Debt (Tables)

3 Months Ended

Mar. 31, 2020

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



		As of						As of
		March 31, 2020						December 31, 2019
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Apr. 11, 2023	$	485,000	$	485,000	$	485,000	$	490,000	$	490,000	$	490,000
2018 Term Loan	Apr. 11, 2025		2,358,000		2,181,150		2,340,952		2,364,000		2,369,910		2,346,183
2013-2C Tower Securities ⁽¹⁾	Apr. 11, 2023		575,000		607,373		571,161		575,000		585,954		570,866
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		679,297		615,433		620,000		644,912		615,205
2015-1C Tower Securities ⁽¹⁾	Oct. 8, 2020		500,000		504,845		498,691		500,000		502,095		498,090
2016-1C Tower Securities ⁽¹⁾	Jul. 9, 2021		700,000		715,036		697,431		700,000		704,095		696,936
2017-1C Tower Securities ⁽¹⁾	Apr. 11, 2022		760,000		782,663		755,580		760,000		763,405		755,061
2018-1C Tower Securities ⁽¹⁾	Mar. 9, 2023		640,000		681,299		634,763		640,000		658,266		634,344
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,227,491		1,153,499		1,165,000		1,158,057		1,153,086
2014 Senior Notes	Jul. 15, 2022		—		—		—		750,000		760,313		743,580
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,089,000		1,086,899		1,100,000		1,142,625		1,086,241
2017 Senior Notes	Oct. 1, 2022		750,000		738,750		745,278		750,000		764,063		744,833
2020 Senior Notes	Feb. 15, 2027		1,000,000		980,000		988,741		—		—		—
Total debt		$	10,653,000	$	10,671,904	$	10,573,428	$	10,414,000	$	10,543,695	$	10,334,425
Less: current maturities of long-term debt							(522,691)						(522,090)
Total long-term debt, net of current maturities						$	10,050,737					$	9,812,335

(1) The maturity date represents the anticipated repayment date for each issuance.

Schedule of Cash and Non-Cash Interest Expense



		For the three months ended March 31,
	Interest	2020				2019
	Rates as of	Cash		Non-cash		Cash		Non-cash
	March 31, 2020	Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	2.206%	$	2,714	$	—	$	2,836	$	—
2018 Term Loan ⁽¹⁾	3.600%		22,203		2,022		26,922		186
2013-2C Tower Securities	3.722%		5,396		—		5,396		—
2014 Tower Securities ⁽²⁾	3.869%		6,046		—		12,785		—
2015-1C Tower Securities	3.156%		3,985		—		3,985		—
2016-1C Tower Securities	2.877%		5,090		—		5,090		—
2017-1C Tower Securities	3.168%		6,085		—		6,085		—
2018-1C Tower Securities	3.448%		5,570		—		5,570		—
2019-1C Tower Securities	2.836%		8,357		—		—		—
2014 Senior Notes	4.875%		3,352		112		9,141		196
2016 Senior Notes	4.875%		13,406		272		13,406		259
2017 Senior Notes	4.000%		7,500		—		7,500		—
2020 Senior Notes	3.875%		6,135		—		—		—
Other			12		—		(49)		—
Total		$	95,851	$	2,406	$	98,667	$	641

(1) The 2018 Term Loan has a blended rate of 3.600% which includes the impact of the interest rate swaps entered into in 2019 which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 3.78% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swaps, the 2018 Term Loan was accruing interest at 2.74% as of March 31, 2020.

(2) The 2014-1C Tower Securities, which was repaid September 13, 2019, accrued interest at 2.898%. The 2014-2C Tower Securities accrue interest at 3.869%.