Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Prior to the Company’s adoption of ASC 842, future minimum operating lease payments as of June 29, 2019 were as follows (in thousands) on an undiscounted basis and excluding non-lease components: Other information pertaining to operating leases consists of the following: Supplemental cash flow information related to the Company’s operating leases for the year ended June 27, 2020, was as follows (in thousands): The Company measures all stock-based payments at fair value and recognizes related expense within selling, general and administrative expenses in the consolidated statements of operations over the requisite service period (generally the vesting period). During fiscal 2020, 2019, and 2018, the Company recorded stock-based compensation expense of $26.8 million, $30.1 million, and $24.0 million, respectively, for all forms of stock-based compensation awards. At June 27, 2020, the Company had 7.7 million shares of common stock reserved for stock-based payments, which consisted of 1.5 million shares for unvested or unexercised stock options, 4.7 million shares available for stock-based awards under plans approved by shareholders, and 1.5 million shares for restricted stock units and performance share units granted but not yet vested. Service based stock option grants have a contractual life of ten years, vest in 25% increments on each anniversary of the grant date, commencing with the first anniversary, and require an exercise price of 100% of the fair market value of common stock at the date of grant. Stock-based compensation expense associated with all stock options during fiscal 2020, 2019 and 2018 was $2.9 million, $2.2 million and $(0.2) million, respectively. 67 Stock options Stock plan 12. Stock-based compensation Fiscal Year 2020 $ 68,710 2021 52,225 2022 42,069 2023 32,245 2024 23,305 Thereafter 85,196 Total lease payments $ 303,750 Supplemental Cash Flow Information: Cash paid for operating lease liabilities $ 60,957 Operating lease assets obtained from new operating lease liabilities 51,747 Operating Lease Term and Discount Rate Weighted-average remaining lease term in years 9.9 Weighted-average discount rate 3.9 %