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LEASES

9 Months Ended

Sep. 30, 2021

4. LEASES

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between 3 and 10 years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):



	Three months ended September 30, 2021		Three months ended September 30, 2020		Nine months ended September 30, 2021		Nine months ended September 30, 2020
Operating lease cost:
Operating lease cost	$	5,921	$	4,152	$	14,395	$	12,228
Short-term lease cost		661		769		1,798		2,040
Variable lease cost		633		692		2,713		3,034
Total operating lease cost	$	7,215	$	5,613	$	18,906	$	17,302

Finance lease cost:
Amortization of right-of-use asset	$	618	$	534	$	1,807	$	1,628
Variable costs		194		198		586		655
Total finance lease cost	$	812	$	732	$	2,393	$	2,283

During the nine month periods ended September 30, 2021 and 2020, the Company paid $12.7 million and $9.1 million, respectively, for operating lease liabilities. During the nine months ended September 30, 2021 and 2020, the Company recorded $9.4 million and $5.7 million, respectively, of operating lease liabilities arising from ROU assets.

At September 30, 2021, finance leases with a cost of $29.5 million and accumulated amortization of $11.4 million were included in property, plant and equipment. During the nine months ended September 30, 2021, the Company paid $1.2 million for finance lease liabilities and recorded $2.3 million of additional finance lease liabilities. At September 30, 2021, finance leases had a lease liability of $5.1 million, of which $0.6 million was current. At December 31, 2020, finance leases with a cost of $25.4 million and accumulated amortization of $9.5 million were included in property, plant and equipment.

The weighted average remaining lease terms and discount rates as of September 30, 2021 and December 31, 2020 are noted in the table below:


	September 30, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases		11.5 years		5.9 years
Financing leases		10.5 years		10.9 years

Weighted-average discount rate
Operating leases		5.4%		5.0%
Financing leases		7.1%		3.3%

Maturities of lease liabilities as of September 30, 2021 were as follows (in thousands):


	Operating Leases		Financing Leases
2021 (excluding the nine months ended September 30, 2021)	$	4,227	$	263
2022		20,976		945
2023		17,686		954
2024		16,402		845
2025		13,422		721
Thereafter		73,831		3,630
Total lease payments		146,544		7,358
Less imputed interest		(41,332)		(2,283)
Total	$	105,212	$	5,075

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Operating Leases		Financing Leases
2021	$	14,877	$	334
2022		14,202		333
2023		11,799		333
2024		10,633		211
2025		7,816		—
Thereafter		13,094		—
Total lease payments		72,421		1,211
Less imputed interest		(10,097)		(82)
Total	$	62,324	$	1,129

As of September 30, 2021, the Company did not have any material operating or finance leases that have not yet commenced.