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Leases (Tables)

9 Months Ended

Oct. 30, 2021

The following table is a summary of the Company’s components of net lease cost for the three and nine months ended October 30, 2021 and October 31, 2020:


	For the three months ended				For the nine months ended
	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020
(in thousands)
Operating lease cost	$	11,064	$	11,824	$	32,698	$	35,756
Variable lease costs(1)		3,284		3,690		10,473		10,759
Total lease costs	$	14,348	$	15,514	$	43,171	$	46,515

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the first nine months ended October 30, 2021 and October 31, 2020 is as follows:



(dollars in thousands)	For the nine months ended
Cash paid for amounts included in the measurement of lease liabilities:	October 30, 2021		October 31, 2020
Operating cash flows for operating leases (1)	$	43,846	$	33,233
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	6,099	$	645
Net decrease in right-of-use assets due to lease modifications associated with rent concessions and lease exits	$	-	$	(2,283	)

Weighted average remaining lease term	4.1 yrs.		4.7 yrs.
Weighted average discount rate	6.95%		6.46%

(1)

The increase in cash payments for the first nine months of fiscal 2021 as compared to the first nine months of fiscal 2020 is due to rent abatements and deferments negotiated in the second quarter of fiscal 2020 for rent obligations while stores were closed. The cash paid for the first nine months of fiscal 2021 also includes prepaid rent for November 2021 of $3.8 million.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of October 30, 2021:


(in thousands)
2021 (remaining)	$	8,999
2022		49,149
2023		41,972
2024		32,173
2025		23,755
Thereafter		16,674
Total minimum lease payments	$	172,722
Less: amount of lease payments representing interest		23,320
Present value of future minimum lease payments	$	149,402
Less: current obligations under leases		37,150
Long-term lease obligations	$	112,252