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Leases (Tables)

3 Months Ended

Jan. 30, 2021

Leases included in the Condensed Consolidated Balance Sheets were as follows (in thousands):


	Classification	As of January 30, 2021		As of October 31, 2020
Operating leases:
Operating ROU assets	Operating right-of-use assets	$	54,244	$	57,026
Operating lease liabilities	Operating lease liabilities and Long-term operating lease liabilities	76,990		80,450
Finance leases:
Buildings, gross	Equipment, building, furniture and fixtures, net	$	73,776	$	70,791
Less: accumulated depreciation	Equipment, building, furniture and fixtures, net	(19,764)		(17,837)
Buildings, net		$	54,012	$	52,954
Finance lease liabilities	Accrued liabilities and other short-term obligations and other long-term obligations	$	66,409	$	64,401

The weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows:


	As of January 30, 2021		As of October 31, 2020
Weighted-average remaining lease term in years:
Operating leases	4.68		4.87
Finance leases	11.46		11.71
Weighted-average discount rates:
Operating leases	2.82	%	2.82	%
Finance leases	7.56	%	7.56	%

Components of Lease Expense

The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows (in thousands):


		Three Months Ended		Three Months Ended
	Classification	January 30, 2021		February 1, 2020
Operating lease costs	Operating expense	$	4,229	$	4,457
Finance lease cost:
Amortization of finance ROU asset	Operating expense	1,165		1,140
Interest on finance lease liabilities	Interest expense	1,221		1,244
Total finance lease cost		2,386		2,384
Non-capitalized lease cost	Operating expense	293		621
Variable lease cost(1)	Operating expense	1,599		1,311

Net lease cost(2)		$	8,507	$	8,773

(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 $2.3 million and $4.3 million for the three months ended January 30, 2021 and February 1, 2020, respectively, related to amortization of leasehold improvements.

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 January 30, 2021 were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Remaining fiscal 2021	$	16,077	$	7,759	$	23,836
2022	19,112		8,215		27,327
2023	15,747		8,294		24,041
2024	13,237		8,310		21,547
2025	8,900		8,494		17,394
Thereafter	9,367		58,427		67,794
Total lease payments	82,440		99,499		181,939
Less: Imputed interest	(5,450)		(33,090)		(38,540)
Present value of lease liabilities	76,990		66,409		143,399
Less: Current portion of present value of minimum lease payments	(19,364)		(3,011)		(22,375)
Long-term portion of present value of minimum lease payments	$	57,626	$	63,398	$	121,024

Finance Lease, Liability, Maturity

Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of January 30, 2021 were as follows (in thousands):


	Operating Leases		Finance Leases		Total
Remaining fiscal 2021	$	16,077	$	7,759	$	23,836
2022	19,112		8,215		27,327
2023	15,747		8,294		24,041
2024	13,237		8,310		21,547
2025	8,900		8,494		17,394
Thereafter	9,367		58,427		67,794
Total lease payments	82,440		99,499		181,939
Less: Imputed interest	(5,450)		(33,090)		(38,540)
Present value of lease liabilities	76,990		66,409		143,399
Less: Current portion of present value of minimum lease payments	(19,364)		(3,011)		(22,375)
Long-term portion of present value of minimum lease payments	$	57,626	$	63,398	$	121,024