| Schedule of Debt |
Debt was as follows: | | | | | | | | | | | | | | | (in millions) | | | December 31,
2021 | | December 31,
2020 | 3.360% Series 2016-1 A-1 Notes due 2021 | | | $ | — | | | $ | 656 | | | | | | | | 7.250% Senior Notes due 2021 | | | — | | | 2,250 | | 11.500% Senior Notes due 2021 | | | — | | | 1,000 | | 4.000% Senior Notes to affiliates due 2022 | | | 1,000 | | | 1,000 | | 4.000% Senior Notes due 2022 | | | 500 | | | 500 | | 5.375% Senior Notes to affiliates due 2022 | | | 1,250 | | | 1,250 | | 6.000% Senior Notes due 2022 | | | 2,280 | | | 2,280 | | | | | | | | 6.000% Senior Notes due 2023 | | | — | | | 1,300 | | 7.875% Senior Notes due 2023 | | | 4,250 | | | 4,250 | | | | | | | | 6.000% Senior Notes due 2024 | | | — | | | 1,000 | | | | | | | | | | | | | | | | | | | | 7.125% Senior Notes due 2024 | | | 2,500 | | | 2,500 | | | | | | | | 3.500% Senior Secured Notes due 2025 | | | 3,000 | | | 3,000 | | 4.738% Series 2018-1 A-1 Notes due 2025 | | | 1,706 | | | 2,100 | | | | | | | | 5.125% Senior Notes due 2025 | | | — | | | 500 | | | | | | | | 7.625% Senior Notes due 2025 | | | 1,500 | | | 1,500 | | 1.500% Senior Secured Notes due 2026 | | | 1,000 | | | 1,000 | | 2.250% Senior Notes due 2026 | | | 1,800 | | | — | | 2.625% Senior Notes due 2026 | | | 1,200 | | | — | | 6.500% Senior Notes due 2026 | | | — | | | 2,000 | | 4.500% Senior Notes due 2026 | | | — | | | 1,000 | | 4.500% Senior Notes to affiliates due 2026 | | | — | | | 1,000 | | 7.625% Senior Notes due 2026 | | | 1,500 | | | 1,500 | | 3.750% Senior Secured Notes due 2027 | | | 4,000 | | | 4,000 | | 5.375% Senior Notes due 2027 | | | 500 | | | 500 | | 2.050% Senior Secured Notes due 2028 | | | 1,750 | | | 1,750 | | 4.750% Senior Notes due 2028 | | | 1,500 | | | 1,500 | | 4.750% Senior Notes to affiliates due 2028 | | | 1,500 | | | 1,500 | | 5.152% Series 2018-1 A-2 Notes due 2028 | | | 1,838 | | | 1,838 | | 6.875% Senior Notes due 2028 | | | 2,475 | | | 2,475 | | 2.400% Senior Secured Notes due 2029 | | | 500 | | | — | | 2.625% Senior Notes due 2029 | | | 1,000 | | | — | | 3.375% Senior Notes due 2029 | | | 2,350 | | | — | | 3.875% Senior Secured Notes due 2030 | | | 7,000 | | | 7,000 | | 2.250% Senior Secured Notes due 2031 | | | 1,000 | | | 1,000 | | 2.550% Senior Secured Notes due 2031 | | | 2,500 | | | 2,500 | | 2.875% Senior Notes due 2031 | | | 1,000 | | | — | | 3.500% Senior Notes due 2031 | | | 2,450 | | | — | | 2.700% Senior Secured Notes due 2032 | | | 1,000 | | | — | | 8.750% Senior Notes due 2032 | | | 2,000 | | | 2,000 | | 4.375% Senior Secured Notes due 2040 | | | 2,000 | | | 2,000 | | 3.000% Senior Secured Notes due 2041 | | | 2,500 | | | 2,500 | | 4.500% Senior Secured Notes due 2050 | | | 3,000 | | | 3,000 | | 3.300% Senior Secured Notes due 2051 | | | 3,000 | | | 3,000 | | 3.400% Senior Secured Notes due 2052 | | | 2,800 | | | — | | 3.600% Senior Secured Notes due 2060 | | | 1,700 | | | 1,000 | | | | | | | | | Other debt | | | 47 | | | 240 | | | | | | | | | | | | | | | Unamortized premium on debt to third parties | | | 1,740 | | | 2,197 | | | | | | | | | Unamortized discount on debt to affiliates | | | (5) | | | (20) | | | Unamortized discount on debt to third parties | | | (200) | | | (197) | | | | | | | | | Debt issuance costs and consent fees | | | (238) | | | (244) | | | Total debt | | | 74,193 | | | 71,125 | | | | | | | | | Less: Current portion of Senior Notes to affiliates | | | 2,245 | | | — | | | Less: Current portion of Senior Notes and other debt to third parties | | | 3,378 | | | 4,579 | | | Total long-term debt | | | $ | 68,570 | | | $ | 66,546 | | Classified on the consolidated balance sheets as: | | | | | | | Long-term debt | | | $ | 67,076 | | | $ | 61,830 | | | Long-term debt to affiliates | | | 1,494 | | | 4,716 | | | Total long-term debt | | | $ | 68,570 | | | $ | 66,546 | |
During the year ended December 31, 2021, we issued the following Senior Notes and Senior Secured Notes: | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Principal Issuances | | Premiums/Discounts and Issuance Costs | | Net Proceeds from Issuance of Long-Term Debt | | Issue Date | 2.250% Senior Notes due 2026 | $ | 1,000 | | | $ | (7) | | | $ | 993 | | | January 14, 2021 | 2.625% Senior Notes due 2029 | 1,000 | | | (7) | | | 993 | | | January 14, 2021 | 2.875% Senior Notes due 2031 | 1,000 | | | (6) | | | 994 | | | January 14, 2021 | 2.625% Senior Notes due 2026 | 1,200 | | | (7) | | | 1,193 | | | March 23, 2021 | 3.375% Senior Notes due 2029 | 1,250 | | | (7) | | | 1,243 | | | March 23, 2021 | 3.500% Senior Notes due 2031 | 1,350 | | | (8) | | | 1,342 | | | March 23, 2021 | 2.250% Senior Notes due 2026 | 800 | | | (2) | | | 798 | | | May 13, 2021 | 3.375% Senior Notes due 2029 | 1,100 | | | 6 | | | 1,106 | | | May 13, 2021 | 3.500% Senior Notes due 2031 | 1,100 | | | 6 | | | 1,106 | | | May 13, 2021 | | Total of Senior Notes issued | $ | 9,800 | | | $ | (32) | | | $ | 9,768 | | | | | | | | | | | | 3.400% Senior Secured Notes due 2052 | $ | 1,300 | | | $ | (11) | | | $ | 1,289 | | | August 13, 2021 | 3.600% Senior Secured Notes due 2060 | 700 | | | 1 | | | 701 | | | August 13, 2021 | 2.400% Senior Secured Notes due 2029 | 500 | | | (2) | | | 498 | | | December 6, 2021 | 2.700% Senior Secured Notes due 2032 | 1,000 | | | (8) | | | 992 | | | December 6, 2021 | 3.400% Senior Secured Notes due 2052 | 1,500 | | | (21) | | | 1,479 | | | December 6, 2021 | | Total of Senior Secured Notes issued | $ | 5,000 | | | $ | (41) | | | $ | 4,959 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
In connection with the Merger, we assumed the following indebtedness of Sprint: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Fair value as of April 1, 2020 | | Principal Outstanding as of December 31, 2021 | | Carrying Value as of December 31, 2021 | | | | | | | | 7.250% Senior Notes due 2021 | | $ | 2,324 | | | $ | — | | | $ | — | | 7.875% Senior Notes due 2023 | | 4,682 | | | 4,250 | | | 4,472 | | 7.125% Senior Notes due 2024 | | 2,746 | | | 2,500 | | | 2,650 | | 7.625% Senior Notes due 2025 | | 1,677 | | | 1,500 | | | 1,618 | | 7.625% Senior Notes due 2026 | | 1,701 | | | 1,500 | | | 1,648 | | | | | | | | | 3.360% Senior Secured Series 2016-1 A-1 Notes due 2021 (1) | | 1,310 | | | — | | | — | | 4.738% Senior Secured Series 2018-1 