|12 Months Ended
Dec. 31, 2021
The Company is obligated under certain operating leases for its facilities and office equipment. Certain facility leases contain predetermined fixed escalation of minimum rents at rates ranging from 1.96% to 4.00% per annum and renewal options that could extend certain leases up to an additional nine years; the office equipment lease contains a renewal option that could extend the lease to consecutive 60-day terms and a purchase option.
During the Successor 2021 Period, the Company negotiated the early termination of a lease agreement for office space located in Littleton, Colorado. With an original termination date in December 2027, the early termination reduced the Company’s total future minimum lease obligations by $1.6 million.
As of December 31, 2021, the future annual minimum lease payments for operating leases are as follows:
The Company records rent expense on a straight-line basis over the life of the lease. The table below presents the rent expense under all leases for the following periods: