Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.1
Leases
 12 Months Ended
Feb. 03, 2024
Leases [Abstract]  
Leases Leases
Our lease portfolio primarily consists of leases for our retail store locations, vehicles and trailers, as well as distribution center space and equipment.
The lease cost for operating leases that was recognized in the accompanying Consolidated Statements of Operations was as follows:
Year Ended
(in millions) February 3, 2024 January 28, 2023 January 29, 2022
Operating lease cost $ 1,713.0  $ 1,652.8  $ 1,602.8 
Variable lease cost 450.3  428.8  417.8 
Short-term lease cost 20.0  10.8  5.6 
Total lease cost* $ 2,183.3  $ 2,092.4  $ 2,026.2 
*Excludes sublease income, which is immaterial
There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases.
As of February 3, 2024, maturities of lease liabilities were as follows:
Fiscal Year
 (in millions)
2024 $ 1,622.3 
2025 1,572.2 
2026 1,336.3 
2027 1,074.3 
2028 786.4 
Thereafter 1,499.5 
Total undiscounted lease payments 7,891.0 
Less interest 930.4 
Present value of lease liabilities $ 6,960.6 
The future lease payments above exclude $415.7 million of legally binding minimum lease payments for leases signed but not yet commenced as of February 3, 2024.
Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is as follows:
February 3, 2024 January 28, 2023 January 29, 2022
Weighted-average remaining lease term (years) 5.7 5.7 5.9
Weighted-average discount rate 4.1  % 3.6  % 3.4  %

The following represents supplemental information pertaining to our operating lease arrangements:
Year Ended
(in millions) February 3, 2024 January 28, 2023 January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 1,852.1  $ 1,559.7  $ 1,579.8