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Lease Accounting (Tables) | 9 Months Ended
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Nov. 02, 2019
Leases [Abstract] |
Assets and liabilities, lessee | As of November 2, 2019, the components of leases and lease costs are as follows (in thousands):
| Balance Sheet Location | Nov 2, 2019
Assets |  |
Operating | Operating lease right-of-use assets | $ | 874,945 |
Finance | Property and equipment, net | 16,780 |
Total lease assets | $ | 891,725 |
Liabilities |  |
Current: |  |
Operating | Current portion of operating lease liabilities | $ | 189,581 |
Finance | Current portion of borrowings and finance lease obligations | 2,239 |
Noncurrent: |  |
Operating | Long-term operating lease liabilities | 740,484 |
Finance | Long-term debt and finance lease obligations, net | 15,008 |
Total lease liabilities | $ | 947,312 |
Lease cost |
| Income Statement Location | Three Months Ended Nov 2, 2019 |  | Nine Months Ended Nov 2, 2019
Operating lease costs 1 | Cost of product sales | $ | 56,370 |  |  | $ | 173,935 |
Operating lease costs 1 | Selling, general and administrative expenses | 6,746 |  |  | 17,730 |
Finance lease costs |  |  |  |
Amortization of leased assets 2 | Cost of product sales | 2,025 |  |  | 2,112 |
Amortization of leased assets 2 | Selling, general and administrative expenses | 1,681 |  |  | 2,861 |
Interest on lease liabilities | Interest expense | 165 |  |  | 738 |
Variable lease costs 1 | Cost of product sales | 24,592 |  |  | 74,500 |
Variable lease costs 1 | Selling, general and administrative expenses | 677 |  |  | 2,132 |
Short-term lease costs 1 | Selling, general and administrative expenses | 208 |  |  | 603 |
Total lease costs | $ | 92,464 |  |  | $ | 274,611 |
______________________________________________________________________ Notes:
1 | Rental expense for all property and equipment operating leases during the three and nine months ended November 3, 2018 aggregated to $81.1 million and $223.9 million, respectively, including percentage rent of $15.0 million and $46.9 million, respectively. During the three and nine months ended November 3, 2018, the Company also recognized insurance, taxes, sales promotion and common area maintenance charges totaling $7.2 million and $38.5 million, respectively, related to its operating leases.
2 Amortization of leased assets related to finance leases are included in depreciation expense within cost of product sales or selling, general and administrative expenses depending on the nature of the asset in the Company’s condensed consolidated statements of income (loss).
Operating lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of November 2, 2019 are as follows (in thousands):
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2020 1 | $ | 67,971 |  |  | $ | 931 |  |  | $ | 68,902 |
2021 | 205,261 |  |  | 3,362 |  |  | 208,623 |
2022 | 193,428 |  |  | 3,666 |  |  | 197,094 |
2023 | 161,815 |  |  | 3,263 |  |  | 165,078 |
2024 | 135,574 |  |  | 3,108 |  |  | 138,682 |
After 2024 | 266,568 |  |  | 7,279 |  |  | 273,847 |
Total lease payments | 1,030,617 |  |  | 21,609 |  |  | 1,052,226 |
Less: Interest | 100,552 |  |  | 4,362 |  |  | 104,914 |
Present value of lease liabilities | $ | 930,065 |  |  | $ | 17,247 |  |  | $ | 947,312 |
______________________________________________________________________ Notes: 1 Represents the maturity of lease liabilities for the remainder of fiscal 2020 and does not include payments made during the nine months ended November 2, 2019.
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of November 2, 2019 are as follows (in thousands):
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2020 1 | $ | 67,971 |  |  | $ | 931 |  |  | $ | 68,902 |
2021 | 205,261 |  |  | 3,362 |  |  | 208,623 |
2022 | 193,428 |  |  | 3,666 |  |  | 197,094 |
2023 | 161,815 |  |  | 3,263 |  |  | 165,078 |
2024 | 135,574 |  |  | 3,108 |  |  | 138,682 |
After 2024 | 266,568 |  |  | 7,279 |  |  | 273,847 |
Total lease payments | 1,030,617 |  |  | 21,609 |  |  | 1,052,226 |
Less: Interest | 100,552 |  |  | 4,362 |  |  | 104,914 |
Present value of lease liabilities | $ | 930,065 |  |  | $ | 17,247 |  |  | $ | 947,312 |
______________________________________________________________________ Notes: 1 Represents the maturity of lease liabilities for the remainder of fiscal 2020 and does not include payments made during the nine months ended November 2, 2019.
Other supplemental information | Other supplemental information as of November 2, 2019 is as follows (dollars in thousands):
Lease Term and Discount Rate | Nov 2, 2019
Weighted-average remaining lease term (years) |
Operating leases | 5.9 years
Finance leases | 6.6 years
Weighted-average discount rate |
Operating leases | 3.5%
Finance leases | 7.1%
Supplemental Cash Flow Information | Nine Months Ended Nov 2, 2019
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flows from operating leases | $ | 187,523 |
New operating ROU assets obtained in exchange for lease liabilities | $ | 118,486 |

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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=77888426&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=77888426&loc=SL77918701-209980 + Details
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