Debt (Tables)

3 Months Ended

Mar. 31, 2022

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



		As of						As of
		March 31, 2022						December 31, 2021
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Jul. 7, 2026	$	680,000	$	680,000	$	680,000	$	350,000	$	350,000	$	350,000
2018 Term Loan	Apr. 11, 2025		2,310,000		2,275,350		2,299,522		2,316,000		2,289,945		2,304,697
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		622,065		617,343		620,000		641,793		617,095
2018-1C Tower Securities ⁽¹⁾	Mar. 9, 2023		640,000		640,960		638,264		640,000		650,163		637,812
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,137,529		1,158,043		1,165,000		1,174,728		1,157,446
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		715,215		744,406		750,000		746,498		744,052
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		575,178		594,975		600,000		605,268		594,774
2021-1C Tower Securities ⁽¹⁾	Nov. 9, 2026		1,165,000		1,087,283		1,154,213		1,165,000		1,144,846		1,153,700
2021-2C Tower Securities ⁽¹⁾	Apr. 9, 2027		895,000		835,053		886,383		895,000		883,213		886,116
2021-3C Tower Securities ⁽¹⁾	Oct. 9, 2031		895,000		841,944		886,045		895,000		902,446		885,976
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,462,320		1,484,876		1,500,000		1,550,790		1,484,178
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,358,955		1,487,262		1,500,000		1,446,975		1,486,848
Total debt		$	12,720,000	$	12,231,852	$	12,631,332	$	12,396,000	$	12,386,665	$	12,302,694
Less: current maturities of long-term debt							(662,264)						(24,000)
Total long-term debt, net of current maturities						$	11,969,068					$	12,278,694

(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	2022				2021
	March 31,	Cash		Non-cash		Cash		Non-cash
	2022	Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	1.619%	$	2,279	$	—	$	2,148	$	—
2018 Term Loan ⁽¹⁾	1.926%		10,910		11,438		10,997		11,434
2013-2C Tower Securities	3.722%		—		—		5,396		—
2014-2C Tower Securities	3.869%		6,046		—		6,046		—
2017-1C Tower Securities	3.168%		—		—		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		—		3,598		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—
2021-1C Tower Securities	1.631%		4,846		—		—		—
2021-2C Tower Securities	1.840%		4,196		—		—		—
2021-3C Tower Securities	2.593%		5,873		—		—		—
2016 Senior Notes	4.875%		—		—		13,406		286
2017 Senior Notes	4.000%		—		—		2,333		—
2020 Senior Notes	3.875%		14,531		88		14,531		84
2021 Senior Notes	3.125%		11,719		—		8,073		—
Other			787		—		15		—
Total		$	82,252	$	11,526	$	90,095	$	11,804

(1)The 2018 Term Loan has a blended rate of 1.926%, 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 2.210% as of March 31, 2022. Refer to Note 17 for more information on the Company’s interest rate swap.