Leases

9 Months Ended

Sep. 28, 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 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 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 September 28, 2024 and the weighted-average discount rate was 4.70%.

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


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Lease expense:
Operating lease expense	$	2,180	$	2,157	$	6,360	$	6,233
Short-term lease expense	102		126		247		419
Variable lease expense	1,112		625		2,974		1,854
	$	3,394	$	2,908	$	9,581	$	8,506

Future minimum payments under our non-cancelable operating leases were as follows as of September 28, 2024 (in thousands):


Fiscal Year	Amount
Remainder of 2024	$	2,294
2025	9,185
2026	7,695
2027	7,259
2028	3,935
Thereafter	1,449
Total minimum lease payments	31,817
Less: interest	(3,574)
Present value of net minimum lease payments	28,243
Less: current portion	(8,512)
Total long-term operating lease liabilities	$	19,731