Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases
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:
Year Total
2022 $ 4,330 
2023 4,517 
2024 4,625 
2025 4,015 
2026 3,030 
Thereafter
 5,772 
Total future annual minimum lease payments
 $ 26,289 

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:
Successor Predecessor
Year Ended December 31, 2021 Period from February 10, 2020 to December 31, 2020 Period from January 1, 2020 to June 21, 2020
Rent expense on leases $ 3,424  $ 1,091  $ 228