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LEASES (Tables) | 12 Months Ended
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Aug. 01, 2020
Leases [Abstract] |
Schedule of Leases, Financial Statement Presentation | Lease assets and liabilities are as follows (in thousands):
Lease Type |  | Consolidated Balance Sheets Location |  | August 1, 2020
Operating lease assets |  | Operating lease assets |  | $ | 982,808 |
Finance lease assets |  | Property and equipment, net |  | 129,517 |
Total lease assets |  |  |  | $ | 1,112,325 |
Operating liabilities |  | Current portion of operating lease liabilities |  | $ | 131,022 |
Finance liabilities |  | Current portion of long-term debt and finance lease liabilities |  | 12,746 |
Operating liabilities |  | Long-term operating lease liabilities |  | 873,990 |
Finance liabilities |  | Long-term finance lease liabilities |  | 143,303 |
Total lease liabilities |  |  |  | $ | 1,161,061 |
Schedule of Lease Costs | The following tables provide other information required by ASC 842:
Lease Term and Discount Rate |  | August 1, 2020
Weighted-average remaining lease term (years) |  |
Operating leases |  | 10.4 years |
Finance leases |  | 3.1 years |
Weighted-average discount rate |  |
Operating leases |  | 10.6 | %
Finance leases |  | 8.8 | %
Other Information |  |
(in thousands) |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash flows from operating leases |  | $ | 231,272 |
Operating cash flows from finance leases |  | 9,334 |
Financing cash flows from finance leases |  | 19,972 |
Leased assets obtained in exchange for new finance lease liabilities |  | 93,060 |
Leased assets obtained in exchange for new operating lease liabilities |  | 195,087 |
The Company’s lease cost under ASC 842 is as follows:
(in thousands) |  | Consolidated Statements of Operations Location |  | August 1, 2020
Operating lease cost |  | Operating expenses |  | $ | 223,016 |
Short-term lease cost |  | Operating expenses |  | 30,992 |
Variable lease cost |  | Operating expenses |  | 151,065 |
Sublease income |  | Operating expenses |  | (3,504 | )
Sublease income |  | Net sales |  | (22,543 | )
Other sublease income, net |  | Restructuring, acquisition and integration related expenses(2) |  | (5,075 | )
Net operating lease cost(1) |  |  |  | 373,951 |
Amortization of leased assets |  | Operating expenses |  | 16,052 |
Interest on lease liabilities |  | Interest expense, net |  | 11,617 |
Finance lease cost |  |  |  | 27,669 |
Total net lease cost |  |  |  | $ | 401,620 |
(1) | Rent expense as presented here includes $6.8 million in fiscal 2020 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 the Company expects to remain primarily obligated under these leases. Rent expense as presented here also includes immaterial amounts of variable lease expense of discontinued operations.
(2) Includes $35.5 million of lease expense and $(40.6) million of lease income that is recorded within Restructuring, acquisition and integration related expenses for assigned leases related to previously sold locations and surplus, non-operating properties for which the Company is restructuring its obligations
Schedule of Rent Expense | Rent expense as presented below under ASC 840 excludes variable lease rent that is included in total net lease cost under ASC 842 in the table above.
(in thousands) | 2019 |  | 2018
Rent expense(1) | $ | 211,807 |  |  | $ | 88,697 |
Less subtenant rentals recorded in Net sales | (17,475 | ) |  | — |
Less subtenant rentals recorded in Operating expenses | (13,683 | ) |  | (1,649 | )
Total net rent expense | $ | 180,649 |  |  | $ | 87,048 |
(1) Rent expense as presented here includes $9.5 million and $0.0 million in fiscal 2019 and 2018, 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.
Future Minimum Lease Payments and Receipts (New Accounting Standard) | As of August 1, 2020, these Lease Liabilities and Lease Receipts consisted of the following (in thousands):
|  | Lease Liabilities |  | Lease Receipts |  | Net Lease Obligations
Fiscal Year |  | Operating Leases(1) |  | Finance Leases(2) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
2021 |  | $ | 226,081 |  |  | $ | 23,801 |  |  | $ | (51,750 | ) |  | $ | — |  |  | $ | 174,331 |  |  | $ | 23,801 |
2022 |  | 217,353 |  |  | 118,812 |  |  | (46,642 | ) |  | — |  |  | 170,711 |  |  | 118,812 |
2023 |  | 184,360 |  |  | 14,717 |  |  | (36,361 | ) |  | — |  |  | 147,999 |  |  | 14,717 |
2024 |  | 157,528 |  |  | 13,602 |  |  | (28,347 | ) |  | — |  |  | 129,181 |  |  | 13,602 |
2025 |  | 114,577 |  |  | 9,316 |  |  | (18,155 | ) |  | — |  |  | 96,422 |  |  | 9,316 |
Thereafter |  | 868,870 |  |  | 6,239 |  |  | (45,093 | ) |  | — |  |  | 823,777 |  |  | 6,239 |
Total undiscounted lease liabilities and receipts |  | $ | 1,768,769 |  |  | $ | 186,487 |  |  | $ | (226,348 | ) |  | $ | — |  |  | $ | 1,542,421 |  |  | $ | 186,487 |
Less interest(3) |  | (763,757 | ) |  | (30,438 | ) |  |  |  |  |  |  |  |
Present value of lease liabilities |  | 1,005,012 |  |  | 156,049 |  |  |  |  |  |  |  |  |
Less current lease liabilities |  | (131,022 | ) |  | (12,746 | ) |  |  |  |  |  |  |  |
Long-term lease liabilities |  | $ | 873,990 |  |  | $ | 143,303 |  |  |  |  |  |  |  |  |
(1) | Operating lease payments include $11.4 million related to extension options that are reasonably certain of being exercised and exclude $23.0 million of legally binding minimum lease payments for leases signed but not yet commenced.
(2) | Finance lease payments include $0.0 million related to extension options that are reasonably certain of being exercised and exclude $0.4 million of legally binding minimum lease payments for leases signed but not yet commenced. This table excludes a $59.5 million payment related to a facility the Company is deemed the accounting owner, which is recognized as a residual obligation, and is subject to an underlying lease.
(3) | Calculated using the interest rate for each lease.
Future Minimum Lease Payments and Lease Receipts (Prior Accounting Standard) | As of August 3, 2019, future minimum lease payments to be made by the Company or certain third parties in the case of assigned leases for noncancellable operating leases and finance leases, which have not been reduced for future minimum subtenant rentals under certain operating subleases, including assignments, consisted of the following amounts (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 Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121616839&loc=d3e45280-112737 + Details
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