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Leases
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Feb. 01, 2014
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| Leases | Leases The Company is committed to noncancelable leases with remaining terms generally from one to ten years. A substantial portion of the Company’s leases consist of store leases generally with an initial term of ten years. Annual store rent consists of a fixed minimum amount and/or contingent rent based on a percentage of sales exceeding a stipulated amount. Store lease terms generally require additional payments covering certain operating costs such as common area maintenance, utilities, insurance and taxes. These additional payments are excluded from the table below. The following table provides rent expense for 2013, 2012 and 2011:
The following table provides the Company’s minimum rent commitments under noncancelable operating leases in the next five fiscal years and the remaining years thereafter:
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The Company’s future sublease income under noncancelable subleases was $7 million as of February 1, 2014, which included $2 million of rent commitments related to disposed businesses under master lease arrangements. |
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