Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Entity Information [Line Items] | ||
Entity Voluntary Filers | No | |
Entity Registrant Name | CROWN CASTLE INTERNATIONAL CORP | |
Entity Central Index Key | 1,051,470 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 338,916,436 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and cash equivalents | $ 156,219 | $ 178,810 | |
Restricted cash | 116,932 | 130,731 | |
Receivables, net | 276,259 | 313,296 | |
Prepaid expenses | 157,102 | 133,194 | |
Other current assets | 133,163 | 225,214 | |
Total current assets | 839,675 | 981,245 | |
Deferred site rental receivables | 1,321,777 | 1,306,408 | |
Property and equipment, net | 9,714,149 | 9,580,057 | |
Goodwill | 5,750,033 | 5,513,551 | |
Other intangible assets, net | 3,737,448 | 3,779,915 | |
Long-term prepaid rent and other assets, net | 808,641 | 775,790 | |
Total assets | 22,171,723 | 21,936,966 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 148,916 | 159,629 | |
Accrued interest | 84,244 | 66,975 | |
Deferred revenues | 358,683 | 322,623 | |
Other accrued liabilities | 204,533 | 199,923 | |
Current maturities of debt and other obligations | 101,362 | 106,219 | |
Total current liabilities | 897,738 | 855,369 | |
Debt and other long-term obligations | [1] | 12,491,596 | 12,043,740 |
Deferred credits and other liabilities | 2,028,672 | 1,948,636 | |
Total liabilities | 15,418,006 | 14,847,745 | |
Commitments and contingencies | |||
CCIC stockholders' equity: | |||
Common stock | 3,375 | 3,338 | |
4.50% Mandatory Convertible Preferred Stock | 98 | 98 | |
Additional paid-in capital | 9,914,844 | 9,548,580 | |
Accumulated other comprehensive income (loss) | (5,541) | (4,398) | |
Dividends/distributions in excess of earnings | (3,159,059) | (2,458,397) | |
Total equity | 6,753,717 | 7,089,221 | |
Total liabilities and equity | $ 22,171,723 | $ 21,936,966 | |
[1] | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated depreciation, property and equipment | $ 6,410,830 | $ 5,798,875 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 9,775,000 | 9,775,000 |
Preferred Stock, Shares Outstanding | 9,775,000 | 9,775,000 |
Preferred Stock, Liquidation Preference, Value | $ 977,500 | $ 977,500 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||
Net revenues: | |||||||
Site rental | $ 812,032 | $ 764,606 | $ 2,415,926 | $ 2,233,077 | |||
Network services and other | 179,984 | 153,501 | 472,883 | 484,938 | |||
Net revenues | 992,016 | 918,107 | 2,888,809 | 2,718,015 | |||
Operating expenses: | |||||||
Site rental | [1] | 256,750 | 247,000 | 762,223 | 716,244 | ||
Network services and other | [1] | 109,228 | 86,859 | 286,066 | 263,177 | ||
General and administrative | 89,941 | 76,699 | 278,909 | 223,880 | |||
Asset write-down charges | 8,339 | 7,477 | 28,251 | 19,652 | |||
Acquisition and integration costs | 2,680 | 7,608 | 11,459 | 12,001 | |||
Depreciation, amortization and accretion | 280,824 | 261,662 | 834,725 | 766,621 | |||
Total operating expenses | 747,762 | 687,305 | 2,201,633 | 2,001,575 | |||
Operating income (loss) | 244,254 | 230,802 | 687,176 | 716,440 | |||
Nonoperating Income (Expense) [Abstract] | |||||||
Interest expense and amortization of deferred financing costs | (129,916) | (129,877) | (385,656) | (398,782) | |||
Gains (losses) on retirement of long-term obligations | (10,274) | 0 | (52,291) | [2] | (4,157) | ||
Interest income | 175 | 789 | 454 | 1,170 | |||
Other income (expense) | (832) | (1,214) | (4,623) | 58,510 | |||
Income (loss) before income taxes | 103,407 | 100,500 | 245,060 | 373,181 | |||
Benefit (provision) for income taxes | (5,041) | 3,801 | (12,797) | 9,380 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 98,366 | 104,301 | 232,263 | 382,561 | |||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 19,690 | [3],[4],[5] | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | (522) | 0 | 981,018 | |||
Income (Loss) from Discontinued Operations, Net of Tax and Gain (Loss) on Disposal | (522) | 0 | 1,000,708 | ||||
Net income (loss) | 98,366 | 103,779 | 232,263 | 1,383,269 | |||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 3,343 | |||
Net income (loss) attributable to CCIC stockholders | 98,366 | 103,779 | 232,263 | 1,379,926 | |||
Dividends on preferred stock | (10,997) | (10,997) | (32,991) | (32,991) | |||
Net income (loss) attributable to CCIC common stockholders | 87,369 | 92,782 | 199,272 | 1,346,935 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||
Amounts reclassified into interest expense and amortization deferred financing costs, net of taxes | 0 | 3,744 | 0 | 18,725 | |||
Foreign currency translation adjustments | (1,535) | (632) | (1,143) | (13,493) | |||
Amounts reclassified into discontinued operations for foreign currency translation adjustments | 0 | 0 | 0 | (25,678) | |||
Total other comprehensive income (loss) | (1,535) | 3,112 | (1,143) | (20,446) | |||
Comprehensive income (loss) | 96,831 | 106,891 | 231,120 | 1,362,823 | |||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | ||||
Comprehensive income (loss) attributable to CCIC stockholders | $ 96,831 | $ 106,891 | $ 231,120 | $ 1,362,823 | |||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic | $ 0.26 | $ 0.28 | $ 0.59 | $ 4.05 | |||
Diluted | $ 0.26 | $ 0.28 | $ 0.59 | $ 4.04 | |||
Weighted-average common shares outstanding (in thousands): | |||||||
Basic | 337,564 | 333,049 | 336,426 | 332,951 | |||
Diluted | 338,409 | 333,711 | 337,076 | 333,735 | |||
Continuing Operations [Member] | |||||||
Nonoperating Income (Expense) [Abstract] | |||||||
Net income (loss) attributable to CCIC common stockholders | $ 87,369 | $ 93,304 | $ 199,272 | $ 349,570 | |||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic | $ 0.26 | $ 0.28 | $ 0.59 | $ 1.05 | |||
Diluted | $ 0.26 | $ 0.28 | $ 0.59 | $ 1.05 | |||
Discontinued Operations [Member] | |||||||
Nonoperating Income (Expense) [Abstract] | |||||||
Net income (loss) attributable to CCIC common stockholders | $ 0 | $ (522) | $ 0 | $ 997,365 | |||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||
Basic | $ 0 | $ 0 | $ 0 | $ 3 | |||
Diluted | $ 0 | $ 0 | $ 0 | $ 2.99 | |||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||
[2] | Inclusive of $33.8 million related to the write off of deferred financing costs. | ||||||
[3] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. | ||||||
[4] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated financial statement of operations. | ||||||
[5] | No interest expense has been allocated to discontinued operations. |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | |||
Cash flows from operating activities: | ||||
Net income (loss) from continuing operations | $ 232,263 | $ 382,561 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||
Depreciation, amortization and accretion | 834,725 | 766,621 | ||
Gains (losses) on retirement of long-term obligations | 52,291 | [1] | 4,157 | |
Gains (losses) on settled swaps | 2,608 | (54,475) | ||
Amortization of deferred financing costs and other non-cash interest | 11,293 | 32,394 | ||
Stock-based compensation expense | 60,402 | 44,711 | ||
Asset write-down charges | 28,251 | 19,652 | ||
Deferred income tax benefit (provision) | 6,626 | (16,199) | ||
Other adjustments | (1,060) | (7,240) | ||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||
Increase (decrease) in accrued interest | 17,269 | 2,241 | ||
Increase (decrease) in accounts payable | (12,469) | (8,310) | ||
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 118,144 | 214,607 | ||
Decrease (increase) in receivables | 38,231 | (703) | ||
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | (83,859) | (89,141) | ||
Net cash provided by (used for) operating activities | 1,304,715 | 1,290,876 | ||
Cash flows from investing activities: | ||||
Payment for acquisitions of businesses, net of cash acquired | (545,162) | (1,083,319) | ||
Capital expenditures | (614,178) | (658,240) | ||
Net receipts from settled swaps | 8,141 | 54,475 | ||
Other investing activities, net | 11,616 | (1,561) | ||
Net cash provided by (used for) investing activities | (1,139,583) | (1,688,645) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of long-term debt | 5,201,010 | 1,000,000 | ||
Principal payments on long-term debt and other long-term obligations | (69,717) | (78,049) | ||
Purchases and redemptions of long-term debt | (4,044,834) | [2] | (1,069,337) | |
Purchases of capital stock | (24,759) | (29,576) | ||
Borrowings under revolving credit facility | 3,440,000 | 1,560,000 | ||
Payments under revolving credit facility | (4,155,000) | (1,240,000) | ||
Payments for financing costs | (41,471) | (17,415) | ||
Proceeds from Issuance of Common Stock | 0 | |||
Dividends/distributions paid on common stock | (896,628) | (821,056) | ||
Dividends/distributions paid on preferred stock | (32,991) | (32,991) | ||
Net (increase) decrease in restricted cash | 40 | 28,435 | ||
Net cash provided by (used for) financing activities | (300,552) | (699,989) | ||
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||||
Net cash provided by (used for) operating activities, Discontinued Operations | 0 | 4,359 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 113,150 | 1,103,577 | ||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract] | ||||
Net Cash Provided by (Used in) Discontinued Operations | 113,150 | 1,107,936 | ||
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||||
Effect of exchange rate changes on cash | (321) | (1,682) | ||
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period Start | 178,810 | 175,620 | [3] | |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period End | 156,219 | 184,116 | ||
Continuing Operations [Member] | ||||
Cash flows from financing activities: | ||||
Net increase (decrease) in cash and cash equivalents - continuing operations | (135,420) | $ (1,097,758) | ||
At the Market Program [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Common Stock | $ 323,798 | |||
[1] | Inclusive of $33.8 million related to the write off of deferred financing costs. | |||
[2] | Exclusive of accrued interest. | |||
[3] | Inclusive of cash and cash equivalents included in discontinued operations. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - USD ($) | Total | At the Market Program [Member] | Stockholders' Equity, Total [Member] | Stockholders' Equity, Total [Member]At the Market Program [Member] | Common Stock [Member] | Common Stock [Member]At the Market Program [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]At the Market Program [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Dividends/Distributions in Excess of Earnings [Member] | Noncontrolling Interest [Member] | ||||
Balance, shares Period Start at Dec. 31, 2014 | 333,856,632 | ||||||||||||||||
Balance, value Period Start at Dec. 31, 2014 | $ 6,737,228,000 | $ 3,339,000 | $ 98,000 | $ 9,512,396,000 | $ 34,545,000 | $ (18,725,000) | $ (2,815,428,000) | $ 21,003,000 | |||||||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2014 | 9,775,000 | ||||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 49,777,000 | $ 2,000 | 49,775,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 250,443 | ||||||||||||||||
Purchases and retirement of capital stock, value | (29,576,000) | $ (2,000) | (29,574,000) | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from Issuance of Common Stock | $ 0 | ||||||||||||||||
Purchases and retirement of capital stock, shares | (335,576) | ||||||||||||||||
Other comprehensive income (loss) | (20,446,000) | (20,446,000) | $ 0 | 0 | (38,299,000) | 18,725,000 | 0 | (872,000) | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | (23,474,000) | (23,474,000) | |||||||||||||||
Common stock dividends/distributions | (823,484,000) | (823,484,000) | |||||||||||||||
Preferred stock dividends | (32,991,000) | (32,991,000) | (32,991,000) | ||||||||||||||
Net income (loss) | 1,383,269,000 | 1,383,269,000 | $ 0 | 0 | 0 | 0 | 1,379,926,000 | 3,343,000 | |||||||||
