4.Leases

As of February 2, 2019, the Company’s primary leasing activities were real estate leases for most of its retail store locations and certain of its distribution facilities. Many of the Company’s store locations are subject to build-to-suit arrangements with landlords which typically carry a primary lease term of up to 15 years. The Company does not control build-to-suit properties during the construction period. Store locations not subject to build-to-suit arrangements are typically shorter-term leases. Certain of the Company’s leased store locations have variable payments based upon actual costs of common area maintenance, real estate taxes and property and liability insurance. In addition, some of the Company’s leased store locations have provisions for variable payments based upon a specified percentage of defined sales volume. The Company’s leased distribution facilities are subject to operating lease agreements, with the exception of one distribution facility which is subject to a financing transaction. The Company’s lease agreements generally do not contain material restrictive covenants.

Most of the Company’s leases include one or more options to renew and extend the lease term. The exercise of lease renewal options is at the Company’s sole discretion. Generally, a renewal option is not deemed to be reasonably certain to be exercised until such option is legally executed. The Company’s leases do not include purchase options or residual value guarantees on the leased property. The depreciable life of leasehold improvements are limited by the expected lease term.

All of the Company’s leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the condensed consolidated balance sheet. At May 3, 2019, the weighted-average remaining lease term for the Company’s leases is 10.2 years, and the weighted average discount rate is 4.4%. For the 13-week period ended May 3, 2019, operating lease cost of $308.1 million and variable lease cost of $9.1 million were reflected as selling, general and administrative expenses in the condensed consolidated statement of income. Cash paid for amounts included in the measurement of operating lease liabilities of $310.2 million was reflected in cash flows from operating activities in the condensed consolidated statement of cash flows.

The scheduled maturity of the Company’s operating lease liabilities is as follows:


(In thousands)
2019	$	929,139
2020		1,195,237
2021		1,134,275
2022		1,061,229
2023		982,135
Thereafter		4,803,513
Total lease payments (a)		10,105,528
Less imputed interest		(1,972,114)
Present value of lease liabilities	$	8,133,414

Excludes approximately $0.5 billion of legally binding minimum lease payments for leases signed which have not yet commenced.