Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instrument [Line Items]

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

		As of						As of
		December 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	$	720,000	$	720,000	$	720,000	$	350,000	$	350,000	$	350,000
2018 Term Loan	Apr. 11, 2025		2,292,000		2,280,540		2,284,007		2,316,000		2,289,945		2,304,697
2014-2C Tower Securities (1)	Oct. 8, 2024		620,000		598,480		618,099		620,000		641,793		617,095
2018-1C Tower Securities (1)	Mar. 9, 2023		—		—		—		640,000		650,163		637,812
2019-1C Tower Securities (1)	Jan. 12, 2025		1,165,000		1,095,776		1,159,860		1,165,000		1,174,728		1,157,446
2020-1C Tower Securities (1)	Jan. 9, 2026		750,000		665,633		745,480		750,000		746,498		744,052
2020-2C Tower Securities (1)	Jan. 11, 2028		600,000		506,574		595,586		600,000		605,268		594,774
2021-1C Tower Securities (1)	Nov. 9, 2026		1,165,000		991,705		1,155,724		1,165,000		1,144,846		1,153,700
2021-2C Tower Securities (1)	Apr. 9, 2027		895,000		756,302		887,443		895,000		883,213		886,116
2021-3C Tower Securities (1)	Oct. 9, 2031		895,000		686,134		886,495		895,000		902,446		885,976
2022-1C Tower Securities (1)	Jan. 11, 2028		850,000		855,899		840,053		—		—		—
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,375,815		1,487,013		1,500,000		1,550,790		1,484,178
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,286,250		1,488,402		1,500,000		1,446,975		1,486,848
Total debt		$	12,952,000	$	11,819,108	$	12,868,162	$	12,396,000	$	12,386,665	$	12,302,694
Less: current maturities of long-term debt							(24,000)						(24,000)
Total long-term debt, net of current maturities						$	12,844,162					$	12,278,694

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

Schedule of Future Principal Payment Obligations

For the year ended December 31,	(in thousands)
2023	$	24,000
2024		644,000
2025		3,409,000
2026		2,635,000
2027		2,395,000

Schedule of Cash and Non-Cash Interest Expense

		For the year ended December 31,
	Interest	2022				2021				2020
	Rates as of	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	December 31, 2022	Interest		Interest		Interest		Interest		Interest		Interest
		(in thousands)
Revolving Credit Facility	5.610%	$	21,862	$	—	$	6,414	$	—	$	6,070	$	—
2018 Term Loan (1)	2.510%		50,052		45,756		44,342		45,756		68,963		23,452
2013-2C Tower Securities	—		—		—		17,027		—		21,584		—
2014-2C Tower Securities	3.869%		24,185		—		24,185		—		24,185		—
2015-1C Tower Securities	—		—		—		—		—		8,589		—
2016-1C Tower Securities	—		—		—		—		—		10,972		—
2017-1C Tower Securities	—		—		—		9,201		—		24,354		—
2018-1C Tower Securities	3.448%		21,291		—		22,281		—		22,281		—
2019-1C Tower Securities	2.836%		33,428		—		33,428		—		33,428		—
2020-1C Tower Securities	1.884%		14,391		—		14,391		—		6,675		—
2020-2C Tower Securities	2.328%		14,159		—		14,159		—		6,568		—
2021-1C Tower Securities	1.631%		19,419		—		12,255		—		—		—
2021-2C Tower Securities	1.840%		16,782		—		2,982		—		—		—
2021-3C Tower Securities	2.593%		23,492		—		4,176		—		—		—
2022-1C Tower Securities	6.599%		5,961		—		—		—		—		—
2014 Senior Notes	—		—		—		—		—		3,352		112
2016 Senior Notes	—		—		—		44,092		990		53,625		1,109
2017 Senior Notes	—		—		—		2,333		—		30,000		—
2020 Senior Notes	3.875%		58,125		353		58,125		339		46,769		197
2021 Senior Notes	3.125%		46,875		—		43,229		—		—		—
Other			3,762		—		299		—		459		—
Total		$	353,784	$	46,109	$	352,919	$	47,085	$	367,874	$	24,870

(1)The 2018 Term Loan has a blended rate of 2.510% 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 6.140% as of December 31, 2022. Refer to Note 21 for more information on the Company’s interest rate swap.

Schedule of Revolving Credit Facility Key Terms

		Unused	Financial Covenant
	Interest Rate	Commitment	Compliance
	as of	Fee as of	Status as of
	December 31, 2022 (1)	December 31, 2022 (2)	December 31, 2022
Revolving Credit Facility	5.610%	0.140%	In Compliance

(1)

(1)The rate reflected includes a 0.050% reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2021.

(2)The rate reflected includes a 0.010% reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2021.

Summary of Revolving Credit Facility Activity

	For the year
	ended December 31,
	2022		2021
Beginning outstanding balance	$	350,000	$	380,000
Borrowings		975,000		1,935,000
Repayments		(605,000)		(1,965,000)
Ending outstanding balance	$	720,000	$	350,000

Tower Securities [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt

Security (1)	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (2)	Anticipated Repayment Date	Final Maturity Date
2014-2C Tower Securities	Oct. 15, 2014	$620.0	3.869%	Oct. 8, 2024	Oct. 8, 2049
2019-1C Tower Securities	Sep. 13, 2019	$1,165.0	2.836%	Jan. 12, 2025	Jan. 12, 2050
2020-1C Tower Securities	Jul. 14, 2020	$750.0	1.884%	Jan. 9, 2026	Jul. 11, 2050
2020-2C Tower Securities	Jul. 14, 2020	$600.0	2.328%	Jan. 11, 2028	Jul. 9, 2052
2021-1C Tower Securities	May 14, 2021	$1,165.0	1.631%	Nov. 9, 2026	May 9, 2051
2021-2C Tower Securities	Oct. 27, 2021	$895.0	1.840%	Apr. 9, 2027	Oct. 10, 2051
2021-3C Tower Securities	Oct. 27, 2021	$895.0	2.593%	Oct. 9, 2031	Oct. 10, 2056
2022-1C Tower Securities (3)	Nov. 23, 2022	$850.0	6.599%	Jan. 11, 2028	Nov. 9, 2052

