10-Q 1 cci-20210930.htm 10-Q cci-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________

FORM 10-Q
___________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period              to             
Commission File Number 001-16441
____________________________________
cci-20210930_g1.jpg
CROWN CASTLE INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)
 
Delaware76-0470458
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
8020 Katy Freeway, Houston, Texas 77024
(Address of principal executives office) (Zip Code)
(713) 570-3000
(Registrant's telephone number, including area code)
____________________________________
 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCCINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares of common stock outstanding at November 2, 2021: 432,203,248



CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES

INDEX
Cautionary Language Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements that are based on our management's expectations as of the filing date of this report with the Securities and Exchange Commission ("SEC"). Statements that are not historical facts are hereby identified as forward-looking statements. In addition, words such as "estimate," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," "seek," "focus" and any variations of these words and similar expressions are intended to identify forward-looking statements. Such statements include plans, projections and estimates contained in "Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A"), "Part I—Item 3. Quantitative and Qualitative Disclosures About Market Risk" and "Part II—Item 1A. Risk Factors" herein. Such forward-looking statements include (1) benefits and opportunities stemming from our strategy, strategic position, business model and capabilities, (2) the strength and growth potential of the U.S. market for shared communications infrastructure investment, (3) expectations regarding anticipated growth in the wireless industry, and consumption of and demand for data, including growth in, and factors driving, consumption and demand, (4) potential benefits of our communications infrastructure (on an individual and collective basis) and expectations regarding demand therefore, including potential benefits and continuity of and factors driving such demand, (5) expectations regarding construction, including duration of our construction projects, and acquisition of communications infrastructure, (6) the utilization of our net operating loss carryforwards ("NOLs"), (7) expectations regarding wireless carriers' focus on improving network quality and expanding capacity, (8) expectations regarding continued increase in usage of high-bandwidth applications by organizations, (9) expected use of net proceeds from issuances under the commercial paper program ("CP Program"), (10) our full year 2021 and 2022 outlook and the anticipated growth in our financial results, including future revenues and operating cash flows, and the expectations regarding our capital expenditures, as well as the factors impacting expected growth in financial results and the levels of capital expenditures, (11) expectations regarding our capital structure and the credit markets, our availability and cost of capital, capital allocation, our leverage ratio and interest coverage targets, our ability to service our debt and comply with debt covenants and the plans for and the benefits of any future refinancings, (12) the utility of certain financial measures, including non-GAAP financial measures, (13) expectations related to our ability to remain qualified as a real estate investment trust ("REIT") and the advantages, benefits or impact of, or opportunities created by, our REIT status, (14) adequacy, projected sources and uses of liquidity, (15) expectations regarding non-renewals of tenant contracts, (16) our dividend policy and the timing, amount, growth or tax characterization of our dividends, (17) the potential impact of novel coronavirus (COVID-19) pandemic and any measures taken with respect thereto and (18) the outcome of outstanding litigation. All future dividends are subject to declaration by our board of directors.
1


Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions, including prevailing market conditions, risk factors described in "Part II—Item 1A. Risk Factors" herein and "Item 1A. Risk Factors" of the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("2020 Form 10-K") and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
Our filings with the SEC are available through the SEC website at www.sec.gov or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted on the site.
Interpretation
As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms "we," "our," "our company," "the company" or "us" as used in this Form 10-Q refer to Crown Castle International Corp. ("CCIC") and its predecessor (organized in 1995), as applicable, each a Delaware corporation, and their subsidiaries. Additionally, unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. Capitalized terms used but not defined in this Form 10-Q have the same meaning given to them in the 2020 Form 10-K.

2


PART I—FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(Amounts in millions, except par values)
 September 30,
2021
December 31, 2020
ASSETS  
Current assets:
Cash and cash equivalents$357 $232 
Restricted cash180 144 
Receivables, net493 431 
Prepaid expenses
120 95 
Other current assets182 202 
Total current assets1,332 1,104 
Deferred site rental receivables1,516 1,408 
Property and equipment, net of accumulated depreciation of $11,660 and $10,803, respectively
15,174 15,162 
Operating lease right-of-use assets6,659 6,464 
Goodwill10,078 10,078 
Other intangible assets, net
4,115 4,433 
Other assets, net
130 119 
Total assets$39,004 $38,768 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$231 $230 
Accrued interest141 199 
Deferred revenues822 704 
Other accrued liabilities
376 378 
Current maturities of debt and other obligations72 129 
Current portion of operating lease liabilities345 329 
Total current liabilities1,987 1,969 
Debt and other long-term obligations20,293 19,151 
Operating lease liabilities6,000 5,808 
Other long-term liabilities
2,208 2,379 
Total liabilities30,488 29,307 
Commitments and contingencies (note 8)
Stockholders' equity:
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2021—432 and December 31, 2020—431
4 4 
Additional paid-in capital17,982 17,933 
Accumulated other comprehensive income (loss)(3)(4)
Dividends/distributions in excess of earnings(9,467)(8,472)
Total equity8,516 9,461 
Total liabilities and equity$39,004 $38,768 

See notes to condensed consolidated financial statements.
3

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Amounts in millions, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net revenues:
Site rental$1,451 $1,339 $4,245 $3,968 
Services and other167 147 441 379 
Net revenues1,618 1,486 4,686 4,347 
Operating expenses:
Costs of operations(a):
Site rental397 370 1,168 1,123 
Services and other115 117 301 324 
Selling, general and administrative167 154 500 493 
Asset write-down charges 3 9 10 
Acquisition and integration costs 2 1 9 
Depreciation, amortization and accretion413 406 1,229 1,207 
Total operating expenses1,092 1,052 3,208 3,166 
Operating income (loss)526 434 1,478 1,181 
Interest expense and amortization of deferred financing costs(163)(168)(493)(521)
Gains (losses) on retirement of long-term obligations(1)(95)(145)(95)
Interest income  1 2 
Other income (expense)(4)(3)(16)(3)
Income (loss) before income taxes358 168 825 564 
Benefit (provision) for income taxes(7)(5)(20)(16)
Income (loss) from continuing operations351 163 805 548 
Discontinued operations (see note 6):
Net gain (loss) from disposal of discontinued operations, net of tax  (62) 
Income (loss) from discontinued operations, net of tax  (62) 
Net income (loss) attributable to CCIC stockholders351 163 743 548 
Dividends/distributions on preferred stock   (57)
Net income (loss) attributable to CCIC common stockholders
$351 $163 $743 $491 
Net income (loss)$351 $163 $743 $548 
Other comprehensive income (loss):
Foreign currency translation adjustments(1)2 1 1 
Total other comprehensive income (loss)(1)2 1 1 
Comprehensive income (loss) attributable to CCIC stockholders$350 $165 $744 $549 
Net income (loss) attributable to CCIC common stockholders, per common share:
Income (loss) from continuing operations, basic$0.81 $0.38 $1.86 $1.17 
Income (loss) from discontinued operations, basic  (0.14) 
Net income (loss) attributable to CCIC common stockholders—basic$0.81 $0.38 $1.72 $1.17 
Income (loss) from continuing operations, diluted$0.81 $0.38 $1.85 $1.17 
Income (loss) from discontinued operations, diluted  (0.14) 
Net income (loss) attributable to CCIC common stockholders—diluted$0.81 $0.38 $1.71 $1.17 
Weighted-average common shares outstanding:
Basic432427 432 420 
Diluted434429 434 422 
(a)Exclusive of depreciation, amortization and accretion shown separately.

