Company: PACB
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001299130-25-000061
Chunk: 360

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 1
Chunk 360
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 of December 31, 2024 is $2.6 million, and is included in operating lease liabilities, current on our consolidated balance sheets.The other restructuring costs are expected to be incurred and paid by the end of 2025.

Fiscal 2024 Form 10-K113

NOTE 7.  COMMITMENTS AND CONTINGENCIESLeasesWe record operating lease right-of-use assets and liabilities on our consolidated balance sheets for all leases with a term of more than 12 months. The operating lease right-of-use assets and liabilities are calculated as the present value of remaining minimum lease payments over the remaining lease term using our estimated secured incremental borrowing rates at the commencement date. Lease payments included in the measurement of the lease liability comprise the fixed rent per the term of the Lease. All of our leases are operating leases. Lease payments comprise the base rent per the term of the lease. Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments, such as common area maintenance fees, recognized in the period those payments are incurred.We often have options to renew lease terms for buildings. In addition, certain lease arrangements may be terminated prior to their original expiration date at our discretion. We evaluate renewal and termination options at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors.As of December 31, 2024, the maturities of our operating lease liabilities were as follows:(in thousands)2025$11,481 20268,780 20277,110 2028— 2029— Thereafter— Total undiscounted operating lease payments27,371 Less: imputed interest(2,431)Present value of operating lease liabilities $24,940 Balance Sheet ClassificationOperating lease liabilities, current$10,026 Operating lease liabilities, non-current14,914 Total operating lease liabilities$24,940 We use our incremental borrowing rate to determine the present value of lease payments, as the implicit rates in our leases are not readily determinable. The weighted-average discount rate used to measure our operating lease liabilities was 7.7%. The weighted-average remaining lease term for our operating leases as of December 31, 2024 was 2.7 years.Cash FlowsCash paid for amounts included in the present value of operating lease liabilities was $14.2 million and $12.1 million for the years ended December 31, 2024 and 2023, respectively