Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CROWN CASTLE INTERNATIONAL CORP | ' |
Entity Central Index Key | '0001051470 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 334,070,455 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $218,649 | $441,364 |
Restricted cash | 157,699 | 575,938 |
Receivables, net | 236,211 | 192,833 |
Prepaid expenses | 117,866 | 103,808 |
Deferred income tax assets | 189,878 | 193,420 |
Other current assets | 79,500 | 73,961 |
Total current assets | 999,803 | 1,581,324 |
Deferred site rental receivables, net | 1,031,966 | 864,819 |
Property and equipment, net of accumulated depreciation | 6,904,346 | 6,917,531 |
Goodwill | 3,140,308 | 3,119,957 |
Other intangible assets, net | 2,821,812 | 2,941,696 |
Deferred income tax assets | 21,311 | 33,914 |
Long-term prepaid rent, deferred financing costs and other assets, net | 648,026 | 629,468 |
Total assets | 15,567,572 | 16,088,709 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 119,689 | 115,999 |
Accrued interest | 64,571 | 52,592 |
Deferred revenues | 248,807 | 241,127 |
Other accrued liabilities | 131,273 | 140,084 |
Current maturities of debt and other obligations | 115,378 | 688,056 |
Total current liabilities | 679,718 | 1,237,858 |
Debt and other long-term obligations | 10,660,076 | 10,923,186 |
Deferred income tax liabilities | 153,967 | 65,830 |
Below-market tenant leases, deferred ground lease payable and other liabilities | 1,076,521 | 910,571 |
Total liabilities | 12,570,282 | 13,137,445 |
Commitments and contingencies | ' | ' |
CCIC stockholders' equity: | ' | ' |
Common stock | 2,927 | 2,932 |
Additional paid-in capital | 5,553,717 | 5,623,595 |
Accumulated other comprehensive income (loss) | -61,339 | -61,791 |
Accumulated deficit | -2,512,333 | -2,625,990 |
Total CCIC stockholders' equity | 2,982,972 | 2,938,746 |
Noncontrolling interest | 14,318 | 12,518 |
Total equity | 2,997,290 | 2,951,264 |
Total liabilities and equity | $15,567,572 | $16,088,709 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation, property and equipment | $4,611,200 | $4,249,183 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 292,675,430 | 293,164,786 |
Common stock, shares outstanding | 292,675,430 | 293,164,786 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net revenues: | ' | ' | ' | ' | ||||
Site rental | $620,766 | $538,761 | $1,853,030 | $1,553,878 | ||||
Network services and other | 128,211 | 82,576 | 370,935 | 204,715 | ||||
Net revenues | 748,977 | 621,337 | 2,223,965 | 1,758,593 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Site rental | 181,966 | [1] | 135,314 | [1] | 538,587 | [1] | 389,756 | [1] |
Network services and other | 81,998 | [1] | 50,029 | [1] | 229,574 | [1] | 121,812 | [1] |
General and administrative | 58,504 | 55,862 | 171,539 | 153,941 | ||||
Asset write-down charges | 3,893 | 1,560 | 10,705 | 8,250 | ||||
Acquisition and integration costs | 4,369 | 2,937 | 13,186 | 12,112 | ||||
Depreciation, amortization and accretion | 195,408 | 154,867 | 572,518 | 446,749 | ||||
Total operating expenses | 526,138 | 400,569 | 1,536,109 | 1,132,620 | ||||
Operating income (loss) | 222,839 | 220,768 | 687,856 | 625,973 | ||||
Interest expense and amortization of deferred financing costs | -142,016 | -144,949 | -446,641 | -427,361 | ||||
Gains (losses) on retirement of long-term obligations | -1 | 0 | -36,487 | [2] | -14,586 | |||
Interest income | 236 | 291 | 861 | 1,027 | ||||
Other income (expense) | -631 | -632 | -753 | -3,958 | ||||
Income (loss) before income taxes | 80,427 | 75,478 | 204,836 | 181,095 | ||||
Benefit (provision) for income taxes | -33,959 | -32,300 | -88,254 | 29,437 | ||||
Net income (loss) | 46,468 | 43,178 | 116,582 | 210,532 | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 632 | 1,133 | 2,925 | 2,443 | ||||
Net income (loss) attributable to CCIC stockholders | 45,836 | 42,045 | 113,657 | 208,089 | ||||
Dividends on preferred stock | 0 | 0 | 0 | -2,629 | ||||
Net income (loss) attributable to CCIC stockholders after deduction of dividends on preferred stock | 45,836 | 42,045 | 113,657 | 205,460 | ||||
Net income (loss) | 46,468 | 43,178 | 116,582 | 210,532 | ||||
Interest rate swaps, net of taxes: | ' | ' | ' | ' | ||||
Amounts reclassified into interest expense and amortization deferred financing costs, net of taxes | 10,544 | 10,594 | 31,671 | 37,541 | ||||
Foreign currency translation adjustments | 5,874 | 6,876 | -32,344 | 7,120 | ||||
Total other comprehensive income (loss) | 16,418 | 17,470 | -673 | 44,661 | ||||
Comprehensive income (loss) | 62,886 | 60,648 | 115,909 | 255,193 | ||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 898 | 1,171 | 1,800 | 1,741 | ||||
Comprehensive income (loss) attributable to CCIC stockholders | $61,988 | $59,477 | $114,109 | $253,452 | ||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | ' | ' | ' | ' | ||||
Basic | $0.16 | $0.14 | $0.39 | $0.71 | ||||
Diluted | $0.16 | $0.14 | $0.39 | $0.71 | ||||
Weighted-average common shares outstanding (in thousands): | ' | ' | ' | ' | ||||
Basic | 290,372 | 290,762 | 290,900 | 288,775 | ||||
Diluted | 291,378 | 292,098 | 292,043 | 290,527 | ||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||
[2] | The losses predominantly relate to cash losses, including with respect to make whole payments. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Tax effect on derivative instruments | $5,678 | $5,705 | $17,054 | $11,415 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' | |
Net income (loss) | $116,582 | $210,532 | |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' | |
Depreciation, amortization and accretion | 572,518 | 446,749 | |
Gains (losses) on retirement of long-term obligations | 36,487 | [1] | 14,586 |
Amortization of deferred financing costs and other non-cash interest | 78,241 | 74,269 | |
Stock-based compensation expense | 29,334 | 33,573 | |
Asset write-down charges | 10,705 | 8,250 | |
Deferred income tax benefit (provision) | 80,999 | -35,140 | |
Other adjustments | 2,167 | 13 | |
Changes in assets and liabilities, excluding the effects of acquisitions: | ' | ' | |
Increase (decrease) in accrued interest | 11,979 | -11,525 | |
Increase (decrease) in accounts payable | 8,279 | -494 | |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 127,463 | 31,230 | |
Decrease (increase) in receivables | -45,689 | -44,213 | |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | -190,199 | -203,372 | |
Net cash provided by (used for) operating activities | 838,866 | 524,458 | |
Cash flows from investing activities: | ' | ' | |
Payment for acquisitions of businesses, net of cash acquired | -55,131 | -1,236,238 | |
Capital expenditures | -385,482 | -283,386 | |
Other investing activities, net | 7,601 | 1,244 | |
Net cash provided by (used for) investing activities | -433,012 | -1,518,380 | |
Cash flows from financing activities: | ' | ' | |
Proceeds from issuance of long-term debt | 830,941 | 2,100,000 | |
Proceeds from issuance of capital stock | 0 | 239 | |
Principal payments on long-term debt and other long-term obligations | -77,986 | -59,579 | |
Purchases and redemptions of long-term debt | -675,481 | -699,486 | |
Purchases of capital stock | -99,217 | -35,984 | |
Borrowings under revolving credit facility | 94,000 | 0 | |
Payments under revolving credit facility | -1,092,000 | -251,000 | |
Payments for financing costs | -20,753 | -40,255 | |
Net (increase) decrease in restricted cash | 415,498 | 19,533 | |
Dividends on preferred stock | 0 | -2,481 | |
Net cash provided by (used for) financing activities | -624,998 | 1,030,987 | |
Effect of exchange rate changes on cash | -3,571 | 1,718 | |
Net increase (decrease) in cash and cash equivalents | -222,715 | 38,783 | |
Cash and cash equivalents at beginning of period | 441,364 | 80,120 | |
Cash and cash equivalents at end of period | $218,649 | $118,903 | |
[1] | The losses predominantly relate to cash losses, including with respect to make whole payments. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (USD $) | Stockholders' Equity, Total [Member] | Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | |||||||
Balance, value at Dec. 31, 2011 | $2,386,864,000 | ' | $2,844,000 | $5,312,342,000 | $95,044,000 | ($212,040,000) | ($2,811,945,000) | $619,000 | |||||||
Redeemable preferred stock, carrying amount at Dec. 31, 2011 | ' | 305,032,000 | ' | ' | ' | ' | ' | ' | |||||||
Balance, shares at Dec. 31, 2011 | ' | ' | 284,449,372 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Dec. 31, 2011 | ' | 6,111,000 | ' | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | 33,813,000 | ' | 12,000 | 33,801,000 | 0 | 0 | 0 | 0 | |||||||
Conversion of redeemable convertible preferred stock into common stock, preferred stock shares converted | ' | -6,111,000 | 8,285,905 | ' | ' | ' | ' | ' | |||||||
Conversion of redeemable convertible preferred stock into common stock, preferred stock amount converted | ' | -305,180,000 | ' | ' | ' | ' | ' | ' | |||||||
Conversion of redeemable convertible preferred stock into common stock, common stock amount issued | 305,180,000 | ' | ' | ' | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | 1,124,969 | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | -35,984,000 | ' | -7,000 | -35,977,000 | 0 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -699,177 | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | 44,661,000 | [1] | ' | 0 | [1] | 0 | [1] | 7,822,000 | [1] | 37,541,000 | 0 | [1] | -702,000 | [1] | |
Temporary Equity, Accretion to Redemption Value | ' | 148,000 | ' | ' | ' | ' | ' | ' | |||||||
Dividends on preferred stock and amortization of issue costs, accumulated deficit | -2,629,000 | ' | ' | ' | ' | ' | -2,629,000 | 0 | |||||||
Disposition of noncontrolling interest | 368,000 | ' | ' | ' | ' | ' | ' | 368,000 | |||||||
Net income (loss) | 210,532,000 | ' | 0 | 0 | 0 | 0 | 208,089,000 | 2,443,000 | |||||||
Redeemable preferred stock, carrying amount at Sep. 30, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Sep. 30, 2012 | 2,942,805,000 | ' | 2,932,000 | 5,615,263,000 | 102,866,000 | -174,499,000 | -2,606,485,000 | 2,728,000 | |||||||
Balance, shares at Sep. 30, 2012 | ' | ' | 293,161,069 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Sep. 30, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Jun. 30, 2012 | 2,865,998,000 | ' | 2,930,000 | 5,599,106,000 | 96,028,000 | -185,093,000 | -2,648,530,000 | 1,557,000 | |||||||
Redeemable preferred stock, carrying amount at Jun. 30, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, shares at Jun. 30, 2012 | ' | ' | 293,038,013 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Jun. 30, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | 16,470,000 | ' | 2,000 | 16,468,000 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | 127,860 | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | -311,000 | ' | 0 | -311,000 | 0 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -4,804 | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | 17,470,000 | [1] | ' | 0 | [1] | 0 | [1] | 6,838,000 | [1] | 10,594,000 | 0 | [1] | 38,000 | [1] | |
Disposition of noncontrolling interest | 0 | ' | ' | ' | ' | ' | ' | 0 | |||||||
Net income (loss) | 43,178,000 | ' | 0 | 0 | 0 | 0 | 42,045,000 | 1,133,000 | |||||||
Balance, value at Sep. 30, 2012 | 2,942,805,000 | ' | 2,932,000 | 5,615,263,000 | 102,866,000 | -174,499,000 | -2,606,485,000 | 2,728,000 | |||||||
Balance, shares at Sep. 30, 2012 | ' | ' | 293,161,069 | ' | ' | ' | ' | ' | |||||||
Balance, value at Dec. 31, 2012 | 2,951,264,000 | ' | 2,932,000 | 5,623,595,000 | 102,125,000 | -163,916,000 | -2,625,990,000 | 12,518,000 | |||||||
Redeemable preferred stock, carrying amount at Dec. 31, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, shares at Dec. 31, 2012 | ' | ' | 293,164,786 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Dec. 31, 2012 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | 29,334,000 | ' | 9,000 | 29,325,000 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | 936,946 | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | -99,217,000 | ' | -14,000 | -99,203,000 | 0 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -1,426,302 | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | -673,000 | [1] | ' | 0 | [1] | 0 | [1] | -31,219,000 | [1] | 31,671,000 | 0 | [1] | -1,125,000 | [1] | |
Net income (loss) | 116,582,000 | ' | 0 | 0 | 0 | 0 | 113,657,000 | 2,925,000 | |||||||
Redeemable preferred stock, carrying amount at Sep. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Sep. 30, 2013 | 2,997,290,000 | ' | 2,927,000 | 5,553,717,000 | 70,906,000 | -132,245,000 | -2,512,333,000 | 14,318,000 | |||||||
Balance, shares at Sep. 30, 2013 | ' | ' | 292,675,430 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Sep. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Jun. 30, 2013 | 2,924,892,000 | ' | 2,927,000 | 5,544,205,000 | 65,298,000 | -142,789,000 | -2,558,169,000 | 13,420,000 | |||||||
Redeemable preferred stock, carrying amount at Jun. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, shares at Jun. 30, 2013 | ' | ' | 292,685,462 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Jun. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | 9,862,000 | ' | 0 | 9,862,000 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | -5,001 | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | -350,000 | ' | 0 | -350,000 | 0 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -5,031 | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | [1] | 16,418,000 | ' | 0 | 0 | 5,608,000 | 10,544,000 | 0 | 266,000 | ||||||
