As of January 28, 2023, the Company leased certain retail stores, a distribution center, and office space. As of that same date, the Company did not have any financing leases and no operating leases contained any material residual value guarantees or material restrictive covenants. Certain of the Company’s retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels and month-to-month leases.

Some retail leases include one or more options to renew, with renewal terms that can extend the lease term from one to fifteen years. The Company’s distribution center has renewal terms that can extend the lease term up to twenty years. The exercise of lease renewal options is at the Company’s sole discretion. As of January 28, 2023, the Company included options to renew that are reasonably certain to be exercised in the operating lease assets and liabilities.

The Company maintained a tenant incentive liability of $0.5 million and $1.0 million as of January 28, 2023 and January 29, 2022, respectively, related to certain variable retail leases.

The components of lease expense were as follows (in thousands):


		For the Fiscal Year Ended
Lease Cost	Classification	January 28, 2023		January 29, 2022		January 30, 2021
Operating lease cost	SG&A Expenses	$	38,713	$	40,538	$	43,824
Variable lease cost	SG&A Expenses		3,006		1,354		1,340
Total lease cost		$	41,719	$	41,892	$	45,164

In Fiscal Year 2022, the Company reduced the net carrying value of certain long-lived assets to their estimated fair value, which was determined using a discounted cash flows method. Noncash impairment charges of $0.6 million related primarily to a right-of-use asset arose from the revised sublease assumptions relating to one floor of the corporate headquarters located in Quincy, Massachusetts that was vacated in July 2019. There were no impairments recorded in Fiscal Year 2021. During Fiscal Year 2020, the Company reduced the net carrying value of right-of-use assets to their estimated fair value, which was determined using a discounted cash flows method. These impairment charges arose from the material adverse effect that COVID-19 had on our results of operations, particularly with our store fleet. The Company recognized noncash impairment charges associated with right-of-use assets of $23.0 million during Fiscal Year 2020.

For the fiscal years ended January 28, 2023, January 29, 2022 and January 30, 2021, total common area maintenance expense was $13.1 million, $14.6 million and $14.2 million, respectively.

For the fiscal years ended January 28, 2023 and January 29, 2022, the total cash paid for amounts included in the measurement of operating lease liabilities was $41.5 million and $49.6 million, respectively.

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:


Lease Term and Discount Rate	January 28, 2023
Weighted-average remaining lease term (in years)
Operating leases		5.3
Weighted-average discount rate
Operating leases		6.6	%

Maturities of lease liabilities as of January 28, 2023 were as follows (in thousands):


Fiscal Year	Operating Leases(1)
2023	$	40,177
2024		39,914
2025		32,090
2026		27,879
2027		17,527
Thereafter		31,020
Subtotal		188,607
Less: Imputed interest		30,979
Present value of lease liabilities	$	157,628

(1)

There were no operating leases with legally binding minimum lease payments for leases signed but for which the Company has not taken possession.