Leases (Tables)

9 Months Ended

Nov. 01, 2020

Expense Components Leases Reflected Consolidated Statement of Operations


	Consolidated Statement	Three Months Ended				Nine Months Ended
	of Operations	November 1, 2020		November 3, 2019		November 1, 2020		November 3, 2019
(in thousands)
Finance lease expenses
Amortization of right-of-use ‎ assets	Selling, general and ‎administrative expenses	$	778	$	542	$	2,092	$	1,168
Interest on lease liabilities	Interest expense		483		368		1,356		802
Total finance lease expense		$	1,261	$	910	$	3,448	$	1,970
Operating lease expense	Selling, general and ‎administrative expenses	$	3,915	$	3,935	$	12,149	$	11,094
Amortization of build-to-suit ‎ leases capital contribution	Selling, general and ‎administrative expenses		329		311		977		790
Variable lease expense	Selling, general and ‎administrative expenses		2,744		1,672		6,782		5,324
Total lease expense¹		$	8,249	$	6,828	$	23,356	$	19,178

¹ Total lease expense in the above table was overstated by $3.9 million for the three and six months ended August 2, 2020. There was no impact to the Condensed Consolidated Financial Statement of Operations or any other disclosures for the three and six months ended August 2, 2020.

Other Information Related to Leases


	Nine Months Ended
	November 1, 2020		November 3, 2019
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	1,325	$	523
Operating cash flows from finance leases	$	1,356	$	802
Operating cash flows from operating leases	$	11,537	$	9,841

Right-of-use assets obtained in exchange for lease liabilities:
Finance leases	$	8,966	$	41,932
Operating leases	$	11,642	$	12,688

Weighted-average remaining lease term (in years):
Finance leases		13		15
Operating leases		10		10

Weighted-average discount rate:
Finance leases		4.4%		4.5%
Operating leases		4.3%		4.3%

Future Minimum Lease Payments Under Non-Cancellable Leases


Fiscal year	Finance		Operating
(in thousands)
2020 (remainder of fiscal year)	$	1,136	$	4,115
2021		4,575		15,722
2022		4,554		15,851
2023		4,582		16,033
2024		4,770		15,383
Thereafter		42,655		78,019
Total future minimum lease payments	$	62,272	$	145,123
Less – Discount		15,710		26,909
Lease liability	$	46,562	$	118,214