Leases

6 Months Ended

Jun. 26, 2021

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 8 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 6 years as of June 26, 2021 and the weighted-average discount rate was 3.70%.

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

	Three Months Ended				Six Months Ended
	June 26, 2021		June 27, 2020		June 26, 2021		June 27, 2020
Lease expense:
Operating lease expense	$	2,048	$	1,794	$	4,170	$	3,719
Short-term lease expense	45		27		83		66
Variable lease expense	426		399		963		782
	$	2,519	$	2,220	$	5,216	$	4,567

Future minimum payments under our non-cancelable operating leases were as follows as of June 26, 2021 (in thousands):

Fiscal Year	Amount
Remainder of 2021	$	4,264
2022	8,527
2023	7,172
2024	6,766
2025	6,742
Thereafter	14,850
Total minimum lease payments	48,321
Less: interest	(6,202)
Present value of net minimum lease payments	42,119
Less: current portion	(7,908)
Total long-term operating lease liabilities	$	34,211