XML 28 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
9 Months Ended
Oct. 31, 2021
Leases [Abstract]  
Leases LEASES
The Company occupies certain facilities and operates certain equipment and vehicles under operating leases that expire at various dates through the year 2036.
Disclosures
The table below presents lease costs associated with facility and vehicle operating leases:
Three Months EndedNine Months Ended
Lease CostClassificationOctober 31, 2021November 1, 2020October 31, 2021November 1, 2020
Operating Lease CostSelling, general, and administrative expense$15.0 $13.6 $42.9 $39.7 
Future aggregate rental payments under non-cancelable operating leases for the remainder of fiscal 2021 and the next four full fiscal years as of October 31, 2021 are as follows:
October 31, 2021
Fiscal 2021$16.9 
Fiscal 202249.5
Fiscal 202340.2
Fiscal 202429.2
Fiscal 202519.7
Thereafter27.8
Total minimum lease payments183.3
Less: present value discount(24.5)
Present value of lease liabilities$158.8 
To calculate the present value of the operating lease liabilities, the Company determined its incremental borrowing rate by considering market and company specific factors, including interest rates for borrowings secured by collateral and adjusted for the remaining term of the leased facility, machinery, or vehicle categories. The table below presents the weighted average remaining lease term (years) and the weighted average discount rate of the Company's operating leases:
Operating Lease Term and Discount RateOctober 31, 2021
Weighted average remaining lease term (years)2.9
Weighted average discount rate3.9 %
The table below presents cash and non-cash impacts associated with leases: 
Three Months EndedNine Months Ended
October 31, 2021November 1, 2020October 31, 2021November 1, 2020
Cash paid for amounts included in the measurements of lease liabilities
Operating cash flows from operating leases$15.1 $13.4 $43.0 $39.4 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$6.2 $3.8 $43.2 $22.7 
The non-cash impact related to right-of-use assets obtained in exchange for new operating lease liabilities in the table above excludes the impact from acquisitions. Right-of-use assets acquired as part of the Pacific Pipe, L&M and R&B acquisitions are presented in Note 4.