(1)The Company incurred $9.0 million, $12.8 million, $8.0 million, $6.4 million, $12.9 million, $9.5 million, $9.5 million, and $10.1 million in financing fees relating to the issuances of the 2014-2C Tower Securities, 2019-1C Tower Securities, 2020-1C Tower Securities, 2020-2C Tower Securities, 2021-1C Tower Securities, 2021-2C Tower Securities, 2021-3C Tower Securities, and 2022-1C Tower Securities, respectively. The financing fees are being amortized through the anticipated repayment date of the related Tower Security.

(2)Interest payable monthly.

(3)Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2018-1C Tower Securities ($640.0 million) and the 2018-1R Tower Securities ($33.7 million), repay amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.

Schedule of Material Terms of Debt Repaid

Security (1)	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (2)	Anticipated Repayment Date	Actual Repayment Date
2013-2C Tower Securities	Apr. 18, 2013	$575.0	3.722%	Apr. 11, 2023	Oct. 14, 2021
2015-1C Tower Securities	Oct. 14, 2015	$500.0	3.156%	Oct. 8, 2020	Jul. 14, 2020
2016-1C Tower Securities	Jul. 7, 2016	$700.0	2.877%	Jul. 9, 2021	Jul. 14, 2020
2017-1C Tower Securities	Apr. 17, 2017	$760.0	3.168%	Apr. 11, 2022	May 14, 2021
2018-1C Tower Securities	Mar. 9, 2018	$640.0	3.448%	Mar. 9, 2023	Dec. 15, 2022

(1)The Company incurred $11.0 million, $11.5 million, $9.5 million, $10.2 million, $8.6 million in financing fees relating to the issuances of the 2013-2C Tower Securities, 2015-1C Tower Securities, 2016-1C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which were being amortized through the anticipated repayment date of the related Tower Security. In addition, the Company incurred $2.0 million, $0.6 million, $2.0 million, $2.0 million, $0.4 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C Tower Securities, 2015-1C Tower Securities, 2016-1C Tower Securities, 2017-1C Tower Securities, and 2018-1C Tower Securities, respectively, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

(2)Interest was payable monthly.

Risk Retention Tower Securities [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt

Security	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (1)	Anticipated Repayment Date	Final Maturity Date
2019-1R Tower Securities	Sep. 13, 2019	$61.4	4.213%	Jan. 12, 2025	Jan. 12, 2050
2020-2R Tower Securities	Jul. 14, 2020	$71.1	4.336%	Jan. 11, 2028	Jul. 9, 2052
2021-1R Tower Securities	May 14, 2021	$61.4	3.598%	Nov. 9, 2026	May 9, 2051
2021-3R Tower Securities	Oct. 27, 2021	$94.3	4.090%	Oct. 9, 2031	Oct. 10, 2056
2022-1R Tower Securities	Nov. 23, 2022	$44.8	7.870%	Jan. 11, 2028	Nov. 9, 2052

(1)Interest payable monthly.

Schedule of Material Terms of Debt Repaid

Security	Issue Date	Amount Outstanding ‎(in millions)	Interest ‎ Rate (1)	Anticipated Repayment Date	Final Maturity Date
2017-1R Tower Securities	Apr. 17, 2017	$40.0	4.459%	Apr. 11, 2022	May 14, 2021
2018-2R Tower Securities	Mar. 9, 2018	$33.7	4.949%	Mar. 9, 2023	Dec. 15, 2022

(1)Interest was payable monthly.

Senior Notes [Member]

Debt Instrument [Line Items]

Schedule of Material Terms of Outstanding Debt

Senior Notes (1)	Issue Date	Amount Outstanding ‎(in millions)	Interest Rate Coupon	Maturity Date	Interest Due Dates	Optional Redemption Date
2020 Senior Notes	Feb. 4, 2020	$1,500.0	3.875%	Feb. 15, 2027	Feb. 15 & Aug. 15	Feb. 15, 2023
2021 Senior Notes	Jan. 29, 2021	$1,500.0	3.125%	Feb. 1, 2029	Feb. 1 & Aug. 1	Feb. 1, 2024

(1)The Company incurred $18.0 million and $14.8 million in financing fees in relation to the issuance of the 2020 Senior Notes and 2021 Senior Notes, respectively. The financing fees are being amortized through the maturity date of the related senior note.

Schedule of Material Terms of Debt Repaid

Senior Notes	Issue Date	Amount Outstanding ‎(in millions)	Interest Rate Coupon	Financing fees at issuance (1) ‎(in millions)	Maturity Date	Redemption Date
2014 Senior Notes	Jul. 1, 2014	$750.0	4.875%	$11.6	Jul. 15, 2022	Feb. 20, 2020
2016 Senior Notes	Aug. 15, 2016	$1,100.0	4.875%	$12.8	Sep. 1, 2024	Nov. 8, 2021
2017 Senior Notes	Oct. 13, 2017	$750.0	4.000%	$8.9	Oct. 1, 2022	Feb. 11, 2021

(1)Financing fees were being amortized through the maturity date.