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LEASES | 3 Months Ended
--- | ---
Mar. 31, 2023
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 three 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, 2023 |  | March 31, 2022
Operating lease cost: | ​ | ​ | ​ | ​ | ​
Operating lease cost | $ | 5,981 | ​ | $ | 6,142
Short-term lease cost | ​ | 677 | ​ | ​ | 509
Variable lease cost | ​ | 662 | ​ | ​ | 804
Total operating lease cost | $ | 7,320 | ​ | $ | 7,455
​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | $ | 699 | ​ | $ | 797
Variable costs | ​ | 203 | ​ | ​ | 248
Interest costs | ​ | 84 | ​ | ​ | 102
Total finance lease cost | $ | 986 | ​ | $ | 1,147
​ During the three months ended March 31, 2023 and 2022, the Company paid $5.0 million and $5.6 million, respectively, for operating lease liabilities. During the three months ended March 31, 2023 and 2022, the Company recorded $2.9 million and $3.7 million, respectively, of operating lease liabilities arising from ROU assets. During the three months ended March 31, 2023, in conjunction with the restructuring activities the Company terminated $5.0 million of lease right of use assets, $5.3 million of lease liabilities from its balance sheet, and recorded a gain of $0.3 million in the restructuring expense line of its statement of operations. At March 31, 2023, finance leases with a cost of $27.5 million and accumulated amortization of $14.1 million were included in property, plant and equipment. During the three months ended March 31, 2023, the Company paid $0.2 million of financing cash flows, $0.9 million of investing cash flows and $0.1 million of operating cash flows for finance lease liabilities. At March 31, 2023, finance leases had a lease liability of $5.1 million, of which $1.0 million was current. At December 31, 2022, finance leases with a cost of $26.6 million and accumulated amortization of $13.5 million were included in property, plant and equipment. The weighted average remaining lease terms and discount rates as of March 31, 2023 and December 31, 2022 are noted in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | March 31, 2023 | ​ | December 31, 2022
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 13.1 years | ​ | ​ | 12.4 years
Financing leases | ​ | 9.3 years | ​ | ​ | 9.3 years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 6.1% | ​ | ​ | 6.0%
Financing leases | ​ | 6.9% | ​ | ​ | 6.7%
​ Maturities of lease liabilities as of March 31, 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2023 (excluding the three months ended March 31, 2023) | ​ | 12,977 | ​ | ​ | 1,045
2024 | ​ | 17,023 | ​ | ​ | 1,240
2025 | ​ | 13,897 | ​ | ​ | 972
2026 | ​ | 9,771 | ​ | ​ | 504
2027 | ​ | 7,708 | ​ | ​ | 495
Thereafter | ​ | 79,134 | ​ | ​ | 2,651
Total lease payments | ​ | 140,510 | ​ | ​ | 6,907
Less imputed interest | ​ | (53,450) | ​ | ​ | (1,822)
Total | $ | 87,060 | ​ | $ | 5,085
​ Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2023 | $ | 19,417 | ​ | $ | 1,403
2024 | ​ | 17,836 | ​ | ​ | 1,342
2025 | ​ | 14,805 | ​ | ​ | 978
2026 | ​ | 10,505 | ​ | ​ | 504
2027 | ​ | 8,096 | ​ | ​ | 495
Thereafter | ​ | 76,452 | ​ | ​ | 2,651
Total lease payments | ​ | 147,111 | ​ | ​ | 7,373
Less imputed interest | ​ | (53,794) | ​ | ​ | (1,914)
Total | $ | 93,317 | ​ | $ | 5,459
​ As of March 31, 2023, 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, 2023 and 2022, the Company recorded $1.9 million and $1.0 million, respectively, 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: ​
​ | ​ | ​
2023 (excluding the three months ended March 31, 2023) | $ | 4,609
2024 | ​ | 5,891
2025 | ​ | 5,716
2026 | ​ | 5,410
2027 | ​ | 4,267
Thereafter | ​ | 14,360
Total future lease payments | $ | 40,253
​

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