Leases

12 Months Ended

Dec. 31, 2020

We have operating leases for our office and laboratory facilities, including our corporate headquarters, with terms that expire from 2025 through 2031. We have two options to extend the term of the operating lease for our corporate headquarters for a period of ten years each. However, as we were not reasonably certain to exercise either of those options at lease commencement, neither option was recognized as part of the associated operating lease right-of-use, or ROU, asset or liability. In connection with our operating leases, in lieu of cash security deposits, Wells Fargo Bank, N.A., issued letters of credit on our behalf, which are secured by deposits totaling $3.2 million.

Our operating lease cost was $10.1 million for 2020 and $8.1 million for 2019. Cash paid for amounts included in the measurement of lease liabilities was $8.6 million for 2020 and $7.7 million for 2019.

Our operating leases had a weighted-average remaining lease term of approximately 10.3 years and 11.2 years at December 31, 2020 and 2019, respectively, and a weighted-average discount rate of 5.6% and 5.8% at December 31, 2020 and 2019, respectively.

Approximate future minimum lease payments under operating leases were as follows:


(in millions)	December 31, 2020
Year ending December 31, 2021	$	10.7
Year ending December 31, 2022	12.4
Year ending December 31, 2023	12.7
Year ending December 31, 2024	13.1
Year ending December 31, 2025	13.5
Thereafter	77.5
Total operating lease payments	139.9
Less accreted interest	35.2
Total operating lease liabilities	104.7
Less current operating lease liabilities	10.3
Noncurrent operating lease liabilities	$	94.4

Note 1: Amounts presented in the table above exclude $19.7 million of non-cancelable future minimum lease payments for operating leases that have not yet commenced.

Note 2: Current operating lease liabilities are included in other current liabilities on the consolidated balance sheets.