The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2022 and 2021 (in thousands):


	Year ended July 31,
	2022		2021		2020
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases	$	59,818	$	56,942	$	55,344
Operating cash outflows for lease- and non-lease components of finance leases	$	37,573	$	31,429	$	29,311
Financing cash outflows for non-lease components of finance leases	$	—	$	—	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	23,190	$	12,615	$	18,013

The Company’s operating leases consist primarily of commercial and retail space, office space, employee residential units, vehicles and other equipment. The Company determines if an arrangement is or contains a lease at contract inception or modification. The Company’s lease contracts generally range from 1 year to 60 years, with some lease contracts containing one or more lease extension options, exercisable at the Company’s discretion. The Company generally does not include these lease extension options in the initial lease term as it is not reasonably certain that it will exercise such options at contract inception. In addition, certain lease arrangements contain fixed and variable lease payments. The variable lease payments are primarily contingent rental payments based on: (i) a percentage of revenue related to the leased property; (ii) payments based on a percentage of sales over contractual levels; or (iii) lease payments adjusted for changes in an index or market value. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company’s Consolidated Statements of Operations in the same line item as the expense arising from the respective fixed lease payments. The Company’s lease agreements may also include non-lease components, such as common area maintenance and insurance, which are accounted for separately. Future lease payments that are contingent or represent non-lease components are not included in the measurement of the operating lease liability. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Lease expense related to lease payments is recognized on a straight-line basis over the term of the lease.

The Company’s leases do not provide a readily determinable implicit rate. As a result, the Company measures the lease liability using an estimated incremental borrowing rate which is intended to reflect the rate of interest the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The Company applies the estimated incremental borrowing rates at a portfolio level based on the economic environment associated with the lease.

The Company uses the long-lived assets impairment guidance to determine recognition and measurement of an ROU asset impairment, if any. The Company monitors for events or changes in circumstances that require a reassessment.

The components of lease expense for the years ended July 31, 2022 and 2021 were as follows (in thousands):


	Year ended July 31,
	2022		2021		2020
Finance leases:
Amortization of the finance ROU assets	$	9,011	$	9,753	$	9,753
Interest on lease liabilities	$	35,881	$	34,612	$	34,035
Operating leases:
Operating lease expense	$	43,295	$	43,418	$	43,303
Short-term lease expense (1)	$	15,614	$	13,638	$	13,943
Variable lease expense	$	2,309	$	1,660	$	1,583

(1) Short-term lease expense is attributable to leases with terms of 12 months or less which are not included within the Consolidated Balance Sheets.

The following table presents the supplemental cash flow information associated with the Company’s leasing activities for the years ended July 31, 2022 and 2021 (in thousands):


	Year ended July 31,
	2022		2021		2020
Cash flow supplemental information:
Operating cash outflows for operating and short-term leases	$	59,818	$	56,942	$	55,344
Operating cash outflows for lease- and non-lease components of finance leases	$	37,573	$	31,429	$	29,311
Financing cash outflows for non-lease components of finance leases	$	—	$	—	$	5,387
Non-cash supplemental information:
Operating ROU assets obtained in exchange for operating lease obligations	$	23,190	$	12,615	$	18,013

Weighted-average remaining lease terms and discount rates are as follows:


	July 31, 2022		July 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	9.8		10.2
Finance leases	40.9		41.9
Weighted-average discount rate
Operating leases	4.6	%	4.5	%
Finance leases	10.0	%	10.0	%

Future fixed lease payments for operating and finance leases as of July 31, 2022 reflected by fiscal year (August 1 through July 31) are as follows (in thousands):


	Operating Leases		Finance Leases
2023	$	45,224	$	29,982
2024	40,656		30,582
2025	37,674		31,193
2026	34,449		31,817
2027	20,304		32,454
Thereafter	95,363		1,709,584
Total future minimum lease payments	273,670		1,865,612
Less amount representing interest	(64,885)		(1,508,005)
Total lease liabilities	$	208,785	$	357,607

The current portion of operating lease liabilities of approximately $34.2 million and $34.7 million as of July 31, 2022 and 2021, respectively, are recorded within accounts payables and accrued liabilities in the accompanying Consolidated Balance Sheets. Finance lease liabilities are recorded within long-term debt, net in the accompanying Consolidated Balance Sheets.

The Canyons finance lease obligation represents the only material finance lease entered into by the Company and was $357.6 million and $351.8 million as of July 31, 2022 and 2021, respectively, which represents the estimated annual fixed lease payments for the remaining initial 50 year term of the lease assuming annual increases at the floor of 2% and discounted using an interest rate of 10%. As of July 31, 2022 and 2021, respectively, the Company has recorded $99.0 million and $108.0 million of finance lease ROU assets in connection with the Canyons lease, net of $84.6 million and $75.5 million of accumulated amortization, which is included within property, plant and equipment, net in the Company’s Consolidated Balance Sheets.