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Lease Accounting (Tables) | 3 Months Ended
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May 01, 2021
Leases [Abstract] |
Assets and liabilities, lessee | he components of leases are as follows (in thousands):
|  | May 1, 2021 |  | Jan 30, 2021 |  |
Assets | Balance Sheet Location |  |  |  |  |
Operating | Operating lease right-of-use assets | $ | 738,544 |  |  | $ | 764,804 |  |  |
Finance | Property and equipment, net | 21,405 |  |  | 20,595 |  |  |
Total lease assets | $ | 759,949 |  |  | $ | 785,399 |  |  |
Liabilities | Balance Sheet Location |  |  |  |  |
Current: |  |  |  |  |  |
Operating | Current portion of operating lease liabilities | $ | 224,676 |  |  | $ | 222,800 |  |  |
Finance | Current portion of borrowings and finance lease obligations | 4,551 |  |  | 4,698 |  |  |
Noncurrent: |  |  |  |  |  |
Operating | Long-term operating lease liabilities | 632,574 |  |  | 662,657 |  |  |
Finance | Long-term debt and finance lease obligations | 17,870 |  |  | 17,365 |  |  |
Total lease liabilities | $ | 879,671 |  |  | $ | 907,520 |  |  |
Lease cost |
|  | Three Months Ended |  |
| Income Statement Location | May 1, 2021 |  | May 2, 2020 |  |  |  |
Operating lease costs | Cost of product sales | $ | 46,684 |  |  | $ | 55,369 |  |  |  |  |
Operating lease costs | Selling, general and administrative expenses | 6,357 |  |  | 5,176 |  |  |  |  |
Operating lease costs 1, 2 | Net (gains) losses on lease modifications | (2,145) |  |  | 456 |  |  |  |  |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of leased assets 1, 3 | Cost of product sales | 11 |  |  | 12 |  |  |  |  |
Amortization of leased assets 1, 3 | Selling, general and administrative expenses | 1,361 |  |  | 864 |  |  |  |  |
Interest on lease liabilities | Interest expense | 366 |  |  | 282 |  |  |  |  |
Variable lease costs 4 | Cost of product sales | 15,739 |  |  | 14,348 |  |  |  |  |
Variable lease costs 4 | Selling, general and administrative expenses | 574 |  |  | 579 |  |  |  |  |
Short-term lease costs | Cost of product sales | 105 |  |  | 239 |  |  |  |  |
Short-term lease costs | Selling, general and administrative expenses | 1,171 |  |  | 1,789 |  |  |  |  |
Total lease costs 1 | $ | 70,223 |  |  | $ | 79,114 |  |  |  |  |
____________________________________________________________________ Notes: 1 The Company has made certain reclassifications to prior period amounts to conform to the current period presentation. 2 During the three months ended May 1, 2021 and May 2, 2020, net (gains) losses on lease modifications related primarily to the early termination of lease agreements for certain of the Company’s retail locations. Operating lease costs for these retail locations prior to the early termination were included in cost of product sales. 3 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). 4 During the three months ended May 1, 2021 and May 2, 2020, variable lease costs included certain rent concessions of approximately $6.1 million and $2.7 million, respectively, received by the Company, primarily in Europe, related to the COVID-19 pandemic.
Operating lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of May 1, 2021 are as follows (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
2022 1 | $ | 193,515 |  |  | $ | 5,965 |  |  | $ | 4,294 |  |  | $ | 203,774 |  |  |
2023 | 181,879 |  |  | 7,260 |  |  | 5,974 |  |  | 195,113 |  |  |
2024 | 146,015 |  |  | 7,678 |  |  | 5,887 |  |  | 159,580 |  |  |
2025 | 103,560 |  |  | 7,321 |  |  | 3,946 |  |  | 114,827 |  |  |
2026 | 73,458 |  |  | 6,928 |  |  | 3,034 |  |  | 83,420 |  |  |
After 2026 | 170,672 |  |  | 36,410 |  |  | 3,158 |  |  | 210,240 |  |  |
Total lease payments | 869,099 |  |  | 71,562 |  |  | 26,293 |  |  | 966,954 |  |  |
Less: Interest | 71,415 |  |  | 11,996 |  |  | 3,872 |  |  | 87,283 |  |  |
Present value of lease liabilities | $ | 797,684 |  |  | $ | 59,566 |  |  | $ | 22,421 |  |  | $ | 879,671 |  |  |
______________________________________________________________________ Notes: 1Represents the maturity of lease liabilities for the remainder of fiscal 2022 and also includes rent payments that have been deferred due to the COVID-19 pandemic. This amount does not include payments made during the three months ended May 1, 2021.
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of May 1, 2021 are as follows (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
2022 1 | $ | 193,515 |  |  | $ | 5,965 |  |  | $ | 4,294 |  |  | $ | 203,774 |  |  |
2023 | 181,879 |  |  | 7,260 |  |  | 5,974 |  |  | 195,113 |  |  |
2024 | 146,015 |  |  | 7,678 |  |  | 5,887 |  |  | 159,580 |  |  |
2025 | 103,560 |  |  | 7,321 |  |  | 3,946 |  |  | 114,827 |  |  |
2026 | 73,458 |  |  | 6,928 |  |  | 3,034 |  |  | 83,420 |  |  |
After 2026 | 170,672 |  |  | 36,410 |  |  | 3,158 |  |  | 210,240 |  |  |
Total lease payments | 869,099 |  |  | 71,562 |  |  | 26,293 |  |  | 966,954 |  |  |
Less: Interest | 71,415 |  |  | 11,996 |  |  | 3,872 |  |  | 87,283 |  |  |
Present value of lease liabilities | $ | 797,684 |  |  | $ | 59,566 |  |  | $ | 22,421 |  |  | $ | 879,671 |  |  |
______________________________________________________________________ Notes: 1Represents the maturity of lease liabilities for the remainder of fiscal 2022 and also includes rent payments that have been deferred due to the COVID-19 pandemic. This amount does not include payments made during the three months ended May 1, 2021.
Other supplemental information | Other supplemental information is as follows (dollars in thousands):
Lease Term and Discount Rate | May 1, 2021 |  |  |  |  |  |
Weighted-average remaining lease term |  |  |  |  |  |  |
Operating leases | 6.1 Years |  |  |  |  |  |
Finance leases | 4.8 Years |  |  |  |  |  |
Weighted-average discount rate |  |  |  |  |  |  |
Operating leases | 3.5% |  |  |  |  |  |
Finance leases | 6.8% |  |  |  |  |  |
| Three Months Ended
Supplemental Cash Flow Information | May 1, 2021 |  | May 2, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 53,428 |  |  | $ | 32,618 |
New operating ROU assets obtained in exchange for lease liabilities | $ | 22,596 |  |  | $ | 16,332 |

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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=121609121&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=121609121&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=121609121&loc=SL77918701-209980 + Details
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