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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Aug. 03, 2019	Aug. 30, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 03, 2019
Document Transition Report	false
Entity File Number	1-4365
Entity Registrant Name	OXFORD INDUSTRIES INC
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0831862
Entity Address, Address Line One	999 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 688
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	659-2424
Title of 12(b) Security	Common Stock
Trading Symbol	OXM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,034,929
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
Current Assets
Cash and cash equivalents	$ 30,756	$ 8,327	$ 7,054
Receivables, net	59,176	69,037	69,724
Inventories, net	152,672	160,656	123,924
Prepaid expenses and other current assets	22,440	31,768	29,393
Total Current Assets	265,044	269,788	230,095
Property and equipment, net	189,410	192,576	195,378
Intangible assets, net	175,591	176,176	177,418
Goodwill	66,585	66,621	66,581
Operating lease assets	288,928
Other non-current assets, net	24,636	22,093	23,918
Total Assets	1,010,194	727,254	693,390
Current Liabilities
Accounts payable	48,998	81,612	51,487
Accrued compensation	19,195	24,226	21,606
Current operating lease liabilities	54,044
Other accrued expenses and liabilities	41,882	36,371	37,828
Total Current Liabilities	164,119	142,209	110,921
Long-term debt		12,993	24,936
Non-current operating lease liabilities	290,133
Other non-current liabilities	17,077	75,286	74,649
Deferred taxes	19,916	18,411	15,752
Commitments and contingencies
Shareholders' Equity
Common stock, $1.00 par value per share	17,035	16,959	16,951
Additional paid-in capital	145,123	142,976	138,613
Retained earnings	362,407	323,515	316,507
Accumulated other comprehensive loss	(5,616)	(5,095)	(4,939)
Total Shareholders' Equity	518,949	478,355	467,132
Total Liabilities and Shareholders' Equity	$ 1,010,194	$ 727,254	$ 693,390

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net Sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Cost of goods sold	122,175	123,344	238,379	231,826
Gross profit	179,825	179,297	345,594	343,443
SG&A	143,403	146,340	283,217	286,060
Royalties and other operating income	3,837	3,556	7,624	7,503
Operating income	40,259	36,513	70,001	64,886
Interest expense, net	419	602	1,090	1,383
Earnings before income taxes	39,840	35,911	68,911	63,503
Income taxes	10,004	8,727	17,418	15,752
Net earnings, basic	29,836	27,184	51,493	47,751
Net earnings, diluted	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Net earnings per share:
Basic (in dollars per share)	$ 1.78	$ 1.63	$ 3.08	$ 2.87
Diluted (in dollars per share)	$ 1.76	$ 1.61	$ 3.05	$ 2.84
Weighted average shares outstanding:
Basic (in shares)	16,760	16,683	16,736	16,661
Diluted (in shares)	16,907	16,840	16,878	16,804
Dividends declared per share (in dollars per share)	$ 0.37	$ 0.34	$ 0.74	$ 0.68

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	(133)	(284)	(521)	(865)
Comprehensive income	$ 29,703	$ 26,900	$ 50,972	$ 46,886

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018
Cash Flows From Operating Activities:
Net earnings	$ 51,493	$ 47,751
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	19,402	20,224
Amortization of intangible assets	584	1,373
Equity compensation expense	3,791	3,598
Amortization of deferred financing costs	212	212
Deferred income taxes	1,274	330
Changes in working capital, net of acquisitions and dispositions:
Receivables, net	10,131	(2,460)
Inventories, net	7,680	19
Prepaid expenses and other current assets	3,825	8,494
Current liabilities	(31,983)	(23,366)
Other balance sheet changes	858	1,357
Cash provided by operating activities	67,267	57,532
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired		(302)
Purchases of property and equipment	(15,976)	(22,349)
Cash used in investing activities	(15,976)	(22,651)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(122,241)	(165,928)
Proceeds from revolving credit arrangements	109,248	145,055
Deferred financing costs paid	(894)
Proceeds from issuance of common stock	885	814
Repurchase of equity awards for employee tax withholding liabilities	(2,453)	(2,351)
Cash dividends declared and paid	(12,601)	(11,522)
Other financing activities	(1,033)
Cash used in financing activities	(29,089)	(33,932)
Net change in cash and cash equivalents	22,202	949
Effect of foreign currency translation on cash and cash equivalents	227	(238)
Cash and cash equivalents at the beginning of year	8,327	6,343
Cash and cash equivalents at the end of the period	30,756	7,054
Supplemental disclosure of cash flow information:
Cash paid for interest, net	971	1,211
Cash paid for income taxes	$ 8,416	$ 11,839

Basis of Presentation

6 Months Ended

Aug. 03, 2019

Basis of Presentation

Basis of Presentation

1. Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Results of operations for the interim periods presented are not necessarily indicative of results to be expected for our full fiscal year.

The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Annual Report on Form 10-K for Fiscal 2018, except for the adoption of the new lease accounting guidance in Fiscal 2019 as discussed below and in Note 5.

Accounting Standards Adopted in Fiscal 2019

In February 2016, the FASB issued revised lease accounting guidance. The guidance requires companies to record substantially all leases, including operating leases, as assets and liabilities on the balance sheet. For these leases, we are required to recognize (1) an operating lease asset which will represent our right to use, or control the use of, a specified asset for a lease term and (2) a lease liability equal to our obligation to make lease payments arising from a lease, measured on a discounted basis. The guidance was adopted on the first day of the First Quarter of Fiscal 2019 using a modified retrospective approach. The modified retrospective approach allows us to apply the standard and related disclosures to the financial statements for the period of adoption and apply the previous guidance in the prior year comparative periods. The adoption of the new guidance had a material impact on our condensed consolidated balance sheet as a result of the non-cash recognition of operating lease assets and operating lease liabilities, but did not have a material impact on our consolidated statements of operations or cash flows. At adoption of the revised lease accounting guidance, we elected to adopt the package of transition practical expedients and, therefore, have not reassessed (1) whether exiting or expired contracts contain a lease, (2) lease classification for existing or expired leases, or (3) the accounting for initial direct costs that were previously capitalized. We did not elect the practical expedient to use hindsight for leases existing at the adoption date. Refer to Note 5 for additional disclosures and information about accounting for leases.

Recently Issued Accounting Standards Applicable to Future Periods

In June 2016, the FASB issued guidance, as amended, on the measurement of credit losses on financial instruments. This guidance amends the impairment model by requiring that companies use a forward-looking approach based on expected losses to estimate credit losses on certain financial instruments, including trade receivables. This guidance will be effective in Fiscal 2020 with early adoption permitted. We are currently assessing the impact that adopting this guidance will have on our consolidated financial statements.

Recent accounting pronouncements pending adoption not discussed above are either not applicable or not expected to have a material impact on our consolidated financial statements.

Operating Group Information

6 Months Ended

Aug. 03, 2019

Operating Group Information

Operating Group Information

2. Operating Group Information: We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. Our business is primarily operated through our Tommy Bahama, Lilly Pulitzer, Lanier Apparel and Southern Tide operating groups.

Tommy Bahama, Lilly Pulitzer and Southern Tide each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories, while Lanier Apparel designs, sources and distributes branded and private label men’s tailored clothing, sportswear and other products. Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of inter-segment sales and any other items that are not allocated to the operating groups, including LIFO accounting adjustments. Because our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to the operating groups. Corporate and Other also includes the operations of other businesses which are not included in our operating groups, including the operations of TBBC and our Lyons, Georgia distribution center. For a more extensive description of our operating groups, see Part I, Item 1. Business included in our Annual Report on Form 10-K for Fiscal 2018.

The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other.


	Second Quarter				First Half
	Fiscal 2019		Fiscal 2018		Fiscal 2019		Fiscal 2018
Net sales
Tommy Bahama	$	188,870	$	192,728	$	353,600	$	359,860
Lilly Pulitzer		75,555		71,623		148,150		140,250
Lanier Apparel		20,905		23,860		47,494		43,769
Southern Tide		12,468		11,777		26,602		25,249
Corporate and Other		4,202		2,653		8,127		6,141
Total net sales	$	302,000	$	302,641	$	583,973	$	575,269

Depreciation and amortization
Tommy Bahama	$	6,907	$	8,260	$	13,747	$	15,326
Lilly Pulitzer		2,381		2,624		5,064		5,103
Lanier Apparel		141		139		281		280
Southern Tide		135		136		269		261
Corporate and Other		285		312		625		627
Total depreciation and amortization	$	9,849	$	11,471	$	19,986	$	21,597

Operating income (loss)
Tommy Bahama	$	23,218	$	20,621	$	38,410	$	34,924
Lilly Pulitzer		20,449		18,421		35,701		34,247
Lanier Apparel		253		825		1,435		1,187
Southern Tide		1,834		1,420		4,351		3,907
Corporate and Other		(5,495)		(4,774)		(9,896)		(9,379)
Total operating income		40,259		36,513	$	70,001	$	64,886
Interest expense, net		419		602		1,090		1,383
Earnings before income taxes	$	39,840	$	35,911	$	68,911	$	63,503

The tables below quantify, for each operating group and in total, the amount of net sales by distribution channel (in thousands) and as a percentage of net sales for each period presented.


	Second Quarter Fiscal 2019
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	188,870	50	%	23	%	11	%	16	%	—	%
Lilly Pulitzer		75,555	51	%	29	%	—	%	20	%	—	%
Lanier Apparel		20,905	—	%	2	%	—	%	98	%	—	%
Southern Tide		12,468	—	%	22	%	—	%	78	%	—	%
Corporate and Other		4,202	—	%	62	%	—	%	29	%	9	%
Total	$	302,000	44	%	23	%	7	%	26	%	—	%


	Second Quarter Fiscal 2018
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	192,728	50	%	21	%	11	%	18	%	—	%
Lilly Pulitzer		71,623	52	%	27	%	—	%	21	%	—	%
Lanier Apparel		23,860	—	%	—	%	—	%	100	%	—	%
Southern Tide		11,777	—	%	20	%	—	%	80	%	—	%
Corporate and Other		2,653	—	%	51	%	—	%	22	%	27	%
Total	$	302,641	45	%	21	%	7	%	27	%	—	%


	First Half Fiscal 2019
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	353,600	49	%	19	%	13	%	19	%	—	%
Lilly Pulitzer		148,150	46	%	27	%	—	%	27	%	—	%
Lanier Apparel		47,494	—	%	1	%	—	%	99	%	—	%
Southern Tide		26,602	—	%	17	%	—	%	83	%	—	%
Corporate and Other		8,127	—	%	62	%	—	%	29	%	9	%
Total net sales	$	583,973	41	%	20	%	8	%	31	%	—	%


