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Leases
 6 Months Ended
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 EndedTwenty-Six Weeks Ended
Lease CostJuly 29, 2023July 30, 2022July 29, 2023July 30, 2022
Operating lease cost$65,081 $56,515 $127,427 $111,679 
Variable lease cost18,536 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 LiabilitiesOperating Leases
2023$142,003 
2024283,303 
2025270,261 
2026254,887 
2027234,040 
After 2027744,699 
Total lease payments1,929,193 
Less: imputed interest323,318 
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, 2023July 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.