Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
12 Months Ended
Feb. 01, 2020
Leases  
Summary of components of lease cost

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

February 1, 2020

Operating lease cost

$

248,975

Variable lease cost

73,929

Total lease cost

$

322,904

Summary of supplemental balance sheet information related to leases

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

February 1, 2020

Operating lease right-of-use assets

$

880,291

Current portion of operating lease liabilities

$

186,304

Noncurrent portion operating lease liabilities

726,327

Total operating lease liabilities

$

912,631

Summary of lease term and discount rate

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

February 1, 2020

Weighted average remaining lease term

5.6 years

Weighted average discount rate

5.22%

Summary of supplemental disclosures of cash flow information

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

February 1, 2020

Cash paid for operating leases

$

254,605

Operating lease assets obtained in exchange for operating lease liabilities

$

1,074,670

Summary of the undiscounted annual future minimum lease payments

Operating Leases 

Year 1

$

228,872

Year 2

237,532

Year 3

196,783

Year 4

149,501

Year 5

106,826

Thereafter

134,146

Total lease payments

$

1,053,660

Less: Interest 

(141,029)

Present value of lease liabilities

$

912,631

Minimum future rental payments under non-cancelable operating leases

    

 

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

$

(20,557)

$

46,266

Current assets - discontinued operations

171,376

(197)

171,179

Operating lease right-of-use assets

884,231

884,231

Intangible assets, net

153,711

(6,682)

147,029

Non-current assets - discontinued operations

25,071

12,039

37,110

Current Liabilities:

Accrued expenses and other current liabilities

268,698

(151)

268,547

Current portion of operating lease liabilities

181,379

181,379

Current liabilities - discontinued operations

40,025

2,346

42,371

Noncurrent Liabilities:

Operating lease liabilities

735,482

735,482

Deferred taxes, net and other liabilities

119,545

(59,316)

60,229

Noncurrent liabilities - discontinued operations

5,477

9,496

14,973

Equity:

Accumulated deficit

$

(468,048)

$

(402)

$

(468,450)