Finance and operating lease liabilities and ROU assets |
The following table summarizes the Company’s finance and operating lease liabilities and ROU assets as of January 29, 2022 and January 30, 2021 (in thousands): | | | | | | | | | | | | | January 29, 2022 | | January 30, 2021 | Finance Leases: | | | | ROU assets recorded | $ | 19,283 | | | $ | 19,283 | | Accumulated amortization | 11,706 | | | 10,578 | | Lease liability | 16,082 | | | 15,230 | | Operating Leases: | | | | ROU assets recorded | 2,599,460 | | | 2,363,437 | | Accumulated amortization | 467,473 | | | 304,674 | |
|
Lease cost and other information |
The following table is a summary of the components of net lease costs for the years ended January 29, 2022, January 30, 2021 and February 1, 2020 (in thousands): | | | | | | | | | | | | | | | | | | | January 29, 2022 | | January 30, 2021 | | February 1, 2020 | Operating lease cost | $ | 336,094 | | | $ | 327,325 | | | $ | 322,346 | | Finance lease cost: | | | | | | Amortization of right-of-use assets | 1,128 | | | 564 | | | 1,128 | | Interest on lease liabilities | 4,022 | | | 3,965 | | | 2,503 | | Total finance lease costs | 5,150 | | | 4,529 | | | 3,631 | | Sublease income | (980) | | | (251) | | | — | | Variable lease costs | 85 | | | 230 | | | 98 | | Net lease costs | $ | 340,349 | | | $ | 331,833 | | | $ | 326,075 | |
The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of January 29, 2022 were as follows: | | | | | | | | | | | | | Operating Leases | | Finance Leases | Weighted-average remaining lease term (in years) | 8.9 | | 11.2 | Weighted-average discount rate | 7.8 | % | | 7.7 | % |
Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | | | | | January 29, 2022 | | January 30, 2021 | | February 1, 2020 | Operating cash flows paid for operating leases | $ | 325,941 | | | $ | 317,997 | | | $ | 311,971 | | Operating cash flows paid for interest portion of finance leases | 4,022 | | | 3,965 | | | 2,503 | | Financing cash flows paid for principal portion of finance leases | 1,112 | | | 984 | | | 612 | |
|
Future lease commitments |
Future lease commitments to be paid by the Company as of January 29, 2022 were as follows (in thousands): | | | | | | | | | | | | Fiscal Year | Operating Leases | | Finance Leases | 2022 | $ | 337,452 | | | $ | 3,601 | | 2023 | 335,268 | | | 3,601 | | 2024 | 317,742 | | | 3,601 | | 2025 | 302,356 | | | 3,928 | | 2026 | 287,180 | | | 3,970 | | Thereafter | 1,860,343 | | | 11,947 | | Total future minimum lease payments | 3,440,341 | | | 30,648 | | Less: imputed interest | (1,239,128) | | | (14,566) | | Present value of lease liabilities | $ | 2,201,213 | | | $ | 16,082 | |
|