	First Half Fiscal 2018
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	359,860	49	%	18	%	13	%	20	%	—	%
Lilly Pulitzer		140,250	48	%	26	%	—	%	26	%	—	%
Lanier Apparel		43,769	—	%	—	%	—	%	100	%	—	%
Southern Tide		25,249	—	%	16	%	—	%	84	%	—	%
Corporate and Other		6,141	—	%	56	%	—	%	23	%	21	%
Total net sales	$	575,269	42	%	19	%	8	%	31	%	—	%

Shareholders' Equity

6 Months Ended

Aug. 03, 2019

Shareholders' Equity

Shareholders' Equity

3. Shareholders’ Equity: The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented.


	First Half Fiscal 2019
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 2, 2019	$	16,959	$	142,976	$	323,515	$	(5,095)	$	478,355
Net earnings and other comprehensive income		—		—		21,657		(388)		21,269
Shares issued under equity plans		91		331		—		—		422
Compensation expense for equity awards		—		1,876		—		—		1,876
Repurchase of shares		(31)		(2,422)		—		—		(2,453)
Cash dividends declared and paid		—		—		(6,297)		—		(6,297)
Cumulative effect of change in accounting standards		—		—		—		—		—
May 4, 2019	$	17,019	$	142,761	$	338,875	$	(5,483)	$	493,172
Net earnings and other comprehensive income		—		—		29,836		(133)		29,703
Shares issued under equity plans		16		447		—		—		463
Compensation expense for equity awards		—		1,915		—		—		1,915
Repurchase of shares		—		—		—		—		—
Cash dividends declared and paid		—		—		(6,304)		—		(6,304)
Cumulative effect of change in accounting standards		—		—		—		—		—
August 3, 2019	$	17,035	$	145,123	$	362,407	$	(5,616)	$	518,949


	First Half Fiscal 2018
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 3, 2018	$	16,839	$	136,664	$	280,395	$	(4,074)	$	429,824
Net earnings and other comprehensive income		—		—		20,567		(581)		19,986
Shares issued under equity plans		128		236		—		—		364
Compensation expense for equity awards		—		1,718		—		—		1,718
Repurchase of shares		(30)		(2,321)		—		—		(2,351)
Cash dividends declared and paid		—		—		(5,759)		—		(5,759)
Cumulative effect of change in accounting standards		—		—		(117)		—		(117)
May 5, 2018	$	16,937	$	136,297	$	295,086	$	(4,655)	$	443,665
Net earnings and other comprehensive income		—		—		27,184		(284)		26,900
Shares issued under equity plans		14		436		—		—		450
Compensation expense for equity awards		—		1,880		—		—		1,880
Repurchase of shares		—		—		—		—		—
Cash dividends declared and paid		—		—		(5,763)		—		(5,763)
Cumulative effect of change in accounting standards		—		—		—		—		—
August 4, 2018	$	16,951	$	138,613	$	316,507	$	(4,939)	$	467,132

Substantially all amounts included in AOCI in our consolidated balance sheets, as well as any related changes, for each period presented, reflect the net foreign currency translation adjustment related to our Tommy Bahama investments and operations in Canada, Australia and Japan. No amounts were reclassified from AOCI to our consolidated statements of operations for any period presented.

Revenue Recognition

6 Months Ended

Aug. 03, 2019

Revenue Recognition

Revenue Recognition

4. Revenue Recognition: Our revenue consists of direct to consumer sales, including our retail store, e-commerce and restaurant operations, and wholesale sales, which are included in net sales in our consolidated statements of operations, as well as royalty income, which represents substantially all amounts included in royalties and other income in our consolidated statements of operations. We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our accounting policies related to revenue recognition for each type of contract with customers, including a description of the related performance obligations, return rights, allowances, discounts, credit terms and other information, is described in the significant accounting policies described in our Annual Report on Form 10-K for Fiscal 2018.

The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented.


	Second Quarter				First Half
	Fiscal 2019		Fiscal 2018		Fiscal 2019		Fiscal 2018
Retail	$	133,250	$	134,581	$	241,256	$	242,316
E-commerce		70,437		63,363		118,426		107,885
Restaurant		20,531		21,467		44,132		46,760
Wholesale		77,273		82,402		179,199		176,778
Other		509		828		960		1,530
Net sales	$	302,000	$	302,641	$	583,973	$	575,269

Substantially all amounts recognized in receivables, net represent receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to some of our wholesale customers for certain products. We record these discounts, returns and allowances as a reduction to net sales in our consolidated statements of operations and as a reduction to receivables, net in our consolidated balance sheets. As of August 3, 2019, February 2, 2019 and August 4, 2018, reserve balances recorded as a reduction to receivables related to these items were $7 million, $7 million and $7 million, respectively.

In addition to trade and other receivables, income tax receivables of $1 million, $1 million and $6 million and tenant allowances due from landlord of $2 million, $0 million and $2 million are included in receivables, net in our consolidated balance sheet as of August 3, 2019, February 2, 2019 and August 4, 2018, respectively. As of August 3, 2019, February 2, 2019 and August 4, 2018, prepaid expenses and other current assets included $2 million, $2 million and $2 million, respectively, representing the estimated value of inventory for wholesale and direct to consumer sales returns. We did not have any significant contract assets related to contracts with customers, other than receivables and the value of inventory associated with reserves for expected sales returns, as of August 3, 2019, February 2, 2019 and August 4, 2018.

