Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to the consolidated January 1, 2019 balance sheet for the adoption of the new lease standard were as follows:

(in thousands)	December 31, 2018 As Previously Reported		Effect of the Adoption of ASC Topic 842 (Leases)			January 1, 2019 As Adjusted
Assets
Prepaid expenses and other	$	60,162	$	(11,580	)	$	48,582
Property, plant and equipment, net	701,359		1,789			703,148
Operating lease right-of-use assets	—		369,344			369,344
Intangible assets, net	366,029		(13,828		)	352,201
Liabilities
Current operating lease liabilities	—		38,773			38,773
Accrued liabilities and other	14,563		(412		)	14,151
Deferred Lease	22,436		(22,436		)	—
Noncurrent operating lease liabilities	—		328,156			328,156
Other liabilities	14,364		1,644			16,008

Lease Income and Costs and Lease Terms and Discount Rates

The following table summarizes other information related to operating and finance leases:

(in thousands)	Three Months Ended March 31, 2019
Operating cash flows from leases	$	14,671
Leased assets obtained in exchange for new operating lease liabilities	4,588

The following table shows the components of lease income and costs:

(in thousands)	Three Months Ended March 31, 2019
Sublease income from operating leases	$	2,028
Operating lease expense	$	16,908
Amortization of lease assets	118
Interest on lease liabilities	22
Subtotal finance lease cost	140
Net lease expense	$	16,768

The following table summarizes the lease terms and discount rates:

	March 31, 2019
Weighted-average remaining lease term (years)
Operating leases	8
Finance leases	16
Weighted-average discount rate
Operating leases	4.8	%
Finance leases	5.2	%

Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities at March 31, 2019:

(in thousands)	Operating Leases		Finance Leases		Total
2019	$	41,246	$	107	$	41,353
2020	58,655		174		58,829
2021	57,202		174		57,376
2022	54,055		175		54,230
2023	50,279		174		50,453
2024 and thereafter	180,606		1,583		182,189
Total lease payments	442,043		2,387		444,430
Less: Interest	80,008		1,075		81,083
Present value of lease liabilities	$	362,035	$	1,312	$	363,347

The Company's finance lease liabilities are presented in the accrued liabilities and other and the other liabilities lines of the condensed consolidated balance sheet. The related finance lease assets are included in the property, plant and equipment line.

Our commitments under leases existing as of December 31, 2018 were approximately $55.1 million for the year ending December 31, 2019, $104.4 million in total for the years ending December 31, 2020 and 2021, $97.6 million in total for the years ending December 31, 2022 and 2023 and $168.5 million in total for years thereafter.

The Company is also the lessor on agreements to lease assets such as collocation space on cell towers and dedicated fiber-optic strands to third parties. These agreements were accounted for as operating leases both before and after adoption of the new lease standard. The new lease standard did not have a significant impact on the recognition of revenue associated with these agreements. The following table summarizes the total minimum rental receipts under lease agreements at March 31, 2019:

(in thousands)	Operating Leases
2019	$	5,241
2020	6,109
2021	4,042
2022	2,914
2023	1,345
2024 and thereafter	4,400
Total sublease income	$	24,051

Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities at March 31, 2019:

(in thousands)	Operating Leases		Finance Leases		Total
2019	$	41,246	$	107	$	41,353
2020	58,655		174		58,829
2021	57,202		174		57,376
2022	54,055		175		54,230
2023	50,279		174		50,453
2024 and thereafter	180,606		1,583		182,189
Total lease payments	442,043		2,387		444,430
Less: Interest	80,008		1,075		81,083
Present value of lease liabilities	$	362,035	$	1,312	$	363,347