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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | 7. Leases At March 31, 2020, our operating leases consisted of the following:
Address |  | Type |  | Square Feet |  |  | Commencement Date |  | Expiration Date
12780 El Camino Real (1) |  | Office/Laboratory |  |  | 141,000 |  |  | August 7, 2019 |  | July 31, 2031
12790 El Camino Real, Suite 130 (1) |  | Office |  |  | 2,000 |  |  | December 1, 2019 |  | July 31, 2031
12790 El Camino Real, Suite 150 (1) |  | Office |  |  | 8,000 |  |  | August 7, 2019 |  | July 31, 2031
12790 El Camino Real, Suite 300 (1) |  | Office |  |  | 28,000 |  |  | December 1, 2019 |  | July 31, 2031
12777 High Bluff Drive (2) |  | Office |  |  | 45,000 |  |  | July 1, 2018 |  | July 31, 2029
12790 El Camino Real, Suite 200 (1) |  | Office |  |  | 28,000 |  |  | February 1, 2021 |  | July 31, 2031
12790 El Camino Real, Suite 100 (1) |  | Office |  |  | 17,000 |  |  | February 1, 2021 |  | July 31, 2031
_____________________________________ (1) Under the terms of the lease, we have two options to extend the term of the lease for a period of ten years each. We were not reasonably certain to exercise either of these options at lease commencement. As such, neither option was recognized as part of the associated operating lease right-of-use asset or liability. In connection with the lease, in lieu of a cash security deposit, Wells Fargo Bank, N.A., or Well Fargo, issued a $3.0 million letter of credit on our behalf, which is secured by a deposit of equal amount. (2) Under the terms of the lease, we do not have the option to extend the lease. In lieu of a cash security deposit, Wells Fargo issued a $1.0 million letter of credit on our behalf, which is secured by a deposit of $0.2 million. Our operating lease cost was $2.5 million and $1.9 million for the three months ended March 31, 2020 and 2019, respectively. Cash paid for amounts in the measurement of lease liabilities for operating cash flows from operating leases was $2.1 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. Our operating leases had a weighted average remaining lease term of 11.0 years and 11.4 years at March 31, 2020 and December 31, 2019, respectively, and a weighted average discount rate of 5.8% at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, the approximate future minimum lease payments under operating leases were as follows:
(in millions) | Operating Leases |
Year Ending December 31, |  |  |
2020 (9 months remaining) | $ | 6.5 |
2021 |  | 10.6 |
2022 |  | 10.9 |
2023 |  | 11.2 |
2024 |  | 11.6 |
Thereafter |  | 79.7 |
Total operating lease payments |  | 130.5 |
Less accreted interest |  | 36.1 |
Total operating lease liabilities |  | 94.4 |
Less current operating lease liabilities |  | 8.8 |
Noncurrent operating lease liabilities | $ | 85.6 |
_____________________________________ Note: Amounts presented in the table above exclude $28.3 million of non-cancelable future minimum lease payments for operating leases that have not yet commenced.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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