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Leases | 9 Months Ended
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Nov. 02, 2019
Leases [Abstract] |
Leases | 9. Leases The Company leases all store premises, some of its office space and certain information technology and office equipment. These leases are generally classified as operating leases. Store leases generally provide for a combination of base rentals and contingent rent based on store sales. Additionally, most leases include lessor incentives such as construction allowances and rent holidays. The Company is typically responsible for tenant occupancy costs including maintenance costs, common area charges, real estate taxes, and certain other expenses. Most leases include one or more options to renew. The exercise of lease renewal options is at the Company’s discretion and is not reasonably certain at lease commencement. When measuring ROU assets and lease liabilities after the date of adoption of ASC 842, the Company only includes cash flows related to options to extend or terminate leases once those options are executed. Some leases have variable payments. However, because they are not based on an index or rate, they are not included in the measurement of ROU assets and lease liabilities. The Company uses its incremental borrowing rate as a basis for the discount rates used in the measurement of ROU assets and lease liabilities. For leases that qualify for the short-term lease exemption, the Company does not record a lease liability or ROU asset. Short-term lease payments are recognized on a straight-line basis over the lease term of 12 months or less.
|  | 13 Weeks Ended |  |  | 39 Weeks Ended |
|  | Nov 2, 2019 |  |  | Nov 2, 2019 |
(In thousands) |  |  |  |  |  |  |  |
Lease costs |  |  |  |  |  |  |  |
Operating lease costs |  | $ | 89,382 |  |  | $ | 257,463 |
Variable lease costs |  |  | 24,268 |  |  |  | 72,723 |
Short-term leases and other lease costs |  |  | 7,752 |  |  |  | 31,653 |
Total lease costs |  | $ | 121,402 |  |  | $ | 361,839 |
Other information |  |  |  |  |  |  |  |
Cash paid for operating lease liability |  | $ | (82,422 | ) |  | $ | (235,825 | )
New ROU asset for operating leases entered into during the period |  | $ | 98,194 |  |  | $ | 254,121 |
Lease term and discount rate |  | Nov 2, 2019 |
Weighted-average remaining lease term - operating leases |  | 6.4 years |
Weighted-average discount rate - operating leases |  | 5.1% |
The table below is a maturity analysis of the operating leases in effect as of the end of the period. Undiscounted cash flows for finance leases and short-term leases are not material for the periods reported and are excluded from the table below:
|  | Undiscounted cash flows |
|  | Nov 2, 2019 |
(In thousands) |  |  |  |
Fiscal years: |  |  |  |
2019 (remaining 13 weeks) |  | $ | 61,493 |
2020 |  |  | 370,199 |
2021 |  |  | 329,180 |
2022 |  |  | 277,434 |
2023 |  |  | 255,086 |
Thereafter |  |  | 667,638 |
Total undiscounted cash flows |  | $ | 1,961,030 |
Less: discount on lease liability |  |  | (314,899 | )
Total lease liability |  | $ | 1,646,131 |

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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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