XML 68 R53.htm IDEA: XBRL DOCUMENT

Leases (Tables)

12 Months Ended

Jan. 28, 2023

Schedule of Lease Term and Discount Rate

The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows:


	January 28, 2023		January 29, 2022
Weighted average remaining lease term	7.2 years		7.1 years
Weighted average discount rate	5.8	%	5.5	%

Schedule of Total Lease Costs For Operating Leases

Total lease costs consist of the following:


(in millions)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease cost	$	399.1	$	431.8	$	436.3
Short-term lease cost	47.4		11.5		16.3
Variable lease cost	119.7		127.0		110.3
Sublease income	(1.5)		(1.9)		(1.8)
Total lease cost	$	564.7	$	568.4	$	561.1

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information related to leases consist of the following:


(in millions)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	387.5	$	479.6	$	400.4
Operating lease right-of-use assets obtained in exchange for lease obligations (1)	191.5		168.8		70.8
Reduction in the carrying amount of ROU assets (2)	331.2		351.7		348.3

(1) Includes $39.1 million and $56.9 million of ROU assets acquired from Blue Nile in Fiscal 2023 and Diamonds Direct in Fiscal 2022, respectively, per Note 4.

(2) Excludes ROU asset impairment charges of $18.4 million net, ROU asset impairment gains of $0.1 million, and ROU asset impairment charges of $36.9 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively, as further described in Note 17.

Schedule of Future Minimum Operating Lease Payments

The future minimum operating lease commitments for operating leases having initial or non-cancelable terms in excess of one year are as follows:


(in millions)	January 28, 2023
Fiscal 2024	$	351.5
Fiscal 2025	277.0
Fiscal 2026	203.4
Fiscal 2027	149.2
Fiscal 2028	102.1
Thereafter	433.4
Total minimum lease payments	$	1,516.6
Less: Imputed interest	(333.7)
Present value of lease liabilities	$	1,182.9