Leases

The Company leases all of its fulfillment and customer service centers and corporate offices under non-cancelable operating lease agreements. The terms of the Company’s real estate leases generally range from 5 to 15 years and typically allow for the leases to be renewed for up to three additional five-year terms. Fulfillment and customer service centers and corporate office leases, including exercised renewal options, expire at various dates through 2031. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases generally range from 3 to 5 years and do not contain renewal options. These leases expire at various dates through 2024.

The Company’s finance leases as of May 5, 2019 were not material. The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands):



Leases	Balance Sheet Classification	As of May 5, 2019
Assets
Operating	Operating lease right-of-use assets	$	157,139
Total operating lease assets		$	157,139

Liabilities
Current
Operating	Accrued expenses and other current liabilities	$	13,310
Non-current
Operating	Operating lease liabilities	177,636
Total operating lease liabilities		$	190,946

Lease expense primarily related to operating lease costs. Lease expense for the thirteen weeks ended May 5, 2019 was $11.0 million, of which short-term and variable lease payments were $2.2 million, and were included within selling, general and administrative expenses in the condensed consolidated statements of operations.

As of May 5, 2019, the weighted-average remaining lease term and weighted-average discount rate for operating leases was 11.3 years and 11.8%, respectively.

Operating cash flows related to cash paid for operating leases were approximately $8.3 million for the thirteen weeks ended May 5, 2019.

The table below presents the maturity of lease liabilities as of May 5, 2019 (in thousands):



	Operating Leases
Remainder of 2019	$	22,569
2020	35,946
2021	33,555
2022	31,248
2023	26,695
Thereafter	215,409
Total lease payments	365,422
Less: interest	174,476
Present value of lease liabilities	$	190,946

The table above includes all locations for which the Company had the right to control the use of the property. In addition, as of May 5, 2019 the Company had executed lease agreements which had not yet commenced with total future lease payments of $111.1 million. The weighted-average lease term for these leases is 16.1 years.