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Lease Accounting (Tables)
 3 Months Ended
Apr. 29, 2023
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Apr 29, 2023Jan 28, 2023
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$645,713 $636,148 
FinanceProperty and equipment, net17,777 19,055 
Total lease assets$663,490 $655,203 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$172,628 $170,192 
FinanceCurrent portion of borrowings and finance lease obligations6,733 6,684 
Noncurrent:
OperatingLong-term operating lease liabilities530,939 528,236 
FinanceLong-term debt and finance lease obligations12,189 13,181 
Total lease liabilities$722,489 $718,293 
Lease cost The components of lease costs are (in thousands):
Three Months Ended
Income Statement LocationApr 29, 2023Apr 30, 2022
Operating lease costsCost of product sales$46,052 $44,372 
Operating lease costsSelling, general and administrative expenses6,597 6,301 
Operating lease costs1
Net gains on lease modifications— (601)
Finance lease costs
Amortization of leased assetsCost of product sales23 19 
Amortization of leased assetsSelling, general and administrative expenses1,529 1,502 
Interest on lease liabilitiesInterest expense209 287 
Variable lease costs2
Cost of product sales24,491 21,996 
Variable lease costs2
Selling, general and administrative expenses661 956 
Short-term lease costsCost of product sales70 96 
Short-term lease costsSelling, general and administrative expenses1,639 1,558 
Total lease costs$81,271 $76,486 
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Notes:
1During the three months ended April 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 months ended April 29, 2023 and April 30, 2022, variable lease costs included certain rent concessions of approximately $0.4 million and $1.3 million, respectively, received by the Company, primarily in Europe.
Operating lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of April 29, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$151,672 $6,252 $6,050 $163,974 
Fiscal 2025144,730 7,241 5,668 157,639 
Fiscal 2026110,236 6,849 5,204 122,289 
Fiscal 202791,709 7,550 2,668 101,927 
Fiscal 202871,291 7,717 810 79,818 
After fiscal 2028179,314 20,826 — 200,140 
Total lease payments748,952 56,435 20,400 825,787 
Less: Interest89,100 12,720 1,478 103,298 
Present value of lease liabilities$659,852 $43,715 $18,922 $722,489 
Finance lease liabilities maturity schedule Maturities of the Company’s operating and finance lease liabilities as of April 29, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$151,672 $6,252 $6,050 $163,974 
Fiscal 2025144,730 7,241 5,668 157,639 
Fiscal 2026110,236 6,849 5,204 122,289 
Fiscal 202791,709 7,550 2,668 101,927 
Fiscal 202871,291 7,717 810 79,818 
After fiscal 2028179,314 20,826 — 200,140 
Total lease payments748,952 56,435 20,400 825,787 
Less: Interest89,100 12,720 1,478 103,298 
Present value of lease liabilities$659,852 $43,715 $18,922 $722,489 
Other supplemental information
Other supplemental information is (in thousands):
Lease Term and Discount RateApr 29, 2023
Weighted-average remaining lease term
Operating leases6.2 years
Finance leases3.4 years
Weighted-average discount rate
Operating leases4.5%
Finance leases4.7%
Three Months Ended
Supplemental Cash Flow InformationApr 29, 2023Apr 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$51,225 $63,896 
New operating ROU assets obtained in exchange for lease liabilities$36,068 $35,378