Leases and Other Commitments

12 Months Ended

Feb. 03, 2024

Leases and Other Commitments

Leases and Other Commitments

Note 7. Leases and Other Commitments

For Fiscal 2023, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset was $71 million and variable lease expense was $48 million, resulting in total lease expense of

$119 million. For Fiscal 2022, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset was $61 million and variable lease expense was $43 million, resulting in total lease expense of $104 million.  For Fiscal 2021, operating lease expense was $58 million and variable lease expense was $35 million, resulting in total lease expense of $93 million. As of both February 3, 2024 and January 28, 2023, the weighted-average remaining operating lease term was six years. The weighted-average discount rate for operating leases was 5.7% and 4.7% as of February 3, 2024 and January 28, 2023, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2023, Fiscal 2022 and Fiscal 2021 was $89 million, $75 million and $70 million, respectively.

As of February 3, 2024, 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
2024		78,886
2025		64,045
2026		58,746
2027		45,053
2028		39,334
After 2028		82,348
Total lease payments	$	368,412
Less: Difference between discounted and undiscounted lease payments		60,133
Present value of lease liabilities	$	308,279