XML 54 R41.htm IDEA: XBRL DOCUMENT v3.23.1
Lease Accounting (Tables)
 12 Months Ended
Jan. 28, 2023
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are as follows (in thousands):
Jan 28, 2023Jan 29, 2022
AssetsBalance Sheet Location
Operating$636,148 $685,799 Operating right-of-use assets
Finance19,055 21,898 Property and equipment, net
Total lease assets$655,203 $707,697 
Liabilities
Current:
Operating$170,192 $195,516 Current portion of operating lease liabilities
Finance6,684 5,806 Current portion of borrowings and finance lease obligations
Noncurrent:
Operating528,236 582,757 Long-term operating lease liabilities
Finance13,181 17,137 Long-term debt and finance lease obligations
Total lease liabilities$718,293 $801,216 
Lease cost
Year Ended
Jan 28, 2023Jan 29, 2022Jan 30, 2021
Income Statement Location
Operating lease costs$175,752 $181,888 $205,065 Cost of product sales
Operating lease costs24,845 25,047 21,726 Selling, general and administrative expenses
Operating lease costs1
(2,267)(259)(2,801)Net gains on lease modifications
Finance lease costs
Amortization of leased assets81 55 49 Cost of product sales
Amortization of leased assets6,177 5,525 3,834 Selling, general and administrative expenses
Interest on lease liabilities965 1,462 1,237 Interest expense
Variable lease costs2
92,331 75,339 52,304 Cost of product sales
Variable lease costs2
3,335 2,175 1,795 Selling, general and administrative expenses
Short-term lease costs351 366 694 Cost of product sales
Short-term lease costs6,141 4,856 5,023 Selling, general and administrative expenses
Total lease costs$307,711 $296,454 $288,926 
______________________________________________________________________
1During fiscal 2023, fiscal 2022 and fiscal 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 fiscal 2023, fiscal 2022 and fiscal 2021 variable lease costs included certain rent concessions received by the Company, primarily in Europe, of approximately $5.2 million, $17.3 million and $33.1 million, respectively.
Operating lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 28, 2023 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
Fiscal 2024$187,683 $7,843 $7,452 $202,978 
Fiscal 2025135,585 7,230 5,567 148,382 
Fiscal 2026103,192 6,837 5,113 115,142 
Fiscal 202784,184 7,538 2,607 94,329 
Fiscal 202864,350 7,705 790 72,845 
Thereafter160,557 20,803 — 181,360 
Total lease payments735,551 57,956 21,529 815,036 
Less: Interest81,596 13,483 1,664 96,743 
Present value of lease liabilities$653,955 $44,473 $19,865 $718,293 
Finance lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of January 28, 2023 are as follows (in thousands):
Operating Leases
Non-Related PartiesRelated PartiesFinance LeasesTotal
Maturity of Lease Liabilities:
Fiscal 2024$187,683 $7,843 $7,452 $202,978 
Fiscal 2025135,585 7,230 5,567 148,382 
Fiscal 2026103,192 6,837 5,113 115,142 
Fiscal 202784,184 7,538 2,607 94,329 
Fiscal 202864,350 7,705 790 72,845 
Thereafter160,557 20,803 — 181,360 
Total lease payments735,551 57,956 21,529 815,036 
Less: Interest81,596 13,483 1,664 96,743 
Present value of lease liabilities$653,955 $44,473 $19,865 $718,293 
Other supplemental information
Other supplemental information is as follows (in thousands):
Jan 28, 2023
Lease Term and Discount Rate:
Weighted-average remaining lease term (years)
Operating leases6.2 years
Finance leases3.6 years
Weighted-average discount rate
Operating leases4.2%
Finance leases4.8%
Year Ended
Jan 28, 2023Jan 29, 2022Jan 30, 2021
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$220,767 $225,652 $193,776 
New operating ROU assets obtained in exchange for lease liabilities$131,363 $156,102 $189,412