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Leases
 9 Months Ended
Oct. 29, 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 October 29, 2022, the Company committed to 28 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $55.7 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 October 29, 2022 and October 30, 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 5.6%, respectively.
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
Lease CostOctober 29, 2022October 30, 2021October 29, 2022October 30, 2021
Operating lease cost$59,401 $51,477 $171,080 $148,272 
Variable lease cost16,012 14,951 46,134 42,602 
Net lease cost*$75,413 $66,428 $217,214 $190,874 

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


The following table summarizes the maturity of lease liabilities under operating leases as of October 29, 2022 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2022$64,372 
2023257,370 
2024249,342 
2025235,106 
2026219,633 
After 2026744,076 
Total lease payments1,769,899 
Less: imputed interest282,593 
Present value of lease liabilities$1,487,306 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirty-Nine Weeks Ended
October 29, 2022October 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$154,840 $144,030 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$274,097 $266,717 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.