Leases

12 Months Ended

Jan. 30, 2022

Leases

Leases

Note 7: Leases

The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and property taxes, are as follows:

	January 30, 2022		January 31, 2021		February 2, 2020
Operating lease cost	$	134,910	$132,658		$	124,065
Variable lease cost		30,122		25,360		30,009
Short-term lease cost (1)		549		457		435
Total lease cost	$	165,581	$	158,475	$	154,509

(1)  We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Leases with an initial term of 12 months or less, that do not include a purchase option that we are reasonably certain to exercise, are not recorded on the Consolidated Balance Sheet.

Operating lease cost, variable lease cost and short-term lease cost related primarily to our facilities is included in “Other store operating expenses” for our operating stores, “Pre-opening costs” for our stores not yet operating, or “General and administrative expenses” for our former corporate headquarters and new store support center, in the Consolidated Statements of Comprehensive Income (Loss).

Supplemental disclosures of cash flow information related to leases were as follows:

	January 30, 2022			January 31, 2021			February 2, 2020
Cash paid for operating lease liabilities	$	157,197		$	77,292		$	123,748
ROU assets obtained in exchange for new operating lease liabilities (1)	$	72,559		$	98,218		$	220,648
Weighted-average remaining lease term—operating leases (in years)		14.2			14.8			15.7
Weighted-average discount rate—operating leases		6.02	%		5.94	%		5.90	%

(1)  Excludes the transition adjustment at adoption of Topic 842 in fiscal 2019.

Minimum future maturities of operating lease liabilities were as follows as of January 30, 2022, by fiscal year:

2022	$	134,011
2023		143,762
2024		143,431
2025		144,305
2026		145,453
Thereafter		1,333,575
Total future operating lease liability	$	2,044,537
Less: interest		(711,489	)
Present value of operating lease liabilities	$	1,333,048

Operating lease payments in the table above includes minimum lease payments for four future sites for which the leases have commenced. Operating lease payments exclude approximately $105,000 of minimum lease payments for five executed facility leases which have not yet commenced.