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Leases (Tables) | 12 Months Ended
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Jan. 28, 2023
Leases |
Summary of Lease Costs-Net | Lease costs—net consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED
​ | ​ | JANUARY 28, |  | JANUARY 29, |  | JANUARY 30,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Operating lease cost(1) | ​ | $ | 100,646 | ​ | $ | 99,985 | ​ | $ | 84,852
Finance lease costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of leased assets(1) | ​ | ​ | 52,346 | ​ | ​ | 43,964 | ​ | ​ | 41,292
Interest on lease liabilities(2) | ​ | ​ | 32,051 | ​ | ​ | 26,412 | ​ | ​ | 24,011
Variable lease costs(3) | ​ | ​ | 27,848 | ​ | ​ | 36,914 | ​ | ​ | 20,485
Sublease income(4) | ​ | ​ | (4,455) | ​ | ​ | (4,184) | ​ | ​ | (7,723)
Total lease costs—net | ​ | $ | 208,436 | ​ | $ | 203,091 | ​ | $ | 162,917
(1) | Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or s elling, general and administrative expenses on the consolidated statements of income based on our accounting policy. Refer to Note 3—Significant Accounting Policies.
(2) | Included in interest expense—net on the consolidated statements of income.
(3) | Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent based on a percentage of retail sales over contractual levels of $19 million, $28 million and $13 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, as well as charges associated with common area maintenance of $9.3 million, $8.8 million and $7.1 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. Other variable costs, which include single lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset, were not material in any period presented.
(4) | Included in selling, general and administrative expenses on the consolidated statements of income.
Summary of Lease Right-of-use Assets and Lease Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | JANUARY 28, | ​ | JANUARY 29,
​ | ​ | ​ |  | 2023 |  | 2022
​ | ​ | ​ | ​ | (in thousands)
​ | ​ | Balance Sheet Classification | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Operating lease right-of-use assets | ​ | $ | 527,246 | ​ | $ | 551,045
Finance leases(1)(2)(3) | ​ | Property and equipment—net | ​ | ​ | 1,078,979 | ​ | ​ | 784,327
Total lease right-of-use assets | ​ | ​ | ​ | $ | 1,606,225 | ​ | $ | 1,335,372
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current(4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Operating lease liabilities | ​ | $ | 80,384 | ​ | $ | 73,834
Finance leases | ​ | Other current liabilities | ​ | ​ | 17,007 | ​ | ​ | 15,511
Total lease liabilities—current | ​ | ​ | ​ | ​ | 97,391 | ​ | ​ | 89,345
Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | Non-current operating lease liabilities | ​ | ​ | 505,809 | ​ | ​ | 540,513
Finance leases | ​ | Non-current finance lease liabilities | ​ | ​ | 653,050 | ​ | ​ | 560,550
Total lease liabilities—non-current | ​ | ​ | ​ | ​ | 1,158,859 | ​ | ​ | 1,101,063
Total lease liabilities | ​ | ​ | ​ | $ | 1,256,250 | ​ | $ | 1,190,408
(1) | Includes capitalized amounts related to our completed construction activities to design and build leased assets, which are reclassified from other non-current assets upon lease commencement.
(2) | Recorded net of accumulated amortization of $224 million and $174 million as of January 28, 2023 and January 29, 2022, respectively.
(3) | Includes $39 million and $41 million as of January 28, 2023 and January 29, 2022, respectively, related to an RH Design Gallery lease with a landlord that is an affiliate of the managing member of the Aspen LLCs (refer to Note 8—Variable Interest Entities).
(4) | Current portion of lease liabilities represents the reduction of the related lease liability over the next 12 months.
Summary of Maturities of Lease Liabilities | The maturities of lease liabilities were as follows as of January 28, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | OPERATING | ​ | FINANCE | ​ | ​
FISCAL YEAR | ​ | ​ |  | LEASES |  | LEASES |  | TOTAL
​ | ​ | ​ | ​ | (in thousands)
2023 | ​ | ​ | ​ | $ | 102,197 | ​ | $ | 49,590 | ​ | $ | 151,787
2024 | ​ | ​ | ​ | ​ | 94,407 | ​ | ​ | 49,950 | ​ | ​ | 144,357
2025 | ​ | ​ | ​ | ​ | 90,470 | ​ | ​ | 51,365 | ​ | ​ | 141,835
2026 | ​ | ​ | ​ | ​ | 87,087 | ​ | ​ | 52,132 | ​ | ​ | 139,219
2027 | ​ | ​ | ​ | ​ | 81,751 | ​ | ​ | 53,273 | ​ | ​ | 135,024
Thereafter | ​ | ​ | ​ | ​ | 241,717 | ​ | ​ | 963,327 | ​ | ​ | 1,205,044
Total lease payments(1)(2) | ​ | ​ | ​ | ​ | 697,629 | ​ | ​ | 1,219,637 | ​ | ​ | 1,917,266
Less—imputed interest(3) | ​ | ​ | ​ | ​ | (111,436) | ​ | ​ | (549,580) | ​ | ​ | (661,016)
Present value of lease liabilities | ​ | ​ | ​ | $ | 586,193 | ​ | $ | 670,057 | ​ | $ | 1,256,250
(1) | Total lease payments include future obligations for renewal options that are reasonably certain to be exercised and are included in the measurement of the lease liability. Total lease payments exclude $663 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of January 28, 2023, of which $28 million, $38 million, $42 million, $42 million and $40 million will be paid in fiscal 2023, fiscal 2024, fiscal 2025, fiscal 2026 and fiscal 2027, respectively, and $473 million will be paid subsequent to fiscal 2027.
(2) | Excludes an immaterial amount of future commitments under short-term lease agreements as of January 28, 2023.
(3) | Calculated using the discount rate for each lease at lease commencement.
Summary of Supplemental Information Related to Leases | Supplemental information related to leases consists of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED
​ | ​ | JANUARY 28, | ​ | JANUARY 29,
​ | ​ | 2023 |  | 2022
Weighted-average remaining lease term (years) | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 8.3 | ​ | ​ | 9.1
Finance leases | ​ | ​ | 21.9 | ​ | ​ | 20.0
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.08% | ​ | ​ | 3.94%
Finance leases | ​ | ​ | 5.32% | ​ | ​ | 4.96%
​
Summary of Other Information Related to Leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED
​ | ​ | JANUARY 28, | ​ | JANUARY 29, | ​ | JANUARY 30,
​ | ​ | 2023 |  | 2022 |  | 2021
​ | ​ | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | (101,513) | ​ | $ | (102,097) | ​ | $ | (75,794)
Operating cash flows from finance leases | ​ | ​ | (32,090) | ​ | ​ | (26,775) | ​ | ​ | (20,839)
Financing cash flows from finance leases—net(1) | ​ | ​ | (10,146) | ​ | ​ | (14,158) | ​ | ​ | (12,498)
Total cash outflows from leases | ​ | $ | (143,749) | ​ | $ | (143,030) | ​ | $ | (109,131)
Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations (non-cash) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 49,702 | ​ | $ | 172,393 | ​ | $ | 113,828
Finance leases | ​ | ​ | 109,015 | ​ | ​ | 89,617 | ​ | ​ | 57,873
(1) | Represents the principal portion of finance lease payments offset by tenant allowances received subsequent to lease commencement of $4.7 million in fiscal 2022. No such tenant allowances were received in fiscal 2021 or fiscal 2020.

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