XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases | 9 Months Ended
--- | ---
Oct. 31, 2021
Leases [Abstract] |
Leases | Note 6 – Leases ​ The Company leases retail stores, warehouses, distribution centers, office space and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases are for a term of one to ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. Several of the Company’s retail store leases include an option to terminate the lease based on failure to achieve a specified sales volume. The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor. ​ Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. ​ The Company’s lease assets and liabilities as of October 31, 2021, October 31, 2020 and January 31, 2021 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Leases | ​ | Classification | ​ | October 31, 2021 | ​ | October 31, 2020 | ​ | January 31, 2021
​ | ​ | ​ | ​ | (In thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating | ​ | Operating lease assets | ​ | $ | 176,530 | ​ | $ | 181,187 | ​ | $ | 186,070
Total lease assets | ​ | ​ | ​ | $ | 176,530 | ​ | $ | 181,187 | ​ | $ | 186,070
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating | ​ | Current operating lease liabilities | ​ | $ | 45,117 | ​ | $ | 65,554 | ​ | $ | 43,560
Noncurrent operating | ​ | Noncurrent operating lease liabilities | ​ | ​ | 147,688 | ​ | ​ | 157,983 | ​ | ​ | 161,668
Total lease liabilities | ​ | ​ | ​ | $ | 192,805 | ​ | $ | 223,537 | ​ | $ | 205,228
​ The Company’s operating lease liabilities significantly declined during fiscal 2021 due to the restructuring of the retail operations segment, partially offset by other leasing activity. As a result of this restructuring, the Company closed its Wilsons Leather, G.H. Bass and Calvin Klein Performance stores during fiscal 2021. ​ The Company recorded lease costs of $14.0 million and $41.1 million during the three and nine months ended October 31, 2021. The Company recorded lease costs of $18.7 million and $77.1 million during the three and nine months ended October 31, 2020, respectively. Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income. The Company recorded variable lease costs and short-term lease costs of $2.8 million and $6.2 million for the three and nine months ended October 31, 2021, respectively. The Company recorded variable lease costs and short-term lease costs of $6.2 million and $5.3 million for the three and nine months ended October 31, 2020, respectively. Short-term lease costs are immaterial. ​ As of October 31, 2021, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2026 and thereafter are as follows: ​
​ | ​ | ​ | ​
Year Ending January 31, | ​ | Amount
​ | ​ | (In thousands)
2022 | ​ | $ | 14,735
2023 | ​ | ​ | 57,185
2024 | ​ | ​ | 43,292
2025 | ​ | ​ | 35,903
2026 | ​ | ​ | 28,428
After 2026 | ​ | ​ | 60,958
Total lease payments | ​ | $ | 240,501
Less: Interest | ​ | ​ | 47,696
Present value of lease liabilities | ​ | $ | 192,805
​ As of October 31, 2021, there are no material leases that are legally binding but have not yet commenced. ​ As of October 31, 2021, the weighted average remaining lease term related to operating leases is 5.3 years. The weighted average discount rate related to operating leases is 8.4%. ​ Cash paid for amounts included in the measurement of operating lease liabilities is $44.5 million and $79.7 million during the nine months ended October 31, 2021 and October 31, 2020, respectively. Right-of-use assets obtained in exchange for lease obligations were $24.6 million and $41.3 million during the nine months ended October 31, 2021 and October 31, 2020, 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration