v3.26.1
Debt and Other Obligations (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of June 30, 2026
Balance as of
December 31, 2025
Stated Interest
Rate as of
June 30, 2026(a)(b)
Secured Notes, Series 2009-1, Class A-2July 2009Aug. 2029$22 $26 9.0 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(c)
748 748 4.2 %
Installment purchase liabilities and finance leasesVarious
(d)
Various
(d)
261 
(e)
258 
(e)
Various
(d)
Total secured debt1,031 1,032 
2016 RevolverJan. 2016July 2027
(f)
— 
(f)
945 N/A
2026 RevolverMay 2026May 2031— 
(g)
— N/A
(h)
2016 Term Loan AJan. 2016July 2027
(f)
— 
(f)
1,056 N/A
Commercial Paper NotesN/A
(i)
N/A
(i)
— 
(i)
1,931 N/A
4.450% Senior NotesFeb. 2016Feb. 2026— 
(j)
900 4.5 %
3.700% Senior NotesMay 2016June 2026— 
(k)
750 3.7 %
1.050% Senior NotesFeb. 2021July 20261,000 
(l)
999 1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027500 499 4.0 %
2.900% Senior NotesMar. 2022Mar. 2027717 748 2.9 %
3.650% Senior NotesAug. 2017Sept. 2027978 998 3.7 %
5.000% Senior NotesJan. 2023Jan. 2028974 996 5.0 %
3.800% Senior NotesJan. 2018Feb. 2028976 997 3.8 %
4.800% Senior NotesApr. 2023Sept. 2028594 596 4.8 %
4.300% Senior NotesFeb. 2019Feb. 2029555 597 4.3 %
5.600% Senior NotesDec. 2023June 2029691 744 5.6 %
4.900% Senior Notes
Aug. 2024
Sept. 2029
541 545 4.9 %
3.100% Senior NotesAug. 2019Nov. 2029529 547 3.1 %
3.300% Senior NotesApr. 2020July 2030704 743 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,038 1,094 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031975 993 2.1 %
2.500% Senior NotesJune 2021July 2031721 745 2.5 %
5.100% Senior NotesApr. 2023May 2033733 744 5.1 %
5.800% Senior NotesDec. 2023Mar. 2034699 743 5.8 %
5.200% Senior Notes
Aug. 2024
Sept. 2034
641 690 5.2 %
2.900% Senior NotesFeb. 2021Apr. 20411,206 1,236 2.9 %
4.750% Senior NotesMay 2017May 2047345 345 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049392 396 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049337 346 4.0 %
4.150% Senior NotesApr. 2020July 2050484 491 4.2 %
3.250% Senior NotesJune 2020Jan. 2051878 891 3.3 %
Total unsecured debt17,208 23,305 
Total debt and other obligations18,239 24,337 
Less: current maturities of debt and other obligations2,260 2,783 
Non-current portion of debt and other long-term obligations$15,979 $21,554 
(a)See the 2025 Form 10-K, including note 8 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 $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("Tower Revenue Notes, Series 2018-2") is not paid in full on or prior to July 2028, the anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay the principal, and additional interest (of an approximately 5% per annum) will accrue on such notes. The Tower Revenue Notes, Series 2018-2 are prepayable at par if voluntarily repaid within eighteen months of the anticipated repayment date; earlier prepayment may require additional consideration.
(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 June 30, 2026, and December 31, 2025, reflects $5 million, respectively for both periods, in finance lease obligations (primarily related to vehicles).
(f)In May 2026, the Company repaid all outstanding borrowings under and terminated the commitments under the 2016 Term Loan A and the 2016 Revolver.
(g)As of June 30, 2026, the undrawn availability under the Company's senior unsecured revolving credit facility ("2026 Revolver") was $4.5 billion.
(h)The 2026 Revolver bears interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread ranging from 0.750% to 1.375% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.375% 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 0.200%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2026 Revolver.
(i)The maturities of the short-term, unsecured commercial paper notes ("Commercial Paper Notes"), when outstanding, may vary but may not exceed 397 days from the date of issue; however, there were no Commercial Paper Notes issued or outstanding as of June 30, 2026. 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 2026 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.
(j)In February 2026, the Company repaid in full the 4.450% Senior Notes on the contractual maturity date.
(k)In June 2026, the Company repaid in full the 3.700% Senior Notes on the contractual maturity date.
(l)In July 2026, the Company repaid in full the 1.050% Senior Notes on the contractual maturity date.
Schedule of Maturities of Long-term Debt
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, 2026, which do not consider the principal payments that will commence following the anticipated repayment date on the Tower Revenue Notes, Series 2018-2.
Six Months Ending December 31,
Years Ending December 31,Total Cash ObligationsUnamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
20262027202820292030Thereafter
Scheduled principal payments and
final maturities
$1,021 $2,236 $2,589 $2,361 $733 

$9,413 $18,353 $(114)$18,239 
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 June 30,Six Months Ended June 30,
2026202520262025
Interest expense on debt obligations$202 $239 $441 $471 
Amortization of deferred financing costs and adjustments on long-term debt7 8 14 16 
Capitalized interest(1)(4)(5)(8)
Total$208 $243 $450 $479 
Schedule of Extinguishment of Debt
The following is a summary of purchases and redemptions of long-term debt during the six months ended June 30, 2026.
Principal Amount
Cash Paid(a)
Gains (Losses)
4.450% Senior Notes
$900 $900 $— 
3.700% Senior Notes
750 750 — 
Open Market Debt Repurchases(b)
530 500 27 
2016 Credit Facility(c)
3,276 3,276 (3)
Total
$5,456 $5,426 $24 
(a)Exclusive of accrued interest.
(b)See above for discussion of the Open Market Debt Repurchases.
(c)See below for discussion of the 2016 Credit Facility.