Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%.

During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2020:

(in thousands)	Operating Leases		Finance Leases		Total
2020	$	45,222	$	108	$	45,330
2021	66,042		174		66,216
2022	64,256		174		64,430
2023	60,770		174		60,944
2024	56,105		174		56,279
2025 and thereafter	191,726		1,532		193,258
Total lease payments	484,121		2,336		486,457
Less: Interest	96,194		696		96,890
Present value of lease liabilities	$	387,927	$	1,640	$	389,567

We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2020:

(in thousands)	Operating Leases
2020	$	5,527
2021	5,775
2022	4,742
2023	3,112
2024	1,915
2025 and thereafter	4,192
Total	$	25,263

Leases

Leases

At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%.

During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2020:

(in thousands)	Operating Leases		Finance Leases		Total
2020	$	45,222	$	108	$	45,330
2021	66,042		174		66,216
2022	64,256		174		64,430
2023	60,770		174		60,944
2024	56,105		174		56,279
2025 and thereafter	191,726		1,532		193,258
Total lease payments	484,121		2,336		486,457
Less: Interest	96,194		696		96,890
Present value of lease liabilities	$	387,927	$	1,640	$	389,567

We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2020:

(in thousands)	Operating Leases
2020	$	5,527
2021	5,775
2022	4,742
2023	3,112
2024	1,915
2025 and thereafter	4,192
Total	$	25,263

Leases

Leases

At March 31, 2020, our operating leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 4.3%. Our finance leases had a weighted average remaining lease term of fifteen years and a weighted average discount rate of 5.1%.

During the three months ended March 31, 2020 and 2019, we recognized $17.8 million and $16.9 million of operating lease expense, respectively. We recognized $0.1 million of interest and depreciation expense on finance leases during the three months ended March 31, 2020 and 2019. Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility. Variable lease payments and short-term lease expense were both immaterial. We remitted $15.5 million and $14.7 million of operating lease payments during the three months ended March 31, 2020 and 2019, respectively. We also obtained $3.3 million and $4.6 million of leased assets in exchange for new operating lease liabilities during the three months ended March 31, 2020 and 2019, respectively.

The following table summarizes the expected maturity of lease liabilities at March 31, 2020:

(in thousands)	Operating Leases		Finance Leases		Total
2020	$	45,222	$	108	$	45,330
2021	66,042		174		66,216
2022	64,256		174		64,430
2023	60,770		174		60,944
2024	56,105		174		56,279
2025 and thereafter	191,726		1,532		193,258
Total lease payments	484,121		2,336		486,457
Less: Interest	96,194		696		96,890
Present value of lease liabilities	$	387,927	$	1,640	$	389,567

We recognized $2.1 million and $2.0 million of operating lease revenue during the three months ended March 31, 2020 and 2019, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service and other revenue in the unaudited condensed consolidated statements of comprehensive income. Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place at March 31, 2020:

(in thousands)	Operating Leases
2020	$	5,527
2021	5,775
2022	4,742
2023	3,112
2024	1,915
2025 and thereafter	4,192
Total	$	25,263