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Leases
3 Months Ended
Apr. 30, 2020
Leases [Abstract]  
Leases

7. Leases

The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties.

Total operating lease costs were $68,010 and $66,248 during the three months ended April 30, 2020 and 2019, respectively. Total variable lease costs were $28,440 and $32,877 during the three months ended April 30, 2020 and 2019, respectively. Short-term lease costs and sublease income were not material during the three months ended April 30, 2020 and April 30, 2019.

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of April 30, 2020:

 

 

Operating

 

 

 

Leases

 

Fiscal Year

 

 

 

 

2021 (excluding the three months ended April 30, 2020)

 

$

254,187

 

2022

 

 

275,975

 

2023

 

 

242,272

 

2024

 

 

208,755

 

2025

 

 

172,243

 

Thereafter

 

 

589,212

 

Total undiscounted future minimum lease payments

 

 

1,742,644

 

Less imputed interest

 

 

(410,041

)

Total discounted future minimum lease payments

 

$

1,332,603

 

 

 

 

 

 

As of April 30, 2020, the Company had commitments of approximately $47,956 not included in the amounts above related to six executed but not yet commenced store leases.

In response to the coronavirus pandemic and mandated store closures, the Company withheld certain minimum lease payments due to landlords.  The amount withheld at April 30, 2020 was included in “Current portion of operating lease liabilities” in the Condensed Consolidated Balance Sheets.

The Company has been in discussion with its landlords to obtain rent concessions. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company will account for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company will account for such rent concessions as a lease modification.