Leases

We have entered into operating lease agreements for our office space, data centers, and other property and equipment. Operating lease right-of-use assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. Right-of-use assets also include adjustments related to prepaid or deferred lease payments and lease incentives. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. As of April 30, 2019, total operating lease right-of-use assets and operating lease liabilities were approximately $280 million and $310 million, respectively.

Options to extend or terminate a lease are included in the lease term when it is reasonably certain that we will exercise such options. The remaining lease term of our leases generally ranges from less than one year to ten years.

The components of operating lease expense were as follows (in thousands):



	Three Months Ended April 30, 2019
Operating lease cost	$	18,514
Short-term lease cost	3,640
Variable lease cost	3,426
Total operating lease cost	$	25,580

Information related to our operating lease right-of-use assets and operating lease liabilities was as follows (in thousands, except periods and percentages):



	April 30, 2019
Cash paid for operating lease liabilities	$	16,184
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities ⁽¹⁾	295,950
Weighted average remaining lease term (in years)	6.1
Weighted average discount rate	3.53		%


⁽¹⁾	Includes $279 million for operating leases existing on February 1, 2019 and $17 million for operating leases that commenced in the first quarter of fiscal 2020.

As of April 30, 2019, maturities of operating lease liabilities were as follows (in thousands):



Fiscal period:
Remainder of 2020	$	56,829
2021	76,593
2022	63,106
2023	49,777
2024	40,533
Thereafter	70,484
Total lease payments	357,322
Less imputed interest	(47,178		)
Total	$	310,144

As of April 30, 2019, we have additional operating leases, primarily for office space, that have not yet commenced with total undiscounted lease payments of $21 million. These operating leases will commence between fiscal 2020 and fiscal 2021, with lease terms ranging from 4.9 years to 9.0 years.

Related Party Lease Transactions

We lease certain office space from an affiliate of our Chairman, Mr. Duffield, adjacent to our corporate headquarters in Pleasanton, California, under various lease agreements. As of April 30, 2019, the operating lease right-of-use assets and operating lease liabilities related to these agreements were $55 million and $68 million, respectively. The weighted average remaining lease term of these agreements is 5.4 years. The total rent expense under these agreements was $3 million for each of the three-month periods ended April 30, 2019 and 2018.