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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Income
The components of lease income for the years ended December 31, 2024 and 2023 are as follows:
(Thousands)Year Ended
December 31, 2024
Year Ended
December 31, 2023
Lease income - operating leases$929,208 $911,828 
Schedule of 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 as of December 31, 2024 are as follows:
(Thousands)
December 31, 2024 (1)
2025$838,612 
2026845,192 
2027845,712 
2028845,687 
2029845,050 
Thereafter782,772 
Total lease receivables$5,003,025 
(1) Total future minimum lease payments to be received include $4.1 billion relating to the Windstream Leases.
Future sublease rentals as of December 31, 2024 are as follows:
(Thousands)Sublease Rentals
2025$16,350 
202616,601 
202716,833 
202816,826 
202915,137 
Thereafter140,322 
Total$222,069 
Schedule of Property, Plant, and Equipment, Lessor Asset under Operating Lease
The underlying assets under operating leases where we are the lessor as of December 31, 2024 and 2023 are summarized as follows:
(Thousands)December 31, 2024December 31, 2023
Land$26,711 $26,533 
Building and improvements350,829 347,700 
Poles341,548 314,488 
Fiber4,222,895 3,862,635 
Equipment437 436 
Copper3,972,806 3,974,410 
Conduit90,193 90,087 
Tower assets58 58 
Finance lease assets1,889 1,890 
Other assets10,432 10,434 
9,017,798 8,628,671 
Less: accumulated depreciation(5,852,579)(5,690,066)
Underlying assets under operating leases, net$3,165,219 $2,938,605 
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 years ended December 31, 2024 and 2023 is summarized as follows:
(Thousands)Year Ended
December 31, 2024
Year Ended
December 31, 2023
Depreciation expense for underlying assets under operating leases$186,447 $182,906 
Schedule of Components of Lease Cost
The components of lease cost are presented within general and administrative expense and operating expense, while sublease income is presented within revenues in our Consolidated Statements of Income (Loss) for the years ended December 31, 2024 and 2023 are as follows:
(Thousands)Year Ended
December 31, 2024
Year Ended
December 31, 2023
Finance lease cost
Amortization of ROU assets$4,190 $4,066 
Interest on lease liabilities1,732 1,575 
Total finance lease cost5,922 5,641 
Operating lease cost24,916 22,999 
Short-term lease cost4,223 3,525 
Variable lease cost630 938 
Less sublease income(17,856)(14,590)
Total lease cost$17,835 $18,513 
Other information related to leases as of December 31, 2024 and 2023 are as follows:
(Thousands)Year Ended
December 31, 2024
Year Ended
December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases$1,732 $1,575 
Operating cash flows for operating leases31,311 22,326 
Financing cash flows for finance leases2,652 2,262 
Non-cash items:
New operating leases and remeasurements, net$18,961 $32,490 
New finance leases and remeasurements, net1,792 5,687 
Schedule of Amounts Reported in Consolidated Balance Sheets for Leases
Amounts reported in the Consolidated Balance Sheets for leases where we are the lessee as of December 31, 2024 and 2023 were as follows:
(Thousands)Location on Consolidated Balance SheetsDecember 31, 2024December 31, 2023
Operating leases
ROU asset, netOperating lease right-of-use assets, net$126,791 $125,105 
Lease liabilityOperating lease liabilities80,504 84,404 
  
Finance leases  
ROU asset, grossProperty, plant and equipment, net$52,789 $52,589 
Lease liabilityFinance lease obligations17,190 18,110 
Weighted-average remaining lease term
Operating leases13.8 years13.4 years
Finance leases7.5 years8.7 years
Weighted-average discount rate
Operating leases10.4 %10.3 %
Finance leases10.0 %9.9 %
Schedule of Lessee, Operating Lease, Liability, Maturity
Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:
(Thousands)Operating Leases Finance Leases
2025$17,962 $4,232 
202614,404 4,106 
202711,568 3,399 
20289,870 2,572 
20298,352 1,877 
Thereafter97,856 7,395 
Total undiscounted lease payments$160,012 $23,581 
Less: imputed interest(79,508)(6,391)
Total lease liabilities$80,504 $17,190 
Schedule of Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under non-cancellable leases as of December 31, 2024 are as follows:
(Thousands)Operating Leases Finance Leases
2025$17,962 $4,232 
202614,404 4,106 
202711,568 3,399 
20289,870 2,572 
20298,352 1,877 
Thereafter97,856 7,395 
Total undiscounted lease payments$160,012 $23,581 
Less: imputed interest(79,508)(6,391)
Total lease liabilities$80,504 $17,190