Leases and Other Commitments

12 Months Ended

Feb. 01, 2025

For Fiscal 2024, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset was $82 million and variable lease expense was $47 million, resulting in total lease expense of $129 million. For Fiscal 2023, operating lease expense was $71 million and variable lease expense was $48 million, resulting in total lease expense of $119 million. For Fiscal 2022, operating lease expense was $61 million and variable lease expense was $43 million, resulting in total lease expense of $104 million. The weighted-average remaining operating lease term was eight years and six years as of February 1, 2025 and February 3, 2024, respectively. The weighted-average discount rate for operating leases was 6.1% and 5.7% as of February 1, 2025 and February 3, 2024, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $87 million, $89 million and $75 million, respectively.

As of February 1, 2025, 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
2025	79,490
2026	76,221
2027	68,842
2028	65,368
2029	50,287
After 2029	193,033
Total lease payments	$	533,241
Less: Difference between discounted and undiscounted lease payments	115,164
Present value of lease liabilities	$	418,077