LEASES

6 Months Ended

Jun. 30, 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):

	Three months ended June 30, 2021		Three months ended June 30, 2020		Six months ended June 30, 2021		Six months ended June 30, 2020
Operating lease cost:
Operating lease cost	$	4,248	$	4,029	$	8,473	$	8,076
Short-term lease cost		729		729		1,137		1,271
Variable lease cost		1,016		1,540		2,080		2,343
Total operating lease cost	$	5,993	$	6,298	$	11,690	$	11,690
Finance lease cost:
Amortization of right-of-use asset	$	615	$	522	$	1,190	$	1,094
Variable costs		197		186		392		458
Total finance lease cost	$	812	$	708	$	1,582	$	1,552

During the six month periods ended June 30, 2021 and 2020, the Company paid $7.6 million and $7.2 million, respectively, for operating lease liabilities. During the six months ended June 30, 2021 and 2020, the Company recorded $6.3 million and $1.7 million, respectively, of operating lease liabilities arising from ROU assets.

At June 30, 2021, finance leases with a cost of $26.7 million and accumulated amortization of $10.7 million were included in property, plant and equipment. During the six months ended June 30, 2021, the Company paid $0.5 million for finance lease liabilities and recorded $1.4 million of additional finance lease liabilities. At June 30, 2021, finance leases had a lease liability of $2.1 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 June 30, 2021 and December 31, 2020 are noted in the table below:

	June 30, 2021		December 31, 2020
Weighted-average remaining lease term
Operating leases		5.7 years		5.9 years
Financing leases		10.5 years		10.9 years
Weighted-average discount rate
Operating leases		4.8%		5.0%
Financing leases		4.3%		3.3%

Maturities of lease liabilities as of June 30, 2021 were as follows (in thousands):

	Operating Leases		Financing Leases
2021 (excluding the six months ended June 30, 2021)	$	8,184	$	251
2022		15,243		501
2023		12,846		501
2024		11,702		383
2025		8,800		285
Thereafter		14,599		522
Total lease payments		71,374		2,443
Less imputed interest		(9,323)		(317)
Total	$	62,051	$	2,126

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 June 30, 2021, the Company did not have any material operating or finance leases that have not yet commenced.