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Lease Accounting (Tables)
 12 Months Ended
Jan. 29, 2022
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are as follows (in thousands):
Jan 29, 2022Jan 30, 2021
AssetsBalance Sheet Location
Operating$685,799 $764,804 Operating right-of-use assets
Finance21,898 20,595 Property and equipment, net
Total lease assets$707,697 $785,399 
LiabilitiesBalance Sheet Location
Current:
Operating$195,516 $222,800 Current portion of operating lease liabilities
Finance5,806 4,698 Current portion of borrowings and finance lease obligations
Noncurrent:
Operating582,757 662,657 Long-term operating lease liabilities
Finance17,137 17,365 Long-term debt and finance lease obligations
Total lease liabilities$801,216 $907,520 
Lease cost
Year Ended Jan 29, 2022Year Ended Jan 30, 2021Year Ended Feb 1, 2020
Income Statement Location
Operating lease costs$181,888 $205,065 $244,222 Cost of product sales
Operating lease costs25,047 21,726 24,565 Selling, general and administrative expenses
Operating lease costs1
(259)(2,801)— Net gains on lease modifications
Finance lease costs
Amortization of leased assets2
55 49 289 Cost of product sales
Amortization of leased assets2
5,525 3,834 2,234 Selling, general and administrative expenses
Interest on lease liabilities1,462 1,237 1,035 Interest expense
Variable lease costs3
75,339 52,304 93,534 Cost of product sales
Variable lease costs3
2,175 1,795 2,227 Selling, general and administrative expenses
Short-term lease costs366 694 344 Cost of product sales
Short-term lease costs4,856 5,023 3,543 Selling, general and administrative expenses
Total lease costs$296,454 $288,926 $371,993 
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1During the year ended January 29, 2022 and January 30, 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.
2Amortization of leased assets related to finance leases are included in depreciation expense within cost of product sales or selling, general and administrative expenses depending on the nature of the asset in the Company’s consolidated statements of income (loss).
3During the year ended January 29, 2022 and January 30, 2021, variable lease costs included certain rent concessions received by the Company, primarily in Europe, related to the COVID-19 pandemic of approximately $17.3 million and $33.1 million, respectively. Refer to Note 1 for further information.
Operating lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 29, 2022 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
2023$210,759 $7,648 $6,872 $225,279 
2024160,515 7,875 6,746 175,136 
2025116,997 7,252 4,861 129,110 
202686,083 6,859 3,983 96,925 
202767,376 7,560 2,461 77,397 
After 2027148,748 28,574 688 178,010 
Total lease payments790,478 65,768 25,611 881,857 
Less: Interest67,707 10,266 2,668 80,641 
Present value of lease liabilities$722,771 $55,502 $22,943 $801,216 
Finance lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 29, 2022 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
2023$210,759 $7,648 $6,872 $225,279 
2024160,515 7,875 6,746 175,136 
2025116,997 7,252 4,861 129,110 
202686,083 6,859 3,983 96,925 
202767,376 7,560 2,461 77,397 
After 2027148,748 28,574 688 178,010 
Total lease payments790,478 65,768 25,611 881,857 
Less: Interest67,707 10,266 2,668 80,641 
Present value of lease liabilities$722,771 $55,502 $22,943 $801,216 
Other supplemental information
Other supplemental information is as follows (in thousands):
Jan 29, 2022
Lease Term and Discount Rate:
Weighted-average remaining lease term (years)
Operating leases6.1 years
Finance leases4.3 years
Weighted-average discount rate
Operating leases3.4%
Finance leases5.5%
Year Ended Jan 29, 2022Year Ended Jan 30, 2021Year Ended Feb 1, 2020
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$225,652 $193,776 $250,972 
New operating ROU assets obtained in exchange for lease liabilities$156,102 $189,412 $127,232