Leases

3 Months Ended

Mar. 31, 2025

Our operating leases that have commenced 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 right-of-use (ROU) assets or operating lease liabilities.

The following table presents supplemental operating lease information for operating leases that have commenced.


	Three Months Ended March 31,
(in millions, except weighted average data)	2025			2024
Operating lease cost	$	16.5		$	9.4
Sublease income	(0.9)			(0.4)
Net operating lease cost	$	15.6		$	9.0
Cash paid for amounts included in the measurement of operating lease liabilities	$	9.3		$	6.1

	March 31,
	2025			2024
Weighted average remaining lease term	10.6 years			10.6 years
Weighted average discount rate	4.9		%	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 March 31, 2025.


(in millions)	Operating Leases (1)		Sublease Income
2025 (9 months remaining)	$	32.5	$	(2.6)
2026	58.3		(3.5)
2027	59.2		(3.5)
2028	60.7		(3.5)
2029	60.8		(3.5)
Thereafter	374.4		(5.4)
Total operating lease payments (sublease income)	645.9		$	(22.0)
Less imputed interest	152.8
Total operating lease liabilities	493.1
Less current operating lease liabilities included in other current liabilities	45.6
Noncurrent operating lease liabilities	$	447.5

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(1) Amounts presented in the table above exclude $0.9 million for 2025, $1.7 million for 2026, and $0.9 million for 2027 of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.