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Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2035, excluding extensions at the Company's option, and include provisions for rental adjustments. Short-term lease payments were not material for Fiscal 2021 and Fiscal 2020.
As a result of the impacts of COVID-19, the Company sought concessions during Fiscal 2020 from landlords for certain leases of Brand and Factory House stores in the form of rent deferrals or rent waivers. Consistent with updated guidance from the FASB in April 2020, the Company elected to account for treating these concessions as though the enforceable rights and obligations to the deferrals existed in the respective contracts at lease inception and will not account for the concessions as lease modifications, unless the concession results in a substantial change in the Company's obligations.
The Company's rent deferrals had no impact to rent expense during Fiscal 2021 and Fiscal 2020, and amounts deferred and payable in future periods have been included in short term lease liability on the Company's Consolidated Balance Sheet as of December 31, 2021. The Company's rent waivers, which were recorded as a reduction of rent expense, were approximately $5.5 million for Fiscal 2021 (Fiscal 2020: $4.1 million; Fiscal 2019: $0).
Lease Costs and Other Information
The Company recognizes lease expense on a straight-line basis over the lease term.
The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses within the Company's Consolidated Statements of Operations, for the periods indicated:
Year ended December 31,
(In thousands)202120202019
Operating lease costs$142,965 $147,390 $153,551 
Variable lease costs$16,115 $9,293 $12,856 
There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The Company rents or subleases excess office facilities and warehouse space to third parties. Sublease income is not material.
The weighted average remaining lease term and discount rate for the periods indicated below were as follows:
December 31, 2021December 31, 2020
Weighted average remaining lease term (in years)8.739.12
Weighted average discount rate3.72 %3.83 %
Supplemental Cash Flow Information
The following table presents supplemental information relating to cash flow arising from lease transactions:
Year ended December 31,
(In thousands)202120202019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$177,391 $155,990 $116,811 
Leased assets obtained in exchange for new operating lease liabilities$28,244 $390,957 $70,075 
Maturity of Lease Liabilities
The following table presents the future minimum lease payments under our operating lease liabilities as of December 31, 2021:
(In thousands)
Fiscal year ending December 31,
2022$169,994 
2023146,732 
2024126,466 
202596,066 
202675,225 
2027 and thereafter379,133 
Total lease payments$993,616 
Less: Interest151,841 
Total present value of lease liabilities$841,775 
As of December 31, 2021, the Company has additional operating lease obligations that have not yet commenced of approximately $1.5 million, which are not reflected in the table above.