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LEASES | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2024 |  | March 31, 2023
Operating lease cost: | ​ | ​ | ​ | ​ | ​
Operating lease cost | $ | 5,479 | ​ | $ | 5,981
Short-term lease cost | ​ | 691 | ​ | ​ | 677
Variable lease cost | ​ | 1,429 | ​ | ​ | 662
Total operating lease cost | $ | 7,599 | ​ | $ | 7,320
​ | ​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | $ | 612 | ​ | $ | 699
Variable costs | ​ | 198 | ​ | ​ | 203
Interest costs | ​ | 100 | ​ | ​ | 84
Total finance lease cost | $ | 910 | ​ | $ | 986
​ During the three months ended March 31, 2024 and 2023, the Company paid $4.8 million and $5.0 million, respectively, for operating lease liabilities. During the three months ended March 31, 2024 and 2023, the Company recorded $2.3 million and $2.9 million, respectively, of operating lease liabilities arising from right of use assets. During the three months ended March 31, 2023, in conjunction with the restructuring activities the Company terminated certain leases and removed $5.0 million of lease right of use assets and $5.3 million of lease liabilities from its balance sheet, resulting in the recording of a gain of $0.3 million in the restructuring expense line of its statement of operations. At March 31, 2024, finance leases with a cost of $31.7 million and accumulated amortization of $17.0 million were included in property, plant and equipment. During the three months ended March 31, 2024, the Company paid $0.4 million of financing cash flows and $0.1 million of operating cash flows for finance lease liabilities. 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, 2024, finance leases had a lease liability of $5.2 million, of which $1.8 million was current. 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. The weighted average remaining lease terms and discount rates as of March 31, 2024 and December 31, 2023 are noted in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | March 31, 2024 | ​ | December 31, 2023
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 12.9 years | ​ | ​ | 13.3 years
Financing leases | ​ | 9.2 years | ​ | ​ | 9.2 years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | 6.6% | ​ | ​ | 6.3%
Financing leases | ​ | 7.2% | ​ | ​ | 6.6%
​ Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | Operating Leases | ​ | Financing Leases
2024 (excluding the three months ended March 31, 2024) | $ | 13,608 | ​ | $ | 1,614
2025 | ​ | 16,800 | ​ | ​ | 1,394
2026 | ​ | 12,405 | ​ | ​ | 570
2027 | ​ | 9,542 | ​ | ​ | 534
2028 | ​ | 7,553 | ​ | ​ | 505
Thereafter | ​ | 82,078 | ​ | ​ | 2,145
Total lease payments | ​ | 141,986 | ​ | ​ | 6,762
Less imputed interest | ​ | (56,664) | ​ | ​ | (1,555)
Total | $ | 85,322 | ​ | $ | 5,207
​ 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
​ As of March 31, 2024, 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 wireless cell sites and buildings. For the three months ended March 31, 2024 and 2023, the Company recorded $2.1 million and $1.9 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 (in thousands): ​
​ | ​ | ​
2024 (excluding the three months ended March 31, 2024) | $ | 5,995
2025 | ​ | 7,060
2026 | ​ | 6,749
2027 | ​ | 5,559
2028 | ​ | 5,180
Thereafter | ​ | 13,353
Total future lease payments | $ | 43,896
​

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