Leases

6 Months Ended

May 02, 2021

Leases [Abstract]

Leases

Leases

The Company’s material operating leases consist of branch locations, as well as corporate office space. Our leases have remaining terms of 1 - 9 years. The lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal option periods. Volt determines if an arrangement meets the criteria of a lease at inception, at which time it also performs an analysis to determine whether the lease qualifies as operating or financing.

Operating leases are included in Right of use assets - operating leases and Operating lease liabilities, current and long-term, in the Condensed Consolidated Balance Sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term and is included in Selling, administrative and other operating costs in the Condensed Consolidated Statements of Operations. The Company’s finance lease arrangements are immaterial.

Components of Lease Expense (in thousands)	Three Months Ended				Six Months Ended
	May 2, 2021		May 3, 2020		May 2, 2021		May 3, 2020
Operating lease expense	$	2,225	$	3,003	$	4,494	$	5,924
Sublease income	(408)		(394)		(810)		(788)
Variable lease expense	362		126		743		327
Total (1)(2)	$	2,179	$	2,735	$	4,427	$	5,463

(1) The Company has minimal short-term lease expense.

(2) Lease expense included in restructuring is approximately $0.5 million and $1.1 million for the three and six months ended May 2, 2021 and $0.1 million and $0.1 million for the three and six months ended May 3, 2020.

	Six Months Ended
Supplemental Cash Flows Information (in thousands)	May 2, 2021		May 3, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	5,656	$	5,868
Operating ROU assets obtained in exchange for operating lease liabilities	$	1,138	$	680

	Six Months Ended
Weighted Average Remaining Lease Term and Discount Rate	May 2, 2021		May 3, 2020
Weighted average remaining lease term (years)	7.7		8.2
Weighted average discount rate	6.3	%	6.3	%

Maturities of Lease Liabilities (in thousands)	As of May 2, 2021
Fiscal Year:	Amount
Remainder of 2021	$	4,878
2022	8,350
2023	7,042
2024	5,676
2025	5,275
Thereafter	22,901
Total future lease payments	$	54,122
Less: Imputed interest	11,735
Total lease liabilities	$	42,387