Leases (Tables)

12 Months Ended

Feb. 01, 2020

Leases [Abstract]

Lease Cost

Operating lease expense was as follows:

	Fiscal 2019 (1)		Fiscal 2018		Fiscal 2017
	(in thousands)
Operating lease cost	$	250,767	$	261,285	$	263,654

⁽¹⁾ Includes approximately $22.6 million in variable lease costs for fiscal 2019.

Supplemental cash flow information related to operating leases was as follows:

	Fiscal 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows	$	228,121
Right of use assets obtained in exchange for lease obligations, non-cash	51,204

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases was as follows:

	Fiscal 2019
	(in thousands)
Right of Use Assets	$	648,397
Current lease liabilities	$	157,043
Long-term lease liabilities	555,922
Total operating lease liabilities	$	712,965
Weighted Average Remaining Lease Term (years)	4.8
Weighted Average Discount Rate (1)	5.6		%

⁽¹⁾ The incremental borrowing rate used by the Company is based on the rate at which the Company could borrow funds using its credit rating for a collateralized loan of similar term to the lease. The weighted average discount rate represents a weighted average of the incremental borrowing rate for each lease, weighted based on the remaining fixed lease obligations. 

Maturities of Operating Lease Liabilities

Minimum future rental payments under non-cancelable operating leases (including leases with certain minimum sales cancellation clauses described below and exclusive of variable common area maintenance charges and/or contingent rental payments based on sales) as of February 1, 2020, are approximately as follows:

FISCAL YEAR ENDING:
(in thousands)
January 30, 2021	$	194,655
January 29, 2022	189,148
January 28, 2023	151,548
February 3, 2024	104,366
February 1, 2025	75,409
Thereafter	103,670
Total future minimum lease payments	$	818,796
Less imputed interest	(105,831		)
Total	$	712,965