
	For the Years Ended December 31,
	2023		2022		2021
	(In thousands)
Operating lease cost (1)	$	516,920	$	332,385	$	89,565

Short-term lease cost (2)		10,521		13,328		12,956

Finance lease cost:
Amortization of right-of-use assets (3)		66,966		28,037		65,967
Interest on lease liabilities (3)		14,090		12,145		14,693
Total finance lease cost (3)		81,056		40,182		80,660
Total lease costs	$	608,497	$	385,895	$	183,181

(1)	The increase in operating lease cost is primarily related to communication tower leases.

(2)	Leases that have terms of 12 months or less.

(3)

The decrease in finance lease cost for the year ended December 31, 2022 is primarily related to the QuetzSat-1 finance lease, which expired in November 2021, as well as the Anik F3 finance lease that was extended in April 2022 and as a result is currently accounted for as an operating lease. The increase in finance lease cost for the year ended December 31, 2023 is primarily related to equipment for our 5G Network Deployment.

Summary of supplemental balance sheet information related to leases


	As of December 31,
	2023		2022

	(In thousands)
Operating Leases:
Operating lease assets (1)	$	2,934,862	$	2,687,522

Other current liabilities (1)	$	301,172	$	194,030
Operating lease liabilities (1)		2,992,863		2,687,883
Total operating lease liabilities (1)	$	3,294,035	$	2,881,913

Finance Leases:
Property and equipment, gross	$	465,549	$	411,778
Accumulated depreciation		(370,768)		(303,802)
Property and equipment, net	$	94,781	$	107,976

Other current liabilities	$	56,459	$	48,066
Other long-term liabilities		67,199		75,287
Total finance lease liabilities	$	123,658	$	123,353

Weighted Average Remaining Lease Term:
Operating leases		10.7 years		11.8 years
Finance leases		2.2 years		2.7 years

Weighted Average Discount Rate:
Operating leases		9.5%		7.3%
Finance leases		9.7%		9.8%

(1)

In the fourth quarter of 2023, we revised certain terms with a vendor supplying communication towers. The revision in terms resulted in a lease modification, which was not accounted for as a separate contract. On the measurement date, we reassessed the terms of the original agreement, including but not limited to the timing of future cash flows, the remaining economic life of the underlying asset, the discount rate and the lease classification. This resulted in a reduction to both the operating lease asset and operating lease liability by approximately $227 million, which is included in “Operating lease assets,” and “Operating lease liabilities” on our Consolidated Balance Sheets.

Summary of maturities of finance lease liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows:


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total

	(In thousands)
2024	$	423,347	$	66,073	$	489,420
2025		463,276		35,392		498,668
2026		495,472		36,588		532,060
2027		495,786		2,574		498,360
2028		454,612		—		454,612
Thereafter		3,067,035		—		3,067,035
Total lease payments		5,399,528		140,627		5,540,155
Less: Imputed interest		(2,105,493)		(16,969)		(2,122,462)
Total		3,294,035		123,658		3,417,693
Less: Current portion		(301,172)		(56,459)		(357,631)
Long-term portion of lease obligations	$	2,992,863	$	67,199	$	3,060,062