Net income (loss) | 46,468,000 | ' | 0 | 0 | 0 | 0 | 45,836,000 | 632,000 | |||||||
Redeemable preferred stock, carrying amount at Sep. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Sep. 30, 2013 | $2,997,290,000 | ' | $2,927,000 | $5,553,717,000 | $70,906,000 | ($132,245,000) | ($2,512,333,000) | $14,318,000 | |||||||
Balance, shares at Sep. 30, 2013 | ' | ' | 292,675,430 | ' | ' | ' | ' | ' | |||||||
Redeemable preferred stock, shares outstanding at Sep. 30, 2013 | ' | 0 | ' | ' | ' | ' | ' | ' | |||||||
[1] | See the statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 4 with respect to the reclassification adjustment. |
General
General | 9 Months Ended | |
Sep. 30, 2013 | ||
General | ' | |
General | ' | |
General | ||
The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2012, and related notes thereto, included in the 2012 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. All references to the "Company" include CCIC and its subsidiary companies unless otherwise indicated or the context indicates otherwise. | ||
The Company owns, operates and leases shared wireless infrastructure, including: (1) towers, (2) DAS, a type of small cell network, and (3) third party land interests. The Company conducts operations through subsidiaries of CCOC, including (1) certain subsidiaries which operate wireless infrastructure portfolios in the United States, including Puerto Rico ("U.S." or "CCUSA") and (2) a 77.6% owned subsidiary that operates towers in Australia (referred to as "CCAL"). The Company's core business is providing access, including space or capacity, to (1) its approximately 31,600 towers (of which approximately 29,900 towers are in CCUSA and approximately 1,700 towers are in CCAL) and, to a lesser extent, to (2) its small cell networks, and (3) third party land interests, to wireless communication companies via long-term contracts in various forms. As further discussed in the 2012 Form 10-K, approximately 12,700 of the Company's towers are leased or operated under master leases and subleases. See also note 13 for a description of the Proposed AT&T Transaction (as defined below). | ||
As part of CCUSA's efforts to provide comprehensive wireless infrastructure solutions, it offers certain network services relating to its wireless infrastructure, consisting of (1) customer equipment installation and subsequent augmentation (collectively, "installation services") and (2) the following additional site development services relating to existing and new antenna installations on its wireless infrastructure: site acquisition, architectural and engineering, zoning and permitting, other construction and network development related services. | ||
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 fairly state the consolidated financial position of the Company at September 30, 2013, and the consolidated results of operations and the consolidated cash flows for the nine months ended September 30, 2013 and 2012. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the entire 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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The significant accounting policies used in the preparation of the Company's consolidated financial statements are disclosed in the Company's 2012 Form 10-K. | |
New Accounting Pronouncements | |
No accounting pronouncements adopted during the nine months ended September 30, 2013 had a material impact on the Company's consolidated financial statements. No new accounting pronouncements issued during the nine months ended September 30, 2013 but not yet adopted are expected to have a material impact on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acqusitions [Abstract] | ' | ||||
Business Combination Disclosure | ' | ||||
Acquisitions | |||||
NextG Networks Acquisition | |||||
During the second quarter of 2013, the Company finalized the purchase price allocation for the NextG Acquisition. The final purchase price allocation is approximately the same as the preliminary purchase price allocation disclosed in the Company's 2012 Form 10-K. | |||||
T-Mobile Acquisition | |||||
In September 2012, the Company entered into a definitive agreement with T-Mobile to acquire the exclusive rights to lease, operate or otherwise acquire approximately 7,100 T-Mobile towers for approximately $2.5 billion. On November 30, 2012, the Company closed on the T-Mobile Acquisition. Upon closing, the Company obtained the exclusive right to lease and operate the T-Mobile towers (that are otherwise not owned by the Company). See the 2012 Form 10-K for further discussion of the terms of the T-Mobile lease including the purchase option. The Company utilized cash on hand, inclusive of the proceeds from the 5.25% Senior Notes, and borrowings from the 2012 Revolver to fund the T-Mobile Acquisition. | |||||
The purchase price and the purchase price allocation for the T-Mobile Acquisition is not finalized as of September 30, 2013. As such, the preliminary purchase price allocation presented below is based upon a preliminary valuation which is subject to change as the Company obtains additional information, including with respect to fixed assets, intangible assets, deferred taxes and certain liabilities. The principal changes in the preliminary purchase price allocation between December 31, 2012 and September 30, 2013 relate to (1) a $37.8 million increase in property and equipment, (2) a $45.0 million increase to the above-market lease deferred credit and (3) a corresponding increase in goodwill. The effect of the change in the preliminary purchase price allocation on the Company's Statement of Operations and Comprehensive Income (Loss) is immaterial to the periods presented. The preliminary purchase price allocation for the T-Mobile Acquisition, as of September 30, 2013, is shown below. | |||||
Preliminary Purchase Price Allocation | |||||
Presented September 30, 2013 | |||||
Current assets | $ | 17,854 | |||
Property and equipment | 1,497,204 | ||||
Goodwill(a) | 432,148 | ||||
Other intangible assets, net | 407,000 | ||||
Deferred income tax assets | 207,929 | ||||
Below-market tenant leases and other non-current liabilities(b) | (76,349 | ) | |||
Net assets acquired | $ | 2,485,786 | |||
(a) | The preliminary purchase price allocation for the T-Mobile Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunities in the tower portfolio. $371.3 million of the goodwill balance recorded is not expected to be deductible for tax purposes. | ||||
(b) | Inclusive of above-market leases for land interests under the Company's towers. | ||||
Unaudited Pro Forma Operating Results | |||||
The unaudited pro forma condensed consolidated results of operations combine the historical results of the Company, along with the historical results of the WCP Acquisition, NextG Acquisition and T-Mobile Acquisition (collectively, "2012 Acquisitions") for the period presented below. The following table presents the unaudited pro forma condensed consolidated results of operations of the Company for the period presented as if each acquisition was completed as of January 1, 2011. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | |||||
Nine Months Ended September 30, 2012 | |||||
Net revenues | $ | 1,997,824 | (a) | ||
Net income (loss) | $ | 197,262 | (b)(c) | ||
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ | 0.67 | |||
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ | 0.66 | |||
(a) | Amounts are inclusive of pro forma adjustments to increase net revenues of $197.2 million that we expect to recognize related to the T-Mobile towers, inclusive of T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | ||||
(b) | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $107.5 million related to property and equipment and intangibles recorded as a result of the combined effect of the 2012 Acquisitions. | ||||
(c) | The pro forma adjustments are tax effected using the federal statutory rate and no adjustment was made with respect to the Company's reversal of valuation allowance. | ||||
See also note 13 for a description of the Proposed AT&T Transaction. |
Debt_and_Other_Obligations
Debt and Other Obligations | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Debt and Other Obligations | ' | |||||||||||||||||||||||||||||||||||
Debt and Other Obligations | ||||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity Date | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | September 30, 2013(a) | ||||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Jan. 2017 | (b) | 255,000 | (b) | 1,253,000 | 2.7 | % | (c) | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Jan. 2017 | 462,500 | 481,250 | 2.7 | % | (c) | |||||||||||||||||||||||||||||
Tranche B Term Loans(d) | Jan. 2012 | Jan. 2019 | 2,370,100 | 1,584,000 | 3.3 | % | (d) | |||||||||||||||||||||||||||||
Total bank debt | 3,087,600 | 3,318,250 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2035 - 2040 | (e) | 1,900,000 | 1,900,000 | 5.8 | % | (e) | ||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (e) | 1,550,000 | 1,550,000 | 4.5 | % | (e) | ||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | (f) | 184,474 | 198,463 | 7.3 | % | |||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (g) | 291,514 | (g) | 307,739 | 5.6 | % | ||||||||||||||||||||||||||||
Total securitized debt | 3,925,988 | 3,956,202 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
9% Senior Notes | Jan. 2009 | Jan. 2015 | — | 304,718 | N/A | |||||||||||||||||||||||||||||||
7.75% Secured Notes | Apr. 2009 | May-17 | — | 291,394 | N/A | |||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | 498,275 | 498,110 | 7.1 | % | ||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,970 | 1,650,000 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Senior Notes | Dec. 2012 | 2017/2023 | (h) | 1,500,000 | 1,500,000 | 3.4 | % | |||||||||||||||||||||||||||||
Total bonds | 3,648,245 | 4,244,222 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 113,621 | 92,568 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 10,775,454 | 11,611,242 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 115,378 | 688,056 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 10,660,076 | $ | 10,923,186 | ||||||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of September 30, 2013, the undrawn availability under the $1.5 billion 2012 Revolver is $1.2 billion. | |||||||||||||||||||||||||||||||||||
(c) | The 2012 Revolver and the Tranche A Term Loans bear interest at a per annum rate equal to LIBOR plus 2.0% to 2.75%, based on CCOC's total net leverage ratio. | |||||||||||||||||||||||||||||||||||
(d) | The Tranche B Term Loans, including the Incremental Loans (defined below), bear interest at a per annum rate equal to LIBOR plus 2.25% to 2.5% (with LIBOR subject to a floor of 0.75% per annum), based on CCOC's total net leverage ratio. In April 2013, the Company refinanced the then outstanding Tranche B Term Loans with new loans pursuant to our existing credit agreement in an aggregate principal amount of $1.6 billion. In August 2013, the Company borrowed $800.0 million of incremental tranche B loans ("Incremental Loans"). The proceeds of the Incremental Loans were used to repay a portion of the 2012 Revolver. | |||||||||||||||||||||||||||||||||||
(e) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, 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 2010 Tower Revenue Notes, and additional interest (of approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. | |||||||||||||||||||||||||||||||||||
(f) | The 2009 Securitized Notes consist of $114.5 million of principal as of September 30, 2013 that amortizes through 2019, and $70.0 million of principal as of September 30, 2013 that amortizes during the period beginning in 2019 and ending in 2029. | |||||||||||||||||||||||||||||||||||
(g) | The anticipated repayment date is 2015 for each class of the WCP Securitized Notes. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | |||||||||||||||||||||||||||||||||||
(h) | The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. | |||||||||||||||||||||||||||||||||||
Contractual Maturities | ||||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding at September 30, 2013. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes and the rapid amortization date on the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 26,632 | $ | 113,545 | $ | 125,405 | $ | 123,897 | $ | 1,146,074 | $ | 9,232,987 | $ | 10,768,540 | $ | 6,914 | $ | 10,775,454 | ||||||||||||||||||
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, 2013. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (Losses)(c) | ||||||||||||||||||||||||||||||||||
9% Senior Notes | 314,170 | 332,045 | (17,894 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes(b) | 294,362 | 312,465 | (18,103 | ) | ||||||||||||||||||||||||||||||||
5.25% Senior Notes | 30 | 30 | — | |||||||||||||||||||||||||||||||||
Tranche B Term Loans | 30,941 | 30,941 | (490 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 639,503 | $ | 675,481 | $ | (36,487 | ) | |||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | |||||||||||||||||||||||||||||||||||
(c) | The losses predominantly relate to cash losses, including with respect to make whole payments. | |||||||||||||||||||||||||||||||||||
Interest Expense and Amortization of Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||
