LEASES (Tables)

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Lease, Cost [Table Text Block]

The following table provides a summary of the Company’s operating lease costs for Fiscal 2020 and Fiscal 2019:

(in thousands)	Fiscal 2020		Fiscal 2019
Single lease cost (1)	$	346,178	$	427,982
Variable lease cost (2)	65,310		143,472
Operating lease right-of-use asset impairment (3)	57,026		15,812
Total operating lease cost	$	468,514	$	587,266

(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.

(2)Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs, as well as $30.1 million of rent abatements in Fiscal 2020 related to the effects of the COVID-19 pandemic that resulted in lease concessions with total payments required by the modified contract being substantially the same as or less than total payments required by the original contract.

(3)Refer to Note 9, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.

Schedule of Rent Expense

As reported under the previous accounting standard, the following table provides a summary of rent expense for Fiscal 2018:

(in thousands)	Fiscal 2018
Store rent expense:
Fixed minimum (1)	$	365,229
Contingent	18,189
Deferred lease credits amortization	(21,320)
Total store rent expense	362,098
Buildings, equipment and other	8,800
Total rent expense	$	370,898

(1)     Includes lease termination fees of $4.0 million for Fiscal 2018. Under the new lease accounting standard, which the Company adopted on February 3, 2019, similar charges would be a component of operating lease cost.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of January 30, 2021 and February 1, 2020:

	January 30, 2021		February 1, 2020
Weighted-average remaining lease term (years)	5.7		6.2
Weighted-average discount rate	5.6	%	5.4	%

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of January 30, 2021:

(in thousands)	January 30, 2021
Fiscal 2021	307,174
Fiscal 2022	272,868
Fiscal 2023	225,959
Fiscal 2024	162,672
Fiscal 2025	141,651
Fiscal 2026 and thereafter	300,363
Total undiscounted operating lease payments	$	1,410,687
Less: Imputed interest	(204,253)
Present value of operating lease liabilities	$	1,206,434