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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company leases 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 |  | Years Ended December 31,
(in thousands) |  |  | 2023 |  | 2022 |  | 2021
Finance lease cost |  |  |  |  |  |  |
Amortization of leased assets | Depreciation |  | $ | 477 |  |  | $ | 477 |  |  | $ | 498 |
Interest on lease liabilities | Interest expense |  | 78 |  |  | 83 |  |  | 95 |
Operating lease cost | Operating expense 1 |  | 6,982 |  |  | 7,570 |  |  | 7,063 |
Lease cost |  |  | $ | 7,537 |  |  | $ | 8,130 |  |  | $ | 7,656 |
_________________________________________ (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 at December 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 5,626 |  |  | $ | 178 |  |  | $ | 5,804 |
2025 |  | 5,555 |  |  | 180 |  |  | 5,735 |
2026 |  | 4,702 |  |  | 153 |  |  | 4,855 |
2027 |  | 3,874 |  |  | 155 |  |  | 4,029 |
2028 |  | 3,539 |  |  | 158 |  |  | 3,697 |
2029 and thereafter |  | 61,732 |  |  | 1,201 |  |  | 62,933 |
Total lease payments |  | 85,028 |  |  | 2,025 |  |  | 87,053 |
Less: interest |  | (33,589) |  |  | (526) |  |  | (34,115) |
Present value of lease liabilities |  | $ | 51,439 |  |  | $ | 1,499 |  |  | $ | 52,938 |
| December 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.2 |  | 19.8
Weighted average discount rate | 4.9 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 12.3 |  | 13.1
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash paid for operating lease liabilities |  | $ | 6,379 |  |  | $ | 6,116 |  |  | $ | 5,643 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) |  | $ | 2,037 |  |  | $ | 2,527 |  |  | $ | 11,140 |
The Company recognized $18.5 million, $18.4 million and $11.1 million of operating lease revenue for the years ended December 31, 2023, 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 consolidated statements of comprehensive income (loss). 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, 2023:
(in thousands) |  | Operating Leases
2024 |  | $ | 16,508 |
2025 |  | 15,574 |
2026 |  | 12,517 |
2027 |  | 11,022 |
2028 |  | 9,529 |
2029 and thereafter |  | 16,275 |
Total |  | $ | 81,425 |
Leases | Leases The Company leases 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 |  | Years Ended December 31,
(in thousands) |  |  | 2023 |  | 2022 |  | 2021
Finance lease cost |  |  |  |  |  |  |
Amortization of leased assets | Depreciation |  | $ | 477 |  |  | $ | 477 |  |  | $ | 498 |
Interest on lease liabilities | Interest expense |  | 78 |  |  | 83 |  |  | 95 |
Operating lease cost | Operating expense 1 |  | 6,982 |  |  | 7,570 |  |  | 7,063 |
Lease cost |  |  | $ | 7,537 |  |  | $ | 8,130 |  |  | $ | 7,656 |
_________________________________________ (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 at December 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 5,626 |  |  | $ | 178 |  |  | $ | 5,804 |
2025 |  | 5,555 |  |  | 180 |  |  | 5,735 |
2026 |  | 4,702 |  |  | 153 |  |  | 4,855 |
2027 |  | 3,874 |  |  | 155 |  |  | 4,029 |
2028 |  | 3,539 |  |  | 158 |  |  | 3,697 |
2029 and thereafter |  | 61,732 |  |  | 1,201 |  |  | 62,933 |
Total lease payments |  | 85,028 |  |  | 2,025 |  |  | 87,053 |
Less: interest |  | (33,589) |  |  | (526) |  |  | (34,115) |
Present value of lease liabilities |  | $ | 51,439 |  |  | $ | 1,499 |  |  | $ | 52,938 |
| December 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.2 |  | 19.8
Weighted average discount rate | 4.9 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 12.3 |  | 13.1
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash paid for operating lease liabilities |  | $ | 6,379 |  |  | $ | 6,116 |  |  | $ | 5,643 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) |  | $ | 2,037 |  |  | $ | 2,527 |  |  | $ | 11,140 |
The Company recognized $18.5 million, $18.4 million and $11.1 million of operating lease revenue for the years ended December 31, 2023, 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 consolidated statements of comprehensive income (loss). 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, 2023:
(in thousands) |  | Operating Leases
2024 |  | $ | 16,508 |
2025 |  | 15,574 |
2026 |  | 12,517 |
2027 |  | 11,022 |
2028 |  | 9,529 |
2029 and thereafter |  | 16,275 |
Total |  | $ | 81,425 |
Leases | Leases The Company leases 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 |  | Years Ended December 31,
(in thousands) |  |  | 2023 |  | 2022 |  | 2021
Finance lease cost |  |  |  |  |  |  |
Amortization of leased assets | Depreciation |  | $ | 477 |  |  | $ | 477 |  |  | $ | 498 |
Interest on lease liabilities | Interest expense |  | 78 |  |  | 83 |  |  | 95 |
Operating lease cost | Operating expense 1 |  | 6,982 |  |  | 7,570 |  |  | 7,063 |
Lease cost |  |  | $ | 7,537 |  |  | $ | 8,130 |  |  | $ | 7,656 |
_________________________________________ (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 at December 31, 2023:
(in thousands) |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 5,626 |  |  | $ | 178 |  |  | $ | 5,804 |
2025 |  | 5,555 |  |  | 180 |  |  | 5,735 |
2026 |  | 4,702 |  |  | 153 |  |  | 4,855 |
2027 |  | 3,874 |  |  | 155 |  |  | 4,029 |
2028 |  | 3,539 |  |  | 158 |  |  | 3,697 |
2029 and thereafter |  | 61,732 |  |  | 1,201 |  |  | 62,933 |
Total lease payments |  | 85,028 |  |  | 2,025 |  |  | 87,053 |
Less: interest |  | (33,589) |  |  | (526) |  |  | (34,115) |
Present value of lease liabilities |  | $ | 51,439 |  |  | $ | 1,499 |  |  | $ | 52,938 |
| December 31, 2023 |  | December 31, 2022
Operating leases |  |  |
Weighted average remaining lease term (years) | 19.2 |  | 19.8
Weighted average discount rate | 4.9 | % |  | 4.5 | %
Finance leases |  |  |
Weighted average remaining lease term (years) | 12.3 |  | 13.1
Weighted average discount rate | 5.2 | % |  | 5.2 | %
|  | Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash paid for operating lease liabilities |  | $ | 6,379 |  |  | $ | 6,116 |  |  | $ | 5,643 |
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modifications of existing leases) |  | $ | 2,037 |  |  | $ | 2,527 |  |  | $ | 11,140 |
The Company recognized $18.5 million, $18.4 million and $11.1 million of operating lease revenue for the years ended December 31, 2023, 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 consolidated statements of comprehensive income (loss). 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, 2023:
(in thousands) |  | Operating Leases
2024 |  | $ | 16,508 |
2025 |  | 15,574 |
2026 |  | 12,517 |
2027 |  | 11,022 |
2028 |  | 9,529 |
2029 and thereafter |  | 16,275 |
Total |  | $ | 81,425 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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