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Lease Accounting (Tables)
 12 Months Ended
Jan. 30, 2021
Leases [Abstract]  
Assets and liabilities, lessee
As of January 30, 2021 and February 1, 2020, the components of leases and lease costs are as follows (in thousands):
Jan 30, 2021Feb 1, 2020
AssetsBalance Sheet Location
Operating$764,804 $851,990 Operating right-of-use assets
Finance20,595 15,972 Property and equipment, net
Total lease assets$785,399 $867,962 
LiabilitiesBalance Sheet Location
Current:
Operating$222,800 $192,066 Current portion of operating lease liabilities
Finance4,698 2,273 Current portion of borrowings and finance lease obligations
Noncurrent:
Operating662,657 714,079 Long-term operating lease liabilities
Finance17,365 14,262 Long-term debt and finance lease obligations
Total lease liabilities$907,520 $922,680 
Lease cost
Year Ended Jan 30, 2021Year Ended Feb 1, 2020
Income Statement Location
Operating lease costs1
$205,065 $244,222 Cost of product sales
Operating lease costs1
21,726 24,565 Selling, general and administrative expenses
Operating lease costs1, 2
(2,801)— Net gains on lease modifications
Finance lease costs
Amortization of leased assets3
49 289 Cost of product sales
Amortization of leased assets3
3,834 2,234 Selling, general and administrative expenses
Interest on lease liabilities1,237 1,035 Interest expense
Variable lease costs1, 4
52,304 93,534 Cost of product sales
Variable lease costs1, 4
1,795 2,227 Selling, general and administrative expenses
Short-term lease costs1
694 344 Cost of product sales
Short-term lease costs1
5,023 3,543 Selling, general and administrative expenses
Total lease costs1
$288,926 $371,993 
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1Rental expense for all property and equipment operating leases during fiscal 2019 aggregated to $292.1 million, including percentage rent of $67.2 million. During fiscal 2019, the Company also recognized insurance, taxes, sales promotion, common area maintenance and certain utility charges that were paid to the landlord totaling $72.3 million related to its operating leases.
2During the year ended January 30, 2021, net gains on lease modifications related primarily to the early termination of lease agreements for certain of the Company’s retail locations. During fiscal 2019, the Company recognized net gains on lease modifications of $0.5 million related primarily to the early termination of lease agreements related to certain of the Company’s retail locations. Operating lease costs for these retail locations prior to the early termination were included in cost of product sales.
3Amortization of leased assets related to finance leases are included in depreciation expense within cost of product sales or selling, general and administrative expenses depending on the nature of the asset in the Company’s consolidated statements of income (loss).
4During the year ended January 30, 2021, variable lease costs included certain rent concessions received by the Company, primarily in Europe, related to the COVID-19 pandemic of approximately $33.1 million. Refer to Note 1 for further information.
Operating lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 30, 2021 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
2022$240,843 $8,182 $6,068 $255,093 
2023185,107 6,310 5,579 196,996 
2024150,223 6,727 5,388 162,338 
2025106,810 6,370 3,433 116,613 
202676,403 5,977 2,460 84,840 
After 2026150,859 32,610 3,197 186,666 
Total lease payments910,245 66,176 26,125 1,002,546 
Less: Interest79,219 11,745 4,062 95,026 
Present value of lease liabilities$831,026 $54,431 $22,063 $907,520 
Finance lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 30, 2021 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
2022$240,843 $8,182 $6,068 $255,093 
2023185,107 6,310 5,579 196,996 
2024150,223 6,727 5,388 162,338 
2025106,810 6,370 3,433 116,613 
202676,403 5,977 2,460 84,840 
After 2026150,859 32,610 3,197 186,666 
Total lease payments910,245 66,176 26,125 1,002,546 
Less: Interest79,219 11,745 4,062 95,026 
Present value of lease liabilities$831,026 $54,431 $22,063 $907,520 
Other supplemental information
Other supplemental information is as follows (dollars in thousands):
Jan 30, 2021
Lease Term and Discount Rate:
Weighted-average remaining lease term (years)
Operating leases5.9 years
Finance leases5.0 years
Weighted-average discount rate
Operating leases3.6%
Finance leases7.1%
Year Ended Jan 30, 2021Year Ended Feb 1, 2020
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$193,776 $250,972 
New operating ROU assets obtained in exchange for lease liabilities$189,412 $127,232