An estimated sales return liability of $5 million, $3 million and $4 million for expected direct to consumer returns is classified in other accrued expenses and liabilities in our consolidated balance sheet as of August 3, 2019, February 2, 2019 and August 4, 2018, respectively. Contract liabilities for gift cards purchased by consumers and merchandise credits received by customers but not yet redeemed, less any breakage income recognized to date, is included in other accrued expenses and liabilities in our consolidated balance sheets and totaled $11 million, $12 million and $10 million as of August 3, 2019, February 2, 2019, and August 4, 2018, respectively.

Leases

6 Months Ended

Aug. 03, 2019

Leases

Leases

5. Leases: We enter into real estate lease agreements for retail, food and beverage, office and warehouse/distribution space, as well as leases for certain equipment. Our leases have varying terms and expirations and may have provisions to extend, renew or terminate the lease agreement at our discretion, among other terms and conditions. Our retail and restaurant leases typically provide for contingent rent based on sales if certain sales thresholds are achieved. Most of our leases provide for payments of real estate taxes, insurance and other operating expenses applicable to the property, and certain of our leases require payment of sales taxes on rental payments. Payments for real estate taxes, sales taxes, insurance and other operating expenses are not included in lease expense. Our lease agreements do not include any material residual value guarantees or material restrictive financial covenants.

Substantially all of our leases are classified as long-term operating leases, which have not historically been recognized as assets and liabilities in our consolidated balance sheets. When a non-cancelable long-term operating

lease includes fixed escalation clauses or lease incentives for rent holidays, rent expense is generally recognized on a straight-line basis over the initial term of the lease from the date that we take possession of the space and assumes that any termination options included in the lease will not be exercised. Contingent rents, including those based on a percentage of retail sales over stated levels, and rental payment increases based on a contingent future event have been recognized as the expense is incurred. The difference between the rents payable under the lease and the amount recognized on a straight-line basis has historically been recorded in other non-current liabilities in our consolidated balance sheets, with the exception of the amounts recognized in current lease liabilities. Also, any tenant improvement allowance amounts received from the landlord have historically been deferred as a liability in our consolidated balance sheets and then recognized in our consolidated statements of operations as a reduction to rent expense over the term of the lease agreement on a straight-line basis. Deferred rent in our consolidated balance sheets, including tenant improvement allowances and all amounts in non-current and current liabilities, as of February 2, 2019 was $61 million.

Pursuant to the revised lease accounting guidance adopted in Fiscal 2019, we determine if an arrangement is a lease at contract inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The significant judgments in calculating the present value of lease obligations include determining the lease term and lease payment amounts, which are dependent upon our assessment of the likelihood of exercising any renewal or termination options that are at our discretion, as well as the discount rate applied to the unpaid lease payments. Operating leases are included in operating lease assets, current operating lease liabilities and non-current operating lease liabilities in our consolidated balance sheet. The operating lease asset at commencement reflects the operating lease liability reduced for any lease incentives, including tenant improvement allowances. Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is consistent with the previous guidance. Variable rental payments based on a percentage of retail sales over contractual levels and variable incremental rental payments adjusted periodically for inflation are both recognized as incurred.

We account for the underlying operating lease asset at the individual lease level. Typically, we do not include any renewal or termination options at our discretion in the underlying lease term as the probability of exercise is not reasonably certain. The revised lease guidance requires us to discount unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. As our leases typically do not provide an implicit rate, we use an estimated incremental borrowing rate based on information available at commencement date, or as of February 3, 2019 for any leases in place at adoption of the revised guidance. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to our consolidated financial statements.

Substantially all lease expense is included in SG&A in our consolidated statements of operations. For the Second Quarter of Fiscal 2019, operating lease expense was $16 million and variable lease expense was $8 million, resulting in total lease expense of $24 million. For the First Half of Fiscal 2019, operating lease expense was $33 million and variable lease expense was $17 million, resulting in total lease expense of $49 million. As of August 3, 2019, the weighted-average remaining operating lease term was seven years and the weighted-average discount rate for operating leases was 5%. Cash paid for lease amounts included in the measurement of operating lease liabilities in the Second Quarter of Fiscal 2019 and the First Half of Fiscal 2019 was $17 million and $35 million, respectively.

As of August 3, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2019	$	34,369
2020		60,608
2021		63,487
2022		59,825
2023		56,639
2024		43,981
After 2024		86,588
Total lease payments	$	405,497
Less: Difference between discounted and undiscounted lease payments		61,320
Present value of lease liabilities	$	344,177

Disclosures related to periods prior to adoption of revised accounting guidance

Total rent expense in Fiscal 2018 was $96 million, which includes minimum rents, sales taxes, real estate taxes, insurance and other operating expenses and contingent rents incurred under all leases. Payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent percentage rent are included in rent expense, but are generally not included in the aggregate minimum rental commitments, as, in many cases, the amounts payable in future periods are not quantified in the lease agreement or may be dependent on future events. The total amount of such charges included in total rent expense above were $28 million in Fiscal 2018. As of February 2, 2019, the aggregate minimum base rental commitments for all non-cancelable operating leases with original terms in excess of one year were $68 million, $66 million, $62 million, $59 million, and $51 million for each of the next five years and $124 million thereafter.

