Leases

We lease certain of our facilities, equipment and vehicles under non-cancelable operating and finance leases. Leases with initial terms with

months or less are

not

recorded on the balance sheet, but we recognized those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. Lease and non-lease components are included in the calculation of the ROU asset and lease liabilities.

Our leases have remaining lease terms of

year to

years, some of which include

one

or more options to extend the leases for up to

years. Our lease term includes renewal terms when we are reasonably certain we will exercise the renewal options.

We sublease certain leased assets to

third

parties, mainly as a result of unused space in our facilities. Supplemental balance sheet information related to leases was as follows:

(in thousands)	Classification	March 30, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	29,782
Finance lease assets	Property, plant and equipment, net (1)		2,597
Total lease assets		$	32,379
Liabilities
Current
Operating	Other accrued liabilities	$	5,498
Finance	Other accrued liabilities		34
Noncurrent
Operating	Long-term lease liabilities		23,818
Finance	Long-term lease liabilities		2,577
Total lease liabilities		$	31,927

Weighted-average remaining lease term (years)
Operating leases			6.7
Finance leases			1.3

Weighted-average discount rate
Operating leases			5.9	%
Finance leases			4.5	%

(

)

Finance lease assets are recorded net of accumulated amortization of

$0.1

million.

The components of lease expense were as follows:

	Three months ended
(in thousands)	March 30, 2019
Operating leases	$	2,122
Variable leases		566
Short-term operating leases		78
Finance leases
Amortization of leased assets		41
Interest on lease liabilities		59
Sublease income		(36	)
Net lease cost	$	2,830

Future minimum lease payments at

March 30, 2019,

are as follows:

	Operating			Finance
(in thousands)	leases (1)			leases			Total
2019	$	5,232		$	113		$	5,345
2020		6,476			2,643			9,119
2021		5,218			-			5,218
2022		4,154			-			4,154
2023		3,714			-			3,714
Thereafter		11,708			-			11,708
Total lease payments		36,502			2,756			39,258
Less: Interest		(7,186	)		(145	)		(7,331	)
Present value of lease liabilities	$	29,316		$	2,611		$	31,927

(

)

Excludes sublease income of

$0.1

million and

$0.1

million for

2019

and

2020,

respectively and also excludes

$0.3

million of legally binding minimum lease payments for lease signed but

not

yet commenced.

Supplemental cash flow information related to leases was as follows:

	Three months ended
(in thousands)	March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,881
Operating cash flows from finance leases	$	37
Financing cash flows from finance leases	$	9
Leased assets obtained in exchange for new operating lease liabilities	$	31,508