Leases (Tables)

3 Months Ended

May 02, 2020

Leases

Summary of components of lease cost

The components of lease cost are as follows (in thousands):

	For the Three Months Ended		For the Three Months Ended
	May 2, 2020		May 4, 2019
Operating lease cost	$	62,195	$	62,111
Variable lease cost		18,294		19,149
Total lease cost	$	80,489	$	81,260

Summary of supplemental balance sheet information related to leases

Supplemental balance sheet information related to operating leases consists of the following (in thousands):

	May 2, 2020
Operating lease right-of-use assets	$	842,088
Current portion of operating lease liabilities	$	209,434
Noncurrent portion operating lease liabilities		689,264
Total operating lease liabilities	$	898,698

Summary of lease term and discount rate

Lease term and discount rate for operating leases were as follows:

	May 2, 2020
Weighted average remaining lease term	4.9 years
Weighted average discount rate	5.25%

Summary of the undiscounted annual future minimum lease payments

The following table summarizes the undiscounted annual future minimum lease payments, as of May 2, 2020, for each of the next five years and in the aggregate (in thousands):

	Operating Leases
Year 1	$	246,914
Year 2		233,005
Year 3		186,720
Year 4		140,744
Year 5		98,021
Thereafter		117,090
Total lease payments	$	1,022,494
Less: Interest		(123,796)
Present value of lease liabilities	$	898,698

Cumulative adjustment upon ASC 842 adoption (see Note 12)

Leases

Summary of cumulative effect of the changes made to our February 2, 2019 balance sheet

	Reported				Adjusted
	Balance at		Impact of		Balance at
	February 2,		Adoption of		February 3,
	2019		ASC 842		2019
Assets:
Other current assets	$	66,823	$	(20,557)	$	46,266
Current assets - discontinued operations		171,376		(197)		171,179
Operating lease right-of-use assets		—		884,231		884,231
Intangible assets, net		153,711		(6,682)		147,029
Non-current assets - discontinued operations		25,071		12,039		37,110
Current Liabilities:
Accrued expenses and other current liabilities		268,698		(151)		268,547
Current portion of operating lease liabilities		—		181,379		181,379
Current liabilities - discontinued operations		40,025		2,346		42,371
Noncurrent Liabilities:
Operating lease liabilities		—		735,482		735,482
Deferred taxes, net and other liabilities		119,545		(59,316)		60,229
Noncurrent liabilities - discontinued operations		5,477		9,496		14,973
Equity:
Accumulated deficit	$	(468,048)	$	(402)	$	(468,450)