Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 333,768,610 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 26.6 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 178,810 | $ 151,312 |
Restricted cash | 130,731 | 147,411 |
Receivables, net of allowance of $9,574 and $10,037, respectively | 313,296 | 313,308 |
Prepaid expenses | 133,194 | 138,873 |
Other current assets | 225,214 | 119,309 |
Disposal Group, Including Discontinued Operation, Assets | 0 | 412,783 |
Total current assets | 981,245 | 1,282,996 |
Deferred site rental receivables | 1,306,408 | 1,202,058 |
Property and equipment, net | 9,580,057 | 8,982,783 |
Goodwill | 5,513,551 | 5,196,485 |
Site rental contracts and customer relationships, net | 3,421,180 | 3,287,144 |
Other intangible assets, net | 358,735 | 394,407 |
Long-term prepaid rent, deferred financing costs and other assets, net | 875,069 | 797,403 |
Total assets | 22,036,245 | 21,143,276 |
LIABILITIES AND EQUITY | ||
Accounts payable | 159,629 | 162,397 |
Accrued interest | 66,975 | 66,943 |
Deferred revenues | 322,623 | 279,882 |
Other accrued liabilities | 199,923 | 182,081 |
Current maturities of debt and other obligations | 106,219 | 113,335 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 127,493 |
Total current liabilities | 855,369 | 932,131 |
Debt and other long-term obligations | 12,143,019 | 11,807,526 |
Other long-term liabilities | 1,948,636 | 1,666,391 |
Total liabilities | $ 14,947,024 | $ 14,406,048 |
Commitments and contingencies (see note 14) | ||
CCIC stockholders' equity: | ||
Common stock, $.01 par value; 600,000,000 shares authorized; shares issued and outstanding: December 31, 2015—333,771,660 and December 31, 2014—333,856,632 | $ 3,338 | $ 3,339 |
4.50% Mandatory Convertible Preferred Stock, Series A, $.01 par value; 20,000,000 shares authorized; shares issued and outstanding: December 31, 2015 and 2014—9,775,000; aggregate liquidation value: December 31, 2015 and 2014—$977,500 | 98 | 98 |
Additional paid-in capital | 9,548,580 | 9,512,396 |
Accumulated other comprehensive income (loss) | (4,398) | 15,820 |
Dividends/distributions in excess of earnings | (2,458,397) | (2,815,428) |
Total CCIC stockholders' equity | 7,089,221 | 6,716,225 |
Noncontrolling interest from discontinued operations | 0 | 21,003 |
Total equity | 7,089,221 | 6,737,228 |
Total liabilities and equity | $ 22,036,245 | $ 21,143,276 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable, current | $ 9,574,000 | $ 10,037,000 |
4.5% Mandatory Convertible Preferred Stock, Par or Stated Value Per Share (dollars per share) | $ 0.01 | $ 0.01 |
4.5% Mandatory Convertible Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
4.5% Mandatory Convertible Preferred Stock, shares issued | 9,775,000 | 9,775,000 |
4.5% Mandatory Convertible Preferred Stock, shares outstanding | 9,775,000 | 9,775,000 |
Mandatory redemption and aggregate liquidation value, 4.5% Mandatory Convertible Preferred Stock | $ 977,500,000 | $ 977,500,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 333,771,660 | 333,856,632 |
Common stock, shares outstanding | 333,771,660 | 333,856,632 |
Consolidated Statement of Opera
Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Net revenues: | |||||||
Site rental | $ 3,018,413 | $ 2,866,613 | $ 2,371,380 | ||||
Network services and other | 645,438 | 672,143 | 494,371 | ||||
Net revenues | 3,663,851 | 3,538,756 | 2,865,751 | ||||
Costs of Operations: | |||||||
Site rental | [1] | 963,869 | 906,152 | 686,873 | |||
Network services and other | [1] | 357,557 | 400,454 | 304,144 | |||
General and administrative | 310,921 | 257,296 | 213,519 | ||||
Asset write-down charges | 33,468 | 14,246 | 13,595 | ||||
Acquisition and integration costs | 15,678 | 34,145 | 25,574 | ||||
Depreciation, amortization and accretion | 1,036,178 | 985,781 | 741,342 | ||||
Total operating expenses | 2,717,671 | 2,598,074 | 1,985,047 | ||||
Operating income (loss) | 946,180 | 940,682 | 880,704 | ||||
Interest expense and amortization of deferred financing costs | (527,128) | (573,291) | (589,630) | ||||
Gains (losses) on retirement of long-term obligations | (4,157) | [2] | (44,629) | [3] | (37,127) | [4] | |
Interest income | 1,906 | 315 | 956 | ||||
Other income (expense) | 57,028 | 11,993 | (3,902) | ||||
Income (loss) from continuing operations before income taxes | 473,829 | 335,070 | 251,001 | ||||
Benefit (provision) for income taxes | 51,457 | 11,244 | (191,000) | ||||
Income (Loss) from Continuing Operations Attributable to Parent | 525,286 | 346,314 | 60,001 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [6],[7] | 19,690 | [5] | 52,460 | [5] | 33,900 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 979,359 | 0 | 0 | ||||
Income (Loss) from Discontinued Operations, Net of Tax and Gain (Loss) on Disposal | 999,049 | 52,460 | 33,900 | ||||
Income (loss) from continuing operations | 1,524,335 | 398,774 | 93,901 | ||||
Less: Net income (loss) attributable to the noncontrolling interest | 3,343 | 8,261 | 3,790 | ||||
Net income (loss) attributable to CCIC stockholders | 1,520,992 | 390,513 | 90,111 | ||||
Dividends on preferred stock | (43,988) | (43,988) | (11,363) | ||||
Net income (loss) attributable to CCIC common stockholders | 1,477,004 | 346,525 | 78,748 | ||||
Net income (loss) from continuing operations | 1,524,335 | 398,774 | 93,901 | ||||
Derivative instruments, net of taxes | |||||||
Interest rate swaps reclassified into results of operations, net of taxes | 18,725 | 63,148 | 82,043 | ||||
Foreign currency translation adjustments | (14,137) | (25,432) | (45,714) | ||||
Amounts reclassified into discontinued operations for foreign currency translation adjustments | (25,678) | 0 | 0 | ||||
Total other comprehensive income (loss) | [8] | (21,090) | 37,716 | 36,329 | |||
Comprehensive income (loss) | 1,503,245 | 436,490 | 130,230 | ||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 6,545 | 1,940 | ||||
Comprehensive income (loss) attributable to CCIC stockholders | $ 1,503,245 | $ 429,945 | $ 128,290 | ||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic (in dollars per share) | $ 4.44 | $ 1.04 | $ 0.26 | ||||
Diluted (in dollars per share) | $ 4.42 | $ 1.04 | $ 0.26 | ||||
Weighted-average common shares outstanding (in thousands): | |||||||
Basic (in shares) | 333,002 | 332,302 | 298,083 | ||||
Diluted (in shares) | 334,062 | 333,265 | 299,293 | ||||
Dividends/distributions declared per share | $ 3.35 | $ 1,870 | $ 0 | ||||
Discontinued Operations [Member] | |||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic (in dollars per share) | 2.99 | 0.13 | 0.10 | ||||
Diluted (in dollars per share) | $ 2.98 | $ 0.13 | $ 0.10 | ||||
Continuing Operations [Member] | |||||||
Costs of Operations: | |||||||
Net income (loss) attributable to CCIC common stockholders | $ 481,298 | $ 302,326 | $ 48,638 | ||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic (in dollars per share) | $ 1.45 | $ 0.91 | $ 0.16 | ||||
Diluted (in dollars per share) | $ 1.44 | $ 0.91 | $ 0.16 | ||||
[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] | The losses predominately relate to cash losses, including make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | ||||||
[4] | The losses predominately relate to cash losses, including make whole payments. | ||||||
[5] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. | ||||||
[6] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the consolidated statement of operations. | ||||||
[7] | No interest expense has been allocated to discontinued operations. | ||||||
[8] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)" and note 9 with respect to the reclassification adjustment. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Cash flows from operating activities: | ||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 525,286 | $ 346,314 | $ 60,001 | |||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||
Depreciation, amortization and accretion | 1,036,178 | 985,781 | 741,342 | |||
Gains (losses) on retirement of long-term obligations | 4,157 | [1] | 44,629 | [2] | 37,127 | [3] |
Realized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated As Hedging Instruments | (54,475) | 0 | 0 | |||
Amortization of deferred financing costs and other non-cash interest | 37,126 | 80,854 | 99,245 | |||
Stock-based compensation expense | 60,773 | 51,497 | 39,030 | |||
Asset write-down charges | 33,468 | 14,246 | 13,595 | |||
Deferred income tax benefit (provision) | (60,618) | (21,859) | 174,269 | |||
Other non-cash adjustments, net | (8,915) | (25,679) | 2,974 | |||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||
Increase (decrease) in accrued interest | 32 | 1,361 | 12,990 | |||
Increase (decrease) in accounts payable | (5,287) | 12,281 | 28,665 | |||
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 325,880 | 397,363 | 242,687 | |||
Decrease (increase) in receivables | 12,668 | (77,116) | (64,026) | |||
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | (112,248) | (209,475) | (216,840) | |||
Net cash provided by (used for) operating activities | 1,794,025 | 1,600,197 | 1,171,059 | |||
Cash flows from investing activities: | ||||||
Payment for acquisitions of businesses, net of cash acquired | (1,102,179) | (461,651) | (4,931,752) | |||
Capital expenditures | (908,892) | (758,535) | (534,809) | |||
Realized Gain (loss) on Foreign Currency Derivative Instruments Not Designated as a Hedge | 54,475 | 0 | 0 | |||
Other investing activities, net | (3,138) | 3,477 | 7,276 | |||
Net cash provided by (used for) investing activities | (1,959,734) | (1,216,709) | (5,459,285) | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of long-term debt | 1,000,000 | 845,750 | 1,618,430 | |||
Net proceeds from issuance of capital stock | 0 | 0 | 2,980,586 | |||
Net proceeds from issuance of preferred stock | 0 | 0 | 950,886 | |||
Principal payments on debt and other long-term obligations | (102,866) | (116,426) | (101,322) | |||
Purchases and redemptions of long-term debt | (1,069,337) | (836,899) | (762,970) | |||
Purchases of capital stock | (29,657) | (21,872) | (99,458) | |||
Borrowings under revolving credit facility | 1,790,000 | 1,019,000 | 976,032 | |||
Payments under revolving credit facility | (1,360,000) | (698,000) | (1,855,032) | |||
Payments for financing costs | (19,642) | (15,899) | (30,001) | |||
Net (increase) decrease in restricted cash | 16,458 | 30,010 | 385,982 | |||
Dividends/distributions paid on common stock | (1,116,444) | (624,297) | 0 | |||
Dividends paid on preferred stock | (43,988) | (44,354) | 0 | |||
Net cash provided by (used for) financing activities | (935,476) | (462,987) | 4,063,133 | |||
Net Cash Provided by (Used in) Continuing Operations | (1,101,185) | (79,499) | (225,093) | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 2,700 | 65,933 | 66,597 | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 1,103,577 | (26,196) | (61,684) | |||
Net Cash Provided by (Used in) Discontinued Operations | 1,106,277 | 39,737 | 4,913 | |||
Effect of exchange rate changes on cash | (1,902) | (8,012) | 2,210 | |||
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations Period Start | 175,620 | 223,394 | 441,364 | |||
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations Period End | $ 178,810 | $ 175,620 | $ 223,394 | |||
[1] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | |||||
[2] | The losses predominately relate to cash losses, including make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||
[3] | The losses predominately relate to cash losses, including make whole payments. |
Consolidated Statement of Conve
Consolidated Statement of Convertible Preferred Stock and Equity - USD ($) $ in Thousands | Total | 4.5% Mandatory Convertible Preferred Stock | Common Stock [Member] | Additional Paid-in Capital | Foreign Currency Translation Adjustments | Derivative Instruments | Dividends/Distributions in Excess of Earnings | Noncontrolling Interest | AOCI Attributable to Parent [Member] | 4.5% Mandatory Convertible Preferred Stock | 4.5% Mandatory Convertible Preferred StockAdditional Paid-in Capital | Common Stock [Member] | Common Stock [Member]Additional Paid-in Capital | Discontinued Operations [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding | 0 | |||||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (61,791) | |||||||||||||||
Balance, value at Dec. 31, 2012 | 2,951,264 | $ 0 | $ 2,932 | $ 5,623,595 | $ 102,125 | $ (163,916) | $ (2,625,990) | $ 12,518 | ||||||||
Balance, (in shares) at Dec. 31, 2012 | 293,164,786 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 39,030 | $ 9 | 39,021 | |||||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 934,691 | |||||||||||||||
Purchases and retirement of capital stock, value | (99,458) | $ (14) | (99,444) | |||||||||||||
Purchases and retirement of capital stock, shares | (1,429,461) | |||||||||||||||
Net proceeds from issuance, shares | 9,800,000 | 41,400,000 | 9,775,000 | 41,400,000 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ (98) | $ (414) | $ 950,886 | $ (950,788) | $ 2,980,586 | $ (2,980,172) | ||||||||||
Net proceeds from issuance of preferred stock | 950,886 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | 36,329 | (43,864) | 82,043 | (1,850) | $ 38,179 | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (45,714) | |||||||||||||||
Derivative instruments reclassified into results of operations, net of tax | 82,043 | |||||||||||||||
Preferred stock dividends | (11,363) | (11,363) | ||||||||||||||
Income (loss) from continuing operations | 93,901 | 90,111 | 3,790 | |||||||||||||
Balance, value at Dec. 31, 2013 | 6,941,175 | $ 98 | $ 3,341 | 9,482,769 | 58,261 | (81,873) | (2,535,879) | 14,458 | ||||||||
Balance, (in shares) at Dec. 31, 2013 | 334,070,016 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding | 9,775,000 | |||||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (23,612) | |||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 51,497 | $ 1 | 51,496 | |||||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 79,490 | |||||||||||||||
Purchases and retirement of capital stock, value | (21,872) | $ (3) | (21,869) | |||||||||||||
Purchases and retirement of capital stock, shares | (292,874) | |||||||||||||||
Proceeds from Issuance of Common Stock | 3,000,000 | |||||||||||||||
Net proceeds from issuance of preferred stock | 0 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | 37,716 | (23,716) | 63,148 | 39,432 | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (25,432) | (1,716) | [1] | |||||||||||||
Derivative instruments reclassified into results of operations, net of tax | 63,148 | |||||||||||||||
Common stock dividends/distributions | (626,074) | (626,074) | ||||||||||||||
Dividends, Preferred Stock | 43,988 | 43,988 | ||||||||||||||
Income (loss) from continuing operations | 398,774 | 390,513 | 8,261 | |||||||||||||
Balance, value at Dec. 31, 2014 | $ 6,737,228 | $ 98 | $ 3,339 | 9,512,396 | 34,545 | (18,725) | (2,815,428) | 21,003 | ||||||||
Balance, (in shares) at Dec. 31, 2014 | 333,856,632 | 333,856,632 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding | 9,775,000 | 9,775,000 | ||||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ 15,820 | |||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 65,840 | $ 2 | 65,838 | |||||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 251,554 | |||||||||||||||
Purchases and retirement of capital stock, value | (29,657) | $ (3) | (29,654) | |||||||||||||
Purchases and retirement of capital stock, shares | (336,526) | |||||||||||||||
Net proceeds from issuance of preferred stock | 0 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | (21,090) | (38,943) | 18,725 | $ (20,218) | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (14,137) | (872) | [1] | |||||||||||||
Derivative instruments reclassified into results of operations, net of tax | 18,725 | |||||||||||||||
Noncontrolling Interest, Period Increase (Decrease) | $ (23,474) | |||||||||||||||
Common stock dividends/distributions | (1,119,973) | (1,119,973) | ||||||||||||||
Dividends, Preferred Stock | 43,988 | 43,988 | ||||||||||||||
Income (loss) from continuing operations | 1,524,335 | 1,520,992 | 3,343 | |||||||||||||
Balance, value at Dec. 31, 2015 | $ 7,089,221 | $ 98 | $ 3,338 | $ 9,548,580 | $ (4,398) | $ 0 | $ (2,458,397) | $ 0 | ||||||||
Balance, (in shares) at Dec. 31, 2015 | 333,771,660 | 333,771,660 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
4.5% Mandatory Convertible Preferred Stock, shares outstanding | 9,775,000 | 9,775,000 | ||||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (4,398) | |||||||||||||||
[1] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)" and note 9 with respect to the reclassification adjustment. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Crown Castle International Corp. and its predecessor, as applicable (together, "CCIC"), and their subsidiaries, collectively referred to herein as the "Company." All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. The Company owns, operates, and leases shared wireless infrastructure, including: (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) small cell networks supported by fiber (collectively, "small cells" and, together with towers, "wireless infrastructure"). The Company conducts operations through subsidiaries of Crown Castle Operating Company ("CCOC"), including certain subsidiaries which operate wireless infrastructure portfolios in 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 shared wireless infrastructure via long-term contracts in various forms, including licenses, subleases and lease agreements (collectively, "leases"). The Company's wireless infrastructure is geographically dispersed throughout the U.S. Approximately 54% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, or other agreements with AT&T, Sprint, and T-Mobile. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Additional information concerning these towers is as follows: ◦ Approximately 23% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with AT&T for a weighted-average initial term of approximately 28 years, weighted on site rental gross margin. The Company has the option to purchase the leased and subleased towers from AT&T at the end of the respective lease or sublease terms for aggregate option payments of approximately $4.2 billion , which payments, if exercised, would be due between 2032 and 2048. ◦ Approximately 16% of the Company's towers are leased or subleased or operated and managed for an initial period of 32 years (through May 2037) under master leases, subleases, or other agreements with Sprint. The Company has the option to purchase in 2037 all (but not less than all) of the leased and subleased Sprint towers from Sprint for approximately $2.3 billion . ◦ Approximately 15% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with T-Mobile for a weighted-average initial term of approximately 28 years, weighted on site rental gross margin. The Company has the option to purchase the leased and subleased towers from T-Mobile at the end of the respective lease or sublease terms for aggregate option payments of approximately $2.0 billion , which payments, if exercised would be due between 2035 and 2049. In addition, through the T-Mobile Acquisition (as defined in note 4 ), there are another approximately 1% of the Company's towers subject to a lease and sublease or other related arrangements with AT&T. The Company has the option to purchase these towers that it does not otherwise already own at the end of their respective lease terms for aggregate option payments of up to approximately $405 million , which payments, if exercised, would be due between 2018 and 2032 (less than $10 million would be due before 2025). 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 tenant equipment installations on its wireless infrastructure: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). Effective January 1, 2014, the Company commenced operating as a real estate investment trust ("REIT") for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 11 . The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Restricted Cash Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. The Company has classified the increases and decreases in restricted cash as (1) cash provided by financing activities for cash held by indenture trustees based on consideration of the terms of the related indebtedness, although the cash flows have aspects of both financing activities and operating activities, (2) cash provided by investing activities for cash securing performance obligations and restricted cash that is acquired in acquisitions, or (3) cash provided by operating activities for the other remaining restricted cash. The following table is a summary of the impact of restricted cash on the statement of cash flows. For the years ended December 31, 2015 2014 2013 Net cash provided by (used from) operating activities $ 3,974 $ 6,148 $ (1,637 ) Net cash provided by (used from) investing activities $ (3,752 ) $ (44 ) $ 8,067 Net cash provided by (used from) financing activities $ 16,458 $ 30,011 $ 385,982 (a) (a) Inclusive of $ 316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. Receivables Allowance An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "site rental costs of operations" or to "network services and other costs of operations," as appropriate; and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. Lease Accounting General. The Company classifies its leases at inception as either operating leases or capital leases. A lease is classified as a capital lease if at least one of the following criteria are met, subject to certain exceptions noted below: (1) the lease transfers ownership of the leased assets to the lessee, (2) there is a bargain purchase option, (3) the lease term is equal to 75% or more of the economic life of the leased assets, or (4) the present value of the minimum lease payments equals or exceeds 90% of the fair value of the leased assets. Lessee. Leases for land are evaluated for capital lease treatment if at least one of the first two criteria mentioned in the immediately preceding paragraph is present relating to the leased assets. When the Company, as lessee, classifies a lease as a capital lease, it records an asset in an amount equal to the present value of the minimum lease payments under the lease at the beginning of the lease term. Applicable operating leases are recognized on a straight-line basis as discussed under "costs of operations" below. Lessor. If the Company is the lessor of leased property that is part of a larger whole (including a portion of space on a tower) and for which fair value is not objectively determinable, then such a lease is accounted for as an operating lease. As applicable, operating leases are recognized on a straight-line basis as discussed under "Revenue Recognition." Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of wireless infrastructure is computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions, renewals, and improvements are capitalized, while maintenance and repairs are expensed. Labor and interest costs incurred directly related to the construction of certain property and equipment are capitalized during the construction phase of projects. For the years ended December 31, 2015 , 2014 , and 2013 , the Company had $36.7 million , $24.2 million and $17.6 million in capitalized labor costs, respectively. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Abandonments and write-offs of property and equipment are recorded to "asset write-downs charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $27.0 million , $9.3 million , and $8.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Asset Retirement Obligations Pursuant to its ground lease and easement agreements, the Company records obligations to perform asset retirement activities, including requirements to remove wireless infrastructure or remediate the land upon which the Company's wireless infrastructure resides. Asset retirement obligations are included in "other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "depreciation, amortization, and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. Goodwill Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with a comparison of the estimated fair value of the reporting unit and the carrying value of the reporting unit. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted expected future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2015 , which resulted in no impairments. Intangible Assets Intangible assets are included in "site rental contracts and customer relationships, net" and "other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) site rental contracts and customer relationships, (2) below-market leases for land interest under the acquired wireless infrastructure, or (3) other contractual rights such as trademarks. The site rental contracts and customer relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the expected exercise of the renewal provisions contained within the existing leases, which automatically occur under contractual provisions, or (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and customer relationships intangible asset is limited by the maximum depreciable life of the wireless infrastructure ( 20 years), as a result of the interdependency of the wireless infrastructure and site rental leases. In contrast, the site rental contracts and customer relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of renewals experienced to date. Thus, while site rental contracts and customer relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and customer relationships are amortized over a period not to exceed 20 years as a result of the useful life being limited by the depreciable life of the wireless infrastructure. The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and customer relationships intangible assets. First, the Company pools the site rental contracts and customer relationships with the related wireless infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and customer relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. Deferred Credits Deferred credits are included in “deferred revenues” and “other long-term liabilities” on the Company's consolidated balance sheet and consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) below-market tenant leases for contractual interests with tenants on acquired wireless infrastructure, which are amortized to site rental revenues and (2) above-market leases for land interests under the Company's wireless infrastructure, which are amortized to site rental cost of operations. Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. Deferred Financing Costs Third-party costs incurred to obtain financing are deferred and are included in "long-term prepaid rent, deferred financing costs, and other assets, net" on the Company's consolidated balance sheet. Revenue Recognition Site rental revenues are recognized on a monthly basis over the fixed, non-cancelable term of the relevant lease (generally ranging from five to 15 years), regardless of whether the payments from the tenant are received in equal monthly amounts. The Company's leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the consumer price index ("CPI")). If the payment terms call for fixed escalations, upfront payments, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are included in "other current assets" and "deferred site rental receivables." Amounts billed or received prior to being earned are deferred and reflected in "deferred revenues" and "other long-term liabilities." Network services revenues are recognized after completion of the applicable service. Nearly all of the installation services are billed on a cost-plus profit basis and site development services are billed on a fixed fee basis. Sales taxes or value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis. Costs of Operations In excess of two-thirds of the Company's site rental costs of operations expenses consist of ground lease expenses, and the remainder includes property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Ground lease expense is recognized on a monthly basis, regardless of whether the lease agreement payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. The Company's ground leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI). If the payment terms include fixed escalation provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line ground lease expense using a time period that equals or exceeds the remaining depreciable life of the wireless infrastructure asset. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing ground lease renewal options, the Company has straight-lined the ground lease expense over a sufficient portion of such ground lease renewals to coincide with the final termination of the tenant's renewal options. The Company's non-current liability related to straight-line ground lease expense is included in "other long-term liabilities" on the Company's consolidated balance sheet. The Company's assets related to prepaid ground leases is included in "prepaid expenses" and "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's consolidated balance sheet. Network services and other costs of operations predominately consist of third party service providers such as contractors and professional service firms and, to a lesser extent, internal labor costs. As of December 31, 2015 and 2014 , the Company had $55.3 million and $60.7 million , respectively, of work in process. Acquisition and Integration Costs All direct or incremental costs related to a business combination are expensed as incurred. Costs include severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, or fees paid for services such as consulting, accounting, legal, or engineering reviews. These business combination costs are included in "acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). See note 4 for a discussion of our acquisitions during 2013, 2014, and 2015. In addition, during 2012, the Company acquired (1) rights to approximately 7,100 towers through the T-Mobile Acquisition and (2) NextG Networks, Inc., the then largest U.S operator of outdoor distributed antenna systems ("DAS"), a type of small cells. Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSAs and RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: Valuation. The fair value of RSAs and RSUs without market conditions is determined based on the number of shares relating to such RSAs and RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSAs and RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSAs and RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. Amortization Method. The Company amortizes the fair value of all RSAs and RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2015 2014 2013 Interest expense on debt obligations $ 490,002 $ 492,437 $ 490,385 Amortization of deferred financing costs 22,077 22,190 25,120 Amortization of adjustments on long-term debt (1,029 ) (3,628 ) 8,541 Amortization of interest rate swaps 18,725 63,148 64,928 Capitalized interest (4,805 ) (2,985 ) (1,832 ) Other 2,158 2,129 2,488 Total $ 527,128 $ 573,291 $ 589,630 The Company amortizes deferred financing costs, discounts, premiums, and purchase price adjustments on long-term debt over the estimated term of the related borrowing using the effective interest yield method. Discounts or purchase price adjustments are presented as a reduction to the related debt obligation on the Company's consolidated balance sheet. Income Taxes Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to the TRSs, (4) certain state, local, or foreign income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. In addition, the Company could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended ("Code"), to maintain qualification for taxation as a REIT. 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. During the fourth quarter of 2015, the Company completed the necessary steps to include small cells that were previously included in one or more wholly-owned TRSs in the REIT effective January 2016. As a result, during the fourth quarter of 2015, the Company de-recognized the related net deferred tax liabilities. See note 11 . Additionally, the Company has included in TRSs certain other assets and operations. Those TRS assets and operations 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 net operating loss carryforwards ("NOLs"). For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset. The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2015 and 2014 , the Company has not recorded any penalties related to its income tax positions. Per Share Information Basic net income (loss) attributable to CCIC common stockholders, per common share excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of RSAs and RSUs as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock (as defined in note 12 ), as determined under the if-converted method. A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: Years Ended December 31, 2015 2014 2013 Net income (loss) from continuing operations $ 525,286 $ 346,314 $ 60,001 Dividends on preferred stock (43,988 ) (43,988 ) (11,363 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 481,298 $ 302,326 $ 48,638 Income (loss) from discontinued operations, net of tax 999,049 52,460 33,900 Less: Net income (loss) attributable to the noncontrolling interest 3,343 8,261 3,790 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations 995,706 44,199 30,110 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 333,002 332,302 298,083 Effect of assumed dilution from potential common shares relating to RSAs and RSUs 1,060 963 1,210 Diluted weighted-average number of common shares outstanding 334,062 333,265 299,293 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic $ 1.45 $ 0.91 $ 0.16 Income (loss) from discontinued operations, basic $ 2.99 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, basic $ 4.44 $ 1.04 $ 0.26 Income (loss) from continuing operations, diluted $ 1.44 $ 0.91 $ 0.16 Income (loss) from discontinued operations, diluted $ 2.98 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, diluted $ 4.42 $ 1.04 $ 0.26 For the years ended December 31, 2015 and 2014 , 11.4 million and 12.5 million common share equivalents related to the Convertible Preferred Stock, respectively, were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of each such year. See notes 12 and 13 . Fair Values The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period. The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative quotes (that is non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if applicable. 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. See note 10 for a further discussion of fair values. Swaps Interest Rate Swaps. The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk. Derivative financial instruments were entered into for periods that matched the related underlying exposures. The Company can designate derivative financial instruments as hedges. The Company can also enter into derivative financial instruments that are not designated as accounting hedges. Derivatives were recognized on the consolidated balance sheet at fair value. If the derivative was designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative was recorded as a separate component of stockholders' equity, captioned "accumulated other comprehensive income (loss)" on the Company's consolidated balance sheet, and recognized as increases or decreases to "interest expense and amortization of deferred financing costs" on the Company's consolidated statement of operations and comprehensive income (loss) when the hedged item affects earnings. If a hedge ceased to qualify for hedge accounting, any change in the fair value of the derivative since the date it ceased to qualify was recorded to "net gain (loss) on interest rate swaps." However, any amounts previously recorded to "accumulated other comprehensive income (loss)" would remain there until the original forecasted transaction affected earnings. In situations where it becomes probable that the hedged forecasted transaction will not occur, any gains or losses that have been recorded to "accumulated other comprehensive income (loss)" are immediately reclassified to earnings. See note 9 . Foreign Currency Swaps. During 2015, the Company entered into foreign currency swaps to manage and reduce its foreign currency risk related to its sale of CCAL (see note 3 ). The derivatives were recognized on the consolidated balance sheet at fair value as of December 31, 2015. These swaps are not designated as accounting hedges and as such, the corresponding gain (loss) on the fair value adjustment is included as a component of "other income (expense)" on the Company's consolidated statement of operations and comprehensive income (loss). See note 9 . In January 2016, the previously outstanding swap related to the installment payment received from the Buyer (as defined in note 3 ) was cash settled. Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the implementation and presentation of discontinued operations titled ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). 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 discontin |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [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 9 ). As part of the sale of CCAL, in January 2016, the Company received an installment payment from the Buyer totaling approximately $ 124 million , inclusive of the impact of the related foreign currency swap (see note 9 ). The installment payment is included within "other current assets" on the Company's 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 previously outstanding 2012 Credit Facility. See note 8 . 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 9 . CCAL has historically been a separate operating segment of the Company (see note 16 ). The sale of the Company's CCAL operating segment is treated as discontinued operations for all periods presented pursuant to ASU 2014-08, which the Company adopted on January 1, 2015 (see note 2 ). The sale of CCAL represents a strategic shift of the Company to focus on U.S. operations. The gain from disposal of CCAL is included in discontinued operations on the 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 for the years ended December 31, 2015 , 2014 and 2013 . 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 Year Ended December 31, 2015 (b)(c) 2014 (b) 2013 (b) Total revenues $ 65,293 $ 151,128 $ 156,633 Total cost of operations (a) 17,498 43,860 55,779 Depreciation, amortization, and accretion 10,168 27,283 32,873 Total other expenses 10,481 26,921 26,453 Pre-tax income from discontinued operations 27,146 53,064 41,528 Benefit (provision) from income taxes (7,456 ) (604 ) (7,628 ) Net income (loss) from discontinued operations (d) $ 19,690 $ 52,460 $ 33,900 (a) Exclusive of depreciation, amortization, and accretion shown separately. (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 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 23,059 Foreign currency translation reclassification adjustments (d) (25,678 ) Pre-tax gain (loss) from disposal of discontinued operations 1,000,797 Income taxes related to the sale of CCAL (21,438 ) Gain (loss) from disposal of discontinued operations $ 979,359 (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 9 . 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 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 consolidated balance sheet and reclassified to "net gain (loss) from disposal of discontinued operations, net of tax" |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions | |
Acquisitions | Acquisitions 2013 AT&T Acquisition During October 2013, the Company entered into a definitive agreement with AT&T, to acquire rights to towers which, as of December 31, 2015, comprised approximately 23% of the Company's towers for $4.827 billion in cash at closing ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. See note 1 for further discussion of the terms of the AT&T master prepaid lease, including the related purchase option. The Company utilized net proceeds from the October 2013 Equity Financings (as defined in note 12 ), and additional borrowings under the 2012 Revolver (as defined in note 8 ) and term loans to fund the AT&T Acquisition, as well as cash on hand. The final purchase price allocation for the AT&T Acquisition is shown below. Final Purchase Price Allocation Current assets $ 21,543 Property and equipment 1,891,721 Goodwill 1,902,777 Other intangible assets, net 1,175,217 Other assets 67,063 Current liabilities (10,677 ) Other long-term liabilities (221,045 ) (a) Net assets acquired $ 4,826,599 (b) (a) Inclusive of above-market leases for land interests under the Company's towers. (b) No deferred taxes were recorded as a result of the Company's REIT election. See note 11 . The unaudited pro forma financial results for the year ended December 31, 2013 combine the historical results of the Company, along with the pro forma impact from the AT&T Acquisition. The following table presents the unaudited pro forma consolidated results of operations of the Company as if the AT&T Acquisition was completed as of January 1, 2013. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. Twelve Months Ended December 31, 2013 Net revenues $ 3,420,736 (a) Income (loss) before income taxes $ 242,617 (b)(c) Benefit (provision) for income taxes $ (178,663 ) (c)(d) Net income (loss) $ 63,954 (b)(c) Basic net income (loss) attributable to CCIC common stockholders, per common share $ 0.05 Diluted net income (loss) attributable to CCIC common stockholders, per common share $ 0.05 (a) Amount is inclusive of pro forma adjustments to increase net revenues of $211.1 million related to net revenues that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. (b) Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $218.3 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. (c) Amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. (d) Pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 11 . For additional discussion of the AT&T Acquisition see notes 6 , 8 , and 12 . 2014 Land Acquisitions During 2014, the Company completed several acquisitions of portfolios of land interests under towers ("2014 Land Acquisitions"). These acquisitions were predominately comprised of an aggregate of 1,200 land interests for an aggregate purchase price of approximately $ 354 million , net of cash acquired. 2015 Sunesys Acquisition During 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 8 . 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 $ 15,417 Property and equipment 444,864 Goodwill (a) 325,696 Other intangible assets, net 259,833 Current liabilities (20,470 ) Other non-current liabilities (37,375 ) Net assets acquired (b) $ 987,965 (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. Net revenues and net income (loss) attributable to the Sunesys Acquisition are included in the Company's consolidated statements of operations and comprehensive income (loss), since the date the acquisition was completed. For the year ended December 31, 2015 , the Sunesys Acquisition resulted in an increase to consolidated net revenues of $41.4 million . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The major classes of property and equipment are as follows: Estimated Useful Lives December 31, 2015 2014 Land (a) — $ 1,617,919 $ 1,491,640 Buildings 40 years 86,760 58,491 Towers and small cells 1-20 years 12,856,115 11,782,715 Information technology assets and other 2-7 years 239,332 199,834 Construction in process — 578,806 502,499 Total gross property and equipment 15,378,932 14,035,179 Less: accumulated depreciation (5,798,875 ) (5,052,396 ) Total property and equipment, net $ 9,580,057 $ 8,982,783 (a) Includes land owned in fee and perpetual easements. Depreciation expense for the years ended December 31, 2015 , 2014 and 2013 was $774.9 million , $733.6 million and $536.2 million , respectively. Capital leases and associated leasehold improvements related to gross property and equipment, and accumulated depreciation was $4.4 billion and $1.2 billion , respectively, as of December 31, 2015 . See notes 1 and 2 , including discussion of the Company's prepaid master lease agreements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets | |
Goodwill and Intangible Assets | nges in the carrying value of goodwill for the years ended December 31, 2015 and December 31, 2014 were as follows: Balance as of December 31, 2013 $ 4,902,950 Adjustments to AT&T Acquisition purchase price allocation 134,242 Additions due to other acquisitions 159,362 Other adjustments, net (69 ) Balance as of December 31, 2014 $ 5,196,485 Additions due to Sunesys Acquisition (a) 325,696 Additions due to other acquisitions 41,542 Adjustments to purchase price allocations, net (50,172 ) Balance as of December 31, 2015 $ 5,513,551 (a) The 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. See note 4 . Intangibles The following is a summary of the Company's intangible assets. See note 4 for further discussion of the Company's acquisitions. As of December 31, 2015 As of December 31, 2014 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Site rental contracts and customer relationships $ 5,009,241 $ (1,588,061 ) $ 3,421,180 $ 4,627,429 $ (1,340,285 ) $ 3,287,144 Other intangible assets 482,142 (123,407 ) 358,735 496,284 (101,877 ) 394,407 Total $ 5,491,383 $ (1,711,468 ) $ 3,779,915 $ 5,123,713 $ (1,442,162 ) $ 3,681,551 Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): For Years Ended December 31, Classification 2015 2014 2013 Depreciation, amortization and accretion $ 251,443 $ 242,967 $ 197,906 Site rental costs of operations 20,420 22,105 10,197 Total amortization expense $ 271,863 $ 265,072 $ 208,103 The estimated annual amortization expense related to intangible assets (inclusive of those recorded as an increase to "site rental costs of operations") for the years ended December 31, 2016 to 2020 is as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Estimated annual amortization $ 272,067 $ 271,503 $ 271,054 $ 270,618 $ 270,188 |
Other Liabilities (Notes)
Other Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
Other Liabilities | Other Liabilities Other long-term liabilities The following is a summary of the components of "other long-term liabilities" as presented on the Company's consolidated balance sheet. See also note 2 . December 31, 2015 2014 Deferred rental revenues $ 864,269 $ 604,825 Deferred ground lease payable 467,411 406,732 Above market leases for land interests, net 242,893 272,694 Deferred credits, net 239,527 222,460 Asset retirement obligation (see note 14) 132,110 119,463 Deferred income tax liabilities 2,059 39,889 Other long-term liabilities 367 328 $ 1,948,636 $ 1,666,391 For the years ended December 31, 2015 , 2014 , and 2013 , the Company recorded $22.5 million , $24.2 million , and $7.2 million , respectively, as a decrease to "site rental costs of operations" for the amortization of above-market leases for land interests under the Company's towers. The estimated amortization expense related to above-market leases for land interests under the Company's towers recorded to site rental costs of operations for the years ended December 31, 2016 to 2020 is as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Above-market leases for land interests $ 21,302 $ 20,236 $ 19,458 $ 18,645 $ 17,569 For the years ended December 31, 2015 , 2014 , and 2013 the Company recognized $32.8 million , $29.5 million , and $29.6 million , respectively, in "site rental revenues" related to the amortization of below market tenant leases. The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ended December 31, 2016 to 2020 are as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Below-market tenant leases $ 35,359 $ 34,071 $ 31,028 $ 27,833 $ 26,116 Other accrued liabilities Other accrued liabilities included accrued payroll and other accrued compensation of $ 78.7 million and $ 61.9 million , respectively, as of December 31, 2015 and 2014 . |
Debt and Other Obligations
Debt and Other Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations See note 19 for a discussion of the Company's 2016 financing activities, including: (1) the completion of the 2016 Credit Facility, (2) the repayment of the 2012 Credit Facility, and (3) the issuance of the 2016 Senior Unsecured Notes and the utilization of such proceeds. The table below sets forth the Company's debt and other obligations as of December 31, 2015. Original Issue Date Contractual Maturity Date Outstanding Balance as of December 31, Stated Interest Rate as of December 31, 2015 2014 2015 (a) Bank debt – variable rate: 2012 Revolver Jan. 2012 Jan. 2019 $ 1,125,000 (b) $ 695,000 2.2 % (c) Tranche A Term Loans Jan. 2012 Jan. 2019 629,375 645,938 2.2 % (c) Tranche B Term Loans Jan. 2012 Jan. 2021 2,247,015 2,835,509 3.0 % (d) Total bank debt 4,001,390 4,176,447 Securitized debt – fixed rate: January 2010 Tower Revenue Notes Jan. 2010 2037-2040 (e) 1,600,000 1,600,000 6.0 % (e) August 2010 Tower Revenue Notes Aug. 2010 2037-2040 (e) 1,300,000 1,550,000 4.7 % (e) May 2015 Tower Revenue Notes May 2015 2042-2045 (e) 1,000,000 — 3.5 % (e) 2009 Securitized Notes July 2009 2019/2029 (f) 141,592 160,822 7.6 % WCP Securitized Notes Nov. 2010 Nov. 2040 — 262,386 N/A Total securitized debt 4,041,592 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 2017/2023 (h) 1,500,000 1,500,000 3.4 % 4.875% Senior Notes Apr. 2014 Apr. 2022 846,522 846,062 4.9 % Total bonds 3,996,491 3,996,031 Other: Capital leases and other obligations Various Various (g) 209,765 175,175 Various (g) Total debt and other obligations 12,249,238 11,920,861 Less: current maturities and short-term debt and other current obligations 106,219 113,335 Non-current portion of long-term debt and other long-term obligations $ 12,143,019 $ 11,807,526 (a) Represents the weighted-average stated interest rate. (b) As of December 31, 2015 , the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $1.2 billion . See note 19 . (c) The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25% , based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. (d) The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50% , based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). (e) If the respective series of the January 2010 Tower Revenue Notes, August 2010 Tower Revenue Notes and May 2015 Tower Revenue Notes (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion , having anticipated repayment dates in 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $1.0 billion , having anticipated repayment dates in 2017 and 2020, respectively. The May 2015 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $700.0 million , having anticipated repayment dates in 2022 and 2025, respectively. (f) The 2009 Securitized Notes consist of $ 71.6 million of principal as of December 31, 2015 that amortizes through 2019, and $70.0 million of principal as of December 31, 2015 that amortizes during the period beginning in 2019 and ending in 2029. (g) The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years. (h) Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured Notes"). The credit agreement governing the Company's senior credit facility ("2012 Credit Facility") contains financial maintenance covenants. The Company is currently in compliance with these financial maintenance covenants, and based upon current expectations, the Company believes it will continue to comply with its financial maintenance covenants. In addition, certain of the Company's debt agreements also contain restrictive covenants that place restrictions on CCIC or its subsidiaries and may limit the Company's ability to, among other things, incur additional debt and liens, purchase the Company's securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow. Bank Debt In January 2012, CCOC entered into the 2012 Credit Facility. The 2012 Credit Facility is secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC's and certain of its subsidiaries' deposit accounts ($ 80.0 million as of December 31, 2015 ) and securities accounts. The 2012 Credit Facility is guaranteed by CCIC and certain of its subsidiaries. The following are highlights of the Company's issuances, refinancings, and other activities related to the 2012 Credit Facility since the beginning of 2013: • In 2013, the Company: ◦ refinanced the then outstanding Tranche B Term Loans with new loans pursuant to the existing credit agreement in an aggregate principal amount of approximately $1.6 billion , ◦ borrowed $800.0 million of incremental tranche B term loans ("Incremental Tranche B Term Loans"), ◦ borrowed $500.0 million of incremental tranche B-2 term loans ("Incremental Tranche B-2 Term Loans"), ◦ borrowed $200.0 million of incremental tranche A term loans ("Incremental Tranche A Term Loans"), ◦ extended the maturity of both the Tranche A Term Loans and the 2012 Revolver, ◦ reduced the interest at a per annum rate under the 2012 Revolver and Tranche A Term Loans to LIBOR plus a credit spread ranging from 1.50% to 2.25% , based on CCOC's total net leverage ratio, ◦ utilized the proceeds of the Incremental Tranche B Term Loans to repay a