Leases (Tables)

9 Months Ended

Nov. 02, 2019

The Company’s classification of lease cost on the Company’s condensed consolidated statements of operations is as follows (in thousands):



	13 Week Period Ended ⁽¹⁾		39-Week Period Ended ⁽¹⁾
	November 2, 2019		November 2, 2019
Cost of sales ⁽²⁾
Operating lease cost	$	13,855	$	40,917
Short-term lease cost	362		1,070
Variable lease cost	315		832
Total lease cost in cost of sales	$	14,532	$	42,819
Other operating expenses
Operating lease cost	$	713	$	2,173
Short-term lease cost	136		224
Total lease cost in other operating expenses	$	849	$	2,397


⁽¹⁾	Total lease cost for the 13-week and 39-week periods ended November 2, 2019 excludes expense for variable non-lease components including common area maintenance and excludes costs that are not a component of the lease including real estate taxes, insurance, sales taxes and utilities for the Company’s leases.


⁽²⁾	Cost of sales includes all distribution center lease costs and store occupancy-related lease cost.

Lessee, Operating Lease, Liability, Maturity

As of November 2, 2019, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):



	Operating Leases
2019 (excluding the 39 weeks ended November 2, 2019)	$	11,315
2020	65,526
2021	56,759
2022	47,015
2023	38,416
After 2023	86,826
Total lease payments ⁽¹⁾	305,857
Less: Interest	(45,858		)
Present value of lease liabilities	$	259,999

⁽¹⁾ Operating lease payments exclude $6.0 million of legally binding minimum lease payments for leases signed but not yet commenced for three new store lease

Leases Term and Discount Rate

The Company’s lease term and discount rate is as follows:



	November 2, 2019
Weighted-average remaining lease term (years)	6.0
Weighted-average discount rate	5.7	%

Leases Cash Flow Supplemental Disclosure

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):



	13-Week Period Ended		39-Week Period Ended
	November 2, 2019		November 2, 2019
Operating cash flows from operating leases	$	16,048	$	48,965

Schedule of Future Minimum Rental Payments for Operating Leases

The Company adopted new lease accounting guidance as of the beginning of fiscal 2019 as discussed in Note 1 and Note 12, and as required, the following disclosure is provided for periods prior to adoption. As of February 2, 2019, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):



	Operating Leases
2019	$	67,354
2020	62,102
2021	53,164
2022	44,087
2023	35,606
Thereafter	91,629
Total minimum lease payments	$	353,942