v3.20.4

Leases | 3 Months Ended
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Oct. 31, 2020
Leases [Abstract] |
Leases | Leases As of October 31, 2020, the Company had leases related to its Company-operated retail stores as well as for certain of its distribution centers, office space, information technology and equipment. A summary of the Company’s operating lease costs from continuing operations is as follows:
|  | Three Months Ended
|  | October 31, 2020 |  | November 2, 2019
|  | (millions)
Single lease costs (a) |  | $ | 59.1 |  |  | $ | 90.4 |
Variable lease costs (b) |  | 30.4 |  |  | 51.4 |
Total lease expenses |  | 89.5 |  |  | 141.8 |
Less rental income (c) |  | (1.0) |  |  | (1.0) |
Total net rental expense (d) |  | $ | 88.5 |  |  | $ | 140.8 |
________ (a) Includes amortization and interest expense associated with operating lease right-of-use assets and liabilities. (b) Includes variable payments related to both lease and non-lease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs, as well as month-to-month rent payments while expired store lease contracts are renegotiated. (c) Substantially reflects rental income received related to Company-owned space in Duluth, MN. (d) Total occupancy costs included in discontinued operations related to Catherines and Dressbarn were $0.7 million for the three months ended October 31, 2020 and $32.9 million for the three months ended November 2, 2019. The weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rates used to calculate the Company’s operating lease liabilities are as follows:
|  | October 31, 2020 |  | November 2, 2019
Weighted-average remaining lease term (years) |  | 5.8 |  | 5.5
Weighted-average discount rate |  | 24.9% |  | 25.9%
The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of October 31, 2020:
Fiscal Years | Minimum Operating Lease Payments (a) (b)
| (millions)
2021 (excluding the three months ended October 31, 2020) | $ | 161.9 |
2022 | 201.0 |
2023 | 151.2 |
2024 | 108.1 |
2025 | 79.2 |
Thereafter | 333.6 |
Total undiscounted operating lease liabilities | 1,035.0 |
Less imputed interest | (521.1) |
Present value of operating lease liabilities | 513.9 |
Less current portion of lease liabilities | (0.6) |
Less long-term lease liabilities | (0.9) |
Total lease liabilities, included in Liabilities subject to compromise (c) | $ | 512.4 |
(a) Net of sublease income, which is not expected to be significant in any period. (b) Although such amounts are generally non-cancelable, certain leases are cancelable if specified sales levels are not achieved or co-tenancy requirements are not being satisfied. All future minimum rentals under such leases have been included in the above table. (c) As of October 31, 2020, the current portion of operating leases liabilities and the long-term lease liabilities balances were classified to Liabilities subject to compromise, which is further discussed in Note 2. As of October 31, 2020, the Company had no minimum commitments related to additional operating lease contracts that have not yet commenced. The Company had minimum commitments related to additional operating lease contracts that have not yet commenced of approximately $2.0 million as of November 2, 2019, primarily related to the Company-operated retail stores. Supplemental disclosures related to leases are as follows:
|  | Three Months Ended
|  | October 31, 2020 |  | November 2, 2019
|  | (millions)
Cash payments arising from operating lease liabilities (included in cash flows from operating activities) |  | $ | 97.8 |  |  | $ | 123.7 |
Non-cash operating lease liabilities from obtaining right-of-use assets |  | — |  |  | 1.1 |
Beginning in April 2020, we suspended rent payments under the leases for our temporarily closed retail stores. We considered the FASB’s recent guidance regarding lease modifications as a result of the effects of COVID-19 and have elected to apply the temporary practical expedient to account for negotiated changes to our leases. Despite the suspension of the rent payments, we continued to record accruals for rent payment deferrals and accounted for deferred rental payments as though no changes to the lease contract were made. We resumed paying rent after the retail stores reopened.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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