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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2023
LEASES |
LEASES | 4. LEASES The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The terms of the leases vary and some include additional renewal options. Supplemental lease information The components of lease expense were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year ended
​ | December 31, 2023 |  | December 31, 2022 | ​ | December 31, 2021
Operating lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | $ | 23,232 | ​ | $ | 24,531 | ​ | $ | 20,386
Short-term lease cost | ​ | 2,866 | ​ | ​ | 2,575 | ​ | ​ | 2,402
Variable lease cost | ​ | 4,896 | ​ | ​ | 3,186 | ​ | ​ | 3,874
Total operating lease cost | $ | 30,994 | ​ | $ | 30,292 | ​ | $ | 26,662
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | $ | 2,930 | ​ | $ | 3,060 | ​ | $ | 2,561
Variable costs | ​ | 814 | ​ | ​ | 838 | ​ | ​ | 792
Interest costs | ​ | 372 | ​ | ​ | 381 | ​ | ​ | —
Total finance lease cost | $ | 4,116 | ​ | $ | 4,279 | ​ | $ | 3,353
​ During the year ended December 31, 2023 and 2022, the Company paid $19.8 million and $22.6 million, respectively, related to operating lease liabilities. Also during the years ended December 31, 2023 and 2022, the Company recorded $16.7 million and $7.1 million, respectively, of lease liabilities arising from ROU assets. In addition, during the year ended December 31, 2022, the Company acquired $1.0 million of operating lease assets and $1.0 million of lease liabilities in acquisitions. During the year ended December 31, 2021, the Company acquired $60.4 million of operating lease right of use assets and $46.7 million of lease liabilities in acquisitions. Refer to Note 5. At December 31, 2023, finance leases with a cost of $31.7 million and accumulated amortization of $16.4 million were included in property, plant and equipment. During the year ended December 31, 2023, the Company paid $4.8 million for finance lease liabilities, of which $3.4 million was classified as an investing cash outflow. At December 31, 2023, finance leases had a lease liability of $5.6 million, of which $1.8 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. Additionally, during the year ended December 31, 2022, the Company disposed of finance leases with a net book value of $2.3 million recording a loss of $1.0 million. At December 31, 2022, finance leases had a lease liability of $5.5 million, of which $1.1 million was current. During the year ended December 31, 2022, the Company paid $1.1 million for finance lease liabilities and recorded $0.4 million of additional finance lease liabilities. The weighted average remaining lease terms and discount rates as of December 31, 2023 and December 31, 2022 are noted in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023 | ​ | December 31, 2022
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 13.3 years | ​ | ​ | 12.4 years
Financing leases | ​ | 9.2 years | ​ | ​ | 9.3 years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 6.3% | ​ | ​ | 6.0%
Financing leases | ​ | 6.6% | ​ | ​ | 6.7%
​ Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2024 | ​ | 18,048 | ​ | ​ | 2,030
2025 | ​ | 16,022 | ​ | ​ | 1,488
2026 | ​ | 11,755 | ​ | ​ | 601
2027 | ​ | 9,327 | ​ | ​ | 534
2028 | ​ | 7,807 | ​ | ​ | 505
Thereafter | ​ | 80,637 | ​ | ​ | 2,145
Total lease payments | ​ | 143,596 | ​ | ​ | 7,303
Less imputed interest | ​ | (57,133) | ​ | ​ | (1,662)
Total | $ | 86,463 | ​ | $ | 5,641
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 December 31, 2023, the Company entered into a finance lease for an undersea fiber optic cable in its International Telecom segment. The Company will make total lease payments of $14.4 million, of which $10.2 million was paid at December 31, 2023. The lease will commence in the second quarter of 2024. 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 years ended December 31, 2023, 2022, and 2021 the Company recorded $7.8 million, $6.3 million, and $4.5 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: ​
​ | ​ | ​
2024 | $ | 7,039
2025 | ​ | 6,760
2026 | ​ | 6,398
2027 | ​ | 5,212
2028 | ​ | 4,865
Thereafter | ​ | 12,510
Total future lease payments | $ | 42,784
​

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