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v3.25.2

Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | June 30, 2025 |  | December 31, 2024
|  | Maturity Date |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value |  | Principal ‎Balance |  | Fair Value |  | Carrying ‎Value
|  |  |  | (in thousands)
Revolving Credit Facility |  | Jan. 25, 2029 |  | $ | 80,000 |  | $ | 80,000 |  | $ | 80,000 |  | $ | — |  | $ | — |  | $ | —
2024 Term Loan |  | Jan. 25, 2031 |  |  | 2,277,000 |  |  | 2,288,385 |  |  | 2,256,003 |  |  | 2,282,750 |  |  | 2,282,750 |  |  | 2,260,217
2019-1C Tower Securities (1)(2) |  | Jan. 12, 2025 |  |  | — |  |  | — |  |  | — |  |  | 1,165,000 |  |  | 1,128,803 |  |  | 1,164,913
2020-1C Tower Securities (1) |  | Jan. 9, 2026 |  |  | 750,000 |  |  | 724,995 |  |  | 749,181 |  |  | 750,000 |  |  | 726,038 |  |  | 748,425
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 515,604 |  |  | 597,708 |  |  | 600,000 |  |  | 516,342 |  |  | 597,273
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,006,886 |  |  | 1,161,641 |  |  | 1,165,000 |  |  | 1,008,331 |  |  | 1,160,436
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 762,665 |  |  | 891,782 |  |  | 895,000 |  |  | 763,757 |  |  | 890,896
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 678,168 |  |  | 888,716 |  |  | 895,000 |  |  | 679,144 |  |  | 888,260
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 870,077 |  |  | 844,329 |  |  | 850,000 |  |  | 878,475 |  |  | 843,321
2024-1C Tower Securities (1) |  | Oct. 9, 2029 |  |  | 1,450,000 |  |  | 1,451,204 |  |  | 1,438,893 |  |  | 1,450,000 |  |  | 1,453,292 |  |  | 1,437,978
2024-2C Tower Securities (1) |  | Oct. 8, 2027 |  |  | 620,000 |  |  | 623,243 |  |  | 615,776 |  |  | 620,000 |  |  | 618,698 |  |  | 615,017
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,478,670 |  |  | 1,494,623 |  |  | 1,500,000 |  |  | 1,440,270 |  |  | 1,493,039
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,417,500 |  |  | 1,492,893 |  |  | 1,500,000 |  |  | 1,353,750 |  |  | 1,491,963
Total debt |  |  |  | $ | 12,582,000 |  | $ | 11,897,397 |  | $ | 12,511,545 |  | $ | 13,672,750 |  | $ | 12,849,650 |  | $ | 13,591,738
Less: current maturities of long-term debt |  |  |  |  |  | (772,181) |  |  |  |  |  |  |  |  | (1,187,913)
Total long-term debt, net of current maturities |  |  |  |  | $ | 11,739,364 |  |  |  |  |  |  |  | $ | 12,403,825
(1)The maturity date represents the anticipated repayment date for each issuance. (2)On January 15, 2025, the Company repaid the aggregate principal amount of the 2019-1C Tower Securities.
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 |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | June 30, |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash |  | Cash |  | Non-cash
|  | 2025 |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest |  | Interest
|  |  |  | (in thousands) |  | (in thousands)
Revolving Credit Facility |  | 5.405% |  | $ | 923 |  | $ | — |  | $ | 3,161 |  | $ | — |  | $ | 1,627 |  | $ | — |  | $ | 5,630 |  | $ | —
2018 Term Loan |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,253 |  |  | 1,867
2024 Term Loan (1) |  | 5.276% |  |  | 30,396 |  |  | 909 |  |  | 16,619 |  |  | 6,679 |  |  | 44,260 |  |  | 7,661 |  |  | 29,598 |  |  | 11,626
2014-2C Tower Securities |  | 3.869% |  |  | — |  |  | — |  |  | 6,046 |  |  | — |  |  | — |  |  | — |  |  | 12,092 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | — |  |  | — |  |  | 8,357 |  |  | — |  |  | 1,306 |  |  | — |  |  | 16,714 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 7,195 |  |  | — |  |  | 7,195 | 95 |  | —
2020-2C Tower Securities |  | 2.328% |  |  | 3,540 |  |  | — |  |  | 3,540 |  |  | — |  |  | 7,079 |  |  | — |  |  | 7,079 |  |  | —
2021-1C Tower Securities |  | 1.631% |  |  | 4,851 |  |  | — |  |  | 4,851 |  |  | — |  |  | 9,704 |  |  | — |  |  | 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 |  |  | — |  |  | 28,188 |  |  | — |  |  | 28,187 |  |  | —
2024-1C Tower Securities |  | 4.831% |  |  | 17,636 |  |  | — |  |  | — |  |  | — |  |  | 35,271 |  |  | — |  |  | — |  |  | —
2024-2C Tower Securities (2) |  | 4.654% |  |  | 7,977 |  |  | — |  |  | — |  |  | — |  |  | 15,955 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 99 |  |  | 14,531 |  |  | 95 |  |  | 29,063 |  |  | 197 |  |  | 29,063 |  |  | 190
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 23,438 |  |  | — |  |  | 23,438 |  |  | —
Other |  |  |  |  | 324 |  |  | 225 |  |  | 945 |  |  | 306 |  |  | 582 |  |  | 1,723 |  |  | 1,838 |  |  | 1,840
Total |  |  |  | $ | 119,658 |  | $ | 1,233 |  | $ | 97,530 |  | $ | 7,080 |  | $ | 223,805 |  | $ | 9,581 |  | $ | 193,921 |  | $ | 15,523
(1)The 2024 Term Loan has a blended rate of 5.276%, which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swaps, the 2024 Term Loan was accruing interest at 6.080% as of June 30, 2025. Refer to Note 17 for more information on the Company’s interest rate swaps. (2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.
Schedule of Revolving Credit Facility Key Terms |
|  |  |  | Unused
|  | Interest Rate |  | Commitment
|  | as of |  | Fee as of
|  | June 30, 2025 (1) |  | June 30, 2025 (2)
Revolving Credit Facility |  | 5.405% |  | 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, 2024. (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, 2024.
Summary of Revolving Credit Facility Activity |
|  | For the three months |  | For the six months
|  | ended June 30, |  | ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Beginning outstanding balance |  | $ | — |  | $ | 195,000 |  | $ | — |  | $ | 180,000
Borrowings |  |  | 80,000 |  |  | 70,000 |  |  | 80,000 |  |  | 195,000
Repayments |  |  | — |  |  | (145,000) |  |  | — |  |  | (255,000)
Ending outstanding balance |  | $ | 80,000 |  | $ | 120,000 |  | $ | 80,000 |  | $ | 120,000

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