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Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Schedule of leases entered into during the period
The following table summarizes the significant lease transactions during the three months ended March 31, 2022 (in thousands):
Renewal/Termination Options excluded
Net Incremental (1)
LeaseQuarterTransactionLease ClassificationROU assetsROU liabilities
Atlanta 1 ("AT1") data center lease extended & expansion (2)
Q1
Extended lease term by 12 years with additional three 10- year renewal options
Two 10-year renewal options
Finance Lease$71,994 $72,549 
Operating Lease(1,836)(2,391)
(1) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.
(2) This lease had components previously classified as operating leases.
Components of lease expenses
The components of lease expenses are as follows (in thousands):
Three Months Ended
March 31,
20222021
Finance lease cost
Amortization of ROU assets (1)
$40,123 $36,128 
Interest on lease liabilities28,887 30,193 
Total finance lease cost69,010 66,321 
Operating lease cost51,630 56,454 
Variable lease cost7,616 8,040 
Total lease cost$128,256 $130,815 
(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.
Other information related to leases
Other information related to leases is as follows (in thousands):
Three Months Ended
March 31, 2022		Three Months Ended
March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$28,297 $28,399 
Operating cash flows from operating leases47,970 52,092 
Financing cash flows from finance leases40,773 32,584 
ROU assets obtained in exchange for lease obligations: (1)
Finance leases$26,339 $186,981 
Operating leases7,400 (1,948)
As of March 31, 2022As of December 31, 2021
Weighted-average remaining lease term - finance leases (2)
14 years14 years
Weighted-average remaining lease term - operating leases (2)
12 years12 years
Weighted-average discount rate - finance leases6 %7 %
Weighted-average discount rate - operating leases4 %4 %
Finance lease ROU assets (3)
$1,893,388 $1,875,696 
(1) Represents all non-cash changes in ROU assets.
(2) Includes lease renewal options that are reasonably certain to be exercised.
(3) As of March 31, 2022 and December 31, 2021, we recorded accumulated amortization of finance lease ROU assets of $755.9 million and $726.4 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.
Maturities of lease liabilities
Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):
Operating LeasesFinance LeasesTotal
2022 (9 months remaining)$135,547 $188,375 $323,922 
2023179,941 240,325 420,266 
2024165,358 241,070 406,428 
2025155,133 238,414 393,547 
2026144,660 228,629 373,289 
Thereafter826,122 2,079,500 2,905,622 
Total lease payments1,606,761 3,216,313 4,823,074 
Plus amount representing residual property value— — — 
Less imputed interest(400,444)(1,040,674)(1,441,118)
Total$1,206,317 $2,175,639 $3,381,956 
Maturities of lease liabilities
Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):
Operating LeasesFinance LeasesTotal
2022 (9 months remaining)$135,547 $188,375 $323,922 
2023179,941 240,325 420,266 
2024165,358 241,070 406,428 
2025155,133 238,414 393,547 
2026144,660 228,629 373,289 
Thereafter826,122 2,079,500 2,905,622 
Total lease payments1,606,761 3,216,313 4,823,074 
Plus amount representing residual property value— — — 
Less imputed interest(400,444)(1,040,674)(1,441,118)
Total$1,206,317 $2,175,639 $3,381,956