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Leases
3 Months Ended
Mar. 27, 2020
Leases [Abstract]  
Leases

Note 5 – Leases

Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For purposes of calculating operating lease ROU assets and operating lease liabilities, we use the non-cancellable lease term plus options to extend that we are reasonably certain to take. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Our leases generally do not provide an implicit rate. As such, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

We lease facilities under various non-cancellable operating leases expiring through 2025. In addition to base rental payments, we are generally responsible for our proportionate share of operating expenses, including facility maintenance, insurance, and property taxes. As these amounts are variable, they are not included in lease liabilities. As of March 27, 2020, we had no operating leases executed for which the rental period had not yet commenced.

The components of lease expense are as follows:

 

 

 

Three Months Ended

 

 

 

March 27,

2020

 

 

March 29,

2019

 

Operating lease cost

 

$

1,320

 

 

$

1,633

 

 

Supplemental cash flow information related to leases is as follows:

 

 

 

Three Months Ended

 

 

 

March 27,

2020

 

 

March 29,

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

$

1,284

 

 

$

1,164

 

Operating cash flows from operating leases

 

 

 

 

 

 

 

 

Weighted-average remaining lease term of operating leases

 

2.9 years

 

 

3.8 years

 

Weighted-average discount rate of operating leases

 

4.5%

 

 

4.5%

 

 

Future minimum lease payments under non-cancelable leases as of March 27, 2020 are as follows:

 

2020, remaining

 

$

4,122

 

2021

 

 

4,830

 

2022

 

 

4,058

 

2023

 

 

1,163

 

2024

 

 

192

 

Thereafter

 

 

26

 

Total future minimum lease payments

 

 

14,391

 

Less imputed interest

 

 

(997

)

Total lease liabilities

 

$

13,394