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Leases

3 Months Ended

Mar. 27, 2021

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 8 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 6 years as of March 27, 2021 and the weighted-average discount rate was 3.85%.

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


	Three Months Ended
	March 27, 2021		March 28, 2020
Lease expense:
Operating lease expense	$	2,123	$	1,924
Short-term lease expense	37		40
Variable lease expense	537		383
	$	2,697	$	2,347

Future minimum payments under our non-cancelable operating leases were as follows as of March 27, 2021 (in thousands):


Fiscal Year	Amount
Remainder of 2021	$	6,747
2022	8,040
2023	6,710
2024	6,297
2025	7,814
Thereafter	14,416
Total minimum lease payments	50,024
Less: interest	(8,982)
Present value of net minimum lease payments	41,042
Less: current portion	(7,557)
Total long-term operating lease liabilities	$	33,485