Leases

3 Months Ended

Apr. 29, 2023

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 April 29, 2023, the Company committed to 95 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $154.3 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 April 29, 2023 and April 30, 2022, the weighted average remaining lease term for the Company's operating leases was 7.3 years and 7.8 years, respectively, and the weighted average discount rate was 5.3% and 5.2%, respectively.

The following table is a summary of the Company's components for net lease costs (in thousands):


	Thirteen Weeks Ended
Lease Cost	April 29, 2023		April 30, 2022
Operating lease cost	$	62,346	$	55,164
Variable lease cost	18,210		15,625
Net lease cost*	$	80,556	$	70,789

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

The following table summarizes the maturity of lease liabilities under operating leases as of April 29, 2023 (in thousands):


Maturity of Lease Liabilities	Operating Leases
2023	$	207,875
2024	266,213
2025	251,725
2026	236,042
2027	214,289
After 2027	643,952
Total lease payments	1,820,096
Less: imputed interest	302,173
Present value of lease liabilities	$	1,517,923

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):


	Thirteen Weeks Ended
	April 29, 2023		April 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)	$	58,764	$	50,531
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	57,182	$	98,333

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