Debt (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Principal Values, Fair Values, and Carrying Values of Debt



		As of						As of
		March 31, 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	$	195,000	$	195,000	$	195,000	$	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		2,300,000		2,305,750		2,275,581		—		—		—
2014-2C Tower Securities ⁽³⁾	Oct. 8, 2024		620,000		612,560		619,413		620,000		606,540		619,145
2019-1C Tower Securities ⁽³⁾	Jan. 12, 2025		1,165,000		1,115,779		1,162,982		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities ⁽³⁾	Jan. 9, 2026		750,000		680,753		747,306		750,000		682,350		746,937
2020-2C Tower Securities ⁽³⁾	Jan. 11, 2028		600,000		520,776		596,631		600,000		520,530		596,419
2021-1C Tower Securities ⁽³⁾	Nov. 9, 2026		1,165,000		1,016,987		1,158,649		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities ⁽³⁾	Apr. 9, 2027		895,000		770,318		889,585		895,000		772,125		889,152
2021-3C Tower Securities ⁽³⁾	Oct. 9, 2031		895,000		684,979		887,587		895,000		686,581		887,365
2022-1C Tower Securities ⁽³⁾	Jan. 11, 2028		850,000		870,655		841,893		850,000		850,221		841,429
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,425,690		1,490,721		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,327,500		1,490,600		1,500,000		1,338,750		1,490,153
Total debt		$	12,435,000	$	11,526,747	$	12,355,948	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(1,805,395)						(643,145)
Total long-term debt, net of current maturities						$	10,550,553					$	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 March 31,
	Rates as of	2024				2023
	March 31,	Cash		Non-cash		Cash		Non-cash
	2024	Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	6.395%	$	2,469	$	—	$	9,286	$	—
2018 Term Loan	—		3,253		4,947		14,363		9,223
2024 Term Loan ⁽¹⁾	2.855%		12,979		1,867		—		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—
2021-1C Tower Securities	1.631%		4,846		—		4,846		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—
2022-1C Tower Securities	6.599%		14,093		—		14,093		—
2020 Senior Notes	3.875%		14,531		95		14,531		88
2021 Senior Notes	3.125%		11,719		—		11,719		—
Other			890		1,534		778		4,928
Total		$	96,390	$	8,443	$	101,226	$	14,239

(1)The 2024 Term Loan has a blended rate of 2.855%, 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 7.340% as of March 31, 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
	March 31, 2024⁽¹⁾	March 31, 2024⁽²⁾

Revolving Credit Facility	6.395%	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
	ended March 31,
	2024		2023

Beginning outstanding balance	$	180,000	$	720,000
Borrowings		125,000		140,000
Repayments		(110,000)		(185,000)
Ending outstanding balance	$	195,000	$	675,000