Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | ||
Mar. 31, 2017 | May 02, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | |||
Common Stock, Shares, Outstanding | 361,355,043 | 360,536,659 | |
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 | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 366,108,734 | ||
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and cash equivalents | $ 205,192 | $ 567,599 | |
Restricted cash | 115,128 | 124,547 | |
Receivables, net | 302,697 | 373,532 | |
Prepaid expenses | 153,337 | 128,721 | |
Other current assets | 140,095 | 130,362 | |
Total current assets | 916,449 | 1,324,761 | |
Deferred site rental receivables | 1,310,233 | 1,317,658 | |
Property and equipment, net | 10,293,693 | 9,805,315 | |
Goodwill | 6,530,001 | 5,757,676 | |
Other intangible assets, net | 3,894,362 | 3,650,072 | |
Long-term prepaid rent and other assets, net | 832,104 | 819,610 | |
Total assets | 23,776,842 | 22,675,092 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 154,753 | 188,516 | |
Accrued interest | 84,218 | 97,019 | |
Deferred revenues | 366,758 | 353,005 | |
Other accrued liabilities | 183,584 | 221,066 | |
Current maturities of debt and other obligations | 112,882 | 101,749 | |
Total current liabilities | 902,195 | 961,355 | |
Debt and other long-term obligations | [1] | 13,380,091 | 12,069,393 |
Deferred credits and other liabilities | 2,131,076 | 2,087,229 | |
Total liabilities | 16,413,362 | 15,117,977 | |
Commitments and contingencies | |||
CCIC stockholders' equity: | |||
Common stock | 3,614 | 3,605 | |
Additional paid-in capital | 10,968,564 | 10,938,236 | |
Accumulated other comprehensive income (loss) | (5,713) | (5,888) | |
Dividends/distributions in excess of earnings | (3,602,985) | (3,378,838) | |
Total equity | 7,363,480 | 7,557,115 | |
Total liabilities and equity | $ 23,776,842 | $ 22,675,092 | |
[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 | Mar. 31, 2017 | Dec. 31, 2016 |
Accumulated depreciation, property and equipment | $ 6,823,519 | $ 6,613,219 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Liquidation Preference, Value | $ 0 | $ 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares outstanding | 361,355,043 | 360,536,659 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Net revenues: | |||
Site rental | $ 856,936 | $ 799,294 | |
Network services and other | 159,006 | 135,090 | |
Net revenues | 1,015,942 | 934,384 | |
Operating expenses: | |||
Site rental | [1] | 265,017 | 252,621 |
Network services and other | [1] | 98,808 | 80,971 |
General and administrative | 100,724 | 97,581 | |
Asset write-down charges | 645 | 7,959 | |
Acquisition and integration costs | 5,650 | 5,638 | |
Depreciation, amortization and accretion | 288,549 | 277,875 | |
Total operating expenses | 759,393 | 722,645 | |
Operating income (loss) | 256,549 | 211,739 | |
Nonoperating Income (Expense) [Abstract] | |||
Interest expense and amortization of deferred financing costs | (134,487) | (126,378) | |
Gains (losses) on retirement of long-term obligations | (3,525) | (30,550) | |
Interest income | 370 | 174 | |
Other income (expense) | 4,600 | (3,273) | |
Income (loss) before income taxes | 123,507 | 51,712 | |
Benefit (provision) for income taxes | (4,369) | (3,872) | |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 119,138 | 47,840 | |
Net income (loss) | 119,138 | 47,840 | |
Dividends on preferred stock | 0 | (10,997) | |
Net income (loss) attributable to CCIC common stockholders | 119,138 | 36,843 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments | 175 | (579) | |
Total other comprehensive income (loss) | 175 | (579) | |
Comprehensive income (loss) attributable to CCIC stockholders | $ 119,313 | $ 47,261 | |
Net income (loss) attributable to CCIC common stockholders, per common share: | |||
Basic | $ 0.33 | $ 0.11 | |
Diluted | $ 0.33 | $ 0.11 | |
Weighted-average common shares outstanding (in thousands): | |||
Basic | 360,832 | 334,155 | |
Diluted | 361,727 | 334,929 | |
Continuing Operations [Member] | |||
Nonoperating Income (Expense) [Abstract] | |||
Net income (loss) attributable to CCIC common stockholders | $ 119,138 | $ 36,843 | |
[1] | Exclusive of depreciation, amortization and accretion shown separately. |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 119,138 | $ 47,840 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation, amortization and accretion | 288,549 | 277,875 |
Gains (losses) on retirement of long-term obligations | 3,525 | 30,550 |
Amortization of deferred financing costs and other non-cash interest | 2,836 | 4,211 |
Stock-based compensation expense | 22,226 | 19,895 |
Asset write-down charges | 645 | 7,959 |
Deferred income tax benefit (provision) | 149 | 1,860 |
Other non-cash adjustments | (4,440) | 2,166 |
Changes in assets and liabilities, excluding the effects of acquisitions: | ||
Increase (decrease) in accrued interest | (12,801) | 10,698 |
Increase (decrease) in accounts payable | (29,849) | (9,417) |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | (18,446) | 16,145 |
Decrease (increase) in receivables | 92,102 | 58,991 |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | (17,542) | (31,117) |
Net cash provided by (used for) operating activities | 446,092 | 437,656 |
Cash flows from investing activities: | ||
Payment for acquisitions of businesses, net of cash acquired | (1,497,253) | (22,029) |
Capital expenditures | (262,415) | (193,489) |
