Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Entity Information [Line Items] | ||
Entity Voluntary Filers | No | |
Entity Registrant Name | CROWN CASTLE INTERNATIONAL CORP | |
Entity Central Index Key | 1,051,470 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 333,771,307 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 184,116 | $ 151,312 |
Restricted cash | 116,653 | 147,411 |
Receivables, net | 324,566 | 313,308 |
Prepaid expenses | 143,675 | 138,873 |
Deferred income tax assets | 33,110 | 24,806 |
Other current assets | 222,251 | 94,503 |
Assets from discontinued operations (see note 3) | 0 | 412,783 |
Total current assets | 1,024,371 | 1,282,996 |
Deferred site rental receivables | 1,282,752 | 1,202,058 |
Property and equipment, net | 9,498,568 | 8,982,783 |
Goodwill | 5,527,134 | 5,196,485 |
Other intangible assets, net | 3,837,360 | 3,681,551 |
Long-term prepaid rent, deferred financing costs and other assets, net | 825,459 | 797,403 |
Total assets | 21,995,644 | 21,143,276 |
LIABILITIES AND EQUITY | ||
Accounts payable | 157,024 | 162,397 |
Accrued interest | 69,184 | 66,943 |
Deferred revenues | 314,648 | 279,882 |
Other accrued liabilities | 181,498 | 182,081 |
Current maturities of debt and other obligations | 102,188 | 113,335 |
Liabilities from discontinued operations (see note 3) | 0 | 127,493 |
Total current liabilities | 824,542 | 932,131 |
Debt and other long-term obligations | 12,039,178 | 11,807,526 |
Deferred income tax liabilities | 32,317 | 39,889 |
Deferred credits and other liabilities | 1,859,304 | 1,626,502 |
Total liabilities | $ 14,755,341 | $ 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 | 9,532,597 | 9,512,396 |
Accumulated other comprehensive income (loss) | (3,754) | 15,820 |
Dividends/distributions in excess of earnings | (2,291,977) | (2,815,428) |
Total CCIC stockholders' equity | 7,240,303 | 6,716,225 |
Noncontrolling interest | 0 | 21,003 |
Total equity | 7,240,303 | 6,737,228 |
Total liabilities and equity | $ 21,995,644 | $ 21,143,276 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accumulated depreciation, property and equipment | $ 5,604,110 | $ 5,052,395 |
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 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 333,771,499 | 333,856,632 |
Common stock, shares outstanding | 333,771,499 | 333,856,632 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Net revenues: | ||||||||
Site rental | $ 764,606 | $ 717,623 | $ 2,233,077 | $ 2,143,198 | ||||
Network services and other | 153,501 | 175,260 | 484,938 | 469,690 | ||||
Net revenues | 918,107 | 892,883 | 2,718,015 | 2,612,888 | ||||
Operating expenses: | ||||||||
Site rental | [1] | 247,000 | 230,599 | 716,244 | 676,275 | |||
Network services and other | [1] | 86,859 | 101,814 | 263,177 | 275,514 | |||
General and administrative | 76,699 | 65,212 | 223,880 | 187,171 | ||||
Asset write-down charges | 7,477 | 4,932 | 19,652 | 10,673 | ||||
Acquisition and integration costs | 7,608 | 4,068 | 12,001 | 28,852 | ||||
Depreciation, amortization and accretion | 261,662 | 247,206 | 766,621 | 738,965 | ||||
Total operating expenses | 687,305 | 653,831 | 2,001,575 | 1,917,450 | ||||
Operating income (loss) | 230,802 | 239,052 | 716,440 | 695,438 | ||||
Nonoperating Income (Expense) [Abstract] | ||||||||
Interest expense and amortization of deferred financing costs | (129,877) | (141,287) | (398,782) | (432,221) | ||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | (4,157) | [2] | (44,629) | |||
Interest income | 789 | 107 | 1,170 | 329 | ||||
Other income (expense) | (1,214) | (694) | 58,510 | (9,350) | ||||
Income (loss) before income taxes | 100,500 | 97,178 | 373,181 | 209,567 | ||||
Benefit (provision) for income taxes | 3,801 | 1,977 | 9,380 | 8,118 | ||||
Income (Loss) from Continuing Operations Attributable to Parent | 104,301 | 99,155 | 382,561 | 217,685 | ||||
Income (loss) from discontinued operations, net of tax | 0 | 8,882 | [3],[4] | 19,690 | [3],[4],[5] | 28,502 | [3],[4] | |
Net gain (loss) from disposal of discontinued operations, net of tax | (522) | 0 | 981,018 | 0 | ||||
Income (loss) from discontinued operations, net of tax | (522) | 8,882 | 1,000,708 | 28,502 | ||||
Net income (loss) | 103,779 | 108,037 | 1,383,269 | 246,187 | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 1,100 | 3,343 | 3,744 | ||||
Net income (loss) attributable to CCIC stockholders | 103,779 | 106,937 | 1,379,926 | 242,443 | ||||
Dividends on preferred stock | (10,997) | (10,997) | (32,991) | (32,991) | ||||
Net income (loss) attributable to CCIC common stockholders | 92,782 | 95,940 | 1,346,935 | 209,452 | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Amounts reclassified into interest expense and amortization deferred financing costs, net of taxes | 3,744 | 15,551 | 18,725 | 47,895 | ||||
Foreign currency translation adjustments | (632) | (24,177) | (13,493) | (5,708) | ||||
Amounts reclassified into discontinued operations for foreign currency translation adjustments | 0 | 0 | (25,678) | 0 | ||||
Total other comprehensive income (loss) | 3,112 | (8,626) | (20,446) | 42,187 | ||||
Comprehensive income (loss) | 106,891 | 99,411 | 1,362,823 | 288,374 | ||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | (327) | 0 | 3,313 | ||||
Comprehensive income (loss) attributable to CCIC stockholders | $ 106,891 | $ 99,738 | $ 1,362,823 | $ 285,061 | ||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ 0.28 | $ 0.29 | $ 4.05 | $ 0.63 | ||||
Diluted | $ 0.28 | $ 0.29 | $ 4.04 | $ 0.63 | ||||
Weighted-average common shares outstanding (in thousands): | ||||||||
Basic | 333,049 | 332,413 | 332,951 | 332,264 | ||||
Diluted | 333,711 | 333,241 | 333,735 | 333,020 | ||||
Continuing Operations [Member] | ||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||
Net income (loss) attributable to CCIC common stockholders | $ 93,304 | $ 88,158 | $ 349,570 | $ 184,694 | ||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ 0.28 | $ 0.27 | $ 1.05 | $ 0.56 | ||||
Diluted | $ 0.28 | $ 0.26 | $ 1.05 | $ 0.55 | ||||
Discontinued Operations [Member] | ||||||||
Nonoperating Income (Expense) [Abstract] | ||||||||
Net income (loss) attributable to CCIC common stockholders | $ (522) | $ 7,782 | $ 997,365 | $ 24,758 | ||||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||||
Basic | $ 0 | $ 0.02 | $ 3 | $ 0.07 | ||||
Diluted | $ 0 | $ 0.03 | $ 2.99 | $ 0.08 | ||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||
[2] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | |||||||
[3] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations. | |||||||
[4] | No interest expense has been allocated to discontinued operations. | |||||||
[5] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from operating activities: | |||
Net income (loss) from continuing operations | $ 382,561 | $ 217,685 | |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation, amortization and accretion | 766,621 | 738,965 | |
Gains (Losses) on Extinguishment of Debt | 4,157 | [1] | 44,629 |
Gains (losses) on settled swaps | (54,475) | 0 | |
Amortization of deferred financing costs and other non-cash interest | 32,394 | 61,322 | |
Stock-based compensation expense | 44,711 | 39,497 | |
Asset write-down charges | 19,652 | 10,673 | |
Deferred income tax benefit (provision) | (16,199) | (14,589) | |
Other adjustments | (7,240) | (1,967) | |
Changes in assets and liabilities, excluding the effects of acquisitions: | |||
Increase (decrease) in accrued interest | 2,241 | 2,461 | |
Increase (decrease) in accounts payable | (8,310) | 28,037 | |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 214,607 | 259,178 | |
Decrease (increase) in receivables | (703) | (64,079) | |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | (89,141) | (170,886) | |
Net cash provided by (used for) operating activities | 1,290,876 | 1,150,926 | |
Cash flows from investing activities: | |||
Payment for acquisitions of businesses, net of cash acquired | (1,083,319) | (174,356) | |
Capital expenditures | (658,240) | (498,960) | |
Receipts from foreign currency swaps | 54,475 | 0 | |
Other investing activities, net | (1,561) | 2,787 | |
Net cash provided by (used for) investing activities | (1,688,645) | (670,529) | |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 1,000,000 | 845,750 | |
Principal payments on long-term debt and other long-term obligations | (78,049) | (86,197) | |
Purchases and redemptions of long-term debt | (1,069,337) | [2] | (836,899) |
Purchases of capital stock | (29,576) | (21,778) | |
Borrowings under revolving credit facility | 1,560,000 | 567,000 | |
Payments under revolving credit facility | (1,240,000) | (587,000) | |
Payments for financing costs | (17,415) | (15,899) | |
Net (increase) decrease in restricted cash | 28,435 | 39,882 | |
Dividends/distributions paid on common stock | (821,056) | (350,535) | |
Dividends/distributions paid on preferred stock | (32,991) | (33,357) | |
Net cash provided by (used for) financing activities | (699,989) | (479,033) | |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Net cash provided by (used for) operating activities, Discontinued Operations | 4,359 | 41,304 | |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 1,103,577 | (20,154) | |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract] | |||
Net Cash Provided by (Used in) Discontinued Operations | 1,107,936 | 21,150 | |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | |||
Effect of exchange rate changes on cash | (1,682) | (7,358) | |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period Start | 175,620 | 223,394 | |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period End | 184,116 | 238,550 | |
