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Leases

3 Months Ended

Mar. 28, 2020

LeasesWe lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 to 15 years, and some leases include options to extend up to 20 years. We also have operating leases for automobiles with remaining lease terms of 1 to 4 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 8 years as of March 28, 2020 and the weighted-average discount rate was 4.40%.

The components of lease expense were as follows (in thousands):


	Three Months Ended
	March 28, 2020		March 30, 2019
Lease expense:
Operating lease expense	$	1,924	$	1,745
Short-term lease expense	40		17
Variable lease expense	383		419
	$	2,347	$	2,181

Future minimum payments under our non-cancelable operating leases were as follows as of March 28, 2020 (in thousands):


Fiscal Year	Amount
Remainder of 2020	$	5,692
2021	6,713
2022	5,546
2023	4,934
2024	4,769
Thereafter	22,165
Total minimum lease payments	49,819
Less: interest	(8,976)
Present value of net minimum lease payments	40,843
Less: current portion	(6,815)
Total long-term operating lease liabilities	$	34,028