The components of "interest expense and amortization of deferred financing costs" are as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 121,246 | $ | 119,460 | $ | 368,400 | $ | 353,702 | ||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,366 | 5,293 | 19,426 | 15,383 | ||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (971 | ) | 3,235 | 9,500 | 9,959 | |||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 16,222 | 16,300 | 48,726 | 48,957 | ||||||||||||||||||||||||||||||||
Other, net of capitalized interest | 153 | 661 | 589 | (640 | ) | |||||||||||||||||||||||||||||||
Total | $ | 142,016 | $ | 144,949 | $ | 446,641 | $ | 427,361 | ||||||||||||||||||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income (loss). |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Income Taxes | |
For the nine months ended September 30, 2013, the Company's effective rate differed from the federal statutory rate predominately due to state taxes of $21.7 million, including the impact of certain subsidiaries without state income tax filing requirements incurring taxable losses for which no state benefit could be recorded. As further discussed in our 2012 Form 10-K, for the nine months ended September 30, 2012, the Company's effective tax rate differed from the federal statutory rate predominately due to its reversal of a total of $70.1 million of federal and $20.0 million of state valuation allowances to the benefit (provision) for income taxes. | |
In September 2013, the Company announced that it was commencing the steps necessary to reorganize to qualify as a REIT for U.S. federal income tax purposes. The Company expects to elect to be taxed as a REIT beginning with the taxable year commencing January 1, 2014. | |
After conversion into a REIT, the Company generally will not be subject to U.S. federal corporate income tax to the extent it distributes its net taxable income to its stockholders. As a REIT, the Company will also subject to a number of other organizational and operational requirements. In connection with the Company's anticipated conversion from a taxable C corporation into a REIT, the Company would expect to de-recognize its previously recorded U.S. federal and state deferred tax assets and liabilities related to the entities included in the REIT, because the expected recovery or settlement of the related assets and liabilities would not result in a taxable or deductible amount in the future. In such cases, the Company would continue to record deferred taxes for certain of its subsidiaries ("TRSs"), including its foreign subsidiaries and other taxable REIT subsidiaries. As a result of the expected de-recognition of the aforementioned deferred tax assets and liabilities related to the entities included in the REIT, the Company would also then expect to record a corresponding net non-cash income tax charge of approximately $130 million to $160 million in a future period in conjunction with the anticipated REIT conversion. The de-recognition of the deferred tax assets and liabilities would be recorded if and when the Company has completed all necessary actions to qualify as a REIT and has obtained final approval from the Company's board of directors. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Level in Fair Value Hierarchy | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 218,649 | $ | 218,649 | $ | 441,364 | $ | 441,364 | |||||||||
Restricted cash, current and non-current | 1 | 162,699 | 162,699 | 580,938 | 580,938 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 10,775,454 | 10,881,293 | 11,611,242 | 12,438,032 | |||||||||||||
The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2012 in the Company's valuation techniques used to measure fair values. |
Per_Share_Information
Per Share Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Per Share Information | ' | |||||||||||||||
Per Share Information | ' | |||||||||||||||
Per Share Information | ||||||||||||||||
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share excludes dilution and is computed by dividing net income (loss) attributable to CCIC stockholders after deduction of dividends on preferred stock, by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share is computed by dividing net income (loss) attributable to CCIC stockholders, after deduction of dividends on preferred stock, by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents as determined under the if-converted method. The Company's restricted stock awards are considered participating securities and may be included in the computation pursuant to the two-class method. However, the Company does not present the two-class method when there is no difference between the per share amount under the two-class method and the treasury stock method. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 45,836 | $ | 42,045 | $ | 113,657 | $ | 208,089 | ||||||||
Dividends on preferred stock | — | — | — | (2,629 | ) | |||||||||||
Net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock for basic and diluted computations | $ | 45,836 | $ | 42,045 | $ | 113,657 | $ | 205,460 | ||||||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||||||||||
Basic weighted-average number of common stock outstanding | 290,372 | 290,762 | 290,900 | 288,775 | ||||||||||||
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 1,006 | 1,336 | 1,143 | 1,752 | ||||||||||||
Diluted weighted-average number of common shares outstanding | 291,378 | 292,098 | 292,043 | 290,527 | ||||||||||||
Net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock, per common share: | ||||||||||||||||
Basic | $ | 0.16 | $ | 0.14 | $ | 0.39 | $ | 0.71 | ||||||||
Diluted | $ | 0.16 | $ | 0.14 | $ | 0.39 | $ | 0.71 | ||||||||
For the three and nine months ended September 30, 2013, 0.6 million restricted stock awards were excluded from the dilutive common shares because certain stock price hurdles would not have been achieved assuming that September 30, 2013 was the end of the contingency period. | ||||||||||||||||
See also note 13 for a description of our October Equity Financings (as defined below) as well as the announcement of our expectation to initiate a dividend on shares of our Common Stock (as defined below), subject to the successful completion and financing of the Proposed AT&T Transaction. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved in various claims, lawsuits and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments and performance guarantees arising in the ordinary course of business. | |
See also note 13 for a description of the Proposed AT&T Transaction. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Equity | |
Purchases of the Company's Common Stock | |
For the nine months ended September 30, 2013, the Company purchased 1.4 million shares of Common Stock utilizing $99.2 million in cash. | |
See also note 13 for a description of our October Equity Financings, as well as our announcement of an expected dividend on shares of our Common Stock. |
Operating_Segments
Operating Segments | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Operating Segments | ' | |||||||||||||||||||||||||||||||
Segment Reporting Disclosure | ' | |||||||||||||||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||||||||
The Company's reportable operating segments are (1) CCUSA, primarily consisting of the Company's U.S. operations and (2) CCAL, the Company's Australian operations. Financial results for the Company are reported to management and the board of directors in this manner. | ||||||||||||||||||||||||||||||||
The measurement of profit or loss currently used by management to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation, amortization and accretion, as adjusted ("Adjusted EBITDA"). The Company defines Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, impairment of available-for-sale securities, interest income, other income (expense), benefit (provision) for income taxes, cumulative effect of change in accounting principle, income (loss) from discontinued operations and stock-based compensation expense. Adjusted EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with GAAP), and the Company's measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. Inter-company borrowings and related interest between segments are eliminated to reconcile segment results and assets to the consolidated basis. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 589,415 | $ | 31,351 | $ | — | $ | 620,766 | $ | 507,247 | $ | 31,514 | $ | — | $ | 538,761 | ||||||||||||||||
Network services and other | 122,063 | 6,148 | — | 128,211 | 78,287 | 4,289 | — | 82,576 | ||||||||||||||||||||||||
Net revenues | 711,478 | 37,499 | — | 748,977 | 585,534 | 35,803 | — | 621,337 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 172,791 | 9,175 | — | 181,966 | 126,059 | 9,255 | — | 135,314 | ||||||||||||||||||||||||
Network services and other | 77,929 | 4,069 | — | 81,998 | 46,592 | 3,437 | — | 50,029 | ||||||||||||||||||||||||
General and administrative | 52,312 | 6,192 | — | 58,504 | 50,461 | 5,401 | — | 55,862 | ||||||||||||||||||||||||
Asset write-down charges | 3,022 | 871 | — | 3,893 | 1,518 | 42 | — | 1,560 | ||||||||||||||||||||||||
Acquisition and integration costs | 4,243 | 126 | — | 4,369 | 2,937 | — | — | 2,937 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 186,521 | 8,887 | — | 195,408 | 147,186 | 7,681 | — | 154,867 | ||||||||||||||||||||||||
Total operating expenses | 496,818 | 29,320 | — | 526,138 | 374,753 | 25,816 | — | 400,569 | ||||||||||||||||||||||||
Operating income (loss) | 214,660 | 8,179 | — | 222,839 | 210,781 | 9,987 | — | 220,768 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (142,016 | ) | (3,949 | ) | 3,949 | (142,016 | ) | (144,949 | ) | (4,478 | ) | 4,478 | (144,949 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (1 | ) | — | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Interest income | 144 | 92 | — | 236 | 210 | 81 | — | 291 | ||||||||||||||||||||||||
Other income (expense) | 3,295 | 23 | (3,949 | ) | (631 | ) | 3,825 | 21 | (4,478 | ) | (632 | ) | ||||||||||||||||||||
Benefit (provision) for income taxes | (32,538 | ) | (1,421 | ) | — | (33,959 | ) | (31,864 | ) | (436 | ) | — | (32,300 | ) | ||||||||||||||||||
Net income (loss) | 43,544 | 2,924 | — | 46,468 | 38,003 | 5,175 | — | 43,178 | ||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 632 | — | 632 | — | 1,133 | — | 1,133 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 43,544 | $ | 2,292 | $ | — | $ | 45,836 | $ | 38,003 | $ | 4,042 | $ | — | $ | 42,045 | ||||||||||||||||
Capital expenditures | $ | 125,941 | $ | 4,722 | $ | — | $ | 130,663 | $ | 117,830 | $ | 5,860 | $ | — | $ | 123,690 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 1,754,266 | $ | 98,764 | $ | — | $ | 1,853,030 | $ | 1,463,126 | $ | 90,752 | $ | — | $ | 1,553,878 | ||||||||||||||||
Network services and other | 352,982 | 17,953 | — | 370,935 | 187,304 | 17,411 | — | 204,715 | ||||||||||||||||||||||||
Net revenues | 2,107,248 | 116,717 | — | 2,223,965 | 1,650,430 | 108,163 | — | 1,758,593 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 509,617 | 28,970 | — | 538,587 | 363,066 | 26,690 | — | 389,756 | ||||||||||||||||||||||||
Network services and other | 215,812 | 13,762 | — | 229,574 | 110,240 | 11,572 | — | 121,812 | ||||||||||||||||||||||||
General and administrative | 154,098 | 17,441 | — | 171,539 | 135,655 | 18,286 | — | 153,941 | ||||||||||||||||||||||||
Asset write-down charges | 9,633 | 1,072 | — | 10,705 | 8,197 | 53 | — | 8,250 | ||||||||||||||||||||||||
Acquisition and integration costs | 12,875 | 311 | — | 13,186 | 12,058 | 54 | — | 12,112 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 548,951 | 23,567 | — | 572,518 | 423,620 | 23,129 | — | 446,749 | ||||||||||||||||||||||||
Total operating expenses | 1,450,986 | 85,123 | — | 1,536,109 | 1,052,836 | 79,784 | — | 1,132,620 | ||||||||||||||||||||||||
Operating income (loss) | 656,262 | 31,594 | — | 687,856 | 597,594 | 28,379 | — | 625,973 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (446,641 | ) | (12,710 | ) | 12,710 | (446,641 | ) | (427,349 | ) | (14,815 | ) | 14,803 | (427,361 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (36,487 | ) | — | — | (36,487 | ) | (14,586 | ) | — | — | (14,586 | ) | ||||||||||||||||||||
Interest income | 592 | 269 | — | 861 | 665 | 362 | — | 1,027 | ||||||||||||||||||||||||
Other income (expense) | 11,922 | 35 | (12,710 | ) | (753 | ) | 10,869 | (24 | ) | (14,803 | ) | (3,958 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | (82,455 | ) | (5,799 | ) | — | (88,254 | ) | 30,883 | (1,446 | ) | — | 29,437 | ||||||||||||||||||||
Net income (loss) | 103,193 | 13,389 | — | 116,582 | 198,076 | 12,456 | — | 210,532 | ||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 2,925 | — | 2,925 | (268 | ) | 2,711 | — | 2,443 | |||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 103,193 | $ | 10,464 | $ | — | $ | 113,657 | $ | 198,344 | $ | 9,745 | $ | — | $ | 208,089 | ||||||||||||||||
Capital expenditures | $ | 373,653 | $ | 11,829 | $ | — | $ | 385,482 | $ | 268,730 | $ | 14,656 | $ | — | $ | 283,386 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
The following are reconciliations of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 43,544 | $ | 2,924 | $ | — | $ | 46,468 | $ | 38,003 | $ | 5,175 | $ | — | $ | 43,178 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 3,022 | 871 | — | 3,893 | 1,518 | 42 | — | 1,560 | ||||||||||||||||||||||||
