Leases

12 Months Ended

Jan. 29, 2023

Leases [Abstract]

Leases

Leases

The components of our lease costs are as follows:

	For the Fiscal Year Ended
(In thousands)	January 29, 2023		January 30, 2022
Operating lease costs	$	275,086	$	256,924
Variable lease costs	138,155		127,784
Total lease costs	$	413,241	$	384,708

Sublease income and short-term lease costs were not material to us for fiscal 2022 or fiscal 2021.

Supplemental cash flow information related to our leases are as follows: 

	For the Fiscal Year Ended
(In thousands)	January 29, 2023		January 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	296,053	$	279,005
Net additions to right-of-use assets	$	389,494	$	268,143

Additional information related to our leases is as follows: 

	For the Fiscal Year Ended
	January 29, 2023		January 30, 2022
Weighted average remaining lease term (years)	6.9		7.0
Weighted average incremental borrowing rate	3.4	%	3.2	%

As of January 29, 2023, the future minimum lease payments under our operating lease liabilities are as follows:

(In thousands)
Fiscal 2023	$	308,272
Fiscal 2024	275,043
Fiscal 2025	244,068
Fiscal 2026	209,178
Fiscal 2027	173,054
Fiscal 2028 and thereafter	457,271
Total lease payments	1,666,886
Less: interest	(223,228)
Total operating lease liabilities	1,443,658
Less: current operating lease liabilities	(231,965)
Total non-current operating lease liabilities	$	1,211,693

We have also entered into agreements to lease additional distribution facilities and retail spaces, which will commence in fiscal 2023. Accordingly, future minimum lease payments under these agreements are not included in the table above.

Memphis-Based Distribution Facility

We have entered into an agreement with a partnership comprised of the estate of W. Howard Lester, our former Chairman of the Board and Chief Executive Officer, and the estate of James A. McMahan, a former Director Emeritus and significant stockholder and two unrelated parties to lease a distribution facility in Memphis, Tennessee through January 31, 2024. We made annual rental payments of approximately $2.3 million, $2.1 million, and $1.5 million plus applicable taxes, insurance and maintenance expenses in fiscal 2022, fiscal 2021 and fiscal 2020, respectively.