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Lease Accounting (Tables)
 9 Months Ended
Oct. 28, 2023
Leases [Abstract]  
Assets and liabilities, lessee
The components of leases are (in thousands):
Oct 28, 2023Jan 28, 2023
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$657,363 $636,148 
FinanceProperty and equipment, net16,536 19,055 
Total lease assets$673,899 $655,203 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$165,420 $170,192 
FinanceCurrent portion of borrowings and finance lease obligations6,999 6,684 
Noncurrent:
OperatingLong-term operating lease liabilities538,731 528,236 
FinanceLong-term debt and finance lease obligations10,793 13,181 
Total lease liabilities$721,943 $718,293 
Lease cost The components of lease costs are (in thousands):
Three Months EndedNine Months Ended
Income Statement LocationOct 28, 2023Oct 29, 2022Oct 28, 2023Oct 29, 2022
Operating lease costsCost of product sales$44,964 $43,361 $136,367 $131,450 
Operating lease costsSelling, general and administrative expenses6,744 6,000 19,941 18,582 
Operating lease costs1
Net (gains) losses on lease modifications537 (146)(1,894)(1,654)
Finance lease costs
Amortization of leased assetsCost of product sales9 21 61 60 
Amortization of leased assetsSelling, general and administrative expenses1,635 1,510 4,747 4,585 
Interest on lease liabilitiesInterest expense179 209 577 747 
Variable lease costs2
Cost of product sales23,400 21,682 71,551 64,462 
Variable lease costs2
Selling, general and administrative expenses804 669 2,551 2,438 
Short-term lease costsCost of product sales92 87 241 273 
Short-term lease costsSelling, general and administrative expenses2,015 1,722 4,306 4,600 
Total lease costs$80,379 $75,115 $238,448 $225,543 
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Notes:
1During the three and nine months ended October 28, 2023 and October 29, 2022, net (gains) losses on lease modifications related primarily to the early termination of certain lease agreements. Operating lease costs for these locations prior to the early termination were included in cost of product sales.
2During the three and nine months ended October 28, 2023, variable lease costs included certain rent concessions of approximately $0.4 million and $1.4 million, respectively, received by the Company, primarily in Europe. During the three and nine months ended October 29, 2022, variable lease costs included certain rent concessions of approximately $1.1 million and $4.6 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 October 28, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$62,999 $2,723 $2,806 $68,528 
Fiscal 2025160,784 7,626 6,092 174,502 
Fiscal 2026125,306 7,199 5,593 138,098 
Fiscal 2027108,543 7,760 3,129 119,432 
Fiscal 202881,470 7,681 1,334 90,485 
After fiscal 2028222,361 20,755 287 243,403 
Total lease payments761,463 53,744 19,241 834,448 
Less: Interest99,732 11,324 1,449 112,505 
Present value of lease liabilities$661,731 $42,420 $17,792 $721,943 
Finance lease liabilities maturity schedule
Maturities of the Company’s operating and finance lease liabilities as of October 28, 2023 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2024$62,999 $2,723 $2,806 $68,528 
Fiscal 2025160,784 7,626 6,092 174,502 
Fiscal 2026125,306 7,199 5,593 138,098 
Fiscal 2027108,543 7,760 3,129 119,432 
Fiscal 202881,470 7,681 1,334 90,485 
After fiscal 2028222,361 20,755 287 243,403 
Total lease payments761,463 53,744 19,241 834,448 
Less: Interest99,732 11,324 1,449 112,505 
Present value of lease liabilities$661,731 $42,420 $17,792 $721,943 
Other supplemental information
Other supplemental information is (in thousands):
Lease Term and Discount RateOct 28, 2023
Weighted-average remaining lease term
Operating leases6.2 years
Finance leases3.3 years
Weighted-average discount rate
Operating leases4.8%
Finance leases5.1%
Nine Months Ended
Supplemental Cash Flow InformationOct 28, 2023Oct 29, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$155,379 $166,910 
New operating ROU assets obtained in exchange for lease liabilities$128,756 $106,427