Leases (Tables)

9 Months Ended

Nov. 02, 2019

Leases [Abstract]

Supplemental balance sheet information, Components of net lease cost and Supplemental cash flow information

Supplemental balance sheet information related to leases as of November 2, 2019 is as follows:

	November 2, 2019
Weighted-average remaining lease term (years)	7.2
Weighted-average discount rate	2.8	%

The following table is a summary of the Company’s components of net lease cost for the thirteen weeks and thirty-nine weeks ended November 2, 2019:

		Thirteen Weeks Ended		Thirty-Nine Weeks Ended
In thousands	Classification	November 2, 2019		November 2, 2019
Operating lease cost	Cost of sales, including buying and occupancy costs	$	438,974	$	1,304,236
Variable and short term lease cost	Cost of sales, including buying and occupancy costs	323,560		891,215
Total lease cost		$	762,534	$	2,195,451

Supplemental cash flow information related to leases for the thirty-nine weeks ended November 2, 2019 is as follows:

	Thirty-Nine Weeks Ended
In thousands	November 2, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	1,274,861
Lease liabilities arising from obtaining right of use assets	$	1,416,591

Operating lease liability maturity schedule

The following table summarizes the maturity of lease liabilities under operating leases as of November 2, 2019:

In thousands	November 2, 2019
Fiscal year 2020 (remaining 3 months)	$	445,889
2021	1,760,767
2022	1,620,004
2023	1,456,469
2024	1,267,972
Later years	3,662,833
Total lease payments(a)	10,213,934
Less: imputed interest(b)	979,605
Total lease liabilities(c)	$	9,234,329

(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to our Lease Accounting Policy.

(b)Calculated using the incremental borrowing rate for each lease.

(c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.

Schedule of gross minimum rental commitments under noncancelable leases

The following table represents the gross minimum rental commitments under noncancelable leases, as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019:

In thousands	February 2, 2019
Fiscal year 2020	$	1,676,700
2021	1,603,378
2022	1,441,444
2023	1,253,420
2024	1,042,184
Later years	2,774,845
Total lease payments	$	9,791,971