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Leases | 12 Months Ended
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Jan. 30, 2022
Leases [Abstract] |
Leases | 3. LEASESBased on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes ROU assets and lease liabilities related to leases on the Company’s Consolidated Balance Sheets. The Company determines if an arrangement is, or contains, a lease at inception. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments and the ROU asset is measured at the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease.The Company leases retail space under non-cancelable lease agreements, which expire on various dates through 2041. Substantially all of these arrangements are store leases. Store leases generally have initial lease terms ranging from five years to fifteen years with renewal options and rent escalation provisions. At the commencement of a lease, the Company includes only the initial lease term as the option to extend is not reasonably certain. The Company does not record leases with a lease term of 12 months or less on the Company’s Consolidated Balance Sheets.When calculating the lease liability on a discounted basis, the Company applies its estimated discount rate. The Company bases this discount rate on a collateralized interest rate as well as publicly available data for instruments with similar characteristics. In addition to rent payments, leases for retail space contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component.Due to the adverse impacts of COVID-19, the Company negotiated rent deferral and payback periods with a number of the Company’s store landlords for the months of April and May 2020. Based on the guidance set forth in the Financial Accounting Standards Board (“FASB”) issued Staff Q&A “Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic”, the Company accounted for these deferrals as if no changes to the lease contract were made and elected not to apply the lease modification guidance under ASC 842. As of January 31, 2021 the Company had deferred rent of $0.8 million, which was recorded within accrued expenses and other current liabilities and will be paid in accordance with the concession arrangements. The Company had no deferred rent as of January 30, 2022.The expense components of the Company’s leases reflected on the Company’s Consolidated Statement of Operations were as follows: Consolidated Statement of Operations January 30, 2022 January 31, 2021(in thousands) Finance lease Amortization of right-of-use‎ assets Selling, general and administrative expenses $ 3,358 $ 2,929 Interest on lease liabilities Interest expense 1,933 1,858Total finance lease expense $ 5,291 $ 4,787Operating lease expense Selling, general and administrative expenses $ 16,326 $ 16,141Amortization of build-to-suit leases capital contribution Selling, general and administrative expenses 1,291 1,309Variable lease expense Selling, general and administrative expenses 8,505 9,453Total lease expense $ 31,413 $ 31,690 ‎ Other information related to leases were as follows: January 30, 2022 January 31, 2021(in thousands) Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $2,559 $1,958 Operating cash flows from finance leases $1,932 $1,858 Operating cash flows from operating leases $15,792 $15,652 Right-of-use assets obtained in exchange for lease liabilities: Finance leases $— $8,966 Operating leases $15,230 $11,642 Weighted-average remaining lease term (in years): Finance leases 12 13 Operating leases 9 9 Weighted-average discount rate: Finance leases 4.4% 4.4% Operating leases 4.1% 4.3%Future minimum lease payments under the non-cancellable leases are as follows as of January 30, 2022: Finance Operating Fiscal year Leases Leases(in thousands) 2022 $4,523 $17,5232023 4,551 17,7442024 4,736 17,1332025 5,098 16,3832026 3,993 15,441Thereafter 33,225 59,126Total future minimum lease payments $56,126 $143,350Less - Discount 13,158 23,374Lease liability $42,968 $119,976 Total rent expense under non-cancellable leases was $17.6 million and $17.1 million for fiscal 2021 and fiscal 2020, respectively.

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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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