Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases

Note 8. Leases

Operating Leases

The Company leases various office and research and development facilities under operating lease agreements that expire at various dates through October 2050. Under the terms of the agreements, the Company is responsible for certain insurance, property taxes and maintenance expenses. The Company recognizes rent expense on a straight-line basis over the term of the operating leases. Any difference between cash payments required and rent expense is recorded as deferred rent. Rent expense for the three and nine months ended September 30, 2021 was $1.5 million and $4.1 million and $1.3 million and $3.5 million for the three and nine months ended September 30, 2020, respectively.

Aggregate future minimum lease payments required under the operating leases at September 30, 2021 are as follows (in thousands):

 

As of September 30, 2021

 

Amount

 

2021 (remaining three months)

 

$

1,311

 

2022

 

 

4,737

 

2023

 

 

4,126

 

2024

 

 

3,396

 

2025

 

 

720

 

2026 and thereafter

 

 

3,801

 

Total minimum future lease payments, operating leases

 

$

18,091

 

 

Capital Leases

The Company purchased equipment with total gross book value of $4.1 million under capital lease agreements. Interest rates for the capital leases range from 3.95% to 22.10% per annum. Accumulated depreciation for equipment acquired under the capital leases was $0.9 million and $0.7 million as of September 30, 2021 and December 31, 2020, respectively.

Aggregate future minimum principal lease payments under the capital leases at September 30, 2021 are as follows (in thousands):

 

As of September 30, 2021

 

Amount

 

2021 (remaining three months)

 

$

278

 

2022

 

 

793

 

2023

 

 

248

 

2024

 

 

183

 

2025

 

 

110

 

2026 and thereafter

 

 

135

 

Total payments

 

 

1,747

 

Less current portion

 

 

(1,006

)

Noncurrent portion

 

$

741