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Leases | 9 Months Ended
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May 02, 2020
Leases [Abstract] |
Leases | Leases On August 4, 2019, we adopted ASU 2016-02. Upon adoption, we recognized operating lease right-of-use assets and operating lease liabilities of $133.0 million and $158.7 million, respectively. As part of this adoption, we elected to not record operating lease right-of-use assets or operating lease liabilities for leases with an initial term of 12 months or less. We also elected to combine lease and non-lease components on all new or modified leases into a single lease component. Our leasing portfolio includes lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Such leases generally have original lease terms between five and eight years, and often include one or more options to renew. We include options to extend in the lease term if they are reasonably certain of being exercised. We do not currently consider our renewal options to be reasonably certain to be exercised. We do not have residual value guarantees associated with our leases. The following table includes the components of our rent expense recorded in selling, general, and administrative expense:
|  | For the Three Months Ended |  | For the Nine Months Ended
(in thousands) |  | May 2, 2020 |  | May 2, 2020
Operating lease cost |  | $ | 7,369 |  |  | $ | 21,851 |
Variable lease costs |  | 1,538 |  |  | 4,486 |
Short-term lease costs |  | 222 |  |  |  | 234 |
Sublease income |  | (391) |  |  | (1,257) |
Total |  | $ | 8,738 |  |  | $ | 25,314 |
Certain leases contain variable payments, which are expensed as incurred and not included in our operating lease right-of-use assets and operating lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes, and insurance on our office and fulfillment center leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of future minimum lease payments at lease commencement. The Company calculates the present value of its leases using an estimated incremental borrowing rate, which requires judgment. Our incremental borrowing rate is determined for each lease using a peer group of companies with similar credit profiles, adjusted for the impact of collateralization and lease term. The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of May 2, 2020:
(in thousands) |  | May 2, 2020
Remainder of 2020 |  | $ | 7,091 |
2021 |  | 30,909 |
2022 |  | 29,640 |
2023 |  | 27,609 |
2024 |  | 23,745 |
2025 |  | 21,438 |
Thereafter |  | 58,164 |
Total undiscounted future minimum lease payments |  | 198,596 |
Less imputed interest |  | (32,962) |
Total discounted future minimum lease payments |  | $ | 165,634 |
A schedule of the future minimum rental commitments under our non-cancelable operating lease agreements with an initial or remaining term in excess of one year as of August 3, 2019, in accordance with ASC 840 were as follows:
(in thousands) |  | August 3, 2019
2020 |  | $ | 27,018 |
2021 |  | 27,680 |
2022 |  | 25,451 |
2023 |  | 23,258 |
2024 |  | 19,696 |
Thereafter |  | 56,687 |
Total |  | $ | 179,790 |
The weighted average remaining term for our leases as of May 2, 2020 was 6.9 years. The weighted average discount rate for our leases as of May 2, 2020 was 4.8%. Supplemental cash flow information related to our leases is as follows:
|  | For the Nine Months Ended
(in thousands) |  | May 2, 2020
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 24,179 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |  | 150,391 |
In January 2020, we entered into a ten-year agreement to lease approximately 700,000 square feet of space to be used as a fulfillment center in Plainfield, Indiana. This lease commenced in March 2020 and was classified as an operating lease with an initial lease liability of $19.6 million and a right-of-use asset of $14.0 million.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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