The Company leases real estate property under operating leases. The Company was also a lessee and a sublessor from an accounting perspective for its Santa Clara lease through March 31, 2019.

The Company signed a non-cancellable operating lease agreement for its corporate headquarters in Santa Clara, California, that commenced on October 20, 2016 and will expire on December 31, 2026. The agreement provides for an option to renew for an additional 5 years and for monthly rent payments through the term of the lease.

The Company also leases office space in Michigan, Malaysia, Japan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through May 2021. These leases are classified as operating leases. The remaining lease terms vary from few months to 7 years. For its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

In the year ended December 31, 2018, the Company signed an agreement to lease equipment of $3.2 million for research and development and to help with the production of certain of its products, of which $1.6 million was prepaid before the leased equipment was put in service in 2019. The lease term for such equipment is approximately 10 years. As of December 31, 2019, only $0.8 million payments remain to be made for such equipment, which is recorded as short-term lease liability as of December 31, 2019 and paid by the Company in January 2020.

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet under the new accounting guidance of ASC Topic 842 as of December 31, 2019:

	(in thousands)
Right-of-use assets	$	9,790
Lease liabilities included in accrued expenses and other current liabilities		1,874
Lease liabilities		7,940
Total operating lease liabilities	$	9,814
Weighted-average remaining lease term (years)		7.1
Weighted-average discount rate ⁽¹⁾		4.1	%

(1)	Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

The table below presents certain information related to the lease costs for operating leases under the new accounting guidance of ASC Topic 842 for the year ended December 31, 2019:

	(in thousands)
Operating lease cost	$	1,419
Short-term lease cost	313
Variable lease cost	494
Total lease cost	$	2,226

Rent expense for the year ended December 31, 2018 was $1.2 million under the previous accounting guidance of ASC Topic 840.

Cash paid for operating lease liabilities was $3.9 million for the year ended December 31, 2019, which includes $1.6 million of prepaid lease payments. The Company sub-leased a portion of its Santa Clara facility through March 31, 2019 and received $0.3 million in sub-lease income for the year ended December 31, 2018 and $0.1 million for the year ended December 31, 2019, which was included in the short-term lease cost above.

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2019:

	(in thousands)
2020	$	2,108
2021		1,409
2022		1,441
2023		1,489
2024		1,532
2025 and beyond		3,212
Total minimum lease payments		11,191
Less: amount of lease payments representing interest		(1,377	)
Present value of future minimum lease payments		9,814
Less: current obligations under leases		(1,874	)
Long-term lease liabilities	$	7,940

As of December 31, 2019, the Company did not have any leases that had not yet commenced.

As of December 31, 2018, the future minimum lease payments required under non-cancelable operating leases as defined under the previous accounting guidance of ASC Topic 840 were as follows:

	(in thousands)
2019	$	1,514
2020		1,485
2021		1,451
2022		1,485
2023		1,533
2024 and beyond		4,877
Total minimum lease payments	$	12,345