Acquisition and integration costs | 4,243 | 126 | — | 4,369 | 2,937 | — | — | 2,937 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 186,521 | 8,887 | — | 195,408 | 147,186 | 7,681 | — | 154,867 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 3,870 | — | — | 3,870 | 3,858 | — | — | 3,858 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 142,016 | 3,949 | (3,949 | ) | 142,016 | 144,949 | 4,478 | (4,478 | ) | 144,949 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Interest income | (144 | ) | (92 | ) | — | (236 | ) | (210 | ) | (81 | ) | — | (291 | ) | ||||||||||||||||||
Other income (expense) | (3,295 | ) | (23 | ) | 3,949 | 631 | (3,825 | ) | (21 | ) | 4,478 | 632 | ||||||||||||||||||||
Benefit (provision) for income taxes | 32,538 | 1,421 | — | 33,959 | 31,864 | 436 | — | 32,300 | ||||||||||||||||||||||||
Stock-based compensation expense | 9,862 | 316 | — | 10,178 | 16,308 | (126 | ) | — | 16,182 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 422,178 | $ | 18,379 | $ | — | $ | 440,557 | $ | 382,588 | $ | 17,584 | $ | — | $ | 400,172 | ||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 103,193 | $ | 13,389 | $ | — | $ | 116,582 | $ | 198,076 | $ | 12,456 | $ | — | $ | 210,532 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 9,633 | 1,072 | — | 10,705 | 8,197 | 53 | — | 8,250 | ||||||||||||||||||||||||
Acquisition and integration costs | 12,875 | 311 | — | 13,186 | 12,058 | 54 | — | 12,112 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 548,951 | 23,567 | — | 572,518 | 423,620 | 23,129 | — | 446,749 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 11,595 | — | — | 11,595 | 10,301 | — | — | 10,301 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 446,641 | 12,710 | (12,710 | ) | 446,641 | 427,349 | 14,815 | (14,803 | ) | 427,361 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 36,487 | — | — | 36,487 | 14,586 | — | — | 14,586 | ||||||||||||||||||||||||
Interest income | (592 | ) | (269 | ) | — | (861 | ) | (665 | ) | (362 | ) | — | (1,027 | ) | ||||||||||||||||||
Other income (expense) | (11,922 | ) | (35 | ) | 12,710 | 753 | (10,869 | ) | 24 | 14,803 | 3,958 | |||||||||||||||||||||
Benefit (provision) for income taxes | 82,455 | 5,799 | — | 88,254 | (30,883 | ) | 1,446 | — | (29,437 | ) | ||||||||||||||||||||||
Stock-based compensation expense | 29,335 | 550 | — | 29,885 | 33,413 | 1,951 | — | 35,364 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,268,651 | $ | 57,094 | $ | — | $ | 1,325,745 | $ | 1,085,183 | $ | 53,566 | $ | — | $ | 1,138,749 | ||||||||||||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Concentrations of Credit Risk [Abstract] | ' | |||||
Concentration Risk Disclosure [Text Block] | ' | |||||
Concentration of Credit Risk | ||||||
The Company derives the largest portion of its revenues from customers in the wireless communications industry. The Company also has a concentration in its volume of business with Sprint, AT&T, Verizon Wireless and T-Mobile or their agents that accounts for a significant portion of the Company's revenues, receivables and deferred site rental receivables. The Company mitigates its concentrations of credit risk with respect to trade receivables by actively monitoring the creditworthiness of its customers, utilizing customer leases with contractually determinable payment terms and proactively managing past due balances. | ||||||
Major Customers | ||||||
The following table summarizes the percentage of the consolidated revenues for those customers accounting for more than 10% of the consolidated revenues (all of such customer revenues relate to our CCUSA segment). The following table is after giving effect to T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013) and AT&T's pending acquisition of Leap Wireless. | ||||||
Nine Months Ended September 30, | ||||||
2013 | 2012 | |||||
Sprint(a) | 28 | % | 26 | % | ||
T-Mobile(b) | 23 | % | 14 | % | ||
AT&T(c) | 22 | % | 23 | % | ||
Verizon Wireless | 16 | % | 18 | % | ||
Total | 89 | % | 81 | % | ||
________________ | ||||||
(a) | For the nine months ended September 30, 2013, Sprint and Clearwire accounted for 25% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, Sprint and Clearwire are co-residents on approximately 2,700 towers. The weighted-average remaining term on these tower tenant contracts with Sprint and Clearwire is approximately seven years and three years, respectively. Revenue from Clearwire on these 2,700 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
(b) | For the nine months ended September 30, 2013, T-Mobile and MetroPCS accounted for 17% and 6%, respectively, of consolidated net revenues. As of September 30, 2013, T-Mobile and MetroPCS are co-residents on approximately 1,400 towers. The weighted-average remaining term on these tower tenant contracts with T-Mobile and MetroPCS is approximately nine years and five years, respectively. Revenue from MetroPCS on these 1,400 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
(c) | For the nine months ended September 30, 2013, AT&T and Leap Wireless accounted for 19% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, AT&T and Leap Wireless are co-residents on approximately 1,300 towers. The weighted-average remaining term on these tower tenant contracts with AT&T and Leap Wireless is approximately 10 years and four years, respectively. Revenue from Leap Wireless on these 1,300 towers represented approximately 1% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
See also note 13 for a description of the Proposed AT&T Transaction. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 356,421 | $ | 364,507 | ||||
Income taxes paid | 12,769 | 3,092 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in liabilities for purchases of property and equipment | 28,549 | 21,139 | ||||||
Conversion of redeemable convertible preferred stock | — | 305,180 | ||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
Proposed AT&T Transaction | |
During October 2013, the Company entered into a definitive agreement with AT&T pursuant to which the Company will acquire rights to approximately 9,700 AT&T towers for $4.85 billion in cash at closing (subject to certain limited adjustments).("Proposed AT&T Transaction"). Pursuant to the Proposed AT&T Transaction, the Company (1) will have the exclusive right to lease or sublease, or the exclusive right to operate and manage approximately 9,060 of the AT&T towers ("MPL Towers") pursuant to a prepaid lease agreement for a weighted average term of approximately 28 years and (2) will purchase approximately 640 towers from AT&T. In addition, the Company will have the option to purchase the leased towers at the end of the respective lease terms for aggregate option payments of approximately $4.2 billion, which payments, if exercised, would be between 2032 and 2048. The Proposed AT&T Transaction is expected to close in the fourth quarter of 2013. The Company expects to fund the purchase price with cash on hand, proceeds from the October Equity Financings, discussed further below, and other debt financing, including additional borrowings under its revolving credit facility. Based on preliminary unaudited financial information for the AT&T towers currently anticipated to be included as part of the Proposed AT&T Transaction, we estimate that, based upon annualization of financial information for the month ended June 30, 2013, these AT&T towers generate annual third-party cash site rental revenues of approximately $163 million and incur annual cash ground lease expense of approximately $142 million. In addition, the Company expects to receive approximately $221 million in initial annual cash rental revenues from AT&T. The Company believes the Proposed AT&T Transaction will result in the recognition of a significant amount of goodwill as a result of paying a purchase price that assumes the tower portfolio contains growth potential. | |
Common Stock and Preferred Stock Offering | |
On October 28, 2013, the Company completed an offering of approximately 41.4 million shares of the Company's common stock, par value $0.01 per share ("Common Stock"), which generated net proceeds of approximately $3.0 billion. | |
On October 28, 2013, the Company completed an offering of approximately 9.8 million shares of the Company's 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("4.50% Mandatory Convertible Preferred Stock"), which generated net proceeds of approximately $949.6 million. The holders of the 4.50% Mandatory Convertible Preferred Stock are entitled to receive cumulative dividends, when and if declared by the Company's board of directors, at the rate of 4.50% per annum payable on February 1, May 1, August 1 and November 1 of each year, commencing on February 1, 2014, and to, and including, November 1, 2016. The dividends may be paid in cash or, subject to certain limitations, shares of Common Stock or any combination of cash and shares of Common Stock. | |
Unless converted earlier, each outstanding share of the 4.50% Mandatory Convertible Preferred Stock will automatically convert on November 1, 2016 into between 1.0811 and 1.3513 shares of Common Stock, depending on the applicable market value of the Common Stock and subject to certain anti-dilution adjustments. At any time prior to November 1, 2016, holders of the 4.50% Mandatory Convertible Preferred Stock may elect to convert all or a portion of their shares into Common Stock at the minimum conversion rate of 1.0811, subject to certain anti-dilution adjustments. | |
The Common Stock and 4.50% Mandatory Convertible Preferred Stock offerings in October 2013 are collectively referred to herein as the "October Equity Financings." | |
The Company expects to use the proceeds from the October Equity Financings to partially fund the Proposed AT&T Transaction. If for any reason the Proposed AT&T Transaction does not close or closes with respect to a reduced number of towers or for reduced consideration, then the Company expects to use any remaining net proceeds from the October Equity Financings for general corporate purposes. The net proceeds from the October Equity Financings are currently held in cash and prime money market investments. | |
Announcement of Plan to Initiate Common Stock Dividend | |
On October 21, 2013, the Company announced its expectation, subject to the successful completion and financing of the Proposed AT&T Transaction, to initiate a quarterly dividend on shares of Common Stock of $0.35 per share beginning in the first quarter of 2014. The declaration, amount and payment of dividends, pursuant to the Company's Common Stock dividend policy, are subject to the final determination of the Company's board of directors based on then-current and anticipated future conditions, including earnings, net cash provided by operating activities, capital requirements, financial condition, relative market capitalization, existing federal net operating losses and other factors deemed relevant by the Company's board of directors. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Recent accounting prounouncements | ' |
No accounting pronouncements adopted during the nine months ended September 30, 2013 had a material impact on the Company's consolidated financial statements. No new accounting pronouncements issued during the nine months ended September 30, 2013 but not yet adopted are expected to have a material impact on the Company's consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | ||||
The preliminary purchase price allocation for the T-Mobile Acquisition, as of September 30, 2013, is shown below. | |||||
Preliminary Purchase Price Allocation | |||||
Presented September 30, 2013 | |||||
Current assets | $ | 17,854 | |||
Property and equipment | 1,497,204 | ||||
Goodwill(a) | 432,148 | ||||
Other intangible assets, net | 407,000 | ||||
Deferred income tax assets | 207,929 | ||||
Below-market tenant leases and other non-current liabilities(b) | (76,349 | ) | |||
Net assets acquired | $ | 2,485,786 | |||
(a) | The preliminary purchase price allocation for the T-Mobile Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunities in the tower portfolio. $371.3 million of the goodwill balance recorded is not expected to be deductible for tax purposes. | ||||
(b) | Inclusive of above-market leases for land interests under the Company's towers. | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||
Unaudited Pro Forma Operating Results | |||||
The unaudited pro forma condensed consolidated results of operations combine the historical results of the Company, along with the historical results of the WCP Acquisition, NextG Acquisition and T-Mobile Acquisition (collectively, "2012 Acquisitions") for the period presented below. The following table presents the unaudited pro forma condensed consolidated results of operations of the Company for the period presented as if each acquisition was completed as of January 1, 2011. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | |||||
Nine Months Ended September 30, 2012 | |||||
Net revenues | $ | 1,997,824 | (a) | ||
Net income (loss) | $ | 197,262 | (b)(c) | ||
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ | 0.67 | |||
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ | 0.66 | |||
(a) | Amounts are inclusive of pro forma adjustments to increase net revenues of $197.2 million that we expect to recognize related to the T-Mobile towers, inclusive of T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | ||||
(b) | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $107.5 million related to property and equipment and intangibles recorded as a result of the combined effect of the 2012 Acquisitions. | ||||
