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v3.23.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt [Abstract] |
Debt | ‎ 10.DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands):
|  |  |  | As of |  | As of
|  |  |  | March 31, 2023 |  | December 31, 2022
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
Revolving Credit Facility |  | Jul. 7, 2026 |  | $ | 675,000 |  | $ | 675,000 |  | $ | 675,000 |  | $ | 720,000 |  | $ | 720,000 |  | $ | 720,000
2018 Term Loan |  | Apr. 11, 2025 |  |  | 2,286,000 |  |  | 2,286,000 |  |  | 2,278,817 |  |  | 2,292,000 |  |  | 2,280,540 |  |  | 2,284,007
2014-2C Tower Securities (1) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 604,612 |  |  | 618,357 |  |  | 620,000 |  |  | 598,480 |  |  | 618,099
2019-1C Tower Securities (1) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,110,828 |  |  | 1,160,474 |  |  | 1,165,000 |  |  | 1,095,776 |  |  | 1,159,860
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 678,660 |  |  | 745,841 |  |  | 750,000 |  |  | 665,633 |  |  | 745,480
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 519,390 |  |  | 595,793 |  |  | 600,000 |  |  | 506,574 |  |  | 595,586
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,014,550 |  |  | 1,156,304 |  |  | 1,165,000 |  |  | 991,705 |  |  | 1,155,724
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 774,265 |  |  | 887,867 |  |  | 895,000 |  |  | 756,302 |  |  | 887,443
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 709,565 |  |  | 886,711 |  |  | 895,000 |  |  | 686,134 |  |  | 886,495
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 868,488 |  |  | 840,091 |  |  | 850,000 |  |  | 855,899 |  |  | 840,053
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,406,595 |  |  | 1,487,739 |  |  | 1,500,000 |  |  | 1,375,815 |  |  | 1,487,013
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,248,750 |  |  | 1,488,834 |  |  | 1,500,000 |  |  | 1,286,250 |  |  | 1,488,402
Total debt |  |  |  | $ | 12,901,000 |  | $ | 11,896,703 |  | $ | 12,821,828 |  | $ | 12,952,000 |  | $ | 11,819,108 |  | $ | 12,868,162
Less: current maturities of long-term debt |  |  |  |  |  | (24,000) |  |  |  |  |  |  |  |  | (24,000)
Total long-term debt, net of current maturities |  |  |  |  | $ | 12,797,828 |  |  |  |  |  |  |  | $ | 12,844,162
(1)The maturity date represents the anticipated repayment date for each issuance. The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:
|  | Interest |  | For the three months ended March 31,
|  | Rates as of |  | 2023 |  | 2022
|  | March 31, |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2023 |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands)
Revolving Credit Facility |  | 6.037% |  | $ | 9,286 |  | $ | — |  | $ | 2,279 |  | $ | —
2018 Term Loan (1) |  | 2.569% |  |  | 14,363 |  |  | 9,223 |  |  | 10,910 |  |  | 11,438
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | —
2018-1C Tower Securities |  | 3.448% |  |  | — |  |  | — |  |  | 5,570 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | 8,357 |  |  | — |  |  | 8,357 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,846 |  |  | — |  |  | 4,846 |  |  | —
2021-2C Tower Securities |  | 1.840% |  |  | 4,196 |  |  | — |  |  | 4,196 |  |  | —
2021-3C Tower Securities |  | 2.593% |  |  | 5,873 |  |  | — |  |  | 5,873 |  |  | —
2022-1C Tower Securities |  | 6.599% |  |  | 14,093 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 88 |  |  | 14,531 |  |  | 88
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | —
Other |  |  |  |  | 778 |  |  | 4,928 |  |  | 787 |  |  | —
Total |  |  |  | $ | 101,226 |  | $ | 14,239 |  | $ | 82,252 |  | $ | 11,526
(1)The 2018 Term Loan has a blended rate of 2.569%, which includes the impact of the interest rate swap entered into on August 4, 2020, which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 6.600% as of March 31, 2023. Refer to Note 17 for more information on the Company’s interest rate swap. ‎ Revolving Credit Facility under the Senior Credit Agreement The key terms of the Revolving Credit Facility are as follows:
|  |  |  | Unused |  | Financial Covenant
|  | Interest Rate |  | Commitment |  | Compliance
|  | as of |  | Fee as of |  | Status as of
|  | March 31, 2023 (1) |  | March 31, 2023 (2) |  | March 31, 2023
Revolving Credit Facility |  | 6.037% |  | 0.140% |  | In Compliance
(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2022. (2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022. The table below summarizes the Company’s Revolving Credit Facility activity during the three months ended March 31, 2023 and 2022 (in thousands):
|  | For the three months
|  | ended March 31,
|  | 2023 |  | 2022
Beginning outstanding balance |  | $ | 720,000 |  | $ | 350,000
Borrowings |  |  | 140,000 |  |  | 330,000
Repayments |  |  | (185,000) |  |  | —
Ending outstanding balance |  | $ | 675,000 |  | $ | 680,000
Subsequent to March 31, 2023, the Company repaid $80.0 million under the Revolving Credit Facility, and as of the date of this filing, $595.0 million was outstanding. Term Loan under the Senior Credit Agreement During the three months ended March 31, 2023, the Company repaid an aggregate of $6.0 million of principal on the 2018 Term Loan. As of March 31, 2023, the 2018 Term Loan had a principal balance of $2.3 billion. Secured Tower Revenue Securities As of March 31, 2023, the entities that are borrowers on the mortgage loan (the “Borrowers”) met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers.

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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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