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Lease Accounting (Tables) | 12 Months Ended
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Feb. 01, 2020
Leases [Abstract] |
Assets and liabilities, lessee | As of February 1, 2020, the components of leases and lease costs are as follows (in thousands):
| Feb 1, 2020
Assets | Balance Sheet Location |
Operating | Operating right-of-use assets | $ | 851,990 |
Finance | Property and equipment, net | 15,972 |
Total lease assets | $ | 867,962 |
Liabilities | Balance Sheet Location |
Current: |  |
Operating | Current portion of operating lease liabilities | $ | 192,066 |
Finance | Current portion of borrowings and finance lease obligations | 2,273 |
Noncurrent: |  |
Operating | Long-term operating lease liabilities | 714,079 |
Finance | Long-term debt and finance lease obligations | 14,262 |
Total lease liabilities | $ | 922,680 |
Lease cost |
|  | Year Ended Feb 1, 2020
| Income Statement Location |
Operating lease costs 1 | Cost of product sales | $ | 244,222 |
Operating lease costs 1 | Selling, general and administrative expenses | 24,565 |
Finance lease costs |  |
Amortization of leased assets 2 | Cost of product sales | 2,793 |
Amortization of leased assets 2 | Selling, general and administrative expenses | 4,197 |
Interest on lease liabilities | Interest expense | 1,035 |
Variable lease costs 1 | Cost of product sales | 93,534 |
Variable lease costs 1 | Selling, general and administrative expenses | 2,227 |
Short-term lease costs 1 | Cost of product sales | 344 |
Short-term lease costs 1 | Selling, general and administrative expenses | 3,543 |
Total lease costs | $ | 376,460 |
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1 | Rental expense for all property and equipment operating leases during fiscal 2019 and fiscal 2018 aggregated to $292.1 million and $272.3 million, respectively, including percentage rent of $67.2 million and $61.2 million, respectively. During fiscal 2019 and fiscal 2018, the Company also recognized insurance, taxes, sales promotion, common area maintenance and certain utility charges that were paid to the landlord totaling $72.3 million and $75.6 million, respectively, related to its operating leases.
2 Amortization of leased assets related to finance leases are included in depreciation expense within cost of product sales or selling, general and administrative expenses depending on the nature of the asset in the Company’s consolidated statements of income (loss).
Operating lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of February 1, 2020 are as follows (in thousands):
| Operating Leases |  |  |  |
| Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total
Maturity of Lease Liabilities: |  |  |  |  |  |  |
2021 | $ | 218,109 |  |  | $ | 2,255 |  |  | $ | 3,349 |  |  | $ | 223,713 |
2022 | 197,857 |  |  | 257 |  |  | 3,653 |  |  | 201,767 |
2023 | 165,367 |  |  | — |  |  | 3,249 |  |  | 168,616 |
2024 | 137,637 |  |  | — |  |  | 3,092 |  |  | 140,729 |
2025 | 95,058 |  |  | — |  |  | 2,311 |  |  | 97,369 |
After 2025 | 186,781 |  |  | — |  |  | 4,922 |  |  | 191,703 |
Total lease payments | 1,000,809 |  |  | 2,512 |  |  | 20,576 |  |  | 1,023,897 |
Less: Interest | 97,132 |  |  | 44 |  |  | 4,041 |  |  | 101,217 |
Present value of lease liabilities | $ | 903,677 |  |  | $ | 2,468 |  |  | $ | 16,535 |  |  | $ | 922,680 |
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of February 1, 2020 are as follows (in thousands):
| Operating Leases |  |  |  |
| Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total
Maturity of Lease Liabilities: |  |  |  |  |  |  |
2021 | $ | 218,109 |  |  | $ | 2,255 |  |  | $ | 3,349 |  |  | $ | 223,713 |
2022 | 197,857 |  |  | 257 |  |  | 3,653 |  |  | 201,767 |
2023 | 165,367 |  |  | — |  |  | 3,249 |  |  | 168,616 |
2024 | 137,637 |  |  | — |  |  | 3,092 |  |  | 140,729 |
2025 | 95,058 |  |  | — |  |  | 2,311 |  |  | 97,369 |
After 2025 | 186,781 |  |  | — |  |  | 4,922 |  |  | 191,703 |
Total lease payments | 1,000,809 |  |  | 2,512 |  |  | 20,576 |  |  | 1,023,897 |
Less: Interest | 97,132 |  |  | 44 |  |  | 4,041 |  |  | 101,217 |
Present value of lease liabilities | $ | 903,677 |  |  | $ | 2,468 |  |  | $ | 16,535 |  |  | $ | 922,680 |
Other supplemental information | Other supplemental information as of February 1, 2020 is as follows (dollars in thousands):
| Feb 1, 2020
Lease Term and Discount Rate: |
Weighted-average remaining lease term (years) |
Operating leases | 5.9 years
Finance leases | 6.4 years
Weighted-average discount rate |
Operating leases | 3.5%
Finance leases | 7.1%
| Year Ended Feb 1, 2020
Supplemental Cash Flow Information: |
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flows from operating leases | $ | 250,972 |
New operating ROU assets obtained in exchange for lease liabilities | 127,232 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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