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 condensed consolidated balance sheet, but we recognized those lease payments in the condensed 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 28, 2020			December 28, 2019
Assets
Operating lease assets	Operating lease right-of-use assets	$	32,599		$	33,269
Finance lease assets	Property, plant and equipment, net (1)		2,865			2,515
Total lease assets		$	35,464		$	35,784
Liabilities
Current
Operating	Other accrued liabilities	$	5,592		$	5,458
Finance	Other accrued liabilities		2,688			2,574
Noncurrent
Operating	Long-term lease liabilities		28,103			28,877
Finance	Long-term lease liabilities		249			-
Total lease liabilities		$	36,632		$	36,909

Weighted-average remaining lease term (years)
Operating leases			7.7			7.9
Finance leases			0.6			0.5

Weighted-average discount rate
Operating leases			6.3	%		6.3	%
Finance leases			3.9	%		4.5	%

(

)

Finance lease assets are recorded net of accumulated amortization of

$0.1

million as of

March 28, 2020

and

December 28, 2019.

The components of lease expense were as follows:

	Three Months Ended
(in thousands)	March 28, 2020			March 30, 2019
Operating leases	$	2,151		$	2,122
Variable lease expense		532			566
Short-term operating leases		19			78
Finance leases
Amortization of leased assets		20			41
Interest on lease liabilities		28			59
Sublease income		(32	)		(36	)
Net lease cost	$	2,718		$	2,830

Future minimum lease payments at

March 28, 2020,

are as follows:

	Operating			Finance
(in thousands)	leases (1)			leases			Total
2020	$	5,690		$	2,687		$	8,377
2021		6,536			124			6,660
2022		5,686			124			5,810
2023		4,992			31			5,023
2024		4,679			-			4,679
Thereafter		16,177			-			16,177
Total lease payments		43,760			2,966			46,726
Less: Interest		(10,065	)		(29	)		(10,094	)
Present value of lease liabilities	$	33,695		$	2,937		$	36,632

(

)

Excludes sublease income of

$0.1

million in both

2020

and

2021.

Supplemental cash flow information related to leases was as follows:

	Three Months Ended
(in thousands)	March 28, 2020		March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,133	$	1,881
Operating cash flows from finance leases	$	28	$	37
Financing cash flows from finance leases	$	9	$	9
Leased assets obtained in exchange for new finance lease liabilities	$	373	$	-
Leased assets obtained in exchange for new operating lease liabilities	$	1,062	$	31,508