Lease Commitments (Tables)

9 Months Ended

Nov. 02, 2024

The following is a schedule of the Company’s future lease payments:


	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2024 (remainder)	$	100,447		$	869
2025		665,226			3,526
2026		625,286			3,640
2027		583,996			3,640
2028		535,944			3,447
Thereafter		1,954,979			20,787
Total future minimum lease payments		4,465,878			35,909
Amount representing interest		(939,922	)		(10,404	)
Total lease liabilities		3,525,956			25,505
Less: current portion of lease liabilities		(401,840	)		(2,168	)
Total long term lease liabilities	$	3,124,116		$	23,337

Weighted average discount rate	6.0%			5.5%
Weighted average remaining lease term (years)	7.8			12.2

Schedule of Net Lease Costs

The following is a schedule of net lease costs for the periods indicated:


	(in thousands)
	Three Months Ended						Nine Months Ended
	November 2, 2024			October 28, 2023			November 2, 2024			October 28, 2023
Finance lease cost:
Amortization of finance lease asset (a)	$	566		$	877		$	2,007		$	2,630
Interest on lease liabilities (b)		351			454			1,096			1,425
Operating lease cost (c)		158,211			147,270			466,239			427,072
Variable lease cost (c)		63,652			58,915			186,204			168,864
Total lease cost		222,780			207,516			655,546			599,991
Impairment (gain) on sale and leaseback transaction (d)		—			—			8,210			(1,958	)
Less all rental income (e)		(1,261	)		(1,383	)		(3,974	)		(4,224	)
Total net rent expense (f)	$	221,519		$	206,133		$	659,782		$	593,809

(a)

Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income.

(b)

Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income.

(c)

Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.

(d)

Impairment included in the line item "Impairment charges - long-lived assets" and gain included in line item “Other income - net” in the Company’s Condensed Consolidated Statements of Income.

(e)

Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income.

(f)

Excludes an immaterial amount of short-term lease cost.

Schedule of Supplemental Cash Flow Disclosures Related to Leases

Supplemental cash flow disclosures related to leases are as follows:


	(in thousands)
	Nine Months Ended
	November 2, 2024		October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	471,192	$	431,200
Cash payments for the principal portion of finance lease liabilities (b)	$	2,041	$	2,975
Cash payments for the interest portion of finance lease liabilities (a)	$	1,096	$	1,425
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	531,539	$	494,327

(a)

Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

(b)

Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.