Debt and Other Obligations (Tables)

12 Months Ended

Dec. 31, 2019

Debt and Other Obligations [Abstract]

The table below sets forth the Company's debt and other obligations as of December 31, 2019.



	Original Issue Date		Contractual Maturity Date		Outstanding Balance as of December 31,					Stated Interest Rate as of December 31,
	Original Issue Date		Contractual Maturity Date		2019			2018		2019		^(a)
Secured Notes, Series 2009-1, Class A-1	July 2009		Aug. 2019	^(d)	$	—		$	12	N/A
3.849% Secured Notes	Dec. 2012		Apr. 2023		995			994		3.9	%
Secured Notes, Series 2009-1, Class A-2	July 2009		Aug. 2029	^(d)	67			70		9.0	%
Tower Revenue Notes, Series 2015-1	May 2015		May 2042	^(b)(c)	298			298		3.2	%
Tower Revenue Notes, Series 2018-1	July 2018		July 2043	^(b)(c)	248			247		3.7	%
Tower Revenue Notes, Series 2015-2	May 2015		May 2045	^(b)(c)	694			693		3.7	%
Tower Revenue Notes, Series 2018-2	July 2018		July 2048	^(b)(c)	742			742		4.2	%
Finance leases and other obligations	Various		Various	^(e)	227			227		Various
Total secured debt					3,271			3,283
2016 Revolver	Jan. 2016		June 2024		525		^(f)	1,075		2.8	%	^(g)
2016 Term Loan A	Jan. 2016		June 2024		2,310			2,354		2.9	%	^(g)
Commercial Paper Notes	Various	^(h)	Various	^(h)	155			—		Various		⁽ⁱ⁾
3.400% Senior Notes	Feb./May 2016		Feb. 2021		850			850		3.4	%
2.250% Senior Notes	Sept. 2016		Sept. 2021		698			697		2.3	%
4.875% Senior Notes	Apr. 2014		Apr. 2022		846			844		4.9	%
5.250% Senior Notes	Oct. 2012		Jan. 2023		1,644			1,641		5.3	%
3.150% Senior Notes	Jan. 2018		July 2023		744			742		3.2	%
3.200% Senior Notes	Aug. 2017		Sept. 2024		744			743		3.2	%
4.450% Senior Notes	Feb. 2016		Feb. 2026		893			892		4.5	%
3.700% Senior Notes	May 2016		June 2026		744			744		3.7	%
4.000% Senior Notes	Feb. 2017		Mar. 2027		495			494		4.0	%
3.650% Senior Notes	Aug. 2017		Sept. 2027		993			992		3.7	%
3.800% Senior Notes	Jan. 2018		Feb. 2028		990			988		3.8	%
4.300% Senior Notes	Feb. 2019		Feb. 2029		592			—		4.3	%
3.100% Senior Notes	Aug. 2019		Nov. 2029		543			—		3.1	%
4.750% Senior Notes	May 2017		May 2047		344			343		4.8	%
5.200% Senior Notes	Feb. 2019		Feb. 2049		395			—		5.2	%
4.000% Senior Notes	Aug. 2019		Nov. 2049		345			—		4.0	%
Total unsecured debt					$	14,850		$	13,399
Total debt and other obligations					$	18,121		$	16,682
Less: current maturities and short-term debt and other current obligations					$	100		$	107
Non-current portion of long-term debt and other long-term obligations					$	18,021		$	16,575


(a)	Represents the weighted-average stated interest rate.


(b)	The Tower Revenue Notes, Series 2015-1 and 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes."

(c)

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 governing the terms of such notes) 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 December 31, 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.


(d)	The Secured Notes, Series 2009-1, Class A-1 and Secured Notes, Series 2009-1, Class A-2 are collectively referred to herein as "2009 Securitized Notes."


(e)	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.


(f)	As of December 31, 2019, the undrawn availability under the 2016 Revolver was $4.5 billion.

(g)

Both 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.


(h)	The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issue.


(i)	The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.1%.

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 at December 31, 2019. 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. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the 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 Tower Revenue Notes.



	Years Ending December 31,
	2020		2021		2022		2023		2024		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled contractual maturities	$	253	$	1,675	$	1,000	$	3,604	$	3,172	$	8,531	$	18,235	$	(114	)	$	18,121

Schedule of Extinguishment of Debt

Debt Purchases and Redemptions

The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2019, 2018 and 2017.



	Year Ended December 31, 2019
	Principal Amount		Cash Paid^(a)		Gains (losses)^(b)
Secured Notes, Series 2009-1, Class A-1	$	12	$	12	$	(1	)
2016 Term Loan A	—		—		(1		)
Total	$	12	$	12	$	(2	)


(a)	Exclusive of accrued interest.


(b)	Inclusive of the write-off of the respective deferred financing costs.



	Year Ended December 31, 2018
	Principal Amount		Cash Paid^(a)		Gains (losses)^(b)
Tower Revenue Notes, Series 2010-3	$	1,250	$	1,318	$	(71	)
2016 Term Loan A	—		—		(3		)
Tower Revenues Notes, Series 2010-6	1,000		1,028		(32		)
Total	$	2,250	$	2,346	$	(106	)


(a)	Exclusive of accrued interest.


(b)	Inclusive of the write-off of the respective deferred financing costs.



	Year Ended December 31, 2017
	Principal Amount		Cash Paid		Gains (losses)^(a)
2016 Term Loan A	$	—	$	—	$	(4	)
Total	$	—	$	—	$	(4	)

(a)

The losses represent write-off of deferred financing costs.