Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2022:

(in thousands)	Operating Leases		Finance Leases		Total
2022	$	3,905	$	70	$	3,975
2023	5,223		176		5,399
2024	4,893		178		5,071
2025	4,696		180		4,876
2026	4,211		153		4,364
2027 and thereafter	68,256		1,514		69,770
Total lease payments	91,184		2,271		93,455
Less: Interest	35,378		666		36,044
Present value of lease liabilities	$	55,806	$	1,605	$	57,411

We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022:

(in thousands)	Operating Leases
2022	$	12,398
2023	13,849
2024	12,840
2025	11,908
2026	8,899
2027 and thereafter	30,769
Total	$	90,663

Leases

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2022:

(in thousands)	Operating Leases		Finance Leases		Total
2022	$	3,905	$	70	$	3,975
2023	5,223		176		5,399
2024	4,893		178		5,071
2025	4,696		180		4,876
2026	4,211		153		4,364
2027 and thereafter	68,256		1,514		69,770
Total lease payments	91,184		2,271		93,455
Less: Interest	35,378		666		36,044
Present value of lease liabilities	$	55,806	$	1,605	$	57,411

We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022:

(in thousands)	Operating Leases
2022	$	12,398
2023	13,849
2024	12,840
2025	11,908
2026	8,899
2027 and thereafter	30,769
Total	$	90,663

Leases

Leases

We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%.

For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, respectively. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2022:

(in thousands)	Operating Leases		Finance Leases		Total
2022	$	3,905	$	70	$	3,975
2023	5,223		176		5,399
2024	4,893		178		5,071
2025	4,696		180		4,876
2026	4,211		153		4,364
2027 and thereafter	68,256		1,514		69,770
Total lease payments	91,184		2,271		93,455
Less: Interest	35,378		666		36,044
Present value of lease liabilities	$	55,806	$	1,605	$	57,411

We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2022:

(in thousands)	Operating Leases
2022	$	12,398
2023	13,849
2024	12,840
2025	11,908
2026	8,899
2027 and thereafter	30,769
Total	$	90,663