Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.20.4
Leases
3 Months Ended
Jan. 31, 2021
Leases [Abstract]  
Leases Leases
The Company’s material operating leases consist of branch locations, as well as corporate office space. Our leases have remaining terms of 1 - 10 years. The lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal option periods. Volt determines if an arrangement meets the criteria of a lease at inception, at which time it also performs an analysis to determine whether the lease qualifies as operating or financing.
Operating leases are included in Right of use assets - operating leases and Operating lease liabilities, current and long-term, in the Condensed Consolidated Balance Sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term and is included in Selling, administrative and other operating costs in the Condensed Consolidated Statements of Operations.
Components of Lease Expense (in thousands) Three Months Ended
January 31, 2021 February 2, 2020
Operating lease expense $ 2,269  $ 2,921 
Sublease income (402) (394)
Variable lease expense 188  201 
Total (1)(2)
$ 2,055  $ 2,728 
(1) The Company has minimal short-term lease expense.
(2) Approximately $0.6 million and $0.1 million of lease expense for the three months ended January 31, 2021 and February 2, 2020, respectively, is included in restructuring.

Three Months Ended
Supplemental Cash Flows Information (in thousands) January 31, 2021 February 2, 2020
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,925  $ 2,953 
Operating ROU assets obtained in exchange for operating lease liabilities $ 737  $ 137 

Three Months ended
Weighted Average Remaining Lease Term and Discount Rate January 31, 2021 February 2, 2020
Weighted average remaining lease term (years) 7.8 8.3
Weighted average discount rate 6.3  % 6.3  %

Maturities of Operating Lease Liabilities (in thousands) As of January 31, 2021
Fiscal Year: Amount
2021 $ 7,456 
2022 8,200 
2023 6,979 
2024 5,618 
2025 5,255 
Thereafter 22,895 
Total future lease payments $ 56,403 
Less: Imputed interest 12,366 
Total operating lease liabilities $ 44,037