Leases

3 Months Ended

May 01, 2021

Note 11 – Leases

We enter into lease contracts for certain of our facilities at various locations worldwide. Our leases have remaining lease terms of 1 to 6 years, some of which include options to extend the lease term for periods of up to five years when it is reasonably certain that we will exercise such options.

Balance sheet and other information related to our leases is as follows:


Operating Leases (In thousands)	Balance Sheet Classification		May 1, 2021		January 31, 2021
Lease Assets		Right of Use Assets	$	1,302	$	1,389
Lease Liabilities – Current		Other Liabilities and Accrued Expenses		366		372
Lease Liabilities – Long Term		Lease Liabilities		983		1,065

Lease cost information is as follows:


		Three Months Ended
Operating Leases (In thousands)	Statement of Income Classification	May 1, 2021		May 2, 2020
Operating Lease Costs	General and Administrative Expense	$	136	$	120

Maturities of operating lease liabilities are as follows:


(In thousands)	May 1, 2021
2022, remaining	$	279
2023		317
2024		290
2025		182
2026		162
Thereafter		267

Total Lease Payments		1,497
Less: Imputed Interest		(148	)

Total Lease Liabilities	$	1,349

As of May 1, 2021, the weighted-average remaining lease term and weighted-average discount rate for our operating leases are 5.0 years and 4.0%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
(In thousands)	May 1, 2021		May 2, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	92	$	106