LEASES

The Company has leases related to its Company-operated retail stores as well as for certain of its distribution centers, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for the thirteen weeks ended May 4, 2019:



(in thousands)	May 4, 2019
Single lease cost ⁽¹⁾	$	92,274
Variable lease cost ⁽²⁾	42,845
Total operating lease cost	$	135,119


⁽¹⁾	Includes amortization and interest expense associated with operating lease right-of-use assets and liabilities.


⁽²⁾	Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs.

The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rates used to calculate the Company’s operating lease liabilities as of May 4, 2019:



	May 4, 2019
Weighted-average remaining lease term (years)	6.2
Weighted-average discount rate	5.4	%

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of May 4, 2019:



(in thousands)
Fiscal 2019 (excluding the thirteen weeks ended May 4, 2019)	$	265,232
Fiscal 2020	328,707
Fiscal 2021	281,713
Fiscal 2022	233,274
Fiscal 2023	189,987
Fiscal 2024 and thereafter	466,402
Total undiscounted operating lease payments	$	1,765,315
Less: Imputed interest	(279,820		)
Present value of operating lease liabilities	$	1,485,495

As of May 4, 2019, the Company had minimum commitments related to additional operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $21.1 million.