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Leases (Tables)
3 Months Ended
May 02, 2020
Leases [Abstract]  
Lease, Cost
Rent expense under operating leases was as follows (in millions):
13 Weeks Ended
May 2, 2020May 4, 2019
Operating lease cost$81.4  $86.2  
Variable lease cost (1)
20.9  24.3  
Total rent expense$102.3  $110.5  
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(1) Variable lease cost primarily includes percentage rentals and variable executory costs.
The weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities, as of May 2, 2020, May 4, 2019, and February 1, 2020, were as follows:
May 2, 2020May 4, 2019February 1, 2020
Weighted-average remaining lease term (years)(1)
4.64.64.7
Weighted-average discount rate4.2 %4.6 %4.1 %
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(1) The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of May 2, 2020, May 4, 2019 and February 1, 2020. This weighted average calculation differs from our simple average remaining lease term due to the inclusion of reasonably certain renewal options and the effect of the lease liability value of longer term leases.
Lessee, Operating Lease, Liability, Maturity
Expected lease payments associated with our operating lease liabilities, excluding percentage rentals, as of May 2, 2020, are as follows (in millions):
Period
Operating Leases (1)
Remainder of Fiscal Year 2020, as of May 2, 2020$238.8  
Fiscal Year 2021186.7  
Fiscal Year 2022130.6  
Fiscal Year 202393.3  
Fiscal Year 202466.0  
Thereafter105.0  
Total remaining lease payments820.4  
Less: Interest(77.1) 
Present value of lease liabilities (2)
$743.3  
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(1) Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced.
(2) The present value of lease liabilities consist of $249.4 million classified as current portion of operating lease liabilities and $493.9 million classified as long-term operating lease liabilities.