v3.22.0.1
Leases (Tables)
 12 Months Ended
Jan. 29, 2022
Leases [Abstract]  
Lease, Cost
The following table presents rent expenses under operating leases:
Fiscal YearFiscal Year
20212020
Operating lease cost$296.3 $311.5 
Variable lease cost (1)
64.1 79.2 
Total rent expense$360.4 $390.7 
(1)    Variable lease cost includes percentage rentals and variable executory costs.
The following table presents 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:
January 29, 2022January 30, 2021
Weighted-average remaining lease term (years) (1)
4.24.5
Weighted-average discount rate4.3 %5.2 %
(1)    The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of January 29, 2022 and January 30, 2021. 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.
Lessee, Operating Lease, Liability, Maturity The following table presents expected lease payments associated with our operating lease liabilities, excluding percentage rentals:
Period
Operating Leases(1)
Fiscal Year 2022$244.0 
Fiscal Year 2023145.3 
Fiscal Year 202498.0 
Fiscal Year 202565.3 
Fiscal Year 202642.5 
Thereafter69.4 
Total remaining lease payments664.5 
Less: Interest(60.0)
Present value of lease liabilities(2)
$604.5 
(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 $210.7 million classified as current portion of operating lease liabilities and $393.7 million classified as long-term operating lease liabilities on our Consolidated Balance Sheets.