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.

In August 2019, 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. In October 2020, the expansion premise lease agreement was amended to allow the Company to access the additional space one month early starting from the December 1, 2020. The Company recorded an increase to the operating lease right-of-use assets and corresponding operating lease liabilities by approximately $1.6 million, respectively, in the consolidated balance sheet upon commencement date on December 1, 2020.

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. There have been no payments made for the fiscal year ended January 31, 2021. The total estimated future undiscounted cash payments are approximately $2.2 million, of which $1.8 million will be paid in the construction phase 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, 2021 and January 31, 2020, the Company recorded approximately $3.0 million of operating lease expense under ASC 842. Approximately $4.6 million of operating lease expense was recorded for the fiscal year ended January 31, 2019 under ASC 840. The Company's short-term leases and finance leases are immaterial as of January 31, 2021.

	Year Ended
	January 31, 2021
	(in thousands)
Cash paid for operating leases included in operating cash flows	$	2,416
Supplemental non-cash information related to lease liabilities arising from obtaining right-of-use assets	$	348
Leased assets obtained in exchange for operating lease liabilities arising from lease modifications	$	2,440

As of January 31, 2021, the weighted average remaining lease term is 4.32 years, and the weighted average discount rate is 4.11 percent. Future minimum lease payments for the lease liabilities, excluding the Parma lease described above, are as follows:

	As of
	January 31, 2021
Fiscal Year	(in thousands)
2022	$	3,217
2023		2,315
2024		2,095
2025		2,153
2026		1,171
Thereafter		277
Total future annual minimum lease payments		11,228
Less: interest		(792	)
Total lease liabilities	$	10,436