XML 55 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Debt and Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022.
 Original Issue DateContractual Maturity Date Outstanding Balance as of December 31,Stated Interest Rate as of
December 31,
2022 20212022
(a)
3.849% Secured NotesDec. 2012Apr. 2023$— $998 N/A
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 202947 53 9.0 %
Tower Revenue Notes, Series 2018-1July 2018July 2043— 249 N/A
Tower Revenue Notes, Series 2015-2May 2015May 2045
(b)
698 696 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(b)
745 744 4.2 %
Finance leases and other obligationsVarious
(c)
Various
(c)
246 242 Various
(c)
Total secured debt1,736 2,982 
2016 RevolverJan. 2016July 20271,305 
(d)
665 5.5 %
(e)
2016 Term Loan AJan. 2016July 20271,192 1,222 5.5 %
(e)
Commercial Paper NotesVarious
(f)
Various
(f)
1,241 265 5.2 %
3.150% Senior NotesJan. 2018July 2023749 747 3.2 %
3.200% Senior NotesAug. 2017Sept. 2024748 747 3.2 %
1.350% Senior NotesJune 2020July 2025497 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 2026992 990 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027497 496 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027742 — 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027996 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. 2031989 988 2.1 %
2.500% Senior NotesJune 2021July 2031742 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. 2049396 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$19,993 $17,647 
Total debt and other obligations$21,729 $20,629 
Less: current maturities of debt and other obligations$819 $72 
Non-current portion of debt and other long-term obligations$20,910 $20,557 
(a)Represents the weighted-average stated interest rate.
(b)If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "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, 2022, the Tower Revenue Notes, Series 2015-2 and 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 December 31, 2022, the undrawn availability under the senior unsecured revolving credit facility ("2016 Revolver") was $5.7 billion.
(e)Both the 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) 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 further discussion below regarding potential adjustments to such percentages.
(f)The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issuance.
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 December 31, 2022, which 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,ThereafterTotal Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
20232024202520262027
Scheduled principal payments and
final maturities
$2,060 
(a)
$831 $593 $2,771 $4,548 $11,078 $21,881 $(152)$21,729 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed above.
Schedule of Extinguishment of Debt
The following is a summary of the purchases, payments and redemptions of long-term debt during the years ended December 31, 2022, 2021 and 2020.
Year Ended December 31, 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)
2016 Revolver— — (2)
Total$1,250 $1,274 $(28)
(a)Exclusive of accrued interest.
(b)Inclusive of the write-off of the respective deferred financing costs.
Year Ended December 31, 2021
Principal Amount
Cash Paid(a)
Gains (losses)(b)
5.250% Senior Notes$1,650 $1,789 $(143)
2016 Term Loan A— — (1)
Tower Revenue Notes, Series 2015-1300 300 (1)
Total$1,950 $2,089 $(145)
(a)Exclusive of accrued interest.
(b)Inclusive of the write-off of the respective deferred financing costs.
Year Ended December 31, 2020
Principal Amount
Cash Paid(a)
Gains (losses)(b)
3.400% Senior Notes$850 $863 $(13)
2.250% Senior Notes700 714 (16)
4.875% Senior Notes850 913 (66)
Total$2,400 $2,490 $(95)
(a)Exclusive of accrued interest.
(b)Inclusive of the write-off of the respective deferred financing costs.