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Lease Commitments (Tables) | 12 Months Ended
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Feb. 01, 2020
Leases [Abstract] |
Future Lease Payments | The following is a schedule of the Company’s future lease payments:
|  | (in thousands) |
Fiscal Year |  | Operating Leases |  |  | Finance Leases |
2020 |  |  | 435,535 |  |  |  | 6,057 |
2021 |  |  | 419,251 |  |  |  | 6,841 |
2022 |  |  | 402,649 |  |  |  | 7,513 |
2023 |  |  | 381,618 |  |  |  | 7,589 |
2024 |  |  | 344,272 |  |  |  | 7,417 |
Thereafter |  |  | 1,324,733 |  |  |  | 38,651 |
Total future minimum lease payments |  |  | 3,308,058 |  |  |  | 74,068 |
Amount representing interest |  |  | (683,873 | ) |  |  | (23,938 | )
Total lease liabilities |  |  | 2,624,185 |  |  |  | 50,130 |
Less: current portion of lease liabilities |  |  | (302,185 | ) |  |  | (3,577 | )
Total long term lease liabilities |  | $ | 2,322,000 |  |  | $ | 46,553 |
Weighted average discount rate |  |  | 5.4 | % |  |  | 7.0 | %
Weighted average remaining lease term (years) |  |  | 8.6 |  |  |  | 12.1 |
Schedule of Net Lease Costs | The following is a schedule of net lease costs for Fiscal 2019:
|  | (in thousands) |
|  | Fiscal Year Ended |
|  | February 1, 2020 |
Finance lease cost: |  |  |  |
Amortization of finance lease asset (a) |  | $ | 4,027 |
Interest on lease liabilities (b) |  |  | 2,770 |
Operating lease cost (c) |  |  | 414,174 |
Variable lease cost (c) |  |  | 155,210 |
Total lease cost |  |  | 576,181 |
Less all rental income(d) |  |  | (5,029 | )
Total net rent expense (e) |  | $ | 571,152 |
| (a) | Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income.
| (b) | Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income.
| (c) | Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.
| (d) | Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income.
| (e) | Excludes an immaterial amount of short-term lease cost.
Schedule of Supplemental Cash Flow Disclosures Related to Leases | Supplemental cash flow disclosures related to leases are as follows:
|  | (in thousands) |
|  | Fiscal Year Ended |
|  | February 1, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Cash payments arising from operating lease liabilities (a) |  | $ | 401,575 |
Cash payments for the principal portion of finance lease liabilities (b) |  | $ | 2,932 |
Cash payments for the interest portion of finance lease liabilities (a) |  | $ | 2,770 |
Supplemental non-cash information: |  |  |  |
Operating lease liabilities arising from obtaining right-of-use assets |  | $ | 690,827 |
| (a) | Included within operating activities in the Company’s Consolidated Statements of Cash Flows.
| (b) | Included within financing activities in the Company’s Consolidated Statements of Cash Flows.
Net Rent Expense | The following is a schedule of net rent expense for the periods indicated under Accounting Standards Codification (ASC) 840, “Leases.” Prior periods have not been adjusted for adoption of ASU 2016-02:
|  | (in thousands) |
|  | Year Ended |
|  | February 2, 2019 |  |  | February 3, 2018 (53 Weeks) |
Rent expense: |  |  |  |  |  |  |  |
Minimum rental payments |  | $ | 364,637 |  |  | $ | 340,979 |
Contingent rental payments |  |  | 6,047 |  |  |  | 4,734 |
Straight-line rent expense |  |  | 8,469 |  |  |  | 7,543 |
Lease incentives amortization |  |  | (34,827 | ) |  |  | (32,618 | )
Amortization of purchased lease rights |  |  | 844 |  |  |  | 499 |
Total rent expense(a) |  |  | 345,170 |  |  |  | 321,137 |
Less all rental income(b) |  |  | (6,164 | ) |  |  | (6,846 | )
Total net rent expense |  | $ | 339,006 |  |  | $ | 314,291 |
(a) | Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.
(b) | Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income.
Future Minimum Lease Payments Due Under Non - Cancelable Operating Lease | As previously disclosed in the Company’s Fiscal 2018 Form 10-K and under the previous lease accounting standard, future minimum lease payments due under non-cancelable operating leases as of February 2, 2019 would have been as follows:
|  | (in thousands) |
Fiscal Year |  | Operating Leases |  |  | Capital Leases |
2019 |  | $ | 383,877 |  |  | $ | 5,414 |
2020 |  |  | 405,370 |  |  |  | 5,120 |
2021 |  |  | 387,140 |  |  |  | 5,597 |
2022 |  |  | 369,068 |  |  |  | 5,725 |
2023 |  |  | 346,175 |  |  |  | 6,291 |
Thereafter |  |  | 1,475,301 |  |  |  | 15,849 |
Total minimum lease payments |  |  | 3,366,931 |  |  |  | 43,996 |
Amount representing interest |  |  | — |  |  |  | (11,290 | )
Total future minimum lease payments |  | $ | 3,366,931 |  |  | $ | 32,706 |

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