The Company leases all store premises, some of its office space and certain information technology and office equipment. These leases are generally classified as operating leases.

Store leases generally provide for a combination of base rentals and contingent rent based on store sales. Additionally, most leases include lessor incentives such as construction allowances and rent holidays. The Company is typically responsible for tenant occupancy costs including maintenance costs, common area charges, real estate taxes, and certain other expenses.

Most leases include one or more options to renew. The exercise of lease renewal options is at the Company’s discretion and is not reasonably certain at lease commencement. When measuring operating lease ROU assets and operating lease liabilities after the date of adoption of ASC 842 (February 3, 2019), the Company only includes cash flows related to options to extend or terminate leases once those options are executed.

Some leases have variable payments. However, because they are not based on an index or rate, they are not included in the measurement of operating lease ROU assets and operating lease liabilities.

When determining the present value of future payments for an operating lease that does not have a readily determinable implicit rate, the Company uses its incremental borrowing rate as of the date of initial possession of the leased asset.

For leases that qualify for the short-term lease exemption, the Company does not record an operating lease liability or operating lease ROU asset. Short-term lease payments are recognized on a straight-line basis over the lease term of 12 months or less.

The following table summarizes expense categories and cash payments for operating leases during the period. It also includes the total non-cash transaction activity for new operating lease ROU assets and related operating lease liabilities entered into during the period.

	For the Year Ended
	January 30,			February 1,
(In thousands)	2021			2020
Lease costs
Operating lease costs	$	325,005		$	349,429
Variable lease costs		98,057			102,797
Short-term leases and other lease costs		11,090			37,293
Total lease costs	$	434,152		$	489,519

Other information
Cash paid for operating lease liability	$	(331,543	)	$	(328,925	)
New operating lease ROU asset entered into during the period	$	116,128		$	227,562

The following table contains the average remaining lease term and discount rate, weighted by outstanding operating lease liability as of the end of the period:

The table below is a maturity analysis of the operating leases in effect as of the end of the period. Undiscounted cash flows for finance leases and short-term leases are not material for the periods reported and are excluded from the table below:

	Undiscounted cash flows
	January 30, 2021
(In thousands)
Fiscal years:
2021	$	363,230
2022		302,274
2023		275,442
2024		206,893
2025		173,202
Thereafter		388,922
Total undiscounted cash flows	$	1,709,963
Less: discount on lease liability		(232,597	)
Total lease liability	$	1,477,366

The Company adopted ASC 842 as of February 3, 2019 through the modified retrospective method. Prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting treatment. In accordance with the transition guidance within ASC 842, the following table provides the disclosures related to Fiscal Year 2018 as required under ASC 840, Leases. Refer to Note 2 for further information about the Company’s adoption of ASC 842.

	For the Year Ended
	February 2,
(In thousands)	2019
Store rent:
Fixed minimum	$	303,123
Contingent		13,883
Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses	$	317,006
Offices, distribution facilities, equipment and other		18,636
Total rent expense	$	335,642