Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
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):
As of September 30, 2022
Amount
2022 (remaining three months) $ 1,550 
2023 4,925 
2024 4,000 
2025 1,020 
2026 729 
2027 and thereafter 3,174 
Total minimum future lease payments, operating leases $ 15,398 
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):
As of September 30, 2022
Amount
2022 (remaining three months) $ 198 
2023 294 
2024 231 
2025 159 
2026 150 
2027 and thereafter 50 
Total payments 1,082 
Less current portion (426)
Noncurrent portion $ 656