The Company records a right-of-use asset and liability for substantially all leases for which it is a lessee, in accordance with ASC 842. The Company is obligated under a number of long-term operating leases for office space and office equipment, and for automobiles leased in Europe.

Most leases contain both lease components (fixed payments for rent) and non-lease components (common-area maintenance and other services). The Company has elected the practical expedient to separate lease and non-lease components for its office leases and has elected to group lease and non-lease components for its vehicle leases. Some leases contain renewal options with escalation clauses commensurate with local market fluctuations, however, generally limiting an annual increase to no more than 5.0% of the existing lease payment. The exercise of lease renewal options is at the Company’s sole discretion. The Company has excluded renewal options in the measurement of right-of-use assets and lease liabilities if they are not reasonably certain of exercise.

Operating leases are included in the right-of-use lease assets, short-term lease liabilities, and long-term lease liabilities on the condensed consolidated balance sheet. The Company measures the operating lease liabilities at lease commencement date based on the present value of remaining lease payments using the rate implicit in the lease when readily determinable, or the Company’s secured incremental borrowing rate. The Company has made an accounting policy election not to recognize a lease liability or right-of-use asset for leases with a lease term of twelve months or less and do not include an option to purchase the underlying asset. The Company recognizes lease expense on a straight-line basis over the lease term and variable lease expense in the period incurred. Variable lease cost consists primarily of common-area maintenance, insurance, and taxes, which are paid based on actual costs incurred by the lessor. Operating lease cost for the 2020 and 2019 first quarters was $1.6 million and $1.5 million, respectively. The Company incurred variable lease cost of $0.1 million and $0.2 million, and short-term lease cost of $0.1 million and $0.2 million in the 2020 and 2019 first quarters, respectively.

Maturities for the Company’s lease liabilities for all operating leases as of March 27, 2020 are as follows:

	Total
Year	Operating Leases
(amounts in thousands)
2020 (remaining)	$	4,478
2021		4,891
2022		3,461
2023		2,323
2024		1,494
2025 & thereafter		4,783
Total undiscounted operating lease payments	$	21,430
Less: Interest		(1,117	)
Total present value of operating lease liabilities	$	20,313

The weighted average remaining lease terms and discount rates for all operating leases as of March 27, 2020 and March 29, 2019 were as follows:

	March 27, 2020			March 29, 2019
Weighted average remaining lease term (years)		6.40			3.54
Weighted average remaining discount rate		2.06	%		1.73	%

Supplemental cash flow information related to the Company’s operating leases for the first quarter of 2020 is as follows:

(amounts in thousands)	March 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	1,570
Right-of-use assets obtained in exchange for new operating lease liabilities		667

As of December 31, 2019, minimum obligations under operating leases were expected to be:

	Total
Year	Operating Leases
(amounts in thousands)
2020	$	5,979
2021		4,696
2022		3,255
2023		2,257
2024		1,485
2025 & thereafter		4,828
Total undiscounted operating lease payments	$	22,500
Less: Interest		(1,247	)
Total present value of operating lease liabilities	$	21,253