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LEASES (Tables)
 9 Months Ended 12 Months Ended
Nov. 30, 2019
Feb. 23, 2019
Leases [Abstract]    
Components of Lease Expense and Supplemental Cash Flow Information
The following table presents cash flow information and the weighted average lease term and discount rate for leases (dollars in millions):
         
 
40 weeks ended
November 30,
2019
 
Cash paid for amounts included in the measurement of lease liabilities
   
 
Operating cash flows from operating leases
   
700.2
  
Operating cash flows from finance leases
   
62.2
  
Financing cash flows from finance leases
   
78.3
  
ROU assets obtained in exchange for operating lease obligations
   
999.8
  
ROU assets obtained in exchange for finance lease obligations
   
—
  
Weighted average remaining lease term—operating leases (in years)
   
12.2
 
Weighted average remaining lease term—finance leases (in years)
   
9.1
 
Weighted average discount rate—operating leases
   
7.1
 %
Weighted average discount rate—finance leases
   
13.7
 %
 
 
 
 
 
 
 
 
 
 
 
The components of total lease cost, net consisted of the following (in millions):
             
 
Classification
 
40 weeks ended
November 30,
2019
 
Operating lease cost(1)
 
Cost of sales and Selling and administrative expenses(3)
  $
748.1
  
Finance lease cost
 
   
 
Amortization of lease assets
 
Cost of sales and Selling and administrative expenses(3)
   
70.1
  
Interest on lease liabilities
 
Interest expense, net
   
62.2
  
             
Variable lease cost(2)
 
Cost of sales and Selling and administrative expenses(3)
   
299.3
  
Sublease income
 
Net sales and other revenue
   
(83.6
 )
             
Total lease cost, net
 
  $
1,096.1
  
             
 
 
(1) Includes short-term lease cost, which is immaterial.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Represents variable lease costs for both operating and finance leases. Includes contingent rent expense and other
non-fixed
lease related costs, including property taxes, common area maintenance and property insurance.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) Supply chain-related amounts are included in Cost of sales.
 
 
 
 
 
 
 
 
 
 
 
  
Balance Sheet Information
Balance sheet information related to leases as of November 30, 2019 consisted of the following (in millions):
             
 
Classification
 
November 30,
2019
 
Assets
 
 
 
 
Operating
 
Operating lease
right-of-use
assets
   $
5,836.1
  
Finance
 
Property and equipment, net
   
458.8
  
             
Total lease assets
 
  $
6,294.9
  
             
Liabilities
 
 
 
 
Current
 
   
 
Operating
 
Current maturities of operating lease obligations
  $
549.7
  
Finance
 
Current maturities of long-term debt and finance lease obligations
   
101.1
  
Long-term
 
   
 
Operating
 
Long-term operating lease obligations
   
5,430.5
  
Finance
 
Long-term debt and finance lease obligations
   
601.2
  
             
Total lease liabilities
 
  $
6,682.5
  
             
 
 
 
 
 
 
 
 
 
 
 
  
Future Minimum Lease Payments For Finance Lease Obligations
Future minimum lease payments for operating and finance lease obligations as of November 30, 2019 consisted of the following (in millions):
                 
 
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Finance Leases
 
Remainder of 2019
  $
224.0
     $
39.8
  
2020
   
947.0
      
147.6
  
2021
   
897.5
      
137.1
  
2022
   
838.4
      
125.8
  
2023
   
767.1
      
116.2
  
Thereafter
   
5,537.1
      
519.7
  
                 
Total future minimum obligations
   
9,211.1
      
1,086.2
  
Less interest
   
(3,230.9
 )    
(383.9
 )
                 
Present value of net future minimum lease obligations
   
5,980.2
      
702.3
  
Less current portion
   
(549.7
 )    
(101.1
 )
                 
Long-term obligations
  $
5,430.5
     $
601.2
  
                 
 
 
 
 
 
 
 
 
 
 
 
  
Future Minimum Lease Payments For Operating Leases
Future minimum lease payments for operating and finance lease obligations as of November 30, 2019 consisted of the following (in millions):
                 
 
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Finance Leases
 
Remainder of 2019
  $
224.0
     $
39.8
  
2020
   
947.0
      
147.6
  
2021
   
897.5
      
137.1
  
2022
   
838.4
      
125.8
  
2023
   
767.1
      
116.2
  
Thereafter
   
5,537.1
      
519.7
  
                 
Total future minimum obligations
   
9,211.1
      
1,086.2
  
Less interest
   
(3,230.9
 )    
(383.9
 )
                 
