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Leases
 9 Months Ended
Oct. 28, 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 October 28, 2023, the Company committed to 69 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $126.6 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 28, 2023 and October 29, 2022, the weighted average remaining lease term for the Company's operating leases was 7.5 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 EndedThirty-Nine Weeks Ended
Lease CostOctober 28, 2023October 29, 2022October 28, 2023October 29, 2022
Operating lease cost$69,298 $59,401 $196,725 $171,080 
Variable lease cost19,435 16,012 56,181 46,134 
Net lease cost*$88,733 $75,413 $252,906 $217,214 

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


The following table summarizes the maturity of lease liabilities under operating leases as of October 28, 2023 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2023$77,974 
2024300,247 
2025287,065 
2026272,970 
2027251,272 
After 2027833,838 
Total lease payments2,023,366 
Less: imputed interest336,811 
Present value of lease liabilities$1,686,555 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirty-Nine Weeks Ended
October 28, 2023October 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$170,156 $154,840 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$282,147 $274,097 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.