We lease all of our physical stores and our single distribution center, which has a current lease term expiring in 2034. We also enter into leases of equipment, copiers and billboards. Prior to the purchase of our corporate headquarters in fiscal 2019, it was also leased. We do not have any leases with related parties. In addition, we do not have any sublease arrangements with any related party or third party. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Our real estate leases typically include options to extend the lease or to terminate the lease at our sole discretion. Options to extend real estate leases typically include one or more options to renew, with renewal terms that typically extend the lease term for five years or more. Many of our leases also contain “co-tenancy” provisions, including the required presence and continued operation of certain anchor tenants in the adjoining retail space. If a co-tenancy violation occurs, we have the right to a reduction of rent for a defined period after which we have the option to terminate the lease if the violation is not cured. In addition to co-tenancy provisions, certain leases contain “go-dark” provisions that allow us to cease operations while continuing to pay rent through the end of the lease term. When determining the lease term, we include options that are reasonably certain to be exercised.

Our leases typically provide for fixed minimum rental payments, and certain leases provide for contingent rental payments based upon various specified percentages of sales above minimum levels. In addition to rental payments, we are required to pay certain non-lease components, such as real estate taxes, insurance and common area maintenance (“CAM”), on most of our real estate leases. Such non-lease components are typically variable in nature. Certain real estate leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes.

Lease-related costs reported in our consolidated statements of income were as follows:

(In thousands)	2020		2019
Operating lease cost	$	53,418	$	54,681
Variable lease cost
CAM, property taxes and insurance		19,805		20,010
Percentage rent and other variable lease costs		2,008		1,637
Total	$	75,231	$	76,328

During fiscal 2020, we deferred lease payments of approximately $3.1 million during April, May, and June pursuant to arrangements reached with various landlords. These deferrals were substantially repaid over the remainder of fiscal 2020. We accounted for these arrangements as if they were part of the enforceable rights and obligations of the existing contracts, not as lease modifications. Rent continued to be recognized on a straight line basis for contracts with these deferrals.

We adopted new lease accounting guidance in the first quarter of fiscal 2019, as discussed in Note 2 – “Summary of Significant Accounting Policies.” Under the prior lease guidance, lease expense was $61.2 million in fiscal 2018 and included fixed, variable, contingent rent and CAM, but excluded taxes and insurance.

Other information related to leases, including supplemental cash flow information, consists of:

(In thousands)	2020			2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	38,477		$	45,933
ROU assets obtained in exchange for operating lease liabilities	$	36,290		$	31,474

	As of			As of
	January 30, 2021			February 1, 2020
Weighted-average remaining lease term for operating leases (in years)	6.1			6.1
Weighted-average discount rate for operating leases		5.2	%		5.5	%

The following table reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to our operating lease liabilities as of January 30, 2021:

(In thousands)	Operating Leases
2021	$	59,376
2022		53,214
2023		46,899
2024		33,555
2025		22,517
Thereafter to 2034		65,922
Total undiscounted lease payments		281,483
Less: Imputed interest		50,067
Total operating lease liabilities		231,416
Less: Current portion of operating lease liabilities		48,794
Long-term portion of operating lease liabilities	$	182,622