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Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Our operating leases that have commenced have terms that expire beginning 2026 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.
Six Months Ended
June 30,
(in millions, except weighted average data)20252024
Operating lease cost$33.0 $18.6 
Sublease income(1.7)(0.8)
Net operating lease cost$31.3 $17.8 
Cash paid for amounts included in the measurement of operating lease liabilities$18.7 $15.0 
June 30,
20252024
Weighted average remaining lease term
10.4 years10.5 years
Weighted average discount rate4.9 %5.0 %
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 June 30, 2025.
(in millions)
Operating
Leases (1)
Sublease
Income
2025 (6 months remaining)
$23.1 $(1.7)
2026
58.3 (3.5)
2027
59.2 (3.5)
2028
60.7 (3.5)
2029
60.8 (3.5)
Thereafter374.4 (5.4)
Total operating lease payments (sublease income)636.5 $(21.1)
Less imputed interest
146.7 
Total operating lease liabilities489.8 
Less current operating lease liabilities included in other current liabilities50.7 
Noncurrent operating lease liabilities$439.1 
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(1) Amounts presented in the table above exclude $1.5 million for 2025, $3.0 million for 2026, and $1.5 million for 2027 of approximate non-cancelable future minimum lease payments under operating leases that have not yet commenced.
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.
Impairment of ROU Assets
From time to time, we reassess 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 continued to occupy our new campus facility. For asset groups where impairment is triggered, we use discounted cash flow models (an income approach) with Level 3 inputs to estimate the fair values of the asset groups. The significant assumptions used in the discounted cash flows models include projected sublease income over the remaining lease term, expected downtime prior to the commencement of executed or future subleases, and discount rates that reflect a market participant's assumptions in valuing the asset groups.
We recognized impairment charges totaling $14.0 million in the second quarter of 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. Impairment charges were not significant for the first six months of 2025.