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Leases | 3 Months Ended
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May 03, 2020
ASU 2016-02 Transition [Abstract] |
Lessee, Operating Lease, Disclosure [Table Text Block] | 8. Leases In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. We recognized $144,000 sub-lease income for the three-month period ended May 3, 2020. The components of lease cost and supplemental cash flow information for leases for the three-months ended May 3, 2020 were:
|  | 13 Weeks Ended |  |  | 13 Weeks Ended |
|  | May 3, 2020 |  |  | May 5, 2019 |
Operating lease cost |  | $ | 2,100 |  |  | $ | 2,076 |
Variable lease cost |  |  | 46 |  |  |  | - |
Short-term lease cost |  |  | 116 |  |  |  | 113 |
Total operating lease cost |  | $ | 2,262 |  |  | $ | 2,189 |
Operating cash outflows |  | $ | 1,852 |  |  | $ | 2,386 |
The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of May 3, 2020 were:
|  | May 3, 2020 |  |  | February 2, 2020 |
Real estate |  | $ | 36,585 |  |  | $ | 38,175 |
Property and equipment |  |  | 1,201 |  |  |  | 1,337 |
Total operating leases right-of-use assets |  | $ | 37,786 |  |  | $ | 39,512 |
Current portion of operating lease liabilities |  | $ | 6,162 |  |  | $ | 6,307 |
Long term operating lease liabilities |  |  | 32,581 |  |  |  | 33,794 |
Total operating lease liabilities |  | $ | 38,743 |  |  | $ | 40,101 |
The weighted-average remaining lease term is 7.3 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 3.99%. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheets on May 3, 2020:
|  | Undiscounted Future Operating Lease Payments |
Remainder of 2020 |  | $ | 6,051 |
2021 |  |  | 7,182 |
2022 |  |  | 5,588 |
2023 |  |  | 5,333 |
2024 |  |  | 5,280 |
2025 and thereafter |  |  | 15,205 |
Total lease payments |  | $ | 44,639 |
Less: impact of discounting |  |  | (5,896 | )
Present value of lease payments |  | $ | 38,743 |
Due to the COVID-19 pandemic, we received concessions on several of our leases, including changes in lease terms and deferred rent payments. We accounted for the concessions as lease modifications. None of the modifications had a material effect on our condensed consolidated financial statements or results of operations. As of May 3, 2020, we did not have any additional operating or finance leases that had not yet commenced.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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