v3.23.1
Leases (Tables)
12 Months Ended
Jan. 29, 2023
Leases [Abstract]  
Lease Cost
The following table details the Company's net lease expense. Certain of the Company's leases include rent escalation clauses, rent holidays, and leasehold rental incentives. The majority of the Company's leases for store premises also include contingent rental payments based on sales volume. The variable lease expenses disclosed below include contingent rent payments and other non-fixed lease related costs, including common area maintenance, property taxes, and landlord's insurance.
202220212020
(In thousands)
Net lease expense:
Operating lease expense$245,767 $215,549 $193,498 
Short-term lease expense16,790 12,366 11,721 
Variable lease expense114,441 90,852 60,991 
$376,998 $318,767 $266,210 
The weighted-average remaining lease term and weighted-average discount rate were as follows:
January 29, 2023
Weighted-average remaining lease term5.64 years
Weighted-average discount rate3.1 %
Operating Lease Maturities
The following table presents future minimum lease payments by fiscal year and the impact of discounting.
January 29, 2023
(In thousands)
2023$238,343 
2024265,787 
2025197,934 
2026143,603 
2027117,639 
Thereafter210,718 
Future minimum lease payments$1,174,024 
Impact of discounting(103,690)
Present value of lease liabilities$1,070,334 
Balance sheet classification:
Current lease liabilities$207,972 
Non-current lease liabilities862,362 
$1,070,334