XML 31 R18.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
 12 Months Ended
Jan. 29, 2022
LeasesOperatingAbstract  
Leases
11.
 
Leases:
 
The Company determines
 
whether an arrangement is
 
a lease at inception.
 
The Company has operating
leases
 
for
 
stores,
 
offices
 
and
 
equipment.
 
Its
 
leases
 
have remaining
 
lease
 
terms
 
of
 
one
 
year
 
to
 
10
 
years,
some of
 
which include
 
options to
 
extend the
 
lease term
 
for up
 
to five
 
years, and
 
some of
 
which include
options to
 
terminate the
 
lease within
 
one year.
 
The Company
 
considers these
 
options in
 
determining the
lease term
 
used to
 
establish its
 
right-of-use assets
 
and lease
 
liabilities. The
 
Company’s
 
lease agreements
do not contain any material residual value guarantees or material
 
restrictive covenants.
 
As
 
most
 
of
 
the
 
Company’s
 
leases
 
do
 
not
 
provide
 
an
 
implicit
 
rate,
 
the
 
Company
 
uses
 
its
 
estimated
incremental
 
borrowing
 
rate
 
based
 
on
 
the
 
information
 
available
 
at
 
commencement
 
date
 
of
 
the
 
lease
 
in
determining the present value of lease payments.
 
The components of lease cost are shown below (in thousands):
`
Twelve Months Ended
January 29, 2022
January 30, 2021
Operating lease cost (a)
$
68,763
$
69,601
Variable
 
lease cost (b)
$
3,041
$
1,555
(a) Includes right-of-use asset amortization of ($
2.2
) million and ($
4.6
) million for the twelve months
ended January 29, 2022 and January 30, 2021, respectively.
(b) Primarily related to monthly percentage rent for stores not presented on the balance sheet.
Supplemental cash
 
flow information
 
and non-cash
 
activity related
 
to the
 
Company’s
 
operating leases
are as follows (in thousands):
Operating cash flow information:
Twelve Months Ended
January 29, 2022
January 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
$
63,201
$
62,559
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations, net of rent violations
$
40,756
$
58,978
Weighted-average
 
remaining
 
lease term
 
and
 
discount rate
 
for
 
the
 
Company’s
 
operating leases
 
are
 
as
follows:
`
As of
January 29, 2022
January 30, 2021
Weighted-average remaining lease term
2.7
 
years
2.9
 
years
Weighted-average discount rate
3.55%
4.06%
Maturities
 
of
 
lease
 
liabilities
 
by
 
fiscal
 
year
 
for
 
the
 
Company’s
 
operating
 
leases
 
are
 
as
 
follows
 
(in
thousands):
Fiscal Year
2022
$
71,250
2023
52,791
2024
36,066
2025
21,230
2026
10,035
Thereafter
2,456
Total lease payments
193,828
Less: Imputed interest
9,499
Present value of lease liabilities
$
184,329