XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases
 6 Months Ended
Jul. 30, 2022
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
During the thirteen weeks ended July 30, 2022, the Company committed to 45 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $79.8 million.
All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of July 30, 2022 and July 31, 2021, the weighted average remaining lease term for the Company's operating leases was 7.7 years and 7.9 years, respectively, and the weighted average discount rate was 5.2% and 6.2%, respectively.
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks EndedTwenty-Six Weeks Ended
Lease CostJuly 30, 2022July 31, 2021July 30, 2022July 31, 2021
Operating lease cost$56,515 $49,265 $111,679 $96,794 
Variable lease cost14,497 14,020 30,122 27,650 
Net lease cost*$71,012 $63,285 $141,801 $124,444 

* Excludes short-term lease cost, which is immaterial.


The following table summarizes the maturity of lease liabilities under operating leases as of July 30, 2022 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2022$121,906 
2023247,168 
2024237,869 
2025223,248 
2026207,731 
After 2026672,214 
Total lease payments1,710,136 
Less: imputed interest278,055 
Present value of lease liabilities$1,432,081 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Twenty-Six Weeks Ended
July 30, 2022July 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$102,023 $96,384 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$188,968 $171,581 

(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.