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Leases
 3 Months Ended
May 01, 2021
Leases [Abstract]  
Leases LEASES
We lease retail stores, a limited amount of office space and certain equipment under operating leases expiring in various years through the fiscal year ending 2030. All of our leases have been classified as operating leases and are recognized and measured as such.
Certain operating leases provide for renewal options that are at a pre-determined period and rental value. Furthermore, certain leases provide that we may cancel the lease if our retail sales at that location fall below an established level. Within the first few years of the initial lease term, a majority of our store operating leases contain cancellation clauses that allow the leases to be terminated at our discretion, if certain minimum sales levels are not met. In the normal course of business, operating leases are typically renewed or replaced by other leases.
Escalation of operating lease payments of certain leases depend on an existing index or rate, such as the consumer price index or the market interest rate. These are considered variable lease payments and are included in lease payments when the escalation is known.
The Company deferred substantially all rent payments due in the months of April, May and June 2020 and made reduced rent payments beginning in July 2020 where and when applicable. In April 2020, the FASB granted a practical expedient permitting an entity to choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract, specifically in situations where rent concessions have been agreed to with landlords as a result of the pandemic. Instead, the entity may account for pandemic-related rent concessions, whatever their form (e.g. rent deferral, abatement or other) either: a) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or b) as lease modifications. During the first quarter and last year's first quarter, we received concessions from certain landlords in the form of rent deferrals, rent abatements and other lease or rent modifications as a result of the impact of the pandemic. In accordance with the practical expedient allowed by the FASB, the Company has elected to treat all pandemic-related rent concessions and related amendments, including pandemic-related lease amendments that extended the lease term, as lease modifications under ASC 842, Leases. In addition, the Company continued recording lease expense during deferral periods, as applicable, in accordance with its existing policies.
Operating lease expense was as follows:
Thirteen Weeks Ended
May 1, 2021May 2, 2020
Operating lease cost (1)
$55,406 $61,005 
(1) Includes approximately $9.8 million and $8.6 million in variable lease costs for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively.
Supplemental balance sheet information related to operating leases was as follows:
May 1, 2021January 30, 2021May 2, 2020
Right of use assets$554,795 $586,061 $612,161 
Current lease liabilities$184,296 $194,551 $190,811 
Long-term lease liabilities480,537 515,797 520,323 
Total operating lease liabilities$664,833 $710,348 $711,134 
Weighted Average Remaining Lease Term (years)4.34.54.7
Weighted Average Discount Rate (1)
4.8 %4.9 %5.5 %
(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. 
Supplemental cash flow information related to operating leases was as follows:
Thirteen Weeks Ended
May 1, 2021May 2, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows$62,111 $19,119 
(1)
Right of use assets obtained in exchange for lease obligations, non-cash8,522 7,885 
(1) The Company suspended rental payments in April 2020 as a result of the impact of the pandemic during last year's first quarter.
Maturities of operating lease liabilities as of May 1, 2021 were as follows:
Fiscal Year Ending:
January 29, 2022$161,892 
January 28, 2023189,742 
February 4, 2024145,728 
February 1, 2025102,716 
January 31, 202665,533 
Thereafter71,757 
Total future minimum lease payments$737,368 
Less imputed interest(72,535)
Total$664,833