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Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Leases

The Company currently has operating leases for office and research laboratory space, equipment, and vehicles under agreements expiring at various dates through 2044, which include renewal options on leases which the Company is reasonably certain to exercise.

For the three and nine months ended September 30, 2019, operating lease expense was $3.0 million and $7.8 million, respectively. For the nine months ended September 30, 2019, the Company paid $3.5 million for amounts included in the measurement of operating lease liabilities and recorded $0.6 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)		September 30, 2019
Operating lease ROU asset		$	35,814
Current portion of the operating lease liabilities		$	6,356
Non-current portion of the operating lease liabilities		49,686
Total operating lease liability		$	56,042
Weighted-average remaining lease terms (years)		17.7
Weighted-average discount rate		13.1		%

At September 30, 2019, the future minimum lease payments were as follows:

(in thousands)		Operating Leases
2019 (excludes the nine months ended September 30, 2019)		$	1,767
2020		9,650
2021		10,597
2022		10,380
2023		10,751
Thereafter		174,475
Total lease payments		217,620
Less lease incentives		(28,939		)
Less imputed interest		(132,639		)
Total operating lease liability		$	56,042

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

Leases

The Company currently has operating leases for office and research laboratory space, equipment, and vehicles under agreements expiring at various dates through 2044, which include renewal options on leases which the Company is reasonably certain to exercise.

For the three and nine months ended September 30, 2019, operating lease expense was $3.0 million and $7.8 million, respectively. For the nine months ended September 30, 2019, the Company paid $3.5 million for amounts included in the measurement of operating lease liabilities and recorded $0.6 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)		September 30, 2019
Operating lease ROU asset		$	35,814
Current portion of the operating lease liabilities		$	6,356
Non-current portion of the operating lease liabilities		49,686
Total operating lease liability		$	56,042
Weighted-average remaining lease terms (years)		17.7
Weighted-average discount rate		13.1		%

At September 30, 2019, the future minimum lease payments were as follows:

(in thousands)		Operating Leases
2019 (excludes the nine months ended September 30, 2019)		$	1,767
2020		9,650
2021		10,597
2022		10,380
2023		10,751
Thereafter		174,475
Total lease payments		217,620
Less lease incentives		(28,939		)
Less imputed interest		(132,639		)
Total operating lease liability		$	56,042

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

X

- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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