Lease Accounting

Attached is the most recent Samsonite quarterly results for March 31, 2020. Discuss the issues that relate to Samsonite’s March 31 results. Start with analyzing their results of operations, discussing lease accounting, revenue recognition in details under the COVID-19 pandemic as two subtopics in two slides, respectively. For the revenue recognition need to refer back to 5 steps and principles. Please use the chart if necessary.

Lease Accounting

As a result of overall market conditions caused by the COVID-19 global pandemic, the Group recognized a noncash impairment charge of US$819.7 million, comprised of US$68.4 million for lease right-of-use assets and US$19.3 million for property, plant and equipment, attributable to the under-performance of certain retail locations, as well as a US$732.0 million non-cash impairment of goodwill and tradenames (together the “Impairment Charges”)

Consolidated Statements of Financial Position

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Consolidated Statements of Cash Flows (Unaudited)

  • Cash flow from OA:

    • Amortization of lease right-of-use assets

    • Interest expense on borrowings and lease liabilities 

  • Cash flow from FA:

    • Principal payments on lease liabilities


Based on an evaluation of loss-making retail stores during the three months ended March 31, 2020, the Group determined that the carrying amounts of lease right-of-use assets and leasehold improvements attributable to certain stores exceeded their respective recoverable amounts. During the three months ended March 31, 2020, the Group recognized a non-cash impairment charge of US$87.7 million, comprised of US$68.4 million for lease right-of-use assets and US$19.3 million for property, plant and equipment, attributable to the under-performance of certain retail locations. 

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