Debt

6 Months Ended

Aug. 03, 2019

Debt

Debt

6. Debt: In July 2019, we amended our $325 million Fourth Amended and Restated Credit Agreement (as amended, the “U.S. Revolving Credit Agreement”) by entering into the First Amendment to the Fourth Amended and Restated Credit Agreement to (1) extend the maturity of the facility to July 2024, and (2) modify certain provisions including a reduction of interest rates on certain borrowings and a reduction in unused line fees. We had no amounts outstanding as of August 3, 2019 under the U.S. Revolving Credit Agreement, compared to $25 million of borrowings outstanding as of August 4, 2018. The U.S. Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest, unused line fees and letter of credit fees based upon average unused availability or utilization, (3) requires periodic interest payments with principal due at maturity, and (4) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and its domestic subsidiaries, including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable collateral, life insurance policies, supporting obligations, commercial tort claims, cash and cash equivalents, eligible trademarks, proceeds and other personal property.

To the extent cash flow needs exceed cash flow provided by our operations we will have access, subject to its terms, to our U.S. Revolving Credit Agreement to provide funding for operating activities, capital expenditures and acquisitions, if any. Our U.S. Revolving Credit Agreement is also used to establish collateral for certain insurance programs and leases and to finance trade letters of credit for product purchases, which reduce the amounts available under our line of credit when issued. As of August 3, 2019, $5 million of letters of credit were outstanding under our U.S. Revolving Credit Agreement. After considering these limitations and the amount of eligible assets in our borrowing base, as of August 3, 2019, we had $311 million in unused availability under the U.S. Revolving Credit Agreement, subject to certain limitations on borrowings.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Aug. 03, 2019
Basis of Presentation
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Results of operations for the interim periods presented are not necessarily indicative of results to be expected for our full fiscal year.
Accounting Standards Adopted in Fiscal 2018 and Recently Issued Accounting Standards Applicable to Future Years	Accounting Standards Adopted in Fiscal 2019 In February 2016, the FASB issued revised lease accounting guidance. The guidance requires companies to record substantially all leases, including operating leases, as assets and liabilities on the balance sheet. For these leases, we are required to recognize (1) an operating lease asset which will represent our right to use, or control the use of, a specified asset for a lease term and (2) a lease liability equal to our obligation to make lease payments arising from a lease, measured on a discounted basis. The guidance was adopted on the first day of the First Quarter of Fiscal 2019 using a modified retrospective approach. The modified retrospective approach allows us to apply the standard and related disclosures to the financial statements for the period of adoption and apply the previous guidance in the prior year comparative periods. The adoption of the new guidance had a material impact on our condensed consolidated balance sheet as a result of the non-cash recognition of operating lease assets and operating lease liabilities, but did not have a material impact on our consolidated statements of operations or cash flows. At adoption of the revised lease accounting guidance, we elected to adopt the package of transition practical expedients and, therefore, have not reassessed (1) whether exiting or expired contracts contain a lease, (2) lease classification for existing or expired leases, or (3) the accounting for initial direct costs that were previously capitalized. We did not elect the practical expedient to use hindsight for leases existing at the adoption date. Refer to Note 5 for additional disclosures and information about accounting for leases. Recently Issued Accounting Standards Applicable to Future Periods In June 2016, the FASB issued guidance, as amended, on the measurement of credit losses on financial instruments. This guidance amends the impairment model by requiring that companies use a forward-looking approach based on expected losses to estimate credit losses on certain financial instruments, including trade receivables. This guidance will be effective in Fiscal 2020 with early adoption permitted. We are currently assessing the impact that adopting this guidance will have on our consolidated financial statements. Recent accounting pronouncements pending adoption not discussed above are either not applicable or not expected to have a material impact on our consolidated financial statements.

Operating Group Information (Tables)

6 Months Ended

Aug. 03, 2019

Operating Group Information

Schedule of financial information by operating group

The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other.


	Second Quarter				First Half
	Fiscal 2019		Fiscal 2018		Fiscal 2019		Fiscal 2018
Net sales
Tommy Bahama	$	188,870	$	192,728	$	353,600	$	359,860
Lilly Pulitzer		75,555		71,623		148,150		140,250
Lanier Apparel		20,905		23,860		47,494		43,769
Southern Tide		12,468		11,777		26,602		25,249
Corporate and Other		4,202		2,653		8,127		6,141
Total net sales	$	302,000	$	302,641	$	583,973	$	575,269

Depreciation and amortization
Tommy Bahama	$	6,907	$	8,260	$	13,747	$	15,326
Lilly Pulitzer		2,381		2,624		5,064		5,103
Lanier Apparel		141		139		281		280
Southern Tide		135		136		269		261
Corporate and Other		285		312		625		627
Total depreciation and amortization	$	9,849	$	11,471	$	19,986	$	21,597

Operating income (loss)
Tommy Bahama	$	23,218	$	20,621	$	38,410	$	34,924
Lilly Pulitzer		20,449		18,421		35,701		34,247
Lanier Apparel		253		825		1,435		1,187
Southern Tide		1,834		1,420		4,351		3,907
Corporate and Other		(5,495)		(4,774)		(9,896)		(9,379)
Total operating income		40,259		36,513	$	70,001	$	64,886
Interest expense, net		419		602		1,090		1,383
Earnings before income taxes	$	39,840	$	35,911	$	68,911	$	63,503

Schedule of net sales by operating group

The tables below quantify, for each operating group and in total, the amount of net sales by distribution channel (in thousands) and as a percentage of net sales for each period presented.


	Second Quarter Fiscal 2019
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	188,870	50	%	23	%	11	%	16	%	—	%
Lilly Pulitzer		75,555	51	%	29	%	—	%	20	%	—	%
Lanier Apparel		20,905	—	%	2	%	—	%	98	%	—	%
Southern Tide		12,468	—	%	22	%	—	%	78	%	—	%
Corporate and Other		4,202	—	%	62	%	—	%	29	%	9	%
Total	$	302,000	44	%	23	%	7	%	26	%	—	%


	Second Quarter Fiscal 2018
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	192,728	50	%	21	%	11	%	18	%	—	%
Lilly Pulitzer		71,623	52	%	27	%	—	%	21	%	—	%
Lanier Apparel		23,860	—	%	—	%	—	%	100	%	—	%
Southern Tide		11,777	—	%	20	%	—	%	80	%	—	%
Corporate and Other		2,653	—	%	51	%	—	%	22	%	27	%
Total	$	302,641	45	%	21	%	7	%	27	%	—	%


	First Half Fiscal 2019
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	353,600	49	%	19	%	13	%	19	%	—	%
Lilly Pulitzer		148,150	46	%	27	%	—	%	27	%	—	%
Lanier Apparel		47,494	—	%	1	%	—	%	99	%	—	%
Southern Tide		26,602	—	%	17	%	—	%	83	%	—	%
Corporate and Other		8,127	—	%	62	%	—	%	29	%	9	%
Total net sales	$	583,973	41	%	20	%	8	%	31	%	—	%


	First Half Fiscal 2018
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	359,860	49	%	18	%	13	%	20	%	—	%
Lilly Pulitzer		140,250	48	%	26	%	—	%	26	%	—	%
Lanier Apparel		43,769	—	%	—	%	—	%	100	%	—	%
Southern Tide		25,249	—	%	16	%	—	%	84	%	—	%
Corporate and Other		6,141	—	%	56	%	—	%	23	%	21	%
Total net sales	$	575,269	42	%	19	%	8	%	31	%	—	%

Shareholders' Equity (Tables)

6 Months Ended

Aug. 03, 2019

Shareholders' Equity

Schedule of stockholders equity

The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented.


	First Half Fiscal 2019
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 2, 2019	$	16,959	$	142,976	$	323,515	$	(5,095)	$	478,355
Net earnings and other comprehensive income		—		—		21,657		(388)		21,269
Shares issued under equity plans		91		331		—		—		422
Compensation expense for equity awards		—		1,876		—		—		1,876
Repurchase of shares		(31)		(2,422)		—		—		(2,453)
Cash dividends declared and paid		—		—		(6,297)		—		(6,297)
Cumulative effect of change in accounting standards		—		—		—		—		—
May 4, 2019	$	17,019	$	142,761	$	338,875	$	(5,483)	$	493,172
Net earnings and other comprehensive income		—		—		29,836		(133)		29,703
Shares issued under equity plans		16		447		—		—		463
Compensation expense for equity awards		—		1,915		—		—		1,915
Repurchase of shares		—		—		—		—		—
Cash dividends declared and paid		—		—		(6,304)		—		(6,304)
Cumulative effect of change in accounting standards		—		—		—		—		—
August 3, 2019	$	17,035	$	145,123	$	362,407	$	(5,616)	$	518,949


	First Half Fiscal 2018
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 3, 2018	$	16,839	$	136,664	$	280,395	$	(4,074)	$	429,824
Net earnings and other comprehensive income		—		—		20,567		(581)		19,986
Shares issued under equity plans		128		236		—		—		364
Compensation expense for equity awards		—		1,718		—		—		1,718
Repurchase of shares		(30)		(2,321)		—		—		(2,351)
Cash dividends declared and paid		—		—		(5,759)		—		(5,759)
Cumulative effect of change in accounting standards		—		—		(117)		—		(117)
May 5, 2018	$	16,937	$	136,297	$	295,086	$	(4,655)	$	443,665
Net earnings and other comprehensive income		—		—		27,184		(284)		26,900
Shares issued under equity plans		14		436		—		—		450
Compensation expense for equity awards		—		1,880		—		—		1,880
Repurchase of shares		—		—		—		—		—
Cash dividends declared and paid		—		—		(5,763)		—		(5,763)
Cumulative effect of change in accounting standards		—		—		—		—		—
August 4, 2018	$	16,951	$	138,613	$	316,507	$	(4,939)	$	467,132

Revenue Recognition (Tables)

6 Months Ended

Aug. 03, 2019

Revenue Recognition

Schedule of net sales by distribution channel

The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented.


