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Leases | 6 Months Ended
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Aug. 01, 2020
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | Leases The Company leases retail stores, office space and equipment under operating leases. As of August 1, 2020, February 1, 2020 and August 3, 2019, right-of-use operating lease assets, which are recorded in operating lease assets in the condensed consolidated balance sheets, totaled $44.1 million, $47.9 million and $52.6 million, respectively, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $43.8 million, $47.3 million and $52.1 million, respectively. In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. ASU No. 2016-02 requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilize a model consistent with the credit quality of our outstanding debt instruments. Renewal options from two to 20 years exist on the majority of leased properties. The Company has sole discretion in exercising the lease renewal options. We do not recognize operating lease assets or operating lease liabilities for renewal periods unless we are reasonably certain of renewing the lease at inception. The depreciable life of operating lease assets and related leasehold improvements is limited by the expected lease term. Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company's operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table summarizes the Company's operating and finance leases:
(in thousands of dollars) | Classification - Condensed Consolidated Balance Sheets |  | August 1, 2020 |  | February 1, 2020 |  | August 3, 2019
Assets |  |  |  |  |  |  |
Finance lease assets | Property and equipment, net (a) |  | $ | 459 |  |  | $ | 670 |  |  | $ | 881 |
Operating lease assets | Operating lease assets |  | 44,091 |  |  | 47,924 |  |  | 52,608 |
Total leased assets |  |  | $ | 44,550 |  |  | $ | 48,594 |  |  | $ | 53,489 |
Liabilities |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Finance | Current portion of finance lease liabilities |  | $ | 986 |  |  | $ | 1,219 |  |  | $ | 1,082 |
Operating | Current portion of operating lease liabilities |  | 13,758 |  |  | 14,654 |  |  | 15,701 |
Noncurrent |  |  |  |  |  |  |
Finance | Finance lease liabilities |  | 356 |  |  | 695 |  |  | 1,342 |
Operating | Operating lease liabilities |  | 30,051 |  |  | 32,683 |  |  | 36,407 |
Total lease liabilities |  |  | $ | 45,151 |  |  | $ | 49,251 |  |  | $ | 54,532 |
(a) Finance lease assets are recorded net of accumulated amortization of $14.1 million, $13.9 million and $13.7 million as of August 1, 2020, February 1, 2020 and August 3, 2019, respectively.
Lease Cost |  |  | Three Months Ended |  |  |  | Six Months Ended |  |
(in thousands of dollars) | Classification - Condensed Consolidated Statements of Operations |  | August 1, 2020 |  | August 3, 2019 |  | August 1, 2020 |  | August 3, 2019
Operating lease cost (a) | Rentals |  | $ | 5,639 |  |  | $ | 6,209 |  |  | $ | 11,189 |  |  | $ | 12,327 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 105 |  |  | 106 |  |  | 211 |  |  | 211 |
Interest on lease liabilities | Interest and debt expense, net |  | 62 |  |  | 123 |  |  | 142 |  |  | 258 |
Net lease cost |  |  | $ | 5,806 |  |  | $ | 6,438 |  |  | $ | 11,542 |  |  | $ | 12,796 |
(a) Includes short term lease costs of $0.5 million and $1.0 million for the three months ended and $1.0 million and $1.7 million for the six months ended August 1, 2020 and August 3, 2019, respectively, and variable lease costs of $0.4 million and $0.4 million for the three months ended and $0.7 million and $0.8 million for the six months ended August 1, 2020 and August 3, 2019, respectively. Maturities of Lease Liabilities
(in thousands of dollars) Fiscal Year | Operating Leases |  | Finance Leases |  | Total
2020 (excluding the six months ended August 1, 2020) | $ | 7,819 |  |  | $ | 714 |  |  | $ | 8,533 |
2021 | 14,153 |  |  | 726 |  |  | 14,879 |
2022 | 7,811 |  |  | — |  |  | 7,811 |
2023 | 4,496 |  |  | — |  |  | 4,496 |
2024 | 3,714 |  |  | — |  |  | 3,714 |
After 2024 | 15,916 |  |  | — |  |  | 15,916 |
Total minimum lease payments | 53,909 |  |  | 1,440 |  |  | 55,349 |
Less amount representing interest | (10,100) |  |  | (98) |  |  | (10,198) |
Present value of lease liabilities | $ | 43,809 |  |  | $ | 1,342 |  |  | $ | 45,151 |
Lease Term and Discount Rate
|  | August 1, 2020
Weighted-average remaining lease term |  |
Operating leases |  | 6.2 years
Finance leases |  | 1.3 years
Weighted-average discount rate |  |
Operating leases |  | 6.6 | %
Finance leases |  | 12.3 | %
Other Information
|  | Six Months Ended |  |
(in thousands of dollars) |  | August 1, 2020 |  | August 3, 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 9,387 |  |  | $ | 10,388 |
Operating cash flows from finance leases |  | 142 |  |  | 258 |
Financing cash flows from finance leases |  | 572 |  |  | 456 |
Lease assets obtained in exchange for new operating lease liabilities |  | $ | 4,084 |  |  | $ | 4,601 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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