Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
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 | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 333,795,318 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $200,537 | $223,394 |
Restricted cash | 163,953 | 183,526 |
Receivables, net | 245,556 | 249,925 |
Prepaid expenses | 132,026 | 132,003 |
Deferred income tax assets | 26,972 | 26,714 |
Other current assets | 83,224 | 77,121 |
Total current assets | 852,268 | 892,683 |
Deferred site rental receivables | 1,129,678 | 1,078,995 |
Property and equipment, net | 8,927,218 | 8,947,677 |
Goodwill | 4,934,148 | 4,916,426 |
Other intangible assets, net | 3,997,518 | 4,057,865 |
Deferred income tax assets | 14,746 | 19,008 |
Long-term prepaid rent, deferred financing costs and other assets, net | 714,090 | 682,254 |
Total assets | 20,569,666 | 20,594,908 |
LIABILITIES AND EQUITY | ' | ' |
Accounts payable | 127,053 | 145,390 |
Accrued interest | 64,561 | 65,582 |
Deferred revenues | 255,323 | 260,114 |
Other accrued liabilities | 155,868 | 181,715 |
Current maturities of debt and other obligations | 105,467 | 103,586 |
Total current liabilities | 708,272 | 756,387 |
Debt and other long-term obligations | 11,467,859 | 11,490,914 |
Deferred income tax liabilities | 52,134 | 56,513 |
Deferred credits and other liabilities | 1,406,734 | 1,349,919 |
Total liabilities | 13,634,999 | 13,653,733 |
Commitments and contingencies | ' | ' |
CCIC stockholders' equity: | ' | ' |
Common stock | 3,338 | 3,341 |
4.50% Mandatory Convertible Preferred Stock | 98 | 98 |
Additional paid-in capital | 9,473,311 | 9,482,769 |
Accumulated other comprehensive income (loss) | 4,059 | -23,612 |
Dividends/distributions in excess of earnings | -2,562,541 | -2,535,879 |
Total CCIC stockholders' equity | 6,918,265 | 6,926,717 |
Noncontrolling interest | 16,402 | 14,458 |
Total equity | 6,934,667 | 6,941,175 |
Total liabilities and equity | $20,569,666 | $20,594,908 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 9,775,000 | 9,775,000 |
Preferred Stock, Shares Outstanding | 9,775,000 | 9,775,000 |
Preferred Stock, Liquidation Preference, Value | $977,500 | $977,500 |
Accumulated depreciation, property and equipment | $4,934,129 | $4,732,956 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 333,795,981 | 334,070,016 |
Common stock, shares outstanding | 333,795,981 | 334,070,016 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net revenues: | ' | ' | ||
Site rental | $747,162 | $615,415 | ||
Network services and other | 128,788 | 124,645 | ||
Net revenues | 875,950 | 740,060 | ||
Operating expenses: | ' | ' | ||
Site rental | 228,076 | [1] | 177,606 | [1] |
Network services and other | 72,874 | [1] | 77,377 | [1] |
General and administrative | 64,849 | 58,246 | ||
Asset write-down charges | 2,733 | 3,715 | ||
Acquisition and integration costs | 5,659 | 1,602 | ||
Depreciation, amortization and accretion | 250,191 | 186,459 | ||
Total operating expenses | 624,382 | 505,005 | ||
Operating income (loss) | 251,568 | 235,055 | ||
Interest expense and amortization of deferred financing costs | -146,400 | -164,369 | ||
Gains (losses) on retirement of long-term obligations | 0 | -35,909 | ||
Interest income | 173 | 297 | ||
Other income (expense) | -2,736 | -629 | ||
Income (loss) before income taxes | 102,605 | 34,445 | ||
Benefit (provision) for income taxes | 188 | -17,708 | ||
Net income (loss) | 102,793 | 16,737 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 1,296 | 1,275 | ||
Net income (loss) attributable to CCIC stockholders | 101,497 | 15,462 | ||
Dividends on preferred stock | -10,997 | 0 | ||
Net income (loss) attributable to CCIC common stockholders | 90,500 | 15,462 | ||
Net income (loss) | 102,793 | 16,737 | ||
Interest rate swaps, net of taxes: | ' | ' | ||
Amounts reclassified into interest expense and amortization deferred financing costs, net of taxes | 16,182 | 10,570 | ||
Foreign currency translation adjustments | 12,137 | -390 | ||
Total other comprehensive income (loss) | 28,319 | 10,180 | ||
Comprehensive income (loss) | 131,112 | 26,917 | ||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 1,944 | 1,700 | ||
Comprehensive income (loss) attributable to CCIC stockholders | $129,168 | $25,217 | ||
Net income (loss) attributable to CCIC common stockholders, per common share: | ' | ' | ||
Basic | $0.27 | $0.05 | ||
Diluted | $0.27 | $0.05 | ||
Weighted-average common shares outstanding (in thousands): | ' | ' | ||
Basic | 332,034 | 291,102 | ||
Diluted | 333,045 | 292,570 | ||
Common Stock, Dividends, Per Share, Declared | $0.35 | $0 | ||
[1] | Exclusive of depreciation, amortization and accretion shown separately. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Tax effect on derivative instruments | $0 | $5,692 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $102,793 | $16,737 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ' | ' |
Depreciation, amortization and accretion | 250,191 | 186,459 |
Gains (losses) on retirement of long-term obligations | 0 | 35,909 |
Amortization of deferred financing costs and other non-cash interest | 20,881 | 36,920 |
Stock-based compensation expense | 11,956 | 10,029 |
Asset write-down charges | 2,733 | 3,715 |
Deferred income tax benefit (provision) | -2,332 | 14,740 |
Other adjustments | -774 | 765 |
Changes in assets and liabilities, excluding the effects of acquisitions: | ' | ' |
Increase (decrease) in accrued interest | -1,021 | 27,578 |
Increase (decrease) in accounts payable | -10,601 | -6,545 |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 34,900 | 10,506 |
Decrease (increase) in receivables | 4,896 | -19,808 |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | -51,339 | -30,379 |
Net cash provided by (used for) operating activities | 362,283 | 286,626 |
Cash flows from investing activities: | ' | ' |
Payment for acquisitions of businesses, net of cash acquired | -62,228 | -12,810 |
Capital expenditures | -142,943 | -116,353 |
Other investing activities, net | 952 | 147 |
Net cash provided by (used for) investing activities | -204,219 | -129,016 |
Cash flows from financing activities: | ' | ' |
Principal payments on long-term debt and other long-term obligations | -27,739 | -25,333 |
Purchases and redemptions of long-term debt | 0 | -644,422 |
Purchases of capital stock | -21,417 | -23,579 |
Borrowings under revolving credit facility | 83,000 | 0 |
Payments under revolving credit facility | -89,000 | -165,000 |
Payments for financing costs | -5,854 | -3,927 |
Net (increase) decrease in restricted cash | 14,743 | 425,774 |
Dividends/distributions paid on common stock | -116,829 | 0 |
Dividends/distributions paid on preferred stock | -11,363 | 0 |
Net cash provided by (used for) financing activities | -174,459 | -436,487 |
Effect of exchange rate changes on cash | -6,462 | -1,622 |
Net increase (decrease) in cash and cash equivalents | -22,857 | -280,499 |
Cash and cash equivalents at beginning of period | 223,394 | 441,364 |
Cash and cash equivalents at end of period | $200,537 | $160,865 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (USD $) | Total | Stockholders' Equity, Total [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Dividends/Distributions in Excess of Earnings [Member] | Noncontrolling Interest [Member] | |||||||
Balance, value at Dec. 31, 2012 | ' | $2,951,264,000 | $2,932,000 | $0 | $5,623,595,000 | $102,125,000 | ($163,916,000) | ($2,625,990,000) | $12,518,000 | |||||||
Balance, shares at Dec. 31, 2012 | ' | ' | 293,164,786 | ' | ' | ' | ' | ' | ' | |||||||
Preferred Stock, Shares Outstanding | ' | ' | ' | 0 | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | ' | 10,029,000 | 9,000 | ' | 10,020,000 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | 947,979 | ' | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | ' | -23,579,000 | -3,000 | ' | -23,576,000 | 0 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -341,559 | ' | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | 10,180,000 | 10,180,000 | [1] | 0 | [1] | ' | 0 | [1] | -815,000 | [1] | 10,570,000 | [1] | 0 | [1] | 425,000 | [1] |
Net income (loss) | 16,737,000 | 16,737,000 | 0 | ' | 0 | 0 | 0 | 15,462,000 | 1,275,000 | |||||||
