Leases (Tables)

12 Months Ended

Jan. 30, 2021

Leases [Abstract]

Lease Cost

Operating lease expense was as follows:

	Fiscal 2020 (1)		Fiscal 2019 (1)		Fiscal 2018
	(in thousands)
Operating lease cost	$	235,301	$	250,767	$	261,285

    (1) Includes approximately $30.4 million and $22.6 million in variable lease costs for fiscal 2020 and 2019, respectively.

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

	Fiscal 2020			Fiscal 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows	$	175,329	(1)	$	228,121
Right of use assets obtained in exchange for lease obligations, non-cash	140,833			51,204

(1) During the fourth quarter of fiscal 2020, the Company substantially completed its settlement agreements with its landlords, the result of which is reflected herein.

Supplemental Balance Sheet Information Related to Operating Leases

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

	Fiscal 2020			Fiscal 2019
	(in thousands)
Right of Use Assets	$	586,061		$	648,397
Current lease liabilities	$	194,551		$	157,043
Long-term lease liabilities	515,797			555,922
Total operating lease liabilities	$	710,348		$	712,965
Weighted Average Remaining Lease Term (years)	4.5			4.8
Weighted Average Discount Rate (1)	4.9		%	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 January 30, 2021, are approximately as follows:

 

FISCAL YEAR ENDING:
(in thousands)
January 30, 2021	$	227,669
January 29, 2022	189,317
January 28, 2023	143,594
February 3, 2024	100,726
February 1, 2025	63,766
Thereafter	68,592
Total future minimum lease payments	$	793,664
Less imputed interest	(83,316)
Total	$	710,348