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Leases

9 Months Ended

Sep. 30, 2023

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 year. 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 30, 2023 and the weighted-average discount rate was 4.39%.

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


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 24, 2022		September 30, 2023		September 24, 2022
Lease expense:
Operating lease expense	$	2,157	$	2,118	$	6,233	$	6,522
Short-term lease expense	126		135		419		251
Variable lease expense	625		590		1,854		1,725
	$	2,908	$	2,843	$	8,506	$	8,498

Future minimum payments under our non-cancelable operating leases were as follows as of September 30, 2023 (in thousands):


Fiscal Year	Amount
Remainder of 2023	$	2,175
2024	8,773
2025	8,670
2026	7,151
2027	6,734
Thereafter	3,541
Total minimum lease payments	37,044
Less: interest	(3,941)
Present value of net minimum lease payments	33,103
Less: current portion	(8,007)
Total long-term operating lease liabilities	$	25,096