Debt (Tables)

9 Months Ended

Sep. 30, 2020

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



		As of						As of
		September 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		2,346,000		2,281,485		2,330,568		2,364,000		2,369,910		2,346,183
2013-2C Tower Securities ⁽¹⁾	Apr. 11, 2023		575,000		603,802		571,760		575,000		585,954		570,866
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		675,726		615,896		620,000		644,912		615,205
2015-1C Tower Securities ⁽¹⁾	Oct. 8, 2020		—		—		—		500,000		502,095		498,090
2016-1C Tower Securities ⁽¹⁾	Jul. 9, 2021		—		—		—		700,000		704,095		696,936
2017-1C Tower Securities ⁽¹⁾	Apr. 11, 2022		760,000		778,445		756,632		760,000		763,405		755,061
2018-1C Tower Securities ⁽¹⁾	Mar. 9, 2023		640,000		676,198		635,614		640,000		658,266		634,344
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,226,570		1,154,532		1,165,000		1,158,057		1,153,086
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		756,563		742,505		—		—		—
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		605,214		593,938		—		—		—
2014 Senior Notes	Jul. 15, 2022		—		—		—		750,000		760,313		743,580
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,124,750		1,088,241		1,100,000		1,142,625		1,086,241
2017 Senior Notes	Oct. 1, 2022		750,000		755,625		746,182		750,000		764,063		744,833
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,515,000		1,480,842		—		—		—
Total debt		$	10,806,000	$	10,999,378	$	10,716,710	$	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						$	10,692,710					$	9,812,335

(1)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	2020				2019				2020				2019
	September 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2020	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	1.347%	$	711	$	—	$	1,009	$	—	$	5,086	$	—	$	5,409	$	—
2018 Term Loan ⁽¹⁾	1.878%		14,536		7,962		26,243		196		57,688		12,014		79,959		572
2013-2C Tower Securities	3.722%		5,396		—		5,396		—		16,188		—		16,188		—
2014 Tower Securities ⁽²⁾	3.869%		6,046		—		11,439		—		18,138		—		37,009		—
2015-1C Tower Securities	3.156%		620		—		3,985		—		8,589		—		11,954		—
2016-1C Tower Securities	2.877%		792		—		5,090		—		10,972		—		15,271		—
2017-1C Tower Securities	3.168%		6,096		—		6,096		—		18,269		—		18,269		—
2018-1C Tower Securities	3.448%		5,570		—		5,570		—		16,711		—		16,711		—
2019-1C Tower Securities	2.836%		8,357		—		1,671		—		25,072		—		1,671		—
2020-1C Tower Securities	1.884%		3,077		—		—		—		3,077		—		—		—
2020-2C Tower Securities	2.328%		3,028		—		—		—		3,028		—		—		—
2014 Senior Notes	4.875%		—		—		9,141		201		3,352		112		27,422		596
2016 Senior Notes	4.875%		13,406		279		13,406		265		40,219		826		40,219		786
2017 Senior Notes	4.000%		7,500		—		7,500		—		22,500		—		22,500		—
2020 Senior Notes	3.875%		14,531		82		—		—		32,238		114		—		—
Other			125		—		21		—		202		—		99		—
Total		$	89,791	$	8,323	$	96,567	$	662	$	281,329	$	13,066	$	292,681	$	1,954

(1) The 2018 Term Loan has a blended rate of 1.878% which includes the impact of the interest rate swap entered into on August 4, 2020 which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.900% as of September 30, 2020. Refer to Note 17 for more information on the Company’s interest rate swap.

(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%.