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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | June 30, 2024 |  | December 31, 2023
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
Revolving Credit Facility (1) |  | Jan. 25, 2029 |  | $ | 120,000 |  | $ | 120,000 |  | $ | 120,000 |  | $ | 180,000 |  | $ | 180,000 |  | $ | 180,000
2018 Term Loan (2) |  | Apr. 11, 2025 |  |  | — |  |  | — |  |  | — |  |  | 2,268,000 |  |  | 2,273,670 |  |  | 2,263,343
2024 Term Loan (2) |  | Jan. 25, 2031 |  |  | 2,294,250 |  |  | 2,297,118 |  |  | 2,270,260 |  |  | — |  |  | — |  |  | —
2014-2C Tower Securities (3) |  | Oct. 8, 2024 |  |  | 620,000 |  |  | 615,350 |  |  | 619,684 |  |  | 620,000 |  |  | 606,540 |  |  | 619,145
2019-1C Tower Securities (3) |  | Jan. 12, 2025 |  |  | 1,165,000 |  |  | 1,138,007 |  |  | 1,163,621 |  |  | 1,165,000 |  |  | 1,115,313 |  |  | 1,162,348
2020-1C Tower Securities (3) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 680,460 |  |  | 747,677 |  |  | 750,000 |  |  | 682,350 |  |  | 746,937
2020-2C Tower Securities (3) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 520,554 |  |  | 596,844 |  |  | 600,000 |  |  | 520,530 |  |  | 596,419
2021-1C Tower Securities (3) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,016,556 |  |  | 1,159,242 |  |  | 1,165,000 |  |  | 1,015,437 |  |  | 1,158,059
2021-2C Tower Securities (3) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 769,986 |  |  | 890,020 |  |  | 895,000 |  |  | 772,125 |  |  | 889,152
2021-3C Tower Securities (3) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 684,684 |  |  | 887,809 |  |  | 895,000 |  |  | 686,581 |  |  | 887,365
2022-1C Tower Securities (3) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 870,281 |  |  | 842,349 |  |  | 850,000 |  |  | 850,221 |  |  | 841,429
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,429,155 |  |  | 1,491,486 |  |  | 1,500,000 |  |  | 1,438,815 |  |  | 1,489,965
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,348,125 |  |  | 1,491,051 |  |  | 1,500,000 |  |  | 1,338,750 |  |  | 1,490,153
Total debt |  |  |  | $ | 12,354,250 |  | $ | 11,490,276 |  | $ | 12,280,043 |  | $ | 12,388,000 |  | $ | 11,480,332 |  | $ | 12,324,315
Less: current maturities of long-term debt |  |  |  |  |  | (1,806,304) |  |  |  |  |  |  |  |  | (643,145)
Total long-term debt, net of current maturities |  |  |  |  | $ | 10,473,739 |  |  |  |  |  |  |  | $ | 11,681,170
(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below. (2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan (“2024 Term Loan”) with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below. (3)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 June 30, |  | For the six months ended June 30,
|  | Rates as of |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | June 30, |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2024 |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands)
Revolving Credit Facility |  | 6.415% |  | $ | 3,161 |  | $ | — |  | $ | 8,782 |  | $ | — |  | $ | 5,630 |  | $ | — |  | $ | 18,068 |  | $ | —
2018 Term Loan |  | — |  |  | — |  |  | — |  |  | 14,920 |  |  | 7,678 |  |  | 3,253 |  |  | 1,867 |  |  | 29,284 |  |  | 16,899
2024 Term Loan (1) |  | 2.845% |  |  | 16,619 |  |  | 6,679 |  |  | — |  |  | — |  |  | 29,598 |  |  | 11,626 |  |  | — |  |  | —
2014-2C Tower Securities |  | 3.869% |  |  | 6,046 |  |  | — |  |  | 6,046 |  |  | — |  |  | 12,092 |  |  | — |  |  | 12,092 |  |  | —
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 |  |  | — |  |  | 14,094 |  |  | — |  |  | 28,187 |  |  | — |  |  | 28,187 |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 95 |  |  | 14,531 |  |  | 91 |  |  | 29,063 |  |  | 190 |  |  | 29,063 |  |  | 182
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 23,438 |  |  | — |  |  | 23,438 |  |  | —
Other |  |  |  |  | 945 |  |  | 306 |  |  | 781 |  |  | (251) |  |  | 1,838 |  |  | 1,840 |  |  | 1,560 |  |  | 4,676
Total |  |  |  | $ | 97,530 |  | $ | 7,080 |  | $ | 101,288 |  | $ | 7,518 |  | $ | 193,921 |  | $ | 15,523 |  | $ | 202,514 |  | $ | 21,757
(1)The 2024 Term Loan has a blended rate of 2.845%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2024 Term Loan was accruing interest at 7.350% as of June 30, 2024. Refer to Note 17 for more information on the Company’s interest rate swap.
Schedule of Revolving Credit Facility Key Terms |
|  |  |  | Unused
|  | Interest Rate |  | Commitment
|  | as of |  | Fee as of
|  | June 30, 2024 (1) |  | June 30, 2024 (2)
Revolving Credit Facility |  | 6.415% |  | 0.140%
(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, 2023. (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, 2023.
Summary of Revolving Credit Facility Activity |
|  | For the three months |  | For the six months
|  | ended June 30, |  | ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning outstanding balance |  | $ | 195,000 |  | $ | 675,000 |  | $ | 180,000 |  | $ | 720,000
Borrowings |  |  | 70,000 |  |  | — |  |  | 195,000 |  |  | 140,000
Repayments |  |  | (145,000) |  |  | (225,000) |  |  | (255,000) |  |  | (410,000)
Ending outstanding balance |  | $ | 120,000 |  | $ | 450,000 |  | $ | 120,000 |  | $ | 450,000

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