Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | | | | |
Debt and Finance Lease Obligations | | $ 20,085 | [1] | $ 19,280 |
Less: current maturities of debt and other obligations | | 71 | | 129 |
Non-current portion of long-term debt and other long-term obligations | | 20,014 | | 19,151 |
2015 Tower Revenue Notes 3.222% due 2042 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | 300 | | |
2015 Tower Revenue Notes 3.663% due 2045 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | 700 | | |
2018 Tower Revenue Notes 3.720% due 2043 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | 250 | | |
2018 Tower Revenue Notes 4.241% due 2048 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | $ 750 | | |
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Increase (Decrease) | | 5.00% | | |
Finance Lease Obligations and Other [Member] | Securitized Debt [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt and Finance Lease Obligations | [2] | $ 248 | | 236 |
High Yield Bonds [Member] | 5.250% Senior Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.25% | | |
Debt and Finance Lease Obligations | [4] | $ 0 | | 1,646 |
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.50% | | |
Debt and Finance Lease Obligations | | $ 895 | | 894 |
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.00% | | |
Debt and Finance Lease Obligations | | $ 496 | | 496 |
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.80% | | |
Debt and Finance Lease Obligations | | $ 344 | | 344 |
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | | |
Debt and Finance Lease Obligations | | $ 746 | | 745 |
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 1.40% | | |
Debt and Finance Lease Obligations | | $ 495 | | 494 |
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | | |
Debt and Finance Lease Obligations | | $ 994 | | 994 |
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | | |
Debt and Finance Lease Obligations | | $ 747 | | 746 |
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.80% | | |
Debt and Finance Lease Obligations | | $ 991 | | 991 |
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.30% | | |
Debt and Finance Lease Obligations | | $ 593 | | 593 |
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.20% | | |
Debt and Finance Lease Obligations | | $ 395 | | 395 |
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.10% | | |
Debt and Finance Lease Obligations | | $ 544 | | 544 |
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.00% | | |
Debt and Finance Lease Obligations | | $ 345 | | 345 |
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.30% | | |
Debt and Finance Lease Obligations | | $ 737 | | 737 |
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.30% | | |
Debt and Finance Lease Obligations | | $ 1,088 | | 1,088 |
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.20% | | |
Debt and Finance Lease Obligations | | $ 490 | | 489 |
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.30% | | |
Debt and Finance Lease Obligations | | $ 889 | | 889 |
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | $ 1,000 | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.10% | | |
Debt and Finance Lease Obligations | [4] | $ 987 | | 0 |
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | $ 1,250 | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.90% | | |
Debt and Finance Lease Obligations | [4] | $ 1,232 | | 0 |
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | $ 1,000 | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 1.05% | | |
Debt and Finance Lease Obligations | [4] | $ 989 | | 0 |
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | | |
Debt and Finance Lease Obligations | | $ 746 | | 745 |
High Yield Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3],[5] | 2.50% | | |
Debt and Finance Lease Obligations | [5] | $ 739 | | 0 |
High Yield Bonds [Member] | February 2021 Senior Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | 3,250 | | |
High Yield Bonds [Member] | June 2021 Senior Notes [Domain] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Face Amount | | 750 | | |
Unsecured Debt [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt and Finance Lease Obligations | | 16,794 | | 16,002 |
Securitized Debt [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt and Finance Lease Obligations | | $ 3,291 | | 3,278 |
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | | |
Debt and Finance Lease Obligations | [6] | $ 299 | [5] | 299 |
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | | |
Debt and Finance Lease Obligations | [6] | $ 696 | | 695 |
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | | |
Debt and Finance Lease Obligations | [6] | $ 249 | | 248 |
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.20% | | |
Debt and Finance Lease Obligations | [6] | $ 744 | | 743 |
Securitized Debt [Member] | 3.849% Secured Notes [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.90% | | |
Debt and Finance Lease Obligations | | $ 998 | | 997 |
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 9.00% | | |
Debt and Finance Lease Obligations | | $ 57 | | 60 |
Bank Debt [Member] | 2016 Term Loan A [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3],[7] | 1.20% | | |
Debt and Finance Lease Obligations | | $ 1,237 | [4],[8] | 2,252 |
Bank Debt [Member] | Commercial Paper [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | [3] | 0.30% | | |
Commercial Paper [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Commercial Paper - Outstanding | | $ 75 | | |
