Leases

12 Months Ended

Feb. 01, 2020

The Company leases all of its stores, three of its distribution centers and certain equipment under non-cancellable operating leases that expire at various dates through 2033. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. The lease agreements provide primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance.

The components of lease cost for the current fiscal year were as follows (in thousands):


	2019
Operating lease cost	$	590,381
Short-term lease cost	7,579
Variable lease cost	119,452
Sublease income	(5,135)
Total lease cost	$	712,277

Prior to the adoption of ASU 2016-02, Leases (Topic 842), rent expense under operating leases totaled $530.9 million and $532.7 million in fiscal 2018 and fiscal 2017, respectively.

Supplemental cash flow information related to operating leases for fiscal 2019 were as follows (in thousands):


Cash paid for amounts included in the measurement of operating lease liabilities	$	655,679
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases	$	244,153

Supplemental balance sheet information related to operating leases as of February 1, 2020 were as follows:


Weighted average remaining lease term for operating leases	6.71 years
Weighted average discount rate for operating leases	6.57	%

Future maturities of operating lease liabilities as of February 1, 2020 were as follows (in thousands):


Fiscal Year
2020	$	652,337
2021	623,352
2022	566,596
2023	486,424
2024	389,918
Thereafter	843,469
Total future undiscounted lease payments	3,562,096
Less: imputed interest	(685,780)
Total reported lease liability	$	2,876,316

The Company has entered into operating leases, primarily related to future store locations, that have not yet commenced. As of February 1, 2020, the future minimum payments on these leases approximated $152.8 million.

The Company acts as sublessor on several operating leases. As of February 1, 2020, total future minimum rentals under non-cancellable subleases approximated $56.9 million.