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Leases | 12 Months Ended
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Jan. 28, 2017
Leases [Abstract] |
Leases | Note 7 – Leases We lease all of our retail locations and certain equipment under operating leases expiring at various dates through fiscal 2031. Various lease agreements require scheduled rent increases over the initial lease term. Rent expense for such leases is recognized on a straight-line basis over the initial lease term beginning the earlier of the start date of the lease or when we take possession of the property. The difference between rent based upon scheduled monthly payments and rent expense recognized on a straight-line basis is recorded as accrued rent. All incentives received from landlords are recorded as deferred income and amortized over the life of the lease on a straight-line basis as a reduction of rental expense. Certain leases provide for contingent rents that are not measurable at inception. These contingent rents are primarily based on a percentage of sales that are in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. Certain leases also contain escalation clauses for increases in operating costs and taxes. There were no assignments of operating leases to third parties in fiscal 2016. We assigned four store operating leases to separate third parties during fiscal 2015. Based on the terms of the assignments, we are not liable to the landlords for any future obligations that should arise in connection with these locations. Rental expense for our operating leases consisted of:
(In thousands) |  | 2016 |  | 2015 |  | 2014
Rentals for real property |  | $ | 65,900 |  |  | $ | 64,244 |  |  | $ | 62,727 |
Contingent rent |  |  | 92 |  |  |  | 83 |  |  |  | 59 |
Equipment rentals |  |  | 62 |  |  |  | 59 |  |  |  | 66 |
Total |  | $ | 66,054 |  |  | $ | 64,386 |  |  | $ | 62,852 |
Future minimum lease payments at January 28, 2017 were as follows:
(In thousands) |  | Operating Leases
2017 |  | $ | 69,772 |
2018 |  |  | 61,041 |
2019 |  |  | 56,130 |
2020 |  |  | 47,483 |
2021 |  |  | 45,485 |
Thereafter to 2031 |  |  | 93,107 |
Total |  | $ | 373,018 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- References No definition available. + Details
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