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Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Leases

At June 30, 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 and six months ended June 30, 2020, we recognized $17.8 million and $35.6 million of operating lease expense, respectively. Comparatively, during the three and six months ended June 30, 2019, we recognized $16.8 million and $33.7 million of operating lease expense, respectively. We recognized $0.1 million and $0.3 million of interest and depreciation expense on finance leases during the three and six months ended June 30, 2020 and June 30, 2019, respectively. 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 $16.4 million and $31.8 million of operating lease payments during the three and six months ended June 30, 2020, respectively. We remitted $15.9 million and $30.5 million of operating lease payments during the three and six months ended June 30, 2019, respectively. We also obtained $2.2 million and $5.5 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2020, respectively. We obtained $21.2 million and $25.7 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at June 30, 2020:

(in thousands)		Operating Leases				Finance Leases				Total
2020		$	28,935			$	93			$	29,028
2021		66,338				174				66,512
2022		64,493				174				64,667
2023		60,994				174				61,168
2024		56,329				174				56,503
2025 and thereafter		193,826				1,530				195,356
Total lease payments		470,915				2,319				473,234
Less: Interest		93,060				676				93,736
Present value of lease liabilities		$	377,855			$	1,643			$	379,498

We recognized $2.1 million and $4.2 million of operating lease revenue during the three and six months ended June 30, 2020, respectively, and $2.0 million and $4.0 million during the three and six months ended June 30, 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 June 30, 2020:

(in thousands)		Operating Leases
2020		$	3,938
2021		6,007
2022		4,944
2023		3,313
2024		2,117
2025 and thereafter		4,517
Total		$	24,836

Leases

Leases

At June 30, 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 and six months ended June 30, 2020, we recognized $17.8 million and $35.6 million of operating lease expense, respectively. Comparatively, during the three and six months ended June 30, 2019, we recognized $16.8 million and $33.7 million of operating lease expense, respectively. We recognized $0.1 million and $0.3 million of interest and depreciation expense on finance leases during the three and six months ended June 30, 2020 and June 30, 2019, respectively. 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 $16.4 million and $31.8 million of operating lease payments during the three and six months ended June 30, 2020, respectively. We remitted $15.9 million and $30.5 million of operating lease payments during the three and six months ended June 30, 2019, respectively. We also obtained $2.2 million and $5.5 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2020, respectively. We obtained $21.2 million and $25.7 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at June 30, 2020:

(in thousands)		Operating Leases				Finance Leases				Total
2020		$	28,935			$	93			$	29,028
2021		66,338				174				66,512
2022		64,493				174				64,667
2023		60,994				174				61,168
2024		56,329				174				56,503
2025 and thereafter		193,826				1,530				195,356
Total lease payments		470,915				2,319				473,234
Less: Interest		93,060				676				93,736
Present value of lease liabilities		$	377,855			$	1,643			$	379,498

We recognized $2.1 million and $4.2 million of operating lease revenue during the three and six months ended June 30, 2020, respectively, and $2.0 million and $4.0 million during the three and six months ended June 30, 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 June 30, 2020:

(in thousands)		Operating Leases
2020		$	3,938
2021		6,007
2022		4,944
2023		3,313
2024		2,117
2025 and thereafter		4,517
Total		$	24,836

Leases

Leases

At June 30, 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 and six months ended June 30, 2020, we recognized $17.8 million and $35.6 million of operating lease expense, respectively. Comparatively, during the three and six months ended June 30, 2019, we recognized $16.8 million and $33.7 million of operating lease expense, respectively. We recognized $0.1 million and $0.3 million of interest and depreciation expense on finance leases during the three and six months ended June 30, 2020 and June 30, 2019, respectively. 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 $16.4 million and $31.8 million of operating lease payments during the three and six months ended June 30, 2020, respectively. We remitted $15.9 million and $30.5 million of operating lease payments during the three and six months ended June 30, 2019, respectively. We also obtained $2.2 million and $5.5 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2020, respectively. We obtained $21.2 million and $25.7 million of leased assets in exchange for new operating lease liabilities during the three and six months ended June 30, 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at June 30, 2020:

(in thousands)		Operating Leases				Finance Leases				Total
2020		$	28,935			$	93			$	29,028
2021		66,338				174				66,512
2022		64,493				174				64,667
2023		60,994				174				61,168
2024		56,329				174				56,503
2025 and thereafter		193,826				1,530				195,356
Total lease payments		470,915				2,319				473,234
Less: Interest		93,060				676				93,736
Present value of lease liabilities		$	377,855			$	1,643			$	379,498

We recognized $2.1 million and $4.2 million of operating lease revenue during the three and six months ended June 30, 2020, respectively, and $2.0 million and $4.0 million during the three and six months ended June 30, 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 June 30, 2020:

(in thousands)		Operating Leases
2020		$	3,938
2021		6,007
2022		4,944
2023		3,313
2024		2,117
2025 and thereafter		4,517
Total		$	24,836

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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

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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

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The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph Note 1
-URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph Note 3
-URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=77888252

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