Leases

3 Months Ended

Jan. 31, 2021

Leases [Abstract]

Leases

Leases

The Company’s material operating leases consist of branch locations, as well as corporate office space. Our leases have remaining terms of 1 - 10 years. The lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal option periods. Volt determines if an arrangement meets the criteria of a lease at inception, at which time it also performs an analysis to determine whether the lease qualifies as operating or financing.

Operating leases are included in Right of use assets - operating leases and Operating lease liabilities, current and long-term, in the Condensed Consolidated Balance Sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term and is included in Selling, administrative and other operating costs in the Condensed Consolidated Statements of Operations.

Components of Lease Expense (in thousands)	Three Months Ended
	January 31, 2021		February 2, 2020
Operating lease expense	$	2,269	$	2,921
Sublease income	(402)		(394)
Variable lease expense	188		201
Total (1)(2)	$	2,055	$	2,728

(1) The Company has minimal short-term lease expense.

(2) Approximately $0.6 million and $0.1 million of lease expense for the three months ended January 31, 2021 and February 2, 2020, respectively, is included in restructuring.

	Three Months Ended
Supplemental Cash Flows Information (in thousands)	January 31, 2021		February 2, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,925	$	2,953
Operating ROU assets obtained in exchange for operating lease liabilities	$	737	$	137

	Three Months ended
Weighted Average Remaining Lease Term and Discount Rate	January 31, 2021		February 2, 2020
Weighted average remaining lease term (years)	7.8		8.3
Weighted average discount rate	6.3	%	6.3	%

Maturities of Operating Lease Liabilities (in thousands)	As of January 31, 2021
Fiscal Year:	Amount
2021	$	7,456
2022	8,200
2023	6,979
2024	5,618
2025	5,255
Thereafter	22,895
Total future lease payments	$	56,403
Less: Imputed interest	12,366
Total operating lease liabilities	$	44,037