portion of the amounts outstanding under the 2012 Revolver, ◦ utilized the borrowings under the 2012 Revolver to partially fund the AT&T Acquisition (see note 4 ), and ◦ utilized the proceeds of the Incremental Tranche B-2 Term Loans and the Incremental Tranche A Term Loans to repay a portion of the amounts then outstanding under the 2012 Revolver. • In 2014, the Company amended its 2012 Credit Facility to extend the maturity date on a portion of the Tranche B Term Loans, including Incremental Tranche B Term Loans, to January 2021. • In 2015, the Company: ◦ amended its 2012 Credit Facility and increased the capacity of the 2012 Revolver to an aggregate revolving commitment of approximately $2.3 billion , ◦ repaid the portion of its Tranche B Term Loans that were due January 2019, which had an outstanding balance of $564.1 million , and ◦ utilized borrowings under the 2012 Revolver of $835.0 million , along with cash on hand, to fund the Sunesys Acquisition. Securitized Debt The Tower Revenue Notes and the 2009 Securitized Notes (collectively, "Securitized Debt") are obligations of special purpose entities and their direct and indirect subsidiaries (each an "issuer"), all of which are wholly-owned, indirect subsidiaries of CCIC. The Tower Revenue Notes and 2009 Securitized Notes are governed by separate indentures. The January 2010 Tower Revenue Notes, August 2010 Tower Revenue Notes, and May 2015 Tower Revenue Notes are governed by one indenture and consist of multiple series of notes, each with its own anticipated repayment date. The net proceeds of the January 2010 Tower Revenue Notes and August 2010 Tower Revenue Notes were primarily used to repay the portion of the 2005 Tower Revenue Notes not previously purchased and 2006 Tower Revenue Notes not previously purchased, respectively. In April 2014, the Company utilized a portion of the net proceeds from the 4.875% Senior Notes (as defined below) offering to repay $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015. The net proceeds of the May 2015 Tower Revenue Notes, together with proceeds received from our sale of CCAL, were primarily used to (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. The Securitized Debt is paid solely from the cash flows generated by the operation of the towers held directly and indirectly by the issuers of the respective Securitized Debt. The Securitized Debt is secured by, among other things, (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses) . The governing instruments of two indirect subsidiaries ("Crown Atlantic" and "Crown GT") of the issuers of the Tower Revenue Notes generally prevent them from issuing debt and granting liens on their assets without the approval of a subsidiary of Verizon Communications. Consequently, while distributions paid by Crown Atlantic and Crown GT will service the Tower Revenue Notes, the Tower Revenue Notes are not obligations of, nor are the Tower Revenue Notes secured by the cash flows or any other assets of, Crown Atlantic and Crown GT. As of December 31, 2015 , the Securitized Debt was collateralized with personal property and equipment with an aggregate net book value of approximately $1.3 billion , exclusive of Crown Atlantic and Crown GT personal property and equipment. The excess cash flows from the issuers of the Securitized Debt, after the payment of principal, interest, reserves, expenses, and management fees are distributed to the Company in accordance with the terms of the indentures. If the Debt Service Coverage Ratio ("DSCR") (as defined in the applicable governing loan agreement) as of the end of any calendar quarter falls to a certain level, then all excess cash flow of the issuers of the applicable debt instrument will be deposited into a reserve account instead of being released to the Company. The funds in the reserve account will not be released to the Company until the DSCR exceeds a certain level for two consecutive calendar quarters. If the DSCR falls below a certain level as of the end of any calendar quarter, then all cash on deposit in the reserve account along with future excess cash flows of the issuers will be applied to prepay the debt with applicable prepayment consideration. The Company may repay the Tower Revenue Notes or the 2009 Securitized Notes in whole or in part at any time after the second anniversary of the applicable issuance date, provided such prepayment is accompanied by any applicable prepayment consideration. The Securitized Debt has covenants and restrictions customary for rated securitizations, including provisions prohibiting the issuers from incurring additional indebtedness or further encumbering their assets. Bonds—Senior Notes. In April 2014, CCIC issued $ 850.0 million of senior notes due in April 2022 ("4.875% Senior Notes"). The net proceeds from the offering were approximately $ 839 million , after the deduction of associated fees. The Company utilized the net proceeds from the 4.875% Senior Notes offering (1) to repay $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015 and (2) to redeem all of the previously outstanding 7.125% Senior Notes. The 5.25% senior notes due 2023 ("5.25% Senior Notes" and, with the 4.875% Senior Notes, "Senior Notes") are general obligations of CCIC, which rank equally with all existing and future senior debt of CCIC. The Senior Notes are effectively subordinated to all liabilities (including trade payables) of each subsidiary of CCIC and rank pari passu with the other respective high yield bonds of CCIC. The Company used the net proceeds from the 5.25% Senior Notes offering to partially fund the T-Mobile Acquisition. The Senior Notes contain restrictive covenants with which CCIC and its restricted subsidiaries must comply, subject to a number of exceptions or qualifications, including restrictions on its ability to incur incremental debt, issue preferred stock, guarantee debt, pay dividends, repurchase its capital stock, use assets as security in other transactions, sell assets or merge with or into other companies, or make certain investments. Certain of these restrictions are not applicable if there is no event of default and if the ratio of CCIC's Consolidated Indebtedness (as defined in the respective Senior Notes indenture) to its Adjusted Consolidated Cash Flows (as defined in the respective Senior Notes indenture) is less than or equal to 7.0 to 1.0 . The Senior Notes do not contain any financial maintenance covenants. CCIC may redeem the 4.875% Senior Notes or the 5.25% Senior Notes in whole or in part at any time at a price equal to 100% of the principal amount to be redeemed, plus a make whole premium, and accrued and unpaid interest if any. Bonds—Secured Notes . The 2012 Secured Notes consist of $500 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023. The 2012 Secured Notes were issued and are guaranteed by the same subsidiaries of CCIC that had previously issued and guaranteed the 7.75% Secured Notes. The 2012 Secured Notes are secured by a pledge of the equity interests of such subsidiaries. The 2012 Secured Notes are not guaranteed by and are not obligations of CCIC or any of its subsidiaries other than the issuers and guarantors of the 2012 Secured Notes. The 2012 Secured Notes will be paid solely from the cash flows generated from operations of the towers held directly and indirectly by the issuers and the guarantors of such notes. The Company used the net proceeds from the issuance of the 2012 Secured Notes to repurchase and redeem the previously outstanding 7.75% Secured Notes and a portion of the previously outstanding 9% Senior Notes. The 2012 Secured Notes may be redeemed at any time at a price equal to 100% of the principal amount, plus a make whole premium, and accrued and unpaid interest, if any. Previously Outstanding Indebtedness Securitized Debt. See above for a discussion of (1) the April 2014 repayment of $300.0 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015, and (2) the May 2015 repayment of $250.0 million of the August 2010 Tower Revenue Notes with an anticipated repayment date of August 2015 and (3) all of the previously outstanding WCP Securitized Notes. Bonds—Senior Notes. In May 2014, CCIC redeemed approximately $ 500.0 million aggregate principal amount of its 7.125% Senior Notes at a price equal to 100% of the principal amount of the 7.125% senior notes redeemed, plus a make-whole premium, and accrued and unpaid interest. The Company utilized a portion of the net proceeds from the 4.875% Senior Notes offering, together with cash on hand, to redeem such previously outstanding 7.125% Senior Notes. Bonds—Secured Notes. In December 2012, the Company purchased approximately $670.6 million aggregate principal amount of the 7.75% Secured Notes validly tendered on or prior to the expiration date. In January 2013, all of the remaining then outstanding 7.75% Secured Notes (approximately $294.4 million aggregate principal amount) were redeemed. The purchase and redemption of the 7.75% Secured Notes was funded by the issuance of the 2012 Secured Notes. Contractual Maturities The following are the scheduled contractual maturities of the total debt or other long-term obligations outstanding at December 31, 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. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. See also note 19. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Cash Obligations Net Unamortized Discounts Total Debt and Other Obligations Outstanding Scheduled contractual maturities $ 107,075 $ 603,316 $ 99,855 $ 1,713,463 $ 47,464 $ 9,681,543 $ 12,252,716 $ (3,478 ) $ 12,249,238 Debt Purchases and Redemptions The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2015 , 2014 , and 2013 . Year Ending December 31, 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. Year Ending December 31, 2014 Principal Amount Cash Paid (a) Gains (losses) (b) January 2010 Tower Revenue Notes 300,000 302,990 (3,740 ) 7.125% Senior Notes 500,000 533,909 (40,889 ) Total $ 800,000 $ 836,899 $ (44,629 ) (a) Exclusive of accrued interest. (b) The losses predominately relate to cash losses, including make whole payments and are inclusive of $ 7.7 millio n related to the write off of deferred financing costs and discounts. Year Ending December 31, 2013 Principal Amount Cash Paid (a) Gains (losses) (c) 9% Senior Notes 314,170 332,045 (17,894 ) 7.75% Secured Notes (b) 294,362 312,465 (18,103 ) 5.25% Senior Notes 30 30 — Tranche A Term Loans 87,489 87,489 (399 ) Tranche B Term Loans 30,941 30,941 (490 ) Other — — (241 ) Total $ 726,992 $ 762,970 $ (37,127 ) (a) Exclusive of accrued interest. (b) The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. (c) The losses predominately relate to cash losses, including make whole payments. |
Swaps
Swaps | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Swaps Interest Rate Swaps The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk, including the use of (1) forward-starting interest rate swaps to hedge its exposure to variability in future cash flows attributable to changes in LIBOR on anticipated financings, including refinancings and potential future borrowings or (2) interest rate swaps to hedge the interest rate variability on a portion of the Company's floating rate debt. The Company does not enter into interest rate swaps for speculative or trading purposes. As of December 31, 2015 , the Company does not have any interest rate swaps outstanding. For the year ended December 31, 2013, the loss reclassified into earnings from accumulated comprehensive income (loss) was inclusive of $17.1 million of income tax provision. 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 December 31, 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 $10,749 (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 consolidated statement of operations. (b) As of December 31, 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 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 consolidated statement of operations. In January 2016, the previously outstanding swap related to the installment payment received from the Buyer was settled. In total, the Company recorded a gain on foreign currency swaps of $ 65.2 million for the year ended December 31, 2015 , respectively. This gain is included as a component of "other income (expense)" on the Company's consolidated statement of operations. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures | |
Fair Value Disclosures | Fair Value Disclosures The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2 . Level in Fair Value Hierarchy December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 178,810 $ 178,810 $ 151,312 $ 151,312 Restricted cash 1 135,731 135,731 152,411 152,411 Foreign currency swaps 2 10,749 10,749 — — Liabilities: Debt and other obligations 2 $ 12,249,238 $ 12,555,143 $ 11,920,861 $ 12,286,161 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes by geographic area is as follows: Years Ended December 31, 2015 2014 2013 Domestic $ 461,293 $ 341,070 $ 260,364 Foreign (a) 12,536 (6,000 ) (9,363 ) $ 473,829 $ 335,070 $ 251,001 (a) Inclusive of income (loss) before income taxes from Puerto Rico. The benefit (provision) for income taxes consists of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 495 $ 213 $ 684 Foreign (5,675 ) (6,413 ) (5,110 ) State (3,981 ) (4,415 ) (12,305 ) Total current (9,161 ) (10,615 ) (16,731 ) Deferred: Federal 44,716 23,070 (164,769 ) Foreign (1,048 ) (819 ) (130 ) State 16,950 (392 ) (9,370 ) Total deferred 60,618 21,859 (174,269 ) Total tax benefit (provision) $ 51,457 $ 11,244 $ (191,000 ) A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows: Years Ended December 31, 2015 2014 2013 Benefit (provision) for income taxes at statutory rate $ (165,840 ) $ (117,274 ) $ (87,850 ) Tax effect of foreign income (losses) (527 ) (4,296 ) (3,277 ) Tax adjustment related to REIT operations 186,649 132,951 — Tax adjustment related to the REIT election (a) — — (67,395 ) Tax adjustment related to the inclusion of small cells in the REIT (b) 33,759 — — Expenses for which no federal tax benefit was recognized (414 ) (463 ) (9,570 ) Valuation allowances 3,000 9,000 — State tax (provision) benefit, net of federal 1,210 (3,136 ) (14,852 ) Foreign tax (6,723 ) (7,232 ) (5,240 ) Other 343 1,694 (2,816 ) $ 51,457 $ 11,244 $ (191,000 ) (a) Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. (b) During the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities related to the Company's small cells previously included in one or more TRSs in conjunction with the inclusion of small cells in the REIT in January 2016. The components of the net deferred income tax assets and liabilities are as follows: December 31, 2015 2014 Deferred income tax liabilities: Property and equipment $ 334 $ 167,491 Deferred site rental receivable 5,742 18,320 Intangible assets — 102,624 Total deferred income tax liabilities 6,076 288,435 Deferred income tax assets: Intangible assets 40,654 — Net operating loss carryforwards 7,891 133,096 Deferred ground lease payable 1,312 1,627 Accrued liabilities 4,183 158,813 Receivables allowance 196 1,459 Other 1,252 1,278 Valuation allowances (1,994 ) (21,038 ) Total deferred income tax assets, net 53,494 275,235 Net deferred income tax asset (liabilities) $ 47,418 $ (13,200 ) During the fourth quarter of 2015, the Company completed the necessary steps to include its small cells that were previously included in one or more TRSs in the REIT effective January 2016. See note 19 . As a result, during the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities in conjunction with the inclusion of small cells in the REIT in January 2016, which resulted in a net non-cash income tax benefit of $33.8 million . During the fourth quarter of 2013, the Company completed the steps necessary to qualify to operate as a REIT for U.S. federal income tax purposes and received final approval from the Company's board of directors. As a result, the Company de-recognized the net deferred tax assets and liabilities related to the entities included in the REIT, which resulted in net non-cash income tax charge of $67.4 million in conjunction with the REIT conversion. Included in the REIT conversion charge of $67.4 million is a $39.8 million adjustment to reclassify a deferred tax charge from AOCI to the provision for income taxes. During 2013, in connection with completing the steps necessary to qualify to operate as a REIT, the Company reversed $29.4 million of valuation allowance associated with capital loss carryforwards as the Company generated sufficient capital gains in 2013 to fully realize these capital loss carryforwards. Also, during 2013, the Company recorded a valuation allowance of $12.0 million against federal NOLs of its TRSs as the Company determined that a portion of its TRSs federal NOLs more likely than not will not be realized. The components of the net deferred income tax assets (liabilities) are as follows: December 31, 2015 December 31, 2014 Classification Gross Valuation Allowance Net Gross Valuation Allowance Net Federal $ 48,273 $ — $ 48,273 $ 6,557 $ (3,000 ) $ 3,557 State 1,203 — 1,203 462 (16,208 ) (15,746 ) Foreign (64 ) (1,994 ) (2,058 ) 819 (1,830 ) (1,011 ) Total $ 49,412 $ (1,994 ) $ 47,418 $ 7,838 $ (21,038 ) $ (13,200 ) At December 31, 2015 , the Company had U.S. federal and state NOLs of approximately $1.3 billion and $0.6 billion , respectively, which are available to offset future taxable income. These amounts include $244.6 million of losses related to stock-based compensation. If not utilized, the Company's U.S. federal NOLs expire starting in 2024 and ending in 2032 , and the state NOLs expire starting in 2016 and ending in 2035 . The utilization of the NOLs is subject to certain limitations. The Company's U.S. federal and state income tax returns generally remain open to examination by taxing authorities until three years after the applicable NOLs have been used or expired. The remaining valuation allowance relates to certain foreign net deferred tax assets (primarily NOLs). As of December 31, 2015 , the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $6.7 million . The aggregate changes in the balance of unrecognized tax benefits are as follows: Years Ended December 31, 2015 2014 Balance at beginning of year $ 8,333 $ 14,089 Additions based on prior year tax positions 212 286 Reductions as a result of the lapse of statute limitations (1,775 ) (6,042 ) Balance at end of year $ 6,770 $ 8,333 From time to time, the Company is subject to examinations by various tax authorities in jurisdictions in which the Company has business operations. At this time, the Company is not subject to an IRS examination. The Australian Taxation Office is conducting an audit of the tax consequences for Australian tax purposes of the Company’s sale of CCAL. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions. The Company believes it has adequately provided for uncertain tax positions and does not believe assessments, if any, arising from current or future examination or audits will have a material effect on the Company's financial statements. As of December 31, 2015 , the Company's deferred tax assets are included in "long-term prepaid rent, deferred financing costs and other assets, net" and the Company's deferred tax liabilities are included in "other long-term liabilities" on the Company's consolidated balance sheet. See note 2 for a discussion of recently adopted guidance on the presentation of deferred tax assets and deferred tax liabilities. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Stockholders' Equity | Equity October 2013 Equity Financings On October 28, 2013, the Company completed an offering of 41.4 million shares of common stock, which generated net proceeds of approximately $3.0 billion . On October 28, 2013, the Company completed an offering of approximately 9.8 million shares of the Company's 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("Convertible Preferred Stock"), which generated net proceeds of $ 950.9 millio n. The holders of the Convertible Preferred Stock are entitled to receive cumulative dividends, when and if declared by the Company's board of directors, at the rate of 4.50% per annum payable on February 1, May 1, August 1 and November 1 of each year, commencing in February 2014, and to, and including, November 1, 2016. The dividends may be paid in cash or, subject to certain limitations, shares of common stock or any combination of cash and shares of common stock. The terms of the Convertible Preferred Stock provide that, unless accumulated dividends have been paid or set aside for payment on all outstanding Convertible Preferred Stock for all past dividend periods, no dividends may be declared or paid on common stock. Unless converted earlier, each outstanding share of the Convertible Preferred Stock will automatically convert on November 1, 2016. Currently, each share of Convertible Preferred Stock will convert into between 1.1538 and 1.4421 shares of common stock, depending on the applicable market value of the common stock and subject to certain anti-dilution adjustments. At any time prior to November 1, 2016, holders of the Convertible Preferred Stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate of 1.1538 , subject to certain anti-dilution adjustments. See note 2 . The common stock and Convertible Preferred Stock offerings in October 2013 are collectively referred to herein as the "October 2013 Equity Financings." The Company used the proceeds from the October 2013 Equity Financings to partially fund the AT&T Acquisition. "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 December 31, 2015 , no shares of common stock were sold under the ATM Program. Declaration and Payment of Dividends During the year ended December 31, 2015 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 12, 2015 March 20, 2015 March 31, 2015 $ 0.820 $ 274.7 (a) Common Stock May 29, 2015 June 19, 2015 June 30, 2015 $ 0.820 $ 274.5 (a) Common Stock July 30, 2015 September 18, 2015 September 30, 2015 $ 0.820 $ 274.3 (a) Common Stock October 19, 2015 December 18, 2015 December 31, 2015 $ 0.885 $ 296.5 (a) Convertible Preferred Stock December 22, 2014 January 15, 2015 February 2, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock March 27, 2015 April 15, 2015 May 1, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock June 21, 2015 July 15, 2015 August 3, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock September 23, 2015 October 15, 2015 November 2, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock December 16, 2015 January 16, 2016 February 1, 2016 $ 1.125 $ 11.0 (b) (a) Inclusive of dividends accrued for holders of unvested RSUs. (b) Represents amount paid on February 1, 2016 based on holders of record on January 16, 2016. See note 19 . Tax Treatment of Dividends The following table summarizes, for income tax purposes, the nature of dividends paid during 2015 on the Company's common stock and Convertible Preferred Stock. Equity Type Payment Date Dividends Per Share Ordinary Taxable Dividend Per Share Qualified Taxable Dividend Per Share (a) Long-Term Capital Gain Distribution Per Share Common Stock March 31, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock June 30, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock September 30, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock December 31, 2015 $ 0.885 $ 0.245 $ 0.038 $ 0.640 Convertible Preferred Stock February 2, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock May 1, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock August 3, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock November 2, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 (a) Qualified taxable dividend amounts are included in ordinary taxable dividend amounts. Alternative minimum tax adjustments are to be apportioned between a REIT and its shareholders under Code Section 59(d). Although regulations have not yet been issued under that provision, based on regulations issued pursuant to a similar provision of prior law and the legislative history of the current provision, it appears that such alternative minimum tax adjustments are to be apportioned to a REIT's shareholders to the extent that the REIT distributes its regular taxable income. All of the Company's alternative minimum tax adjustments are being apportioned to the Company's shareholders. The Company has determined that 0.54% of each distribution to the Company's shareholders for the tax year ended December 31, 2015 consists of an alternative minimum tax adjustment. Purchases of the Company's Common Stock For the years ended December 31, 2015 , 2014 , and 2013 , the Company purchased 0.3 million , 0.3 million , and 1.4 million shares of common stock, respectively, utilizing $29.7 million , $21.8 million , and $99.5 million in cash, respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-based Compensation | Stock-based Compensation Stock Compensation Plans Pursuant to stockholder approved plans, the Company has and is permitted to grant stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. As of December 31, 2015 , the Company has 12.3 million shares available for future issuance pursuant to its 2013 Long-Term Incentive Plan ("LTI Plan"). Of these shares remaining available for future issuance, approximately 1.8 million may be issued pursuant to outstanding RSUs granted under the LTI Plan. Restricted Stock Awards and Restricted Stock Units During the year ended December 31, 2013, the Company issued RSAs to certain executives and employees. During the year ended December 31, 2014, in conjunction with the adoption of the LTI Plan, the Company began issuing RSUs to certain executives and employees; each RSU represents a contingent right to receive one share of common stock subject to satisfaction of the applicable vesting terms. The RSAs and RSUs granted to certain executives and employees include (1) annual performance awards that often include provisions for forfeiture by the employee if certain market performance of the Company's common stock is not achieved, (2) new hire or promotional awards that generally contain only service conditions, or (3) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards vest over periods of approximately three years. The following is a summary of the RSA and RSU activity during the year ended December 31, 2015 . RSAs RSUs (In thousands) (In thousands) Outstanding at the beginning of year 1,440 950 Granted — 1,027 Vested (770 ) (176 ) Forfeited (7 ) (24 ) Outstanding at end of year 663 1,777 The Company granted approximately 1.0 million RSUs to the Company's executives and certain other employees for each of the years ended December 31, 2015 and 2014 . The Company granted approximately 1.0 million shares of RSAs to the Company's executives and certain other employees for the year ended December 31, 2013 . The weighted-average grant-date fair value per share of the grants for the years ended December 31, 2015 , 2014 , and 2013 was $69.96 , $57.78 , and $46.37 per share, respectively. The weighted-average requisite service period for the RSUs granted during 2015 was approximately 2.5 years. The approximately 1.0 million RSUs granted during the year ended December 31, 2015 , were comprised of (1) approximately 0.5 million RSUs that time vest over a three-year period, and (2) approximately 0.5 million RSUs to the Company's executives and certain other employees which may vest on the third anniversary of the grant date based upon the Company's total shareholder returns (defined as share price appreciation plus the value of dividends paid during the performance period) compared to that of selected peer companies. Certain RSA and RSU agreements contain provisions that result in forfeiture by the employee of any unvested shares in the event that the Company's common stock does not achieve certain price targets. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the market performance target is achieved. The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2015 , 2014 , and 2013 , respectively, with market conditions. Years Ended December 31, 2015 2014 2013 Risk-free rate 1.0 % 0.7 % 0.4 % Expected volatility 19 % 22 % 23 % Expected dividend rate 4.21 % 1.93 % — % The Company recognized aggregate stock-based compensation expense related to RSAs and RSUs of $57.1 million , $45.8 million , and $37.8 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The aggregate unrecognized compensation (net of estimated forfeitures) related to RSAs and RSUs at December 31, 2015 is $51.5 million and is estimated to be recognized over a weighted-average period of less than one year . The following table is a summary of the awards vested during the three years ended December 31, 2015 . Years Ended December 31, Total Shares Vested Fair Value on Vesting Date (In thousands of shares) 2015 946 $ 83,244 2014 842 62,686 2013 978 66,666 Stock-based Compensation The following table discloses the components of stock-based compensation expense. Years Ended December 31, 2015 2014 2013 Stock-based compensation expense: Site rental costs of operations $ 8,969 $ 6,565 $ 1,193 Network services and other costs of operations 5,370 4,889 1,799 General and administrative expenses 52,809 44,977 36,038 Total stock-based compensation $ 67,148 $ 56,431 $ 39,030 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in various claims, lawsuits, or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. See note 15 for a discussion of the operating lease commitments. In addition, see note 1 for a discussion of the Company's option to purchase approximately 54% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Asset Retirement Obligations Pursuant to its ground lease and easement agreements, the Company has the obligation to perform certain asset retirement activities, including requirements upon lease or easement termination to remove wireless infrastructure or remediate the land upon which its wireless infrastructure resides. Accretion expense related to liabilities for retirement obligations amounted to $9.9 million , $9.2 million , and $7.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. As of December 31, 2015 and 2014 , liabilities for retirement obligations were $132.1 million and $119.5 million , respectively, representing the net present value of the estimated expected future cash outlay. As of December 31, 2015 , the estimated undiscounted future cash outlay for asset retirement obligations was approximately $1.1 billion . See note 2 . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | Operating Leases Tenant Leases The following table is a summary of the rental cash payments owed to the Company, as a lessor, by tenants pursuant to contractual agreements in effect as of December 31, 2015 . Generally, the Company's leases with its tenants provide for (1) annual escalations, (2) multiple renewal periods at the tenant's option, and (3) only limited termination rights at the applicable tenant's option through the current term. As of December 31, 2015 , the weighted-average remaining term of tenant leases is approximately six years, exclusive of renewals at the tenant's option. The tenants' rental payments included in the table below are through the current terms with a maximum current term of 20 years and do not assume exercise of tenant renewal options. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Tenant leases $ 2,824,247 $ 2,757,293 $ 2,675,956 $ 2,548,699 $ 2,391,202 $ 6,890,891 $ 20,088,288 Operating Leases The following table is a summary of rental cash payments owed by the Company, as lessee, to landlords pursuant to contractual agreements in effect as of December 31, 2015 . The Company is obligated under non-cancelable operating leases for land interests under 78% of its towers. The majority of these lease agreements have (1) certain termination rights that provide for cancellation after a notice period, (2) multiple renewal options at the Company's option, and (3) annual escalations. Lease agreements may also contain provisions for a contingent payment based on revenues or the gross margin derived from the wireless infrastructure located on the leased land interest. Approximately 75% and approximately 90% of the Company's site rental gross margins for the year ended December 31, 2015 are derived from towers where the land interest under the tower is owned or leased with final expiration dates of greater than 20 years and ten years, respectively, inclusive of renewals at the Company's option. The operating lease payments included in the table below include payments for certain renewal periods at the Company's option up to the estimated wireless infrastructure useful life of 20 years and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Operating leases $ 564,114 $ 571,325 $ 575,605 $ 579,376 $ 580,894 $ 7,669,357 $ 10,540,671 Rental expense from operating leases was $657.1 million , $645.3 million , and $482.3 million , respectively, for the years ended December 31, 2015 , 2014 , and 2013 . The rental expense was inclusive of contingent payments based on revenues or gross margin derived from the wireless infrastructure located on the leased land interests of $91.8 million , $88.3 million , and $73.7 million , respectively, for the years ended December 31, 2015 , 2014 , and 2013 . |
Operating Segments and Concentr
Operating Segments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Operating Segments and Concentrations of Credit Risk [Abstract] | |
Operating Segments and Concentrations of Credit Risks | Operating Segments and Concentrations of Credit Risk Operating Segments The Company has determined that presently, following the sale of CCAL, it has one reportable operating segment 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. Major Customers The following table summarizes the percentage of the consolidated revenues for those customers accounting for more than 10% of the consolidated revenues. Years Ended December 31, 2015 2014 2013 AT&T (a) 27 % 26 % 23 % T-Mobile (a) 22 % 21 % 24 % Verizon Wireless 21 % 18 % 17 % Sprint (a) 19 % 25 % 28 % Total 89 % 90 % 92 % (a) All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and trade receivables. The Company mitigates its risk with respect to cash and cash equivalents by maintaining such deposits at high credit quality financial institutions and monitoring the credit ratings of those institutions. The Company's restricted cash is predominately held and directed by a trustee (see note 2 ). The Company derives the largest portion of its revenues from customers in the wireless industry. The Company also has a concentration in its volume of business with AT&T, T-Mobile, Verizon Wireless, and Sprint or their agents that accounts for a significant portion of the Company's revenues, receivables, and deferred site rental receivables. The Company mitigates its concentrations of credit risk with respect to trade receivables by actively monitoring the creditworthiness of its tenants, the use of tenant leases with contractually determinable payment terms, or proactive management of past due balances. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table is a summary of the supplemental cash flow information during the years ended December 31, 2015 , 2014 and 2013 . Years Ended December 31, 2015 2014 2013 Supplemental disclosure of cash flow information: Interest paid $ 489,970 $ 491,076 $ 477,395 Income taxes paid 28,771 18,770 15,591 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (7,042 ) 11,407 (1,082 ) Purchase of property and equipment under capital leases and installment land purchases 60,270 43,609 57,361 Installment payment receivable for sale of CCAL (see note 3) 117,384 — — |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Summary quarterly financial information for the years ended December 31, 2015 and 2014 is as follows: Three Months Ended March 31 June 30 September 30 December 31 2015: Net revenues $ 900,471 $ 899,437 $ 918,107 $ 945,836 Operating income (loss) 244,911 240,731 230,802 229,736 Gains (losses) on retirement of long-term obligations 24 (4,181 ) — — Benefit (provision) for income taxes (a) 1,435 4,144 3,801 42,077 Net income (loss) attributable to CCIC stockholders 122,791 1,153,360 103,779 141,062 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.34 $ 3.43 $ 0.28 $ 0.39 Diluted $ 0.34 $ 3.42 $ 0.28 $ 0.39 Three Months Ended March 31 June 30 September 30 December 31 2014: Net revenues $ 841,763 $ 878,242 $ 892,883 $ 925,868 Operating income (loss) 239,207 217,178 239,052 245,245 Gains (losses) on retirement of long-term obligations — (44,629 ) — — Benefit (provision) for income taxes 3,040 3,101 1,977 3,126 Net income (loss) attributable to CCIC stockholders 101,497 34,009 106,937 148,070 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.27 $ 0.07 $ 0.29 $ 0.41 Diluted $ 0.27 $ 0.07 $ 0.29 $ 0.41 (a) Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 19. Subsequent Events Small Cells REIT Inclusion Effective January 2016, the Company's small cells that were previously included in one or more wholly-owned TRSs are included in the REIT. See note 11 . 2016 Credit Facility On January 21, 2016, the Company completed a new $5.5 billion Senior Unsecured Credit Facility ("2016 Credit Facility"), consisting of a $2.5 billion Senior Unsecured Revolving Credit Facility ("2016 Revolver") maturing on January 21, 2021, a $1.0 billion Senior Unsecured 364-Day Revolving Credit Facility ("364-Day Facility") maturing on January 19, 2017, and a $2.0 billion Senior Unsecured Term Loan A Facility ("2016 Term Loan A") maturing on January 21, 2021. As of February 15, 2016 , the 364-Day Facility had been paid in full and terminated and there was $355 million drawn on the 2016 Revolver. The 2016 Credit Facility bears interest at a per annum rate equal to LIBOR plus 1.125% to 2.000% , based on the Company's senior unsecured debt rating. The proceeds of the loans under the 2016 Credit Facility, together with cash on hand, were used to repay all outstanding borrowings under the previously outstanding 2012 Credit Facility. The credit agreement governing the Company's 2016 Credit Facility contains financial maintenance covenants. The Company is currently in compliance with these financial maintenance covenants, and based upon current expectations, the Company believes it will continue to comply with its financial maintenance covenants. In addition, certain of the Company's debt agreements also contain restrictive covenants that place restrictions on CCIC or its subsidiaries and may limit the Company's ability to, among other things, incur additional debt and liens, purchase the Company's securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow. 2016 Senior Unsecured Notes On February 8, 2016 the Company issued $1.5 billion aggregate principal amount of investment grade senior unsecured notes ("2016 Senior Unsecured Notes"), which consist of (1) $600.0 million aggregate principal amount of 3.4% Senior Notes with a final maturity date of February 2021, and (2) $900.0 million aggregate principal amount of 4.45% Senior Notes with a final maturity date of February 2026. The Company used the net proceeds from the 2016 Senior Unsecured Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the 364-Day Facility (and, in connection therewith, terminate all commitments thereunder), and (2) to repay $500.0 million of outstanding borrowings under the 2016 Revolver. Common Stock Dividend On February 18, 2016 , the Company declared a quarterly common stock dividend of $0.885 per share, which was approved by the Company's board of directors. The common stock dividend will be paid on March 31, 2016 to common stockholders of record as of March 18, 2016 . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II Valuation and Qualifying Accounts | |
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | Additions Deductions Balance at Beginning of Year Charged to Operations Credited to Operations Written Off Effect of Exchange Rate Changes Balance at End of Year Allowance for Doubtful Accounts Receivable: 2015 $ 10,037 $ 2,958 $ — $ (3,421 ) $ 9,574 2014 $ 7,547 $ 3,101 $ — $ (611 ) $ — $ 10,037 2013 $ 7,562 $ 1,351 $ — $ (1,366 ) $ — $ 7,547 Additions Deductions Balance at Beginning of Year Charged to Operations Charged to Additional Paid-in Capital and Other Comprehensive Income Credited to Operations Credited to Additional Paid-in Capital and Other Comprehensive Income Other Adjustments (a) Balance at End of Year Deferred Tax Valuation Allowance: 2015 $ 21,038 $ 164 $ — $ (3,000 ) $ — $ (16,208 ) $ 1,994 2014 $ 27,264 $ 1,797 $ — $ (9,106 ) $ — $ 1,083 $ 21,038 2013 $ 70,940 $ 717 $ — $ (2,174 ) $ — $ (42,219 ) $ 27,264 (a) Inclusive of (1) the effects of acquisitions, (2) the REIT conversion, and (3) the inclusion of small cells in the REIT in January 2016. |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Description Encumbrances Initial cost to company Cost capitalized subsequent to acquisition Gross amount carried at close of current period Accumulated depreciation at close of current period Date of construction Date acquired Life on which depreciation in latest income statement is computed 39,697 towers (1) $ 9,752,747 (2) (3) (3) $ 15,110,835 (4) $ (5,648,598 ) Various Various Up to 20 years (1) Amount is exclusive of small cell nodes. No single tower exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (2) As of December 31, 2015, $5.7 billion of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). In addition, the 2012 Credit Facility is secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC's and certain of its subsidiaries' deposit accounts and securities accounts. (3) The Company has omitted this information, as it would be impracticable to compile such information on a tower-by-tower basis. (4) Does not include those towers under construction. 2015 Gross amount at beginning $ 13,795,914 Additions during period: Acquisitions through foreclosure — Other acquisitions (1)(2) 424,919 Wireless infrastructure construction and improvements 713,465 Purchase of land interests 90,496 Sustaining capital expenditures 75,888 Other (3) 61,801 Total additions 1,366,569 Deductions during period: Cost of real estate sold or disposed (51,648 ) Other — Total deductions: (51,648 ) Balance at end $ 15,110,835 (1) Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. (2) Includes acquisitions of wireless infrastructure. (3) Predominately relates to the purchase of property and equipment under capital leases and installment land purchases. 2015 Gross amount of accumulated depreciation at beginning $ (4,917,542 ) Additions during period: Depreciation (759,332 ) Total additions (759,332 ) Deductions during period: Amount for assets sold or disposed 23,946 Other 4,330 Total deductions 28,276 Balance at end $ (5,648,598 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. The Company has classified the increases and decreases in restricted cash as (1) cash provided by financing activities for cash held by indenture trustees based on consideration of the terms of the related indebtedness, although the cash flows have aspects of both financing activities and operating activities, (2) cash provided by investing activities for cash securing performance obligations and restricted cash that is acquired in acquisitions, or (3) cash provided by operating activities for the other remaining restricted cash. The following table is a summary of the impact of restricted cash on the statement of cash flows. For the years ended December 31, 2015 2014 2013 Net cash provided by (used from) operating activities $ 3,974 $ 6,148 $ (1,637 ) Net cash provided by (used from) investing activities $ (3,752 ) $ (44 ) $ 8,067 Net cash provided by (used from) financing activities $ 16,458 $ 30,011 $ 385,982 (a) (a) Inclusive of $ 316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. |
Receivables Allowance | Receivables Allowance An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "site rental costs of operations" or to "network services and other costs of operations," as appropriate; and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. |
Lease, Policy | Lease Accounting General. The Company classifies its leases at inception as either operating leases or capital leases. A lease is classified as a capital lease if at least one of the following criteria are met, subject to certain exceptions noted below: (1) the lease transfers ownership of the leased assets to the lessee, (2) there is a bargain purchase option, (3) the lease term is equal to 75% or more of the economic life of the leased assets, or (4) the present value of the minimum lease payments equals or exceeds 90% of the fair value of the leased assets. Lessee. Leases for land are evaluated for capital lease treatment if at least one of the first two criteria mentioned in the immediately preceding paragraph is present relating to the leased assets. When the Company, as lessee, classifies a lease as a capital lease, it records an asset in an amount equal to the present value of the minimum lease payments under the lease at the beginning of the lease term. Applicable operating leases are recognized on a straight-line basis as discussed under "costs of operations" below. Lessor. If the Company is the lessor of leased property that is part of a larger whole (including a portion of space on a tower) and for which fair value is not objectively determinable, then such a lease is accounted for as an operating lease. As applicable, operating leases are recognized on a straight-line basis as discussed under "Revenue Recognition." |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of wireless infrastructure is computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions, renewals, and improvements are capitalized, while maintenance and repairs are expensed. Labor and interest costs incurred directly related to the construction of certain property and equipment are capitalized during the construction phase of projects. For the years ended December 31, 2015 , 2014 , and 2013 , the Company had $36.7 million , $24.2 million and $17.6 million in capitalized labor costs, respectively. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Abandonments and write-offs of property and equipment are recorded to "asset write-downs charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $27.0 million , $9.3 million , and $8.9 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Asset Retirement Obligations | Asset Retirement Obligations Pursuant to its ground lease and easement agreements, the Company records obligations to perform asset retirement activities, including requirements to remove wireless infrastructure or remediate the land upon which the Company's wireless infrastructure resides. Asset retirement obligations are included in "other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "depreciation, amortization, and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with a comparison of the estimated fair value of the reporting unit and the carrying value of the reporting unit. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted expected future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2015 , which resulted in no impairments. |
Intangible Assets | Intangible Assets Intangible assets are included in "site rental contracts and customer relationships, net" and "other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) site rental contracts and customer relationships, (2) below-market leases for land interest under the acquired wireless infrastructure, or (3) other contractual rights such as trademarks. The site rental contracts and customer relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the expected exercise of the renewal provisions contained within the existing leases, which automatically occur under contractual provisions, or (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and customer relationships intangible asset is limited by the maximum depreciable life of the wireless infrastructure ( 20 years), as a result of the interdependency of the wireless infrastructure and site rental leases. In contrast, the site rental contracts and customer relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of renewals experienced to date. Thus, while site rental contracts and customer relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and customer relationships are amortized over a period not to exceed 20 years as a result of the useful life being limited by the depreciable life of the wireless infrastructure. The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and customer relationships intangible assets. First, the Company pools the site rental contracts and customer relationships with the related wireless infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and customer relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. |
Deferred Credits | Deferred Credits Deferred credits are included in “deferred revenues” and “other long-term liabilities” on the Company's consolidated balance sheet and consist of the estimated fair value of the following items recorded in conjunction with acquisitions: (1) below-market tenant leases for contractual interests with tenants on acquired wireless infrastructure, which are amortized to site rental revenues and (2) above-market leases for land interests under the Company's wireless infrastructure, which are amortized to site rental cost of operations. Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. |
Deferred Financing Costs | Deferred Financing Costs Third-party costs incurred to obtain financing are deferred and are included in "long-term prepaid rent, deferred financing costs, and other assets, net" on the Company's consolidated balance sheet. |
Revenue Recognition | Revenue Recognition Site rental revenues are recognized on a monthly basis over the fixed, non-cancelable term of the relevant lease (generally ranging from five to 15 years), regardless of whether the payments from the tenant are received in equal monthly amounts. The Company's leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the consumer price index ("CPI")). If the payment terms call for fixed escalations, upfront payments, or rent free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are included in "other current assets" and "deferred site rental receivables." Amounts billed or received prior to being earned are deferred and reflected in "deferred revenues" and "other long-term liabilities." Network services revenues are recognized after completion of the applicable service. Nearly all of the installation services are billed on a cost-plus profit basis and site development services are billed on a fixed fee basis. Sales taxes or value-added taxes collected from customers and remitted to governmental authorities are presented on a net basis. |
Cost of Operations | Costs of Operations In excess of two-thirds of the Company's site rental costs of operations expenses consist of ground lease expenses, and the remainder includes property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Ground lease expense is recognized on a monthly basis, regardless of whether the lease agreement payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. The Company's ground leases contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI). If the payment terms include fixed escalation provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line ground lease expense using a time period that equals or exceeds the remaining depreciable life of the wireless infrastructure asset. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing ground lease renewal options, the Company has straight-lined the ground lease expense over a sufficient portion of such ground lease renewals to coincide with the final termination of the tenant's renewal options. The Company's non-current liability related to straight-line ground lease expense is included in "other long-term liabilities" on the Company's consolidated balance sheet. The Company's assets related to prepaid ground leases is included in "prepaid expenses" and "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's consolidated balance sheet. |
Acquisition and Integration Costs | Acquisition and Integration Costs All direct or incremental costs related to a business combination are expensed as incurred. Costs include severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, or fees paid for services such as consulting, accounting, legal, or engineering reviews. These business combination costs are included in "acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). See note 4 for a discussion of our acquisitions during 2013, 2014, and 2015. In addition, during 2012, the Company acquired (1) rights to approximately 7,100 towers through the T-Mobile Acquisition and (2) NextG Networks, Inc., the then largest U.S operator of outdoor distributed antenna systems ("DAS"), a type of small cells. |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Awards and Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock awards ("RSAs") and unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSAs and RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: Valuation. The fair value of RSAs and RSUs without market conditions is determined based on the number of shares relating to such RSAs and RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSAs and RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSAs and RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. Amortization Method. The Company amortizes the fair value of all RSAs and RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. |
Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2015 2014 2013 Interest expense on debt obligations $ 490,002 $ 492,437 $ 490,385 Amortization of deferred financing costs 22,077 22,190 25,120 Amortization of adjustments on long-term debt (1,029 ) (3,628 ) 8,541 Amortization of interest rate swaps 18,725 63,148 64,928 Capitalized interest (4,805 ) (2,985 ) (1,832 ) Other 2,158 2,129 2,488 Total $ 527,128 $ 573,291 $ 589,630 The Company amortizes deferred financing costs, discounts, premiums, and purchase price adjustments on long-term debt over the estimated term of the related borrowing using the effective interest yield method. Discounts or purchase price adjustments are presented as a reduction to the related debt obligation on the Company's consolidated balance sheet. |
Income Taxes | Income Taxes Effective January 1, 2014, the Company commenced operating as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to the TRSs, (4) certain state, local, or foreign income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. In addition, the Company could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended ("Code"), to maintain qualification for taxation as a REIT. 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. During the fourth quarter of 2015, the Company completed the necessary steps to include small cells that were previously included in one or more wholly-owned TRSs in the REIT effective January 2016. As a result, during the fourth quarter of 2015, the Company de-recognized the related net deferred tax liabilities. See note 11 . Additionally, the Company has included in TRSs certain other assets and operations. Those TRS assets and operations 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 net operating loss carryforwards ("NOLs"). For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset. The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2015 and 2014 , the Company has not recorded any penalties related to its income tax positions. |
Per Share Information | Per Share Information Basic net income (loss) attributable to CCIC common stockholders, per common share excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of RSAs and RSUs as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock (as defined in note 12 ), as determined under the if-converted method. A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: Years Ended December 31, 2015 2014 2013 Net income (loss) from continuing operations $ 525,286 $ 346,314 $ 60,001 Dividends on preferred stock (43,988 ) (43,988 ) (11,363 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 481,298 $ 302,326 $ 48,638 Income (loss) from discontinued operations, net of tax 999,049 52,460 33,900 Less: Net income (loss) attributable to the noncontrolling interest 3,343 8,261 3,790 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations 995,706 44,199 30,110 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 333,002 332,302 298,083 Effect of assumed dilution from potential common shares relating to RSAs and RSUs 1,060 963 1,210 Diluted weighted-average number of common shares outstanding 334,062 333,265 299,293 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic $ 1.45 $ 0.91 $ 0.16 Income (loss) from discontinued operations, basic $ 2.99 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, basic $ 4.44 $ 1.04 $ 0.26 Income (loss) from continuing operations, diluted $ 1.44 $ 0.91 $ 0.16 Income (loss) from discontinued operations, diluted $ 2.98 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, diluted $ 4.42 $ 1.04 $ 0.26 For the years ended December 31, 2015 and 2014 , 11.4 million and 12.5 million common share equivalents related to the Convertible Preferred Stock, respectively, were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of each such year. See notes 12 and 13 . |
Fair Values | Fair Values The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period. The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative quotes (that is non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if applicable. 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. See note 10 for a further discussion of fair values. |
Derivative Instruments | Swaps Interest Rate Swaps. The Company had previously entered into interest rate swaps to manage or reduce its interest rate risk. Derivative financial instruments were entered into for periods that matched the related underlying exposures. The Company can designate derivative financial instruments as hedges. The Company can also enter into derivative financial instruments that are not designated as accounting hedges. Derivatives were recognized on the consolidated balance sheet at fair value. If the derivative was designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative was recorded as a separate component of stockholders' equity, captioned "accumulated other comprehensive income (loss)" on the Company's consolidated balance sheet, and recognized as increases or decreases to "interest expense and amortization of deferred financing costs" on the Company's consolidated statement of operations and comprehensive income (loss) when the hedged item affects earnings. If a hedge ceased to qualify for hedge accounting, any change in the fair value of the derivative since the date it ceased to qualify was recorded to "net gain (loss) on interest rate swaps." However, any amounts previously recorded to "accumulated other comprehensive income (loss)" would remain there until the original forecasted transaction affected earnings. In situations where it becomes probable that the hedged forecasted transaction will not occur, any gains or losses that have been recorded to "accumulated other comprehensive income (loss)" are immediately reclassified to earnings. See note 9 . Foreign Currency Swaps. During 2015, the Company entered into foreign currency swaps to manage and reduce its foreign currency risk related to its sale of CCAL (see note 3 ). The derivatives were recognized on the consolidated balance sheet at fair value as of December 31, 2015. These swaps are not designated as accounting hedges and as such, the corresponding gain (loss) on the fair value adjustment is included as a component of "other income (expense)" on the Company's consolidated statement of operations and comprehensive income (loss). See note 9 . In January 2016, the previously outstanding swap related to the installment payment received from the Buyer (as defined in note 3 ) was cash settled. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the implementation and presentation of discontinued operations titled ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). 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 to the sale of CCAL. See note 3 . In November 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 guidance is effective for the Company on January 1, 2017 and early adoption is permitted. The Company adopted this guidance on December 31, 2015 on a prospective basis. As such, the prior periods presented within the Company's consolidated financial statements were not retrospectively adjusted. See note 11 . 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 to 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 December 31, 2015 , net deferred financing costs were $ 107.7 million and were recorded as a component of "long-term prepaid rent, deferred financing costs and other assets, net" on the Company's 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 does not expect the standard to have a material impact to its consolidated financial statements upon initial adoption. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table is a summary of the impact of restricted cash on the statement of cash flows. For the years ended December 31, 2015 2014 2013 Net cash provided by (used from) operating activities $ 3,974 $ 6,148 $ (1,637 ) Net cash provided by (used from) investing activities $ (3,752 ) $ (44 ) $ 8,067 Net cash provided by (used from) financing activities $ 16,458 $ 30,011 $ 385,982 (a) (a) Inclusive of $ 316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. |
Components of Interest Expense and Amortization of Deferred Financing Costs | The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2015 2014 2013 Interest expense on debt obligations $ 490,002 $ 492,437 $ 490,385 Amortization of deferred financing costs 22,077 22,190 25,120 Amortization of adjustments on long-term debt (1,029 ) (3,628 ) 8,541 Amortization of interest rate swaps 18,725 63,148 64,928 Capitalized interest (4,805 ) (2,985 ) (1,832 ) Other 2,158 2,129 2,488 Total $ 527,128 $ 573,291 $ 589,630 |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | A reconciliation of the numerators and denominators of the basic and diluted per share computations is as follows: Years Ended December 31, 2015 2014 2013 Net income (loss) from continuing operations $ 525,286 $ 346,314 $ 60,001 Dividends on preferred stock (43,988 ) (43,988 ) (11,363 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 481,298 $ 302,326 $ 48,638 Income (loss) from discontinued operations, net of tax 999,049 52,460 33,900 Less: Net income (loss) attributable to the noncontrolling interest 3,343 8,261 3,790 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations 995,706 44,199 30,110 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 333,002 332,302 298,083 Effect of assumed dilution from potential common shares relating to RSAs and RSUs 1,060 963 1,210 Diluted weighted-average number of common shares outstanding 334,062 333,265 299,293 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic $ 1.45 $ 0.91 $ 0.16 Income (loss) from discontinued operations, basic $ 2.99 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, basic $ 4.44 $ 1.04 $ 0.26 Income (loss) from continuing operations, diluted $ 1.44 $ 0.91 $ 0.16 Income (loss) from discontinued operations, diluted $ 2.98 $ 0.13 $ 0.10 Net income (loss) attributable to CCIC common stockholders, diluted $ 4.42 $ 1.04 $ 0.26 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 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 23,059 Foreign currency translation reclassification adjustments (d) (25,678 ) Pre-tax gain (loss) from disposal of discontinued operations 1,000,797 Income taxes related to the sale of CCAL (21,438 ) Gain (loss) from disposal of discontinued operations $ 979,359 (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 9 . 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 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 consolidated balance sheet and reclassified to "net gain (loss) from disposal of discontinued operations, net of tax" 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 Year Ended December 31, 2015 (b)(c) 2014 (b) 2013 (b) Total revenues $ 65,293 $ 151,128 $ 156,633 Total cost of operations (a) 17,498 43,860 55,779 Depreciation, amortization, and accretion 10,168 27,283 32,873 Total other expenses 10,481 26,921 26,453 Pre-tax income from discontinued operations 27,146 53,064 41,528 Benefit (provision) from income taxes (7,456 ) (604 ) (7,628 ) Net income (loss) from discontinued operations (d) $ 19,690 $ 52,460 $ 33,900 (a) Exclusive of depreciation, amortization, and accretion shown separately. (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 consolidated statement of operations. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule Purchase Price Allocation | Preliminary Purchase Price Allocation Current assets $ 15,417 Property and equipment 444,864 Goodwill (a) 325,696 Other intangible assets, net 259,833 Current liabilities (20,470 ) Other non-current liabilities (37,375 ) Net assets acquired (b) $ 987,965 (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. AT&T Acquisition During October 2013, the Company entered into a definitive agreement with AT&T, to acquire rights to towers which, as of December 31, 2015, comprised approximately 23% of the Company's towers for $4.827 billion in cash at closing ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. See note 1 for further discussion of the terms of the AT&T master prepaid lease, including the related purchase option. The Company utilized net proceeds from the October 2013 Equity Financings (as defined in note 12 ), and additional borrowings under the 2012 Revolver (as defined in note 8 ) and term loans to fund the AT&T Acquisition, as well as cash on hand. The final purchase price allocation for the AT&T Acquisition is shown below. Final Purchase Price Allocation Current assets $ 21,543 Property and equipment 1,891,721 Goodwill 1,902,777 Other intangible assets, net 1,175,217 Other assets 67,063 Current liabilities (10,677 ) Other long-term liabilities (221,045 ) (a) Net assets acquired $ 4,826,599 (b) (a) Inclusive of above-market leases for land interests under the Company's towers. (b) No deferred taxes were recorded as a result of the Company's REIT election. See note 11 . |
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma consolidated results of operations of the Company as if the AT&T Acquisition was completed as of January 1, 2013. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. Twelve Months Ended December 31, 2013 Net revenues $ 3,420,736 (a) Income (loss) before income taxes $ 242,617 (b)(c) Benefit (provision) for income taxes $ (178,663 ) (c)(d) Net income (loss) $ 63,954 (b)(c) Basic net income (loss) attributable to CCIC common stockholders, per common share $ 0.05 Diluted net income (loss) attributable to CCIC common stockholders, per common share $ 0.05 (a) Amount is inclusive of pro forma adjustments to increase net revenues of $211.1 million related to net revenues that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. (b) Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $218.3 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. (c) Amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. (d) Pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 11 . |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Major Classes of Property and Equipment | The major classes of property and equipment are as follows: Estimated Useful Lives December 31, 2015 2014 Land (a) — $ 1,617,919 $ 1,491,640 Buildings 40 years 86,760 58,491 Towers and small cells 1-20 years 12,856,115 11,782,715 Information technology assets and other 2-7 years 239,332 199,834 Construction in process — 578,806 502,499 Total gross property and equipment 15,378,932 14,035,179 Less: accumulated depreciation (5,798,875 ) (5,052,396 ) Total property and equipment, net $ 9,580,057 $ 8,982,783 (a) Includes land owned in fee and perpetual easemen |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Finite-Lived Intangible Assets [Line Items] | |
Schedule of Goodwill | Goodwill The changes in the carrying value of goodwill for the years ended December 31, 2015 and December 31, 2014 were as follows: Balance as of December 31, 2013 $ 4,902,950 Adjustments to AT&T Acquisition purchase price allocation 134,242 Additions due to other acquisitions 159,362 Other adjustments, net (69 ) Balance as of December 31, 2014 $ 5,196,485 Additions due to Sunesys Acquisition (a) 325,696 Additions due to other acquisitions 41,542 Adjustments to purchase price allocations, net (50,172 ) Balance as of December 31, 2015 $ 5,513,551 (a) The 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. See note 4 . |
Intangible Assets | The following is a summary of the Company's intangible assets. See note 4 for further discussion of the Company's acquisitions. As of December 31, 2015 As of December 31, 2014 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Site rental contracts and customer relationships $ 5,009,241 $ (1,588,061 ) $ 3,421,180 $ 4,627,429 $ (1,340,285 ) $ 3,287,144 Other intangible assets 482,142 (123,407 ) 358,735 496,284 (101,877 ) 394,407 Total $ 5,491,383 $ (1,711,468 ) $ 3,779,915 $ 5,123,713 $ (1,442,162 ) $ 3,681,551 |
Schedule of Amortization Expense | Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): For Years Ended December 31, Classification 2015 2014 2013 Depreciation, amortization and accretion $ 251,443 $ 242,967 $ 197,906 Site rental costs of operations 20,420 22,105 10,197 Total amortization expense $ 271,863 $ 265,072 $ 208,103 |
Site Rental Contracts and Customer Relationships [Member] | |
Goodwill and Finite-Lived Intangible Assets [Line Items] | |
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense related to intangible assets (inclusive of those recorded as an increase to "site rental costs of operations") for the years ended December 31, 2016 to 2020 is as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Estimated annual amortization $ 272,067 $ 271,503 $ 271,054 $ 270,618 $ 270,188 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities [Abstract] | |
Other Noncurrent Liabilities | The following is a summary of the components of "other long-term liabilities" as presented on the Company's consolidated balance sheet. See also note 2 . December 31, 2015 2014 Deferred rental revenues $ 864,269 $ 604,825 Deferred ground lease payable 467,411 406,732 Above market leases for land interests, net 242,893 272,694 Deferred credits, net 239,527 222,460 Asset retirement obligation (see note 14) 132,110 119,463 Deferred income tax liabilities 2,059 39,889 Other long-term liabilities 367 328 $ 1,948,636 $ 1,666,391 |
Schedule of Above Market Leases | The estimated amortization expense related to above-market leases for land interests under the Company's towers recorded to site rental costs of operations for the years ended December 31, 2016 to 2020 is as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Above-market leases for land interests $ 21,302 $ 20,236 $ 19,458 $ 18,645 $ 17,569 |
Amortization of below-market tenant leases | The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ended December 31, 2016 to 2020 are as follows: Years Ending December 31, 2016 2017 2018 2019 2020 Below-market tenant leases $ 35,359 $ 34,071 $ 31,028 $ 27,833 $ 26,116 |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | Original Issue Date Contractual Maturity Date Outstanding Balance as of December 31, Stated Interest Rate as of December 31, 2015 2014 2015 (a) Bank debt – variable rate: 2012 Revolver Jan. 2012 Jan. 2019 $ 1,125,000 (b) $ 695,000 2.2 % (c) Tranche A Term Loans Jan. 2012 Jan. 2019 629,375 645,938 2.2 % (c) Tranche B Term Loans Jan. 2012 Jan. 2021 2,247,015 2,835,509 3.0 % (d) Total bank debt 4,001,390 4,176,447 Securitized debt – fixed rate: January 2010 Tower Revenue Notes Jan. 2010 2037-2040 (e) 1,600,000 1,600,000 6.0 % (e) August 2010 Tower Revenue Notes Aug. 2010 2037-2040 (e) 1,300,000 1,550,000 4.7 % (e) May 2015 Tower Revenue Notes May 2015 2042-2045 (e) 1,000,000 — 3.5 % (e) 2009 Securitized Notes July 2009 2019/2029 (f) 141,592 160,822 7.6 % WCP Securitized Notes Nov. 2010 Nov. 2040 — 262,386 N/A Total securitized debt 4,041,592 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 2017/2023 (h) 1,500,000 1,500,000 3.4 % 4.875% Senior Notes Apr. 2014 Apr. 2022 846,522 846,062 4.9 % Total bonds 3,996,491 3,996,031 Other: Capital leases and other obligations Various Various (g) 209,765 175,175 Various (g) Total debt and other obligations 12,249,238 11,920,861 Less: current maturities and short-term debt and other current obligations 106,219 113,335 Non-current portion of long-term debt and other long-term obligations $ 12,143,019 $ 11,807,526 (a) Represents the weighted-average stated interest rate. (b) As of December 31, 2015 , the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $1.2 billion . See note 19 . (c) The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25% , based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. (d) The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50% , based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). (e) If the respective series of the January 2010 Tower Revenue Notes, August 2010 Tower Revenue Notes and May 2015 Tower Revenue Notes (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion , having anticipated repayment dates in 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $1.0 billion , having anticipated repayment dates in 2017 and 2020, respectively. The May 2015 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $700.0 million , having anticipated repayment dates in 2022 and 2025, respectively. (f) The 2009 Securitized Notes consist of $ 71.6 million of principal as of December 31, 2015 that amortizes through 2019, and $70.0 million of principal as of December 31, 2015 that amortizes during the period beginning in 2019 and ending in 2029. (g) The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years. (h) Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured |
Schedule of Maturities of Long-term Debt | Notes. Contractual Maturities The following are the scheduled contractual maturities of the total debt or other long-term obligations outstanding at December 31, 2015 . These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. See also note 19. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Cash Obligations Net Unamortized Discounts Total Debt and Other Obligations Outstanding Scheduled contractual maturities $ 107,075 $ 603,316 $ 99,855 $ 1,713,463 $ 47,464 $ 9,681,543 $ 12,252,716 $ (3,478 ) $ 12,249,238 |
Schedule of Extinguishment of Debt | Debt Purchases and Redemptions The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2015 , 2014 , and 2013 . Year Ending December 31, 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. Year Ending December 31, 2014 Principal Amount Cash Paid (a) Gains (losses) (b) January 2010 Tower Revenue Notes 300,000 302,990 (3,740 ) 7.125% Senior Notes 500,000 533,909 (40,889 ) Total $ 800,000 $ 836,899 $ (44,629 ) (a) Exclusive of accrued interest. (b) The losses predominately relate to cash losses, including make whole payments and are inclusive of $ 7.7 millio n related to the write off of deferred financing costs and discounts. Year Ending December 31, 2013 Principal Amount Cash Paid (a) Gains (losses) (c) 9% Senior Notes 314,170 332,045 (17,894 ) 7.75% Secured Notes (b) 294,362 312,465 (18,103 ) 5.25% Senior Notes 30 30 — Tranche A Term Loans 87,489 87,489 (399 ) Tranche B Term Loans 30,941 30,941 (490 ) Other — — (241 ) Total $ 726,992 $ 762,970 $ (37,127 ) (a) Exclusive of accrued interest. (b) The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. (c) The losses predominately relate to cash losses, including make whole payments. |
Swaps Foreign Currency Swaps (T
Swaps Foreign Currency Swaps (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Foreign Currency Swaps [Abstract] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Item Swapped Notional Amount Forward Rate Start Date End Date Pay Amount Receive Amount Fair Value at December 31, 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 $10,749 (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 consolidated statement of operations. (b) As of December 31, 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 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 consolidated statement of operations. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2 . Level in Fair Value Hierarchy December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 178,810 $ 178,810 $ 151,312 $ 151,312 Restricted cash 1 135,731 135,731 152,411 152,411 Foreign currency swaps 2 10,749 10,749 — — Liabilities: Debt and other obligations 2 $ 12,249,238 $ 12,555,143 $ 11,920,861 $ 12,286,161 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes by geographic area is as follows: Years Ended December 31, 2015 2014 2013 Domestic $ 461,293 $ 341,070 $ 260,364 Foreign (a) 12,536 (6,000 ) (9,363 ) $ 473,829 $ 335,070 $ 251,001 (a) Inclusive of income (loss) before income taxes from Puerto Rico. |
Benefit (Provision) for Income Taxes | The benefit (provision) for income taxes consists of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 495 $ 213 $ 684 Foreign (5,675 ) (6,413 ) (5,110 ) State (3,981 ) (4,415 ) (12,305 ) Total current (9,161 ) (10,615 ) (16,731 ) Deferred: Federal 44,716 23,070 (164,769 ) Foreign (1,048 ) (819 ) (130 ) State 16,950 (392 ) (9,370 ) Total deferred 60,618 21,859 (174,269 ) Total tax benefit (provision) $ 51,457 $ 11,244 $ (191,000 ) |
Effective Tax Rate | A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows: Years Ended December 31, 2015 2014 2013 Benefit (provision) for income taxes at statutory rate $ (165,840 ) $ (117,274 ) $ (87,850 ) Tax effect of foreign income (losses) (527 ) (4,296 ) (3,277 ) Tax adjustment related to REIT operations 186,649 132,951 — Tax adjustment related to the REIT election (a) — — (67,395 ) Tax adjustment related to the inclusion of small cells in the REIT (b) 33,759 — — Expenses for which no federal tax benefit was recognized (414 ) (463 ) (9,570 ) Valuation allowances 3,000 9,000 — State tax (provision) benefit, net of federal 1,210 (3,136 ) (14,852 ) Foreign tax (6,723 ) (7,232 ) (5,240 ) Other 343 1,694 (2,816 ) $ 51,457 $ 11,244 $ (191,000 ) (a) Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. (b) During the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities related to the Company's small cells previously included in one or more TRSs in conjunction with the inclusion of small cells in the REIT in January 2016. |
Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets and liabilities are as follows: December 31, 2015 2014 Deferred income tax liabilities: Property and equipment $ 334 $ 167,491 Deferred site rental receivable 5,742 18,320 Intangible assets — 102,624 Total deferred income tax liabilities 6,076 288,435 Deferred income tax assets: Intangible assets 40,654 — Net operating loss carryforwards 7,891 133,096 Deferred ground lease payable 1,312 1,627 Accrued liabilities 4,183 158,813 Receivables allowance 196 1,459 Other 1,252 1,278 Valuation allowances (1,994 ) (21,038 ) Total deferred income tax assets, net 53,494 275,235 Net deferred income tax asset (liabilities) $ 47,418 $ (13,200 ) |
Jurisdictional Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets (liabilities) are as follows: December 31, 2015 December 31, 2014 Classification Gross Valuation Allowance Net Gross Valuation Allowance Net Federal $ 48,273 $ — $ 48,273 $ 6,557 $ (3,000 ) $ 3,557 State 1,203 — 1,203 462 (16,208 ) (15,746 ) Foreign (64 ) (1,994 ) (2,058 ) 819 (1,830 ) (1,011 ) Total $ 49,412 $ (1,994 ) $ 47,418 $ 7,838 $ (21,038 ) $ (13,200 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balance of unrecognized tax benefits are as follows: Years Ended December 31, 2015 2014 Balance at beginning of year $ 8,333 $ 14,089 Additions based on prior year tax positions 212 286 Reductions as a result of the lapse of statute limitations (1,775 ) (6,042 ) Balance at end of year $ 6,770 $ 8,333 |
