Leases (Tables)
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6 Months Ended |
May 02, 2020 |
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| Leases [Abstract] |
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| Leases Included in the Balance Sheet |
Leases included in the Condensed Consolidated Balance Sheets were as follows: | | | | | | | | Classification | | As of May 2, 2020 | Operating leases: | | | | Operating ROU Assets | Operating right-of-use assets | | $ | 47,864 |
| Operating lease liabilities | Operating lease liabilities and Long-term operating lease liabilities | | 69,196 |
| Finance leases: | | | | Buildings, gross | Equipment, building, furniture and fixtures, net | | $ | 66,931 |
| Less: accumulated depreciation | Equipment, building, furniture and fixtures, net | | (14,734 | ) | Buildings, net | | | $ | 52,197 |
| Finance lease liabilities | Accrued liabilities and other short-term obligations and other long-term obligations | | $ | 62,152 |
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As of May 2, 2020, the weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows: | | | | | | Weighted-average remaining lease term in years: | | Operating leases | 4.79 |
| Finance leases | 12.22 |
| Weighted-average discount rates: | | Operating leases | 3.12 | % | Finance leases | 7.56 | % |
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| Components of Lease Expense |
The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows: | | | | | | | | | | | | | Quarter Ended | Six Months Ended | | Classification | | May 2, 2020 | May 2, 2020 | Operating lease costs | Operating expense | | $ | 4,744 |
| $ | 9,201 |
| Finance lease cost: | | | | | Amortization of finance ROU asset | Operating expense | | 1,093 |
| 2,233 |
| Interest on finance lease liabilities | Interest expense | | 1,168 |
| 2,412 |
| Total finance lease cost | | | 2,261 |
| 4,645 |
| Non-capitalized lease cost | Operating expense | | 707 |
| 1,328 |
| Variable lease cost(1) | Operating expense | | 1,324 |
| 2,635 |
| Net lease cost(2) | | | $ | 9,036 |
| $ | 17,809 |
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(1) Variable lease costs include expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other operating expense of $2.2 million and $6.5 million for the quarter and six months ended May 2, 2020, respectively, related to amortization of leasehold improvements.
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| Lessee, Operating Lease, Liability, Maturity |
Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of May 2, 2020 were as follows: | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | Remaining fiscal 2020 | $ | 10,052 |
| | $ | 7,039 |
| | $ | 17,091 |
| 2021 | 18,592 |
| | 7,089 |
| | 25,681 |
| 2022 | 14,030 |
| | 7,524 |
| | 21,554 |
| 2023 | 10,867 |
| | 7,524 |
| | 18,391 |
| 2024 | 8,805 |
| | 7,584 |
| | 16,389 |
| Thereafter | 12,464 |
| | 58,786 |
| | 71,250 |
| Total lease payments | 74,810 |
| | 95,546 |
| | 170,356 |
| Less: Imputed interest | (5,614 | ) | | (33,394 | ) | | (39,008 | ) | Present value of lease liabilities | 69,196 |
| | 62,152 |
| | 131,348 |
| Less: Current portion of present value of minimum lease payments | (18,096 | ) | | (2,585 | ) | | (20,681 | ) | Long-term portion of present value of minimum lease payments | $ | 51,100 |
| | $ | 59,567 |
| | $ | 110,667 |
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| Finance Lease, Liability, Maturity |
Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of May 2, 2020 were as follows: | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | Total | Remaining fiscal 2020 | $ | 10,052 |
| | $ | 7,039 |
| | $ | 17,091 |
| 2021 | 18,592 |
| | 7,089 |
| | 25,681 |
| 2022 | 14,030 |
| | 7,524 |
| | 21,554 |
| 2023 | 10,867 |
| | 7,524 |
| | 18,391 |
| 2024 | 8,805 |
| | 7,584 |
| | 16,389 |
| Thereafter | 12,464 |
| | 58,786 |
| | 71,250 |
| Total lease payments | 74,810 |
| | 95,546 |
| | 170,356 |
| Less: Imputed interest | (5,614 | ) | | (33,394 | ) | | (39,008 | ) | Present value of lease liabilities | 69,196 |
| | 62,152 |
| | 131,348 |
| Less: Current portion of present value of minimum lease payments | (18,096 | ) | | (2,585 | ) | | (20,681 | ) | Long-term portion of present value of minimum lease payments | $ | 51,100 |
| | $ | 59,567 |
| | $ | 110,667 |
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| Future Minimum Rental Payments for Operating Leases |
As of November 2, 2019, minimum aggregate rentals under operating leases were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 | | Thereafter | | Total | Operating leases (1) | | $ | 28,776 |
| | $ | 24,184 |
| | $ | 16,767 |
| | $ | 13,393 |
| | $ | 10,632 |
| | $ | 26,110 |
| | $ | 119,862 |
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(1) The amount for operating lease commitments above include estimated variable expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease.
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