A-1 Notes due 2025 (1) | | 2,153 | | | 1,706 | | | 1,735 | | 5.152% Senior Secured Series 2018-1 A-2 Notes due 2028 (1) | | 1,960 | | | 1,838 | | | 1,936 | | | | | | | | | 7.000% Senior Notes due 2020 | | 1,510 | | | — | | | — | | 11.500% Senior Notes due 2021 | | 1,105 | | | — | | | — | | 6.000% Senior Notes due 2022 | | 2,372 | | | 2,280 | | | 2,312 | | | | | | | | | 6.875% Senior Notes due 2028 | | 2,834 | | | 2,475 | | | 2,772 | | 8.750% Senior Notes due 2032 | | 2,649 | | | 2,000 | | | 2,577 | | | Accounts receivable facility | | 2,310 | | | — | | | — | | | Other debt | | 464 | | | — | | | — | | | Total Debt Assumed | | $ | 31,797 | | | $ | 20,049 | | | $ | 21,720 | |
(1)In connection with the closing of the Merger, we assumed Sprint’s spectrum-backed notes, which are collateralized by the acquired directly held and third-party leased Spectrum licenses. See “Spectrum Financing” section below for further information.
|
| Debt Instrument Redemption |
During the year ended December 31, 2021, we made the following note redemptions and repayments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Principal Amount | | Write-off of Issuance Cost and Consent Fees (1) | | Redemption Premium (2) | | Redemption Date | | Redemption Price | 6.500% Senior Notes due 2026 | $ | 2,000 | | | $ | 36 | | | $ | 65 | | | March 27, 2021 | | 103.250 | % | 6.000% Senior Notes due 2023 | 1,300 | | | 10 | | | — | | | May 23, 2021 | | 100.000 | % | 6.000% Senior Notes due 2024 | 1,000 | | | 9 | | | — | | | May 23, 2021 | | 100.000 | % | 5.125% Senior Notes due 2025 | 500 | | | 3 | | | 6 | | | May 23, 2021 | | 101.281 | % | 4.500% Senior Notes due 2026 | 1,000 | | | 5 | | | 23 | | | August 23, 2021 | | 102.250 | % | 7.250% Senior Notes due 2021 | 2,250 | | | — | | | — | | | September 15, 2021 | | N/A | 11.500% Senior Notes due 2021 | 1,000 | | | — | | | — | | | November 15, 2021 | | N/A | | Total Senior Notes to third parties redeemed | $ | 9,050 | | | $ | 63 | | | $ | 94 | | | | | | | | | | | | | | | | 4.500% Senior Notes to affiliates due 2026 | $ | 1,000 | | | $ | 4 | | | $ | 22 | | | August 23, 2021 | | 102.250 | % | | Total Senior Notes to affiliates redeemed | $ | 1,000 | | | $ | 4 | | | $ | 22 | | | | | | | | | | | | | | | | 3.360% Secured Series 2016-1 A-1 Notes due 2021 | $ | 656 | | | $ | — | | | $ | — | | | August 20, 2021 | | N/A | 4.738% Secured Series 2018-1 A-1 Notes due 2025 | 394 | | | — | | | — | | | Various | | N/A | | Other debt | 184 | | | — | | | — | | | Various | | N/A | | Total spectrum financing and other debt repayments | $ | 1,234 | | | $ | — | | | $ | — | | | | | |
(1)Write-off of issuance costs and consent fees are included in Other expense, net on our Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Loss on redemption of debt within Net cash provided by operating activities on our Consolidated Statements of Cash Flows. (2)The redemption premium is the excess paid over the principal amount. Redemption premiums are included in Other expense, net on our Consolidated Statements of Comprehensive Income and in Net cash used in financing activities on our Consolidated Statements of Cash Flows.
|