Net receipts from settled swaps | (328) | 8,141 |
Other investing activities, net | (3,145) | (369) |
Net cash provided by (used for) investing activities | (1,763,141) | (207,746) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 997,890 | 3,496,901 |
Principal payments on long-term debt and other long-term obligations | (28,738) | (14,152) |
Purchases and redemptions of long-term debt | 0 | (2,876,390) |
Borrowings under revolving credit facility | 1,405,000 | 2,065,000 |
Payments under revolving credit facility | (1,070,000) | (2,980,000) |
Payments for financing costs | (6,761) | (27,421) |
Proceeds from Issuance of Common Stock | 21,937 | 323,798 |
Purchases of capital stock | (22,005) | (24,354) |
Dividends/distributions paid on common stock | (348,146) | (299,090) |
Dividends/distributions paid on preferred stock | 0 | (10,997) |
Net (increase) decrease in restricted cash | 5,039 | 1,113 |
Net cash provided by (used for) financing activities | 954,216 | (345,592) |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,822,635 | |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 113,150 |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect [Abstract] | ||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 113,150 |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||
Effect of exchange rate changes on cash | 426 | (576) |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period Start | 567,599 | 178,810 |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Period End | 205,192 | 175,702 |
Continuing Operations [Member] | ||
Cash flows from financing activities: | ||
Net increase (decrease) in cash and cash equivalents - continuing operations | (362,833) | $ (115,682) |
At the Market Program [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Common Stock | $ 22,009 |
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, 2015 | 333,771,660 | ||||||||||||||||
Balance, value Period Start at Dec. 31, 2015 | $ 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 | ||||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 26,875,000 | $ 2,000 | 26,873,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 243,110 | ||||||||||||||||
Purchases and retirement of capital stock, value | (24,354,000) | $ (3,000) | (24,351,000) | 0 | 0 | 0 | 0 | ||||||||||
Stock Issued During Period, Shares, New Issues | 3,828,064 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 38,000 | 323,760,000 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 323,798,000 | ||||||||||||||||
Purchases and retirement of capital stock, shares | (283,116) | ||||||||||||||||
Other comprehensive income (loss) | (579,000) | (579,000) | [1] | $ 0 | 0 | (579,000) | [1] | 0 | [1] | 0 | 0 | [1] | |||||
Common stock dividends/distributions | (298,810,000) | (298,810,000) | |||||||||||||||
Preferred stock dividends | (10,997,000) | (10,997,000) | (10,997,000) | ||||||||||||||
Net income (loss) | $ 47,840,000 | 47,840,000 | $ 0 | 0 | 0 | 0 | 47,840,000 | 0 | |||||||||
Balance, shares Period End at Mar. 31, 2016 | 337,559,718 | ||||||||||||||||
Balance, value Period End at Mar. 31, 2016 | 7,152,994,000 | $ 3,375,000 | $ 98,000 | 9,874,862,000 | (4,977,000) | 0 | (2,720,364,000) | 0 | |||||||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2016 | 9,775,000 | ||||||||||||||||
Balance, shares Period Start at Dec. 31, 2016 | 360,536,659 | 360,536,659 | |||||||||||||||
Balance, value Period Start at Dec. 31, 2016 | $ 7,557,115,000 | 7,557,115,000 | $ 3,605,000 | $ 0 | 10,938,236,000 | (5,888,000) | 0 | (3,378,838,000) | 0 | ||||||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2016 | 0 | 0 | |||||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 30,405,000 | $ 9,000 | 30,396,000 | 0 | 0 | 0 | 0 | ||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 822,692 | ||||||||||||||||
Purchases and retirement of capital stock, value | (22,005,000) | $ (2,000) | (22,003,000) | 0 | 0 | 0 | 0 | ||||||||||
Stock Issued During Period, Shares, New Issues | 242,300 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 21,937,000 | $ 22,009,000 | $ (21,937,000) | $ (2,000) | $ (21,935,000) | ||||||||||||
Purchases and retirement of capital stock, shares | (246,608) | ||||||||||||||||
Other comprehensive income (loss) | 175,000 | 175,000 | [2] | $ 0 | 0 | 175,000 | [2] | 0 | [2] | 0 | 0 | [2] | |||||
Common stock dividends/distributions | (343,285,000) | (343,285,000) | |||||||||||||||
Preferred stock dividends | 0 | ||||||||||||||||
Net income (loss) | $ 119,138,000 | 119,138,000 | $ 0 | 0 | 0 | 0 | 119,138,000 | 0 | |||||||||
Balance, shares Period End at Mar. 31, 2017 | 361,355,043 | 361,355,043 | |||||||||||||||
Balance, value Period End at Mar. 31, 2017 | $ 7,363,480,000 | $ 7,363,480,000 | $ 3,614,000 | $ 0 | $ 10,968,564,000 | $ (5,713,000) | $ 0 | $ (3,602,985,000) | $ 0 | ||||||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2017 | 0 | 0 | |||||||||||||||
[1] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)." | ||||||||||||||||
[2] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)." |
General
General | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 , and related notes thereto, included in the 2016 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 that has been acquired or constructed over time and is geographically dispersed throughout the United States and Puerto Rico ("U.S."), including: (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks (collectively, "small cells" and, together with towers, "wireless infrastructure"). 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. The Company's operating segments consist of (1) Towers and (2) Small Cells. See note 10 . As part of the Company's effort to provide comprehensive wireless infrastructure solutions, the Company offers certain network services relating to its wireless infrastructure, consisting of (1) site development services relating to existing or new tenant equipment installations on its wireless infrastructure, including: 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 6 . Approximately 53% 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 March 31, 2017 , and the consolidated results of operations and the consolidated cash flows for the three months ended March 31, 2017 and 2016 . 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K, other than certain recent accounting pronouncements described below. Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the three months ended March 31, 2017 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In February 2017, the FASB issued new guidance which clarifies the scope and application on accounting for the de-recognition of non-financial assets and in substance non-financial assets, including sales and partial sales of real estate assets. The new guidance also eliminates the existing industry specific guidance for partial sales of real estate, and requires full gain recognition upon partial sales of real estate. The guidance is effective for the Company as of January 1, 2018. The guidance may be early adopted, but must be adopted concurrently with the FASB's May 2014 guidance on revenue from contracts with customers. The guidance is required to be applied, at the Company's election, either (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company does not expect this guidance to have a material impact on its condensed consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Acquisitions [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions FiberNet Acquisition On November 1, 2016, the Company announced 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 ("FiberNet Acquisition"). FiberNet is a fiber services provider in Florida and Texas that, as of the agreement date, owned or had rights to approximately 11,500 route miles of fiber installed and under construction, inclusive of approximately 6,000 route miles in top metro markets. On January 17, 2017 , the Company closed on the FiberNet Acquisition which was financed using proceeds from its November 2016 Equity Financing and borrowings under the 2016 Revolver (see note 4). The preliminary purchase price allocation for the FiberNet Acquisition is shown below and is based upon a preliminary valuation which is subject to change as the Company obtains additional information with respect to fixed assets, intangible assets and certain liabilities. Preliminary Purchase Price Allocation Current Assets $ 56,456 Property and equipment 450,382 Goodwill (a) 766,739 Other intangible assets, net 325,238 Other non-current assets 72 Current liabilities (34,097 ) Other non-current liabilities (42,901 ) Net assets acquired (b) $ 1,521,889 (a) The preliminary purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the FiberNet fiber footprint to support new small cell networks, • the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments, • the Company's belief that the acquired fiber assets are well positioned to benefit from the continued growth trends in the wireless industry, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) The vast majority of assets acquired in the FiberNet Acquisition are expected to be included in the Company's REIT and as such, no deferred taxes were recorded in connection with the FiberNet Acquisition. Net revenues attributable to the FiberNet Acquisition are included in the Company's consolidated statements of operations and comprehensive income (loss) since the date the acquisition was completed. For the three months ended March 31, 2017 , the FiberNet Acquisition contributed $31.9 million to consolidated net revenues. See note 12 for a discussion of the Proposed Wilcon Acquisition (as hereinafter defined). |
Debt and Other Obligations
Debt and Other Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations Original Issue Date Contractual Maturity Date (a) Balance as of March 31, 2017 (f) Balance as of December 31, 2016 (f) Stated Interest Rate as of March 31, 2017 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 Jan. 2022 (e) $ 335,000 (b)(d) $ — 2.4 % 2016 Term Loan A Jan. 2016 Jan. 2022 (e) 2,441,545 (e) 1,954,173 2.4 % Total bank debt 2,776,545 1,954,173 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 46,059 51,416 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 69,405 68,737 9.0 % Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) 1,244,704 1,244,237 6.1 % Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) 994,006 993,557 4.9 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 296,733 296,573 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 691,545 691,285 3.7 % Total securitized debt 3,342,452 3,345,805 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,637,626 1,637,099 5.3 % 3.849% Secured Notes Dec. 2012 Apr. 2023 991,625 991,279 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 840,761 840,322 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 849,784 849,698 