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Leases
12 Months Ended
Feb. 02, 2019
Leases [Abstract]  
Leases

Note 8 – Leases

We lease all of our retail locations and certain equipment under operating leases expiring at various dates through fiscal 2031. Various lease agreements require scheduled rent increases over the initial lease term.  Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property.  The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent.  All incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense.

Certain leases provide for contingent rents that are not measurable at inception.  These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level.  These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable.  Certain leases also contain escalation clauses for increases in operating costs and taxes.  There were no assignments of operating leases to third parties in fiscal 2018, fiscal 2017 or fiscal 2016.   

Rental expense for our operating leases consisted of:

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Rentals for real property

 

$

61,127

 

 

$

66,835

 

 

$

65,900

 

Contingent rent

 

 

46

 

 

 

70

 

 

 

92

 

Equipment rentals

 

 

55

 

 

 

41

 

 

 

62

 

Total

 

$

61,228

 

 

$

66,946

 

 

$

66,054

 

 

Future minimum lease payments at February 2, 2019 were as follows:

 

(In thousands)

 

Operating Leases

 

2019

 

$

60,807

 

2020

 

 

51,937

 

2021

 

 

50,687

 

2022

 

 

41,536

 

2023

 

 

34,035

 

Thereafter to 2031

 

 

56,437

 

Total

 

$

295,439