The Michaels Companies, Inc. Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

6 Months Ended

Aug. 03, 2019

The components of lease costs are as follows (in thousands):

(1)	Includes an immaterial amount related to short-term non-real estate leases.

(2)	Includes taxes, insurance and common areas maintenance costs for our leased facilities which are paid based on actual cost incurred by the lessor. Also includes contingent rent which is immaterial in the periods presented.

Additional information related to our operating leases is as follows (in thousands, except weighted-average data):


	26 Weeks Ended
	August 3,
	2019
Operating cash outflows included in the measurement of lease liabilities	$	214,439
Operating lease assets obtained in exchange for new operating lease liabilities	$	133,137
Weighted-average remaining lease term		6.2 years
Weighted-average discount rate		5.6%

Maturities of our lease liabilities are as follows as of August 3, 2019 (in thousands):


Fiscal Year
2019	$	179,032
2020		406,190
2021		353,635
2022		292,097
2023		229,286
Thereafter		545,236
Total lease payments	$	2,005,476
Less: Interest		(329,444)
Present value of lease liabilities	$	1,676,032