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Leases | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Leases | Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, 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 $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2022 |  | $ | 3,905 |  |  | $ | 70 |  |  | $ | 3,975 |
2023 |  | 5,223 |  |  | 176 |  |  | 5,399 |
2024 |  | 4,893 |  |  | 178 |  |  | 5,071 |
2025 |  | 4,696 |  |  | 180 |  |  | 4,876 |
2026 |  | 4,211 |  |  | 153 |  |  | 4,364 |
2027 and thereafter |  | 68,256 |  |  | 1,514 |  |  | 69,770 |
Total lease payments |  | 91,184 |  |  | 2,271 |  |  | 93,455 |
Less: Interest |  | 35,378 |  |  | 666 |  |  | 36,044 |
Present value of lease liabilities |  | $ | 55,806 |  |  | $ | 1,605 |  |  | $ | 57,411 |
We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). 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, 2022:
(in thousands) |  | Operating Leases
2022 |  | $ | 12,398 |
2023 |  | 13,849 |
2024 |  | 12,840 |
2025 |  | 11,908 |
2026 |  | 8,899 |
2027 and thereafter |  | 30,769 |
Total |  | $ | 90,663 |
Leases | Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, 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 $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2022 |  | $ | 3,905 |  |  | $ | 70 |  |  | $ | 3,975 |
2023 |  | 5,223 |  |  | 176 |  |  | 5,399 |
2024 |  | 4,893 |  |  | 178 |  |  | 5,071 |
2025 |  | 4,696 |  |  | 180 |  |  | 4,876 |
2026 |  | 4,211 |  |  | 153 |  |  | 4,364 |
2027 and thereafter |  | 68,256 |  |  | 1,514 |  |  | 69,770 |
Total lease payments |  | 91,184 |  |  | 2,271 |  |  | 93,455 |
Less: Interest |  | 35,378 |  |  | 666 |  |  | 36,044 |
Present value of lease liabilities |  | $ | 55,806 |  |  | $ | 1,605 |  |  | $ | 57,411 |
We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). 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, 2022:
(in thousands) |  | Operating Leases
2022 |  | $ | 12,398 |
2023 |  | 13,849 |
2024 |  | 12,840 |
2025 |  | 11,908 |
2026 |  | 8,899 |
2027 and thereafter |  | 30,769 |
Total |  | $ | 90,663 |
Leases | Leases We lease various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business. At March 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.4%. Our finance leases had a weighted average remaining lease term of fourteen years and a weighted average discount rate of 5.2%. For each of the three months ended March 31, 2022 and 2021, we recognized $2.7 million and $1.4 million of operating lease expense, respectively. We recognized $0.1 million and $0.2 million of interest and depreciation expense on finance leases for the three months ended March 31, 2022 and 2021, 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 $1.6 million and $1.5 million of operating lease payments for the three months ended March 31, 2022 and 2021, respectively. We also obtained $1.6 million and $2.7 million of leased assets in exchange for new operating lease liabilities recognized for the three months ended March 31, 2022 and 2021, respectively. The following table summarizes the expected maturity of lease liabilities at March 31, 2022:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2022 |  | $ | 3,905 |  |  | $ | 70 |  |  | $ | 3,975 |
2023 |  | 5,223 |  |  | 176 |  |  | 5,399 |
2024 |  | 4,893 |  |  | 178 |  |  | 5,071 |
2025 |  | 4,696 |  |  | 180 |  |  | 4,876 |
2026 |  | 4,211 |  |  | 153 |  |  | 4,364 |
2027 and thereafter |  | 68,256 |  |  | 1,514 |  |  | 69,770 |
Total lease payments |  | 91,184 |  |  | 2,271 |  |  | 93,455 |
Less: Interest |  | 35,378 |  |  | 666 |  |  | 36,044 |
Present value of lease liabilities |  | $ | 55,806 |  |  | $ | 1,605 |  |  | $ | 57,411 |
We recognized $5.4 million and $2.4 million of operating lease revenue for the three months ended March 31, 2022 and 2021, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). 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, 2022:
(in thousands) |  | Operating Leases
2022 |  | $ | 12,398 |
2023 |  | 13,849 |
2024 |  | 12,840 |
2025 |  | 11,908 |
2026 |  | 8,899 |
2027 and thereafter |  | 30,769 |
Total |  | $ | 90,663 |

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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