Maximum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 0.75% | | |
Maximum [Member] | Finance Lease Obligations and Other [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 10.00% | | |
Maximum [Member] | Finance Lease Obligations and Other [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument Maturity Date Range | | 25 years | | |
Minimum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 0.00% | | |
Minimum [Member] | Finance Lease Obligations and Other [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument Maturity Date Range | | one year | | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 1.75% | | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 0.875% | | |
London Interbank Offered Rate (LIBOR) [Member] | Annual sustainability target adjustment | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Interest Rate, Stated Percentage | | 0.05% | | |
Revolving Credit Facility [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt Instrument, Unused Borrowing Capacity, Amount | | $ 5,000 | | |
Debt and Finance Lease Obligations | | $ 0 | [8],[9] | 290 |
Revolving Credit Facility [Member] | Maximum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Line of Credit Facility, Commitment Fee Percentage | | 0.30% | | |
Revolving Credit Facility [Member] | Minimum [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Line of Credit Facility, Commitment Fee Percentage | | 0.08% | | |
Revolving Credit Facility [Member] | Annual sustainability target adjustment | | | | |
Debt Instrument [Line Items] | | | | |
Line of Credit Facility, Commitment Fee Percentage | | 0.01% | | |
Commercial Paper [Member] | | | | |
Debt Instrument [Line Items] | | | | |
Debt and Finance Lease Obligations | [10] | $ 75 | [4],[5] | $ 285 |
Commercial Paper - Maximum Available | | $ 1,000 | | |
Debt Instrument, Maturity Date, Description | | 397 days | | |
| |
[1] | Inclusive of the previously outstanding Tower Revenue Notes, Series 2015-1, which were repaid in July 2021. See note 12 for further discussion regarding the July repayment of previously outstanding debt. | |
[2] | 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. | |
[3] | See the 2020 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |
[4] | In February 2021, the Company issued $3.25 billion aggregate principal amount of senior unsecured notes ("February 2021 Senior Notes"), which consisted of (1) $1.0 billion aggregate principal amount of 1.050% senior unsecured notes due July 2026, (2) $1.0 billion aggregate principal amount of 2.100% senior unsecured notes due April 2031 and (3) $1.25 billion aggregate principal amount of 2.900% senior unsecured notes due April 2041. The Company used the net proceeds from the February 2021 Senior Notes offering to (1) redeem all of the outstanding 5.250% Senior Notes, (2) repay a portion of the outstanding Commercial Paper Notes and (3) repay a portion of outstanding borrowings under the 2016 Term Loan A. | |
[5] | In June 2021, the Company issued $750 million aggregate principal amount of 2.500% senior unsecured notes due July 2031 ("June 2021 Senior Notes"). In June 2021, the Company used a portion of the net proceeds from the June 2021 Senior Notes offering (1) to repay outstanding indebtedness under the CP Program and (2) for general corporate purposes. In July 2021, the Company used a portion of the net proceeds to repay in full the previously outstanding Tower Revenue Notes, Series 2015-1. See note 12 for further discussion regarding the use of proceeds in July 2021. | |
[6] | 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, 2021, the Tower Revenue Notes have principal amounts of $300 million, $250 million, $700 million and $750 million, with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. | |
[7] | Both the 2016 Revolver and 2016 Term Loan A bear interest, at our 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 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 note (i) for information regarding (1) potential adjustments to such percentages and (2) LIBOR transition provisions. | |
[8] | In June 2021, the Company entered into an amendment to the Credit Facility that provided for, among other things, (1) the extension of the maturity date of the Credit Facility from June 2024 to June 2026, (2) reductions to the interest rate spread and unused commitment fee percentage upon meeting specified annual sustainability targets and increases to the interest rate spread and unused commitment fee percentage upon the failure to meet specified annual sustainability thresholds and (3) the inclusion of "hardwired" LIBOR transition provisions consistent with those published by the Alternative Reference Rate Committee. With respect to the specified annual sustainability targets, the applicable interest rate spread is subject to an upward or downward adjustment of up to 0.05% and the unused commitment fee is subject to an upward or downward revision of up to 0.01% if the Company achieves, or fails to achieve, certain specified targets. | |
[9] | As of June 30, 2021, the undrawn availability under the 2016 Revolver was $5.0 billion. | |
[10] | Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes outstanding under the CP Program at any time not to exceed $1.0 billion. 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, 2021, the Company had net issuances of $75 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. | |