Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 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, 2022 was $1.5 million and $4.3 million, respectively and $1.5 million and $4.1 million for the three and nine months ended September 30, 2021, respectively.
Aggregate future minimum lease payments required under the operating leases at September 30, 2022 are as follows (in thousands):
Capital Leases
The Company purchased equipment with total gross book value of $4.5 million under capital lease agreements, of which nil and $0.9 million was purchased during the nine months ended September 30, 2022 and during the year ended December 31, 2021, respectively. Interest rates for the capital leases have ranged from 3.95% to 15.0% per annum. Accumulated depreciation for equipment acquired under the capital leases was $1.5 million and $1.1 million as of September 30, 2022 and December 31, 2021, respectively.
Aggregate future minimum principal lease payments under the capital leases at September 30, 2022 are as follows (in thousands):
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