XML 45 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Debt and Other Obligations (Indebtedness) (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]        
Debt and Finance Lease Obligations $ 17,569 $ 17,569   $ 16,682
Less: current maturities and short-term debt and other current obligations 98 98   107
Non-current portion of long-term debt and other long-term obligations 17,471 17,471   16,575
2016 Revolver [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Unused Borrowing Capacity, Amount 4,500 4,500    
Line of Credit Facility, Increase (Decrease), Net 750      
Line of Credit Facility, Maximum Borrowing Capacity 5,000 5,000    
2015 Tower Revenue Notes 3.222% due 2042 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount 300 300    
2015 Tower Revenue Notes 3.663% due 2045 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount 700 700    
2018 Tower Revenue Notes 3.720% due 2043 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount 250 250    
2018 Tower Revenue Notes 4.241% due 2048 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount 750 750    
Capital Lease Obligations and Other [Member]        
Debt Instrument [Line Items]        
Debt and Finance Lease Obligations [1] $ 235 $ 235   227
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Increase (Decrease)   5.00%    
High Yield Bonds [Member] | February 2019 Senior Notes [Domain]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 1,000  
High Yield Bonds [Member] | 3.849% Secured Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.90% 3.90%    
Debt and Finance Lease Obligations $ 995 $ 995   994
High Yield Bonds [Member] | 5.250% Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 5.30% 5.30%    
Debt and Finance Lease Obligations $ 1,642 $ 1,642   1,641
High Yield Bonds [Member] | 4.875% Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 4.90% 4.90%    
Debt and Finance Lease Obligations $ 845 $ 845   844
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.40% [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.40% 3.40%    
Debt and Finance Lease Obligations $ 850 $ 850   850
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 4.50% 4.50%    
Debt and Finance Lease Obligations $ 893 $ 893   892
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.70% 3.70%    
Debt and Finance Lease Obligations $ 744 $ 744   744
High Yield Bonds [Member] | 2.250% Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 2.30% 2.30%    
Debt and Finance Lease Obligations $ 697 $ 697   697
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 4.00% 4.00%    
Debt and Finance Lease Obligations $ 495 $ 495   494
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 4.80% 4.80%    
Debt and Finance Lease Obligations $ 343 $ 343   343
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.20% 3.20%    
Debt and Finance Lease Obligations $ 744 $ 744   743
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.70% 3.70%    
Debt and Finance Lease Obligations $ 992 $ 992   992
High Yield Bonds [Member] | 3.150% Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.20% 3.20%    
Debt and Finance Lease Obligations $ 743 $ 743   742
High Yield Bonds [Member] | 3.800% Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.80% 3.80%    
Debt and Finance Lease Obligations $ 989 $ 989   988
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 600  
Debt Instrument, Interest Rate, Stated Percentage 4.30% [2] 4.30% [2] 4.30%  
Debt and Finance Lease Obligations [3] $ 591 $ 591   0
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 400  
Debt Instrument, Interest Rate, Stated Percentage 5.20% [2] 5.20% [2] 5.20%  
Debt and Finance Lease Obligations [3] $ 395 $ 395   0
Unsecured Debt [Member]        
Debt Instrument [Line Items]        
Debt and Finance Lease Obligations 14,287 14,287   13,399
Securitized Debt [Member]        
Debt Instrument [Line Items]        
Debt and Finance Lease Obligations $ 3,282 $ 3,282   3,283
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.20% 3.20%    
Debt and Finance Lease Obligations [4] $ 298 $ 298   298
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.70% 3.70%    
Debt and Finance Lease Obligations [4] $ 694 $ 694   693
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 3.70% 3.70%    
Debt and Finance Lease Obligations [4] $ 248 $ 248   247
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 4.20% 4.20%    
Debt and Finance Lease Obligations [4] $ 742 $ 742   742
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-1 [Member]        
Debt Instrument [Line Items]        
Debt and Finance Lease Obligations $ 0 $ 0   12
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [2] 9.00% 9.00%    
Debt and Finance Lease Obligations $ 70 $ 70   70
Commercial Paper (Long-term) [Member]        
Debt Instrument [Line Items]        
Commercial Paper - Maximum Issued $ 1,000 $ 1,000    
Bank Debt [Member] | 2016 Revolver [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [5] 3.50% 3.50%    
Debt and Finance Lease Obligations [7] $ 485 [6] $ 485 [6]   1,075
Bank Debt [Member] | 2016 Term Loan A [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage [5] 3.50% 3.50%    
Debt and Finance Lease Obligations [6] $ 2,339 $ 2,339   2,354
Commercial Paper [Member]        
Debt Instrument [Line Items]        
Debt, Weighted Average Interest Rate 2.80% 2.80%    
Debt Instrument, Maturity Date, Description 397 days      
Commercial Paper $ 500 $ 500    
Debt and Finance Lease Obligations [8],[9] $ 500 $ 500   $ 0
Maximum [Member] | 2016 Revolver [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 1.75% 1.75%    
Maximum [Member] | Capital Lease Obligations and Other [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 10.00% 10.00%    
Maximum [Member] | 2016 Revolver [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage   0.35%    
Maximum [Member] | Capital Lease Obligations and Other [Member]        
Debt Instrument [Line Items]        
Debt Instrument Maturity Date Range   30 years    
Minimum [Member] | 2016 Revolver [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 1.00% 1.00%    
Minimum [Member] | 2016 Revolver [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage   0.125%    
Minimum [Member] | Capital Lease Obligations and Other [Member]        
Debt Instrument [Line Items]        
Debt Instrument Maturity Date Range   one year    
[1]
The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years.
[2]
See the 2018 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.
[3] In February 2019, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principle amount of 5.200% senior unsecured notes due February 2049.
[4] If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of June 30, 2019, the Tower Revenue Notes have principal amounts of $300 million, $250 million, $700 million and $750 million, with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively.
[5] The 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750%, based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver.
[6]
In June 2019, the Company entered into an amendment to the Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million, for total 2016 Revolver commitments of $5.0 billion, and (2) extend the maturity of the Credit Facility from June 2023 to June 2024.
[7] As of June 30, 2019, the undrawn availability under the 2016 Revolver was $4.5 billion.
[8]
In April 2019, the Company established an unsecured commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes. Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount
of commercial paper notes ("2019 Commercial Paper Notes") outstanding under the CP Program at any time not to exceed $1.0 billion. The net proceeds of the 2019 Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 2019 Commercial Paper Notes will vary but may not exceed 397 days from the date of issue. The 2019 Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. For the three months ended June 30, 2019, the Company had net issuances of $500 million under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of 2019 Commercial Paper Notes outstanding. While any outstanding commercial paper issuances generally have short-term maturities, the Company classifies the outstanding issuances as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.
[9]
The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.8%.