Present value of net future minimum lease obligations
   
5,980.2
      
702.3
  
Less current portion
   
(549.7
 )    
(101.1
 )
                 
Long-term obligations
  $
5,430.5
     $
601.2
  
                 
 
 
 
 
 
 
 
 
 
 
 
  
Future Minimum Lease Payments for Capital Leases Under Previous Lease Accounting Standard
Future minimum lease payments for operating and capital lease obligations as of February 23, 2019 under the previous lease accounting standard consisted of the following (in millions):
                 
 
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Capital Leases
 
2019
  $
879.7
     $
170.5
  
2020
   
840.5
      
151.3
  
2021
   
783.2
      
134.9
  
2022
   
723.6
      
123.1
  
2023
   
651.0
      
114.1
  
Thereafter
   
4,338.6
      
509.1
  
                 
Total future minimum obligations
  $
8,216.6
      
1,203.0
  
                 
Less interest
   
     
(440.7
 )
                 
Present value of net future minimum lease obligations
   
     
762.3
  
Less current portion
   
     
(97.3
 )
                 
Long-term obligations
   
    $
665.0
  
                 
 
 
 
 
 
 
 
 
 
 
 
Future minimum lease payments to be made by the Company for
non-cancelable
operating lease and capital lease obligations as of February 23, 2019 consisted of the following (in millions):
  
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Capital Leases
 
2019
  $
879.7
     $
170.5
  
2020
   
840.5
      
151.3
  
2021
   
783.2
      
134.9
  
2022
   
723.6
      
123.1
  
2023
   
651.0
      
114.1
  
Thereafter
   
4,338.6
      
509.1
  
                 
Total future minimum obligations
   
$8,216.6
     
1,203.0
  
                 
Less interest
   
     
(440.7
 )
                 
Present value of net future minimum lease obligations
   
     
762.3
  
Less current portion
   
     
(97.3
 )
                 
Long-term obligations
   
    $
665.0
  
                 
Future Minimum Lease Payments for Operating Leases Under Previous Lease Accounting Standard
Future minimum lease payments for operating and capital lease obligations as of February 23, 2019 under the previous lease accounting standard consisted of the following (in millions):
                 
 
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Capital Leases
 
2019
  $
879.7
     $
170.5
  
2020
   
840.5
      
151.3
  
2021
   
783.2
      
134.9
  
2022
   
723.6
      
123.1
  
2023
   
651.0
      
114.1
  
Thereafter
   
4,338.6
      
509.1
  
                 
Total future minimum obligations
  $
8,216.6
      
1,203.0
  
                 
Less interest
   
     
(440.7
 )
                 
Present value of net future minimum lease obligations
   
     
762.3
  
Less current portion
   
     
(97.3
 )
                 
Long-term obligations
   
    $
665.0
  
                 
 
 
 
 
 
 
 
 
 
 
 
Future minimum lease payments to be made by the Company for
non-cancelable
operating lease and capital lease obligations as of February 23, 2019 consisted of the following (in millions):
  
Lease Obligations
 
Fiscal year
 
Operating Leases
 
  
Capital Leases
 
2019
  $
879.7
     $
170.5
  
2020
   
840.5
      
151.3
  
2021
   
783.2
      
134.9
  
2022
   
723.6
      
123.1
  
2023
   
651.0
      
114.1
  
Thereafter
   
4,338.6
      
509.1
  
                 
Total future minimum obligations
   
$8,216.6
     
1,203.0
  
                 
Less interest
   
     
(440.7
 )
                 
Present value of net future minimum lease obligations
   
     
762.3
  
Less current portion
   
     
(97.3
 )
                 
Long-term obligations
   
    $
665.0
  
                 
Schedule of Rent Expense and Tenant Rental Income  
Rent expense and tenant rental income under operating leases consisted of the following (in millions):
 
Fiscal
2018
 
  
Fiscal
2017
 
  
Fiscal
2016
 
Minimum rent
  $
853.5
     $
831.6
     $
792.2
  
Contingent rent
   
10.3
      
12.0
      
13.4
  
                         
Total rent expense
   
863.8
      
843.6
      
805.6
  
Tenant rental income
   
(107.2
 )    
(98.8
 )    
(89.3
 )
                         
Total rent expense, net of tenant rental income
  $
756.6
     $
744.8
     $
716.3