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Leases (Tables)

6 Months Ended

Aug. 01, 2020

The following table is a summary of the Company’s components of net lease cost for the second quarter and first six months ended August 1, 2020 and August 3, 2019:

	For the three months ended				For the six months ended

	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
(in thousands)
Operating lease cost	$	11,300	$	13,215	$	23,932	$	26,468
Variable lease costs⁽¹⁾		3,266		3,954		7,069		7,999
Total lease costs	$	14,566	$	17,169	$	31,001	$	34,467

(1)

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

Schedule of Cash Flow and Balance Sheet Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the first six months ended August 1, 2020 and August 3, 2019 is as follows:


(dollars in thousands)	For the six months ended
Cash paid for amounts included in the measurement of lease liabilities:	August 1, 2020			August 3, 2019
Operating cash flows for operating leases⁽¹⁾	$	18,527		$	29,221
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	559		$	3,053
Net decrease in right-of-use assets due to lease modifications associated with rent concessions during the second quarter of fiscal 2020	$	(578	)	-

Weighted average remaining lease term	5.0 yrs.			5.6 yrs.
Weighted average discount rate	6.48%			7.10%

(1)

This decrease in cash payments for the first six months of fiscal 2020 as compared to the prior year is primarily due to rent abatements and deferments negotiated during the second quarter of fiscal 2020 for rent obligations due while stores were closed.

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 August 1, 2020:

(in thousands)
2020 (remaining)	$	27,978
2021		58,166
2022		49,959
2023		41,321
2024		31,031
Thereafter		38,509
Total minimum lease payments	$	246,964
Less: amount of lease payments representing interest		36,028
Present value of future minimum lease payments	$	210,936
Less: current obligations under leases		45,626
Long-term lease obligations	$	165,310