LEASES

3 Months Ended

Mar. 31, 2021

LEASES

LEASES

4. LEASES

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between 3 and 10 years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):

	March 31, 2021		March 31, 2020
Operating lease cost:
Operating lease cost	$	4,225	$	4,047
Short-term lease cost		408		543
Variable lease cost		1,065		803
Total operating lease cost	$	5,698	$	5,393
Finance lease cost:
Amortization of right-of-use asset	$	574	$	571
Variable costs		196		272
Total finance lease cost	$	770	$	843

During each of the three month periods ended March 31, 2021 and 2020, the Company paid $3.5 million for operating lease liabilities. During the three months ended March 31, 2021, the Company recorded $2.2 million of operating lease liabilities arising from ROU assets. During the three months ended March 31, 2020 the Company did not record any additional lease liabilities arising from ROU assets.

At March 31, 2021, finance leases with a cost of $26.5 million and accumulated amortization of $10.1 million were included in property, plant and equipment. During the three months ended March 31, 2021, the Company paid $0.1 million for finance lease liabilities and recorded $1.1 million of additional finance lease liabilities. At March 31, 2021, finance leases had a lease liability of $2.2 million, of which $0.4 million was current. At December 31, 2020, finance leases with a cost of $25.4 million and accumulated amortization of $9.5 million were included in property, plant and equipment

The weighted average remaining lease terms and discount rates as of March 31, 2021 and December 31, 2020 are noted in the table below:

	March 31, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases		5.8 years		5.9 years
Financing leases		10.6 years		10.9 years
Weighted-average discount rate
Operating leases		4.9%		5.0%
Financing leases		4.2%		3.3%

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):

	Operating Leases		Financing Leases
2021 (excluding the three months ended March 31, 2021)	$	11,043	$	377
2022		14,479		502
2023		12,086		502
2024		11,033		380
2025		8,133		281
Thereafter		13,638		522
Total lease payments		70,412		2,564
Less imputed interest		(9,619)		(339)
Total	$	60,793	$	2,225

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):

	Operating Leases		Financing Leases
2021	$	14,877	$	334
2022		14,202		333
2023		11,799		333
2024		10,633		211
2025		7,816		—
Thereafter		13,094		—
Total lease payments		72,421		1,211
Less imputed interest		(10,097)		(82)
Total	$	62,324	$	1,129

As of March 31, 2021, the Company did not have any material operating or finance leases that have not yet commenced.