Leases and Other Commitments

3 Months Ended

May 04, 2024

Leases and Other Commitments

Leases and Other Commitments

4.    Leases: For the First Quarter of Fiscal 2024, operating lease expense was $19 million and variable lease expense was $13 million, resulting in total lease expense of $32 million compared to $28 million of total lease expense in the First Quarter of Fiscal 2023.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2024 was $22 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2023 was $21 million.

As of May 4, 2024, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):

	Operating lease
Remainder of 2024	$	62,510
2025		71,153
2026		68,663
2027		54,538
2028		49,632
2029		35,765
After 2029		101,054
Total lease payments	$	443,315
Less: Difference between discounted and undiscounted lease payments		81,870
Present value of lease liabilities	$	361,445