Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Components of Lease Income

The components of lease income for the three months ended March 31, 2022 and 2021, respectively, are as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Lease income - operating leases	$	221,565	$	205,195

Lease Payments to be Received under Non-Cancellable Operating Leases

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms are as of March 31, 2022 are as follows:

(Thousands)	March 31, 2022 (1)
2022	$	566,495
2023		772,167
2024		774,111
2025		775,326
2026		776,735
Thereafter		3,033,462
Total lease receivables	$	6,698,296
(1) Total future minimum lease payments to be received include $5.7 billion relating to the Windstream Leases.

Schedule of Underlying Assets under Operating Leases

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	March 31, 2022			December 31, 2021
Land	$	26,580		$	26,593
Building and improvements		343,934			343,624
Poles		285,474			281,130
Fiber		3,317,265			3,278,276
Equipment		428			428
Copper		3,933,940			3,918,281
Conduit		89,859			89,859
Tower assets		1,397			1,397
Finance lease assets		28,126			28,126
Other assets		10,577			10,649
		8,037,580			7,978,363
Less:  accumulated depreciation		(5,433,927	)		(5,391,479	)
Underlying assets under operating leases, net	$	2,603,653		$	2,586,884

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three months ended March 31, 2022 and 2021, respectively, is summarized as follows:

	Three Months Ended March 31,
(Thousands)	2022		2021
Depreciation expense for underlying assets under operating leases	$	43,187	$	45,913

Future Lease Payments Under Non-Cancellable Operating and Finance Leases

Future lease payments under non-cancellable leases as of March 31, 2022 are as follows:

(Thousands)	Operating Leases			Finance Leases
2022	$	11,387		$	1,724
2023		13,515			2,281
2024		11,204			2,082
2025		8,590			2,021
2026		5,964			2,021
Thereafter		37,309			14,749
Total undiscounted lease payments	$	87,969		$	24,878
Less:  imputed interest		(28,290	)		(9,734	)
Total lease liabilities	$	59,679		$	15,144