See notes to condensed consolidated financial statements.
4

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(In millions of dollars)
 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:  
Income (loss) from continuing operations$805 $548 
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion1,229 1,207 
(Gains) losses on retirement of long-term obligations145 95 
Amortization of deferred financing costs and other non-cash interest, net9 4 
Stock-based compensation expense100 108 
Asset write-down charges9 10 
Deferred income tax (benefit) provision4 2 
Other non-cash adjustments, net18 4 
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest(59)(46)
Increase (decrease) in accounts payable16 (41)
Increase (decrease) in other liabilities
(57)58 
Decrease (increase) in receivables(62)141 
Decrease (increase) in other assets
(102)(20)
Net cash provided by (used for) operating activities2,055 2,070 
Cash flows from investing activities: 
Capital expenditures(892)(1,238)
Payments for acquisitions, net of cash acquired(27)(86)
Other investing activities, net8 (12)
Net cash provided by (used for) investing activities(911)(1,336)
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,985 3,733 
Principal payments on debt and other long-term obligations(1,057)(80)
Purchases and redemptions of long-term debt(2,089)(2,490)
Borrowings under revolving credit facility580 2,140 
Payments under revolving credit facility(870)(2,145)
Net issuances (repayments) under commercial paper program380 (80)
Payments for financing costs(43)(38)
Purchases of common stock(69)(75)
Dividends/distributions paid on common stock(1,738)(1,531)
Dividends/distributions paid on preferred stock (85)
Net cash provided by (used for) financing activities(921)(651)
Net increase (decrease) in cash, cash equivalents, and restricted cash - continuing operations223 83 
Discontinued operations (see note 6):
Net cash provided by (used for) operating activities(62) 
Net increase (decrease) in cash, cash equivalents, and restricted cash - discontinued operations(62) 
Effect of exchange rate changes  
Cash, cash equivalents, and restricted cash at beginning of period381 338 
Cash, cash equivalents, and restricted cash at end of period$542 $421 

See notes to condensed consolidated financial statements.
5

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(Amounts in millions) (Unaudited)
Common Stock6.875% Mandatory Convertible Preferred StockAccumulated Other Comprehensive Income (Loss) ("AOCI")
Shares($0.01 Par)Shares($0.01 Par)Additional
paid-in
capital
Foreign Currency Translation AdjustmentsDividends/Distributions in Excess of EarningsTotal
Balance, June 30, 2021432 $4  $ $17,951 $(2)$(9,240)$8,713 
Stock-based compensation related activity, net of forfeitures
— — — — 32 — — 32 
Purchases and retirement of common stock
— — — — (1)— — (1)
Other comprehensive income (loss)(a)
— — — — — (1)— (1)
Common stock dividends/distributions(b)
— — — — — — (578)(578)
Net income (loss)— — — — — — 351 351 
Balance, September 30, 2021432 $4  $ $17,982 $(3)$(9,467)$8,516 


Common Stock6.875% Mandatory Convertible Preferred StockAOCI
Shares($0.01 Par)Shares($0.01 Par)Additional
paid-in
capital
Foreign Currency Translation AdjustmentsDividends/Distributions in Excess of EarningsTotal
Balance, June 30, 2020417 $4 2 $ $17,872 $(6)$(8,044)$9,826 
Stock-based compensation related activity, net of forfeitures
— — — — 33 — — 33 
Purchases and retirement of common stock
— — — — (1)— — (1)
Other comprehensive income (loss)(a)
— — — — — 2 — 2 
Common stock dividends/distributions(b)
— — — — — — (521)(521)
Conversion of preferred stock to common stock14 — (2)— — — — — 
Net income (loss)— — — — — — 163 163 
Balance, September 30, 2020431 $4  $ $17,904 $(4)$(8,402)$9,502 
(a)See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).
(b)See note 7 for information regarding common and preferred stock dividends declared per share.

6

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(Amounts in millions) (Unaudited)
Common Stock6.875% Mandatory Convertible Preferred StockAOCI
Shares($0.01 Par)Shares($0.01 Par)Additional
paid-in
capital
Foreign Currency Translation AdjustmentsDividends/Distributions in Excess of EarningsTotal
Balance, December 31, 2020431 $4  $ $17,933 $(4)$(8,472)$9,461 
Stock-based compensation related activity, net of forfeitures
1 — — — 118 — — 118 
Purchases and retirement of common stock
— — — — (69)— — (69)
Other comprehensive income (loss)(a)
— — — — — 1 — 1 
Common stock dividends/distributions(b)
— — — — — — (1,738)(1,738)
Net income (loss)— — — — — — 743 743 
Balance, September 30, 2021432 $4  $ $17,982 $(3)$(9,467)$8,516 


