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Leases (Tables)

12 Months Ended

Jan. 29, 2022

Schedule of Operating Leases Associated Assets and Liabilities


	Fiscal 2022			Fiscal 2021
	(Dollars in millions)
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	246.7		$	195.2
Operating lease assets obtained in exchange for new operating lease liabilities	$	120.3		$	282.3
Operating lease cost (b)	$	217.5		$	212.2
Variable lease cost (b)	$	59.5		$	59.0
Weighted-average remaining lease term	6.11 years			5.91 years
Weighted-average discount rate		5.91	%		5.80	%

(a)

Reflected as operating cash outflows in the accompanying Consolidated Statements of Cash Flows

(b)

Reflected as SG&A expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss)

Schedule of Leases Classified as Finance Leases presented in Balance sheet

The Company has a small number of leases classified as finance leases which are presented in the Consolidated Balance Sheets as follows:


	Classification	January 29, 2022		January 30, 2021
		(Dollars in millions)
Assets:
Finance lease assets, net	Property, equipment and leasehold improvements, net	$	15.2	$	12.1
Liabilities:
Current portion of finance lease liabilities	Accrued expenses		9.2		5.6
Long-term portion of finance lease liabilities	Other long-term liabilities		7.8		7.2

Lessee, Operating and Finance Lease, Liability, Maturity

The following is a schedule of future minimum rental payments under non-cancelable operating and financing leases as of January 29, 2022:


	Future Minimum Rental Payments
Fiscal Year:	Operating Leases (1)			Finance Leases (2)			Total
	(Dollars in millions)
2023	$	221.6		$	9.7		$	231.3
2024		214.3			6.5			220.8
2025		178.9			1.4			180.3
2026		144.2			—			144.2
2027		105.9			—			105.9
Thereafter		232.5			—			232.5
Total lease payments	$	1,097.4		$	17.6		$	1,115.0
Less: imputed interest		(190.6	)		(0.6	)		(191.2	)
Present value of lease liabilities	$	906.8		$	17.0		$	923.8

(1)

Operating lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to approximately twenty leases to commence in fiscal year 2023 with average terms of 10 years and future minimum lease payments of approximately $76.7 million.

(2)

Finance lease payments do not include leases entered in to but not commenced during fiscal year 2022. We committed to two leases to commence in fiscal year 2023 with terms of 5 years and future minimum lease payments of approximately $11.6 million.