Leases

12 Months Ended

Feb. 01, 2020

10. Leases

At February 1, 2020, we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from one month to ten years, with varying renewal and termination options. At February 1, 2020, the weighted-average of the remaining lease term was 5.9 years and the weighted-average operating lease discount rate was 3.3%.

The following table presents components of lease expense (in thousands):

	Year Ended
	February 1, 2020
Operating lease expense	$	70,070
Variable lease expense		5,836
Total lease expense (1)	$	75,906

(1)

Total lease expense does not include common area maintenance charges and other non-lease components.

Supplemental cash flow information related to leases is as follows (in thousands):

	February 1, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(62,217	)
Right-of-use assets obtained in exchange for new operating lease liabilities		64,870

At February 1, 2020, the maturities of our operating leases liabilities are as follows (in thousands):

Fiscal 2020	$	72,077
Fiscal 2021		72,456
Fiscal 2022		63,966
Fiscal 2023		53,655
Fiscal 2024		46,014
Thereafter		73,131
Total minimum lease payments		381,299
Less: interest		(34,782	)
Present value of lease obligations		346,517
Less: current portion		(61,800	)
Long-term lease obligations (2)	$	284,717

(2)

Amounts in the table does not include contingent rent, common area maintenance charges and other non-lease components.

At February 1, 2020, we have excluded from the table above operating leases that were contractually executed, but have not yet commenced. These operating leases are expected to commence in fiscal 2020 and is immaterial to the Company.

For the fiscal years ended February 2, 2019 and February 3, 2018, the Company’s total rent expense in accordance with our historical accounting policies under Topic 840 is as follows (in thousands):

	Year Ended
	February 2, 2019
Minimum rent expense	$	79,761
Contingent rent expense		3,901
Total lease expense (3)	$	83,662

(3)

Amounts in the table does not include real estate taxes, insurance, common area maintenance charges and other executory costs obligations.

At February 2, 2019, the Company’s future minimum lease payments in accordance with our historical accounting policies under Topic 840 were as follows (in thousands):

Fiscal 2019	$	69,293
Fiscal 2020		66,364
Fiscal 2021		60,962
Fiscal 2022		55,155
Fiscal 2023		45,503
Thereafter		94,024
Total minimum lease payments (4)	$	391,301

(4)

Amounts in the table does not include contingent rent and real estate taxes, insurance, common area maintenance charges and other executory costs obligations.