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Lease Accounting (Tables) | 9 Months Ended
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Oct. 28, 2023
Leases [Abstract] |
Assets and liabilities, lessee | The components of leases are (in thousands):
|  | Oct 28, 2023 |  | Jan 28, 2023 |  |
Assets | Balance Sheet Location |  |  |  |  |
Operating | Operating lease right-of-use assets | $ | 657,363 |  |  | $ | 636,148 |  |  |
Finance | Property and equipment, net | 16,536 |  |  | 19,055 |  |  |
Total lease assets | $ | 673,899 |  |  | $ | 655,203 |  |  |
Liabilities | Balance Sheet Location |  |  |  |  |
Current: |  |  |  |  |  |
Operating | Current portion of operating lease liabilities | $ | 165,420 |  |  | $ | 170,192 |  |  |
Finance | Current portion of borrowings and finance lease obligations | 6,999 |  |  | 6,684 |  |  |
Noncurrent: |  |  |  |  |  |
Operating | Long-term operating lease liabilities | 538,731 |  |  | 528,236 |  |  |
Finance | Long-term debt and finance lease obligations | 10,793 |  |  | 13,181 |  |  |
Total lease liabilities | $ | 721,943 |  |  | $ | 718,293 |  |  |
Lease cost | The components of lease costs are (in thousands):
|  | Three Months Ended |  | Nine Months Ended
| Income Statement Location | Oct 28, 2023 |  | Oct 29, 2022 |  | Oct 28, 2023 |  | Oct 29, 2022
Operating lease costs | Cost of product sales | $ | 44,964 |  |  | $ | 43,361 |  |  | $ | 136,367 |  |  | $ | 131,450 |
Operating lease costs | Selling, general and administrative expenses | 6,744 |  |  | 6,000 |  |  | 19,941 |  |  | 18,582 |
Operating lease costs 1 | Net (gains) losses on lease modifications | 537 |  |  | (146) |  |  | (1,894) |  |  | (1,654) |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of leased assets | Cost of product sales | 9 |  |  | 21 |  |  | 61 |  |  | 60 |
Amortization of leased assets | Selling, general and administrative expenses | 1,635 |  |  | 1,510 |  |  | 4,747 |  |  | 4,585 |
Interest on lease liabilities | Interest expense | 179 |  |  | 209 |  |  | 577 |  |  | 747 |
Variable lease costs 2 | Cost of product sales | 23,400 |  |  | 21,682 |  |  | 71,551 |  |  | 64,462 |
Variable lease costs 2 | Selling, general and administrative expenses | 804 |  |  | 669 |  |  | 2,551 |  |  | 2,438 |
Short-term lease costs | Cost of product sales | 92 |  |  | 87 |  |  | 241 |  |  | 273 |
Short-term lease costs | Selling, general and administrative expenses | 2,015 |  |  | 1,722 |  |  | 4,306 |  |  | 4,600 |
Total lease costs | $ | 80,379 |  |  | $ | 75,115 |  |  | $ | 238,448 |  |  | $ | 225,543 |
______________________________________________________________________ Notes: 1 During the three and nine months ended October 28, 2023 and October 29, 2022, net (gains) losses on lease modifications related primarily to the early termination of certain lease agreements. Operating lease costs for these locations prior to the early termination were included in cost of product sales. 2 During the three and nine months ended October 28, 2023, variable lease costs included certain rent concessions of approximately $0.4 million and $1.4 million, respectively, received by the Company, primarily in Europe. During the three and nine months ended October 29, 2022, variable lease costs included certain rent concessions of approximately $1.1 million and $4.6 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 October 28, 2023 are (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Fiscal 2024 | $ | 62,999 |  |  | $ | 2,723 |  |  | $ | 2,806 |  |  | $ | 68,528 |  |  |
Fiscal 2025 | 160,784 |  |  | 7,626 |  |  | 6,092 |  |  | 174,502 |  |  |
Fiscal 2026 | 125,306 |  |  | 7,199 |  |  | 5,593 |  |  | 138,098 |  |  |
Fiscal 2027 | 108,543 |  |  | 7,760 |  |  | 3,129 |  |  | 119,432 |  |  |
Fiscal 2028 | 81,470 |  |  | 7,681 |  |  | 1,334 |  |  | 90,485 |  |  |
After fiscal 2028 | 222,361 |  |  | 20,755 |  |  | 287 |  |  | 243,403 |  |  |
Total lease payments | 761,463 |  |  | 53,744 |  |  | 19,241 |  |  | 834,448 |  |  |
Less: Interest | 99,732 |  |  | 11,324 |  |  | 1,449 |  |  | 112,505 |  |  |
Present value of lease liabilities | $ | 661,731 |  |  | $ | 42,420 |  |  | $ | 17,792 |  |  | $ | 721,943 |  |  |
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of October 28, 2023 are (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Fiscal 2024 | $ | 62,999 |  |  | $ | 2,723 |  |  | $ | 2,806 |  |  | $ | 68,528 |  |  |
Fiscal 2025 | 160,784 |  |  | 7,626 |  |  | 6,092 |  |  | 174,502 |  |  |
Fiscal 2026 | 125,306 |  |  | 7,199 |  |  | 5,593 |  |  | 138,098 |  |  |
Fiscal 2027 | 108,543 |  |  | 7,760 |  |  | 3,129 |  |  | 119,432 |  |  |
Fiscal 2028 | 81,470 |  |  | 7,681 |  |  | 1,334 |  |  | 90,485 |  |  |
After fiscal 2028 | 222,361 |  |  | 20,755 |  |  | 287 |  |  | 243,403 |  |  |
Total lease payments | 761,463 |  |  | 53,744 |  |  | 19,241 |  |  | 834,448 |  |  |
Less: Interest | 99,732 |  |  | 11,324 |  |  | 1,449 |  |  | 112,505 |  |  |
Present value of lease liabilities | $ | 661,731 |  |  | $ | 42,420 |  |  | $ | 17,792 |  |  | $ | 721,943 |  |  |
Other supplemental information | Other supplemental information is (in thousands):
Lease Term and Discount Rate | Oct 28, 2023 |  |  |  |  |  |
Weighted-average remaining lease term |  |  |  |  |  |  |
Operating leases | 6.2 years |  |  |  |  |  |
Finance leases | 3.3 years |  |  |  |  |  |
Weighted-average discount rate |  |  |  |  |  |  |
Operating leases | 4.8% |  |  |  |  |  |
Finance leases | 5.1% |  |  |  |  |  |
| Nine Months Ended
Supplemental Cash Flow Information | Oct 28, 2023 |  | Oct 29, 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 155,379 |  |  | $ | 166,910 |
New operating ROU assets obtained in exchange for lease liabilities | $ | 128,756 |  |  | $ | 106,427 |

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