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LEASES (Tables)
 12 Months Ended
Feb. 29, 2020
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):
 
Fiscal
2019
Gains on sale leaseback transactions, net
$
487.1

Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases
995.8

Operating cash flows from finance leases
79.8

Financing cash flows from finance leases
109.3

Right-of-use assets obtained in exchange for operating lease obligations
1,195.2

Right-of-use assets obtained in exchange for finance lease obligations
—

Impairment of right-of-use operating lease assets
15.4

Impairment of right-of-use finance lease assets
6.1

Weighted average remaining lease term - operating leases
12.1 years

Weighted average remaining lease term - finance leases
9.0 years

Weighted average discount rate - operating leases
7.0
%
Weighted average discount rate - finance leases
13.7
%

The components of total lease cost, net consisted of the following (in millions):
 
 
Classification
 
Fiscal
2019
Operating lease cost (1)
 
Cost of sales and Selling and administrative expenses (3)
 
$
1,011.6

Finance lease cost
 
 
 
 
Amortization of lease assets
 
Cost of sales and Selling and administrative expenses (3)
 
90.4

Interest on lease liabilities
 
Interest expense, net
 
79.8

Variable lease cost (2)
 
Cost of sales and Selling and administrative expenses (3)
 
402.9

Sublease income
 
Net sales and other revenue
 
(111.8
)
Total lease cost, net
 
 
 
$
1,472.9

(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 February 29, 2020 consisted of the following (in millions):
 
 
Classification
 
February 29, 2020
Assets
 
 
 
 
Operating
 
Operating lease right-of-use assets
 
$
5,867.4

Finance
 
Property and equipment, net
 
430.7

Total lease assets
 
 
 
$
6,298.1

Liabilities
 
 
 
 
Current
 
 
 
 
Operating
 
Current operating lease obligations
 
$
563.1

Finance
 
Current maturities of long-term debt and finance lease obligations
 
83.4

Long-term
 
 
 
 
Operating
 
Long-term operating lease obligations
 
5,402.8

Finance
 
Long-term debt and finance lease obligations
 
583.3

Total lease liabilities
 
 
 
$
6,632.6
Future Minimum Lease Payments For Finance Lease Obligations
Future minimum lease payments for operating and finance lease obligations as of February 29, 2020 consisted of the following (in millions):
 
Lease Obligations
Fiscal year
Operating Leases
 
Finance Leases
2020
$
891.8

 
$
136.2

2021
926.8

 
136.7

2022
868.2

 
125.4

2023
797.8

 
116.0

2024
706.6

 
96.4

Thereafter
4,968.2

 
423.3

Total future minimum obligations
9,159.4

 
1,034.0

Less interest
(3,193.5
)
 
(367.3
)
Present value of net future minimum lease obligations
5,965.9

 
666.7

Less current portion
(563.1
)
 
(83.4
)
Long-term obligations
$
5,402.8

 
$
583.3
Future Minimum Lease Payments For Operating Leases
Future minimum lease payments for operating and finance lease obligations as of February 29, 2020 consisted of the following (in millions):
 
Lease Obligations
Fiscal year
Operating Leases
 
Finance Leases
2020
$
891.8

 
$
136.2

2021
926.8

 
136.7

2022
868.2

 
125.4

2023
797.8

 
116.0

2024
706.6

 
96.4

Thereafter
4,968.2

 
423.3

Total future minimum obligations
9,159.4

 
1,034.0

Less interest
(3,193.5
)
 
(367.3
)
Present value of net future minimum lease obligations
5,965.9

 
666.7

Less current portion
(563.1
)
 
(83.4
)
Long-term obligations
$
5,402.8

 
$
583.3
Schedule of Future Minimum Rental Payments for Operating Leases
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
Schedule of Future Minimum Lease Payments for Capital Leases
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
Lessee, Operating Lease, Disclosure
Rent expense and tenant rental income under operating leases under the previous lease accounting standard consisted of the following (in millions):
 
Fiscal
2018
 
Fiscal
2017
Minimum rent
$
853.5

 
$
831.6

Contingent rent
10.3

 
12.0

  Total rent expense
863.8

 
843.6

Tenant rental income
(107.2
)
 
(98.8
)
  Total rent expense, net of tenant rental income
$
756.6

 
$
744.8