Leases

9 Months Ended

Nov. 01, 2020

Leases [Abstract]

Leases

Leases

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 the third quarter of fiscal 2021, we executed an early renewal that modified an existing data center lease that resulted in total incremental undiscounted cash flows of $27.3 million. The components of lease costs during the periods presented were as follows (in thousands):

	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2020		2021		2020		2021
Fixed operating lease cost	$	8,509	$	9,494	$	25,220	$	27,775
Variable lease cost (1)	2,122		2,455		6,464		7,397
Short-term lease cost (12 months or less)	1,412		1,502		3,757		4,568
Total lease cost	$	12,043	$	13,451	$	35,441	$	39,740

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(1) Variable lease cost for the third quarter and first three quarters of fiscal 2020 and 2021 predominantly included common area maintenance charges.

At the end of the third quarter of fiscal 2021, the weighted-average remaining lease term is 5.4 years and the weighted-average discount rate is 5.91%. Future lease payments under our non-cancelable operating leases at the end of the third quarter of fiscal 2021 were as follows (in thousands):

Fiscal Years Ending	Operating Leases
The remainder of 2021	$	9,942
2022	38,880
2023	35,260
2024	29,983
2025	26,660
Thereafter	43,602
Total future lease payments	184,327
Less: imputed interest	(29,043)
Present value of lease liabilities	$	155,284