Table of Contents Genesco Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 8 Leases, Continued Prior Period Comparative Disclosures The following table reconciles the maturities of undiscounted cash flows to our operating lease liabilities recorded on the Consolidated Balance Sheets at February 1, 2020: Our weighted-average remaining lease term and weighted-average discount rate for operating leases as of February 1, 2020 are: Under the optional transition method, for leases that existed prior to and at the adoption of the new standard, we continue to present comparative prior period lease amounts in accordance with ASC 840, "Leases". As of February 2, 2019 future minimum rental commitments were: Leasehold improvements are recorded at their gross costs including items reimbursed by landlords. The reimbursements are recorded as deferred rent and amortized as a reduction of rent expense over the initial lease term. Tenant allowances of $22.5 million and deferred rent of $48.6 million at February 2, 2019 are included in other long-term liabilities on the Consolidated Balance Sheets. Total rent expense was $202.6 million and $203.1 million for Fiscal 2019 and 2018, respectively. Total contingent rent was not material for Fiscal 2019 and 2018. 62 Fiscal Years (In thousands) 2020 $183,432 2021 171,584 2022 159,155 2023 140,889 2024 119,023 Thereafter 323,638 Total Minimum Rental Commitments $1,097,721 February 1, 2020 Weighted-average remaining lease term (years) 6.2 years Weighted-average discount rate 5.2% Fiscal Years (In thousands) 2021 $180,314 2022 171,483 2023 151,141 2024 127,544 2025 103,668 Thereafter 192,246 Total undiscounted future minimum lease payments 926,396 Less: Amounts representing interest (135,752) Total Present Value of Operating Lease Liabilities $790,644