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Lease Accounting (Tables)
 6 Months Ended
Jul. 30, 2022
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Jul 30, 2022Jan 29, 2022
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$651,925 $685,799 
FinanceProperty and equipment, net20,692 21,898 
Total lease assets$672,617 $707,697 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$170,133 $195,516 
FinanceCurrent portion of borrowings and finance lease obligations5,960 5,806 
Noncurrent:
OperatingLong-term operating lease liabilities552,190 582,757 
FinanceLong-term debt and finance lease obligations15,701 17,137 
Total lease liabilities$743,984 $801,216 
Lease cost The components of lease costs are (in thousands):
Three Months EndedSix Months Ended
Income Statement LocationJul 30, 2022Jul 31, 2021Jul 30, 2022Jul 31, 2021
Operating lease costsCost of product sales$43,716 $45,776 $88,088 $92,460 
Operating lease costsSelling, general and administrative expenses6,281 6,189 12,582 12,546 
Operating lease costs1
Net gains on lease modifications(907)(420)(1,508)(2,565)
Finance lease costs
Amortization of leased assetsCost of product sales20 17 39 28 
Amortization of leased assetsSelling, general and administrative expenses1,574 1,406 3,076 2,767 
Interest on lease liabilitiesInterest expense251 263 538 629 
Variable lease costs2
Cost of product sales20,784 16,640 42,780 32,379 
Variable lease costs2
Selling, general and administrative expenses813 445 1,769 1,019 
Short-term lease costsCost of product sales90 126 186 231 
Short-term lease costsSelling, general and administrative expenses1,320 1,123 2,878 2,294 
Total lease costs$73,942 $71,565 $150,428 $141,788 
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Notes:
1During the three and six months ended July 30, 2022 and July 31, 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 and six months ended July 30, 2022, variable lease costs included certain rent concessions of approximately $2.2 million and $3.5 million, respectively, received by the Company, primarily in Europe, related to the COVID-19 pandemic. During the three and six months ended July 31, 2021, variable lease costs included certain rent concessions of approximately $5.8 million and $11.9 million, respectively, received by the Company, primarily in Europe, related to the COVID-19 pandemic.
Operating lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of July 30, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$102,099 $3,942 $3,587 $109,628 
Fiscal 2024167,942 7,802 7,001 182,745 
Fiscal 2025122,781 7,179 5,206 135,166 
Fiscal 202691,656 6,786 4,802 103,244 
Fiscal 202774,442 7,488 2,357 84,287 
After fiscal 2027181,954 28,356 690 211,000 
Total lease payments740,874 61,553 23,643 826,070 
Less: Interest70,732 9,372 1,982 82,086 
Present value of lease liabilities$670,142 $52,181 $21,661 $743,984 
Finance lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of July 30, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$102,099 $3,942 $3,587 $109,628 
Fiscal 2024167,942 7,802 7,001 182,745 
Fiscal 2025122,781 7,179 5,206 135,166 
Fiscal 202691,656 6,786 4,802 103,244 
Fiscal 202774,442 7,488 2,357 84,287 
After fiscal 2027181,954 28,356 690 211,000 
Total lease payments740,874 61,553 23,643 826,070 
Less: Interest70,732 9,372 1,982 82,086 
Present value of lease liabilities$670,142 $52,181 $21,661 $743,984 
Other supplemental information
Other supplemental information is (in thousands):
Lease Term and Discount RateJul 30, 2022
Weighted-average remaining lease term
Operating leases6.1 years
Finance leases4.0 years
Weighted-average discount rate
Operating leases3.6%
Finance leases4.8%
Six Months Ended
Supplemental Cash Flow InformationJul 30, 2022Jul 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$116,202 $115,264 
New operating ROU assets obtained in exchange for lease liabilities$91,331 $63,238