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Leases Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Leases We lease real estate, including laboratory and office space, and certain equipment. Our leases have remaining lease terms ranging from less than 1 year to 10 years. Certain leases include one or more options to renew, exercised at our sole discretion, with renewal terms that can extend the lease term from one year to six years. In addition, we sublease certain real estate to third parties. Our sublease portfolio consists of operating leases, with remaining lease terms ranging from less than 1 year to 10 years. Our subleases do not include an option to renew as they are coterminous with our operating leases. All of our leases qualify as operating leases. The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases:
(In millions) | Balance sheet location |  | As of March 31, 2019
Assets: |  |  |
Operating lease assets | Operating lease assets |  | $ | 447.8 |
Liabilities |  |  |
Current operating lease liabilities | Accrued expenses and other |  | $ | 72.5 |
Non-current operating lease liabilities | Long-term operating lease liabilities |  | 436.1 |
Total operating lease liabilities |  |  | $ | 508.6 |
The following table summarizes the effect of lease costs in our condensed consolidated statements of income:
|  |  | For the Three Months Ended March 31,
(In millions) | Income Statement Location |  | 2019
Operating lease cost | Research and development |  | $ | 0.3 |
| Selling, general and administrative |  | 23.5 |
Sublease income | Selling, general and administrative |  | (7.1 | )
| Other (income) expense, net |  | (1.0 | )
Net lease cost |  |  | $ | 15.7 |
The minimum lease payments, net of income from subleases, for the next five years and thereafter is expected to be as follows:
(In millions) | As of March 31, 2019
2019 (remaining nine months) | $ | 69.4 |
2020 | 81.7 |
2021 | 76.0 |
2022 | 69.2 |
2023 | 68.6 |
2024 | 66.1 |
Thereafter | 146.2 |
Total lease payments | $ | 577.2 |
Less: interest | 68.6 |
Present value of operating lease liabilities | $ | 508.6 |
Under the prior lease guidance minimum rental commitments under non-cancelable leases, net of income from subleases, for each of the next five years and total thereafter as of December 31, 2018, were as follows:
(In millions) | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Minimum lease payments | $ | 87.0 |  |  | $ | 80.7 |  |  | $ | 75.9 |  |  | $ | 71.7 |  |  | $ | 71.0 |  |  | $ | 215.3 |  |  | $ | 601.6 |
Less: income from subleases (1) | (26.8 | ) |  | (25.6 | ) |  | (23.7 | ) |  | (24.0 | ) |  | (24.3 | ) |  | (58.4 | ) |  | (182.8 | )
Net minimum lease payments | $ | 60.2 |  |  | $ | 55.1 |  |  | $ | 52.2 |  |  | $ | 47.7 |  |  | $ | 46.7 |  |  | $ | 156.9 |  |  | $ | 418.8 |
(1) | Represents sublease income expected to be received for the vacated manufacturing facility in Cambridge, MA, the vacated portion of our Weston, MA facility and other facilities throughout the world.
The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows:
| As of March 31, 2019
Weighted average remaining lease term in years | 7.88 |
Weighted average discount rate | 3.3 | %
Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our condensed consolidated statements of cash flows is as follows:
| For the Three Months Ended March 31,
(In millions) | 2019
Cash paid for amounts included in the measurement of lease liabilities | $ | 19.4 |
Operating lease assets obtained in exchange for lease obligations | $ | 5.4 |
Proposed Divestiture of Hillerød, Denmark Manufacturing Operations In March 2019 we entered into a share purchase agreement with FUJIFILM under which FUJIFILM will acquire all of the outstanding shares of our subsidiary that owns our biologics manufacturing operations in Hillerød, Denmark. As a result, $2.5 million of operating lease assets and $2.5 million of operating lease liabilities were reclassified to assets held for sale in our condensed consolidated balance sheets as of March 31, 2019. For additional information on the proposed divestiture of our Hillerød, Denmark manufacturing operations, please read Note 3, Divestitures, to these condensed consolidated financial statements.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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