Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 333,761,118 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $240,153 | $175,620 |
Restricted cash | 136,964 | 147,411 |
Receivables, net | 292,565 | 329,229 |
Prepaid expenses | 144,334 | 155,070 |
Deferred income tax assets | 30,105 | 29,961 |
Other current assets | 83,393 | 94,211 |
Total current assets | 927,514 | 931,502 |
Deferred site rental receivables | 1,292,630 | 1,260,614 |
Property and equipment, net | 9,139,703 | 9,148,311 |
Goodwill | 5,215,348 | 5,210,091 |
Other intangible assets, net | 3,650,945 | 3,715,700 |
Deferred income tax assets | 18,620 | 20,914 |
Long-term prepaid rent, deferred financing costs and other assets, net | 860,717 | 856,144 |
Total assets | 21,105,477 | 21,143,276 |
LIABILITIES AND EQUITY | ||
Accounts payable | 146,894 | 167,662 |
Accrued interest | 68,697 | 66,943 |
Deferred revenues | 327,270 | 348,338 |
Other accrued liabilities | 163,096 | 202,657 |
Current maturities of debt and other obligations | 115,998 | 113,335 |
Total current liabilities | 821,955 | 898,935 |
Debt and other long-term obligations | 11,954,093 | 11,807,526 |
Deferred income tax liabilities | 38,152 | 39,889 |
Deferred credits and other liabilities | 1,732,484 | 1,659,698 |
Total liabilities | 14,546,684 | 14,406,048 |
Commitments and contingencies | ||
CCIC stockholders' equity: | ||
Common stock | 3,339 | 3,339 |
4.50% Mandatory Convertible Preferred Stock | 98 | 98 |
Additional paid-in capital | 9,503,335 | 9,512,396 |
Accumulated other comprehensive income (loss) | 8,304 | 15,820 |
Dividends/distributions in excess of earnings | -2,978,356 | -2,815,428 |
Total CCIC stockholders' equity | 6,536,720 | 6,716,225 |
Noncontrolling interest | 22,073 | 21,003 |
Total equity | 6,558,793 | 6,737,228 |
Total liabilities and equity | $21,105,477 | $21,143,276 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 9,775,000 | 9,775,000 |
Preferred Stock, Shares Outstanding | 9,775,000 | 9,775,000 |
Preferred Stock, Liquidation Preference, Value | $977,500 | $977,500 |
Accumulated depreciation, property and equipment | $5,605,820 | $5,438,781 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 333,761,959 | 333,856,632 |
Common stock, shares outstanding | 333,761,959 | 333,856,632 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net revenues: | ||||
Site rental | $767,606 | $747,162 | ||
Network services and other | 173,395 | 128,788 | ||
Net revenues | 941,001 | 875,950 | ||
Operating expenses: | ||||
Site rental | 240,980 | [1] | 228,076 | [1] |
Network services and other | 88,878 | [1] | 72,874 | [1] |
General and administrative | 79,487 | 64,849 | ||
Asset write-down charges | 8,623 | 2,733 | ||
Acquisition and integration costs | 2,019 | 5,659 | ||
Depreciation, amortization and accretion | 258,060 | 250,191 | ||
Total operating expenses | 678,047 | 624,382 | ||
Operating income (loss) | 262,954 | 251,568 | ||
Interest expense and amortization of deferred financing costs | -134,439 | -146,400 | ||
Interest income | 109 | 173 | ||
Other income (expense) | -230 | -2,736 | ||
Income (loss) before income taxes | 128,394 | 102,605 | ||
Benefit (provision) for income taxes | -3,282 | 188 | ||
Net income (loss) | 125,112 | 102,793 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 2,325 | 1,296 | ||
Net income (loss) attributable to CCIC stockholders | 122,787 | 101,497 | ||
Dividends, Preferred Stock | 10,997 | 10,997 | ||
Net income (loss) attributable to CCIC common stockholders | 111,790 | 90,500 | ||
Net income (loss) | 125,112 | 102,793 | ||
Interest rate swaps, net of taxes: | ||||
Amounts reclassified into interest expense and amortization deferred financing costs, net of taxes | 7,491 | 16,182 | ||
Foreign currency translation adjustments | -16,262 | 12,137 | ||
Total other comprehensive income (loss) | -8,771 | 28,319 | ||
Comprehensive income (loss) | 116,341 | 131,112 | ||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 1,070 | 1,944 | ||
Comprehensive income (loss) attributable to CCIC stockholders | $115,271 | $129,168 | ||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||
Basic | $0.34 | $0.27 | ||
Diluted | $0.34 | $0.27 | ||
Weighted-average common shares outstanding (in thousands): | ||||
Basic | 332,712 | 332,034 | ||
Diluted | 333,485 | 333,045 | ||
Common Stock, Dividends, Per Share, Declared | $0.82 | $0.35 | ||
[1] | Exclusive of depreciation, amortization and accretion shown separately. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | $125,112 | $102,793 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation, amortization and accretion | 258,060 | 250,191 |
Amortization of deferred financing costs and other non-cash interest | 11,736 | 20,881 |
Stock-based compensation expense | 15,244 | 11,956 |
Asset write-down charges | 8,623 | 2,733 |
Deferred income tax benefit (provision) | -800 | -2,332 |
Other adjustments | -557 | -774 |
Changes in assets and liabilities, excluding the effects of acquisitions: | ||
Increase (decrease) in accrued interest | 1,754 | -1,021 |
Increase (decrease) in accounts payable | -7,211 | -10,601 |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 22,426 | 34,900 |
Decrease (increase) in receivables | 36,661 | 4,896 |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | -10,254 | -51,339 |
Net cash provided by (used for) operating activities | 460,794 | 362,283 |
Cash flows from investing activities: | ||
Payment for acquisitions of businesses, net of cash acquired | -17,493 | -62,228 |
Capital expenditures | -204,753 | -142,943 |
Other investing activities, net | -514 | 952 |
Net cash provided by (used for) investing activities | -222,760 | -204,219 |
Cash flows from financing activities: | ||
Principal payments on long-term debt and other long-term obligations | -31,497 | -27,739 |
Purchases of capital stock | -29,372 | -21,417 |
Borrowings under revolving credit facility | 230,000 | 83,000 |
Payments under revolving credit facility | -65,000 | -89,000 |
Payments for financing costs | -1,904 | -5,854 |
Net (increase) decrease in restricted cash | 10,214 | 14,743 |
Dividends/distributions paid on common stock | -273,685 | 116,829 |
Dividends/distributions paid on preferred stock | -10,997 | 11,363 |
Net cash provided by (used for) financing activities | -172,241 | -174,459 |
Effect of exchange rate changes on cash | -1,260 | -6,462 |
Net increase (decrease) in cash and cash equivalents | 64,533 | -22,857 |
Cash and cash equivalents at beginning of period | 175,620 | 223,394 |
Cash and cash equivalents at end of period | $240,153 | $200,537 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Equity (USD $) | Total | Stockholders' Equity, Total [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Dividends/Distributions in Excess of Earnings [Member] | Noncontrolling Interest [Member] | ||||
Balance, value Period Start at Dec. 31, 2013 | $6,941,175,000 | $3,341,000 | $98,000 | $9,482,769,000 | $58,261,000 | ($81,873,000) | ($2,535,879,000) | $14,458,000 | |||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2013 | 9,775,000 | ||||||||||||
Balance, shares Period Start at Dec. 31, 2013 | 334,070,016 | ||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 11,956,000 | 0 | 11,956,000 | 0 | 0 | 0 | 0 | ||||||
Stock-based compensation related activity, net of forfeitures, shares | 14,031 | ||||||||||||
Purchases and retirement of capital stock, value | -21,417,000 | -3,000 | -21,414,000 | 0 | 0 | 0 | 0 | ||||||
