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Leases (Tables) | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Schedule of Description of Operating Lease | 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.
Summary of Minimum Lease Payments for Operating Lease Liabilities | 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 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84164451&loc=d3e36991-112694 + Details
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