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Note 9 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Leases, Lessee Disclosure [Text Block] |
9. | Leases
We determine if an arrangement is a lease at its inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments, because the implicit rate of the lease is generally not known. Right-of-use (“ROU”) assets related to our operating lease liabilities are measured at lease commencement based on the initial measurement of the lease liability, plus any prepaid lease payments and less any lease incentives. Our lease terms that are used in determining our operating lease liabilities at lease commencement may include options to extend or terminate the leases when it is reasonably certain that we will exercise such options. We amortize our ROU assets as operating lease expense generally on a straight-line basis over the lease term and classify both the lease amortization and imputed interest as operating expenses. We have lease agreements with lease and non-lease components, and in such cases, we generally account for the components separately with only the lease component included in the calculation of the ROU asset and lease liability. We have operating leases that primarily relate to certain of our facilities, data centers and vehicles. As of September 30, 2024, our operating leases substantially have remaining terms of one year to 99 years, some of which include options to extend and/or terminate the leases. We do not recognize lease assets and lease liabilities for any lease with an original lease term of less than one year. Cash flow movements related to our lease activities are included in other assets and accounts payable and other liabilities as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows. As of September 30, 2024, the weighted-average remaining term of our operating leases was approximately 9.1 years. The weighted-average discount rate used to calculate the values associated with our operating leases was 6.63%. The table below describes the nature of lease expense and classification of operating lease expense recognized in the three and nine-months ended September 30, 2024 and 2023, respectively (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 4 |  |  | $ | 4 |  |  | $ | 12 |  |  | $ | 13 |
Short-term lease expense |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 4 |
Total lease expense |  | $ | 5 |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | 17 |
The maturities of operating lease liabilities as of September 30, 2024, for the remainder of 2024 and the succeeding years were as follows (in millions):
Year ending December 31, |  | Operating Leases |
Remainder of 2024 |  | $ | 3 |
2025 |  |  | 14 |
2026 |  |  | 13 |
2027 |  |  | 11 |
2028 |  |  | 8 |
Thereafter |  |  | 48 |
Total lease payments |  |  | 97 |
Less: Imputed interest |  |  | (25 | )
Present value of lease liabilities |  | $ | 72 |
As a Lessor. We lease or sublease our owned or leased production facilities, land, towers and office space through operating leases with third parties. Payments received associated with these leases consist of fixed and variable payments. Fixed payments are received for the rental of space including fixed rate rent escalations over the applicable term of the lease agreements. Variable payments are received for short-term rental of space, variable rent escalations and reimbursement of operating costs related to the asset leased or subleased. We recognize revenue from fixed payments on a straight-line basis over the applicable term of the lease agreements, whose lives range between one and 42 years. The excess of straight-line revenue recognized over the fixed payments received is recorded as deferred rent receivable in other assets on our condensed consolidated balance sheets. The deferred rent receivable balance was $8 million and $6 million as of September 30, 2024 and December 31, 2023, respectively. We recognize revenue from variable payments each period as earned. Cash flow activities related to our lease activities for assets we lease to third parties are included in other assets and accounts receivable as presented in net cash provided by operating activities in our condensed consolidated statement of cash flows. The following table describes the nature of our lease revenue and classification of operating lease revenue recognized in the three and nine-months ended September 30, 2024 and 2023 (in millions):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease revenue |  | $ | 5 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 2 |
Variable lease revenue |  |  | 4 |  |  |  | 4 |  |  |  | 12 |  |  |  | 11 |
Total operating lease revenue |  | $ | 9 |  |  | $ | 6 |  |  | $ | 28 |  |  | $ | 13 |
The following table presents our future minimum rental receipts for non-cancelable leases and subleases as of September 30, 2024 (in millions):
Year ending December 31, |  | Operating Leases |
Remainder of 2024 |  | $ | 7 |
2025 |  |  | 25 |
2026 |  |  | 24 |
2027 |  |  | 23 |
2028 |  |  | 23 |
Thereafter |  |  | 249 |
Total lease receipts |  | $ | 351 |

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