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Debt and Other Obligations
 3 Months Ended
Mar. 31, 2023
Debt and Other Obligations [Abstract]  
Debt Disclosure Debt and Other Obligations
See note 12 for a discussion of the Company's issuance of the April 2023 Senior Notes (as defined in note 12) and the use of the net proceeds therefrom.
The table below sets forth the Company's debt and other obligations as of March 31, 2023.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of March 31, 2023
Balance as of
December 31, 2022
Stated Interest
Rate as of March 31, 2023(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$45 $47 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
698 698 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
745 745 4.2 %
Finance leases and other obligationsVarious
(d)
Various
(d)
257 246 Various
(d)
Total secured debt1,745 1,736 
2016 RevolverJan. 2016July 20271,434 
(e)
1,305 5.9 %
(f)
2016 Term Loan AJan. 2016July 20271,184 1,192 6.0 %
(f)
Commercial Paper NotesVarious
(g)
Various
(g)
717 
(g)
1,241 5.6 %
3.150% Senior NotesJan. 2018July 2023749 749 3.2 %
3.200% Senior NotesAug. 2017Sept. 2024748 748 3.2 %
1.350% Senior NotesJune 2020July 2025497 497 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026897 896 4.5 %
3.700% Senior NotesMay 2016June 2026747 747 3.7 %
1.050% Senior NotesFeb. 2021July 2026993 992 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027497 497 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027743 742 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027996 996 3.7 %
5.000% Senior NotesJan. 2023
(h)
Jan. 2028
(h)
990 — 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028993 993 3.8 %
4.300% Senior NotesFeb. 2019Feb. 2029595 594 4.3 %
3.100% Senior NotesAug. 2019Nov. 2029545 545 3.1 %
3.300% Senior NotesApr. 2020July 2030740 739 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,091 1,090 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031989 989 2.1 %
2.500% Senior NotesJune 2021July 2031742 742 2.5 %
2.900% Senior NotesFeb. 2021Apr. 20411,234 1,233 2.9 %
4.750% Senior NotesMay 2017May 2047344 344 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049396 396 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049346 346 4.0 %
4.150% Senior NotesApr. 2020July 2050490 490 4.2 %
3.250% Senior NotesJune 2020Jan. 2051890 890 3.3 %
Total unsecured debt20,587 19,993 
Total debt and other obligations22,332 21,729 
Less: current maturities of debt and other obligations819 819 
Non-current portion of debt and other long-term obligations$21,513 $20,910 
(a)See the 2022 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)Represents the weighted-average stated interest rate, as applicable.
(c)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 March 31, 2023, 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.
(d)The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates up to 10% and mature in periods ranging from less than one year to approximately 25 years.
(e)As of March 31, 2023, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $5.5 billion. See note 12.
(f)Both the 2016 Revolver and the 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 the 2022 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(g)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 March 31, 2023, the Company had net issuances of $717 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.
(h)In January 2023, the Company issued $1.0 billion aggregate principal amount of 5.000% senior unsecured notes due January 2028 ("January 2023 Senior Notes"). The Company used the net proceeds from the January 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under the 2016 Revolver and pay related fees and expenses.
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 March 31, 2023, 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,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20232024202520262027Thereafter
Scheduled principal payments and
final maturities
$1,520 
(a)
$832 $594 $2,773 $4,678 

$12,091 $22,488 $(156)$22,332 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes").
Purchases and Redemptions of Long-Term Debt
There were no purchases and redemptions of long-term debt during the three months ended March 31, 2023.
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended March 31,
20232022
Interest expense on debt obligations$198 $160 
Amortization of deferred financing costs and adjustments on long-term debt7 7 
Capitalized interest(3)(3)
Total$202 $164 
Components of Interest Expense and Amortization of Deferred Financing Costs, net
Interest Expense and Amortization of Deferred Financing Costs, Net
The components of interest expense and amortization of deferred financing costs, net are as follows:
Three Months Ended March 31,
20232022
Interest expense on debt obligations$198 $160 
Amortization of deferred financing costs and adjustments on long-term debt7 7 
Capitalized interest(3)(3)
Total$202 $164