We lease manufacturing facilities, office space, distribution centers, and equipment under operating lease arrangements. We determine if an arrangement is a lease at its inception if it conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases with an initial term of twelve months or less are not recognized in our Consolidated Balance Sheets. For leases of more than twelve months, we recognize a right of use asset and lease liability on the commencement date of a lease arrangement based on the present value of lease payments over the lease term.

Our operating leases have remaining lease terms of one to four years, with renewal options for additional periods ranging up to ten years. A lease term may include renewal options if it is reasonably certain that the option to renew a lease period will be exercised. A renewal option is considered reasonably certain to be exercised if there is a significant economic incentive, as defined in ASC Topic 842, to exercise the renewal option on the date a lease arrangement is commenced. Currently, renewal options are not included in the lease terms for any of our leases, as there is not a significant economic incentive for us to exercise any of our renewal options.

Most of our leases do not provide an implicit interest rate, and as a result, we use our incremental borrowing rate, which approximates a collateralized rate, based on information available on the commencement date of a lease arrangement in determining the present value of lease our payments.

The right of use assets and lease liabilities associated with our operating leases as of January 31, 2021, February 2, 2020, and May 3, 2020, are as follows:

			(1)
(dollars in thousands)	January 31, 2021		February 2, 2020		May 3, 2020
Right of use assets	$	6,206	$	5,524	$	3,903
Operating lease liability - current		2,273		2,227		1,805
Operating lease liability – noncurrent		4,179		3,160		2,016

(1)

As of February 2, 2020, right of use assets totaled $5.5 million, of which $4.6 million and $950,000 were classified as (i) right of use asset and (ii) within noncurrent assets – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets. As of February 2, 2020, operating lease liabilities totaled $5.4 million, of which $2.0 million, $194,000, $2.4 million, and $776,000 were classified as (i) operating lease liability – current, (ii) within current liabilities – discontinued operation, (iii) operating lease liability – long-term, and (iv) within noncurrent liabilities – discontinued operation, respectively, in the accompanying Consolidated Balance Sheets.

	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 31, 2021		February 2, 2020
Operating lease liability payments	$	1,930	$	2,079
Right of use assets exchanged for lease liabilities		4,309		344

Operating lease expense for the three-month period ended January 31, 2021, and February 2, 2020, was $713,000 and $726,000, respectively. Operating lease expense for the nine-month period ended January 31, 2021, and February 2, 2020, was $2.1 million and $2.2 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-months and nine-months ended January 31, 2021, and February 2, 2020.

Maturity of our operating lease liabilities for the remainder of fiscal 2021, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2021	$	547
2022		2,231
2023		1,808
2024		1,417
2025		697
Thereafter		—
	$	6,700
Less: interest		(248	)
Present value of lease liabilities	$	6,452

As of January 31, 2021, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 31, 2021
Weighted average lease term	3.3 years
Weighted average discount rate		2.39	%

As of February 2, 2020, the weighted average remaining lease term and discount rate for our operating leases follows:

	February 2, 2020
Weighted average lease term	3.4 years
Weighted average discount rate		3.76	%