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Leases
12 Months Ended
Jan. 31, 2022
Leases [Abstract]  
Leases

9. Leases

The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties.

Total operating lease costs were $268,863, $275,493 and $272,430 during fiscal 2022, 2021 and 2020, respectively. Total variable lease costs were $109,525, $89,833 and $126,492 during fiscal 2022, 2021 and 2020, respectively. Short-term lease costs and sublease income were not material during fiscal 2022, 2021 and 2020.

Other information related to leases was as follows:

Other information

 

Fiscal Year Ended January 31,

 

Cash paid for amounts included in the measurement of lease liabilities:

 

2022

 

 

2021

 

 

2020

 

Operating cash flows from operating leases

 

$

303,577

 

 

$

247,539

 

 

$

295,658

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

112,572

 

 

$

149,586

 

 

$

106,131

 

Weighted-average remaining lease term - operating leases

 

6.0 years

 

 

7.0 years

 

 

 

 

 

Weighted-average discount rate - operating leases

 

 

5.8

%

 

 

6.1

%

 

 

 

 

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2022:

 

Fiscal Year

 

Operating Leases

 

2023

 

$

297,586

 

2024

 

 

255,091

 

2025

 

 

218,167

 

2026

 

 

183,383

 

2027

 

 

130,596

 

Thereafter

 

 

357,805

 

Total undiscounted future minimum lease payments

 

 

1,442,628

 

Less imputed interest

 

 

(255,233

)

Total discounted future minimum lease payments

 

$

1,187,395

 

As of January 31, 2022, the Company had commitments of approximately $12,589 not included in the amounts above related to seven executed but not yet commenced store leases.

 Certain store leases provide for contingent rentals when sales exceed specified breakpoint levels, in lieu of a fixed minimum rent, that are not reflected in the above table. Additionally, there are 84 locations where a percentage of sales are paid, in lieu of a fixed minimum rent, that are not reflected in the above table. Total rent expense related to these 84 locations was approximately $9,487 for fiscal 2022.

In response to the COVID-19 pandemic and mandated store closures, the Company withheld certain minimum lease payments due to landlords. The amounts withheld at January 31, 2022 and January 31, 2021 were included in “Current portion of operating lease liabilities” in the Consolidated Balance Sheets.

During fiscal 2022 and 2021, the Company received rent concessions for a number of our stores and continue to negotiate for additional rent concessions at various other store locations. To the extent the rent concessions do not result in a substantial increase in

total payments in the existing lease, the Company has accounted for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as a lease modification. Rent concessions recorded by the Company during fiscal 2022 and 2021, as either negative variable rent or lease modifications have not had a material impact on the Company’s Consolidated Financial Statements.