Leases (Tables)

3 Months Ended

May 01, 2021

The following table is a summary of the Company’s components of net lease cost for the first quarter ended May 1, 2021 and May 2, 2020:

	For the three months ended
	May 1, 2021		May 2, 2020
(in thousands)
Operating lease cost	$	11,126	$	12,640
Variable lease costs⁽¹⁾		3,774		3,800
Total lease costs	$	14,900	$	16,440

(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 the three months ended May 1, 2021 and May 2, 2020 is as follows:


(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	May 1, 2021		May 2, 2020
Operating cash flows for operating leases⁽¹⁾	$	17,112	$	9,805
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	2,137	$	559

Weighted average remaining lease term	4.4 yrs.		5.2 yrs.
Weighted average discount rate	6.72%		7.08%

(1)

The cash paid for the first quarter of fiscal 2021 includes prepaid rent for May 2021 of $3.8 million. There was no unpaid rent at May 1, 2021. Due to store closures in the first quarter of fiscal 2020, the Company did not make scheduled rent payments, due April 1, 2020, of $4.2 million. This amount was included in the Accounts Payable at May 2, 2020. The Company also did not prepay May rent in the first quarter of fiscal 2020.

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 May 1, 2021:

(in thousands)
2021 (remaining)	$	35,609
2022		48,389
2023		40,987
2024		31,691
2025		23,102
Thereafter		15,787
Total minimum lease payments	$	195,565
Less: amount of lease payments representing interest		27,378
Present value of future minimum lease payments	$	168,187
Less: current obligations under leases		38,331
Long-term lease obligations	$	129,856