(1)

Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of income based on our accounting policy. Refer to Note 3—Significant Accounting Policies in the 2021 Form 10-K.

(2)	Included in interest expense—net on the condensed consolidated statements of income.

(3)

Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent based on a percentage of retail sales over contractual levels of $6.7 million and $6.3 million for the three months ended April 30, 2022 and May 1, 2021, respectively, and charges associated with common area maintenance of $2.4 million and $2.1 million for the three months ended April 30, 2022 and May 1, 2021, respectively. Other variable costs, which include single lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset, were not material in either period.

(4)	Included as an offset to selling, general and administrative expenses on the condensed consolidated statements of income.

Lease right-of-use assets and lease liabilities consist of the following:


		APRIL 30,		JANUARY 29,
		2022		2022

		(in thousands)
	Balance Sheet Classification
Assets
Operating leases	Operating lease right-of-use assets	$	544,797	$	551,045
Finance leases⁽¹⁾⁽²⁾	Property and equipment—net		918,605		784,327
Total lease right-of-use assets		$	1,463,402	$	1,335,372
Liabilities
Current⁽³⁾
Operating leases	Operating lease liabilities	$	74,309	$	73,834
Finance leases	Other current liabilities		15,982		15,511
Total lease liabilities—current			90,291		89,345
Non-current
Operating leases	Non-current operating lease liabilities		533,074		540,513
Finance leases	Non-current finance lease liabilities		594,728		560,550
Total lease liabilities—non-current			1,127,802		1,101,063
Total lease liabilities		$	1,218,093	$	1,190,408

(1)	Finance lease right-of-use assets include capitalized amounts related to our completed construction activities to design and build leased assets, which are reclassified from other non-current assets upon lease commencement.

(2)	Finance lease right-of-use assets are recorded net of accumulated amortization of $185 million and $174 million as of April 30, 2022 and January 29, 2022, respectively.

(3)	Current portion of lease liabilities represents the reduction of the related lease liability over the next 12 months.

The maturities of lease liabilities are as follows as of April 30, 2022:


	OPERATING		FINANCE
FISCAL YEAR	LEASES		LEASES		TOTAL

	(in thousands)
Remainder of fiscal 2022	$	73,005	$	34,056	$	107,061
2023		91,430		45,762		137,192
2024		86,055		46,131		132,186
2025		84,275		47,338		131,613
2026		80,949		48,111		129,060
2027		76,416		49,052		125,468
Thereafter		238,655		773,145		1,011,800
Total lease payments⁽¹⁾⁽²⁾		730,785		1,043,595		1,774,380
Less—imputed interest⁽³⁾		(123,402)		(432,885)		(556,287)
Present value of lease liabilities	$	607,383	$	610,710	$	1,218,093

(1)

Total lease payments include future obligations for renewal options that are reasonably certain to be exercised and are included in the measurement of the lease liability. Total lease payments exclude $512 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of April 30, 2022, of which $17 million, $27 million, $33 million, $34 million, $33 million and $31 million will be paid in fiscal 2022, fiscal 2023, fiscal 2024, fiscal 2025, fiscal 2026 and fiscal 2027, respectively, and $337 million will be paid subsequent to fiscal 2027.

(2)	Excludes future commitments under short-term lease agreements of $0.9 million as of April 30, 2022.

(3)	Calculated using the discount rate for each lease at lease commencement.

Supplemental information related to leases consists of the following:


	THREE MONTHS ENDED
	APRIL 30,		MAY 1,
	2022		2021

	(in thousands)
Weighted-average remaining lease term (years)
Operating leases		8.9		9.5
Finance leases		21.1		18.2
Weighted-average discount rate
Operating leases		3.95%		4.00%
Finance leases		5.06%		4.99%

Other information related to leases consists of the following:


	THREE MONTHS ENDED
	APRIL 30,		MAY 1,
	2022		2021

	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(25,199)	$	(25,456)
Operating cash flows from finance leases		(7,071)		(6,253)
Financing cash flows from finance leases		(3,559)		(3,671)
Total cash outflows from leases	$	(35,829)	$	(35,380)
Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations (non-cash)
Operating leases	$	12,459	$	103,088
Finance leases		38,252		19,611