Leases

9 Months Ended

May 26, 2023

As of May 26, 2023 and August 26, 2022, we had operating leases through which we utilize facilities, offices and equipment in our manufacturing operations, research and development activities and selling, general and administrative functions. Sublease income was not significant in any period presented. The components of operating lease expense were as follows:


	Three Months Ended				Nine Months Ended
	May 26, 2023		May 27, 2022		May 26, 2023		May 27, 2022
Fixed lease cost	$	4,276	$	3,402	$	14,595	$	9,917
Variable lease cost	323		370		1,006		1,192
Short-term lease cost	625		119		1,682		377
	$	5,224	$	3,891	$	17,283	$	11,486

Cash flows used for operating activities in the first nine months of 2023 and 2022 included payments for operating leases of $6.7 million and $7.3 million, respectively. Acquisitions of right-of-use assets were $10.6 million in the first nine months of 2023 and $10.6 million in the first nine months of 2022.

As of May 26, 2023 and August 26, 2022, the weighted-average remaining lease term for our operating leases was 10.2 years and 10.9 years, respectively. Certain of our operating leases include one or more options to extend the lease term for periods from two to five years. In determining the present value of our operating lease liabilities, we have assumed we will not extend any lease terms. As of May 26, 2023 and August 26, 2022, the weighted-average discount rate for our operating leases was 6.2% and 6.1%, respectively.

Minimum payments of operating lease liabilities as of May 26, 2023 were as follows:


Remainder of 2023	$	3,115
2024	14,622
2025	12,573
2026	11,009
2027	8,569
2028 and thereafter	65,537
	115,425
Less imputed interest	(31,368)
Present value of total lease liabilities	$	84,057