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Leases (Tables)

9 Months Ended

Oct. 31, 2020

The following table is a summary of the Company’s components of net lease cost for the third quarter and nine months ended October 31, 2020 and November 2, 2019:

	For the three months ended				For the nine months ended
	October 31, 2020		November 2, 2019		October 31, 2020		November 2, 2019
(in thousands)
Operating lease cost	$	11,824	$	13,500	$	35,756	$	39,968
Variable lease costs⁽¹⁾		3,690		4,201		10,759		12,200
Total lease costs	$	15,514	$	17,701	$	46,515	$	52,168

(1)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Schedule of Cash Flow and Balance Sheet Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the nine months ended October 31, 2020 and November 2, 2019 is as follows:


(dollars in thousands)	For the nine months ended
Cash paid for amounts included in the measurement of lease liabilities:	October 31, 2020			November 2, 2019
Operating cash flows for operating leases⁽¹⁾	$	33,233		$	43,633
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	645		$	3,245
Net decrease in right-of-use assets due to lease modifications associated with rent concessions and lease exits	$	(2,283	)	-

Weighted average remaining lease term	4.7 yrs.			5.5 yrs.
Weighted average discount rate	6.46%			7.12%

(1)

This decrease in cash payments for the first nine months of fiscal 2020 as compared to the prior year is primarily due to rent abatements and deferments negotiated primarily during the second quarter of fiscal 2020 for rent obligations due while stores were closed.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

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 October 31, 2020:

(in thousands)
2020 (remaining)	$	13,026
2021		57,523
2022		49,322
2023		40,749
2024		30,517
Thereafter		37,403
Total minimum lease payments	$	228,540
Less: amount of lease payments representing interest		32,018
Present value of future minimum lease payments	$	196,522
Less: current obligations under leases		45,616
Long-term lease obligations	$	150,906