Leases (Tables)
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12 Months Ended |
Jan. 30, 2021 |
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| Leases |
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| Schedule of leases |
The following table presents supplemental balance sheet information, the weighted-average remaining lease term, and discount rate for operating leases:
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January 30, |
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February 1, |
(In thousands) |
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Classification on the Balance Sheet |
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2021 |
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2020 |
Right-of-use assets |
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Operating lease assets |
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$ |
1,504,614 |
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$ |
1,537,565 |
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Current lease liabilities |
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Current operating lease liabilities |
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$ |
253,415 |
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$ |
239,629 |
Non-current lease liabilities |
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Non-current operating lease liabilities |
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|
1,643,386 |
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|
1,698,718 |
Total lease liabilities |
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$ |
1,896,801 |
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$ |
1,938,347 |
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Weighted-average remaining lease term |
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6.9 years |
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7.3 years |
Weighted-average discount rate |
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3.6% |
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4.1% |
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| Summary of information related to lease costs for operating leases |
The following table presents the components of lease cost for operating leases:
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Fiscal Year Ended |
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January 30, |
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February 1, |
(In thousands) |
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Classification on the Statement of Operations |
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2021 |
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2020 |
Operating lease cost |
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Cost of sales (1) |
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$ |
304,743 |
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$ |
289,007 |
Variable lease cost |
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Cost of sales |
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80,557 |
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|
77,142 |
Short-term lease cost |
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Selling, general and administrative expenses |
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|
567 |
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|
352 |
Sublease income |
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Net sales |
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(827) |
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(691) |
Total lease cost |
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$ |
385,040 |
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$ |
365,810 |
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(1) |
The majority of operating lease cost relates to retail stores, distribution centers, and fast fulfillment centers and is classified within cost of sales. Operating lease cost for corporate offices is classified within the selling, general and administrative expenses. Operating lease cost from the control date through store opening date is classified within pre-opening expenses. |
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| Schedule of cash flow information related to operating leases |
The following table presents supplemental disclosures of cash flow information related to operating leases:
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Fiscal Year Ended |
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January 30, |
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February 1, |
(In thousands) |
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2021 |
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2020 |
Cash paid for operating lease liabilities (1) |
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$ |
354,133 |
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$ |
338,942 |
Operating lease assets obtained in exchange for operating lease liabilities (non-cash) |
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255,966 |
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|
355,286 |
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(1) |
Excludes $33,092 and $71,294 related to cash received for tenant incentives as of January 30, 2021 and February 1, 2020, respectively. |
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| Schedule of maturities of non-cancellable operating lease liabilities |
The following table presents maturities of operating lease liabilities as of January 30, 2021:
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Fiscal year |
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(In thousands) |
2021 |
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$ |
319,430 |
2022 |
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353,137 |
2023 |
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316,199 |
2024 |
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283,813 |
2025 |
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254,364 |
2026 and thereafter |
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624,925 |
Total lease payments |
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$ |
2,151,868 |
Less: imputed interest |
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(255,067) |
Present value of operating lease liabilities |
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$ |
1,896,801 |
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