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Debt (Tables)

12 Months Ended

Dec. 31, 2024

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



		As of						As of
		December 31, 2024						December 31, 2023
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Jan. 25, 2029	$	—	$	—	$	—	$	180,000	$	180,000	$	180,000
2018 Term Loan	Apr. 11, 2025		—		—		—		2,268,000		2,273,670		2,263,343
2024 Term Loan	Jan. 25, 2031		2,282,750		2,282,750		2,260,217		—		—		—
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		—		—		—		620,000		606,540		619,145
2019-1C Tower Securities ⁽¹⁾⁽²⁾	Jan. 12, 2025		1,165,000		1,128,803		1,164,913		1,165,000		1,115,313		1,162,348
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		726,038		748,425		750,000		682,350		746,937
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		516,342		597,273		600,000		520,530		596,419
2021-1C Tower Securities ⁽¹⁾	Nov. 9, 2026		1,165,000		1,008,331		1,160,436		1,165,000		1,015,437		1,158,059
2021-2C Tower Securities ⁽¹⁾	Apr. 9, 2027		895,000		763,757		890,896		895,000		772,125		889,152
2021-3C Tower Securities ⁽¹⁾	Oct. 9, 2031		895,000		679,144		888,260		895,000		686,581		887,365
2022-1C Tower Securities ⁽¹⁾	Jan. 11, 2028		850,000		878,475		843,321		850,000		850,221		841,429
2024-1C Tower Securities ⁽¹⁾	Oct. 9, 2029		1,450,000		1,453,292		1,437,978		—		—		—
2024-2C Tower Securities ⁽¹⁾	Oct. 8, 2027		620,000		618,698		615,017		—		—		—
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,440,270		1,493,039		1,500,000		1,438,815		1,489,965
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,353,750		1,491,963		1,500,000		1,338,750		1,490,153
Total debt		$	13,672,750	$	12,849,650	$	13,591,738	$	12,388,000	$	11,480,332	$	12,324,315
Less: current maturities of long-term debt							(1,187,913)						(643,145)
Total long-term debt, net of current maturities						$	12,403,825					$	11,681,170

(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 which was included in current maturities of long-term debt as of December 31, 2024.

Schedule of Future Principal Payment Obligations



For the year ended December 31,	(in thousands)
2025	$	1,188,000
2026		1,938,000
2027		3,038,000
2028		1,473,000
2029		2,973,000

Schedule of Cash and Non-Cash Interest Expense



		For the year ended December 31,
	Interest	2024				2023				2022
	Rates as of	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	December 31, 2024	Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	5.407%	$	8,603	$	—	$	29,223	$	—	$	21,862	$	—
2018 Term Loan	—		3,253		1,867		60,622		30,508		50,052		45,756
2024 Term Loan ⁽¹⁾	2.428%		60,252		25,121		—		—		—		—
2014-2C Tower Securities	3.869%		18,810		—		24,185		—		24,185		—
2018-1C Tower Securities	3.448%		—		—		—		—		21,291		—
2019-1C Tower Securities	2.836%		33,428		—		33,428		—		33,428		—
2020-1C Tower Securities	1.884%		14,391		—		14,391		—		14,391		—
2020-2C Tower Securities	2.328%		14,159		—		14,159		—		14,159		—
2021-1C Tower Securities	1.631%		19,419		—		19,419		—		19,419		—
2021-2C Tower Securities	1.840%		16,782		—		16,782		—		16,782		—
2021-3C Tower Securities	2.593%		23,492		—		23,492		—		23,492		—
2022-1C Tower Securities	6.599%		56,375		—		56,375		—		5,961		—
2024-1C Tower Securities	4.831%		15,677		—		—		—		—		—
2024-2C Tower Securities ⁽²⁾	4.654%		7,091		—		—		—		—		—
2020 Senior Notes	3.875%		58,125		383		58,125		367		58,125		353
2021 Senior Notes	3.125%		46,875		—		46,875		—		46,875		—
Other			3,046		290		3,297		4,993		3,762		—
Total		$	399,778	$	27,661	$	400,373	$	35,868	$	353,784	$	46,109

(1)The 2024 Term Loan has a blended rate of 2.428%, 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 6.110% as of December 31, 2024. Refer to Note 21 for more information on the Company’s interest rate swap.

