Leases

3 Months Ended

Mar. 30, 2024

We 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 11 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 4 years as of March 30, 2024 and the weighted-average discount rate was 4.64%.

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


	Three Months Ended
	March 30, 2024		April 1, 2023
Lease expense:
Operating lease expense	$	2,130	$	1,952
Short-term lease expense	60		157
Variable lease expense	810		746
	$	3,000	$	2,855

Future minimum payments under our non-cancelable operating leases were as follows as of March 30, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	9,037
2025	9,084
2026	7,651
2027	7,222
2028	3,903
Thereafter	1,401
Total minimum lease payments	38,298
Less: interest	(6,621)
Present value of net minimum lease payments	31,677
Less: current portion	(8,245)
Total long-term operating lease liabilities	$	23,432