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Lease Accounting (Tables) | 6 Months Ended
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Aug. 03, 2024
Leases [Abstract] |
Schedule of Assets and Liabilities, Lessee | The components of leases are (in thousands):
|  | Aug 3, 2024 |  | Feb 3, 2024 |  |
Assets | Balance Sheet Location |  |  |  |  |
Operating | Operating lease right-of-use assets | $ | 767,463 |  |  | $ | 667,031 |  |  |
Finance | Property and equipment, net | 12,239 |  |  | 15,132 |  |  |
Total lease assets | $ | 779,702 |  |  | $ | 682,163 |  |  |
Liabilities | Balance Sheet Location |  |  |  |  |
Current: |  |  |  |  |  |
Operating | Current portion of operating lease liabilities | $ | 187,568 |  |  | $ | 166,451 |  |  |
Finance | Current portion of borrowings and finance lease obligations | 5,200 |  |  | 5,573 |  |  |
Noncurrent: |  |  |  |  |  |
Operating | Long-term operating lease liabilities | 638,228 |  |  | 542,392 |  |  |
Finance | Long-term debt and finance lease obligations | 7,527 |  |  | 9,857 |  |  |
Total lease liabilities | $ | 838,523 |  |  | $ | 724,273 |  |  |
Schedule of Lease Costs | The components of lease costs are (in thousands):
|  | Three Months Ended |  | Six Months Ended
| Income Statement Location | Aug 3, 2024 |  | Jul 29, 2023 |  | Aug 3, 2024 |  | Jul 29, 2023
Operating lease costs | Cost of product sales | $ | 49,909 |  |  | $ | 45,351 |  |  | $ | 98,359 |  |  | $ | 91,403 |
Operating lease costs | Selling, general and administrative expenses | 9,258 |  |  | 6,600 |  |  | 17,090 |  |  | 13,197 |
Operating lease costs 1 | Net gains on lease modifications | — |  |  | (2,431) |  |  | — |  |  | (2,431) |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of leased assets | Cost of product sales | 8 |  |  | 29 |  |  | 12 |  |  | 52 |
Amortization of leased assets | Selling, general and administrative expenses | 1,588 |  |  | 1,583 |  |  | 3,128 |  |  | 3,112 |
Interest on lease liabilities | Interest expense | 167 |  |  | 189 |  |  | 355 |  |  | 398 |
Variable lease costs 2 | Cost of product sales | 24,962 |  |  | 23,660 |  |  | 49,533 |  |  | 48,151 |
Variable lease costs 2 | Selling, general and administrative expenses | 1,216 |  |  | 1,086 |  |  | 2,315 |  |  | 1,747 |
Short-term lease costs | Cost of product sales | 106 |  |  | 79 |  |  | 229 |  |  | 149 |
Short-term lease costs | Selling, general and administrative expenses | 2,144 |  |  | 652 |  |  | 4,204 |  |  | 2,291 |
Total lease costs | $ | 89,358 |  |  | $ | 76,798 |  |  | $ | 175,225 |  |  | $ | 158,069 |
______________________________________________________________________ Notes: 1 During the three and six months ended July 29, 2023, net gains 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 six months ended August 3, 2024, variable lease costs included certain rent concessions of approximately $0.2 million and $0.4 million, respectively, received by the Company, primarily in Europe. During the three and six months ended July 29, 2023, variable lease costs included certain rent concessions of approximately $0.6 million and $1.0 million, respectively, received by the Company, primarily in Europe.
Schedule of Operating Lease Liabilities Maturity | Maturities of the Company’s operating and finance lease liabilities as of August 3, 2024 are (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Fiscal 2025 | $ | 121,071 |  |  | $ | 3,860 |  |  | $ | 3,054 |  |  | $ | 127,985 |  |  |
Fiscal 2026 | 170,997 |  |  | 7,226 |  |  | 5,730 |  |  | 183,953 |  |  |
Fiscal 2027 | 154,399 |  |  | 7,787 |  |  | 3,202 |  |  | 165,388 |  |  |
Fiscal 2028 | 121,547 |  |  | 7,709 |  |  | 1,359 |  |  | 130,615 |  |  |
Fiscal 2029 | 103,125 |  |  | 8,474 |  |  | 295 |  |  | 111,894 |  |  |
After fiscal 2029 | 248,449 |  |  | 12,335 |  |  | 3 |  |  | 260,787 |  |  |
Total lease payments | 919,588 |  |  | 47,391 |  |  | 13,643 |  |  | 980,622 |  |  |
Less: Interest | 132,048 |  |  | 9,135 |  |  | 916 |  |  | 142,099 |  |  |
Present value of lease liabilities | $ | 787,540 |  |  | $ | 38,256 |  |  | $ | 12,727 |  |  | $ | 838,523 |  |  |
Schedule of Finance Lease Liabilities Maturity | Maturities of the Company’s operating and finance lease liabilities as of August 3, 2024 are (in thousands):
| Operating Leases |  |  |  |  |  |
Maturity of Lease Liabilities | Non-Related Parties |  | Related Parties |  | Finance Leases |  | Total |  |
Fiscal 2025 | $ | 121,071 |  |  | $ | 3,860 |  |  | $ | 3,054 |  |  | $ | 127,985 |  |  |
Fiscal 2026 | 170,997 |  |  | 7,226 |  |  | 5,730 |  |  | 183,953 |  |  |
Fiscal 2027 | 154,399 |  |  | 7,787 |  |  | 3,202 |  |  | 165,388 |  |  |
Fiscal 2028 | 121,547 |  |  | 7,709 |  |  | 1,359 |  |  | 130,615 |  |  |
Fiscal 2029 | 103,125 |  |  | 8,474 |  |  | 295 |  |  | 111,894 |  |  |
After fiscal 2029 | 248,449 |  |  | 12,335 |  |  | 3 |  |  | 260,787 |  |  |
Total lease payments | 919,588 |  |  | 47,391 |  |  | 13,643 |  |  | 980,622 |  |  |
Less: Interest | 132,048 |  |  | 9,135 |  |  | 916 |  |  | 142,099 |  |  |
Present value of lease liabilities | $ | 787,540 |  |  | $ | 38,256 |  |  | $ | 12,727 |  |  | $ | 838,523 |  |  |
Schedule of Other Supplemental Information | Other supplemental information is (in thousands):
Lease Term and Discount Rate | Aug 3, 2024 |  |  |  |  |  |
Weighted-average remaining lease term |  |  |  |  |  |  |
Operating leases | 6.2 years |  |  |  |  |  |
Finance leases | 2.8 years |  |  |  |  |  |
Weighted-average discount rate |  |  |  |  |  |  |
Operating leases | 5.2% |  |  |  |  |  |
Finance leases | 5.0% |  |  |  |  |  |
| Six Months Ended
Supplemental Cash Flow Information | Aug 3, 2024 |  | Jul 29, 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 108,179 |  |  | $ | 99,294 |
New operating ROU assets obtained in exchange for lease liabilities | $ | 121,705 |  |  | $ | 64,636 |

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