Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
6 Months Ended
Aug. 01, 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 August 1, 2020 and August 3, 2019 is as follows:
 
 
August 1, 2020
 
August 3, 2019
Weighted-average remaining lease term (years)
 
6.3

 
6.6

Weighted-average discount rate
 
4.1
%
 
4.4
%

The lease cost for operating leases that was recognized in the accompanying unaudited condensed consolidated income statements for the 13 and 26 weeks ended August 1, 2020 and August 3, 2019 was as follows:
 
 
13 Weeks Ended
 
26 Weeks Ended
(in millions)
 
August 1, 2020
 
August 3, 2019
 
August 1, 2020
 
August 3, 2019
Operating lease cost
 
$
387.9

 
$
380.2

 
$
768.8

 
$
761.6

Variable lease cost
 
94.3

 
92.1

 
192.7

 
177.5

Total lease cost*
 
$
482.2

 
$
472.3

 
$
961.5

 
$
939.1

 
 
 
 
 
 
 
 
 
*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 and 26 weeks ended August 1, 2020 and August 3, 2019:
 
 
13 Weeks Ended
 
26 Weeks Ended
(in millions)
 
August 1, 2020
 
August 3, 2019
 
August 1, 2020
 
August 3, 2019
Cash paid for amounts included in the measurement
of lease liabilities:
 
 
 
 
 
 
 
 
Operating cash flows from operating leases
 
$
333.6

 
$
364.4

 
$
749.4

 
$
731.6

Right-of-use assets obtained in exchange for new
operating lease liabilities
 
384.6

 
213.9

 
645.6

 
429.3


Maturities of lease liabilities
As of August 1, 2020, maturities of lease liabilities were as follows:
 
 
(in millions)
Remainder of 2020
 
$
685.0

2021
 
1,428.1

2022
 
1,233.2

2023
 
1,018.0

2024
 
803.9

Thereafter
 
2,008.3

Total undiscounted lease payments
 
7,176.5

Less interest
 
910.3

Present value of lease liabilities
 
$
6,266.2