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LEASES | 12 Months Ended
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Jan. 28, 2023
Leases [Abstract] |
Lessee, Operating Leases | LEASES The Company is a party to leases related to its Company-operated retail stores as well as for certain of its DCs, office space, information technology and equipment. The following table provides a summary of the Company’s operating lease costs for Fiscal 2022, Fiscal 2021 and Fiscal 2020:
(in thousands) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Single lease cost (1) | $ | 246,824 |  |  | $ | 272,246 |  |  | $ | 346,178 |
Variable lease cost (2) | 150,909 |  |  | 110,889 |  |  | 65,310 |
Operating lease right-of-use asset impairment (3) | 6,248 |  |  | 9,509 |  |  | 57,026 |
Sublease income | (3,826) |  |  | (4,292) |  |  | — |
Total operating lease cost | $ | 400,155 |  |  | $ | 388,352 |  |  | $ | 468,514 |
(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities. (2)Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs, as well as $3.9 million, $14.1 million and $30.1 million of rent abatements in Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively, related to the effects of the COVID-19 pandemic that resulted in lease concessions with total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. The total benefit related to rent abatements recognized during Fiscal 2022, Fiscal 2021 and Fiscal 2020 was $3.9 million, $17.9 million and $30.7 million, respectively. (3)Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges. The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of January 28, 2023 and January 29, 2022:
| January 28, 2023 |  | January 29, 2022
Weighted-average remaining lease term (years) | 5.3 |  | 5.3
Weighted-average discount rate | 6.3 | % |  | 5.6 | %
The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of January 28, 2023:
(in thousands) | January 28, 2023
Fiscal 2023 | $ | 263,666 |
Fiscal 2024 | 200,487 |
Fiscal 2025 | 179,138 |
Fiscal 2026 | 149,074 |
Fiscal 2027 | 121,177 |
Fiscal 2028 and thereafter | 171,132 |
Total undiscounted operating lease payments | 1,084,674 |
Less: Imputed interest | (157,334) |
Present value of operating lease liabilities | $ | 927,340 |
The Company had temporarily suspended rent payments for a number of stores that were closed as a result of COVID-19, and has had success in obtaining certain rent abatements and landlord concessions of rent payable. During Fiscal 2020, the Company entered into a sublease agreement with a third party for the remaining lease term of one of its European Abercrombie & Fitch flagship store locations upon its closure. As of January 28, 2023, the Company's subleased property had a remaining lease term of 4.8 years with the sublease term from February 1, 2021 through November 30, 2027. Future minimum tenant operating lease payments remaining under this sublease as of January 28, 2023 were $19.5 million. The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $28.3 million as of January 28, 2023.

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- References No definition available. + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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