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Leases (Tables)

12 Months Ended

Feb. 01, 2020

Summary of Expense Categories and Cash Payments for Operating Leases, Average Remaining Lease Term and Discount Rate

The following table summarizes expense categories and cash payments for operating leases during the period. It also includes the total non-cash transaction activity for new operating lease ROU assets and related operating lease liabilities entered into during the period.

	For the Year Ended
	February 1, 2020
(In thousands)
Lease costs
Operating lease costs	$	349,429
Variable lease costs		102,797
Short-term leases and other lease costs		37,293
Total lease costs	$	489,519

Other information
Cash paid for operating lease liability	$	(328,925	)
New operating lease ROU asset entered into during the period	$	277,562

The following table contains the average remaining lease term and discount rate, weighted by outstanding operating lease liability as of the end of the period:

Lease term and discount rate		February 1, 2020
Weighted-average remaining lease term - operating leases		6.2 years
Weighted-average discount rate - operating leases		5.1%

Summary of Maturity Analysis of Operating Leases

The table below is a maturity analysis of the operating leases in effect as of the end of the period. Undiscounted cash flows for finance leases and short-term leases are not material for the periods reported and are excluded from the table below:

	Undiscounted cash flows
	February 1, 2020
(In thousands)
Fiscal years:
2020	$	374,819
2021		331,578
2022		277,954
2023		255,695
2024		184,591
Thereafter		471,160
Total undiscounted cash flows	$	1,895,797
Less: discount on lease liability		(294,901	)
Total lease liability	$	1,600,896

Summary of Fixed Minimum and Contingent Rent Expense

The Company adopted ASC 842 as of February 3, 2019 through the modified retrospective method. Prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting treatment. In accordance with the transition guidance within ASC 842, the following table provides the disclosures related to Fiscal Years 2018 and 2017 as required under ASC 840, Leases. Refer to Note 2 for further information about the Company’s adoption of ASC 842.

	For the Years Ended
	February 2,		February 3,
(In thousands)	2019		2018
Store rent:
Fixed minimum	$	303,123	$	298,458
Contingent		13,883		9,566
Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses	$	317,006	$	308,025
Offices, distribution facilities, equipment and other		18,636		26,960
Total rent expense	$	335,642	$	334,985