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Leases
12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Leases Leases
The Company leases substantially all of its stores, three of its distribution centers and certain equipment under non-cancellable operating leases that expire at various dates through 2042. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. These lease agreements provide primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance.
The components of lease cost for the following fiscal years presented below were as follows (in thousands):
202420232022
Operating lease cost$636,744 $612,595 $581,459 
Short-term lease cost26,186 31,234 27,827 
Variable lease cost131,832 125,043 116,516 
Sublease income(11,842)(11,730)(11,787)
Total lease cost$782,920 $757,142 $714,015 

Supplemental cash flow information related to operating leases for the following fiscal years are presented below (in thousands):
202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$708,988 $733,455 $615,772 
Non-cash operating lease assets obtained in exchange for operating lease liabilities $767,645 $697,499 $558,779 

Supplemental balance sheet information related to operating leases were as follows:
February 1,
2025
February 3,
2024
Weighted average remaining lease term for operating leases7.37 years6.78 years
Weighted average discount rate for operating leases5.51 %5.68 %
Future maturities of operating lease liabilities were as follows as of February 1, 2025 (in thousands):
Fiscal Year
2025$654,601 
2026652,882 
2027553,760 
2028423,857 
2029313,729 
Thereafter1,081,974 
Total future undiscounted lease payments3,680,803 
Less: imputed interest(677,260)
      Total reported lease liability$3,003,543 
The Company has entered into operating leases related to future store locations that have not yet commenced. As of February 1, 2025, the future minimum payments on these leases approximated $352.1 million.
The Company acts as sublessor on several operating leases. As of February 1, 2025, total future undiscounted minimum rentals under non-cancellable subleases approximated $44.2 million.