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LEASES | 12 Months Ended
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Feb. 03, 2024
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 2023, Fiscal 2022 and Fiscal 2021:
(in thousands) | Fiscal 2023 |  | Fiscal 2022 |  | Fiscal 2021
Single lease cost (1) | $ | 248,567 |  |  | $ | 246,824 |  |  | $ | 272,246 |
Variable lease cost (2) | 168,881 |  |  | 150,909 |  |  | 110,889 |
Operating lease right-of-use asset impairment (3) | 1,440 |  |  | 6,248 |  |  | 9,509 |
Sublease income | (3,949) |  |  | (3,826) |  |  | (4,292) |
Total operating lease cost | $ | 414,939 |  |  | $ | 400,155 |  |  | $ | 388,352 |
(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. (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 February 3, 2024 and January 28, 2023:
| February 3, 2024 |  | January 28, 2023
Weighted-average remaining lease term (years) | 4.7 |  | 5.3
Weighted-average discount rate | 6.7 | % |  | 6.3 | %
The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of February 3, 2024:
(in thousands) | February 3, 2024
Fiscal 2024 | $ | 228,719 |
Fiscal 2025 | 220,039 |
Fiscal 2026 | 176,206 |
Fiscal 2027 | 140,281 |
Fiscal 2028 | 106,719 |
Fiscal 2029 and thereafter | 96,761 |
Total undiscounted operating lease payments | 968,725 |
Less: Imputed interest | (142,475) |
Present value of operating lease liabilities | $ | 826,249 |
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 February 3, 2024, future minimum tenant operating lease payments remaining under this sublease were $15.5 million with a remaining sublease term of 3.8 years. The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $29.1 million as of February 3, 2024.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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