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Lease Accounting (Tables)

3 Months Ended

May 04, 2024

Leases [Abstract]

Assets and liabilities, lessee

The components of leases are (in thousands):

						May 4, 2024						Feb 3, 2024
Assets			Balance Sheet Location
Operating			Operating lease right-of-use assets			$	720,924					$	667,031
Finance			Property and equipment, net			13,507						15,132
Total lease assets						$	734,431					$	682,163
Liabilities			Balance Sheet Location
Current:
Operating			Current portion of operating lease liabilities			$	181,702					$	166,451
Finance			Current portion of borrowings and finance lease obligations			5,171						5,573
Noncurrent:
Operating			Long-term operating lease liabilities			600,286						542,392
Finance			Long-term debt and finance lease obligations			8,830						9,857
Total lease liabilities						$	795,989					$	724,273

Lease cost

The components of lease costs are (in thousands):

												Three Months Ended
			Income Statement Location															May 4, 2024						Apr 29, 2023
Operating lease costs			Cost of product sales															$	48,450					$	46,052
Operating lease costs			Selling, general and administrative expenses															7,832						6,597
Finance lease costs
Amortization of leased assets			Cost of product sales															4						23
Amortization of leased assets			Selling, general and administrative expenses															1,540						1,529
Interest on lease liabilities			Interest expense															188						209
Variable lease costs1			Cost of product sales															24,571						24,491
Variable lease costs1			Selling, general and administrative expenses															1,099						661
Short-term lease costs			Cost of product sales															123						70
Short-term lease costs			Selling, general and administrative expenses															2,060						1,639
Total lease costs																		$	85,867					$	81,271

______________________________________________________________________

Notes:

1During the three months ended May 4, 2024 and April 29, 2023, variable lease costs included certain rent concessions of approximately $0.2 million and $0.4 million, respectively, received by the Company, primarily in Europe.

Operating lease liabilities maturity schedule

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):

			Operating Leases
Maturity of Lease Liabilities			Non-Related Parties						Related Parties						Finance Leases						Total
Fiscal 2025			$	163,348					$	6,024					$	4,643					$	174,015
Fiscal 2026			158,445						7,220						5,635						171,300
Fiscal 2027			140,722						7,779						3,162						151,663
Fiscal 2028			107,409						7,697						1,339						116,445
Fiscal 2029			87,595						8,463						285						96,343
After fiscal 2029			201,234						12,323						—						213,557
Total lease payments			858,753						49,506						15,064						923,323
Less: Interest			116,444						9,827						1,063						127,334
Present value of lease liabilities			$	742,309					$	39,679					$	14,001					$	795,989

Finance lease liabilities maturity schedule

Maturities of the Company’s operating and finance lease liabilities as of May 4, 2024 are (in thousands):

			Operating Leases
Maturity of Lease Liabilities			Non-Related Parties						Related Parties						Finance Leases						Total
Fiscal 2025			$	163,348					$	6,024					$	4,643					$	174,015
Fiscal 2026			158,445						7,220						5,635						171,300
Fiscal 2027			140,722						7,779						3,162						151,663
Fiscal 2028			107,409						7,697						1,339						116,445
Fiscal 2029			87,595						8,463						285						96,343
After fiscal 2029			201,234						12,323						—						213,557
Total lease payments			858,753						49,506						15,064						923,323
Less: Interest			116,444						9,827						1,063						127,334
Present value of lease liabilities			$	742,309					$	39,679					$	14,001					$	795,989

Other supplemental information

Other supplemental information is (in thousands):

Lease Term and Discount Rate

May 4, 2024

Weighted-average remaining lease term

Operating leases

6.1 years

Finance leases

3.0 years

Weighted-average discount rate

Operating leases

5.1%

Finance leases

4.9%

			Three Months Ended
Supplemental Cash Flow Information			May 4, 2024						Apr 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$	51,173					$	51,225
New operating ROU assets obtained in exchange for lease liabilities			$	46,567					$	36,068

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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

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

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