Balance, shares Period End at Sep. 30, 2015 | 333,771,499 | ||||||||||||||||
Balance, value Period End at Sep. 30, 2015 | 7,240,303,000 | $ 3,339,000 | $ 98,000 | 9,532,597,000 | (3,754,000) | 0 | (2,291,977,000) | 0 | |||||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2015 | 9,775,000 | ||||||||||||||||
Balance, shares Period Start at Jun. 30, 2015 | 333,762,344 | ||||||||||||||||
Balance, value Period Start at Jun. 30, 2015 | 7,404,236,000 | $ 3,339,000 | $ 98,000 | 9,518,103,000 | (3,122,000) | (3,744,000) | (2,110,438,000) | 0 | |||||||||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2015 | 9,775,000 | ||||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 14,579,000 | $ 0 | 14,579,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 10,198 | ||||||||||||||||
Purchases and retirement of capital stock, value | (85,000) | $ 0 | (85,000) | 0 | 0 | 0 | 0 | ||||||||||
Purchases and retirement of capital stock, shares | (1,043) | ||||||||||||||||
Other comprehensive income (loss) | 3,112,000 | 3,112,000 | [1] | $ 0 | 0 | (632,000) | [1] | 3,744,000 | [1] | 0 | 0 | [1] | |||||
Common stock dividends/distributions | (274,321,000) | (274,321,000) | |||||||||||||||
Preferred stock dividends | (10,997,000) | (10,997,000) | (10,997,000) | ||||||||||||||
Net income (loss) | 103,779,000 | 103,779,000 | $ 0 | 0 | 0 | 0 | 103,779,000 | 0 | |||||||||
Balance, shares Period End at Sep. 30, 2015 | 333,771,499 | ||||||||||||||||
Balance, value Period End at Sep. 30, 2015 | 7,240,303,000 | $ 3,339,000 | $ 98,000 | 9,532,597,000 | (3,754,000) | 0 | (2,291,977,000) | 0 | |||||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2015 | 9,775,000 | ||||||||||||||||
Balance, shares Period Start at Dec. 31, 2015 | 333,771,660 | ||||||||||||||||
Balance, value Period Start at Dec. 31, 2015 | $ 7,089,221,000 | 7,089,221,000 | $ 3,338,000 | $ 98,000 | 9,548,580,000 | (4,398,000) | 0 | (2,458,397,000) | 0 | ||||||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2015 | 9,775,000 | 9,775,000 | |||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 67,262,000 | $ 2,000 | 67,260,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 257,720 | ||||||||||||||||
Purchases and retirement of capital stock, value | (24,759,000) | $ (3,000) | (24,756,000) | 0 | 0 | 0 | 0 | ||||||||||
Stock Issued During Period, Shares, New Issues | 3,828,064 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 323,798,000 | $ 323,798,000 | $ 38,000 | $ 323,760,000 | |||||||||||||
Purchases and retirement of capital stock, shares | (287,513) | ||||||||||||||||
Other comprehensive income (loss) | $ (1,143,000) | (1,143,000) | $ 0 | 0 | (1,143,000) | 0 | 0 | 0 | |||||||||
Common stock dividends/distributions | (899,934,000) | (899,934,000) | |||||||||||||||
Preferred stock dividends | (32,991,000) | (32,991,000) | (32,991,000) | ||||||||||||||
Net income (loss) | 232,263,000 | 232,263,000 | $ 0 | 0 | 0 | 0 | 232,263,000 | 0 | |||||||||
Balance, shares Period End at Sep. 30, 2016 | 337,569,931 | ||||||||||||||||
Balance, value Period End at Sep. 30, 2016 | $ 6,753,717,000 | 6,753,717,000 | $ 3,375,000 | $ 98,000 | 9,914,844,000 | (5,541,000) | 0 | (3,159,059,000) | 0 | ||||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2016 | 9,775,000 | 9,775,000 | |||||||||||||||
Balance, shares Period Start at Jun. 30, 2016 | 337,562,378 | ||||||||||||||||
Balance, value Period Start at Jun. 30, 2016 | 6,948,307,000 | $ 3,375,000 | $ 98,000 | 9,894,921,000 | (4,006,000) | 0 | (2,946,081,000) | 0 | |||||||||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2016 | 9,775,000 | ||||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 20,222,000 | $ 0 | 20,222,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 10,784 | ||||||||||||||||
Purchases and retirement of capital stock, value | (299,000) | $ 0 | (299,000) | 0 | 0 | 0 | 0 | ||||||||||
Purchases and retirement of capital stock, shares | (3,231) | ||||||||||||||||
Other comprehensive income (loss) | $ (1,535,000) | (1,535,000) | [2] | $ 0 | 0 | (1,535,000) | [2] | 0 | [2] | 0 | 0 | [2] | |||||
Common stock dividends/distributions | (300,347,000) | (300,347,000) | |||||||||||||||
Preferred stock dividends | (10,997,000) | (10,997,000) | (10,997,000) | ||||||||||||||
Net income (loss) | 98,366,000 | 98,366,000 | $ 0 | 0 | 0 | 0 | 98,366,000 | 0 | |||||||||
Balance, shares Period End at Sep. 30, 2016 | 337,569,931 | ||||||||||||||||
Balance, value Period End at Sep. 30, 2016 | $ 6,753,717,000 | $ 6,753,717,000 | $ 3,375,000 | $ 98,000 | $ 9,914,844,000 | $ (5,541,000) | $ 0 | $ (3,159,059,000) | $ 0 | ||||||||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2016 | 9,775,000 | 9,775,000 | |||||||||||||||
[1] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)" and note 5 with respect to the reclassification adjustments. | ||||||||||||||||
[2] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)." |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
General | |
General | General The information contained in the following notes to the consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2015 , and related notes thereto, included in the 2015 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. References to the "Company" include CCIC and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. 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's wireless infrastructure is geographically dispersed throughout the United States, including Puerto Rico ("U.S."). See note 3 for a discussion of the May 2015 sale of the Company's formerly 77.6% owned subsidiary that operated towers in Australia (referred to as "CCAL"). The Company's core business is providing access, including space or capacity, to its shared wireless infrastructure via long-term contracts in various forms, including licenses, subleases and lease agreements. During the first quarter of 2016, the Company changed its operating segments to consist of (1) towers and (2) small cells. The Company has recast its prior period presentation to conform to its current reporting presentation. See note 11 . 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 and (2) tenant equipment installation or subsequent augmentations. The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 7 . Approximately 54% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and 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. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at September 30, 2016 , and the consolidated results of operations and the consolidated cash flows for the nine months ended September 30, 2016 and 2015 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in the preparation of the Company's condensed consolidated financial statements are disclosed in the 2015 Form 10-K, other than certain recent accounting pronouncements described below. Recently Adopted Accounting Pronouncements In April 2015, the FASB issued new guidance on the presentation of debt issuance costs. The guidance requires debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts and premiums. The Company adopted the guidance as of January 1, 2016, and has applied the guidance retrospectively. As a result, the Company reclassified $99.3 million of deferred financing costs as of December 31, 2015 from "long-term prepaid rent and other assets, net" as a direct reduction of "debt and other long-term obligations." 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 Company adopted the guidance as of January 1, 2016 on a prospective basis. This standard did not have a material impact on the Company's condensed consolidated financial statements upon adoption. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued new guidance on the recognition, measurement, presentation and disclosure of leases. The new guidance requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This guidance is effective for the Company as of January 1, 2019 and is required to be applied using a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted. The Company expects this guidance to have a material impact on its condensed consolidated financial statements and is currently evaluating the impact. In June 2016, the FASB issued new guidance on the recognition and measurement of expected credit losses for certain types of financial instruments, including accounts receivable. The new guidance requires entities to estimate the expected credit loss over the life of certain financial instruments at initial recognition of the financial instrument. The guidance is effective for the Company as of January 1, 2020. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its condensed consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On May 14, 2015, the Company entered into a definitive agreement to sell CCAL to a consortium of investors led by Macquarie Infrastructure and Real Assets (collectively, “Buyer”). On May 28, 2015, the Company completed the sale. At closing, the Company received net proceeds of approximately $ 1.1 billion after accounting for the Company's 77.6% ownership interest, repayment of intercompany debt owed to the Company by CCAL and estimated transaction fees and expenses, exclusive of the impact of foreign currency swaps related to the CCAL sale. 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. CCAL was historically a separate operating segment of the Company. The sale of the Company's CCAL operating segment is treated as discontinued operations for all periods presented pursuant to ASU 2014-8, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which the Company adopted on January 1, 2015. The gain from disposal of CCAL is included in discontinued operations on the condensed consolidated statement of operations. The table below sets forth the results of operations related to discontinued operations for the nine months ended September 30, 2015 . Nine Months Ended September 30, 2015 (b)(c) Total revenues $ 65,293 Total cost of operations (a) 17,498 Depreciation, amortization, and accretion 10,168 Total other expenses 10,481 Pre-tax income from discontinued operations 27,146 Income (loss) from discontinued operations, net of tax (d) $ 19,690 (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 condensed consolidated financial statement of operations. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Acquisitions [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions In April 2016, the Company acquired Tower Development Corporation ("TDC"), a portfolio of approximately 330 towers, for approximately $461 million in cash ("TDC Acquisition"). The Company funded the acquisition with cash on hand, cash from borrowings under the 2016 Revolver, and cash from equity issuances under the ATM Program (see note 10 ). As of September 30, 2016, the preliminary purchase price allocation was primarily composed of other intangible assets of approximately $155 million , property and equipment of approximately $106 million , and goodwill of approximately $200 million . The preliminary purchase price allocation, including the valuation of fixed assets and intangible assets, is based upon a preliminary valuation, which is subject to change as the Company obtains additional information. |
Debt and Other Obligations
Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2016 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations Original Issue Date Contractual Maturity Date (a) Balance as of September 30, 2016 (g) Balance as of December 31, 2015 (g) Stated Interest Rate as of September 30, 2016 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 Jan. 2021 (d)(e)(f) $ 410,000 (b) $ — 1.8 % 2016 Term Loan A Jan. 2016 Jan. 2021 1,966,109 (b) — 1.9 % 2012 Revolver Jan. 2012 Jan. 2019 — (b) 1,125,000 N/A Tranche A Term Loans Jan. 2012 Jan. 2019 — (b) 627,846 N/A Tranche B Term Loans Jan. 2012 Jan. 2021 — (b) 2,219,602 N/A Total bank debt 2,376,109 3,972,448 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 56,122 70,219 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 68,718 68,658 9.0 % Tower Revenue Notes, Series 2010-2 Jan. 2010 Jan. 2037 (e) — 349,171 N/A Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) 1,243,769 1,242,368 6.1 % Tower Revenue Notes, Series 2010-5 Aug. 2010 Aug. 2037 (e) — 298,774 N/A Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) 993,097 991,749 4.9 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 296,414 295,937 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 691,025 690,247 3.7 % Total securitized debt 3,349,145 4,007,123 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,636,571 1,634,989 5.3 % 2.381% Secured Notes Dec. 2012 Dec. 2017 (f) — 497,160 2.4 % 3.849% Secured Notes Dec. 2012 Apr. 2023 990,933 989,895 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 839,884 838,579 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 849,706 (d)(e) — 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 889,804 (d) — 4.5 % 3.700% Senior Notes May 2016 June 2026 741,705 (e) — 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 693,630 (f) — 2.3 % Total bonds 6,642,233 3,960,623 Other: Capital leases and other obligations Various Various 225,471 209,765 Various Total debt and other obligations 12,592,958 12,149,959 Less: current maturities and short-term debt and other current obligations 101,362 106,219 Non-current portion of long-term debt and other long-term obligations $ 12,491,596 $ 12,043,740 (a) See the 2015 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) In January 2016, the Company completed a Senior Unsecured Credit Facility ("2016 Credit Facility"), comprised of (1) a $2.5 billion Senior Unsecured Revolving Credit Facility ("2016 Revolver") maturing in January 2021, (2) a $2.0 billion Senior Unsecured Term Loan A Facility ("2016 Term Loan A") maturing in January 2021 and (3) a previously outstanding $1.0 billion Senior Unsecured 364-Day Revolving Credit Facility ("364-Day Facility") maturing in January 2017. 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 Company used the net proceeds from the 2016 Credit Facility (1) to repay the previously outstanding 2012 Credit Facility and (2) for general corporate purposes. In February 2016, the Company used a portion of the net proceeds from the 2016 Senior Notes offering to repay in full all outstanding borrowings under the previously outstanding 364-Day Facility. As of September 30, 2016 , the undrawn availability under the 2016 Revolver was $ 2.1 billion . (c) If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2015 Form 10-K for additional information regarding these provisions. (d) In February 2016, the Company issued $1.5 billion aggregate principal amount of senior unsecured notes ("2016 Senior Notes"), which consist of (1) $600.0 million aggregate principal amount of 3.40% 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 net proceeds from the 2016 Senior Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the previously outstanding 364-Day Facility and (2) repay $500.0 million of outstanding borrowings under the 2016 Revolver. (e) In May 2016, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("May 2016 Senior Notes"), which consist of (1) $250.0 million aggregate principal amount of 3.40% senior notes that were issued pursuant to the same indenture as the 3.40% senior notes of the 2016 Senior Notes with a final maturity date of February 2021 and (2) $750.0 million aggregate principal amount of 3.70% senior notes with a final maturity date of June 2026. The Company used net proceeds from the May 2016 Senior Notes offering to repay in full the Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver. (f) In September 2016, the Company issued $700.0 million aggregate principal amount of 2.25% senior unsecured notes ("September 2016 Senior Notes"). The Company used net proceeds from the September 2016 Senior Notes offering (1) to repay in full the 2.381% Secured Notes issued by certain of its subsidiaries and (2) to repay a portion of the outstanding borrowings under the 2016 Revolver. (g) Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2016 . These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2016 2017 2018 2019 2020 Thereafter Total Cash Obligations Scheduled contractual maturities $ 25,054 $ 101,049 $ 134,864 $ 138,883 $ 202,640 $ 12,085,120 $ 12,687,610 $ (94,652 ) $ 12,592,958 Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the three months ended September 30, 2016 . Three Months Ended September 30, 2016 Principal Amount Cash Paid (a) Gains (Losses) (b) 2.381% Secured Notes $ 500,000 $ 508,472 $ (10,274 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 1.8 million related to the write off of deferred financing costs. The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2016 . Nine Months Ended September 30, 2016 Principal Amount Cash Paid (a) Gains (Losses) (b) 2012 Revolver (c) $ — $ — $ (1,930 ) Tranche A Term Loans 629,375 629,375 (1,498 ) Tranche B Term Loans 2,247,015 2,247,015 (27,122 ) Tower Revenue Notes, Series 2010-2 350,000 352,796 (3,338 ) Tower Revenue Notes, Series 2010-5 300,000 307,176 (8,129 ) 2.381% Secured Notes 500,000 508,472 (10,274 ) Total $ 4,026,390 $ 4,044,834 $ (52,291 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 33.8 million related to the write off of deferred financing costs. (c) See discussion of the repayment of the Company's 2012 Credit Facility above. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense on debt obligations $ 126,616 $ 121,287 $ 374,363 $ 366,388 Amortization of deferred financing costs and adjustments on long-term debt 4,601 5,567 14,522 15,478 Amortization of interest rate swaps (a) — 3,744 — 18,725 Other, net of capitalized interest (1,301 ) (721 ) (3,229 ) (1,809 ) Total $ 129,916 $ 129,877 $ 385,656 $ 398,782 (a) Amounts reclassified from "accumulated other comprehensive income (loss)." |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 156,219 $ 156,219 $ 178,810 $ 178,810 Restricted cash, current and non-current 1 121,932 121,932 135,731 135,731 Foreign currency swaps 2 — — 10,749 10,749 Liabilities: Total debt and other obligations 2 12,592,958 13,523,464 12,149,959 12,555,143 The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Foreign currency swaps are valued at settlement amounts using observable exchange rates and, if material, reflect an adjustment for the Company's and contract counterparty's credit risk. There were no changes since December 31, 2015 in the Company's valuation techniques used to measure fair values. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes | |
Income Taxes | Income Taxes The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local, and foreign taxes on its income and assets, including (1) alternative minimum taxes, (2) taxes on any undistributed income, (3) taxes related to the TRSs, (4) certain state, local, or foreign income taxes, (5) franchise taxes, (6) property taxes, and (7) transfer taxes. In addition, the Company could in certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended ("Code") to maintain qualification for taxation as a REIT. During the fourth quarter of 2015, the Company completed the necessary steps to include small cells that were previously included in one or more TRSs in the REIT. As a result, during the fourth quarter 2015, the Company de-recognized the net deferred tax liabilities in conjunction with the inclusion of small cells in the REIT. Effective January 4, 2016 the Company's small cells that were previously included in one or more TRSs are included in the REIT. The Company's 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. For the nine months ended September 30, 2016 and 2015 , the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. |
Per Share Information
Per Share Information | 9 Months Ended |
Sep. 30, 2016 | |
Per Share Information | |
Per Share Information | Per Share Information Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of the Company's Convertible Preferred Stock, as determined under the if-converted method. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ 98,366 $ 104,301 $ 232,263 $ 382,561 Dividends on preferred stock (10,997 ) (10,997 ) (32,991 ) (32,991 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 87,369 $ 93,304 $ 199,272 $ 349,570 Income (loss) from discontinued operations, net of tax — (522 ) — 1,000,708 Less: Net income (loss) attributable to the noncontrolling interest — — — 3,343 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations $ — $ (522 ) $ — $ 997,365 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 337,564 333,049 336,426 332,951 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 845 662 650 784 Diluted weighted-average number of common shares outstanding 338,409 333,711 337,076 333,735 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic 0.26 0.28 0.59 1.05 Income (loss) from discontinued operations, basic — — — 3.00 Net income (loss) attributable to CCIC common stockholders, basic 0.26 0.28 0.59 4.05 Income (loss) from continuing operations, diluted 0.26 0.28 0.59 1.05 Income (loss) from discontinued operations, diluted — — — 2.99 Net income (loss) attributable to CCIC common stockholders, diluted 0.26 0.28 0.59 4.04 During the nine months ended September 30, 2016 , the Company granted 1.3 million restricted stock units. For the nine months ended September 30, 2016 and 2015 , 11.6 million and 12.4 million common share equivalents, respectively, related to the Convertible Preferred Stock were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of the respective periods. See note 13 for a discussion of the October and November 2016 conversion of the Company's previously outstanding Convertible Preferred Stock to common stock. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in various claims, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, the Company has the option to purchase approximately 54% of the Company's towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Declaration and Payment of Dividends During the nine months ended September 30, 2016 , 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 18, 2016 March 18, 2016 March 31, 2016 $ 0.885 $ 300.0 (a) Common Stock May 20, 2016 June 17, 2016 June 30, 2016 $ 0.885 $ 300.8 (a) Common Stock August 2, 2016 September 16, 2016 September 30, 2016 $ 0.885 $ 300.3 (a) Convertible Preferred Stock December 16, 2015 January 16, 2016 February 1, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock March 22, 2016 April 15, 2016 May 2, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock June 28, 2016 July 15, 2016 August 1, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock September 17, 2016 October 15, 2016 November 1, 2016 $ 1.1250 $ 11.0 (a) Inclusive of dividends accrued for holders of unvested restricted stock units and payments of previously accrued dividends for holders of restricted stock units that have vested during the nine months ended September 30, 2016 . See note 13 for a discussion of (1) the October and November 2016 conversion of the Company's previously outstanding Convertible Preferred Stock to common stock and (2) the Company's October 2016 declaration of its quarterly cash common stock dividend. Purchases of the Company's Common Stock For the nine months ended September 30, 2016 , the Company purchased 0.3 million shares of its common stock utilizing $24.8 million in cash. The common stock shares purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of restricted stock. "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 cumulative 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. During the nine months ended September 30, 2016 , 3.8 million shares of common stock were sold under the ATM Program generating net proceeds of $323.8 million after giving effect to sales agent commissions of $3.3 million . The net proceeds from the sales under the ATM Program were used, in part, to fund the TDC Acquisition. See note 4. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Operating Segments During the first quarter of 2016, the Company changed its operating segments to consist of (1) towers and (2) small cells. This change was as a result of growth in small cells from a combination of organic growth, capital expenditures, and acquisitions, as well as the continued progression of the integration of Quanta Fiber Networks, Inc. ("Sunesys"), which led to changes in how the Company's chief operating decision maker ("CODM") reviews financial information. The Company's operating segment change aligns with how the CODM views and evaluates the Company's operations, including how the CODM allocates capital and assesses segment performance. The Company has recast its prior period presentation to conform to its current reporting presentation. The towers segment provides access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the United States. The tower segment also reflects certain network services relating to the Company's towers, consisting of site development services and installation services. The small cells segment provides access, including space or capacity, to the Company's small cell networks designed to facilitate wireless connectivity and supported by 17,000 miles of fiber. To a lesser extent, the small cells segment offers other fiber based solutions, including dark fiber (dedicated fiber strands lit by the customer) and lit fiber (bandwidth provided to the customer using the Company's own optronics). The measurement of profit or loss used by the CODM to evaluate the results of operations of its operating segments are (1) segment site rental gross margin, (2) segment network services and other gross margin, and (3) segment operating profit. The Company defines segment site rental gross margin as segment site rental revenues less segment site rental cost of operations, which excludes stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated cost of operations. The Company defines segment network services and other gross margin as segment network services and other revenues less segment network services and other cost of operations, which excludes stock-based compensation expense recorded in consolidated cost of operations. The Company defines segment operating profit as segment site rental gross margin plus segment network services and other gross margin, less general and administrative expenses attributable to the respective segment. Costs that are directly attributable to towers and small cells are assigned to those respective segments. The "Other" column (1) represents amounts excluded from specific segments, such as restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, impairment of available-for-sale securities, interest income, other income (expense), cumulative effect of a change in accounting principle, income (loss) from discontinued operations, and stock-based compensation expense, and (2) reconciles segment operating profit to income (loss) before income taxes, as the amounts are not utilized in assessing each segment’s performance. The "Other" total assets balance includes corporate assets such as cash and cash equivalents which have not been allocated to specific segments. There are no significant revenues resulting from transactions between the Company's operating segments. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 709,603 $ 102,429 $ 812,032 $ 686,934 $ 77,672 $ 764,606 Segment network services and other revenues 166,979 13,005 179,984 138,566 14,935 153,501 Segment revenues 876,582 115,434 992,016 825,500 92,607 918,107 Segment site rental cost of operations 210,322 37,754 248,076 209,056 30,449 239,505 Segment network services and other cost of operations 97,395 10,194 107,589 75,302 10,213 85,515 Segment cost of operations (a) 307,717 47,948 355,665 284,358 40,662 325,020 Segment site rental gross margin 499,281 64,675 563,956 477,878 47,223 525,101 Segment network services and other gross margin 69,584 2,811 72,395 63,264 4,722 67,986 Segment general and administrative expenses (a) 22,225 14,480 35,526 72,231 22,994 10,194 30,741 63,929 Segment operating profit 546,640 53,006 (35,526 ) 564,120 518,148 41,751 (30,741 ) 529,158 Stock-based compensation expense 22,594 22,594 16,466 16,466 Depreciation, amortization and accretion 280,824 280,824 261,662 261,662 Interest expense and amortization of deferred financing costs 129,916 129,916 129,877 129,877 Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes 27,379 27,379 20,653 20,653 Income (loss) from continuing operations before income taxes $ 103,407 $ 100,500 Capital expenditures $ 103,679 $ 111,885 $ 5,617 $ 221,181 $ 136,327 $ 95,067 $ 5,963 $ 237,357 Total assets (at period end) $ 18,466,528 $ 3,298,927 $ 406,268 $ 22,171,723 $ 17,999,121 $ 3,458,941 $ 433,406 $ 21,891,468 (a) Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $3.7 million for the three months ended September 30, 2016 and 2015 , respectively, and (2) prepaid lease purchase price adjustments of $5.4 million and $5.1 million for the three months ended September 30, 2016 and 2015 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $17.7 million and $12.8 million for the three months ended September 30, 2016 and 2015 , respectively. Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 2,118,159 $ 297,767 $ 2,415,926 $ 2,040,147 $ 192,930 $ 2,233,077 Segment network services and other revenues 434,042 38,841 472,883 445,683 39,255 484,938 Segment revenues 2,552,201 336,608 2,888,809 2,485,830 232,185 2,718,015 Segment site rental cost of operations 625,331 109,402 734,733 620,726 73,818 694,544 Segment network services and other cost of operations 249,306 30,652 279,958 229,164 30,034 259,198 Segment cost of operations (a) 874,637 140,054 1,014,691 849,890 103,852 953,742 Segment site rental gross margin 1,492,828 188,365 1,681,193 1,419,421 119,112 1,538,533 Segment network services and other gross margin 184,736 8,189 192,925 216,519 9,221 225,740 Segment general and administrative expenses (a) 68,329 45,720 107,161 221,210 68,245 25,664 90,981 184,890 Segment operating profit 1,609,235 150,834 (107,161 ) 1,652,908 1,567,695 102,669 (90,981 ) 1,579,383 Stock-based compensation expense 75,297 75,297 49,282 49,282 Depreciation, amortization and accretion 834,725 834,725 766,621 766,621 Interest expense and amortization of deferred financing costs 385,656 385,656 398,782 398,782 Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes 112,170 112,170 (8,483 ) (8,483 ) Income (loss) from continuing operations before income taxes $ 245,060 $ 373,181 Capital expenditures $ 318,900 $ 279,488 $ 15,790 $ 614,178 $ 427,398 $ 213,259 $ 17,583 $ 658,240 (a) Segment cost of operations exclude (1) stock-based compensation expense of $17.6 million and $10.3 million for the nine months ended September 30, 2016 and 2015 , respectively, and (2) prepaid lease purchase price adjustments of $16.0 million and $15.4 million for the nine months ended September 30, 2016 and 2015 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $57.7 million and $39.0 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2016 2015 Supplemental disclosure of cash flow information: Interest paid $ 357,094 $ 364,147 Income taxes paid 11,740 23,865 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment 1,390 (5,399 ) Purchase of property and equipment under capital leases and installment purchases 40,295 41,331 Installment payment receivable for sale of CCAL (see note 3) — 117,384 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Convertible Preferred Stock Conversion In October and November 2016, all of the approximately 9.8 million shares of the Company's previously outstanding Convertible Preferred Stock converted to approximately 11.6 million shares of the Company's common stock at a conversion rate (based on the applicable market value of the common stock and subject to certain anti-dilutive adjustments) of 1.188 common shares per each share of Convertible Preferred Stock. Common Stock Dividend On October 18, 2016 , the Company declared a quarterly common stock cash dividend of $0.95 per share, which was approved by the Company's board of directors. The common stock dividend will be paid on December 30, 2016 , to common stockholders of record as of December 16, 2016 . Proposed FiberNet Acquisition On November 1, 2016, the Company announced that it has entered into a definitive agreement to acquire FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra Energy, Inc. (collectively, "FiberNet") for approximately $1.5 billion in cash, subject to certain limited adjustments ("Proposed FiberNet Acquisition"). FiberNet is a fiber services provider in Florida and Texas. The Company expects to finance the Proposed FiberNet Acquisition using one or more liquidity sources, which may include cash on hand, undrawn availability from the 2016 Revolver, debt financings and issuances of equity or equity related securities. The Company expects the Proposed FiberNet Acquisition to close in the first half of 2017. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements In April 2015, the FASB issued new guidance on the presentation of debt issuance costs. The guidance requires debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts and premiums. The Company adopted the guidance as of January 1, 2016, and has applied the guidance retrospectively. As a result, the Company reclassified $99.3 million of deferred financing costs as of December 31, 2015 from "long-term prepaid rent and other assets, net" as a direct reduction of "debt and other long-term obligations." 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 Company adopted the guidance as of January 1, 2016 on a prospective basis. This standard did not have a material impact on the Company's condensed consolidated financial statements upon adoption. Recent Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued new guidance on the recognition, measurement, presentation and disclosure of leases. The new guidance requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This guidance is effective for the Company as of January 1, 2019 and is required to be applied using a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted. The Company expects this guidance to have a material impact on its condensed consolidated financial statements and is currently evaluating the impact. In June 2016, the FASB issued new guidance on the recognition and measurement of expected credit losses for certain types of financial instruments, including accounts receivable. The new guidance requires entities to estimate the expected credit loss over the life of certain financial instruments at initial recognition of the financial instrument. The guidance is effective for the Company as of January 1, 2020. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its condensed consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations Financial Information [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Nine Months Ended September 30, 2015 (b)(c) Total revenues $ 65,293 Total cost of operations (a) 17,498 Depreciation, amortization, and accretion 10,168 Total other expenses 10,481 Pre-tax income from discontinued operations 27,146 Income (loss) from discontinued operations, net of tax (d) $ 19,690 (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 condensed consolidated financial statement of operations. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Debt and Other Obligations [Abstract] | ||
