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Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | June 30, 2023 |  | December 31, 2022
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
Revolving Credit Facility |  | Jul. 7, 2026 |  | $ | 450,000 |  | $ | 450,000 |  | $ | 450,000 |  | $ | 720,000 |  | $ | 720,000 |  | $ | 720,000
2018 Term Loan |  | Apr. 11, 2025 |  |  | 2,280,000 |  |  | 2,271,450 |  |  | 2,273,637 |  |  | 2,292,000 |  |  | 2,280,540 |  |  | 2,284,007
2014-2C Tower Securities (1) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 603,744 |  |  | 618,617 |  |  | 620,000 |  |  | 598,480 |  |  | 618,099
2019-1C Tower Securities (1) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,110,688 |  |  | 1,161,094 |  |  | 1,165,000 |  |  | 1,095,776 |  |  | 1,159,860
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 677,130 |  |  | 746,204 |  |  | 750,000 |  |  | 665,633 |  |  | 745,480
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 515,268 |  |  | 596,000 |  |  | 600,000 |  |  | 506,574 |  |  | 595,586
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,009,168 |  |  | 1,156,886 |  |  | 1,165,000 |  |  | 991,705 |  |  | 1,155,724
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 768,366 |  |  | 888,293 |  |  | 895,000 |  |  | 756,302 |  |  | 887,443
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 699,783 |  |  | 886,927 |  |  | 895,000 |  |  | 686,134 |  |  | 886,495
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 852,457 |  |  | 840,527 |  |  | 850,000 |  |  | 855,899 |  |  | 840,053
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,385,640 |  |  | 1,488,474 |  |  | 1,500,000 |  |  | 1,375,815 |  |  | 1,487,013
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,290,000 |  |  | 1,489,272 |  |  | 1,500,000 |  |  | 1,286,250 |  |  | 1,488,402
Total debt |  |  |  | $ | 12,670,000 |  | $ | 11,633,694 |  | $ | 12,595,931 |  | $ | 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 |  |  |  |  | $ | 12,571,931 |  |  |  |  |  |  |  | $ | 12,844,162
Schedule of Cash and Non-Cash Interest Expense |
|  | Interest |  | For the three months ended June 30, |  | For the six months ended June 30,
|  | Rates as of |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | June 30, |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2023 |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands)
Revolving Credit Facility |  | 6.300% |  | $ | 8,782 |  | $ | — |  | $ | 3,603 |  | $ | — |  | $ | 18,068 |  | $ | — |  | $ | 5,882 |  | $ | —
2018 Term Loan (1) |  | 2.545% |  |  | 14,920 |  |  | 7,678 |  |  | 11,616 |  |  | 11,440 |  |  | 29,284 |  |  | 16,899 |  |  | 22,527 |  |  | 22,879
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | — |  |  | 12,092 |  |  | — |  |  | 12,092 |  |  | —
2018-1C Tower Securities |  | 3.448% |  |  | — |  |  | — |  |  | 5,570 |  |  | — |  |  | — |  |  | — |  |  | 11,141 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | 8,357 |  |  | — |  |  | 8,357 |  |  | — |  |  | 16,714 |  |  | — |  |  | 16,714 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 7,195 |  |  | — |  |  | 7,195 |  |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | — |  |  | 7,079 |  |  | — |  |  | 7,079 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,851 |  |  | — |  |  | 4,851 |  |  | — |  |  | 9,697 |  |  | — |  |  | 9,697 |  |  | —
2021-2C Tower Securities |  | 1.840% |  |  | 4,196 |  |  | — |  |  | 4,196 |  |  | — |  |  | 8,391 |  |  | — |  |  | 8,391 |  |  | —
2021-3C Tower Securities |  | 2.593% |  |  | 5,873 |  |  | — |  |  | 5,873 |  |  | — |  |  | 11,746 |  |  | — |  |  | 11,746 |  |  | —
2022-1C Tower Securities |  | 6.599% |  |  | 14,094 |  |  | — |  |  | — |  |  | — |  |  | 28,187 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 91 |  |  | 14,531 |  |  | 89 |  |  | 29,063 |  |  | 182 |  |  | 29,063 |  |  | 175
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 23,438 |  |  | — |  |  | 23,438 |  |  | —
Other |  |  |  |  | 781 |  |  | (251) |  |  | 815 |  |  | — |  |  | 1,560 |  |  | 4,676 |  |  | 1,601 |  |  | —
Total |  |  |  | $ | 101,288 |  | $ | 7,518 |  | $ | 84,315 |  | $ | 11,529 |  | $ | 202,514 |  | $ | 21,757 |  | $ | 166,566 |  | $ | 23,054
(1)The 2018 Term Loan has a blended rate of 2.545%, which includes the impact of the interest rate swaps entered into on August 4, 2020, and amended on June 21, 2023, 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 July 31, 2023 and then at Term SOFR plus 185 basis points (inclusive of a credit spread adjustment (“CSA”) of 0.10%) for an all-in fixed rate of 1.900% 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 6.950% as of June 30, 2023. Refer to Note 17 for more information on the Company’s interest rate swap.
Schedule of Revolving Credit Facility Key Terms |
|  |  |  | Unused |  | Financial Covenant
|  | Interest Rate |  | Commitment |  | Compliance
|  | as of |  | Fee as of |  | Status as of
|  | June 30, 2023 (1) |  | June 30, 2023 (2) |  | June 30, 2023
Revolving Credit Facility |  | 6.300% |  | 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.
Summary of Revolving Credit Facility Activity |
|  | For the three months |  | For the six months
|  | ended June 30, |  | ended June 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning outstanding balance |  | $ | 675,000 |  | $ | 680,000 |  | $ | 720,000 |  | $ | 350,000
Borrowings |  |  | — |  |  | — |  |  | 140,000 |  |  | 330,000
Repayments |  |  | (225,000) |  |  | (150,000) |  |  | (410,000) |  |  | (150,000)
Ending outstanding balance |  | $ | 450,000 |  | $ | 530,000 |  | $ | 450,000 |  | $ | 530,000

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