Debt (Tables)

6 Months Ended

Jun. 30, 2020

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



		As of						As of
		June 30, 2020						December 31, 2019
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Apr. 11, 2023	$	—	$	—	$	—	$	490,000	$	490,000	$	490,000
2018 Term Loan	Apr. 11, 2025		2,352,000		2,269,680		2,335,750		2,364,000		2,369,910		2,346,183
2013-2C Tower Securities ⁽¹⁾	Apr. 11, 2023		575,000		606,211		571,459		575,000		585,954		570,866
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		678,522		615,663		620,000		644,912		615,205
2015-1C Tower Securities ⁽¹⁾	Oct. 8, 2020		500,000		502,605		499,298		500,000		502,095		498,090
2016-1C Tower Securities ⁽¹⁾	Jul. 9, 2021		700,000		712,838		697,930		700,000		704,095		696,936
2017-1C Tower Securities ⁽¹⁾	Apr. 11, 2022		760,000		781,113		756,104		760,000		763,405		755,061
2018-1C Tower Securities ⁽¹⁾	Mar. 9, 2023		640,000		679,430		635,187		640,000		658,266		634,344
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,229,017		1,154,002		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		1,126,125		1,087,566		1,100,000		1,142,625		1,086,241
2017 Senior Notes	Oct. 1, 2022		750,000		753,750		745,728		750,000		764,063		744,833
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,496,250		1,480,881		—		—		—
Total debt		$	10,662,000	$	10,835,541	$	10,579,568	$	10,414,000	$	10,543,695	$	10,334,425
Less: current maturities of long-term debt							(24,000)						(522,090)
Total long-term debt, net of current maturities						$	10,555,568					$	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 June 30,								For the six months ended June 30,
	Interest	2020				2019				2020				2019
	Rates as of	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	June 30, 2020	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	1.597%	$	1,661	$	—	$	1,564	$	—	$	4,375	$	—	$	4,401	$	—
2018 Term Loan ⁽¹⁾	3.464%		20,950		2,030		26,944		190		43,152		4,052		53,866		376
2013-2C Tower Securities	3.722%		5,396		—		5,396		—		10,792		—		10,792		—
2014 Tower Securities ⁽²⁾	3.869%		6,046		—		12,785		—		12,092		—		25,569		—
2015-1C Tower Securities	3.156%		3,985		—		3,985		—		7,969		—		7,969		—
2016-1C Tower Securities	2.877%		5,090		—		5,090		—		10,181		—		10,181		—
2017-1C Tower Securities	3.168%		6,088		—		6,088		—		12,173		—		12,173		—
2018-1C Tower Securities	3.448%		5,570		—		5,570		—		11,141		—		11,141		—
2019-1C Tower Securities	2.836%		8,357		—		—		—		16,714		—		—		—
2014 Senior Notes	4.875%		—		—		9,141		199		3,352		112		18,281		395
2016 Senior Notes	4.875%		13,406		275		13,406		262		26,813		547		26,813		521
2017 Senior Notes	4.000%		7,500		—		7,500		—		15,000		—		15,000		—
2020 Senior Notes	3.875%		11,571		32		—		—		17,707		32		—		—
Other			67		—		(22)		—		77		—		(72)		—
Total		$	95,687	$	2,337	$	97,447	$	651	$	191,538	$	4,743	$	196,114	$	1,292

(1) The 2018 Term Loan has a blended rate of 3.464% 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 1.93% as of June 30, 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%.