Schedule of Long-Term Debt Instruments | Original Issue Date Contractual Maturity Date (a) Balance as of September 30, 2016 (g) Balance as of December 31, 2015 (g) Stated Interest Rate as of September 30, 2016 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 Jan. 2021 (d)(e)(f) $ 410,000 (b) $ — 1.8 % 2016 Term Loan A Jan. 2016 Jan. 2021 1,966,109 (b) — 1.9 % 2012 Revolver Jan. 2012 Jan. 2019 — (b) 1,125,000 N/A Tranche A Term Loans Jan. 2012 Jan. 2019 — (b) 627,846 N/A Tranche B Term Loans Jan. 2012 Jan. 2021 — (b) 2,219,602 N/A Total bank debt 2,376,109 3,972,448 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 56,122 70,219 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 68,718 68,658 9.0 % Tower Revenue Notes, Series 2010-2 Jan. 2010 Jan. 2037 (e) — 349,171 N/A Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) 1,243,769 1,242,368 6.1 % Tower Revenue Notes, Series 2010-5 Aug. 2010 Aug. 2037 (e) — 298,774 N/A Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) 993,097 991,749 4.9 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 296,414 295,937 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 691,025 690,247 3.7 % Total securitized debt 3,349,145 4,007,123 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,636,571 1,634,989 5.3 % 2.381% Secured Notes Dec. 2012 Dec. 2017 (f) — 497,160 2.4 % 3.849% Secured Notes Dec. 2012 Apr. 2023 990,933 989,895 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 839,884 838,579 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 849,706 (d)(e) — 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 889,804 (d) — 4.5 % 3.700% Senior Notes May 2016 June 2026 741,705 (e) — 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 693,630 (f) — 2.3 % Total bonds 6,642,233 3,960,623 Other: Capital leases and other obligations Various Various 225,471 209,765 Various Total debt and other obligations 12,592,958 12,149,959 Less: current maturities and short-term debt and other current obligations 101,362 106,219 Non-current portion of long-term debt and other long-term obligations $ 12,491,596 $ 12,043,740 (a) See the 2015 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) In January 2016, the Company completed a Senior Unsecured Credit Facility ("2016 Credit Facility"), comprised of (1) a $2.5 billion Senior Unsecured Revolving Credit Facility ("2016 Revolver") maturing in January 2021, (2) a $2.0 billion Senior Unsecured Term Loan A Facility ("2016 Term Loan A") maturing in January 2021 and (3) a previously outstanding $1.0 billion Senior Unsecured 364-Day Revolving Credit Facility ("364-Day Facility") maturing in January 2017. 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 Company used the net proceeds from the 2016 Credit Facility (1) to repay the previously outstanding 2012 Credit Facility and (2) for general corporate purposes. In February 2016, the Company used a portion of the net proceeds from the 2016 Senior Notes offering to repay in full all outstanding borrowings under the previously outstanding 364-Day Facility. As of September 30, 2016 , the undrawn availability under the 2016 Revolver was $ 2.1 billion . (c) If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2015 Form 10-K for additional information regarding these provisions. (d) In February 2016, the Company issued $1.5 billion aggregate principal amount of senior unsecured notes ("2016 Senior Notes"), which consist of (1) $600.0 million aggregate principal amount of 3.40% 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 net proceeds from the 2016 Senior Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the previously outstanding 364-Day Facility and (2) repay $500.0 million of outstanding borrowings under the 2016 Revolver. (e) In May 2016, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("May 2016 Senior Notes"), which consist of (1) $250.0 million aggregate principal amount of 3.40% senior notes that were issued pursuant to the same indenture as the 3.40% senior notes of the 2016 Senior Notes with a final maturity date of February 2021 and (2) $750.0 million aggregate principal amount of 3.70% senior notes with a final maturity date of June 2026. The Company used net proceeds from the May 2016 Senior Notes offering to repay in full the Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver. (f) In September 2016, the Company issued $700.0 million aggregate principal amount of 2.25% senior unsecured notes ("September 2016 Senior Notes"). The Company used net proceeds from the September 2016 Senior Notes offering (1) to repay in full the 2.381% Secured Notes issued by certain of its subsidiaries and (2) to repay a portion of the outstanding borrowings under the 2016 Revolver. (g) Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. | |
Schedule of Maturities of Long-term Debt | Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2016 . These maturities reflect contractual maturity dates and do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2016 2017 2018 2019 2020 Thereafter Total Cash Obligations Scheduled contractual maturities $ 25,054 $ 101,049 $ 134,864 $ 138,883 $ 202,640 $ 12,085,120 $ 12,687,610 $ (94,652 ) $ 12,592,958 | |
Extinguishment of Debt [Line Items] | ||
Schedule of Extinguishment of Debt [Table Text Block] | The following is a summary of purchases and redemptions of long-term debt during the three months ended September 30, 2016 . Three Months Ended September 30, 2016 Principal Amount Cash Paid (a) Gains (Losses) (b) 2.381% Secured Notes $ 500,000 $ 508,472 $ (10,274 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 1.8 million related to the write off of deferred financing costs. | Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the three months ended September 30, 2016 . Three Months Ended September 30, 2016 Principal Amount Cash Paid (a) Gains (Losses) (b) 2.381% Secured Notes $ 500,000 $ 508,472 $ (10,274 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 1.8 million related to the write off of deferred financing costs. The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2016 . Nine Months Ended September 30, 2016 Principal Amount Cash Paid (a) Gains (Losses) (b) 2012 Revolver (c) $ — $ — $ (1,930 ) Tranche A Term Loans 629,375 629,375 (1,498 ) Tranche B Term Loans 2,247,015 2,247,015 (27,122 ) Tower Revenue Notes, Series 2010-2 350,000 352,796 (3,338 ) Tower Revenue Notes, Series 2010-5 300,000 307,176 (8,129 ) 2.381% Secured Notes 500,000 508,472 (10,274 ) Total $ 4,026,390 $ 4,044,834 $ (52,291 ) (a) Exclusive of accrued interest. (b) Inclusive of $ 33.8 million related to the write off of deferred financing costs. (c) See discussion of the repayment of the Company's 2012 Credit Facility above. |
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest expense on debt obligations $ 126,616 $ 121,287 $ 374,363 $ 366,388 Amortization of deferred financing costs and adjustments on long-term debt 4,601 5,567 14,522 15,478 Amortization of interest rate swaps (a) — 3,744 — 18,725 Other, net of capitalized interest (1,301 ) (721 ) (3,229 ) (1,809 ) Total $ 129,916 $ 129,877 $ 385,656 $ 398,782 (a) Amounts reclassified from "accumulated other comprehensive income (loss)." |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 156,219 $ 156,219 $ 178,810 $ 178,810 Restricted cash, current and non-current 1 121,932 121,932 135,731 135,731 Foreign currency swaps 2 — — 10,749 10,749 Liabilities: Total debt and other obligations 2 12,592,958 13,523,464 12,149,959 12,555,143 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Per Share Information | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) from continuing operations $ 98,366 $ 104,301 $ 232,263 $ 382,561 Dividends on preferred stock (10,997 ) (10,997 ) (32,991 ) (32,991 ) Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations $ 87,369 $ 93,304 $ 199,272 $ 349,570 Income (loss) from discontinued operations, net of tax — (522 ) — 1,000,708 Less: Net income (loss) attributable to the noncontrolling interest — — — 3,343 Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations $ — $ (522 ) $ — $ 997,365 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 337,564 333,049 336,426 332,951 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 845 662 650 784 Diluted weighted-average number of common shares outstanding 338,409 333,711 337,076 333,735 Net income (loss) attributable to CCIC common stockholders, per common share: Income (loss) from continuing operations, basic 0.26 0.28 0.59 1.05 Income (loss) from discontinued operations, basic — — — 3.00 Net income (loss) attributable to CCIC common stockholders, basic 0.26 0.28 0.59 4.05 Income (loss) from continuing operations, diluted 0.26 0.28 0.59 1.05 Income (loss) from discontinued operations, diluted — — — 2.99 Net income (loss) attributable to CCIC common stockholders, diluted 0.26 0.28 0.59 4.04 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Dividends Payable [Line Items] | |
Dividends Declared [Table Text Block] | Declaration and Payment of Dividends During the nine months ended September 30, 2016 , 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 18, 2016 March 18, 2016 March 31, 2016 $ 0.885 $ 300.0 (a) Common Stock May 20, 2016 June 17, 2016 June 30, 2016 $ 0.885 $ 300.8 (a) Common Stock August 2, 2016 September 16, 2016 September 30, 2016 $ 0.885 $ 300.3 (a) Convertible Preferred Stock December 16, 2015 January 16, 2016 February 1, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock March 22, 2016 April 15, 2016 May 2, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock June 28, 2016 July 15, 2016 August 1, 2016 $ 1.1250 $ 11.0 Convertible Preferred Stock September 17, 2016 October 15, 2016 November 1, 2016 $ 1.1250 $ 11.0 (a) Inclusive of dividends accrued for holders of unvested restricted stock units and payments of previously accrued dividends for holders of restricted stock units that have vested during the nine months ended September 30, 2016 . |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 709,603 $ 102,429 $ 812,032 $ 686,934 $ 77,672 $ 764,606 Segment network services and other revenues 166,979 13,005 179,984 138,566 14,935 153,501 Segment revenues 876,582 115,434 992,016 825,500 92,607 918,107 Segment site rental cost of operations 210,322 37,754 248,076 209,056 30,449 239,505 Segment network services and other cost of operations 97,395 10,194 107,589 75,302 10,213 85,515 Segment cost of operations (a) 307,717 47,948 355,665 284,358 40,662 325,020 Segment site rental gross margin 499,281 64,675 563,956 477,878 47,223 525,101 Segment network services and other gross margin 69,584 2,811 72,395 63,264 4,722 67,986 Segment general and administrative expenses (a) 22,225 14,480 35,526 72,231 22,994 10,194 30,741 63,929 Segment operating profit 546,640 53,006 (35,526 ) 564,120 518,148 41,751 (30,741 ) 529,158 Stock-based compensation expense 22,594 22,594 16,466 16,466 Depreciation, amortization and accretion 280,824 280,824 261,662 261,662 Interest expense and amortization of deferred financing costs 129,916 129,916 129,877 129,877 Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes 27,379 27,379 20,653 20,653 Income (loss) from continuing operations before income taxes $ 103,407 $ 100,500 Capital expenditures $ 103,679 $ 111,885 $ 5,617 $ 221,181 $ 136,327 $ 95,067 $ 5,963 $ 237,357 Total assets (at period end) $ 18,466,528 $ 3,298,927 $ 406,268 $ 22,171,723 $ 17,999,121 $ 3,458,941 $ 433,406 $ 21,891,468 (a) Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $3.7 million for the three months ended September 30, 2016 and 2015 , respectively, and (2) prepaid lease purchase price adjustments of $5.4 million and $5.1 million for the three months ended September 30, 2016 and 2015 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $17.7 million and $12.8 million for the three months ended September 30, 2016 and 2015 , respectively. | Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 2,118,159 $ 297,767 $ 2,415,926 $ 2,040,147 $ 192,930 $ 2,233,077 Segment network services and other revenues 434,042 38,841 472,883 445,683 39,255 484,938 Segment revenues 2,552,201 336,608 2,888,809 2,485,830 232,185 2,718,015 Segment site rental cost of operations 625,331 109,402 734,733 620,726 73,818 694,544 Segment network services and other cost of operations 249,306 30,652 279,958 229,164 30,034 259,198 Segment cost of operations (a) 874,637 140,054 1,014,691 849,890 103,852 953,742 Segment site rental gross margin 1,492,828 188,365 1,681,193 1,419,421 119,112 1,538,533 Segment network services and other gross margin 184,736 8,189 192,925 216,519 9,221 225,740 Segment general and administrative expenses (a) 68,329 45,720 107,161 221,210 68,245 25,664 90,981 184,890 Segment operating profit 1,609,235 150,834 (107,161 ) 1,652,908 1,567,695 102,669 (90,981 ) 1,579,383 Stock-based compensation expense 75,297 75,297 49,282 49,282 Depreciation, amortization and accretion 834,725 834,725 766,621 766,621 Interest expense and amortization of deferred financing costs 385,656 385,656 398,782 398,782 Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes 112,170 112,170 (8,483 ) (8,483 ) Income (loss) from continuing operations before income taxes $ 245,060 $ 373,181 Capital expenditures $ 318,900 $ 279,488 $ 15,790 $ 614,178 $ 427,398 $ 213,259 $ 17,583 $ 658,240 (a) Segment cost of operations exclude (1) stock-based compensation expense of $17.6 million and $10.3 million for the nine months ended September 30, 2016 and 2015 , respectively, and (2) prepaid lease purchase price adjustments of $16.0 million and $15.4 million for the nine months ended September 30, 2016 and 2015 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $57.7 million and $39.0 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Supplemental Cash Flow Inform27
