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Lease Accounting (Tables) | 6 Months Ended
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Aug. 01, 2020
Leases [Abstract] |
Assets and liabilities, lessee | As of August 1, 2020 and February 1, 2020, the components of leases are as follows (in thousands):
| Balance Sheet Location | Aug 1, 2020 |  | Feb 1, 2020
Assets |  |  |  |
Operating | Operating lease right-of-use assets | $ | 766,853 |  |  | $ | 851,990 |
Finance | Property and equipment, net | 15,451 |  |  | 15,972 |
Total lease assets | $ | 782,304 |  |  | $ | 867,962 |
Liabilities |  |  |  |
Current: |  |  |  |
Operating | Current portion of operating lease liabilities | $ | 235,749 |  |  | $ | 192,066 |
Finance | Current portion of borrowings and finance lease obligations | 2,524 |  |  | 2,273 |
Noncurrent: |  |  |  |
Operating | Long-term operating lease liabilities | 659,118 |  |  | 714,079 |
Finance | Long-term debt and finance lease obligations | 13,729 |  |  | 14,262 |
Total lease liabilities | $ | 911,120 |  |  | $ | 922,680 |
Lease cost |
|  | Three Months Ended |  | Six Months Ended
| Income Statement Location | Aug 1, 2020 |  | Aug 3, 2019 |  | Aug 1, 2020 |  | Aug 3, 2019
Operating lease costs | Cost of product sales | $ | 50,005 |  |  | $ | 58,749 |  |  | $ | 105,374 |  |  | $ | 117,565 |
Operating lease costs | Selling, general and administrative expenses | 5,355 |  |  | 5,720 |  |  | 10,531 |  |  | 10,984 |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of leased assets 1, 2 | Cost of product sales | 20 |  |  | 44 |  |  | 32 |  |  | 87 |
Amortization of leased assets 1, 2 | Selling, general and administrative expenses | 474 |  |  | 637 |  |  | 1,338 |  |  | 1,180 |
Interest on lease liabilities | Interest expense | 208 |  |  | 286 |  |  | 490 |  |  | 573 |
Variable lease costs 3 | Cost of product sales | 13,209 |  |  | 25,083 |  |  | 27,557 |  |  | 49,908 |
Variable lease costs 3 | Selling, general and administrative expenses | 638 |  |  | 628 |  |  | 1,217 |  |  | 1,455 |
Short-term lease costs | Cost of product sales | 181 |  |  | — |  |  | 420 |  |  | — |
Short-term lease costs | Selling, general and administrative expenses | 170 |  |  | 183 |  |  | 1,959 |  |  | 395 |
Total lease costs | $ | 70,260 |  |  | $ | 91,330 |  |  | $ | 148,918 |  |  | $ | 182,147 |
____________________________________________________________________ Notes:
1 | The Company has made certain reclassifications to prior period amounts to conform to the current period presentation.
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 condensed consolidated statements of income (loss).
3 During the three and six months ended August 1, 2020, variable lease costs included certain rent concessions received by the Company, primarily in Europe, related to the COVID-19 pandemic of approximately $7.7 million and $10.5 million, respectively. Refer to Note 1 for further information.
Operating lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of August 1, 2020 are as follows (in thousands):
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2021 1 | $ | 155,961 |  |  | $ | 1,618 |  |  | $ | 157,579 |
2022 | 207,825 |  |  | 3,904 |  |  | 211,729 |
2023 | 172,592 |  |  | 3,483 |  |  | 176,075 |
2024 | 144,021 |  |  | 3,260 |  |  | 147,281 |
2025 | 99,851 |  |  | 2,446 |  |  | 102,297 |
After 2025 | 201,665 |  |  | 5,229 |  |  | 206,894 |
Total lease payments | 981,915 |  |  | 19,940 |  |  | 1,001,855 |
Less: Interest | 87,048 |  |  | 3,687 |  |  | 90,735 |
Present value of lease liabilities | $ | 894,867 |  |  | $ | 16,253 |  |  | $ | 911,120 |
______________________________________________________________________ Notes: 1 Represents the maturity of lease liabilities for the remainder of fiscal 2021 and also includes rent payments that have been deferred due to the COVID-19 pandemic. This amount does not include payments made during the six months ended August 1, 2020.
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of August 1, 2020 are as follows (in thousands):
Maturity of Lease Liabilities | Operating Leases |  | Finance Leases |  | Total
2021 1 | $ | 155,961 |  |  | $ | 1,618 |  |  | $ | 157,579 |
2022 | 207,825 |  |  | 3,904 |  |  | 211,729 |
2023 | 172,592 |  |  | 3,483 |  |  | 176,075 |
2024 | 144,021 |  |  | 3,260 |  |  | 147,281 |
2025 | 99,851 |  |  | 2,446 |  |  | 102,297 |
After 2025 | 201,665 |  |  | 5,229 |  |  | 206,894 |
Total lease payments | 981,915 |  |  | 19,940 |  |  | 1,001,855 |
Less: Interest | 87,048 |  |  | 3,687 |  |  | 90,735 |
Present value of lease liabilities | $ | 894,867 |  |  | $ | 16,253 |  |  | $ | 911,120 |
______________________________________________________________________ Notes: 1 Represents the maturity of lease liabilities for the remainder of fiscal 2021 and also includes rent payments that have been deferred due to the COVID-19 pandemic. This amount does not include payments made during the six months ended August 1, 2020.
Other supplemental information | Other supplemental information is as follows (dollars in thousands):
Lease Term and Discount Rate | Aug 1, 2020
Weighted-average remaining lease term (years) |
Operating leases | 5.7 years
Finance leases | 5.9 years
Weighted-average discount rate |
Operating leases | 3.7%
Finance leases | 7.0%
| Six Months Ended
Supplemental Cash Flow Information | Aug 1, 2020 |  | Aug 3, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 70,890 |  |  | $ | 124,687 |
New operating ROU assets obtained in exchange for lease liabilities | $ | 19,566 |  |  | $ | 99,951 |

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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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