Common Stock6.875% Mandatory Convertible Preferred StockAOCI
Shares($0.01 Par)Shares($0.01 Par)Additional
paid-in
capital
Foreign Currency Translation AdjustmentsDividends/Distributions in Excess of EarningsTotal
Balance, December 31, 2019416 $4 2 $ $17,855 $(5)$(7,365)$10,489 
Stock-based compensation related activity, net of forfeitures
1 — — — 124 — — 124 
Purchases and retirement of common stock
— — — — (75)— — (75)
Other comprehensive income (loss)(b)
— — — — — 1 — 1 
Common stock dividends/distributions(b)
— — — — — — (1,528)(1,528)
Preferred stock dividends/distributions(b)
— — — — — — (57)(57)
Conversion of preferred stock to common stock14 — (2)— — — — — 
Net income (loss)— — — — — — 548 548 
Balance, September 30, 2020431 $4  $ $17,904 $(4)$(8,402)$9,502 
(a)See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).
(b)See note 7 for information regarding common and preferred stock dividends declared per share.

7

CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Unaudited
(Tabular dollars in millions, except per share amounts)

1.General
The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2020, and related notes thereto, included in the 2020 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2020 Form 10-K. References to the "Company" refer to CCIC and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively.
The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, fiber and small cells assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants."
The Company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts").
The Company's operating segments consist of (1) Towers and (2) Fiber. See note 10.
As part of the Company's effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company also offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services primarily relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services").
The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 6.
Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile, including agreements assumed by T-Mobile following its merger with Sprint, completed on April 1, 2020. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at September 30, 2021, the condensed consolidated results of operations for the three and nine months ended September 30, 2021 and 2020, and the condensed consolidated cash flows for the nine months ended September 30, 2021 and 2020. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

8


2.Summary of Significant Accounting Policies
Recently Adopted Accounting Pronouncements
No accounting pronouncements adopted during the nine months ended September 30, 2021 had a material impact on the Company's condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.

3.Revenues
Site rental revenues
The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its shared communications infrastructure via long-term tenant contracts in various forms, including lease, license, sublease and service agreements. Providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts.
Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges from five to 15 years for wireless tenants and three to 20 years for the Company's fiber solutions tenants (including from organizations with high-bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalations, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues include current amounts of $125 million included in "Other current assets" and non-current amounts of $1.5 billion included in "Deferred site rental receivables" as of September 30, 2021. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities." Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet.
Services and other revenues
As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services and (2) installation services. Upon contract commencement, the Company assesses its services to tenants and identifies performance obligations for each promise to provide a distinct service.
The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of the above performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective contract based on estimated standalone selling price. The volume and mix of site development services may vary among contracts and may include a combination of some or all of the above performance obligations. Payments generally are due within 45 to 60 days and generally do not contain variable-consideration provisions. The transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues. Since performance obligations are typically satisfied prior to
9


receiving payment from tenants, the unconditional right to payment is recorded within "Receivables, net" on the Company’s condensed consolidated balance sheet. The vast majority of the Company’s services generally have a duration of one year or less.
Additional information on revenues
As of January 1, 2021 and September 30, 2021, $2.8 billion and $2.7 billion of unrecognized revenue was reported in "Deferred revenues" and "Other long-term liabilities" on our condensed consolidated balance sheet, respectively. During the nine months ended September 30, 2021, approximately $455 million of the January 1, 2021 unrecognized revenue balance was recognized as revenue. During the nine months ended September 30, 2020, approximately $440 million of the January 1, 2020 unrecognized revenue balance was recognized as revenue.
The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of September 30, 2021.
Three Months Ending December 31,Years Ending December 31,
20212022202320242025ThereafterTotal
Contracted amounts(a)
$1,149 $4,472 $3,937 $3,426 $3,295 $15,576 $31,855 
(a)Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less.
See note 10 for further information regarding the Company's operating segments.

