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Leases

3 Months Ended

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
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-SubTopic 10
-Section 55
-Paragraph 40
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