11. Leases Effective February 3, 2019, we adopted ASC 842, Leases (see Note 1, "Nature of Operations and Summary of Significant Accounting Policies—Leases"). Rent expense under operating leases was as follows (in millions): | | | | | | | | Fiscal Year | | | 2019 | Operating lease cost | | $ | 342.6 |
| Variable lease cost (1) | | 95.9 |
| Total rent expense | | $ | 438.5 |
|
| | (1) | Variable lease cost includes percentage rentals and variable executory costs. |
During fiscal 2019, we had cash outflows of $296.5 million associated with operating leases included in the measurement of our lease liabilities and we recognized $237.4 million of ROU assets that were obtained in exchange for operating lease obligations. In fiscal 2019, we recognized $1.8 million of store-level ROU asset impairment charges. The weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities, as of February 1, 2020, were as follows: | | | | | | | | February 1, 2020 | | Weighted-average remaining lease term (years) | | 4.7 |
| (1) | Weighted-average discount rate | | 4.1 | % | |
| | (1) | The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of February 1, 2020. This weighted average calculation differs from our simple average remaining lease term due to the inclusion of reasonably certain renewal options and the effect of the lease liability value of longer term leases. |
Expected lease payments associated with our operating lease liabilities, excluding percentage rentals, as of February 1, 2020, are as follows (in millions): | | | | | | | Period | | | Operating Leases(1) | Fiscal Year 2020 | | $ | 268.5 |
| Fiscal Year 2021 | | 184.8 |
| Fiscal Year 2022 | | 129.8 |
| Fiscal Year 2023 | | 93.0 |
| Fiscal Year 2024 | | 65.7 |
| Thereafter | | 104.4 |
| Total remaining lease payments | | 846.2 |
| Less: Interest | | (77.5 | ) | Present value of lease liabilities(2) | | $ | 768.7 |
|
| | (1) | Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced. |
| | (2) | The present value of lease liabilities consist of $239.4 million classified as current portion of operating lease liabilities and $529.3 million classified as long-term operating lease liabilities. |
As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, ASC 840, future minimum rentals, including reasonably assured options, as of February 2, 2019, are as follows (in millions): | | | | | | Period | | | Fiscal 2019 | $ | 296.2 |
| Fiscal 2020 | 208.7 |
| Fiscal 2021 | 149.1 |
| Fiscal 2022 | 105.4 |
| Fiscal 2023 | 71.4 |
| Thereafter | 116.2 |
| | | $ | 947.0 |
|
|