v3.24.2
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee.
During the six months ended June 30, 2024, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2023 Form 10-K. As of June 30, 2024, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation.
If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of June 30, 2024, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of June 30, 2024, Other current assets and Other non-current assets include $35.8 million and $333.0 million, respectively, for lease incentives.

Lessor— Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of June 30, 2024 were as follows:
Fiscal Year Amount (1) (2)
Remainder of 2024$4,158.7 
20257,845.4 
20267,341.0 
20277,112.4 
20285,793.3 
Thereafter24,931.3 
Total$57,182.1 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.    
(2)Balances represent contractual amounts owed with no adjustments made for expected collectibility.
Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2023 Form 10-K. There were no material impairments recorded related to these assets during the three and six months ended June 30, 2024 and 2023.
The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of June 30, 2024, operating lease assets were
included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the six months ended June 30, 2024, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee, other than those related to the change in estimated useful lives as described in note 1. As a result of the change in estimated useful lives of its assets, the Company reviewed its lease portfolio to determine whether additional renewal options were likely to be exercised. The Company concluded that these incremental renewals were lease modifications and has accounted for them accordingly. The extension of the asset lives resulted in an approximately $515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability. There were no material changes in finance lease assets and liabilities during the six months ended June 30, 2024.
Information about other lease-related balances is as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Right-of-use asset$9,012.1 $8,878.8 
Current portion of lease liability$703.4 $794.6 
Lease liability7,717.7 7,438.7 
Total operating lease liability$8,421.1 $8,233.3 
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Weighted-average remaining lease term (years) (1)13.411.6
Weighted-average incremental borrowing rate6.7 %5.8 %
______________
(1)As of June 30, 2024, reflects the change in estimated useful lives as described in note 1.
The following table sets forth the components of lease cost:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$327.0 $313.9 $653.4 $620.6 
Variable lease costs not included in lease liability (1)93.7 114.5 182.9 223.6 
______________
(1)Primarily includes property tax paid on behalf of the landlord.
Supplemental cash flow information is as follows:
Six Months Ended June 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(673.4)$(641.5)
Non-cash items:
New operating leases (1)$78.8 $113.9 
Operating lease modifications and reassessments (2)$713.8 $191.3 
______________
(1)Amount includes new operating leases and leases acquired in connection with acquisitions.
(2)For the six months ended June 30, 2024, reflects the change in estimated useful lives as described in note 1.

As of June 30, 2024, the Company does not have material operating or financing leases that have not yet commenced.
Maturities of operating lease liabilities as of June 30, 2024 were as follows:
Fiscal YearOperating Lease (1)
Remainder of 2024$592.6 
20251,114.8 
20261,062.0 
20271,005.2 
2028945.4 
Thereafter 8,306.9 
Total lease payments13,026.9 
Less amounts representing interest(4,605.8)
Total lease liability8,421.1 
Less current portion of lease liability703.4 
Non-current lease liability$7,717.7 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
LEASES LEASES
The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee.
During the six months ended June 30, 2024, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2023 Form 10-K. As of June 30, 2024, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation.
If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of June 30, 2024, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of June 30, 2024, Other current assets and Other non-current assets include $35.8 million and $333.0 million, respectively, for lease incentives.

Lessor— Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of June 30, 2024 were as follows:
Fiscal Year Amount (1) (2)
Remainder of 2024$4,158.7 
20257,845.4 
20267,341.0 
20277,112.4 
20285,793.3 
Thereafter24,931.3 
Total$57,182.1 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.    
(2)Balances represent contractual amounts owed with no adjustments made for expected collectibility.
Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2023 Form 10-K. There were no material impairments recorded related to these assets during the three and six months ended June 30, 2024 and 2023.
The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of June 30, 2024, operating lease assets were
included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the six months ended June 30, 2024, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee, other than those related to the change in estimated useful lives as described in note 1. As a result of the change in estimated useful lives of its assets, the Company reviewed its lease portfolio to determine whether additional renewal options were likely to be exercised. The Company concluded that these incremental renewals were lease modifications and has accounted for them accordingly. The extension of the asset lives resulted in an approximately $515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability. There were no material changes in finance lease assets and liabilities during the six months ended June 30, 2024.
Information about other lease-related balances is as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Right-of-use asset$9,012.1 $8,878.8 
Current portion of lease liability$703.4 $794.6 
Lease liability7,717.7 7,438.7 
Total operating lease liability$8,421.1 $8,233.3 
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Weighted-average remaining lease term (years) (1)13.411.6
Weighted-average incremental borrowing rate6.7 %5.8 %
______________
(1)As of June 30, 2024, reflects the change in estimated useful lives as described in note 1.
The following table sets forth the components of lease cost:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$327.0 $313.9 $653.4 $620.6 
Variable lease costs not included in lease liability (1)93.7 114.5 182.9 223.6 
______________
(1)Primarily includes property tax paid on behalf of the landlord.
Supplemental cash flow information is as follows:
Six Months Ended June 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(673.4)$(641.5)
Non-cash items:
New operating leases (1)$78.8 $113.9 
Operating lease modifications and reassessments (2)$713.8 $191.3 
______________
(1)Amount includes new operating leases and leases acquired in connection with acquisitions.
(2)For the six months ended June 30, 2024, reflects the change in estimated useful lives as described in note 1.

As of June 30, 2024, the Company does not have material operating or financing leases that have not yet commenced.
Maturities of operating lease liabilities as of June 30, 2024 were as follows:
Fiscal YearOperating Lease (1)
Remainder of 2024$592.6 
20251,114.8 
20261,062.0 
20271,005.2 
2028945.4 
Thereafter 8,306.9 
Total lease payments13,026.9 
Less amounts representing interest(4,605.8)
Total lease liability8,421.1 
Less current portion of lease liability703.4 
Non-current lease liability$7,717.7 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
LEASES LEASES
The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee.
During the six months ended June 30, 2024, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2023 Form 10-K. As of June 30, 2024, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation.
If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of June 30, 2024, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of June 30, 2024, Other current assets and Other non-current assets include $35.8 million and $333.0 million, respectively, for lease incentives.

Lessor— Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of June 30, 2024 were as follows:
Fiscal Year Amount (1) (2)
Remainder of 2024$4,158.7 
20257,845.4 
20267,341.0 
20277,112.4 
20285,793.3 
Thereafter24,931.3 
Total$57,182.1 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.    
(2)Balances represent contractual amounts owed with no adjustments made for expected collectibility.
Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2023 Form 10-K. There were no material impairments recorded related to these assets during the three and six months ended June 30, 2024 and 2023.
The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of June 30, 2024, operating lease assets were
included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the six months ended June 30, 2024, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee, other than those related to the change in estimated useful lives as described in note 1. As a result of the change in estimated useful lives of its assets, the Company reviewed its lease portfolio to determine whether additional renewal options were likely to be exercised. The Company concluded that these incremental renewals were lease modifications and has accounted for them accordingly. The extension of the asset lives resulted in an approximately $515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability. There were no material changes in finance lease assets and liabilities during the six months ended June 30, 2024.
Information about other lease-related balances is as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Right-of-use asset$9,012.1 $8,878.8 
Current portion of lease liability$703.4 $794.6 
Lease liability7,717.7 7,438.7 
Total operating lease liability$8,421.1 $8,233.3 
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
As of
June 30, 2024December 31, 2023
Operating leases:
Weighted-average remaining lease term (years) (1)13.411.6
Weighted-average incremental borrowing rate6.7 %5.8 %
______________
(1)As of June 30, 2024, reflects the change in estimated useful lives as described in note 1.
The following table sets forth the components of lease cost:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$327.0 $313.9 $653.4 $620.6 
Variable lease costs not included in lease liability (1)93.7 114.5 182.9 223.6 
______________
(1)Primarily includes property tax paid on behalf of the landlord.
Supplemental cash flow information is as follows:
Six Months Ended June 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$(673.4)$(641.5)
Non-cash items:
New operating leases (1)$78.8 $113.9 
Operating lease modifications and reassessments (2)$713.8 $191.3 
______________
(1)Amount includes new operating leases and leases acquired in connection with acquisitions.
(2)For the six months ended June 30, 2024, reflects the change in estimated useful lives as described in note 1.

As of June 30, 2024, the Company does not have material operating or financing leases that have not yet commenced.
Maturities of operating lease liabilities as of June 30, 2024 were as follows:
Fiscal YearOperating Lease (1)
Remainder of 2024$592.6 
20251,114.8 
20261,062.0 
20271,005.2 
2028945.4 
Thereafter 8,306.9 
Total lease payments13,026.9 
Less amounts representing interest(4,605.8)
Total lease liability8,421.1 
Less current portion of lease liability703.4 
Non-current lease liability$7,717.7 
_______________
(1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.