10


4.Debt and Other Obligations
The table below sets forth the Company's debt and other obligations as of September 30, 2021.
Original
Issue Date
Final
Maturity
Date(a)
Balance as of
September 30, 2021
Balance as of
December 31, 2020
Stated Interest
Rate as of
September 30, 2021(a)
3.849% Secured NotesDec. 2012Apr. 2023$998 $997 3.9 %
Secured Notes, Series 2009-1, Class A-2
July 2009Aug. 202955 60 9.0 %
Tower Revenue Notes, Series 2015-1May 2015May 2042
(h)
 299 N/A
Tower Revenue Notes, Series 2018-1July 2018July 2043
(b)
249 248 3.7 %
Tower Revenue Notes, Series 2015-2May 2015May 2045
(b)
696 695 3.7 %
Tower Revenue Notes, Series 2018-2July 2018July 2048
(b)
744 743 4.2 %
Finance leases and other obligations
VariousVarious
(c)
240 236 Various
(c)
Total secured debt
$2,982 $3,278 
2016 RevolverJan. 2016June 2026
(i)
$ 
(d)
$290 N/A
(e)
2016 Term Loan AJan. 2016June 2026
(g)(i)
1,230 2,252 1.2 %
(e)
Commercial Paper NotesSep. 2021
(f)
Oct. 2021
(f)(g)(h)
665 
(f)
285 0.3 %
5.250% Senior NotesOct. 2012Jan. 2023
(g)
 1,646 N/A
3.150% Senior NotesJan. 2018July 2023747 746 3.2 %
3.200% Senior NotesAug. 2017Sept. 2024746 745 3.2 %
1.350% Senior NotesJune 2020July 2025495 494 1.4 %
4.450% Senior NotesFeb. 2016Feb. 2026895 894 4.5 %
3.700% Senior NotesMay 2016June 2026746 745 3.7 %
1.050% Senior NotesFeb. 2021July 2026
(g)
990  1.1 %
4.000% Senior NotesFeb. 2017Mar. 2027496 496 4.0 %
3.650% Senior NotesAug. 2017Sept. 2027994 994 3.7 %
3.800% Senior NotesJan. 2018Feb. 2028992 991 3.8 %
4.300% Senior NotesFeb. 2019Feb. 2029593 593 4.3 %
3.100% Senior NotesAug. 2019Nov. 2029545 544 3.1 %
3.300% Senior NotesApr. 2020July 2030738 737 3.3 %
2.250% Senior NotesJune 2020Jan. 20311,089 1,088 2.3 %
2.100% Senior NotesFeb. 2021Apr. 2031
(g)
987  2.1 %
2.500% Senior NotesJune 2021July 2031
(h)
739  2.5 %
2.900% Senior NotesFeb. 2021Apr. 2041
(g)
1,232  2.9 %
4.750% Senior NotesMay 2017May 2047344 344 4.8 %
5.200% Senior NotesFeb. 2019Feb. 2049395 395 5.2 %
4.000% Senior NotesAug. 2019Nov. 2049345 345 4.0 %
4.150% Senior NotesApr. 2020July 2050490 489 4.2 %
3.250% Senior NotesJune 2020Jan. 2051890 889 3.3 %
Total unsecured debt
$17,383 $16,002 
Total debt and other obligations20,365 19,280 
Less: current maturities and short-term debt and other current obligations
72 129 
Non-current portion of long-term debt and other long-term obligations
$20,293 $19,151 
(a)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.
(b)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 September 30, 2021, the Tower Revenue Notes have principal amounts of $250 million, $700 million and $750 million, with anticipated repayment dates in 2023, 2025 and 2028, respectively.
(c)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.
(d)As of September 30, 2021, the undrawn availability under the 2016 Revolver was $5.0 billion.
11


(e)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.
(f)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 September 30, 2021, the Company had net issuances of $665 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.
(g)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.
(h)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 Commercial Paper Notes 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.
(i)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.
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 September 30, 2021, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
 Three Months Ending
December 31,
Years Ending December 31,Unamortized Adjustments, NetTotal Debt and Other Obligations Outstanding
 20212022202320242025ThereafterTotal Cash Obligations
Scheduled principal payments and
final maturities
$687 
(a)
$71 $1,839 $843 $636 $16,464 $20,540 $(175)$20,365 
(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 Debt
The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2021.
Principal Amount
Cash Paid(a)
Gains (Losses)(b)
5.250% Senior Notes$1,650 $1,789 $(143)
2016 Term Loan A  (1)