(c) | The pro forma adjustments are tax effected using the federal statutory rate and no adjustment was made with respect to the Company's reversal of valuation allowance. | ||||
See also note 13 for a description of the Proposed AT&T Transaction. |
Debt_and_Other_Obligations_Tab
Debt and Other Obligations (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | ' | |||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity Date | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
September 30, 2013 | 31-Dec-12 | September 30, 2013(a) | ||||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Jan. 2017 | (b) | 255,000 | (b) | 1,253,000 | 2.7 | % | (c) | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Jan. 2017 | 462,500 | 481,250 | 2.7 | % | (c) | |||||||||||||||||||||||||||||
Tranche B Term Loans(d) | Jan. 2012 | Jan. 2019 | 2,370,100 | 1,584,000 | 3.3 | % | (d) | |||||||||||||||||||||||||||||
Total bank debt | 3,087,600 | 3,318,250 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2035 - 2040 | (e) | 1,900,000 | 1,900,000 | 5.8 | % | (e) | ||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (e) | 1,550,000 | 1,550,000 | 4.5 | % | (e) | ||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | (f) | 184,474 | 198,463 | 7.3 | % | |||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (g) | 291,514 | (g) | 307,739 | 5.6 | % | ||||||||||||||||||||||||||||
Total securitized debt | 3,925,988 | 3,956,202 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
9% Senior Notes | Jan. 2009 | Jan. 2015 | — | 304,718 | N/A | |||||||||||||||||||||||||||||||
7.75% Secured Notes | Apr. 2009 | May-17 | — | 291,394 | N/A | |||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | 498,275 | 498,110 | 7.1 | % | ||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,970 | 1,650,000 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Senior Notes | Dec. 2012 | 2017/2023 | (h) | 1,500,000 | 1,500,000 | 3.4 | % | |||||||||||||||||||||||||||||
Total bonds | 3,648,245 | 4,244,222 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 113,621 | 92,568 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 10,775,454 | 11,611,242 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 115,378 | 688,056 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 10,660,076 | $ | 10,923,186 | ||||||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of September 30, 2013, the undrawn availability under the $1.5 billion 2012 Revolver is $1.2 billion. | |||||||||||||||||||||||||||||||||||
(c) | The 2012 Revolver and the Tranche A Term Loans bear interest at a per annum rate equal to LIBOR plus 2.0% to 2.75%, based on CCOC's total net leverage ratio. | |||||||||||||||||||||||||||||||||||
(d) | The Tranche B Term Loans, including the Incremental Loans (defined below), bear interest at a per annum rate equal to LIBOR plus 2.25% to 2.5% (with LIBOR subject to a floor of 0.75% per annum), based on CCOC's total net leverage ratio. In April 2013, the Company refinanced the then outstanding Tranche B Term Loans with new loans pursuant to our existing credit agreement in an aggregate principal amount of $1.6 billion. In August 2013, the Company borrowed $800.0 million of incremental tranche B loans ("Incremental Loans"). The proceeds of the Incremental Loans were used to repay a portion of the 2012 Revolver. | |||||||||||||||||||||||||||||||||||
(e) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, 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 2010 Tower Revenue Notes, and additional interest (of approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. | |||||||||||||||||||||||||||||||||||
(f) | The 2009 Securitized Notes consist of $114.5 million of principal as of September 30, 2013 that amortizes through 2019, and $70.0 million of principal as of September 30, 2013 that amortizes during the period beginning in 2019 and ending in 2029. | |||||||||||||||||||||||||||||||||||
(g) | The anticipated repayment date is 2015 for each class of the WCP Securitized Notes. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | |||||||||||||||||||||||||||||||||||
(h) | The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. | |||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||||||||||||||
Contractual Maturities | ||||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding at September 30, 2013. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes and the rapid amortization date on the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 26,632 | $ | 113,545 | $ | 125,405 | $ | 123,897 | $ | 1,146,074 | $ | 9,232,987 | $ | 10,768,540 | $ | 6,914 | $ | 10,775,454 | ||||||||||||||||||
Schedule of Extinguishment of Debt | ' | |||||||||||||||||||||||||||||||||||
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, 2013. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (Losses)(c) | ||||||||||||||||||||||||||||||||||
9% Senior Notes | 314,170 | 332,045 | (17,894 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes(b) | 294,362 | 312,465 | (18,103 | ) | ||||||||||||||||||||||||||||||||
5.25% Senior Notes | 30 | 30 | — | |||||||||||||||||||||||||||||||||
Tranche B Term Loans | 30,941 | 30,941 | (490 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 639,503 | $ | 675,481 | $ | (36,487 | ) | |||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | |||||||||||||||||||||||||||||||||||
(c) | The losses predominantly relate to cash losses, including with respect to make whole payments. | |||||||||||||||||||||||||||||||||||
Components of Interest Expense and Amortization of Deferred Financing Costs | ' | |||||||||||||||||||||||||||||||||||
Interest Expense and Amortization of Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||
The components of "interest expense and amortization of deferred financing costs" are as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 121,246 | $ | 119,460 | $ | 368,400 | $ | 353,702 | ||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,366 | 5,293 | 19,426 | 15,383 | ||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (971 | ) | 3,235 | 9,500 | 9,959 | |||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 16,222 | 16,300 | 48,726 | 48,957 | ||||||||||||||||||||||||||||||||
Other, net of capitalized interest | 153 | 661 | 589 | (640 | ) | |||||||||||||||||||||||||||||||
Total | $ | 142,016 | $ | 144,949 | $ | 446,641 | $ | 427,361 | ||||||||||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | ' | |||||||||||||||||
Level in Fair Value Hierarchy | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 218,649 | $ | 218,649 | $ | 441,364 | $ | 441,364 | |||||||||
Restricted cash, current and non-current | 1 | 162,699 | 162,699 | 580,938 | 580,938 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 10,775,454 | 10,881,293 | 11,611,242 | 12,438,032 | |||||||||||||
Per_Share_Information_Tables
Per Share Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Per Share Information | ' | |||||||||||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 45,836 | $ | 42,045 | $ | 113,657 | $ | 208,089 | ||||||||
Dividends on preferred stock | — | — | — | (2,629 | ) | |||||||||||
Net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock for basic and diluted computations | $ | 45,836 | $ | 42,045 | $ | 113,657 | $ | 205,460 | ||||||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||||||||||
Basic weighted-average number of common stock outstanding | 290,372 | 290,762 | 290,900 | 288,775 | ||||||||||||
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 1,006 | 1,336 | 1,143 | 1,752 | ||||||||||||
Diluted weighted-average number of common shares outstanding | 291,378 | 292,098 | 292,043 | 290,527 | ||||||||||||
Net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock, per common share: | ||||||||||||||||
Basic | $ | 0.16 | $ | 0.14 | $ | 0.39 | $ | 0.71 | ||||||||
Diluted | $ | 0.16 | $ | 0.14 | $ | 0.39 | $ | 0.71 | ||||||||
Operating_Segments_Tables
Operating Segments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Operating Segments | ' | |||||||||||||||||||||||||||||||
Financial Results of Operating Segments | ' | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 589,415 | $ | 31,351 | $ | — | $ | 620,766 | $ | 507,247 | $ | 31,514 | $ | — | $ | 538,761 | ||||||||||||||||
Network services and other | 122,063 | 6,148 | — | 128,211 | 78,287 | 4,289 | — | 82,576 | ||||||||||||||||||||||||
Net revenues | 711,478 | 37,499 | — | 748,977 | 585,534 | 35,803 | — | 621,337 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 172,791 | 9,175 | — | 181,966 | 126,059 | 9,255 | — | 135,314 | ||||||||||||||||||||||||
Network services and other | 77,929 | 4,069 | — | 81,998 | 46,592 | 3,437 | — | 50,029 | ||||||||||||||||||||||||
General and administrative | 52,312 | 6,192 | — | 58,504 | 50,461 | 5,401 | — | 55,862 | ||||||||||||||||||||||||
Asset write-down charges | 3,022 | 871 | — | 3,893 | 1,518 | 42 | — | 1,560 | ||||||||||||||||||||||||
Acquisition and integration costs | 4,243 | 126 | — | 4,369 | 2,937 | — | — | 2,937 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 186,521 | 8,887 | — | 195,408 | 147,186 | 7,681 | — | 154,867 | ||||||||||||||||||||||||
Total operating expenses | 496,818 | 29,320 | — | 526,138 | 374,753 | 25,816 | — | 400,569 | ||||||||||||||||||||||||
Operating income (loss) | 214,660 | 8,179 | — | 222,839 | 210,781 | 9,987 | — | 220,768 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (142,016 | ) | (3,949 | ) | 3,949 | (142,016 | ) | (144,949 | ) | (4,478 | ) | 4,478 | (144,949 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (1 | ) | — | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Interest income | 144 | 92 | — | 236 | 210 | 81 | — | 291 | ||||||||||||||||||||||||
Other income (expense) | 3,295 | 23 | (3,949 | ) | (631 | ) | 3,825 | 21 | (4,478 | ) | (632 | ) | ||||||||||||||||||||
Benefit (provision) for income taxes | (32,538 | ) | (1,421 | ) | — | (33,959 | ) | (31,864 | ) | (436 | ) | — | (32,300 | ) | ||||||||||||||||||
Net income (loss) | 43,544 | 2,924 | — | 46,468 | 38,003 | 5,175 | — | 43,178 | ||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 632 | — | 632 | — | 1,133 | — | 1,133 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 43,544 | $ | 2,292 | $ | — | $ | 45,836 | $ | 38,003 | $ | 4,042 | $ | — | $ | 42,045 | ||||||||||||||||
Capital expenditures | $ | 125,941 | $ | 4,722 | $ | — | $ | 130,663 | $ | 117,830 | $ | 5,860 | $ | — | $ | 123,690 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 1,754,266 | $ | 98,764 | $ | — | $ | 1,853,030 | $ | 1,463,126 | $ | 90,752 | $ | — | $ | 1,553,878 | ||||||||||||||||
Network services and other | 352,982 | 17,953 | — | 370,935 | 187,304 | 17,411 | — | 204,715 | ||||||||||||||||||||||||
Net revenues | 2,107,248 | 116,717 | — | 2,223,965 | 1,650,430 | 108,163 | — | 1,758,593 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 509,617 | 28,970 | — | 538,587 | 363,066 | 26,690 | — | 389,756 | ||||||||||||||||||||||||
Network services and other | 215,812 | 13,762 | — | 229,574 | 110,240 | 11,572 | — | 121,812 | ||||||||||||||||||||||||
General and administrative | 154,098 | 17,441 | — | 171,539 | 135,655 | 18,286 | — | 153,941 | ||||||||||||||||||||||||
Asset write-down charges | 9,633 | 1,072 | — | 10,705 | 8,197 | 53 | — | 8,250 | ||||||||||||||||||||||||
Acquisition and integration costs | 12,875 | 311 | — | 13,186 | 12,058 | 54 | — | 12,112 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 548,951 | 23,567 | — | 572,518 | 423,620 | 23,129 | — | 446,749 | ||||||||||||||||||||||||
Total operating expenses | 1,450,986 | 85,123 | — | 1,536,109 | 1,052,836 | 79,784 | — | 1,132,620 | ||||||||||||||||||||||||
Operating income (loss) | 656,262 | 31,594 | — | 687,856 | 597,594 | 28,379 | — | 625,973 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (446,641 | ) | (12,710 | ) | 12,710 | (446,641 | ) | (427,349 | ) | (14,815 | ) | 14,803 | (427,361 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (36,487 | ) | — | — | (36,487 | ) | (14,586 | ) | — | — | (14,586 | ) | ||||||||||||||||||||
Interest income | 592 | 269 | — | 861 | 665 | 362 | — | 1,027 | ||||||||||||||||||||||||
Other income (expense) | 11,922 | 35 | (12,710 | ) | (753 | ) | 10,869 | (24 | ) | (14,803 | ) | (3,958 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | (82,455 | ) | (5,799 | ) | — | (88,254 | ) | 30,883 | (1,446 | ) | — | 29,437 | ||||||||||||||||||||
Net income (loss) | 103,193 | 13,389 | — | 116,582 | 198,076 | 12,456 | — | 210,532 | ||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 2,925 | — | 2,925 | (268 | ) | 2,711 | — | 2,443 | |||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 103,193 | $ | 10,464 | $ | — | $ | 113,657 | $ | 198,344 | $ | 9,745 | $ | — | $ | 208,089 | ||||||||||||||||
Capital expenditures | $ | 373,653 | $ | 11,829 | $ | — | $ | 385,482 | $ | 268,730 | $ | 14,656 | $ | — | $ | 283,386 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | ' | |||||||||||||||||||||||||||||||
The following are reconciliations of net income (loss) to Adjusted EBITDA for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 43,544 | $ | 2,924 | $ | — | $ | 46,468 | $ | 38,003 | $ | 5,175 | $ | — | $ | 43,178 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 3,022 | 871 | — | 3,893 | 1,518 | 42 | — | 1,560 | ||||||||||||||||||||||||
Acquisition and integration costs | 4,243 | 126 | — | 4,369 | 2,937 | — | — | 2,937 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 186,521 | 8,887 | — | 195,408 | 147,186 | 7,681 | — | 154,867 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 3,870 | — | — | 3,870 | 3,858 | — | — | 3,858 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 142,016 | 3,949 | (3,949 | ) | 142,016 | 144,949 | 4,478 | (4,478 | ) | 144,949 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Interest income | (144 | ) | (92 | ) | — | (236 | ) | (210 | ) | (81 | ) | — | (291 | ) | ||||||||||||||||||
