Leases (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Leases |
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| Components of Lease Expense |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | (In thousands) | Operating lease cost (1) | | $ | 155,484 | | $ | 129,027 | | $ | 322,490 | | $ | 246,583 | | | | | | | | | | | | | | Short-term lease cost (2) | | | 1,028 | | | 1,264 | | | 2,051 | | | 2,543 | | | | | | | | | | | | | | Finance lease cost: | | | | | | | | | | | | | Amortization of right-of-use assets | | | 14,210 | | | 21,607 | | | 32,678 | | | 55,804 | Interest on lease liabilities | | | 2,397 | | | 3,824 | | | 5,189 | | | 7,394 | Total finance lease cost | | | 16,607 | | | 25,431 | | | 37,867 | | | 63,198 | Total lease costs | | $ | 173,119 | | $ | 155,722 | | $ | 362,408 | | $ | 312,324 |
| (1) | The increase in operating lease cost is primarily related to communication tower leases. |
| (2) | Leases that have terms of 12 months or less. |
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| Summary of Supplemental cash flow information related to leases |
| | | | | | | | | For the Six Months Ended | | | June 30, | | | 2024 | | 2023 | | | | (In thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows from operating leases | | $ | 238,574 | | $ | 155,136 | Operating cash flows from finance leases | | $ | 5,299 | | $ | 6,796 | Financing cash flows from finance leases | | $ | 29,627 | | $ | 24,617 | | | | | | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | | | Operating leases | | $ | 313,628 | | $ | 407,195 | Finance leases | | $ | — | | $ | 51,110 |
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| Summary of supplemental balance sheet information related to leases |
| | | | | | | | | As of | | | June 30, | | December 31, | | | 2024 | | 2023 | | | | (In thousands) | Operating Leases: | | | | | | | Operating lease assets | | $ | 3,137,306 | | $ | 3,065,448 | | | | | | | | Other current liabilities | | $ | 462,036 | | $ | 317,395 | Operating lease liabilities | | | 3,115,265 | | | 3,121,307 | Total operating lease liabilities | | $ | 3,577,301 | | $ | 3,438,702 | | | | | | | | Finance Leases: | | | | | | | Property and equipment, gross | | $ | 820,081 | | $ | 833,933 | Accumulated depreciation | | | (552,509) | | | (520,344) | Property and equipment, net | | $ | 267,572 | | $ | 313,589 | | | | | | | | Other current liabilities | | $ | 41,571 | | $ | 56,459 | Other long-term liabilities | | | 52,460 | | | 67,199 | Total finance lease liabilities | | $ | 94,031 | | $ | 123,658 | | | | | | | | Weighted Average Remaining Lease Term: | | | | | | | Operating leases | | | 10.2 years | | | 10.6 years | Finance leases | | | 2.0 years | | | 2.2 years | | | | | | | | Weighted Average Discount Rate: | | | | | | | Operating leases | | | 10.2% | | | 9.5% | Finance leases | | | 9.6% | | | 9.7% |
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| Summary of Maturities of lease liabilities |
| | | | | | | | | | | | Maturities of Lease Liabilities | | | Operating | | Finance | | | | For the Years Ending December 31, | | Leases | | Leases | | Total | | | | (In thousands) | 2024 (remaining six months) | | $ | 225,509 | | $ | 31,569 | | $ | 257,078 | 2025 | | | 514,992 | | | 35,392 | | | 550,384 | 2026 | | | 548,110 | | | 36,588 | | | 584,698 | 2027 | | | 550,876 | | | 2,574 | | | 553,450 | 2028 | | | 508,250 | | | — | | | 508,250 | Thereafter | | | 3,394,953 | | | — | | | 3,394,953 | Total lease payments | | | 5,742,690 | | | 106,123 | | | 5,848,813 | Less: Imputed interest | | | (2,165,389) | | | (12,092) | | | (2,177,481) | Total | | | 3,577,301 | | | 94,031 | | | 3,671,332 | Less: Current portion | | | (462,036) | | | (41,571) | | | (503,607) | Long-term portion of lease obligations | | $ | 3,115,265 | | $ | 52,460 | | $ | 3,167,725 |
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| Schedule of Lease Revenue |
| | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | | June 30, | | June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | (In thousands) | Lease revenue: | | | | | | | | | | | | | Sales-type lease revenue | | $ | 1,539 | | $ | 3,440 | | $ | 2,623 | | $ | 7,641 | Operating lease revenue | | | 3,830 | | | 11,066 | | | 9,484 | | | 22,253 | Total lease revenue | | $ | 5,369 | | $ | 14,506 | | $ | 12,107 | | $ | 29,894 |
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| Schedule of Operating Lease Payments to be Received |
| | | | For the Years Ending December 31, | | Total | | | (In thousands) | 2024 (remaining six months) | | $ | 8,497 | 2025 | | | 8,291 | 2026 | | | 5,383 | 2027 | | | 3,058 | 2028 | | | 761 | Thereafter | | | 402 | Total lease payments to be received | | $ | 26,392 | | | | |
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