Leases and Other Commitments

12 Months Ended

Jan. 29, 2022

Leases

Leases

Note 6. Leases and Other Commitments

For Fiscal 2021, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset was $58 million and variable lease expense was $35 million, resulting in total lease expense of $93 million. For Fiscal 2020, operating lease expense was $64 million and variable lease expense was $30 million, resulting in total lease expense of $93 million. For Fiscal 2019, operating lease expense was $66 million and variable lease expense was $34 million, resulting in total lease expense of $99 million. As of January 29, 2022 and January 30, 2021, the weighted-average remaining operating lease term was five years and six years, respectively, and the weighted-average discount rate for operating leases was 3.8% and 4.1%, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2021, Fiscal 2020 and Fiscal 2019 was $70 million, $63 million and $70 million, respectively.

As of January 29, 2022, the required lease liability payments, which include base rent amounts but excludes payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent rents incurred under operating lease agreements, for the fiscal years specified below were as follows (in thousands):

	Operating lease
2022		68,726
2023		61,972
2024		49,354
2025		35,946
2026		27,928
After 2026		45,240
Total lease payments	$	289,166
Less: Difference between discounted and undiscounted lease payments		28,406
Present value of lease liabilities	$	260,760