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JC Penney Co Inc  (NYSE:JCP) Capital Lease Obligation: $0 Mil (As of Jul. 2017)

JC Penney Co Inc's long-term capital lease obligation for the quarter that ended in Jul. 2017 was $0 Mil.

JC Penney Co Inc's quarterly long-term capital lease obligation declined from Jan. 2017 ($219 Mil) to Apr. 2017 ($0 Mil) but then stayed the same from Apr. 2017 ($0 Mil) to Jul. 2017 ($0 Mil).

JC Penney Co Inc's annual long-term capital lease obligation increased from Jan. 2015 ($0 Mil) to Jan. 2016 ($10 Mil) and increased from Jan. 2016 ($10 Mil) to Jan. 2017 ($219 Mil).


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

JC Penney Co Inc Annual Data

Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17
Capital Lease Obligation Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 10.00 219.00

JC Penney Co Inc Quarterly Data

Jan13 Apr13 Jul13 Oct13 Jan14 Apr14 Jul14 Oct14 Jan15 Apr15 Jul15 Oct15 Jan16 Apr16 Jul16 Oct16 Jan17 Apr17 Jul17 Oct17
Capital Lease Obligation Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 219.00 0.00 0.00 0.00

Calculation

Capital lease obligations are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The current portion of a capital lease obligation is the portion of a long-term capital lease that is due over the next year.


Explanation

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

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