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Leases
 12 Months Ended
Jan. 29, 2022
Leases [Abstract]  
Leases Leases
The Company currently leases all but two of its store locations with original, non-cancelable terms that in general range from three years to ten years. Store leases typically contain provisions for three to four renewal options of five years each. The exercise of lease renewal options is at the sole discretion of the Company. Most store leases also provide for minimum annual rentals and for payment of variable lease costs. In addition, some store leases also have provisions for additional rent based on a percentage of sales (“percentage rent”) and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual guarantees or material restrictive covenants. The Company does not have any financing leases.

The Company leases 15 distribution/warehouse facilities with expiration dates ranging from 2023 to 2029, and all contain renewal provisions. The Company also leases office space for its Los Angeles and Boston buying offices. The lease term for these facilities expire in 2022 and 2024, respectively. The Los Angeles buying office facility contains renewal provisions. In addition, the Company has a ground lease related to its New York buying office.

The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2021, 2020, and 2019:

($000)202120202019
Operating lease cost1
$687,187 $669,339 $639,545 
Variable lease costs2
194,112 172,036 174,438 
Net lease cost3
$881,299 $841,375 $813,983 
1 Net of sublease income which was immaterial.
2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and rent abatements negotiated due to the COVID-19 pandemic.
3 Excludes short-term lease costs which were immaterial.
The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of January 29, 2022, are as follows:

($000)
Operating Leases1
2022$658,639 
2023671,450 
2024560,052 
2025455,883 
2026340,980 
Thereafter1,462,855 
Total lease payments$4,149,859 
Less: interest980,045 
Present value of lease liabilities$3,169,814 
Less: current operating lease liabilities630,517 
Non-current operating lease liabilities$2,539,297 
1 Operating leases exclude $253.2 million of minimum lease payments for leases signed that have not yet commenced.

The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of January 29, 2022 and January 30, 2021 are as follows:

20212020
Weighted-average remaining lease term (years):
Including the long-term ground lease related to the New York buying office
10.210.4
Excluding the long-term ground lease related to the New York buying office
5.65.9
Weighted-average discount rate:
Including the long-term ground lease related to the New York buying office
3.2 %3.4 %
Excluding the long-term ground lease related to the New York buying office
2.8 %3.0 %

The following table presents cash paid for amounts included in the measurement of operating lease liabilities and operating lease assets obtained in exchange for new operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) for fiscal 2021, 2020, and 2019:

($000)202120202019
Cash paid for amounts included in the measurement of operating lease liabilities
$745,110 $554,620 $608,565 
Operating lease assets obtained in exchange for new operating lease liabilities1
$545,401 $610,552 $739,326 
1 Includes new leases and remeasurements or modifications of existing leases.