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v3.25.3

Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt [Abstract] |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt |
|  |  |  | As of |  | As of
|  |  |  | September 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 |  | $ | 280,000 |  | $ | 280,000 |  | $ | 280,000 |  | $ | — |  | $ | — |  | $ | —
2024 Term Loan |  | Jan. 25, 2031 |  |  | 2,265,500 |  |  | 2,273,996 |  |  | 2,245,303 |  |  | 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 |  |  | 722,858 |  |  | 749,562 |  |  | 750,000 |  |  | 726,038 |  |  | 748,425
2020-2C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 600,000 |  |  | 514,080 |  |  | 597,928 |  |  | 600,000 |  |  | 516,342 |  |  | 597,273
2021-1C Tower Securities (1) |  | Nov. 9, 2026 |  |  | 1,165,000 |  |  | 1,003,915 |  |  | 1,162,248 |  |  | 1,165,000 |  |  | 1,008,331 |  |  | 1,160,436
2021-2C Tower Securities (1) |  | Apr. 9, 2027 |  |  | 895,000 |  |  | 852,488 |  |  | 892,228 |  |  | 895,000 |  |  | 763,757 |  |  | 890,896
2021-3C Tower Securities (1) |  | Oct. 9, 2031 |  |  | 895,000 |  |  | 676,164 |  |  | 888,946 |  |  | 895,000 |  |  | 679,144 |  |  | 888,260
2022-1C Tower Securities (1) |  | Jan. 11, 2028 |  |  | 850,000 |  |  | 867,510 |  |  | 844,847 |  |  | 850,000 |  |  | 878,475 |  |  | 843,321
2024-1C Tower Securities (1) |  | Oct. 9, 2029 |  |  | 1,450,000 |  |  | 1,446,926 |  |  | 1,439,433 |  |  | 1,450,000 |  |  | 1,453,292 |  |  | 1,437,978
2024-2C Tower Securities (1) |  | Oct. 8, 2027 |  |  | 620,000 |  |  | 624,340 |  |  | 616,197 |  |  | 620,000 |  |  | 618,698 |  |  | 615,017
2020 Senior Notes |  | Feb. 15, 2027 |  |  | 1,500,000 |  |  | 1,477,635 |  |  | 1,495,427 |  |  | 1,500,000 |  |  | 1,440,270 |  |  | 1,493,039
2021 Senior Notes |  | Feb. 1, 2029 |  |  | 1,500,000 |  |  | 1,410,000 |  |  | 1,493,362 |  |  | 1,500,000 |  |  | 1,353,750 |  |  | 1,491,963
Total debt |  |  |  | $ | 12,770,500 |  | $ | 12,149,912 |  | $ | 12,705,481 |  | $ | 13,672,750 |  | $ | 12,849,650 |  | $ | 13,591,738
Less: current maturities of long-term debt |  |  |  |  |  | (772,562) |  |  |  |  |  |  |  |  | (1,187,913)
Total long-term debt, net of current maturities |  |  |  |  | $ | 11,932,919 |  |  |  |  |  |  |  | $ | 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 September 30, |  | For the nine months ended September 30,
|  | Rates as of |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | September 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 |  | 5.235% |  | $ | 1,480 |  | $ | — |  | $ | 1,982 |  | $ | — |  | $ | 3,107 |  | $ | — |  | $ | 7,611 |  | $ | —
2018 Term Loan |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,253 |  |  | 1,867
2024 Term Loan (1) |  | 5.253% |  |  | 30,625 |  |  | 183 |  |  | 16,072 |  |  | 6,747 |  |  | 74,885 |  |  | 7,844 |  |  | 45,670 |  |  | 18,381
2014-2C Tower Securities |  | 3.869% |  |  | — |  |  | — |  |  | 6,046 |  |  | — |  |  | — |  |  | — |  |  | 18,138 |  |  | —
2019-1C Tower Securities |  | 2.836% |  |  | — |  |  | — |  |  | 8,357 |  |  | — |  |  | 1,306 |  |  | — |  |  | 25,072 |  |  | —
2020-1C Tower Securities |  | 1.884% |  |  | 3,598 |  |  | — |  |  | 3,598 |  |  | — |  |  | 10,793 |  |  | — |  |  | 10,793 | 95 |  | —
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 |  |  | — |  |  | 14,094 |  |  | — |  |  | 42,281 |  |  | — |  |  | 42,281 |  |  | —
2024-1C Tower Securities |  | 4.831% |  |  | 17,636 |  |  | — |  |  | — |  |  | — |  |  | 52,907 |  |  | — |  |  | — |  |  | —
2024-2C Tower Securities (2) |  | 4.654% |  |  | 7,977 |  |  | — |  |  | — |  |  | — |  |  | 23,932 |  |  | — |  |  | — |  |  | —
2020 Senior Notes |  | 3.875% |  |  | 14,531 |  |  | 100 |  |  | 14,531 |  |  | 92 |  |  | 43,594 |  |  | 296 |  |  | 43,594 |  |  | 274
2021 Senior Notes |  | 3.125% |  |  | 11,719 |  |  | — |  |  | 11,719 |  |  | — |  |  | 35,156 |  |  | — |  |  | 35,156 |  |  | —
Other |  |  |  |  | 15 |  |  | 284 |  |  | 833 |  |  | 353 |  |  | 606 |  |  | 2,008 |  |  | 2,672 |  |  | 2,193
Total |  |  |  | $ | 120,154 |  | $ | 567 |  | $ | 95,711 |  | $ | 7,192 |  | $ | 343,959 |  | $ | 10,148 |  | $ | 289,632 |  | $ | 22,715
(1)The 2024 Term Loan has a blended rate of 5.253%, 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 5.920% as of September 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 which settled upon issuance of the notes. 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
|  | September 30, 2025 (1) |  | September 30, 2025 (2)
Revolving Credit Facility |  | 5.235% |  | 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 nine months
|  | ended September 30, |  | ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in thousands)
Beginning outstanding balance |  | $ | 80,000 |  | $ | 120,000 |  | $ | — |  | $ | 180,000
Borrowings |  |  | 295,000 |  |  | 175,000 |  |  | 375,000 |  |  | 370,000
Repayments |  |  | (95,000) |  |  | (135,000) |  |  | (95,000) |  |  | (390,000)
Ending outstanding balance |  | $ | 280,000 |  | $ | 160,000 |  | $ | 280,000 |  | $ | 160,000

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