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v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
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. The components of lease costs were as follows:
| Classification |  | Three Months Ended March 31,
(in thousands) |  |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |
Amortization of leased asset | Depreciation |  | $ | 119 |  |  | $ | 119 |
Interest of lease liabilities | Interest expense |  | 20 |  |  | 21 |
Operating lease cost | Operating expense 1 |  | 1,843 |  |  | 2,663 |
Lease Cost |  |  | $ | 1,982 |  |  | $ | 2,803 |
_________________________________________ (1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of March 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2023 |  | $ | 3,946 |  |  | $ | 71 |  |  | $ | 4,017 |
2024 |  | 5,613 |  |  | 178 |  |  | 5,791 |
2025 |  | 5,379 |  |  | 180 |  |  | 5,559 |
2026 |  | 4,770 |  |  | 153 |  |  | 4,923 |
2027 |  | 3,992 |  |  | 155 |  |  | 4,147 |
2028 and thereafter |  | 65,522 |  |  | 1,359 |  |  | 66,881 |
Total lease payments |  | 89,222 |  |  | 2,096 |  |  | 91,318 |
Less: Interest |  | (34,647) |  |  | (584) |  |  | (35,231) |
Present value of lease liabilities |  | $ | 54,575 |  |  | $ | 1,512 |  |  | $ | 56,087 |
Other information related to operating and finance leases was as follows:
| March 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.4 |  | 20.0
Weighted average discount rate | 4.6 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 13.1 |  | 13.9
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Three Months Ended March 31,
(in thousands) |  | 2023 |  | 2022
Cash paid for operating lease liabilities |  | $ | 1,684 |  |  | $ | 1,592 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) |  | 1,265 |  |  | 1,640 |
We recognized $4.5 million and $5.4 million of operating lease revenue for the three months ended March 31, 2023 and 2022, 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 operations. 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 as of March 31, 2023:
(in thousands) |  | Operating Leases
2023 |  | $ | 11,549 |
2024 |  | 14,244 |
2025 |  | 13,318 |
2026 |  | 10,275 |
2027 |  | 8,784 |
2028 and thereafter |  | 22,048 |
Total |  | $ | 80,218 |
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. The components of lease costs were as follows:
| Classification |  | Three Months Ended March 31,
(in thousands) |  |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |
Amortization of leased asset | Depreciation |  | $ | 119 |  |  | $ | 119 |
Interest of lease liabilities | Interest expense |  | 20 |  |  | 21 |
Operating lease cost | Operating expense 1 |  | 1,843 |  |  | 2,663 |
Lease Cost |  |  | $ | 1,982 |  |  | $ | 2,803 |
_________________________________________ (1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of March 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2023 |  | $ | 3,946 |  |  | $ | 71 |  |  | $ | 4,017 |
2024 |  | 5,613 |  |  | 178 |  |  | 5,791 |
2025 |  | 5,379 |  |  | 180 |  |  | 5,559 |
2026 |  | 4,770 |  |  | 153 |  |  | 4,923 |
2027 |  | 3,992 |  |  | 155 |  |  | 4,147 |
2028 and thereafter |  | 65,522 |  |  | 1,359 |  |  | 66,881 |
Total lease payments |  | 89,222 |  |  | 2,096 |  |  | 91,318 |
Less: Interest |  | (34,647) |  |  | (584) |  |  | (35,231) |
Present value of lease liabilities |  | $ | 54,575 |  |  | $ | 1,512 |  |  | $ | 56,087 |
Other information related to operating and finance leases was as follows:
| March 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.4 |  | 20.0
Weighted average discount rate | 4.6 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 13.1 |  | 13.9
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Three Months Ended March 31,
(in thousands) |  | 2023 |  | 2022
Cash paid for operating lease liabilities |  | $ | 1,684 |  |  | $ | 1,592 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) |  | 1,265 |  |  | 1,640 |
We recognized $4.5 million and $5.4 million of operating lease revenue for the three months ended March 31, 2023 and 2022, 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 operations. 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 as of March 31, 2023:
(in thousands) |  | Operating Leases
2023 |  | $ | 11,549 |
2024 |  | 14,244 |
2025 |  | 13,318 |
2026 |  | 10,275 |
2027 |  | 8,784 |
2028 and thereafter |  | 22,048 |
Total |  | $ | 80,218 |
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. The components of lease costs were as follows:
| Classification |  | Three Months Ended March 31,
(in thousands) |  |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |
Amortization of leased asset | Depreciation |  | $ | 119 |  |  | $ | 119 |
Interest of lease liabilities | Interest expense |  | 20 |  |  | 21 |
Operating lease cost | Operating expense 1 |  | 1,843 |  |  | 2,663 |
Lease Cost |  |  | $ | 1,982 |  |  | $ | 2,803 |
_________________________________________ (1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. The following table summarizes the expected maturity of lease liabilities as of March 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2023 |  | $ | 3,946 |  |  | $ | 71 |  |  | $ | 4,017 |
2024 |  | 5,613 |  |  | 178 |  |  | 5,791 |
2025 |  | 5,379 |  |  | 180 |  |  | 5,559 |
2026 |  | 4,770 |  |  | 153 |  |  | 4,923 |
2027 |  | 3,992 |  |  | 155 |  |  | 4,147 |
2028 and thereafter |  | 65,522 |  |  | 1,359 |  |  | 66,881 |
Total lease payments |  | 89,222 |  |  | 2,096 |  |  | 91,318 |
Less: Interest |  | (34,647) |  |  | (584) |  |  | (35,231) |
Present value of lease liabilities |  | $ | 54,575 |  |  | $ | 1,512 |  |  | $ | 56,087 |
Other information related to operating and finance leases was as follows:
| March 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.4 |  | 20.0
Weighted average discount rate | 4.6 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 13.1 |  | 13.9
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Three Months Ended March 31,
(in thousands) |  | 2023 |  | 2022
Cash paid for operating lease liabilities |  | $ | 1,684 |  |  | $ | 1,592 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases) |  | 1,265 |  |  | 1,640 |
We recognized $4.5 million and $5.4 million of operating lease revenue for the three months ended March 31, 2023 and 2022, 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 operations. 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 as of March 31, 2023:
(in thousands) |  | Operating Leases
2023 |  | $ | 11,549 |
2024 |  | 14,244 |
2025 |  | 13,318 |
2026 |  | 10,275 |
2027 |  | 8,784 |
2028 and thereafter |  | 22,048 |
Total |  | $ | 80,218 |

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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 + Details
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