Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.3.a.u2
Leases (Tables)
9 Months Ended
Nov. 02, 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 Nine Months Ended

November 2, 2019

November 2, 2019

Operating lease cost

$

62,098

$

186,778

Variable lease cost

18,228

55,680

Total lease cost

$

80,326

$

242,458

Summary of supplemental balance sheet information related to leases

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

November 2, 2019

Operating lease right-of-use assets

$

908,505

Current portion of operating lease liabilities

$

184,422

Noncurrent portion operating lease liabilities

754,956

Total operating lease liabilities

$

939,378

Summary of lease term and discount rate

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

November 2, 2019

Weighted average remaining lease term

4.7 years

Weighted average discount rate

5.24%

Summary of supplemental disclosures of cash flow information

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

For the Nine Months Ended

November 2, 2019

Cash paid for operating leases

$

191,309

Operating lease assets obtained in exchange for operating lease liabilities

$

1,054,182

Summary of the undiscounted annual future minimum lease payments The following table summarizes the undiscounted annual future minimum lease payments, as of November 2, 2019, for each of the next five years and in the aggregate (in thousands):

Operating Leases 

Year 1

$

229,077

Year 2

239,009

Year 3

201,540

Year 4

155,022

Year 5

111,953

Thereafter

152,806

Total lease payments

$

1,089,407

Less: Interest 

(150,029)

Present value of lease liabilities

$

939,378

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

$

236,539

2020

 

206,652

2021

 

173,294

2022

 

131,800

2023

 

86,127

Thereafter

 

140,256

Total lease payments

$

974,668

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

$

66,823

$

(20,604)

$

46,219

Current assets - discontinued operations

171,376

(150)

171,226

Operating lease right-of-use assets

887,064

887,064

Intangible assets, net

153,711

(6,682)

147,029

Non-current assets - discontinued operations

25,071

9,206

34,277

Current Liabilities:

Accrued expenses and other current liabilities

268,698

(151)

268,547

Current portion of operating lease liabilities

181,931

181,931

Current liabilities - discontinued operations

40,025

1,795

41,820

Noncurrent Liabilities:

Operating lease liabilities

737,750

737,750

Deferred taxes, net and other liabilities

119,545

(59,349)

60,196

Noncurrent liabilities - discontinued operations

5,477

7,260

12,737

Equity:

Accumulated deficit

$

(468,048)

$

(402)

$

(468,450)