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Leases
12 Months Ended
Jan. 30, 2016
Leases [Abstract]  
Leases

16. Leases

 

The Company is obligated under operating leases for almost all of its store properties. Some of the store leases contain renewal options with varying terms and conditions. Management expects that in the normal course of business, expiring leases will generally be renewed or, upon making a decision to relocate, replaced by leases on other premises. Operating lease periods generally range from 5 to 10 years.

 

Certain leases provide for additional rent payments based on a percentage of store sales. Also, most of the Company’s leases require the payment of certain executory costs such as insurance, maintenance, and other costs in addition to the future minimum lease payments. These costs, including the amortization of lease rights, totaled $137 million in 2015, $132 million in 2014, and $128 million in 2013.

 

Included in the amounts below, are non-store expenses that totaled $18 million in 2015, $17 million in 2014, and     $16 million in 2013.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

2014

2013

 

($ in millions)

Minimum rent

$

618 

$

615 

$

580 

Contingent rent based on sales

 

27 

 

25 

 

22 

Sublease income

 

(5)

 

(5)

 

(2)

 

$

640 

$

635 

$

600 

  

Future minimum lease payments under non-cancellable operating leases, net of future non-cancellable operating sublease payments, are:

 

 

 

 

 

 

 

 

($ in millions)

2016

$

574 

2017

 

542 

2018

 

490 

2019

 

445 

2020

 

406 

Thereafter

 

1,648 

Total operating lease commitments

$

4,105