Debt and Other Obligations

3 Months Ended

Mar. 31, 2020

Debt and Other Obligations [Abstract]

See note 13 for a discussion of the Company's issuance of the April 2020 Senior Notes (as defined in note 13) and the application of the net proceeds therefrom.

The table below sets forth the Company's debt and other obligations as of March 31, 2020.



	Original Issue Date		Final Maturity Date^(a)		Balance as of March 31, 2020			Balance as of December 31, 2019		Stated Interest Rate as of March 31, 2020^(a)
3.849% Secured Notes	Dec. 2012		Apr. 2023		$	996		$	995	3.9	%
Secured Notes, Series 2009-1, Class A-2	July 2009		Aug. 2029		66			67		9.0	%
Tower Revenue Notes, Series 2015-1	May 2015		May 2042	_(b)	299			298		3.2	%
Tower Revenue Notes, Series 2018-1	July 2018		July 2043	_(b)	248			248		3.7	%
Tower Revenue Notes, Series 2015-2	May 2015		May 2045	_(b)	695			694		3.7	%
Tower Revenue Notes, Series 2018-2	July 2018		July 2048	_(b)	742			742		4.2	%
Finance leases and other obligations	Various		Various	_(c)	221			227		Various
Total secured debt					$	3,267		$	3,271
2016 Revolver	Jan. 2016		June 2024		$	1,270	_(d)	$	525	2.1	%	_(e)
2016 Term Loan A	Jan. 2016		June 2024		2,295			2,310		2.1	%	_(e)
Commercial Paper Notes	N/A	_(f)	N/A	_(f)	—		_(f)	155		N/A
3.400% Senior Notes	Feb./May 2016		Feb. 2021		850			850		3.4	%
2.250% Senior Notes	Sept. 2016		Sept. 2021		698			698		2.3	%
4.875% Senior Notes	Apr. 2014		Apr. 2022		846			846		4.9	%
5.250% Senior Notes	Oct. 2012		Jan. 2023		1,644			1,644		5.3	%
3.150% Senior Notes	Jan. 2018		July 2023		744			744		3.2	%
3.200% Senior Notes	Aug. 2017		Sept. 2024		745			744		3.2	%
4.450% Senior Notes	Feb. 2016		Feb. 2026		893			893		4.5	%
3.700% Senior Notes	May 2016		June 2026		745			744		3.7	%
4.000% Senior Notes	Feb. 2017		Mar. 2027		495			495		4.0	%
3.650% Senior Notes	Aug. 2017		Sept. 2027		993			993		3.7	%
3.800% Senior Notes	Jan. 2018		Feb. 2028		990			990		3.8	%
4.300% Senior Notes	Feb. 2019		Feb. 2029		592			592		4.3	%
3.100% Senior Notes	Aug. 2019		Nov. 2029		544			543		3.1	%
4.750% Senior Notes	May 2017		May 2047		344			344		4.8	%
5.200% Senior Notes	Feb. 2019		Feb. 2049		395			395		5.2	%
4.000% Senior Notes	Aug. 2019		Nov. 2049		345			345		4.0	%
Total unsecured debt					$	15,428		$	14,850
Total debt and other obligations					18,695			18,121
Less: current maturities and short-term debt and other current obligations					949			100
Non-current portion of long-term debt and other long-term obligations					$	17,746		$	18,021


(a)	See the 2019 Form 10-K, including note 9, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.

(b)

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 March 31, 2020, 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.


(c)	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.


(d)	As of March 31, 2020, the undrawn availability under the 2016 Revolver was $3.7 billion.

(e)

Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread 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.

(f)

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 outstanding under the CP Program at any time not to exceed $1.0 billion. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The 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. As of March 31, 2020, there were no outstanding Commercial Paper Notes. 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 Commercial Paper Notes outstanding. While any outstanding commercial paper issuances generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.

The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2020, which 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
	2020		2021		2022		2023		2024		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net			Total Debt and Other Obligations Outstanding
Scheduled principal payments and final maturities	$	76	$	1,675	$	1,000	$	3,604	$	3,917	$	8,532	$	18,804	$	(109	)	$	18,695

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,
	2020			2019
Interest expense on debt obligations	$	174		$	167
Amortization of deferred financing costs and adjustments on long-term debt	5			5
Other, net of capitalized interest	(4		)	(4		)
Total	$	175		$	168