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Leases | 6 Months Ended
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Jul. 29, 2023
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 29, 2023, the Company committed to 57 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $116.7 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 July 29, 2023 and July 30, 2022, the weighted average remaining lease term for the Company's operating leases was 7.4 years and 7.7 years, respectively, and the weighted average discount rate was 5.2% and 5.2%, respectively. The following table is a summary of the Company's components for net lease costs (in thousands):
| Thirteen Weeks Ended |  | Twenty-Six Weeks Ended
Lease Cost | July 29, 2023 |  | July 30, 2022 |  | July 29, 2023 |  | July 30, 2022
Operating lease cost | $ | 65,081 |  |  | $ | 56,515 |  |  | $ | 127,427 |  |  | $ | 111,679 |
Variable lease cost | 18,536 |  |  | 14,497 |  |  | 36,746 |  |  | 30,122 |
Net lease cost* | $ | 83,617 |  |  | $ | 71,012 |  |  | $ | 164,173 |  |  | $ | 141,801 |
* Excludes short-term lease cost, which is immaterial. The following table summarizes the maturity of lease liabilities under operating leases as of July 29, 2023 (in thousands):
Maturity of Lease Liabilities |  | Operating Leases
2023 |  | $ | 142,003 |
2024 |  | 283,303 |
2025 |  | 270,261 |
2026 |  | 254,887 |
2027 |  | 234,040 |
After 2027 |  | 744,699 |
Total lease payments |  | 1,929,193 |
Less: imputed interest |  | 323,318 |
Present value of lease liabilities |  | $ | 1,605,875 |
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
|  | Twenty-Six Weeks Ended
|  | July 29, 2023 |  | July 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Cash payments arising from operating lease liabilities (1) |  | $ | 108,649 |  |  | $ | 102,023 |
Supplemental non-cash information: |  |  |  |
Operating lease liabilities arising from obtaining right-of-use assets |  | $ | 166,593 |  |  | $ | 188,968 |
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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