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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | Leases At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%. During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. 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 $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2020:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2020 |  | $ | 45,222 |  |  | $ | 108 |  |  | $ | 45,330 |
2021 |  | 66,042 |  |  | 174 |  |  | 66,216 |
2022 |  | 64,256 |  |  | 174 |  |  | 64,430 |
2023 |  | 60,770 |  |  | 174 |  |  | 60,944 |
2024 |  | 56,105 |  |  | 174 |  |  | 56,279 |
2025 and thereafter |  | 191,726 |  |  | 1,532 |  |  | 193,258 |
Total lease payments |  | 484,121 |  |  | 2,336 |  |  | 486,457 |
Less: Interest |  | 96,194 |  |  | 696 |  |  | 96,890 |
Present value of lease liabilities |  | $ | 387,927 |  |  | $ | 1,640 |  |  | $ | 389,567 |
We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. 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, 2020:
(in thousands) |  | Operating Leases
2020 |  | $ | 5,527 |
2021 |  | 5,775 |
2022 |  | 4,742 |
2023 |  | 3,112 |
2024 |  | 1,915 |
2025 and thereafter |  | 4,192 |
Total |  | $ | 25,263 |
Leases | Leases At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%. During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. 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 $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2020:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2020 |  | $ | 45,222 |  |  | $ | 108 |  |  | $ | 45,330 |
2021 |  | 66,042 |  |  | 174 |  |  | 66,216 |
2022 |  | 64,256 |  |  | 174 |  |  | 64,430 |
2023 |  | 60,770 |  |  | 174 |  |  | 60,944 |
2024 |  | 56,105 |  |  | 174 |  |  | 56,279 |
2025 and thereafter |  | 191,726 |  |  | 1,532 |  |  | 193,258 |
Total lease payments |  | 484,121 |  |  | 2,336 |  |  | 486,457 |
Less: Interest |  | 96,194 |  |  | 696 |  |  | 96,890 |
Present value of lease liabilities |  | $ | 387,927 |  |  | $ | 1,640 |  |  | $ | 389,567 |
We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. 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, 2020:
(in thousands) |  | Operating Leases
2020 |  | $ | 5,527 |
2021 |  | 5,775 |
2022 |  | 4,742 |
2023 |  | 3,112 |
2024 |  | 1,915 |
2025 and thereafter |  | 4,192 |
Total |  | $ | 25,263 |
Leases | Leases At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%. During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. 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 $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2020:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2020 |  | $ | 45,222 |  |  | $ | 108 |  |  | $ | 45,330 |
2021 |  | 66,042 |  |  | 174 |  |  | 66,216 |
2022 |  | 64,256 |  |  | 174 |  |  | 64,430 |
2023 |  | 60,770 |  |  | 174 |  |  | 60,944 |
2024 |  | 56,105 |  |  | 174 |  |  | 56,279 |
2025 and thereafter |  | 191,726 |  |  | 1,532 |  |  | 193,258 |
Total lease payments |  | 484,121 |  |  | 2,336 |  |  | 486,457 |
Less: Interest |  | 96,194 |  |  | 696 |  |  | 96,890 |
Present value of lease liabilities |  | $ | 387,927 |  |  | $ | 1,640 |  |  | $ | 389,567 |
We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. 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, 2020:
(in thousands) |  | Operating Leases
2020 |  | $ | 5,527 |
2021 |  | 5,775 |
2022 |  | 4,742 |
2023 |  | 3,112 |
2024 |  | 1,915 |
2025 and thereafter |  | 4,192 |
Total |  | $ | 25,263 |

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