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Leases | 3 Months Ended
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May 02, 2021
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 $146,000 sub-lease income for the three-month period ended May 2, 2021. The components of lease cost and supplemental cash flow information for leases for the three-months ended May 2, 2021 were:
|  | Thirteen Weeks Ended |
|  | May 2, 2021 |  |  | May 3, 2020 |
Operating lease cost |  | $ | 2,013 |  |  | $ | 2,100 |
Variable lease cost |  |  | 44 |  |  |  | 46 |
Short-term lease cost |  |  | 19 |  |  |  | 116 |
Total operating lease cost |  | $ | 2,076 |  |  | $ | 2,262 |
Operating cash outflows |  | $ | 1,992 |  |  | $ | 1,852 |
The right-of-use assets and lease liabilities recorded on our Condensed Consolidated Balance Sheets as of May 2, 2021 and January 31, 2021 were as follows:
|  | May 2, 2021 |  |  | January 31, 2021 |
Real estate |  | $ | 31,918 |  |  | $ | 33,651 |
Property and equipment |  |  | 882 |  |  |  | 962 |
Total operating leases right-of-use assets |  | $ | 32,800 |  |  | $ | 34,613 |
Current portion of operating lease liabilities |  | $ | 6,381 |  |  | $ | 6,650 |
Long term operating lease liabilities |  |  | 27,980 |  |  |  | 29,441 |
Total operating lease liabilities |  | $ | 34,361 |  |  | $ | 36,091 |
The weighted-average remaining lease term is 6.6 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 2.2%. 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 2, 2021:
|  | Undiscounted Future Operating Lease Payments |
Remainder of 2022 |  | $ | 5,436 |
2023 |  |  | 5,593 |
2024 |  |  | 5,665 |
2025 |  |  | 5,281 |
2026 |  |  | 5,336 |
2027 and thereafter |  |  | 9,809 |
Total lease payments |  | $ | 37,120 |
Less: impact of discounting |  |  | (2,759 | )
Present value of lease payments |  | $ | 34,361 |
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 2, 2021, the Company had an additional lease for a warehouse in Georgia that had not yet commenced with estimated future minimum rental commitments of approximately $28 million. This lease is expected to commence in Fall of 2021 with an initial lease term of 10 years. Since the lease has not commenced, the undiscounted amounts are not included in the table above.

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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 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: 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=124440162&loc=d3e12069-110248 Reference 3: 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=123406913&loc=d3e41502-112717 Reference 4: 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=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + Details
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