Leases (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Leases |
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| Components of Lease Expense |
| | | | | | | | | | For the Three Months Ended | | | | March 31, | | | | 2024 | | 2023 | | | | | (In thousands) | Operating lease cost (1) | | $ | 167,006 | | $ | 117,556 | | | | | | | | | | Short-term lease cost (2) | | | 1,023 | | | 1,279 | | | | | | | | | | Finance lease cost: | | | | | | | | Amortization of right-of-use assets | | | 18,468 | | | 34,197 | | Interest on lease liabilities | | | 2,792 | | | 3,570 | | Total finance lease cost | | | 21,260 | | | 37,767 | | Total lease costs | | $ | 189,289 | | $ | 156,602 | |
| (1) | The increase in operating lease cost is primarily related to communication tower leases. |
| (2) | Leases that have terms of 12 months or less. |
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| Summary of Supplemental cash flow information related to leases |
| | | | | | | | | For the Three Months Ended | | | March 31, | | | 2024 | | 2023 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 118,408 | | $ | 73,613 | Operating cash flows from finance leases | | $ | 2,824 | | $ | 2,397 | Financing cash flows from finance leases | | $ | 15,134 | | $ | 8,713 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 199,300 | | $ | 231,868 | Finance leases | | $ | — | | $ | 51,110 |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | As of | | | March 31, | | December 31, | | | 2024 | | 2023 | | | | (In thousands) | Operating Leases: | | | | | | | Operating lease assets | | $ | 3,092,070 | | $ | 3,065,448 | | | | | | | | Other current liabilities | | $ | 341,257 | | $ | 317,395 | Operating lease liabilities | | | 3,157,720 | | | 3,121,307 | Total operating lease liabilities | | $ | 3,498,977 | | $ | 3,438,702 | | | | | | | | Finance Leases: | | | | | | | Property and equipment, gross | | $ | 830,606 | | $ | 833,933 | Accumulated depreciation | | | (538,300) | | | (520,344) | Property and equipment, net | | $ | 292,306 | | $ | 313,589 | | | | | | | | Other current liabilities | | $ | 48,391 | | $ | 56,459 | Other long-term liabilities | | | 60,133 | | | 67,199 | Total finance lease liabilities | | $ | 108,524 | | $ | 123,658 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 10.0 years | | | 10.6 years | Finance leases | | | 2.1 years | | | 2.2 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 9.9% | | | 9.5% | Finance leases | | | 9.6% | | | 9.7% |
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| Summary of Maturities of lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2024 (remaining nine months) | | $ | 350,672 | | $ | 48,115 | | $ | 398,787 | 2025 | | | 499,361 | | | 35,392 | | | 534,753 | 2026 | | | 531,049 | | | 36,588 | | | 567,637 | 2027 | | | 531,138 | | | 2,574 | | | 533,712 | 2028 | | | 487,494 | | | — | | | 487,494 | Thereafter | | | 3,269,111 | | | — | | | 3,269,111 | Total lease payments | | | 5,668,825 | | | 122,669 | | | 5,791,494 | Less: Imputed interest | | | (2,169,848) | | | (14,145) | | | (2,183,993) | Total | | | 3,498,977 | | | 108,524 | | | 3,607,501 | Less: Current portion | | | (341,257) | | | (48,391) | | | (389,648) | Long-term portion of lease obligations | | $ | 3,157,720 | | $ | 60,133 | | $ | 3,217,853 |
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| Schedule of Lease Revenue |
| | | | | | | | | | For the Three Months Ended | | | | March 31, | | | | 2024 | | 2023 | | | | | (In thousands) | Lease revenue: | | | | | | | | Sales-type lease revenue | | $ | 1,084 | | $ | 4,201 | | Operating lease revenue | | | 5,654 | | | 11,187 | | Total lease revenue | | $ | 6,738 | | $ | 15,388 | |
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| Schedule of Operating Lease Payments to be Received |
| | | | For the Years Ending December 31, | | Total | | | (In thousands) | 2024 (remaining nine months) | | $ | 6,415 | 2025 | | | 4,953 | 2026 | | | 3,567 | 2027 | | | 3,488 | 2028 | | | 672 | Thereafter | | | 177 | Total lease payments to be received | | $ | 19,272 |
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