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Debt and Other Obligations
 6 Months Ended
Jun. 30, 2022
Debt and Other Obligations [Abstract]  
Debt and Other Obligations Debt and Other Obligations
See note 12 for a discussion of the July 2022 amendment to the Credit Agreement governing the Company's 2016 Credit Facility ("2022 Credit Agreement Amendment").
The table below sets forth the Company's debt and other obligations as of June 30, 2022.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of
June 30, 2022		Balance as of
December 31, 2021
Stated Interest
Rate as of
June 30, 2022(a)
3.849% Secured NotesDec. 2012Apr. 2023
(h)
$— $998 N/A
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 202950 53 9.0 %
Tower Revenue Notes, Series 2018-1July 2018July 2043
(h)
— 249 N/A
Tower Revenue Notes, Series 2015-2May 2015May 2045
(b)
697 696 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(b)
745 744 4.2 %
Finance leases and other obligationsVariousVarious
(c)
235 242 Various
(c)
Total secured debt$1,727 $2,982 
2016 RevolverJan. 2016June 2026$1,150 
(d)
$665 2.7 %
(e)
2016 Term Loan AJan. 2016June 20261,207 1,222 2.7 %
(e)
Commercial Paper NotesVarious
(f)
Various
(f)
952 
(f)
265 2.4 %
3.150% Senior NotesJan. 2018July 2023748 747 3.2 %
3.200% Senior NotesAug. 2017Sept. 2024747 747 3.2 %
1.350% Senior NotesJune 2020July 2025496 496 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026896 895 4.5 %
3.700% Senior NotesMay 2016June 2026747 746 3.7 %
1.050% Senior NotesFeb. 2021July 2026991 990 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027497 496 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027
(g)
741 — 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027995 995 3.7 %
3.800% Senior NotesJan. 2018Feb. 2028993 992 3.8 %
4.300% Senior NotesFeb. 2019Feb. 2029594 593 4.3 %
3.100% Senior NotesAug. 2019Nov. 2029545 545 3.1 %
3.300% Senior NotesApr. 2020July 2030739 738 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,090 1,089 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031988 988 2.1 %
2.500% Senior NotesJune 2021July 2031741 741 2.5 %
2.900% Senior NotesFeb. 2021Apr. 20411,233 1,233 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. 2049346 345 4.0 %
4.150% Senior NotesApr. 2020July 2050490 490 4.2 %
3.250% Senior NotesJune 2020Jan. 2051890 890 3.3 %
Total unsecured debt$19,555 $17,647 
Total debt and other obligations21,282 20,629 
Less: current maturities and short-term debt and other current obligations70 72 
Non-current portion of long-term debt and other long-term obligations$21,212 $20,557 
(a)See the 2021 Form 10-K, including note 7 to the consolidated financial statements, 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, 2022, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 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, 2022, the undrawn availability under the 2016 Revolver was $3.8 billion.
(e)Both the 2016 Revolver and 2016 Term Loan A bore interest, at the Company's 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 paid 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 the 2021 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(f)In March 2022, the Company increased the size of its CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding. Notes under the CP Program may be issued, repaid and re-issued from time to time. 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, 2022, the Company had net issuances of $952 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 March 2022, the Company issued $750 million aggregate principal amount of 2.900% senior unsecured notes due 2027 ("March 2022 Senior Notes"). The Company used the net proceeds from the March 2022 Senior Notes offering to repay a portion of the outstanding indebtedness under its CP Program and pay related fees and expenses.
(h)In March 2022, the Company (1) prepaid in full the previously outstanding Tower Revenue Notes, Series 2018-1 and (2) redeemed in full the previously outstanding 3.849% Secured Notes.
Scheduled Principal Payments and Final Maturities
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, 2022, 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,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20222023202420252026Thereafter
Scheduled principal payments and
final maturities
$992 
(a)
$841 $844 $638 $4,795 
(b)(c)
$13,335 
(b)
$21,445 $(163)$21,282 
(a)Predominately consists of outstanding indebtedness under the CP Program (as discussed in footnote (f) above).
(b)Certain previously-reported amounts within the 2026 and Thereafter columns have been adjusted. There was no impact to the amount shown in the previously-reported Total Cash Obligations column.
(c)Inclusive of outstanding borrowings under the 2016 Credit Facility as of June 30, 2022. See note 12 for a discussion of the 2022 Credit Agreement Amendment.
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, 2022.
Principal Amount
Cash Paid(a)
Gains (Losses)(b)
Tower Revenue Notes, Series 2018-1$250 $252 $(3)
3.849% Secured Notes1,000 1,022 (23)
Total$1,250 $1,274 $(26)
(a)Exclusive of accrued interest.
(b)Inclusive of the write off of respective 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,
2022202120222021
Interest expense on debt obligations$161 $157 $322 $324 
Amortization of deferred financing costs and adjustments on long-term debt7 7 13 13 
Capitalized interest(3)(3)(6)(7)
Total$165 $161 $329 $330