Stockholders' Equity Dividends
Stockholders' Equity Dividends Declared (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividends Declared [Abstract] | |
Dividends Declared | During the year ended December 31, 2015 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 12, 2015 March 20, 2015 March 31, 2015 $ 0.820 $ 274.7 (a) Common Stock May 29, 2015 June 19, 2015 June 30, 2015 $ 0.820 $ 274.5 (a) Common Stock July 30, 2015 September 18, 2015 September 30, 2015 $ 0.820 $ 274.3 (a) Common Stock October 19, 2015 December 18, 2015 December 31, 2015 $ 0.885 $ 296.5 (a) Convertible Preferred Stock December 22, 2014 January 15, 2015 February 2, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock March 27, 2015 April 15, 2015 May 1, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock June 21, 2015 July 15, 2015 August 3, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock September 23, 2015 October 15, 2015 November 2, 2015 $ 1.125 $ 11.0 Convertible Preferred Stock December 16, 2015 January 16, 2016 February 1, 2016 $ 1.125 $ 11.0 (b) (a) Inclusive of dividends accrued for holders of unvested RSUs. (b) Represents amount paid on February 1, 2016 based on holders of record on January 16, 2016. |
Stockholders' Equity Nature of
Stockholders' Equity Nature of Dividends Declared (Tax Treatment) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Tax Treatment of Dividends Paid [Table Text Block] | The following table summarizes, for income tax purposes, the nature of dividends paid during 2015 on the Company's common stock and Convertible Preferred Stock. Equity Type Payment Date Dividends Per Share Ordinary Taxable Dividend Per Share Qualified Taxable Dividend Per Share (a) Long-Term Capital Gain Distribution Per Share Common Stock March 31, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock June 30, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock September 30, 2015 $ 0.820 $ 0.227 $ 0.035 $ 0.593 Common Stock December 31, 2015 $ 0.885 $ 0.245 $ 0.038 $ 0.640 Convertible Preferred Stock February 2, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock May 1, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock August 3, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 Convertible Preferred Stock November 2, 2015 $ 1.125 $ 0.312 $ 0.048 $ 0.813 (a) Qualified taxable dividend amounts are included in ordinary taxable dividend amounts. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Awards Activity | The following is a summary of the RSA and RSU activity during the year ended December 31, 2015 . RSAs RSUs (In thousands) (In thousands) Outstanding at the beginning of year 1,440 950 Granted — 1,027 Vested (770 ) (176 ) Forfeited (7 ) (24 ) Outstanding at end of year 663 1,777 |
Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value | The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2015 , 2014 , and 2013 , respectively, with market conditions. Years Ended December 31, 2015 2014 2013 Risk-free rate 1.0 % 0.7 % 0.4 % Expected volatility 19 % 22 % 23 % Expected dividend rate 4.21 % 1.93 % — % |
Summary of Restricted Stock Vested | The following table is a summary of the awards vested during the three years ended December 31, 2015 . Years Ended December 31, Total Shares Vested Fair Value on Vesting Date (In thousands of shares) 2015 946 $ 83,244 2014 842 62,686 2013 978 66,666 |
Stock Based Compensation Expense | The following table discloses the components of stock-based compensation expense. Years Ended December 31, 2015 2014 2013 Stock-based compensation expense: Site rental costs of operations $ 8,969 $ 6,565 $ 1,193 Network services and other costs of operations 5,370 4,889 1,799 General and administrative expenses 52,809 44,977 36,038 Total stock-based compensation $ 67,148 $ 56,431 $ 39,030 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Tenant Leases | Tenant Leases The following table is a summary of the rental cash payments owed to the Company, as a lessor, by tenants pursuant to contractual agreements in effect as of December 31, 2015 . Generally, the Company's leases with its tenants provide for (1) annual escalations, (2) multiple renewal periods at the tenant's option, and (3) only limited termination rights at the applicable tenant's option through the current term. As of December 31, 2015 , the weighted-average remaining term of tenant leases is approximately six years, exclusive of renewals at the tenant's option. The tenants' rental payments included in the table below are through the current terms with a maximum current term of 20 years and do not assume exercise of tenant renewal options. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Tenant leases $ 2,824,247 $ 2,757,293 $ 2,675,956 $ 2,548,699 $ 2,391,202 $ 6,890,891 $ 20,088,288 |
Operating Leases | Operating Leases The following table is a summary of rental cash payments owed by the Company, as lessee, to landlords pursuant to contractual agreements in effect as of December 31, 2015 . The Company is obligated under non-cancelable operating leases for land interests under 78% of its towers. The majority of these lease agreements have (1) certain termination rights that provide for cancellation after a notice period, (2) multiple renewal options at the Company's option, and (3) annual escalations. Lease agreements may also contain provisions for a contingent payment based on revenues or the gross margin derived from the wireless infrastructure located on the leased land interest. Approximately 75% and approximately 90% of the Company's site rental gross margins for the year ended December 31, 2015 are derived from towers where the land interest under the tower is owned or leased with final expiration dates of greater than 20 years and ten years, respectively, inclusive of renewals at the Company's option. The operating lease payments included in the table below include payments for certain renewal periods at the Company's option up to the estimated wireless infrastructure useful life of 20 years and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. Years Ending December 31, 2016 2017 2018 2019 2020 Thereafter Total Operating leases $ 564,114 $ 571,325 $ 575,605 $ 579,376 $ 580,894 $ 7,669,357 $ 10,540,671 |
Operating Segments and Concen43
Operating Segments and Concentrations of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Segments and Concentrations of Credit Risk [Abstract] | |
A Summary of the Percentage of the Consolidated Revenues for Those Customers Accounting for More than 10% of the Consolidated Revenues | The following table summarizes the percentage of the consolidated revenues for those customers accounting for more than 10% of the consolidated revenues. Years Ended December 31, 2015 2014 2013 AT&T (a) 27 % 26 % 23 % T-Mobile (a) 22 % 21 % 24 % Verizon Wireless 21 % 18 % 17 % Sprint (a) 19 % 25 % 28 % Total 89 % 90 % 92 % (a) All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). |
Supplemental Cash Flow Inform44
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | The following table is a summary of the supplemental cash flow information during the years ended December 31, 2015 , 2014 and 2013 . Years Ended December 31, 2015 2014 2013 Supplemental disclosure of cash flow information: Interest paid $ 489,970 $ 491,076 $ 477,395 Income taxes paid 28,771 18,770 15,591 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (7,042 ) 11,407 (1,082 ) Purchase of property and equipment under capital leases and installment land purchases 60,270 43,609 57,361 Installment payment receivable for sale of CCAL (see note 3) 117,384 — — |
Quarterly Financial Informati45
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Summary quarterly financial information for the years ended December 31, 2015 and 2014 is as follows: Three Months Ended March 31 June 30 September 30 December 31 2015: Net revenues $ 900,471 $ 899,437 $ 918,107 $ 945,836 Operating income (loss) 244,911 240,731 230,802 229,736 Gains (losses) on retirement of long-term obligations 24 (4,181 ) — — Benefit (provision) for income taxes (a) 1,435 4,144 3,801 42,077 Net income (loss) attributable to CCIC stockholders 122,791 1,153,360 103,779 141,062 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.34 $ 3.43 $ 0.28 $ 0.39 Diluted $ 0.34 $ 3.42 $ 0.28 $ 0.39 Three Months Ended March 31 June 30 September 30 December 31 2014: Net revenues $ 841,763 $ 878,242 $ 892,883 $ 925,868 Operating income (loss) 239,207 217,178 239,052 245,245 Gains (losses) on retirement of long-term obligations — (44,629 ) — — Benefit (provision) for income taxes 3,040 3,101 1,977 3,126 Net income (loss) attributable to CCIC stockholders 101,497 34,009 106,937 148,070 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.27 $ 0.07 $ 0.29 $ 0.41 Diluted $ 0.27 $ 0.07 $ 0.29 $ 0.41 (a) Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19 . |
Schedule II - Valuation and Q46
Schedule II - Valuation and Qualifying Accounts Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | Additions Deductions Balance at Beginning of Year Charged to Operations Credited to Operations Written Off Effect of Exchange Rate Changes Balance at End of Year Allowance for Doubtful Accounts Receivable: 2015 $ 10,037 $ 2,958 $ — $ (3,421 ) $ 9,574 2014 $ 7,547 $ 3,101 $ — $ (611 ) $ — $ 10,037 2013 $ 7,562 $ 1,351 $ — $ (1,366 ) $ — $ 7,547 Additions Deductions Balance at Beginning of Year Charged to Operations Charged to Additional Paid-in Capital and Other Comprehensive Income Credited to Operations Credited to Additional Paid-in Capital and Other Comprehensive Income Other Adjustments (a) Balance at End of Year Deferred Tax Valuation Allowance: 2015 $ 21,038 $ 164 $ — $ (3,000 ) $ — $ (16,208 ) $ 1,994 2014 $ 27,264 $ 1,797 $ — $ (9,106 ) $ — $ 1,083 $ 21,038 2013 $ 70,940 $ 717 $ — $ (2,174 ) $ — $ (42,219 ) $ 27,264 (a) Inclusive of (1) the effects of acquisitions, (2) the REIT conversion, and (3) the inclusion of small cells in the REIT in January 2016. |
Schedule III - Schedule of Re47
Schedule III - Schedule of Real Estate and Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Description Encumbrances Initial cost to company Cost capitalized subsequent to acquisition Gross amount carried at close of current period Accumulated depreciation at close of current period Date of construction Date acquired Life on which depreciation in latest income statement is computed 39,697 towers (1) $ 9,752,747 (2) (3) (3) $ 15,110,835 (4) $ (5,648,598 ) Various Various Up to 20 years (1) Amount is exclusive of small cell nodes. No single tower exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (2) As of December 31, 2015, $5.7 billion of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). In addition, the 2012 Credit Facility is secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC's and certain of its subsidiaries' deposit accounts and securities accounts. (3) The Company has omitted this information, as it would be impracticable to compile such information on a tower-by-tower basis. (4) Does not include those towers under construction. 2015 Gross amount at beginning $ 13,795,914 Additions during period: Acquisitions through foreclosure — Other acquisitions (1)(2) 424,919 Wireless infrastructure construction and improvements 713,465 Purchase of land interests 90,496 Sustaining capital expenditures 75,888 Other (3) 61,801 Total additions 1,366,569 Deductions during period: Cost of real estate sold or disposed (51,648 ) Other — Total deductions: (51,648 ) Balance at end $ 15,110,835 (1) Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. (2) Includes acquisitions of wireless infrastructure. (3) Predominately relates to the purchase of property and equipment under capital leases and installment land purchases. 2015 Gross amount of accumulated depreciation at beginning $ (4,917,542 ) Additions during period: Depreciation (759,332 ) Total additions (759,332 ) Deductions during period: Amount for assets sold or disposed 23,946 Other 4,330 Total deductions 28,276 Balance at end $ (5,648,598 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Ground Lease Agreement Initial Term | 5 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Tower count as a percentage of total towers | 54.00% |
Leased or Operated Under Sprint Agreement [Member] | |
Ground Lease Agreement Initial Term | 32 |
Purchase Option Price | $ 2,300 |
Tower count as a percentage of total towers | 16.00% |
Leased or Operated Under T-Mobile Agreement [Member] | |
Ground Lease Agreement Initial Term | 28 |
Tower count as a percentage of total towers | 15.00% |
T-Mobile [Member] | |
Purchase Option Price | $ 2,000 |
AT&T lease or sublease in accordance with TMO Agreement [Member] | |
Purchase Option Price | $ 405 |
Tower count as a percentage of total towers | 1.00% |
AT&T Prior to 2025 in accordance with TMO agreement [Member] | |
Purchase Option Price | $ 10 |
CCAL [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 77.60% |
AT&T [Member] | |
Ground Lease Agreement Initial Term | 28 |
Purchase Option Price | $ 4,200 |
Tower count as a percentage of total towers | 23.00% |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)yearsshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | ||
Net cash provided by (used from) operating activities | $ 3,974 | $ 6,148 | $ (1,637) | |
Net cash provided by (used from) investing activities | (3,752) | (44) | 8,067 | |
Net cash provided by (used from) financing activities | 16,458 | 30,011 | 385,982 | [1] |
Capitalized Labor Costs | $ 36,700 | 24,200 | 17,600 | |
Useful life of site rental contracts and customer relationships (years) | 20 years | |||
Revenue recognition, non-cancelable lease term, minimum (years) | years | 5 | |||
Revenue recognition, non-cancelable lease term, maximum (years) | years | 15 | |||
Portion of company site rental costs that are ground lease expenses | 0.6667 | |||
Ground Lease Agreement Initial Term | 5 | |||
Percentage of tax position that is likely of being realized upon ultimate settlement | 50.00% | |||
Asset write-down charges | $ 33,468 | 14,246 | 13,595 | |
Work in Process | 55,300 | 60,700 | ||
Deferred Finance Costs, Net | $ 107,700 | |||
Wireless Infrastructure [Member] | ||||
Estimated useful life, maximum, in years | 20 years | |||
Wireless Infrastructure [Member] | Maximum [Member] | ||||
Estimated useful life, maximum, in years | 20 years | |||
Restricted Cash Held By Trustee [Member] [Member] | ||||
Net cash provided by (used from) financing activities | 316,600 | |||
Property, Plant and Equipment [Member] | ||||
Asset write-down charges | $ 27,000 | $ 9,300 | $ 8,900 | |
4.5% Mandatory Convertible Preferred Stock | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 11.4 | 12.5 | ||
[1] | Inclusive of $316.6 million of cash held by the trustee as of December 31, 2012 and subsequently released to retire the 7.75% Secured Notes in January 2013. |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Interest expense on debt obligations | $ 490,002 | $ 492,437 | $ 490,385 |
Amortization of deferred financing costs | 22,077 | 22,190 | 25,120 |
Amortization of discounts on long-term debt | (1,029) | (3,628) | 8,541 |
Amortization of interest rate swaps | 18,725 | 63,148 | 64,928 |
Interest Costs Capitalized | (4,805) | (2,985) | (1,832) |
Other, net of capitalized interest | 2,158 | 2,129 | 2,488 |
Total | $ 527,128 | $ 573,291 | $ 589,630 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Per Share Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 525,286 | $ 346,314 | $ 60,001 | ||||||||
Dividends on preferred stock | (43,988) | (43,988) | (11,363) | ||||||||
Net income (loss) attributable to CCIC common stockholders | 1,477,004 | 346,525 | 78,748 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax and Gain (Loss) on Disposal | 999,049 | 52,460 | 33,900 | ||||||||
Less: Net income (loss) attributable to the noncontrolling interest | $ 3,343 | $ 8,261 | $ 3,790 | ||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic weighted-average number of common stock outstanding | 333,002 | 332,302 | 298,083 | ||||||||
Diluted weighted-average number of common shares outstanding | 334,062 | 333,265 | 299,293 | ||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Basic (in dollars per share) | $ 0.39 | $ 0.28 | $ 3.43 | $ 0.34 | $ 0.41 | $ 0.29 | $ 0.07 | $ 0.27 | $ 4.44 | $ 1.04 | $ 0.26 |
Diluted (in dollars per share) | $ 0.39 | $ 0.28 | $ 3.42 | $ 0.34 | $ 0.41 | $ 0.29 | $ 0.07 | $ 0.27 | $ 4.42 | $ 1.04 | $ 0.26 |
4.5% Mandatory Convertible Preferred Stock | |||||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 11,400 | 12,500 | |||||||||
Stock Options and Restricted Stock Awards [Member] | |||||||||||
Weighted-average common shares outstanding: | |||||||||||
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 1,060 | 963 | 1,210 | ||||||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||||
Net income (loss) attributable to CCIC common stockholders | $ 995,706 | $ 44,199 | $ 30,110 | ||||||||
Discontinued Operations [Member] | |||||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Basic (in dollars per share) | $ 2.99 | $ 0.13 | $ 0.10 | ||||||||
Diluted (in dollars per share) | $ 2.98 | $ 0.13 | $ 0.10 | ||||||||
Continuing Operations [Member] | |||||||||||
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||||
Net income (loss) attributable to CCIC common stockholders | $ 481,298 | $ 302,326 | $ 48,638 | ||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||
Basic (in dollars per share) | $ 1.45 | $ 0.91 | $ 0.16 | ||||||||
Diluted (in dollars per share) | $ 1.44 | $ 0.91 | $ 0.16 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 28, 2015 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 1,100,000 | ||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | $ 61,289 | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 165,528 | ||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 185,966 | ||||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 412,783 | |||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 94,297 | ||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 33,196 | ||||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 127,493 | |||||
Disposal Group, Including Discontinued Operation, Revenue | [2] | 65,293 | [1] | 151,128 | [1] | $ 156,633 | |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | [2],[3] | 17,498 | [1] | 43,860 | [1] | 55,779 | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | [2] | 10,168 | [1] | 27,283 | [1] | 32,873 | |
Disposal Group, Including Discontinued Operation, Other Expense | [2] | 10,481 | [1] | 26,921 | [1] | 26,453 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | [2] | 27,146 | [1] | 53,064 | [1] | 41,528 | |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | (7,456) | (604) | (7,628) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | [2],[4] | 19,690 | [1] | 52,460 | [1] | 33,900 | |
Cash Proceeds from Divestiture of Interest in Consolidated Subsidiaries | [5] | 1,139,369 | |||||
Installment payment receivable for sale of subsidiary | 117,384 | 0 | 0 | ||||
Total Proceeds From Sale of Subsidiary | 1,256,753 | ||||||
Net assets and liabilities related to discontinued operations | [6],[7] | 258,575 | |||||
Transaction fees and expense related to disposal of discontinued operations | 23,059 | ||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | [8] | (25,678) | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 1,000,797 | ||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (21,438) | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 979,359 | $ 0 | $ 0 | ||||
CCAL [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 77.60% | ||||||
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 | ||||||
Receivable [Domain] | inclusive 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 | $ 124,000 | ||||||
Receivable [Domain] | 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 | [5] | $ 117,384 | |||||
[1] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. | ||||||
[2] | No interest expense has been allocated to discontinued operations. | ||||||
[3] | Exclusive of depreciation, amortization, and accretion shown separately. | ||||||
[4] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the consolidated statement of operations. | ||||||
[5] | 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 9. 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 consolidated statement of operations. | ||||||
[6] | Inclusive of $11.1 million of cash. | ||||||
[7] | Represents net assets attributable to CCIC, net of the disposition of noncontrolling interest of $23.5 million. | ||||||
[8] | Represents foreign currency translation adjustments previously included in "accumulated other comprehensive income (loss)" on the consolidated balance sheet and reclassified to "net gain (loss) from disposal of discontinued operations, net of tax" on the consolidated statement of operations and comprehensive income (loss). |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)$ / shares | ||
Business Acquisition [Line Items] | ||||
Net revenues | [1] | $ 3,420,736 | ||
Income (loss) before income taxes | [2],[3] | 242,617 | ||
Benefit (provision) for income taxes | [3],[4] | (178,663) | ||
Net income (loss) | [2],[3] | $ 63,954 | ||
Basic net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ / shares | $ 0.05 | |||
Diluted net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share | $ / shares | $ 0.05 | |||
land interests acquired | 1,200 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 41,400 | |||
Sunesys [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 1,000,000 | |||
Fiber Miles | 10,000 | |||
Percentage of FIber Miles | 60.00% | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 15,417 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 444,864 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | [5] | 325,696 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 259,833 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (20,470) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (37,375) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | [6] | $ 987,965 | ||
Land Interests Acquired [Domain] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 354,000 | |||
AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Tower count as a percentage of total towers | 23.00% | |||
Consideration transferred | $ 4,827,000 | |||
Purchase price allocation | [7] | $ 4,826,599 | ||
Pro forma revenue adjustments [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pro forma adjustment | 211,100 | |||
Depreciation, Amortization and Accretion [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pro forma adjustment | $ 218,300 | |||
Other Noncurrent Liabilities [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | [8] | (221,045) | ||
Other Current Liabilities [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | (10,677) | |||
Other Assets [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | 67,063 | |||
Other Intangible Assets [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | 1,175,217 | |||
Goodwill [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | 1,902,777 | |||
Property, Plant and Equipment [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | 1,891,721 | |||
Prepaid Expenses and Other Current Assets [Member] | AT&T [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation | $ 21,543 | |||
[1] | Amount is inclusive of pro forma adjustments to increase net revenues of $211.1 million related to net revenues that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition. | |||
[2] | Amounts are inclusive of pro forma adjustments to increase depreciation and amortization of $218.3 million related to property and equipment and intangibles recorded as a result of the AT&T Acquisition. | |||
[3] | Amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. | |||
[4] | Pro forma adjustments reflect the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 11. | |||
[5] | The preliminary purchase price allocation for the Sunesys Acquisition resulted in the recognition of goodwill based on the Company's expectation to leverage the Sunesys fiber footprint to support new small cell networks. The Sunesys fiber is complementary to the Company's existing fiber assets and is located where the Company expects to see wireless carrier network investments. | |||
[6] | Assets acquired in the Sunesys Acquisition are included in the Company's REIT and as such, no deferred taxes were recorded in connection with the Sunesys Acquisition. | |||
[7] | No deferred taxes were recorded as a result of the Company's REIT election. See note 11. | |||
[8] | Inclusive of above-market leases for land interests under the Company's towers. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | $ 15,378,932 | $ 14,035,179 | ||
Less: accumulated depreciation | (5,798,875) | (5,052,396) | ||
Total property and equipment, net | 9,580,057 | 8,982,783 | ||
Depreciation expense | 774,900 | 733,600 | $ 536,200 | |
Capital Leased Assets, Gross | 4,400,000 | |||
Accumulated Depreciation on Capital Lease Assets | 1,200,000 | |||
Land owned in fee and perpetual easements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | [1] | 1,617,919 | 1,491,640 | |
Buildings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | $ 86,760 | 58,491 | ||
Property, Plant and Equipment, Useful Life | 40 years | |||
Wireless Infrastructure [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | $ 12,856,115 | 11,782,715 | ||
Property, Plant and Equipment, Useful Life | 20 years | |||
Information technology assets and other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | $ 239,332 | 199,834 | ||
Construction in Process [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property and equipment | $ 578,806 | $ 502,499 | ||
Minimum [Member] | Wireless Infrastructure [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Minimum [Member] | Information technology assets and other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Maximum [Member] | Wireless Infrastructure [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Maximum [Member] | Information technology assets and other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
[1] | a)Includes land owned in fee and perpetual easements. |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Period Start | $ 5,196,485 | $ 4,902,950 | ||
Goodwill, Translation Adjustments | (69) | |||
