|9 Months Ended|
Sep. 30, 2022
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):
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):
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef