Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Aug. 03, 2019
Leases  
Summary of components of lease cost

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

For the Three Months Ended

For the Six Months Ended

August 3, 2019

August 3, 2019

Operating lease cost

$

63,326

$

126,230

Variable lease cost

18,397

37,658

Total lease cost

$

81,723

$

163,888

Summary of supplemental balance sheet information related to leases

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

August 3, 2019

Operating lease right-of-use assets

$

918,541

Current portion of operating lease liabilities

$

185,800

Noncurrent portion operating lease liabilities

763,865

Total operating lease liabilities

$

949,665

Summary of lease term and discount rate

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

August 3, 2019

Weighted average remaining lease term

4.4 years

Weighted average discount rate

5.26%

Summary of supplemental disclosures of cash flow information

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

For the Six Months Ended

August 3, 2019

Cash paid for operating leases

$

127,844

Operating lease assets obtained in exchange for operating lease liabilities

$

1,017,124

Summary of the undiscounted annual future minimum lease payments The following table summarizes the undiscounted annual future minimum lease payments, as of August 3, 2019, for each of the next five years and in the aggregate (in thousands):

Operating Leases 

Year 1

$

234,651

Year 2

242,446

Year 3

204,721

Year 4

159,609

Year 5

114,716

Thereafter

149,230

Total lease payments

$

1,105,373

Less: Interest 

(155,708)

Present value of lease liabilities

$

949,665

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)