Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.0.1
Leases
3 Months Ended
Jan. 30, 2022
Leases [Abstract]  
Leases Leases
The Company 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. The Company’s leases are primarily classified as operating and consist of branch locations, as well as corporate office space. The Company’s finance lease arrangements are immaterial. The leases have remaining terms of 1 - 9 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.
Operating leases are included in Right-of-use assets (“ROU”) - 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 30, 2022 January 31, 2021
Operating lease expense $ 2,089  $ 2,269 
Sublease income (461) (402)
Variable lease expense 370  314 
Total (1)(2)
$ 1,998  $ 2,181 
(1) The Companys short-term lease expense is immaterial.
(2) Lease expense included in restructuring is approximately $0.5 million and $0.6 million for the three months ended January 30, 2022 and January 31, 2021, respectively.

Three Months Ended
Supplemental Cash Flows Information (in thousands) January 30, 2022 January 31, 2021
Cash paid for amounts included in the measurement of operating lease liabilities $ 2,428  $ 2,925 
Operating ROU assets obtained in exchange for operating lease liabilities $ 1,001  $ 737 

Three Months Ended
Weighted Average Remaining Lease Term and Discount Rate January 30, 2022 January 31, 2021
Weighted average remaining lease term (years) 7.2 7.8
Weighted average discount rate 6.3  % 6.3  %

Maturities of Lease Liabilities (in thousands) As of January 30, 2022
Fiscal Year: Amount
Remainder of 2022 $ 7,037 
2023 7,881 
2024 6,259 
2025 5,536 
2026 4,281 
Thereafter 18,704 
Total future lease payments $ 49,698 
Less: Imputed interest 10,075 
Total lease liabilities $ 39,623