Leases (Tables)

3 Months Ended

May 02, 2020

Leases [Abstract]

Schedule of Lease Term and DIscount Rate

The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows:

	May 2, 2020
Weighted average remaining lease term (in years)	6.6
Weighted average discount rate	5.5	%

Total Lease Costs For Operating Leases

Total lease costs are as follows:

	13 weeks ended
(in millions)	May 2, 2020			May 4, 2019
Operating lease cost	$	111.4		$	114.4
Short-term lease cost	4.9			7.8
Variable lease cost	25.6			26.6
Sublease income	(0.5		)	(0.7		)
Total lease cost	$	141.4		$	148.1

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows:

	13 weeks ended
(in millions)	May 2, 2020		May 4, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	49.3	$	118.0
Operating lease right-of-use assets obtained in exchange for lease obligations	14.2		6.5
Reduction in the carrying amount of right-of-use assets (1)	87.9		87.3

(1)

Amount excludes impairment of right-of-use assets of $28.5 million during the first quarter of Fiscal 2021, as further described in note 13.

Future Minimum Operating Lease Payments

The future minimum operating lease payments for operating leases having initial or non-cancelable terms in excess of one year are as follows:

(in millions)	May 2, 2020
Remainder of Fiscal 2021	$	333.3
Fiscal 2022	388.6
Fiscal 2023	329.7
Fiscal 2024	262.0
Fiscal 2025	206.0
Thereafter	547.8
Total minimum lease payments	2,067.4
Less: Imputed interest	(342.3		)
Present value of lease liabilities	$	1,725.1