Goodwill Period End | 5,513,551 | 5,196,485 | $ 4,902,950 | |
Finite-lived intangible assets, gross | 5,491,383 | 5,123,713 | ||
Accumulated amortization of intangible assets | (1,711,468) | (1,442,162) | ||
Finite-lived intangible assets, net | 3,779,915 | 3,681,551 | ||
2,016 | 272,067 | |||
2,017 | 271,503 | |||
2,018 | 271,054 | |||
2,019 | 270,618 | |||
2,020 | 270,188 | |||
Site Rental Contracts and Customer Relationships [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | 5,009,241 | 4,627,429 | ||
Accumulated amortization of intangible assets | (1,588,061) | (1,340,285) | ||
Finite-lived intangible assets, net | 3,421,180 | 3,287,144 | ||
Other Intangible Assets [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | 482,142 | 496,284 | ||
Accumulated amortization of intangible assets | (123,407) | (101,877) | ||
Finite-lived intangible assets, net | 358,735 | 394,407 | ||
AT&T [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Adjustments to AT&T Purchase Price Allocation | 134,242 | |||
Other Acquired Goodwill [Domain] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Additions due to acquisitions | 41,542 | 159,362 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (50,172) | |||
Sunesys [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Additions due to acquisitions | [1] | 325,696 | ||
Depreciation, Amortization and Accretion [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 251,443 | 242,967 | 197,906 | |
Site Rental Costs of Operations [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 20,420 | 22,105 | 10,197 | |
Total Amortization Expense [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 271,863 | $ 265,072 | $ 208,103 | |
[1] | The 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. See note 4. |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | $ 1,948,636 | $ 1,666,391 | |
Amortization of Below Market Lease | 32,800 | 29,500 | $ 29,600 |
Accrued Payroll and Other Compensation | 78,700 | 61,900 | |
Above Market Leases [Member] | |||
Other Liabilities [Line Items] | |||
Amortization of Above Market Leases | 22,500 | 24,200 | $ 7,200 |
Amortization expense, 2015 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 21,302 | ||
Amortization expense, 2016 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 20,236 | ||
Amortization expense, 2017 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 19,458 | ||
Amortization expense, 2018 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 18,645 | ||
Amortization expense, 2019 [Member] [Domain] | |||
Other Liabilities [Line Items] | |||
Expected amortization of above-market leases by year | 17,569 | ||
Amortization expense, 2015 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 35,359 | ||
Amortization expense, 2016 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 34,071 | ||
Amortization expense, 2017 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 31,028 | ||
Amortization expense, 2018 [Member] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 27,833 | ||
Amortization expense, 2019 [Member] [Domain] | |||
Other Liabilities [Line Items] | |||
Expected amortization of below-market tenant leases by year | 26,116 | ||
customer prepaid rent [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 864,269 | 604,825 | |
deferred ground lease payable [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 467,411 | 406,732 | |
Above Market Leases [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 242,893 | 272,694 | |
deferred credits [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 239,527 | 222,460 | |
asset retirement obligations [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 132,110 | 119,463 | |
Deferred Tax Liability, noncurrent [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | 2,059 | 39,889 | |
Other Liabilities [Member] | |||
Other Liabilities [Line Items] | |||
Other Liabilities, non-current | $ 367 | $ 328 |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | $ 12,249,238 | $ 11,920,861 | $ 12,249,238 | $ 11,920,861 | ||||||||||||
Less: current maturities and short-term debt and other current obligations | 106,219 | 113,335 | 106,219 | 113,335 | ||||||||||||
Non-current portion of long-term debt and other long-term obligations | 12,143,019 | 11,807,526 | 12,143,019 | 11,807,526 | ||||||||||||
Long-term Debt, Gross | 12,252,716 | 12,252,716 | ||||||||||||||
Extinguishment of Debt, Amount | 1,069,361 | 800,000 | $ 726,992 | |||||||||||||
Repayments of Other Long-term Debt | 1,069,337 | [1] | 836,899 | [1] | 762,970 | [2] | ||||||||||
Gains (losses) on retirement of long-term obligations | 0 | $ 0 | $ (4,181) | $ 24 | 0 | $ 0 | $ (44,629) | $ 0 | (4,157) | [3] | (44,629) | [4] | (37,127) | [5] | ||
WCP Securitized Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 252,830 | |||||||||||||||
Repayments of Other Long-term Debt | [6] | 252,830 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | 2,105 | ||||||||||||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 2,394 | |||||||||||||||
Repayments of Other Long-term Debt | [6] | 2,370 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | 24 | ||||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 250,000 | |||||||||||||||
Repayments of Other Long-term Debt | [6] | 250,000 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | $ (159) | ||||||||||||||
2012 Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||||||||||
Bank Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 4,001,390 | 4,176,447 | $ 4,001,390 | 4,176,447 | ||||||||||||
Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 4,041,592 | 3,573,208 | 4,041,592 | 3,573,208 | ||||||||||||
High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 3,996,491 | 3,996,031 | $ 3,996,491 | 3,996,031 | ||||||||||||
CCOC [Member] | Minimum [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||||
Debt instrument credit spread LIBOR rate minimum | 0.75% | |||||||||||||||
CCOC [Member] | Maximum [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||||
Term Loans Tranche B - Due 2019 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 564,100 | $ 564,100 | ||||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 350,000 | $ 350,000 | ||||||||||||||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate, increase (decrease) | 5.00% | |||||||||||||||
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 314,170 | |||||||||||||||
Repayments of Other Long-term Debt | [2] | 332,045 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (17,894) | ||||||||||||||
Incremental Term Loan B [Member] | CCOC [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 800,000 | $ 800,000 | ||||||||||||||
Incremental Term Loan B2 [Member] [Member] | CCOC [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 500,000 | 500,000 | ||||||||||||||
Incremental Term Loan A2 [Member] | CCOC [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 200,000 | 200,000 | ||||||||||||||
Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | 2019 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | 71,600 | 71,600 | ||||||||||||||
Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | 2029 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Gross | 70,000 | $ 70,000 | ||||||||||||||
WCP Securitized Notes [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Nov. 1, 2010 | |||||||||||||||
Contractual maturity date | Nov. 2040 | |||||||||||||||
Total debt and other obligations | 0 | 262,386 | $ 0 | 262,386 | ||||||||||||
Percentage of debt instrument interest rate stated | [7] | N/A | ||||||||||||||
Variable Rate Revolver [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Availability on revolver | 1,200,000 | $ 1,200,000 | ||||||||||||||
2012 Revolver [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (241) | ||||||||||||||
2012 Revolver [Member] | Bank Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Jan. 1, 2012 | |||||||||||||||
Contractual maturity date | Jan. 2019 | |||||||||||||||
Total debt and other obligations | $ 1,125,000 | [8] | 695,000 | $ 1,125,000 | [8] | 695,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[9] | 2.20% | 2.20% | |||||||||||||
Variable Rate 2012 Term Loans Tranche A [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 87,489 | |||||||||||||||
Repayments of Other Long-term Debt | [2] | 87,489 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (399) | ||||||||||||||
Variable Rate 2012 Term Loans Tranche A [Member] | Bank Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Jan. 1, 2012 | |||||||||||||||
Contractual maturity date | Jan. 2019 | |||||||||||||||
Total debt and other obligations | $ 629,375 | 645,938 | $ 629,375 | 645,938 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[9] | 2.20% | 2.20% | |||||||||||||
Variable Rate 2012 Term Loans Tranche B [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | $ 564,137 | 30,941 | ||||||||||||||
Repayments of Other Long-term Debt | 564,137 | [6] | 30,941 | [2] | ||||||||||||
Gains (losses) on retirement of long-term obligations | $ (6,127) | [3] | (490) | [5] | ||||||||||||
Variable Rate 2012 Term Loans Tranche B [Member] | Bank Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Jan. 1, 2012 | |||||||||||||||
Contractual maturity date | Jan. 2021 | |||||||||||||||
Total debt and other obligations | $ 2,247,015 | 2,835,509 | $ 2,247,015 | 2,835,509 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[10] | 3.00% | 3.00% | |||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 300,000 | |||||||||||||||
Repayments of Other Long-term Debt | [1] | 302,990 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [4] | (3,740) | ||||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Jan. 1, 2010 | |||||||||||||||
Contractual maturity date | [11] | 2037-2040 | ||||||||||||||
Total debt and other obligations | $ 1,600,000 | 1,600,000 | $ 1,600,000 | 1,600,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[11] | 6.00% | 6.00% | |||||||||||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Aug. 1, 2010 | |||||||||||||||
Contractual maturity date | [11] | 2037-2040 | ||||||||||||||
Total debt and other obligations | $ 1,300,000 | 1,550,000 | $ 1,300,000 | 1,550,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[11] | 4.70% | 4.70% | |||||||||||||
Fixed Rate Securitized Debt May 2015 Tower Revenue Notes [Member] [Domain] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | May 1, 2015 | |||||||||||||||
Contractual maturity date | [11] | 2042-2045 | ||||||||||||||
Total debt and other obligations | $ 1,000,000 | 0 | $ 1,000,000 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7],[11] | 3.50% | 3.50% | |||||||||||||
Fixed Rate Debt 2009 Securitized Notes [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Jul. 1, 2009 | |||||||||||||||
Contractual maturity date | [12] | 2019/2029 | ||||||||||||||
Total debt and other obligations | $ 141,592 | 160,822 | $ 141,592 | 160,822 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 7.60% | 7.60% | |||||||||||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | 500,000 | |||||||||||||||
Repayments of Other Long-term Debt | [1] | 533,909 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [4] | (40,889) | ||||||||||||||
Five and One Fourth Senior Notes [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Oct. 1, 2012 | |||||||||||||||
Contractual maturity date | Jan. 2023 | |||||||||||||||
Total debt and other obligations | $ 1,649,969 | 1,649,969 | $ 1,649,969 | 1,649,969 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 5.30% | 5.30% | |||||||||||||
Extinguishment of Debt, Amount | 30 | |||||||||||||||
Repayments of Other Long-term Debt | [2] | 30 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | 0 | ||||||||||||||
2012 Secured Notes [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Dec. 1, 2012 | |||||||||||||||
Contractual maturity date | [13] | 2017/2023 | ||||||||||||||
Total debt and other obligations | $ 1,500,000 | 1,500,000 | $ 1,500,000 | 1,500,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 3.40% | 3.40% | |||||||||||||
2012 Secured Notes [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | $ 1,000,000 | $ 1,000,000 | ||||||||||||||
Capital Lease Obligations and Other [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original Debt Issuance Date | Various | |||||||||||||||
Contractual maturity date | [14] | Various | ||||||||||||||
Total debt and other obligations | 209,765 | 175,175 | $ 209,765 | 175,175 | ||||||||||||
Percentage of debt instrument interest rate stated | [7],[14] | Various | ||||||||||||||
Stated Percentage Rate Range, Maximum | 10.00% | |||||||||||||||
2012 secured notes tranche A [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 500,000 | $ 500,000 | ||||||||||||||
Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | [15] | 294,362 | ||||||||||||||
Repayments of Other Long-term Debt | [2],[15] | 312,465 | ||||||||||||||
Gains (losses) on retirement of long-term obligations | [5],[15] | $ (18,103) | ||||||||||||||
Fixed Rate - 4.875% Senior Notes [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue date | Apr. 1, 2014 | |||||||||||||||
Contractual maturity date | Apr. 2022 | |||||||||||||||
Total debt and other obligations | $ 846,062 | $ 846,062 | ||||||||||||||
4.875% Senior Notes [Member] | High Yield Bonds [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | $ 846,522 | $ 846,522 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 4.90% | 4.90% | |||||||||||||
Debt Instrument, Face Amount | $ 850,000 | $ 850,000 | ||||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 1,300,000 | 1,300,000 | ||||||||||||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 300,000 | 300,000 | ||||||||||||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 1,000,000 | 1,000,000 | ||||||||||||||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | 300,000 | 300,000 | ||||||||||||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | Securitized Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total debt and other obligations | $ 700,000 | $ 700,000 | ||||||||||||||
[1] | Exclusive of accrued interest. | |||||||||||||||
[2] | Exclusive of accrued interest. | |||||||||||||||
[3] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | |||||||||||||||
[4] | The losses predominately relate to cash losses, including make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | |||||||||||||||
[5] | The losses predominately relate to cash losses, including make whole payments. | |||||||||||||||
[6] | Exclusive of accrued interest. | |||||||||||||||
[7] | Represents the weighted-average stated interest rate. | |||||||||||||||
[8] | As of December 31, 2015, the undrawn availability under the senior secured revolving credit facility ("2012 Revolver") was $1.2 billion. See note 19. | |||||||||||||||
[9] | The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25%, based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. | |||||||||||||||
[10] | (d)The Tranche B Term Loans, including the Incremental Tranche B Term Loans and the Incremental Tranche B-2 Term Loans (defined below), bear interest at a rate per annum equal to LIBOR plus a credit spread range from 2.25% to 2.50%, based on CCOC's total net leverage ratio (with LIBOR subject to a floor of 0.75% per annum). | |||||||||||||||
[11] | If the respective series of the January 2010 Tower Revenue Notes, August 2010 Tower Revenue Notes and May 2015 Tower Revenue Notes (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion, having anticipated repayment dates in 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $1.0 billion, having anticipated repayment dates in 2017 and 2020, respectively. The May 2015 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $700.0 million, having anticipated repayment dates in 2022 and 2025, respectively. | |||||||||||||||
[12] | The 2009 Securitized Notes consist of $71.6 million of principal as of December 31, 2015 that amortizes through 2019, and $70.0 million of principal as of December 31, 2015 that amortizes during the period beginning in 2019 and ending in 2029. | |||||||||||||||
[13] | Consists of $500.0 million aggregate principal amount of 2.381% secured notes due 2017 and $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 (collectively, "2012 Secured Notes"). | |||||||||||||||
[14] | The Company's capital leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years. | |||||||||||||||
[15] | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. |
Debt and Other Obligations (Tex
Debt and Other Obligations (Textuals) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 12,249,238 | $ 11,920,861 | ||
Borrowings under revolving credit facility | 1,790,000 | 1,019,000 | $ 976,032 | |
Extinguishment of Debt, Amount | 1,069,361 | 800,000 | $ 726,992 | |
Principal balance outstanding on debt instruments | 12,252,716 | |||
Cash and equivalents | $ 178,810 | 151,312 | ||
Debt Instrument, Covenant Description | 7.0 to 1.0 | |||
Variable Rate Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Availability on revolver | $ 1,200,000 | |||
Variable Rate Revolver 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.50% | |||
Effective Percentage Rate Range, Maximum | 2.25% | |||
Term Loans Tranche B - Due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 564,100 | |||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, increase (decrease) | 5.00% | |||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes First Tranche [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300,000 | |||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 350,000 | |||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 1,300,000 | |||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 300,000 | |||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 1,000,000 | |||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment of Debt, Amount | 500,000 | |||
Capital Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 209,765 | $ 175,175 | ||
Stated Percentage Rate Range, Maximum | 10.00% | |||
Contractual maturity date, start | 1 year | |||
Contractual maturity date, end | 25 years | |||
High Yield Bonds - Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption pricing percentage of principal amount | 100.00% | |||
CCOC [Member] | Incremental Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 800,000 | |||
CCOC [Member] | Incremental Term Loan B2 [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 500,000 | |||
CCOC [Member] | Incremental Term Loan A2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 200,000 | |||
Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 4,041,592 | $ 3,573,208 | ||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 300,000 | |||
Securitized Debt [Member] | WCP Securitized Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 0 | 262,386 | ||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 700,000 | |||
Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 1,300,000 | 1,550,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.70% | ||
2012 secured notes tranche A [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 500,000 | |||
2012 Credit Facility [Member] | CCOC [Member] | Senior Secured Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 1,600,000 | |||
2012 Credit Facility [Member] | CCOC [Member] | Variable Rate Revolver 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,300,000 | |||
High Yield Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 3,996,491 | 3,996,031 | ||
High Yield Bonds [Member] | Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | 500,000 | |||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 846,522 | |||
Debt Instrument, Face Amount | $ 850,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.90% | ||
Issuance of debt obligation [Member] | 4.875% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Debt | $ 839,000 | |||
2012 secured notes tranche B [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | $ 1,000,000 | |||
Maximum [Member] | High Yield Bonds - Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt to Adjusted Cash Flow Ratio | 1 | |||
Minimum [Member] | High Yield Bonds - Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt to Adjusted Cash Flow Ratio | 7 | |||
Amount redeemed after tender [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of Debt | $ 294,400 | |||
Amount validly tendered [Member] | Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Tender Offer Amount | $ 670,600 | |||
August 2010 Tower Revenue Notes ARD [Domain] | Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt and other obligations | 250,000 | |||
Sunesys [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowings under revolving credit facility | 835,000 | |||
Collateral Pledged [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, PPE Collaterized Amount | 1,300,000 | |||
Collateral Pledged [Member] | 2012 Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash and equivalents | $ 80,000 | |||
[1] | If the respective series of the January 2010 Tower Revenue Notes, August 2010 Tower Revenue Notes and May 2015 Tower Revenue Notes (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment 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 class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. The January 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $350.0 million and $1.3 billion, having anticipated repayment dates in 2017 and 2020, respectively. The August 2010 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $1.0 billion, having anticipated repayment dates in 2017 and 2020, respectively. The May 2015 Tower Revenue Notes consist of two series of notes with principal amounts of $300.0 million and $700.0 million, having anticipated repayment dates in 2022 and 2025, respectively. | |||
[2] | Represents the weighted-average stated interest rate. |
Debt and Other Obligations (Sch
Debt and Other Obligations (Scheduled Contractual Maturities) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 107,075 |
2,017 | 603,316 |
2,018 | 99,855 |
2,019 | 1,713,463 |
2,020 | 47,464 |
Thereafter | 9,681,543 |
Total Cash Obligations | 12,252,716 |
Unamortized Discounts | (3,478) |
Total Debt and Other Obligations Outstanding | $ 12,249,238 |
Debt and Other Obligations (Deb
Debt and Other Obligations (Debt Purchases and Repayments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | $ (1,069,361) | $ (800,000) | $ (726,992) | ||||||||||||
Cash Paid | 1,069,337 | [1] | 836,899 | [1] | 762,970 | [2] | |||||||||
Gains (losses) on retirement of long-term obligations | $ 0 | $ 0 | $ (4,181) | $ 24 | $ 0 | $ 0 | $ (44,629) | $ 0 | (4,157) | [3] | (44,629) | [4] | (37,127) | [5] | |
Write-off of deferred financing costs and discounts | 4,200 | ||||||||||||||
Fixed Rate - High Yield Bonds, 9% Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (314,170) | ||||||||||||||
Cash Paid | [2] | 332,045 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (17,894) | |||||||||||||
Fixed Rate - High Yield Bonds, 7.75% Secured Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | [6] | (294,362) | |||||||||||||
Cash Paid | [2],[6] | 312,465 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [5],[6] | (18,103) | |||||||||||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (500,000) | ||||||||||||||
Cash Paid | [1] | 533,909 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [4] | (40,889) | |||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (300,000) | ||||||||||||||
Cash Paid | [1] | 302,990 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [4] | $ (3,740) | |||||||||||||
2012 Revolver [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (241) | |||||||||||||
Variable Rate 2012 Term Loans Tranche A [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (87,489) | ||||||||||||||
Cash Paid | [2] | 87,489 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | (399) | |||||||||||||
Variable Rate 2012 Term Loans Tranche B [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (564,137) | (30,941) | |||||||||||||
Cash Paid | 564,137 | [7] | 30,941 | [2] | |||||||||||
Gains (losses) on retirement of long-term obligations | (6,127) | [3] | (490) | [5] | |||||||||||
WCP Securitized Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (252,830) | ||||||||||||||
Cash Paid | [7] | 252,830 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | 2,105 | |||||||||||||
High Yield Bonds [Member] | Five and One Fourth Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (30) | ||||||||||||||
Cash Paid | [2] | 30 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [5] | $ 0 | |||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (250,000) | ||||||||||||||
Cash Paid | [7] | 250,000 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | (159) | |||||||||||||
Fixed Rate High Yield Bonds 7Point125 Percent Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal Amount | (2,394) | ||||||||||||||
Cash Paid | [7] | 2,370 | |||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | $ 24 | |||||||||||||
[1] | Exclusive of accrued interest. | ||||||||||||||
[2] | Exclusive of accrued interest. | ||||||||||||||
[3] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | ||||||||||||||
[4] | The losses predominately relate to cash losses, including make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | ||||||||||||||
[5] | The losses predominately relate to cash losses, including make whole payments. | ||||||||||||||
[6] | The redemption of the 7.75% Secured Notes was funded by the release of restricted cash. | ||||||||||||||
[7] | Exclusive of accrued interest. |
Interest Rate Swaps (Details)
Interest Rate Swaps (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Income (loss) recognized in income discontinuation of hedge accounts | $ 17.1 |
Swaps Foreign Currency Swaps (D
Swaps Foreign Currency Swaps (Details) AUD in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015AUD | ||
Derivative [Line Items] | |||||
Realized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated As Hedging Instruments | $ | $ 54,475 | $ 0 | $ 0 | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ | $ 65,200 | ||||
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, Inception Date | May 14, 2015 | ||||
Derivative, Maturity Date | Jun. 12, 2015 | ||||
Derivative, Currency Sold | US Dollar | ||||
Derivative, Currency Bought | Australian Dollar | ||||
Derivative, Forward Exchange Rate | 0.8072 | ||||
Installment payment from Buyer [Domain] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | AUD | AUD 155,000 | ||||
Derivative, Inception Date | May 14, 2015 | ||||
Derivative, Maturity Date | Jan. 4, 2016 | ||||
Derivative, Currency Sold | US Dollar | ||||
Derivative, Currency Bought | Australian Dollar | ||||
Derivative, Forward Exchange Rate | 0.7984 | ||||
Unrealized Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ | [1] | $ 10,749 | |||
