Leases

3 Months Ended

May 01, 2021

4. Leases

At May 1, 2021, we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from one month to ten years, with varying renewal and termination options.

The following table presents components of lease expense (in thousands):

	Three Months Ended
	May 1, 2021		May 2, 2020
Operating lease expense	$	18,086	$	17,953
Variable lease expense		1,956		676
Total lease expense (1)	$	20,042	$	18,629

(1)

Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components.

Supplemental cash flow information related to leases is as follows (in thousands):

	Three Months Ended
	May 1, 2021			May 2, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(18,776	)	$	(6,948	)
Right-of-use assets obtained in exchange for new operating lease liabilities		10,600			2,214

Weighted-average remaining lease term and discount rate were as follows:

	May 1, 2021			May 2, 2020
Weighted-average remaining lease term		5.2			5.7
Weighted-average discount rate		2.9	%		3.3	%

At May 1, 2021, the maturities of our operating leases liabilities are as follows (in thousands):

Fiscal 2021	$	56,811
Fiscal 2022		72,463
Fiscal 2023		59,898
Fiscal 2025		50,704
Fiscal 2025		36,180
Thereafter		52,788
Total minimum lease payments		328,844
Less: interest		(22,858	)
Present value of lease obligations		305,986
Less: current portion		(67,433	)
Long-term lease obligations (1)	$	238,553

(1)

Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components.

At May 1, 2021, we have excluded from the table above $0.8 million of operating leases that were contractually executed, but had not yet commenced. These operating leases are expected to commence in fiscal 2021.