Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) 2016 2017 2018 2019 2020 Thereafter $1,335 1,298 1,146 1,021 882 2,718 Total minimum lease commitments $8,400 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 SAnswer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer After 5 Answer $ Answer
Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) 2016 2017 2018 2019 2020 Thereafter $1,335 1,298 1,146 1,021 882 2,718 Total minimum lease commitments $8,400 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 SAnswer Year 2 Answer Year 3 Answer Year 4 Answer Year 5 Answer After 5 Answer $ Answer
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Analyzing and Interpreting Lease Footnote Disclosures
The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities.
The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows:
Fiscal Year ($ millions)
2016
2017
2018
2019
2020
Thereafter
$1,335
1,298
1,146
1,021
882
2,718
Total minimum lease commitments $8,400
Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year.
Round each answer to the nearest whole number.
$ million Present Value
Year 1
SAnswer
Year 2
Answer
Year 3
Answer
Year 4
Answer
Year 5
Answer
After 5
Answer
$ Answer
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