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v3.21.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our right-of-use (ROU) assets and lease liabilities is set forth below:
| March 31, 2021 |  | December 31, 2020 |  |
| in millions |  |
ROU assets: |  |  |  |  |
Finance leases (a) | $ | 468.6 |  |  | $ | 477.8 |  |  |
Operating leases (b) | 1,338.4 |  |  | 1,454.7 |  |  |
Total ROU assets | $ | 1,807.0 |  |  | $ | 1,932.5 |  |  |
Lease liabilities: |  |  |  |  |
Finance leases (c) | $ | 526.5 |  |  | $ | 556.5 |  |  |
Operating leases (d) | 1,340.0 |  |  | 1,447.7 |  |  |
Total lease liabilities | $ | 1,866.5 |  |  | $ | 2,004.2 |  |  |
_______________ (a)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $9.7 million and $11.1 million, respectively. (b)Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for operating leases was 12.6 years and the weighted average discount rate was 5.8%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $32.9 million and $33.9 million, respectively. (c)The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our condensed consolidated balance sheets. (d)The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below:
|  |  | Three months ended March 31, |  |
|  |  |  |  | 2021 |  | 2020 |  |
|  |  |  |  | in millions |  |
Finance lease expense: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | 19.8 |  |  | $ | 21.7 |  |  |
Interest expense |  |  |  |  | 8.6 |  |  | 8.1 |  |  |
Total finance lease expense |  |  |  |  | 28.4 |  |  | 29.8 |  |  |
Operating lease expense (a) |  |  |  |  | 64.6 |  |  | 35.8 |  |  |
Short-term lease expense (a) |  |  |  |  | 2.2 |  |  | 1.8 |  |  |
Variable lease expense (b) |  |  |  |  | 1.5 |  |  | 1.3 |  |  |
Total lease expense |  |  |  |  | $ | 96.7 |  |  | $ | 68.7 |  |  |
_______________ (a)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b)Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below:
| Three months ended March 31, |  |
| 2021 |  | 2020 |  |
| in millions |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash outflows from operating leases | $ | 80.4 |  |  | $ | 38.9 |  |  |
Operating cash outflows from finance leases | 8.6 |  |  | 8.1 |  |  |
Financing cash outflows from finance leases | 18.3 |  |  | 39.2 |  |  |
Total cash outflows from operating and finance leases | $ | 107.3 |  |  | $ | 86.2 |  |  |
Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2021 (remainder of year) | $ | 140.5 |  |  | $ | 77.6 |
2022 | 191.0 |  |  | 95.3 |
2023 | 177.8 |  |  | 98.9 |
2024 | 160.1 |  |  | 60.6 |
2025 | 146.4 |  |  | 57.3 |
2026 | 134.0 |  |  | 52.3 |
Thereafter | 988.9 |  |  | 234.2 |
Total payments | 1,938.7 |  |  | 676.2 |
Less: present value discount | (598.7) |  |  | (149.7) |
Present value of lease payments | $ | 1,340.0 |  |  | $ | 526.5 |
Current portion | $ | 174.3 |  |  | $ | 72.7 |
Noncurrent portion | $ | 1,165.7 |  |  | $ | 453.8 |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our right-of-use (ROU) assets and lease liabilities is set forth below:
| March 31, 2021 |  | December 31, 2020 |  |
| in millions |  |
ROU assets: |  |  |  |  |
Finance leases (a) | $ | 468.6 |  |  | $ | 477.8 |  |  |
Operating leases (b) | 1,338.4 |  |  | 1,454.7 |  |  |
Total ROU assets | $ | 1,807.0 |  |  | $ | 1,932.5 |  |  |
Lease liabilities: |  |  |  |  |
Finance leases (c) | $ | 526.5 |  |  | $ | 556.5 |  |  |
Operating leases (d) | 1,340.0 |  |  | 1,447.7 |  |  |
Total lease liabilities | $ | 1,866.5 |  |  | $ | 2,004.2 |  |  |
_______________ (a)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $9.7 million and $11.1 million, respectively. (b)Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for operating leases was 12.6 years and the weighted average discount rate was 5.8%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $32.9 million and $33.9 million, respectively. (c)The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our condensed consolidated balance sheets. (d)The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below:
|  |  | Three months ended March 31, |  |
|  |  |  |  | 2021 |  | 2020 |  |
|  |  |  |  | in millions |  |
Finance lease expense: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  | $ | 19.8 |  |  | $ | 21.7 |  |  |
Interest expense |  |  |  |  | 8.6 |  |  | 8.1 |  |  |
Total finance lease expense |  |  |  |  | 28.4 |  |  | 29.8 |  |  |
Operating lease expense (a) |  |  |  |  | 64.6 |  |  | 35.8 |  |  |
Short-term lease expense (a) |  |  |  |  | 2.2 |  |  | 1.8 |  |  |
Variable lease expense (b) |  |  |  |  | 1.5 |  |  | 1.3 |  |  |
Total lease expense |  |  |  |  | $ | 96.7 |  |  | $ | 68.7 |  |  |
_______________ (a)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b)Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below:
| Three months ended March 31, |  |
| 2021 |  | 2020 |  |
| in millions |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash outflows from operating leases | $ | 80.4 |  |  | $ | 38.9 |  |  |
Operating cash outflows from finance leases | 8.6 |  |  | 8.1 |  |  |
Financing cash outflows from finance leases | 18.3 |  |  | 39.2 |  |  |
Total cash outflows from operating and finance leases | $ | 107.3 |  |  | $ | 86.2 |  |  |
Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates:
| Operating leases |  | Finance leases
| in millions
Year ending December 31: |  |  |
2021 (remainder of year) | $ | 140.5 |  |  | $ | 77.6 |
2022 | 191.0 |  |  | 95.3 |
2023 | 177.8 |  |  | 98.9 |
2024 | 160.1 |  |  | 60.6 |
2025 | 146.4 |  |  | 57.3 |
2026 | 134.0 |  |  | 52.3 |
Thereafter | 988.9 |  |  | 234.2 |
Total payments | 1,938.7 |  |  | 676.2 |
Less: present value discount | (598.7) |  |  | (149.7) |
Present value of lease payments | $ | 1,340.0 |  |  | $ | 526.5 |
Current portion | $ | 174.3 |  |  | $ | 72.7 |
Noncurrent portion | $ | 1,165.7 |  |  | $ | 453.8 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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