XML 71 R55.htm IDEA: XBRL DOCUMENT v3.25.1
Leases (Tables)
 12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Schedule of Supplemental Cash Flow Information for Leases
The weighted average lease term and discount rate for the Company’s outstanding operating leases as of February 1, 2025 and February 3, 2024 were as follows:
February 1, 2025February 3, 2024
Weighted average remaining lease term6.7 years7.0 years
Weighted average discount rate6.2 %6.1 %
The following table provides supplemental cash flow information related to the Company’s leases for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$407.1 $438.0 $387.5 
Operating lease right-of-use assets obtained in exchange for lease obligations (1)
320.1 235.2 191.5 
Reduction in the carrying amount of ROU assets (2)
309.1 316.5 331.2 
(1) Includes $39.1 million of ROU assets acquired from Blue Nile in Fiscal 2023. See Note 4 for additional information.
(2) Excludes ROU asset impairment charges, net of $2.0 million, $2.7 million, and $18.4 million during Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively, as further described in Note 14.
Schedule of Total Lease Costs For Operating Leases
The following table provides the components of total lease costs for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
Operating lease cost$387.6 $391.9 $399.1 
Short-term lease cost46.7 47.9 47.4 
Variable lease cost103.7 108.9 119.7 
Sublease income(1.3)(0.6)(1.5)
Total lease cost$536.7 $548.1 $564.7 
Schedule of Future Minimum Operating Lease Payments
The future minimum operating lease commitments for operating leases having initial or non-cancelable terms in excess of one year are as follows:
(in millions)February 1, 2025
Fiscal 2026
$351.4 
Fiscal 2027
313.9 
Fiscal 2028
228.8 
Fiscal 2029
159.0 
Fiscal 2030
88.1 
Thereafter350.3 
Total minimum lease payments$1,491.5 
Less: Imputed interest(311.6)
Present value of lease liabilities$1,179.9