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Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Debt and Other Obligations [Abstract]  
Schedule of Long-Term Debt Instruments
The table below sets forth the Company's debt and other obligations as of December 31, 2024.
 Original Issue DateContractual Maturity Date Outstanding Balance as of December 31,Stated Interest Rate as of
December 31,
2024 20232024
(a)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 202932 40 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(b)
700 698 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(b)
747 746 4.2 %
Installment purchase liabilities and finance leasesVarious
(c)
Various
(c)
299 
(d)
270 
(d)
Various
(c)
Total secured debt1,778 1,754 
2016 RevolverJan. 2016July 2027— 
(e)
670 N/A
(f)
2016 Term Loan AJan. 2016July 20271,117 1,162 5.6 %
(f)
Commercial Paper Notes
Various
(g)
Various
(g)
1,341 — 5.0 %
3.200% Senior NotesAug. 2017Sept. 2024— 
(h)
749 N/A
1.350% Senior NotesJune 2020July 2025499 498 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026899 898 4.5 %
3.700% Senior NotesMay 2016June 2026749 748 3.7 %
1.050% Senior NotesFeb. 2021July 2026997 994 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027498 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027746 744 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027997 997 3.7 %
5.000% Senior Notes
Jan. 2023Jan. 2028993 991 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 995 3.8 %
4.800% Senior Notes
Apr. 2023Sept. 2028595 594 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 595 4.3 %
5.600% Senior Notes
Dec. 2023June 2029742 740 5.6 %
4.900% Senior Notes
Aug. 2024
(i)
Sept. 2029
(i)
544 — 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 546 3.1 %
3.300% Senior NotesApr. 2020July 2030742 741 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,093 1,091 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031991 990 2.1 %
2.500% Senior NotesJune 2021July 2031744 743 2.5 %
5.100% Senior Notes
Apr. 2023May 2033743 743 5.1 %
5.800% Senior Notes
Dec. 2023Mar. 2034742 740 5.8 %
5.200% Senior Notes
Aug. 2024
(i)
Sept. 2034
(i)
689 — 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,235 1,234 2.9 %
4.750% Senior NotesMay 2017May 2047345 344 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049396 396 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049346 346 4.0 %
4.150% Senior NotesApr. 2020July 2050490 490 4.2 %
3.250% Senior NotesJune 2020Jan. 2051891 890 3.3 %
Total unsecured debt22,303 21,167 
Total debt and other obligations24,081 22,921 
Less: current maturities of debt and other obligations610 835 
Non-current portion of debt and other long-term obligations$23,471 $22,086 
(a)Represents the weighted-average stated interest rate, as applicable.
(b)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 December 31, 2024, the Tower Revenue Notes, Series 2015-2 and 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
(c)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.
(d)For the years ended December 31, 2024 and December 31, 2023, reflects $35 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles).
(e)As of December 31, 2024, the undrawn availability under the senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(f)Both the 2016 Revolver and 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 further discussion below regarding potential adjustments to such percentages.
(g)The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issue. There were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months.
(h)In September 2024, the Company repaid in full the 3.200% senior unsecured notes on the contractual maturity date.
(i)See "Bonds—Senior Notes" below for further discussion of senior unsecured notes issued during 2024.
Schedule of Maturities of Long-term Debt
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 December 31, 2024, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the 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 class of the Tower Revenue Notes and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes.
Years Ending December 31,ThereafterTotal Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
20252026202720282029
Scheduled principal payments and
final maturities
$1,951 
(a)
$2,787 $3,258 $2,635 $2,478 $11,130 $24,239 $(158)$24,081 
(a)Predominately consists of outstanding indebtedness under the CP Program and the 1.350% senior unsecured notes due July 2025.
Schedule of Extinguishment of Debt
The following is a summary of the purchases, payments and redemptions of long-term debt during the years ended December 31, 2024, 2023 and 2022.
Principal Amount
Cash Paid(a)
Gains (losses)(b)
Year Ended December 31, 2024
3.200% Senior Unsecured Notes750 750 — 
Total$750 $750 $— 
Year Ended December 31, 2023
3.150% Senior Unsecured Notes
750 750 — 
Total$750 $750 $— 
Year Ended December 31, 2022
Tower Revenue Notes, Series 2018-1$250 $252 $(3)
3.849% Secured Notes1,000 1,022 (23)
2016 Revolver— — (2)
Total$1,250 $1,274 $(28)
(a)Exclusive of accrued interest.
(b)Inclusive of the write-off of the respective deferred financing costs.