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Lease Accounting (Tables) | 12 Months Ended
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Feb. 03, 2024
Leases [Abstract] |
Assets and liabilities, lessee | The components of leases are as follows (in thousands):
| Feb 3, 2024 |  | Jan 28, 2023 |  |  |
Assets |  |  |  | Balance Sheet Location |  |
Operating | $ | 667,031 |  |  | $ | 636,148 |  | Operating lease right-of-use assets |  |
Finance | 15,132 |  |  | 19,055 |  | Property and equipment, net |  |
Total lease assets | $ | 682,163 |  |  | $ | 655,203 |  |  |  |
Liabilities |  |  |  |  |  |
Current: |  |  |  |  |  |
Operating | $ | 166,451 |  |  | $ | 170,192 |  | Current portion of operating lease liabilities |  |
Finance | 5,573 |  |  | 6,684 |  | Current portion of borrowings and finance lease obligations |  |
Noncurrent: |  |  |  |  |  |
Operating | 542,392 |  |  | 528,236 |  | Long-term operating lease liabilities |  |
Finance | 9,857 |  |  | 13,181 |  | Long-term debt and finance lease obligations |  |
Total lease liabilities | $ | 724,273 |  |  | $ | 718,293 |  |  |  |
Lease cost |
| Year Ended |
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022 |
|  |  |  |  |  | Income Statement Location
Operating lease costs | $ | 181,760 |  |  | $ | 175,752 |  |  | $ | 181,888 |  | Cost of product sales
Operating lease costs | 26,771 |  |  | 24,845 |  |  | 25,047 |  | Selling, general and administrative expenses
Operating lease costs 1 | (1,662) |  |  | (2,267) |  |  | (259) |  | Net gains on lease modifications
Finance lease costs |  |  |  |  |  |
Amortization of leased assets | 69 |  |  | 81 |  |  | 55 |  | Cost of product sales
Amortization of leased assets | 6,412 |  |  | 6,177 |  |  | 5,525 |  | Selling, general and administrative expenses
Interest on lease liabilities | 769 |  |  | 965 |  |  | 1,462 |  | Interest expense
Variable lease costs 2 | 101,056 |  |  | 92,331 |  |  | 75,339 |  | Cost of product sales
Variable lease costs 2 | 4,732 |  |  | 3,335 |  |  | 2,175 |  | Selling, general and administrative expenses
Short-term lease costs | 316 |  |  | 351 |  |  | 366 |  | Cost of product sales
Short-term lease costs | 6,005 |  |  | 6,141 |  |  | 4,856 |  | Selling, general and administrative expenses
Total lease costs | $ | 326,228 |  |  | $ | 307,711 |  |  | $ | 296,454 |  |
______________________________________________________________________ 1 During fiscal 2024, fiscal 2023 and fiscal 2022 net gains on lease modifications related primarily to the early termination of certain lease agreements. Operating lease costs for these retail locations prior to the early termination were included in cost of product sales. 2 During fiscal 2024, fiscal 2023 and fiscal 2022 variable lease costs included certain rent concessions received by the Company, primarily in Europe, of approximately $1.7 million, $5.2 million and $17.3 million, respectively.
Operating lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of February 3, 2024 are as follows (in thousands):
| Operating Leases |  |  |  |  |  |
| Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Maturity of Lease Liabilities: |  |  |  |  |  |  |  |  |
Fiscal 2025 | $ | 187,362 |  |  | $ | 8,337 |  |  | $ | 6,202 |  |  | $ | 201,901 |  |  |
Fiscal 2026 | 134,829 |  |  | 7,228 |  |  | 5,686 |  |  | 147,743 |  |  |
Fiscal 2027 | 118,529 |  |  | 7,785 |  |  | 3,170 |  |  | 129,484 |  |  |
Fiscal 2028 | 87,931 |  |  | 7,699 |  |  | 1,337 |  |  | 96,967 |  |  |
Fiscal 2029 | 69,087 |  |  | 8,464 |  |  | 284 |  |  | 77,835 |  |  |
Thereafter | 170,866 |  |  | 12,325 |  |  | — |  |  | 183,191 |  |  |
Total lease payments | 768,604 |  |  | 51,838 |  |  | 16,679 |  |  | 837,121 |  |  |
Less: Interest | 101,047 |  |  | 10,552 |  |  | 1,249 |  |  | 112,848 |  |  |
Present value of lease liabilities | $ | 667,557 |  |  | $ | 41,286 |  |  | $ | 15,430 |  |  | $ | 724,273 |  |  |
Finance lease liabilities maturity schedule | Maturities of the Company’s operating and finance lease liabilities as of February 3, 2024 are as follows (in thousands):
| Operating Leases |  |  |  |  |  |
| Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Maturity of Lease Liabilities: |  |  |  |  |  |  |  |  |
Fiscal 2025 | $ | 187,362 |  |  | $ | 8,337 |  |  | $ | 6,202 |  |  | $ | 201,901 |  |  |
Fiscal 2026 | 134,829 |  |  | 7,228 |  |  | 5,686 |  |  | 147,743 |  |  |
Fiscal 2027 | 118,529 |  |  | 7,785 |  |  | 3,170 |  |  | 129,484 |  |  |
Fiscal 2028 | 87,931 |  |  | 7,699 |  |  | 1,337 |  |  | 96,967 |  |  |
Fiscal 2029 | 69,087 |  |  | 8,464 |  |  | 284 |  |  | 77,835 |  |  |
Thereafter | 170,866 |  |  | 12,325 |  |  | — |  |  | 183,191 |  |  |
Total lease payments | 768,604 |  |  | 51,838 |  |  | 16,679 |  |  | 837,121 |  |  |
Less: Interest | 101,047 |  |  | 10,552 |  |  | 1,249 |  |  | 112,848 |  |  |
Present value of lease liabilities | $ | 667,557 |  |  | $ | 41,286 |  |  | $ | 15,430 |  |  | $ | 724,273 |  |  |
Other supplemental information | Other supplemental information is as follows (in thousands):
| Feb 3, 2024 |  |  |  |  |  |
Lease Term and Discount Rate: |  |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |
Operating leases | 6.2 years |  |  |  |  |  |
Finance leases | 3.1 years |  |  |  |  |  |
Weighted-average discount rate |  |  |  |  |  |  |
Operating leases | 4.9% |  |  |  |  |  |
Finance leases | 5.1% |  |  |  |  |  |
| Year Ended |  |  |  |  |  |
| Feb 3, 2024 |  | Jan 28, 2023 |  | Jan 29, 2022 |  |  |  |  |  |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 207,575 |  |  | $ | 220,767 |  |  | $ | 225,652 |  |  |  |  |  |  |
New operating ROU assets obtained in exchange for lease liabilities | $ | 165,889 |  |  | $ | 131,363 |  |  | $ | 156,102 |  |  |  |  |  |  |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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