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LEASES

12 Months Ended

Jan. 28, 2023

The following components of lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Fiscal Years Ended
	January 28, 2023		January 29, 2022		January 30, 2021
	(in thousands)
Fixed operating lease cost	$	99,988	$	113,681	$	128,373
Variable operating lease cost (1)	51,905		39,711		44,085
Total operating lease cost	$	151,893	$	153,392	$	172,458

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(1)Includes short term leases with lease periods of less than 12 months as well as lease abatements accounted for as reductions to variable lease costs under the COVID-19 expedient of $1.5 million, $12.1 million, and $12.9 million for Fiscal 2022, Fiscal 2021, and Fiscal 2020, respectively.

As of January 28, 2023, the weighted-average remaining operating lease term was 3.8 years, and the weighted-average discount rate for operating leases was 5.0%. Cash paid for amounts included in the measurement of operating lease liabilities in Fiscal 2022 was $102.5 million. ROU assets obtained in exchange for new operating lease liabilities were $60.9 million in Fiscal 2022.

As of January 28, 2023, the maturities of operating lease liabilities were as follows:


	January 28, 2023
	(in thousands)
2023	$	85,250
2024	40,596
2025	19,265
2026	15,533
2027	13,169
Thereafter	17,816
Total operating lease payments	191,629
Less: imputed interest	(16,571)
Present value of operating lease liabilities	$	175,058