Other income (expense) | (3,295 | ) | (23 | ) | 3,949 | 631 | (3,825 | ) | (21 | ) | 4,478 | 632 | ||||||||||||||||||||
Benefit (provision) for income taxes | 32,538 | 1,421 | — | 33,959 | 31,864 | 436 | — | 32,300 | ||||||||||||||||||||||||
Stock-based compensation expense | 9,862 | 316 | — | 10,178 | 16,308 | (126 | ) | — | 16,182 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 422,178 | $ | 18,379 | $ | — | $ | 440,557 | $ | 382,588 | $ | 17,584 | $ | — | $ | 400,172 | ||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 103,193 | $ | 13,389 | $ | — | $ | 116,582 | $ | 198,076 | $ | 12,456 | $ | — | $ | 210,532 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 9,633 | 1,072 | — | 10,705 | 8,197 | 53 | — | 8,250 | ||||||||||||||||||||||||
Acquisition and integration costs | 12,875 | 311 | — | 13,186 | 12,058 | 54 | — | 12,112 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 548,951 | 23,567 | — | 572,518 | 423,620 | 23,129 | — | 446,749 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 11,595 | — | — | 11,595 | 10,301 | — | — | 10,301 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 446,641 | 12,710 | (12,710 | ) | 446,641 | 427,349 | 14,815 | (14,803 | ) | 427,361 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 36,487 | — | — | 36,487 | 14,586 | — | — | 14,586 | ||||||||||||||||||||||||
Interest income | (592 | ) | (269 | ) | — | (861 | ) | (665 | ) | (362 | ) | — | (1,027 | ) | ||||||||||||||||||
Other income (expense) | (11,922 | ) | (35 | ) | 12,710 | 753 | (10,869 | ) | 24 | 14,803 | 3,958 | |||||||||||||||||||||
Benefit (provision) for income taxes | 82,455 | 5,799 | — | 88,254 | (30,883 | ) | 1,446 | — | (29,437 | ) | ||||||||||||||||||||||
Stock-based compensation expense | 29,335 | 550 | — | 29,885 | 33,413 | 1,951 | — | 35,364 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,268,651 | $ | 57,094 | $ | — | $ | 1,325,745 | $ | 1,085,183 | $ | 53,566 | $ | — | $ | 1,138,749 | ||||||||||||||||
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Concentrations of Credit Risk [Abstract] | ' | |||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | ' | |||||
Major Customers | ||||||
The following table summarizes the percentage of the consolidated revenues for those customers accounting for more than 10% of the consolidated revenues (all of such customer revenues relate to our CCUSA segment). The following table is after giving effect to T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013) and AT&T's pending acquisition of Leap Wireless. | ||||||
Nine Months Ended September 30, | ||||||
2013 | 2012 | |||||
Sprint(a) | 28 | % | 26 | % | ||
T-Mobile(b) | 23 | % | 14 | % | ||
AT&T(c) | 22 | % | 23 | % | ||
Verizon Wireless | 16 | % | 18 | % | ||
Total | 89 | % | 81 | % | ||
________________ | ||||||
(a) | For the nine months ended September 30, 2013, Sprint and Clearwire accounted for 25% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, Sprint and Clearwire are co-residents on approximately 2,700 towers. The weighted-average remaining term on these tower tenant contracts with Sprint and Clearwire is approximately seven years and three years, respectively. Revenue from Clearwire on these 2,700 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
(b) | For the nine months ended September 30, 2013, T-Mobile and MetroPCS accounted for 17% and 6%, respectively, of consolidated net revenues. As of September 30, 2013, T-Mobile and MetroPCS are co-residents on approximately 1,400 towers. The weighted-average remaining term on these tower tenant contracts with T-Mobile and MetroPCS is approximately nine years and five years, respectively. Revenue from MetroPCS on these 1,400 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
(c) | For the nine months ended September 30, 2013, AT&T and Leap Wireless accounted for 19% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, AT&T and Leap Wireless are co-residents on approximately 1,300 towers. The weighted-average remaining term on these tower tenant contracts with AT&T and Leap Wireless is approximately 10 years and four years, respectively. Revenue from Leap Wireless on these 1,300 towers represented approximately 1% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||||
See also note 13 for a description of the Proposed AT&T Transaction. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | ' | |||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 356,421 | $ | 364,507 | ||||
Income taxes paid | 12,769 | 3,092 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in liabilities for purchases of property and equipment | 28,549 | 21,139 | ||||||
Conversion of redeemable convertible preferred stock | — | 305,180 | ||||||
General_Business_Details
General Business (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 28, 2013 |
In Billions, unless otherwise specified | tower | CCUSA [Member] | CCAL [Member] | Leased or Operated Under Master Lease Agreements [Member] | Proposed AT&T Transaction [Member] |
tower | tower | tower | tower | ||
Percentage of Subsidiary Owned by the Company | 77.60% | ' | ' | ' | ' |
Tower Count | 31,600 | 29,900 | 1,700 | 12,700 | 9,700 |
Business acquisition, cost of acquired entity, purchase price | ' | ' | ' | ' | $4.90 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
tower | ||||
Business Acquisition [Line Items] | ' | ' | ||
Goodwill not expected to be deductible for tax purposes | $371,300,000 | ' | ||
Tower Count | 31,600 | ' | ||
Share-based Compensation | 29,334,000 | 33,573,000 | ||
Net revenues | ' | 1,997,824,000 | [1] | |
Net income (loss) | ' | 197,262,000 | [2],[3] | |
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | ' | $0.67 | ||
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | ' | $0.66 | ||
T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 2,485,786,000 | ' | ||
Business acquisition, cost of acquired entity, purchase price | 2,500,000,000 | ' | ||
Pro forma revenue adjustments [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business acquisition, pro forma adjustment | ' | 197,200,000 | ||
Depreciation, Amortization and Accretion [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business acquisition, pro forma adjustment | ' | 107,500,000 | ||
Other Current Assets [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 17,854,000 | ' | ||
Property, Plant and Equipment [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 1,497,204,000 | ' | ||
Goodwill [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 432,148,000 | [4] | ' | |
Property, Plant and Equipment, Type [Domain] | Purchase Price allocation change since year end [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 37,800,000 | ' | ||
Above Market Leases [Member] | Purchase Price allocation change since year end [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 45,000,000 | ' | ||
Other Intangible Assets [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 407,000,000 | ' | ||
Deferred Tax Assets (Liabilities) [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | 207,929,000 | ' | ||
Other Noncurrent Liabilities [Member] | T-Mobile [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Business Acquisition, Purchase Price Allocation | ($76,349,000) | [5] | ' | |
Total T-Mobile Towers [Member] | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ||
Tower Count | 7,100 | ' | ||
[1] | Amounts are inclusive of pro forma adjustments to increase net revenues of $197.2 million that we expect to recognize related to the T-Mobile towers, inclusive of T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | |||
[2] | The pro forma adjustments are tax effected using the federal statutory rate and no adjustment was made with respect to the Company's reversal of valuation allowance. | |||
[3] | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $107.5 million related to property and equipment and intangibles recorded as a result of the combined effect of the 2012 Acquisitions. | |||
[4] | The preliminary purchase price allocation for the T-Mobile Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunities in the tower portfolio. $371.3 million of the goodwill balance recorded is not expected to be deductible for tax purposes. | |||
[5] | Inclusive of above-market leases for land interests under the Company's towers. |
Debt_and_Other_Obligations_Ind
Debt and Other Obligations (Indebtedness) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||
Capital Lease Obligations and Other [Member] | Capital Lease Obligations and Other [Member] | Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First Tranche [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes First Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | Fixed Rate Debt 2009 Securitized Notes First Tranche [Member] | Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Bank Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | Securitized Debt [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | Repayments of debt 2013 [Member] | Repayments of debt 2014 [Member] | Repayments of debt 2015 [Member] | Repayments of debt 2016 [Member] | Repayments of debt thereafter [Member] | Repayments of debt 2017 [Domain] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||
Variable Rate Revolver 2012 [Member] | Variable Rate Revolver 2012 [Member] | Variable Rate 2012 Term Loans [Member] | Variable Rate 2012 Term Loans [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Fixed Rate Debt 2009 Securitized Notes [Member] | Fixed Rate Debt 2009 Securitized Notes [Member] | WCP Securitized Notes [Member] | WCP Securitized Notes [Member] | 2012 secured notes tranche A [Member] | Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | Fixed Rate - High Yield Bonds, 7.125% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 7.125% Senior Notes [Member] | Five and One Fourth Senior Notes [Member] | Five and One Fourth Senior Notes [Member] | 2012 Secured Notes [Member] | 2012 Secured Notes [Member] | 2012 secured notes tranche B [Member] | Incremental Term Loan B [Member] | Senior Secured Term Loan B [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | ||||||||||||||||||||||||||||||||||||||
Senior Secured 2012 Revolver [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured 2012 Revolver [Member] | Senior Secured 2012 Revolver [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,545,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,405,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,897,000 | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,232,987,000 | 1,146,074,000 | ' | ' | ' | ' | |||||||||||
Total revolving commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | 300,000,000 | 350,000,000 | 1,300,000,000 | 250,000,000 | 300,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt Instrument Additional Interest Rate Margin | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Original issue date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-12 | ' | 1-Jan-12 | ' | 1-Jan-12 | ' | ' | ' | 1-Jan-10 | ' | 1-Aug-10 | ' | 1-Jul-09 | ' | 1-Jan-10 | ' | ' | ' | ' | 1-Jan-09 | ' | 1-Apr-09 | ' | 1-Oct-09 | ' | 1-Oct-12 | ' | 1-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Contractual maturity date | ' | ' | ' | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Jan. 2017 | ' | 'Jan. 2017 | ' | 'Jan. 2019 | ' | ' | ' | '2035 - 2040 | [1] | ' | '2035 - 2040 | [1] | ' | '2019/2029 | [2] | ' | 'Nov. 2040 | [3] | ' | ' | ' | ' | 'Jan. 2015 | ' | 'May 2017 | ' | 'Nov. 2019 | ' | 'Jan. 2023 | ' | '2017/2023 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total debt and other obligations | 10,775,454,000 | 11,611,242,000 | ' | 113,621,000 | 92,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,087,600,000 | 3,318,250,000 | 255,000,000 | [5] | 1,253,000,000 | 462,500,000 | 481,250,000 | 2,370,100,000 | 1,584,000,000 | 3,925,988,000 | 3,956,202,000 | 1,900,000,000 | 1,900,000,000 | 1,550,000,000 | 1,550,000,000 | 184,474,000 | 198,463,000 | 291,514,000 | [3] | 307,739,000 | 3,648,245,000 | 4,244,222,000 | 500,000,000 | 0 | 304,718,000 | 0 | 291,394,000 | 498,275,000 | 498,110,000 | 1,649,970,000 | 1,650,000,000 | 1,500,000,000 | 1,500,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Original Debt Issuance Date | ' | ' | ' | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Less: current maturities and short-term debt and other current obligations | 115,378,000 | 688,056,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Non-current portion of long-term debt and other long-term obligations | 10,660,076,000 | 10,923,186,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | [6],[7] | ' | 3.30% | [6],[8] | ' | ' | ' | 5.80% | [1],[6] | ' | 4.50% | [1],[6] | ' | 7.30% | [6] | ' | 5.60% | [6] | ' | ' | ' | ' | ' | ' | ' | ' | 7.10% | [6] | ' | 5.30% | [6] | ' | 3.40% | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of debt instrument interest rate stated | ' | ' | ' | 'Various | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0.027 | [6],[7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Total cash obligations | 10,768,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114,500,000 | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Unamortized adjustments, net | ' | ' | 6,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term debt | ' | ' | 10,775,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% | 2.75% | 2.50% | |||||||||||