	Second Quarter				First Half
	Fiscal 2019		Fiscal 2018		Fiscal 2019		Fiscal 2018
Retail	$	133,250	$	134,581	$	241,256	$	242,316
E-commerce		70,437		63,363		118,426		107,885
Restaurant		20,531		21,467		44,132		46,760
Wholesale		77,273		82,402		179,199		176,778
Other		509		828		960		1,530
Net sales	$	302,000	$	302,641	$	583,973	$	575,269

Leases (Tables)

6 Months Ended

Aug. 03, 2019

Leases

Schedule of lease liability payments

As of August 3, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2019	$	34,369
2020		60,608
2021		63,487
2022		59,825
2023		56,639
2024		43,981
After 2024		86,588
Total lease payments	$	405,497
Less: Difference between discounted and undiscounted lease payments		61,320
Present value of lease liabilities	$	344,177

Basis of Presentation - Accounting Standards (Details)	Feb. 03, 2019
Accounting Standards Adopted
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Use of Hindsight	false
Accounting Standards Update 2016-02
Accounting Standards Adopted
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	Modified Retrospective

Operating Group Information - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Operating groups
Net sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Depreciation and amortization	9,849	11,471	19,986	21,597
Operating income	40,259	36,513	70,001	64,886
Interest expense, net	419	602	1,090	1,383
Earnings before income taxes	39,840	35,911	68,911	63,503
Corporate and Other
Operating groups
Net sales	4,202	2,653	8,127	6,141
Depreciation and amortization	285	312	625	627
Operating income	(5,495)	(4,774)	(9,896)	(9,379)
Tommy Bahama \| Operating Segments
Operating groups
Net sales	188,870	192,728	353,600	359,860
Depreciation and amortization	6,907	8,260	13,747	15,326
Operating income	23,218	20,621	38,410	34,924
Lilly Pulitzer \| Operating Segments
Operating groups
Net sales	75,555	71,623	148,150	140,250
Depreciation and amortization	2,381	2,624	5,064	5,103
Operating income	20,449	18,421	35,701	34,247
Lanier Apparel \| Operating Segments
Operating groups
Net sales	20,905	23,860	47,494	43,769
Depreciation and amortization	141	139	281	280
Operating income	253	825	1,435	1,187
Southern Tide \| Operating Segments
Operating groups
Net sales	12,468	11,777	26,602	25,249
Depreciation and amortization	135	136	269	261
Operating income	$ 1,834	$ 1,420	$ 4,351	$ 3,907

Operating Group Information - Sales by operating group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Operating groups
Net Sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Operating Segments \| Tommy Bahama
Operating groups
Net Sales	188,870	192,728	353,600	359,860
Operating Segments \| Lilly Pulitzer
Operating groups
Net Sales	75,555	71,623	148,150	140,250
Operating Segments \| Lanier Apparel
Operating groups
Net Sales	20,905	23,860	47,494	43,769
Operating Segments \| Southern Tide
Operating groups
Net Sales	12,468	11,777	26,602	25,249
Corporate and Other
Operating groups
Net Sales	4,202	2,653	8,127	6,141
Retail
Operating groups
Net Sales	$ 133,250	$ 134,581	$ 241,256	$ 242,316
Net Sales (as a percent)	44.00%	45.00%	41.00%	42.00%
Retail \| Operating Segments \| Tommy Bahama
Operating groups
Net Sales (as a percent)	50.00%	50.00%	49.00%	49.00%
Retail \| Operating Segments \| Lilly Pulitzer
Operating groups
Net Sales (as a percent)	51.00%	52.00%	46.00%	48.00%
E-commerce
Operating groups
Net Sales	$ 70,437	$ 63,363	$ 118,426	$ 107,885
Net Sales (as a percent)	23.00%	21.00%	20.00%	19.00%
E-commerce \| Operating Segments \| Tommy Bahama
Operating groups
Net Sales (as a percent)	23.00%	21.00%	19.00%	18.00%
E-commerce \| Operating Segments \| Lilly Pulitzer
Operating groups
Net Sales (as a percent)	29.00%	27.00%	27.00%	26.00%
E-commerce \| Operating Segments \| Lanier Apparel
Operating groups
Net Sales (as a percent)	2.00%		1.00%
E-commerce \| Operating Segments \| Southern Tide
Operating groups
Net Sales (as a percent)	22.00%	20.00%	17.00%	16.00%
E-commerce \| Corporate and Other
Operating groups
Net Sales (as a percent)	62.00%	51.00%	62.00%	56.00%
Restaurant
Operating groups
Net Sales	$ 20,531	$ 21,467	$ 44,132	$ 46,760
Net Sales (as a percent)	7.00%	7.00%	8.00%	8.00%
Restaurant \| Operating Segments \| Tommy Bahama
Operating groups
Net Sales (as a percent)	11.00%	11.00%	13.00%	13.00%
Wholesale
Operating groups
Net Sales	$ 77,273	$ 82,402	$ 179,199	$ 176,778
Net Sales (as a percent)	26.00%	27.00%	31.00%	31.00%
Wholesale \| Operating Segments \| Tommy Bahama
Operating groups
Net Sales (as a percent)	16.00%	18.00%	19.00%	20.00%
Wholesale \| Operating Segments \| Lilly Pulitzer
Operating groups
Net Sales (as a percent)	20.00%	21.00%	27.00%	26.00%
Wholesale \| Operating Segments \| Lanier Apparel
Operating groups
Net Sales (as a percent)	98.00%	100.00%	99.00%	100.00%
Wholesale \| Operating Segments \| Southern Tide
Operating groups
Net Sales (as a percent)	78.00%	80.00%	83.00%	84.00%
Wholesale \| Corporate and Other
Operating groups
Net Sales (as a percent)	29.00%	22.00%	29.00%	23.00%
Other
Operating groups
Net Sales	$ 509	$ 828	$ 960	$ 1,530
Other \| Corporate and Other
Operating groups
Net Sales (as a percent)	9.00%	27.00%	9.00%	21.00%

