Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
3 Months Ended
May 02, 2020
Leases  
Summary of components of lease cost

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

For the Three Months Ended

For the Three Months Ended

May 2, 2020

May 4, 2019

Operating lease cost

$

62,195

$

62,111

Variable lease cost

18,294

19,149

Total lease cost

$

80,489

$

81,260

Summary of supplemental balance sheet information related to leases

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

May 2, 2020

Operating lease right-of-use assets

$

842,088

Current portion of operating lease liabilities

$

209,434

Noncurrent portion operating lease liabilities

689,264

Total operating lease liabilities

$

898,698

Summary of lease term and discount rate

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

May 2, 2020

Weighted average remaining lease term

4.9 years

Weighted average discount rate

5.25%

Summary of the undiscounted annual future minimum lease payments The following table summarizes the undiscounted annual future minimum lease payments, as of May 2, 2020, for each of the next five years and in the aggregate (in thousands):

Operating Leases 

Year 1

$

246,914

Year 2

233,005

Year 3

186,720

Year 4

140,744

Year 5

98,021

Thereafter

117,090

Total lease payments

$

1,022,494

Less: Interest 

(123,796)

Present value of lease liabilities

$

898,698

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

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)