Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.2
LEASES (Tables)
6 Months Ended
Aug. 01, 2020
LEASES  
Components of Lease Costs

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

13 Weeks Ended

26 Weeks Ended

August 1,

August 3,

August 1,

August 3,

2020

2019

2020

2019

Operating lease cost (1)

  

$

107,197

$

104,600

$

213,628

$

210,065

Variable lease cost (2)

 

38,127

 

36,077

 

77,571

 

72,517

Total lease cost

$

145,324

$

140,677

$

291,199

$

282,582

(1) Includes an immaterial amount related to short-term non-real estate leases.
(2) Includes taxes, insurance and common areas maintenance costs for our leased facilities which are paid based on actual cost incurred by the lessor. Also includes contingent rent which is immaterial in the periods presented.
Operating Leases, Supplemental Cash Flow Information

Additional information related to our operating leases is as follows (in thousands, except weighted-average data):

26 Weeks Ended

August 1,

August 3,

2020

2019

Operating cash outflows included in the measurement of lease liabilities

$

174,760

$

214,439

Operating lease assets obtained in exchange for new operating lease liabilities

$

115,060

$

133,137

Weighted-average remaining lease term

5.9 years

6.2 years

Weighted-average discount rate

6.7%

5.6%

Maturities of Lease Liabilities

Maturities of our lease liabilities are as follows as of August 1, 2020 (in thousands):

Fiscal Year

2020

$

214,922

2021

 

412,898

2022

 

357,340

2023

 

294,707

2024

 

231,024

Thereafter

 

501,488

Total lease payments

$

2,012,379

Less: Interest

(365,536)

Present value of lease liabilities

$

1,646,843