Shareholders' Equity - Schedule of changes (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 03, 2019	May 04, 2019	Aug. 04, 2018	May 05, 2018	Aug. 03, 2019	Aug. 04, 2018
Shareholders' Equity
Beginning Balance	$ 493,172	$ 478,355	$ 443,665	$ 429,824	$ 478,355	$ 429,824
Net earnings and other comprehensive income	29,703	21,269	26,900	19,986	50,972	46,886
Shares issued under equity plans	463	422	450	364
Compensation expense for equity awards	1,915	1,876	1,880	1,718
Repurchase of shares		(2,453)		(2,351)
Cash dividends declared and paid	(6,304)	(6,297)	(5,763)	(5,759)
Cumulative effect of change in accounting standard				(117)
Ending Balance	518,949	493,172	467,132	443,665	518,949	467,132
Common Stock
Shareholders' Equity
Beginning Balance	17,019	16,959	16,937	16,839	16,959	16,839
Shares issued under equity plans	16	91	14	128
Repurchase of shares		(31)		(30)
Ending Balance	17,035	17,019	16,951	16,937	17,035	16,951
Additional Paid-In Capital
Shareholders' Equity
Beginning Balance	142,761	142,976	136,297	136,664	142,976	136,664
Shares issued under equity plans	447	331	436	236
Compensation expense for equity awards	1,915	1,876	1,880	1,718
Repurchase of shares		(2,422)		(2,321)
Ending Balance	145,123	142,761	138,613	136,297	145,123	138,613
Retained Earnings
Shareholders' Equity
Beginning Balance	338,875	323,515	295,086	280,395	323,515	280,395
Net earnings and other comprehensive income	29,836	21,657	27,184	20,567
Cash dividends declared and paid	(6,304)	(6,297)	(5,763)	(5,759)
Cumulative effect of change in accounting standard				(117)
Ending Balance	362,407	338,875	316,507	295,086	362,407	316,507
Accumulated Other Comprehensive (Loss) Income
Shareholders' Equity
Beginning Balance	(5,483)	(5,095)	(4,655)	(4,074)	(5,095)	(4,074)
Net earnings and other comprehensive income	(133)	(388)	(284)	(581)
Ending Balance	$ (5,616)	$ (5,483)	$ (4,939)	$ (4,655)	$ (5,616)	$ (4,939)

Shareholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Reclassification from AOCI
Net earnings	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Reclassification out of Accumulated Other Comprehensive Income
Reclassification from AOCI
Net earnings	$ 0	$ 0	$ 0	$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Revenue Recognition - Net sales by distribution channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Revenue
Net sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Retail
Revenue
Net sales	133,250	134,581	241,256	242,316
E-commerce
Revenue
Net sales	70,437	63,363	118,426	107,885
Restaurant
Revenue
Net sales	20,531	21,467	44,132	46,760
Wholesale
Revenue
Net sales	77,273	82,402	179,199	176,778
Other
Revenue
Net sales	$ 509	$ 828	$ 960	$ 1,530

Revenue Recognition - Additional information (Details) - USD ($) $ in Millions	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
Revenue
Receivable reserve amount	$ 7	$ 7	$ 7
Income tax receivable	1	1	6
Tenant allowance due from landlord	2	0	2
Value of inventory for wholesale and direct to consumer sales returns	2	2	2
Contract liabilities	11	12	10
Direct to consumer
Revenue
Sales return liability	$ 5	$ 3	$ 4

Leases - Cost (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Leases - Cost (Details) - USD ($) $ in Millions	Aug. 03, 2019	Aug. 03, 2019	Feb. 02, 2019
Leases
Deferred rent			$ 61
Operating lease expense	$ 16	$ 33
Variable lease cost	8	17
Total lease cost	$ 24	$ 49
Weighted average remaining lease term	7 years	7 years
Weighted average discount rate (as a percent)	5.00%	5.00%
Cash paid for lease liabilities	$ 17	$ 35

Leases - Lease liability payment schedule CY (Details) $ in Thousands	Aug. 03, 2019 USD ($)
Leases
Remainder of 2019	$ 34,369
2020	60,608
2021	63,487
2022	59,825
2023	56,639
2024	43,981
After 2024	86,588
Total lease payments	405,497
Less: Difference between discounted and undiscounted lease payments	61,320
Present value of lease liabilities	$ 344,177

Leases - Lease liability payment schedule PY (Details) $ in Millions	12 Months Ended
	Feb. 02, 2019 USD ($)
Leases
Total rent expense	$ 96
Charges included in rent expense	28
Fiscal 2019	68
Fiscal 2020	66
Fiscal 2021	62
Fiscal 2022	59
Fiscal 2023	51
Thereafter	$ 124

Debt (Details) - US Revolving Credit Agreement - USD ($) $ in Millions	Aug. 03, 2019	Aug. 04, 2018
Debt
Maximum borrowing capacity	$ 325
Debt outstanding	0	$ 25
Letters of credit outstanding	5
Unused availability	$ 311