Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 13, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | CROWN CASTLE INTERNATIONAL CORP | ||
Entity Central Index Key | 1051470 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 333,866,975 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $24.60 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $175,620 | $223,394 |
Restricted cash | 147,411 | 183,526 |
Receivables, net of allowance of $10,301 and $7,676, respectively | 329,229 | 249,925 |
Prepaid expenses | 155,070 | 132,003 |
Deferred income tax assets | 29,961 | 26,714 |
Other current assets | 94,211 | 77,121 |
Total current assets | 931,502 | 892,683 |
Deferred site rental receivables | 1,260,614 | 1,078,995 |
Property and equipment, net | 9,148,311 | 8,947,677 |
Goodwill | 5,210,091 | 4,916,426 |
Site rental contracts and customer relationships, net | 3,312,135 | 3,650,343 |
Other intangible assets, net | 403,565 | 407,522 |
Deferred income tax assets | 20,914 | 19,008 |
Long-term prepaid rent, deferred financing costs and other assets, net | 856,144 | 682,254 |
Total assets | 21,143,276 | 20,594,908 |
LIABILITIES AND EQUITY | ||
Accounts payable | 167,662 | 145,390 |
Accrued interest | 66,943 | 65,582 |
Deferred revenues | 348,338 | 260,114 |
Other accrued liabilities | 202,657 | 181,715 |
Current maturities of debt and other obligations | 113,335 | 103,586 |
Total current liabilities | 898,935 | 756,387 |
Debt and other long-term obligations | 11,807,526 | 11,490,914 |
Deferred income tax liabilities | 39,889 | 56,513 |
Other long-term liabilities | 1,659,698 | 1,349,919 |
Total liabilities | 14,406,048 | 13,653,733 |
Commitments and contingencies (note 13) | ||
CCIC stockholders' equity: | ||
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: December 31, 2014—333,856,632 and December 31, 2013—334,070,016 | 3,339 | 3,341 |
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: December 31, 2014 and 2013—9,775,000; aggregate liquidation value: December 31, 2014 and 2013—$977,500 | 98 | 98 |
Additional paid-in capital | 9,512,396 | 9,482,769 |
Accumulated other comprehensive income (loss) | 15,820 | -23,612 |
Dividends/distributions in excess of earnings | -2,815,428 | -2,535,879 |
Total CCIC stockholders' equity | 6,716,225 | 6,926,717 |
Noncontrolling interest | 21,003 | 14,458 |
Total equity | 6,737,228 | 6,941,175 |
Total liabilities and equity | $21,143,276 | $20,594,908 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for doubtful accounts receivable, current | $10,301,000 | $7,676,000 |
4.5% Mandatory Convertible Preferred Stock, Par or Stated Value Per Share (dollars per share) | $0.01 | $0.01 |
4.5% Mandatory Convertible Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
4.5% Mandatory Convertible Preferred Stock, shares issued | 9,775,000 | 9,775,000 |
4.5% Mandatory Convertible Preferred Stock, shares outstanding, end of period | 9,775,000 | 9,775,000 |
Mandatory redemption and aggregate liquidation value, 4.5% Mandatory Convertible Preferred Stock | $977,500,000 | $977,500,000 |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 333,856,632 | 334,070,016 |
Common stock, shares outstanding | 333,856,632 | 334,070,016 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net revenues: | ||||||
Site rental | $3,006,774 | $2,503,620 | $2,124,190 | |||
Network services and other | 683,110 | 518,764 | 308,490 | |||
Net revenues | 3,689,884 | 3,022,384 | 2,432,680 | |||
Costs of Operations: | ||||||
Site rental | 944,666 | [1] | 725,109 | [1] | 539,239 | [1] |
Network services and other | 405,800 | [1] | 321,687 | [1] | 189,750 | [1] |
General and administrative | 282,696 | 238,702 | 212,572 | |||
Asset write-down charges | 15,040 | 14,863 | 15,548 | |||
Acquisition and integration costs | 35,042 | 26,005 | 18,298 | |||
Depreciation, amortization and accretion | 1,013,064 | 774,215 | 622,592 | |||
Total operating expenses | 2,696,308 | 2,100,581 | 1,597,999 | |||
Operating income (loss) | 993,576 | 921,803 | 834,681 | |||
Interest expense and amortization of deferred financing costs | -573,291 | -589,630 | -601,044 | |||
Gains (losses) on retirement of long-term obligations | -44,629 | [2] | -37,127 | [3] | -131,974 | [4] |
Interest income | 616 | 1,355 | 4,556 | |||
Other income (expense) | 11,862 | -3,872 | -5,392 | |||
Income (loss) before income taxes | 388,134 | 292,529 | 100,827 | |||
Benefit (provision) for income taxes | 10,640 | -198,628 | 100,061 | |||
Net income (loss) | 398,774 | 93,901 | 200,888 | |||
Less: Net income (loss) attributable to the noncontrolling interest | 8,261 | 3,790 | 12,304 | |||
Net income (loss) attributable to CCIC stockholders | 390,513 | 90,111 | 188,584 | |||
Dividends on preferred stock | -43,988 | -11,363 | -2,629 | |||
Net income (loss) attributable to CCIC common stockholders | 346,525 | 78,748 | 185,955 | |||
Net income (loss) | 398,774 | 93,901 | 200,888 | |||
Derivative instruments, net of taxes | ||||||
Amounts reclassified into results of operations, net of taxes | 63,148 | [5] | 82,043 | [5] | 48,124 | [5] |
Foreign currency translation adjustments | -25,432 | [5] | -45,714 | [5] | 6,308 | |
Total other comprehensive income (loss) | 37,716 | 36,329 | 54,432 | |||
Comprehensive income (loss) | 436,490 | 130,230 | 255,320 | |||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 6,545 | 1,940 | 11,531 | |||
Comprehensive income (loss) attributable to CCIC stockholders | $429,945 | $128,290 | $243,789 | |||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||
Basic (in dollars per share) | $1.04 | $0.26 | $0.64 | |||
Diluted (in dollars per share) | $1.04 | $0.26 | $0.64 | |||
Weighted-average common shares outstanding (in thousands): | ||||||
Basic (in shares) | 332,302 | 298,083 | 289,285 | |||
Diluted (in shares) | 333,265 | 299,293 | 291,270 | |||
Dividends/distributions declared per share | $1.87 | $0 | $0 | |||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||
[3] | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||
[4] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. | |||||
[5] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)" and note 8 with respect to the reclassification adjustment. |
Consolidated_Statement_of_Oper1
Consolidated Statement of Operations and Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax effect on derivative instruments | $0 | ($17,115) | $17,115 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash flows from operating activities: | ||||||
Net income (loss) | $398,774 | $93,901 | $200,888 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||
Depreciation, amortization and accretion | 1,013,064 | 774,215 | 622,592 | |||
Gains (losses) on retirement of long-term obligations | 44,629 | [1] | 37,127 | [2] | 131,974 | [3] |
Amortization of deferred financing costs and other non-cash interest | 80,854 | 99,245 | 109,350 | |||
Stock-based compensation expense | 51,497 | 39,030 | 41,944 | |||
Asset write-down charges | 15,040 | 14,863 | 15,548 | |||
Deferred income tax benefit (provision) | -25,579 | 180,275 | -110,374 | |||
Other non-cash adjustments, net | -25,798 | 2,974 | 612 | |||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||
Increase (decrease) in accrued interest | 1,361 | 12,990 | -13,520 | |||
Increase (decrease) in accounts payable | 10,329 | 28,665 | 34,543 | |||
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 401,262 | 242,465 | 98,686 | |||
Decrease (increase) in receivables | -77,251 | -60,217 | -98,570 | |||
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | -222,052 | -227,877 | -261,116 | |||
Net cash provided by (used for) operating activities | 1,666,130 | 1,237,656 | 772,557 | |||
Cash flows from investing activities: | ||||||
Payment for acquisitions of businesses, net of cash acquired | -466,305 | -4,960,435 | -3,759,475 | |||
Capital expenditures | -780,077 | -567,810 | -441,383 | |||
Other investing activities, net | 3,477 | 7,276 | 1,262 | |||
Net cash provided by (used for) investing activities | -1,242,905 | -5,520,969 | -4,199,596 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of long-term debt | 845,750 | 1,618,430 | 5,250,000 | |||
Net proceeds from issuance of capital stock | 0 | 2,980,586 | 258 | |||
Net proceeds from issuance of preferred stock | 0 | 950,886 | 0 | |||
Principal payments on debt and other long-term obligations | -116,426 | -101,322 | -80,818 | |||
Purchases and redemptions of long-term debt | -836,899 | -762,970 | -1,978,709 | |||
Purchases of capital stock | -21,872 | -99,458 | -36,043 | |||
Borrowings under revolving credit facility | 1,019,000 | 976,032 | 1,253,000 | |||
Payments under revolving credit facility | -698,000 | -1,855,032 | -251,000 | |||
Payments for financing costs | -15,899 | -30,001 | -78,641 | |||
Net (increase) decrease in restricted cash | 30,010 | 385,982 | -288,763 | |||
Dividends/distributions paid on common stock | -624,297 | 0 | 0 | |||
Cash dividends on preferred stock | -44,354 | 0 | -2,481 | |||
Net cash provided by (used for) financing activities | -462,987 | 4,063,133 | 3,786,803 | |||
Effect of exchange rate changes on cash | -8,012 | 2,210 | 1,480 | |||
Net increase (decrease) in cash and cash equivalents | -47,774 | -217,970 | 361,244 | |||
Cash and cash equivalents at beginning of year | 223,394 | 441,364 | 80,120 | |||
Cash and cash equivalents at end of year | $175,620 | $223,394 | $441,364 | |||
[1] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||
[3] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. |
Consolidated_Statement_of_Rede
Consolidated Statement of Redeemable Convertible Preferred Stock and Equity (USD $) | Total | 4.5% Mandatory Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Foreign Currency Translation Adjustments | Derivative Instruments | Unrealized Gains (Losses) on Available-for-sale Securities | Dividends/Distributions in Excess of Earnings | Noncontrolling Interest | Redeemable Convertible Preferred Stock | |
In Thousands, except Share data, unless otherwise specified | 4.5% Mandatory Convertible Preferred Stock | ||||||||||
Balance, value at Dec. 31, 2011 | $2,386,864 | $2,844 | $5,312,342 | $95,044 | ($212,040) | $0 | ($2,811,945) | $619 | |||
Redeemable convertible preferred stock, value at Dec. 31, 2011 | 305,032 | ||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding, beginning of period at Dec. 31, 2011 | 0 | ||||||||||
Balance, (in shares) at Dec. 31, 2011 | 284,449,372 | ||||||||||
Redeemable preferred stock, shares at Dec. 31, 2011 | 6,111,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation related activity, net of forfeitures, value | 42,204 | 12 | 42,192 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 1,129,579 | ||||||||||
Purchases and retirement of capital stock, value | -36,043 | -7 | -36,036 | ||||||||
Purchases and retirement of capital stock, shares | -700,070 | ||||||||||
Redeemable Convertible Preferred Stock, Conversion of redeemable preferred stock into Common Stock | -6,111,000 | ||||||||||
Conversion of redeemable preferred stock into Common Stock | -305,180 | 83 | 305,097 | -305,180 | |||||||
Conversion of redeemable preferred stock into Common Stock, shares | 8,285,905 | ||||||||||
Net proceeds from issuance of preferred stock | 0 | ||||||||||
Foreign currency translation adjustments | 6,308 | 7,081 | -773 | ||||||||
Derivative instruments reclassified into results of operations, net of tax | [1] | 48,124 | 48,124 | ||||||||
Dividends on preferred stock and amortization of issue costs, preferred stock | [1] | 148 | |||||||||
Dividends on preferred stock and amortization of issue costs, accumulated deficit | [1] | -2,629 | -2,629 | ||||||||
Disposition of noncontrolling interest | 368 | 368 | |||||||||
Net income (loss) | 200,888 | 188,584 | 12,304 | ||||||||
Balance, value at Dec. 31, 2012 | 2,951,264 | 0 | 2,932 | 5,623,595 | 102,125 | -163,916 | 0 | -2,625,990 | 12,518 | ||
Redeemable convertible preferred stock, value at Dec. 31, 2012 | 0 | ||||||||||
Balance, (in shares) at Dec. 31, 2012 | 293,164,786 | ||||||||||
Redeemable preferred stock, shares at Dec. 31, 2012 | 0 | ||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding, beginning of period at Dec. 31, 2012 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation related activity, net of forfeitures, value | 39,030 | 9 | 39,021 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 934,691 | ||||||||||
Purchases and retirement of capital stock, value | -99,458 | -14 | -99,444 | ||||||||
Purchases and retirement of capital stock, shares | -1,429,461 | ||||||||||
Net proceeds from issuance of Common Stock | 2,980,586 | 414 | 2,980,172 | ||||||||
Net proceeds from issuance, shares | 9,775,000 | 41,400,000 | |||||||||
Net proceeds from issuance of preferred stock | 950,886 | 98 | 950,788 | ||||||||
Foreign currency translation adjustments | [1] | -45,714 | -43,864 | -1,850 | |||||||
Derivative instruments reclassified into results of operations, net of tax | [1] | 82,043 | 82,043 | ||||||||
Preferred stock dividends | -11,363 | ||||||||||
Dividends on preferred stock and amortization of issue costs, accumulated deficit | -11,363 | ||||||||||
Net income (loss) | 93,901 | 90,111 | 3,790 | ||||||||
Balance, value at Dec. 31, 2013 | 6,941,175 | 98 | 3,341 | 9,482,769 | 58,261 | -81,873 | 0 | -2,535,879 | 14,458 | ||
Redeemable convertible preferred stock, value at Dec. 31, 2013 | 0 | ||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding, end of period at Dec. 31, 2013 | 9,775,000 | 9,775,000 | |||||||||
Balance, (in shares) at Dec. 31, 2013 | 334,070,016 | 334,070,016 | |||||||||
Redeemable preferred stock, shares at Dec. 31, 2013 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation related activity, net of forfeitures, value | 51,497 | 1 | 51,496 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 79,490 | ||||||||||
Purchases and retirement of capital stock, value | -21,872 | -3 | -21,869 | ||||||||
Purchases and retirement of capital stock, shares | -292,874 | ||||||||||
Net proceeds from issuance of preferred stock | 0 | ||||||||||
Foreign currency translation adjustments | [1] | -25,432 | -23,716 | -1,716 | |||||||
Derivative instruments reclassified into results of operations, net of tax | [1] | 63,148 | 63,148 | ||||||||
Common stock dividends/distributions | -626,074 | -626,074 | |||||||||
Dividends on preferred stock and amortization of issue costs, accumulated deficit | -43,988 | 0 | -43,988 | ||||||||
Net income (loss) | 398,774 | 390,513 | 8,261 | ||||||||
Balance, value at Dec. 31, 2014 | 6,737,228 | 98 | 3,339 | 9,512,396 | 34,545 | -18,725 | 0 | -2,815,428 | 21,003 | ||
Redeemable convertible preferred stock, value at Dec. 31, 2014 | $0 | ||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding, end of period at Dec. 31, 2014 | 9,775,000 | 9,775,000 | |||||||||
Balance, (in shares) at Dec. 31, 2014 | 333,856,632 | 333,856,632 | |||||||||
Redeemable preferred stock, shares at Dec. 31, 2014 | 0 | ||||||||||
[1] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)" and note 8 with respect to the reclassification adjustment. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | |
Dec. 31, 2014 | ||
Basis of Presentation [Abstract] | ||
Basis of Presentation | ||
Basis of Presentation | ||
The consolidated financial statements include the accounts of Crown Castle International Corp. and its predecessor, as applicable, (together, "CCIC"), and their subsidiaries, collectively referred to herein as the "Company." All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. | ||
The Company owns, operates, and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and to a lesser extent, (2) distributed antenna systems ("DAS"), a type of small cell network ("small cells"), and (3) interests in land under third party towers in various forms ("third party land interests") (collectively, "wireless infrastructure"). The Company conducts operations through subsidiaries of Crown Castle Operating Company ("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, including approximately 40,000 towers (or 96% of the Company's total towers) in CCUSA and approximately 1,800 towers (or 4% of the Company's total towers) in CCAL, and to a lesser extent, to (2) its small cells, and (3) third party land interests to wireless communication services companies via long-term contracts in various forms, including license, sublease and lease agreements (collectively, "leases"). | ||
Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, or 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. Additional information concerning these towers is as follows: | ||
◦ | Approximately 16% of the Company's towers are leased or subleased or operated and managed for an initial period of 32 years (through May 2037) under master leases, subleases, or other agreements with Sprint. The Company has the option to purchase in 2037 all (but not less than all) of the leased and subleased Sprint towers from Sprint for approximately $2.3 billion. | |
◦ | Approximately 15% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with T-Mobile for a weighted-average term of approximately 28 years, weighted on site rental gross margin. The Company has the option to purchase the leased and subleased towers from T-Mobile at the end of the respective lease or sublease terms for aggregate option payments of approximately $2.0 billion, which payments, if exercised would be due between 2035 and 2049. In addition, through the T-Mobile Acquisition (as defined in note 3), there are another approximately 1% of the Company's towers subject to a lease and sublease or other related arrangements with AT&T. The Company has the option to purchase these towers that it does not otherwise already own at the end of their respective lease terms for aggregate option payments of up to approximately $405 million, which payments, if exercised, would be due between 2018 and 2032 (less than $10 million would be due before 2025). | |
◦ | Approximately 22% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with AT&T for a weighted-average term of approximately 28 years, weighted on site rental gross margin. The Company has the option to purchase the leased and subleased towers from AT&T at the end of the respective lease or sublease terms for aggregate option payments of approximately $4.2 billion, which payments, if exercised, would be due between 2032 and 2048. | |
As part of CCUSA's effort to provide comprehensive wireless infrastructure solutions, it offers certain network services relating to its wireless infrastructure, predominately consisting of (1) installation of tenant equipment or subsequent augmentation (collectively, "installation services") and (2) the following additional site development services: site acquisition, architectural and engineering, or zoning and permitting. | ||
Effective January 1, 2014, the Company commenced operating as a real estate investment trust ("REIT") for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 10. | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("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 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. The Company has classified the increases and decreases in restricted cash as (1) cash provided by financing activities for cash held by indenture trustees based on consideration of the terms of the related indebtedness, although the cash flows have aspects of both financing activities and operating activities, (2) cash provided by investing activities for cash securing performance obligations and restricted cash that is acquired in acquisitions, or (3) cash provided by operating activities for the other remaining restricted cash. | |||||||||||||
The following table is a summary of the impact of restricted cash on the statement of cash flows. | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net cash provided by (used from) operating activities | $ | 6,148 | $ | (1,637 | ) | $ | 11,475 | ||||||
Net cash provided by (used from) investing activities | $ | (44 | ) | $ | 8,067 | $ | (46,282 | ) | (a) | ||||
Net cash provided by (used from) financing activities | $ | 30,011 | $ | 385,982 | (b) | $ | (288,763 | ) | (b) | ||||
(a) | Inclusive of $46.3 million of acquired restricted cash. | ||||||||||||
(b) | Inclusive of $316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. | ||||||||||||
Receivables Allowance | |||||||||||||
An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "site rental costs of operations" or to "network services and other costs of operations," as appropriate; and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. | |||||||||||||
Lease Accounting | |||||||||||||
General. The Company classifies its leases at inception as either operating leases or capital leases. A lease is classified as a capital lease if at least one of the following criteria are met, subject to certain exceptions noted below: (1) the lease transfers ownership of the leased assets to the lessee, (2) there is a bargain purchase option, (3) the lease term is equal to 75% or more of the economic life of the leased assets, or (4) the present value of the minimum lease payments equals or exceeds 90% of the fair value of the leased assets. | |||||||||||||
Lessee. Leases for land are evaluated for capital lease treatment if at least one of the first two criteria mentioned in the immediately preceding paragraph is present relating to the leased assets. When the Company, as lessee, classifies a lease as a capital lease, it records an asset in an amount equal to the present value of the minimum lease payments under the lease at the beginning of the lease term. Applicable operating leases are recognized on a straight-line basis as discussed under "costs of operations" below. | |||||||||||||
Lessor. If the Company is the lessor of leased property that is part of a larger whole (including with respect to a portion of space on a tower) and for which fair value is not objectively determinable, then such a lease is accounted for as an operating lease. As applicable, operating leases are recognized on a straight-line basis as discussed under "Revenue Recognition." | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of wireless infrastructure is computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions, renewals, and improvements are capitalized, while maintenance and repairs are expensed. Interest costs incurred related to the construction of certain property and equipment are capitalized. The carrying value of property and equipment will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. | |||||||||||||
Abandonments and write-offs of property and equipment are recorded to "asset write-downs charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $10.1 million, $10.2 million, and $12.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Asset Retirement Obligations | |||||||||||||
Pursuant to its ground lease and easement agreements, the Company records obligations to perform asset retirement activities, including requirements to remove wireless infrastructure or remediate the land upon which the Company's wireless infrastructure resides. Asset retirement obligations are included in "other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "depreciation, amortization, and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. | |||||||||||||
Goodwill | |||||||||||||
Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with an estimation of fair value of the reporting unit using an income approach, which looks to the present value of expected future cash flows. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2014, which resulted in no impairments. | |||||||||||||
Intangible Assets | |||||||||||||
Intangible assets are included in "site rental contracts and customer relationships, net" and "other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) site rental contracts and customer relationships, (2) below-market leases for land interest under the acquired wireless infrastructure, (3) term easement rights for land interest under the acquired wireless infrastructure, or (4) other contractual rights such as trademarks. The site rental contracts and customer relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the expected exercise of the renewal provisions contained within the existing leases, which automatically occur under contractual provisions, or (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. | |||||||||||||
The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and customer relationships intangible asset is limited by the maximum depreciable life of the wireless infrastructure (20 years), as a result of the interdependency of the wireless infrastructure and site rental leases. In contrast, the site rental contracts and customer relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of renewals experienced to date. Thus, while site rental contracts and customer relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and customer relationships are amortized over a period not to exceed 20 years as a result of the useful life being limited by the depreciable life of the wireless infrastructure. | |||||||||||||
The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and customer relationships intangible assets. First, the Company pools the site rental contracts and customer relationships with the related wireless infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and customer relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. | |||||||||||||
Deferred Credits | |||||||||||||
Deferred credits are included in “deferred revenues” and “other long-term liabilities” on the Company's consolidated balance sheet and consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) below-market tenant leases for contractual interests with tenants on acquired wireless infrastructure, which are amortized to site rental revenues and (2) above-market leases for land interests under the Company's wireless infrastructure, which are amortized to site rental cost of operations. | |||||||||||||
Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Third-party costs incurred to obtain financing are deferred and are included in "long-term prepaid rent, deferred financing costs, and other assets" on the Company's consolidated balance sheet. | |||||||||||||
Revenue Recognition | |||||||||||||
Site rental revenues are recognized on a monthly basis over the fixed, non-cancelable term of the relevant lease (generally ranging from five to 15 years), regardless of whether the payments from the tenant are received in equal monthly amounts. The Company's leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the consumer price index ("CPI")). If the payment terms call for fixed escalations, upfront payments, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are included in "other current assets" and "deferred site rental receivables." Amounts billed or received prior to being earned are deferred and reflected in "deferred revenues" and "other long-term liabilities." | |||||||||||||
Network services revenues are recognized after completion of the applicable service. Nearly all of the antenna installation services are billed on a cost-plus profit basis and site development services are billed on a fixed fee basis. | |||||||||||||
Sales taxes or value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis. | |||||||||||||
Costs of Operations | |||||||||||||
In excess of two-thirds of the Company's site rental costs of operations expenses consist of ground lease expenses, and the remainder includes property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Ground lease expense is recognized on a monthly basis, regardless of whether the lease agreement payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. The Company's ground leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI). If the payment terms include fixed escalation provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line ground lease expense using a time period that equals or exceeds the remaining depreciable life of the wireless infrastructure asset. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing ground lease renewal options, the Company has straight-lined the ground lease expense over a sufficient portion of such ground lease renewals to coincide with the final termination of the tenant's renewal options. The Company's non-current liability related to straight-line ground lease expense is included in "other long-term liabilities" on the Company's consolidated balance sheet. The Company's asset related to prepaid ground leases is included in "prepaid expenses" and "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's consolidated balance sheet. | |||||||||||||
Network services and other costs of operations predominately consist of third party service providers such as contractors and professional service firms and, to a lesser extent, internal labor costs. As of December 31, 2014 and 2013, the Company had $60.4 million and $52.2 million, respectively, of work in process. | |||||||||||||
Acquisition and Integration Costs | |||||||||||||
All direct or incremental costs related to a business combination are expensed as incurred. Costs include severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, or fees paid for services such as consulting, accounting, legal, or engineering reviews. These business combination costs are included in "acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). The vast majority of the Company's acquisition and integration costs during the years ended December 31, 2014, 2013, and 2012 relate to the AT&T Acquisition (as defined in note 3) and the 2012 Acquisitions (as defined in note 3). | |||||||||||||
Stock-Based Compensation | |||||||||||||
Restricted Stock Awards and Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSAs and RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: | |||||||||||||
Valuation. The fair value of RSAs and RSUs without market conditions is determined based on the number of shares relating to such RSAs and RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSAs and RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSAs and RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. | |||||||||||||
Amortization Method. The Company amortizes the fair value of all RSAs and RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. | |||||||||||||
Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. | |||||||||||||
Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. | |||||||||||||
Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. | |||||||||||||
Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. | |||||||||||||
Interest Expense and Amortization of Deferred Financing Costs | |||||||||||||