Debt Instrument, LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, 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 2010 Tower Revenue Notes, and additional interest (of approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $300.0 million, $350.0 million and $1.3 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million and $1.0 billion, having anticipated repayment dates in 2015, 2017 and 2020, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The 2009 Securitized Notes consist of $114.5 million of principal as of SeptemberB 30, 2013 that amortizes through 2019, and $70.0 million of principal as of SeptemberB 30, 2013 that amortizes during the period beginning in 2019 and ending in 2029. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The anticipated repayment date is 2015 for each class of the WCP Securitized Notes. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | As of SeptemberB 30, 2013, the undrawn availability under the $1.5 billion 2012 Revolver is $1.2 billion. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Represents the weighted-average stated interest rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The 2012 Revolver and the Tranche A Term Loans bear interest at a per annum rate equal to LIBOR plus 2.0% to 2.75%, based on CCOC's total net leverage ratio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The Tranche B Term Loans, including the Incremental Loans (defined below), bear interest at a per annum rate equal to LIBOR plus 2.25% to 2.5% (with LIBOR subject to a floor of 0.75% per annum), based on CCOC's total net leverage ratio. In April 2013, the Company refinanced the then outstanding Tranche B Term Loans with new loans pursuant to our existing credit agreement in an aggregate principal amount of $1.6 billion. In August 2013, the Company borrowed $800.0 million of incremental tranche B loans ("Incremental Loans"). The proceeds of the Incremental Loans were used to repay a portion of the 2012 Revolver. |
Debt_and_Other_Obligations_Ind1
Debt and Other Obligations (Indebtedness) (Textuals) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First Tranche [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes First Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | Fixed Rate Debt 2009 Securitized Notes First Tranche [Member] | Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | Capital Lease Obligations and Other [Member] | Capital Lease Obligations and Other [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | High Yield Bonds [Member] | CCOC [Member] | CCOC [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Repayments of debt 2017 [Domain] | |||||
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | Fixed Rate - High Yield Bonds, 7.125% Senior Notes [Member] | Fixed Rate - High Yield Bonds, 7.125% Senior Notes [Member] | 2012 Secured Notes [Member] | 2012 Secured Notes [Member] | 2012 secured notes tranche A [Member] | 2012 secured notes tranche B [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | CCOC [Member] | |||||||||||||||||||
Senior Secured 2012 Revolver [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | 2012 Credit Facility [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||||||||||||||||||||||||||
Senior Secured 2012 Revolver [Member] | Senior Secured 2012 Revolver [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,146,074,000 |
Total revolving commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.25% | 2.75% | 2.50% | ' |
Debt Instrument, LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' |
Additional interest accruing following anticipated repayment dates | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | 300,000,000 | 350,000,000 | 1,300,000,000 | 250,000,000 | 300,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash obligations | 10,768,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 114,500,000 | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 218,649,000 | 441,364,000 | 118,903,000 | 80,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt and other obligations | $10,775,454,000 | $11,611,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $113,621,000 | $92,568,000 | $3,648,245,000 | $4,244,222,000 | $0 | $304,718,000 | $0 | $291,394,000 | $498,275,000 | $498,110,000 | $1,500,000,000 | $1,500,000,000 | $500,000,000 | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Other_Obligations_Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Debt and Other Obligations [Abstract] | ' | ' | ' | ' | ||
Interest expense on debt obligations | $121,246,000 | $119,460,000 | $368,400,000 | $353,702,000 | ||
Amortization of deferred financing costs | 5,366,000 | 5,293,000 | 19,426,000 | 15,383,000 | ||
Amortization of adjustments on long-term debt | -971,000 | 3,235,000 | 9,500,000 | 9,959,000 | ||
Amortization of interest rate swaps | 16,222,000 | [1] | 16,300,000 | [1] | 48,726,000 | 48,957,000 |
Other | 153,000 | 661,000 | 589,000 | -640,000 | ||
Total | $142,016,000 | $144,949,000 | $446,641,000 | $427,361,000 | ||
[1] | Amounts reclassified from accumulated other comprehensive income (loss). |
Debt_and_Other_Obligations_Ret
Debt and Other Obligations Retirement of Long-term Obligations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Extinguishment of Debt, Amount | ' | ' | $639,503 | ' | |
Repayments of Other Long-term Debt | ' | ' | 675,481 | 699,486 | |
Gains (losses) on retirement of long-term obligations | -1 | 0 | -36,487 | [1] | -14,586 |
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | ' | ' | ' | ' | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Extinguishment of Debt, Amount | ' | ' | 314,170 | ' | |
Repayments of Other Long-term Debt | ' | ' | 332,045 | [2] | ' |
Gains (losses) on retirement of long-term obligations | ' | ' | -17,894 | [1] | ' |
Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ' | ' | ' | ' | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Extinguishment of Debt, Amount | ' | ' | 294,362 | [3] | ' |
Repayments of Other Long-term Debt | ' | ' | 312,465 | [2],[3] | ' |
Gains (losses) on retirement of long-term obligations | ' | ' | -18,103 | [1],[3] | ' |
October 2012 Senior Notes [Domain] | ' | ' | ' | ' | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Extinguishment of Debt, Amount | ' | ' | 30 | ' | |
Repayments of Other Long-term Debt | ' | ' | 30 | [2] | ' |
Gains (losses) on retirement of long-term obligations | ' | ' | 0 | [1] | ' |
Variable Rate 2012 Term Loans Tranche B [Member] | ' | ' | ' | ' | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Extinguishment of Debt, Amount | ' | ' | 30,941 | ' | |
Repayments of Other Long-term Debt | ' | ' | 30,941 | [2] | ' |
Gains (losses) on retirement of long-term obligations | ' | ' | -490 | [1] | ' |
Total [Member] | ' | ' | ' | ' | |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | |
Repayments of Other Long-term Debt | ' | ' | $675,481 | [2] | ' |
[1] | The losses predominantly relate to cash losses, including with respect to make whole payments. | ||||
[2] | Exclusive of accrued interest. | ||||
[3] | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
U.S. Federal [Member] | State [Member] | Minimum [Member] | Maximum [Member] | ||
Current Federal Tax Expense (Benefit) [Line Items] | ' | ' | ' | ' | ' |
Deferred State and Local Income Tax Expense (Benefit) | $21,700,000 | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | 70,100,000 | 20,000,000 | ' | ' |
Anticipated non cash tax charge due to REIT conversion | ' | ' | ' | $130,000,000 | $160,000,000 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, carrying value | $218,649 | $441,364 | $118,903 | $80,120 |
Cash and cash equivalents, fair value | 218,649 | 441,364 | ' | ' |
Restricted cash, current and non-current, carrying value | 162,699 | 580,938 | ' | ' |
Restricted cash, current and non-current, fair value | 162,699 | 580,938 | ' | ' |
Long-term debt and other obligations, carrying amount | 10,775,454 | 11,611,242 | ' | ' |
Long-term debt and other obligations, fair value | $10,881,293 | $12,438,032 | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Level in Fair Value Hierarchy | 1 | ' | ' | ' |
Restricted cash, current and non-current [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Level in Fair Value Hierarchy | 1 | ' | ' | ' |
Long-term Debt [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Level in Fair Value Hierarchy | 2 | ' | ' | ' |
Per_Share_Information_Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Per Share Information | ' | ' | ' | ' |
Net income (loss) attributable to CCIC stockholders | $45,836 | $42,045 | $113,657 | $208,089 |
Dividends on preferred stock | 0 | 0 | 0 | -2,629 |
Net income (loss) attributable to CCIC stockholders after deduction of dividends on preferred stock for basic and diluted computations | $45,836 | $42,045 | $113,657 | $205,460 |
Basic weighted-average number of common stock outstanding | 290,372,000 | 290,762,000 | 290,900,000 | 288,775,000 |
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 1,006,000 | 1,336,000 | 1,143,000 | 1,752,000 |
Diluted weighted-average number of common shares outstanding | 291,378,000 | 292,098,000 | 292,043,000 | 290,527,000 |
Basic | $0.16 | $0.14 | $0.39 | $0.71 |
Diluted | $0.16 | $0.14 | $0.39 | $0.71 |
Per_Share_Information_Narrativ
Per Share Information (Narrative) (Details) (Restricted Stock Awards [Member]) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Restricted Stock Awards [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive securities excluded from dilutive common shares calculation | 0.6 |
Equity_Details
Equity (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' |
Common stock repurchased during period, shares | 1.4 | ' |
Purchases of capital stock | $99,217 | $35,984 |
Operating_Segments_Financial_R
Operating Segments (Financial Results for the Company's Operating Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Site rental | $620,766,000 | $538,761,000 | $1,853,030,000 | $1,553,878,000 | ' | ||||
Network services and other | 128,211,000 | 82,576,000 | 370,935,000 | 204,715,000 | ' | ||||
Net revenues | 748,977,000 | 621,337,000 | 2,223,965,000 | 1,758,593,000 | ' | ||||
Site rental | 181,966,000 | [1] | 135,314,000 | [1] | 538,587,000 | [1] | 389,756,000 | [1] | ' |
Network services and other | 81,998,000 | [1] | 50,029,000 | [1] | 229,574,000 | [1] | 121,812,000 | [1] | ' |
General and administrative | 58,504,000 | 55,862,000 | 171,539,000 | 153,941,000 | ' | ||||
Asset write-down charges | 3,893,000 | 1,560,000 | 10,705,000 | 8,250,000 | ' | ||||
Acquisition and integration costs | 4,369,000 | 2,937,000 | 13,186,000 | 12,112,000 | ' | ||||
Depreciation, amortization and accretion | 195,408,000 | 154,867,000 | 572,518,000 | 446,749,000 | ' | ||||
Total operating expenses | 526,138,000 | 400,569,000 | 1,536,109,000 | 1,132,620,000 | ' | ||||
Operating income (loss) | 222,839,000 | 220,768,000 | 687,856,000 | 625,973,000 | ' | ||||
Interest expense and amortization of deferred financing costs | -142,016,000 | -144,949,000 | -446,641,000 | -427,361,000 | ' | ||||
Gains (losses) on retirement of long-term obligations | -1,000 | 0 | -36,487,000 | [2] | -14,586,000 | ' | |||
Interest income | 236,000 | 291,000 | 861,000 | 1,027,000 | ' | ||||
Other income (expense) | -631,000 | -632,000 | -753,000 | -3,958,000 | ' | ||||
Benefit (provision) for income taxes | -33,959,000 | -32,300,000 | -88,254,000 | 29,437,000 | ' | ||||
Net income (loss) | 46,468,000 | 43,178,000 | 116,582,000 | 210,532,000 | ' | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 632,000 | 1,133,000 | 2,925,000 | 2,443,000 | ' | ||||
Net income (loss) attributable to CCIC stockholders | 45,836,000 | 42,045,000 | 113,657,000 | 208,089,000 | ' | ||||
Capital expenditures | 130,663,000 | 123,690,000 | 385,482,000 | 283,386,000 | ' | ||||
Total assets (at quarter end) | 15,567,572,000 | ' | 15,567,572,000 | ' | 16,088,709,000 | ||||
CCUSA [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Site rental | 589,415,000 | 507,247,000 | 1,754,266,000 | 1,463,126,000 | ' | ||||
Network services and other | 122,063,000 | 78,287,000 | 352,982,000 | 187,304,000 | ' | ||||
Net revenues | 711,478,000 | 585,534,000 | 2,107,248,000 | 1,650,430,000 | ' | ||||
Site rental | 172,791,000 | [1] | 126,059,000 | [1] | 509,617,000 | [1] | 363,066,000 | [1] | ' |
Network services and other | 77,929,000 | [1] | 46,592,000 | [1] | 215,812,000 | [1] | 110,240,000 | [1] | ' |
General and administrative | 52,312,000 | 50,461,000 | 154,098,000 | 135,655,000 | ' | ||||
Asset write-down charges | 3,022,000 | 1,518,000 | 9,633,000 | 8,197,000 | ' | ||||
Acquisition and integration costs | 4,243,000 | 2,937,000 | 12,875,000 | 12,058,000 | ' | ||||
Depreciation, amortization and accretion | 186,521,000 | 147,186,000 | 548,951,000 | 423,620,000 | ' | ||||
Total operating expenses | 496,818,000 | 374,753,000 | 1,450,986,000 | 1,052,836,000 | ' | ||||
Operating income (loss) | 214,660,000 | 210,781,000 | 656,262,000 | 597,594,000 | ' | ||||
Interest expense and amortization of deferred financing costs | -142,016,000 | -144,949,000 | -446,641,000 | -427,349,000 | ' | ||||
Gains (losses) on retirement of long-term obligations | -1,000 | 0 | -36,487,000 | -14,586,000 | ' | ||||
Interest income | 144,000 | 210,000 | 592,000 | 665,000 | ' | ||||
Other income (expense) | 3,295,000 | 3,825,000 | 11,922,000 | 10,869,000 | ' | ||||
Benefit (provision) for income taxes | -32,538,000 | -31,864,000 | -82,455,000 | 30,883,000 | ' | ||||
