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v3.23.1

Debt and Other Obligations | 3 Months Ended
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Mar. 31, 2023
Debt and Other Obligations [Abstract] |
Debt Disclosure | Debt and Other Obligations See note 12 for a discussion of the Company's issuance of the April 2023 Senior Notes (as defined in note 12) and the use of the net proceeds therefrom. The table below sets forth the Company's debt and other obligations as of March 31, 2023.
| Original Issue Date |  | Final Maturity Date(a) |  | Balance as of March 31, 2023 |  | Balance as of December 31, 2022 |  | Stated Interest Rate as of March 31, 2023(a)(b) |
Secured Notes, Series 2009-1, Class A-2 | July 2009 |  | Aug. 2029 |  | $ | 45 |  |  | $ | 47 |  |  | 9.0 | % |
Tower Revenue Notes, Series 2015-2 | May 2015 |  | May 2045 | (c) | 698 |  |  | 698 |  |  | 3.7 | % |
Tower Revenue Notes, Series 2018-2 | July 2018 |  | July 2048 | (c) | 745 |  |  | 745 |  |  | 4.2 | % |
Finance leases and other obligations | Various | (d) | Various | (d) | 257 |  |  | 246 |  |  | Various | (d)
Total secured debt |  |  |  |  | 1,745 |  |  | 1,736 |  |  |  |
2016 Revolver | Jan. 2016 |  | July 2027 |  | 1,434 |  | (e) | 1,305 |  |  | 5.9 | % | (f)
2016 Term Loan A | Jan. 2016 |  | July 2027 |  | 1,184 |  |  | 1,192 |  |  | 6.0 | % | (f)
Commercial Paper Notes | Various | (g) | Various | (g) | 717 |  | (g) | 1,241 |  |  | 5.6 | % |
3.150% Senior Notes | Jan. 2018 |  | July 2023 |  | 749 |  |  | 749 |  |  | 3.2 | % |
3.200% Senior Notes | Aug. 2017 |  | Sept. 2024 |  | 748 |  |  | 748 |  |  | 3.2 | % |
1.350% Senior Notes | June 2020 |  | July 2025 |  | 497 |  |  | 497 |  |  | 1.4 | % |
4.450% Senior Notes | Feb. 2016 |  | Feb. 2026 |  | 897 |  |  | 896 |  |  | 4.5 | % |
3.700% Senior Notes | May 2016 |  | June 2026 |  | 747 |  |  | 747 |  |  | 3.7 | % |
1.050% Senior Notes | Feb. 2021 |  | July 2026 |  | 993 |  |  | 992 |  |  | 1.1 | % |
4.000% Senior Notes | Feb. 2017 |  | Mar. 2027 |  | 497 |  |  | 497 |  |  | 4.0 | % |
2.900% Senior Notes | Mar. 2022 |  | Mar. 2027 |  | 743 |  |  | 742 |  |  | 2.9 | % |
3.650% Senior Notes | Aug. 2017 |  | Sept. 2027 |  | 996 |  |  | 996 |  |  | 3.7 | % |
5.000% Senior Notes | Jan. 2023 | (h) | Jan. 2028 | (h) | 990 |  |  | — |  |  | 5.0 | % |
3.800% Senior Notes | Jan. 2018 |  | Feb. 2028 |  | 993 |  |  | 993 |  |  | 3.8 | % |
4.300% Senior Notes | Feb. 2019 |  | Feb. 2029 |  | 595 |  |  | 594 |  |  | 4.3 | % |
3.100% Senior Notes | Aug. 2019 |  | Nov. 2029 |  | 545 |  |  | 545 |  |  | 3.1 | % |
3.300% Senior Notes | Apr. 2020 |  | July 2030 |  | 740 |  |  | 739 |  |  | 3.3 | % |
2.250% Senior Notes | June 2020 |  | Jan. 2031 |  | 1,091 |  |  | 1,090 |  |  | 2.3 | % |
2.100% Senior Notes | Feb. 2021 |  | Apr. 2031 |  | 989 |  |  | 989 |  |  | 2.1 | % |
2.500% Senior Notes | June 2021 |  | July 2031 |  | 742 |  |  | 742 |  |  | 2.5 | % |
2.900% Senior Notes | Feb. 2021 |  | Apr. 2041 |  | 1,234 |  |  | 1,233 |  |  | 2.9 | % |
4.750% Senior Notes | May 2017 |  | May 2047 |  | 344 |  |  | 344 |  |  | 4.8 | % |
5.200% Senior Notes | Feb. 2019 |  | Feb. 2049 |  | 396 |  |  | 396 |  |  | 5.2 | % |
4.000% Senior Notes | Aug. 2019 |  | Nov. 2049 |  | 346 |  |  | 346 |  |  | 4.0 | % |
4.150% Senior Notes | Apr. 2020 |  | July 2050 |  | 490 |  |  | 490 |  |  | 4.2 | % |
3.250% Senior Notes | June 2020 |  | Jan. 2051 |  | 890 |  |  | 890 |  |  | 3.3 | % |
Total unsecured debt |  |  |  |  | 20,587 |  |  | 19,993 |  |  |  |
Total debt and other obligations |  |  |  |  | 22,332 |  |  | 21,729 |  |  |  |
Less: current maturities of debt and other obligations |  | 819 |  |  | 819 |  |  |  |
Non-current portion of debt and other long-term obligations |  | $ | 21,513 |  |  | $ | 20,910 |  |  |  |
(a)See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b)Represents the weighted-average stated interest rate, as applicable. (c)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2023, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively. (d)The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates up to 10% and mature in periods ranging from less than one year to approximately 25 years. (e)As of March 31, 2023, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $5.5 billion. See note 12. (f)Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (g)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of March 31, 2023, the Company had net issuances of $717 million under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h)In January 2023, the Company issued $1.0 billion aggregate principal amount of 5.000% senior unsecured notes due January 2028 ("January 2023 Senior Notes"). The Company used the net proceeds from the January 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under the 2016 Revolver and pay related fees and expenses. Scheduled Principal Payments and Final Maturities The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2023, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
| Nine Months Ending December 31, |  | Years Ending December 31, |  |  |  | Total Cash Obligations |  | Unamortized Adjustments, Net |  | Total Debt and Other Obligations Outstanding
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  |  |
Scheduled principal payments and final maturities | $ | 1,520 |  | (a) | $ | 832 |  |  | $ | 594 |  |  | $ | 2,773 |  |  | $ | 4,678 |  |  | $ | 12,091 |  |  | $ | 22,488 |  |  | $ | (156) |  |  | $ | 22,332 |
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes"). Purchases and Redemptions of Long-Term Debt There were no purchases and redemptions of long-term debt during the three months ended March 31, 2023. Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Interest expense on debt obligations | $ | 198 |  |  | $ | 160 |  |  |  |  |
Amortization of deferred financing costs and adjustments on long-term debt | 7 |  |  | 7 |  |  |  |  |
Capitalized interest | (3) |  |  | (3) |  |  |  |  |
Total | $ | 202 |  |  | $ | 164 |  |  |  |  |
Components of Interest Expense and Amortization of Deferred Financing Costs, net | Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Interest expense on debt obligations | $ | 198 |  |  | $ | 160 |  |  |  |  |
Amortization of deferred financing costs and adjustments on long-term debt | 7 |  |  | 7 |  |  |  |  |
Capitalized interest | (3) |  |  | (3) |  |  |  |  |
Total | $ | 202 |  |  | $ | 164 |  |  |  |  |

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- Definition The entire disclosure for 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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