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Leases (Tables)

9 Months Ended

Nov. 02, 2019

The following table is a summary of the Company’s components of net lease cost for the three and nine months ended November 2, 2019:

	For the three		For the nine
	months ended		months ended
	November 2, 2019		November 2, 2019
(in thousands)
Operating lease cost⁽¹⁾	$	13,500	$	39,968
Short-term lease costs ⁽²⁾		—		—
Variable lease costs⁽¹⁾		4,201		12,200
Total lease costs	$	17,701	$	52,168

(1)

Lease costs related to store locations are included in Cost of Goods Sold Including Occupancy Costs on the Consolidated Statement of Operations and expenses and lease costs related to the corporate headquarters, automobile and equipment leases are included in Selling, General and Administrative expenses on the Consolidated Statement of Operations.

(2)

For the third quarter and first nine months of fiscal 2019, the Company had no short-term lease costs.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the first nine months ended November 2, 2019 is as follows:

(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	43,633
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	3,245

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of November 2, 2019 is as follows:

Operating leases:
Weighted average remaining lease term	5.5 yrs.
Weighted average discount rate		7.12	%

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 November 2, 2019:

(in thousands)
2019 (remaining)	$	14,395
2020		55,304
2021		54,233
2022		49,174
2023		41,257
Thereafter		68,831
Total minimum lease payments	$	283,194
Less: amount of lease payments representing interest		49,820
Present value of future minimum lease payments	$	233,374
Less: current obligations under leases		41,063
Long-term lease obligations	$	192,311

Schedule of Future Minimum Lease Payment for Noncancelable Operating Lease

As previously disclosed in the Company's Consolidated Financial Statements for the year ending February 2, 2019, future minimum lease payments for noncancelable operating leases, under the previous lease accounting standard, were as follows at February 2, 2019:

(in thousands)
2019	$	57,364
2020		52,699
2021		50,380
2022		45,061
2023		36,605
Thereafter		56,638
Total minimum lease payments	$	298,747