We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have noncancellable lease terms of one to ten years, with renewal options for additional periods ranging up to twelve years.

The right of use assets and lease liabilities associated with our operating leases as of January 30, 2022, January 31, 2021, and May 2, 2021, are as follows:


(dollars in thousands)	January 30, 2022		January 31, 2021		May 2, 2021
Right of use assets	$	16,595	$	6,206	$	11,730
Operating lease liability - current		3,295		2,273		2,736
Operating lease liability – noncurrent		7,848		4,179		6,821

	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 30, 2022		January 31, 2021
Operating lease liability payments	$	2,249	$	1,930
Right of use assets exchanged for lease liabilities		3,763		4,309

Operating lease expense for the three-month periods ended January 30, 2022, and January 31, 2021, was $1.0 million and $713,000, respectively. Operating lease expense for the nine-month periods ended January 30, 2022, and January 31, 2021, was $2.8 million and $2.1 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 30, 2022, and January 31, 2021.

Maturity of our operating lease liabilities for the remainder of fiscal 2022, the subsequent next four fiscal years, and thereafter follows:

(dollars in thousands)
2022	$	740
2023		3,440
2024		3,045
2025		1,983
2026		493
Thereafter		1,868
	$	11,569
Less: interest		(426	)
Present value of lease liabilities	$	11,143

As of January 30, 2022, the weighted average remaining lease term and discount rate for our operating leases follows:

	January 30, 2022
Weighted average lease term	4.6 years
Weighted average discount rate		1.77	%

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	%

Effective April 9, 2021, we entered into an agreement to lease a 90,000 square foot facility located in a modern industrial park on the northeastern border of Haiti that is dedicated to the production of cut and sewn upholstery kits. The lease agreement has an initial non-cancelable lease term of eight years that commenced during December 2021 after the construction of the facility was completed, and at such time we obtained control of the facility based on the terms of the lease. The rent payments for the initial non-cancelable lease term totaled $2.8 million and was paid in advance of the commencement of the lease. As of January 30, 2022, the $2.8 million of rent payments were classified as right of use assets in the accompanying Consolidated Balance Sheets.

The initial non-cancelable term of the lease can be subsequently renewed and extended for successive eight-year periods by written communication as defined in the lease agreement.

Effective May 7, 2021, we entered into an agreement to lease showroom and office space encompassing 21,000 square feet located in downtown High Point, NC. This facility will advance synergies between our upholstery fabrics and mattress fabrics business segments by bringing our creative talent together to collaborate, develop new products through shared innovation and technology, and meet with new and existing customers. The lease agreement commenced during the second quarter of fiscal 2022, has an initial non-cancelable lease term of ten years, and requires lease payments totaling $2.2 million to be made in monthly installments that began on November 1, 2021.

In addition to the required lease payments, we invested $995,000 in certain leasehold improvements that were determined to be lessor owned assets in accordance with ASC Topic 842, Leases and therefore, are classified as a right of use asset in the accompanying Consolidated Balance Sheets.

The initial noncancellable term of the lease can be subsequently renewed and extended up to four additional periods of three years each by written communication as defined in the lease agreement.