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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2021-02-25 compared with 2020-02-25 · 16 added, 40 removed, 47 unchanged (54% of the section changed)

4 unchanged sentences

For more information, see Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and note 9 to our consolidated financial statements included in this Annual Report.

Long-Term Debt

Long-Term Debt 2021 2022 2023 2024 2025 Thereafter Total Fair Value

Fixed Rate Debt (a) $ 28.1 $ 1,304.6 $ 3,318.9 $ 2,151.9 $ 4,271.0 $ 14,331.5 $ 25,406.0 $ 27,308.6

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Interest Rate Swaps

Hedged Variable-Rate Notional Amount

Hedged Variable-Rate Notional Amount $ 8.7 $ — $ — $ — $ — $ — $ 8.7 $ (0.1) (d)

Fixed Rate Debt Rate (e) 9.37 %

Hedged Fixed-Rate Notional Amount

Hedged Fixed-Rate Notional Amount $ — $ 600.0 $ 500.0 $ — $ — $ — $ 1,100.0 $ 29.2 (f)

Variable Rate Debt Rate (g) 1.24 %

_______________

Fixed rate debt consisted of:

(a) Fixed rate debt consisted of:

Securities issued in the Trust Securitizations;

Securities issued in the 2015-2 Securitization;

the 2.800% senior notes due 2020;

the 3.300% senior notes due 2021;

the 3.450% senior notes due 2021;

the 5.900% Notes;

the 2.250% senior notes due 2022 (the “2.250% Notes”);

the 4.70% senior notes due 2022;

the 3.50% senior notes due 2023;

the 3.000% senior notes due 2023 (the “3.000% Notes”);

the 5.00% senior notes due 2024;

the 3.375% senior notes due 2024;

the 2.950% senior notes due 2025;

the 1.375% senior notes due 2025;

the 4.000% senior notes due 2025;

the 4.400% senior notes due 2026;

the 1.950% senior notes due 2026;

the 3.375% senior notes due 2026;

the 3.125% senior notes due 2027;

the 2.750% senior notes due 2027;

the 3.55% senior notes due 2027;

the 3.600% senior notes due 2028;

the 3.950% senior notes due 2029;

the 3.800% senior notes due 2029;

the 3.700% senior notes due 2049;

the InSite Debt, which was subsequently repaid in full on January 15, 2021;

our senior unsecured notes (see note 9 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes);

the Kenya Debt;

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and other debt including finance leases.

Variable rate debt consisted of:

the 2019 364-Day Term Loan, which matured on February 13, 2020;

(b) Variable rate debt consisted of:

the 2020 Term Loan, which was subsequently repaid in full on February 5, 2021;

the 2019 Multicurrency Credit Facility, which matures on June 28, 2024;

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the 2019 Term Loan, which matures on January 31, 2025;

the South African credit facility, which amortizes through December 17, 2020;

the Colombian credit facility, which amortizes through April 24, 2021;

the Brazil credit facility, which matures on January 15, 2022;

and the Eaton Towers Debt.

Based on rates effective as of December 31, 2019 .

As of December 31, 2019 , the interest rate swap agreement in Colombia was included in Other non-current liabilities on the consolidated balance sheet.

Represents the fixed rate of interest based on contractual notional amount as a percentage of the total notional amount.

and the Colombian credit facility, which amortizes through April 24, 2021.

(d) As of December 31, 2020, the interest rate swap agreement in Colombia was included in Other non-current liabilities on the consolidated balance sheet.

(e) Represents the fixed rate of interest based on contractual notional amount as a percentage of the total notional amount.

The interest rate consists of fixed interest of 5.37%, per the interest rate agreement, and a fixed margin of 4.00%, per the loan agreement for the Colombian credit facility.

As of December 31, 2019 , the interest rate swap agreements in the U.S.

included $9.0 million in Other non-current assets and $7.4 million in Other non-current liabilities on the consolidated balance sheet.

Represents the weighted average variable rate of interest based on contractual notional amount as a percentage of total notional amounts.

(f) As of December 31, 2020, the interest rate swap agreements in the U.S.

were included in Other non-current assets on the consolidated balance sheet.

(g) Represents the weighted average variable rate of interest based on contractual notional amount as a percentage of total notional amounts.

Interest Rate Risk

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Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.

Variable rate debt as of December 31, 2019 consisted of $700.0 million under the 2019 Multicurrency Credit Facility, $1.6 billion under the 2019 Credit Facility, $1.0 billion under the 2019 Term Loan, $1.0 billion under the 2019 364-Day Term Loan, $600.0 million under the interest rate swap agreements related to the 2.250% Notes, $500.0 million under the interest rate swap agreements related to the 3.000% Notes, $20.8 million under the South African credit facility, $6.1 million under the Colombian credit facility after giving effect to our interest rate swap agreements, $16.3 million under the Brazil credit facility and $329.8 million under the Eaton Towers Debt.

Variable rate debt as of December 31, 2020 consisted of $2.3 billion under the 2019 Credit Facility, $1.0 billion under the 2019 Term Loan, $750.0 million under the 2020 Term Loan, $600.0 million under the interest rate swap agreements related to the 2.250% Notes, $500.0 million under the interest rate swap agreements related to the 3.000% Notes and $2.9 million under the Colombian credit facility after giving effect to our interest rate swap agreements.

A 10% increase in current interest rates would result in an additional $6.1 million of interest expense for the year ended December 31, 2020.

16 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk