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Leases | 9 Months Ended
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Nov. 02, 2019
Leases [Abstract] |
Leases | (3) Leases The Company leases property and equipment under noncancelable operating leases. Certain retail store lease agreements provide for contingent rental payments if the store’s net sales exceed stated levels (percentage rents) and/or contain escalation clauses, which provide for increases in base rental payments for increases in future operating costs. Many of the Company’s leases provide for one or more renewal options for periods of five years. The Company’s operating lease agreements, including assumed renewals, which are generally those that take the lease to a ten-year term, expire through fiscal 2033. During the thirteen weeks ended November 2, 2019, the Company committed to 28 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $49.5 million. All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of November 2, 2019, the weighted average remaining lease term for the Company's operating leases is 7.9 years, and the weighted average discount rate is 7.0%. For the thirty-nine weeks ended November 2, 2019, cash paid for amounts included in the measurement of operating lease liabilities of $96.5 million was reflected in cash flows from operating activities in the consolidated statements of cash flows. The following table is a summary of the Company's components for net lease costs as of November 2, 2019 (in thousands):
|  | November 2, 2019
Lease Cost |  | Thirteen Weeks Ended |  | Thirty-Nine Weeks Ended
Operating lease cost |  | $ | 37,549 |  |  | $ | 106,580 |
Variable lease cost |  | 10,422 |  |  | 29,634 |
Net lease cost* |  | $ | 47,971 |  |  | $ | 136,214 |
* Excludes short-term lease cost, which is immaterial The following table summarizes the maturity of lease liabilities under operating leases as of November 2, 2019 (in thousands):
Maturity of Lease Liabilities |  | Operating Leases
2019 |  | $ | 39,821 |
2020 |  | 161,775 |
2021 |  | 157,668 |
2022 |  | 149,453 |
2023 |  | 139,771 |
After 2023 |  | 518,912 |
Total lease payments |  | 1,167,400 |
Less: imputed interest |  | 272,259 |
Present value of lease liabilities |  | $ | 895,141 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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