XML 40 R21.htm IDEA: XBRL DOCUMENT
v3.25.1

Leases | 12 Months Ended
--- | ---
Feb. 01, 2025
Leases [Abstract] |
Leases | 9. Leases The Company leases all store premises, regional distribution facilities, some of its office space and certain information technology and office equipment. These leases are generally classified as operating leases. Store leases generally provide for a combination of base rentals and contingent rent based on store sales. Additionally, most leases include lessor incentives such as construction allowances and rent holidays. The Company is typically responsible for tenant occupancy costs including maintenance costs, common area charges, real estate taxes, and certain other expenses. Most leases include one or more options to renew. The exercise of lease renewal options is at the Company’s discretion and is not reasonably certain at lease commencement. When measuring operating lease ROU assets and operating lease liabilities after the date of adoption of ASC 842, Leases, the Company only includes cash flows related to options to extend or terminate leases when those options are executed. Some leases have variable payments. However, because they are not based on an index or rate, they are not included in the measurement of operating lease ROU assets and operating lease liabilities. When determining the present value of future payments for an operating lease that does not have a readily determinable implicit rate, the Company uses its incremental borrowing rate as of the date of initial possession of the leased asset. For leases that qualify for the short-term lease exemption, the Company does not record an operating lease liability or operating lease ROU asset. Short-term lease payments are recognized on a straight-line basis over the lease term of 12 months or less. The following table summarizes expense categories and cash payments for operating leases during the period. It also includes the total non-cash transaction activity for new operating lease ROU assets and related operating lease liabilities entered into during the period.
|  | Fiscal Years Ending |
|  | February 1, |  | February 3, |
(In thousands) |  | 2025 |  | 2024 |
Lease costs |  |  |  |  |
Operating lease costs |  | $ | 387,560 |  | $ | 335,420 |
Variable lease costs |  |  | 115,010 |  |  | 121,061 |
Short-term leases and other lease costs |  |  | 2,281 |  |  | 45,411 |
Total lease costs |  | $ | 504,851 |  | $ | 501,892 |
Other information |  |  |  |  |
Cash paid for operating lease liability |  | $ | (387,560 | ) | $ | (403,355 | )
New operating lease ROU assets entered into during the period |  | $ | 559,750 |  | $ | 153,236 |
The following table contains the average remaining lease term and discount rate, weighted by outstanding operating lease liability as of the end of the period:
Lease term and discount rate |  | February 1, 2025
Weighted-average remaining lease term - operating leases |  | 7 years
Weighted-average discount rate - operating leases |  | 5.2%
The table below is a maturity analysis of the operating leases in effect as of the end of the period. Undiscounted cash flows for finance leases and short-term leases are not material for the periods reported and are excluded from the table below:
|  | Undiscounted cash flows |
(In thousands) |  | February 1, 2025 |
Fiscal years: |  |  |
2025 |  |  | 367,689 |
2026 |  |  | 338,191 |
2027 |  |  | 286,428 |
2028 |  |  | 244,557 |
2029 |  |  | 184,835 |
Thereafter |  |  | 573,868 |
Total undiscounted cash flows |  | $ | 1,995,568 |
Less: discount on lease liability |  |  | (549,238 | )
Total lease liability |  | $ | 1,446,330 |

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