Continuing Operations [Member] | |||
Cash flows from financing activities: | |||
Net increase (decrease) in cash and cash equivalents - continuing operations | $ (1,097,758) | $ 1,364 | |
[1] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | ||
[2] | Exclusive of accrued interest. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - USD ($) | Total | Stockholders' Equity, Total [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Dividends/Distributions in Excess of Earnings [Member] | Noncontrolling Interest [Member] | ||||||
Balance, shares Period Start at Dec. 31, 2013 | 334,070,016 | ||||||||||||||
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 | ||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 39,497,000 | $ 1,000 | 39,496,000 | 0 | 0 | 0 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 81,350 | ||||||||||||||
Purchases and retirement of capital stock, value | (21,778,000) | $ (3,000) | (21,775,000) | 0 | 0 | 0 | 0 | ||||||||
Purchases and retirement of capital stock, shares | (291,919) | ||||||||||||||
Other comprehensive income (loss) | $ 42,187,000 | 42,187,000 | [1] | $ 0 | 0 | [1] | (5,277,000) | [1] | 47,895,000 | [1] | 0 | [1] | (431,000) | [1] | |
Common stock dividends/distributions | (351,532,000) | (351,532,000) | |||||||||||||
Preferred stock dividends | (32,991,000) | (32,991,000) | (32,991,000) | ||||||||||||
Net income (loss) | 246,187,000 | 246,187,000 | $ 0 | 0 | 0 | 0 | 242,443,000 | 3,744,000 | |||||||
Balance, shares Period End at Sep. 30, 2014 | 333,859,447 | ||||||||||||||
Balance, value Period End at Sep. 30, 2014 | 6,862,745,000 | $ 3,339,000 | $ 98,000 | 9,500,490,000 | 52,984,000 | (33,978,000) | (2,677,959,000) | 17,771,000 | |||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2014 | 9,775,000 | ||||||||||||||
Balance, shares Period Start at Jun. 30, 2014 | 333,861,080 | ||||||||||||||
Balance, value Period Start at Jun. 30, 2014 | 6,879,436,000 | $ 3,339,000 | $ 98,000 | 9,488,414,000 | 75,734,000 | (49,529,000) | (2,656,718,000) | 18,098,000 | |||||||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2014 | 9,775,000 | ||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 12,124,000 | $ 0 | 12,124,000 | 0 | 0 | 0 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | (980) | ||||||||||||||
Purchases and retirement of capital stock, value | (48,000) | $ 0 | (48,000) | 0 | 0 | 0 | 0 | ||||||||
Purchases and retirement of capital stock, shares | (653) | ||||||||||||||
Other comprehensive income (loss) | (8,626,000) | (8,626,000) | [2] | $ 0 | 0 | (22,750,000) | [2] | 15,551,000 | [2] | 0 | (1,427,000) | [2] | |||
Common stock dividends/distributions | (117,181,000) | (117,181,000) | |||||||||||||
Preferred stock dividends | (10,997,000) | (10,997,000) | (10,997,000) | ||||||||||||
Net income (loss) | $ 108,037,000 | 108,037,000 | $ 0 | 0 | 0 | 0 | 106,937,000 | 1,100,000 | |||||||
Balance, shares Period End at Sep. 30, 2014 | 333,859,447 | ||||||||||||||
Balance, value Period End at Sep. 30, 2014 | 6,862,745,000 | $ 3,339,000 | $ 98,000 | 9,500,490,000 | 52,984,000 | (33,978,000) | (2,677,959,000) | 17,771,000 | |||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2014 | 9,775,000 | ||||||||||||||
Balance, shares Period Start at Dec. 31, 2014 | 333,856,632 | 333,856,632 | |||||||||||||
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 | |||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 49,777,000 | $ 2,000 | 49,775,000 | 0 | 0 | 0 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 250,443 | ||||||||||||||
Purchases and retirement of capital stock, value | (29,576,000) | $ (2,000) | (29,574,000) | 0 | 0 | 0 | 0 | ||||||||
Purchases and retirement of capital stock, shares | (335,576) | ||||||||||||||
Other comprehensive income (loss) | $ (20,446,000) | (20,446,000) | [3] | $ 0 | 0 | [3] | (38,299,000) | [3] | 18,725,000 | [3] | 0 | [3] | (872,000) | [3] | |
Disposition of CCAL | Discontinued Operations [Member] | (23,474,000) | ||||||||||||||
Common stock dividends/distributions | (823,484,000) | (823,484,000) | |||||||||||||
Preferred stock dividends | (32,991,000) | (32,991,000) | (32,991,000) | ||||||||||||
Net income (loss) | $ 1,383,269,000 | 1,383,269,000 | $ 0 | 0 | 0 | 0 | 1,379,926,000 | 3,343,000 | |||||||
Balance, shares Period End at Sep. 30, 2015 | 333,771,499 | 333,771,499 | |||||||||||||
Balance, value Period End at Sep. 30, 2015 | $ 7,240,303,000 | 7,240,303,000 | $ 3,339,000 | $ 98,000 | 9,532,597,000 | (3,754,000) | 0 | (2,291,977,000) | 0 | ||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2015 | 9,775,000 | 9,775,000 | |||||||||||||
Balance, shares Period Start at Jun. 30, 2015 | 333,762,344 | ||||||||||||||
Balance, value Period Start at Jun. 30, 2015 | 7,404,236,000 | $ 3,339,000 | $ 98,000 | 9,518,103,000 | (3,122,000) | (3,744,000) | (2,110,438,000) | 0 | |||||||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2015 | 9,775,000 | ||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 14,579,000 | $ 0 | 14,579,000 | 0 | 0 | 0 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, shares | 10,198 | ||||||||||||||
Purchases and retirement of capital stock, value | (85,000) | $ 0 | (85,000) | 0 | 0 | 0 | 0 | ||||||||
Purchases and retirement of capital stock, shares | (1,043) | ||||||||||||||
Other comprehensive income (loss) | $ 3,112,000 | 3,112,000 | [4] | $ 0 | 0 | (632,000) | [4] | 3,744,000 | [4] | 0 | 0 | [4] | |||
Common stock dividends/distributions | (274,321,000) | (274,321,000) | |||||||||||||
Preferred stock dividends | (10,997,000) | (10,997,000) | (10,997,000) | ||||||||||||
Net income (loss) | $ 103,779,000 | 103,779,000 | $ 0 | 0 | 0 | 0 | 103,779,000 | 0 | |||||||
Balance, shares Period End at Sep. 30, 2015 | 333,771,499 | 333,771,499 | |||||||||||||
Balance, value Period End at Sep. 30, 2015 | $ 7,240,303,000 | $ 7,240,303,000 | $ 3,339,000 | $ 98,000 | $ 9,532,597,000 | $ (3,754,000) | $ 0 | $ (2,291,977,000) | $ 0 | ||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2015 | 9,775,000 | 9,775,000 | |||||||||||||
[1] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 5 with respect to the reclassification adjustments. | ||||||||||||||
[2] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 5 with respect to the reclassification adjustments. | ||||||||||||||
[3] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and notes 3 and 5 with respect to the reclassification adjustments. | ||||||||||||||
[4] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 5 with respect to the reclassification adjustments. |
General
General | 9 Months Ended |
Sep. 30, 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's wireless infrastructure is geographically dispersed throughout the United States, including Puerto Rico ("U.S."). See note 3 for a discussion of the May 2015 sale of the Company's formerly 77.6% owned subsidiary that operated 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. The Company's wireless infrastructure can accommodate multiple tenants for antennas or other equipment necessary for the transmission of signals for wireless communication. As part of the Company'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 8 . Approximately 55% 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 state fairly the consolidated financial position of the Company at September 30, 2015 , and the consolidated results of operations and the consolidated cash flows for the nine months ended September 30, 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. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full 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 Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the implementation and presentation of discontinued operations. The guidance requires that only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new guidance was effective for the Company on January 1, 2015, and the Company has applied the new guidance for the sale of CCAL. See note 3 . Recent Accounting Pronouncements Not Yet Adopted In April 2015, the 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 will adopt the guidance on January 1, 2016. As of September 30, 2015, net deferred financing costs were $ 110.9 million and were recorded as a component of "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's condensed consolidated balance sheet. In May 2014, the 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 on January 1, 2018, following the FASB's July 2015 decision to defer the effective date of the standard by one year. This guidance is required to be applied, at the Company's election, either (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. In September 2015, the FASB issued new guidance which requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires prospective application and the guidance is effective for the Company on January 1, 2016, with early adoption permitted. The Company is evaluating the guidance, including the impact on its consolidated financial statements. In October 2015, the FASB issued new guidance on the presentation of deferred tax assets and liabilities. The guidance requires deferred tax assets and liabilities to be presented as non-current on the balance sheet. The update requires prospective application and the guidance is effective for the Company on January 1, 2017, with early adoption permitted. The Company is evaluating the guidance, including the impact on its consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On May 14, 2015, the Company entered into a definitive agreement to sell CCAL to a consortium of investors led by Macquarie Infrastructure