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Leases (Tables)

12 Months Ended

Jan. 28, 2023

The following table is a summary of the Company’s components of lease costs for fiscal 2022, fiscal 2021 and fiscal 2020:


	Fiscal 2022		Fiscal 2021		Fiscal 2020
(in thousands)
Operating lease cost	$	44,297	$	43,921	$	47,076
Variable lease costs(1)		12,885		13,290		14,391
Total lease costs	$	57,182	$	57,211	$	61,467

(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 2022, fiscal 2021 and fiscal 2020 is as follows:


(in thousands)	Fiscal 2022			Fiscal 2021			Fiscal 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (1)	$	55,068		$	57,816		$	47,330
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	26,239		$	30,777		$	645
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.			4.3 yrs.			4.5 yrs.
Weighted average discount rate		6.39	%		6.91	%		6.47	%

(1)

The lower cash payments for fiscal 2020 as compared to fiscal 2022 and fiscal 2021 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 28, 2023:


(in thousands)
2023	$	45,212
2024		41,812
2025		32,841
2026		20,291
2027		12,701
Thereafter		11,258
Total minimum lease payments	$	164,115
Less: amount of lease payments representing interest		19,874
Present value of future minimum lease payments	$	144,241
Less: current obligations under leases		37,329
Noncurrent lease obligations	$	106,912