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Leases | 12 Months Ended
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Feb. 04, 2025
Leases [Abstract] |
Leases | Leases The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows:
| February 4, 2025 |  | February 4, 2024 |  | January 29, 2023
Operating lease cost | $ | 202.5 |  |  | $ | 198.3 |  |  | $ | 168.2 |
Variable lease cost | 42.5 |  |  | 40.1 |  |  | 38.4 |
Short-term lease cost (1) | 2.5 |  |  | 2.9 |  |  | 2.1 |
Total lease cost | $ | 247.5 |  |  | $ | 241.3 |  |  | $ | 208.7 |
(1)We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. We have not recorded ROU assets and liabilities for leases with an initial term of 12 months or less that do not include a purchase option that we are reasonably certain to exercise. Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in “Other store operating expenses” for our operating stores, “Pre-opening costs” for our stores not yet operating, or “General and administrative expenses” for our store support center, in the Consolidated Statements of Comprehensive Income. Supplemental disclosures of cash flow information related to leases were as follows for years ended:
| February 4, 2025 |  | February 4, 2024 |  | January 29, 2023
Cash paid for operating lease liabilities | $ | 205.9 |  |  | $ | 204.3 |  |  | $ | 189.3 |
Lease assets obtained in exchange for new operating lease liabilities (1)(2) | $ | 92.1 |  |  | $ | 92.8 |  |  | $ | 376.2 |
Weighted-average remaining lease term—operating leases | 12.6 years |  | 12.9 years |  | 13.6 years
Weighted-average discount rate—operating leases | 7.6 | % |  | 7.5 | % |  | 7.1 | %
(1)Amounts shown are net of tenant improvement allowances recorded as a reduction of the initial right of use asset. (2)Assets obtained during the fiscal year ended January 29, 2023 include leases acquired in a business combination. Minimum future maturities of operating lease liabilities as of February 4, 2025 were as follows:
2025 | $ | 216.1 |
2026 | 220.2 |
2027 | 216.6 |
2028 | 215.5 |
2029 | 209.3 |
Thereafter | 1,559.6 |
Total future operating lease liability | $ | 2,637.3 |
Less: interest | (963.6) |
Present value of operating lease liabilities | $ | 1,673.7 |
Operating lease payments above exclude approximately $146.6 of minimum lease payments related to eight facility leases that have been executed but have not yet commenced. Sale-Leaseback Transactions The Company has entered into sale and master lease agreements (“sale-leasebacks”) with unrelated third parties. Under these agreements, the Company sold store properties, including land, buildings and certain improvements and then leased the assets back through leaseback transactions. Based on certain criteria and in accordance with GAAP under ASC 842, Leases, these transactions were accounted for as failed sale-leasebacks. As a result, the store property assets remain on the Consolidated Balance Sheet at their historical net book value and are depreciated over the remaining term of the applicable master lease. Financing liabilities were recognized in the amount of the proceeds received. The Company does not recognize rent expense related to the leased assets. Instead, monthly rent payments under the applicable master lease agreement are recorded as interest expense and a reduction of the outstanding liability. A summary of the transactions during fiscal 2024 and fiscal 2023 are as follows (there were no such transactions in fiscal 2022):
| Properties |  | Sale Price |  | Net Proceeds |  | Annual Rent (1)
October 2023 | 4 |  | $ | 85.8 |  |  | $ | 84.2 |  |  | $ | 6.4 |
July 2024 | 2 |  | $ | 44.8 |  |  | $ | 44.3 |  |  | $ | 3.6 |
September 2024 | 1 |  | $ | 28.5 |  |  | $ | 28.0 |  |  | $ | 2.1 |
February 2025 | 5 |  | $ | 111.4 |  |  | $ | 108.7 |  |  | $ | 8.1 |
(1)Represents annual rent for the first year of the master lease agreement. Subsequent years may be subject to rent escalation. As of February 4, 2025 the long-term outstanding liability of $263.9 was recorded in Other long-term liabilities and the current outstanding liability of $1.0 was recorded in “Accrued liabilities” on the Consolidated Balance Sheets related to the financing liability.

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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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