Leases (Notes)

3 Months Ended

May 01, 2021

We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than 1 year to approximately 9 years. Some leases include options to extend the lease for up to 5 years and others include options to terminate.

The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the three months ended May 1, 2021 and April 25, 2020 (dollars in thousands):


	For the Three Months Ended
	May 1, 2021		April 25, 2020
Lease cost under long-term operating leases	$	8,630	$	8,813
Lease cost under short-term operating leases	5,191		8,833
Variable lease cost under short-term and long-term operating leases(1)	1,245		1,132
Total lease cost	$	15,066	$	18,778

(1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities.

Our operating lease liabilities related to long-term operating leases were $66.0 million as of May 1, 2021 and $63.1 million as of January 30, 2021. Supplemental balance sheet information related to these liabilities is as follows:


	May 1, 2021		January 30, 2021
Weighted average remaining lease term	3.3 years		3.2 years
Weighted average discount rate	4.3	%	4.6	%

Supplemental cash flow information related to our long-term operating lease liabilities as of May 1, 2021 and April 25, 2020 is as follows (dollars in thousands):


	For the Three Months Ended
	May 1, 2021		April 25, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	10,650	$	8,589
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	11,710	$	11,240

As of May 1, 2021, maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands):


Fiscal Year	Amount
Remainder of 2022	$	21,125
2023	22,497
2024	13,706
2025	8,260
2026	3,643
Thereafter	2,304
Total lease payments	71,535
Less: imputed interest	(5,534)
Total	$	66,001