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LEASES (Tables)
 3 Months Ended
May 01, 2021
Leases [Abstract]  
Lease, Cost
The following components of lease expense are included in the Company’s consolidated statements of operations.
 Thirteen Weeks Ended
May 1, 2021May 2, 2020
(in thousands)
Operating lease cost$25,758 $40,152 
Variable lease cost (1)
3,374 11,133 
Total lease cost$29,132 $51,285 
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(1) Includes short term leases with lease periods of less than 12 months as well as lease abatements accounted for as reductions to variable lease costs under the COVID-19 expedient of approximately $8.0 million during the First Quarter 2021.
Lessee, Operating Lease, Liability, Maturity
As of May 1, 2021, the maturities of lease liabilities were as follows:
May 1, 2021
(in thousands)
Remainder of 2021$115,443 
202275,101 
202349,940 
202428,330 
202518,877 
Thereafter53,001 
Total lease payments (1)
$340,692 
Less: imputed interest$(16,185)
Present value of lease liabilities$324,507 
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(1)For leases in which the Company applied the COVID-19 expedient, it did not remeasure its ROU assets and lease liabilities for rent concessions specific to Fiscal 2021 and beyond. These amounts will be recognized as variable rent costs in future periods in the amount of $26.9 million.