LEASES (Tables)

12 Months Ended

Jan. 29, 2022

Lessee, Weighted Average Lease Term and Discount Rate


	January 29, 2022		January 30, 2021
Weighted-average remaining lease term (in years)	6.5		6.8
Weighted-average discount rate	4.2	%	4.2	%

Schedule of components of lease expenses


($ thousands)	2021		2020
Operating lease expense	$	149,850	$	167,624
Variable lease expense		40,654		48,443
Short-term lease expense		2,837		4,512
Sublease income		(652)		(96)
Total lease expense ⁽¹⁾	$	192,689	$	220,483

(1)	Net of lease concessions recognized of $2.1 million and $5.4 million for 2021 and 2020, respectively.

Lessee, Operating Lease, Liability, Maturity


($ thousands)
2022	$	149,984
2023		122,059
2024		96,474
2025		76,467
2026		58,845
Thereafter		165,948
Total minimum operating lease payments	$	669,777
Less imputed interest		(88,373)
Present value of lease obligations	$	581,404

Schedule of supplemental cash flow information related to leases


($ thousands)	2021		2020		2019
Cash paid for lease liabilities⁽¹⁾	$	179,921	$	145,552	$	196,033
Cash received from sublease income		652		96		269

(1)

Cash paid for lease liabilities in 2021 includes payment of certain lease payments deferred in 2020, as described above, as well as lease termination costs associated with the Naturalizer retail store closures, as further discussed in Note 4 to the consolidated financial statements. In addition, cash paid for lease liabilities in 2020 was significantly lower than comparable periods, reflecting the deferral of lease payments during the onset of the pandemic.