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Lease Accounting (Tables)
 6 Months Ended
Aug. 03, 2024
Leases [Abstract]  
Schedule of Assets and Liabilities, Lessee
The components of leases are (in thousands):
Aug 3, 2024Feb 3, 2024
AssetsBalance Sheet Location
OperatingOperating lease right-of-use assets$767,463 $667,031 
FinanceProperty and equipment, net12,239 15,132 
Total lease assets$779,702 $682,163 
LiabilitiesBalance Sheet Location
Current:
OperatingCurrent portion of operating lease liabilities$187,568 $166,451 
FinanceCurrent portion of borrowings and finance lease obligations5,200 5,573 
Noncurrent:
OperatingLong-term operating lease liabilities638,228 542,392 
FinanceLong-term debt and finance lease obligations7,527 9,857 
Total lease liabilities$838,523 $724,273 
Schedule of Lease Costs The components of lease costs are (in thousands):
Three Months EndedSix Months Ended
Income Statement LocationAug 3, 2024Jul 29, 2023Aug 3, 2024Jul 29, 2023
Operating lease costs
Cost of product sales$49,909 $45,351 $98,359 $91,403 
Operating lease costsSelling, general and administrative expenses9,258 6,600 17,090 13,197 
Operating lease costs1
Net gains on lease modifications— (2,431)— (2,431)
Finance lease costs
Amortization of leased assets
Cost of product sales8 29 12 52 
Amortization of leased assetsSelling, general and administrative expenses1,588 1,583 3,128 3,112 
Interest on lease liabilitiesInterest expense167 189 355 398 
Variable lease costs2
Cost of product sales24,962 23,660 49,533 48,151 
Variable lease costs2
Selling, general and administrative expenses1,216 1,086 2,315 1,747 
Short-term lease costs
Cost of product sales106 79 229 149 
Short-term lease costsSelling, general and administrative expenses2,144 652 4,204 2,291 
Total lease costs$89,358 $76,798 $175,225 $158,069 
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Notes:
1During the three and six months ended July 29, 2023, net gains 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 six months ended August 3, 2024, variable lease costs included certain rent concessions of approximately $0.2 million and $0.4 million, respectively, received by the Company, primarily in Europe. During the three and six months ended July 29, 2023, variable lease costs included certain rent concessions of approximately $0.6 million and $1.0 million, respectively, received by the Company, primarily in Europe.
Schedule of Operating Lease Liabilities Maturity
Maturities of the Company’s operating and finance lease liabilities as of August 3, 2024 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2025$121,071 $3,860 $3,054 $127,985 
Fiscal 2026170,997 7,226 5,730 183,953 
Fiscal 2027154,399 7,787 3,202 165,388 
Fiscal 2028121,547 7,709 1,359 130,615 
Fiscal 2029103,125 8,474 295 111,894 
After fiscal 2029248,449 12,335 3 260,787 
Total lease payments919,588 47,391 13,643 980,622 
Less: Interest132,048 9,135 916 142,099 
Present value of lease liabilities$787,540 $38,256 $12,727 $838,523 
Schedule of Finance Lease Liabilities Maturity
Maturities of the Company’s operating and finance lease liabilities as of August 3, 2024 are (in thousands):
Operating Leases
Maturity of Lease Liabilities Non-Related PartiesRelated PartiesFinance LeasesTotal
Fiscal 2025$121,071 $3,860 $3,054 $127,985 
Fiscal 2026170,997 7,226 5,730 183,953 
Fiscal 2027154,399 7,787 3,202 165,388 
Fiscal 2028121,547 7,709 1,359 130,615 
Fiscal 2029103,125 8,474 295 111,894 
After fiscal 2029248,449 12,335 3 260,787 
Total lease payments919,588 47,391 13,643 980,622 
Less: Interest132,048 9,135 916 142,099 
Present value of lease liabilities$787,540 $38,256 $12,727 $838,523 
Schedule of Other Supplemental Information
Other supplemental information is (in thousands):
Lease Term and Discount RateAug 3, 2024
Weighted-average remaining lease term
Operating leases6.2 years
Finance leases2.8 years
Weighted-average discount rate
Operating leases5.2%
Finance leases5.0%
Six Months Ended
Supplemental Cash Flow InformationAug 3, 2024Jul 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$108,179 $99,294 
New operating ROU assets obtained in exchange for lease liabilities$121,705 $64,636