The components of interest expense and amortization of deferred financing costs are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense on debt obligations | $ | 492,437 | $ | 490,385 | $ | 491,694 | |||||||
Amortization of deferred financing costs | 22,190 | 25,120 | 23,324 | ||||||||||
Amortization of adjustments on long-term debt | (3,628 | ) | 8,541 | 21,297 | |||||||||
Amortization of interest rate swaps | 63,148 | 64,928 | 65,239 | ||||||||||
Other, net of capitalized interest | (856 | ) | 656 | (510 | ) | ||||||||
Total | $ | 573,291 | $ | 589,630 | $ | 601,044 | |||||||
The Company amortizes deferred financing costs, discounts, premiums, and purchase price adjustments on long-term debt over the estimated term of the related borrowing using the effective interest yield method. Discounts or purchase price adjustments are presented as a reduction to the related debt obligation on the Company's consolidated balance sheet. | |||||||||||||
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 is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its 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 are currently included in one or more wholly owned TRSs. In August 2014, the Company received a favorable private letter ruling from the Internal Revenue Service ("IRS"), which provides that the real property portion of the Company's small cells and the related rents qualify as real property and rents from real property, respectively, under the rules governing REITs. The Company is evaluating the impact of this private letter ruling and, subject to board approval, expects to take appropriate action to include at least some part of the Company's small cells as part of the REIT during 2015. Once the Company has completed its evaluation and necessary actions to include small cells in the REIT, the Company expects to de-recognize its net deferred tax liabilities related to such part of the Company's small cells. | |||||||||||||
Additionally, the Company has included in TRSs its tower operations in Australia and certain other assets and operations. Those TRS assets and operations (along with any part of the Company's small cells that remain in a TRS) will continue to be subject, as applicable, to federal and state corporate income taxes or 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 the Company's tax basis on January 1, 2014. This gain can be offset by any remaining federal net operating loss carryforwards ("NOLs"). | |||||||||||||
During 2013, the Company de-recognized substantially all of its previously recorded U.S. federal and state deferred tax assets and liabilities in connection with completing the steps necessary to qualify to operate as a REIT and receiving final approval from the Company's board of directors. The de-recognized U.S. federal and state deferred tax assets related to the entities included in the REIT, because the expected recovery or settlement of the related assets and liabilities would not result in a taxable or deductible amount in the future. | |||||||||||||
For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset. | |||||||||||||
The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2014 and 2013, the Company has not recorded any penalties related to its income tax positions. | |||||||||||||
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 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 RSAs and RSUs as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock (as defined in note 11), as determined under the if-converted method. | |||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 390,513 | $ | 90,111 | $ | 188,584 | |||||||
Dividends on preferred stock | (43,988 | ) | (11,363 | ) | (2,629 | ) | |||||||
Net income (loss) attributable to CCIC common stockholders | $ | 346,525 | $ | 78,748 | $ | 185,955 | |||||||
Weighted-average number of common shares outstanding (in thousands): | |||||||||||||
Basic weighted-average number of common stock outstanding | 332,302 | 298,083 | 289,285 | ||||||||||
Effect of assumed dilution from potential common shares relating to RSAs and RSUs | 963 | 1,210 | 1,985 | ||||||||||
Diluted weighted-average number of common shares outstanding | 333,265 | 299,293 | 291,270 | ||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||
Basic | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
Diluted | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
For the years ended December 31, 2014 and 2013, 12.5 million and 13.2 million common share equivalents related to the Convertible Preferred Stock, respectively, were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of each such year. See notes 11 and 12. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The Company's international operations use the local currency as their functional currency. The Company translates the results of these international operations using the applicable average exchange rate for the period, and translates the assets and liabilities using the applicable exchange rate at the end of the period. The cumulative effect of changes in the exchange rate is recorded as "foreign currency translation adjustments" in other comprehensive income (loss). See note 15. | |||||||||||||
Fair Values | |||||||||||||
The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period. | |||||||||||||
The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines fair value of its debt securities based on indicative quotes (that is non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if applicable. There were no changes since December 31, 2013 in the Company's valuation techniques used to measure fair values. See note 9 for a further discussion of fair values. | |||||||||||||
Derivative Instruments | |||||||||||||
The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk. Derivative financial instruments were entered into for periods that matched the related underlying exposures. The Company can designate derivative financial instruments as hedges. The Company can also enter into derivative financial instruments that are not designated as accounting hedges. | |||||||||||||
Derivatives were recognized on the consolidated balance sheet at fair value. If the derivative was designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative was recorded as a separate component of stockholders' equity, captioned "accumulated other comprehensive income (loss)," and recognized as increases or decreases to "interest expense and amortization of deferred financing costs" when the hedged item affects earnings. If a hedge ceased to qualify for hedge accounting, any change in the fair value of the derivative since the date it ceased to qualify was recorded to "net gain (loss) on interest rate swaps." However, any amounts previously recorded to "accumulated other comprehensive income (loss)" would remain there until the original forecasted transaction affected earnings. In situations where it becomes probable that the hedged forecasted transaction will not occur, any gains or losses that have been recorded to "accumulated other comprehensive income (loss)" are immediately reclassified to earnings. | |||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||
No accounting pronouncements adopted during the year ended December 31, 2014 had a material impact on the Company's consolidated financial statements. | |||||||||||||
Recent Accounting Pronouncements Not Yet Adopted | |||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquisitions | |||||||||
Acquisitions | Acquisitions | ||||||||
2012 Acquisitions | |||||||||
In January 2012, the Company acquired certain subsidiaries of Wireless Capital Partners, LLC ("WCP") (referred to herein as the "WCP Acquisition"). Upon closing, WCP held various contracts with wireless site owners, including approximately 2,300 ground lease related assets. The purchase price of $214.7 million includes $39.2 million of restricted cash and excludes the assumption of $336.3 million (after fair value adjustments) of debt. See note 7. The Company utilized the borrowings under the Tranche B Term Loans (as defined in note 7) issued in January 2012 to fund the cash consideration. | |||||||||
In April 2012, the Company acquired NextG Networks, Inc. ("NextG") for approximately $1.0 billion in cash ("NextG Acquisition"). The Company utilized borrowings under the Tranche A Term Loans and Tranche B Term Loans (as defined in note 7) to fund the cash consideration of approximately $1.0 billion. Prior to the NextG Acquisition, NextG was the largest U.S. provider of outdoor DAS. | |||||||||
In November 2012, the Company acquired from T-Mobile the exclusive rights to lease, operate, or otherwise acquire towers which, as of December 31, 2014, comprised approximately 17% of the Company's towers for approximately $2.5 billion ("T-Mobile Acquisition"). See note 1 for a further discussion of the terms of the T-Mobile master prepaid lease, including the purchase option. The Company utilized cash on hand, inclusive of the proceeds from the 5.25% Senior Notes, and borrowings from the 2012 Revolver (as defined in note 7) to fund the T-Mobile Acquisition. | |||||||||
The WCP Acquisition, NextG Acquisition, and T-Mobile Acquisition are collectively referred to herein as the "2012 Acquisitions." | |||||||||
AT&T Acquisition | |||||||||
During October 2013, the Company entered into a definitive agreement with AT&T, to acquire rights to towers which, as of December 31, 2014, comprised approximately 22% of the Company's towers for $4.827 billion in cash at closing ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. See note 1 for further discussion of the terms of the AT&T master prepaid lease, including the related purchase option. The Company utilized net proceeds from the October 2013 Equity Financings (as defined in note 11), and additional borrowings under the 2012 Revolver and term loans to fund the AT&T Acquisition, as well as cash on hand. The final purchase price allocation for the AT&T Acquisition is shown below. | |||||||||
Current assets | $ | 21,543 | |||||||
Property and equipment | 1,891,721 | ||||||||
Goodwill | 1,902,777 | ||||||||
Other intangible assets, net | 1,175,217 | ||||||||
Other assets | 67,063 | ||||||||
Current liabilities | (10,677 | ) | |||||||
Other long-term liabilities | (221,045 | ) | (a) | ||||||
Net assets acquired | $ | 4,826,599 | (b)(c) | ||||||
(a)Inclusive of above-market leases for land interests under the Company's towers. | |||||||||
(b) | Changes between the final purchase price allocation and the preliminary purchase price allocation as presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 primarily relate to (1) a $134.2 million increase to goodwill, (2) a $104.9 million decrease to other intangible assets, net (3) a $73.7 million decrease to property and equipment, and (4) a $63.8 million increase to other assets. The effect of the change in the purchase price allocation on the Company's statement of operations is immaterial for the periods presented. | ||||||||
(c)No deferred taxes were recorded as a result of the Company's REIT election. See note 10. | |||||||||
For additional discussion of the AT&T Acquisition see notes 5, 7, and 11. | |||||||||
2014 Land Acquisitions | |||||||||
During 2014, the Company completed several acquisitions of portfolios of land interests under towers ("2014 Land Acquisitions"). These acquisitions were predominately comprised of an aggregate of 1,200 land interests for an aggregate preliminary purchase price of approximately $354 million, net of cash acquired. | |||||||||
Actual and Pro Forma Financial Information | |||||||||
Net revenues and net income (loss) attributable to acquisitions completed are included in the Company's consolidated statements of operations and comprehensive income (loss), since the date of each respective acquisition. For the year ended December 31, 2013, the AT&T Acquisition resulted in (1) increases to consolidated net revenues of $17.9 million and (2) a net loss of approximately $8.9 million included in net income (loss), which includes acquisition and integration costs and the impact of the associated debt borrowings. For the year ended December 31, 2012, the 2012 Acquisitions resulted in (1) increases to consolidated net revenues of $143.3 million and (2) a net loss of $12.6 million included in net income (loss), which includes the impact of the debt assumed in the WCP Acquisition and acquisition and integration costs. | |||||||||
The unaudited pro forma financial results for the year ended December 31, 2013 combine the historical results of the Company, which includes the impact of the 2012 Acquisitions, along with the pro forma impact from the AT&T Acquisition. The unaudited pro forma financial results for the year ended December 31, 2012 combine the historical results of the Company, along with the pro forma impact from the AT&T Acquisition and the 2012 Acquisition. The following table presents the unaudited pro forma consolidated results of operations of the Company as if the AT&T Acquisition was completed as of January 1, 2012, and the 2012 Acquisitions were completed as of January 1, 2011 for the periods presented below. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | |||||||||
Twelve Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues | $ | 3,420,736 | (a) | $ | 3,124,010 | (a)(b) | |||
Income (loss) before income taxes | $ | 242,617 | (c)(d)(f) | $ | 15,566 | (c)(d)(f) | |||
Benefit (provision) for income taxes | $ | (178,663 | ) | (d)(e) | $ | 134,487 | (d)(e) | ||
Net income (loss) | $ | 63,954 | (c)(d)(f) | $ | 150,053 | (c)(d)(f) | |||
Basic net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.05 | $ | 0.28 | |||||
Diluted net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.05 | $ | 0.27 | |||||
(a) | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $211.1 million and $220.6 million, respectively, 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) | For the year ended December 31, 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $148.9 million that the Company expects to recognize from T-Mobile under T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | ||||||||
(c) | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to depreciation and amortization of $218.3 million and $353.2 million, respectively, related to property and equipment and intangibles recorded as a result of the AT&T Acquisition and 2012 Acquisitions. | ||||||||
(d) | For the AT&T Acquisition, pro forma amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. For the 2012 Acquisitions, pro forma amounts exclude any impact from debt financings that occurred through 2012 due to (1) such financings have been conducted for multiple purposes, including to lower the Company's average cost of debt, to refinance and extend certain of its debt, as well as to provide funds to finance a portion of such acquisitions and (2) such financings having not been conducted concurrently with the 2012 Acquisitions they subsequently funded in part and the fungible nature of the cash makes impracticable a determination of whether, or what portion of, the purchase prices of such acquisitions were funded with the proceeds of such financings. | ||||||||
(e) | For the years ended December 31, 2013 and 2012, the pro forma adjustments reflects the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 10. | ||||||||
(f) | Inclusive of $23.7 million and $15.5 million, respectively, of aggregate acquisition and integration costs for the years ended December 31, 2013 and 2012 related to the AT&T Acquisition and 2012 Acquisitions. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property and Equipment | ||||||||||
Property and Equipment | ||||||||||
The major classes of property and equipment are as follows: | ||||||||||
Estimated Useful Lives | December 31, | |||||||||
2014 | 2013 | |||||||||
Land(a) | — | $ | 1,542,276 | $ | 1,305,942 | |||||
Buildings | 40 years | 72,517 | 70,497 | |||||||
Towers and small cells | 1-20 years | 12,251,175 | 11,717,453 | |||||||
Information technology assets and other | 2-7 years | 214,058 | 185,699 | |||||||
Construction in process | — | 507,066 | 401,042 | |||||||
Total gross property and equipment | 14,587,092 | 13,680,633 | ||||||||
Less: accumulated depreciation | (5,438,781 | ) | (4,732,956 | ) | ||||||
Total property and equipment, net | $ | 9,148,311 | $ | 8,947,677 | ||||||
(a) | Includes land owned in fee and perpetual easements. | |||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $757.4 million, $562.1 million and $438.9 million, respectively. Capital leases and associated leasehold improvements related to gross property and equipment and accumulated depreciation was $4.4 billion and $883.5 million, respectively, as of December 31, 2014. See notes 1 and 2. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
Goodwill and Intangible Assets | Intangible Assets | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The changes in the carrying value of goodwill for the years ended December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,119,957 | ||||||||||||||||||||||
Additions due to AT&T Acquisition (a) | 1,768,535 | |||||||||||||||||||||||
Additions due to other acquisitions | 25,194 | |||||||||||||||||||||||
Effect of exchange rate fluctuations and other adjustments | 2,740 | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 4,916,426 | ||||||||||||||||||||||
Adjustments to AT&T Acquisition purchase price allocation (a) | 134,242 | |||||||||||||||||||||||
Additions due to other acquisitions | 159,952 | |||||||||||||||||||||||
Effect of exchange rate fluctuations and other adjustments | (529 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,210,091 | ||||||||||||||||||||||
(a) | The purchase price allocation for the AT&T Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunity in the acquired tower portfolio. See note 3. | |||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
The following is a summary of the Company's intangible assets. See note 3 for further discussion of the Company's acquisitions. | ||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | |||||||||||||||||||
Site rental contracts and customer relationships | $ | 4,660,082 | (a) | $ | (1,347,947 | ) | $ | 3,312,135 | $ | 4,761,605 | $ | (1,111,262 | ) | $ | 3,650,343 | |||||||||
Other intangible assets | 509,824 | (106,259 | ) | 403,565 | 486,751 | (79,229 | ) | 407,522 | ||||||||||||||||
Total | $ | 5,169,906 | $ | (1,454,206 | ) | $ | 3,715,700 | $ | 5,248,356 | $ | (1,190,491 | ) | $ | 4,057,865 | ||||||||||
(a) | Inclusive of adjustments made during 2014 related to the AT&T Acquisition purchase price allocation. See note 3. | |||||||||||||||||||||||
During the year ended December 31, 2013, the Company recorded (1) $1.2 billion of additions to site rental contracts and customer relationships, which predominately relate to the AT&T Acquisition, and (2) $132.8 million of additions to other intangible assets, inclusive of adjustments made during 2013 related to the T-Mobile Acquisition purchase price allocation. The weighted average amortization period of the additions to intangible assets during the year ended December 31, 2013 was approximately 20 years. | ||||||||||||||||||||||||
Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): | ||||||||||||||||||||||||
For Years Ended December 31, | ||||||||||||||||||||||||
Classification | 2014 | 2013 | 2012 | |||||||||||||||||||||
Depreciation, amortization and accretion | $ | 245,614 | $ | 204,042 | $ | 177,163 | ||||||||||||||||||
Site rental costs of operations | 22,105 | 10,197 | 3,352 | |||||||||||||||||||||
Total amortization expense | $ | 267,719 | $ | 214,239 | $ | 180,515 | ||||||||||||||||||
The estimated annual amortization expense related to intangible assets (inclusive of those recorded as an increase to "site rental costs of operations") for the years ended December 31, 2015 to 2019 is as follows: | ||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Estimated annual amortization | $ | 259,272 | $ | 259,026 | $ | 258,438 | $ | 256,669 | $ | 254,980 | ||||||||||||||
Other_Liabilities_Notes
Other Liabilities (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Liabilities [Abstract] | ||||||||||||||||||||
Other Liabilities | Other Liabilities | |||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||
The following is a summary of the components of "other long-term liabilities" as presented on the consolidated balance sheet. See also note 2. | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred rental revenues | $ | 610,742 | $ | 350,474 | ||||||||||||||||
Deferred ground lease payable | 425,321 | 357,419 | ||||||||||||||||||
Above market leases for land interests, net | 272,694 | 276,319 | ||||||||||||||||||
Deferred credits, net | 222,460 | 244,537 | ||||||||||||||||||
Asset retirement obligation (see note 13) | 128,153 | 118,403 | ||||||||||||||||||
Other long-term liabilities | 328 | 2,767 | ||||||||||||||||||
$ | 1,659,698 | $ | 1,349,919 | |||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Company recorded $24.2 million, $7.2 million, and $3.4 million, respectively, as a decrease to "site rental costs of operations" for the amortization of above-market leases for land interests under the Company's towers. The estimated amortization expense related to above-market leases for land interests under the Company's towers recorded to site rental costs of operations for the years ended December 31, 2015 to 2019 is as follows: | ||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Above-market leases for land interests | $ | 23,031 | $ | 22,362 | $ | 21,206 | $ | 20,287 | $ | 19,289 | ||||||||||
For the years ended December 31, 2014, 2013, and 2012 the Company recognized $29.5 million, $29.6 million, and $20.8 million, respectively, in site rental revenues related to the amortization of below market tenant leases. The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ended December 31, 2015 to 2019 are as follows: | ||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Below-market tenant leases | $ | 27,877 | $ | 27,657 | $ | 24,746 | $ | 21,985 | $ | 19,493 | ||||||||||
Other accrued liabilities | ||||||||||||||||||||
Other accrued liabilities included accrued payroll and other accrued compensation of $74.2 million and $60.0 million, respectively, as of December 31, 2014 and 2013. |
Debt_and_Other_Obligations
Debt and Other Obligations | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations | Debt and Other Obligations | |||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding Balance as of December 31, | Stated | |||||||||||||||||||||||||||||||||
Issue Date | Maturity | Interest Rate | ||||||||||||||||||||||||||||||||||
Date | as of | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | (a) | |||||||||||||||||||||||||||||||||
Bank debt – variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | (d) | $ | 695,000 | (b) | $ | 374,000 | 1.9 | % | (c) | |||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | (d) | 645,938 | 662,500 | 1.9 | % | (c) | ||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/2021 | (e) | 2,835,509 | 2,864,150 | 3 | % | (f) | ||||||||||||||||||||||||||||
Total bank debt | 4,176,447 | 3,900,650 | ||||||||||||||||||||||||||||||||||
Securitized debt – fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2037-2040 | (g) | 1,600,000 | 1,900,000 | 6 | % | (g) | ||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035-2040 | (g) | 1,550,000 | 1,550,000 | 4.5 | % | (g) | ||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | (h) | 160,822 | 179,792 | 7.5 | % | |||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (i) | 262,386 | 286,171 | 5.7 | % | (j) | ||||||||||||||||||||||||||||
Total securitized debt | 3,573,208 | 3,915,963 | ||||||||||||||||||||||||||||||||||
Bonds – fixed rate: | ||||||||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | — | 498,332 | N/A | |||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,969 | 1,649,970 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Secured Notes | Dec. 2012 | 2017/2023 | (l) | 1,500,000 | 1,500,000 | 3.4 | % | |||||||||||||||||||||||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 846,062 | — | 4.9 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,996,031 | 3,648,302 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | (k) | 175,175 | 129,585 | Various | (k) | |||||||||||||||||||||||||||||
Total debt and other obligations | 11,920,861 | 11,594,500 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 113,335 | 103,586 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,807,526 | $ | 11,490,914 | ||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of December 31, 2014, the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $805.0 million. See note 18. | |||||||||||||||||||||||||||||||||||
(c) | The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25%, based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. | |||||||||||||||||||||||||||||||||||
(d) | The maturity dates for the 2012 Revolver and Tranche A Term Loans are either November 2018 or January 2019, contingent upon the outstanding aggregate principal amount of the Tranche B Term Loans (as defined below). If the outstanding aggregate principal amount of the Tranche B Term Loans is greater than $500.0 million, the 2012 Revolver and Tranche A Term Loans are due November 2018. If the outstanding aggregate principal amount of the Tranche B Term Loans is less than or equal to $500.0 million, the 2012 Revolver and Tranche A Term Loans are due January 2019. | |||||||||||||||||||||||||||||||||||
(e) | As of December 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans (defined below) and the Incremental Tranche B-2 Term Loans (defined below), consist of $2.3 billion aggregate principal amount due January 2021 and $565.6 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
(f) | The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50%, based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). | |||||||||||||||||||||||||||||||||||
(g) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes (collectively, "2010 Tower Revenue Notes") are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion, having anticipated repayment dates in 2017, and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million, and $1.0 billion, having anticipated repayment dates in 2015, 2017, and 2020, respectively. | |||||||||||||||||||||||||||||||||||
(h) | The 2009 Securitized Notes consist of $90.8 million of principal as of December 31, 2014 that amortizes through 2019, and $70.0 million of principal as of December 31, 2014 that amortizes during the period beginning in 2019 and ending in 2029. | |||||||||||||||||||||||||||||||||||
(i) | The WCP securitized notes ("WCP Securitized Notes") were assumed in connection with the WCP Acquisition. The WCP Securitized Notes include a fair value adjustment that increased the debt carrying value by $3.6 million as of December 31, 2014. The anticipated repayment date is 2015 for each class. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | |||||||||||||||||||||||||||||||||||
(j) | The effective yield is approximately 5.6%, inclusive of the fair value adjustment. | |||||||||||||||||||||||||||||||||||
(k) | The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 25 years. | |||||||||||||||||||||||||||||||||||
(l) | Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured Notes"). | |||||||||||||||||||||||||||||||||||
The credit agreement governing the the Company's senior credit facility agreement ("2012 Credit Facility") contains financial maintenance covenants. The Company is currently in compliance with these financial maintenance covenants, and based upon current expectations, the Company believes it will continue to comply with its financial maintenance covenants. In addition, certain of the Company's debt agreements also contain restrictive covenants that place restrictions on CCIC or its subsidiaries and may limit the Company's ability to, among other things, incur additional debt and liens, purchase the Company's securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow. | ||||||||||||||||||||||||||||||||||||
Bank Debt | ||||||||||||||||||||||||||||||||||||
In January 2012, CCOC entered into the 2012 Credit Facility. The 2012 Credit Facility originally consisted of (1) a $1.5 billion 2012 Revolver with a maturity of January 2017, (2) $500.0 million of Tranche A Term Loans with a maturity of January 2017, and (3) $1.6 billion of Tranche B Term Loans with a maturity of January 2019. | ||||||||||||||||||||||||||||||||||||
The 2012 Credit Facility is secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC's and certain of its subsidiaries' deposit accounts ($41.4 million as of December 31, 2014) and securities accounts. The 2012 Credit Facility is guaranteed by CCIC and certain of its subsidiaries. | ||||||||||||||||||||||||||||||||||||
The following are highlights of the Company's issuances, refinancings, and other activities related to the 2012 Credit Facility since entering into the original agreement: | ||||||||||||||||||||||||||||||||||||
•In 2012, the Company: | ||||||||||||||||||||||||||||||||||||
◦ | utilized the proceeds of the original Tranche A Term Loans and Tranche B Term Loans in part to repay the previously outstanding 2007 Revolver, 2007 term loans and to fund the cash consideration of the WCP Acquisition and NextG Acquisition (see note 3), and | |||||||||||||||||||||||||||||||||||
◦ | utilized the borrowings under the 2012 Revolver to partially fund the T-Mobile Acquisition and the repurchase and repayment of the 9% Senior Notes. | |||||||||||||||||||||||||||||||||||
•In 2013, the Company: | ||||||||||||||||||||||||||||||||||||
◦ | refinanced the then outstanding Tranche B Term Loans with new loans pursuant to the existing credit agreement in an aggregate principal amount of approximately $1.6 billion, | |||||||||||||||||||||||||||||||||||
◦ | borrowed $800.0 million of incremental tranche B term loans ("Incremental Tranche B Term Loans"), | |||||||||||||||||||||||||||||||||||
◦ | borrowed $500.0 million of incremental tranche B-2 term loans ("Incremental Tranche B-2 Term Loans"), | |||||||||||||||||||||||||||||||||||
◦ | borrowed $200.0 million of incremental tranche A term loans ("Incremental Tranche A Term Loans"), | |||||||||||||||||||||||||||||||||||
◦extended the maturity of both the Tranche A Term Loans and the 2012 Revolver, | ||||||||||||||||||||||||||||||||||||
◦ | reduced the interest at a per annum rate under the 2012 Revolver and Tranche A Term Loans to LIBOR plus a credit spread ranging from1.50% to 2.25%, based on CCOC's total net leverage ratio, | |||||||||||||||||||||||||||||||||||
◦ | utilized the proceeds of the Incremental Tranche B Term Loans to repay a portion of the amounts outstanding under the 2012 Revolver, | |||||||||||||||||||||||||||||||||||
◦ | utilized the borrowings under the 2012 Revolver to partially fund the AT&T Acquisition (see note 3), and | |||||||||||||||||||||||||||||||||||
◦ | utilized the proceeds of the Incremental Tranche B-2 Term Loans and the Incremental Tranche A Term Loans to repay a portion of the amounts then outstanding under the 2012 Revolver. | |||||||||||||||||||||||||||||||||||
• | In 2014, the Company amended its 2012 Credit Facility to extend the maturity date on a portion of the Tranche B Term Loans, including Incremental Tranche B Term Loans, to January 2021. | |||||||||||||||||||||||||||||||||||
• | See note 18 for a discussion of the increase in the 2012 Revolver capacity to $2.2 billion during January and February 2015. | |||||||||||||||||||||||||||||||||||
Securitized Debt | ||||||||||||||||||||||||||||||||||||
The 2010 Tower Revenue Notes, the 2009 Securitized Notes, and the WCP Securitized Notes (collectively, "Securitized Debt") are obligations of special purpose entities and their direct and indirect subsidiaries (each an "issuer"), all of which are wholly-owned, indirect subsidiaries of CCIC. The 2010 Tower Revenue Notes, 2009 Securitized Notes, and the WCP Securitized Notes are governed by separate indentures. The 2010 Tower Revenue Notes are governed by one indenture and consist of multiple series of notes, each with its own anticipated repayment date. The net proceeds of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes were primarily used to repay the portion of the 2005 Tower Revenue Notes not previously purchased and 2006 Tower Revenue Notes not previously purchased, respectively. The WCP Securitized Notes were assumed in connection with the WCP Acquisition in January 2012. Interest is paid monthly on the Securitized Debt. | ||||||||||||||||||||||||||||||||||||
The Securitized Debt is paid solely from the cash flows generated by the operation of the towers or third party land interests held directly and indirectly by the issuers of the respective Securitized Debt. The Securitized Debt is secured by, among other things, (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses) or third party land interests, and (4) in the case of the WCP Securitized Notes, a perfected first mortgage lien on certain prepaid lease arrangements. The governing instruments of two indirect subsidiaries ("Crown Atlantic" and "Crown GT") of the issuers of the 2010 Tower Revenue Notes generally prevent them from issuing debt and granting liens on their assets without the approval of a subsidiary of Verizon Communications. Consequently, while distributions paid by Crown Atlantic and Crown GT will service the 2010 Tower Revenue Notes, the 2010 Tower Revenue Notes are not obligations of, nor are the 2010 Tower Revenue Notes secured by the cash flows or any other assets of, Crown Atlantic and Crown GT. As of December 31, 2014, the Securitized Debt was collateralized with personal property and equipment with an aggregate net book value of approximately $1.2 billion, exclusive of Crown Atlantic and Crown GT personal property and equipment. | ||||||||||||||||||||||||||||||||||||
The excess cash flows from the issuers of the Securitized Debt, after the payment of principal, interest, reserves, expenses, and management fees are distributed to the Company in accordance with the terms of the indentures. If the Debt Service Coverage Ratio ("DSCR") (as defined in the applicable governing loan agreement) as of the end of any calendar quarter falls to a certain level, then all excess cash flow of the issuers of the applicable debt instrument will be deposited into a reserve account instead of being released to the Company. The funds in the reserve account will not be released to the Company until the DSCR exceeds a certain level for two consecutive calendar quarters. If the DSCR falls below a certain level as of the end of any calendar quarter, then all cash on deposit in the reserve account along with future excess cash flows of the issuers will be applied to prepay the debt with applicable prepayment consideration. | ||||||||||||||||||||||||||||||||||||
The Company may repay the 2010 Tower Revenue Notes or the 2009 Securitized Notes in whole or in part at any time after the second anniversary of the applicable issuance date, provided such prepayment is accompanied by any applicable prepayment consideration. The Securitized Debt has covenants and restrictions customary for rated securitizations, including provisions prohibiting the issuers from incurring additional indebtedness or further encumbering their assets. | ||||||||||||||||||||||||||||||||||||
In April 2014, the Company utilized a portion of the net proceeds from the 4.875% Senior Notes (as defined below) offering to repay $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015. | ||||||||||||||||||||||||||||||||||||
Bonds—Senior Notes. In April 2014, CCIC issued $850.0 million of senior notes due in April 2022 ("4.875% Senior Notes"). The net proceeds from the offering were approximately $839 million, after the deduction of associated fees. The Company utilized the net proceeds from the 4.875% Senior Notes offering (1) to repay $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015 and (2) to redeem all of the previously outstanding 7.125% Senior Notes. | ||||||||||||||||||||||||||||||||||||
The 4.875% Senior Notes and the 5.25% senior notes due 2023 ("5.25% Senior Notes") (collectively, "Senior Notes") are general obligations of CCIC, which rank equally with all existing and future senior debt of CCIC. The Senior Notes are effectively subordinated to all liabilities (including trade payables) of each subsidiary of CCIC and rank pari passu with the other respective high yield bonds of CCIC. The Company used the net proceeds from the 5.25% Senior Notes offering to partially fund the T-Mobile Acquisition. | ||||||||||||||||||||||||||||||||||||
The Senior Notes contain restrictive covenants with which CCIC and its restricted subsidiaries must comply, subject to a number of exceptions or qualifications, including restrictions on its ability to incur incremental debt, issue preferred stock, guarantee debt, pay dividends, repurchase its capital stock, use assets as security in other transactions, sell assets or merge with or into other companies, or make certain investments. Certain of these restrictions are not applicable if there is no event of default and if the ratio of CCIC's Consolidated Indebtedness (as defined in the respective Senior Notes indenture) to its Adjusted Consolidated Cash Flows (as defined in the respective Senior Notes indenture) is less than or equal to 7.0 to 1.0. The Senior Notes do not contain any financial maintenance covenants. | ||||||||||||||||||||||||||||||||||||
CCIC may redeem the 4.875% Senior Notes or the 5.25% Senior Notes in whole or in part at any time at a price equal to 100% of the principal amount to be redeemed, plus a make whole premium, and accrued and unpaid interest if any. | ||||||||||||||||||||||||||||||||||||
Bonds—Secured Notes. The "2012 Senior Notes" consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. The 2012 secured notes were issued and are guaranteed by the same subsidiaries of CCIC that had previously issued and guaranteed the 7.75% Secured Notes. The 2012 Secured Notes are secured by a pledge of the equity interests of such subsidiaries. The 2012 Secured Notes are not guaranteed by and are not obligations of CCIC or any of its subsidiaries other than the issuers and guarantors of the 2012 Secured Notes. The 2012 Secured Notes will be paid solely from the cash flows generated from operations of the towers held directly and indirectly by the issuers and the guarantors of such notes. The Company used the net proceeds from the issuance of the 2012 Secured Notes to repurchase and redeem the 7.75% Secured Notes and a portion of the 9% Senior Notes. The 2012 Secured Notes may be redeemed at any time at a price equal to 100% of the principal amount, plus a make whole premium, and accrued and unpaid interest, if any. | ||||||||||||||||||||||||||||||||||||
Previously Outstanding Indebtedness | ||||||||||||||||||||||||||||||||||||
Credit Facility. In January 2012, the Company repaid the previously outstanding 2007 Revolver and term loans pursuant its previously outstanding credit agreement entered into by CCOC. | ||||||||||||||||||||||||||||||||||||
Bonds—Senior Notes. In May 2014, CCIC redeemed approximately $500.0 million aggregate principal amount of its 7.125% Senior Notes at a price equal to 100% of the principal amount of the 7.125% senior notes redeemed, plus a make-whole premium, and accrued and unpaid interest. The Company utilized a portion of the net proceeds from the 4.875% Senior Notes offering, together with cash on hand, to redeem such previously outstanding 7.125% Senior Notes. | ||||||||||||||||||||||||||||||||||||
In December 2012, the Company purchased approximately $515.5 million aggregate principal amount of the 9% Senior Notes validly tendered on or prior to the early settlement date. In January 2013, the Company purchased approximately $0.8 million aggregate principal amount of 9% Senior Notes validly tendered after the early settlement date, but on or prior to the expiration date, and then redeemed all of the remaining outstanding 9% Senior Notes (approximately $313.3 million aggregate principal amount). The purchase and redemption of the 9% Senior Notes was funded by borrowings under the 2012 Revolver and proceeds from the issuance of the 2012 Secured Notes. | ||||||||||||||||||||||||||||||||||||
Bonds—Secured Notes. In December 2012, the Company purchased approximately $670.6 million aggregate principal amount of the 7.75% Secured Notes validly tendered on or prior to the expiration date. In January 2013, all of the remaining then outstanding 7.75% Secured Notes (approximately $294.4 million aggregate principal amount) were redeemed. The purchase and redemption of the 7.75% Secured Notes was funded by the issuance of the 2012 Secured Notes. | ||||||||||||||||||||||||||||||||||||
Contractual Maturities | ||||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt or other long-term obligations outstanding at December 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 WCP Securitized Notes. If the Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. If the WCP Securitized Notes are not paid in full by their anticipated repayment dates in 2015, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the Excess Cash Flow of the issuers of the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total Cash Obligations | Net Unamortized Discounts | Total Debt and Other Obligations Outstanding | ||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 110,758 | $ | 122,570 | $ | 619,859 | $ | 1,323,951 | $ | 596,083 | $ | 9,147,973 | $ | 11,921,194 | $ | (333 | ) | $ | 11,920,861 | |||||||||||||||||
Debt Purchases and Redemptions | ||||||||||||||||||||||||||||||||||||
The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||||||
Year Ending December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | ||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | 300,000 | 302,990 | (3,740 | ) | ||||||||||||||||||||||||||||||||
7.125% Senior Notes | 500,000 | 533,909 | (40,889 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 800,000 | $ | 836,899 | $ | (44,629 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||||||||||||||||||||||||
Year Ending December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(c) | ||||||||||||||||||||||||||||||||||
9% Senior Notes | 314,170 | 332,045 | (17,894 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes(b) | 294,362 | 312,465 | (18,103 | ) | ||||||||||||||||||||||||||||||||
5.25% Senior Notes | 30 | 30 | — | |||||||||||||||||||||||||||||||||
Tranche A Term Loans | 87,489 | 87,489 | (399 | ) | ||||||||||||||||||||||||||||||||
Tranche B Term Loans | 30,941 | 30,941 | (490 | ) | ||||||||||||||||||||||||||||||||
Other | — | — | (241 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 726,992 | $ | 762,970 | $ | (37,127 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | |||||||||||||||||||||||||||||||||||
(c) | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||||||||||||||||||||||||||||||||
Year Ending December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | ||||||||||||||||||||||||||||||||||
2007 Term Loans | 619,125 | 619,125 | (1,893 | ) | ||||||||||||||||||||||||||||||||
9% Senior Notes | 552,715 | 589,105 | (62,966 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes | 706,045 | 752,332 | (64,989 | ) | ||||||||||||||||||||||||||||||||
7.5% Senior Notes | 51 | 51 | — | |||||||||||||||||||||||||||||||||
WCP Securitized Notes | 16,911 | 18,096 | (681 | ) | ||||||||||||||||||||||||||||||||
Other | — | — | (1,445 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 1,894,847 | $ | 1,978,709 | $ | (131,974 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. |
Interest_Rate_Swaps
Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2014 | |
Interest Rate Derivatives [Abstract] | |
Interest Rate Swaps | Interest Rate Swaps |
The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk, including the use of (1) forward-starting interest rate swaps to hedge its exposure to variability in future cash flows attributable to changes in LIBOR on anticipated financings, including refinancings and potential future borrowings or (2) interest rate swaps to hedge the interest rate variability on a portion of the Company's floating rate debt. The Company does not enter into interest rate swaps for speculative or trading purposes. As of December 31, 2014, the Company does not have any interest rate swaps outstanding. | |
The net pre-tax loss that was reclassified into earnings from accumulated other comprehensive income (loss) was $63.1 million for the year ended December 31, 2014. The estimated net pre-tax loss that is expected to be reclassified into earnings from accumulated other comprehensive income (loss) is approximately $18.7 million for the year ended December 31, 2015. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||||
The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2. | ||||||||||||||||||
Level in Fair Value Hierarchy | December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 175,620 | $ | 175,620 | $ | 223,394 | $ | 223,394 | |||||||||
Restricted cash | 1 | 152,411 | 152,411 | 188,526 | 188,526 | |||||||||||||
Liabilities: | ||||||||||||||||||
Debt and other obligations | 2 | $ | 11,920,861 | $ | 12,286,161 | $ | 11,594,500 | $ | 11,892,587 | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||||
Income (loss) before income taxes by geographic area is as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic | $ | 341,070 | $ | 260,364 | $ | 77,254 | ||||||||||||||||||
Foreign(a) | 47,064 | 32,165 | 23,573 | |||||||||||||||||||||
$ | 388,134 | $ | 292,529 | $ | 100,827 | |||||||||||||||||||
(a) | Inclusive of income (loss) before income taxes from Australia and Puerto Rico. | |||||||||||||||||||||||
The benefit (provision) for income taxes consists of the following: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 213 | $ | 684 | $ | 229 | ||||||||||||||||||
Foreign | (10,737 | ) | (6,732 | ) | (6,837 | ) | ||||||||||||||||||
State | (4,415 | ) | (12,305 | ) | (3,705 | ) | ||||||||||||||||||
Total current | (14,939 | ) | (18,353 | ) | (10,313 | ) | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 23,070 | (164,769 | ) | 65,643 | ||||||||||||||||||||
Foreign | 2,901 | (6,136 | ) | 42,714 | ||||||||||||||||||||
State | (392 | ) | (9,370 | ) | 2,017 | |||||||||||||||||||
Total deferred | 25,579 | (180,275 | ) | 110,374 | ||||||||||||||||||||
Total tax benefit (provision) | $ | 10,640 | $ | (198,628 | ) | $ | 100,061 | |||||||||||||||||
A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the loss before income taxes is as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Benefit (provision) for income taxes at statutory rate | $ | (135,847 | ) | $ | (102,385 | ) | $ | (35,289 | ) | |||||||||||||||
Tax effect of foreign income (losses) | 14,277 | 11,258 | 8,251 | |||||||||||||||||||||
Tax adjustment related to REIT operations | 132,951 | — | — | |||||||||||||||||||||
Tax adjustment related to the REIT election(a) | — | (67,395 | ) | — | ||||||||||||||||||||
Expenses for which no federal tax benefit was recognized | (463 | ) | (9,570 | ) | (3,874 | ) | ||||||||||||||||||
Valuation allowances | 9,000 | — | 95,072 | |||||||||||||||||||||
State tax (provision) benefit, net of federal | (3,136 | ) | (14,852 | ) | (1,097 | ) | ||||||||||||||||||
Foreign tax | (7,836 | ) | (12,868 | ) | 35,877 | |||||||||||||||||||
Other | 1,694 | (2,816 | ) | 1,121 | ||||||||||||||||||||
$ | 10,640 | $ | (198,628 | ) | $ | 100,061 | ||||||||||||||||||
(a) | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. | |||||||||||||||||||||||
The components of the net deferred income tax assets and liabilities are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||||
Property and equipment | $ | 144,020 | $ | 135,824 | ||||||||||||||||||||
Deferred site rental receivable | 35,887 | 28,074 | ||||||||||||||||||||||
Intangible assets | 108,689 | 116,548 | ||||||||||||||||||||||
Total deferred income tax liabilities | 288,596 | 280,446 | ||||||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||||
Net operating loss carryforwards | 148,465 | 134,123 | ||||||||||||||||||||||
Deferred ground lease payable | 7,231 | 7,122 | ||||||||||||||||||||||
Accrued liabilities | 162,108 | 148,580 | ||||||||||||||||||||||
Receivables allowance | 1,538 | 1,228 | ||||||||||||||||||||||
Other | 1,278 | 5,866 | ||||||||||||||||||||||
Valuation allowances | (21,038 | ) | (27,264 | ) | ||||||||||||||||||||
Total deferred income tax assets, net | 299,582 | 269,655 | ||||||||||||||||||||||
Net deferred income tax asset (liabilities) | $ | 10,986 | $ | (10,791 | ) | |||||||||||||||||||
During 2014, the Company reversed $9.0 million of valuation allowance associated with federal NOLs of its TRSs as the Company has determined that these NOLs will be realized. | ||||||||||||||||||||||||
During the fourth quarter of 2013, the Company completed the steps necessary to qualify to operate as a REIT for U.S. federal income tax purposes and received final approval from the Company's board of directors. As a result, the Company de-recognized the net deferred tax assets and liabilities related to the entities included in the REIT, which resulted in net non-cash income tax charge of $67.4 million in conjunction with the anticipated REIT conversion. Included in the REIT conversion charge of $67.4 million is a $39.8 million adjustment to reclassify a deferred tax charge from AOCI to the provision for income taxes. | ||||||||||||||||||||||||
During 2013, in connection with completing the steps necessary to qualify to operate as a REIT, the Company reversed $29.4 million of valuation allowance associated with capital loss carryforwards as the Company generated sufficient capital gains in 2013 to fully realize these capital loss carryforwards. Also, during 2013, the Company recorded a valuation allowance of $12.0 million against federal NOLs of its TRSs as the Company determined that a portion of its TRSs federal NOLs more likely than not will not be realized. | ||||||||||||||||||||||||
The components of the net deferred income tax assets (liabilities) are as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Classification | Gross | Valuation | Net | Gross | Valuation | Net | ||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||
Federal | $ | 6,557 | $ | (3,000 | ) | $ | 3,557 | $ | (7,513 | ) | $ | (12,000 | ) | $ | (19,513 | ) | ||||||||
State | 462 | (16,208 | ) | (15,746 | ) | (807 | ) | (14,547 | ) | (15,354 | ) | |||||||||||||
Foreign | 25,005 | (1,830 | ) | 23,175 | 24,793 | (717 | ) | 24,076 | ||||||||||||||||
Total | $ | 32,024 | $ | (21,038 | ) | $ | 10,986 | $ | 16,473 | $ | (27,264 | ) | $ | (10,791 | ) | |||||||||
At December 31, 2014, the Company had U.S. federal and state NOLs of approximately $2.2 billion and $0.9 billion, respectively, which are available to offset future taxable income. These amounts include $0.2 billion of losses related to stock-based compensation. The Company also had foreign NOLs of $70.0 million. If not utilized, the Company's U.S. federal NOLs expire starting in 2022 and ending in 2032, and the state NOLs expire starting in 2015 and ending in 2034. The foreign NOLs predominately remain available indefinitely provided certain continuity of business requirements are met. The utilization of the NOLs is subject to certain limitations. The Company's U.S. federal and state income tax returns generally remain open to examination by taxing authorities until three years after the applicable NOLs have been used or expired. The remaining valuation allowance relates to federal NOLs and certain state net deferred tax assets (primarily NOLs). | ||||||||||||||||||||||||
As of December 31, 2014, the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $8.3 million. The aggregate changes in the balance of unrecognized tax benefits are as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | 21,549 | $ | 19,184 | ||||||||||||||||||||
Additions based on current year tax positions | 286 | 2,365 | ||||||||||||||||||||||
Reductions as a result of the lapse of statute limitations | (6,042 | ) | — | |||||||||||||||||||||
Reductions as a result of settlements with taxing authorities | (7,460 | ) | — | |||||||||||||||||||||
Balance at end of year | $ | 8,333 | $ | 21,549 | ||||||||||||||||||||
From time to time, the Company is subject to examinations by various tax authorities in jurisdictions in which the Company has business operations. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. At this time, the Company is not subject to an IRS examination. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||
Stockholders' Equity | Equity | |||||||||||||||
October 2013 Equity Financings | ||||||||||||||||
On October 28, 2013, the Company completed an offering of 41.4 million shares of common stock, which generated net proceeds of approximately $3.0 billion. | ||||||||||||||||
On October 28, 2013, the Company completed an offering of approximately 9.8 million shares of the Company's 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share (" Convertible Preferred Stock"), which generated net proceeds of $950.9 million. The holders of the Convertible Preferred Stock are entitled to receive cumulative dividends, when and if declared by the Company's board of directors, at the rate of 4.50% per annum payable on February 1, May 1, August 1 and November 1 of each year, commencing in February 2014, and to, and including, November 1, 2016. The dividends may be paid in cash or, subject to certain limitations, shares of common stock or any combination of cash and shares of common stock. The terms of the Convertible Preferred Stock provide that, unless accumulated dividends have been paid or set aside for payment on all outstanding Convertible Preferred Stock for all past dividend periods, no dividends may be declared or paid on common stock. | ||||||||||||||||
Unless converted earlier, each outstanding share of the Convertible Preferred Stock will automatically convert on November 1, 2016. Currently, each share of Convertible Preferred Stock will convert into between 1.1080 and 1.3850 shares of common stock, depending on the applicable market value of the common stock and subject to certain anti-dilution adjustments. At any time prior to November 1, 2016, holders of the Convertible Preferred Stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate of 1.1080, subject to certain anti-dilution adjustments. See note 2. | ||||||||||||||||
The common stock and Convertible Preferred Stock offerings in October 2013 are collectively referred to herein as the "October 2013 Equity Financings." | ||||||||||||||||
The Company used the proceeds from the October 2013 Equity Financings to partially fund the AT&T Acquisition. | ||||||||||||||||
Declaration and Payment of Dividends | ||||||||||||||||
During the year ended December 31, 2014, the following dividends were declared or paid: | ||||||||||||||||
Equity Type | Declaration Date | Record Date | Payment Date | Dividends Per Share | Aggregate | |||||||||||
Payment | ||||||||||||||||
Amount | ||||||||||||||||
(In millions) | ||||||||||||||||
Common Stock | February 20, 2014 | March 20, 2014 | March 31, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | May 30, 2014 | June 20, 2014 | June 30, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | August 8, 2014 | September 19, 2014 | September 30, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | October 30, 2014 | December 19, 2014 | December 31, 2014 | $ | 0.82 | $ | 274.5 | (a)(b) | ||||||||
Convertible Preferred Stock | December 31, 2013 | January 15, 2014 | February 3, 2014 | $ | 1.1625 | $ | 11.4 | |||||||||
Convertible Preferred Stock | March 25, 2014 | April 15, 2014 | May 1, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | June 25, 2014 | July 15, 2014 | August 1, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | September 26, 2014 | October 15, 2014 | November 3, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | December 22, 2014 | January 15, 2015 | February 2, 2015 | $ | 1.125 | $ | 11 | (c) | ||||||||
(a) | Inclusive of dividends accrued for holders of RSUs. | |||||||||||||||
(b) | The Company's common stock dividends are considered ordinary in nature for income tax purposes. | |||||||||||||||
(c) | Represents amount paid on February 2, 2015 based on holders of record on January 15, 2015. | |||||||||||||||
See note 18. | ||||||||||||||||
Purchases of the Company's Common Stock | ||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Company purchased 0.3 million, 1.4 million, and 0.7 million shares of common stock, respectively, utilizing $21.8 million, $99.5 million, and $36.0 million in cash, respectively. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Stock-based Compensation | Stock-based Compensation | |||||||||||
Stock Compensation Plans | ||||||||||||
Pursuant to stockholder approved plans, the Company has and is permitted to grant stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. As of December 31, 2014, the Company has 12.5 million shares available for future issuance pursuant to its 2013 Long-Term Incentive Plan ("LTI Plan"). Of these shares remaining available for future issuance, approximately 1.0 million may be issued pursuant to outstanding RSUs granted under the LTI Plan. | ||||||||||||
Restricted Stock Awards and Restricted Stock Units | ||||||||||||
During the years ended December 31, 2013 and 2012, the Company issued RSAs to certain executives and employees. During the year ended December 31, 2014, in conjunction with the adoption of the LTI Plan, the Company began issuing RSUs to certain executives and employees; each RSU represents a contingent right to receive one share of common stock subject to satisfaction of the applicable vesting terms. The RSAs and RSUs granted to certain executives and employees include (1) annual performance awards that often include provisions for forfeiture by the employee if certain market performance of the Company's common stock is not achieved, (2) new hire or promotional awards that generally contain only service conditions, or (3) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards vest over periods of approximately three years. | ||||||||||||
The following is a summary of the RSA and RSU activity during the year ended December 31, 2014. | ||||||||||||
RSAs | RSUs | |||||||||||
(In thousands) | (In thousands) | |||||||||||
Outstanding at the beginning of year | 2,282 | — | ||||||||||
Granted | — | 986 | ||||||||||
Vested | (822 | ) | (20 | ) | ||||||||
Forfeited | (20 | ) | (16 | ) | ||||||||
Outstanding at end of year | 1,440 | 950 | ||||||||||
The Company granted approximately 1.0 million RSUs to the Company's executives and certain other employees for the year ended December 31, 2014. The Company granted approximately 1.0 million shares of RSAs to the Company's executives and certain other employees for each of the years ended December 31, 2013, and 2012. The weighted-average grant-date fair value per share of the grants for the years ended December 31, 2014, 2013, and 2012 was $57.78, $46.37, and $38.82 per share, respectively. The weighted-average requisite service period for the RSUs granted during 2014 was approximately 2.5 years. | ||||||||||||
During the year ended December 31, 2014, the Company granted approximately 0.5 million RSUs that time vest over a three-year period. During the year ended December 31, 2014, the Company granted approximately 0.5 million RSUs to the Company's executives and certain other employees which may vest on the third anniversary of the grant date based upon the Company's total shareholder returns (defined as share price appreciation plus the value of dividends paid during the performance period) compared to that of selected peer companies. Certain RSA and RSU agreements contain provisions that result in forfeiture by the employee of any unvested shares in the event that the Company's common stock does not achieve certain price targets. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the market performance target is achieved. | ||||||||||||
The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2014, 2013, and 2012, respectively, with market conditions. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Risk-free rate | 0.7 | % | 0.4 | % | 0.4 | % | ||||||
Expected volatility | 22 | % | 23 | % | 31 | % | ||||||
Expected dividend rate | 1.93 | % | — | % | — | % | ||||||
The Company recognized aggregate stock-based compensation expense related to RSAs and RSUs of $45.8 million, $37.8 million, and $32.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. The aggregate unrecognized compensation (net of estimated forfeitures) related to RSAs and RSUs at December 31, 2014 is $40.7 million and is estimated to be recognized over a weighted-average period of less than one year. | ||||||||||||
The following table is a summary of the awards vested during the three years ended December 31, 2014. | ||||||||||||
Years Ended December 31, | Total Shares | Fair Value on | ||||||||||
Vested | Vesting Date | |||||||||||
(In thousands | ||||||||||||
of shares) | ||||||||||||
2014 | 842 | $ | 62,686 | |||||||||
2013 | 978 | 66,666 | ||||||||||
2012 | 1,974 | 101,692 | ||||||||||
Stock-based Compensation by Segment | ||||||||||||
The following table discloses the components of stock-based compensation expense. For the year ended December 31, 2014, the Company recorded tax benefits of $6.0 million related to stock-based compensation expense in its TRSs. For the years ended December 31, 2013, and 2012, the Company recorded tax benefits, exclusive of the change in the valuation allowance and the impact of the REIT election, of $14.5 million and $14.7 million, respectively, related to stock-based compensation expense (see note 10). | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 6,565 | $ | — | $ | 6,565 | ||||||
Network services and other costs of operations | 4,889 | — | 4,889 | |||||||||
General and administrative expenses | 44,977 | 3,733 | 48,710 | |||||||||
Total stock-based compensation | $ | 56,431 | $ | 3,733 | $ | 60,164 | ||||||
Year Ended December 31, 2013 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 1,193 | $ | — | $ | 1,193 | ||||||
Network services and other costs of operations | 1,799 | — | 1,799 | |||||||||
General and administrative expenses | 36,038 | 2,758 | 38,796 | |||||||||
Total stock-based compensation | $ | 39,030 | $ | 2,758 | $ | 41,788 | ||||||
Year Ended December 31, 2012 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 3,401 | $ | — | $ | 3,401 | ||||||
Network services and other costs of operations | 2,721 | — | 2,721 | |||||||||
General and administrative expenses | 35,822 | 5,597 | 41,419 | |||||||||
Total stock-based compensation | $ | 41,944 | $ | 5,597 | $ | 47,541 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |
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. See note 14 for a discussion of the operating lease commitments. In addition, see note 1 for a discussion of the Company's option to purchase approximately 53% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. | |
Asset Retirement Obligations | |
Pursuant to its ground lease and easement agreements, the Company has the obligation to perform certain asset retirement activities, including requirements upon lease or easement termination to remove wireless infrastructure or remediate the land upon which its wireless infrastructure resides. Accretion expense related to liabilities for retirement obligations amounted to $10.1 million, $8.1 million, and $6.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. During the year ended December 31, 2013, the Company recorded $16.3 million in asset retirement obligations as a result of the AT&T Acquisition. As of December 31, 2014 and 2013, liabilities for retirement obligations were $128.2 million and $118.4 million, respectively, representing the net present value of the estimated expected future cash outlay. As of December 31, 2014, the estimated undiscounted future cash outlay for asset retirement obligations was approximately $1.2 billion. See note 2. |
Leases
Leases | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||
Leases | Operating Leases | |||||||||||||||||||||||||||
Tenant Leases | ||||||||||||||||||||||||||||
The following table is a summary of the rental cash payments owed to the Company, as a lessor, by tenants pursuant to contractual agreements in effect as of December 31, 2014. Generally, the Company's leases with its tenants provide for (1) annual escalations, (2) multiple renewal periods at the tenant's option, and (3) only limited termination rights at the applicable tenant's option through the current term. As of December 31, 2014, the weighted-average remaining term of tenant leases is approximately seven years, exclusive of renewals at the tenant's option. The tenants' rental payments included in the table below are through the current terms with a maximum current term of 20 years and do not assume exercise of tenant renewal options. | ||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Tenant leases | $ | 2,703,655 | $ | 2,635,024 | $ | 2,562,704 | $ | 2,474,553 | $ | 2,373,865 | $ | 9,549,658 | $ | 22,299,459 | ||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||
The following table is a summary of rental cash payments owed by the Company, as lessee, to landlords pursuant to contractual agreements in effect as of December 31, 2014. The Company is obligated under non-cancelable operating leases for land interests under 80% of its towers. The majority of these lease agreements have (1) certain termination rights that provide for cancellation after a notice period, (2) multiple renewal options at the Company's option, and (3) annual escalations. Lease agreements may also contain provisions for a contingent payment based on revenues or the gross margin derived from the wireless infrastructure located on the leased land interest. Nearly 75% and nearly 90% of the Company's site rental gross margins for the year ended December 31, 2014 are derived from towers where the land interest under the tower is owned or leased with final expiration dates of greater than 20 years and ten years, respectively, inclusive of renewals at the Company's option. The operating lease payments included in the table below include payments for certain renewal periods at the Company's option up to the estimated wireless infrastructure useful life of 20 years and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. | ||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Operating leases | $ | 569,314 | $ | 574,728 | $ | 578,815 | $ | 580,231 | $ | 581,020 | $ | 8,067,093 | $ | 10,951,201 | ||||||||||||||
Rental expense from operating leases was $676.7 million, $513.6 million, and $372.3 million, respectively, for the years ended December 31, 2014, 2013, and 2012. The rental expense was inclusive of contingent payments based on revenues or gross margin derived from the wireless infrastructure located on the leased land interests of $88.3 million, $73.7 million, and $57.6 million, respectively, for the years ended December 31, 2014, 2013, and 2012. |
Operating_Segments_and_Concent
Operating Segments and Concentrations of Credit Risk | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments and Concentrations of Credit Risk [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments and Concentrations of Credit Risks | Operating Segments and Concentrations of Credit Risk | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company's reportable operating segments are (1) CCUSA, 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 flows 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. Noncontrolling interests primarily represent the noncontrolling shareholders' 22.4% interests in CCAL, the Company's 77.6% majority-owned subsidiary. | ||||||||||||||||||||||||||||||||||||||||||||||||
The financial results for the Company's operating segments are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Site rental | $ | 2,866,613 | $ | 140,161 | $ | — | $ | 3,006,774 | $ | 2,371,380 | $ | 132,240 | $ | — | $ | 2,503,620 | $ | 2,001,049 | $ | 123,141 | $ | — | $ | 2,124,190 | ||||||||||||||||||||||||
Network services and other | 672,143 | 10,967 | — | 683,110 | 494,371 | 24,393 | — | 518,764 | 285,287 | 23,203 | — | 308,490 | ||||||||||||||||||||||||||||||||||||
Net revenues | 3,538,756 | 151,128 | — | 3,689,884 | 2,865,751 | 156,633 | — | 3,022,384 | 2,286,336 | 146,344 | — | 2,432,680 | ||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs of operations(b): | ||||||||||||||||||||||||||||||||||||||||||||||||
Site rental | 906,152 | 38,514 | — | 944,666 | 686,873 | 38,236 | — | 725,109 | 503,661 | 35,578 | — | 539,239 | ||||||||||||||||||||||||||||||||||||
Network services and other | 400,454 | 5,346 | — | 405,800 | 304,144 | 17,543 | — | 321,687 | 173,762 | 15,988 | — | 189,750 | ||||||||||||||||||||||||||||||||||||
General and administrative | 257,296 | 25,400 | — | 282,696 | 213,519 | 25,183 | — | 238,702 | 184,911 | 27,661 | — | 212,572 | ||||||||||||||||||||||||||||||||||||
Asset write-down charges | 14,246 | 794 | — | 15,040 | 13,595 | 1,268 | — | 14,863 | 15,226 | 322 | — | 15,548 | ||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | 34,145 | 897 | — | 35,042 | 25,574 | 431 | — | 26,005 | 18,216 | 82 | — | 18,298 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 985,781 | 27,283 | — | 1,013,064 | 741,342 | 32,873 | — | 774,215 | 591,428 | 31,164 | — | 622,592 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | 2,598,074 | 98,234 | — | 2,696,308 | 1,985,047 | 115,534 | — | 2,100,581 | 1,487,204 | 110,795 | — | 1,597,999 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | 940,682 | 52,894 | — | 993,576 | 880,704 | 41,099 | — | 921,803 | 799,132 | 35,549 | — | 834,681 | ||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (573,291 | ) | (15,020 | ) | 15,020 | (573,291 | ) | (589,630 | ) | (16,545 | ) | 16,545 | (589,630 | ) | (601,031 | ) | (19,330 | ) | 19,317 | (601,044 | ) | |||||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (44,629 | ) | — | — | (44,629 | ) | (37,127 | ) | — | — | (37,127 | ) | (131,974 | ) | — | — | (131,974 | ) | ||||||||||||||||||||||||||||||
Interest income | 315 | 301 | — | 616 | 956 | 399 | — | 1,355 | 4,089 | 467 | — | 4,556 | ||||||||||||||||||||||||||||||||||||
Other income (expense) | 27,013 | (131 | ) | (15,020 | ) | 11,862 | 12,643 | 30 | (16,545 | ) | (3,872 | ) | 13,954 | (29 | ) | (19,317 | ) | (5,392 | ) | |||||||||||||||||||||||||||||
Benefit (provision) for income taxes | 11,244 | (604 | ) | — | 10,640 | (191,000 | ) | (7,628 | ) | — | (198,628 | ) | 60,144 | 39,917 | — | 100,061 | ||||||||||||||||||||||||||||||||
Net income (loss) | 361,334 | 37,440 | — | 398,774 | 76,546 | 17,355 | — | 93,901 | 144,314 | 56,574 | — | 200,888 | ||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 8,261 | — | 8,261 | — | 3,790 | — | 3,790 | (268 | ) | 12,572 | — | 12,304 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 361,334 | $ | 29,179 | $ | — | $ | 390,513 | $ | 76,546 | $ | 13,565 | $ | — | $ | 90,111 | $ | 144,582 | $ | 44,002 | $ | — | $ | 188,584 | ||||||||||||||||||||||||
Capital expenditures | $ | 758,535 | $ | 21,542 | $ | — | $ | 780,077 | $ | 534,809 | $ | 33,001 | $ | — | $ | 567,810 | $ | 419,980 | $ | 21,403 | $ | — | $ | 441,383 | ||||||||||||||||||||||||
Total assets (at year end) | $ | 20,979,775 | $ | 412,781 | $ | (249,280 | ) | $ | 21,143,276 | $ | 20,466,369 | $ | 411,679 | $ | (283,140 | ) | $ | 20,594,908 | $ | 15,969,084 | $ | 440,395 | (320,770 | ) | $ | 16,088,709 | ||||||||||||||||||||||
Goodwill (at year end) | $ | 5,196,485 | $ | 13,606 | $ | — | $ | 5,210,091 | $ | 4,902,950 | $ | 13,476 | $ | — | $ | 4,916,426 | $ | 3,116,824 | $ | 3,133 | $ | — | $ | 3,119,957 | ||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||||||||||||||||||
The following are reconciliations of net income (loss) to Adjusted EBITDA for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 361,334 | $ | 37,440 | $ | — | $ | 398,774 | $ | 76,546 | $ | 17,355 | $ | — | $ | 93,901 | $ | 144,314 | $ | 56,574 | $ | — | $ | 200,888 | |||||||||||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset write-down charges | 14,246 | 794 | — | 15,040 | 13,595 | 1,268 | — | 14,863 | 15,226 | 322 | — | 15,548 | ||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | 34,145 | 897 | — | 35,042 | 25,574 | 431 | — | 26,005 | 18,216 | 82 | — | 18,298 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 985,781 | 27,283 | — | 1,013,064 | 741,342 | 32,873 | — | 774,215 | 591,428 | 31,164 | — | 622,592 | ||||||||||||||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 19,972 | — | — | 19,972 | 15,473 | — | — | 15,473 | 14,166 | — | — | 14,166 | ||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 573,291 | 15,020 | (15,020 | ) | 573,291 | 589,630 | 16,545 | (16,545 | ) | 589,630 | 601,031 | 19,330 | (19,317 | ) | 601,044 | |||||||||||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 44,629 | — | — | 44,629 | 37,127 | — | — | 37,127 | 131,974 | — | — | 131,974 | ||||||||||||||||||||||||||||||||||||
Interest income | (315 | ) | (301 | ) | — | (616 | ) | (956 | ) | (399 | ) | — | (1,355 | ) | (4,089 | ) | (467 | ) | — | (4,556 | ) | |||||||||||||||||||||||||||
Other income (expense) | (27,013 | ) | 131 | 15,020 | (11,862 | ) | (12,643 | ) | (30 | ) | 16,545 | 3,872 | (13,954 | ) | 29 | 19,317 | 5,392 | |||||||||||||||||||||||||||||||
Benefit (provision) for income taxes | (11,244 | ) | 604 | — | (10,640 | ) | 191,000 | 7,628 | — | 198,628 | (60,144 | ) | (39,917 | ) | — | (100,061 | ) | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 56,431 | 3,733 | — | 60,164 | 39,030 | 2,758 | — | 41,788 | 41,785 | 5,597 | — | 47,382 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | $ | 2,051,257 | $ | 85,601 | $ | — | $ | 2,136,858 | $ | 1,715,718 | $ | 78,429 | $ | — | $ | 1,794,147 | $ | 1,479,953 | $ | 72,714 | $ | — | $ | 1,552,667 | ||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | The above reconciliation excludes line items included in the Company's Adjusted EBITDA definition which are not applicable for the periods shown. | |||||||||||||||||||||||||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||||||||||||||||||||||||||
A summary of net revenues by country, based on the location of the Company's subsidiaries, is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 3,535,796 | $ | 2,862,397 | $ | 2,283,088 | ||||||||||||||||||||||||||||||||||||||||||
Australia | 151,128 | 156,633 | 146,344 | |||||||||||||||||||||||||||||||||||||||||||||
Other countries | 2,960 | 3,354 | 3,248 | |||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 3,689,884 | $ | 3,022,384 | $ | 2,432,680 | ||||||||||||||||||||||||||||||||||||||||||
A summary of long-lived assets by country of location is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 8,971,916 | $ | 8,752,151 | ||||||||||||||||||||||||||||||||||||||||||||
Australia | 165,528 | 183,646 | ||||||||||||||||||||||||||||||||||||||||||||||
Other countries | 10,867 | 11,880 | ||||||||||||||||||||||||||||||||||||||||||||||
Total long-lived assets (property and equipment, net) | $ | 9,148,311 | $ | 8,947,677 | ||||||||||||||||||||||||||||||||||||||||||||
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 the CCUSA segment). | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
AT&T (a) | 25 | % | 22 | % | 23 | % | ||||||||||||||||||||||||||||||||||||||||||
Sprint (a) | 24 | % | 27 | % | 28 | % | ||||||||||||||||||||||||||||||||||||||||||
T-Mobile (a) | 21 | % | 23 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||||||
Verizon Wireless | 17 | % | 16 | % | 17 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 87 | % | 88 | % | 83 | % | ||||||||||||||||||||||||||||||||||||||||||
(a) | All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). | |||||||||||||||||||||||||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and trade receivables. The Company mitigates its risk with respect to cash and cash equivalents by maintaining such deposits at high credit quality financial institutions and monitoring the credit ratings of those institutions. The Company's restricted cash is predominately held and directed by a trustee (see note 2). | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company derives the largest portion of its revenues from customers in the wireless communication services industry. The Company also has a concentration in its volume of business with AT&T, Sprint, T-Mobile, and Verizon Wireless 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 tenants, the use of tenant leases with contractually determinable payment terms, or proactive management of past due balances. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||||||
The following table is a summary of the supplemental cash flow information during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Interest paid | $ | 491,076 | $ | 477,395 | $ | 504,494 | ||||||
Income taxes paid | 18,770 | 15,591 | 3,375 | |||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | 11,407 | (1,082 | ) | 32,789 | ||||||||
Purchase of property and equipment under capital leases and installment land purchases | 43,609 | 57,361 | 25,849 | |||||||||
Conversion of 6.25% Redeemable Convertible Preferred Stock | — | — | 305,180 | |||||||||
Assumption of WCP Securitized Notes | — | — | 336,273 | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | |||||||||||||||
Summary quarterly financial information for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2014:00:00 | ||||||||||||||||
Net revenues | $ | 875,950 | $ | 916,345 | $ | 930,025 | $ | 967,564 | ||||||||
Operating income (loss) | 251,568 | 230,186 | 250,292 | 261,530 | ||||||||||||
Gains (losses) on retirement of long-term obligations | — | (44,629 | ) | — | — | |||||||||||
Net income (loss) attributable to CCIC stockholders | 101,497 | 34,009 | 106,937 | 148,070 | ||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.07 | $ | 0.29 | $ | 0.41 | ||||||||
Diluted | $ | 0.27 | $ | 0.07 | $ | 0.29 | $ | 0.41 | ||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013:00:00 | ||||||||||||||||
Net revenues | $ | 740,060 | $ | 734,928 | $ | 748,977 | $ | 798,419 | ||||||||
Operating income (loss) | 235,055 | 229,961 | 222,839 | 233,948 | ||||||||||||
Gains (losses) on retirement of long-term obligations | (35,909 | ) | (577 | ) | (1 | ) | (640 | ) | ||||||||
Benefit (provision) for income taxes(a) | (17,708 | ) | (36,587 | ) | (33,959 | ) | (110,374 | ) | ||||||||
Net income (loss) attributable to CCIC stockholders | 15,462 | 52,359 | 45,836 | (23,546 | ) | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.18 | $ | 0.16 | $ | (0.11 | ) | |||||||
Diluted | $ | 0.05 | $ | 0.18 | $ | 0.16 | $ | (0.11 | ) | |||||||
(a) | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | ||
18 | Subsequent Events | |
Revolver Capacity Increase | ||
During January and February 2015, the Company amended its 2012 Credit Facility agreement and increased the capacity of the 2012 Revolver to an aggregate revolving commitment of approximately $2.2 billion. All other existing terms of the 2012 Revolver remain unchanged. | ||
Common Stock Dividend | ||
On February 12, 2015, the Company declared a quarterly common stock cash dividend of $0.82 per share, which was approved by the Company's board of directors. The common stock dividend will be paid on March 31, 2015 to common stock holders of record as of March 20, 2015. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | ||||||||||||||||||||||||||||
Additions | Deductions | |||||||||||||||||||||||||||
Balance at | Charged to | Credited to | Written Off | Effect of | Balance at | |||||||||||||||||||||||
Beginning | Operations | Operations | Exchange Rate | End of | ||||||||||||||||||||||||
of Year | Changes | Year | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable: | ||||||||||||||||||||||||||||
2014 | $ | 7,676 | $ | 3,101 | $ | — | $ | (476 | ) | $ | — | $ | 10,301 | |||||||||||||||
2013 | $ | 7,726 | $ | 1,351 | $ | — | $ | (1,401 | ) | $ | — | $ | 7,676 | |||||||||||||||
2012 | $ | 5,891 | $ | 3,673 | $ | — | $ | (1,838 | ) | $ | — | $ | 7,726 | |||||||||||||||
Additions | Deductions | |||||||||||||||||||||||||||
Balance at | Charged | Charged to | Credited to | Credited to | Other | Balance at | ||||||||||||||||||||||
Beginning | to | Additional | Operations | Additional | Adjustments(a) | End of | ||||||||||||||||||||||
of Year | Operations | Paid-in Capital | Paid-in Capital | Year | ||||||||||||||||||||||||
and Other | and Other | |||||||||||||||||||||||||||
Comprehensive | Comprehensive | |||||||||||||||||||||||||||
Income | Income | |||||||||||||||||||||||||||
Deferred Tax Valuation Allowance: | ||||||||||||||||||||||||||||
2014 | $ | 27,264 | $ | 1,797 | $ | — | $ | (9,106 | ) | $ | — | $ | 1,083 | $ | 21,038 | |||||||||||||
2013 | $ | 70,940 | $ | 717 | $ | — | $ | (2,174 | ) | $ | — | $ | (42,219 | ) | $ | 27,264 | ||||||||||||
2012 | $ | 228,417 | $ | — | $ | — | $ | (166,911 | ) | $ | (5,718 | ) | $ | 15,152 | $ | 70,940 | ||||||||||||
(a) | Inclusive of the effects of exchange rate changes, acquisitions, and the impact of the REIT conversion. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Restricted Cash | Restricted Cash | ||||||||||||
Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. The Company has classified the increases and decreases in restricted cash as (1) cash provided by financing activities for cash held by indenture trustees based on consideration of the terms of the related indebtedness, although the cash flows have aspects of both financing activities and operating activities, (2) cash provided by investing activities for cash securing performance obligations and restricted cash that is acquired in acquisitions, or (3) cash provided by operating activities for the other remaining restricted cash. | |||||||||||||
The following table is a summary of the impact of restricted cash on the statement of cash flows. | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net cash provided by (used from) operating activities | $ | 6,148 | $ | (1,637 | ) | $ | 11,475 | ||||||
Net cash provided by (used from) investing activities | $ | (44 | ) | $ | 8,067 | $ | (46,282 | ) | (a) | ||||
Net cash provided by (used from) financing activities | $ | 30,011 | $ | 385,982 | (b) | $ | (288,763 | ) | (b) | ||||
(a) | Inclusive of $46.3 million of acquired restricted cash. | ||||||||||||
(b) | Inclusive of $316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. | ||||||||||||
Receivables Allowance | Receivables Allowance | ||||||||||||
An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "site rental costs of operations" or to "network services and other costs of operations," as appropriate; and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. | |||||||||||||
Lease, Policy | Lease Accounting | ||||||||||||
General. The Company classifies its leases at inception as either operating leases or capital leases. A lease is classified as a capital lease if at least one of the following criteria are met, subject to certain exceptions noted below: (1) the lease transfers ownership of the leased assets to the lessee, (2) there is a bargain purchase option, (3) the lease term is equal to 75% or more of the economic life of the leased assets, or (4) the present value of the minimum lease payments equals or exceeds 90% of the fair value of the leased assets. | |||||||||||||
Lessee. Leases for land are evaluated for capital lease treatment if at least one of the first two criteria mentioned in the immediately preceding paragraph is present relating to the leased assets. When the Company, as lessee, classifies a lease as a capital lease, it records an asset in an amount equal to the present value of the minimum lease payments under the lease at the beginning of the lease term. Applicable operating leases are recognized on a straight-line basis as discussed under "costs of operations" below. | |||||||||||||
Lessor. If the Company is the lessor of leased property that is part of a larger whole (including with respect to a portion of space on a tower) and for which fair value is not objectively determinable, then such a lease is accounted for as an operating lease. As applicable, operating leases are recognized on a straight-line basis as discussed under "Revenue Recognition." | |||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||
Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of wireless infrastructure is computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions, renewals, and improvements are capitalized, while maintenance and repairs are expensed. Interest costs incurred related to the construction of certain property and equipment are capitalized. The carrying value of property and equipment will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. | |||||||||||||
Abandonments and write-offs of property and equipment are recorded to "asset write-downs charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $10.1 million, $10.2 million, and $12.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||||
Pursuant to its ground lease and easement agreements, the Company records obligations to perform asset retirement activities, including requirements to remove wireless infrastructure or remediate the land upon which the Company's wireless infrastructure resides. Asset retirement obligations are included in "other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "depreciation, amortization, and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. | |||||||||||||
Goodwill | Goodwill | ||||||||||||
Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with an estimation of fair value of the reporting unit using an income approach, which looks to the present value of expected future cash flows. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2014, which resulted in no impairments. | |||||||||||||
Intangible Assets | Intangible Assets | ||||||||||||
Intangible assets are included in "site rental contracts and customer relationships, net" and "other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) site rental contracts and customer relationships, (2) below-market leases for land interest under the acquired wireless infrastructure, (3) term easement rights for land interest under the acquired wireless infrastructure, or (4) other contractual rights such as trademarks. The site rental contracts and customer relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the expected exercise of the renewal provisions contained within the existing leases, which automatically occur under contractual provisions, or (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. | |||||||||||||
The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and customer relationships intangible asset is limited by the maximum depreciable life of the wireless infrastructure (20 years), as a result of the interdependency of the wireless infrastructure and site rental leases. In contrast, the site rental contracts and customer relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of renewals experienced to date. Thus, while site rental contracts and customer relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and customer relationships are amortized over a period not to exceed 20 years as a result of the useful life being limited by the depreciable life of the wireless infrastructure. | |||||||||||||
The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and customer relationships intangible assets. First, the Company pools the site rental contracts and customer relationships with the related wireless infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and customer relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. | |||||||||||||
Deferred Credits | Deferred Credits | ||||||||||||
Deferred credits are included in “deferred revenues” and “other long-term liabilities” on the Company's consolidated balance sheet and consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) below-market tenant leases for contractual interests with tenants on acquired wireless infrastructure, which are amortized to site rental revenues and (2) above-market leases for land interests under the Company's wireless infrastructure, which are amortized to site rental cost of operations. | |||||||||||||
Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. | |||||||||||||
Deferred Financing Costs | Deferred Financing Costs | ||||||||||||
Third-party costs incurred to obtain financing are deferred and are included in "long-term prepaid rent, deferred financing costs, and other assets" on the Company's consolidated balance sheet. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
Site rental revenues are recognized on a monthly basis over the fixed, non-cancelable term of the relevant lease (generally ranging from five to 15 years), regardless of whether the payments from the tenant are received in equal monthly amounts. The Company's leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the consumer price index ("CPI")). If the payment terms call for fixed escalations, upfront payments, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are included in "other current assets" and "deferred site rental receivables." Amounts billed or received prior to being earned are deferred and reflected in "deferred revenues" and "other long-term liabilities." | |||||||||||||
Network services revenues are recognized after completion of the applicable service. Nearly all of the antenna installation services are billed on a cost-plus profit basis and site development services are billed on a fixed fee basis. | |||||||||||||
Sales taxes or value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis. | |||||||||||||
Cost of Operations | Costs of Operations | ||||||||||||
In excess of two-thirds of the Company's site rental costs of operations expenses consist of ground lease expenses, and the remainder includes property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Ground lease expense is recognized on a monthly basis, regardless of whether the lease agreement payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. The Company's ground leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI). If the payment terms include fixed escalation provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line ground lease expense using a time period that equals or exceeds the remaining depreciable life of the wireless infrastructure asset. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing ground lease renewal options, the Company has straight-lined the ground lease expense over a sufficient portion of such ground lease renewals to coincide with the final termination of the tenant's renewal options. The Company's non-current liability related to straight-line ground lease expense is included in "other long-term liabilities" on the Company's consolidated balance sheet. The Company's asset related to prepaid ground leases is included in "prepaid expenses" and "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's consolidated balance sheet. | |||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | ||||||||||||
All direct or incremental costs related to a business combination are expensed as incurred. Costs include severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, or fees paid for services such as consulting, accounting, legal, or engineering reviews. These business combination costs are included in "acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
Restricted Stock Awards and Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSAs and RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: | |||||||||||||
Valuation. The fair value of RSAs and RSUs without market conditions is determined based on the number of shares relating to such RSAs and RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSAs and RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSAs and RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. | |||||||||||||
Amortization Method. The Company amortizes the fair value of all RSAs and RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. | |||||||||||||
Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. | |||||||||||||
Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. | |||||||||||||
Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. | |||||||||||||
Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. | |||||||||||||
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: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense on debt obligations | $ | 492,437 | $ | 490,385 | $ | 491,694 | |||||||
Amortization of deferred financing costs | 22,190 | 25,120 | 23,324 | ||||||||||
Amortization of adjustments on long-term debt | (3,628 | ) | 8,541 | 21,297 | |||||||||
Amortization of interest rate swaps | 63,148 | 64,928 | 65,239 | ||||||||||
Other, net of capitalized interest | (856 | ) | 656 | (510 | ) | ||||||||
Total | $ | 573,291 | $ | 589,630 | $ | 601,044 | |||||||
The Company amortizes deferred financing costs, discounts, premiums, and purchase price adjustments on long-term debt over the estimated term of the related borrowing using the effective interest yield method. Discounts or purchase price adjustments are presented as a reduction to the related debt obligation on the Company's consolidated balance sheet. | |||||||||||||
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 is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its 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 are currently included in one or more wholly owned TRSs. In August 2014, the Company received a favorable private letter ruling from the Internal Revenue Service ("IRS"), which provides that the real property portion of the Company's small cells and the related rents qualify as real property and rents from real property, respectively, under the rules governing REITs. The Company is evaluating the impact of this private letter ruling and, subject to board approval, expects to take appropriate action to include at least some part of the Company's small cells as part of the REIT during 2015. Once the Company has completed its evaluation and necessary actions to include small cells in the REIT, the Company expects to de-recognize its net deferred tax liabilities related to such part of the Company's small cells. | |||||||||||||
Additionally, the Company has included in TRSs its tower operations in Australia and certain other assets and operations. Those TRS assets and operations (along with any part of the Company's small cells that remain in a TRS) will continue to be subject, as applicable, to federal and state corporate income taxes or 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 the Company's tax basis on January 1, 2014. This gain can be offset by any remaining federal net operating loss carryforwards ("NOLs"). | |||||||||||||
During 2013, the Company de-recognized substantially all of its previously recorded U.S. federal and state deferred tax assets and liabilities in connection with completing the steps necessary to qualify to operate as a REIT and receiving final approval from the Company's board of directors. The de-recognized U.S. federal and state deferred tax assets related to the entities included in the REIT, because the expected recovery or settlement of the related assets and liabilities would not result in a taxable or deductible amount in the future. | |||||||||||||
For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset. | |||||||||||||
The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2014 and 2013, the Company has not recorded any penalties related to its income tax positions. | |||||||||||||
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 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 RSAs and RSUs as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock (as defined in note 11), as determined under the if-converted method. | |||||||||||||
A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 390,513 | $ | 90,111 | $ | 188,584 | |||||||
Dividends on preferred stock | (43,988 | ) | (11,363 | ) | (2,629 | ) | |||||||
Net income (loss) attributable to CCIC common stockholders | $ | 346,525 | $ | 78,748 | $ | 185,955 | |||||||
Weighted-average number of common shares outstanding (in thousands): | |||||||||||||
Basic weighted-average number of common stock outstanding | 332,302 | 298,083 | 289,285 | ||||||||||
Effect of assumed dilution from potential common shares relating to RSAs and RSUs | 963 | 1,210 | 1,985 | ||||||||||
Diluted weighted-average number of common shares outstanding | 333,265 | 299,293 | 291,270 | ||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||
Basic | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
Diluted | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
For the years ended December 31, 2014 and 2013, 12.5 million and 13.2 million common share equivalents related to the Convertible Preferred Stock, respectively, were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of each such year. See notes 11 and 12. | |||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||
The Company's international operations use the local currency as their functional currency. The Company translates the results of these international operations using the applicable average exchange rate for the period, and translates the assets and liabilities using the applicable exchange rate at the end of the period. The cumulative effect of changes in the exchange rate is recorded as "foreign currency translation adjustments" in other comprehensive income (loss). See note 15. | |||||||||||||
Fair Values | Fair Values | ||||||||||||
The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period. | |||||||||||||
The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines fair value of its debt securities based on indicative quotes (that is non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if applicable. There were no changes since December 31, 2013 in the Company's valuation techniques used to measure fair values. See note 9 for a further discussion of fair values. | |||||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||
The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk. Derivative financial instruments were entered into for periods that matched the related underlying exposures. The Company can designate derivative financial instruments as hedges. The Company can also enter into derivative financial instruments that are not designated as accounting hedges. | |||||||||||||
Derivatives were recognized on the consolidated balance sheet at fair value. If the derivative was designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative was recorded as a separate component of stockholders' equity, captioned "accumulated other comprehensive income (loss)," and recognized as increases or decreases to "interest expense and amortization of deferred financing costs" when the hedged item affects earnings. If a hedge ceased to qualify for hedge accounting, any change in the fair value of the derivative since the date it ceased to qualify was recorded to "net gain (loss) on interest rate swaps." However, any amounts previously recorded to "accumulated other comprehensive income (loss)" would remain there until the original forecasted transaction affected earnings. In situations where it becomes probable that the hedged forecasted transaction will not occur, any gains or losses that have been recorded to "accumulated other comprehensive income (loss)" are immediately reclassified to earnings. | |||||||||||||
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements | ||||||||||||
No accounting pronouncements adopted during the year ended December 31, 2014 had a material impact on the Company's consolidated financial statements. | |||||||||||||
Recent Accounting Pronouncements Not Yet Adopted | |||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||
Schedule of Restricted Cash and Cash Equivalents | The following table is a summary of the impact of restricted cash on the statement of cash flows. | ||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net cash provided by (used from) operating activities | $ | 6,148 | $ | (1,637 | ) | $ | 11,475 | ||||||
Net cash provided by (used from) investing activities | $ | (44 | ) | $ | 8,067 | $ | (46,282 | ) | (a) | ||||
Net cash provided by (used from) financing activities | $ | 30,011 | $ | 385,982 | (b) | $ | (288,763 | ) | (b) | ||||
(a) | Inclusive of $46.3 million of acquired restricted cash. | ||||||||||||
(b) | Inclusive of $316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. | ||||||||||||
Components of Interest Expense and Amortization of Deferred Financing Costs | The components of interest expense and amortization of deferred financing costs are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense on debt obligations | $ | 492,437 | $ | 490,385 | $ | 491,694 | |||||||
Amortization of deferred financing costs | 22,190 | 25,120 | 23,324 | ||||||||||
Amortization of adjustments on long-term debt | (3,628 | ) | 8,541 | 21,297 | |||||||||
Amortization of interest rate swaps | 63,148 | 64,928 | 65,239 | ||||||||||
Other, net of capitalized interest | (856 | ) | 656 | (510 | ) | ||||||||
Total | $ | 573,291 | $ | 589,630 | $ | 601,044 | |||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 390,513 | $ | 90,111 | $ | 188,584 | |||||||
Dividends on preferred stock | (43,988 | ) | (11,363 | ) | (2,629 | ) | |||||||
Net income (loss) attributable to CCIC common stockholders | $ | 346,525 | $ | 78,748 | $ | 185,955 | |||||||
Weighted-average number of common shares outstanding (in thousands): | |||||||||||||
Basic weighted-average number of common stock outstanding | 332,302 | 298,083 | 289,285 | ||||||||||
Effect of assumed dilution from potential common shares relating to RSAs and RSUs | 963 | 1,210 | 1,985 | ||||||||||
Diluted weighted-average number of common shares outstanding | 333,265 | 299,293 | 291,270 | ||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||
Basic | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
Diluted | $ | 1.04 | $ | 0.26 | $ | 0.64 | |||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule Purchase Price Allocation | AT&T Acquisition | ||||||||
During October 2013, the Company entered into a definitive agreement with AT&T, to acquire rights to towers which, as of December 31, 2014, comprised approximately 22% of the Company's towers for $4.827 billion in cash at closing ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. See note 1 for further discussion of the terms of the AT&T master prepaid lease, including the related purchase option. The Company utilized net proceeds from the October 2013 Equity Financings (as defined in note 11), and additional borrowings under the 2012 Revolver and term loans to fund the AT&T Acquisition, as well as cash on hand. The final purchase price allocation for the AT&T Acquisition is shown below. | |||||||||
Current assets | $ | 21,543 | |||||||
Property and equipment | 1,891,721 | ||||||||
Goodwill | 1,902,777 | ||||||||
Other intangible assets, net | 1,175,217 | ||||||||
Other assets | 67,063 | ||||||||
Current liabilities | (10,677 | ) | |||||||
Other long-term liabilities | (221,045 | ) | (a) | ||||||
Net assets acquired | $ | 4,826,599 | (b)(c) | ||||||
(a)Inclusive of above-market leases for land interests under the Company's towers. | |||||||||
(b) | Changes between the final purchase price allocation and the preliminary purchase price allocation as presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 primarily relate to (1) a $134.2 million increase to goodwill, (2) a $104.9 million decrease to other intangible assets, net (3) a $73.7 million decrease to property and equipment, and (4) a $63.8 million increase to other assets. The effect of the change in the purchase price allocation on the Company's statement of operations is immaterial for the periods presented. | ||||||||
(c)No deferred taxes were recorded as a result of the Company's REIT election. See note 10. | |||||||||
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma consolidated results of operations of the Company as if the AT&T Acquisition was completed as of January 1, 2012, and the 2012 Acquisitions were completed as of January 1, 2011 for the periods presented below. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. | ||||||||
Twelve Months Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues | $ | 3,420,736 | (a) | $ | 3,124,010 | (a)(b) | |||
Income (loss) before income taxes | $ | 242,617 | (c)(d)(f) | $ | 15,566 | (c)(d)(f) | |||
Benefit (provision) for income taxes | $ | (178,663 | ) | (d)(e) | $ | 134,487 | (d)(e) | ||
Net income (loss) | $ | 63,954 | (c)(d)(f) | $ | 150,053 | (c)(d)(f) | |||
Basic net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.05 | $ | 0.28 | |||||
Diluted net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.05 | $ | 0.27 | |||||
(a) | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $211.1 million and $220.6 million, respectively, 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) | For the year ended December 31, 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $148.9 million that the Company expects to recognize from T-Mobile under T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | ||||||||
(c) | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to depreciation and amortization of $218.3 million and $353.2 million, respectively, related to property and equipment and intangibles recorded as a result of the AT&T Acquisition and 2012 Acquisitions. | ||||||||
(d) | For the AT&T Acquisition, pro forma amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. For the 2012 Acquisitions, pro forma amounts exclude any impact from debt financings that occurred through 2012 due to (1) such financings have been conducted for multiple purposes, including to lower the Company's average cost of debt, to refinance and extend certain of its debt, as well as to provide funds to finance a portion of such acquisitions and (2) such financings having not been conducted concurrently with the 2012 Acquisitions they subsequently funded in part and the fungible nature of the cash makes impracticable a determination of whether, or what portion of, the purchase prices of such acquisitions were funded with the proceeds of such financings. | ||||||||
(e) | For the years ended December 31, 2013 and 2012, the pro forma adjustments reflects the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 10. | ||||||||
(f) | Inclusive of $23.7 million and $15.5 million, respectively, of aggregate acquisition and integration costs for the years ended December 31, 2013 and 2012 related to the AT&T Acquisition and 2012 Acquisitions. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Major Classes of Property and Equipment | The major classes of property and equipment are as follows: | |||||||||
Estimated Useful Lives | December 31, | |||||||||
2014 | 2013 | |||||||||
Land(a) | — | $ | 1,542,276 | $ | 1,305,942 | |||||
Buildings | 40 years | 72,517 | 70,497 | |||||||
Towers and small cells | 1-20 years | 12,251,175 | 11,717,453 | |||||||
Information technology assets and other | 2-7 years | 214,058 | 185,699 | |||||||
Construction in process | — | 507,066 | 401,042 | |||||||
Total gross property and equipment | 14,587,092 | 13,680,633 | ||||||||
Less: accumulated depreciation | (5,438,781 | ) | (4,732,956 | ) | ||||||
Total property and equipment, net | $ | 9,148,311 | $ | 8,947,677 | ||||||
(a) | Includes land owned in fee and perpetual easements. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||||
Schedule of Goodwill | Goodwill | |||||||||||||||||||||||
The changes in the carrying value of goodwill for the years ended December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 3,119,957 | ||||||||||||||||||||||
Additions due to AT&T Acquisition (a) | 1,768,535 | |||||||||||||||||||||||
Additions due to other acquisitions | 25,194 | |||||||||||||||||||||||
Effect of exchange rate fluctuations and other adjustments | 2,740 | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 4,916,426 | ||||||||||||||||||||||
Adjustments to AT&T Acquisition purchase price allocation (a) | 134,242 | |||||||||||||||||||||||
Additions due to other acquisitions | 159,952 | |||||||||||||||||||||||
Effect of exchange rate fluctuations and other adjustments | (529 | ) | ||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 5,210,091 | ||||||||||||||||||||||
(a) | The purchase price allocation for the AT&T Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunity in the acquired tower portfolio. See note 3. | |||||||||||||||||||||||
Intangible Assets | The following is a summary of the Company's intangible assets. See note 3 for further discussion of the Company's acquisitions. | |||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | |||||||||||||||||||
Site rental contracts and customer relationships | $ | 4,660,082 | (a) | $ | (1,347,947 | ) | $ | 3,312,135 | $ | 4,761,605 | $ | (1,111,262 | ) | $ | 3,650,343 | |||||||||
Other intangible assets | 509,824 | (106,259 | ) | 403,565 | 486,751 | (79,229 | ) | 407,522 | ||||||||||||||||
Total | $ | 5,169,906 | $ | (1,454,206 | ) | $ | 3,715,700 | $ | 5,248,356 | $ | (1,190,491 | ) | $ | 4,057,865 | ||||||||||
(a) | Inclusive of adjustments made during 2014 related to the AT&T Acquisition purchase price allocation. See note 3. | |||||||||||||||||||||||
Schedule of Amortization Expense | Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): | |||||||||||||||||||||||
For Years Ended December 31, | ||||||||||||||||||||||||
Classification | 2014 | 2013 | 2012 | |||||||||||||||||||||
Depreciation, amortization and accretion | $ | 245,614 | $ | 204,042 | $ | 177,163 | ||||||||||||||||||
Site rental costs of operations | 22,105 | 10,197 | 3,352 | |||||||||||||||||||||
Total amortization expense | $ | 267,719 | $ | 214,239 | $ | 180,515 | ||||||||||||||||||
Site Rental Contracts and Customer Relationships [Member] | ||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||||
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense related to intangible assets (inclusive of those recorded as an increase to "site rental costs of operations") for the years ended December 31, 2015 to 2019 is as follows: | |||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
Estimated annual amortization | $ | 259,272 | $ | 259,026 | $ | 258,438 | $ | 256,669 | $ | 254,980 | ||||||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Liabilities [Abstract] | ||||||||||||||||||||
Other Noncurrent Liabilities | The following is a summary of the components of "other long-term liabilities" as presented on the consolidated balance sheet. See also note 2. | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Deferred rental revenues | $ | 610,742 | $ | 350,474 | ||||||||||||||||
Deferred ground lease payable | 425,321 | 357,419 | ||||||||||||||||||
Above market leases for land interests, net | 272,694 | 276,319 | ||||||||||||||||||
Deferred credits, net | 222,460 | 244,537 | ||||||||||||||||||
Asset retirement obligation (see note 13) | 128,153 | 118,403 | ||||||||||||||||||
Other long-term liabilities | 328 | 2,767 | ||||||||||||||||||
$ | 1,659,698 | $ | 1,349,919 | |||||||||||||||||
Schedule of Above Market Leases | The estimated amortization expense related to above-market leases for land interests under the Company's towers recorded to site rental costs of operations for the years ended December 31, 2015 to 2019 is as follows: | |||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Above-market leases for land interests | $ | 23,031 | $ | 22,362 | $ | 21,206 | $ | 20,287 | $ | 19,289 | ||||||||||
Amortization of below-market tenant leases | The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ended December 31, 2015 to 2019 are as follows: | |||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Below-market tenant leases | $ | 27,877 | $ | 27,657 | $ | 24,746 | $ | 21,985 | $ | 19,493 | ||||||||||
Debt_and_Other_Obligations_Tab
Debt and Other Obligations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | ||||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding Balance as of December 31, | Stated | |||||||||||||||||||||||||||||||||
Issue Date | Maturity | Interest Rate | ||||||||||||||||||||||||||||||||||
Date | as of | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | (a) | |||||||||||||||||||||||||||||||||
Bank debt – variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | (d) | $ | 695,000 | (b) | $ | 374,000 | 1.9 | % | (c) | |||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | (d) | 645,938 | 662,500 | 1.9 | % | (c) | ||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/2021 | (e) | 2,835,509 | 2,864,150 | 3 | % | (f) | ||||||||||||||||||||||||||||
Total bank debt | 4,176,447 | 3,900,650 | ||||||||||||||||||||||||||||||||||
Securitized debt – fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2037-2040 | (g) | 1,600,000 | 1,900,000 | 6 | % | (g) | ||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035-2040 | (g) | 1,550,000 | 1,550,000 | 4.5 | % | (g) | ||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | (h) | 160,822 | 179,792 | 7.5 | % | |||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (i) | 262,386 | 286,171 | 5.7 | % | (j) | ||||||||||||||||||||||||||||
Total securitized debt | 3,573,208 | 3,915,963 | ||||||||||||||||||||||||||||||||||
Bonds – fixed rate: | ||||||||||||||||||||||||||||||||||||
7.125% Senior Notes | Oct. 2009 | Nov. 2019 | — | 498,332 | N/A | |||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,969 | 1,649,970 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Secured Notes | Dec. 2012 | 2017/2023 | (l) | 1,500,000 | 1,500,000 | 3.4 | % | |||||||||||||||||||||||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 846,062 | — | 4.9 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,996,031 | 3,648,302 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | (k) | 175,175 | 129,585 | Various | (k) | |||||||||||||||||||||||||||||
Total debt and other obligations | 11,920,861 | 11,594,500 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 113,335 | 103,586 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,807,526 | $ | 11,490,914 | ||||||||||||||||||||||||||||||||
(a) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(b) | As of December 31, 2014, the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $805.0 million. See note 18. | |||||||||||||||||||||||||||||||||||
(c) | The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25%, based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. | |||||||||||||||||||||||||||||||||||
(d) | The maturity dates for the 2012 Revolver and Tranche A Term Loans are either November 2018 or January 2019, contingent upon the outstanding aggregate principal amount of the Tranche B Term Loans (as defined below). If the outstanding aggregate principal amount of the Tranche B Term Loans is greater than $500.0 million, the 2012 Revolver and Tranche A Term Loans are due November 2018. If the outstanding aggregate principal amount of the Tranche B Term Loans is less than or equal to $500.0 million, the 2012 Revolver and Tranche A Term Loans are due January 2019. | |||||||||||||||||||||||||||||||||||
(e) | As of December 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans (defined below) and the Incremental Tranche B-2 Term Loans (defined below), consist of $2.3 billion aggregate principal amount due January 2021 and $565.6 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
(f) | The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50%, based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). | |||||||||||||||||||||||||||||||||||
(g) | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes (collectively, "2010 Tower Revenue Notes") are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion, having anticipated repayment dates in 2017, and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million, and $1.0 billion, having anticipated repayment dates in 2015, 2017, and 2020, respectively. | |||||||||||||||||||||||||||||||||||
(h) | The 2009 Securitized Notes consist of $90.8 million of principal as of December 31, 2014 that amortizes through 2019, and $70.0 million of principal as of December 31, 2014 that amortizes during the period beginning in 2019 and ending in 2029. | |||||||||||||||||||||||||||||||||||
(i) | The WCP securitized notes ("WCP Securitized Notes") were assumed in connection with the WCP Acquisition. The WCP Securitized Notes include a fair value adjustment that increased the debt carrying value by $3.6 million as of December 31, 2014. The anticipated repayment date is 2015 for each class. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | |||||||||||||||||||||||||||||||||||
(j) | The effective yield is approximately 5.6%, inclusive of the fair value adjustment. | |||||||||||||||||||||||||||||||||||
(k) | The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 25 years. | |||||||||||||||||||||||||||||||||||
(l) | Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured Notes"). | |||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Contractual Maturities | |||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt or other long-term obligations outstanding at December 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 WCP Securitized Notes. If the Tower Revenue Notes are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. If the WCP Securitized Notes are not paid in full by their anticipated repayment dates in 2015, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the Excess Cash Flow of the issuers of the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total Cash Obligations | Net Unamortized Discounts | Total Debt and Other Obligations Outstanding | ||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 110,758 | $ | 122,570 | $ | 619,859 | $ | 1,323,951 | $ | 596,083 | $ | 9,147,973 | $ | 11,921,194 | $ | (333 | ) | $ | 11,920,861 | |||||||||||||||||
Schedule of Extinguishment of Debt | Debt Purchases and Redemptions | |||||||||||||||||||||||||||||||||||
The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||||||
Year Ending December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | ||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | 300,000 | 302,990 | (3,740 | ) | ||||||||||||||||||||||||||||||||
7.125% Senior Notes | 500,000 | 533,909 | (40,889 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 800,000 | $ | 836,899 | $ | (44,629 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||||||||||||||||||||||||
Year Ending December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(c) | ||||||||||||||||||||||||||||||||||
9% Senior Notes | 314,170 | 332,045 | (17,894 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes(b) | 294,362 | 312,465 | (18,103 | ) | ||||||||||||||||||||||||||||||||
5.25% Senior Notes | 30 | 30 | — | |||||||||||||||||||||||||||||||||
Tranche A Term Loans | 87,489 | 87,489 | (399 | ) | ||||||||||||||||||||||||||||||||
Tranche B Term Loans | 30,941 | 30,941 | (490 | ) | ||||||||||||||||||||||||||||||||
Other | — | — | (241 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 726,992 | $ | 762,970 | $ | (37,127 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | |||||||||||||||||||||||||||||||||||
(c) | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||||||||||||||||||||||||||||||||
Year Ending December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | ||||||||||||||||||||||||||||||||||
2007 Term Loans | 619,125 | 619,125 | (1,893 | ) | ||||||||||||||||||||||||||||||||
9% Senior Notes | 552,715 | 589,105 | (62,966 | ) | ||||||||||||||||||||||||||||||||
7.75% Secured Notes | 706,045 | 752,332 | (64,989 | ) | ||||||||||||||||||||||||||||||||
7.5% Senior Notes | 51 | 51 | — | |||||||||||||||||||||||||||||||||
WCP Securitized Notes | 16,911 | 18,096 | (681 | ) | ||||||||||||||||||||||||||||||||
Other | — | — | (1,445 | ) | ||||||||||||||||||||||||||||||||
Total | $ | 1,894,847 | $ | 1,978,709 | $ | (131,974 | ) | |||||||||||||||||||||||||||||
(a) | Exclusive of accrued interest. | |||||||||||||||||||||||||||||||||||
(b) | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2. | |||||||||||||||||
Level in Fair Value Hierarchy | December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 175,620 | $ | 175,620 | $ | 223,394 | $ | 223,394 | |||||||||
Restricted cash | 1 | 152,411 | 152,411 | 188,526 | 188,526 | |||||||||||||
Liabilities: | ||||||||||||||||||
Debt and other obligations | 2 | $ | 11,920,861 | $ | 12,286,161 | $ | 11,594,500 | $ | 11,892,587 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) before income taxes by geographic area is as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic | $ | 341,070 | $ | 260,364 | $ | 77,254 | ||||||||||||||||||
Foreign(a) | 47,064 | 32,165 | 23,573 | |||||||||||||||||||||
$ | 388,134 | $ | 292,529 | $ | 100,827 | |||||||||||||||||||
(a) | Inclusive of income (loss) before income taxes from Australia and Puerto Rico. | |||||||||||||||||||||||
Benefit (Provision) for Income Taxes | The benefit (provision) for income taxes consists of the following: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 213 | $ | 684 | $ | 229 | ||||||||||||||||||
Foreign | (10,737 | ) | (6,732 | ) | (6,837 | ) | ||||||||||||||||||
State | (4,415 | ) | (12,305 | ) | (3,705 | ) | ||||||||||||||||||
Total current | (14,939 | ) | (18,353 | ) | (10,313 | ) | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 23,070 | (164,769 | ) | 65,643 | ||||||||||||||||||||
Foreign | 2,901 | (6,136 | ) | 42,714 | ||||||||||||||||||||
State | (392 | ) | (9,370 | ) | 2,017 | |||||||||||||||||||
Total deferred | 25,579 | (180,275 | ) | 110,374 | ||||||||||||||||||||
Total tax benefit (provision) | $ | 10,640 | $ | (198,628 | ) | $ | 100,061 | |||||||||||||||||
Effective Tax Rate | A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the loss before income taxes is as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Benefit (provision) for income taxes at statutory rate | $ | (135,847 | ) | $ | (102,385 | ) | $ | (35,289 | ) | |||||||||||||||
Tax effect of foreign income (losses) | 14,277 | 11,258 | 8,251 | |||||||||||||||||||||
Tax adjustment related to REIT operations | 132,951 | — | — | |||||||||||||||||||||
Tax adjustment related to the REIT election(a) | — | (67,395 | ) | — | ||||||||||||||||||||
Expenses for which no federal tax benefit was recognized | (463 | ) | (9,570 | ) | (3,874 | ) | ||||||||||||||||||
Valuation allowances | 9,000 | — | 95,072 | |||||||||||||||||||||
State tax (provision) benefit, net of federal | (3,136 | ) | (14,852 | ) | (1,097 | ) | ||||||||||||||||||
Foreign tax | (7,836 | ) | (12,868 | ) | 35,877 | |||||||||||||||||||
Other | 1,694 | (2,816 | ) | 1,121 | ||||||||||||||||||||
$ | 10,640 | $ | (198,628 | ) | $ | 100,061 | ||||||||||||||||||
(a) | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. | |||||||||||||||||||||||
Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets and liabilities are as follows: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||||
Property and equipment | $ | 144,020 | $ | 135,824 | ||||||||||||||||||||
Deferred site rental receivable | 35,887 | 28,074 | ||||||||||||||||||||||
Intangible assets | 108,689 | 116,548 | ||||||||||||||||||||||
Total deferred income tax liabilities | 288,596 | 280,446 | ||||||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||||
Net operating loss carryforwards | 148,465 | 134,123 | ||||||||||||||||||||||
Deferred ground lease payable | 7,231 | 7,122 | ||||||||||||||||||||||
Accrued liabilities | 162,108 | 148,580 | ||||||||||||||||||||||
Receivables allowance | 1,538 | 1,228 | ||||||||||||||||||||||
Other | 1,278 | 5,866 | ||||||||||||||||||||||
Valuation allowances | (21,038 | ) | (27,264 | ) | ||||||||||||||||||||
Total deferred income tax assets, net | 299,582 | 269,655 | ||||||||||||||||||||||
Net deferred income tax asset (liabilities) | $ | 10,986 | $ | (10,791 | ) | |||||||||||||||||||
Jurisdictional Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets (liabilities) are as follows: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Classification | Gross | Valuation | Net | Gross | Valuation | Net | ||||||||||||||||||
Allowance | Allowance | |||||||||||||||||||||||
Federal | $ | 6,557 | $ | (3,000 | ) | $ | 3,557 | $ | (7,513 | ) | $ | (12,000 | ) | $ | (19,513 | ) | ||||||||
State | 462 | (16,208 | ) | (15,746 | ) | (807 | ) | (14,547 | ) | (15,354 | ) | |||||||||||||
Foreign | 25,005 | (1,830 | ) | 23,175 | 24,793 | (717 | ) | 24,076 | ||||||||||||||||
Total | $ | 32,024 | $ | (21,038 | ) | $ | 10,986 | $ | 16,473 | $ | (27,264 | ) | $ | (10,791 | ) | |||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balance of unrecognized tax benefits are as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at beginning of year | $ | 21,549 | $ | 19,184 | ||||||||||||||||||||
Additions based on current year tax positions | 286 | 2,365 | ||||||||||||||||||||||
Reductions as a result of the lapse of statute limitations | (6,042 | ) | — | |||||||||||||||||||||
Reductions as a result of settlements with taxing authorities | (7,460 | ) | — | |||||||||||||||||||||
Balance at end of year | $ | 8,333 | $ | 21,549 | ||||||||||||||||||||
Stockholders_Equity_Dividends_
Stockholders' Equity Dividends Declared (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Dividends Declared [Abstract] | ||||||||||||||||
Dividends Declared | During the year ended December 31, 2014, the following dividends were declared or paid: | |||||||||||||||
Equity Type | Declaration Date | Record Date | Payment Date | Dividends Per Share | Aggregate | |||||||||||
Payment | ||||||||||||||||
Amount | ||||||||||||||||
(In millions) | ||||||||||||||||
Common Stock | February 20, 2014 | March 20, 2014 | March 31, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | May 30, 2014 | June 20, 2014 | June 30, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | August 8, 2014 | September 19, 2014 | September 30, 2014 | $ | 0.35 | $ | 117.2 | (a)(b) | ||||||||
Common Stock | October 30, 2014 | December 19, 2014 | December 31, 2014 | $ | 0.82 | $ | 274.5 | (a)(b) | ||||||||
Convertible Preferred Stock | December 31, 2013 | January 15, 2014 | February 3, 2014 | $ | 1.1625 | $ | 11.4 | |||||||||
Convertible Preferred Stock | March 25, 2014 | April 15, 2014 | May 1, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | June 25, 2014 | July 15, 2014 | August 1, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | September 26, 2014 | October 15, 2014 | November 3, 2014 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | December 22, 2014 | January 15, 2015 | February 2, 2015 | $ | 1.125 | $ | 11 | (c) | ||||||||
(a) | Inclusive of dividends accrued for holders of RSUs. | |||||||||||||||
(b) | The Company's common stock dividends are considered ordinary in nature for income tax purposes. | |||||||||||||||
(c) | Represents amount paid on February 2, 2015 based on holders of record on January 15, 2015. |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Summary of Restricted Stock Awards Activity | The following is a summary of the RSA and RSU activity during the year ended December 31, 2014. | |||||||||||
RSAs | RSUs | |||||||||||
(In thousands) | (In thousands) | |||||||||||
Outstanding at the beginning of year | 2,282 | — | ||||||||||
Granted | — | 986 | ||||||||||
Vested | (822 | ) | (20 | ) | ||||||||
Forfeited | (20 | ) | (16 | ) | ||||||||
Outstanding at end of year | 1,440 | 950 | ||||||||||
Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value | The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2014, 2013, and 2012, respectively, with market conditions. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Risk-free rate | 0.7 | % | 0.4 | % | 0.4 | % | ||||||
Expected volatility | 22 | % | 23 | % | 31 | % | ||||||
Expected dividend rate | 1.93 | % | — | % | — | % | ||||||
Summary of Restricted Stock Vested | The following table is a summary of the awards vested during the three years ended December 31, 2014. | |||||||||||
Years Ended December 31, | Total Shares | Fair Value on | ||||||||||
Vested | Vesting Date | |||||||||||
(In thousands | ||||||||||||
of shares) | ||||||||||||
2014 | 842 | $ | 62,686 | |||||||||
2013 | 978 | 66,666 | ||||||||||
2012 | 1,974 | 101,692 | ||||||||||
Stock Based Compensation Expense | The following table discloses the components of stock-based compensation expense. For the year ended December 31, 2014, the Company recorded tax benefits of $6.0 million related to stock-based compensation expense in its TRSs. For the years ended December 31, 2013, and 2012, the Company recorded tax benefits, exclusive of the change in the valuation allowance and the impact of the REIT election, of $14.5 million and $14.7 million, respectively, related to stock-based compensation expense (see note 10). | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 6,565 | $ | — | $ | 6,565 | ||||||
Network services and other costs of operations | 4,889 | — | 4,889 | |||||||||
General and administrative expenses | 44,977 | 3,733 | 48,710 | |||||||||
Total stock-based compensation | $ | 56,431 | $ | 3,733 | $ | 60,164 | ||||||
Year Ended December 31, 2013 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 1,193 | $ | — | $ | 1,193 | ||||||
Network services and other costs of operations | 1,799 | — | 1,799 | |||||||||
General and administrative expenses | 36,038 | 2,758 | 38,796 | |||||||||
Total stock-based compensation | $ | 39,030 | $ | 2,758 | $ | 41,788 | ||||||
Year Ended December 31, 2012 | ||||||||||||
CCUSA | CCAL | Consolidated | ||||||||||
Total | ||||||||||||
Stock-based compensation expense: | ||||||||||||
Site rental costs of operations | $ | 3,401 | $ | — | $ | 3,401 | ||||||
Network services and other costs of operations | 2,721 | — | 2,721 | |||||||||
General and administrative expenses | 35,822 | 5,597 | 41,419 | |||||||||
Total stock-based compensation | $ | 41,944 | $ | 5,597 | $ | 47,541 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||
Tenant Leases | Tenant Leases | |||||||||||||||||||||||||||
The following table is a summary of the rental cash payments owed to the Company, as a lessor, by tenants pursuant to contractual agreements in effect as of December 31, 2014. Generally, the Company's leases with its tenants provide for (1) annual escalations, (2) multiple renewal periods at the tenant's option, and (3) only limited termination rights at the applicable tenant's option through the current term. As of December 31, 2014, the weighted-average remaining term of tenant leases is approximately seven years, exclusive of renewals at the tenant's option. The tenants' rental payments included in the table below are through the current terms with a maximum current term of 20 years and do not assume exercise of tenant renewal options. | ||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Tenant leases | $ | 2,703,655 | $ | 2,635,024 | $ | 2,562,704 | $ | 2,474,553 | $ | 2,373,865 | $ | 9,549,658 | $ | 22,299,459 | ||||||||||||||
Operating Leases | Operating Leases | |||||||||||||||||||||||||||
The following table is a summary of rental cash payments owed by the Company, as lessee, to landlords pursuant to contractual agreements in effect as of December 31, 2014. The Company is obligated under non-cancelable operating leases for land interests under 80% of its towers. The majority of these lease agreements have (1) certain termination rights that provide for cancellation after a notice period, (2) multiple renewal options at the Company's option, and (3) annual escalations. Lease agreements may also contain provisions for a contingent payment based on revenues or the gross margin derived from the wireless infrastructure located on the leased land interest. Nearly 75% and nearly 90% of the Company's site rental gross margins for the year ended December 31, 2014 are derived from towers where the land interest under the tower is owned or leased with final expiration dates of greater than 20 years and ten years, respectively, inclusive of renewals at the Company's option. The operating lease payments included in the table below include payments for certain renewal periods at the Company's option up to the estimated wireless infrastructure useful life of 20 years and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. | ||||||||||||||||||||||||||||
Years Ending December 31, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Operating leases | $ | 569,314 | $ | 574,728 | $ | 578,815 | $ | 580,231 | $ | 581,020 | $ | 8,067,093 | $ | 10,951,201 | ||||||||||||||
Operating_Segments_and_Concent1
Operating Segments and Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments and Concentrations of Credit Risk [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Financial Results of Operating Segments | The financial results for the Company's operating segments are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Site rental | $ | 2,866,613 | $ | 140,161 | $ | — | $ | 3,006,774 | $ | 2,371,380 | $ | 132,240 | $ | — | $ | 2,503,620 | $ | 2,001,049 | $ | 123,141 | $ | — | $ | 2,124,190 | ||||||||||||||||||||||||
Network services and other | 672,143 | 10,967 | — | 683,110 | 494,371 | 24,393 | — | 518,764 | 285,287 | 23,203 | — | 308,490 | ||||||||||||||||||||||||||||||||||||
Net revenues | 3,538,756 | 151,128 | — | 3,689,884 | 2,865,751 | 156,633 | — | 3,022,384 | 2,286,336 | 146,344 | — | 2,432,680 | ||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs of operations(b): | ||||||||||||||||||||||||||||||||||||||||||||||||
Site rental | 906,152 | 38,514 | — | 944,666 | 686,873 | 38,236 | — | 725,109 | 503,661 | 35,578 | — | 539,239 | ||||||||||||||||||||||||||||||||||||
Network services and other | 400,454 | 5,346 | — | 405,800 | 304,144 | 17,543 | — | 321,687 | 173,762 | 15,988 | — | 189,750 | ||||||||||||||||||||||||||||||||||||
General and administrative | 257,296 | 25,400 | — | 282,696 | 213,519 | 25,183 | — | 238,702 | 184,911 | 27,661 | — | 212,572 | ||||||||||||||||||||||||||||||||||||
Asset write-down charges | 14,246 | 794 | — | 15,040 | 13,595 | 1,268 | — | 14,863 | 15,226 | 322 | — | 15,548 | ||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | 34,145 | 897 | — | 35,042 | 25,574 | 431 | — | 26,005 | 18,216 | 82 | — | 18,298 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 985,781 | 27,283 | — | 1,013,064 | 741,342 | 32,873 | — | 774,215 | 591,428 | 31,164 | — | 622,592 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | 2,598,074 | 98,234 | — | 2,696,308 | 1,985,047 | 115,534 | — | 2,100,581 | 1,487,204 | 110,795 | — | 1,597,999 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | 940,682 | 52,894 | — | 993,576 | 880,704 | 41,099 | — | 921,803 | 799,132 | 35,549 | — | 834,681 | ||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (573,291 | ) | (15,020 | ) | 15,020 | (573,291 | ) | (589,630 | ) | (16,545 | ) | 16,545 | (589,630 | ) | (601,031 | ) | (19,330 | ) | 19,317 | (601,044 | ) | |||||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | (44,629 | ) | — | — | (44,629 | ) | (37,127 | ) | — | — | (37,127 | ) | (131,974 | ) | — | — | (131,974 | ) | ||||||||||||||||||||||||||||||
Interest income | 315 | 301 | — | 616 | 956 | 399 | — | 1,355 | 4,089 | 467 | — | 4,556 | ||||||||||||||||||||||||||||||||||||
Other income (expense) | 27,013 | (131 | ) | (15,020 | ) | 11,862 | 12,643 | 30 | (16,545 | ) | (3,872 | ) | 13,954 | (29 | ) | (19,317 | ) | (5,392 | ) | |||||||||||||||||||||||||||||
Benefit (provision) for income taxes | 11,244 | (604 | ) | — | 10,640 | (191,000 | ) | (7,628 | ) | — | (198,628 | ) | 60,144 | 39,917 | — | 100,061 | ||||||||||||||||||||||||||||||||
Net income (loss) | 361,334 | 37,440 | — | 398,774 | 76,546 | 17,355 | — | 93,901 | 144,314 | 56,574 | — | 200,888 | ||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | 8,261 | — | 8,261 | — | 3,790 | — | 3,790 | (268 | ) | 12,572 | — | 12,304 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 361,334 | $ | 29,179 | $ | — | $ | 390,513 | $ | 76,546 | $ | 13,565 | $ | — | $ | 90,111 | $ | 144,582 | $ | 44,002 | $ | — | $ | 188,584 | ||||||||||||||||||||||||
Capital expenditures | $ | 758,535 | $ | 21,542 | $ | — | $ | 780,077 | $ | 534,809 | $ | 33,001 | $ | — | $ | 567,810 | $ | 419,980 | $ | 21,403 | $ | — | $ | 441,383 | ||||||||||||||||||||||||
Total assets (at year end) | $ | 20,979,775 | $ | 412,781 | $ | (249,280 | ) | $ | 21,143,276 | $ | 20,466,369 | $ | 411,679 | $ | (283,140 | ) | $ | 20,594,908 | $ | 15,969,084 | $ | 440,395 | (320,770 | ) | $ | 16,088,709 | ||||||||||||||||||||||
Goodwill (at year end) | $ | 5,196,485 | $ | 13,606 | $ | — | $ | 5,210,091 | $ | 4,902,950 | $ | 13,476 | $ | — | $ | 4,916,426 | $ | 3,116,824 | $ | 3,133 | $ | — | $ | 3,119,957 | ||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | The following are reconciliations of net income (loss) to Adjusted EBITDA for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||||||||||||||
Total | Total | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 361,334 | $ | 37,440 | $ | — | $ | 398,774 | $ | 76,546 | $ | 17,355 | $ | — | $ | 93,901 | $ | 144,314 | $ | 56,574 | $ | — | $ | 200,888 | |||||||||||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset write-down charges | 14,246 | 794 | — | 15,040 | 13,595 | 1,268 | — | 14,863 | 15,226 | 322 | — | 15,548 | ||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | 34,145 | 897 | — | 35,042 | 25,574 | 431 | — | 26,005 | 18,216 | 82 | — | 18,298 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 985,781 | 27,283 | — | 1,013,064 | 741,342 | 32,873 | — | 774,215 | 591,428 | 31,164 | — | 622,592 | ||||||||||||||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 19,972 | — | — | 19,972 | 15,473 | — | — | 15,473 | 14,166 | — | — | 14,166 | ||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 573,291 | 15,020 | (15,020 | ) | 573,291 | 589,630 | 16,545 | (16,545 | ) | 589,630 | 601,031 | 19,330 | (19,317 | ) | 601,044 | |||||||||||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | 44,629 | — | — | 44,629 | 37,127 | — | — | 37,127 | 131,974 | — | — | 131,974 | ||||||||||||||||||||||||||||||||||||
Interest income | (315 | ) | (301 | ) | — | (616 | ) | (956 | ) | (399 | ) | — | (1,355 | ) | (4,089 | ) | (467 | ) | — | (4,556 | ) | |||||||||||||||||||||||||||
Other income (expense) | (27,013 | ) | 131 | 15,020 | (11,862 | ) | (12,643 | ) | (30 | ) | 16,545 | 3,872 | (13,954 | ) | 29 | 19,317 | 5,392 | |||||||||||||||||||||||||||||||
Benefit (provision) for income taxes | (11,244 | ) | 604 | — | (10,640 | ) | 191,000 | 7,628 | — | 198,628 | (60,144 | ) | (39,917 | ) | — | (100,061 | ) | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 56,431 | 3,733 | — | 60,164 | 39,030 | 2,758 | — | 41,788 | 41,785 | 5,597 | — | 47,382 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(b) | $ | 2,051,257 | $ | 85,601 | $ | — | $ | 2,136,858 | $ | 1,715,718 | $ | 78,429 | $ | — | $ | 1,794,147 | $ | 1,479,953 | $ | 72,714 | $ | — | $ | 1,552,667 | ||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | The above reconciliation excludes line items included in the Company's Adjusted EBITDA definition which are not applicable for the periods shown. | |||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Revenue by Country | A summary of net revenues by country, based on the location of the Company's subsidiaries, is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 3,535,796 | $ | 2,862,397 | $ | 2,283,088 | ||||||||||||||||||||||||||||||||||||||||||
Australia | 151,128 | 156,633 | 146,344 | |||||||||||||||||||||||||||||||||||||||||||||
Other countries | 2,960 | 3,354 | 3,248 | |||||||||||||||||||||||||||||||||||||||||||||
Total net revenues | $ | 3,689,884 | $ | 3,022,384 | $ | 2,432,680 | ||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Lived Assets by Country of Location | A summary of long-lived assets by country of location is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 8,971,916 | $ | 8,752,151 | ||||||||||||||||||||||||||||||||||||||||||||
Australia | 165,528 | 183,646 | ||||||||||||||||||||||||||||||||||||||||||||||
Other countries | 10,867 | 11,880 | ||||||||||||||||||||||||||||||||||||||||||||||
Total long-lived assets (property and equipment, net) | $ | 9,148,311 | $ | 8,947,677 | ||||||||||||||||||||||||||||||||||||||||||||
A Summary of the Percentage of the Consolidated Revenues for Those Customers Accounting for More than 10% of the Consolidated Revenues | 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 the CCUSA segment). | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
AT&T (a) | 25 | % | 22 | % | 23 | % | ||||||||||||||||||||||||||||||||||||||||||
Sprint (a) | 24 | % | 27 | % | 28 | % | ||||||||||||||||||||||||||||||||||||||||||
T-Mobile (a) | 21 | % | 23 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||||||
Verizon Wireless | 17 | % | 16 | % | 17 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | 87 | % | 88 | % | 83 | % | ||||||||||||||||||||||||||||||||||||||||||
(a) | All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | The following table is a summary of the supplemental cash flow information during the years ended December 31, 2014, 2013 and 2012. | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Interest paid | $ | 491,076 | $ | 477,395 | $ | 504,494 | ||||||
Income taxes paid | 18,770 | 15,591 | 3,375 | |||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | 11,407 | (1,082 | ) | 32,789 | ||||||||
Purchase of property and equipment under capital leases and installment land purchases | 43,609 | 57,361 | 25,849 | |||||||||
Conversion of 6.25% Redeemable Convertible Preferred Stock | — | — | 305,180 | |||||||||
Assumption of WCP Securitized Notes | — | — | 336,273 | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | Summary quarterly financial information for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2014:00:00 | ||||||||||||||||
Net revenues | $ | 875,950 | $ | 916,345 | $ | 930,025 | $ | 967,564 | ||||||||
Operating income (loss) | 251,568 | 230,186 | 250,292 | 261,530 | ||||||||||||
Gains (losses) on retirement of long-term obligations | — | (44,629 | ) | — | — | |||||||||||
Net income (loss) attributable to CCIC stockholders | 101,497 | 34,009 | 106,937 | 148,070 | ||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||||||||||
Basic | $ | 0.27 | $ | 0.07 | $ | 0.29 | $ | 0.41 | ||||||||
Diluted | $ | 0.27 | $ | 0.07 | $ | 0.29 | $ | 0.41 | ||||||||
Three Months Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013:00:00 | ||||||||||||||||
Net revenues | $ | 740,060 | $ | 734,928 | $ | 748,977 | $ | 798,419 | ||||||||
Operating income (loss) | 235,055 | 229,961 | 222,839 | 233,948 | ||||||||||||
Gains (losses) on retirement of long-term obligations | (35,909 | ) | (577 | ) | (1 | ) | (640 | ) | ||||||||
Benefit (provision) for income taxes(a) | (17,708 | ) | (36,587 | ) | (33,959 | ) | (110,374 | ) | ||||||||
Net income (loss) attributable to CCIC stockholders | 15,462 | 52,359 | 45,836 | (23,546 | ) | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.18 | $ | 0.16 | $ | (0.11 | ) | |||||||
Diluted | $ | 0.05 | $ | 0.18 | $ | 0.16 | $ | (0.11 | ) | |||||||
(a) | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Ground Lease Agreement Initial Term | 5 years |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Tower count as a percentage of total towers | 53.00% |
Leased or Operated Under Sprint Agreement [Member] | |
Ground Lease Agreement Initial Term | 32 |
Purchase Option Price | 2,300 |
Tower count as a percentage of total towers | 16.00% |
Leased or Operated Under T-Mobile Agreement [Member] | |
Ground Lease Agreement Initial Term | 28 |
Tower count as a percentage of total towers | 15.00% |
T-Mobile [Member] | |
Purchase Option Price | 2,000 |
AT&T lease or sublease in accordance with TMO Agreement [Member] | |
Purchase Option Price | 405 |
Tower count as a percentage of total towers | 1.00% |
AT&T Transaction, Leased and Operated Sites [Member] | |
Ground Lease Agreement Initial Term | 28 |
Tower count as a percentage of total towers | 22.00% |
AT&T [Member] | |
Purchase Option Price | 4,200 |
AT&T Prior to 2025 in accordance with TMO agreement [Member] | |
Purchase Option Price | 10 |
CCUSA [Member] | |
Tower Count | 40,000 |
Tower count as a percentage of total towers | 96.00% |
CCAL [Member] | |
Tower Count | 1,800 |
Tower count as a percentage of total towers | 4.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
years | |||||
Net cash provided by (used from) operating activities | $6,148,000 | ($1,637,000) | $11,475,000 | ||
Net cash provided by (used from) investing activities | -44,000 | 8,067,000 | -46,282,000 | [1] | |
Net cash provided by (used from) financing activities | 30,011,000 | 385,982,000 | [2] | -288,763,000 | [2] |
Useful life of site rental contracts and customer relationships (years) | 20 years | ||||
Revenue recognition, non-cancelable lease term, minimum (years) | 5 | ||||
Revenue recognition, non-cancelable lease term, maximum (years) | 15 | ||||
Portion of company site rental costs that are ground lease expenses | 0.667 | ||||
Ground Lease Agreement Initial Term | 5 years | ||||
Percentage of tax position that is likely of being realized upon ultimate settlement | 50.00% | ||||
Asset write-down charges | 15,040,000 | 14,863,000 | 15,548,000 | ||
Construction in Process | 60,400,000 | 52,200,000 | |||
Wireless Infrastructure [Member] | |||||
Estimated useful life, maximum, in years | 20 years | ||||
Wireless Infrastructure [Member] | Maximum [Member] | |||||
Estimated useful life, maximum, in years | 20 years | ||||
Acquired [Member] | |||||
Net cash provided by (used from) investing activities | 46,300,000 | ||||
Restricted Cash Held By Trustee [Member] [Member] | |||||
Net cash provided by (used from) financing activities | 316,600,000 | ||||
Property, Plant and Equipment [Member] | |||||
Asset write-down charges | $10,100,000 | $10,200,000 | $12,000,000 | ||
4.5% Mandatory Convertible Preferred Stock | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 12.5 | 13.2 | |||
[1] | Inclusive of $46.3 million of acquired restricted cash. | ||||
[2] | Inclusive of $316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Interest Expense and Amortization of Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Significant Accounting Policies [Abstract] | |||
Interest expense on debt obligations | $492,437 | $490,385 | $491,694 |
Amortization of deferred financing costs | 22,190 | 25,120 | 23,324 |
Amortization of discounts on long-term debt | -3,628 | 8,541 | 21,297 |
Amortization of interest rate swaps | 63,148 | 64,928 | 65,239 |
Other, net of capitalized interest | -856 | 656 | -510 |
Total | $573,291 | $589,630 | $601,044 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Per Share Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||||
Net income (loss) attributable to CCIC stockholders | $148,070 | $106,937 | $34,009 | $101,497 | ($23,546) | $45,836 | $52,359 | $15,462 | $390,513 | $90,111 | $188,584 |
Dividends on preferred stock | -43,988 | -11,363 | -2,629 | ||||||||
Net income (loss) attributable to CCIC common stockholders | $346,525 | $78,748 | $185,955 | ||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic weighted-average number of common stock outstanding | 332,302,000 | 298,083,000 | 289,285,000 | ||||||||
Diluted weighted-average number of common shares outstanding | 333,265,000 | 299,293,000 | 291,270,000 | ||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Basic (in dollars per share) | $0.41 | $0.29 | $0.07 | $0.27 | ($0.11) | $0.16 | $0.18 | $0.05 | $1.04 | $0.26 | $0.64 |
Diluted (in dollars per share) | $0.41 | $0.29 | $0.07 | $0.27 | ($0.11) | $0.16 | $0.18 | $0.05 | $1.04 | $0.26 | $0.64 |
4.5% Mandatory Convertible Preferred Stock | |||||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 12,500,000 | 13,200,000 | |||||||||
Stock Options and Restricted Stock Awards [Member] | |||||||||||
Weighted-average common shares outstanding: | |||||||||||
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 963,000 | 1,210,000 | 1,985,000 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Business Acquisition [Line Items] | ||||||
Net impact of acquisitions on revenue | $17,900,000 | $143,300,000 | ||||
Net revenues | 3,420,736,000 | [1] | 3,124,010,000 | [1],[2] | ||
Income (loss) before income taxes | 242,617,000 | [3],[4],[5] | 15,566,000 | [3],[4],[5] | ||
Benefit (provision) for income taxes | -178,663,000 | [5],[6] | 134,487,000 | [5],[6] | ||
Net income (loss) | 63,954,000 | [3],[4],[5] | 150,053,000 | [3],[4],[5] | ||
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $0.05 | $0.28 | ||||
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $0.05 | $0.27 | ||||
Net impact of acquisitions on net income | 8,900,000 | 12,600,000 | ||||
Acquisition and integration costs | 35,042,000 | 26,005,000 | 18,298,000 | |||
Land Interests Acquired [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | 354,000,000 | |||||
land interests acquired | 1,200 | |||||
Wireless Capital Partners, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ground lease related assets | 2,300 | |||||
Consideration transferred | 214,700,000 | |||||
NextG Networks Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | 1,000,000,000 | |||||
T-Mobile [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | 2,500,000,000 | |||||
AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | 4,827,000,000 | |||||
Purchase price allocation | 4,826,599,000 | [7],[8] | ||||
ATT, TMO, WCP, and NextG Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition and integration costs | 23,700,000 | 15,500,000 | ||||
Total T-Mobile Towers [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Tower count as a percentage of total towers | 17.00% | |||||
AT&T Transaction, Leased and Operated Sites [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Tower count as a percentage of total towers | 22.00% | |||||
Pro forma revenue adjustments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, pro forma adjustment | 148,900,000 | |||||
Pro forma revenue adjustments [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, pro forma adjustment | 211,100,000 | 220,600,000 | ||||
Depreciation, Amortization and Accretion [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, pro forma adjustment | 218,300,000 | 353,200,000 | ||||
WCP Securitized Notes [Member] | Wireless Capital Partners, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 336,300,000 | |||||
Deferred Lease Revenue [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | -221,045,000 | [9] | ||||
Other Assets [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 67,063,000 | |||||
Other Current Liabilities [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | -10,677,000 | |||||
Other Intangible Assets [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 1,175,217,000 | |||||
Prepaid Expenses and Other Current Assets [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 21,543,000 | |||||
Property, Plant and Equipment [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 1,891,721,000 | |||||
Goodwill [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 1,902,777,000 | |||||
Restricted cash, current and non-current [Member] | Wireless Capital Partners, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation | 39,200,000 | |||||
Other Assets [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Adjustments to purchase price allocation | 63,800,000 | |||||
Property, Plant and Equipment [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Adjustments to purchase price allocation | 73,700,000 | |||||
Other Intangible Assets [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Adjustments to purchase price allocation | 104,900,000 | |||||
Goodwill [Member] | AT&T [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Adjustments to purchase price allocation | $134,200,000 | |||||
[1] | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $211.1 million and $220.6 million, respectively, 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] | For the year ended December 31, 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $148.9 million that the Company expects to recognize from T-Mobile under T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition. | |||||
[3] | For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to depreciation and amortization of $218.3 million and $353.2 million, respectively, related to property and equipment and intangibles recorded as a result of the AT&T Acquisition and 2012 Acquisitions. | |||||
[4] | Inclusive of $23.7 million and $15.5 million, respectively, of aggregate acquisition and integration costs for the years ended December 31, 2013 and 2012 related to the AT&T Acquisition and 2012 Acquisitions. | |||||
[5] | For the AT&T Acquisition, pro forma amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. For the 2012 Acquisitions, pro forma amounts exclude any impact from debt financings that occurred through 2012 due to (1) such financings have been conducted for multiple purposes, including to lower the Company's average cost of debt, to refinance and extend certain of its debt, as well as to provide funds to finance a portion of such acquisitions and (2) such financings having not been conducted concurrently with the 2012 Acquisitions they subsequently funded in part and the fungible nature of the cash makes impracticable a determination of whether, or what portion of, the purchase prices of such acquisitions were funded with the proceeds of such financings. | |||||
[6] | For the years ended December 31, 2013 and 2012, the pro forma adjustments reflects the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 10. | |||||
[7] | No deferred taxes were recorded as a result of the Company's REIT election. See note 10. | |||||
[8] | Changes between the final purchase price allocation and the preliminary purchase price allocation as presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 primarily relate to (1) a $134.2 million increase to goodwill, (2) a $104.9 million decrease to other intangible assets, net (3) a $73.7 million decrease to property and equipment, and (4) a $63.8 million increase to other assets. The effect of the change in the purchase price allocation on the Company's statement of operations is immaterial for the periods presented. | |||||
[9] | Inclusive of above-market leases for land interests under the Company's towers. |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | $14,587,092,000 | $13,680,633,000 | |||
Less: accumulated depreciation | -5,438,781,000 | -4,732,956,000 | |||
Total property and equipment, net | 9,148,311,000 | 8,947,677,000 | |||
Depreciation expense | 757,400,000 | 562,100,000 | 438,900,000 | ||
Capital Leased Assets, Gross | 4,400,000,000 | ||||
Accumulated Depreciation on Capital Lease Assets | 883,500,000 | ||||
Land owned in fee and perpetual easements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 1,542,276,000 | [1] | 1,305,942,000 | [1] | |
Buildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 72,517,000 | 70,497,000 | |||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Wireless Infrastructure [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 12,251,175,000 | 11,717,453,000 | |||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Information technology assets and other [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | 214,058,000 | 185,699,000 | |||
Construction in Process [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Gross property and equipment | $507,066,000 | $401,042,000 | |||
Minimum [Member] | Wireless Infrastructure [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 1 year | ||||
Minimum [Member] | Information technology assets and other [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 2 years | ||||
Maximum [Member] | Wireless Infrastructure [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Maximum [Member] | Information technology assets and other [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 7 years | ||||
[1] | Includes land owned in fee and perpetual easements. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | $5,169,906,000 | $5,248,356,000 | |||
Accumulated amortization of intangible assets | -1,454,206,000 | -1,190,491,000 | |||
Finite-lived intangible assets, net | 3,715,700,000 | 4,057,865,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||
Amortization expense | 267,719,000 | 214,239,000 | 180,515,000 | ||
2015 | 259,272,000 | ||||
2016 | 259,026,000 | ||||
2017 | 258,438,000 | ||||
2018 | 256,669,000 | ||||
2019 | 254,980,000 | ||||
Goodwill [Roll Forward] | |||||
Goodwill | 4,916,426,000 | 3,119,957,000 | |||
Goodwill | 5,210,091,000 | 4,916,426,000 | 3,119,957,000 | ||
Site Rental Contracts and Customer Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | 4,660,082,000 | [1] | 4,761,605,000 | ||
Accumulated amortization of intangible assets | -1,347,947,000 | -1,111,262,000 | |||
Finite-lived intangible assets, net | 3,312,135,000 | 3,650,343,000 | |||
Acquired finite-lived intangible asset, amount | 1,200,000,000 | ||||
Other Intangible Assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, gross | 509,824,000 | 486,751,000 | |||
Accumulated amortization of intangible assets | -106,259,000 | -79,229,000 | |||
Finite-lived intangible assets, net | 403,565,000 | 407,522,000 | |||
Acquired finite-lived intangible asset, amount | 100,000,000 | ||||
Depreciation, Amortization and Accretion [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 245,614,000 | 204,042,000 | 177,163,000 | ||
Site Rental Costs of Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | 22,105,000 | 10,197,000 | 3,352,000 | ||
AT&T [Member] | |||||
Goodwill [Roll Forward] | |||||
Additions due to acquisitions | 1,768,535,000 | [2] | |||
Adjustments to AT&T Acquisition purchase price allocation | 134,242,000 | [2] | |||
Other Acquired Goodwill [Domain] | |||||
Goodwill [Roll Forward] | |||||
Additions due to acquisitions | 159,952,000 | 25,194,000 | |||
Effect of exchange rates on goodwill [Domain] | |||||
Goodwill [Roll Forward] | |||||
Additions due to acquisitions | ($529,000) | $2,740,000 | |||
[1] | Inclusive of adjustments made during 2014 related to the AT&T Acquisition purchase price allocation. See note 3. | ||||
[2] | The purchase price allocation for the AT&T Acquisition resulted in the recognition of goodwill at CCUSA primarily because of the anticipated growth opportunity in the acquired tower portfolio. See note 3 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | $1,659,698,000 | $1,349,919,000 | |
Amortization of Below Market Lease | 29,500,000 | 29,600,000 | 20,800,000 |
Accrued Payroll and Other Compensation | 74,200,000 | 60,000,000 | |
customer prepaid rent [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 610,742,000 | 350,474,000 | |
deferred ground lease payable [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 425,321,000 | 357,419,000 | |
Above Market Leases [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 272,694,000 | 276,319,000 | |
Amortization of Above Market Leases | 24,200,000 | 7,200,000 | 3,400,000 |
deferred credits [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 222,460,000 | 244,537,000 | |
asset retirement obligations [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 128,153,000 | 118,403,000 | |
Other Liabilities [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 328,000 | 2,767,000 | |
Amortization expense, 2015 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 23,031,000 | ||
Amortization expense, 2016 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 22,362,000 | ||
Amortization expense, 2017 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 21,206,000 | ||
Amortization expense, 2018 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 20,287,000 | ||
Amortization expense, 2019 [Member] [Domain] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 19,289,000 | ||
Amortization expense, 2015 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 27,877,000 | ||
Amortization expense, 2016 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 27,657,000 | ||
Amortization expense, 2017 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 24,746,000 | ||
Amortization expense, 2018 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 21,985,000 | ||
Amortization expense, 2019 [Member] [Domain] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | $19,493,000 |
Debt_and_Other_Obligations_Ind
Debt and Other Obligations (Indebtedness) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | $11,920,861,000 | $11,594,500,000 | ||||
Less: current maturities and short-term debt and other current obligations | 113,335,000 | 103,586,000 | ||||
Non-current portion of long-term debt and other long-term obligations | 11,807,526,000 | 11,490,914,000 | ||||
Extinguishment of Debt, Amount | 800,000,000 | 726,992,000 | 1,894,847,000 | |||
Long-term Debt, Gross | 11,921,194,000 | |||||
Repayments of Other Long-term Debt | 836,899,000 | [1] | 762,970,000 | [1] | 1,978,709,000 | [1] |
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 500,000,000 | |||||
Repayments of Other Long-term Debt | 533,909,000 | [1] | ||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 300,000,000 | |||||
Repayments of Other Long-term Debt | 302,990,000 | [1] | ||||
2012 Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Bank Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 4,176,447,000 | 3,900,650,000 | ||||
Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 3,573,208,000 | 3,915,963,000 | ||||
High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 3,996,031,000 | 3,648,302,000 | ||||
CCOC [Member] | Minimum [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Debt instrument credit spread LIBOR rate minimum | 0.75% | |||||
CCOC [Member] | Maximum [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
2012 Revolver borrowing capacity [Member] | 2012 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 2,200,000,000 | |||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 350,000,000 | |||||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, increase (decrease) | 5.00% | |||||
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 314,170,000 | 552,715,000 | ||||
Repayments of Other Long-term Debt | 332,045,000 | [1] | 589,105,000 | [1] | ||
Incremental Term Loan B [Member] | CCOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 800,000,000 | |||||
Incremental Term Loan B2 [Member] [Member] | CCOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 500,000,000 | |||||
Incremental Term Loan A2 [Member] | CCOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 200,000,000 | |||||
Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 90,800,000 | |||||
Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 70,000,000 | |||||
WCP Securitized Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 16,911,000 | |||||
Effective yield rate, inclusive of purchase price adjustments | 5.60% | |||||
Repayments of Other Long-term Debt | 18,096,000 | [1] | ||||
Interest rate, increase (decrease) | 5.00% | |||||
WCP Securitized Notes [Member] | Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Nov-10 | |||||
Contractual maturity date | Nov. 2040 | [2] | ||||
Total debt and other obligations | 262,386,000 | 286,171,000 | ||||
Stated interest rate | 5.70% | [3],[4] | ||||
Debt Instrument, Unamortized Premium | 3,600,000 | |||||
Variable Rate Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Availability on revolver | 805,000,000 | |||||
2012 Revolver [Member] | Bank Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Jan-12 | |||||
Contractual maturity date | Nov. 2018/Jan. 2019 | [5] | ||||
Total debt and other obligations | 695,000,000 | [6] | 374,000,000 | |||
Stated interest rate | 1.90% | [3],[7] | ||||
Variable Rate 2012 Term Loans Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 87,489,000 | |||||
Repayments of Other Long-term Debt | 87,489,000 | [1] | ||||
Variable Rate 2012 Term Loans Tranche A [Member] | Bank Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Jan-12 | |||||
Contractual maturity date | Nov. 2018/Jan. 2019 | [5] | ||||
Total debt and other obligations | 645,938,000 | 662,500,000 | ||||
Stated interest rate | 1.90% | [3],[7] | ||||
Variable Rate 2012 Term Loans Tranche A [Member] | 2018 [Member] [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 500,000,000 | |||||
Variable Rate 2012 Term Loans Tranche A [Member] | 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 500,000,000 | |||||
Variable Rate 2012 Term Loans Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 30,941,000 | |||||
Repayments of Other Long-term Debt | 30,941,000 | [1] | ||||
Variable Rate 2012 Term Loans Tranche B [Member] | Bank Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Jan-12 | |||||
Contractual maturity date | Jan. 2019/2021 | [8] | ||||
Total debt and other obligations | 2,835,509,000 | 2,864,150,000 | ||||
Stated interest rate | 3.00% | [3],[9] | ||||
Variable Rate 2012 Term Loans Tranche B [Member] | 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 565,600,000 | |||||
Variable Rate 2012 Term Loans Tranche B [Member] | 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 2,300,000,000 | |||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Jan-10 | |||||
Contractual maturity date | 2037-2040 | [10] | ||||
Total debt and other obligations | 1,600,000,000 | 1,900,000,000 | ||||
Stated interest rate | 6.00% | [10],[3] | ||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Aug-10 | |||||
Contractual maturity date | 2035-2040 | [10] | ||||
Total debt and other obligations | 1,550,000,000 | 1,550,000,000 | ||||
Stated interest rate | 4.50% | [10],[3] | ||||
Fixed Rate Debt 2009 Securitized Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 619,125,000 | |||||
Repayments of Other Long-term Debt | 619,125,000 | [1] | ||||
Fixed Rate Debt 2009 Securitized Notes [Member] | Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Jul-09 | |||||
Contractual maturity date | 2019/2029 | [11] | ||||
Total debt and other obligations | 160,822,000 | 179,792,000 | ||||
Stated interest rate | 7.50% | [3] | ||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Oct-09 | |||||
Contractual maturity date | Nov. 2019 | |||||
Total debt and other obligations | 0 | 498,332,000 | ||||
Percentage of debt instrument interest rate stated | N/A | [3] | ||||
Fixed Rate High Yield Bonds 7.5% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 51,000 | |||||
Repayments of Other Long-term Debt | 51,000 | [1] | ||||
Five and One Fourth Senior Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Oct-12 | |||||
Contractual maturity date | Jan. 2023 | |||||
Total debt and other obligations | 1,649,969,000 | 1,649,970,000 | ||||
Stated interest rate | 5.30% | [3] | ||||
2012 Secured Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 1,000,000,000 | |||||
Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual maturity date | Various | [12] | ||||
Total debt and other obligations | 175,175,000 | 129,585,000 | ||||
Original Debt Issuance Date | Various | |||||
Percentage of debt instrument interest rate stated | Various | [12],[3] | ||||
Stated Percentage Rate Range, Maximum | 10.00% | |||||
2012 secured notes tranche A [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 500,000,000 | |||||
Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 294,362,000 | [13] | 706,045,000 | |||
Repayments of Other Long-term Debt | 312,465,000 | [1],[13] | 752,332,000 | [1] | ||
2012 Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Extinguishment of Debt, Amount | 30,000 | |||||
Repayments of Other Long-term Debt | 30,000 | [1] | ||||
2012 Secured Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Dec-12 | |||||
Contractual maturity date | 2017/2023 | [14] | ||||
Total debt and other obligations | 1,500,000,000 | 1,500,000,000 | ||||
Stated interest rate | 3.40% | [3] | ||||
Fixed Rate - 4.875% Senior Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | 1-Apr-14 | |||||
Contractual maturity date | Apr. 2022 | |||||
Total debt and other obligations | 0 | |||||
4.875% Senior Notes [Member] | High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt and other obligations | 846,060,000 | |||||
Stated interest rate | 4.88% | [3] | ||||
Debt Instrument, Face Amount | 850,000,000 | |||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 1,300,000,000 | |||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes First Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 250,000,000 | |||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 300,000,000 | |||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $1,000,000,000 | |||||
[1] | Exclusive of accrued interest. | |||||
[2] | The WCP securitized notes ("WCP Securitized Notes") were assumed in connection with the WCP Acquisition. The WCP Securitized Notes include a fair value adjustment that increased the debt carrying value by $3.6 million as of December 31, 2014. The anticipated repayment date is 2015 for each class. If the WCP Securitized Notes are not repaid in full by their anticipated repayment dates, the applicable interest rate increases by an additional approximately 5% per annum. If the WCP Securitized Notes are not repaid in full by their rapid amortization date of 2017, monthly principal payments commence using the excess cash flows of the issuers of the WCP Securitized Notes. | |||||
[3] | Represents the weighted-average stated interest rate. | |||||
[4] | The effective yield is approximately 5.6%, inclusive of the fair value adjustment. | |||||
[5] | The maturity dates for the 2012 Revolver and Tranche A Term Loans are either November 2018 or January 2019, contingent upon the outstanding aggregate principal amount of the Tranche B Term Loans (as defined below). If the outstanding aggregate principal amount of the Tranche B Term Loans is greater than $500.0 million, the 2012 Revolver and Tranche A Term Loans are due November 2018. If the outstanding aggregate principal amount of the Tranche B Term Loans is less than or equal to $500.0 million, the 2012 Revolver and Tranche A Term Loans are due January 2019. | |||||
[6] | As of December 31, 2014, the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $805.0 million. See note 18. | |||||
[7] | The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25%, based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. | |||||
[8] | As of December 31, 2014, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans (defined below) and the Incremental Tranche B-2 Term Loans (defined below), consist of $2.3 billion aggregate principal amount due January 2021 and $565.6 million aggregate principal amount due January 2019. | |||||
[9] | The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50%, based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). | |||||
[10] | If the respective series of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes (collectively, "2010 Tower Revenue Notes") are not paid in full on or prior to 2015, 2017 and 2020, as applicable, then Excess Cash Flow (as defined in the indenture) of the issuers (of such notes) will be used to repay principal of the applicable series and class of the 2010 Tower Revenue Notes, and additional interest (of an additional approximately 5%Â per annum) will accrue on the respective 2010 Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion, having anticipated repayment dates in 2017, and 2020, respectively. The August 2010 Tower Revenue Notes consist of three series of notes with principal amounts of $250.0 million, $300.0 million, and $1.0 billion, having anticipated repayment dates in 2015, 2017, and 2020, respectively. | |||||
[11] | The 2009 Securitized Notes consist of $90.8 million of principal as of December 31, 2014 that amortizes through 2019, and $70.0 million of principal as of December 31, 2014 that amortizes during the period beginning in 2019 and ending in 2029. | |||||
[12] | The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 25 years. | |||||
[13] | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | |||||
[14] | Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured Notes"). |
Debt_and_Other_Obligations_Tex
Debt and Other Obligations (Textuals) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | $11,920,861,000 | $11,594,500,000 | |||
Extinguishment of Debt, Amount | 800,000,000 | 726,992,000 | 1,894,847,000 | ||
Principal balance outstanding on debt instruments | 11,921,194,000 | ||||
Cash and equivalents | 175,620,000 | 223,394,000 | 441,364,000 | 80,120,000 | |
Debt Instrument, Covenant Description | 7.0 to 1.0 | ||||
WCP Securitized Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, increase (decrease) | 5.00% | ||||
Extinguishment of Debt, Amount | 16,911,000 | ||||
Effective yield rate, inclusive of purchase price adjustments | 5.60% | ||||
Variable Rate Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Availability on revolver | 805,000,000 | ||||
Variable Rate Revolver 2012 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument credit spread LIBOR rate minimum | 1.50% | ||||
Effective Percentage Rate Range, Maximum | 2.25% | ||||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, increase (decrease) | 5.00% | ||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Extinguishment of Debt, Amount | 300,000,000 | ||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 350,000,000 | ||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 1,300,000,000 | ||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes First Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 300,000,000 | ||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 1,000,000,000 | ||||
Capital Lease Obligations and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 175,175,000 | 129,585,000 | |||
Stated Percentage Rate Range, Maximum | 10.00% | ||||
Contractual maturity date, start | 1 year | ||||
Contractual maturity date, end | 25 years | ||||
High Yield Bonds - Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Redemption pricing percentage of principal amount | 100.00% | ||||
Collateralized [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, PPE Collaterized Amount | 1,200,000,000 | ||||
CCOC [Member] | Incremental Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 800,000,000 | ||||
CCOC [Member] | Incremental Term Loan B2 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 500,000,000 | ||||
CCOC [Member] | Incremental Term Loan A2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 200,000,000 | ||||
2012 secured notes tranche A [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 500,000,000 | ||||
2012 Credit Facility [Member] | CCOC [Member] | Senior Secured Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 500,000,000 | ||||
2012 Credit Facility [Member] | CCOC [Member] | Senior Secured Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 1,600,000,000 | ||||
2012 Credit Facility [Member] | CCOC [Member] | Senior Secured 2012 Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Total revolving commitment | 1,500,000,000 | ||||
High Yield Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 3,996,031,000 | 3,648,302,000 | |||
High Yield Bonds [Member] | Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 0 | 498,332,000 | |||
Repayments of Debt | 500,000,000 | ||||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 846,060,000 | ||||
Debt Instrument, Face Amount | 850,000,000 | ||||
Stated interest rate | 4.88% | [1] | |||
Issuance of debt obligation [Member] | 4.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Debt | 839,000,000 | ||||
2012 Revolver [Member] | Collateralized [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash and equivalents | 41,400,000 | ||||
2012 secured notes tranche B [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt and other obligations | 1,000,000,000 | ||||
Minimum [Member] | High Yield Bonds - Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt to Adjusted Cash Flow Ratio | 7 | ||||
2012 Revolver borrowing capacity [Member] | 2012 Revolver [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 2,200,000,000 | ||||
Tendered After the Early Tender Date [Member] | Fixed Rate High Yield Bonds 9 Percent Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Tender Offer Amount | 313,300,000 | ||||
Amount redeemed after tender [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | 294,400,000 | ||||
Amount redeemed after tender [Member] | Fixed Rate High Yield Bonds 9 Percent Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Tender Offer Amount | 800,000 | ||||
Amount validly tendered [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Tender Offer Amount | 670,600,000 | ||||
Amount validly tendered [Member] | Fixed Rate High Yield Bonds 9 Percent Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Tender Offer Amount | $515,500,000 | ||||
[1] | Represents the weighted-average stated interest rate. |
Debt_and_Other_Obligations_Sch
Debt and Other Obligations (Scheduled Contractual Maturities) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $110,758 |
2016 | 122,570 |
2017 | 619,859 |
2018 | 1,323,951 |
2019 | 596,083 |
Thereafter | 9,147,973 |
Total Cash Obligations | 11,921,194 |
Unamortized Discounts | -333 |
Total Debt and Other Obligations Outstanding | $11,920,861 |
Debt_and_Other_Obligations_Deb
Debt and Other Obligations (Debt Purchases and Repayments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | ($800,000,000) | ($726,992,000) | ($1,894,847,000) | |||||||||||
Cash Paid | 836,899,000 | [1] | 762,970,000 | [1] | 1,978,709,000 | [1] | ||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | -44,629,000 | 0 | -640,000 | -1,000 | -577,000 | -35,909,000 | -44,629,000 | [2] | -37,127,000 | [3] | -131,974,000 | [4] |
Write-off of deferred financing costs and discounts | 7,700,000 | 48,100,000 | ||||||||||||
2012 Secured Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -30,000 | |||||||||||||
Cash Paid | 30,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | [3] | ||||||||||||
Fixed Rate Debt 2009 Securitized Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -619,125,000 | |||||||||||||
Cash Paid | 619,125,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | -1,893,000 | [4] | ||||||||||||
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -314,170,000 | -552,715,000 | ||||||||||||
Cash Paid | 332,045,000 | [1] | 589,105,000 | [1] | ||||||||||
Gains (losses) on retirement of long-term obligations | -17,894,000 | [3] | -62,966,000 | [4] | ||||||||||
Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -294,362,000 | [5] | -706,045,000 | |||||||||||
Cash Paid | 312,465,000 | [1],[5] | 752,332,000 | [1] | ||||||||||
Gains (losses) on retirement of long-term obligations | -18,103,000 | [3],[5] | -64,989,000 | [4] | ||||||||||
Fixed Rate High Yield Bonds 7.5% Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -51,000 | |||||||||||||
Cash Paid | 51,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | [4] | ||||||||||||
WCP Securitized Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -16,911,000 | |||||||||||||
Cash Paid | 18,096,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | -681,000 | [4] | ||||||||||||
2012 Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (losses) on retirement of long-term obligations | -241,000 | [3] | -1,445,000 | [4] | ||||||||||
Variable Rate 2012 Term Loans Tranche A [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -87,489,000 | |||||||||||||
Cash Paid | 87,489,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | -399,000 | [3] | ||||||||||||
Variable Rate 2012 Term Loans Tranche B [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -30,941,000 | |||||||||||||
Cash Paid | 30,941,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | -490,000 | [3] | ||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -300,000,000 | |||||||||||||
Cash Paid | 302,990,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | -3,740,000 | [2] | ||||||||||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Amount | -500,000,000 | |||||||||||||
Cash Paid | 533,909,000 | [1] | ||||||||||||
Gains (losses) on retirement of long-term obligations | ($40,889,000) | [2] | ||||||||||||
[1] | Exclusive of accrued interest. | |||||||||||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||
[3] | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||||||||||
[4] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. | |||||||||||||
[5] | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. |
Interest_Rate_Swaps_Details
Interest Rate Swaps (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Interest Rate Swap [Member] | Refinancings of Debt [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Income (loss) recognized in income discontinuation of hedge accounts | ($63.10) |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount expected to be reclassified into earnings from accumulated other comprehensive income (loss) during next twelve months | ($18.70) |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | $175,620,000 | $223,394,000 | $441,364,000 | $80,120,000 |
Cash and cash equivalents, fair value | 175,620,000 | 223,394,000 | ||
Restricted cash, carrying value | 152,411,000 | 188,526,000 | ||
Restricted cash, fair value | 188,526,000 | |||
Debt and other obligations, carrying amount | 11,920,861,000 | 11,594,500,000 | ||
Debt and other obligations, fair value | 12,286,161,000 | 11,892,587,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | 1 | |||
Restricted cash, carrying value | 1 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt and other obligations, carrying amount | $2 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation allowance, increase (decrease) | ($9,000,000) | $0 | ($95,072,000) |
Federal tax benefits | -213,000 | -684,000 | -229,000 |
non-cash income tax charge in conjunction with REIT conversion | 67,400,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,300,000 | ||
Stock Compensation Plan [Member] | |||
Operating loss carryforwards | 200,000,000 | ||
U.S. Federal [Member] | |||
Operating loss carryforwards | 2,200,000,000 | ||
U.S. Federal [Member] | Minimum [Member] | |||
Operating loss carryforwards, expiration dates | 31-Dec-22 | ||
U.S. Federal [Member] | Maximum [Member] | |||
Operating loss carryforwards, expiration dates | 31-Dec-32 | ||
State [Member] | |||
Operating loss carryforwards | 900,000,000 | ||
State [Member] | Minimum [Member] | |||
Operating loss carryforwards, expiration dates | 31-Dec-15 | ||
State [Member] | Maximum [Member] | |||
Operating loss carryforwards, expiration dates | 31-Dec-34 | ||
Foreign [Member] | |||
Operating loss carryforwards | 70,000,000 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Valuation allowance, increase (decrease) | $9,000,000 | $12,000,000 |
Income_Taxes_Income_Loss_from_
Income Taxes (Income (Loss) from Continuing Operations before Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Taxes [Abstract] | ||||||
Domestic | $341,070 | $260,364 | $77,254 | |||
Foreign | 47,064 | [1] | 32,165 | [1] | 23,573 | [1] |
Income (loss) before income taxes | $388,134 | $292,529 | $100,827 | |||
[1] | Inclusive of income (loss) before income taxes from Australia and Puerto Rico. |
Income_Taxes_Benefit_Provision
Income Taxes (Benefit (Provision) for Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Income Taxes [Abstract] | |||||||||||
Current Federal | $213 | $684 | $229 | ||||||||
Current Foreign | -10,737 | -6,732 | -6,837 | ||||||||
Current State | -4,415 | -12,305 | -3,705 | ||||||||
Total current | -14,939 | -18,353 | -10,313 | ||||||||
Deferred Federal | 23,070 | -164,769 | 65,643 | ||||||||
Deferred Foreign | 2,901 | -6,136 | 42,714 | ||||||||
Deferred State | -392 | -9,370 | 2,017 | ||||||||
Total deferred | 25,579 | -180,275 | 110,374 | ||||||||
Total benefit (provision) for income taxes | $110,374 | [1] | $33,959 | [1] | $36,587 | [1] | $17,708 | [1] | $10,640 | ($198,628) | $100,061 |
[1] | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||||
Benefit (provision) for income taxes at statutory rate | ($135,847,000) | ($102,385,000) | ($35,289,000) | |||||||||||
Tax effect of foreign income (losses) | 14,277,000 | 11,258,000 | 8,251,000 | |||||||||||
Tax adjustment related to REIT operations | 132,951,000 | 0 | 0 | |||||||||||
Tax adjustment related to the REIT conversion | 0 | [1] | -67,395,000 | [1] | 0 | [1] | ||||||||
Expenses for which no federal tax benefit was recognized | -463,000 | -9,570,000 | -3,874,000 | |||||||||||
