Operating lease assets obtained in exchange for operating lease liabilities

 

$

1,005,762

 

Summary of the undiscounted annual future minimum lease payments

The following table summarizes the undiscounted annual future minimum lease payments, as of May 4, 2019, for each of the next five years and in the aggregate (in thousands):

 

 

 

 

 

Operating Leases 

Year 1

$

233,838

Year 2

 

243,151

Year 3

 

212,209

Year 4

 

168,647

Year 5

 

123,415

Thereafter

 

172,641

 Total lease payments

$

1,153,901

 Less: Interest 

 

(165,995)

    Present value of lease liabilities

$

987,906

 

Minimum future rental payments under non-cancelable operating leases

As previously disclosed in our 2018 Annual Report on Form 10-K and under the accounting standards then in effect, minimum future rental payments under non-cancelable leases as of February 2, 2019 for each of the next five years and in the aggregate are as follows (in thousands):

 

 

 

 

 

 

 

    

 

 

Fiscal Year

 

Operating Leases

 

2019

 

$

239,711

 

2020

 

 

209,596

 

2021

 

 

175,962

 

2022

 

 

134,208

 

2023

 

 

88,187

 

Thereafter

 

 

141,084

 

Total lease payments

 

$

988,748

 

 

Cumulative adjustment upon ASC 842 adoption (see Note 12)  
Leases  
Summary of cumulative effect of the changes made to our February 2, 2019 balance sheet

The following table depicts the cumulative effect of the changes made to our February 2, 2019 balance sheet for the adoption of ASC 842 effective on February 3, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

 

 

Adjusted

 

 

Balance at

 

Impact of

 

Balance at

 

 

February 2,

 

Adoption of

 

February 3,

 

    

2019

    

ASC 842

    

2019

Assets:

 

 

 

 

 

 

 

 

 

Other current assets

 

$

70,712

 

$

(20,754)

 

$

49,958

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

 —

 

 

896,270

 

 

896,270

Intangible assets, net

 

 

163,901

 

 

(6,682)

 

 

157,219

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

 

282,029

 

 

(151)

 

 

281,878

Current portion of operating lease liabilities

 

 

 —

 

 

183,726

 

 

183,726

 

 

 

 

 

 

 

 

 

 

Noncurrent Liabilities:

 

 

 

 

 

 

 

 

 

Operating lease liabilities

 

 

 —

 

 

745,116

 

 

745,116

Deferred taxes, net and other liabilities

 

 

125,022

 

 

(59,455)

 

 

65,567

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

Accumulated deficit

 

 

(468,048)

 

 

(402)

 

 

(468,450)