Purchases and retirement of capital stock, shares | -288,066 | ||||||||||||
Other comprehensive income (loss) | 28,319,000 | 28,319,000 | [1] | 0 | 0 | 11,489,000 | [1] | 16,182,000 | [1] | 0 | 648,000 | [1] | |
Common stock dividends/distributions | -117,162,000 | -117,162,000 | |||||||||||
Preferred stock dividends | -10,997,000 | -10,997,000 | -10,997,000 | ||||||||||
Net income (loss) | 102,793,000 | 102,793,000 | 0 | 0 | 0 | 0 | 101,497,000 | 1,296,000 | |||||
Balance, value Period End at Mar. 31, 2014 | 6,934,667,000 | 3,338,000 | 98,000 | 9,473,311,000 | 69,750,000 | -65,691,000 | -2,562,541,000 | 16,402,000 | |||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2014 | 9,775,000 | ||||||||||||
Balance, shares Period End at Mar. 31, 2014 | 333,795,981 | ||||||||||||
Balance, value Period Start at Dec. 31, 2014 | 6,737,228,000 | 6,737,228,000 | 3,339,000 | 98,000 | 9,512,396,000 | 34,545,000 | -18,725,000 | -2,815,428,000 | 21,003,000 | ||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2014 | 9,775,000 | 9,775,000 | |||||||||||
Balance, shares Period Start at Dec. 31, 2014 | 333,856,632 | 333,856,632 | |||||||||||
Stock-based compensation related activity, net of forfeitures, value | 20,311,000 | 2,000 | 20,309,000 | 0 | 0 | 0 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | 238,416 | ||||||||||||
Purchases and retirement of capital stock, value | -29,372,000 | -2,000 | -29,370,000 | 0 | 0 | 0 | |||||||
Purchases and retirement of capital stock, shares | -333,089 | ||||||||||||
Other comprehensive income (loss) | -8,771,000 | -8,771,000 | [1] | 0 | 0 | -15,007,000 | [1] | 7,491,000 | [1] | 0 | -1,255,000 | [1] | |
Common stock dividends/distributions | -274,718,000 | -274,718,000 | |||||||||||
Preferred stock dividends | -10,997,000 | -10,997,000 | -10,997,000 | ||||||||||
Net income (loss) | 125,112,000 | 125,112,000 | 0 | 0 | 0 | 122,787,000 | 2,325,000 | ||||||
Balance, value Period End at Mar. 31, 2015 | $6,558,793,000 | $6,558,793,000 | $3,339,000 | $98,000 | $9,503,335,000 | $19,538,000 | ($11,234,000) | ($2,978,356,000) | $22,073,000 | ||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2015 | 9,775,000 | 9,775,000 | |||||||||||
Balance, shares Period End at Mar. 31, 2015 | 333,761,959 | 333,761,959 | |||||||||||
[1] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 3 with respect to the reclassification adjustment. |
General
General | 3 Months Ended | |
Mar. 31, 2015 | ||
General | ||
General | ||
General | ||
The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2014, and related notes thereto, included in the 2014 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. References to the "Company" include CCIC and its predecessor, as applicable, and their subsidiaries unless otherwise indicated or the context indicates otherwise. | ||
The Company owns, operates and leases shared wireless infrastructure, including: (1) towers, and to a lesser extent, (2) small cell networks, and (3) third party land interests. The Company conducts operations through subsidiaries of CCOC, including (1) certain subsidiaries which operate wireless infrastructure portfolios in the United States, including Puerto Rico ("U.S." or "CCUSA") and (2) a 77.6% owned subsidiary that operates towers in Australia (referred to as "CCAL"). The Company's core business is providing access, including space or capacity, to its wireless infrastructure via long-term contracts in various forms, including licenses, subleases and lease agreements. Our wireless infrastructure can accommodate multiple tenants for antennas or other equipment necessary for the transmission of signals for wireless communication. | ||
As part of CCUSA's effort to provide comprehensive wireless infrastructure solutions, it offers certain network services relating to its wireless infrastructure, consisting of (1) the following site development services relating to existing or new antenna installations on its wireless infrastructure: site acquisition, architectural and engineering, or zoning and permitting and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). | ||
Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 4. | ||
Approximately 52% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with Sprint, T-Mobile, and AT&T. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. | ||
Basis of Presentation | ||
The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to fairly state the consolidated financial position of the Company at March 31, 2015, and the consolidated results of operations and the consolidated cash flows for the three months ended March 31, 2015 and 2014. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the entire year. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies |
The significant accounting policies used in the preparation of the Company's condensed consolidated financial statements are disclosed in the 2014 Form 10-K. | |
Recently Adopted Accounting Pronouncements | |
No accounting pronouncements adopted during the three months ended March 31, 2015 had a material impact on the Company's consolidated financial statements. | |
Recent Accounting Pronouncements Not Yet Adopted | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued new guidance on the presentation of debt issuance costs. The guidance requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts and premiums. The update requires retrospective application and the guidance is effective for the Company on January 1, 2016. The Company is evaluating the guidance, including the impact on its consolidated financial statements. |
Debt_and_Other_Obligations
Debt and Other Obligations | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations | Debt and Other Obligations | |||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
Date (a) | 31-Mar-15 | 31-Dec-14 | March 31, 2015(a)(b) | |||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | $ | 860,000 | (c) | $ | 695,000 | 1.9 | % | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | 641,797 | 645,938 | 1.9 | % | ||||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/Jan. 2021 | 2,828,348 | (e) | 2,835,509 | 3 | % | |||||||||||||||||||||||||||||
Total bank debt | 4,330,145 | 4,176,447 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2037 - 2040 | (d) | 1,600,000 | 1,600,000 | 6 | % | |||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (d) | 1,550,000 | 1,550,000 | 4.5 | % | |||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | 156,014 | 160,822 | 7.5 | % | ||||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (d) | 256,913 | 262,386 | 5.7 | % | |||||||||||||||||||||||||||||
Total securitized debt | 3,562,927 | 3,573,208 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,969 | 1,649,969 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Secured Notes | Dec. 2012 | Dec. 2017/Apr. 2023 | 1,500,000 | 1,500,000 | 3.4 | % | ||||||||||||||||||||||||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 846,175 | 846,062 | 4.9 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,996,144 | 3,996,031 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 180,875 | 175,175 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 12,070,091 | 11,920,861 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 115,998 | 113,335 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,954,093 | $ | 11,807,526 | ||||||||||||||||||||||||||||||||
(a) | See the 2014 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||||||||||||||||||||||||||||||||
