Leases (Tables)

3 Months Ended

May 02, 2020

Leases [Abstract]

Lease Cost

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

	Thirteen Weeks Ended
	May 2, 2020			May 4, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows	$	19,119	(1)	$	56,876
Right of use assets obtained in exchange for lease obligations, non-cash	7,885			6,028

⁽¹⁾ The Company suspended rent payments commencing April 2020 and is in active discussions with landlords to find a mutually beneficial and agreeable path forward.

Operating lease expense was as follows:

	Thirteen Weeks Ended
	May 2, 2020		May 4, 2019
Operating lease cost (1)	$	61,005	$	64,902

⁽¹⁾ Includes approximately $8.6 million and $8.0 million in variable lease costs for the thirteen weeks ended May 2, 2020 and May 4, 2019, respectively.

Supplemental Balance Sheet Information Related to Operating Leases

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

	May 2, 2020			February 1, 2020			May 4, 2019
Right of use assets (1)	$	612,161		$	648,397		$	729,950
Current lease liabilities	$	190,811		$	157,043		$	160,731
Long-term lease liabilities	520,323			555,922			645,796
Total operating lease liabilities	$	711,134		$	712,965		$	806,527
Weighted Average Remaining Lease Term (years)	4.7			4.8			5.2
Weighted Average Discount Rate (2)	5.5		%	5.6		%	5.8		%

⁽¹⁾ During the first quarter of fiscal 2020, we completed an evaluation of our operating lease assets for indicators of impairment as a result of the impact of the COVID-19 pandemic, and consequently, recorded pre-tax impairment charges of approximately $2.4 million, which is included in cost of goods sold, pre-tax, in the accompanying unaudited condensed consolidated statements of (loss) income.

⁽²⁾ 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

Maturities of operating lease liabilities as of May 2, 2020 were as follows:

Fiscal Year Ending:
January 30, 2021	$	176,931
January 29, 2022	190,997
January 28, 2023	152,871
February 4, 2024	105,651
February 1, 2025	76,600
Thereafter	106,011
Total future minimum lease payments	$	809,061
Less imputed interest	(97,927		)
Total	$	711,134