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Debt and Other Obligations (Tables)
 6 Months Ended
Jun. 30, 2021
Debt and Other Obligations [Abstract]  
Schedule of Long-Term Debt Instruments
The table below sets forth the Company's debt and other obligations as of June 30, 2021.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of
June 30, 2021		Balance as of
December 31, 2020
Stated Interest
Rate as of
June 30, 2021(a)
3.849% Secured NotesDec. 2012Apr. 2023$998 $997 3.9 %
Secured Notes, Series 2009-1, Class A-2
July 2009Aug. 202957 60 9.0 %
Tower Revenue Notes, Series 2015-1May 2015May 2042
(b)(h)
299 299 3.2 %
Tower Revenue Notes, Series 2018-1July 2018July 2043
(b)
249 248 3.7 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(b)
696 695 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(b)
744 743 4.2 %
Finance leases and other obligations
VariousVarious
(c)
248 236 Various
(c)
Total secured debt
$3,291 $3,278 
2016 RevolverJan. 2016June 2026
(i)
$— 
(d)
$290 N/A
(e)
2016 Term Loan AJan. 2016June 2026
(g)(i)
1,237 2,252 1.2 %
(e)
Commercial Paper NotesJune 2021
(f)
July 2021
(f)(g)(h)
75 
(f)
285 0.3 %
5.250% Senior NotesOct. 2012Jan. 2023
(g)
— 1,646 5.3 %
3.150% Senior NotesJan. 2018July 2023747 746 3.2 %
3.200% Senior NotesAug. 2017Sept. 2024746 745 3.2 %
1.350% Senior NotesJune 2020July 2025495 494 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026895 894 4.5 %
3.700% Senior NotesMay 2016June 2026746 745 3.7 %
1.050% Senior NotesFeb. 2021July 2026
(g)
989 — 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027496 496 4.0 %
3.650% Senior NotesAug. 2017Sept. 2027994 994 3.7 %
3.800% Senior NotesJan. 2018Feb. 2028991 991 3.8 %
4.300% Senior NotesFeb. 2019Feb. 2029593 593 4.3 %
3.100% Senior NotesAug. 2019Nov. 2029544 544 3.1 %
3.300% Senior NotesApr. 2020July 2030737 737 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,088 1,088 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031
(g)
987 — 2.1 %
2.500% Senior NotesJune 2021July 2031
(h)
739 — 2.5 %
2.900% Senior NotesFeb. 2021Apr. 2041
(g)
1,232 — 2.9 %
4.750% Senior NotesMay 2017May 2047344 344 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049395 395 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049345 345 4.0 %
4.150% Senior NotesApr. 2020July 2050490 489 4.2 %
3.250% Senior NotesJune 2020Jan. 2051889 889 3.3 %
Total unsecured debt
$16,794 $16,002 
Total debt and other obligations20,085 19,280 
Less: current maturities and short-term debt and other current obligations
71 129 
Non-current portion of long-term debt and other long-term obligations
$20,014 $19,151 
(a)See the 2020 Form 10-K, including note 7, 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 June 30, 2021, 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 25 years.
(d)As of June 30, 2021, the undrawn availability under the 2016 Revolver was $5.0 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 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See note (i) for information regarding (1) potential adjustments to such percentages and (2) LIBOR transition provisions.
(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 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 June 30, 2021, the Company had net issuances of $75 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 Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes 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.
(g)In February 2021, the Company issued $3.25 billion aggregate principal amount of senior unsecured notes ("February 2021 Senior Notes"), which consisted of (1) $1.0 billion aggregate principal amount of 1.050% senior unsecured notes due July 2026, (2) $1.0 billion aggregate principal amount of 2.100% senior unsecured notes due April 2031 and (3) $1.25 billion aggregate principal amount of 2.900% senior unsecured notes due April 2041. The Company used the net proceeds from the February 2021 Senior Notes offering to (1) redeem all of the outstanding 5.250% Senior Notes, (2) repay a portion of the outstanding Commercial Paper Notes and (3) repay a portion of outstanding borrowings under the 2016 Term Loan A.
(h)In June 2021, the Company issued $750 million aggregate principal amount of 2.500% senior unsecured notes due July 2031 ("June 2021 Senior Notes"). In June 2021, the Company used a portion of the net proceeds from the June 2021 Senior Notes offering (1) to repay outstanding indebtedness under the CP Program and (2) for general corporate purposes. In July 2021, the Company used a portion of the net proceeds to repay in full the previously outstanding Tower Revenue Notes, Series 2015-1. See note 12 for further discussion regarding the use of proceeds in July 2021.
(i)In June 2021, the Company entered into an amendment to the Credit Facility that provided for, among other things, (1) the extension of the maturity date of the Credit Facility from June 2024 to June 2026, (2) reductions to the interest rate spread and unused commitment fee percentage upon meeting specified annual sustainability targets and increases to the interest rate spread and unused commitment fee percentage upon the failure to meet specified annual sustainability thresholds and (3) the inclusion of "hardwired" LIBOR transition provisions consistent with those published by the Alternative Reference Rate Committee. With respect to the specified annual sustainability targets, the applicable interest rate spread is subject to an upward or downward adjustment of up to 0.05% and the unused commitment fee is subject to an upward or downward revision of up to 0.01% if the Company achieves, or fails to achieve, certain specified targets.
Schedule of Maturities of Long-term Debt
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 June 30, 2021, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 Six Months Ending
December 31,		Years Ending December 31,Unamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20212022202320242025ThereafterTotal Cash Obligations
Scheduled principal payments and
final maturities(a)
$113 
(b)
$71 $1,838 $842 $635 $16,767 $20,266 $(181)$20,085 
(a)Inclusive of the previously outstanding Tower Revenue Notes, Series 2015-1, which were repaid in July 2021. See note 12 for further discussion regarding the July repayment of previously outstanding debt.
(b)Predominately consists of outstanding indebtedness under the CP Program. Such amounts may be issued, repaid or re-issued from time to time.
Debt Instrument Redemption [Table Text Block]
Purchases and Redemptions of Long-Term Debt
The following is a summary of purchases and redemptions of long-term debt during the six months ended June 30, 2021.
Principal Amount
Cash Paid(a)
Gains (Losses)(b)
5.250% Senior Notes$1,650 $1,789 $(143)
2016 Term Loan A— — (1)
Total$1,650 $1,789 $(144)
(a)Exclusive of accrued interest.
(b)Inclusive of the write off of respective 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 June 30,Six Months Ended June 30,
2021202020212020
Interest expense on debt obligations$157 $176 $324 $350 
Amortization of deferred financing costs and adjustments on long-term debt7 6 13 11 
Capitalized interest(3)(4)(7)(8)
Total$161 $178 $330 $353