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



		As of						As of
		December 31, 2023						December 31, 2022
	Maturity Date	Principal ‎Balance		Fair Value		Carrying ‎Value		Principal ‎Balance		Fair Value		Carrying ‎Value
Revolving Credit Facility ⁽¹⁾	Jul. 7, 2026	$	180,000	$	180,000	$	180,000	$	720,000	$	720,000	$	720,000
2018 Term Loan ⁽²⁾	Apr. 11, 2025		2,268,000		2,273,670		2,263,343		2,292,000		2,280,540		2,284,007
2014-2C Tower Securities ⁽³⁾	Oct. 8, 2024		620,000		606,540		619,145		620,000		598,480		618,099
2019-1C Tower Securities ⁽³⁾	Jan. 12, 2025		1,165,000		1,115,313		1,162,348		1,165,000		1,095,776		1,159,860
2020-1C Tower Securities ⁽³⁾	Jan. 9, 2026		750,000		682,350		746,937		750,000		665,633		745,480
2020-2C Tower Securities ⁽³⁾	Jan. 11, 2028		600,000		520,530		596,419		600,000		506,574		595,586
2021-1C Tower Securities ⁽³⁾	Nov. 9, 2026		1,165,000		1,015,437		1,158,059		1,165,000		991,705		1,155,724
2021-2C Tower Securities ⁽³⁾	Apr. 9, 2027		895,000		772,125		889,152		895,000		756,302		887,443
2021-3C Tower Securities ⁽³⁾	Oct. 9, 2031		895,000		686,581		887,365		895,000		686,134		886,495
2022-1C Tower Securities ⁽³⁾	Jan. 11, 2028		850,000		850,221		841,429		850,000		855,899		840,053
2020 Senior Notes	Feb. 15, 2027		1,500,000		1,438,815		1,489,965		1,500,000		1,375,815		1,487,013
2021 Senior Notes	Feb. 1, 2029		1,500,000		1,338,750		1,490,153		1,500,000		1,286,250		1,488,402
Total debt		$	12,388,000	$	11,480,332	$	12,324,315	$	12,952,000	$	11,819,108	$	12,868,162
Less: current maturities of long-term debt							(643,145)						(24,000)
Total long-term debt, net of current maturities						$	11,681,170					$	12,844,162

(1)On January 25, 2024, the Company amended its Revolving Credit Facility to extend the maturity date to January 25, 2029 as well as amend certain other terms and conditions under the Senior Credit Agreement. For further discussion of the amendments, refer to “Terms of the Senior Credit Agreement” below.

(2)On January 25, 2024, the Company repaid its 2018 Term Loan and issued a new $2.3 billion Term Loan with a maturity date of January 25, 2031. For further discussion of the amendments, refer to “Term Loan under the Senior Credit Agreement” below.

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

Schedule of Cash and Non-Cash Interest Expense



		For the year ended December 31,
	Interest	2023				2022				2021
	Rates as of	Cash		Non-cash		Cash		Non-cash		Cash		Non-cash
	December 31, 2023	Interest		Interest		Interest		Interest		Interest		Interest

		(in thousands)
Revolving Credit Facility	6.435%	$	29,223	$	—	$	21,862	$	—	$	6,414	$	—
2018 Term Loan ⁽¹⁾	2.645%		60,622		30,508		50,052		45,756		44,342		45,756
2013-2C Tower Securities	—		—		—		—		—		17,027		—
2014-2C Tower Securities	3.869%		24,185		—		24,185		—		24,185		—
2017-1C Tower Securities	—		—		—		—		—		9,201		—
2018-1C Tower Securities	3.448%		—		—		21,291		—		22,281		—
2019-1C Tower Securities	2.836%		33,428		—		33,428		—		33,428		—
2020-1C Tower Securities	1.884%		14,391		—		14,391		—		14,391		—
2020-2C Tower Securities	2.328%		14,159		—		14,159		—		14,159		—
2021-1C Tower Securities	1.631%		19,419		—		19,419		—		12,255		—
2021-2C Tower Securities	1.840%		16,782		—		16,782		—		2,982		—
2021-3C Tower Securities	2.593%		23,492		—		23,492		—		4,176		—
2022-1C Tower Securities	6.599%		56,375		—		5,961		—		—		—
2016 Senior Notes	—		—		—		—		—		44,092		990
2017 Senior Notes	—		—		—		—		—		2,333		—
2020 Senior Notes	3.875%		58,125		367		58,125		353		58,125		339
2021 Senior Notes	3.125%		46,875		—		46,875		—		43,229		—
Other			3,297		4,993		3,762		—		299		—
Total		$	400,373	$	35,868	$	353,784	$	46,109	$	352,919	$	47,085

(1)The 2018 Term Loan has a blended rate of 2.645% which includes the impact of the interest rate swaps. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 7.210% as of December 31, 2023. Refer to Note 21 for more information on the Company’s interest rate swap.

Summary of Revolving Credit Facility Activity



	For the year
	ended December 31,
	2023		2022

Beginning outstanding balance	$	720,000	$	350,000
Borrowings		190,000		975,000
Repayments		(730,000)		(605,000)
Ending outstanding balance	$	180,000	$	720,000

Debt Instrument [Line Items]

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

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, $10.2 million, and $8.6 million in financing fees relating to the issuances of the 2013-2C 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, $2.0 million, and $0.4 million of deferred financing fees and accrued interest related to the repayment of the 2013-2C 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 paid monthly.

Debt Instrument [Line Items]

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 paid monthly.

Debt Instrument [Line Items]

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

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.