Leases

12 Months Ended

Feb. 02, 2020

We lease office facilities under non-cancelable operating lease agreements expiring through July 2032. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. During fiscal 2020, we amended an existing office facility lease to extend the lease term and add office space resulting in additional lease payments of $19.4 million and also executed a data center lease resulting in additional lease payments of approximately $22.4 million. The components of lease costs were as follows (in thousands):


	Fiscal Year Ended
	2020
Fixed operating lease cost	$	33,800
Variable lease cost ⁽¹⁾	8,097
Short-term lease cost (12 months or less)	5,537
Total lease cost	$	47,434

⁽¹⁾ Variable lease cost predominantly included common area maintenance charges.

Rent expense recognized under our operating leases prior to adoption of ASC 842 was $19.4 million and $25.6 million for fiscal 2018 and 2019.

Future lease payments under our non-cancelable operating leases at the end of fiscal 2020 were as follows (in thousands):


Fiscal Years Ending	Operating Leases
2021	$	34,411
2022	28,489
2023	23,507
2024	17,782
2025	14,471
Thereafter	27,581
Total future lease payments	$	146,241
Less: imputed interest	(26,000)
Present value of lease liabilities	$	120,241

Future lease payments in the above table do not include leases that have not commenced with total undiscounted cash flows of $30.3 million. These leases will commence in fiscal 2021 with lease terms ranging from 5 to 12 years.

Future lease payments under our non-cancelable operating leases at the end of fiscal 2019 were as follows (in thousands):


Fiscal Years Ending	Operating Leases
2020	$	31,297
2021	28,573
2022	24,381
2023	20,440
2024	14,780
Thereafter	30,096
Total	$	149,567

Supplemental cash flow information related to our operating leases for fiscal year 2020 as well as the weighted-average remaining lease term and weighted-average discount rate at the end of fiscal 2020 were as follows:


Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	32,785
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	14,937
Weighted-average remaining lease term (in years)	5.58
Weighted-average discount rate	6.5%