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LEASES
 12 Months Ended
Jan. 29, 2022
Leases [Abstract]  
Lessee, Operating Leases LEASES
The Company is a party to leases related to its Company-operated retail stores as well as for certain of its distribution centers, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for Fiscal 2021, Fiscal 2020 and Fiscal 2019:
(in thousands)Fiscal 2021Fiscal 2020Fiscal 2019
Single lease cost (1)
$272,246 $346,178 $427,982 
Variable lease cost (2)
110,889 65,310 143,472 
Operating lease right-of-use asset impairment (3)
9,509 57,026 15,812 
Sublease Income(4,292)— — 
Total operating lease cost$388,352 $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 $14.1 million and $30.1 million of rent abatements in Fiscal 2021 and Fiscal 2020, respectively, 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. The total benefit related to rent abatements recognized during Fiscal 2021 and Fiscal 2020 was $17.9 million and $30.7 million respectively.
(3)Refer to Note 9, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.


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 29, 2022 and January 30, 2021:
January 29, 2022January 30, 2021
Weighted-average remaining lease term (years)5.35.7
Weighted-average discount rate5.6 %5.6 %

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of January 29, 2022:
(in thousands)January 29, 2022
Fiscal 2022$266,893 
Fiscal 2023215,464 
Fiscal 2024152,282 
Fiscal 2025131,972 
Fiscal 2026106,873 
Fiscal 2027 and thereafter190,984 
Total undiscounted operating lease payments1,064,468 
Less: Imputed interest(144,381)
Present value of operating lease liabilities$920,087 

The Company has suspended rent payments for a number of stores that were closed as a result of COVID-19, and has been successful in obtaining certain rent abatements and landlord concessions of rent payable. Refer to Note 3. “IMPACT OF COVID-19”, for additional details.

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 29, 2022, the Company's subleased property had a remaining lease term of 5.8 years with the sublease term from February 1, 2021 through November 30, 2027. Future minimum tenant operating lease payments remaining under this sublease as of January 29, 2022 were $24.0 million.
The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $17.4 million as of January 29, 2022.