(b) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(c) | 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. As of March 31, 2015, the undrawn availability under the 2012 Revolver is $1.4 billion. | |||||||||||||||||||||||||||||||||||
(d) | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2014 Form 10-K for additional information regarding these provisions. | |||||||||||||||||||||||||||||||||||
(e) | As of March 31, 2015, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $564.1 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
See note 11 to our condensed consolidated financial statements regarding our May 2015 pricing of $1.0 billion of 2015 Tower Revenue Notes. | ||||||||||||||||||||||||||||||||||||
Contractual Maturities | ||||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding as of March 31, 2015. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes and the rapid amortization date on the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Nine Months Ending | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 83,105 | $ | 124,565 | $ | 621,524 | $ | 1,490,513 | $ | 597,469 | $ | 9,154,129 | $ | 12,071,305 | $ | (1,214 | ) | $ | 12,070,091 | |||||||||||||||||
Interest Expense and Amortization of Deferred Financing Costs | ||||||||||||||||||||||||||||||||||||
The components of interest expense and amortization of deferred financing costs are as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 122,703 | $ | 125,519 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,619 | 5,641 | ||||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (881 | ) | (955 | ) | ||||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 7,491 | 16,182 | ||||||||||||||||||||||||||||||||||
Other, net of capitalized interest | (493 | ) | 13 | |||||||||||||||||||||||||||||||||
Total | $ | 134,439 | $ | 146,400 | ||||||||||||||||||||||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income (loss). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes | |
Income Taxes | Income Taxes |
Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. As a REIT, the Company 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 net taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to the TRSs, (4) certain state, local, or foreign income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. In addition, the Company could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code 1986, as amended ("Code") to maintain qualification for taxation as a REIT. | |
The Company's small cells 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 may 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. | |
For the three months ended March 31, 2015 and the three months ended March 31, 2014, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. The income tax provision for the three months ended March 31, 2015 and the three months ended March 31, 2014 primarily related to the TRSs. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||||
Level in Fair Value Hierarchy | March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 240,153 | $ | 240,153 | $ | 175,620 | $ | 175,620 | |||||||||
Restricted cash, current and non-current | 1 | 141,964 | 141,964 | 152,411 | 152,411 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 12,070,091 | 12,532,541 | 11,920,861 | 12,286,161 | |||||||||||||
The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2014 in the Company's valuation techniques used to measure fair values. |
Per_Share_Information
Per Share Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Per Share Information | ||||||||
Per Share Information | Per Share Information | |||||||
Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock, as determined under the if-converted method. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net income (loss) attributable to CCIC stockholders | $ | 122,787 | $ | 101,497 | ||||
Dividends on preferred stock | (10,997 | ) | (10,997 | ) | ||||
Net income (loss) attributable to CCIC common stockholders | $ | 111,790 | $ | 90,500 | ||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||
Basic weighted-average number of common stock outstanding | 332,712 | 332,034 | ||||||
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 773 | 1,011 | ||||||
Diluted weighted-average number of common shares outstanding | 333,485 | 333,045 | ||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ | 0.34 | $ | 0.27 | ||||
Diluted | $ | 0.34 | $ | 0.27 | ||||
During the three months ended March 31, 2015, the Company granted 1.0 million restricted stock units. For the three months ended March 31, 2015, 11.5 million common share equivalents related to the Convertible Preferred Stock 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 March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure | |
Commitments and Contingencies | Commitments and Contingencies |
The Company is involved in various claims, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, the Company has the option to purchase approximately 52% of the Company's towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. |
Equity
Equity | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Equity | |||||||||||||||
Declaration and Payment of Dividends | ||||||||||||||||
During the three months ended March 31, 2015, 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 12, 2015 | March 20, 2015 | March 31, 2015 | $ | 0.82 | $ | 274.7 | (a) | ||||||||
Convertible Preferred Stock | December 22, 2014 | January 15, 2015 | February 2, 2015 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | March 27, 2015 | April 15, 2015 | May 1, 2015 | $ | 1.125 | $ | 11 | (b) | ||||||||
(a) | Inclusive of dividends accrued for holders of unvested restricted stock units. | |||||||||||||||
(b) | Represents amount paid on May 1, 2015 based on holders of record on April 15, 2015. | |||||||||||||||
Purchases of the Company's Common Stock | ||||||||||||||||
For the three months ended March 31, 2015, the Company purchased 0.3 million shares of its common stock utilizing 29.4 million in cash. |
Operating_Segments
Operating Segments | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | The Company's reportable operating segments are (1) CCUSA, primarily consisting of the Company's U.S. operations and (2) CCAL, the Company's Australian operations. Financial results for the Company are reported to management and the board of directors in this manner. | |||||||||||||||||||||||||||||||
The measurement of profit or loss currently used by management to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation, amortization and accretion, as adjusted ("Adjusted EBITDA"). The Company defines Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, impairment of available-for-sale securities, interest income, other income (expense), benefit (provision) for income taxes, cumulative effect of change in accounting principle, income (loss) from discontinued operations and stock-based compensation expense. Adjusted EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with GAAP), and the Company's measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. Inter-company borrowings and related interest between segments are eliminated to reconcile segment results and assets to the consolidated basis. | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 731,380 | $ | 36,226 | $ | — | $ | 767,606 | $ | 714,792 | $ | 32,370 | $ | — | $ | 747,162 | ||||||||||||||||
Network services and other | 169,091 | 4,304 | — | 173,395 | 126,971 | 1,817 | — | 128,788 | ||||||||||||||||||||||||
