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Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 (in millions):
|  |  |  |  |  |  |  | Renewal/Termination Options Excluded (1) |  |  |  | Net Incremental (2)
Lease |  | Quarter |  | Transaction |  |  |  |  | Lease Classification |  | ROU assets |  | ROU liabilities
Silicon Valley 8 ("SV8") data center lease extended (3) |  | Q1 |  | Extended lease term by 16 years |  |  |  | Two 10-year renewal options |  | Finance Lease |  | $ | 98.1 |  |  | $ | 100.0 |
|  |  |  |  |  | Operating Lease |  | (13.7) |  |  | (15.6) |
Hong Kong 3 ("HK3") data center lease extended (3) |  | Q1 |  | Extended lease by 10 years, which included a 5-year renewal option |  |  |  | N/A |  | Finance Lease - Building |  | 38.0 |  |  | 38.0 |
Operating Lease - Land |  | 6.6 |  |  | 6.6 |
(1) These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time. (2) 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. (3) These leases 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, |  |
| 2021 |  | 2020 |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets (1) | $ | 36,128 |  |  | $ | 25,166 |  |  |  |  |
Interest on lease liabilities | 30,193 |  |  | 27,825 |  |  |  |  |
Total finance lease cost | 66,321 |  |  | 52,991 |  |  |  |  |
Operating lease cost | 56,454 |  |  | 53,791 |  |  |  |  |
Variable lease cost | 8,040 |  |  | 2,582 |  |  |  |  |
Total lease cost | $ | 130,815 |  |  | $ | 109,364 |  |  |  |  |
(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, 2021 | Three Months Ended March 31, 2020 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from finance leases | $ | 28,399 |  | $ | 26,967 |  |  |
Operating cash flows from operating leases | 52,092 |  | 51,985 |  |  |
Financing cash flows from finance leases | 32,584 |  | 18,977 |  |  |
ROU assets obtained in exchange for lease obligations: (1) |  |  |  |
Finance leases | $ | 186,981 |  | $ | 115,274 |  |  |
Operating leases | (1,948) |  | 6,612 |  |  |
| As of March 31, 2021 | As of December 31, 2020 |  |
Weighted-average remaining lease term - finance leases (2) | 14 years | 14 years |  |
Weighted-average remaining lease term - operating leases (2) | 12 years | 12 years |  |
Weighted-average discount rate - finance leases | 7 | % | 7 | % |  |
Weighted-average discount rate - operating leases | 4 | % | 4 | % |  |
Finance lease assets (3) | $ | 1,816,380 |  | $ | 1,688,032 |  |  |
(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, 2021 and December 31, 2020, we recorded accumulated amortization of finance lease assets of $626.8 million and $604.1 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, 2021 are as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
2021 (9 months remaining) | $ | 139,653 |  |  | $ | 183,906 |  |  | $ | 323,559 |
2022 | 196,704 |  |  | 231,600 |  |  | 428,304 |
2023 | 181,741 |  |  | 226,851 |  |  | 408,592 |
2024 | 168,996 |  |  | 224,965 |  |  | 393,961 |
2025 | 160,384 |  |  | 221,551 |  |  | 381,935 |
Thereafter | 1,037,936 |  |  | 2,084,622 |  |  | 3,122,558 |
Total lease payments | 1,885,414 |  |  | 3,173,495 |  |  | 5,058,909 |
Plus amount representing residual property value | — |  |  | 16,363 |  |  | 16,363 |
Less imputed interest | (485,684) |  |  | (1,127,963) |  |  | (1,613,647) |
Total | $ | 1,399,730 |  |  | $ | 2,061,895 |  |  | $ | 3,461,625 |
Maturities of lease liabilities | Maturities of lease liabilities as of March 31, 2021 are as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
2021 (9 months remaining) | $ | 139,653 |  |  | $ | 183,906 |  |  | $ | 323,559 |
2022 | 196,704 |  |  | 231,600 |  |  | 428,304 |
2023 | 181,741 |  |  | 226,851 |  |  | 408,592 |
2024 | 168,996 |  |  | 224,965 |  |  | 393,961 |
2025 | 160,384 |  |  | 221,551 |  |  | 381,935 |
Thereafter | 1,037,936 |  |  | 2,084,622 |  |  | 3,122,558 |
Total lease payments | 1,885,414 |  |  | 3,173,495 |  |  | 5,058,909 |
Plus amount representing residual property value | — |  |  | 16,363 |  |  | 16,363 |
Less imputed interest | (485,684) |  |  | (1,127,963) |  |  | (1,613,647) |
Total | $ | 1,399,730 |  |  | $ | 2,061,895 |  |  | $ | 3,461,625 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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