Long-Term Debt, Maturity, Year Two

  
(f)In March 2022, the Company increased the size of its CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding. Notes under the CP Program may be issued, repaid and re-issued from time to time. 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 March 31, 2022, the Company had net issuances of $1.0 billion 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.(g)In March 2022, the Company issued $750 million aggregate principal amount of 2.900% senior unsecured notes due 2027 ("March 2022 Senior Notes"). The Company used the net proceeds from the March 2022 Senior Notes offering to repay a portion of the outstanding indebtedness under its CP Program and pay related fees and expenses.(h)In March 2022, the Company (1) prepaid in full the previously outstanding Tower Revenue Notes, Series 2018-1 and (2) redeemed in full the previously outstanding 3.849% Secured Notes. Scheduled Principal Payments and Final MaturitiesThe 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, 2022, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. 

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Nine Months Ending December 31, |  | Years Ending December 31, |  |  |  | Total Cash Obligations |  | Unamortized Adjustments, Net |  | Total Debt and Other Obligations Outstanding |
|   | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  |  |  |
| Scheduled principal payments andfinal maturities | $ | 1,098  |  | (a) | $ | 841  |  |  | $ | 844  |  |  | $ | 637  |  |  | $ | 1,894  |  |  | $ | 15,981  |  |  | $ | 21,295  |  |  | $ | (169) |  |  | $ | 21,126  |  |



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(a)Predominately consists of outstanding indebtedness under the CP Program. Such amounts may be issued, repaid or re-issued from time to time.Purchases and Redemptions of Long-Term DebtThe following is a summary of purchases and redemptions of long-term debt during the three months ended March 31, 2022.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  | Principal Amount |  | Cash Paid(a) |  | Gains (Losses)(b) |
| Tower Revenue Notes, Series 2018-1 | $ | 250  |  |  | $ | 252  |  |  | $ | (3) |  |
| 3.849% Secured Notes | 1,000  |  |  | 1,022  |  |  | (23) |  |
| Total | $ | 1,250  |  |  | $ | 1,274  |  |  | $ | (26) |  |



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(a)Exclusive of accrued interest.(b)Inclusive of the write off of respective deferred financing costs.Interest Expense and Amortization of Deferred Financing CostsThe components of interest expense and amortization of deferred financing costs are as follows:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |  |
|  | 2022 |  | 2021 |  |  |  |  |
| Interest expense on debt obligations | $ | 160  |  |  | $ | 167  |  |  |  |  |  |
| Amortization of deferred financing costs and adjustments on long-term debt | 7  |  |  | 6  |  |  |  |  |  |
| Capitalized interest | (3) |  |  | (3) |  |  |  |  |  |
| Total | $ | 164  |  |  | $ | 170  |  |  |  |  |  |

11
