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LEASES | 6 Months Ended
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Jun. 30, 2020
LEASES |
LEASES | 4. LEASES ​ The Company adopted ASU 2016-02 on January 1, 2019, utilizing the optional transition method with a cumulative adjustment on the date of adoption. Under this approach, the guidance was applied to leases that had commenced as of January 1, 2019 with a cumulative effect adjustment as of that date and prior periods were not adjusted. Upon adoption, the Company recognized an operating lease right-of-use (“ROU”) asset of $70.8 million, a short-term lease liability of $8.2 million, and a long-term lease liability of $61.2 million. The adoption had no impact on retained earnings or other components of equity. The Company elected the package of practical expedients. Under the package of practical expedients, for existing leases, the Company does not reassess: i) whether the arrangement contains a lease; ii) lease classification and; iii) initial direct costs. The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between three and ten years, some of which include additional renewal options. ​ Supplemental lease information ​ The components of lease expense were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended June 30, 2020 | ​ | Three months ended June 30, 2019 | ​ | Six months ended June 30, 2020 | ​ | Six months ended June 30, 2019
Operating lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | $ | 4,029 | ​ | $ | 4,151 | ​ | $ | 8,076 | ​ | $ | 7,667
Short-term lease cost | ​ | 729 | ​ | ​ | 867 | ​ | ​ | 1,271 | ​ | ​ | 1,578
Variable lease cost | ​ | 1,540 | ​ | ​ | 288 | ​ | ​ | 2,343 | ​ | ​ | 1,250
Total operating lease cost | $ | 6,298 | ​ | $ | 5,306 | ​ | $ | 11,690 | ​ | $ | 10,495
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | $ | 522 | ​ | $ | 586 | ​ | $ | 1,094 | ​ | $ | 1,179
Variable costs | ​ | 186 | ​ | ​ | 262 | ​ | ​ | 458 | ​ | ​ | 558
Total finance lease cost | $ | 708 | ​ | $ | 848 | ​ | $ | 1,552 | ​ | $ | 1,737
​ During the six months ended June 30, 2020 and 2019, the Company paid $7.2 million and $3.8 million, respectively, related to lease liabilities. During the six months ended June 30, 2020 and 2019 the Company recorded $1.7 million and $3.3 million, respectively, of lease liabilities arising from ROU assets. At June 30, 2020, finance leases with a cost of $25.2 million and accumulated amortization of $10.0 million were included in property, plant and equipment. At December 31, 2019, finance leases with a cost of $25.9 million and accumulated amortization of $9.4 million were included in property, plant and equipment. ​ The weighted average remaining lease terms and discount rates as of June 30, 2020 and December 31, 2019 are noted in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2020 | ​ | December 31, 2019
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 6.2 years | ​ | ​ | 6.5 years
Financing leases | ​ | 11.8 years | ​ | ​ | 11.7 years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 5.0% | ​ | ​ | 5.0%
Financing leases | ​ | n/a | ​ | ​ | n/a
​ Maturities of lease liabilities as of June 30, 2020 were as follows (in thousands): ​
​ | ​ | ​
​ | Operating Leases
2020 (excluding the six months ended June 30, 2020) | $ | 7,659
2021 | ​ | 14,279
2022 | ​ | 13,019
2023 | ​ | 10,737
2024 | ​ | 9,638
Thereafter | ​ | 19,329
Total lease payments | ​ | 74,661
Less imputed interest | ​ | (10,928)
Total | $ | 63,733
​ Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): ​
​ | ​ | ​
​ | Operating Leases
2020 | $ | 14,526
2021 | ​ | 13,714
2022 | ​ | 12,787
2023 | ​ | 10,713
2024 | ​ | 9,671
Thereafter | ​ | 18,355
Total lease payments | ​ | 79,766
Less imputed interest | ​ | (12,195)
Total | $ | 67,571
​ As of June 30, 2020, the Company did not have any material operating or finance leases that have not yet commenced.

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