Long-Term Leases (Tables)

12 Months Ended

Feb. 01, 2020

Summary of Lease Expense Components, Supplemental Cash Flow Information and Other Information

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



	52 Week Period Ended ⁽¹⁾
	February 1, 2020
Cost of sales ⁽²⁾
Operating lease cost	$	53,382
Short-term lease cost	1,469
Variable lease cost	1,329
Total lease cost in cost of sales	56,180
Other operating expenses
Operating lease cost	2,824
Short-term lease cost	382
Total lease cost in other operating expenses	3,206
Total lease cost	$	59,386


⁽¹⁾	Total lease cost 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 costs.

Rent Expense Under Operating Leases

As of February 1, 2020, 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
2020	$	60,711
2021	55,305
2022	45,926
2023	37,353
2024	33,426
Thereafter	60,686
Total lease payments ⁽¹⁾	293,407
Less: Interest	(44,517		)
Present value of lease liabilities	$	248,890

⁽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 leases.

Leases Term and Discount Rate

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



	February 1, 2020
Weighted-average remaining lease term (years)	6.1
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):



	52 Weeks Ended February 1, 2020
Operating cash flows from operating leases	$	64,654

Future Minimum Lease Payments Under Operating Leases

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



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