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Leases

12 Months Ended

Jan. 30, 2021

Note 6. Leases

For Fiscal 2020, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $64 million and variable lease expense was $30 million, resulting in total lease expense of $93 million. For Fiscal 2019, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $66 million and variable lease expense was $34 million, resulting in total lease expense of $99 million. As of January 30, 2021 and February 1, 2020, the weighted-average remaining operating lease term was six years and seven years, respectively, and the weighted-average discount rate for operating leases was 4.1% and 4.0%, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2020 and Fiscal 2019 was $63 million and $70 million, respectively.

As of January 30, 2021, the required lease liability payments, which include base rent amounts but excludes payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent rents incurred under operating lease agreements, for the fiscal years specified below were as follows (in thousands):


	Operating lease
2021		70,338
2022		64,553
2023		57,655
2024		45,826
2025		32,719
After 2025		68,247
Total lease payments	$	339,338
Less: Difference between discounted and undiscounted lease payments		38,489
Present value of lease liabilities	$	300,849

Disclosures related to periods prior to adoption of revised accounting guidance

Total rent expense in Fiscal 2018 was $96 million, which includes base rent amounts, real estate taxes, sales taxes, insurance, other operating expenses and contingent rents incurred under all leases. Payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent percentage rent are included in rent expense, but are generally not included in the aggregate minimum rental commitments, as, in most cases, the amounts payable in future periods are not quantified in the lease agreement or may be dependent on future events. The total amount of such charges included in total rent expense above were $28 million in Fiscal 2018.