and Real Assets (collectively, “Buyer”). On May 28, 2015, the Company completed the sale. At closing, the Company received net proceeds of approximately $ 1.1 billion after accounting for the Company's 77.6% ownership interest, repayment of intercompany debt owed to the Company by CCAL and estimated transaction fees and expenses, exclusive of the impact of foreign currency swaps related to the CCAL sale (see note 6). As part of the sale of CCAL, in January 2016, the Company is entitled to receive an installment payment from the Buyer totaling approximately $ 124 million , inclusive of the impact of the related foreign currency swap (see note 6 ). The Buyer's obligation related to the installment payment is unconditional and is substantiated by an irrevocable letter of credit. The installment payment is included within "other current assets" on the Company's condensed consolidated balance sheet. During the second quarter 2015, the Company used net proceeds from the sale of CCAL to repay portions of outstanding borrowings under its 2012 Credit Facility. The Company entered into foreign currency swaps to manage and reduce its foreign currency risk associated with the sale of CCAL. These swaps are not included in discontinued operations. See note 6 . CCAL has historically been a separate operating segment of the Company (see note 12 ). The sale of the Company's CCAL operating segment is treated as discontinued operations for all periods presented pursuant to ASU 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which the Company adopted on January 1, 2015 (see note 2 ). The sale of CCAL represents a strategic shift of the Company to solely focus on U.S. operations. The gain from disposal of CCAL is included in discontinued operations on the condensed consolidated statement of operations. The tables below set forth the assets and liabilities related to discontinued operations at December 31, 2014, and their results of operations and cash flows for the nine months ended September 30, 2015 and 2014 . As of December 31, 2014 Assets and liabilities related to discontinued operations: Current assets $ 61,289 Property and equipment 165,528 Other non-current assets 185,966 Total assets related to discontinued operations $ 412,783 Current liabilities 94,297 Non-current liabilities 33,196 Total liabilities related to discontinued operations $ 127,493 Three Months Ended September 30, Nine Months Ended September 30, 2014 (b) 2015 (b)(c) 2014 (b) Total revenues $ 37,142 $ 65,293 $ 109,432 Total cost of operations (a) 11,720 17,498 33,732 Depreciation, amortization, and accretion 7,656 10,168 20,323 Total other expenses 6,425 10,481 18,671 Pre-tax income from discontinued operations 11,341 27,146 36,706 Net income (loss) from discontinued operations (d) $ 8,882 $ 19,690 $ 28,502 (a) Exclusive of depreciation, amortization, and accretion shown seperately. (b) No interest expense has been allocated to discontinued operations. (c) CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. (d) Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations. The Company recorded a gain on the sale of CCAL, which was comprised of the following items: Cash received from sale of CCAL (a) $ 1,139,369 Installment payment receivable due January 2016 (a) 117,384 Total proceeds from sale of CCAL $ 1,256,753 Adjusted for: Net assets and liabilities related to discontinued operations (b)(c) 258,575 Transaction fees and expenses 21,688 Foreign currency translation reclassification adjustments (d) (25,678 ) Pre-tax gain (loss) from disposal of discontinued operations 1,002,168 Income taxes related to the sale of CCAL 21,150 Gain (loss) from disposal of discontinued operations $ 981,018 (a) Exclusive of foreign currency swaps and based on exchange rates as of May 28, 2015, which was the closing date of the Company's sale of CCAL. See note 6 . The impact of fluctuations in the exchange rate subsequent to the closing date are reflected as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. (b) Represents net assets attributable to CCIC, net of the disposition of noncontrolling interest of $ 23.5 million . (c) Inclusive of $ 11.1 million of cash. (d) Represents foreign currency translation adjustments previously included in "accumulated other comprehensive income (loss)" on the condensed consolidated balance sheet and reclassified to "gain (loss) from disposal of discontinued operations". |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | Sunesys Acquisition In April 2015, the Company entered into a definitive agreement to acquire Quanta Fiber Networks, Inc. ("Sunesys") for approximately $ 1.0 billion in cash, subject to certain limited adjustments ("Sunesys Acquisition"). On August 4, 2015, the Company closed the Sunesys Acquisition. The results of operations from Sunesys have been included in the Company's consolidated statement of operations since the date of acquisition. Prior to the closing, Sunesys was a wholly owned subsidiary of Quanta Services, Inc. and a fiber services provider that owned or had rights to nearly 10,000 miles of fiber in major metropolitan markets across the U.S., including Los Angeles, Philadelphia, Chicago, Atlanta, Silicon Valley, and northern New Jersey. Approximately 60% of Sunesys' fiber miles were located in the top 10 basic trading areas. The Company utilized borrowings under the 2012 Revolver and cash on hand to fund the cash consideration of approximately $ 1.0 billion . See note 5 . The preliminary purchase price allocation for the Sunesys Acquisition is shown below. The preliminary purchase price allocation is based upon a preliminary valuation which is subject to change as the Company obtains additional information, with respect to fixed assets, intangible assets and certain liabilities. Preliminary Purchase Price Allocation Current assets $ 12,821 Property and equipment 432,106 Goodwill (a) 347,547 Other intangible assets, net 249,935 Current liabilities (25,418 ) Other non-current liabilities (29,065 ) Net assets acquired (b) $ 987,926 (a) The preliminary purchase price allocation for the Sunesys Acquisition resulted in the recognition of goodwill based on the Company's expectation to leverage the Sunesys fiber footprint to support new small cell networks. The Sunesys fiber is complementary to the Company's existing fiber assets and is located where the Company expects to see wireless carrier network investments. (b) Assets acquired in the Sunesys Acquisition are included in the Company's REIT and as such, no deferred taxes were recorded in connection with the Sunesys Acquisition. |
Debt and Other Obligations
Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations Original Issue Date Contractual Maturity Date (a) Outstanding Balance as of September 30, 2015 Outstanding Balance as of December 31, 2014 Stated Interest Rate as of September 30, 2015(a)(b) Bank debt - variable rate: 2012 Revolver Jan. 2012 Jan. 2019 $ 1,015,000 (c) $ 695,000 2.0 % Tranche A Term Loans Jan. 2012 Jan. 2019 633,516 645,938 1.9 % Tranche B Term Loans Jan. 2012 Jan. 2021 2,252,747 (e) 2,835,509 3.0 % Total bank debt 3,901,263 4,176,447 Securitized debt - fixed rate: January 2010 Tower Revenue Notes Jan. 2010 2037 - 2040 (d) 1,600,000 1,600,000 6.0 % August 2010 Tower Revenue Notes Aug. 2010 2037 - 2040 (d)(f) 1,300,000 1,550,000 4.7 % May 2015 Tower Revenue Notes May 2015 2042 - 2045 (d)(f) 1,000,000 — 3.5 % 2009 Securitized Notes July 2009 2019/2029 146,399 160,822 7.6 % WCP Securitized Notes Jan. 2010 Nov. 2040 (f) — 262,386 N/A Total securitized debt 4,046,399 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 846,405 846,062 4.9 % Total bonds 3,996,374 3,996,031 Other: Capital leases and other obligations Various Various 197,330 175,175 Various Total debt and other obligations 12,141,366 11,920,861 Less: current maturities and short-term debt and other current obligations 102,188 113,335 Non-current portion of long-term debt and other long-term obligations $ 12,039,178 $ 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 . During August 2015, the Company utilized borrowings under the 2012 Revolver of $ 835.0 million , along with cash on hand, to fund the Sunesys Acquisition. See note 4 . As of September 30, 2015 , the undrawn availability under the 2012 Revolver was $1.2 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) During the second quarter of 2015, the Company repaid the portion of its Tranche B Term Loans that were due January 2019, which had an outstanding balance of $564.1 million . (f) In May 2015, the Company issued $ 1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("May 2015 Tower Revenue Notes"), which were issued by certain of its indirect subsidiaries pursuant to the existing indenture governing the 2010 Tower Revenue Notes and having similar terms and security as the 2010 Tower Revenue Notes. The 2015 Tower Revenue Notes consist of (1) $ 300.0 million aggregate principal amount of 3.222% Notes with an expected life of seven years and a final maturity date of May 2042 and (2) $ 700.0 million aggregate principal amount of 3.663% Notes with an expected life of ten years and a final maturity date of May 2045. The Company used the net proceeds received from the May 2015 Tower Revenue Notes offering (1) to repay $ 250.0 million aggregate principal amount of August 2010 Tower Revenue Notes with an anticipated repayment date of August 2015, (2) to repay all of the previously outstanding WCP Securitized Notes, (3) to repay portions of outstanding borrowings under its 2012 Credit Facility, and (4) to pay related fees and expenses. Collectively, the 2010 Tower Revenue Notes and the May 2015 Tower Revenue Notes are referred to herein as the "Tower Revenue Notes." Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 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. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2015 2016 2017 2018 2019 Thereafter Total Cash Obligations Scheduled contractual maturities $ 23,049 $ 105,640 $ 601,859 $ 98,208 $ 1,602,265 $ 9,713,940 $ 12,144,961 $ (3,595 ) $ 12,141,366 Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2015 . Nine Months Ended September 30, 2015 Principal Amount Cash Paid (a) Gains (Losses) (b) August 2010 Tower Revenue Notes $ 250,000 $ 250,000 $ (159 ) WCP Securitized Notes 252,830 252,830 2,105 Tranche B Term Loans 564,137 564,137 (6,127 ) Other 2,394 2,370 24 Total $ 1,069,361 $ 1,069,337 $ (4,157 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 4.2 million related to the net write off of deferred financing costs, premiums and discounts. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense on debt obligations $ 121,287 $ 121,450 $ 366,388 $ 370,899 Amortization of deferred financing costs 5,451 5,516 16,624 16,678 Amortization of adjustments on long-term debt 116 (892 ) (1,146 ) (2,743 ) Amortization of interest rate swaps (a) 3,744 15,551 18,725 47,895 Other, net of capitalized interest (721 ) (338 ) (1,809 ) (508 ) Total $ 129,877 $ 141,287 $ 398,782 $ 432,221 (a) Amounts reclassified from "accumulated other comprehensive income (loss)." |
Foreign Currency Swaps (Notes)
Foreign Currency Swaps (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | Foreign Currency Swaps During May 2015, the Company entered into two foreign currency swaps to manage and reduce its foreign currency risk related to its sale of CCAL (see note 3 ). The Company does not enter into foreign currency swaps for speculative or trading purposes. The foreign currency swaps were originally comprised of the following: Item Swapped Notional Amount Forward Rate Start Date End Date Pay Amount Receive Amount Fair Value at September 30, 2015 May 2015 cash receipt from sale of CCAL A$1,400,000 0.8072 May 2015 June 2015 Australian Dollar US Dollar N/A (a) Installment payment from Buyer A$155,000 0.79835 May 2015 January 2016 Australian Dollar US Dollar $15,524 (b) (a) In conjunction with closing the CCAL sale on May 28, 2015, the Company cash settled the swap with a notional value of Australian dollar $ 1.4 billion and recorded a gain on foreign currency swaps of $ 54.5 million , which is included as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. (b) As of September 30, 2015 , the Company marked-to-market the swap with a notional value of Australian dollar $ 155 million and recorded (1) an asset within "other current assets" on the Company's condensed consolidated balance sheet and (2) a corresponding gain on foreign currency swaps , which is included as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. In total, the Company recorded a gain on foreign currency swaps of $ 10.2 million and $ 70.0 million for the three months and nine months ended September 30, 2015, respectively. This gain is included as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 184,116 $ 184,116 $ 151,312 $ 151,312 Restricted cash, current and non-current 1 121,653 121,653 152,411 152,411 Foreign currency swaps 2 15,524 15,524 — — Liabilities: Long-term debt and other obligations 2 12,141,366 12,479,140 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. Foreign currency swaps are valued at settlement amounts using observable exchange rates and, if material, reflect an adjustment for the Company's and contract counterparty's credit risk. There were no changes since December 31, 2014 in the Company's valuation techniques used to measure fair values. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 other than Sunesys (see note 4) 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 (other than Sunesys (see note 4)) as part of the REIT during 2015 or 2016. 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. The Company's 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) 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 NOLs. During the second quarter 2015, the Company recorded approximately $ 21.2 million in current state income tax expense related to the sale of CCAL. In conjunction with the sale of CCAL, the Company expects to utilize approximately $ 1.0 billion of its $ 2.0 billion NOLs to fully offset the tax gain from the sale of CCAL. Further, as a result of the sale of CCAL, the Company expects that a significant portion of its common stock dividend distributions during 2015 will be characterized as capital gains distributions. See note 3 . For the nine months ended September 30, 2015 and 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 nine months ended September 30, 2015 and 2014 primarily related to the TRSs. |
Per Share Information
Per Share Information | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (loss) from continuing operations $ 104,301 $ 99,155 $ 382,561 $ 217,685 Dividends on preferred stock (10,997 ) (10,997 ) (32,991 ) (32,991 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 93,304 $ 88,158 $ 349,570 $ 184,694 Income (loss) from discontinued operations, net of tax (522 ) 8,882 1,000,708 28,502 Less: Net income (loss) attributable to the noncontrolling interest — 1,100 3,343 3,744 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations $ (522 ) $ 7,782 $ 997,365 $ 24,758 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 333,049 332,413 332,951 332,264 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 662 828 784 756 Diluted weighted-average number of common shares outstanding 333,711 333,241 333,735 333,020 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic 0.28 0.27 1.05 0.56 Income (loss) from discontinued operations, basic — 0.02 3.00 0.07 Net income (loss) attributable to CCIC common stockholders, basic 0.28 0.29 4.05 0.63 Income (loss) from continuing operations, diluted 0.28 0.26 1.05 0.55 Income (loss) from discontinued operations, diluted — 0.03 2.99 0.08 Net income (loss) attributable to CCIC common stockholders, diluted 0.28 0.29 4.04 0.63 During the nine months ended September 30, 2015 , the Company granted 1.0 million restricted stock units. For the nine months ended September 30, 2015 and 2014, 12.4 million common share equivalents and 12.3 million common share equivalents, respectively, 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 the end of the respective periods. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 55% 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 | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Declaration and Payment of Dividends During the nine months ended September 30, 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) Common Stock May 29, 2015 June 19, 2015 June 30, 2015 $ 0.82 $ 274.5 (a) Common Stock July 30, 2015 September 18, 2015 September 30, 2015 $ 0.82 $ 274.3 (a) Convertible Preferred Stock December 22, 2014 January 15, 2015 February 2, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock March 27, 2015 April 15, 2015 May 1, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock June 21, 2015 July 15, 2015 August 3, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock September 23, 2015 October 15, 2015 November 2, 2015 $ 1.1250 $ 11.0 (b) (a) Inclusive of dividends accrued for holders of unvested restricted stock units. (b) Represents amount paid on November 2, 2015 based on holders of record on October 15, 2015. See note 14 . Purchases of the Company's Common Stock For the nine months ended September 30, 2015 , the Company purchased 0.3 million shares of its common stock utilizing $29.6 million in cash. "At the Market" Stock Offering Program In August 2015, the Company established an "at the market" stock offering program ("ATM Program") through which it may, from time to time, issue and sell shares of its common stock having an aggregate gross sales price of up to $ 500.0 million to or through sales agents. Sales, if any, under the ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to specific instructions of the Company, at negotiated prices. The Company intends to use the net proceeds from any sales under the ATM Program for general corporate purposes, which may include the funding of future acquisitions or investments and the repayment or repurchase of any outstanding indebtedness. As of September 30, 2015, no shares of common stock were sold under the ATM Program. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | The Company has determined that presently, following the sale of CCAL, it has one reportable operating segment, CCUSA, consisting of its U.S. operations, which is consistent with its current operational and financial reporting structure. Financial results for the Company are currently reported to the Company's management team and board of directors in this manner. Prior to its sale in May 2015, CCAL, the Company's previously 77.6% owned subsidiary that owned and operated towers in Australia, was a reportable segment. As a result of the sale of CCAL, the Company's segment data has been reclassified for all periods presented to include CCAL on a discontinued operations basis. The Company will continue its evaluation of its operating segments following the disposition of CCAL and its change in strategic focus to its U.S. business. To the extent the Company makes changes to its financial reporting or organizational structure, including the integration of the Sunesys Acquisition, the Company will evaluate any impact such changes may have to its segment reporting. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2015 2014 Supplemental disclosure of cash flow information: Interest paid $ 364,147 $ 368,437 Income taxes paid 23,865 15,353 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (5,399 ) 2,827 Purchase of property and equipment under capital leases and installment purchases 41,331 27,772 Installment payment receivable for sale of CCAL (see note 3) 117,384 — |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Common Stock Dividend On October 19, 2015 , the Company declared a quarterly common stock cash dividend of $ 0.885 per share, which was approved by the Company's board of directors. The common stock dividend will be paid on December 31, 2015 , to common stock holders of record as of December 18, 2015 . |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the implementation and presentation of discontinued operations. The guidance requires that only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new guidance was effective for the Company on January 1, 2015, and the Company has applied the new guidance for the sale of CCAL. See note 3 . Recent Accounting Pronouncements Not Yet Adopted In April 2015, the 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 will adopt the guidance on January 1, 2016. As of September 30, 2015, net deferred financing costs were $ 110.9 million and were recorded as a component of "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's condensed consolidated balance sheet. In May 2014, the 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 on January 1, 2018, following the FASB's July 2015 decision to defer the effective date of the standard by one year. This guidance is required to be applied, at the Company's election, either (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. In September 2015, the FASB issued new guidance which requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires prospective application and the guidance is effective for the Company on January 1, 2016, with early adoption permitted. The Company is evaluating the guidance, including the impact on its consolidated financial statements. In October 2015, the FASB issued new guidance on the presentation of deferred tax assets and liabilities. The guidance requires deferred tax assets and liabilities to be presented as non-current on the balance sheet. The update requires prospective application and the guidance is effective for the Company on January 1, 2017, with early adoption permitted. The Company is evaluating the guidance, including the impact on its consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations Financial Information [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | As of December 31, 2014 Assets and liabilities related to discontinued operations: Current assets $ 61,289 Property and equipment 165,528 Other non-current assets 185,966 Total assets related to discontinued operations $ 412,783 Current liabilities 94,297 Non-current liabilities 33,196 Total liabilities related to discontinued operations $ 127,493 Three Months Ended September 30, Nine Months Ended September 30, 2014 (b) 2015 (b)(c) 2014 (b) Total revenues $ 37,142 $ 65,293 $ 109,432 Total cost of operations (a) 11,720 17,498 33,732 Depreciation, amortization, and accretion 7,656 10,168 20,323 Total other expenses 6,425 10,481 18,671 Pre-tax income from discontinued operations 11,341 27,146 36,706 Net income (loss) from discontinued operations (d) $ 8,882 $ 19,690 $ 28,502 (a) Exclusive of depreciation, amortization, and accretion shown seperately. (b) No interest expense has been allocated to discontinued operations. (c) CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. (d) Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations. The Company recorded a gain on the sale of CCAL, which was comprised of the following items: Cash received from sale of CCAL (a) $ 1,139,369 Installment payment receivable due January 2016 (a) 117,384 Total proceeds from sale of CCAL $ 1,256,753 Adjusted for: Net assets and liabilities related to discontinued operations (b)(c) 258,575 Transaction fees and expenses 21,688 Foreign currency translation reclassification adjustments (d) (25,678 ) Pre-tax gain (loss) from disposal of discontinued operations 1,002,168 Income taxes related to the sale of CCAL 21,150 Gain (loss) from disposal of discontinued operations $ 981,018 (a) Exclusive of foreign currency swaps and based on exchange rates as of May 28, 2015, which was the closing date of the Company's sale of CCAL. See note 6 . The impact of fluctuations in the exchange rate subsequent to the closing date are reflected as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. (b) Represents net assets attributable to CCIC, net of the disposition of noncontrolling interest of $ 23.5 million . (c) Inclusive of $ 11.1 million of cash. (d) Represents foreign currency translation adjustments previously included in "accumulated other comprehensive income (loss)" on the condensed consolidated balance sheet and reclassified to "gain (loss) from disposal of discontinued operations". |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Preliminary Purchase Price Allocation Current assets $ 12,821 Property and equipment 432,106 Goodwill (a) 347,547 Other intangible assets, net 249,935 Current liabilities (25,418 ) Other non-current liabilities (29,065 ) Net assets acquired (b) $ 987,926 (a) The preliminary purchase price allocation for the Sunesys Acquisition resulted in the recognition of goodwill based on the Company's expectation to leverage the Sunesys fiber footprint to support new small cell networks. The Sunesys fiber is complementary to the Company's existing fiber assets and is located where the Company expects to see wireless carrier network investments. (b) Assets acquired in the Sunesys Acquisition are included in the Company's REIT and as such, no deferred taxes were recorded in connection with the Sunesys Acquisition. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | Original Issue Date Contractual Maturity Date (a) Outstanding Balance as of September 30, 2015 Outstanding Balance as of December 31, 2014 Stated Interest Rate as of September 30, 2015(a)(b) Bank debt - variable rate: 2012 Revolver Jan. 2012 Jan. 2019 $ 1,015,000 (c) $ 695,000 2.0 % Tranche A Term Loans Jan. 2012 Jan. 2019 633,516 645,938 1.9 % Tranche B Term Loans Jan. 2012 Jan. 2021 2,252,747 (e) 2,835,509 3.0 % Total bank debt 3,901,263 4,176,447 Securitized debt - fixed rate: January 2010 Tower Revenue Notes Jan. 2010 2037 - 2040 (d) 1,600,000 1,600,000 6.0 % August 2010 Tower Revenue Notes Aug. 2010 2037 - 2040 (d)(f) 1,300,000 1,550,000 4.7 % May 2015 Tower Revenue Notes May 2015 2042 - 2045 (d)(f) 1,000,000 — 3.5 % 2009 Securitized Notes July 2009 2019/2029 146,399 160,822 7.6 % WCP Securitized Notes Jan. 2010 Nov. 2040 (f) — 262,386 N/A Total securitized debt 4,046,399 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 846,405 846,062 4.9 % Total bonds 3,996,374 3,996,031 Other: Capital leases and other obligations Various Various 197,330 175,175 Various Total debt and other obligations 12,141,366 11,920,861 Less: current maturities and short-term debt and other current obligations 102,188 113,335 Non-current portion of long-term debt and other long-term obligations $ 12,039,178 $ 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 . During August 2015, the Company utilized borrowings under the 2012 Revolver of $ 835.0 million , along with cash on hand, to fund the Sunesys Acquisition. See note 4 . As of September 30, 2015 , the undrawn availability under the 2012 Revolver was $1.2 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) During the second quarter of 2015, the Company repaid the portion of its Tranche B Term Loans that were due January 2019, which had an outstanding balance of $564.1 million . (f) In May 2015, the Company issued $ 1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("May 2015 Tower Revenue Notes"), which were issued by certain of its indirect subsidiaries pursuant to the existing indenture governing the 2010 Tower Revenue Notes and having similar terms and security as the 2010 Tower Revenue Notes. The 2015 Tower Revenue Notes consist of (1) $ 300.0 million aggregate principal amount of 3.222% Notes with an expected life of seven years and a final maturity date of May 2042 and (2) $ 700.0 million aggregate principal amount of 3.663% Notes with an expected life of ten years and a final maturity date of May 2045. The Company used the net proceeds received from the May 2015 Tower Revenue Notes offering (1) to repay $ 250.0 million aggregate principal amount of August 2010 Tower Revenue Notes with an anticipated repayment date of August 2015, (2) to repay all of the previously outstanding WCP Securitized Notes, (3) to repay portions of outstanding borrowings under its 2012 Credit Facility, and (4) to pay related fees and expenses. Collectively, the 2010 Tower Revenue Notes and the May 2015 Tower Revenue Notes are referred to herein as the "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 of the Company outstanding as of September 30, 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. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2015 2016 2017 2018 2019 Thereafter Total Cash Obligations Scheduled contractual maturities $ 23,049 $ 105,640 $ 601,859 $ 98,208 $ 1,602,265 $ 9,713,940 $ 12,144,961 $ (3,595 ) $ 12,141,366 |
Extinguishment of Debt [Line Items] | |
