Leases

12 Months Ended

Dec. 30, 2023

Our operating lease, right-of-use assets relate to 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 11 years, and some leases include options to extend up to 20 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 4.6 years at December 30, 2023 and the weighted-average discount rate was 4.60%.

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


	Lease Expense
	December 30, 2023		December 31, 2022		December 25, 2021
Operating lease expense	$	8,453	$	8,595	$	8,485
Short-term lease expense	524		385		180
Variable lease expense	2,389		2,393		1,842
	$	11,366	$	11,373	$	10,507

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


Fiscal Year	Amount
2024	$	9,337
2025	9,215
2026	7,586
2027	7,154
2028	3,870
Thereafter	1,432
Total minimum lease payments	38,594
Less: interest	(4,838)
Present value of net minimum lease payments	33,756
Less: current portion	(8,422)
Total long-term operating lease liabilities	$	25,334