Ulta Beauty, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

3 Months Ended

May 04, 2019

Schedule of weighted-average remaining lease term and discount rate for operating leases

The following table presents supplemental balance sheet information, the weighted-average remaining lease term, and discount rate for operating leases as of May 4, 2019:


		13 Weeks Ended
(In thousands)	Classification on the Balance Sheet	May 4, 2019
Right-of-use assets	Operating lease assets	$	1,479,132

Current lease liabilities	Current operating lease liabilities		211,432
Non-current lease liabilities	Non-current operating lease liabilities		1,654,401
Total lease liabilities		$	1,865,833

Weighted-average remaining lease term			7.4 years
Weighted-average discount rate			4.1%

Summary of information related to lease costs for operating leases

The following table presents the components of lease cost for operating leases:


		13 Weeks Ended
(In thousands)	Classification on the Statement of Income	May 4, 2019
Operating lease cost	Cost of sales (1)	$	71,342
Variable lease cost	Cost of sales		(1,800)
Short-term lease cost	Selling, general and administrative expenses		65
Sublease income	Net sales		(141)
Total lease cost		$	69,466

(1) The majority of operating lease cost relates to retail stores and distribution centers and is classified within cost of sales. Operating lease cost for corporate offices is classified within selling, general and administrative expenses. Operating lease cost from lease commencement date through control date is classified within pre-opening expenses.

Schedule of cash flow information and non-cash activity related to operating leases

The following table presents supplemental disclosures of cash flow information related to operating leases:


	13 Weeks Ended
(In thousands)	May 4, 2019
Cash paid for operating lease liabilities (1)	$	82,101
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)		93,497

Schedule of maturities of non-cancellable operating lease liabilities

The following table presents maturities of operating lease liabilities as of May 4, 2019:


Fiscal year	(In thousands)
2019 (1)	$	200,921
2020		327,521
2021		314,307
2022		296,353
2023		260,928
2024 and thereafter		775,085
Total lease payments	$	2,175,115
Less: Imputed interest		(309,282)
Present value of operating lease liabilities	$	1,865,833

(1)

Excluding the 13 weeks ended May 4, 2019.