Net revenues | 900,471 | 40,530 | — | 941,001 | 841,763 | 34,187 | — | 875,950 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations(b): | ||||||||||||||||||||||||||||||||
Site rental | 232,213 | 8,767 | — | 240,980 | 218,644 | 9,432 | — | 228,076 | ||||||||||||||||||||||||
Network services and other | 86,918 | 1,960 | — | 88,878 | 71,799 | 1,075 | — | 72,874 | ||||||||||||||||||||||||
General and administrative | 74,056 | 5,431 | — | 79,487 | 58,641 | 6,208 | — | 64,849 | ||||||||||||||||||||||||
Asset write-down charges | 8,555 | 68 | — | 8,623 | 2,636 | 97 | — | 2,733 | ||||||||||||||||||||||||
Acquisition and integration costs | 2,016 | 3 | — | 2,019 | 5,659 | — | — | 5,659 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 251,806 | 6,254 | — | 258,060 | 245,176 | 5,015 | — | 250,191 | ||||||||||||||||||||||||
Total operating expenses | 655,564 | 22,483 | — | 678,047 | 602,555 | 21,827 | — | 624,382 | ||||||||||||||||||||||||
Operating income (loss) | 244,907 | 18,047 | — | 262,954 | 239,208 | 12,360 | — | 251,568 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (134,439 | ) | (3,051 | ) | 3,051 | (134,439 | ) | (146,400 | ) | (3,683 | ) | 3,683 | (146,400 | ) | ||||||||||||||||||
Interest income | 56 | 53 | — | 109 | 114 | 59 | — | 173 | ||||||||||||||||||||||||
Other income (expense) | 2,827 | (6 | ) | (3,051 | ) | (230 | ) | 947 | — | (3,683 | ) | (2,736 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | 1,434 | (4,716 | ) | — | (3,282 | ) | 3,040 | (2,852 | ) | — | 188 | |||||||||||||||||||||
Net income (loss) | 114,785 | 10,327 | — | 125,112 | 96,909 | 5,884 | — | 102,793 | ||||||||||||||||||||||||
Less: net income (loss) attributable to the noncontrolling interest | — | 2,325 | — | 2,325 | — | 1,296 | — | 1,296 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 114,785 | $ | 8,002 | $ | — | $ | 122,787 | $ | 96,909 | $ | 4,588 | $ | — | $ | 101,497 | ||||||||||||||||
Capital expenditures | $ | 201,653 | $ | 3,100 | $ | — | $ | 204,753 | $ | 138,838 | $ | 4,105 | $ | — | $ | 142,943 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||
(b) | Exclusive of depreciation, amortization and accretions shown separately. | |||||||||||||||||||||||||||||||
The following is a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 114,785 | $ | 10,327 | $ | — | $ | 125,112 | $ | 96,909 | $ | 5,884 | $ | — | $ | 102,793 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 8,555 | 68 | — | 8,623 | 2,636 | 97 | — | 2,733 | ||||||||||||||||||||||||
Acquisition and integration costs | 2,016 | 3 | — | 2,019 | 5,659 | — | — | 5,659 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 251,806 | 6,254 | — | 258,060 | 245,176 | 5,015 | — | 250,191 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 5,174 | — | — | 5,174 | 3,895 | — | — | 3,895 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 134,439 | 3,051 | (3,051 | ) | 134,439 | 146,400 | 3,683 | (3,683 | ) | 146,400 | ||||||||||||||||||||||
Interest income | (56 | ) | (53 | ) | — | (109 | ) | (114 | ) | (59 | ) | — | (173 | ) | ||||||||||||||||||
Other income (expense) | (2,827 | ) | 6 | 3,051 | 230 | (947 | ) | — | 3,683 | 2,736 | ||||||||||||||||||||||
Benefit (provision) for income taxes | (1,434 | ) | 4,716 | — | 3,282 | (3,040 | ) | 2,852 | — | (188 | ) | |||||||||||||||||||||
Stock-based compensation expense | 16,842 | 582 | — | 17,424 | 11,956 | 981 | — | 12,937 | ||||||||||||||||||||||||
Adjusted EBITDA(b) | $ | 529,300 | $ | 24,954 | $ | — | $ | 554,254 | $ | 508,530 | $ | 18,453 | $ | — | $ | 526,983 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(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 for which there is no activity for the periods shown. | |||||||||||||||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 120,949 | $ | 126,540 | ||||
Income taxes paid | 2,498 | 7,400 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | (13,557 | ) | (7,582 | ) | ||||
Purchase of property and equipment under capital leases and installment purchases | 12,407 | 8,012 | ||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
Proposed Sunesys Acquisition | |
On April 30, 2015, the Company announced a definitive agreement to acquire Quanta Fiber Networks, Inc. ("Sunesys") for approximately $1.0 billion in cash, subject to certain limited adjustments ("Proposed Sunesys Acquisition"). Sunesys, a wholly owned subsidiary of Quanta Services, Inc., is a fiber services provider that owns or has rights to nearly 10,000 miles of fiber in major metropolitan markets across the U.S. Approximately 60% of Sunesys' fiber miles are located in the top 10 basic trading areas in the U.S. The Proposed Sunesys Acquisition is expected to close by the end of 2015. | |
2015 Tower Revenue Notes Offering | |
On May 1, 2015, the Company announced that it had priced $1.0 billion of Senior Secured Tower Revenue Notes ("2015 Tower Revenue Notes") which will be issued by certain of its indirect subsidiaries. The 2015 Tower Revenue Notes consist of (1) $300 million of 3.222% Notes with an expected life of seven years and a final maturity date of May 2042, and (2) $700 million of 3.663% Notes with an expected life of ten years and a final maturity date of May 2045. | |
The Company expects to use the net proceeds received from this offering (1) to repay $250.0 million of August 2010 Tower Revenue Notes with an anticipated repayment date of August 2015, (2) to pay fees and expenses related to the offering of the 2015 Tower Revenue Notes and repayment of the August 2010 Tower Revenue Notes, and (3) for general corporate purposes. The Company expects the offering of the 2015 Tower Revenue Notes to close on or about May 15, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements |
No accounting pronouncements adopted during the three months ended March 31, 2015 had a material impact on the Company's consolidated financial statements. | |
Recent Accounting Pronouncements Not Yet Adopted |
Debt_and_Other_Obligations_Tab
Debt and Other Obligations (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Debt and Other Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt Instruments | ||||||||||||||||||||||||||||||||||||
Original | Contractual | Outstanding | Outstanding | Stated Interest | ||||||||||||||||||||||||||||||||
Issue Date | Maturity | Balance as of | Balance as of | Rate as of | ||||||||||||||||||||||||||||||||
Date (a) | 31-Mar-15 | 31-Dec-14 | March 31, 2015(a)(b) | |||||||||||||||||||||||||||||||||
Bank debt - variable rate: | ||||||||||||||||||||||||||||||||||||
2012 Revolver | Jan. 2012 | Nov. 2018/Jan. 2019 | $ | 860,000 | (c) | $ | 695,000 | 1.9 | % | |||||||||||||||||||||||||||
Tranche A Term Loans | Jan. 2012 | Nov. 2018/Jan. 2019 | 641,797 | 645,938 | 1.9 | % | ||||||||||||||||||||||||||||||
Tranche B Term Loans | Jan. 2012 | Jan. 2019/Jan. 2021 | 2,828,348 | (e) | 2,835,509 | 3 | % | |||||||||||||||||||||||||||||
Total bank debt | 4,330,145 | 4,176,447 | ||||||||||||||||||||||||||||||||||
Securitized debt - fixed rate: | ||||||||||||||||||||||||||||||||||||
January 2010 Tower Revenue Notes | Jan. 2010 | 2037 - 2040 | (d) | 1,600,000 | 1,600,000 | 6 | % | |||||||||||||||||||||||||||||
August 2010 Tower Revenue Notes | Aug. 2010 | 2035 - 2040 | (d) | 1,550,000 | 1,550,000 | 4.5 | % | |||||||||||||||||||||||||||||
2009 Securitized Notes | Jul-09 | 2019/2029 | 156,014 | 160,822 | 7.5 | % | ||||||||||||||||||||||||||||||
WCP Securitized Notes | Jan. 2010 | Nov. 2040 | (d) | 256,913 | 262,386 | 5.7 | % | |||||||||||||||||||||||||||||
