|12 Months Ended
Jan. 28, 2023
The lease cost for operating leases that was recognized in the accompanying consolidated income statements was as follows:
As of January 28, 2023, maturities of lease liabilities were as follows:
The future lease payments above exclude $502.3 million of legally binding minimum lease payments for leases signed but not yet commenced as of January 28, 2023.
Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is as follows:
The following represents supplemental information pertaining to our operating lease arrangements:
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 $88.4 million as of January 28, 2023 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.