Leases

12 Months Ended

Jan. 30, 2021

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 following fiscal periods presented were as follows (in thousands):


	2020		2019
Operating lease cost	$	584,392	$	590,381
Short-term lease cost	10,625		7,579
Variable lease cost	119,007		119,452
Sublease income	(10,798)		(5,135)
Total lease cost	$	703,226	$	712,277

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

Supplemental cash flow information related to operating leases for the following fiscal years presented were as follows (in thousands):


	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	620,529	$	655,679
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases	$	299,619	$	244,153

Supplemental balance sheet information related to operating leases were as follows:


	January 30, 2021		February 1, 2020
Weighted average remaining lease term for operating leases	6.40 years		6.71 years
Weighted average discount rate for operating leases	6.44	%	6.57	%

Future maturities of operating lease liabilities as of January 30, 2021 were as follows (in thousands):


Fiscal Year
2021	$	687,983
2022	614,897
2023	535,486
2024	436,699
2025	344,066
Thereafter	707,293
Total future undiscounted lease payments	3,326,424
Less: imputed interest	(594,446)
Total reported lease liability	$	2,731,978

The Company has entered into operating leases, primarily related to future store locations, that have not yet commenced. As of January 30, 2021, the future minimum payments on these leases approximated $67.3 million.

The Company acts as sublessor on several operating leases. As of January 30, 2021, total future minimum rentals under non-cancellable subleases approximated $66.6 million.