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v3.23.3

Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Schedule of Leases Entered into During the Period | The following table summarizes the significant lease transactions during the nine months ended September 30, 2023 (in thousands):
|  |  |  |  |  |  |  | Renewal/Termination Options excluded (1) |  |  |  | Net Incremental (2)
Lease |  | Quarter |  | Transaction |  |  |  |  | Lease Classification |  | ROU assets |  | ROU liabilities
Chicago 1/2/4 ("CH1/2/4") data center lease expansion |  | Q2 |  | Expanded CH1 to additional space within the building (3) |  |  |  | One 10-year renewal option |  | Operating Lease |  | $ | 150,990 |  |  | $ | 176,316 |
|  |  |  |  |  | Finance Lease |  | 78,073 |  |  | 52,747 |
(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. Certain complementary leases contain one additional 10-year renewal option. (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) The incremental balance includes the impact of reassessing lease terms of complementary leases of CH1, resulting in new lease end dates ranging from June 2037 to October 2040 from including renewal options that are reasonably certain to be exercised and in certain complementary leases changing classification.
Schedule of Components of Lease Expenses | The components of lease expenses are as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets (1) | $ | 46,428 |  |  | $ | 39,456 |  |  | $ | 131,481 |  |  | $ | 120,684 |
Interest on lease liabilities | 28,422 |  |  | 27,742 |  |  | 85,100 |  |  | 84,986 |
Total finance lease cost | 74,850 |  |  | 67,198 |  |  | 216,581 |  |  | 205,670 |
Operating lease cost | 57,803 |  |  | 55,031 |  |  | 168,896 |  |  | 159,632 |
Variable lease cost | 17,273 |  |  | 12,721 |  |  | 46,847 |  |  | 30,003 |
Total lease cost | $ | 149,926 |  |  | $ | 134,950 |  |  | $ | 432,324 |  |  | $ | 395,305 |
(1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.
Schedule of Other Information Related to Leases | Other information related to leases is as follows (in thousands, except years and percent):
| Nine Months Ended September 30,
| 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 82,864 |  |  | $ | 82,841 |
Operating cash flows from operating leases | 150,779 |  |  | 144,954 |
Financing cash flows from finance leases | 98,091 |  |  | 97,808 |
Right-of-use assets obtained in exchange for lease obligations: (1) |  |  |
Finance leases | $ | 193,667 |  |  | $ | 78,432 |
Operating leases | 254,822 |  |  | 318,882 |
| September 30, 2023 |  | December 31, 2022
Weighted-average remaining lease term - finance leases (2) | 14 years |  | 15 years
Weighted-average remaining lease term - operating leases (2) | 13 years |  | 12 years
Weighted-average discount rate - finance leases | 6 | % |  | 6 | %
Weighted-average discount rate - operating leases | 5 | % |  | 4 | %
Finance lease right-of-use assets (3) | $ | 1,991,556 |  |  | $ | 2,018,070 |
(1) Represents all non-cash changes in right-of-use assets. (2) Includes lease renewal options that are reasonably certain to be exercised. (3) As of September 30, 2023 and December 31, 2022, we recorded accumulated amortization of finance lease right-of-use assets of $856.5 million and $840.0 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of September 30, 2023 are as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
2023 (3 months remaining) | $ | 39,947 |  |  | $ | 56,103 |  |  | $ | 96,050 |
2024 | 212,645 |  |  | 253,239 |  |  | 465,884 |
2025 | 202,434 |  |  | 273,817 |  |  | 476,251 |
2026 | 195,717 |  |  | 242,464 |  |  | 438,181 |
2027 | 179,302 |  |  | 247,062 |  |  | 426,364 |
Thereafter | 1,300,666 |  |  | 2,327,007 |  |  | 3,627,673 |
Total lease payments | 2,130,711 |  |  | 3,399,692 |  |  | 5,530,403 |
Less imputed interest | (595,223) |  |  | (1,144,950) |  |  | (1,740,173) |
Total | $ | 1,535,488 |  |  | $ | 2,254,742 |  |  | $ | 3,790,230 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of September 30, 2023 are as follows (in thousands):
| Operating Leases |  | Finance Leases |  | Total
2023 (3 months remaining) | $ | 39,947 |  |  | $ | 56,103 |  |  | $ | 96,050 |
2024 | 212,645 |  |  | 253,239 |  |  | 465,884 |
2025 | 202,434 |  |  | 273,817 |  |  | 476,251 |
2026 | 195,717 |  |  | 242,464 |  |  | 438,181 |
2027 | 179,302 |  |  | 247,062 |  |  | 426,364 |
Thereafter | 1,300,666 |  |  | 2,327,007 |  |  | 3,627,673 |
Total lease payments | 2,130,711 |  |  | 3,399,692 |  |  | 5,530,403 |
Less imputed interest | (595,223) |  |  | (1,144,950) |  |  | (1,740,173) |
Total | $ | 1,535,488 |  |  | $ | 2,254,742 |  |  | $ | 3,790,230 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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