Net income (loss) | 43,544,000 | 38,003,000 | 103,193,000 | 198,076,000 | ' | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | -268,000 | ' | ||||
Net income (loss) attributable to CCIC stockholders | 43,544,000 | 38,003,000 | 103,193,000 | 198,344,000 | ' | ||||
Capital expenditures | 125,941,000 | 117,830,000 | 373,653,000 | 268,730,000 | ' | ||||
CCAL [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Site rental | 31,351,000 | 31,514,000 | 98,764,000 | 90,752,000 | ' | ||||
Network services and other | 6,148,000 | 4,289,000 | 17,953,000 | 17,411,000 | ' | ||||
Net revenues | 37,499,000 | 35,803,000 | 116,717,000 | 108,163,000 | ' | ||||
Site rental | 9,175,000 | [1] | 9,255,000 | [1] | 28,970,000 | [1] | 26,690,000 | [1] | ' |
Network services and other | 4,069,000 | [1] | 3,437,000 | [1] | 13,762,000 | [1] | 11,572,000 | [1] | ' |
General and administrative | 6,192,000 | 5,401,000 | 17,441,000 | 18,286,000 | ' | ||||
Asset write-down charges | 871,000 | 42,000 | 1,072,000 | 53,000 | ' | ||||
Acquisition and integration costs | 126,000 | 0 | 311,000 | 54,000 | ' | ||||
Depreciation, amortization and accretion | 8,887,000 | 7,681,000 | 23,567,000 | 23,129,000 | ' | ||||
Total operating expenses | 29,320,000 | 25,816,000 | 85,123,000 | 79,784,000 | ' | ||||
Operating income (loss) | 8,179,000 | 9,987,000 | 31,594,000 | 28,379,000 | ' | ||||
Interest expense and amortization of deferred financing costs | -3,949,000 | -4,478,000 | -12,710,000 | -14,815,000 | ' | ||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | 0 | ' | ||||
Interest income | 92,000 | 81,000 | 269,000 | 362,000 | ' | ||||
Other income (expense) | 23,000 | 21,000 | 35,000 | -24,000 | ' | ||||
Benefit (provision) for income taxes | -1,421,000 | -436,000 | -5,799,000 | -1,446,000 | ' | ||||
Net income (loss) | 2,924,000 | 5,175,000 | 13,389,000 | 12,456,000 | ' | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 632,000 | 1,133,000 | 2,925,000 | 2,711,000 | ' | ||||
Net income (loss) attributable to CCIC stockholders | 2,292,000 | 4,042,000 | 10,464,000 | 9,745,000 | ' | ||||
Capital expenditures | 4,722,000 | 5,860,000 | 11,829,000 | 14,656,000 | ' | ||||
Elimination [Member] | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Site rental | 0 | 0 | 0 | 0 | ' | ||||
Network services and other | 0 | 0 | 0 | 0 | ' | ||||
Net revenues | 0 | 0 | 0 | 0 | ' | ||||
Site rental | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Network services and other | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
General and administrative | 0 | 0 | 0 | 0 | ' | ||||
Asset write-down charges | 0 | 0 | 0 | 0 | ' | ||||
Acquisition and integration costs | 0 | 0 | 0 | 0 | ' | ||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | ' | ||||
Total operating expenses | 0 | 0 | 0 | 0 | ' | ||||
Operating income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Interest expense and amortization of deferred financing costs | 3,949,000 | 4,478,000 | 12,710,000 | 14,803,000 | ' | ||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | 0 | ' | ||||
Interest income | 0 | 0 | 0 | 0 | ' | ||||
Other income (expense) | -3,949,000 | -4,478,000 | -12,710,000 | -14,803,000 | ' | ||||
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | ' | ||||
Net income (loss) | 0 | 0 | 0 | 0 | ' | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 0 | ' | ||||
Net income (loss) attributable to CCIC stockholders | 0 | 0 | 0 | 0 | ' | ||||
Capital expenditures | $0 | $0 | $0 | $0 | ' | ||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||
[2] | The losses predominantly relate to cash losses, including with respect to make whole payments. |
Operating_Segments_Adjusted_fo
Operating Segments (Adjusted for EBITDA) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' | |
Net income (loss) | $46,468,000 | $43,178,000 | $116,582,000 | $210,532,000 | |
Asset write-down charges | 3,893,000 | 1,560,000 | 10,705,000 | 8,250,000 | |
Acquisition and integration costs | 4,369,000 | 2,937,000 | 13,186,000 | 12,112,000 | |
Depreciation, amortization and accretion | 195,408,000 | 154,867,000 | 572,518,000 | 446,749,000 | |
Amortization of prepaid lease purchase price adjustments | 3,870,000 | 3,858,000 | 11,595,000 | 10,301,000 | |
Interest expense and amortization of deferred financing costs | 142,016,000 | 144,949,000 | 446,641,000 | 427,361,000 | |
Gains (losses) on retirement of long-term obligations | 1,000 | 0 | 36,487,000 | [1] | 14,586,000 |
Interest income | -236,000 | -291,000 | -861,000 | -1,027,000 | |
Other income (expense) | 631,000 | 632,000 | 753,000 | 3,958,000 | |
Benefit (provision) for income taxes | 33,959,000 | 32,300,000 | 88,254,000 | -29,437,000 | |
Stock-based compensation expense | 10,178,000 | 16,182,000 | 29,885,000 | 35,364,000 | |
Adjusted EBITDA | 440,557,000 | 400,172,000 | 1,325,745,000 | 1,138,749,000 | |
CCUSA [Member] | ' | ' | ' | ' | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' | |
Net income (loss) | 43,544,000 | 38,003,000 | 103,193,000 | 198,076,000 | |
Asset write-down charges | 3,022,000 | 1,518,000 | 9,633,000 | 8,197,000 | |
Acquisition and integration costs | 4,243,000 | 2,937,000 | 12,875,000 | 12,058,000 | |
Depreciation, amortization and accretion | 186,521,000 | 147,186,000 | 548,951,000 | 423,620,000 | |
Amortization of prepaid lease purchase price adjustments | 3,870,000 | 3,858,000 | 11,595,000 | 10,301,000 | |
Interest expense and amortization of deferred financing costs | 142,016,000 | 144,949,000 | 446,641,000 | 427,349,000 | |
Gains (losses) on retirement of long-term obligations | 1,000 | 0 | 36,487,000 | 14,586,000 | |
Interest income | -144,000 | -210,000 | -592,000 | -665,000 | |
Other income (expense) | -3,295,000 | -3,825,000 | -11,922,000 | -10,869,000 | |
Benefit (provision) for income taxes | 32,538,000 | 31,864,000 | 82,455,000 | -30,883,000 | |
Stock-based compensation expense | 9,862,000 | 16,308,000 | 29,335,000 | 33,413,000 | |
Adjusted EBITDA | 422,178,000 | 382,588,000 | 1,268,651,000 | 1,085,183,000 | |
CCAL [Member] | ' | ' | ' | ' | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' | |
Net income (loss) | 2,924,000 | 5,175,000 | 13,389,000 | 12,456,000 | |
Asset write-down charges | 871,000 | 42,000 | 1,072,000 | 53,000 | |
Acquisition and integration costs | 126,000 | 0 | 311,000 | 54,000 | |
Depreciation, amortization and accretion | 8,887,000 | 7,681,000 | 23,567,000 | 23,129,000 | |
Amortization of prepaid lease purchase price adjustments | 0 | 0 | 0 | 0 | |
Interest expense and amortization of deferred financing costs | 3,949,000 | 4,478,000 | 12,710,000 | 14,815,000 | |
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | 0 | |
Interest income | -92,000 | -81,000 | -269,000 | -362,000 | |
Other income (expense) | -23,000 | -21,000 | -35,000 | 24,000 | |
Benefit (provision) for income taxes | 1,421,000 | 436,000 | 5,799,000 | 1,446,000 | |
Stock-based compensation expense | 316,000 | -126,000 | 550,000 | 1,951,000 | |
Adjusted EBITDA | 18,379,000 | 17,584,000 | 57,094,000 | 53,566,000 | |
Elimination [Member] | ' | ' | ' | ' | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' | |
Net income (loss) | 0 | 0 | 0 | 0 | |
Asset write-down charges | 0 | 0 | 0 | 0 | |
Acquisition and integration costs | 0 | 0 | 0 | 0 | |
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | |
Amortization of prepaid lease purchase price adjustments | 0 | 0 | 0 | 0 | |
Interest expense and amortization of deferred financing costs | -3,949,000 | -4,478,000 | -12,710,000 | -14,803,000 | |
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Other income (expense) | 3,949,000 | 4,478,000 | 12,710,000 | 14,803,000 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | $0 | $0 | $0 | $0 | |
[1] | The losses predominantly relate to cash losses, including with respect to make whole payments. |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk (Details) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
Concentration Risk [Line Items] | ' | ' | ||
Tower Count | 31,600 | ' | ||
Sprint [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 28.00% | [1] | 26.00% | [1] |
Sprint [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 25.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '7 years | ' | ||
T-Mobile [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 23.00% | [2] | 14.00% | [2] |
AT T [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 22.00% | [3] | 23.00% | [3] |
Verizon Wireless [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 16.00% | 18.00% | ||
Clearwire [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 3.00% | ' | ||
Revenue from consolidated tenant as percentage of net revenues | 2.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '3 years | ' | ||
T-Mobile, excluding Metro PCS [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 17.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '9 years | ' | ||
Metro PCS [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 6.00% | ' | ||
Revenue from consolidated tenant as percentage of net revenues | 2.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '5 years | ' | ||
AT&T, excluding Leap Wireless [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 19.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '10 years | ' | ||
Leap Wireless [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percentage of consolidated revenues | 3.00% | ' | ||
Revenue from consolidated tenant as percentage of net revenues | 1.00% | ' | ||
Weighted Average Remaining Term Of Tenant Leases | '4 years | ' | ||
Sprint Clearwire Consolidation [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Tower Count | 2,700 | ' | ||
T-Mobile Metro Consolidation [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Tower Count | 1,400 | ' | ||
ATT Leap Wireless Consolidation [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Tower Count | 1,300 | ' | ||
[1] | For the nine months ended September 30, 2013, Sprint and Clearwire accounted for 25% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, Sprint and Clearwire are co-residents on approximately 2,700 towers. The weighted-average remaining term on these tower tenant contracts with Sprint and Clearwire is approximately seven years and three years, respectively. Revenue from Clearwire on these 2,700 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||
[2] | For the nine months ended September 30, 2013, T-Mobile and MetroPCS accounted for 17% and 6%, respectively, of consolidated net revenues. As of September 30, 2013, T-Mobile and MetroPCS are co-residents on approximately 1,400 towers. The weighted-average remaining term on these tower tenant contracts with T-Mobile and MetroPCS is approximately nine years and five years, respectively. Revenue from MetroPCS on these 1,400 towers represented approximately 2% of consolidated site rental revenues for the nine months ended September 30, 2013. | |||
[3] | For the nine months ended September 30, 2013, AT&T and Leap Wireless accounted for 19% and 3%, respectively, of consolidated net revenues. As of September 30, 2013, AT&T and Leap Wireless are co-residents on approximately 1,300 towers. The weighted-average remaining term on these tower tenant contracts with AT&T and Leap Wireless is approximately 10 years and four years, respectively. Revenue from Leap Wireless on these 1,300 towers represented approximately 1% of consolidated site rental revenues for the nine months ended September 30, 2013. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Interest paid | $356,421 | $364,507 |
Income taxes paid | 12,769 | 3,092 |
Increase (decrease) in liabilities for purchases of property and equipment | 28,549 | 21,139 |
Conversion of redeemable convertible preferred stock | $0 | $305,180 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Oct. 28, 2013 | Dec. 31, 2012 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | Oct. 28, 2013 | |
tower | Conversion factor prior to 2016 [Member] | Minimum [Member] | Maximum [Member] | Preferred Stock [Member] | Common Stock [Member] | Proposed AT&T Transaction [Member] | Proposed AT&T Transaction, Leased and Operated Sites [Member] | Proposed AT&T Transaction, Owned Sites [Member] | ||||
tower | tower | tower | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tower Count | 31,600 | ' | ' | ' | ' | ' | ' | ' | ' | 9,700 | 9,060 | 640 |
Purchase Option Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000,000 | ' | ' |
Purchase Option Date | ' | ' | ' | ' | ' | '2032 | '2048 | ' | ' | ' | ' | ' |
Third Party Revenues Expected to be Generated by Proposed ATT Transaction | ' | ' | 163,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ground Lease Expected to be Incurred by Proposed ATT Transaction | ' | ' | 142,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual Revenues Expected to be Generated by Proposed ATT Transaction | ' | ' | 221,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000,000 | ' | ' |
Weighted Average Remaining Term Of Tenant Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | '28 years | ' | ' |
Common stock, shares issued | 292,675,430 | ' | 41,400,000 | 293,164,786 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of capital stock | $0 | $239,000 | ' | ' | ' | ' | ' | $949,600,000 | $3,000,000,000 | ' | ' | ' |
Conversion factor, Mandatory Convertible Preferred Stock | ' | ' | ' | ' | 1.0811 | 1.0811 | 1.3513 | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expectation of initiation of common stock dividend, per share basis | $0.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |