Ulta Beauty, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

Leases (Tables)

12 Months Ended

Feb. 01, 2020

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 February 1, 2020:



(In thousands)	Classification on the Balance Sheet	February 1, 2020
Right-of-use assets	Operating lease assets	$	1,537,565

Current lease liabilities	Current operating lease liabilities	$	239,629
Non-current lease liabilities	Non-current operating lease liabilities		1,698,718
Total lease liabilities		$	1,938,347

Weighted-average remaining lease term			7.3 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:


		Fiscal Year Ended
(In thousands)	Classification on the Statement of Income	February 1, 2020
Operating lease cost	Cost of sales (1)	$	289,007
Variable lease cost	Cost of sales		29,054
Short-term lease cost	Selling, general and administrative expenses		352
Sublease income	Net sales		(691)
Total lease cost		$	317,722

(1)

The majority of operating lease cost relates to retail stores and distribution and fast fulfillment centers and is classified within cost of sales. Operating lease cost for corporate offices is classified within the selling, general and administrative expenses. Operating lease cost from the control date through store opening 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:


	Fiscal Year Ended
(In thousands)	February 1, 2020
Cash paid for operating lease liabilities (1)	$	338,942
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)		355,286

(1)	Excludes $71,294 related to cash received for tenant incentives.

Schedule of maturities of non-cancellable operating lease liabilities

The following table presents maturities of operating lease liabilities as of February 1, 2020:


Fiscal year	(In thousands)
2020	$	310,663
2021		345,531
2022		327,349
2023		291,561
2024		258,571
2025 and thereafter		716,516
Total lease payments	$	2,250,191
Less: Imputed interest		(311,844)
Present value of operating lease liabilities	$	1,938,347