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Leases | 12 Months Ended
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Jan. 28, 2023
Leases [Abstract] |
Leases | Leases The Company currently leases its store locations with original, non-cancelable terms that in general range from three years to ten years. Store leases typically contain provisions for three to four renewal options of five years each. The exercise of lease renewal options is at the sole discretion of the Company. Most store leases also provide for minimum annual rentals and for payment of variable lease costs. In addition, some store leases also have provisions for additional rent based on a percentage of sales (“percentage rent”) and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual guarantees or material restrictive covenants. The Company does not have any financing leases. The Company leases certain d istribution/warehouse facilities with expiration dates ranging from 2023 to 2029 and the majority contain renewal provisions. The Company also leases office space for its Los Angeles and Boston buying offices. The lease terms for these facilities expire in 2027 and 2024, respectively. The Los Angeles buying office facility contains renewal provisions. I n addition, the Company has a ground lease related to its New York buying office. The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2022, 2021, and 2020:
($000) | 2022 | 2021 | 2020
Operating lease cost 1 | $ | 721,340 |  | $ | 687,187 |  | $ | 669,339 |
Variable lease costs 2 | 206,262 |  | 194,112 |  | 172,036 |
Net lease cost 3 | $ | 927,602 |  | $ | 881,299 |  | $ | 841,375 |
1 Net of sublease income which was immaterial.
2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and rent abatements negotiated due to the COVID-19 pandemic.
3 Excludes short-term lease costs which were immaterial.
The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of January 28, 2023, are as follows:
($000) | Operating Leases 1
2023 | $ | 692,539 |
2024 | 696,514 |
2025 | 591,229 |
2026 | 476,484 |
2027 | 365,013 |
Thereafter | 1,592,842 |
Total lease payments | $ | 4,414,621 |
Less: interest | 1,164,684 |
Present value of lease liabilities | $ | 3,249,937 |
Less: current operating lease liabilities | 655,976 |
Non-current operating lease liabilities | $ | 2,593,961 |
1 Operating leases exclude $275.8 million of minimum lease payments for leases signed that have not yet commenced.
The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 28, 2023 and January 29, 2022 are as follows:
|  | 2022 |  | 2021
Weighted-average remaining lease term (years): |  |  |  |
Including the long-term ground lease related to the New York buying office |  | 10.0 |  | 10.2
Excluding the long-term ground lease related to the New York buying office |  | 5.5 |  | 5.6
Weighted-average discount rate: |  |  |  |
Including the long-term ground lease related to the New York buying office |  | 3.5 | % |  | 3.2 | %
Excluding the long-term ground lease related to the New York buying office |  | 3.1 | % |  | 2.8 | %
The following table presents cash paid for amounts included in the measurement of operating lease liabilities and operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) for fiscal 2022, 2021, and 2020:
($000) | 2022 | 2021 | 2020
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 701,478 |  | $ | 745,110 |  | $ | 554,620 |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 705,220 |  | $ | 545,401 |  | $ | 610,552 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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