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Debt and Other Obligations
 9 Months Ended
Sep. 30, 2024
Debt and Other Obligations [Abstract]  
Debt Disclosure Debt and Other Obligations
The table below sets forth the Company's debt and other obligations as of September 30, 2024.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of September 30, 2024
Balance as of
December 31, 2023
Stated Interest
Rate as of September 30, 2024(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$34 $40 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
699 698 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
747 746 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
301 
(e)
270 
(e)
Various
(d)
Total secured debt1,781 1,754 
2016 RevolverJan. 2016July 2027— 
(f)
670 N/A
(g)
2016 Term Loan AJan. 2016July 20271,132 1,162 6.4 %
(g)
Commercial Paper NotesVarious
(h)
Various
(h)
1,312 
(h)
— 5.5 %
3.200% Senior NotesAug. 2017Sept. 2024— 
(i)
749 N/A
1.350% Senior NotesJune 2020July 2025499 498 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026898 898 4.5 %
3.700% Senior NotesMay 2016June 2026749 748 3.7 %
1.050% Senior NotesFeb. 2021July 2026996 994 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027498 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027745 744 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027997 997 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028993 991 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 995 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028595 594 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 595 4.3 %
5.600% Senior NotesDec. 2023June 2029742 740 5.6 %
4.900% Senior Notes
Aug. 2024
(j)
Sept. 2029
(j)
543 — 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 546 3.1 %
3.300% Senior NotesApr. 2020July 2030742 741 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,092 1,091 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031991 990 2.1 %
2.500% Senior NotesJune 2021July 2031743 743 2.5 %
5.100% Senior NotesApr. 2023May 2033743 743 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034742 740 5.8 %
5.200% Senior Notes
Aug. 2024
(j)
Sept. 2034
(j)
689 — 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,235 1,234 2.9 %
4.750% Senior NotesMay 2017May 2047344 344 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049396 396 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049346 346 4.0 %
4.150% Senior NotesApr. 2020July 2050490 490 4.2 %
3.250% Senior NotesJune 2020Jan. 2051891 890 3.3 %
Total unsecured debt22,282 21,167 
Total debt and other obligations24,063 22,921 
Less: current maturities of debt and other obligations611 835 
Non-current portion of debt and other long-term obligations$23,452 $22,086 
(a)See the 2023 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
(b)Represents the weighted-average stated interest rate, as applicable.
(c)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per
annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2024, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.
(d)The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
(e)For the periods ended September 30, 2024 and December 31, 2023, reflects $30 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles).
(f)As of September 30, 2024, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(g)Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2023 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.
(i)In September 2024, the Company repaid in full the 3.200% Senior Notes on the contractual maturity date.
(j)In August 2024, the Company issued $550 million aggregate principal amount of 4.900% senior unsecured notes due 2029 and $700 million aggregate principal amount of 5.200% senior unsecured notes due 2034 (collectively, "August 2024 Senior Notes"). The Company used the net proceeds from the August 2024 Senior Notes offering to repay a portion of the outstanding indebtedness under the Company's unsecured commercial paper program ("CP Program") and pay related fees and expenses.

Scheduled Principal Payments and Final Maturities
The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2024, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 
Three Months Ending December 31,
Years Ending December 31,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20242025202620272028Thereafter
Scheduled principal payments and
final maturities
$1,340 
(a)
$609 $2,785 $3,256 $2,634 

$13,605 $24,229 $(166)$24,063 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Interest expense on debt obligations$234 $213 $684 $616 
Amortization of deferred financing costs and adjustments on long-term debt8 8 24 22 
Capitalized interest(6)(4)(16)(11)
Total$236 $217 $692 $627