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Leases
12 Months Ended
Feb. 03, 2018
Leases [Abstract]  
Leases
LEASES


The Company leases all of its retail locations, a manufacturing facility, and certain office locations, distribution centers and equipment. The minimum lease terms for the Company’s retail stores generally range from five to 10 years. Approximately 45% of the retail store leases contain renewal options for varying periods. The term of the manufacturing facility lease is eight years. The terms of the leases for office facilities and distribution centers range from 10 to 20 years with renewal options of five to 20 years.

At the time its retail facilities are initially leased, the Company often receives consideration from landlords for a portion of the cost of leasehold improvements necessary to open the store, which are recorded as a deferred rent obligation and amortized to income over the lease term as a reduction of rent expense. In addition to minimum rental payments, certain of the retail store leases require contingent payments based on sales levels. The Company is also required to pay real estate taxes, maintenance and insurance which can vary year by year, and are therefore not included in the minimum rent payments below. A majority of the Company’s retail operating leases contain provisions that allow it to modify amounts payable under the lease or terminate the lease in certain circumstances, such as experiencing actual sales volume below a defined threshold and/or co-tenancy provisions associated with the facility.

The following is a summary of rent expense for operating leases:

($ thousands)
 
2017

 
2016

 
2015

Minimum rent
 
$
171,980

 
$
160,806

 
$
149,902

Contingent rent
 
513

 
470

 
520

Sublease income
 
(1,705
)
 
(1,665
)
 
(1,223
)
Total
 
$
170,788

 
$
159,611

 
$
149,199



Future minimum rent payments under noncancelable operating leases with an initial term of one year or more at February 3, 2018 were as follows:

($ thousands)
 


2018
 
$
177,056

2019
 
146,218

2020
 
126,898

2021
 
103,692

2022
 
82,402

Thereafter
 
229,157

Total minimum operating lease payments (1)
 
$
865,423


(1) Minimum operating lease payments have not been reduced by minimum sublease rental income of $0.6 million due in the future under noncancelable sublease agreements.