Leases (Tables)

12 Months Ended

Jan. 29, 2022

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:


	Fiscal Year Ended
	January 29, 2022		January 30, 2021
Weighted-average remaining lease term	6.6 years		6.8 years
Weighted-average discount rate	2.4	%	2.6	%

The following table is a summary of the Company’s components of net lease cost for the fiscal years ended:


		Fiscal Year Ended
In thousands	Classification	January 29, 2022		January 30, 2021		February 1, 2020
Operating lease cost	Cost of sales, including buying and occupancy costs	$	1,906,320	$	1,820,396	$	1,752,122
Variable and short term lease cost	Cost of sales, including buying and occupancy costs	1,386,059		1,162,971		1,226,716
Total lease cost		$	3,292,379	$	2,983,367	$	2,978,838

Supplemental cash flow information related to leases is as follows:


	Fiscal Year Ended
In thousands	January 29, 2022		January 30, 2021		February 1, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	2,079,564	$	1,663,005	$	1,736,403
Lease liabilities arising from obtaining right of use assets	$	1,658,240	$	1,380,402	$	1,786,212

Operating Leases Maturity Schedule

The following table summarizes the maturity of lease liabilities under operating leases as of January 29, 2022:


In thousands	January 29, 2022
Fiscal Year:
2022	$	1,911,459
2023	1,765,056
2024	1,551,319
2025	1,329,031
2026	1,076,816
Later years	2,250,758
Total lease payments(a)	9,884,439
Less: imputed interest(b)	732,288
Total lease liabilities(c)	$	9,152,151

(a)Operating lease payments exclude legally binding minimum lease payments for leases signed but not yet commenced and include options to extend lease terms that are now deemed reasonably certain of being exercised according to the Company’s Lease Accounting Policy.

(b)Calculated using the incremental borrowing rate for each lease.

(c)Total lease liabilities are broken out on the Consolidated Balance Sheets between Current portion of operating lease liabilities and Long-term operating lease liabilities.