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Lease Accounting (Tables)
 9 Months Ended
Oct. 29, 2022
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Oct 29, 2022Jan 29, 2022
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$614,705 $685,799 
FinanceProperty and equipment, net19,264 21,898 
Total lease assets$633,969 $707,697 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$159,152 $195,516 
FinanceCurrent portion of borrowings and finance lease obligations5,888 5,806 
Noncurrent:
OperatingLong-term operating lease liabilities519,594 582,757 
FinanceLong-term debt and finance lease obligations14,559 17,137 
Total lease liabilities$699,193 $801,216 
Lease cost The components of lease costs are (in thousands):
Three Months EndedNine Months Ended
Income Statement LocationOct 29, 2022Oct 30, 2021Oct 29, 2022Oct 30, 2021
Operating lease costsCost of product sales$43,361 $44,729 $131,450 $137,189 
Operating lease costsSelling, general and administrative expenses6,000 6,300 18,582 18,846 
Operating lease costs1
Net (gains) losses on lease modifications(146)3,006 (1,654)441 
Finance lease costs
Amortization of leased assetsCost of product sales21 5 60 33 
Amortization of leased assetsSelling, general and administrative expenses1,510 1,233 4,585 4,000 
Interest on lease liabilitiesInterest expense209 474 747 1,103 
Variable lease costs2
Cost of product sales21,682 19,321 64,462 51,700 
Variable lease costs2
Selling, general and administrative expenses669 552 2,438 1,571 
Short-term lease costsCost of product sales87 99 273 330 
Short-term lease costsSelling, general and administrative expenses1,722 1,341 4,600 3,635 
Total lease costs$75,115 $77,060 $225,543 $218,848 
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Notes:
1During the three and nine months ended October 29, 2022 and October 30, 2021, net (gains) losses 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 nine months ended October 29, 2022, variable lease costs included certain rent concessions of approximately $1.1 million and $4.6 million, respectively, received by the Company, primarily in Europe, related to the COVID-19 pandemic. During the three and nine months ended October 30, 2021, variable lease costs included certain rent concessions of approximately $2.6 million and $14.5 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 October 29, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$53,046 $1,842 $2,142 $57,030 
Fiscal 2024167,666 7,766 6,950 182,382 
Fiscal 2025123,561 7,158 5,180 135,899 
Fiscal 202692,423 6,766 4,788 103,977 
Fiscal 202774,777 7,467 2,401 84,645 
After fiscal 2027190,441 28,294 725 219,460 
Total lease payments701,914 59,293 22,186 783,393 
Less: Interest70,574 11,887 1,739 84,200 
Present value of lease liabilities$631,340 $47,406 $20,447 $699,193 
Finance lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of October 29, 2022 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2023$53,046 $1,842 $2,142 $57,030 
Fiscal 2024167,666 7,766 6,950 182,382 
Fiscal 2025123,561 7,158 5,180 135,899 
Fiscal 202692,423 6,766 4,788 103,977 
Fiscal 202774,777 7,467 2,401 84,645 
After fiscal 2027190,441 28,294 725 219,460 
Total lease payments701,914 59,293 22,186 783,393 
Less: Interest70,574 11,887 1,739 84,200 
Present value of lease liabilities$631,340 $47,406 $20,447 $699,193 
Other supplemental information
Other supplemental information is (in thousands):
Lease Term and Discount RateOct 29, 2022
Weighted-average remaining lease term
Operating leases6.1 years
Finance leases3.8 years
Weighted-average discount rate
Operating leases3.9%
Finance leases4.7%
Nine Months Ended
Supplemental Cash Flow InformationOct 29, 2022Oct 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$166,910 $167,444 
New operating ROU assets obtained in exchange for lease liabilities$106,427 $99,603