The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. The initial term of the lease for the corporate headquarters was for 20 years, with the opportunity to extend for six additional successive periods of five years, beginning in fiscal 2026. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred.

Lease costs related to store locations are included in cost of goods sold including occupancy costs on the Consolidated Statement of Operations and expenses and lease costs related to the corporate headquarters, automobile and equipment leases are included in selling, general and administrative expenses on the Consolidated Statement of Operations.

The following table is a summary of the Company’s components of lease cost for fiscal 2019:

	Fiscal 2019
(in thousands)
Operating lease cost	$	53,051
Short-term lease costs ⁽¹⁾		—
Variable lease costs⁽²⁾		16,248
Total lease costs	$	69,299

(1)

For fiscal 2019, the Company had no short-term lease costs.

(2)

Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental cash flow information related to leases for fiscal 2019 is as follows:

(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	58,046
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	5,401

Supplemental balance sheet information related to leases as of February 1, 2020 is as follows:

Operating leases:
Weighted average remaining lease term	5.4 yrs.
Weighted average discount rate		7.10	%

The table below reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of February 1, 2020:

(in thousands)
2020	$	55,360
2021		54,385
2022		49,154
2023		41,069
2024		30,788
Thereafter		38,274
Total minimum lease payments	$	269,030
Less: amount of lease payments representing interest		45,803
Present value of future minimum lease payments	$	223,227
Less: current obligations under leases		41,176
Noncurrent lease obligations	$	182,051

As previously disclosed in the Company's Consolidated Financial Statements for the year ending February 2, 2019, future minimum lease payments for noncancelable operating leases, under the previous lease accounting standard, were as follows at February 2, 2019:

(in thousands)
2019	$	57,364
2020		52,699
2021		50,380
2022		45,061
2023		36,605
Thereafter		56,638
Total minimum lease payments	$	298,747