Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

Litigation

The Company may be involved in litigation in the ordinary course of business. As of December 31, 2023, the Company was not involved in any legal proceedings that are expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity.

Leases

As lessee, the Company's leasing arrangements are generally limited to operating leases for its corporate offices.

The weighted average remaining lease term based upon outstanding lease liability balances at December 31, 2023 was 6.3 years for operating leases on corporate offices.

The following table summarizes total lease cost for operating leases on corporate offices, which are included in administrative expense.

	December 31,
(In thousands)	2023		2022		2021
Fixed lease expense	$	8,678	$	7,090	$	7,010
Variable lease expense	1,713		2,073		1,829
Total operating lease cost	$	10,391	$	9,163	$	8,839

In 2022, the Company also had operating leases on tower assets that were temporarily warehoused from June to December 2022, with total lease cost, generally fixed, of $7.6 million (Note 2).

Lease Commitments

Operating lease liabilities take into consideration renewal or termination options when such options are deemed reasonably certain to be exercised by the Company and exclude variable lease payments which are expensed as incurred. The Company makes variable lease payments for: (i) leases with rental payments that are adjusted periodically for inflation, and/or (ii) nonlease services, such as common area maintenance.

The table below presents the Company's future lease commitments for operating leases on corporate offices at December 31, 2023, determined using a weighted average discount rate of 5.7%:

Year Ending December 31,	(In thousands)
2024	$	9,435
2025	9,454
2026	10,141
2027	9,113
2028	7,067
2029 and thereafter	15,203
Total lease payments	60,413
Present value discount	(11,378)
Operating lease liability on corporate offices	$	49,035

Commitments on Future Leases

At December 31, 2023, the Company had an operating lease commitment on an office space expected to commence in 2025 with fixed lease payments (undiscounted) totaling $57.1 million over a ten year lease term.