XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Leases | 6 Months Ended
--- | ---
Jul. 31, 2022
Leases [Abstract] |
Leases | Note 5 – 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 July 31, 2022, July 31, 2021 and January 31, 2022 consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Leases | ​ | Classification | ​ | July 31, 2022 | ​ | July 31, 2021 | ​ | January 31, 2022
​ | ​ | ​ | ​ | (In thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating | ​ | Operating lease assets | ​ | $ | 209,000 | ​ | $ | 172,916 | ​ | $ | 169,595
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating | ​ | Current operating lease liabilities | ​ | $ | 49,734 | ​ | $ | 43,119 | ​ | $ | 42,763
Noncurrent operating | ​ | Noncurrent operating lease liabilities | ​ | ​ | 179,247 | ​ | ​ | 147,119 | ​ | ​ | 142,868
Total lease liabilities | ​ | ​ | ​ | $ | 228,981 | ​ | $ | 190,238 | ​ | $ | 185,631
​ The Company’s operating lease assets and operating lease liabilities increased during fiscal 2023 primarily due to the acquisition of KLH. The Company recorded lease costs of $14.9 million and $29.0 million during the three and six months ended July 31, 2022. The Company recorded lease costs of $13.5 and $27.1 million during the three and six months ended July 31, 2021, 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 $5.5 million and $10.6 million for the three and six months ended July 31, 2022, respectively. The Company recorded variable lease coasts and short-term lease costs of $1.9 million and $3.3 million for the three and six months ended July 31, 2021, respectively. Short-term lease costs are immaterial. ​ As of July 31, 2022, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2027 and thereafter are as follows: ​
​ | ​ | ​ | ​
Year Ending January 31, | ​ | Amount
​ | ​ | (In thousands)
2023 | ​ | $ | 34,750
2024 | ​ | ​ | 58,469
2025 | ​ | ​ | 49,938
2026 | ​ | ​ | 41,380
2027 | ​ | ​ | 33,559
After 2027 | ​ | ​ | 67,561
Total lease payments | ​ | $ | 285,657
Less: Interest | ​ | ​ | 56,676
Present value of lease liabilities | ​ | $ | 228,981
​ As of July 31, 2022, there are no material leases that are legally binding but have not yet commenced. ​ As of July 31, 2022, the weighted average remaining lease term related to operating leases is 5.5 years. The weighted average discount rate related to operating leases is 8.5%. ​ Cash paid for amounts included in the measurement of operating lease liabilities is $30.0 million and $29.4 million during the six months ended July 31, 2022 and July 31, 2021, respectively. Right-of-use assets obtained in exchange for lease obligations were $69.9 million and $8.6 million during the six months ended July 31, 2022 and July 31, 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 -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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration