Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Jan. 30, 2021
Leases [Abstract]  
Leases Leases
The lease cost for operating leases that was recognized in the accompanying consolidated statements of operations was as follows:
Year Ended
(in millions) January 30, 2021 February 1, 2020
Operating lease cost $ 1,551.2  $ 1,520.5 
Variable lease cost 391.4  375.9 
Short-term lease cost 9.7  14.8 
Total lease cost* $ 1,952.3  $ 1,911.2 
*Excludes sublease income, which is immaterial
As previously disclosed in our Annual Report on Form 10-K for the year ended February 2, 2019 and in accordance with ASC 840, rental expense for the year ended February 2, 2019 was $1,411.3 million.
As of January 30, 2021, maturities of lease liabilities were as follows:
(in millions)
2021 $ 1,467.5 
2022 1,372.0 
2023 1,159.0 
2024 939.9 
2025 706.3 
Thereafter 1,578.0 
Total undiscounted lease payments 7,222.7 
Less interest 809.0 
Present value of lease liabilities $ 6,413.7 
The future lease payments above exclude $236.8 million of legally binding minimum lease payments for leases signed but not yet commenced as of January 30, 2021.
Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is as follows:
January 30, 2021 February 1, 2020
Weighted-average remaining lease term (years) 6.1 6.4
Weighted-average discount rate 3.9  % 4.3  %
The following represents supplemental information pertaining to our operating lease arrangements:
Year Ended
(in millions) January 30, 2021 February 1, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 1,519.4  $ 1,433.4 
Right-of-use assets obtained in exchange for new operating lease liabilities 1,440.2  1,286.1 
Distribution Center Lease and Related Bonds
In May 2017, we entered into a long-term property lease (“Missouri Lease”) which includes land and the construction of a 1.2 million square foot distribution center in Warrensburg, Missouri (“Distribution Center Project”). The Distribution Center Project was completed in 2018 and our investment in the project of $96.9 million as of January 30, 2021 is reflected in “Property, plant and equipment, net.” The Missouri Lease commenced upon its execution in May 2017 and expires on December 1, 2032. We have two options to extend the Missouri Lease term for up to a combined additional ten years. Following the expiration of the lease, the property reverts back to us.
In addition to being a party to the Missouri Lease, we are also the owner of bonds which were issued in May 2017, are secured by the Missouri Lease and expire December 1, 2032 (“Missouri Bonds”). The Missouri Bonds are debt issued by the lessor in the Missouri Lease. Therefore, we hold the debt instrument pertaining to our Missouri Lease obligation. Because a legal right of offset exists, we are accounting for the Missouri Bonds as a reduction of our Missouri Lease obligation in the accompanying consolidated balance sheets.