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Leases (Tables) | 6 Months Ended
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May 01, 2021
Leases [Abstract] |
Leases Included in the Balance Sheet | Leases included in the Condensed Consolidated Balance Sheets were as follows (in thousands):
| Classification |  | As of May 1, 2021 | As of October 31, 2020
Operating leases: |  |  |  |
Operating ROU assets | Operating right-of-use assets |  | $ | 50,997 |  | $ | 57,026 |
Operating lease liabilities | Operating lease liabilities and Long-term operating lease liabilities |  | 73,159 |  | 80,450 |
Finance leases: |  |  |  |
Buildings, gross | Equipment, building, furniture and fixtures, net |  | $ | 76,711 |  | $ | 70,791 |
Less: accumulated depreciation | Equipment, building, furniture and fixtures, net |  | (21,771) |  | (17,837) |
Buildings, net |  |  | $ | 54,940 |  | $ | 52,954 |
Finance lease liabilities | Accrued liabilities and other short-term obligations and other long-term obligations |  | $ | 68,271 |  | $ | 64,401 |
The weighted average remaining lease terms and weighted average discount rates for operating and finance leases were as follows:
| As of May 1, 2021 | As of October 31, 2020
Weighted-average remaining lease term in years: |  |
Operating leases | 4.53 | 4.87
Finance leases | 11.22 | 11.71
Weighted-average discount rates: |  |
Operating leases | 2.79 | % | 2.82 | %
Finance leases | 7.56 | % | 7.56 | %
Components of Lease Expense | The components of lease expense included in the Condensed Consolidated Statement of Operations were as follows (in thousands):
|  |  | Quarter Ended |  | Six Months Ended
|  |  | May 1, | May 2, |  | May 1, | May 2,
| Classification |  | 2021 | 2020 |  | 2021 | 2020
Operating lease costs | Operating expense |  | $ | 4,202 |  | $ | 4,744 |  |  | $ | 8,431 |  | $ | 9,201 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of finance ROU asset | Operating expense |  | 1,191 |  | 1,093 |  |  | 2,356 |  | 2,233 |
Interest on finance lease liabilities | Interest expense |  | 1,207 |  | 1,168 |  |  | 2,428 |  | 2,412 |
Total finance lease cost |  |  | 2,398 |  | 2,261 |  |  | 4,784 |  | 4,645 |
Non-capitalized lease cost | Operating expense |  | 333 |  | 707 |  |  | 626 |  | 1,328 |
Variable lease cost(1) | Operating expense |  | 1,452 |  | 1,324 |  |  | 3,051 |  | 2,635 |
Net lease cost(2) |  |  | $ | 8,385 |  | $ | 9,036 |  |  | $ | 16,892 |  | $ | 17,809 |
(1) Variable lease costs include expenses relating to insurance, taxes, maintenance and other costs required by the applicable operating lease. Variable lease costs are determined by whether they are to be included in base rent and if amounts are based on a consumer price index. (2) Excludes other operating expense of $2.6 million and $2.2 million for the second quarter of fiscal 2021 and 2020, respectively and $4.9 million and $6.5 million for the six months ended May 1, 2021 and May 2, 2020, respectively, related to amortization of leasehold improvements.
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of May 1, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remaining fiscal 2021 | $ | 10,772 |  |  | $ | 8,125 |  |  | $ | 18,897 |
2022 | 19,462 |  |  | 8,623 |  |  | 28,085 |
2023 | 16,020 |  |  | 8,624 |  |  | 24,644 |
2024 | 13,371 |  |  | 8,693 |  |  | 22,064 |
2025 | 9,058 |  |  | 8,832 |  |  | 17,890 |
Thereafter | 9,434 |  |  | 58,544 |  |  | 67,978 |
Total lease payments | 78,117 |  |  | 101,441 |  |  | 179,558 |
Less: Imputed interest | (4,958) |  |  | (33,170) |  |  | (38,128) |
Present value of lease liabilities | 73,159 |  |  | 68,271 |  |  | 141,430 |
Less: Current portion of present value of minimum lease payments | (19,364) |  |  | (3,245) |  |  | (22,609) |
Long-term portion of present value of minimum lease payments | $ | 53,795 |  |  | $ | 65,026 |  |  | $ | 118,821 |
Finance Lease, Liability, Maturity | Future minimum lease payments and the present value of minimum lease payments related to operating and finance leases as of May 1, 2021 were as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
Remaining fiscal 2021 | $ | 10,772 |  |  | $ | 8,125 |  |  | $ | 18,897 |
2022 | 19,462 |  |  | 8,623 |  |  | 28,085 |
2023 | 16,020 |  |  | 8,624 |  |  | 24,644 |
2024 | 13,371 |  |  | 8,693 |  |  | 22,064 |
2025 | 9,058 |  |  | 8,832 |  |  | 17,890 |
Thereafter | 9,434 |  |  | 58,544 |  |  | 67,978 |
Total lease payments | 78,117 |  |  | 101,441 |  |  | 179,558 |
Less: Imputed interest | (4,958) |  |  | (33,170) |  |  | (38,128) |
Present value of lease liabilities | 73,159 |  |  | 68,271 |  |  | 141,430 |
Less: Current portion of present value of minimum lease payments | (19,364) |  |  | (3,245) |  |  | (22,609) |
Long-term portion of present value of minimum lease payments | $ | 53,795 |  |  | $ | 65,026 |  |  | $ | 118,821 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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