Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.1
Leases (Tables)
3 Months Ended
May 02, 2020
Leases [Abstract]  
Operating lease information
Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of May 2, 2020 and May 4, 2019 is as follows:
 
 
May 2, 2020
 
May 4, 2019
Weighted-average remaining lease term (years)
 
6.4

 
6.7

Weighted-average discount rate
 
4.2
%
 
4.3
%

The lease cost for operating leases that was recognized in the accompanying unaudited condensed consolidated income statements for the 13 weeks ended May 2, 2020 and May 4, 2019 was as follows:
 
 
13 Weeks Ended
(in millions)
 
May 2, 2020
 
May 4, 2019
Operating lease cost
 
$
380.9

 
$
381.4

Variable lease cost
 
98.4

 
85.4

Total lease cost*
 
$
479.3

 
$
466.8

 
 
 
 
 
*Excludes short-term lease cost and sublease income, which are immaterial

The following represents supplemental information pertaining to our operating lease arrangements for the 13 weeks ended May 2, 2020 and May 4, 2019:
 
 
13 Weeks Ended
(in millions)
 
May 2, 2020
 
May 4, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
 
Operating cash flows from operating leases
 
$
415.8

 
$
367.2

Right-of-use assets obtained in exchange for new operating lease liabilities
 
261.0

 
215.4


Maturities of lease liabilities
As of May 2, 2020, maturities of lease liabilities were as follows:
 
 
(in millions)
Remainder of 2020
 
$
1,000.2

2021
 
1,364.0

2022
 
1,166.5

2023
 
949.5

2024
 
734.0

Thereafter
 
1,866.2

Total undiscounted lease payments
 
7,080.4

Less interest
 
930.2

Present value of lease liabilities
 
$
6,150.2