Leases (Tables)

12 Months Ended

Feb. 01, 2020

Leases [Abstract]

Summary of Components of Lease Cost

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

	Fiscal 2019
(in thousands)
Operating lease cost	$	53,051
Short-term lease costs (1)		—
Variable lease costs(2)		16,248
Total lease costs	$	69,299

(1) For fiscal 2019, the Company had no short-term lease costs.

(2) 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 information related to leases for fiscal 2019 is as follows:

(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,046
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	5,401

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of February 1, 2020 is as follows:

Operating leases:
Weighted average remaining lease term	5.4 yrs.
Weighted average discount rate		7.10	%

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 total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of February 1, 2020:

(in thousands)
2020	$	55,360
2021		54,385
2022		49,154
2023		41,069
2024		30,788
Thereafter		38,274
Total minimum lease payments	$	269,030
Less: amount of lease payments representing interest		45,803
Present value of future minimum lease payments	$	223,227
Less: current obligations under leases		41,176
Noncurrent lease obligations	$	182,051

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