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LEASES (Tables)

12 Months Ended

Feb. 01, 2020

The following table provides a summary of the Company’s operating lease costs for Fiscal 2019:



(in thousands)	Fiscal 2019
Single lease cost ⁽¹⁾	$	427,982
Variable lease cost ⁽²⁾	143,472
Operating lease right-of-use asset impairment ⁽³⁾	15,812
Total operating lease cost	$	587,266


⁽¹⁾	Includes amortization and interest expense associated with operating lease right-of-use assets and liabilities. Includes $23.3 million of charges included in flagship store exit charges on the Consolidated Statement of Operations and Comprehensive Income for Fiscal 2019. Refer to Note 19, “FLAGSHIP STORE EXIT CHARGES.”

⁽²⁾

Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs. Includes $20.2 million of charges included in flagship store exit charges on the Consolidated Statement of Operations and Comprehensive Income for Fiscal 2019. Refer to Note 19, “FLAGSHIP STORE EXIT CHARGES.”


⁽³⁾	Includes $3.2 million of asset charges included in flagship store exit charges on the Consolidated Statement of Operations and Comprehensive Income for Fiscal 2019. Refer to Note 19, “FLAGSHIP STORE EXIT CHARGES.”

Schedule of Rent Expense

As reported under the previous accounting standard, the following table provides a summary of rent expense for Fiscal 2018 and Fiscal 2017:



(in thousands)	Fiscal 2018			Fiscal 2017
Store rent expense:
Fixed minimum ⁽¹⁾	$	365,229		$	373,457
Contingent	18,189			14,752
Deferred lease credits amortization	(21,320		)	(22,149		)
Total store rent expense	362,098			366,060
Buildings, equipment and other	8,800			9,752
Total rent expense	$	370,898		$	375,812

⁽¹⁾

Includes lease termination fees of $4.0 million and $2.0 million for Fiscal 2018 and Fiscal 2017, respectively. Under the new lease accounting standard, which the Company adopted on February 3, 2019, similar charges would be a component of operating lease cost.

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

As reported under the previous accounting standard, the following table provides a summary of operating lease commitments, including leasehold financing obligations, under noncancelable leases as of February 2, 2019:



(in thousands)	February 2, 2019
Fiscal 2019	$	367,622
Fiscal 2020	304,270
Fiscal 2021	205,542
Fiscal 2022	159,617
Fiscal 2023	128,626
Fiscal 2024 and thereafter	310,003
Total	$	1,475,680

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rates used to calculate the Company’s operating lease liabilities as of February 1, 2020:



	February 1, 2020
Weighted-average remaining lease term (years)	6.2
Weighted-average discount rate	5.4	%

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of February 1, 2020:



(in thousands)	February 1, 2020
Fiscal 2020	357,646
Fiscal 2021	325,272
Fiscal 2022	276,796
Fiscal 2023	232,984
Fiscal 2024	166,341
Fiscal 2025 and thereafter	460,955
Total undiscounted operating lease payments	$	1,819,994
Less: Imputed interest	(284,531		)
Present value of operating lease liabilities	$	1,535,463

Schedule Of Deferred Lease Credits [Table Text Block]

As reported under the previous accounting standard, the following table provides a summary of deferred lease credits as of February 2, 2019:



(in thousands)	February 2, 2019
Deferred lease credits	$	450,295
Amortized deferred lease credits	(354,603		)
Total deferred lease credits, net	95,692
Less: short-term portion of deferred lease credits	(19,558		)
Long-term portion of deferred lease credits	$	76,134