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LEASES | 3 Months Ended
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Mar. 31, 2022
LEASES |
LEASES | ​ ​ 4. LEASES Lessee Disclosure ​ 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 March 31, 2022 | ​ | Three months ended March 31, 2021
Operating lease cost: | ​ | ​ | ​ | ​ | ​
Operating lease cost | $ | 6,142 | ​ | $ | 4,225
Short-term lease cost | ​ | 509 | ​ | ​ | 408
Variable lease cost | ​ | 804 | ​ | ​ | 1,065
Total operating lease cost | $ | 7,455 | ​ | $ | 5,698
​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | $ | 797 | ​ | $ | 574
Variable costs | ​ | 248 | ​ | ​ | 196
Interest costs | ​ | 102 | ​ | ​ | -
Total finance lease cost | $ | 1,147 | ​ | $ | 770
​ During the three month periods ended March 31, 2022 and 2021, the Company paid $5.6 million and $3.5 million, respectively for operating lease liabilities. During the three months ended March 31, 2022, the Company recorded $3.7 million of operating lease liabilities arising from ROU assets. During the three months ended March 31, 2021, the Company recorded $2.2 million of operating lease liabilities arising from ROU assets. ​ At March 31, 2022, finance leases with a cost of $28.1 million and accumulated amortization of $11.1 million were included in property, plant and equipment. During the three months ended March 31, 2022, the Company paid $0.3 million of financing cash flows and $0.1 million of operating cash flows for finance lease liabilities and recorded $0.8 million of additional finance lease liabilities. Additionally, during the three months ended March 31, 2022, the Company disposed of a finance lease with a net book value of $1.0 million recording a loss for that amount. At March 31, 2022, finance leases had a lease liability of $6.5 million, of which $1.1 million was current. ​ At March 31, 2021, finance leases with a cost of $26.5 million and accumulated amortization of $10.1 million were included in property, plant and equipment. During the three months ended March 31, 2021, the Company recorded $1.1 million of additional finance lease liabilities. At March 31, 2021, finance leases had a lease liability of $2.2 million, of which $0.4 million was current. At December 31, 2021, finance leases with a cost of $30.8 million and accumulated amortization of $12.1 million were included in property, plant and equipment. ​ ​ The weighted average remaining lease terms and discount rates as of March 31, 2022 and December 31, 2021 are noted in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | March 31, 2022 | ​ | December 31, 2021
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 11.3 years | ​ | ​ | 11.3 years
Financing leases | ​ | 9.6 years | ​ | ​ | 9.5 years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 5.2% | ​ | ​ | 5.4%
Financing leases | ​ | 6.2% | ​ | ​ | 6.4%
​ Maturities of lease liabilities as of March 31, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2022 (excluding the three months ended March 31, 2022) | $ | 16,310 | ​ | $ | 1,092
2023 | ​ | 18,466 | ​ | ​ | 1,463
2024 | ​ | 16,996 | ​ | ​ | 1,354
2025 | ​ | 14,156 | ​ | ​ | 1,132
2026 | ​ | 10,047 | ​ | ​ | 532
Thereafter | ​ | 68,363 | ​ | ​ | 3,145
Total lease payments | ​ | 144,338 | ​ | ​ | 8,718
Less imputed interest | ​ | (42,399) | ​ | ​ | (2,211)
Total | $ | 101,939 | ​ | $ | 6,507
​ Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2022 | $ | 20,474 | ​ | $ | 1,269
2023 | ​ | 17,941 | ​ | ​ | 1,278
2024 | ​ | 16,634 | ​ | ​ | 1,169
2025 | ​ | 13,640 | ​ | ​ | 975
2026 | ​ | 9,610 | ​ | ​ | 484
Thereafter | ​ | 65,902 | ​ | ​ | 3,145
Total lease payments | ​ | 144,201 | ​ | ​ | 8,320
Less imputed interest | ​ | (42,333) | ​ | ​ | (2,268)
Total | $ | 101,868 | ​ | $ | 6,052
​ As of March 31, 2022, the Company did not have any material operating or finance leases that have not yet commenced. ​ ​ Lessor Disclosure ​ The Company is the lessor in agreements to lease the use of its network assets including its cell sites and buildings. For the three months ended March 31, 2022 the Company recorded $1.0 million of lease income from agreements in which the Company is the lessor. Lease income is classified as Carrier Services revenue in the statement of operations. ​ The following table presents the maturities of future undiscounted lease payments for the periods indicated: ​
​ | ​ | ​
2022 (excluding the three months ended March 31, 2022) | $ | 4,042
2023 | ​ | 4,807
2024 | ​ | 4,406
2025 | ​ | 4,288
2026 | ​ | 3,916
Thereafter | ​ | 10,455
Total future lease payments | $ | 31,914
​

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