Leases

The majority of the Company's leases relate to retail stores and corporate offices. For leases with terms greater than

months, the Company records the related asset and obligation at the present value of lease payments over the term. Most retail store leases have an original term of

five

ten

-year base period and include renewal options to extend the lease term beyond the initial base period and are typically much shorter than the original lease term giving the Company lease optionality. Some leases also include early termination options, which can be exercised under specific conditions. Additionally, the Company

may

operate stores for a period of time on a month-to-month basis after the expiration of the lease term. The Company's lease agreements do

not

contain any material residual value guarantees or material restrictive covenants. Additionally, certain leases contain incentives, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property.

The table below presents certain information related to the lease costs for operating leases for the

thirteen

weeks ended

May 2, 2020

and

May 4, 2019

(in thousands).

	Thirteen weeks ended
	May 2, 2020		May 4, 2019

Operating lease costs		9,656		10,416
Variable lease costs		274		621
Short term lease costs		88		387
Total Operating Lease costs	$	10,018	$	11,424

Other information

The table below presents supplemental cash flow information related to leases for the

thirteen

weeks ended

May 2, 2020

and

May 4, 2019

(in thousands).

	Thirteen weeks ended
	May 2, 2020		May 4, 2019
Operating cash flows for operating leases		7,455		11,199

As of

May 2, 2020

and

May 4, 2019

, the weighted-average remaining operating lease term was

5.6

years and

6.4

years, respectively, and the weighted-average discount rate was

6.1%

and

5.9%

, respectively, for operating leases recognized on our Condensed Consolidated Balance Sheets.

As discussed above, the Company incurred impairment charges during the

thirteen

week period ending

May 2, 2020

, of

$2.4

million against right-of-use operating lease assets.

Undiscounted cash flows

The table below reconciles the undiscounted cash flows for each of the

first

five

years and total of the remaining years to the operating lease liabilities recorded on the balance sheet (in thousands).

Operating Leases
2020		31,859
2021		34,065
2022		29,829
2023		25,424
2024		21,480
Thereafter		35,759
Total minimum lease payments		178,416
Less: amount of lease payments representing interest		(27,037	)
Present value of future minimum lease payments		151,379
Less: current obligations under leases		(32,963	)
Long-term lease obligations	$	118,416

As of

May 2, 2020

, the Company has additional executed leases that have

not

yet commenced with operating lease liab

ilities of $

1.4

million. The

se leases will commence in

2020

with lease terms ranging from

two

five

years.