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 the Company’s lease liability, nor our right of use asset.

	June 26, 2020
	Quarter		Six Months
Operating lease cost	$	605	$	1,167

Total net lease costs	$	605	$	1,167

The weighted average remaining lease term is 4.6 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 3.2 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 the Company’s lease payments in a similar economic environment. For the quarter and six months ended June 26, 2020, the Company paid $0.6 million and $1.2 million, respectively, from operating cash flows for operating leases.

Future minimum lease payments under non-cancellable operating leases as of June 26, 2020, were as follows (in thousands):

2020 (excluding the six months ended June 26, 2020)	$	1,325
2021		2,551
2022		2,261
2023		1,295
2024		963
2025 and thereafter		1,215
Total lease payments		9,610
Less imputed interest		(857	)
Total	$	8,753

As of June 26, 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.