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Leases
 6 Months Ended
Aug. 03, 2024
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 August 3, 2024, the Company committed to 48 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $85.1 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 August 3, 2024 and July 29, 2023, the weighted average remaining lease term for the Company's operating leases was 7.5 years and 7.4 years, respectively, and the weighted average discount rate was 5.4% 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 CostAugust 3, 2024July 29, 2023August 3, 2024July 29, 2023
Operating lease cost$76,393 $65,081 $150,011 $127,427 
Variable lease cost23,241 18,536 44,972 36,746 
Net lease cost*$99,634 $83,617 $194,983 $164,173 

* Excludes short-term lease cost, which is immaterial.
The following table summarizes the maturity of lease liabilities under operating leases as of August 3, 2024 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2024$166,759 
2025336,350 
2026324,327 
2027304,079 
2028279,406 
After 2028895,358 
Total lease payments2,306,279 
Less: imputed interest411,784 
Present value of lease liabilities$1,894,495 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Twenty-Six Weeks Ended
August 3, 2024July 29, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$112,933 $108,649 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$212,454 $166,593 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.