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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Our operating leases have terms that expire beginning 2025 through 2036 and consist of office space and research and development laboratories, including our corporate headquarters. Certain of these lease agreements contain clauses for renewal at our option. As we were not reasonably certain to exercise any of these renewal options at commencement of the associated leases, no such options were recognized as part of our ROU assets or operating lease liabilities.
The following table presents supplemental operating lease information for operating leases that have commenced.
Year Ended December 31,
(in millions, except weighted average data)202420232022
Operating lease cost$43.6 $17.1 $16.3 
Sublease income(2.0)(0.7)— 
Net operating lease cost$41.6 $16.4 $16.3 
Cash paid for amounts included in the measurement of operating lease liabilities$33.1 $17.9 $16.9 
December 31,
2024December 31,
2023
Weighted average remaining lease term
10.8 years10.8 years
Weighted average discount rate4.9 %5.1 %
Restricted cash related to letters of credit issued in lieu of cash security deposits$7.8 $7.8 
The following table presents approximate future non-cancelable minimum lease payments under operating leases and sublease income as of December 31, 2024.
(in millions)
Operating
Leases (1)
Sublease
Income
Year ending December 31, 2025
$41.8 $(3.5)
Year ending December 31, 2026
58.2 (3.5)
Year ending December 31, 2027
59.1 (3.5)
Year ending December 31, 2028
60.6 (3.5)
Year ending December 31, 2029
60.7 (3.5)
Thereafter373.9 (5.3)
Total operating lease payments (sublease income)
654.3 $(22.8)
Less accreted interest158.6 
Total operating lease liabilities495.7 
Less current operating lease liabilities included in other current liabilities40.6 
Noncurrent operating lease liabilities$455.1 
New Campus Facility
On February 8, 2022, we entered into a lease agreement for a four-building campus facility to be constructed in San Diego, California, including a six-year option for the construction of a fifth building. This campus facility, comprised of office space and research and development laboratories, now serves as our new corporate headquarters.
The construction of the new campus facility was phased. In connection with the completion of the first phase of construction relating to office space, we recognized ROU assets of $199.0 million and operating lease liabilities of $189.8 million in December 2023. In connection with the completion of the second phase of construction relating to laboratory space, we recognized ROU assets of $258.9 million and operating lease liabilities of $211.7 million in October 2024.
As we continue to occupy our new campus facility, certain of our existing leased properties will be marketed for sublease when we determine there is excess leased capacity. Certain of these subleases contain both lease and non-lease components. Sublease income is recognized as an offset to operating expense on a straight-line basis over the lease term. Income related to non-lease components is recognized in operating expenses as a reduction to costs we incur in relation to the primary lease.
Impairment of ROU Assets
During 2024, we reassessed the asset groupings for corporate ROU assets that are actively being marketed for sublease in connection with leased office space that has been vacated as we continue to occupy our new campus facility. For asset groups where impairment was triggered, we used discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups and recognized corresponding impairment charges totaling $14.0 million in 2024, of which $11.3 million and $2.7 million, respectively, was related to the ROU assets and tenant improvements associated with the underlying leased properties. The significant assumptions used in the discounted cash flows models included projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflected a market participant's assumptions in valuing the asset groups.