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Leases | 9 Months Ended
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Nov. 02, 2019
Leases [Abstract] |
Leases | 4. Leases The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarter was for 20 years, with the opportunity to extend for six additional successive periods of five years, beginning in fiscal 2026. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. The following table is a summary of the Company’s components of net lease cost for the three and nine months ended November 2, 2019:
|  | For the three |  |  | For the nine |
|  | months ended |  |  | months ended |
|  | November 2, 2019 |  |  | November 2, 2019 |
(in thousands) |  |  |  |  |  |  |  |
Operating lease cost(1) |  | $ | 13,500 |  |  | $ | 39,968 |
Short-term lease costs (2) |  |  | — |  |  |  | — |
Variable lease costs(1) |  |  | 4,201 |  |  |  | 12,200 |
Total lease costs |  | $ | 17,701 |  |  | $ | 52,168 |
| (1) | Lease costs related to store locations are included in Cost of Goods Sold Including Occupancy Costs on the Consolidated Statement of Operations and expenses and lease costs related to the corporate headquarters, automobile and equipment leases are included in Selling, General and Administrative expenses on the Consolidated Statement of Operations.
| (2) | For the third quarter and first nine months of fiscal 2019, the Company had no short-term lease costs.
Supplemental cash flow information related to leases for the first nine months ended November 2, 2019 is as follows:
(in thousands) |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 43,633 |
Non-cash operating activities: |  |  |  |
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 3,245 |
Supplemental balance sheet information related to leases as of November 2, 2019 is as follows:
Operating leases: |  |  |  |
Weighted average remaining lease term |  | 5.5 yrs. |
Weighted average discount rate |  |  | 7.12 | %
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of November 2, 2019:
(in thousands) |  |  |  |
2019 (remaining) |  | $ | 14,395 |
2020 |  |  | 55,304 |
2021 |  |  | 54,233 |
2022 |  |  | 49,174 |
2023 |  |  | 41,257 |
Thereafter |  |  | 68,831 |
Total minimum lease payments |  | $ | 283,194 |
Less: amount of lease payments representing interest |  |  | 49,820 |
Present value of future minimum lease payments |  | $ | 233,374 |
Less: current obligations under leases |  |  | 41,063 |
Long-term lease obligations |  | $ | 192,311 |
As previously disclosed in the Company's Consolidated Financial Statements for the year ending February 2, 2019, future minimum lease payments for noncancelable operating leases, under the previous lease accounting standard, were as follows at February 2, 2019:
(in thousands) |  |  |  |
2019 |  | $ | 57,364 |
2020 |  |  | 52,699 |
2021 |  |  | 50,380 |
2022 |  |  | 45,061 |
2023 |  |  | 36,605 |
Thereafter |  |  | 56,638 |
Total minimum lease payments |  | $ | 298,747 |

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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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