Debt and Other Obligations (Tables)

3 Months Ended

Mar. 31, 2018



	Original Issue Date	Contractual Maturity Date ^(a)		Balance as of March 31, 2018			Balance as of December 31, 2017		Stated Interest Rate as of March 31, 2018^(a)
Bank debt - variable rate:
2016 Revolver	Jan. 2016	Aug. 2022		$	100	^(b)(d)	$	980	3.3	%
2016 Term Loan A	Jan. 2016	Aug. 2022		2,381			2,397		3.3	%
Total bank debt				2,481			3,377
Securitized debt - fixed rate:
Secured Notes, Series 2009-1, Class A-1	July 2009	Aug. 2019		27			32		6.3	%
Secured Notes, Series 2009-1, Class A-2	July 2009	Aug. 2029		70			70		9.0	%
Tower Revenue Notes, Series 2010-3	Jan. 2010	Jan. 2040	^(c)	—		^(d)	1,246		N/A
Tower Revenue Notes, Series 2010-6	Aug. 2010	Aug. 2040	^(c)	996			995		4.9	%
Tower Revenue Notes, Series 2015-1	May 2015	May 2042	^(c)	297			297		3.2	%
Tower Revenue Notes, Series 2015-2	May 2015	May 2045	^(c)	693			692		3.7	%
Total securitized debt				2,083			3,332
Bonds - fixed rate:
5.250% Senior Notes	Oct. 2012	Jan. 2023		1,640			1,639		5.3	%
3.849% Secured Notes	Dec. 2012	Apr. 2023		993			993		3.8	%
4.875% Senior Notes	Apr. 2014	Apr. 2022		843			842		4.9	%
3.400% Senior Notes	Feb./May 2016	Feb. 2021		850			850		3.4	%
4.450% Senior Notes	Feb. 2016	Feb. 2026		891			891		4.5	%
3.700% Senior Notes	May 2016	June 2026		743			743		3.7	%
2.250% Senior Notes	Sept. 2016	Sept. 2021		696			695		2.3	%
4.000% Senior Notes	Feb. 2017	Mar. 2027		494			494		4.0	%
4.750% Senior Notes	May 2017	May 2047		343			343		4.8	%
3.200% Senior Notes	Aug. 2017	Sept. 2024		742			742		3.2	%
3.650% Senior Notes	Aug. 2017	Sept. 2027		991			991		3.7	%
3.150% Senior Notes	Jan. 2018	Jul. 2023		741		^(d)	—		3.2	%
3.800% Senior Notes	Jan. 2018	Feb. 2028		987		^(d)	—		3.8	%
Total bonds				10,954			9,223
Other:
Capital leases and other obligations	Various	Various		228			227		Various
Total debt and other obligations				15,746			16,159
Less: current maturities and short-term debt and other current obligations				130			115
Non-current portion of long-term debt and other long-term obligations				$	15,616		$	16,044


(a)	See the 2017 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.


(b)	As of March 31, 2018, the undrawn availability under the 2016 Revolver was $3.4 billion.

(c)

If the respective series of such debt is not paid in full on or prior to an applicable date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2017 Form 10-K for additional information regarding these provisions.

(d)

In January 2018, the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 ("3.15% Senior Notes") and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 ("3.80% Senior Notes") (collectively, "January 2018 Senior Notes Offering"). The Company used the net proceeds of the January 2018 Senior Notes Offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver.

Schedule of Maturities of Long-term Debt

Contractual Maturities

The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2018. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.



	Nine Months Ending December 31,		Years Ending December 31,												Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
	2018		2019		2020		2021		2022		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled contractual maturities	$	87	$	168	$	156	$	1,826	$	2,823	$	10,802	$	15,862	$	(116	)	$	15,746

Schedule of Extinguishment of Debt [Table Text Block]

The following is a summary of purchases and redemptions of long-term debt during the three months ended March 31, 2018.



	Principal Amount		Cash Paid^(a)		Gains (Losses)^(b)
January 2010 Tower Revenue Notes	$	1,250	$	1,318	$	(71	)


(a)	Exclusive of accrued interest.


(b)	Inclusive of $3 million related to the write off of deferred financing costs.

Components of Interest Expense and Amortization of Deferred Financing Costs

Interest Expense and Amortization of Deferred Financing Costs

The components of interest expense and amortization of deferred financing costs are as follows:



	Three Months Ended March 31,
	2018			2017
Interest expense on debt obligations	$	158		$	132
Amortization of deferred financing costs and adjustments on long-term debt	5			4
Other, net of capitalized interest	(3		)	(2		)
Total	$	160		$	134