Valuation allowances | 9,000,000 | 0 | 95,072,000 | |||||||||||
State tax (provision) benefit, net of federal | -3,136,000 | -14,852,000 | -1,097,000 | |||||||||||
Foreign tax | -7,836,000 | -12,868,000 | 35,877,000 | |||||||||||
Other | 1,694,000 | -2,816,000 | 1,121,000 | |||||||||||
Total benefit (provision) for income taxes | 110,374,000 | [2] | 33,959,000 | [2] | 36,587,000 | [2] | 17,708,000 | [2] | 10,640,000 | -198,628,000 | 100,061,000 | |||
REIT tax adjustment to reclassify a deferred tax charge from AOCI | 39,800,000 | |||||||||||||
Capital Loss Carryforward [Member] | ||||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||||
Valuation allowances | ($29,400,000) | |||||||||||||
[1] | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. | |||||||||||||
[2] | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment | $144,020 | $135,824 |
Deferred site rental receivable | 35,887 | 28,074 |
Intangible assets | 108,689 | 116,548 |
Total deferred income tax liabilities | -10,791 | |
Deferred Tax Liabilities, Gross | 288,596 | 280,446 |
Net operating loss carryforwards | 148,465 | 134,123 |
Deferred ground lease payable | 7,231 | 7,122 |
Accrued liabilities | 162,108 | 148,580 |
Receivable allowance | 1,538 | 1,228 |
Other | 1,278 | 5,866 |
Valuation allowance, asset | -21,038 | -27,264 |
Total deferred income tax assets, net | 299,582 | 269,655 |
Deferred Tax Assets, Net | $10,986 | ($10,791) |
Income_Taxes_Jurisdictional_Co
Income Taxes (Jurisdictional Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ||
Gross, asset | $32,024 | $16,473 |
Valuation allowance, asset | -21,038 | -27,264 |
Net deferred income tax assets (liabilities) | 10,986 | -10,791 |
U.S. Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Gross, asset | 6,557 | -7,513 |
Valuation allowance, asset | -3,000 | -12,000 |
Net deferred income tax assets (liabilities) | 3,557 | -19,513 |
State [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Gross, asset | 462 | -807 |
Valuation allowance, asset | -16,208 | -14,547 |
Net deferred income tax assets (liabilities) | -15,746 | -15,354 |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Gross, asset | 25,005 | 24,793 |
Valuation allowance, asset | -1,830 | -717 |
Net deferred income tax assets (liabilities) | $23,175 | $24,076 |
Income_Taxes_Income_Taxes_Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $21,549 | $19,184 |
Additions based on current year tax positions | 286 | 2,365 |
Reductions as a result of the lapse of statute limitations | -6,042 | |
Reductions as a result of settlements with taxing authorities | -7,460 | |
Balance at end of year | $8,333 | $21,549 |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Temporary Equity [Line Items] | |||
Dividends on preferred stock | $44,354 | $0 | $2,481 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Dec. 31, 2013 | ||||||
Dividends Per Share, Common Stock | $0.82 | $0.35 | $0.35 | $0.35 | ||||||||||
Dividends Per Share, Convertible Preferred Stock | $1.13 | $1.13 | $1.13 | $1.16 | ||||||||||
Aggregate Payment Amount, Common Stock | $274,500,000 | [1],[2] | $117,200,000 | [1],[2] | $117,200,000 | [1],[2] | $117,200,000 | [1],[2] | $626,074,000 | |||||
Aggregate Payment Amount, Convertible Preferred Stock | 11,000,000 | 11,000,000 | 11,000,000 | 11,400,000 | ||||||||||
Proceeds from Issuance of Common Stock | 2,980,586,000 | |||||||||||||
4.5% Mandatory Convertible Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 | 0.01 | ||||||||||
Net proceeds from issuance of preferred stock | 0 | 950,886,000 | 0 | |||||||||||
Purchases of common stock, value | 21,800,000 | 99,500,000 | 36,000,000 | |||||||||||
Common Stock | ||||||||||||||
Declaration Date | 30-Oct-14 | 8-Aug-14 | 30-May-14 | 20-Feb-14 | ||||||||||
Record Date | 19-Dec-14 | 19-Sep-14 | 20-Jun-14 | 20-Mar-14 | ||||||||||
Payment Date | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | ||||||||||
Stock Issued During Period, Shares, New Issues | 41,400,000 | |||||||||||||
Proceeds from Issuance of Common Stock | 414,000 | |||||||||||||
Purchases of common stock, shares | -292,874 | -1,429,461 | -700,070 | |||||||||||
4.5% Mandatory Convertible Preferred Stock | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 9,775,000 | |||||||||||||
Net proceeds from issuance of preferred stock | 98,000 | |||||||||||||
Convertible Preferred Stock [Member] | ||||||||||||||
Declaration Date | 22-Dec-14 | 26-Sep-14 | 25-Jun-14 | 25-Mar-14 | 31-Dec-13 | |||||||||
Record Date | 15-Oct-14 | 15-Jul-14 | 15-Apr-14 | 15-Jan-14 | 15-Jan-15 | |||||||||
Payment Date | 3-Nov-14 | 1-Aug-14 | 1-May-14 | 3-Feb-14 | ||||||||||
Minimum [Member] | ||||||||||||||
Conversion factor, Preferred Stock | 1.108 | |||||||||||||
Maximum [Member] | ||||||||||||||
Conversion factor, Preferred Stock | 1.385 | |||||||||||||
Paid subsequent to year end [Member] | ||||||||||||||
Dividends Per Share, Convertible Preferred Stock | 1.125 | |||||||||||||
Aggregate Payment Amount, Convertible Preferred Stock | 11,000,000 | [3] | ||||||||||||
Paid subsequent to year end [Member] | Convertible Preferred Stock [Member] | ||||||||||||||
Payment Date | 2-Feb-15 | |||||||||||||
[1] | The Company's common stock dividends are considered ordinary in nature for income tax purposes. | |||||||||||||
[2] | Inclusive of dividends accrued for holders of RSUs. | |||||||||||||
[3] | Represents amount paid on February 2, 2015 based on holders of record on January 15, 2015. |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 12.5 | ||
Vesting Performance Period | three | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $6 | $14.50 | $14.70 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 1 | ||
Shares granted, number of shares | 1 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, weighted-average grant-date fair value (in dollars per share) | $57.78 | $46.37 | $38.82 |
Weighted-average requisite service period (years) | 2 years 6 months | ||
Restricted stock or unit expense | 45.8 | 37.8 | 32.7 |
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.5 | ||
Time Vesting Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.5 | ||
Time Vesting Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Time Vesting Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 1 | ||
Compensation cost not yet recognized | $40.70 | ||
Period for recognition | 1 year |
Stockbased_Compensation_Summar
Stock-based Compensation (Summary of Restricted Stock Awards Activity) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Shares outstanding at the beginning of the year, number of shares | 2,282,000 | |
Shares outstanding at the end of year, number of shares | 1,440,000 | 2,282,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -822,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 20,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 986,000 | |
Shares outstanding at the beginning of the year, number of shares | 0 | |
Shares outstanding at the end of year, number of shares | 950,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -20,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 16,000 |
Stockbased_Compensation_Summar1
Stock-based Compensation (Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | |||
Risk-free rate | 0.70% | 0.40% | 0.40% |
Expected volatility | 22.00% | 23.00% | 31.00% |
Expected dividend rate | 2.00% | 0.00% | 0.00% |
Stockbased_Compensation_Summar2
Stock-based Compensation (Summary of Restricted Stock Awards Vested) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares vested | 842 | 978 | 1,974 |
Fair value on vesting date | $62,686 | $66,666 | $101,692 |
Stockbased_Compensation_StockB
Stock-based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $6,000,000 | $14,500,000 | $14,700,000 |
Stock-based compensation expense | 60,164,000 | 41,788,000 | 47,541,000 |
CCUSA [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 56,431,000 | 39,030,000 | 41,944,000 |
CCAL [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 3,733,000 | 2,758,000 | 5,597,000 |
Site Rental Cost of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 6,565,000 | 1,193,000 | 3,401,000 |
Site Rental Cost of Operations [Member] | CCUSA [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 6,565,000 | 1,193,000 | 3,401,000 |
Site Rental Cost of Operations [Member] | CCAL [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0 | 0 | 0 |
Network Services and Other Costs of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,889,000 | 1,799,000 | 2,721,000 |
Network Services and Other Costs of Operations [Member] | CCUSA [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 4,889,000 | 1,799,000 | 2,721,000 |
Network Services and Other Costs of Operations [Member] | CCAL [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 0 | 0 | 0 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 48,710,000 | 38,796,000 | 41,419,000 |
General and Administrative Expense [Member] | CCUSA [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 44,977,000 | 36,038,000 | 35,822,000 |
General and Administrative Expense [Member] | CCAL [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $3,733,000 | $2,758,000 | $5,597,000 |
Commitments_and_Contingencies_
Commitments and Contingencies Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligations [Line Items] | |||
Accretion expense | $10,100,000 | $8,100,000 | $6,500,000 |
Other long-term liabilities | 1,659,698,000 | 1,349,919,000 | |
Estimated future undiscounted cash flows expected to be paid relating to asset retirement obligations | 1,200,000,000 | ||
ATT, TMO, WCP, and NextG Acquisitions [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Increase (decrease) in asset retirement obligations | 16,300,000 | ||
asset retirement obligations [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Other long-term liabilities | $128,153,000 | $118,403,000 | |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Tower count as a percentage of total towers | 53.00% |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Weighted average remaining term of tenant leases | 7 years | ||
Maximum Current Term | 20 years | ||
Tenant Leases 2015 | $2,703,655,000 | ||
Tenant Leases 2016 | 2,635,024,000 | ||
Tenant Leases 2017 | 2,562,704,000 | ||
Tenant Leases 2018 | 2,474,553,000 | ||
Tenant Leases 2019 | 2,373,865,000 | ||
Tenant Leases thereafter | 9,549,658,000 | ||
Total tenant leases | 22,299,459,000 | ||
Percentage of wireless infrastructure that has non-cancelable operating leases | 80.00% | ||
Operating Leases, Owned Land Under Tower, Expiration Term | 20 years | ||
Operating Leases, Leased Land Under Tower, Expiration Term | 10 years | ||
Operating leases 2015 | 569,314,000 | ||
Operating leases 2016 | 574,728,000 | ||
Operating leases 2017 | 578,815,000 | ||
Operating leases 2018 | 580,231,000 | ||
Operating leases 2019 | 581,020,000 | ||
Operating leases thereafter | 8,067,093,000 | ||
Total operating leases | 10,951,201,000 | ||
Rental expense from operating leases | 676,700,000 | 513,600,000 | 372,300,000 |
Contingent rental payments | $88,300,000 | $73,700,000 | $57,600,000 |
Greater than 10 Years, Inclusive of Renewals at the Company's Option [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Percentage of site rental gross margin that is derived from towers where the lease for the land has a final expiration date | 90.00% | ||
Greater than 20 Years, Inclusive of Renewals at the Company's Option [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Percentage of site rental gross margin that is derived from towers where the lease for the land has a final expiration date | 75.00% |
Operating_Segments_and_Concent2
Operating Segments and Concentrations of Credit Risk (Financial Results for the Company's Operating Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Net revenues: | |||||||||||||||||||
Site rental | $3,006,774 | $2,503,620 | $2,124,190 | ||||||||||||||||
Network services and other | 683,110 | 518,764 | 308,490 | ||||||||||||||||
Net revenues | 967,564 | 930,025 | 916,345 | 875,950 | 798,419 | 748,977 | 734,928 | 740,060 | 3,689,884 | 3,022,384 | 2,432,680 | ||||||||
Costs of Operations: | |||||||||||||||||||
Site rental | 944,666 | [1] | 725,109 | [1] | 539,239 | [1] | |||||||||||||
Network services and other | 405,800 | [1] | 321,687 | [1] | 189,750 | [1] | |||||||||||||
General and administrative | 282,696 | 238,702 | 212,572 | ||||||||||||||||
Asset write-down charges | 15,040 | 14,863 | 15,548 | ||||||||||||||||
Acquisition and integration costs | 35,042 | 26,005 | 18,298 | ||||||||||||||||
Depreciation, amortization and accretion | 1,013,064 | 774,215 | 622,592 | ||||||||||||||||
Total operating expenses | 2,696,308 | 2,100,581 | 1,597,999 | ||||||||||||||||
Operating income (loss) | 261,530 | 250,292 | 230,186 | 251,568 | 233,948 | 222,839 | 229,961 | 235,055 | 993,576 | 921,803 | 834,681 | ||||||||
Interest expense and amortization of deferred financing costs | -573,291 | -589,630 | -601,044 | ||||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | -44,629 | 0 | -640 | -1 | -577 | -35,909 | -44,629 | [2] | -37,127 | [3] | -131,974 | [4] | |||||
Interest income | 616 | 1,355 | 4,556 | ||||||||||||||||
Other income (expense) | 11,862 | -3,872 | -5,392 | ||||||||||||||||
Benefit (provision) for income taxes | 110,374 | [5] | 33,959 | [5] | 36,587 | [5] | 17,708 | [5] | 10,640 | -198,628 | 100,061 | ||||||||
Net income (loss) | 398,774 | 93,901 | 200,888 | ||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | 8,261 | 3,790 | 12,304 | ||||||||||||||||
Net income (loss) attributable to CCIC stockholders | 148,070 | 106,937 | 34,009 | 101,497 | -23,546 | 45,836 | 52,359 | 15,462 | 390,513 | 90,111 | 188,584 | ||||||||
Capital expenditures | 780,077 | 567,810 | 441,383 | ||||||||||||||||
Total assets (at year end) | 21,143,276 | 20,594,908 | 21,143,276 | 20,594,908 | 16,088,709 | ||||||||||||||
Goodwill | 5,210,091 | 4,916,426 | 5,210,091 | 4,916,426 | 3,119,957 | ||||||||||||||
CCUSA [Member] | |||||||||||||||||||
Net revenues: | |||||||||||||||||||
Site rental | 2,866,613 | 2,371,380 | 2,001,049 | ||||||||||||||||
Network services and other | 672,143 | 494,371 | 285,287 | ||||||||||||||||
Net revenues | 3,538,756 | 2,865,751 | 2,286,336 | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||
Site rental | 906,152 | [1] | 686,873 | [1] | 503,661 | [1] | |||||||||||||
Network services and other | 400,454 | [1] | 304,144 | [1] | 173,762 | [1] | |||||||||||||
General and administrative | 257,296 | 213,519 | 184,911 | ||||||||||||||||
Asset write-down charges | 14,246 | 13,595 | 15,226 | ||||||||||||||||
Acquisition and integration costs | 34,145 | 25,574 | 18,216 | ||||||||||||||||
Depreciation, amortization and accretion | 985,781 | 741,342 | 591,428 | ||||||||||||||||
Total operating expenses | 2,598,074 | 1,985,047 | 1,487,204 | ||||||||||||||||
Operating income (loss) | 940,682 | 880,704 | 799,132 | ||||||||||||||||
Interest expense and amortization of deferred financing costs | -573,291 | -589,630 | -601,031 | ||||||||||||||||
Gains (losses) on retirement of long-term obligations | -44,629 | -37,127 | -131,974 | ||||||||||||||||
Interest income | 315 | 956 | 4,089 | ||||||||||||||||
Other income (expense) | 27,013 | 12,643 | 13,954 | ||||||||||||||||
Benefit (provision) for income taxes | 11,244 | -191,000 | 60,144 | ||||||||||||||||
Net income (loss) | 361,334 | 76,546 | 144,314 | ||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | -268 | ||||||||||||||||
Net income (loss) attributable to CCIC stockholders | 361,334 | 76,546 | 144,582 | ||||||||||||||||
Capital expenditures | 758,535 | 534,809 | 419,980 | ||||||||||||||||
Total assets (at year end) | 20,979,775 | 20,466,369 | 20,979,775 | 20,466,369 | 15,969,084 | ||||||||||||||
Goodwill | 5,196,485 | 4,902,950 | 5,196,485 | 4,902,950 | 3,116,824 | ||||||||||||||
CCAL [Member] | |||||||||||||||||||
Net revenues: | |||||||||||||||||||
Site rental | 140,161 | 132,240 | 123,141 | ||||||||||||||||
Network services and other | 10,967 | 24,393 | 23,203 | ||||||||||||||||
Net revenues | 151,128 | 156,633 | 146,344 | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||
Site rental | 38,514 | [1] | 38,236 | [1] | 35,578 | [1] | |||||||||||||
Network services and other | 5,346 | [1] | 17,543 | [1] | 15,988 | [1] | |||||||||||||
General and administrative | 25,400 | 25,183 | 27,661 | ||||||||||||||||
Asset write-down charges | 794 | 1,268 | 322 | ||||||||||||||||
Acquisition and integration costs | 897 | 431 | 82 | ||||||||||||||||
Depreciation, amortization and accretion | 27,283 | 32,873 | 31,164 | ||||||||||||||||
Total operating expenses | 98,234 | 115,534 | 110,795 | ||||||||||||||||
Operating income (loss) | 52,894 | 41,099 | 35,549 | ||||||||||||||||
Interest expense and amortization of deferred financing costs | -15,020 | -16,545 | -19,330 | ||||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | ||||||||||||||||
Interest income | 301 | 399 | 467 | ||||||||||||||||
Other income (expense) | -131 | 30 | -29 | ||||||||||||||||
Benefit (provision) for income taxes | -604 | -7,628 | 39,917 | ||||||||||||||||
Net income (loss) | 37,440 | 17,355 | 56,574 | ||||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | 8,261 | 3,790 | 12,572 | ||||||||||||||||
Net income (loss) attributable to CCIC stockholders | 29,179 | 13,565 | 44,002 | ||||||||||||||||
Capital expenditures | 21,542 | 33,001 | 21,403 | ||||||||||||||||
Total assets (at year end) | 412,781 | 411,679 | 412,781 | 411,679 | 440,395 | ||||||||||||||
Goodwill | 13,606 | 13,476 | 13,606 | 13,476 | 3,133 | ||||||||||||||
Elimination [Member] | |||||||||||||||||||
Net revenues: | |||||||||||||||||||
Site rental | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Network services and other | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Net revenues | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Costs of Operations: | |||||||||||||||||||
Site rental | 0 | [1],[6] | 0 | [6] | 0 | [1],[6] | |||||||||||||
Network services and other | 0 | [1],[6] | 0 | [6] | 0 | [1],[6] | |||||||||||||
General and administrative | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Asset write-down charges | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Acquisition and integration costs | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Depreciation, amortization and accretion | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Total operating expenses | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Operating income (loss) | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Interest expense and amortization of deferred financing costs | 15,020 | [6] | 16,545 | [6] | 19,317 | [6] | |||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Interest income | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Other income (expense) | -15,020 | [6] | -16,545 | [6] | -19,317 | [6] | |||||||||||||
Benefit (provision) for income taxes | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Net income (loss) | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Net income (loss) attributable to CCIC stockholders | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Capital expenditures | 0 | [6] | 0 | [6] | 0 | [6] | |||||||||||||
Total assets (at year end) | -249,280 | [6] | -283,140 | [6] | -249,280 | [6] | -283,140 | [6] | -320,770 | [6] | |||||||||
Goodwill | $0 | [6] | $0 | [6] | $0 | [6] | $0 | [6] | $0 | [6] | |||||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||||||||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | ||||||||||||||||||
[3] | The losses predominately relate to cash losses, including with respect to make whole payments. | ||||||||||||||||||
[4] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. | ||||||||||||||||||
[5] | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. | ||||||||||||||||||
[6] | Elimination of inter-company borrowings and related interest expense. |
Operating_Segments_and_Concent3
Operating Segments and Concentrations of Credit Risk (Adjusted for EBITDA) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||||||||
Net income (loss) | $398,774 | $93,901 | $200,888 | |||||||||||||||
Asset write-down charges | 15,040 | 14,863 | 15,548 | |||||||||||||||
Acquisition and integration costs | 35,042 | 26,005 | 18,298 | |||||||||||||||
Depreciation, amortization and accretion | 1,013,064 | 774,215 | 622,592 | |||||||||||||||
Amortization of prepaid lease purchase price adjustments | 19,972 | 15,473 | 14,166 | |||||||||||||||
Interest expense and amortization of deferred financing costs | 573,291 | 589,630 | 601,044 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 44,629 | 0 | 640 | 1 | 577 | 35,909 | 44,629 | [1] | 37,127 | [2] | 131,974 | [3] | ||||
Interest income | -616 | -1,355 | -4,556 | |||||||||||||||
Other income (expense) | -11,862 | 3,872 | 5,392 | |||||||||||||||
Benefit (provision) for income taxes | -110,374 | [4] | -33,959 | [4] | -36,587 | [4] | -17,708 | [4] | -10,640 | 198,628 | -100,061 | |||||||
Stock-based compensation expense | 60,164 | 41,788 | 47,382 | |||||||||||||||
Adjusted EBITDA | 2,136,858 | [5] | 1,794,147 | [5] | 1,552,667 | [5] | ||||||||||||
CCUSA [Member] | ||||||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||||||||
Net income (loss) | 361,334 | 76,546 | 144,314 | |||||||||||||||
Asset write-down charges | 14,246 | 13,595 | 15,226 | |||||||||||||||
Acquisition and integration costs | 34,145 | 25,574 | 18,216 | |||||||||||||||
Depreciation, amortization and accretion | 985,781 | 741,342 | 591,428 | |||||||||||||||
Amortization of prepaid lease purchase price adjustments | 19,972 | 15,473 | 14,166 | |||||||||||||||
Interest expense and amortization of deferred financing costs | 573,291 | 589,630 | 601,031 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 44,629 | 37,127 | 131,974 | |||||||||||||||
Interest income | -315 | -956 | -4,089 | |||||||||||||||
Other income (expense) | -27,013 | -12,643 | -13,954 | |||||||||||||||
Benefit (provision) for income taxes | -11,244 | 191,000 | -60,144 | |||||||||||||||
Stock-based compensation expense | 56,431 | 39,030 | 41,785 | |||||||||||||||
Adjusted EBITDA | 2,051,257 | [5] | 1,715,718 | [5] | 1,479,953 | [5] | ||||||||||||
CCAL [Member] | ||||||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.40% | 22.40% | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 77.60% | 77.60% | ||||||||||||||||
Net income (loss) | 37,440 | 17,355 | 56,574 | |||||||||||||||
Asset write-down charges | 794 | 1,268 | 322 | |||||||||||||||
Acquisition and integration costs | 897 | 431 | 82 | |||||||||||||||
Depreciation, amortization and accretion | 27,283 | 32,873 | 31,164 | |||||||||||||||
Amortization of prepaid lease purchase price adjustments | 0 | 0 | 0 | |||||||||||||||
Interest expense and amortization of deferred financing costs | 15,020 | 16,545 | 19,330 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | |||||||||||||||
Interest income | -301 | -399 | -467 | |||||||||||||||
Other income (expense) | 131 | -30 | 29 | |||||||||||||||
Benefit (provision) for income taxes | 604 | 7,628 | -39,917 | |||||||||||||||
Stock-based compensation expense | 3,733 | 2,758 | 5,597 | |||||||||||||||
Adjusted EBITDA | 85,601 | [5] | 78,429 | [5] | 72,714 | [5] | ||||||||||||
Elimination [Member] | ||||||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||||||||||||
Net income (loss) | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Asset write-down charges | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Acquisition and integration costs | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Depreciation, amortization and accretion | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Amortization of prepaid lease purchase price adjustments | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Interest expense and amortization of deferred financing costs | -15,020 | [6] | -16,545 | [6] | -19,317 | [6] | ||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Interest income | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Other income (expense) | 15,020 | [6] | 16,545 | [6] | 19,317 | [6] | ||||||||||||
Benefit (provision) for income taxes | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Stock-based compensation expense | 0 | [6] | 0 | [6] | 0 | [6] | ||||||||||||
Adjusted EBITDA | $0 | [5],[6] | $0 | [5],[6] | $0 | [5],[6] | ||||||||||||
[1] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||||||||||||||
[3] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. | |||||||||||||||||
[4] | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. | |||||||||||||||||
[5] | The above reconciliation excludes line items included in the Company's Adjusted EBITDA definition which are not applicable for the periods shown. | |||||||||||||||||
[6] | Elimination of inter-company borrowings and related interest expense. |
Operating_Segments_and_Concent4
Operating Segments and Concentrations of Credit Risk (Geographic Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues | $967,564 | $930,025 | $916,345 | $875,950 | $798,419 | $748,977 | $734,928 | $740,060 | $3,689,884 | $3,022,384 | $2,432,680 |
United States long-lived assets | 9,148,311 | 8,947,677 | 9,148,311 | 8,947,677 | |||||||
United States [Member] | |||||||||||
Net revenues | 3,535,796 | 2,862,397 | 2,283,088 | ||||||||
United States long-lived assets | 8,971,916 | 8,752,151 | 8,971,916 | 8,752,151 | |||||||
Australia [Member] | |||||||||||
Net revenues | 151,128 | 156,633 | 146,344 | ||||||||
United States long-lived assets | 165,528 | 183,646 | 165,528 | 183,646 | |||||||
Other Countries [Member] | |||||||||||
Net revenues | 2,960 | 3,354 | 3,248 | ||||||||
United States long-lived assets | $10,867 | $11,880 | $10,867 | $11,880 |
Operating_Segments_and_Concent5
Operating Segments and Concentrations of Credit Risk (Major Customers) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Percentage of the consolidated revenues | 87.00% | 88.00% | 83.00% | |||
Long-Lived Assets | $9,148,311 | $8,947,677 | ||||
AT&T [Member] | ||||||
Percentage of the consolidated revenues | 25.00% | [1] | 22.00% | [1] | 23.00% | [1] |
Sprint [Member] | ||||||
Percentage of the consolidated revenues | 24.00% | [1] | 27.00% | [1] | 28.00% | [1] |
Verizon Wireless [Member] | ||||||
Percentage of the consolidated revenues | 17.00% | 16.00% | 17.00% | |||
T-Mobile [Member] | ||||||
Percentage of the consolidated revenues | 21.00% | [1] | 23.00% | [1] | 15.00% | [1] |
United States [Member] | ||||||
Long-Lived Assets | 8,971,916 | 8,752,151 | ||||
Australia [Member] | ||||||
Long-Lived Assets | 165,528 | 183,646 | ||||
Other Countries [Member] | ||||||
Long-Lived Assets | $10,867 | $11,880 | ||||
[1] | All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $491,076 | $477,395 | $504,494 |
Income taxes paid (refund) | 18,770 | 15,591 | 3,375 |
Increase (Decrease) in accounts payable for purchases of property and equipment | 11,407 | -1,082 | 32,789 |
Purchase of property and equipment under capital leases and installment purchases | 43,609 | 57,361 | 25,849 |
Conversion of redeemable convertible preferred stock | 0 | 0 | 305,180 |
Assumption of WCP Securitized Notes | $0 | $0 | $336,273 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||
Net revenues | $967,564 | $930,025 | $916,345 | $875,950 | $798,419 | $748,977 | $734,928 | $740,060 | $3,689,884 | $3,022,384 | $2,432,680 | |||||||
Operating income (loss) | 261,530 | 250,292 | 230,186 | 251,568 | 233,948 | 222,839 | 229,961 | 235,055 | 993,576 | 921,803 | 834,681 | |||||||
Benefit (provision) for income taxes | -110,374 | [1] | -33,959 | [1] | -36,587 | [1] | -17,708 | [1] | -10,640 | 198,628 | -100,061 | |||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | -44,629 | 0 | -640 | -1 | -577 | -35,909 | -44,629 | [2] | -37,127 | [3] | -131,974 | [4] | ||||
Net income (loss) attributable to CCIC stockholders | 148,070 | 106,937 | 34,009 | 101,497 | -23,546 | 45,836 | 52,359 | 15,462 | 390,513 | 90,111 | 188,584 | |||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||||||||||||
Basic (in dollars per share) | $0.41 | $0.29 | $0.07 | $0.27 | ($0.11) | $0.16 | $0.18 | $0.05 | $1.04 | $0.26 | $0.64 | |||||||
Diluted (in dollars per share) | $0.41 | $0.29 | $0.07 | $0.27 | ($0.11) | $0.16 | $0.18 | $0.05 | $1.04 | $0.26 | $0.64 | |||||||
Tax adjustment related to the REIT conversion | $0 | [5] | $67,395 | [5] | $0 | [5] | ||||||||||||
[1] | Inclusive of the tax adjustment related to the REIT election of 67.4 million. See also note 10. | |||||||||||||||||
[2] | The losses predominately relate to cash losses, including with respect to make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||||||
[3] | The losses predominately relate to cash losses, including with respect to make whole payments. | |||||||||||||||||
[4] | Inclusive of $48.1 million related to the write-off of deferred financing costs and discounts. In addition, the remainder relates to cash losses including with respect to make whole payments. | |||||||||||||||||
[5] | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $0.82 | $0.35 | $0.35 | $0.35 | |
Paid subsequent to year end [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $0.82 | ||||
2012 Revolver [Member] | 2012 Revolver borrowing capacity [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Face Amount | $2,200 | 2,200 | |||
Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date Declared | 30-Oct-14 | 8-Aug-14 | 30-May-14 | 20-Feb-14 | |
Dividends Payable, Date to be Paid | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | |
Dividends Payable, Date of Record | 19-Dec-14 | 19-Sep-14 | 20-Jun-14 | 20-Mar-14 | |
Common Stock [Member] | Dividend Declared [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date Declared | 12-Feb-15 | ||||
Dividends Payable, Date to be Paid | 31-Mar-15 | ||||
Dividends Payable, Date of Record | 20-Mar-15 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at beginning of year | $7,676 | $7,726 | $5,891 | |||
Charged to operations | 3,101 | 1,351 | 3,673 | |||
Credited to operations | 0 | 0 | 0 | |||
Written off | -476 | -1,401 | -1,838 | |||
Effect of exchange rate changes or Other adjustments | 0 | 0 | 0 | |||
Balance at end of year | 10,301 | 7,676 | 7,726 | |||
Deferred Tax Valuation Allowance [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at beginning of year | 27,264 | 70,940 | 228,417 | |||
Charged to operations | 1,797 | 717 | 0 | |||
Credited to operations | 0 | 0 | 0 | |||
Written off | -9,106 | -2,174 | -166,911 | |||
Effect of exchange rate changes or Other adjustments | 0 | 0 | -5,718 | |||
Valuation allowance and reserves, other adjustments | 1,083 | [1] | -42,219 | [1] | 15,152 | [1] |
Balance at end of year | $21,038 | $27,264 | $70,940 | |||
[1] | Inclusive of the effects of exchange rate changes, acquisitions, and the impact of the REIT conversion. |