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Leases

12 Months Ended

Jan. 31, 2021

We lease offices under noncancelable operating lease agreements that expire at various dates through end of February 2032. As of January 31, 2021, we had no finance leases. Some of our operating leases contain escalation provisions for adjustments in the consumer price index.

The following table is a summary of our lease costs:


	Year Ended January 31,
(in thousands)	2021		2020
Operating lease cost	$	34,034	$	26,490
Short-term lease cost	793		837
Total lease cost	$	34,827	$	27,327

Rent expense under operating leases was $19.8 million during the year ended January 31, 2019.

Future lease payments under noncancelable operating leases as of January 31, 2021, were as follows:


Fiscal Period:	Amount (in thousands)
2022	$	40,603
2023	42,180
2024	39,352
2025	31,034
2026	20,254
Thereafter	53,682
Total undiscounted cash flows	$	227,105
Less: imputed interest	(28,430)
Present value of lease liabilities	$	198,675

The weighted average remaining lease term as of January 31, 2021 and 2020 were 6.6 years and 7.7 years. The discount rate for operating leases as of January 31, 2021 and 2020 were 4.3% and 4.4%.