(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 21 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
	December 31, 2024⁽¹⁾	December 31, 2024⁽²⁾

Revolving Credit Facility	5.407%	0.140%

(1)

(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 year
	ended December 31,
	2024		2023

Beginning outstanding balance	$	180,000	$	720,000
Borrowings		370,000		190,000
Repayments		(550,000)		(730,000)
Ending outstanding balance	$	—	$	180,000

2024 Tower Securities [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt

Security ⁽¹⁾

Issue Date

Amount Outstanding
‎(in millions)

Interest
‎ Rate ⁽²⁾

Anticipated Repayment Date

Final Maturity Date

2019-1C Tower Securities ⁽³⁾

Sep. 13, 2019

$1,165.0

2.836%

Jan. 12, 2025

Jan. 12, 2050

2020-1C Tower Securities

Jul. 14, 2020

$750.0

1.884%

Jan. 9, 2026

Jul. 11, 2050

2020-2C Tower Securities

Jul. 14, 2020

$600.0

2.328%

Jan. 11, 2028

Jul. 9, 2052

2021-1C Tower Securities

May 14, 2021

$1,165.0

1.631%

Nov. 9, 2026

May 9, 2051

2021-2C Tower Securities

Oct. 27, 2021

$895.0

1.840%

Apr. 9, 2027

Oct. 10, 2051

2021-3C Tower Securities

Oct. 27, 2021

$895.0

2.593%

Oct. 9, 2031

Oct. 10, 2056

2022-1C Tower Securities

Nov. 23, 2022

$850.0

6.599%

Jan. 11, 2028

Nov. 9, 2052

2024-1C Tower Securities ⁽³⁾

Oct. 11, 2024

$1,450.0

4.831%

Oct. 9, 2029

Oct. 8, 2054

2024-2C Tower Securities ⁽⁴⁾⁽⁵⁾

Oct. 11, 2024

$620.0

4.654%

Oct. 8, 2027

Oct. 8, 2054

(1)The Company incurred $12.8 million, $8.0 million, $6.4 million, $12.9 million, $9.5 million, $9.5 million, $10.5 million, $12.5 million, and $5.4 million in financing fees relating to the issuances of the 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities,

2022-1C Tower Securities, 2024-1C Tower Securities, and 2024-2C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security.

(2)Interest paid monthly.

(3)The Company used the proceeds from the issuance of the 2024-1C Tower Securities to repay the entire aggregate principal amount of the 2019-1C Tower Securities ($1,165.0 million) and the 2019-1R Tower Securities ($61.4 million) on January 15, 2025.

(4)Net proceeds from this issuance were used to repay the entire aggregate principal amount of the 2014-2C Tower Securities ($620.0 million).

(5)The interest rate reflected is the all-in interest rate including the impact of the Company’s treasury lock agreement.

Schedule of Material Terms of Debt Repaid

Security ⁽¹⁾

Issue Date

Amount Outstanding
‎(in millions)

Interest
‎ Rate ⁽²⁾

Anticipated Repayment Date

Actual Repayment Date

2018-1C Tower Securities

Mar. 9, 2018

$640.0

3.448%

Mar. 9, 2023

Dec. 15, 2022

2014-2C Tower Securities

Oct. 15, 2014

$620.0

3.869%

Oct. 8, 2024

(1)The Company incurred $8.6 million and $9.0 million in financing fees relating to the issuances of the 2018-1C Tower Securities and the 2014-2C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $0.4 million and $0.2 million of deferred financing fees and accrued interest related to the repayment of the 2018-1C Tower Securities and 2014-2C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

(2)Interest was paid monthly.

Risk Retention Tower Securities [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest
‎ Rate ⁽¹⁾

Anticipated Repayment Date

Final Maturity Date

2019-1R Tower Securities ⁽²⁾

Sep. 13, 2019

$61.4

4.213%

Jan. 12, 2025

Jan. 12, 2050

2020-2R Tower Securities

Jul. 14, 2020

$71.1

4.336%

Jan. 11, 2028

Jul. 9, 2052

2021-1R Tower Securities

May 14, 2021

$61.4

3.598%

Nov. 9, 2026

May 9, 2051

2021-3R Tower Securities

Oct. 27, 2021

$94.3

4.090%

Oct. 9, 2031

Oct. 10, 2056

2022-1R Tower Securities

Nov. 23, 2022

$44.8

7.870%

Jan. 11, 2028

Nov. 9, 2052

2024-1R Tower Securities

Oct. 11, 2024

$108.7

6.252%

Oct. 9, 2029

Oct. 8, 2054

(1)Interest paid monthly.

(2)The 2019-1R Tower Securities were retired on January 15, 2025.

Schedule of Material Terms of Debt Repaid

Security

Issue Date

Amount Outstanding
‎(in millions)

Interest
‎ Rate ⁽¹⁾

Anticipated Repayment Date

Actual Repayment Date

2018-1R Tower Securities

Mar. 9, 2018

$33.7

4.949%

Mar. 9, 2023

Dec. 15, 2022

(1)Interest was paid monthly.

Senior Notes [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt



Senior Notes ⁽¹⁾	Issue Date	Amount Outstanding ‎(in millions)	Interest Rate Coupon	Maturity Date	Interest Due Dates
2020 Senior Notes	Feb. 4, 2020	$1,500.0	3.875%	Feb. 15, 2027	Feb. 15 & Aug. 15
2021 Senior Notes	Jan. 29, 2021	$1,500.0	3.125%	Feb. 1, 2029	Feb. 1 & Aug. 1

(1)The Company incurred $18.0 million and $14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note.