Schedule of Extinguishment of Debt [Table Text Block] | Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2015 . Nine Months Ended September 30, 2015 Principal Amount Cash Paid (a) Gains (Losses) (b) August 2010 Tower Revenue Notes $ 250,000 $ 250,000 $ (159 ) WCP Securitized Notes 252,830 252,830 2,105 Tranche B Term Loans 564,137 564,137 (6,127 ) Other 2,394 2,370 24 Total $ 1,069,361 $ 1,069,337 $ (4,157 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 4.2 million related to the net write off of deferred financing costs, premiums and discounts. |
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest expense on debt obligations $ 121,287 $ 121,450 $ 366,388 $ 370,899 Amortization of deferred financing costs 5,451 5,516 16,624 16,678 Amortization of adjustments on long-term debt 116 (892 ) (1,146 ) (2,743 ) Amortization of interest rate swaps (a) 3,744 15,551 18,725 47,895 Other, net of capitalized interest (721 ) (338 ) (1,809 ) (508 ) Total $ 129,877 $ 141,287 $ 398,782 $ 432,221 (a) Amounts reclassified from "accumulated other comprehensive income (loss)." |
Foreign Currency Swaps (Tables)
Foreign Currency Swaps (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Item Swapped Notional Amount Forward Rate Start Date End Date Pay Amount Receive Amount Fair Value at September 30, 2015 May 2015 cash receipt from sale of CCAL A$1,400,000 0.8072 May 2015 June 2015 Australian Dollar US Dollar N/A (a) Installment payment from Buyer A$155,000 0.79835 May 2015 January 2016 Australian Dollar US Dollar $15,524 (b) (a) In conjunction with closing the CCAL sale on May 28, 2015, the Company cash settled the swap with a notional value of Australian dollar $ 1.4 billion and recorded a gain on foreign currency swaps of $ 54.5 million , which is included as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. (b) As of September 30, 2015 , the Company marked-to-market the swap with a notional value of Australian dollar $ 155 million and recorded (1) an asset within "other current assets" on the Company's condensed consolidated balance sheet and (2) a corresponding gain on foreign currency swaps , which is included as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 184,116 $ 184,116 $ 151,312 $ 151,312 Restricted cash, current and non-current 1 121,653 121,653 152,411 152,411 Foreign currency swaps 2 15,524 15,524 — — Liabilities: Long-term debt and other obligations 2 12,141,366 12,479,140 11,920,861 12,286,161 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Per Share Information | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income (loss) from continuing operations $ 104,301 $ 99,155 $ 382,561 $ 217,685 Dividends on preferred stock (10,997 ) (10,997 ) (32,991 ) (32,991 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 93,304 $ 88,158 $ 349,570 $ 184,694 Income (loss) from discontinued operations, net of tax (522 ) 8,882 1,000,708 28,502 Less: Net income (loss) attributable to the noncontrolling interest — 1,100 3,343 3,744 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations $ (522 ) $ 7,782 $ 997,365 $ 24,758 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 333,049 332,413 332,951 332,264 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 662 828 784 756 Diluted weighted-average number of common shares outstanding 333,711 333,241 333,735 333,020 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic 0.28 0.27 1.05 0.56 Income (loss) from discontinued operations, basic — 0.02 3.00 0.07 Net income (loss) attributable to CCIC common stockholders, basic 0.28 0.29 4.05 0.63 Income (loss) from continuing operations, diluted 0.28 0.26 1.05 0.55 Income (loss) from discontinued operations, diluted — 0.03 2.99 0.08 Net income (loss) attributable to CCIC common stockholders, diluted 0.28 0.29 4.04 0.63 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Dividends Payable [Line Items] | |
Dividends Declared [Table Text Block] | Declaration and Payment of Dividends During the nine months ended September 30, 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) Common Stock May 29, 2015 June 19, 2015 June 30, 2015 $ 0.82 $ 274.5 (a) Common Stock July 30, 2015 September 18, 2015 September 30, 2015 $ 0.82 $ 274.3 (a) Convertible Preferred Stock December 22, 2014 January 15, 2015 February 2, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock March 27, 2015 April 15, 2015 May 1, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock June 21, 2015 July 15, 2015 August 3, 2015 $ 1.1250 $ 11.0 Convertible Preferred Stock September 23, 2015 October 15, 2015 November 2, 2015 $ 1.1250 $ 11.0 (b) (a) Inclusive of dividends accrued for holders of unvested restricted stock units. (b) Represents amount paid on November 2, 2015 based on holders of record on October 15, 2015. |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | Nine Months Ended September 30, 2015 2014 Supplemental disclosure of cash flow information: Interest paid $ 364,147 $ 368,437 Income taxes paid 23,865 15,353 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (5,399 ) 2,827 Purchase of property and equipment under capital leases and installment purchases 41,331 27,772 Installment payment receivable for sale of CCAL (see note 3) 117,384 — |
General Business (Details)
General Business (Details) | Sep. 30, 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 | 55.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Significant Accounting Policies (Details) $ in Millions | Sep. 30, 2015USD ($) |
Accounting Policies [Abstract] | |
Deferred Finance Costs, Net | $ 110.9 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 1,100,000 | |
Installment payment receivable for sale of subsidiary | $ 117,384 | $ 0 |
CCAL [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 77.60% | |
inclusive of foreign currency derivative [Domain] | ||
Installment payment receivable for sale of subsidiary | $ 124,000 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations Historical Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Current assets | $ 61,289 | ||||||||
Property and equipment | 165,528 | ||||||||
Other non-current assets | 185,966 | ||||||||
Total assets related to discontinued operations | $ 0 | $ 0 | 412,783 | ||||||
Current liabilities | 94,297 | ||||||||
Non-current liabilities | 33,196 | ||||||||
Total liabilities related to discontinued operations | 0 | 0 | $ 127,493 | ||||||
Total revenues | [1] | $ 37,142 | 65,293 | [2] | $ 109,432 | ||||
Total cost of operations (a) | [1],[3] | 11,720 | 17,498 | [2] | 33,732 | ||||
Depreciation, amortization, and accretion | [1] | 7,656 | 10,168 | [2] | 20,323 | ||||
Total other expenses | [1] | 6,425 | 10,481 | [2] | 18,671 | ||||
Pre-tax income from discontinued operations | [1] | 11,341 | 27,146 | [2] | 36,706 | ||||
Net income (loss) from discontinued operations(d) | $ 0 | $ 8,882 | [1],[4] | $ 19,690 | [1],[2],[4] | $ 28,502 | [1],[4] | ||
[1] | No interest expense has been allocated to discontinued operations. | ||||||||
[2] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. | ||||||||
[3] | Exclusive of depreciation, amortization, and accretion shown seperately. | ||||||||
[4] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated statement of operations. |
Discontinued Operations Gain on
Discontinued Operations Gain on Sale of Subsidiary (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | May. 28, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | [1] | $ 1,139,369 | ||||
Installment payment receivable for sale of subsidiary | $ 117,384 | $ 0 | 117,384 | $ 0 | ||
Total Proceeds From Sale of Subsidiary | 1,256,753 | |||||
Net assets and liabilities related to discontinued operations | [2],[3] | 258,575 | ||||
Transaction fees and expense related to disposal of discontinued operations | 21,688 | |||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | [4] | (25,678) | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,002,168 | |||||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | 21,150 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (522) | $ 0 | 981,018 | $ 0 | ||
exclusive of foreign currency swap [Domain] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Installment payment receivable for sale of subsidiary | [1] | $ 117,384 | ||||
Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | $ 23,500 | |||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 11,100 | |||||
[1] | Exclusive of foreign currency swaps and based on exchange rates as of May 28, 2015, which was the closing date of the Company's sale of CCAL. See note 6. The impact of fluctuations in the exchange rate subsequent to the closing date are reflected as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. | |||||
[2] | Inclusive of $11.1 million of cash. | |||||
[3] | Represents net assets attributable to CCIC, net of the disposition of noncontrolling interest of $23.5 million. | |||||
[4] | Represents foreign currency translation adjustments previously included in "accumulated other comprehensive income (loss)" on the condensed consolidated balance sheet and reclassified to "gain (loss) from disposal of discontinued operations". |
Acquisitions (Details)
Acquisitions (Details) - Sunesys [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred | $ 1,000,000 |
Fiber Miles | 10,000 |
Percentage of FIber Miles | 60.00% |
Current assets | $ 12,821 |
Property and equipment | 432,106 |
Goodwill | 347,547 |
Other intangible assets, net | 249,935 |
Current liabilities | (25,418) |
Other non-current liabilities | (29,065) |
Net assets acquired | $ 987,926 |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Debt Instrument [Line Items] | |||||
Proceeds from Lines of Credit | $ 1,560,000,000 | $ 567,000,000 | |||
Debt and Capital Lease Obligations | 12,141,366,000 | $ 11,920,861,000 | |||
Less: current maturities and short-term debt and other current obligations | 102,188,000 | 113,335,000 | |||
Non-current portion of long-term debt and other long-term obligations | 12,039,178,000 | 11,807,526,000 | |||
Term Loans Tranche B - Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 564,100,000 | ||||
Capital Lease Obligations and Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Contractual maturity date | [1] | Various | |||
Original Debt Issuance Date | [1] | Various | |||
Percentage of debt instrument interest rate stated | [1],[2] | Various | |||
Debt and Capital Lease Obligations | $ 197,330,000 | 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 | 1,200,000,000 | ||||
Bank Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 3,901,263,000 | 4,176,447,000 | |||
Bank Debt [Member] | Variable Rate Revolver 2012 [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jan. 1, 2012 | ||||
Contractual maturity date | [1] | Jan. 2019 | |||
Stated interest rate | [1],[2] | 2.00% | |||
Debt and Capital Lease Obligations | $ 1,015,000,000 | [3] | 695,000,000 | ||
Bank Debt [Member] | Variable Rate 2012 Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jan. 1, 2012 | ||||
Contractual maturity date | [1] | Jan. 2019 | |||
Stated interest rate | [1],[2] | 1.90% | |||
Debt and Capital Lease Obligations | $ 633,516,000 | 645,938,000 | |||
Bank Debt [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jan. 1, 2012 | ||||
Contractual maturity date | [1] | Jan. 2021 | |||
Stated interest rate | [1],[2] | 3.00% | |||
Debt and Capital Lease Obligations | $ 2,252,747,000 | [4] | 2,835,509,000 | ||
Securitized Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 4,046,399,000 | 3,573,208,000 | |||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | [1],[2] | 3.222% | |||
Debt and Capital Lease Obligations | $ 300,000,000 | ||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | [1],[2] | 3.663% | |||
Debt and Capital Lease Obligations | $ 700,000,000 | ||||
Securitized Debt [Member] | 2015 Tower Revenue Notes [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 1,000,000,000 | ||||
Securitized Debt [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jan. 1, 2010 | ||||
Contractual maturity date | [1],[5] | 2037 - 2040 | |||
Stated interest rate | [1],[2] | 6.00% | |||
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 | Aug. 1, 2010 | ||||
Contractual maturity date | [1],[5],[6] | 2037 - 2040 | |||
Stated interest rate | [1],[2] | 4.70% | |||
Debt and Capital Lease Obligations | $ 1,300,000,000 | 1,550,000,000 | |||
Securitized Debt [Member] | Fixed Rate Securitized Debt May 2015 Tower Revenue Notes [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | May 1, 2015 | ||||
Contractual maturity date | [1],[5],[6] | 2042 - 2045 | |||
Stated interest rate | [1],[2] | 3.50% | |||
Debt and Capital Lease Obligations | $ 1,000,000,000 | 0 | |||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jul. 1, 2009 | ||||
Contractual maturity date | [1] | 2019/2029 | |||
Stated interest rate | [1],[2] | 7.60% | |||
Debt and Capital Lease Obligations | $ 146,399,000 | 160,822,000 | |||
Securitized Debt [Member] | WCP Securitized Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Jan. 1, 2010 | ||||
Contractual maturity date | [1],[6] | Nov. 2040 | |||
Percentage of debt instrument interest rate stated | [1],[2] | N/A | |||
Debt and Capital Lease Obligations | $ 0 | 262,386,000 | |||
High Yield Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | $ 3,996,374,000 | 3,996,031,000 | |||
High Yield Bonds [Member] | Five and One Fourth Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Oct. 1, 2012 | ||||
Contractual maturity date | [1] | Jan. 2023 | |||
Stated interest rate | [1],[2] | 5.30% | |||
Debt and Capital Lease Obligations | $ 1,649,969,000 | 1,649,969,000 | |||
High Yield Bonds [Member] | 2012 Secured Notes [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Original issue date | Dec. 1, 2012 | ||||
Contractual maturity date | [1] | Dec. 2017/Apr. 2023 | |||
Stated interest rate | [1],[2] | 3.40% | |||
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 | Apr. 1, 2014 | ||||
Contractual maturity date | [1] | Apr. 2022 | |||
Stated interest rate | 4.90% | ||||
Debt and Capital Lease Obligations | $ 846,405,000 | $ 846,062,000 | |||
August 2010 Tower Revenue Notes ARD [Domain] | Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt and Capital Lease Obligations | 250,000,000 | ||||
Sunesys [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Lines of Credit | $ 835,000,000 | ||||
[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. During August 2015, the Company utilized borrowings under the 2012 Revolver of $835.0 million, along with cash on hand, to fund the Sunesys Acquisition. See note 4. As of September 30, 2015, the undrawn availability under the 2012 Revolver was $1.2 billion. | ||||
[4] | During the second quarter of 2015, the Company repaid the portion of its Tranche B Term Loans that were due January 2019, which had an outstanding balance of $564.1 million. | ||||
[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. | ||||
[6] | In May 2015, the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("May 2015 Tower Revenue Notes"), which were issued by certain of its indirect subsidiaries pursuant to the existing indenture governing the 2010 Tower Revenue Notes and having similar terms and security as the 2010 Tower Revenue Notes. The 2015 Tower Revenue Notes consist of (1) $300.0 million aggregate principal amount of 3.222% Notes with an expected life of seven years and a final maturity date of May 2042 and (2) $700.0 million aggregate principal amount of 3.663% Notes with an expected life of ten years and a final maturity date of May 2045. The Company used the net proceeds received from the May 2015 Tower Revenue Notes offering (1) to repay $250.0 million aggregate principal amount of August 2010 Tower Revenue Notes with an anticipated repayment date of August 2015, (2) to repay all of the previously outstanding WCP Securitized Notes, (3) to repay portions of outstanding borrowings under its 2012 Credit Facility, and (4) to pay related fees and expenses. Collectively, the 2010 Tower Revenue Notes and the May 2015 Tower Revenue Notes are referred to herein as the "Tower Revenue Notes." |
Debt and Other Obligations (I37
Debt and Other Obligations (Indebtedness) (Textuals) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||||
Debt Instrument [Line Items] | |||||||||
Interest expense and amortization of deferred financing costs | $ 129,877,000 | $ 141,287,000 | $ 398,782,000 | $ 432,221,000 | |||||
Long-term Debt, Gross | 12,144,961,000 | 12,144,961,000 | |||||||
Debt and Capital Lease Obligations | 12,141,366,000 | 12,141,366,000 | $ 11,920,861,000 | ||||||
Term Loans Tranche B - Due 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | 564,100,000 | $ 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% | ||||||||
Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of interest rate swaps | 3,744,000 | [1] | $ 15,551,000 | $ 18,725,000 | [1] | $ 47,895,000 | [1] | ||
Securitized Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | 4,046,399,000 | 4,046,399,000 | 3,573,208,000 | ||||||
Securitized Debt [Member] | WCP Securitized Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | 0 | 0 | 262,386,000 | ||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | 1,000,000,000 | 1,000,000,000 | |||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | $ 300,000,000 | $ 300,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[3] | 3.222% | 3.222% | ||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | $ 700,000,000 | $ 700,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[3] | 3.663% | 3.663% | ||||||
Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | $ 1,300,000,000 | $ 1,300,000,000 | $ 1,550,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[3] | 4.70% | 4.70% | ||||||
CCOC [Member] | 2012 Credit Facility [Member] | Variable Rate Revolver 2012 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total revolving commitment | $ 2,200,000,000 | $ 2,200,000,000 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 1,200,000,000 | 1,200,000,000 | |||||||
August 2010 Tower Revenue Notes ARD [Domain] | Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Capital Lease Obligations | $ 250,000,000 | $ 250,000,000 | |||||||
[1] | Amounts reclassified from "accumulated other comprehensive income (loss)." | ||||||||
[2] | Represents the weighted-average stated interest rate. | ||||||||
[3] | 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. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Debt and Other Obligations [Abstract] | |||||||
Interest expense on debt obligations | $ 121,287 | $ 121,450 | $ 366,388 | $ 370,899 | |||
Amortization of deferred financing costs | 5,451 | 5,516 | 16,624 | 16,678 | |||
Amortization of adjustments on long-term debt | 116 | (892) | (1,146) | (2,743) | |||
Other | (721) | (338) | (1,809) | (508) | |||
Total | 129,877 | 141,287 | 398,782 | 432,221 | |||
Interest Rate Swap [Member] | |||||||
Debt and Other Obligations [Abstract] | |||||||
Amortization of interest rate swaps | $ 3,744 | [1] | $ 15,551 | $ 18,725 | [1] | $ 47,895 | [1] |
[1] | Amounts reclassified from "accumulated other comprehensive income (loss)." |
Debt and Other Obligations Reti
Debt and Other Obligations Retirement of Long-term Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Extinguishment of Debt [Line Items] | ||||||
Write-off of deferred financing costs and discounts | $ 4,200 | |||||
Extinguishment of Debt, Amount | 1,069,361 | |||||
Repayments of Other Long-term Debt | 1,069,337 | [1] | $ 836,899 | |||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 0 | (4,157) | [2] | $ (44,629) | |
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 250,000 | |||||
Repayments of Other Long-term Debt | [1] | 250,000 | ||||
Gains (Losses) on Extinguishment of Debt | [2] | (159) | ||||
WCP Securitized Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 252,830 | |||||
Repayments of Other Long-term Debt | [1] | 252,830 | ||||
Gains (Losses) on Extinguishment of Debt | [2] | 2,105 | ||||
Term Loans Tranche B - Due 2019 [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 564,137 | |||||
Repayments of Other Long-term Debt | [1] | 564,137 | ||||
Gains (Losses) on Extinguishment of Debt | [2] | (6,127) | ||||
Other Debt Obligations [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 2,394 | |||||
Repayments of Other Long-term Debt | [1] | 2,370 | ||||
Gains (Losses) on Extinguishment of Debt | [2] | $ 24 | ||||
[1] | Exclusive of accrued interest. | |||||
[2] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Contractual Maturities [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 3,595 | |
Debt and Capital Lease Obligations | 12,141,366 | $ 11,920,861 |
Long-term Debt, Gross | 12,144,961 | |
Repayments of debt 2015 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 23,049 | |
Repayments of debt 2016 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 105,640 | |
Repayments of debt 2017 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 601,859 | |
repayments of debt 2018 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 98,208 | |
repayments of debt 2019 [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,602,265 | |
Repayments of debt thereafter [Member] | ||
Contractual Maturities [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 9,713,940 |
Foreign Currency Swaps (Details
Foreign Currency Swaps (Details) AUD in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015AUD | Sep. 30, 2015USD ($) | May. 28, 2015USD ($) | ||
Derivative [Line Items] | |||||||
Installment payment receivable for sale of subsidiary | $ 0 | $ 117,384 | |||||
Gains (losses) on settled swaps | $ 54,475 | $ 0 | |||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 10,200 | 70,000 | |||||
exclusive of foreign currency swap [Domain] | |||||||
Derivative [Line Items] | |||||||
Installment payment receivable for sale of subsidiary | [1] | $ 117,384 | |||||
Foreign Exchange [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | AUD | AUD 1,400,000 | ||||||
May 2015 cash receipt from sale of CCAL [Domain] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | AUD | AUD 1,400,000 | ||||||
Derivative, Currency Bought | Australian Dollar | ||||||
Derivative, Currency Sold | US Dollar | ||||||
Derivative, Maturity Date | Jun. 12, 2015 | ||||||
Derivative, Inception Date | May 14, 2015 | ||||||
Derivative, Forward Exchange Rate | 0.8072 | 0.8072 | |||||
Installment payment from Buyer [Domain] | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | AUD | AUD 155,000 | ||||||
Derivative, Currency Bought | Australian Dollar | ||||||
Derivative, Currency Sold | US Dollar | ||||||
Derivative, Maturity Date | Jan. 4, 2016 | ||||||
Derivative, Inception Date | May 14, 2015 | ||||||
Derivative, Forward Exchange Rate | 0.7984 | 0.7984 | |||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 15,524 | ||||||
[1] | Exclusive of foreign currency swaps and based on exchange rates as of May 28, 2015, which was the closing date of the Company's sale of CCAL. See note 6. The impact of fluctuations in the exchange rate subsequent to the closing date are reflected as a component of "other income (expense)" on the Company's condensed consolidated statement of operations. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, carrying value | $ 184,116,000 | $ 151,312,000 |
Cash and cash equivalents, fair value | 184,116,000 | 151,312,000 |
Restricted cash, current and non-current, carrying value | 121,653,000 | 152,411,000 |
Restricted cash, current and non-current, fair value | 121,653,000 | 152,411,000 |
Foreign currency swaps, at carrying value | 15,524,000 | 0 |
Foreign currency swaps, at fair value | 15,524,000 | 0 |
Long-term debt and other obligations, carrying amount | 12,141,366,000 | 11,920,861,000 |
Long-term debt and other obligations, fair value | 12,479,140,000 | $ 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] | ||
Derivative, Gain (Loss) on Derivative, Net | 2 | |
Long-term debt and other obligations, carrying amount | $ 2 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2015 | |
Current Federal Tax Expense (Benefit) [Line Items] | ||
Operating Loss Carryforwards | $ 2,000,000,000 | |
May 2015 cash receipt from sale of CCAL [Domain] | ||
Current Federal Tax Expense (Benefit) [Line Items] | ||
Current Income Tax Expense (Benefit) | $ 21,200,000 | |
Operating Loss Carryforwards | $ 1,000,000,000 |
Per Share Information (Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Per Share Information | ||||
Net income (Loss) from Continuing Operations Attributable to Parent | $ 104,301 | $ 99,155 | $ 382,561 | $ 217,685 |
Dividends on preferred stock | 10,997 | 10,997 | 32,991 | 32,991 |
Income (Loss) from Discontinued Operations, Net of Tax and Gain (Loss) on Disposal | (522) | 8,882 | 1,000,708 | 28,502 |
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 1,100 | 3,343 | 3,744 |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 92,782 | $ 95,940 | $ 1,346,935 | $ 209,452 |
Basic weighted-average number of common stock outstanding | 333,049,000 | 332,413,000 | 332,951,000 | 332,264,000 |
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 662,000 | 828,000 | 784,000 | 756,000 |
Diluted weighted-average number of common shares outstanding | 333,711,000 | 333,241,000 | 333,735,000 | 333,020,000 |
Basic | $ 0.28 | $ 0.29 | $ 4.05 | $ 0.63 |
Diluted | $ 0.28 | $ 0.29 | $ 4.04 | $ 0.63 |
Continuing Operations [Member] | ||||
Per Share Information | ||||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 93,304 | $ 88,158 | $ 349,570 | $ 184,694 |
Basic | $ 0.28 | $ 0.27 | $ 1.05 | $ 0.56 |
Diluted | $ 0.28 | $ 0.26 | $ 1.05 | $ 0.55 |
Discontinued Operations [Member] | ||||
Per Share Information | ||||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ (522) | $ 7,782 | $ 997,365 | $ 24,758 |
Basic | $ 0 | $ 0.02 | $ 3 | $ 0.07 |
Diluted | $ 0 | $ 0.03 | $ 2.99 | $ 0.08 |
Per Share Information (Narrativ
Per Share Information (Narrative) (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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 | 12.4 | 12.3 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2015 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 55.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Dividends Payable [Line Items] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.82 | $ 0.82 | $ 0.82 | ||||
Dividends, Common Stock, Cash | [1] | $ 274,300,000 | $ 274,500,000 | $ 274,700,000 | |||
Common stock repurchased during period, shares | 0.3 | ||||||
Purchases of capital stock | $ 29,576,000 | $ 21,778,000 | |||||
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | Jul. 30, 2015 | May 29, 2015 | Feb. 12, 2015 | ||||
Dividends Payable, Date to be Paid | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | ||||
Dividends Payable, Date of Record | Sep. 18, 2015 | Jun. 19, 2015 | Mar. 20, 2015 | ||||
Mandatory Convertible Preferred stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | Jun. 21, 2015 | Mar. 27, 2015 | Dec. 22, 2014 | ||||
Dividends Payable, Date to be Paid | Aug. 3, 2015 | May 1, 2015 | Feb. 2, 2015 | ||||
Dividends Payable, Date of Record | Jul. 15, 2015 | Apr. 15, 2015 | Jan. 15, 2015 | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.1250 | $ 1.1250 | $ 1.1250 | ||||
Dividends, Preferred Stock, Cash | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | ||||
Mandatory Convertible Preferred stock [Member] | Paid subsequent to quarter end [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | Sep. 23, 2015 | ||||||
Dividends Payable, Date to be Paid | Nov. 2, 2015 | ||||||
Dividends Payable, Date of Record | Oct. 15, 2015 | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.1250 | ||||||
Dividends, Preferred Stock, Cash | [2] | $ 11,000,000 | |||||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units. | ||||||
[2] | Represents amount paid on November 2, 2015 based on holders of record on October 15, 2015. |
Equity Other Equity Activity (D
Equity Other Equity Activity (Details) $ in Millions | Sep. 30, 2015USD ($) |
Equity [Abstract] | |
Common Stock, Capital Shares Reserved for Future Issuance | $ 500 |
Supplemental Cash Flow Inform49
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Cash Flow Information [Line Items] | ||
Interest paid | $ 364,147 | $ 368,437 |
Income taxes paid | 23,865 | 15,353 |
Increase (decrease) in accounts payable for purchases of property and equipment | (5,399) | 2,827 |
Purchase of property and equipment under capital leases and installment purchases | 41,331 | 27,772 |
Installment payment receivable for sale of subsidiary | $ 117,384 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.82 | $ 0.82 | $ 0.82 |
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Jul. 30, 2015 | May 29, 2015 | Feb. 12, 2015 |
Dividends Payable, Date to be Paid | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Dividends Payable, Date of Record | Sep. 18, 2015 | Jun. 19, 2015 | Mar. 20, 2015 |
Common Stock [Member] | Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Oct. 19, 2015 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.885 | ||
Dividends Payable, Date to be Paid | Dec. 31, 2015 | ||
Dividends Payable, Date of Record | Dec. 18, 2015 |