Debt (Tables)

9 Months Ended

Sep. 30, 2024

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



		As of						As of
		September 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	$	160,000	$	160,000	$	160,000	$	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		2,288,500		2,292,802		2,265,228		—		—		—
2014-2C Tower Securities ⁽³⁾⁽⁴⁾	Oct. 8, 2024		620,000		619,442		619,957		620,000		606,540		619,145
2019-1C Tower Securities ⁽³⁾⁽⁴⁾	Jan. 12, 2025		1,165,000		1,126,240		1,164,264		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities ⁽⁴⁾	Jan. 9, 2026		750,000		724,395		748,050		750,000		682,350		746,937
2020-2C Tower Securities ⁽⁴⁾	Jan. 11, 2028		600,000		515,172		597,058		600,000		520,530		596,419
2021-1C Tower Securities ⁽⁴⁾	Nov. 9, 2026		1,165,000		1,006,047		1,159,838		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities ⁽⁴⁾	Apr. 9, 2027		895,000		762,030		890,457		895,000		772,125		889,152
2021-3C Tower Securities ⁽⁴⁾	Oct. 9, 2031		895,000		677,605		888,034		895,000		686,581		887,365
2022-1C Tower Securities ⁽⁴⁾	Jan. 11, 2028		850,000		876,486		842,829		850,000		850,221		841,429
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,465,830		1,492,258		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,378,125		1,491,506		1,500,000		1,338,750		1,490,153
Total debt		$	12,388,500	$	11,604,174	$	12,319,479	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(23,000)						(643,145)
Total long-term debt, net of current maturities						$	12,296,479					$	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)On October 11, 2024, the Company issued the 2024-1C Tower Securities and the 2024-2C Tower Securities (collectively the “2024 Tower Securities”) accruing interest at an all-in rate of 4.831% and 4.654%, respectively. Net proceeds from this offering were used to repay the aggregate principal amount of the 2014-2C Tower Securities ($620.0 million), and the remaining proceeds will be used to repay the aggregate principal amount of the 2019-1C Tower Securities ($1.165 billion), the 2019-1R Tower Securities ($61.4 million), and for general corporate purposes.

(4)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	2024				2023				2024				2023
	September 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	5.925%	$	1,982	$	—	$	6,219	$	—	$	7,611	$	—	$	24,287	$	—
2018 Term Loan	—		—		—		15,615		6,803		3,253		1,867		44,898		23,701
2024 Term Loan ⁽¹⁾	2.760%		16,072		6,747		—		—		45,670		18,381		—		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		18,138		—		18,138		—
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		—		14,094		—		42,281		—		42,281		—
2020 Senior Notes	3.875%		14,531		92		14,531		92		43,594		274		43,594		274
2021 Senior Notes	3.125%		11,719		—		11,719		—		35,156		—		35,156		—
Other			833		353		664		1,003		2,672		2,193		2,224		5,680
Total		$	95,711	$	7,192	$	99,322	$	7,898	$	289,632	$	22,715	$	301,835	$	29,655

(1)The 2024 Term Loan has a blended rate of 2.760%, 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 6.850% as of September 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
	September 30, 2024⁽¹⁾	September 30, 2024⁽²⁾

Revolving Credit Facility	5.925%	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 nine months
	ended September 30,				ended September 30,
	2024		2023		2024		2023

Beginning outstanding balance	$	120,000	$	450,000	$	180,000	$	720,000
Borrowings		175,000		50,000		370,000		190,000
Repayments		(135,000)		(130,000)		(390,000)		(540,000)
Ending outstanding balance	$	160,000	$	370,000	$	160,000	$	370,000