Balance, value at Mar. 31, 2013 | ' | 2,964,631,000 | 2,938,000 | 0 | 5,610,039,000 | 101,310,000 | -153,346,000 | -2,610,528,000 | 14,218,000 | |||||||
Balance, shares at Mar. 31, 2013 | ' | ' | 293,771,206 | ' | ' | ' | ' | ' | ' | |||||||
Balance, value at Dec. 31, 2013 | 6,941,175,000 | 6,941,175,000 | 3,341,000 | 98,000 | 9,482,769,000 | 58,261,000 | -81,873,000 | -2,535,879,000 | 14,458,000 | |||||||
Balance, shares at Dec. 31, 2013 | 334,070,016 | ' | 334,070,016 | ' | ' | ' | ' | ' | ' | |||||||
Preferred Stock, Shares Outstanding | 9,775,000 | ' | ' | 9,775,000 | ' | ' | ' | ' | ' | |||||||
Stock-based compensation related activity, net of forfeitures, value | ' | 11,956,000 | 0 | ' | 11,956,000 | 0 | 0 | ' | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | ' | ' | 14,031 | ' | ' | ' | ' | ' | ' | |||||||
Purchases and retirement of capital stock, value | ' | -21,417,000 | -3,000 | ' | -21,414,000 | 0 | 0 | ' | 0 | |||||||
Purchases and retirement of capital stock, shares | ' | ' | -288,066 | ' | ' | ' | ' | ' | ' | |||||||
Other comprehensive income (loss) | 28,319,000 | 28,319,000 | [1] | 0 | [1] | ' | 0 | [1] | 11,489,000 | [1] | 16,182,000 | [1] | ' | 648,000 | [1] | |
Common stock dividends/distributions | ' | -117,162,000 | ' | ' | ' | ' | ' | -117,162,000 | ' | |||||||
Preferred stock dividends | ' | -10,997,000 | ' | ' | ' | ' | ' | -10,997,000 | ' | |||||||
Net income (loss) | 102,793,000 | 102,793,000 | 0 | ' | 0 | 0 | 0 | 101,497,000 | 1,296,000 | |||||||
Balance, value at Mar. 31, 2014 | $6,934,667,000 | $6,934,667,000 | $3,338,000 | $98,000 | $9,473,311,000 | $69,750,000 | ($65,691,000) | ($2,562,541,000) | $16,402,000 | |||||||
Balance, shares at Mar. 31, 2014 | 333,795,981 | ' | 333,795,981 | ' | ' | ' | ' | ' | ' | |||||||
[1] | See the condensed 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 | 3 Months Ended | |
Mar. 31, 2014 | ||
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, 2013, and related notes thereto, included in the 2013 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 towers, and, to a lesser extent, to (2) its small cells, and (3) third party land interests to wireless communications companies via long-term contracts in various forms, including licenses, subleases and lease agreements. | ||
Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 5. | ||
Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with Sprint, T-Mobile, and AT&T. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. | ||
As part of CCUSA's effort to provide comprehensive wireless infrastructure solutions, it offers certain network services relating to its wireless infrastructure, consisting of (1) customer equipment installation or subsequent augmentations (collectively, "installation services") and (2) the following additional site development services relating to existing or new antenna installations on its wireless infrastructure: site acquisition, architectural and engineering, zoning or permitting, other construction, or 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 March 31, 2014, and the consolidated results of operations and the consolidated cash flows for the three months ended March 31, 2014 and 2013. 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 | 3 Months Ended |
Mar. 31, 2014 | |
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 condensed consolidated financial statements are disclosed in the 2013 Form 10-K. | |
New Accounting Pronouncements | |
No accounting pronouncements adopted during the three months ended March 31, 2014 had a material impact on the Company's consolidated financial statements. No new accounting pronouncements issued during the three months ended March 31, 2014 but not yet adopted are expected to have a material impact on the Company's consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Acqusitions [Abstract] | ' | ||||
Business Combination Disclosure | ' | ||||
Acquisitions | |||||
AT&T Acquisition | |||||
During October 2013, the Company entered into a definitive agreement with AT&T to acquire, for $4.827 billion in cash at closing, exclusive rights to towers which, as of March 31, 2014, comprised approximately 24% of the Company's towers ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. The Company utilized net proceeds from the October Equity Financings, and additional borrowings under the 2012 Revolver and Term Loans to finance the AT&T Acquisition, as well as cash on hand. For the three months ended March 31, 2014, the Company recognized integration costs related to the AT&T Acquisition of $4.7 million. | |||||
The preliminary purchase price allocation related to the AT&T Acquisition is not finalized as of March 31, 2014, and is based upon preliminary valuation which is subject to change as the Company obtains additional information, including with respect to fixed assets, intangible assets and certain liabilities. There were no changes in the preliminary purchase price allocation between December 31, 2013 and March 31, 2014. | |||||
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 AT&T Acquisition 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 the AT&T Acquisition was completed as of January 1, 2012. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | |||||
Three Months Ended March 31, 2013 | |||||
Net revenues | $ | 844,044 | (a) | ||
Net income (loss) | $ | 9,214 | (b)(c) | ||
Basic net income (loss) attributable to CCIC common stockholders | $ | (0.01 | ) | (d) | |
Diluted net income (loss) attributable to CCIC common stockholders | $ | (0.01 | ) | (d) | |
(a) | Amounts are inclusive of pro forma adjustments to increase net revenues of $55.1 million that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. | ||||
(b) | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $55.2 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. | ||||
(c) | The pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made with respect to the Company's REIT election. See note 5. | ||||
(d) | Pro forma amounts include the impact of the interest expense associated with the related debt financing as well as the impact of the common stock and preferred stock offerings completed in October 2013. |
Debt_and_Other_Obligations
Debt and Other Obligations | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Debt and Other Obligations | ' | |||||||||||||||||||||||||||||||||||
Debt and Other Obligations | ||||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
Date (d) | March 31, 2014 | 31-Dec-13 | March 31, 2014(a)(d) | |||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | $ | 368,000 | (b) | $ | 374,000 | 2.2 | % | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | 658,359 | 662,500 | 2.2 | % | ||||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/Jan. 2021 | (e) | 2,856,990 | (e) | 2,864,150 | 3.3 | % | ||||||||||||||||||||||||||||
Total bank debt | 3,883,349 | 3,900,650 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2035 - 2040 | (c) | 1,900,000 | 1,900,000 | 5.8 | % | |||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (c) | 1,550,000 | 1,550,000 | 4.5 | % | |||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | 175,071 | 179,792 | 7.4 | % | ||||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (c) | 279,730 | 286,171 | 5.6 | % | |||||||||||||||||||||||||||||
Total securitized debt | 3,904,801 | 3,915,963 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | 498,390 | 498,332 | 7.1 | % | ||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,970 | 1,649,970 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Senior Notes | Dec. 2012 | Dec. 2017/Apr. 2023 | 1,500,000 | 1,500,000 | 3.4 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,648,360 | 3,648,302 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 136,816 | 129,585 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 11,573,326 | 11,594,500 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 105,467 | 103,586 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,467,859 | $ | 11,490,914 | ||||||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of March 31, 2014, the undrawn availability under the $1.5 billion 2012 Revolver is $1.1 billion. | |||||||||||||||||||||||||||||||||||
(c) | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2013 Form 10-K for additional information regarding these provisions. | |||||||||||||||||||||||||||||||||||
