XML 40 R25.htm IDEA: XBRL DOCUMENT

Leases (Tables)

12 Months Ended

Jan. 29, 2022

The following table is a summary of the Company’s components of lease cost for fiscal 2021, fiscal 2020 and fiscal 2019:


	Fiscal 2021		Fiscal 2020		Fiscal 2019
(in thousands)
Operating lease cost	$	43,921	$	47,076	$	53,051
Variable lease costs(1)		13,290		14,391		16,248
Total lease costs	$	57,211	$	61,467	$	69,299

(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 fiscal 2021, fiscal 2020 and fiscal 2019 is as follows:


(in thousands)	Fiscal 2021			Fiscal 2020			Fiscal 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	57,816		$	47,330		$	58,046
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	30,777		$	645		$	5,401
Net decrease in right-of-use assets due to lease modifications associated with rent concessions and lease exits	$	—		$	(6,463	)	$	—

Weighted average remaining lease term	4.3 yrs.			4.5 yrs.			5.4 yrs.
Weighted average discount rate		6.91	%		6.47	%		7.10	%

(1)

The decrease in cash payments for fiscal 2020 as compared to fiscal 2021 and fiscal 2019 was primarily due to rent abatements and deferments negotiated during fiscal 2020 in response to the COVID-19 pandemic.

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

The table below reconciles the undiscounted cash flows for each of the next five years and thereafter to the operating lease liabilities recorded on the Consolidated Balance Sheet as of January 29, 2022:


(in thousands)
2022	$	45,667
2023		45,828
2024		36,301
2025		27,977
2026		15,214
Thereafter		9,722
Total minimum lease payments	$	180,709
Less: amount of lease payments representing interest		25,104
Present value of future minimum lease payments	$	155,605
Less: current obligations under leases		35,191
Noncurrent lease obligations	$	120,414