Leases

6 Months Ended

Jun. 27, 2020

Leases [Abstract]

Leases

LeasesWe lease 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 15 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 4 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 7 years as of June 27, 2020 and the weighted-average discount rate was 4.70%.

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

	Three Months Ended				Six Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Lease expense:
Operating lease expense	$	1,794	$	1,734	$	3,719	$	3,479
Short-term lease expense	27		31		66		48
Variable lease expense	399		249		782		668
	$	2,220	$	2,014	$	4,567	$	4,195

Future minimum payments under our non-cancelable operating leases were as follows as of June 27, 2020 (in thousands):

Fiscal Year	Amount
Remainder of 2020	$	3,532
2021	6,275
2022	5,084
2023	4,446
2024	4,261
Thereafter	16,150
Total minimum lease payments	39,748
Less: interest	(6,764)
Present value of net minimum lease payments	32,984
Less: current portion	(6,168)
Total long-term operating lease liabilities	$	26,816