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Leases

9 Months Ended

Sep. 24, 2022

LeasesWe lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 to 6 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 3 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 5 years as of September 24, 2022 and the weighted-average discount rate was 3.75%.

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


	Three Months Ended				Nine Months Ended
	September 24, 2022		September 25, 2021		September 24, 2022		September 25, 2021
Lease expense:
Operating lease expense	$	2,118	$	2,167	$	6,522	$	6,338
Short-term lease expense	135		51		251		133
Variable lease expense	590		461		1,725		1,424
	$	2,843	$	2,679	$	8,498	$	7,895

Future minimum payments under our non-cancelable operating leases were as follows as of September 24, 2022 (in thousands):


Fiscal Year	Amount
Remainder of 2022	$	4,275
2023	7,545
2024	7,236
2025	7,170
2026	6,450
Thereafter	9,042
Total minimum lease payments	41,718
Less: interest	(6,161)
Present value of net minimum lease payments	35,557
Less: current portion	(7,699)
Total long-term operating lease liabilities	$	27,858