Leases (Tables)

12 Months Ended

Jan. 30, 2021

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

	Fiscal 2020		Fiscal 2019
(in thousands)
Operating lease cost	$	47,076	$	53,051
Variable lease costs⁽¹⁾		14,391		16,248
Total lease costs	$	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 2020 and fiscal 2019 is as follows:

(in thousands)	Fiscal 2020			Fiscal 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases⁽¹⁾	$	47,330		$	58,046
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	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	4.5 yrs.			5.4 yrs.
Weighted average discount rate		6.47	%		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 thereafter to the operating lease liabilities recorded on the Consolidated Balance Sheet as of January 30, 2021:

(in thousands)
2021	$	53,648
2022		48,003
2023		39,654
2024		29,615
2025		21,556
Thereafter		15,078
Total minimum lease payments	$	207,554
Less: amount of lease payments representing interest		28,137
Present value of future minimum lease payments	$	179,417
Less: current obligations under leases		43,598
Noncurrent lease obligations	$	135,819