Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

17.COMMITMENTS AND CONTINGENCIES

The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2020 are as follows (in thousands):



	Finance Leases		Operating Leases
2021	$	1,461	$	242,581
2022		1,243		244,547
2023		814		245,453
2024		78		245,204
2025		—		242,767
Thereafter		—		2,737,820
Total minimum lease payments		3,596		3,958,372
Less: amount representing interest		(154)		(1,631,414)
Present value of future payments		3,442		2,326,958
Less: current obligations		(1,432)		(234,605)
Long-term obligations	$	2,010	$	2,092,353

Tenant (Operating) Leases

The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2020 is as follows:



	(in thousands)
2021	$	1,701,608
2022		1,463,893
2023		1,272,287
2024		1,035,425
2025		680,907
Thereafter		1,441,966
Total	$	7,596,086

Litigation

The Company is involved in various claims, lawsuits and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Contingent Purchase Obligations

From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 3.