(d) | See the 2013 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||||||||||||||||||||||||||||||||
(e) | During January 2014, the Company amended the 2012 Credit Facility by extending the maturity date on a portion of the Tranche B Term Loans, including Incremental Tranche B Term Loans, to January 2021. As of March 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $569.8 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
See note 13 for a discussion of the April 2014 issuance of $850.0 million of senior notes due in April 2022 ("4.875% Senior Notes"), the April 2014 repayment of $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date in January 2015, and the May 2014 redemption of all of the previously outstanding 7.125% Senior Notes (collectively, "2014 Refinancings"). | ||||||||||||||||||||||||||||||||||||
Contractual Maturities | ||||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding as of March 31, 2014. 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. See also note 13. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 76,614 | $ | 100,664 | $ | 115,313 | $ | 613,459 | $ | 992,133 | $ | 9,670,144 | $ | 11,568,327 | $ | 4,999 | $ | 11,573,326 | ||||||||||||||||||
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 March 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 125,519 | $ | 127,449 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,641 | 9,047 | ||||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (955 | ) | 11,436 | |||||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 16,182 | 16,262 | ||||||||||||||||||||||||||||||||||
Other, net of capitalized interest | 13 | 175 | ||||||||||||||||||||||||||||||||||
Total | $ | 146,400 | $ | 164,369 | ||||||||||||||||||||||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income (loss). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Income Taxes | |
Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. As a REIT, the Company will generally be entitled to a deduction for dividends that it pays and therefore will not be subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to the TRSs, (4) certain state, local, or foreign income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. In addition, the Company could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code 1986, as amended ("Code") to maintain qualification for taxation as a REIT. The Company's small cells will initially be conducted through one or more TRSs. The Company has submitted a private letter ruling request with the Internal Revenue Service ("IRS") regarding whether certain components of its small cells and the related rents qualify as REIT real property and could be included in our REIT. If any of the small cell assets and operations are included in the REIT in the future, the Company would expect to de-recognize its previously recorded U.S. federal and state net deferred tax liabilities related to such small cell assets and operations. Additionally, the Company will include in TRSs its tower operations in Australia and will include certain other assets and operations in TRSs. Those TRS assets and operations would continue to be subject, as applicable, to federal and state corporate income taxes and to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico and Australia) most likely will be subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not. The Company will be subject to a federal corporate level tax rate (currently 35%) on the gain recognized from the sale of assets occurring within a specified period (generally 10 years) after the REIT conversion up to the amount of the built in gain that existed on January 1, 2014, which is based upon the fair market value of those assets in excess of our tax basis on January 1, 2014. This gain can be offset by any remaining federal net operating loss carryforwards. | |
For the three months ended March 31, 2014, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. The income tax provision for the three months ended March 31, 2014 primarily related to the TRS. For the three months ended March 31, 2013, the Company's effective tax rate differed from the federal statutory rate predominately due to state taxes of $6.9 million, including the impact of certain subsidiaries without state income tax filing requirements incurring taxable losses for which no state benefit could be recorded. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Level in Fair Value Hierarchy | March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 200,537 | $ | 200,537 | $ | 223,394 | $ | 223,394 | |||||||||
Restricted cash, current and non-current | 1 | 168,953 | 168,953 | 188,526 | 188,526 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 11,573,326 | 11,962,914 | 11,594,500 | 11,892,587 | |||||||||||||
The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the 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, 2013 in the Company's valuation techniques used to measure fair values. |
Per_Share_Information
Per Share Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Per Share Information | ' | |||||||
Per Share Information | ' | |||||||
Per Share Information | ||||||||
Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of the Company's 4.50% Mandatory Convertible Preferred Stock 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 March 31, | ||||||||
2014 | 2013 | |||||||
Net income (loss) attributable to CCIC stockholders | $ | 101,497 | $ | 15,462 | ||||
Dividends on preferred stock | (10,997 | ) | — | |||||
Net income (loss) attributable to CCIC common stockholders | $ | 90,500 | $ | 15,462 | ||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||
Basic weighted-average number of common stock outstanding | 332,034 | 291,102 | ||||||
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 1,011 | 1,468 | ||||||
Diluted weighted-average number of common shares outstanding | 333,045 | 292,570 | ||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ | 0.27 | $ | 0.05 | ||||
Diluted | $ | 0.27 | $ | 0.05 | ||||
During the three months ended March 31, 2014, the Company issued 1.0 million restricted stock units. For the three months ended March 31, 2014, an aggregate of 1.4 million restricted stock awards and restricted stock units were excluded from the dilutive common shares because certain market conditions would not have been achieved assuming that March 31, 2014 was the end of the contingency period. For the three months ended March 31, 2014, 13.1 million common share equivalents related to the 4.50% Mandatory Convertible Preferred Stock were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is involved in various claims, lawsuits or 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 or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, the Company has the option to purchase approximately 53% of the Company's towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. |
Equity
Equity | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
Equity | ||||||||||||||||
Declaration and Payment of Dividends | ||||||||||||||||
During the three months ended March 31, 2014, the Company declared or paid the following dividends: | ||||||||||||||||
Equity Type | Declaration Date | Payment Date | Record Date | Dividends Per Share | Aggregate | |||||||||||
Payment | ||||||||||||||||
Amount | ||||||||||||||||
(In millions) | ||||||||||||||||
Common Stock | February 20, 2014 | March 31, 2014 | March 20, 2014 | $ | 0.35 | $ | 117.2 | (a) | ||||||||
4.50% Mandatory Convertible Preferred Stock | December 31, 2013 | February 3, 2014 | January 14, 2014 | $ | 1.1625 | $ | 11.4 | |||||||||
4.50% Mandatory Convertible Preferred Stock | March 25, 2014 | May 1, 2014 | April 15, 2014 | $ | 1.125 | $ | 11 | (b) | ||||||||
________________ | ||||||||||||||||
(a) | Inclusive of dividends accrued for holders of unvested restricted stock units. | |||||||||||||||
(b) | Represents amount paid on May 1, 2014, based on holders of record on April 15, 2014. | |||||||||||||||
Purchases of the Company's Common Stock | ||||||||||||||||
For the three months ended March 31, 2014, the Company purchased 0.3 million shares of its common stock utilizing $21.4 million in cash. |
Operating_Segments
Operating Segments | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
