We lease certain of our real estate, machinery, photocopiers, and vehicles under non-cancelable operating lease agreements.

We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. Tenant improvement allowances are recorded as an offsetting adjustment included in our calculation of the respective right-of-use asset.

Many of our leases include renewal options that can extend the lease term. The execution of those renewal options is at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

The amounts of assets and liabilities related to our operating and financing leases as of January 31, 2020 were as follows (in thousands):

	Balance Sheet Caption	January 31, 2020
Operating Leases
Right-of-use assets		$	11,782
Accumulated amortization			(1,982	)
Right-of-use assets, net	Other assets	$	9,800

Current liabilities	Accrued expenses and deferred revenue	$	2,731
Non-current liabilities	Other non-current liabilities		8,158
Total operating lease liabilities		$	10,889
Finance Leases
Right-of-use assets		$	40,986
Accumulated depreciation			(1,590	)
Right-of-use assets, net	Property, plant, and equipment, net	$	39,396

Current liabilities	Accrued expenses and deferred revenue		971
Non-current liabilities	Finance lease payable, net of current portion		40,202
Total finance lease liabilities		$	41,173

During the three months ended January 31, 2019, we recorded $1.1 million of operating lease costs, of which $293,000 relates to short-term leases, and not recorded as right-of-use assets. We recorded $526,000 of financing lease amortization, and $515,000 was financing lease interest expense during the three months ended January 31, 2020. During the nine months ended January 31, 2020, we recorded $2.8 million of operating lease costs, of which $772,000 relates to short-term leases, and not recorded as right-of-use assets. We recorded $1.6 million of financing lease amortization, and $1.6 million of financing lease interest expense during the nine months ended January 31, 2020. As of January 31, 2020, our weighted average lease term and weighted average discount rate for our operating leases was 4.2 years and 4.4%, respectively. As of January 31, 2020, our weighted average lease term and weighted average discount rate for our financing leases was 18.7 years and 5.0%, respectively, and consisted primarily of our national logistics facility located in Columbia, Missouri. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.

Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):

	Operating			Financing			Total
2020	$	864		$	748		$	1,612
2021		3,125			3,016			6,141
2022		2,920			3,056			5,976
2023		2,769			3,071			5,840
2024		1,722			3,125			4,847
2025		330			3,180			3,510
Thereafter		679			48,853			49,532
Total future lease payments		12,409			65,049			77,458
Less amounts representing interest		(1,520	)		(23,876	)		(25,396	)
Present value of lease payments		10,889			41,173			52,062
Less current maturities of lease liabilities		(2,731	)		(971	)		(3,702	)
Long-term maturities of lease liabilities	$	8,158		$	40,202		$	48,360

During the three and nine months ended January 31, 2020, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $1.5 million and $4.3 million, respectively.