Debt (Tables)

6 Months Ended

Jun. 30, 2023

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



		As of						As of
		June 30, 2023						December 31, 2022
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility	Jul. 7, 2026	$	450,000	$	450,000	$	450,000	$	720,000	$	720,000	$	720,000
2018 Term Loan	Apr. 11, 2025		2,280,000		2,271,450		2,273,637		2,292,000		2,280,540		2,284,007
2014-2C Tower Securities ⁽¹⁾	Oct. 8, 2024		620,000		603,744		618,617		620,000		598,480		618,099
2019-1C Tower Securities ⁽¹⁾	Jan. 12, 2025		1,165,000		1,110,688		1,161,094		1,165,000		1,095,776		1,159,860
2020-1C Tower Securities ⁽¹⁾	Jan. 9, 2026		750,000		677,130		746,204		750,000		665,633		745,480
2020-2C Tower Securities ⁽¹⁾	Jan. 11, 2028		600,000		515,268		596,000		600,000		506,574		595,586
2021-1C Tower Securities ⁽¹⁾	Nov. 9, 2026		1,165,000		1,009,168		1,156,886		1,165,000		991,705		1,155,724
2021-2C Tower Securities ⁽¹⁾	Apr. 9, 2027		895,000		768,366		888,293		895,000		756,302		887,443
2021-3C Tower Securities ⁽¹⁾	Oct. 9, 2031		895,000		699,783		886,927		895,000		686,134		886,495
2022-1C Tower Securities ⁽¹⁾	Jan. 11, 2028		850,000		852,457		840,527		850,000		855,899		840,053
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,385,640		1,488,474		1,500,000		1,375,815		1,487,013
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,290,000		1,489,272		1,500,000		1,286,250		1,488,402
Total debt		$	12,670,000	$	11,633,694	$	12,595,931	$	12,952,000	$	11,819,108	$	12,868,162
Less: current maturities of long-term debt							(24,000)						(24,000)
Total long-term debt, net of current maturities						$	12,571,931					$	12,844,162

Schedule of Cash and Non-Cash Interest Expense



	Interest	For the three months ended June 30,								For the six months ended June 30,
	Rates as of	2023				2022				2023				2022
	June 30,	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	2023	Interest		Interest		Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	6.300%	$	8,782	$	—	$	3,603	$	—	$	18,068	$	—	$	5,882	$	—
2018 Term Loan ⁽¹⁾	2.545%		14,920		7,678		11,616		11,440		29,284		16,899		22,527		22,879
2014-2C Tower Securities	3.869%		6,046		—		6,046		—		12,092		—		12,092		—
2018-1C Tower Securities	3.448%		—		—		5,570		—		—		—		11,141		—
2019-1C Tower Securities	2.836%		8,357		—		8,357		—		16,714		—		16,714		—
2020-1C Tower Securities	1.884%		3,598		—		3,598		—		7,195		—		7,195		—
2020-2C Tower Securities	2.328%		3,540		—		3,540		—		7,079		—		7,079		—
2021-1C Tower Securities	1.631%		4,851		—		4,851		—		9,697		—		9,697		—
2021-2C Tower Securities	1.840%		4,196		—		4,196		—		8,391		—		8,391		—
2021-3C Tower Securities	2.593%		5,873		—		5,873		—		11,746		—		11,746		—
2022-1C Tower Securities	6.599%		14,094		—		—		—		28,187		—		—		—
2020 Senior Notes	3.875%		14,531		91		14,531		89		29,063		182		29,063		175
2021 Senior Notes	3.125%		11,719		—		11,719		—		23,438		—		23,438		—
Other			781		(251)		815		—		1,560		4,676		1,601		—
Total		$	101,288	$	7,518	$	84,315	$	11,529	$	202,514	$	21,757	$	166,566	$	23,054

(1)The 2018 Term Loan has a blended rate of 2.545%, which includes the impact of the interest rate swaps entered into on August 4, 2020, and amended on June 21, 2023, 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 July 31, 2023 and then at Term SOFR plus 185 basis points (inclusive of a credit spread adjustment (“CSA”) of 0.10%) for an all-in fixed rate of 1.900% 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 6.950% as of June 30, 2023. Refer to Note 17 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
	June 30, 2023 ⁽¹⁾	June 30, 2023 ⁽²⁾	June 30, 2023

Revolving Credit Facility	6.300%	0.140%	In Compliance

(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, 2022.

(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, 2022.

Summary of Revolving Credit Facility Activity



	For the three months				For the six months
	ended June 30,				ended June 30,
	2023		2022		2023		2022

Beginning outstanding balance	$	675,000	$	680,000	$	720,000	$	350,000
Borrowings		—		—		140,000		330,000
Repayments		(225,000)		(150,000)		(410,000)		(150,000)
Ending outstanding balance	$	450,000	$	530,000	$	450,000	$	530,000