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 March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 714,792 | $ | 32,370 | $ | — | $ | 747,162 | $ | 581,265 | $ | 34,150 | $ | — | $ | 615,415 | ||||||||||||||||
Network services and other | 126,971 | 1,817 | — | 128,788 | 117,862 | 6,783 | — | 124,645 | ||||||||||||||||||||||||
Net revenues | 841,763 | 34,187 | — | 875,950 | 699,127 | 40,933 | — | 740,060 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 218,644 | 9,432 | — | 228,076 | 167,591 | 10,015 | — | 177,606 | ||||||||||||||||||||||||
Network services and other | 71,799 | 1,075 | — | 72,874 | 71,848 | 5,529 | — | 77,377 | ||||||||||||||||||||||||
General and administrative | 58,641 | 6,208 | — | 64,849 | 52,562 | 5,684 | — | 58,246 | ||||||||||||||||||||||||
Asset write-down charges | 2,636 | 97 | — | 2,733 | 3,603 | 112 | — | 3,715 | ||||||||||||||||||||||||
Acquisition and integration costs | 5,659 | — | — | 5,659 | 1,602 | — | — | 1,602 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 245,176 | 5,015 | — | 250,191 | 179,126 | 7,333 | — | 186,459 | ||||||||||||||||||||||||
Total operating expenses | 602,555 | 21,827 | — | 624,382 | 476,332 | 28,673 | — | 505,005 | ||||||||||||||||||||||||
Operating income (loss) | 239,208 | 12,360 | — | 251,568 | 222,795 | 12,260 | — | 235,055 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (146,400 | ) | (3,683 | ) | 3,683 | (146,400 | ) | (164,369 | ) | (4,445 | ) | 4,445 | (164,369 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | — | — | — | — | (35,909 | ) | — | — | (35,909 | ) | ||||||||||||||||||||||
Interest income | 114 | 59 | — | 173 | 203 | 94 | — | 297 | ||||||||||||||||||||||||
Other income (expense) | 947 | — | (3,683 | ) | (2,736 | ) | 3,819 | (3 | ) | (4,445 | ) | (629 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | 3,040 | (2,852 | ) | — | 188 | (15,613 | ) | (2,095 | ) | — | (17,708 | ) | ||||||||||||||||||||
Net income (loss) | 96,909 | 5,884 | — | 102,793 | 10,926 | 5,811 | — | 16,737 | ||||||||||||||||||||||||
Less: net income (loss) attributable to the noncontrolling interest | — | 1,296 | — | 1,296 | — | 1,275 | — | 1,275 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 96,909 | $ | 4,588 | $ | — | $ | 101,497 | $ | 10,926 | $ | 4,536 | $ | — | $ | 15,462 | ||||||||||||||||
Capital expenditures | $ | 138,838 | $ | 4,105 | $ | — | $ | 142,943 | $ | 113,199 | $ | 3,154 | $ | — | $ | 116,353 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
The following is a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 96,909 | $ | 5,884 | $ | — | $ | 102,793 | $ | 10,926 | $ | 5,811 | $ | — | $ | 16,737 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 2,636 | 97 | — | 2,733 | 3,603 | 112 | — | 3,715 | ||||||||||||||||||||||||
Acquisition and integration costs | 5,659 | — | — | 5,659 | 1,602 | — | — | 1,602 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 245,176 | 5,015 | — | 250,191 | 179,126 | 7,333 | — | 186,459 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 3,895 | — | — | 3,895 | 3,863 | — | — | 3,863 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 146,400 | 3,683 | (3,683 | ) | 146,400 | 164,369 | 4,445 | (4,445 | ) | 164,369 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | — | — | — | — | 35,909 | — | — | 35,909 | ||||||||||||||||||||||||
Interest income | (114 | ) | (59 | ) | — | (173 | ) | (203 | ) | (94 | ) | — | (297 | ) | ||||||||||||||||||
Other income (expense) | (947 | ) | — | 3,683 | 2,736 | (3,819 | ) | 3 | 4,445 | 629 | ||||||||||||||||||||||
Benefit (provision) for income taxes | (3,040 | ) | 2,852 | — | (188 | ) | 15,613 | 2,095 | — | 17,708 | ||||||||||||||||||||||
Stock-based compensation expense | 11,956 | 981 | — | 12,937 | 10,029 | 68 | — | 10,097 | ||||||||||||||||||||||||
Adjusted EBITDA(a) | $ | 508,530 | $ | 18,453 | $ | — | $ | 526,983 | $ | 421,018 | $ | 19,773 | $ | — | $ | 440,791 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | The above reconciliation excludes line items included in our Adjusted EBITDA definition for which there is no activity for the periods shown. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
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 AT&T's acquisition of Leap Wireless (completed in March 2014). | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
AT&T | 27 | % | 21 | % | ||
Sprint | 26 | % | 28 | % | ||
T-Mobile | 21 | % | 23 | % | ||
Verizon Wireless | 15 | % | 15 | % | ||
Total | 89 | % | 87 | % |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 126,540 | $ | 99,871 | ||||
Income taxes paid | 7,400 | 2,645 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in liabilities for purchases of property and equipment | 430 | (5,134 | ) | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
4.875% Senior Notes | |
In April 2014, the Company issued the 4.875% Senior Notes, which consist of $850.0 million of senior notes due in April 2022. The 4.875% Senior Notes have a stated interest rate of 4.875% per annum, with interest payment dates of April 15 and October 15 that commence on October 15, 2014. The 4.875% Senior Notes are general obligations of CCIC and rank equally with all existing and future senior debt of CCIC. | |
The net proceeds from the offering were approximately $839 million, after the deduction of associated fees. The Company utilized the net proceeds from the offering to (1) repay $300.0 million of the January 2010 Tower Revenue Notes and (2) redeem all of the previously outstanding 7.125% Senior Notes. | |
January 2010 Tower Revenue Notes | |
In April 2014, the Company completed the repayment of $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date in January 2015, resulting in a loss of approximately $4 million. See note 4. | |
7.125% Senior Notes | |
In May 2014, the Company completed the redemption of all of the previously outstanding 7.125% Senior Notes, resulting in a loss of approximately $41 million. See note 4. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Recent accounting prounouncements | ' |
No accounting pronouncements adopted during the three months ended March 31, 2014 had a material impact on the Company's consolidated financial statements. No new accounting pronouncements issued during the three months ended March 31, 2014 but not yet adopted are expected to have a material impact on the Company's consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Acquisition [Line Items] | ' | ||||
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 AT&T Acquisition 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 the AT&T Acquisition was completed as of January 1, 2012. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | |||||
Three Months Ended March 31, 2013 | |||||
Net revenues | $ | 844,044 | (a) | ||
Net income (loss) | $ | 9,214 | (b)(c) | ||
Basic net income (loss) attributable to CCIC common stockholders | $ | (0.01 | ) | (d) | |
Diluted net income (loss) attributable to CCIC common stockholders | $ | (0.01 | ) | (d) | |
(a) | Amounts are inclusive of pro forma adjustments to increase net revenues of $55.1 million that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. | ||||
(b) | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $55.2 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. | ||||
(c) | The pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made with respect to the Company's REIT election. See note 5. | ||||
(d) | Pro forma amounts include the impact of the interest expense associated with the related debt financing as well as the impact of the common stock and preferred stock offerings completed in October 2013. |
Debt_and_Other_Obligations_Tab
Debt and Other Obligations (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | ' | |||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
Date (d) | March 31, 2014 | 31-Dec-13 | March 31, 2014(a)(d) | |||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | $ | 368,000 | (b) | $ | 374,000 | 2.2 | % | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | 658,359 | 662,500 | 2.2 | % | ||||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/Jan. 2021 | (e) | 2,856,990 | (e) | 2,864,150 | 3.3 | % | ||||||||||||||||||||||||||||
Total bank debt | 3,883,349 | 3,900,650 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2035 - 2040 | (c) | 1,900,000 | 1,900,000 | 5.8 | % | |||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (c) | 1,550,000 | 1,550,000 | 4.5 | % | |||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | 175,071 | 179,792 | 7.4 | % | ||||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (c) | 279,730 | 286,171 | 5.6 | % | |||||||||||||||||||||||||||||
Total securitized debt | 3,904,801 | 3,915,963 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | 498,390 | 498,332 | 7.1 | % | ||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,970 | 1,649,970 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Senior Notes | Dec. 2012 | Dec. 2017/Apr. 2023 | 1,500,000 | 1,500,000 | 3.4 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,648,360 | 3,648,302 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 136,816 | 129,585 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 11,573,326 | 11,594,500 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 105,467 | 103,586 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,467,859 | $ | 11,490,914 | ||||||||||||||||||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of March 31, 2014, the undrawn availability under the $1.5 billion 2012 Revolver is $1.1 billion. | |||||||||||||||||||||||||||||||||||
(c) | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2013 Form 10-K for additional information regarding these provisions. | |||||||||||||||||||||||||||||||||||
(d) | See the 2013 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||||||||||||||||||||||||||||||||
(e) | During January 2014, the Company amended the 2012 Credit Facility by extending the maturity date on a portion of the Tranche B Term Loans, including Incremental Tranche B Term Loans, to January 2021. As of March 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $569.8 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
See note 13 for a discussion of the April 2014 issuance of $850.0 million of senior notes due in April 2022 ("4.875% Senior Notes"), the April 2014 repayment of $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date in January 2015, and the May 2014 redemption of all of the previously outstanding 7.125% Senior Notes (collectively, "2014 Refinancings"). | ||||||||||||||||||||||||||||||||||||
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 as of March 31, 2014. 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. See also note 13. | ||||||||||||||||||||||||||||||||||||
Nine Months Ended | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 76,614 | $ | 100,664 | $ | 115,313 | $ | 613,459 | $ | 992,133 | $ | 9,670,144 | $ | 11,568,327 | $ | 4,999 | $ | 11,573,326 | ||||||||||||||||||
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 March 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 125,519 | $ | 127,449 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,641 | 9,047 | ||||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (955 | ) | 11,436 | |||||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 16,182 | 16,262 | ||||||||||||||||||||||||||||||||||
Other, net of capitalized interest | 13 | 175 | ||||||||||||||||||||||||||||||||||
Total | $ | 146,400 | $ | 164,369 | ||||||||||||||||||||||||||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||||
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | ' | |||||||||||||||||
Level in Fair Value Hierarchy | March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 200,537 | $ | 200,537 | $ | 223,394 | $ | 223,394 | |||||||||
Restricted cash, current and non-current | 1 | 168,953 | 168,953 | 188,526 | 188,526 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 11,573,326 | 11,962,914 | 11,594,500 | 11,892,587 | |||||||||||||
Per_Share_Information_Tables
Per Share Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Per Share Information | ' | |||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | ' | |||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Net income (loss) attributable to CCIC stockholders | $ | 101,497 | $ | 15,462 | ||||
Dividends on preferred stock | (10,997 | ) | — | |||||
Net income (loss) attributable to CCIC common stockholders | $ | 90,500 | $ | 15,462 | ||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||
Basic weighted-average number of common stock outstanding | 332,034 | 291,102 | ||||||
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 1,011 | 1,468 | ||||||
Diluted weighted-average number of common shares outstanding | 333,045 | 292,570 | ||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ | 0.27 | $ | 0.05 | ||||
Diluted | $ | 0.27 | $ | 0.05 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Dividends Payable [Line Items] | ' | |||||||||||||||
Dividends Declared [Table Text Block] | ' | |||||||||||||||
Declaration and Payment of Dividends | ||||||||||||||||
During the three months ended March 31, 2014, the Company declared or paid the following dividends: | ||||||||||||||||
Equity Type | Declaration Date | Payment Date | Record Date | Dividends Per Share | Aggregate | |||||||||||
Payment | ||||||||||||||||
Amount | ||||||||||||||||
(In millions) | ||||||||||||||||
Common Stock | February 20, 2014 | March 31, 2014 | March 20, 2014 | $ | 0.35 | $ | 117.2 | (a) | ||||||||
4.50% Mandatory Convertible Preferred Stock | December 31, 2013 | February 3, 2014 | January 14, 2014 | $ | 1.1625 | $ | 11.4 | |||||||||
4.50% Mandatory Convertible Preferred Stock | March 25, 2014 | May 1, 2014 | April 15, 2014 | $ | 1.125 | $ | 11 | (b) | ||||||||
________________ | ||||||||||||||||
(a) | Inclusive of dividends accrued for holders of unvested restricted stock units. | |||||||||||||||
(b) | Represents amount paid on May 1, 2014, based on holders of record on April 15, 2014. |
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Operating Segments | ' | |||||||||||||||||||||||||||||||
Financial Results of Operating Segments | ' | |||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 714,792 | $ | 32,370 | $ | — | $ | 747,162 | $ | 581,265 | $ | 34,150 | $ | — | $ | 615,415 | ||||||||||||||||
Network services and other | 126,971 | 1,817 | — | 128,788 | 117,862 | 6,783 | — | 124,645 | ||||||||||||||||||||||||
Net revenues | 841,763 | 34,187 | — | 875,950 | 699,127 | 40,933 | — | 740,060 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations:(a) | ||||||||||||||||||||||||||||||||
Site rental | 218,644 | 9,432 | — | 228,076 | 167,591 | 10,015 | — | 177,606 | ||||||||||||||||||||||||
Network services and other | 71,799 | 1,075 | — | 72,874 | 71,848 | 5,529 | — | 77,377 | ||||||||||||||||||||||||
General and administrative | 58,641 | 6,208 | — | 64,849 | 52,562 | 5,684 | — | 58,246 | ||||||||||||||||||||||||
Asset write-down charges | 2,636 | 97 | — | 2,733 | 3,603 | 112 | — | 3,715 | ||||||||||||||||||||||||
Acquisition and integration costs | 5,659 | — | — | 5,659 | 1,602 | — | — | 1,602 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 245,176 | 5,015 | — | 250,191 | 179,126 | 7,333 | — | 186,459 | ||||||||||||||||||||||||
Total operating expenses | 602,555 | 21,827 | — | 624,382 | 476,332 | 28,673 | — | 505,005 | ||||||||||||||||||||||||
Operating income (loss) | 239,208 | 12,360 | — | 251,568 | 222,795 | 12,260 | — | 235,055 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (146,400 | ) | (3,683 | ) | 3,683 | (146,400 | ) | (164,369 | ) | (4,445 | ) | 4,445 | (164,369 | ) | ||||||||||||||||||
Gains (losses) on retirement of long-term obligations | — | — | — | — | (35,909 | ) | — | — | (35,909 | ) | ||||||||||||||||||||||
Interest income | 114 | 59 | — | 173 | 203 | 94 | — | 297 | ||||||||||||||||||||||||
Other income (expense) | 947 | — | (3,683 | ) | (2,736 | ) | 3,819 | (3 | ) | (4,445 | ) | (629 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | 3,040 | (2,852 | ) | — | 188 | (15,613 | ) | (2,095 | ) | — | (17,708 | ) | ||||||||||||||||||||
Net income (loss) | 96,909 | 5,884 | — | 102,793 | 10,926 | 5,811 | — | 16,737 | ||||||||||||||||||||||||
Less: net income (loss) attributable to the noncontrolling interest | — | 1,296 | — | 1,296 | — | 1,275 | — | 1,275 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 96,909 | $ | 4,588 | $ | — | $ | 101,497 | $ | 10,926 | $ | 4,536 | $ | — | $ | 15,462 | ||||||||||||||||
Capital expenditures | $ | 138,838 | $ | 4,105 | $ | — | $ | 142,943 | $ | 113,199 | $ | 3,154 | $ | — | $ | 116,353 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | ' | |||||||||||||||||||||||||||||||
The following is a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Eliminations | Consolidated | CCUSA | CCAL | Eliminations | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 96,909 | $ | 5,884 | $ | — | $ | 102,793 | $ | 10,926 | $ | 5,811 | $ | — | $ | 16,737 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 2,636 | 97 | — | 2,733 | 3,603 | 112 | — | 3,715 | ||||||||||||||||||||||||
Acquisition and integration costs | 5,659 | — | — | 5,659 | 1,602 | — | — | 1,602 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 245,176 | 5,015 | — | 250,191 | 179,126 | 7,333 | — | 186,459 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 3,895 | — | — | 3,895 | 3,863 | — | — | 3,863 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 146,400 | 3,683 | (3,683 | ) | 146,400 | 164,369 | 4,445 | (4,445 | ) | 164,369 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | — | — | — | — | 35,909 | — | — | 35,909 | ||||||||||||||||||||||||
Interest income | (114 | ) | (59 | ) | — | (173 | ) | (203 | ) | (94 | ) | — | (297 | ) | ||||||||||||||||||
Other income (expense) | (947 | ) | — | 3,683 | 2,736 | (3,819 | ) | 3 | 4,445 | 629 | ||||||||||||||||||||||
Benefit (provision) for income taxes | (3,040 | ) | 2,852 | — | (188 | ) | 15,613 | 2,095 | — | 17,708 | ||||||||||||||||||||||
Stock-based compensation expense | 11,956 | 981 | — | 12,937 | 10,029 | 68 | — | 10,097 | ||||||||||||||||||||||||
Adjusted EBITDA(a) | $ | 508,530 | $ | 18,453 | $ | — | $ | 526,983 | $ | 421,018 | $ | 19,773 | $ | — | $ | 440,791 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | The above reconciliation excludes line items included in our Adjusted EBITDA definition for which there is no activity for the periods shown. |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
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 AT&T's acquisition of Leap Wireless (completed in March 2014). | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
AT&T | 27 | % | 21 | % | ||
Sprint | 26 | % | 28 | % | ||
T-Mobile | 21 | % | 23 | % | ||
Verizon Wireless | 15 | % | 15 | % | ||
Total | 89 | % | 87 | % |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | ' | |||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 126,540 | $ | 99,871 | ||||
Income taxes paid | 7,400 | 2,645 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in liabilities for purchases of property and equipment | 430 | (5,134 | ) | |||||
General_Business_Details
General Business (Details) | Mar. 31, 2014 |
Percentage of Subsidiary Owned by the Company | 77.60% |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | ' |
Tower count as a percentage of total towers | 53.00% |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Business Acquisition [Line Items] | ' | ' | |
Share-based Compensation | $11,956,000 | $10,029,000 | |
Net revenues | ' | 844,044,000 | [1] |
Net income (loss) | ' | 9,214,000 | [2],[3] |
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | ' | ($0.01) | [4] |
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | ' | ($0.01) | [4] |
Acquisition and integration costs | 5,659,000 | 1,602,000 | |
AT T [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Business Combination, Consideration Transferred | 4,827,000,000 | ' | |
Acquisition and integration costs | 4,700,000 | ' | |
Pro forma revenue adjustments [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Business acquisition, pro forma adjustment | ' | 55,100,000 | |
Depreciation, Amortization and Accretion [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Business acquisition, pro forma adjustment | ' | $55,200,000 | |
Total ATT Towers [Member] | ' | ' | |
Business Acquisition [Line Items] | ' | ' | |
Tower Count | 24.00% | ' | |
[1] | Amounts are inclusive of pro forma adjustments to increase net revenues of $55.1 million that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. | ||
[2] | The pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made with respect to the Company's REIT election. | ||
[3] | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $55.2 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. | ||
[4] | Pro forma amounts include the impact of the interest expense associated with the related debt financing as well as the impact of the common stock and preferred stock offerings completed in October 2013. |
Debt_and_Other_Obligations_Ind
Debt and Other Obligations (Indebtedness) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | 2-May-14 | Mar. 31, 2014 | 2-May-14 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |||||||||||
Capital Lease Obligations and Other [Member] | Capital Lease Obligations and Other [Member] | Four and Seven Eigths Percent Secured Notes [Member] | Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First 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] | CCOC [Member] | Repayments of debt 2013 [Member] | Repayments of debt 2015 [Member] | Repayments of debt 2016 [Member] | Repayments of debt thereafter [Member] | Repayments of debt 2017 [Domain] | repayments of debt 2018 [Domain] | ||||||||||||||
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] | 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 Credit Facility [Member] | |||||||||||||||||||||||||||||||
Senior Secured 2012 Revolver [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $76,614,000 | ' | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,664,000 | ' | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,313,000 | ' | ' | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 613,459,000 | ' | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,670,144,000 | ' | 992,133,000 | |||||||||||
Total revolving commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | |||||||||||
Debt instrument, face amount | ' | ' | ' | ' | 850,000,000 | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
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-Oct-09 | ' | 1-Oct-12 | ' | 1-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Contractual maturity date | ' | ' | 'Various | [1] | ' | ' | ' | ' | ' | ' | 'Nov. 2018/Jan. 2019 | [1] | ' | 'Nov. 2018/Jan. 2019 | [1] | ' | 'Jan. 2019/Jan. 2021 | [1],[2] | ' | ' | ' | '2035 - 2040 | [1],[3] | ' | '2035 - 2040 | [1],[3] | ' | '2019/2029 | [1],[3] | ' | 'Nov. 2040 | [1],[3] | ' | ' | ' | 'Nov. 2019 | [1] | ' | 'Jan. 2023 | [1] | ' | 'Dec. 2017/Apr. 2023 | [1] | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt and other obligations | 11,573,326,000 | 11,594,500,000 | 136,816,000 | 129,585,000 | ' | ' | ' | 3,883,349,000 | 3,900,650,000 | 368,000,000 | [4] | 374,000,000 | 658,359,000 | 662,500,000 | 2,856,990,000 | [2] | 2,864,150,000 | 3,904,801,000 | 3,915,963,000 | 1,900,000,000 | 1,900,000,000 | 1,550,000,000 | 1,550,000,000 | 175,071,000 | 179,792,000 | 279,730,000 | 286,171,000 | 3,648,360,000 | 3,648,302,000 | 498,390,000 | 498,332,000 | 1,649,970,000 | 1,649,970,000 | 1,500,000,000 | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||
Original Debt Issuance Date | ' | ' | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Less: current maturities and short-term debt and other current obligations | 105,467,000 | 103,586,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Non-current portion of long-term debt and other long-term obligations | 11,467,859,000 | 11,490,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Stated interest rate | ' | ' | ' | ' | 4.88% | ' | ' | ' | ' | ' | ' | 2.20% | [1],[5] | ' | 3.30% | [1],[5] | ' | ' | ' | 5.80% | [1],[5] | ' | 4.50% | [1],[5] | ' | 7.40% | [1],[5] | ' | 5.60% | [1],[5] | ' | ' | ' | 7.10% | [1],[5] | ' | 5.25% | [1],[5] | ' | 3.36% | [1],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of debt instrument interest rate stated | ' | ' | 'Various | [1],[5] | ' | ' | ' | ' | ' | ' | '0.0216 | [1],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Total cash obligations | 11,568,327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Unamortized adjustments, net | 4,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Long-term debt | 11,573,326,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000,000 | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | See the 2013 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | During January 2014, the Company amended the 2012 Credit Facility by extending the maturity date on a portion of the Tranche B Term Loans, including Incremental Tranche B Term Loans, to January 2021. As of March 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $569.8 million aggregate principal amount due January 2019. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2013 Form 10-K for additional information regarding these provisions.(d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | As of MarchB 31, 2014, the undrawn availability under the $1.5 billion 2012 Revolver is $1.1 billion. | ||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Represents the weighted-average stated interest rate. |
Debt_and_Other_Obligations_Ind1
Debt and Other Obligations (Indebtedness) (Textuals) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | 2-May-14 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First 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] | CCOC [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 Credit Facility [Member] | |||||||||||
Senior Secured 2012 Revolver [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revolving commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000,000 |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 |
Additional interest accruing following anticipated repayment dates | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash obligations | 11,568,327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 200,537,000 | 223,394,000 | 160,865,000 | 441,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt and other obligations | $11,573,326,000 | $11,594,500,000 | ' | ' | ' | ' | $136,816,000 | $129,585,000 | $3,648,360,000 | $3,648,302,000 | $498,390,000 | $498,332,000 | $1,500,000,000 | $1,500,000,000 | ' |
Debt_and_Other_Obligations_Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Debt and Other Obligations [Abstract] | ' | ' | ||
Interest expense on debt obligations | $125,519,000 | $127,449,000 | ||
Amortization of deferred financing costs | 5,641,000 | 9,047,000 | ||
Amortization of adjustments on long-term debt | -955,000 | 11,436,000 | ||
Amortization of interest rate swaps | 16,182,000 | [1] | 16,262,000 | [1] |
Other | 13,000 | 175,000 | ||
Total | $146,400,000 | $164,369,000 | ||
[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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Extinguishment of Debt [Line Items] | ' | ' |
Repayments of Other Long-term Debt | $0 | $644,422 |
Gains (losses) on retirement of long-term obligations | $0 | ($35,909) |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Current Federal Tax Expense (Benefit) [Line Items] | ' |
Deferred State and Local Income Tax Expense (Benefit) | $6.90 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, carrying value | $200,537 | $223,394 | $160,865 | $441,364 |
Cash and cash equivalents, fair value | 200,537 | 223,394 | ' | ' |
Restricted cash, current and non-current, carrying value | 168,953 | 188,526 | ' | ' |
Restricted cash, current and non-current, fair value | 168,953 | 188,526 | ' | ' |
Long-term debt and other obligations, carrying amount | 11,573,326 | 11,594,500 | ' | ' |
Long-term debt and other obligations, fair value | $11,962,914 | $11,892,587 | ' | ' |
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 | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Per Share Information | ' | ' |
Net income (loss) attributable to CCIC stockholders | $101,497 | $15,462 |
Dividends on preferred stock | -10,997 | 0 |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $90,500 | $15,462 |
Basic weighted-average number of common stock outstanding | 332,034,000 | 291,102,000 |
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 1,011,000 | 1,468,000 |
Diluted weighted-average number of common shares outstanding | 333,045,000 | 292,570,000 |
Basic | $0.27 | $0.05 |
Diluted | $0.27 | $0.05 |
Per_Share_Information_Narrativ
Per Share Information (Narrative) (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restricted Stock Awards [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive securities excluded from dilutive common shares calculation | 1.4 |
Preferred Stock [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Anti-dilutive securities excluded from dilutive common shares calculation | 13.1 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitment and Contingencies (Details) (Subject to Capital Lease with Sprint, TMO, or AT&T [Member]) | Mar. 31, 2014 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | ' |
Commitments and Contingencies Disclosure [Abstract] | ' |
Tower count as a percentage of total towers | 53.00% |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Dividends Payable [Line Items] | ' | ' | |
Common Stock, Dividends, Per Share, Cash Paid | $0.35 | ' | |
Dividends, Common Stock, Cash | $117,200 | [1] | ' |
Common stock repurchased during period, shares | 0.3 | ' | |
Purchases of capital stock | 21,417,000 | 23,579,000 | |
Paid prior to quarter end [Member] | ' | ' | |
Dividends Payable [Line Items] | ' | ' | |
Preferred Stock, Dividends, Per Share, Cash Paid | $1.16 | ' | |
Dividends, Preferred Stock, Cash | 11,400 | ' | |
Paid subsequent to quarter end [Member] | ' | ' | |
Dividends Payable [Line Items] | ' | ' | |
Preferred Stock, Dividends, Per Share, Cash Paid | $1.13 | ' | |
Dividends, Preferred Stock, Cash | $11,000 | [2] | ' |
Common Stock [Member] | ' | ' | |
Dividends Payable [Line Items] | ' | ' | |
Dividends Payable, Date Declared | 20-Feb-14 | ' | |
Dividends Payable, Date to be Paid | 31-Mar-14 | ' | |
Dividends Payable, Date of Record | 20-Mar-14 | ' | |
Mandatory Convertible Preferred stock [Member] | Paid prior to quarter end [Member] | ' | ' | |
Dividends Payable [Line Items] | ' | ' | |
Dividends Payable, Date Declared | 31-Dec-13 | ' | |
Dividends Payable, Date to be Paid | 3-Feb-14 | ' | |
Dividends Payable, Date of Record | 14-Jan-14 | ' | |
Mandatory Convertible Preferred stock [Member] | Paid subsequent to quarter end [Member] | ' | ' | |
Dividends Payable [Line Items] | ' | ' | |
Dividends Payable, Date Declared | 25-Mar-14 | ' | |
Dividends Payable, Date to be Paid | 1-May-14 | ' | |
Dividends Payable, Date of Record | 15-Apr-14 | ' | |
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units. | ||
[2] | Represents amount paid on May 1, 2014, based on holders of record on April 15, 2014. |
Operating_Segments_Financial_R
Operating Segments (Financial Results for the Company's Operating Segments) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Site rental | $747,162,000 | $615,415,000 | ' | ||
Network services and other | 128,788,000 | 124,645,000 | ' | ||
Net revenues | 875,950,000 | 740,060,000 | ' | ||
Site rental | 228,076,000 | [1] | 177,606,000 | [1] | ' |
Network services and other | 72,874,000 | [1] | 77,377,000 | [1] | ' |
General and administrative | 64,849,000 | 58,246,000 | ' | ||
Asset write-down charges | 2,733,000 | 3,715,000 | ' | ||
Acquisition and integration costs | 5,659,000 | 1,602,000 | ' | ||
Depreciation, amortization and accretion | 250,191,000 | 186,459,000 | ' | ||
Total operating expenses | 624,382,000 | 505,005,000 | ' | ||
Operating income (loss) | 251,568,000 | 235,055,000 | ' | ||
Interest expense and amortization of deferred financing costs | -146,400,000 | -164,369,000 | ' | ||
Gains (losses) on retirement of long-term obligations | 0 | -35,909,000 | ' | ||
Interest income | 173,000 | 297,000 | ' | ||
Other income (expense) | -2,736,000 | -629,000 | ' | ||
Benefit (provision) for income taxes | 188,000 | -17,708,000 | ' | ||
Net income (loss) | 102,793,000 | 16,737,000 | ' | ||
Less: Net income (loss) attributable to the noncontrolling interest | 1,296,000 | 1,275,000 | ' | ||
Net income (loss) attributable to CCIC stockholders | 101,497,000 | 15,462,000 | ' | ||
Capital expenditures | 142,943,000 | 116,353,000 | ' | ||
Total assets (at quarter end) | 20,569,666,000 | ' | 20,594,908,000 | ||
CCUSA [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Site rental | 714,792,000 | 581,265,000 | ' | ||
Network services and other | 126,971,000 | 117,862,000 | ' | ||
Net revenues | 841,763,000 | 699,127,000 | ' | ||
Site rental | 218,644,000 | [1] | 167,591,000 | [1] | ' |
Network services and other | 71,799,000 | [1] | 71,848,000 | [1] | ' |
General and administrative | 58,641,000 | 52,562,000 | ' | ||
Asset write-down charges | 2,636,000 | 3,603,000 | ' | ||
Acquisition and integration costs | 5,659,000 | 1,602,000 | ' | ||
Depreciation, amortization and accretion | 245,176,000 | 179,126,000 | ' | ||
Total operating expenses | 602,555,000 | 476,332,000 | ' | ||
Operating income (loss) | 239,208,000 | 222,795,000 | ' | ||
Interest expense and amortization of deferred financing costs | -146,400,000 | -164,369,000 | ' | ||
Gains (losses) on retirement of long-term obligations | 0 | -35,909,000 | ' | ||
Interest income | 114,000 | 203,000 | ' | ||
Other income (expense) | 947,000 | 3,819,000 | ' | ||
Benefit (provision) for income taxes | 3,040,000 | -15,613,000 | ' | ||
Net income (loss) | 96,909,000 | 10,926,000 | ' | ||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | ' | ||
Net income (loss) attributable to CCIC stockholders | 96,909,000 | 10,926,000 | ' | ||
Capital expenditures | 138,838,000 | 113,199,000 | ' | ||
CCAL [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Site rental | 32,370,000 | 34,150,000 | ' | ||
Network services and other | 1,817,000 | 6,783,000 | ' | ||
Net revenues | 34,187,000 | 40,933,000 | ' | ||
Site rental | 9,432,000 | [1] | 10,015,000 | [1] | ' |
Network services and other | 1,075,000 | [1] | 5,529,000 | [1] | ' |
General and administrative | 6,208,000 | 5,684,000 | ' | ||
Asset write-down charges | 97,000 | 112,000 | ' | ||
Acquisition and integration costs | 0 | 0 | ' | ||
Depreciation, amortization and accretion | 5,015,000 | 7,333,000 | ' | ||
Total operating expenses | 21,827,000 | 28,673,000 | ' | ||
Operating income (loss) | 12,360,000 | 12,260,000 | ' | ||
Interest expense and amortization of deferred financing costs | -3,683,000 | -4,445,000 | ' | ||
Gains (losses) on retirement of long-term obligations | 0 | 0 | ' | ||
Interest income | 59,000 | 94,000 | ' | ||
Other income (expense) | 0 | -3,000 | ' | ||
Benefit (provision) for income taxes | -2,852,000 | -2,095,000 | ' | ||
Net income (loss) | 5,884,000 | 5,811,000 | ' | ||
Less: Net income (loss) attributable to the noncontrolling interest | 1,296,000 | 1,275,000 | ' | ||
Net income (loss) attributable to CCIC stockholders | 4,588,000 | 4,536,000 | ' | ||
Capital expenditures | 4,105,000 | 3,154,000 | ' | ||
Elimination [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Site rental | 0 | 0 | ' | ||
Network services and other | 0 | 0 | ' | ||
Net revenues | 0 | 0 | ' | ||
Site rental | 0 | [1] | 0 | [1] | ' |
Network services and other | 0 | [1] | 0 | [1] | ' |
General and administrative | 0 | 0 | ' | ||
Asset write-down charges | 0 | 0 | ' | ||
Acquisition and integration costs | 0 | 0 | ' | ||
Depreciation, amortization and accretion | 0 | 0 | ' | ||
Total operating expenses | 0 | 0 | ' | ||
Operating income (loss) | 0 | 0 | ' | ||
Interest expense and amortization of deferred financing costs | 3,683,000 | 4,445,000 | ' | ||
Gains (losses) on retirement of long-term obligations | 0 | 0 | ' | ||
Interest income | 0 | 0 | ' | ||
Other income (expense) | -3,683,000 | -4,445,000 | ' | ||
Benefit (provision) for income taxes | 0 | 0 | ' | ||
Net income (loss) | 0 | 0 | ' | ||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | ' | ||
Net income (loss) attributable to CCIC stockholders | 0 | 0 | ' | ||
Capital expenditures | $0 | $0 | ' | ||
[1] | Exclusive of depreciation, amortization and accretion shown separately. |
Operating_Segments_Adjusted_fo
Operating Segments (Adjusted for EBITDA) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ||
Net income (loss) | $102,793,000 | $16,737,000 | ||
Asset write-down charges | 2,733,000 | 3,715,000 | ||
Acquisition and integration costs | 5,659,000 | 1,602,000 | ||
Depreciation, amortization and accretion | 250,191,000 | 186,459,000 | ||
Amortization of prepaid lease purchase price adjustments | 3,895,000 | 3,863,000 | ||
Interest expense and amortization of deferred financing costs | 146,400,000 | 164,369,000 | ||
Gains (losses) on retirement of long-term obligations | 0 | 35,909,000 | ||
Interest income | -173,000 | -297,000 | ||
Other income (expense) | 2,736,000 | 629,000 | ||
Benefit (provision) for income taxes | -188,000 | 17,708,000 | ||
Stock-based compensation expense | 12,937,000 | 10,097,000 | ||
Adjusted EBITDA | 526,983,000 | [1] | 440,791,000 | [1] |
CCUSA [Member] | ' | ' | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ||
Net income (loss) | 96,909,000 | 10,926,000 | ||
Asset write-down charges | 2,636,000 | 3,603,000 | ||
Acquisition and integration costs | 5,659,000 | 1,602,000 | ||
Depreciation, amortization and accretion | 245,176,000 | 179,126,000 | ||
Amortization of prepaid lease purchase price adjustments | 3,895,000 | 3,863,000 | ||
Interest expense and amortization of deferred financing costs | 146,400,000 | 164,369,000 | ||
Gains (losses) on retirement of long-term obligations | 0 | 35,909,000 | ||
Interest income | -114,000 | -203,000 | ||
Other income (expense) | -947,000 | -3,819,000 | ||
Benefit (provision) for income taxes | -3,040,000 | 15,613,000 | ||
Stock-based compensation expense | 11,956,000 | 10,029,000 | ||
Adjusted EBITDA | 508,530,000 | [1] | 421,018,000 | [1] |
CCAL [Member] | ' | ' | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ||
Net income (loss) | 5,884,000 | 5,811,000 | ||
Asset write-down charges | 97,000 | 112,000 | ||
Acquisition and integration costs | 0 | 0 | ||
Depreciation, amortization and accretion | 5,015,000 | 7,333,000 | ||
Amortization of prepaid lease purchase price adjustments | 0 | 0 | ||
Interest expense and amortization of deferred financing costs | 3,683,000 | 4,445,000 | ||
Gains (losses) on retirement of long-term obligations | 0 | 0 | ||
Interest income | -59,000 | -94,000 | ||
Other income (expense) | 0 | 3,000 | ||
Benefit (provision) for income taxes | 2,852,000 | 2,095,000 | ||
Stock-based compensation expense | 981,000 | 68,000 | ||
Adjusted EBITDA | 18,453,000 | [1] | 19,773,000 | [1] |
Elimination [Member] | ' | ' | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ||
Net income (loss) | 0 | 0 | ||
Asset write-down charges | 0 | 0 | ||
Acquisition and integration costs | 0 | 0 | ||
Depreciation, amortization and accretion | 0 | 0 | ||
Amortization of prepaid lease purchase price adjustments | 0 | 0 | ||
Interest expense and amortization of deferred financing costs | -3,683,000 | -4,445,000 | ||
Gains (losses) on retirement of long-term obligations | 0 | 0 | ||
Interest income | 0 | 0 | ||
Other income (expense) | 3,683,000 | 4,445,000 | ||
Benefit (provision) for income taxes | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||
Adjusted EBITDA | $0 | [1] | $0 | [1] |
[1] | The above reconciliation excludes line items included in our Adjusted EBITDA definition for which there is no activity for the periods shown. |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Percentage of consolidated revenues | 89.00% | 87.00% |
Sprint [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of consolidated revenues | 26.00% | 28.00% |
T-Mobile [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of consolidated revenues | 21.00% | 23.00% |
AT T [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of consolidated revenues | 27.00% | 21.00% |
Verizon Wireless [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of consolidated revenues | 15.00% | 15.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Line Items] | ' | ' |
Interest paid | $126,540 | $99,871 |
Income taxes paid | 7,400 | 2,645 |
Increase (decrease) in liabilities for purchases of property and equipment | $430 | ($5,134) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | 2-May-14 | 2-May-14 | 2-May-14 | |
Four and Seven Eigths Percent Secured Notes [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First Tranche [Member] | Fixed Rate - High Yield Bonds, 7.125% Senior Notes [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | $850,000,000 | $300,000,000 | ' |
Gains (losses) on retirement of long-term obligations | 0 | -35,909,000 | ' | 4,000,000 | 41,000,000 |
Proceeds from issuance of long-term debt | ' | ' | $839,000,000 | ' | ' |
Stated interest rate | ' | ' | 4.88% | ' | ' |