Compute the present value of operating leases

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Reference no: EM131289798

The GAP, Inc. discloses the following schedule to its 2013 10-K report relating to its leasing activities.

The aggregated minimum noncancelable annual lease payments under leases in effect on February 2, 2013, are as follows:

Fiscal Year ($ millions)

2013-$1,093

2014-$1,069

2015-$924

2016-$753

2017-$584

Thereafter-$1,709

Total minimum lease commitments-$6,132

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.

What types of adjustments might we consider to GAP’s balance sheet and income statement for analysis purposes?

Reference no: EM131289798

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