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v3.23.3

Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | September 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 |  | $ | 370,000 |  | $ | 370,000 |  | $ | 370,000 |  | $ | 720,000 |  | $ | 720,000 |  | $ | 720,000
2018 Term Loan |  | Apr. 11, 2025 |  |  | 2,274,000 |  |  | 2,271,158 |  |  | 2,268,489 |  |  | 2,292,000 |  |  | 2,280,540 |  |  | 2,284,007
2014-2C Tower Securities (1) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 602,454 |  |  | 618,880 |  |  | 620,000 |  |  | 598,480 |  |  | 618,099
2019-1C Tower Securities (1) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,107,799 |  |  | 1,161,718 |  |  | 1,165,000 |  |  | 1,095,776 |  |  | 1,159,860
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 677,753 |  |  | 746,570 |  |  | 750,000 |  |  | 665,633 |  |  | 745,480
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 510,414 |  |  | 596,209 |  |  | 600,000 |  |  | 506,574 |  |  | 595,586
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,008,599 |  |  | 1,157,471 |  |  | 1,165,000 |  |  | 991,705 |  |  | 1,155,724
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 766,926 |  |  | 888,721 |  |  | 895,000 |  |  | 756,302 |  |  | 887,443
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 681,954 |  |  | 887,146 |  |  | 895,000 |  |  | 686,134 |  |  | 886,495
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 844,492 |  |  | 840,973 |  |  | 850,000 |  |  | 855,899 |  |  | 840,053
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,374,180 |  |  | 1,489,215 |  |  | 1,500,000 |  |  | 1,375,815 |  |  | 1,487,013
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,245,000 |  |  | 1,489,710 |  |  | 1,500,000 |  |  | 1,286,250 |  |  | 1,488,402
Total debt |  |  |  | $ | 12,584,000 |  | $ | 11,460,729 |  | $ | 12,515,102 |  | $ | 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 |  |  |  |  | $ | 12,491,102 |  |  |  |  |  |  |  | $ | 12,844,162
(1)The maturity date represents the anticipated repayment date for each issuance.
Schedule of Cash and Non-Cash Interest Expense |
|  | Interest |  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | Rates as of |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | September 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 |  | 6.520% |  | $ | 6,219 |  | $ | — |  | $ | 4,896 |  | $ | — |  | $ | 24,287 |  | $ | — |  | $ | 10,778 |  | $ | —
2018 Term Loan (1) |  | 2.651% |  |  | 15,615 |  |  | 6,803 |  |  | 13,038 |  |  | 11,440 |  |  | 44,898 |  |  | 23,701 |  |  | 35,565 |  |  | 34,318
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | — |  |  | 18,138 |  |  | — |  |  | 18,138 |  |  | —
2018-1C Tower Securities |  | 3.448% |  |  | — |  |  | — |  |  | 5,570 |  |  | — |  |  | — |  |  | — |  |  | 16,711 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | 8,357 |  |  | — |  |  | 8,357 |  |  | — |  |  | 25,072 |  |  | — |  |  | 25,072 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 10,793 |  |  | — |  |  | 10,793 |  |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | — |  |  | 10,619 |  |  | — |  |  | 10,619 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,870 |  |  | — |  |  | 4,870 |  |  | — |  |  | 14,567 |  |  | — |  |  | 14,567 |  |  | —
2021-2C Tower Securities |  | 1.840% |  |  | 4,196 |  |  | — |  |  | 4,196 |  |  | — |  |  | 12,587 |  |  | — |  |  | 12,587 |  |  | —
2021-3C Tower Securities |  | 2.593% |  |  | 5,873 |  |  | — |  |  | 5,873 |  |  | — |  |  | 17,619 |  |  | — |  |  | 17,619 |  |  | —
2022-1C Tower Securities |  | 6.599% |  |  | 14,094 |  |  | — |  |  | — |  |  | — |  |  | 42,281 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 92 |  |  | 14,531 |  |  | 88 |  |  | 43,594 |  |  | 274 |  |  | 43,594 |  |  | 264
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 35,156 |  |  | — |  |  | 35,156 |  |  | —
Other |  |  |  |  | 664 |  |  | 1,003 |  |  | 727 |  |  | — |  |  | 2,224 |  |  | 5,680 |  |  | 2,329 |  |  | —
Total |  |  |  | $ | 99,322 |  | $ | 7,898 |  | $ | 86,961 |  | $ | 11,528 |  | $ | 301,835 |  | $ | 29,655 |  | $ | 253,528 |  | $ | 34,582
(1)The 2018 Term Loan has a blended rate of 2.651%, 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 7.170% as of September 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
|  | September 30, 2023 (1) |  | September 30, 2023 (2) |  | September 30, 2023
Revolving Credit Facility |  | 6.520% |  | 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 nine months
|  | ended September 30, |  | ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Beginning outstanding balance |  | $ | 450,000 |  | $ | 530,000 |  | $ | 720,000 |  | $ | 350,000
Borrowings |  |  | 50,000 |  |  | — |  |  | 190,000 |  |  | 330,000
Repayments |  |  | (130,000) |  |  | (120,000) |  |  | (540,000) |  |  | (270,000)
Ending outstanding balance |  | $ | 370,000 |  | $ | 410,000 |  | $ | 370,000 |  | $ | 410,000

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