[1] | As of December 31, 2015, the Company marked-to-market the swap with a notional value of Australian dollar $155 million and recorded (1) an asset within "other current assets" on the Company's consolidated balance sheet and (2) a corresponding gain on foreign currency swaps, which is included as a component of "other income (expense)" on the Company's consolidated statement of operations. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, carrying value | $ 178,810,000 | $ 151,312,000 |
Cash and cash equivalents, fair value | 178,810,000 | 151,312,000 |
Restricted cash, carrying value | 135,731,000 | 152,411,000 |
Restricted cash, fair value | 135,731,000 | 152,411,000 |
Debt Instrument Maturity Date Range | 10,749,000 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 10,749,000 | 0 |
Debt and other obligations, carrying amount | 12,249,238,000 | 11,920,861,000 |
Debt and other obligations, fair value | 12,555,143,000 | 12,286,161,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, carrying value | 1 | |
Restricted cash, carrying value | 1 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Issuance Date | 2 | |
Debt and other obligations, carrying amount | 2 | |
Securitized Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt and other obligations, carrying amount | 4,041,592,000 | 3,573,208,000 |
Fixed Rate Securitized Debt May 2015 Tower Revenue Notes [Member] [Domain] | Securitized Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt and other obligations, carrying amount | $ 1,000,000,000 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation allowance, increase (decrease) | $ (3,000) | $ (9,000) | $ 0 |
Federal tax benefits | (495) | (213) | $ (684) |
non-cash income tax charge in conjunction with REIT conversion | 67,400 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 6,700 | ||
Stock Compensation Plan [Member] | |||
Operating loss carryforwards | 244,600 | ||
U.S. Federal [Member] | |||
Operating loss carryforwards | 1,300,000 | ||
State and Local Jurisdiction [Member] | |||
Operating loss carryforwards | $ 600,000 | ||
Valuation Allowance, Operating Loss Carryforwards [Member] | |||
Valuation allowance, increase (decrease) | $ 12,000 | ||
Maximum [Member] | U.S. Federal [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 | ||
Minimum [Member] | U.S. Federal [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Abstract] | ||||
Domestic | $ 461,293 | $ 341,070 | $ 260,364 | |
Foreign | [1] | 12,536 | (6,000) | (9,363) |
Income (loss) from continuing operations before income taxes | $ 473,829 | $ 335,070 | $ 251,001 | |
[1] | Inclusive of income (loss) before income taxes from Puerto Rico. |
Income Taxes (Benefit (Provisio
Income Taxes (Benefit (Provision) for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes [Abstract] | ||||||||||||||||
Current Federal | $ 495 | $ 213 | $ 684 | |||||||||||||
Current Foreign | (5,675) | (6,413) | (5,110) | |||||||||||||
Current State | (3,981) | (4,415) | (12,305) | |||||||||||||
Total current | (9,161) | (10,615) | (16,731) | |||||||||||||
Deferred Federal | 44,716 | 23,070 | (164,769) | |||||||||||||
Deferred Foreign | (1,048) | (819) | (130) | |||||||||||||
Deferred State | 16,950 | (392) | (9,370) | |||||||||||||
Total deferred | 60,618 | 21,859 | (174,269) | |||||||||||||
Benefit (provision) for income taxes | $ 42,077 | $ 3,801 | $ 4,144 | $ 1,435 | $ (3,126) | $ (1,977) | $ (3,101) | $ (3,040) | 51,457 | 11,244 | (191,000) | |||||
Tax adjustment related to the small cell REIT conversion | [2] | $ 33,759 | $ 0 | $ 0 | ||||||||||||
[1] | Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19. | |||||||||||||||
[2] | During the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities related to the Company's small cells previously included in one or more TRSs in conjunction with the inclusion of small cells in the REIT in January 2016. |
Income Taxes Income Taxes Effec
Income Taxes Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | [3] | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [3] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Tax Rate Reconciliation [Abstract] | ||||||||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 165,840 | $ 117,274 | $ 87,850 | |||||||||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 527 | 4,296 | 3,277 | |||||||||||||
Tax adjustment related to REIT operations | (186,649) | (132,951) | 0 | |||||||||||||
Tax adjustment related to the REIT conversion | [1] | 0 | 0 | (67,395) | ||||||||||||
Tax adjustment related to the small cell REIT conversion | [2] | (33,759) | 0 | 0 | ||||||||||||
Losses for which no tax benefit was recognized | 414 | 463 | 9,570 | |||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (3,000) | (9,000) | 0 | |||||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (1,210) | 3,136 | 14,852 | |||||||||||||
Foreign Income Tax Expense (Benefit), Continuing Operations | 6,723 | 7,232 | 5,240 | |||||||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (343) | (1,694) | 2,816 | |||||||||||||
Income Tax Expense (Benefit) | $ (42,077) | $ (3,801) | $ (4,144) | $ (1,435) | $ 3,126 | $ 1,977 | $ 3,101 | $ 3,040 | $ (51,457) | $ (11,244) | $ 191,000 | |||||
[1] | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. | |||||||||||||||
[2] | During the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities related to the Company's small cells previously included in one or more TRSs in conjunction with the inclusion of small cells in the REIT in January 2016. | |||||||||||||||
[3] | Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19. |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | [3] | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [3] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Taxes (Effective Tax Rate) | ||||||||||||||||
Benefit (provision) for income taxes at statutory rate | $ (165,840) | $ (117,274) | $ (87,850) | |||||||||||||
Tax effect of foreign income (losses) | (527) | (4,296) | (3,277) | |||||||||||||
Tax adjustment related to REIT operations | 186,649 | 132,951 | 0 | |||||||||||||
Tax adjustment related to the REIT conversion | [1] | 0 | 0 | 67,395 | ||||||||||||
Tax adjustment related to the small cell REIT conversion | [2] | (33,759) | 0 | 0 | ||||||||||||
Expenses for which no federal tax benefit was recognized | (414) | (463) | (9,570) | |||||||||||||
Valuation allowances | 3,000 | 9,000 | 0 | |||||||||||||
State tax (provision) benefit, net of federal | 1,210 | (3,136) | (14,852) | |||||||||||||
Foreign tax | (6,723) | (7,232) | (5,240) | |||||||||||||
Other | 343 | 1,694 | (2,816) | |||||||||||||
Total benefit (provision) for income taxes | $ 42,077 | $ 3,801 | $ 4,144 | $ 1,435 | $ (3,126) | $ (1,977) | $ (3,101) | $ (3,040) | $ 51,457 | 11,244 | $ (191,000) | |||||
REIT tax adjustment to reclassify a deferred tax charge from AOCI | (39,800) | |||||||||||||||
Capital Loss Carryforward [Member] | ||||||||||||||||
Income Taxes (Effective Tax Rate) | ||||||||||||||||
Valuation allowances | $ (29,400) | |||||||||||||||
[1] | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. | |||||||||||||||
[2] | During the fourth quarter of 2015, the Company de-recognized the net deferred tax liabilities related to the Company's small cells previously included in one or more TRSs in conjunction with the inclusion of small cells in the REIT in January 2016. | |||||||||||||||
[3] | Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19. |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property and equipment | $ 334 | $ 167,491 |
Deferred site rental receivable | 5,742 | 18,320 |
Intangible assets | 0 | 102,624 |
Total deferred income tax liabilities | (13,200) | |
Deferred Tax Liabilities, Gross | 6,076 | 288,435 |
Deferred Tax Assets, Goodwill and Intangible Assets | 40,654 | |
Net operating loss carryforwards | 7,891 | 133,096 |
Deferred ground lease payable | 1,312 | 1,627 |
Accrued liabilities | 4,183 | 158,813 |
Receivable allowance | 196 | 1,459 |
Other | 1,252 | 1,278 |
Valuation allowance, asset | (1,994) | (21,038) |
Total deferred income tax assets, net | 53,494 | 275,235 |
Deferred Tax Assets, Net | 47,418 | |
Domestic Tax Authority [Member] | ||
Valuation allowance, asset | 0 | (3,000) |
Deferred Tax Assets, Net | 48,273 | 3,557 |
State and Local Jurisdiction [Member] | ||
Total deferred income tax liabilities | (15,746) | |
Valuation allowance, asset | 0 | $ (16,208) |
Deferred Tax Assets, Net | $ 1,203 | |
Minimum [Member] | Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 | |
Maximum [Member] | Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2032 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 |
Income Taxes (Jurisdictional Co
Income Taxes (Jurisdictional Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes (Jurisdictional components of deferred taxes) | ||
Gross, asset | $ 49,412 | $ 7,838 |
Valuation allowance, asset | (1,994) | (21,038) |
Net deferred income tax assets (liabilities) | 47,418 | |
Deferred Tax Liabilities, Net | (13,200) | |
U.S. Federal [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Gross, asset | 48,273 | 6,557 |
Valuation allowance, asset | 0 | (3,000) |
Net deferred income tax assets (liabilities) | 48,273 | 3,557 |
State and Local Jurisdiction [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Gross, asset | 1,203 | 462 |
Valuation allowance, asset | 0 | (16,208) |
Net deferred income tax assets (liabilities) | 1,203 | |
Deferred Tax Liabilities, Net | (15,746) | |
Foreign [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Gross, asset | (64) | 819 |
Valuation allowance, asset | (1,994) | (1,830) |
Deferred Tax Liabilities, Net | $ (2,058) | $ (1,011) |
Income Taxes Income Taxes (Unre
Income Taxes Income Taxes (Unrecognized Tax Benefits) (Details) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 8,333 | $ 14,089 |
Additions based on current year tax positions | 212 | 286 |
Reductions as a result of the lapse of statute limitations | (1,775) | (6,042) |
Balance at end of year | $ 6,770 | $ 8,333 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)shares | ||||||
Dividends Per Share, Common Stock | $ / shares | $ 0.885 | $ 0.82 | $ 0.82 | $ 0.82 | $ 1.1250 | ||||||||
Dividends Per Share, Convertible Preferred Stock | $ / shares | $ 1.125 | $ 1.1250 | $ 1.1250 | $ 1.1250 | $ 1.125 | ||||||||
Aggregate Payment Amount, Common Stock | $ 296,500 | [1] | $ 274,300 | [1] | $ 274,500 | [1] | $ 274,700 | [1] | $ 11,000 | [1] | $ 1,119,973 | $ 626,074 | |
Aggregate Payment Amount, Convertible Preferred Stock | $ 11,000 | $ 11,000 | $ 11,000 | $ 11,000 | $ 11,363 | ||||||||
Proceeds from Issuance of Common Stock | $ 3,000,000 | ||||||||||||
4.5% Mandatory Convertible Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Net proceeds from issuance of preferred stock | $ 0 | $ 0 | 950,886 | ||||||||||
Purchases of common stock, value | 29,700 | $ 21,800 | $ 99,500 | ||||||||||
At the Market Stock Offering Program, aggregate value of common stock | $ 500,000 | $ 500,000 | |||||||||||
Minimum [Member] | |||||||||||||
Conversion factor, Preferred Stock | 1.1538 | ||||||||||||
Maximum [Member] | |||||||||||||
Conversion factor, Preferred Stock | 1.4421 | ||||||||||||
Preferred Stock [Member] | |||||||||||||
Declaration Date | Dec. 16, 2015 | Sep. 23, 2015 | Jun. 21, 2015 | Mar. 27, 2015 | Dec. 22, 2014 | ||||||||
Record Date | Jan. 16, 2016 | Oct. 15, 2015 | Jul. 15, 2015 | Apr. 15, 2015 | Jan. 15, 2015 | ||||||||
Payment Date | Feb. 1, 2016 | Nov. 2, 2015 | Aug. 3, 2015 | May 1, 2015 | Feb. 2, 2015 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 9,775,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Declaration Date | Oct. 19, 2015 | Jul. 30, 2015 | May 29, 2015 | Feb. 12, 2015 | |||||||||
Record Date | Dec. 18, 2015 | Sep. 18, 2015 | Jun. 19, 2015 | Mar. 20, 2015 | |||||||||
Payment Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 41,400,000 | ||||||||||||
[1] | Inclusive of dividends accrued for holders of unvested RSUs. |
Stockholders' Equity Tax Treatm
Stockholders' Equity Tax Treatment of Dividends Paid (Details) - $ / shares | 3 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.125 | $ 1.1250 | $ 1.1250 | $ 1.1250 | $ 1.125 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.885 | $ 0.82 | $ 0.82 | $ 0.82 | $ 1.1250 |
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Payment Date | Feb. 1, 2016 | Nov. 2, 2015 | Aug. 3, 2015 | May 1, 2015 | Feb. 2, 2015 |
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Payment Date | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Ordinary Taxable Dividend Per Share [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.312 | $ 0.312 | $ 0.312 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.245 | 0.227 | $ 0.227 | 0.227 | |
Qualified Taxable Dividend Per Share [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.048 | 0.048 | 0.048 | ||
Common Stock, Dividends, Per Share, Cash Paid | 0.038 | 0.035 | 0.035 | 0.035 | |
Long-Term Capital Gain Distribution Per Share [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | 0.813 | 0.813 | $ 0.813 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.640 | $ 0.593 | $ 0.593 | $ 0.593 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 12.3 | ||
Vesting Period | three | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 1.8 | ||
Shares granted, number of shares | 1 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, weighted-average grant-date fair value (in dollars per share) | $ 69.96 | $ 57.78 | $ 46.37 |
Weighted-average requisite service period (years) | 2 years 6 months | ||
Restricted stock or unit expense | $ 57.1 | $ 45.8 | $ 37.8 |
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.5 | ||
Time Vesting Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.5 | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 1 | ||
Compensation cost not yet recognized | $ 51.5 | ||
Period for recognition | 1 year |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Restricted Stock Awards Activity) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Shares outstanding at the beginning of the year, number of shares | 1,440 | ||
Shares outstanding at the end of year, number of shares | 663 | 1,440 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (7) | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,027 | ||
Shares outstanding at the beginning of the year, number of shares | 950 | ||
Shares outstanding at the end of year, number of shares | 1,777 | 950 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | (24) |
Stock-based Compensation (Sum76
Stock-based Compensation (Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation [Abstract] | |||
Risk-free rate | 1.00% | 0.70% | 0.40% |
Expected volatility | 19.00% | 22.00% | 23.00% |
Expected dividend rate | 4.21% | 1.93% | 0.00% |
Stock-based Compensation (Sum77
Stock-based Compensation (Summary of Restricted Stock Awards Vested) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares vested | 946 | 842 | 978 |
Fair value on vesting date | $ 83,244 | $ 62,686 | $ 66,666 |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 663 | 1,440 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 770 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 7 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,777 | 950 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,027 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 176 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 24 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 67,148 | $ 56,431 | $ 39,030 |
Site Rental Cost of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 8,969 | 6,565 | 1,193 |
Network Services and Other Costs of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 5,370 | 4,889 | 1,799 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 52,809 | $ 44,977 | $ 36,038 |
Commitments and Contingencies A
Commitments and Contingencies Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligations [Line Items] | |||
Accretion expense | $ 9,900 | $ 9,200 | $ 7,100 |
Other long-term liabilities | 1,948,636 | $ 1,666,391 | |
Estimated future undiscounted cash flows expected to be paid relating to asset retirement obligations | $ 1,100,000 | ||
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Tower count as a percentage of total towers | 54.00% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Weighted average remaining term of tenant leases | 6 years | ||
Maximum Current Term | 20 years | ||
Tenant Leases 2016 | $ 2,824,247 | ||
Tenant Leases 2017 | 2,757,293 | ||
Tenant Leases 2018 | 2,675,956 | ||
Tenant Leases 2019 | 2,548,699 | ||
Tenant Leases 2020 | 2,391,202 | ||
Tenant Leases thereafter | 6,890,891 | ||
Total tenant leases | $ 20,088,288 | ||
Percentage of wireless infrastructure that has non-cancelable operating leases | 78.00% | ||
Operating Leases, Owned Land Under Tower, Expiration Term | 20 years | ||
Operating Leases, Leased Land Under Tower, Expiration Term | 10 years | ||
Operating leases 2016 | $ 564,114 | ||
Operating leases 2017 | 571,325 | ||
Operating leases 2018 | 575,605 | ||
Operating leases 2019 | 579,376 | ||
Operating leases 2020 | 580,894 | ||
Operating leases thereafter | 7,669,357 | ||
Total operating leases | 10,540,671 | ||
Rental expense from operating leases | 657,100 | $ 645,300 | $ 482,300 |
Contingent rental payments | $ 91,800 | $ 88,300 | $ 73,700 |
Greater than 10 Years, Inclusive of Renewals at the Company's Option [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Percentage of site rental gross margin that is derived from towers where the lease for the land has a final expiration date | 90.00% | ||
Greater than 20 Years, Inclusive of Renewals at the Company's Option [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Percentage of site rental gross margin that is derived from towers where the lease for the land has a final expiration date | 75.00% |
Operating Segments and Concen81
Operating Segments and Concentrations of Credit Risk (Major Customers) (Details) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Percentage of the consolidated revenues | 89.00% | 90.00% | 92.00% | |
AT&T [Member] | ||||
Percentage of the consolidated revenues | [1] | 27.00% | 26.00% | 23.00% |
Sprint [Member] | ||||
Percentage of the consolidated revenues | [1] | 19.00% | 25.00% | 28.00% |
Verizon Wireless [Member] | ||||
Percentage of the consolidated revenues | 21.00% | 18.00% | 17.00% | |
T-Mobile [Member] | ||||
Percentage of the consolidated revenues | [1] | 22.00% | 21.00% | 24.00% |
[1] | All periods presented are after giving effect to recent customer consolidation activity, including T-Mobile's acquisition of MetroPCS (completed in April 2013), Sprint's acquisition of Clearwire (completed in July 2013), and AT&T's acquisition of Leap Wireless (completed in March 2014). |
Supplemental Cash Flow Inform82
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 489,970 | $ 491,076 | $ 477,395 |
Income taxes paid (refund) | 28,771 | 18,770 | 15,591 |
Increase (Decrease) in accounts payable for purchases of property and equipment | (7,042) | 11,407 | (1,082) |
Purchase of property and equipment under capital leases and installment purchases | 60,270 | 43,609 | 57,361 |
Installment payment receivable for sale of subsidiary | $ 117,384 | $ 0 | $ 0 |
Quarterly Financial Informati83
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Net revenues | $ 945,836 | $ 918,107 | $ 899,437 | $ 900,471 | $ 925,868 | $ 892,883 | $ 878,242 | $ 841,763 | $ 3,663,851 | $ 3,538,756 | $ 2,865,751 | ||||||||
Operating income (loss) | 229,736 | 230,802 | 240,731 | 244,911 | 245,245 | 239,052 | 217,178 | 239,207 | 946,180 | 940,682 | 880,704 | ||||||||
Benefit (provision) for income taxes | 42,077 | [1] | 3,801 | [1] | 4,144 | [1] | 1,435 | [1] | (3,126) | (1,977) | (3,101) | (3,040) | 51,457 | 11,244 | (191,000) | ||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | (4,181) | 24 | 0 | 0 | (44,629) | 0 | (4,157) | [2] | (44,629) | [3] | (37,127) | [4] | |||||
Net income (loss) attributable to CCIC stockholders | $ 141,062 | $ 103,779 | $ 1,153,360 | $ 122,791 | $ 148,070 | $ 106,937 | $ 34,009 | $ 101,497 | $ 1,520,992 | $ 390,513 | $ 90,111 | ||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||
Basic (in dollars per share) | $ 0.39 | $ 0.28 | $ 3.43 | $ 0.34 | $ 0.41 | $ 0.29 | $ 0.07 | $ 0.27 | $ 4.44 | $ 1.04 | $ 0.26 | ||||||||
Diluted (in dollars per share) | $ 0.39 | $ 0.28 | $ 3.42 | $ 0.34 | $ 0.41 | $ 0.29 | $ 0.07 | $ 0.27 | $ 4.42 | $ 1.04 | $ 0.26 | ||||||||
Tax adjustment related to the REIT conversion | [5] | $ 0 | $ 0 | $ (67,395) | |||||||||||||||
[1] | Inclusive of the tax adjustment of $33.8 million in conjunction with the inclusion of small cells in the REIT in January 2016 . See also notes 11 and 19. | ||||||||||||||||||
[2] | Inclusive of $4.2 million related to the net write off of deferred financing costs, premiums and discounts. | ||||||||||||||||||
[3] | The losses predominately relate to cash losses, including make whole payments and are inclusive of $7.7 million related to the write off of deferred financing costs and discounts. | ||||||||||||||||||
[4] | The losses predominately relate to cash losses, including make whole payments. | ||||||||||||||||||
[5] | Inclusive of a $39.8 million adjustment during the year ended December 31, 2013 to reclassify a deferred tax charge from AOCI to the provision for income taxes. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | ||
Subsequent Event [Line Items] | |||||||
Debt and Capital Lease Obligations | $ 12,249,238 | $ 11,920,861 | $ 12,249,238 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.885 | $ 0.82 | $ 0.82 | $ 0.82 | $ 1.1250 | ||
Dividend Declared [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Date Declared | Feb. 18, 2016 | ||||||
Dividends Payable, Date to be Paid | Mar. 31, 2016 | ||||||
Dividends Payable, Date of Record | Mar. 18, 2016 | ||||||
Refinancings of Debt [Member] | Senior Unsecured 2016 Credit Facility [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,500,000 | $ 5,500,000 | |||||
Refinancings of Debt [Member] | Senior Unsecured 364-Day Revolving Credit Facility [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | 1,000,000 | |||||
Refinancings of Debt [Member] | Senior Unsecured Term Loan A Facility Due January 2021 [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Debt and Capital Lease Obligations | 2,000,000 | 2,000,000 | |||||
Refinancings of Debt [Member] | 2016 Senior Unsecured Revolving Credit Revolver [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | 2,500,000 | |||||
Refinancings of Debt [Member] | 2016 Senior Unsecured Notes [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | 1,500,000 | 1,500,000 | |||||
Refinancings of Debt [Member] | 3.4% Senior Unsecured Notes Due 2021 [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.40% | 3.40% | ||||
Refinancings of Debt [Member] | 4.45% Senior Unsecured Notes Due 2026 [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | $ 900,000 | $ 900,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.45% | 4.45% | ||||
Refinancings of Debt [Member] | Senior Unsecured 2016 Credit Facility [Domain] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | [1],[2] | 1.125% | |||||
Effective Percentage Rate Range, Maximum | [1],[2] | 2.00% | |||||
Paid subsequent to year end [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.885 | ||||||
[1] | Represents the weighted-average stated interest rate. | ||||||
[2] | The 2012 Revolver and tranche A term loans ("Tranche A Term Loans"), including the Incremental Tranche A Term Loans (as defined below) bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.5% to 2.25%, based on the CCOC total net leverage ratio. The Company pays a commitment fee of approximately 0.25% per annum on the undrawn available amount under the 2012 Revolver. |
Schedule II - Valuation and Q85
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of year | $ 10,037 | $ 7,547 | $ 7,562 | |
Charged to operations | 2,958 | 3,101 | 1,351 | |
Credited to operations | 0 | 0 | 0 | |
Written off | $ (3,421) | (611) | (1,366) | |
Effect of exchange rate changes or Other adjustments | 0 | 0 | ||
Balance at end of year | $ 9,574 | 10,037 | 7,547 | |
Deferred Tax Valuation Allowance [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of year | 21,038 | 27,264 | 70,940 | |
Charged to operations | 164 | 1,797 | 717 | |
Credited to operations | 0 | 0 | 0 | |
Written off | (3,000) | (9,106) | (2,174) | |
Effect of exchange rate changes or Other adjustments | 0 | 0 | 0 | |
Valuation allowance and reserves, other adjustments | [1] | (16,208) | 1,083 | (42,219) |
Balance at end of year | $ 1,994 | $ 21,038 | $ 27,264 | |
[1] | Inclusive of (1) the effects of acquisitions, (2) the REIT conversion, and (3) the inclusion of small cells in the REIT in January 2016. |
Schedule III - Schedule of Re86
Schedule III - Schedule of Real Estate and Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)tower | Dec. 31, 2014USD ($) | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances Secured by Assets | $ 5,700,000 | ||
SEC Schedule III, Real Estate, Number of Units | tower | 39,697 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 9,752,747 | |
SEC Schedule III, Real Estate Accumulated Depreciation | (5,648,598) | $ (4,917,542) | |
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | (759,332) | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | 23,946 | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions | 4,330 | ||
Real Estate Period Deductions to Accumulated Depreciation | 28,276 | ||
SEC Schedule III, Real Estate, Gross | 15,110,835 | $ 13,795,914 | |
SEC Schedule III, Real Estate, Other Acquisitions | [2],[3] | 424,919 | |
Wireless Infrastructure Construction | 713,465 | ||
Purchase of land interests | 90,496 | ||
SEC Schedule III, Real Estate, Improvements | 75,888 | ||
SEC Schedule III, Real Estate, Other Additions | [4] | 61,801 | |
Real Estate Period Additions to Cost | 1,366,569 | ||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | $ (51,648) | ||
[1] | As of December 31, 2015, $5.7 billion of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer, and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). In addition, the 2012 Credit Facility is secured by a pledge of certain equity interests of certain subsidiaries of CCIC, as well as a security interest in CCOC's and certain of its subsidiaries' deposit accounts and securities accounts. | ||
[2] | Includes acquisitions of wireless infrastructure. | ||
[3] | Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. | ||
[4] | The Company has omitted this information, as it would be impracticable to compile such information on a tower-by-tower basis. |