The Company has entered into various operating leases for its worldwide office buildings and research and development facilities. For the fiscal year ended January 31, 2020, the Company exercised the renewal option to extend its U.S. office lease for a period of 63 months beginning from June 1, 2020 through August 31, 2025 and renewed its Shanghai office lease for another two years beginning from December 1, 2019 to November 30, 2021. The Company accounted these two renewed contracts as lease modifications and recorded an increase to the operating lease right-of-use assets and corresponding operating lease liabilities by approximately $4.0 million, respectively, in the consolidated balance sheets.

The Company also signed a separate lease for additional space for its U.S. office for a period of 56 months beginning from January 1, 2021 through August 31, 2025 and will record it in the balance sheet upon commencement date on January 1, 2021. The total estimated future undiscounted cash payments for this lease are approximately $1.7 million.

In August 2019, VisLab, a wholly-owned subsidiary, was granted a land lease for 35 years with an obligation to construct a building on the land in line with architectural requirements from the lessor in Parma, Italy (“Parma lease”). The Company will be responsible for the costs of construction and occupy the building after completion of construction for the remainder of the lease term. At the end of the lease, the land together with the building and all of the improvements will revert to the lessor. The Parma lease will be recorded in the balance sheet upon completion of the building construction, which is expected to be two years after the lease inception date. Any payments made prior to completion of construction will be recorded as prepayments of the lease in other non-current assets in the consolidated balance sheets. The total estimated future undiscounted cash payments are approximately $2.2 million, of which $1.8 million will be paid in the first two years and the remaining balance of $0.4 million will be paid over the remainder of the lease term.

For the fiscal year ended January 31, 2020, the Company recorded approximately $3.0 million of operating lease expense under ASC 842. Approximately $4.6 million and $5.3 million of operating lease expense recorded for the fiscal years ended January 31, 2019 and 2018, respectively, under ASC 840. The Company's short-term leases and finance leases are immaterial as of January 31, 2020.

The cumulative effect of the changes made to the consolidated balance sheets as of February 1, 2019 for the adoption of ASC 842 was as follows:

	Balance as of					Opening Balance as of
	January 31, 2019		Adjustment			February 1, 2019
	(in thousands)
Operating lease right-of-use assets	$	—	$	8,581		$	8,581
Prepaid expenses and other current assets	$	6,206	$	(174	)	$	6,032
Accrued and other current liabilities	$	24,700	$	(279	)	$	24,421
Operating lease liabilities, current	$	—	$	2,534		$	2,534
Operating lease liabilities, non-current	$	—	$	6,152		$	6,152

	Twelve Months Ended
	January 31, 2020
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	2,851
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	299
Leased assets obtained in exchange for operating lease liabilities arising from lease modifications	$	4,021

As of January 31, 2020, the weighted average remaining lease term is 5.02 years, and the weighted average discount rate is 4.43 percent. Future minimum lease payments for the lease liabilities, excluding the additional space for the U.S. office and the Parma lease described above, are as follows:

	As of
	January 31, 2020
Fiscal Year	(in thousands)
2021	$	2,522
2022		2,371
2023		1,645
2024		1,694
2025		1,740
Thereafter		1,210
Total future annual minimum lease payments		11,182
Less: interest		(1,026	)
Total lease liabilities	$	10,156

Prior to the adoption of the new lease guidance, future minimum undiscounted lease payments as of January 31, 2019 were as follows:

	As of
	January 31, 2019
Fiscal Year	(in thousands)
2020	$	2,592
2021		1,040
2022		356
2023		143
2024		147
Thereafter		576
Total future annual minimum lease payments	$	4,854

The increased liabilities, as compared to the minimum lease payments as of January 31, 2019, were primarily attributable to a renewal option exercised and lease modifications during the fiscal year ended January 31, 2020.