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Leases | 6 Months Ended
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Jun. 29, 2024
Leases [Abstract] |
Leases | Leases 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 year to 10 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 to 2 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 4.2 years as of June 29, 2024 and the weighted-average discount rate was 4.65%. The components of lease expense were as follows (in thousands):
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 2,050 |  |  | $ | 2,124 |  |  | $ | 4,180 |  |  | $ | 4,076 |
Short-term lease expense | 85 |  |  | 136 |  |  | 145 |  |  | 293 |
Variable lease expense | 1,052 |  |  | 483 |  |  | 1,862 |  |  | 1,229 |
| $ | 3,187 |  |  | $ | 2,743 |  |  | $ | 6,187 |  |  | $ | 5,598 |
Future minimum payments under our non-cancelable operating leases were as follows as of June 29, 2024 (in thousands):
Fiscal Year |  | Amount
Remainder of 2024 |  | $ | 4,515 |
2025 |  | 9,043 |
2026 |  | 7,638 |
2027 |  | 7,208 |
2028 |  | 3,892 |
Thereafter |  | 1,391 |
Total minimum lease payments |  | 33,687 |
Less: interest |  | (4,006) |
Present value of net minimum lease payments |  | 29,681 |
Less: current portion |  | (8,240) |
Total long-term operating lease liabilities |  | $ | 21,441 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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