v3.25.1
Debt and Other Obligations
 3 Months Ended
Mar. 31, 2025
Debt and Other Obligations [Abstract]  
Debt Disclosure Debt and Other Obligations
The table below sets forth the Company's debt and other obligations as of March 31, 2025.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of March 31, 2025
Balance as of
December 31, 2024
Stated Interest
Rate as of March 31, 2025(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$31 $32 9.0 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(c)
700 700 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
747 747 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
268 
(e)
272 
(e)
Various
(d)
Total secured debt1,746 1,751 
2016 RevolverJan. 2016July 2027— 
(f)
— N/A
(g)
2016 Term Loan AJan. 2016July 20271,101 1,117 5.5 %
(g)
Commercial Paper NotesVarious
(h)
Various
(h)
1,677 
(h)
1,341 4.9 %
1.350% Senior NotesJune 2020July 2025500 499 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026899 899 4.5 %
3.700% Senior NotesMay 2016June 2026749 749 3.7 %
1.050% Senior NotesFeb. 2021July 2026997 997 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027499 498 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027746 746 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027998 997 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028994 993 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028996 996 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028595 595 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029596 596 4.3 %
5.600% Senior NotesDec. 2023June 2029743 742 5.6 %
4.900% Senior Notes
Aug. 2024
Sept. 2029
544 544 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029547 547 3.1 %
3.300% Senior NotesApr. 2020July 2030742 742 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,093 1,093 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031992 991 2.1 %
2.500% Senior NotesJune 2021July 2031744 744 2.5 %
5.100% Senior NotesApr. 2023May 2033744 743 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034743 742 5.8 %
5.200% Senior Notes
Aug. 2024
Sept. 2034
689 689 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,234 1,235 2.9 %
4.750% Senior NotesMay 2017May 2047345 345 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 2050491 490 4.2 %
3.250% Senior NotesJune 2020Jan. 2051891 891 3.3 %
Total unsecured debt22,631 22,303 
Total debt and other obligations24,377 24,054 
Less: current maturities of debt and other obligations1,503 603 
Non-current portion of debt and other long-term obligations$22,874 $23,451 
(a)See the 2024 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, 2025, 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 installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 20 years.
(e)For the periods ended March 31, 2025 and December 31, 2024, reflects $7 million and $8 million, respectively, in finance lease obligations (primarily related to vehicles).
(f)As of March 31, 2025, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion.
(g)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 2024 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.
(h)The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. 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. 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.

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, 2025, 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
 20252026202720282029Thereafter
Scheduled principal payments and
final maturities
$2,255 
(a)
$2,780 $3,252 $2,633 $2,478 

$11,130 $24,528 $(151)$24,377 
(a)Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table.
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,
20252024
Interest expense on debt obligations$233 $223 
Amortization of deferred financing costs and adjustments on long-term debt8 8 
Capitalized interest(5)(5)
Total$236 $226