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | Nine Months Ended September 30, 2016 2015 Supplemental disclosure of cash flow information: Interest paid $ 357,094 $ 364,147 Income taxes paid 11,740 23,865 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment 1,390 (5,399 ) Purchase of property and equipment under capital leases and installment purchases 40,295 41,331 Installment payment receivable for sale of CCAL (see note 3) — 117,384 |
General Business (Details)
General Business (Details) | Sep. 30, 2016 |
CCAL [Member] | |
Percentage of Subsidiary Owned by the Company | 77.60% |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Purchase Option, Percentage of Towers | 54.00% |
Summary of Significant Accoun29
Summary of Significant Accounting Policies Significant Accounting Policies (Details) $ in Millions | Dec. 31, 2015USD ($) |
Accounting Policies [Abstract] | |
Amount of deferred financing costs reclassified to debt | $ 99.3 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 1,100,000,000 | |
Installment payment received for sale of subsidiary | $ 117,384,000 | |
CCAL [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 77.60% | |
inclusive of foreign currency derivative [Domain] | ||
Installment payment received for sale of subsidiary | $ 124,000,000 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations Historical Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Discontinued Operations and Disposal Groups [Abstract] | ||||||
Total revenues | [1],[2] | $ 65,293 | ||||
Total cost of operations (a) | [1],[2],[3] | 17,498 | ||||
Depreciation, amortization, and accretion | [1],[2] | 10,168 | ||||
Total other expenses | [1],[2] | 10,481 | ||||
Pre-tax income from discontinued operations | [1],[2] | 27,146 | ||||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 19,690 | [1],[2],[4] | |
[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 condensed consolidated financial statement of operations. |
Discontinued Operations Gain on
Discontinued Operations Gain on Sale of Subsidiary (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Installment payment received for sale of subsidiary | $ 117,384 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Tower Count | 40,000 |
Business Combination, Consideration Transferred | $ 461 |
TDC [Member] | |
Business Acquisition [Line Items] | |
Tower Count | 330 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | $ 155 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 106 |
Business Acquisition, Goodwill | $ 200 |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||||
Debt Instrument [Line Items] | ||||||
Proceeds from Lines of Credit | $ 3,440,000 | $ 1,560,000 | ||||
Debt and Capital Lease Obligations | [1] | 12,592,958 | $ 12,149,959 | |||
Less: current maturities and short-term debt and other current obligations | 101,362 | 106,219 | ||||
Non-current portion of long-term debt and other long-term obligations | [1] | 12,491,596 | 12,043,740 | |||
September 2016 Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 700,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||||
Variable Rate Revolver 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 2,500,000 | |||||
Variable Rate 2016 Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 2,000,000 | |||||
Senior Unsecured 2016 Notes 3.40% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | |||||
Senior Unsecured 2016 Notes 4.450% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 900,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||
Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Contractual maturity date | [2] | Various | ||||
Original Debt Issuance Date | [2] | Various | ||||
Percentage of debt instrument interest rate stated | [2] | Various | ||||
Debt and Capital Lease Obligations | [1] | $ 225,471 | 209,765 | |||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Additional Interest Rate Margin | 5.00% | |||||
May 2016 Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||
2012 Credit Facility [Member] | Variable Rate Revolver 2016 [Member] | CCOC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 2,100,000 | |||||
Bank Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Capital Lease Obligations | [1] | $ 2,376,109 | 3,972,448 | |||
Bank Debt [Member] | Variable Rate Revolver 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2016 | |||||
Debt Instrument, Maturity Date | [2],[3],[4],[5] | Jan. 21, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.80% | ||||
Debt and Capital Lease Obligations | [1] | $ 410,000 | [6] | 0 | ||
Bank Debt [Member] | Variable Rate 2016 Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2016 | |||||
Debt Instrument, Maturity Date | [2] | Jan. 21, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.90% | ||||
Debt and Capital Lease Obligations | [1] | $ 1,966,109 | [6] | 0 | ||
Bank Debt [Member] | Variable Rate Revolver 2012 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2012 | |||||
Debt Instrument, Maturity Date | [2] | Jan. 31, 2019 | ||||
Percentage of debt instrument interest rate stated | [2] | N/A | ||||
Debt and Capital Lease Obligations | [1] | $ 0 | [6] | 1,125,000 | ||
Bank Debt [Member] | Variable Rate 2012 Term Loans Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2012 | |||||
Debt Instrument, Maturity Date | [2] | Jan. 31, 2019 | ||||
Percentage of debt instrument interest rate stated | [2] | N/A | ||||
Debt and Capital Lease Obligations | [1] | $ 0 | [6] | 627,846 | ||
Bank Debt [Member] | Variable Rate 2012 Term Loans Tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2012 | |||||
Debt Instrument, Maturity Date | [2] | Jan. 31, 2021 | ||||
Percentage of debt instrument interest rate stated | [2] | N/A | ||||
Debt and Capital Lease Obligations | [1] | $ 0 | [6] | 2,219,602 | ||
Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Capital Lease Obligations | [1] | $ 3,349,145 | 4,007,123 | |||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes First Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jul. 1, 2009 | |||||
Debt Instrument, Maturity Date | [2] | Aug. 1, 2019 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 6.30% | ||||
Debt and Capital Lease Obligations | [1] | $ 56,122 | 70,219 | |||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | May 1, 2015 | |||||
Debt Instrument, Maturity Date | [2],[7] | May 1, 2042 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | ||||
Debt and Capital Lease Obligations | [1] | $ 296,414 | 295,937 | |||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | May 1, 2015 | |||||
Debt Instrument, Maturity Date | [2],[7] | May 1, 2045 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Capital Lease Obligations | [1] | $ 691,025 | 690,247 | |||
Securitized Debt [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Third Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2010 | |||||
Debt Instrument, Maturity Date | [2],[7] | Jan. 1, 2040 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 6.10% | ||||
Debt and Capital Lease Obligations | [1] | $ 1,243,769 | 1,242,368 | |||
Securitized Debt [Member] | Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jan. 1, 2010 | |||||
Debt Instrument, Maturity Date | [2],[5] | Jan. 1, 2037 | ||||
Percentage of debt instrument interest rate stated | [2] | N/A | ||||
Debt and Capital Lease Obligations | $ 0 | [5] | 349,171 | [1] | ||
Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Third Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Aug. 1, 2010 | |||||
Debt Instrument, Maturity Date | [2],[7] | Aug. 1, 2040 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.90% | ||||
Debt and Capital Lease Obligations | [1] | $ 993,097 | 991,749 | |||
Securitized Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Aug. 1, 2010 | |||||
Debt Instrument, Maturity Date | [2],[5] | Aug. 1, 2037 | ||||
Percentage of debt instrument interest rate stated | [2] | N/A | ||||
Debt and Capital Lease Obligations | $ 0 | [5] | 298,774 | [1] | ||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Jul. 1, 2009 | |||||
Debt Instrument, Maturity Date | [2] | Aug. 1, 2029 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 9.00% | ||||
Debt and Capital Lease Obligations | [1] | $ 68,718 | 68,658 | |||
High Yield Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Capital Lease Obligations | [1] | $ 6,642,233 | 3,960,623 | |||
High Yield Bonds [Member] | September 2016 Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Sep. 1, 2016 | |||||
Debt Instrument, Maturity Date | [2] | Sep. 1, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.25% | ||||
Debt and Capital Lease Obligations | $ 693,630 | [1],[3] | 0 | |||
High Yield Bonds [Member] | Five and One Fourth Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Oct. 1, 2012 | |||||
Debt Instrument, Maturity Date | [2] | Jan. 15, 2023 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.25% | ||||
Debt and Capital Lease Obligations | [1] | $ 1,636,571 | 1,634,989 | |||
High Yield Bonds [Member] | 2012 secured notes tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | [2],[3] | Dec. 15, 2017 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.40% | ||||
Debt and Capital Lease Obligations | [1] | $ 0 | 497,160 | |||
High Yield Bonds [Member] | 2012 secured notes tranche B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Dec. 1, 2012 | |||||
Debt Instrument, Maturity Date | [2] | Apr. 15, 2023 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.90% | ||||
Debt and Capital Lease Obligations | [1] | $ 990,933 | 989,895 | |||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Apr. 1, 2014 | |||||
Debt Instrument, Maturity Date | [2] | Apr. 1, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.88% | ||||
Debt and Capital Lease Obligations | [1] | $ 839,884 | 838,579 | |||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.40% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Feb. 1, 2016 | |||||
Debt Instrument, Maturity Date | [2] | Feb. 15, 2021 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.40% | ||||
Debt and Capital Lease Obligations | $ 849,706 | [1],[4],[5] | 0 | |||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | May 1, 2016 | |||||
Debt Instrument, Maturity Date | [2] | Jun. 15, 2026 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Capital Lease Obligations | $ 741,705 | [1],[5] | 0 | |||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Original issue date | Feb. 1, 2016 | |||||
Debt Instrument, Maturity Date | [2] | Feb. 15, 2026 | ||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.50% | ||||
Debt and Capital Lease Obligations | $ 889,804 | [1],[4] | $ 0 | |||
