We have an operating lease for our El Paso, Texas finished goods and service parts distribution warehouse that has a current lease term through October 2023. This lease includes renewal terms that can extend the lease term for five additional years. For purposes of calculating operating lease obligations, we included the option to extend the lease as it is reasonably certain that we will exercise such option. The lease does not contain material residual value guarantees or restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease term.

As the lease does not provide an implicit rate, we used our incremental borrowing rate at lease commencement to determine the present value of our lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest we would pay to borrow over a similar term with similar payments.

The operating lease asset and obligation related to our El Paso warehouse lease included in the accompanying condensed balance sheet are presented below (in thousands):

	September 29, 2019
Right-of Use Asset Under Operating Lease:
Other Long-Term Assets	$	4,000
Lease Obligation Under Operating Lease:
Current Liabilities: Accrued Liabilities: Other	$	331
Other Long-Term Liabilities		3,669
	$	4,000

Future minimum lease payments, including options to extend that are reasonably certain to be exercised, under the non-cancelable lease are as follows as of September 29, 2019 (in thousands):

2020 (for the remaining nine months)	$	347
2021		472
2022		484
2023		496
2024		508
Thereafter		2,353
Total Future Minimum Lease Payments		4,660
Less: Imputed Interest		(660	)
Total Lease Obligations	$	4,000

Future minimum lease payments, excluding options to extend that are reasonably certain to be exercised, prior to the adoption of the new accounting guidance on leases were as follows as of June 30, 2019 (in thousands):

2020	$	539
2021		504
2022		495
2023		498
2024		168
Thereafter		—
Total Future Minimum Lease Payments	$	2,204

Cash flow information related to the operating lease is shown below (in thousands):

	Three Months Ended
	September 29, 2019
Operating Cash Flows:
Cash Paid Related to Operating Lease Obligation	$	113
Non-Cash Activity:
Right-of-Use Asset Obtained in Exchange for Operating Lease Obligation	$	—

The weighted average lease term and discount rate for the operating lease are shown below:

September 29,

2019

Weighted Average Remaining Lease Term (in years)

9.1

Weighted Average Discount Rate

3.3

Operating lease expense for the three month period ended September 29, 2019 totaled $113,000.