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Leases | 12 Months Ended
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Jan. 30, 2021
Leases [Abstract] |
Leases | Note 5 — Leases The Company leases retail store facilities, corporate office space, warehouse facilities and certain vehicles and equipment under operating leases with terms generally ranging up to 10 years and expiring at various dates through 2030. Most of the retail store agreements include an initial term with renewal options and provide for minimum fixed rental payments. The Company does not include lease renewal options in the lease term for calculations of its right-of-use assets and liabilities until it is reasonably certain that the Company plans to renew these leases. A few retail store lease agreements have only variable lease payments based on a percentage of sales, while other store leases contain contingent rentals based on sales performance in excess of specified minimums in addition to minimum fixed rentals. The majority of the Company’s leases have monthly fixed rent with additional costs that are not components of the lease (e.g., real estate taxes and insurance costs) and non-lease components (e.g., common area maintenance) either of which can be variable or fixed. These additional components are excluded from the calculation of the lease liability and right-of-use asset. The Company’s leases do not provide an implicit rate, so the incremental borrowing rate, based on the information available at commencement or modification date, is used in determining the present value of lease payments. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, the Company used the incremental borrowing rate that corresponded to the remaining lease term as of the date of adoption. The Company's classification of lease cost on the Company's condensed consolidated statements of operations is as follows (in thousands):
|  | 52 Week Period Ended (1) |  |  | 52 Week Period Ended (1) |
|  | January 30, 2021 |  |  | February 1, 2020 |
Cost of sales (2) |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 43,753 |  |  | $ | 53,382 |
Short-term lease cost |  |  | 755 |  |  |  | 1,469 |
Variable lease cost |  |  | 1,554 |  |  |  | 1,329 |
Total lease cost in cost of sales |  |  | 46,062 |  |  |  | 56,180 |
Other operating expenses |  |  |  |  |  |  |  |
Operating lease cost |  |  | 1,862 |  |  |  | 2,824 |
Short-term lease cost |  |  | 60 |  |  |  | 382 |
Total lease cost in other operating expenses |  |  | 1,922 |  |  |  | 3,206 |
Total lease cost |  | $ | 47,984 |  |  | $ | 59,386 |
(1) | Total lease cost excludes expense for non-lease components including common area maintenance and excludes costs that are not a component of the lease including real estate taxes, insurance, sales taxes and utilities for the Company’s leases.
(2) | Cost of sales includes all distribution center lease costs and store occupancy-related lease costs.
As of January 30, 2021, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):
|  | Operating Leases |
2021 |  | $ | 60,159 |
2022 |  |  | 48,140 |
2023 |  |  | 37,330 |
2024 |  |  | 30,395 |
2025 |  |  | 23,726 |
Thereafter |  |  | 32,230 |
Total lease payments (1) |  |  | 231,980 |
Less: interest |  |  | (38,031 | )
Present value of lease liabilities |  | $ | 193,949 |
(1) | Operating lease payments exclude $485,000 of legally binding minimum lease payments for a lease signed but not yet commenced for one new store.
The Company’s lease term and discount rate is as follows:
|  | January 30, 2021 |
Weighted-average remaining lease term (years) |  |  | 5.2 |
Weighted-average discount rate |  |  | 7.4 | %
Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):
|  | 52 Weeks Ended January 30, 2021 |  |  | 52 Weeks Ended February 1, 2020 |
Operating cash flows from operating leases |  | $ | 57,310 |  |  | $ | 64,654 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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