The Company has operating leases for office space and, to a much lesser extent, operating leases for equipment. The Company’s office leases are between terms of 1 year and 10 years. Rents usually increase annually in accordance with defined rent steps or are based on current year consumer price index adjustments. Some of the lease agreements contain one or more of the following provisions: tenant allowances, rent holidays, lease premiums, and rent escalation clauses. There are typically no purchase options, residual value guarantees or restrictive covenants. When renewal options exist, the Company generally does not deem them to be reasonably certain to be exercised, and therefore the amounts are not recognized as part of our lease liability nor our right of use asset.

The components of lease expense were as follows for the three months ended March 27, 2020 (in thousands):

Operating lease cost	$	562

Total net lease costs	$	562

The weighted average remaining lease term is 4.7 years. Assuming the Company exercises its opt-out option in year 5 for the London office lease, the weighted average remaining lease term would be 3.3 years. The weighted average discount rate utilized is 4%. The discount rates applied to each lease, reflects the Company’s estimated incremental borrowing rate. This includes an assessment of the Company’s credit rating to determine the rate that the Company would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to our lease payments in a similar economic environment. For the three months ended March 27, 2020, the Company paid $0.6 million from operating cash flows for operating leases.

Future minimum lease payments under non-cancellable operating leases as of March 27, 2020, were as follows (in thousands):

2020 (excluding the three months ended March 27, 2020)	$	1,995
2021		2,539
2022		2,250
2023		1,292
2024		960
2025 and thereafter		1,207
Total lease payments		10,243
Less imputed interest		(925	)
Total	$	9,318

As of March 27, 2020, the Company does not have any additional operating leases that have not yet commenced, however the Company did extend its Miami office lease effective July 1, 2020, for an additional four years.