v3.24.4
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
Note 17 – Leases

Lessee

We are a lessee for non-cancelable operating and financing leases for cell sites, switch sites, retail stores, network equipment and office facilities with contractual terms that generally extend through 2035. The majority of cell site leases have a non-cancelable term of five to 15 years with several renewal options that can extend the lease term for five to 50 years. In addition, we have financing leases for network equipment that generally have a non-cancelable lease term of three to five years. The financing leases do not have renewal options and contain a bargain purchase option at the end of the lease.

The components of lease expense were as follows:
Year Ended December 31,
(in millions)202420232022
Operating lease expense$4,787 $4,987 $6,514 
Financing lease expense:
Amortization of right-of-use assets787 684 733 
Interest on lease liabilities111 79 68 
Total financing lease expense898 763 801 
Variable lease expense279 411 484 
Total lease expense$5,964 $6,161 $7,799 

Information relating to the lease term and discount rate is as follows:
Year Ended December 31,
202420232022
Weighted-Average Remaining Lease Term (Years)
Operating leases8910
Financing leases222
Weighted-Average Discount Rate
Operating leases4.4 %4.3 %4.1 %
Financing leases5.3 %4.6 %3.2 %
Maturities of lease liabilities as of December 31, 2024, were as follows:
(in millions)Operating LeasesFinance Leases
Twelve Months Ending December 31,
2025$4,491 $1,242 
20264,400 809 
20274,093 357 
20283,763 25 
20293,478 4 
Thereafter15,664 — 
Total lease payments35,889 2,437 
Less: imputed interest6,199 111 
Total$29,690 $2,326 

Interest payments for financing leases were $111 million, $79 million and $68 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, we have additional operating leases for commercial properties that have not yet commenced with future lease payments of approximately $24 million.

As of December 31, 2024, we were contingently liable for future ground lease payments related to certain tower obligations. These contingent obligations are not included in the above table as the amounts owed are contractually owed by CCI based on the subleasing arrangement. See Note 10 – Tower Obligations for further information.
Leases
Note 17 – Leases

Lessee

We are a lessee for non-cancelable operating and financing leases for cell sites, switch sites, retail stores, network equipment and office facilities with contractual terms that generally extend through 2035. The majority of cell site leases have a non-cancelable term of five to 15 years with several renewal options that can extend the lease term for five to 50 years. In addition, we have financing leases for network equipment that generally have a non-cancelable lease term of three to five years. The financing leases do not have renewal options and contain a bargain purchase option at the end of the lease.

The components of lease expense were as follows:
Year Ended December 31,
(in millions)202420232022
Operating lease expense$4,787 $4,987 $6,514 
Financing lease expense:
Amortization of right-of-use assets787 684 733 
Interest on lease liabilities111 79 68 
Total financing lease expense898 763 801 
Variable lease expense279 411 484 
Total lease expense$5,964 $6,161 $7,799 

Information relating to the lease term and discount rate is as follows:
Year Ended December 31,
202420232022
Weighted-Average Remaining Lease Term (Years)
Operating leases8910
Financing leases222
Weighted-Average Discount Rate
Operating leases4.4 %4.3 %4.1 %
Financing leases5.3 %4.6 %3.2 %
Maturities of lease liabilities as of December 31, 2024, were as follows:
(in millions)Operating LeasesFinance Leases
Twelve Months Ending December 31,
2025$4,491 $1,242 
20264,400 809 
20274,093 357 
20283,763 25 
20293,478 4 
Thereafter15,664 — 
Total lease payments35,889 2,437 
Less: imputed interest6,199 111 
Total$29,690 $2,326 

Interest payments for financing leases were $111 million, $79 million and $68 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, we have additional operating leases for commercial properties that have not yet commenced with future lease payments of approximately $24 million.

As of December 31, 2024, we were contingently liable for future ground lease payments related to certain tower obligations. These contingent obligations are not included in the above table as the amounts owed are contractually owed by CCI based on the subleasing arrangement. See Note 10 – Tower Obligations for further information.