Total securitized debt | 3,562,927 | 3,573,208 | ||||||||||||||||||||||||||||||||||
Bonds - fixed rate: | ||||||||||||||||||||||||||||||||||||
5.25% Senior Notes | Oct. 2012 | Jan. 2023 | 1,649,969 | 1,649,969 | 5.3 | % | ||||||||||||||||||||||||||||||
2012 Secured Notes | Dec. 2012 | Dec. 2017/Apr. 2023 | 1,500,000 | 1,500,000 | 3.4 | % | ||||||||||||||||||||||||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 846,175 | 846,062 | 4.9 | % | ||||||||||||||||||||||||||||||
Total bonds | 3,996,144 | 3,996,031 | ||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||
Capital leases and other obligations | Various | Various | 180,875 | 175,175 | Various | |||||||||||||||||||||||||||||||
Total debt and other obligations | 12,070,091 | 11,920,861 | ||||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | 115,998 | 113,335 | ||||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 11,954,093 | $ | 11,807,526 | ||||||||||||||||||||||||||||||||
(a) | See the 2014 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||||||||||||||||||||||||||||||||
(b) | Represents the weighted-average stated interest rate. | |||||||||||||||||||||||||||||||||||
(c) | 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. As of March 31, 2015, the undrawn availability under the 2012 Revolver is $1.4 billion. | |||||||||||||||||||||||||||||||||||
(d) | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2014 Form 10-K for additional information regarding these provisions. | |||||||||||||||||||||||||||||||||||
(e) | As of March 31, 2015, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $564.1 million aggregate principal amount due January 2019. | |||||||||||||||||||||||||||||||||||
See note 11 to our condensed consolidated financial statements regarding our May 2015 pricing of $1.0 billion of 2015 Tower Revenue Notes. | ||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Contractual Maturities | |||||||||||||||||||||||||||||||||||
The following are the scheduled contractual maturities of the total debt and other long-term obligations outstanding as of March 31, 2015. These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes and the rapid amortization date on the WCP Securitized Notes. | ||||||||||||||||||||||||||||||||||||
Nine Months Ending | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total Cash Obligations | ||||||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 83,105 | $ | 124,565 | $ | 621,524 | $ | 1,490,513 | $ | 597,469 | $ | 9,154,129 | $ | 12,071,305 | $ | (1,214 | ) | $ | 12,070,091 | |||||||||||||||||
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs | |||||||||||||||||||||||||||||||||||
The components of interest expense and amortization of deferred financing costs are as follows: | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Interest expense on debt obligations | $ | 122,703 | $ | 125,519 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 5,619 | 5,641 | ||||||||||||||||||||||||||||||||||
Amortization of adjustments on long-term debt | (881 | ) | (955 | ) | ||||||||||||||||||||||||||||||||
Amortization of interest rate swaps(a) | 7,491 | 16,182 | ||||||||||||||||||||||||||||||||||
Other, net of capitalized interest | (493 | ) | 13 | |||||||||||||||||||||||||||||||||
Total | $ | 134,439 | $ | 146,400 | ||||||||||||||||||||||||||||||||
(a) | Amounts reclassified from accumulated other comprehensive income (loss). |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | ||||||||||||||||||
Level in Fair Value Hierarchy | March 31, 2015 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 240,153 | $ | 240,153 | $ | 175,620 | $ | 175,620 | |||||||||
Restricted cash, current and non-current | 1 | 141,964 | 141,964 | 152,411 | 152,411 | |||||||||||||
Liabilities: | ||||||||||||||||||
Long-term debt and other obligations | 2 | 12,070,091 | 12,532,541 | 11,920,861 | 12,286,161 | |||||||||||||
Per_Share_Information_Tables
Per Share Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Per Share Information | ||||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net income (loss) attributable to CCIC stockholders | $ | 122,787 | $ | 101,497 | ||||
Dividends on preferred stock | (10,997 | ) | (10,997 | ) | ||||
Net income (loss) attributable to CCIC common stockholders | $ | 111,790 | $ | 90,500 | ||||
Weighted-average number of common shares outstanding (in thousands): | ||||||||
Basic weighted-average number of common stock outstanding | 332,712 | 332,034 | ||||||
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 773 | 1,011 | ||||||
Diluted weighted-average number of common shares outstanding | 333,485 | 333,045 | ||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ | 0.34 | $ | 0.27 | ||||
Diluted | $ | 0.34 | $ | 0.27 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividends Declared [Table Text Block] | Declaration and Payment of Dividends | |||||||||||||||
During the three months ended March 31, 2015, 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 12, 2015 | March 20, 2015 | March 31, 2015 | $ | 0.82 | $ | 274.7 | (a) | ||||||||
Convertible Preferred Stock | December 22, 2014 | January 15, 2015 | February 2, 2015 | $ | 1.125 | $ | 11 | |||||||||
Convertible Preferred Stock | March 27, 2015 | April 15, 2015 | May 1, 2015 | $ | 1.125 | $ | 11 | (b) | ||||||||
(a) | Inclusive of dividends accrued for holders of unvested restricted stock units. | |||||||||||||||
(b) | Represents amount paid on May 1, 2015 based on holders of record on April 15, 2015. |
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||||||||||
Financial Results of Operating Segments | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||||||||
Site rental | $ | 731,380 | $ | 36,226 | $ | — | $ | 767,606 | $ | 714,792 | $ | 32,370 | $ | — | $ | 747,162 | ||||||||||||||||
Network services and other | 169,091 | 4,304 | — | 173,395 | 126,971 | 1,817 | — | 128,788 | ||||||||||||||||||||||||
Net revenues | 900,471 | 40,530 | — | 941,001 | 841,763 | 34,187 | — | 875,950 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Costs of operations(b): | ||||||||||||||||||||||||||||||||
Site rental | 232,213 | 8,767 | — | 240,980 | 218,644 | 9,432 | — | 228,076 | ||||||||||||||||||||||||
Network services and other | 86,918 | 1,960 | — | 88,878 | 71,799 | 1,075 | — | 72,874 | ||||||||||||||||||||||||
General and administrative | 74,056 | 5,431 | — | 79,487 | 58,641 | 6,208 | — | 64,849 | ||||||||||||||||||||||||
Asset write-down charges | 8,555 | 68 | — | 8,623 | 2,636 | 97 | — | 2,733 | ||||||||||||||||||||||||
Acquisition and integration costs | 2,016 | 3 | — | 2,019 | 5,659 | — | — | 5,659 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 251,806 | 6,254 | — | 258,060 | 245,176 | 5,015 | — | 250,191 | ||||||||||||||||||||||||
Total operating expenses | 655,564 | 22,483 | — | 678,047 | 602,555 | 21,827 | — | 624,382 | ||||||||||||||||||||||||
Operating income (loss) | 244,907 | 18,047 | — | 262,954 | 239,208 | 12,360 | — | 251,568 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | (134,439 | ) | (3,051 | ) | 3,051 | (134,439 | ) | (146,400 | ) | (3,683 | ) | 3,683 | (146,400 | ) | ||||||||||||||||||
Interest income | 56 | 53 | — | 109 | 114 | 59 | — | 173 | ||||||||||||||||||||||||
Other income (expense) | 2,827 | (6 | ) | (3,051 | ) | (230 | ) | 947 | — | (3,683 | ) | (2,736 | ) | |||||||||||||||||||
Benefit (provision) for income taxes | 1,434 | (4,716 | ) | — | (3,282 | ) | 3,040 | (2,852 | ) | — | 188 | |||||||||||||||||||||
Net income (loss) | 114,785 | 10,327 | — | 125,112 | 96,909 | 5,884 | — | 102,793 | ||||||||||||||||||||||||
Less: net income (loss) attributable to the noncontrolling interest | — | 2,325 | — | 2,325 | — | 1,296 | — | 1,296 | ||||||||||||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 114,785 | $ | 8,002 | $ | — | $ | 122,787 | $ | 96,909 | $ | 4,588 | $ | — | $ | 101,497 | ||||||||||||||||
Capital expenditures | $ | 201,653 | $ | 3,100 | $ | — | $ | 204,753 | $ | 138,838 | $ | 4,105 | $ | — | $ | 142,943 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(a) | Elimination of inter-company borrowings and related interest expense. | |||||||||||||||||||||||||||||||
(b) | Exclusive of depreciation, amortization and accretions shown separately. | |||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
CCUSA | CCAL | Elim(a) | Consolidated | CCUSA | CCAL | Elim(a) | Consolidated | |||||||||||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 114,785 | $ | 10,327 | $ | — | $ | 125,112 | $ | 96,909 | $ | 5,884 | $ | — | $ | 102,793 | ||||||||||||||||
Adjustments to increase (decrease) net income (loss): | ||||||||||||||||||||||||||||||||
Asset write-down charges | 8,555 | 68 | — | 8,623 | 2,636 | 97 | — | 2,733 | ||||||||||||||||||||||||
Acquisition and integration costs | 2,016 | 3 | — | 2,019 | 5,659 | — | — | 5,659 | ||||||||||||||||||||||||
Depreciation, amortization and accretion | 251,806 | 6,254 | — | 258,060 | 245,176 | 5,015 | — | 250,191 | ||||||||||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 5,174 | — | — | 5,174 | 3,895 | — | — | 3,895 | ||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 134,439 | 3,051 | (3,051 | ) | 134,439 | 146,400 | 3,683 | (3,683 | ) | 146,400 | ||||||||||||||||||||||
Interest income | (56 | ) | (53 | ) | — | (109 | ) | (114 | ) | (59 | ) | — | (173 | ) | ||||||||||||||||||
Other income (expense) | (2,827 | ) | 6 | 3,051 | 230 | (947 | ) | — | 3,683 | 2,736 | ||||||||||||||||||||||
Benefit (provision) for income taxes | (1,434 | ) | 4,716 | — | 3,282 | (3,040 | ) | 2,852 | — | (188 | ) | |||||||||||||||||||||
Stock-based compensation expense | 16,842 | 582 | — | 17,424 | 11,956 | 981 | — | 12,937 | ||||||||||||||||||||||||
Adjusted EBITDA(b) | $ | 529,300 | $ | 24,954 | $ | — | $ | 554,254 | $ | 508,530 | $ | 18,453 | $ | — | $ | 526,983 | ||||||||||||||||
________________ | ||||||||||||||||||||||||||||||||
(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 for which there is no activity for the periods shown. | |||||||||||||||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 120,949 | $ | 126,540 | ||||
Income taxes paid | 2,498 | 7,400 | ||||||
Supplemental disclosure of non-cash financing activities: | ||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | (13,557 | ) | (7,582 | ) | ||||
Purchase of property and equipment under capital leases and installment purchases | 12,407 | 8,012 | ||||||
General_Business_Details
General Business (Details) | Mar. 31, 2015 |
CCAL [Member] | |
Percentage of Subsidiary Owned by the Company | 77.60% |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Purchase Option, Percentage of Towers | 52.00% |
Debt_and_Other_Obligations_Ind
Debt and Other Obligations (Indebtedness) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | $12,070,091,000 | $11,920,861,000 | |
Less: current maturities and short-term debt and other current obligations | 115,998,000 | 113,335,000 | |
Non-current portion of long-term debt and other long-term obligations | 11,954,093,000 | 11,807,526,000 | |
Term Loans Tranche B - Due 2019 | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 564,100,000 | ||
Term Loans Tranche B - Due 2021 | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 2,300,000,000 | ||
Capital Lease Obligations and Other [Member] | |||
Debt Instrument [Line Items] | |||
Contractual maturity date | Various | [1] | |
Original Debt Issuance Date | Various | ||
Percentage of debt instrument interest rate stated | Various | [1],[2] | |
Debt and Capital Lease Obligations | 180,875,000 | 175,175,000 | |
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Additional Interest Rate Margin | 5.00% | ||
2012 Credit Facility [Member] | Variable Rate Revolver 2012 [Member] | CCOC [Member] | |||
Debt Instrument [Line Items] | |||
Total revolving commitment | 2,200,000,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 1,400,000,000 | ||
Bank Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 4,330,145,000 | 4,176,447,000 | |
Bank Debt [Member] | Variable Rate Revolver 2012 [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jan-12 | ||
Contractual maturity date | Nov. 2018/Jan. 2019 | [1] | |
Stated interest rate | 1.90% | [1],[2] | |
Debt and Capital Lease Obligations | 860,000,000 | [3] | 695,000,000 |
Bank Debt [Member] | Variable Rate 2012 Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jan-12 | ||
Contractual maturity date | Nov. 2018/Jan. 2019 | [1] | |
Stated interest rate | 1.90% | [1],[2] | |
Debt and Capital Lease Obligations | 641,797,000 | 645,938,000 | |
Bank Debt [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jan-12 | ||
Contractual maturity date | Jan. 2019/Jan. 2021 | [1] | |
Stated interest rate | 3.00% | [1],[2] | |
Debt and Capital Lease Obligations | 2,828,348,000 | [4] | 2,835,509,000 |
Securitized Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 3,562,927,000 | 3,573,208,000 | |
Securitized Debt [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jan-10 | ||
Contractual maturity date | 2037 - 2040 | [1],[5] | |
Stated interest rate | 6.00% | [1],[2] | |
Debt and Capital Lease Obligations | 1,600,000,000 | 1,600,000,000 | |
Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Aug-10 | ||
Contractual maturity date | 2035 - 2040 | [1],[5] | |
Stated interest rate | 4.50% | [1],[2] | |
Debt and Capital Lease Obligations | 1,550,000,000 | 1,550,000,000 | |
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jul-09 | ||
Contractual maturity date | 2019/2029 | [1] | |
Stated interest rate | 7.50% | [1],[2] | |
Debt and Capital Lease Obligations | 156,014,000 | 160,822,000 | |
Securitized Debt [Member] | WCP Securitized Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Jan-10 | ||
Contractual maturity date | Nov. 2040 | [1],[5] | |
Stated interest rate | 5.70% | [1],[2] | |
Debt and Capital Lease Obligations | 256,913,000 | 262,386,000 | |
High Yield Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations | 3,996,144,000 | 3,996,031,000 | |
High Yield Bonds [Member] | Five and One Fourth Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Oct-12 | ||
Contractual maturity date | Jan. 2023 | [1] | |
Stated interest rate | 5.25% | [1],[2] | |
Debt and Capital Lease Obligations | 1,649,969,000 | 1,649,969,000 | |
High Yield Bonds [Member] | 2012 Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Dec-12 | ||
Contractual maturity date | Dec. 2017/Apr. 2023 | [1] | |
Stated interest rate | 3.36% | [1],[2] | |
Debt and Capital Lease Obligations | 1,500,000,000 | 1,500,000,000 | |
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Original issue date | 1-Apr-14 | ||
Contractual maturity date | Apr. 2022 | ||
Stated interest rate | 4.88% | ||
Debt and Capital Lease Obligations | $846,175,000 | $846,062,000 | |
[1] | See the 2014 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | ||
[2] | Represents the weighted-average stated interest rate. | ||
[3] | 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. As of MarchB 31, 2015, the undrawn availability under the 2012 Revolver is $1.4 billion. | ||
[4] | As of MarchB 31, 2015, the Company's Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans, consist of $2.3 billion aggregate principal amount due January 2021 and $564.1 million aggregate principal amount due January 2019. | ||
[5] | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2014 Form 10-K for additional information regarding these provisions. |
Debt_and_Other_Obligations_Ind1
Debt and Other Obligations (Indebtedness) (Textuals) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 12,071,305,000 | |
Debt and Capital Lease Obligations | 12,070,091,000 | 11,920,861,000 |
Term Loans Tranche B - Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt and Capital Lease Obligations | 564,100,000 | |
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||
Debt Instrument [Line Items] | ||
Additional interest accruing following anticipated repayment dates | 5.00% | |
CCOC [Member] | 2012 Credit Facility [Member] | Variable Rate Revolver 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Total revolving commitment | 2,200,000,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 1,400,000,000 |
Debt_and_Other_Obligations_Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Debt and Other Obligations [Abstract] | ||
Total | $134,439 | $146,400 |
Debt_and_Other_Obligations_Con
Debt and Other Obligations Contractual Maturities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities [Line Items] | ||
Debt Instrument, Unamortized Discount | $1,214,000 | |
Debt and Capital Lease Obligations | 12,070,091,000 | 11,920,861,000 |
Long-term Debt, Gross | 12,071,305,000 | |
Repayments of debt 2015 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 83,105,000 | |
Repayments of debt 2016 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 124,565,000 | |
Repayments of debt 2017 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 621,524,000 | |
repayments of debt 2018 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,490,513,000 | |
repayments of debt 2019 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 597,469,000 | |
Repayments of debt thereafter [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $9,154,129,000 |
Fair_Value_Disclosures_Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | $240,153,000 | $175,620,000 | $200,537,000 | $223,394,000 |
Cash and cash equivalents, fair value | 240,153,000 | 175,620,000 | ||
Restricted cash, current and non-current, carrying value | 141,964,000 | 152,411,000 | ||
Restricted cash, current and non-current, fair value | 141,964,000 | 152,411,000 | ||
Long-term debt and other obligations, carrying amount | 12,070,091,000 | 11,920,861,000 | ||
Long-term debt and other obligations, fair value | 12,532,541,000 | 12,286,161,000 | ||
Cash and Cash Equivalents [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, carrying value | 1 | |||
Restricted cash, current and non-current, carrying value | 1 | |||
Long-term Debt [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt and other obligations, carrying amount | $2 |
Per_Share_Information_Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Per Share Information | ||
Net income (loss) attributable to CCIC stockholders | $122,787 | $101,497 |
Dividends, Preferred Stock | 10,997 | 10,997 |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $111,790 | $90,500 |
Basic weighted-average number of common stock outstanding | 332,712,000 | 332,034,000 |
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 773,000 | 1,011,000 |
Diluted weighted-average number of common shares outstanding | 333,485,000 | 333,045,000 |
Basic | $0.34 | $0.27 |
Diluted | $0.34 | $0.27 |
Per_Share_Information_Narrativ
Per Share Information (Narrative) (Details) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1 |
Preferred Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from dilutive common shares calculation | 11.5 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitment and Contingencies (Details) (Subject to Capital Lease with Sprint, TMO, or AT&T [Member]) | Mar. 31, 2015 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 52.00% |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | ||||
Common stock repurchased during period, shares | 0.3 | |||
Purchases of capital stock | $29,372,000 | $21,417,000 | ||
Paid prior to quarter end [Member] | ||||
Dividends Payable [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.82 | |||
Dividends, Common Stock, Cash | 274,700,000 | [1] | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $1.13 | |||
Dividends, Preferred Stock, Cash | 11,000,000 | |||
Common Stock [Member] | Paid prior to quarter end [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable, Date Declared | 12-Feb-15 | |||
Dividends Payable, Date to be Paid | 20-Mar-15 | |||
Dividends Payable, Date of Record | 31-Mar-15 | |||
Mandatory Convertible Preferred stock [Member] | Paid prior to quarter end [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable, Date Declared | 22-Dec-14 | |||
Dividends Payable, Date to be Paid | 15-Jan-15 | |||
Dividends Payable, Date of Record | 2-Feb-15 | |||
Mandatory Convertible Preferred stock [Member] | Paid subsequent to quarter end [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable, Date Declared | 27-Mar-15 | |||
Dividends Payable, Date to be Paid | 15-Apr-15 | |||
Dividends Payable, Date of Record | 1-May-15 | |||
Preferred Stock, Dividends, Per Share, Cash Paid | $1.13 | |||
Dividends, Preferred Stock, Cash | $11,000,000 | [2] | ||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units. | |||
[2] | Represents amount paid on May 1, 2015 based on holders of record on April 15, 2015. |
Operating_Segments_Financial_R
Operating Segments (Financial Results for the Company's Operating Segments) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||
Site rental | $767,606,000 | $747,162,000 | ||
Network services and other | 173,395,000 | 128,788,000 | ||
Net revenues | 941,001,000 | 875,950,000 | ||
Site rental | 240,980,000 | [1] | 228,076,000 | [1] |
Network services and other | 88,878,000 | [1] | 72,874,000 | [1] |
General and administrative | 79,487,000 | 64,849,000 | ||
Asset write-down charges | 8,623,000 | 2,733,000 | ||
Acquisition and integration costs | 2,019,000 | 5,659,000 | ||
Depreciation, amortization and accretion | 258,060,000 | 250,191,000 | ||
Total operating expenses | 678,047,000 | 624,382,000 | ||
Operating income (loss) | 262,954,000 | 251,568,000 | ||
Interest expense and amortization of deferred financing costs | -134,439,000 | -146,400,000 | ||
Interest income | 109,000 | 173,000 | ||
Other income (expense) | -230,000 | -2,736,000 | ||
Benefit (provision) for income taxes | -3,282,000 | 188,000 | ||
Net income (loss) | 125,112,000 | 102,793,000 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 2,325,000 | 1,296,000 | ||
Net income (loss) attributable to CCIC stockholders | 122,787,000 | 101,497,000 | ||
Capital expenditures | 204,753,000 | 142,943,000 | ||
CCUSA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Site rental | 731,380,000 | 714,792,000 | ||
Network services and other | 169,091,000 | 126,971,000 | ||
Net revenues | 900,471,000 | 841,763,000 | ||
Site rental | 232,213,000 | [1] | 218,644,000 | [1] |
Network services and other | 86,918,000 | [1] | 71,799,000 | [1] |
General and administrative | 74,056,000 | 58,641,000 | ||
Asset write-down charges | 8,555,000 | 2,636,000 | ||
Acquisition and integration costs | 2,016,000 | 5,659,000 | ||
Depreciation, amortization and accretion | 251,806,000 | 245,176,000 | ||
Total operating expenses | 655,564,000 | 602,555,000 | ||
Operating income (loss) | 244,907,000 | 239,208,000 | ||
Interest expense and amortization of deferred financing costs | -134,439,000 | -146,400,000 | ||
Interest income | 56,000 | 114,000 | ||
Other income (expense) | 2,827,000 | 947,000 | ||
Benefit (provision) for income taxes | 1,434,000 | 3,040,000 | ||
Net income (loss) | 114,785,000 | 96,909,000 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | ||
Net income (loss) attributable to CCIC stockholders | 114,785,000 | 96,909,000 | ||
Capital expenditures | 201,653,000 | 138,838,000 | ||
CCAL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Site rental | 36,226,000 | 32,370,000 | ||
Network services and other | 4,304,000 | 1,817,000 | ||
Net revenues | 40,530,000 | 34,187,000 | ||
Site rental | 8,767,000 | [1] | 9,432,000 | [1] |
Network services and other | 1,960,000 | [1] | 1,075,000 | [1] |
General and administrative | 5,431,000 | 6,208,000 | ||
Asset write-down charges | 68,000 | 97,000 | ||
Acquisition and integration costs | 3,000 | 0 | ||
Depreciation, amortization and accretion | 6,254,000 | 5,015,000 | ||
Total operating expenses | 22,483,000 | 21,827,000 | ||
Operating income (loss) | 18,047,000 | 12,360,000 | ||
Interest expense and amortization of deferred financing costs | -3,051,000 | -3,683,000 | ||
Interest income | 53,000 | 59,000 | ||
Other income (expense) | -6,000 | 0 | ||
Benefit (provision) for income taxes | -4,716,000 | -2,852,000 | ||
Net income (loss) | 10,327,000 | 5,884,000 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 2,325,000 | 1,296,000 | ||
Net income (loss) attributable to CCIC stockholders | 8,002,000 | 4,588,000 | ||
Capital expenditures | 3,100,000 | 4,105,000 | ||
Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Site rental | 0 | 0 | ||
Network services and other | 0 | 0 | ||
Net revenues | 0 | 0 | ||
Site rental | 0 | [1] | 0 | [1] |
Network services and other | 0 | [1] | 0 | [1] |
General and administrative | 0 | 0 | ||
Asset write-down charges | 0 | 0 | ||
Acquisition and integration costs | 0 | 0 | ||
Depreciation, amortization and accretion | 0 | 0 | ||
Total operating expenses | 0 | 0 | ||
Operating income (loss) | 0 | 0 | ||
Interest expense and amortization of deferred financing costs | 3,051,000 | [2] | 3,683,000 | [2] |
Interest income | 0 | 0 | ||
Other income (expense) | -3,051,000 | [2] | -3,683,000 | [2] |
Benefit (provision) for income taxes | 0 | 0 | ||
Net income (loss) | 0 | 0 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | ||
Net income (loss) attributable to CCIC stockholders | 0 | 0 | ||
Capital expenditures | $0 | $0 | ||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||
[2] | Elimination of inter-company borrowings and related interest expense. |
Operating_Segments_Adjusted_fo
Operating Segments (Adjusted for EBITDA) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | $125,112,000 | $102,793,000 | ||
Asset write-down charges | 8,623,000 | 2,733,000 | ||
Acquisition and integration costs | 2,019,000 | 5,659,000 | ||
Depreciation, amortization and accretion | 258,060,000 | 250,191,000 | ||
Amortization of prepaid lease purchase price adjustments | 5,174,000 | 3,895,000 | ||
Interest expense and amortization of deferred financing costs | 134,439,000 | 146,400,000 | ||
Interest income | -109,000 | -173,000 | ||
Other income (expense) | 230,000 | 2,736,000 | ||
Benefit (provision) for income taxes | 3,282,000 | -188,000 | ||
Stock-based compensation expense | 17,424,000 | 12,937,000 | ||
Adjusted EBITDA | 554,254,000 | [1] | 526,983,000 | [1] |
CCUSA [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | 114,785,000 | 96,909,000 | ||
Asset write-down charges | 8,555,000 | 2,636,000 | ||
Acquisition and integration costs | 2,016,000 | 5,659,000 | ||
Depreciation, amortization and accretion | 251,806,000 | 245,176,000 | ||
Amortization of prepaid lease purchase price adjustments | 5,174,000 | 3,895,000 | ||
Interest expense and amortization of deferred financing costs | 134,439,000 | 146,400,000 | ||
Interest income | -56,000 | -114,000 | ||
Other income (expense) | -2,827,000 | -947,000 | ||
Benefit (provision) for income taxes | -1,434,000 | -3,040,000 | ||
Stock-based compensation expense | 16,842,000 | 11,956,000 | ||
Adjusted EBITDA | 529,300,000 | [1] | 508,530,000 | [1] |
CCAL [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | 10,327,000 | 5,884,000 | ||
Asset write-down charges | 68,000 | 97,000 | ||
Acquisition and integration costs | 3,000 | 0 | ||
Depreciation, amortization and accretion | 6,254,000 | 5,015,000 | ||
Amortization of prepaid lease purchase price adjustments | 0 | 0 | ||
Interest expense and amortization of deferred financing costs | 3,051,000 | 3,683,000 | ||
Interest income | -53,000 | -59,000 | ||
Other income (expense) | 6,000 | 0 | ||
Benefit (provision) for income taxes | 4,716,000 | 2,852,000 | ||
Stock-based compensation expense | 582,000 | 981,000 | ||
Adjusted EBITDA | 24,954,000 | [1] | 18,453,000 | [1] |
Elimination [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net income (loss) | 0 | 0 | ||
Asset write-down charges | 0 | 0 | ||
Acquisition and integration costs | 0 | 0 | ||
Depreciation, amortization and accretion | 0 | 0 | ||
Amortization of prepaid lease purchase price adjustments | 0 | 0 | ||
Interest expense and amortization of deferred financing costs | -3,051,000 | [2] | -3,683,000 | [2] |
Interest income | 0 | 0 | ||
Other income (expense) | 3,051,000 | [2] | 3,683,000 | [2] |
Benefit (provision) for income taxes | 0 | 0 | ||
Stock-based compensation expense | 0 | 0 | ||
Adjusted EBITDA | $0 | [1] | $0 | [1] |
[1] | Text selection found with no content. | |||
[2] | Elimination of inter-company borrowings and related interest expense. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Line Items] | ||
Interest paid | $120,949 | $126,540 |
Income taxes paid | 2,498 | 7,400 |
Increase (decrease) in accounts payable for purchases of property and equipment | -13,557 | -7,582 |
Purchase of property and equipment under capital leases and installment purchases | $12,407 | $8,012 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | ||
Subsequent Event [Line Items] | |||
Debt and Capital Lease Obligations | $12,070,091,000 | $11,920,861,000 | |
Sunesys [Member] | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration | 1,000,000,000 | ||
Fiber Miles | 10,000 | ||
Percentage of FIber Miles | 60.00% | ||
Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt and Capital Lease Obligations | 3,562,927,000 | 3,573,208,000 | |
2015 Tower Revenue Notes [Member] [Member] | Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt and Capital Lease Obligations | 1,000,000,000 | ||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.22% | [1],[2] | |
Debt and Capital Lease Obligations | 300,000,000 | ||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | [1],[2] | |
Debt and Capital Lease Obligations | 700,000,000 | ||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | [1],[2] | |
Debt and Capital Lease Obligations | 1,550,000,000 | 1,550,000,000 | |
August 2010 Tower Revenue Notes ARD [Domain] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | |||
Subsequent Event [Line Items] | |||
Debt and Capital Lease Obligations | $250,000,000 | ||
[1] | Represents the weighted-average stated interest rate. | ||
[2] | See the 2014 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. |