[1] | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. | |||||
[2] | See the 2015 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||
[3] | $700.0 million aggregate principal amount of 2.25% senior unsecured notes ("September 2016 Senior Notes"). The Company used net proceeds from the September 2016 Senior Notes offering (1) to repay in full the 2.381% Secured Notes issued by certain of its subsidiaries and (2) to repay a portion of the outstanding borrowings under the 2016 Revolver. | |||||
[4] | In February 2016, the Company issued $1.5 billion aggregate principal amount of senior unsecured notes ("2016 Senior Notes"), which consist of (1) $600.0 million aggregate principal amount of 3.40% 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 net proceeds from the 2016 Senior Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the previously outstanding 364-Day Facility and (2) repay $500.0 million of outstanding borrowings under the 2016 Revolver. | |||||
[5] | In May 2016, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("May 2016 Senior Notes"), which consist of (1) $250.0 million aggregate principal amount of 3.40% senior notes that were issued pursuant to the same indenture as the 3.40% senior notes of the 2016 Senior Notes with a final maturity date of February 2021 and (2) $750.0 million aggregate principal amount of 3.70% senior notes with a final maturity date of June 2026. The Company used net proceeds from the May 2016 Senior Notes offering to repay in full the Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver. | |||||
[6] | In January 2016, the Company completed a Senior Unsecured Credit Facility ("2016 Credit Facility"), comprised of (1) a $2.5 billion Senior Unsecured Revolving Credit Facility ("2016 Revolver") maturing in January 2021, (2) a $2.0 billion Senior Unsecured Term Loan A Facility ("2016 Term Loan A") maturing in January 2021 and (3) a previously outstanding $1.0 billion Senior Unsecured 364-Day Revolving Credit Facility ("364-Day Facility") maturing in January 2017. 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 Company used the net proceeds from the 2016 Credit Facility (1) to repay the previously outstanding 2012 Credit Facility and (2) for general corporate purposes. In February 2016, the Company used a portion of the net proceeds from the 2016 Senior Notes offering to repay in full all outstanding borrowings under the previously outstanding 364-Day Facility. As of September 30, 2016, the undrawn availability under the 2016 Revolver was $2.1 billion. | |||||
[7] | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2015 Form 10-K for additional information regarding these provisions. |
Debt and Other Obligations (I35
Debt and Other Obligations (Indebtedness) (Textuals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |||
Debt Instrument [Line Items] | |||||||
Interest expense and amortization of deferred financing costs | $ 129,916 | $ 129,877 | $ 385,656 | $ 398,782 | |||
Long-term Debt, Gross | 12,687,610 | 12,687,610 | |||||
Debt and Capital Lease Obligations | [1] | 12,592,958 | $ 12,592,958 | $ 12,149,959 | |||
Senior Unsecured 364-Day Revolving Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 1,000,000 | ||||||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Additional interest accruing following anticipated repayment dates | 5.00% | ||||||
2016 Senior Unsecured Notes [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 1,500,000 | $ 1,500,000 | |||||
Senior Unsecured 2016 Notes 3.40% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 600,000 | $ 600,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 3.40% | |||||
Senior Unsecured 2016 Notes 4.450% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 900,000 | $ 900,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||
May 2016 Senior Unsecured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 1,000,000 | |||||
May 2016 Senior Notes 3.4% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 300,000 | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | 3.40% | |||||
May 2016 Senior Notes 3.7% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 800,000 | $ 800,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | |||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of interest rate swaps | $ 0 | $ 3,744 | $ 0 | $ 18,725 | [2] | ||
Variable Rate Revolver 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Debt | 500,000 | ||||||
Securitized Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt and Capital Lease Obligations | [1] | 3,349,145 | 3,349,145 | 4,007,123 | |||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt and Capital Lease Obligations | [1] | $ 296,414 | $ 296,414 | 295,937 | |||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | 3.20% | ||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt and Capital Lease Obligations | [1] | $ 691,025 | $ 691,025 | $ 690,247 | |||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | 3.70% | ||||
Minimum [Member] | Senior Unsecured 2016 Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | 1.125% | |||||
Maximum [Member] | Senior Unsecured 2016 Credit Facility [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | |||||
[1] | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. | ||||||
[2] | Amounts reclassified from "accumulated other comprehensive income (loss)." | ||||||
[3] | See the 2015 Form 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Debt and Other Obligations [Abstract] | |||||
Interest expense on debt obligations | $ 126,616 | $ 121,287 | $ 374,363 | $ 366,388 | |
Amortization of deferred financing costs and adjustments on long-term debt | 4,601 | 5,567 | 14,522 | 15,478 | |
Other | (1,301) | (721) | (3,229) | (1,809) | |
Total | 129,916 | 129,877 | 385,656 | 398,782 | |
Interest Rate Swap [Member] | |||||
Debt and Other Obligations [Abstract] | |||||
Amortization of interest rate swaps | $ 0 | $ 3,744 | $ 0 | $ 18,725 | [1] |
[1] | Amounts reclassified from "accumulated other comprehensive income (loss)." |
Debt and Other Obligations Reti
Debt and Other Obligations Retirement of Long-term Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||
Extinguishment of Debt [Line Items] | |||||||
Write-off of deferred financing costs and discounts | $ 1,800 | $ 33,800 | |||||
Extinguishment of Debt, Amount | 4,026,390 | ||||||
Repayments of Other Long-term Debt | 4,044,834 | [1] | $ 1,069,337 | ||||
Gains (losses) on retirement of long-term obligations | (10,274) | $ 0 | (52,291) | [2] | $ (4,157) | ||
Variable Rate Revolver 2012 [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | [3] | 0 | |||||
Repayments of Other Long-term Debt | [1],[3] | 0 | |||||
Gains (losses) on retirement of long-term obligations | [2],[3] | (1,930) | |||||
Variable Rate 2012 Term Loans Tranche A [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | 629,375 | ||||||
Repayments of Other Long-term Debt | [1] | 629,375 | |||||
Gains (losses) on retirement of long-term obligations | [2] | (1,498) | |||||
Variable Rate 2012 Term Loans Tranche B [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | 2,247,015 | ||||||
Repayments of Other Long-term Debt | [1] | 2,247,015 | |||||
Gains (losses) on retirement of long-term obligations | [2] | (27,122) | |||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes Second Tranche [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | 350,000 | ||||||
Repayments of Other Long-term Debt | [1] | 352,796 | |||||
Gains (losses) on retirement of long-term obligations | [2] | (3,338) | |||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes Second Tranche [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | 300,000 | ||||||
Repayments of Other Long-term Debt | [1] | 307,176 | |||||
Gains (losses) on retirement of long-term obligations | [2] | (8,129) | |||||
2012 secured notes tranche A [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Extinguishment of Debt, Amount | 500,000 | 500,000 | |||||
Repayments of Other Long-term Debt | 508,472 | [4] | 508,472 | [1] | |||
Gains (losses) on retirement of long-term obligations | $ (10,274) | [5] | $ (10,274) | [2] | |||
[1] | Exclusive of accrued interest. | ||||||
[2] | Inclusive of $33.8 million related to the write off of deferred financing costs. | ||||||
[3] | See discussion of the repayment of the Company's 2012 Credit Facility above. | ||||||
[4] | Exclusive of accrued interest. | ||||||
[5] | Inclusive of $1.8 million related to the write off of deferred financing costs. |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Contractual Maturities [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 94,652 | ||
Debt and Capital Lease Obligations | [1] | 12,592,958 | $ 12,149,959 |
Long-term Debt, Gross | 12,687,610 | ||
Repayments of debt 2016 [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 25,054 | ||
Repayments of debt 2017 [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 101,049 | ||
repayments of debt 2018 [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 134,864 | ||
repayments of debt 2019 [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 138,883 | ||
Repayments of debt 2020 [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 202,640 | ||
Repayments of debt thereafter [Member] | |||
Contractual Maturities [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 12,085,120 | ||
[1] | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, carrying value | $ 156,219,000 | $ 178,810,000 | |
Cash and cash equivalents, fair value | 156,219,000 | 178,810,000 | |
Restricted cash, current and non-current, carrying value | 121,932,000 | 135,731,000 | |
Restricted cash, current and non-current, fair value | 121,932,000 | 135,731,000 | |
Foreign currency swaps, at carrying value | 0 | 10,749,000 | |
Foreign currency swaps, at fair value | 0 | 10,749,000 | |
Long-term debt and other obligations, carrying amount | [1] | 12,592,958,000 | 12,149,959,000 |
Long-term debt and other obligations, fair value | 13,523,464,000 | $ 12,555,143,000 | |
Cash and Cash Equivalents [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, carrying value | 1 | ||
Restricted cash, current and non-current, carrying value | 1 | ||
Long-term Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 2 | ||
Long-term debt and other obligations, carrying amount | $ 2 | ||
[1] | Balances reflect debt issuance costs as a direct reduction from the respective carrying amounts of debt, with the exception of debt issuance costs associated with the Company's revolving credit facilities. See note 2. |
Per Share Information (Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Per Share Information | |||||
Net income (Loss) from Continuing Operations Attributable to Parent | $ 98,366 | $ 104,301 | $ 232,263 | $ 382,561 | |
Dividends on preferred stock | 10,997 | 10,997 | 32,991 | 32,991 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | 19,690 | [1],[2],[3] |
Income (Loss) from Discontinued Operations, Net of Tax and Gain (Loss) on Disposal | (522) | 0 | 1,000,708 | ||
Less: Net income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 3,343 | |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 87,369 | $ 92,782 | $ 199,272 | $ 1,346,935 | |
Basic weighted-average number of common stock outstanding | 337,564,000 | 333,049,000 | 336,426,000 | 332,951,000 | |
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 845,000 | 662,000 | 650,000 | 784,000 | |
Diluted weighted-average number of common shares outstanding | 338,409,000 | 333,711,000 | 337,076,000 | 333,735,000 | |
Basic | $ 0.26 | $ 0.28 | $ 0.59 | $ 4.05 | |
Diluted | $ 0.26 | $ 0.28 | $ 0.59 | $ 4.04 | |
Continuing Operations [Member] | |||||
Per Share Information | |||||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 87,369 | $ 93,304 | $ 199,272 | $ 349,570 | |
Basic | $ 0.26 | $ 0.28 | $ 0.59 | $ 1.05 | |
Diluted | $ 0.26 | $ 0.28 | $ 0.59 | $ 1.05 | |
Discontinued Operations [Member] | |||||
Per Share Information | |||||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 0 | $ (522) | $ 0 | $ 997,365 | |
