XML 30 R15.htm IDEA: XBRL DOCUMENT
v3.24.1

Leases | 12 Months Ended
--- | ---
Jan. 28, 2024
Leases [Abstract] |
Leases | Leases The components of our lease costs are as follows:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 | January 30, 2022
Operating lease costs | $ | 296,779 |  |  | $ | 275,086 |  | $ | 256,924 |
Variable lease costs | 132,304 |  |  | 138,155 |  | 127,784 |
Total lease costs | $ | 429,083 |  |  | $ | 413,241 |  | $ | 384,708 |
Sublease income and short-term lease costs were not material to us for fiscal 2023, fiscal 2022 and fiscal 2021. Supplemental cash flow information related to our leases are as follows:
| For the Fiscal Year Ended
(In thousands) | January 28, 2024 |  | January 29, 2023 | January 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 322,293 |  |  | $ | 296,053 |  | $ | 279,005 |
Our net additions to right-of-use assets were approximately $205.7 million and $389.5 million in fiscal 2023 and fiscal 2022, respectively. Additional information related to our leases is as follows:
| For the Fiscal Year Ended
| January 28, 2024 |  | January 29, 2023
Weighted-average remaining lease term (years) | 6.6 |  | 6.9
Weighted-average incremental borrowing rate | 3.8 | % |  | 3.4 | %
As of January 28, 2024, the future minimum lease payments under our operating lease liabilities are as follows:
(In thousands) |
Fiscal 2024 | $ | 320,067 |
Fiscal 2025 | 280,938 |
Fiscal 2026 | 239,206 |
Fiscal 2027 | 203,563 |
Fiscal 2028 | 162,873 |
Fiscal 2029 and thereafter | 418,477 |
Total lease payments | 1,625,124 |
Less: interest | (234,503) |
Total operating lease liabilities | 1,390,621 |
Less: current operating lease liabilities | (234,517) |
Total non-current operating lease liabilities | $ | 1,156,104 |
We have also entered into agreements to lease additional retail spaces, which will commence in fiscal 2024. Accordingly, future minimum lease payments under these agreements are not included in the table above. Memphis-Based Distribution Facility We have entered into an agreement with a partnership comprised of the estate of W. Howard Lester, our former Chairman of the Board and Chief Executive Officer, and the estate of James A. McMahan, a former Director Emeritus and significant stockholder and two unrelated parties to lease a distribution facility in Memphis, Tennessee through January 31, 2025. We made annual rental payments of approximately $2.6 million, $2.3 million, and $2.1 million plus applicable taxes, insurance and maintenance expenses in fiscal 2023, fiscal 2022 and fiscal 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration