v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Balances
A summary of our right-of-use (ROU) assets and lease liabilities is set forth below:
June 30,
2025		December 31,
2024
in millions
ROU assets:
Operating leases (a)$776.6 $710.5 
Finance leases (b)39.4 38.2 
Total ROU assets
$816.0 $748.7 
Lease liabilities:
Operating leases (c)$828.7 $753.1 
Finance leases (d)34.9 34.1 
Total lease liabilities$863.6 $787.2 
_______________

(a)Our operating ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At June 30, 2025, the weighted average remaining lease term for operating leases was 11.0 years and the weighted average discount rate was 5.4%. During the six months ended June 30, 2025 and 2024, we recorded non-cash additions to our operating lease ROU assets of $15.2 million and $75.5 million, respectively.

(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At June 30, 2025, the weighted average remaining lease term for finance leases was 7.7 years and the weighted average discount rate was 8.7%. During the six months ended June 30, 2025 and 2024, we recorded non-cash additions to our finance lease ROU assets of nil and $0.6 million, respectively.

(c)The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets.

(d)The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets.
Schedule of Lease Expense and Cash Outflows from Operating and Finance Leases
A summary of our aggregate lease expense is set forth below: 
Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
 in millions
Finance lease expense:
Depreciation and amortization$1.4 $0.8 $3.4 $1.6 
Interest expense0.6 0.3 1.4 0.5 
Total finance lease expense
2.0 1.1 4.8 2.1 
Operating lease expense (a)28.1 26.8 56.3 52.1 
Short-term lease expense (a)0.1 0.1 0.2 0.2 
Variable lease expense (b)0.4 0.4 0.8 0.7 
Total lease expense$30.6 $28.4 $62.1 $55.1 
_______________

(a)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

(b)Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below: 
Six months ended
June 30,
20252024
in millions
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$39.3 $34.6 
Operating cash outflows from finance leases (interest component)1.4 0.5 
Financing cash outflows from finance leases (principal component)2.8 1.6 
Total cash outflows from operating and finance leases$43.5 $36.7 
Schedule of Maturities of Operating Lease Liabilities
Maturities of our operating and finance lease liabilities as of June 30, 2025 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2025 exchange rates.
Operating leases (a)Finance
leases
 in millions
Year ending December 31:
2025 (remainder of year)$62.4 $7.8 
2026112.0 9.4 
2027100.1 6.3 
202893.1 4.1 
202987.8 2.3 
203086.8 1.7 
Thereafter566.9 12.8 
Total payments
1,109.1 44.4 
Less: present value discount
(280.4)(9.5)
Present value of lease payments
$828.7 $34.9 
Current portion$88.4 $7.3 
Long-term portion$740.3 $27.6 
______________

(a)Operating lease payments exclude $89.8 million of estimated future payments for lease commitments not yet commenced at Telenet, the majority of which are not anticipated to be due until after 2028. These payments relate to the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.
Schedule of Maturities of Financing Lease Liabilities
Maturities of our operating and finance lease liabilities as of June 30, 2025 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2025 exchange rates.
Operating leases (a)Finance
leases
 in millions
Year ending December 31:
2025 (remainder of year)$62.4 $7.8 
2026112.0 9.4 
2027100.1 6.3 
202893.1 4.1 
202987.8 2.3 
203086.8 1.7 
Thereafter566.9 12.8 
Total payments
1,109.1 44.4 
Less: present value discount
(280.4)(9.5)
Present value of lease payments
$828.7 $34.9 
Current portion$88.4 $7.3 
Long-term portion$740.3 $27.6 
______________

(a)Operating lease payments exclude $89.8 million of estimated future payments for lease commitments not yet commenced at Telenet, the majority of which are not anticipated to be due until after 2028. These payments relate to the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.