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Lease Accounting (Tables)
 6 Months Ended
Jul. 29, 2023
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Jul 29, 2023Jan 28, 2023
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$651,722 $636,148 
FinanceProperty and equipment, net16,304 19,055 
Total lease assets$668,026 $655,203 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$170,020 $170,192 
FinanceCurrent portion of borrowings and finance lease obligations6,450 6,684 
Noncurrent:
OperatingLong-term operating lease liabilities532,495 528,236 
FinanceLong-term debt and finance lease obligations10,883 13,181 
Total lease liabilities$719,848 $718,293 
Lease cost The components of lease costs are (in thousands):
Three Months EndedSix Months Ended
Income Statement LocationJul 29, 2023Jul 30, 2022Jul 29, 2023Jul 30, 2022
Operating lease costsCost of product sales$45,351 $43,716 $91,403 $88,088 
Operating lease costsSelling, general and administrative expenses6,600 6,281 13,197 12,582 
Operating lease costs1
Net gains on lease modifications(2,431)(907)(2,431)(1,508)
Finance lease costs
Amortization of leased assetsCost of product sales29 20 52 39 
Amortization of leased assetsSelling, general and administrative expenses1,583 1,574 3,112 3,076 
Interest on lease liabilitiesInterest expense189 251 398 538 
Variable lease costs2
Cost of product sales23,660 20,784 48,151 42,780 
Variable lease costs2
Selling, general and administrative expenses1,086 813 1,747 1,769 
Short-term lease costsCost of product sales79 90 149 186 
Short-term lease costsSelling, general and administrative expenses652 1,320 2,291 2,878 
Total lease costs$76,798 $73,942 $158,069 $150,428 
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Notes:
1During the three and six months ended July 29, 2023 and July 30, 2022, 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 29, 2023, variable lease costs included certain rent concessions of approximately $0.6 million and $1.0 million, respectively, received by the Company, primarily in Europe. During 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.
Operating lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of July 29, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$107,753 $4,798 $4,148 $116,699 
Fiscal 2025154,678 7,241 5,711 167,630 
Fiscal 2026119,151 6,849 5,246 131,246 
Fiscal 2027102,879 7,550 2,686 113,115 
Fiscal 202876,453 7,717 828 84,998 
After fiscal 2028189,052 20,826 4 209,882 
Total lease payments749,966 54,981 18,623 823,570 
Less: Interest90,454 11,978 1,290 103,722 
Present value of lease liabilities$659,512 $43,003 $17,333 $719,848 
Finance lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of July 29, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$107,753 $4,798 $4,148 $116,699 
Fiscal 2025154,678 7,241 5,711 167,630 
Fiscal 2026119,151 6,849 5,246 131,246 
Fiscal 2027102,879 7,550 2,686 113,115 
Fiscal 202876,453 7,717 828 84,998 
After fiscal 2028189,052 20,826 4 209,882 
Total lease payments749,966 54,981 18,623 823,570 
Less: Interest90,454 11,978 1,290 103,722 
Present value of lease liabilities$659,512 $43,003 $17,333 $719,848 
Other supplemental information
Other supplemental information is (in thousands):
Lease Term and Discount RateJul 29, 2023
Weighted-average remaining lease term
Operating leases6.1 years
Finance leases3.3 years
Weighted-average discount rate
Operating leases4.6%
Finance leases4.7%
Six Months Ended
Supplemental Cash Flow InformationJul 29, 2023Jul 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$99,294 $116,202 
New operating ROU assets obtained in exchange for lease liabilities$64,636 $91,331