As described in Note 1 “Recently Issued Accounting Standards”, effective December 29, 2018, the Company adopted the new lease accounting standard. 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 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 or clauses: 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 during the three and nine months ended September 27, 2019, were as follows (in thousands):

	Three Months		Nine Months
Operating lease cost	$	692	$	2,091

Total net lease costs	$	692	$	2,091

The weighted average remaining lease term is 5.1 years. Assuming the Company exercises its opt-out option in year 5 for its 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 quarter and nine months ended September 27, 2019, the Company paid $0.7 million and $2.0 million, respectively, from operating cash flows for operating leases.

Future minimum lease payments under non-cancellable operating leases as of September 27, 2019, were as follows (in thousands):

2019 (excluding the nine months ended September 27, 2019)	$	688
2020		2,362
2021		1,931
2022		1,676
2023		733
2024 and thereafter		1,831
Total lease payments		9,221
Less imputed interest		(928	)
Total	$	8,293

As of September 27, 2019, the Company does not have any additional operating leases that have not yet commenced that create significant rights and obligations for the Company.