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LEASES | 12 Months Ended
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Aug. 03, 2019
Leases [Abstract] |
LEASES | NOTE 12—LEASES On October 23, 2018, the Company received $101.0 million in aggregate proceeds, excluding taxes and closing costs, for the sale and leaseback of its final distribution center of eight distribution center sale-leaseback transactions entered into by Supervalu in April 2018. On October 26, 2018, the Company received $48.5 million in aggregate proceeds, excluding taxes and closing costs, for the sale and leaseback of a separate distribution center under an agreement entered into by Supervalu in March 2018, as amended. Both distribution center sale-leasebacks qualified for sale accounting, with the lease-backs being classified as operating leases. No gain or loss was recognized or deferred on the sale of these facilities, as the fair value of these facilities as of the Supervalu acquisition date was determined to be equal to their contractual sale–leaseback amounts. During the second quarter of fiscal 2019, the Company closed the remaining Shop ‘n Save St. Louis-based retail stores and the dedicated distribution center, and we continue to hold the owned real estate assets related to these locations for sale. The Company recorded a closed store reserve charge of approximately $17.1 million in the second quarter of fiscal 2019. In the first quarter of fiscal 2019, the Company entered into a lease for a new distribution facility in California for approximately 1.2 million square feet. The Company leases certain of its distribution centers and leases most of its retail stores, and leases certain office facilities and equipment from third parties. Many of these leases include renewal options and, in certain instances, also include options to purchase. Rent expense, other operating lease expense and subtenant rentals all under operating leases included within Operating expenses, and subtenant rentals under operating leases with customers included within Net sales, consisted of the following:
(in thousands) | 2019 |  | 2018 |  | 2017
Rent expense(1) | 211,807 |  |  | 88,697 |  |  | 81,156 |
Less subtenant rentals recorded in Net sales | (17,475 | ) |  | — |  |  | — |
Less subtenant rentals recorded in Operating expenses | (13,683 | ) |  | (1,649 | ) |  | (1,670 | )
Total net rent expense | $ | 180,649 |  |  | $ | 87,048 |  |  | $ | 79,486 |
(1) | Rent expense as presented here includes $32.2 million, $0.0 million, and $0.0 million in fiscal 2019, 2018 and 2017, respectively, of operating lease rent expense related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as we expect to remain primarily obligated under these leases.
The Company leases certain property to third parties and receives lease and subtenant rental payments under operating, capital and direct financing leases, including assigned leases for which we have future minimum lease payment obligations. Future minimum lease payments (“lease obligations”) to be made by the Company or certain third parties in the case of assigned leases for noncancellable operating leases and capital leases have not been reduced for future minimum lease and subtenant rentals (“lease receipts”) under certain operating subleases, including assignments. As of August 3, 2019, these lease obligations and lease receipts consisted of the following (in thousands):
|  | Lease Obligations |  | Lease Receipts |  | Net Lease Obligations
Fiscal Year |  | Operating Leases |  | Capital Leases |  | Operating Leases |  | Capital Leases |  | Operating Leases |  | Capital Leases
2020 |  | $ | 223,612 |  |  | $ | 41,550 |  |  | $ | (55,922 | ) |  | $ | (319 | ) |  | $ | 167,690 |  |  | $ | 41,231 |
2021 |  | 190,845 |  |  | 32,804 |  |  | (41,425 | ) |  | — |  |  | 149,420 |  |  | 32,804 |
2022 |  | 179,326 |  |  | 29,869 |  |  | (35,998 | ) |  | — |  |  | 143,328 |  |  | 29,869 |
2023 |  | 154,812 |  |  | 26,699 |  |  | (25,591 | ) |  | — |  |  | 129,221 |  |  | 26,699 |
2024 |  | 135,795 |  |  | 23,095 |  |  | (18,183 | ) |  | — |  |  | 117,612 |  |  | 23,095 |
Thereafter |  | 1,063,674 |  |  | 46,999 |  |  | (59,186 | ) |  | — |  |  | 1,004,488 |  |  | 46,999 |
Total future minimum obligations (receipts) |  | $ | 1,948,064 |  |  | $ | 201,016 |  |  | $ | (236,305 | ) |  | $ | (319 | ) |  | $ | 1,711,759 |  |  | $ | 200,697 |
Less interest |  |  |  | (68,138 | ) |  |  |  |  |  |  |  |
Present value of capital lease obligations |  |  |  | 132,878 |  |  |  |  |  |  |  |  |
Less current capital lease obligations |  |  |  | (24,670 | ) |  |  |  |  |  |  |  |
Long-term capital lease obligations |  |  |  | $ | 108,208 |  |  |  |  |  |  |  |  |

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- Definition Disclosure of lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Also includes the description and amounts of lessor entity's leasing arrangements for operating, capital and leveraged leases. + References No definition available. + Details
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- References No definition available. + Details
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