Debt (Tables)

3 Months Ended

Mar. 31, 2021

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



		As of						As of
		March 31, 2021						December 31, 2020
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Apr. 11, 2023	$	590,000	$	590,000	$	590,000	$	380,000	$	380,000	$	380,000
2018 Term Loan	Apr. 11, 2025		2,334,000		2,301,908		2,320,200		2,340,000		2,310,750		2,325,391
2013-2C Tower Securities ⁽¹⁾	Apr. 11, 2023		575,000		590,841		572,370		575,000		599,662		572,063
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		655,185		616,368		620,000		670,003		616,131
2017-1C Tower Securities ⁽¹⁾	Apr. 11, 2022		760,000		767,532		757,703		760,000		774,410		757,165
2018-1C Tower Securities ⁽¹⁾	Mar. 9, 2023		640,000		660,928		636,481		640,000		671,341		636,045
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,192,249		1,155,684		1,165,000		1,218,613		1,155,106
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		734,505		743,050		750,000		752,910		742,782
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		571,254		594,215		600,000		597,840		594,081
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,124,871		1,089,616		1,100,000		1,127,500		1,088,924
2017 Senior Notes	Oct. 1, 2022		—		—		—		750,000		757,500		746,642
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,533,975		1,482,131		1,500,000		1,567,500		1,481,466
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,445,625		1,485,939		—		—		—
Total debt		$	12,134,000	$	12,168,873	$	12,043,757	$	11,180,000	$	11,428,029	$	11,095,796
Less: current maturities of long-term debt							(24,000)						(24,000)
Total long-term debt, net of current maturities						$	12,019,757					$	11,071,796

(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 March 31,
	Rates as of	2021				2020
	March 31,	Cash		Non-cash		Cash		Non-cash
	2021	Interest		Interest		Interest		Interest


Revolving Credit Facility	1.590%	$	2,148	$	—	$	2,714	$	—
2018 Term Loan ⁽¹⁾	1.872%		10,997		11,434		22,203		2,022
2013-2C Tower Securities	3.722%		5,396		—		5,396		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—
2015-1C Tower Securities	3.156%		—		—		3,985		—
2016-1C Tower Securities	2.877%		—		—		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		—		8,357		—
2020-1C Tower Securities	1.884%		3,598		—		—		—
2020-2C Tower Securities	2.328%		3,540		—		—		—
2014 Senior Notes	4.875%		—		—		3,352		112
2016 Senior Notes	4.875%		13,406		286		13,406		272
2017 Senior Notes	4.000%		2,333		—		7,500		—
2020 Senior Notes	3.875%		14,531		84		6,135		—
2021 Senior Notes	3.125%		8,073		—		—		—
Other			15		—		12		—
Total		$	90,095	$	11,804	$	95,851	$	2,406

(1)The 2018 Term Loan has a blended rate of 1.872%, 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 1.860% as of March 31, 2021. Refer to Note 17 for more information on the Company’s interest rate swap.