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Debt and Other Obligations | 6 Months Ended
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Jun. 30, 2018
Debt and Other Obligations [Abstract] |
Debt and Other Obligations | Debt and Other Obligations
| Original Issue Date |  | Contractual Maturity Date (a) |  | Balance as of June 30, 2018 |  | Balance as of December 31, 2017 |  | Stated Interest Rate as of June 30, 2018(a) |
Bank debt - variable rate: |  |  |  |  |  |  |  |  |  |
2016 Revolver | Jan. 2016 |  | Jun. 2023 | (e) | $ | 315 |  | (b)(d)(e) | $ | 980 |  |  | 3.4 | % | (e)
2016 Term Loan A | Jan. 2016 |  | Jun. 2023 | (e) | 2,383 |  |  | 2,397 |  |  | 3.3 | % | (e)
Total bank debt |  |  |  |  | 2,698 |  |  | 3,377 |  |  |  |
Securitized debt - fixed rate: |  |  |  |  |  |  |  |  |  |
Secured Notes, Series 2009-1, Class A-1 | July 2009 |  | Aug. 2019 |  | 22 |  |  | 32 |  |  | 6.3 | % |
Secured Notes, Series 2009-1, Class A-2 | July 2009 |  | Aug. 2029 |  | 70 |  |  | 70 |  |  | 9.0 | % |
Tower Revenue Notes, Series 2010-3 | Jan. 2010 |  | Jan. 2040 | (c) | — |  | (d) | 1,246 |  |  | N/A |  |
Tower Revenue Notes, Series 2010-6 | Aug. 2010 |  | Aug. 2040 | (c) (f) | 996 |  |  | 995 |  |  | 4.9 | % |
Tower Revenue Notes, Series 2015-1 | May 2015 |  | May 2042 | (c) | 298 |  |  | 297 |  |  | 3.2 | % |
Tower Revenue Notes, Series 2015-2 | May 2015 |  | May 2045 | (c) | 693 |  |  | 692 |  |  | 3.7 | % |
Total securitized debt |  |  |  |  | 2,079 |  |  | 3,332 |  |  |  |
Bonds - fixed rate: |  |  |  |  |  |  |  |  |  |
5.250% Senior Notes | Oct. 2012 |  | Jan. 2023 |  | 1,640 |  |  | 1,639 |  |  | 5.3 | % |
3.849% Secured Notes | Dec. 2012 |  | Apr. 2023 |  | 993 |  |  | 993 |  |  | 3.9 | % |
4.875% Senior Notes | Apr. 2014 |  | Apr. 2022 |  | 843 |  |  | 842 |  |  | 4.9 | % |
3.400% Senior Notes | Feb./May 2016 |  | Feb. 2021 |  | 850 |  |  | 850 |  |  | 3.4 | % |
4.450% Senior Notes | Feb. 2016 |  | Feb. 2026 |  | 892 |  |  | 891 |  |  | 4.5 | % |
3.700% Senior Notes | May 2016 |  | June 2026 |  | 743 |  |  | 743 |  |  | 3.7 | % |
2.250% Senior Notes | Sept. 2016 |  | Sept. 2021 |  | 696 |  |  | 695 |  |  | 2.3 | % |
4.000% Senior Notes | Feb. 2017 |  | Mar. 2027 |  | 494 |  |  | 494 |  |  | 4.0 | % |
4.750% Senior Notes | May 2017 |  | May 2047 |  | 343 |  |  | 343 |  |  | 4.8 | % |
3.200% Senior Notes | Aug. 2017 |  | Sept. 2024 |  | 742 |  |  | 742 |  |  | 3.2 | % |
3.650% Senior Notes | Aug. 2017 |  | Sept. 2027 |  | 991 |  |  | 991 |  |  | 3.7 | % |
3.150% Senior Notes | Jan. 2018 |  | Jul. 2023 |  | 742 |  | (d) | — |  |  | 3.2 | % |
3.800% Senior Notes | Jan. 2018 |  | Feb. 2028 |  | 988 |  | (d) | — |  |  | 3.8 | % |
Total bonds |  |  |  |  | 10,957 |  |  | 9,223 |  |  |  |
Other: |  |  |  |  |  |  |  |  |  |
Capital leases and other obligations | Various |  | Various |  | 222 |  |  | 227 |  |  | Various |  |
Total debt and other obligations |  |  |  |  | 15,956 |  |  | 16,159 |  |  |  |
Less: current maturities and short-term debt and other current obligations |  |  |  |  | 112 |  |  | 115 |  |  |  |
Non-current portion of long-term debt and other long-term obligations |  |  |  |  | $ | 15,844 |  |  | $ | 16,044 |  |  |  |
(a) | See the 2017 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
(b) | As of June 30, 2018, the undrawn availability under the 2016 Revolver was $3.9 billion.
(c) | If the respective series of such debt is not paid in full on or prior to an applicable date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2017 Form 10-K for additional information regarding these provisions.
(d) | In January 2018, the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 ("3.15% Senior Notes") and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 ("3.80% Senior Notes") (collectively, "January 2018 Senior Notes Offering"). The Company used the net proceeds of the January 2018 Senior Notes Offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver.
(e) | In June 2018, the Company entered into an amendment to the Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million,for total 2016 Revolver commitments of $4.25 billion, and (2) extend the maturity of the Credit Facility from August 2022 to June 2023. Additionally, pursuant to this amendment and with regards to the Credit Facility, the Company is obligated to pay (1) interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.00% to 1.75%, and (2) commitment fees ranging from 0.125% and 0.35%, each of which is based on the Company's senior unsecured debt rating.
(f) | See note 13 for more information regarding the Company's July 2018 Tower Revenue Notes (as defined in note 13).
Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of June 30, 2018. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
| Six Months Ending December 31, |  | Years Ending December 31, |  |  |  |  |  | Unamortized Adjustments, Net |  | Total Debt and Other Obligations Outstanding
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total Cash Obligations |  |
Scheduled contractual maturities | $ | 56 |  |  | $ | 105 |  |  | $ | 137 |  |  | $ | 1,699 |  |  | $ | 1,085 |  |  | $ | 12,984 |  |  | $ | 16,066 |  |  | $ | (110 | ) |  | $ | 15,956 |
Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the six months ended June 30, 2018.
| Principal Amount |  | Cash Paid(a) |  | Gains (Losses) |
January 2010 Tower Revenue Notes | $ | 1,250 |  |  | $ | 1,318 |  |  | $ | (71 | ) | (b)
2016 Term Loan A | $ | — |  |  | $ | — |  |  | $ | (3 | ) | (b)
Total | $ | 1,250 |  |  | $ | 1,318 |  |  | $ | (74 | ) |
(a) | Exclusive of accrued interest.
(b) | Inclusive of the write off of respective deferred financing costs.
See note 13. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Interest expense on debt obligations | $ | 157 |  |  | $ | 139 |  |  | $ | 314 |  |  | $ | 271 |
Amortization of deferred financing costs and adjustments on long-term debt | 5 |  |  | 5 |  |  | 11 |  |  | 9 |
Other, net of capitalized interest | (4 | ) |  | (2 | ) |  | (7 | ) |  | (4 | )
Total | $ | 158 |  |  | $ | 142 |  |  | $ | 318 |  |  | $ | 276 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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