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Debt and Other Obligations | 9 Months Ended
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Sep. 30, 2024
Debt and Other Obligations [Abstract] |
Debt Disclosure | Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of September 30, 2024.
| Original Issue Date |  | Final Maturity Date(a) |  | Balance as of September 30, 2024 |  | Balance as of December 31, 2023 |  | Stated Interest Rate as of September 30, 2024(a)(b) |
Secured Notes, Series 2009-1, Class A-2 | July 2009 |  | Aug. 2029 |  | $ | 34 |  |  | $ | 40 |  |  | 9.0 | % |
Tower Revenue Notes, Series 2015-2 | May 2015 |  | May 2045 | (c) | 699 |  |  | 698 |  |  | 3.7 | % |
Tower Revenue Notes, Series 2018-2 | July 2018 |  | July 2048 | (c) | 747 |  |  | 746 |  |  | 4.2 | % |
Installment purchase liabilities and finance leases | Various | (d) | Various | (d) | 301 |  | (e) | 270 |  | (e) | Various | (d)
Total secured debt |  |  |  |  | 1,781 |  |  | 1,754 |  |  |  |
2016 Revolver | Jan. 2016 |  | July 2027 |  | — |  | (f) | 670 |  |  | N/A | (g)
2016 Term Loan A | Jan. 2016 |  | July 2027 |  | 1,132 |  |  | 1,162 |  |  | 6.4 | % | (g)
Commercial Paper Notes | Various | (h) | Various | (h) | 1,312 |  | (h) | — |  |  | 5.5 | % |
3.200% Senior Notes | Aug. 2017 |  | Sept. 2024 |  | — |  | (i) | 749 |  |  | N/A |
1.350% Senior Notes | June 2020 |  | July 2025 |  | 499 |  |  | 498 |  |  | 1.4 | % |
4.450% Senior Notes | Feb. 2016 |  | Feb. 2026 |  | 898 |  |  | 898 |  |  | 4.5 | % |
3.700% Senior Notes | May 2016 |  | June 2026 |  | 749 |  |  | 748 |  |  | 3.7 | % |
1.050% Senior Notes | Feb. 2021 |  | July 2026 |  | 996 |  |  | 994 |  |  | 1.1 | % |
4.000% Senior Notes | Feb. 2017 |  | Mar. 2027 |  | 498 |  |  | 498 |  |  | 4.0 | % |
2.900% Senior Notes | Mar. 2022 |  | Mar. 2027 |  | 745 |  |  | 744 |  |  | 2.9 | % |
3.650% Senior Notes | Aug. 2017 |  | Sept. 2027 |  | 997 |  |  | 997 |  |  | 3.7 | % |
5.000% Senior Notes | Jan. 2023 |  | Jan. 2028 |  | 993 |  |  | 991 |  |  | 5.0 | % |
3.800% Senior Notes | Jan. 2018 |  | Feb. 2028 |  | 996 |  |  | 995 |  |  | 3.8 | % |
4.800% Senior Notes | Apr. 2023 |  | Sept. 2028 |  | 595 |  |  | 594 |  |  | 4.8 | % |
4.300% Senior Notes | Feb. 2019 |  | Feb. 2029 |  | 596 |  |  | 595 |  |  | 4.3 | % |
5.600% Senior Notes | Dec. 2023 |  | June 2029 |  | 742 |  |  | 740 |  |  | 5.6 | % |
4.900% Senior Notes | Aug. 2024 | (j) | Sept. 2029 | (j) | 543 |  |  | — |  |  | 4.9 | % |
3.100% Senior Notes | Aug. 2019 |  | Nov. 2029 |  | 547 |  |  | 546 |  |  | 3.1 | % |
3.300% Senior Notes | Apr. 2020 |  | July 2030 |  | 742 |  |  | 741 |  |  | 3.3 | % |
2.250% Senior Notes | June 2020 |  | Jan. 2031 |  | 1,092 |  |  | 1,091 |  |  | 2.3 | % |
2.100% Senior Notes | Feb. 2021 |  | Apr. 2031 |  | 991 |  |  | 990 |  |  | 2.1 | % |
2.500% Senior Notes | June 2021 |  | July 2031 |  | 743 |  |  | 743 |  |  | 2.5 | % |
5.100% Senior Notes | Apr. 2023 |  | May 2033 |  | 743 |  |  | 743 |  |  | 5.1 | % |
5.800% Senior Notes | Dec. 2023 |  | Mar. 2034 |  | 742 |  |  | 740 |  |  | 5.8 | % |
5.200% Senior Notes | Aug. 2024 | (j) | Sept. 2034 | (j) | 689 |  |  | — |  |  | 5.2 | % |
2.900% Senior Notes | Feb. 2021 |  | Apr. 2041 |  | 1,235 |  |  | 1,234 |  |  | 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 |  | 891 |  |  | 890 |  |  | 3.3 | % |
Total unsecured debt |  |  |  |  | 22,282 |  |  | 21,167 |  |  |  |
Total debt and other obligations |  |  |  |  | 24,063 |  |  | 22,921 |  |  |  |
Less: current maturities of debt and other obligations |  | 611 |  |  | 835 |  |  |  |
Non-current portion of debt and other long-term obligations |  | $ | 23,452 |  |  | $ | 22,086 |  |  |  |
(a)See the 2023 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 September 30, 2024, 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 installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years. (e)For the periods ended September 30, 2024 and December 31, 2023, reflects $30 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles). (f)As of September 30, 2024, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion. (g)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 2023 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. 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. 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. (i)In September 2024, the Company repaid in full the 3.200% Senior Notes on the contractual maturity date. (j)In August 2024, the Company issued $550 million aggregate principal amount of 4.900% senior unsecured notes due 2029 and $700 million aggregate principal amount of 5.200% senior unsecured notes due 2034 (collectively, "August 2024 Senior Notes"). The Company used the net proceeds from the August 2024 Senior Notes offering to repay a portion of the outstanding indebtedness under the Company's unsecured commercial paper program ("CP Program") 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 September 30, 2024, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
| Three Months Ending December 31, |  | Years Ending December 31, |  |  |  | Total Cash Obligations |  | Unamortized Adjustments, Net |  | Total Debt and Other Obligations Outstanding
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  |  |
Scheduled principal payments and final maturities | $ | 1,340 |  | (a) | $ | 609 |  |  | $ | 2,785 |  |  | $ | 3,256 |  |  | $ | 2,634 |  |  | $ | 13,605 |  |  | $ | 24,229 |  |  | $ | (166) |  |  | $ | 24,063 |
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense on debt obligations | $ | 234 |  |  | $ | 213 |  |  | $ | 684 |  |  | $ | 616 |
Amortization of deferred financing costs and adjustments on long-term debt | 8 |  |  | 8 |  |  | 24 |  |  | 22 |
Capitalized interest | (6) |  |  | (4) |  |  | (16) |  |  | (11) |
Total | $ | 236 |  |  | $ | 217 |  |  | $ | 692 |  |  | $ | 627 |

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