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LEASES
 12 Months Ended
Jan. 30, 2021
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block] LEASES
The Company has leases related to its Company-operated retail stores as well as for certain of its distribution centers, office space, information technology and equipment.

During Fiscal 2020, the Company suspended rent payments for a significant number of stores that were closed as a result of COVID-19. In addition, the Company has been successful in obtaining certain rent abatements and landlord concessions of rent payable during Fiscal 2020 as a result of COVID-19 store closures. The Company continues to engage with its landlords to find a mutually beneficial and agreeable path forward. Refer to Note 3. “IMPACT OF COVID-19”, for additional details related to these items.

In addition, during Fiscal 2020, the Company entered into a sublease agreement with a third party for the remaining lease term of one of its European Abercrombie & Fitch flagship store locations upon its closure. As of January 30, 2021, the Company's subleased property had a remaining lease term of 6.8 years with the sublease term from February 1, 2021 through November 30, 2027. The sublease arrangement provides for rent and occupancy-related costs such as taxes, utilities and maintenance costs. Initial sublease terms provide for rent escalations based on the index under the lease, which were estimated upon initial measurement of the operating lease right-of-use asset and liability. The sublease agreement does not include residual value guarantees. Consistent with the Company's real estate leases, the sublease contains usage restrictions, but does not contain financial covenants and restrictions. Future minimum tenant operating lease payments remaining under this sublease as of January 30, 2021 were $30.3 million.
The following table provides a summary of the Company’s operating lease costs for Fiscal 2020 and Fiscal 2019:
(in thousands)Fiscal 2020Fiscal 2019
Single lease cost (1)
$346,178 $427,982 
Variable lease cost (2)
65,310 143,472 
Operating lease right-of-use asset impairment (3)
57,026 15,812 
Total operating lease cost$468,514 $587,266 
(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.
(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, as well as $30.1 million of rent abatements in Fiscal 2020 related to the effects of the COVID-19 pandemic that resulted in lease concessions with total payments required by the modified contract being substantially the same as or less than total payments required by the original contract.
(3)Refer to Note 9, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.

As reported under the previous accounting standard, the following table provides a summary of rent expense for Fiscal 2018:
(in thousands)Fiscal 2018
Store rent expense:
Fixed minimum (1)
$365,229 
Contingent18,189 
Deferred lease credits amortization(21,320)
Total store rent expense362,098 
Buildings, equipment and other8,800 
Total rent expense$370,898 
(1)     Includes lease termination fees of $4.0 million for Fiscal 2018. Under the new lease accounting standard, which the Company adopted on February 3, 2019, similar charges would be a component of operating lease cost.

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of January 30, 2021 and February 1, 2020:
January 30, 2021February 1, 2020
Weighted-average remaining lease term (years)5.76.2
Weighted-average discount rate5.6 %5.4 %

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of January 30, 2021:
(in thousands)January 30, 2021
Fiscal 2021307,174 
Fiscal 2022272,868 
Fiscal 2023225,959 
Fiscal 2024162,672 
Fiscal 2025141,651 
Fiscal 2026 and thereafter300,363 
Total undiscounted operating lease payments$1,410,687 
Less: Imputed interest(204,253)
Present value of operating lease liabilities$1,206,434 

The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $4.7 million as of January 30, 2021.