Leases

3 Months Ended

Mar. 31, 2019

The Company currently has operating and finance leases for office and research laboratory space, equipment and vehicles under agreements expiring at various dates through 2044. Certain of the Company's leases contain renewal options to extend the lease for up to 25 years.

For the three months ended March 31, 2019, lease expense was $2.1 million and $0.1 million for operating and finance leases, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $1.4 million for the three months ended March 31, 2019. For the three months ended March 31, 2019, the Company recorded $19.5 million of right-of-use assets obtained in exchange for new operating lease liabilities.

Commitments under finance leases are not significant.

Supplemental balance sheet information related to operating leases was as follows.



(in thousands, except year and discount rate amounts)	March 31, 2019
Operating lease ROU asset	$	36,208

Current portion of the operating lease liabilities	$	2,421
Non-current portion of the operating lease liabilities	35,991
Total operating lease liability	$	38,412

Weighted-average remaining lease terms (years)	14.6
Weighted-average discount rate	12.8		%

At March 31, 2019, the future minimum lease payments were as follows:



( in thousands)	Operating Leases
2019 (excludes the three months ended March 31, 2019)	$	4,494
2020	9,776
2021	10,516
2022	10,418
2023	10,830
Thereafter	174,006
Total lease payments	$	220,040
Less lease incentives	(28,939		)
Less imputed interest	(152,689		)
Total operating lease liability	$	38,412

At December 31, 2018, the future minimum lease payments were as follows:



( in thousands)	Operating Leases
2019	$	6,244
2020	4,063
2021	3,560
2022	3,371
2023	3,611
Thereafter	10,038
Total lease payments	$	30,887

Leases

Commitments under finance leases are not significant.

Supplemental balance sheet information related to operating leases was as follows.



(in thousands, except year and discount rate amounts)	March 31, 2019
Operating lease ROU asset	$	36,208

Current portion of the operating lease liabilities	$	2,421
Non-current portion of the operating lease liabilities	35,991
Total operating lease liability	$	38,412

Weighted-average remaining lease terms (years)	14.6
Weighted-average discount rate	12.8		%

At March 31, 2019, the future minimum lease payments were as follows:



( in thousands)	Operating Leases
2019 (excludes the three months ended March 31, 2019)	$	4,494
2020	9,776
2021	10,516
2022	10,418
2023	10,830
Thereafter	174,006
Total lease payments	$	220,040
Less lease incentives	(28,939		)
Less imputed interest	(152,689		)
Total operating lease liability	$	38,412

At December 31, 2018, the future minimum lease payments were as follows:



( in thousands)	Operating Leases
2019	$	6,244
2020	4,063
2021	3,560
2022	3,371
2023	3,611
Thereafter	10,038
Total lease payments	$	30,887