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Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Leases

At December 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of thirteen years and a weighted average discount rate of 5.2%.

We recognized $7.6 million, $7.1 million and $6.6 million of operating lease expense for the years ended December 31, 2022, 2021 and 2020, respectively. We recognized $0.6 million of interest and depreciation expense on finance leases for each of the years ended December 31, 2022, 2021 and 2020. 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 $6.1 million, $5.6 million, and $4.4 million of operating lease payments during the years ended December 31, 2022, 2021 and 2020, respectively. We also obtained $2.5 million, $11.1 million and $6.8 million of leased assets in exchange for new operating lease liabilities, including new and modified agreements, recognized during the years ended December 31, 2022, 2021 and 2020, respectively.

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:

(in thousands)						Operating Leases						Finance Leases						Total
2023						$	4,987					$	176					$	5,163
2024						5,102						178						5,280
2025						4,897						180						5,077
2026						4,405						153						4,558
2027						3,634						155						3,789
2028 and thereafter						64,443						1,359						65,802
Total lease payments						87,468						2,201						89,669
Less: interest						(34,162)						(604)						(34,766)
Present value of lease liabilities						$	53,306					$	1,597					$	54,903

We recognized $18.4 million, $11.1 million, and $9.1 million of operating lease revenue for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of comprehensive (loss) income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:

(in thousands)						Operating Leases
2023						$	15,100
2024						13,710
2025						12,791
2026						9,754
2027						8,258
2028 and thereafter						21,572
Total						$	81,185

Leases

Leases

At December 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of thirteen years and a weighted average discount rate of 5.2%.

We recognized $7.6 million, $7.1 million and $6.6 million of operating lease expense for the years ended December 31, 2022, 2021 and 2020, respectively. We recognized $0.6 million of interest and depreciation expense on finance leases for each of the years ended December 31, 2022, 2021 and 2020. 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 $6.1 million, $5.6 million, and $4.4 million of operating lease payments during the years ended December 31, 2022, 2021 and 2020, respectively. We also obtained $2.5 million, $11.1 million and $6.8 million of leased assets in exchange for new operating lease liabilities, including new and modified agreements, recognized during the years ended December 31, 2022, 2021 and 2020, respectively.

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:

(in thousands)						Operating Leases						Finance Leases						Total
2023						$	4,987					$	176					$	5,163
2024						5,102						178						5,280
2025						4,897						180						5,077
2026						4,405						153						4,558
2027						3,634						155						3,789
2028 and thereafter						64,443						1,359						65,802
Total lease payments						87,468						2,201						89,669
Less: interest						(34,162)						(604)						(34,766)
Present value of lease liabilities						$	53,306					$	1,597					$	54,903

We recognized $18.4 million, $11.1 million, and $9.1 million of operating lease revenue for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of comprehensive (loss) income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:

(in thousands)						Operating Leases
2023						$	15,100
2024						13,710
2025						12,791
2026						9,754
2027						8,258
2028 and thereafter						21,572
Total						$	81,185

Leases

Leases

At December 31, 2022, our operating leases had a weighted average remaining lease term of twenty years and a weighted average discount rate of 4.5%. Our finance leases had a weighted average remaining lease term of thirteen years and a weighted average discount rate of 5.2%.

We recognized $7.6 million, $7.1 million and $6.6 million of operating lease expense for the years ended December 31, 2022, 2021 and 2020, respectively. We recognized $0.6 million of interest and depreciation expense on finance leases for each of the years ended December 31, 2022, 2021 and 2020. 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 $6.1 million, $5.6 million, and $4.4 million of operating lease payments during the years ended December 31, 2022, 2021 and 2020, respectively. We also obtained $2.5 million, $11.1 million and $6.8 million of leased assets in exchange for new operating lease liabilities, including new and modified agreements, recognized during the years ended December 31, 2022, 2021 and 2020, respectively.

The following table summarizes the expected maturity of lease liabilities at December 31, 2022:

(in thousands)						Operating Leases						Finance Leases						Total
2023						$	4,987					$	176					$	5,163
2024						5,102						178						5,280
2025						4,897						180						5,077
2026						4,405						153						4,558
2027						3,634						155						3,789
2028 and thereafter						64,443						1,359						65,802
Total lease payments						87,468						2,201						89,669
Less: interest						(34,162)						(604)						(34,766)
Present value of lease liabilities						$	53,306					$	1,597					$	54,903

We recognized $18.4 million, $11.1 million, and $9.1 million of operating lease revenue for the years ended December 31, 2022, 2021 and 2020, 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 consolidated statements of comprehensive (loss) income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our contractual minimum rental receipts expected under the lease agreements in place at December 31, 2022:

(in thousands)						Operating Leases
2023						$	15,100
2024						13,710
2025						12,791
2026						9,754
2027						8,258
2028 and thereafter						21,572
Total						$	81,185

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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 https://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 https://asc.fasb.org/subtopic&trid=77888251

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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 https://asc.fasb.org/subtopic&trid=77888252

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