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Lease Accounting (Tables)
 3 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Apr 30, 2022Jan 29, 2022
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$653,611 $685,799 
FinanceProperty and equipment, net20,557 21,898 
Total lease assets$674,168 $707,697 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$178,470 $195,516 
FinanceCurrent portion of borrowings and finance lease obligations5,729 5,806 
Noncurrent:
OperatingLong-term operating lease liabilities549,293 582,757 
FinanceLong-term debt and finance lease obligations16,050 17,137 
Total lease liabilities$749,542 $801,216 
Lease cost The components of lease costs are (in thousands):
Three Months Ended
Income Statement LocationApr 30, 2022May 1, 2021
Operating lease costsCost of product sales$44,372 $46,684 
Operating lease costsSelling, general and administrative expenses6,301 6,357 
Operating lease costs1
Net gains on lease modifications(601)(2,145)
Finance lease costs
Amortization of leased assetsCost of product sales19 11 
Amortization of leased assetsSelling, general and administrative expenses1,502 1,361 
Interest on lease liabilitiesInterest expense287 366 
Variable lease costs2
Cost of product sales21,996 15,739 
Variable lease costs2
Selling, general and administrative expenses956 574 
Short-term lease costsCost of product sales96 105 
Short-term lease costsSelling, general and administrative expenses1,558 1,171 
Total lease costs$76,486 $70,223 
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Notes:
1During the three months ended April 30, 2022 and May 1, 2021, net gains on lease modifications related primarily to the early termination of lease agreements for 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.
2During the three months ended April 30, 2022, and May 1, 2021, variable lease costs included certain rent concessions of approximately $1.3 million and $6.1 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 April 30, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$151,147 $6,164 $5,246 $162,557 
Fiscal 2024161,805 7,826 6,711 176,342 
Fiscal 2025117,452 7,204 4,894 129,550 
Fiscal 202686,607 6,811 4,142 97,560 
Fiscal 202768,756 7,513 2,346 78,615 
After fiscal 2027154,161 28,431 705 183,297 
Total lease payments739,928 63,949 24,044 827,921 
Less: Interest66,182 9,932 2,265 78,379 
Present value of lease liabilities$673,746 $54,017 $21,779 $749,542 
Finance lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of April 30, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$151,147 $6,164 $5,246 $162,557 
Fiscal 2024161,805 7,826 6,711 176,342 
Fiscal 2025117,452 7,204 4,894 129,550 
Fiscal 202686,607 6,811 4,142 97,560 
Fiscal 202768,756 7,513 2,346 78,615 
After fiscal 2027154,161 28,431 705 183,297 
Total lease payments739,928 63,949 24,044 827,921 
Less: Interest66,182 9,932 2,265 78,379 
Present value of lease liabilities$673,746 $54,017 $21,779 $749,542 
Other supplemental information Other supplemental information is (in thousands):
Lease Term and Discount RateApr 30, 2022
Weighted-average remaining lease term
Operating leases6.0 years
Finance leases4.1 years
Weighted-average discount rate
Operating leases3.4%
Finance leases5.2%
Three Months Ended
Supplemental Cash Flow InformationApr 30, 2022May 1, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$63,896 $53,428 
New operating ROU assets obtained in exchange for lease liabilities$35,378 $22,596