Basic | $ 0 | $ 0 | $ 0 | $ 3 | |
Diluted | $ 0 | $ 0 | $ 0 | $ 2.99 | |
[1] | CCAL results are through May 28, 2015, which was the closing date of the Company's sale of CCAL. | ||||
[2] | Exclusive of the gain (loss) from disposal of discontinued operations, net of tax, as presented on the condensed consolidated financial statement of operations. | ||||
[3] | No interest expense has been allocated to discontinued operations. |
Per Share Information (Narrativ
Per Share Information (Narrative) (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1.3 | |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from dilutive common shares calculation | 11.6 | 12.4 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2016 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 54.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Dividends Payable [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 0.885 | $ 0.885 | $ 0.885 | ||||
Dividends, Common Stock, Cash | [1] | $ 300,300,000 | $ 300,800,000 | $ 300,000,000 | ||||
Common stock repurchased during period, shares | 0.3 | |||||||
Purchases of capital stock | $ 24,759,000 | $ 29,576,000 | ||||||
Common Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Date Declared | [1] | Aug. 2, 2016 | May 20, 2016 | Feb. 18, 2016 | ||||
Dividends Payable, Date to be Paid | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||||
Dividends Payable, Date of Record | [1] | Sep. 16, 2016 | Jun. 17, 2016 | Mar. 18, 2016 | ||||
Mandatory Convertible Preferred stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Date Declared | Mar. 22, 2016 | Dec. 16, 2015 | ||||||
Dividends Payable, Date to be Paid | May 2, 2016 | Feb. 1, 2016 | ||||||
Dividends Payable, Date of Record | Apr. 15, 2016 | Jan. 16, 2016 | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.1250 | $ 1.1250 | $ 1.1250 | |||||
Dividends, Preferred Stock, Cash | $ 11,000,000 | $ 11,000,000 | $ 11,000,000 | |||||
Mandatory Convertible Preferred stock [Member] | Paid subsequent to quarter end [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Date Declared | Sep. 17, 2016 | [2] | Jun. 28, 2016 | |||||
Dividends Payable, Date to be Paid | Nov. 1, 2016 | [2] | Aug. 1, 2016 | |||||
Dividends Payable, Date of Record | Oct. 15, 2016 | [2] | Jul. 15, 2016 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | [2] | $ 1.1250 | ||||||
Dividends, Preferred Stock, Cash | [2] | $ 11,000,000 | ||||||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units and payments of previously accrued dividends for holders of restricted stock units that have vested during the nine months ended September 30, 2016. | |||||||
[2] | . |
Equity Other Equity Activity (D
Equity Other Equity Activity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 0 | |
Common Stock, Capital Shares Reserved for Future Issuance | $ 500,000 | |
At the Market Program [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock | 323,798 | |
Payments of Stock Issuance Costs | 3,300 | |
Common Stock [Member] | At the Market Program [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 38 | |
Stock Issued During Period, Shares, New Issues | 3,828,064 |
Operating Segments Operating 45
Operating Segments Operating Segments Table (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Tower Count | 40,000 | 40,000 | ||||||||
Segment site rental revenues | $ 812,032 | $ 764,606 | $ 2,415,926 | $ 2,233,077 | ||||||
Segment network services and other revenues | $ 179,984 | 153,501 | $ 472,883 | 484,938 | ||||||
Fiber Miles | 17,000 | 17,000 | ||||||||
Segment revenues | $ 992,016 | 918,107 | $ 2,888,809 | 2,718,015 | ||||||
Segment site rental cost of operations | [1] | 256,750 | 247,000 | 762,223 | 716,244 | |||||
Segment network services and other cost of operations | [1] | 109,228 | 86,859 | 286,066 | 263,177 | |||||
Segment general and administrative expenses | 89,941 | 76,699 | 278,909 | 223,880 | ||||||
Stock-based compensation expense | 60,402 | 44,711 | ||||||||
Depreciation, Amortization and Accretion, Net | 280,824 | 261,662 | 834,725 | 766,621 | ||||||
Interest expense and amortization of deferred financing costs | 129,916 | 129,877 | 385,656 | 398,782 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 103,407 | 100,500 | 245,060 | 373,181 | ||||||
Capital expenditures | 614,178 | 658,240 | ||||||||
Total Assets | 22,171,723 | 22,171,723 | $ 21,936,966 | |||||||
Amortization of prepaid lease purchase price adjustments | 5,400 | 5,100 | 16,000 | 15,400 | ||||||
Segment cost of operations share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | 4,900 | 3,700 | 17,600 | 10,300 | ||||||
Towers [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 709,603 | 686,934 | 2,118,159 | 2,040,147 | ||||||
Segment network services and other revenues | 166,979 | 138,566 | 434,042 | 445,683 | ||||||
Segment revenues | 876,582 | 825,500 | 2,552,201 | 2,485,830 | ||||||
Segment site rental cost of operations | 210,322 | 209,056 | 625,331 | 620,726 | ||||||
Segment network services and other cost of operations | 97,395 | 75,302 | 249,306 | 229,164 | ||||||
Segment cost of operations | 307,717 | [2] | 284,358 | [2] | 874,637 | [3] | 849,890 | [3] | ||
Segment site rental gross margin | 499,281 | 477,878 | 1,492,828 | 1,419,421 | ||||||
Segment network services gross margin | 69,584 | 63,264 | 184,736 | 216,519 | ||||||
Segment general and administrative expenses | 22,225 | [2] | 22,994 | [2] | 68,329 | [3] | 68,245 | [3] | ||
Segment Operating Profit | 546,640 | 518,148 | 1,609,235 | 1,567,695 | ||||||
Capital expenditures | 318,900 | 427,398 | ||||||||
Total Assets | 18,466,528 | 17,999,121 | 18,466,528 | 17,999,121 | ||||||
Small Cells [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 102,429 | 77,672 | 297,767 | 192,930 | ||||||
Segment network services and other revenues | 13,005 | 14,935 | 38,841 | 39,255 | ||||||
Segment revenues | 115,434 | 92,607 | 336,608 | 232,185 | ||||||
Segment site rental cost of operations | 37,754 | 30,449 | 109,402 | 73,818 | ||||||
Segment network services and other cost of operations | 10,194 | 10,213 | 30,652 | 30,034 | ||||||
Segment cost of operations | 47,948 | [2] | 40,662 | [2] | 140,054 | [3] | 103,852 | [3] | ||
Segment site rental gross margin | 64,675 | 47,223 | 188,365 | 119,112 | ||||||
Segment network services gross margin | 2,811 | 4,722 | 8,189 | 9,221 | ||||||
Segment general and administrative expenses | 14,480 | [2] | 10,194 | [2] | 45,720 | [3] | 25,664 | [3] | ||
Segment Operating Profit | 53,006 | 41,751 | 150,834 | 102,669 | ||||||
Capital expenditures | 279,488 | 213,259 | ||||||||
Total Assets | 3,298,927 | 3,458,941 | 3,298,927 | 3,458,941 | ||||||
Consolidated Total [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 812,032 | 764,606 | 2,415,926 | 2,233,077 | ||||||
Segment network services and other revenues | 179,984 | 153,501 | 472,883 | 484,938 | ||||||
Segment revenues | 992,016 | 918,107 | 2,888,809 | 2,718,015 | ||||||
Segment site rental cost of operations | 248,076 | 239,505 | 734,733 | 694,544 | ||||||
Segment network services and other cost of operations | 107,589 | 85,515 | 279,958 | 259,198 | ||||||
Segment cost of operations | 355,665 | [2] | 325,020 | [2] | 1,014,691 | [3] | 953,742 | [3] | ||
Segment site rental gross margin | 563,956 | 525,101 | 1,681,193 | 1,538,533 | ||||||
Segment network services gross margin | 72,395 | 67,986 | 192,925 | 225,740 | ||||||
Segment general and administrative expenses | 72,231 | [2] | 63,929 | [2] | 221,210 | [3] | 184,890 | [3] | ||
Segment Operating Profit | 564,120 | 529,158 | 1,652,908 | 1,579,383 | ||||||
Stock-based compensation expense | 22,594 | 16,466 | 75,297 | 49,282 | ||||||
Depreciation, Amortization and Accretion, Net | 280,824 | 261,662 | 834,725 | 766,621 | ||||||
Interest expense and amortization of deferred financing costs | 129,916 | 129,877 | 385,656 | 398,782 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | 27,379 | 20,653 | 112,170 | (8,483) | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 103,407 | 100,500 | 245,060 | 373,181 | ||||||
Capital expenditures | 221,181 | 237,357 | 614,178 | 658,240 | ||||||
Total Assets | 22,171,723 | 21,891,468 | 22,171,723 | 21,891,468 | ||||||
Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment general and administrative expenses | 35,526 | [2] | 30,741 | [2] | 107,161 | [3] | 90,981 | [3] | ||
Segment Operating Profit | (35,526) | (30,741) | (107,161) | (90,981) | ||||||
Stock-based compensation expense | 22,594 | 16,466 | 75,297 | 49,282 | ||||||
Depreciation, Amortization and Accretion, Net | 280,824 | 261,662 | 834,725 | 766,621 | ||||||
Interest expense and amortization of deferred financing costs | 129,916 | 129,877 | 385,656 | 398,782 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | 27,379 | 20,653 | 112,170 | (8,483) | ||||||
Capital expenditures | 15,790 | 17,583 | ||||||||
Total Assets | 406,268 | 433,406 | 406,268 | 433,406 | ||||||
Segment G&A share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | $ 17,700 | $ 12,800 | $ 57,700 | $ 39,000 | ||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||
[2] | Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $3.7 million for the three months ended September 30, 2016 and 2015, respectively, and (2) prepaid lease purchase price adjustments of $5.4 million and $5.1 million for the three months ended September 30, 2016 and 2015, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $17.7 million and $12.8 million for the three months ended September 30, 2016 and 2015, respectively. | |||||||||
[3] | Segment cost of operations exclude (1) stock-based compensation expense of $17.6 million and $10.3 million for the nine months ended September 30, 2016 and 2015, respectively, and (2) prepaid lease purchase price adjustments of $16.0 million and $15.4 million for the nine months ended September 30, 2016 and 2015, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $57.7 million and $39.0 million for the nine months ended September 30, 2016 and 2015, respectively. |
Supplemental Cash Flow Inform46
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Supplemental Cash Flow Information [Line Items] | ||
Interest paid | $ 357,094 | $ 364,147 |
Income taxes paid | 11,740 | 23,865 |
Increase (decrease) in accounts payable for purchases of property and equipment | 1,390 | (5,399) |
Purchase of property and equipment under capital leases and installment purchases | $ 40,295 | 41,331 |
Installment payment receivable for sale of subsidiary | $ 117,384 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | ||
Subsequent Event [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 0.885 | $ 0.885 | $ 0.885 | ||
Business Combination, Consideration Transferred | $ 461 | |||||
Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends Payable, Date Declared | [1] | Aug. 2, 2016 | May 20, 2016 | Feb. 18, 2016 | ||
Dividends Payable, Date to be Paid | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||
Dividends Payable, Date of Record | [1] | Sep. 16, 2016 | Jun. 17, 2016 | Mar. 18, 2016 | ||
Conversion of Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 9,775,000 | |||||
Stock Issued During Period, Shares, New Issues | 11,612,700 | 11,612,700 | ||||
Common Stock, Conversion Basis | 1.188 | |||||
Conversion of Stock, Description | each | |||||
FiberNet [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 1,500 | |||||
Dividend Declared [Member] | Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends Payable, Date Declared | Oct. 18, 2016 | |||||
Dividends Payable, Date to be Paid | Dec. 30, 2016 | |||||
Dividends Payable, Date of Record | Dec. 16, 2016 | |||||
Paid subsequent to current quarter end [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.950 | |||||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units and payments of previously accrued dividends for holders of restricted stock units that have vested during the nine months ended September 30, 2016. |