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 890,374 890,118 4.5 % 3.700% Senior Notes May 2016 June 2026 742,112 741,908 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 694,441 693,893 2.3 % 4.000% Senior Notes Feb. 2017 Sept. 2027 493,403 (d) — 4.0 % Total bonds 7,140,126 6,644,317 Other: Capital leases and other obligations Various Various 233,850 226,847 Various Total debt and other obligations 13,492,973 12,171,142 Less: current maturities and short-term debt and other current obligations 112,882 101,749 Non-current portion of long-term debt and other long-term obligations $ 13,380,091 $ 12,069,393 (a) See the 2016 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) As of March 31, 2017 , the undrawn availability under the 2016 Revolver was $ 2.2 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 2016 Form 10-K for additional information regarding these provisions. (d) In February 2017 the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes with a final maturity date of March 2027 ("February 2017 Senior Notes"). The Company used the net proceeds from the February 2017 Senior Notes offering to repay a portion of the borrowings under the 2016 Revolver. (e) In February 2017 , the Company entered into an amendment to the Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million , and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022 . (f) 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. See note 12 for information regarding our May 2017 financing activities. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2017 . 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. Nine Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2017 2018 2019 2020 2021 Thereafter Total Cash Obligations Scheduled contractual maturities $ 87,221 $ 111,470 $ 164,485 $ 152,764 $ 1,822,635 $ 11,244,908 $ 13,583,483 $ (90,510 ) $ 13,492,973 Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended March 31, 2017 2016 Interest expense on debt obligations $ 131,651 $ 122,167 Amortization of deferred financing costs and adjustments on long-term debt 4,551 5,106 Other, net of capitalized interest (1,715 ) (895 ) Total $ 134,487 $ 126,378 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 205,192 $ 205,192 $ 567,599 $ 567,599 Restricted cash, current and non-current 1 120,128 120,128 129,547 129,547 Liabilities: Total debt and other obligations 2 13,492,973 14,005,423 12,171,142 12,660,013 The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2016 in the Company's valuation techniques used to measure fair values. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
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. 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 three months ended March 31, 2017 and 2016 , 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 previously outstanding Convertible Preferred Stock, which converted to common stock during the fourth quarter of 2016, as determined under the if-converted method, for the three months ended March 31, 2016. Three Months Ended March 31, 2017 2016 Net income (loss) attributable to CCIC stockholders $ 119,138 $ 47,840 Dividends on preferred stock — (10,997 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 119,138 $ 36,843 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 360,832 334,155 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 895 774 Diluted weighted-average number of common shares outstanding 361,727 334,929 Net income (loss) attributable to CCIC common stockholders, per common share: Basic 0.33 0.11 Diluted 0.33 0.11 During the three months ended March 31, 2017 , the Company granted 1.2 million restricted stock units. For the three months ended March 31, 2016 , 11.4 million common share equivalents, respectively, related to the previously outstanding Convertible Preferred Stock were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of the end of the respective periods. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 53% of the Company's towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Declaration and Payment of Dividends During the three months ended March 31, 2017 , the following dividend was declared and paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 17, 2017 March 17, 2017 March 31, 2017 $ 0.95 $ 343.3 (a) (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which are paid at the time the restricted stock units vest. Purchases of the Company's Common Stock For the three months ended March 31, 2017 , the Company purchased 0.2 million shares of its common stock utilizing $22.0 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 The Company maintains 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 three months ended March 31, 2017 , 0.2 million shares of common stock were sold under the ATM Program generating net proceeds of $22.0 million after giving effect to sales agent commissions of $0.2 million . As of March 31, 2017 , the Company had approximately $150 million of gross sales of common stock availability remaining on the ATM Program. See note 12 for information regarding our May 2017 financing activities. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Operating Segments The Company's operating segments are (1) Towers and (2) Small Cells. The Towers segment provides access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Towers 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 approximately 27,500 route miles of fiber primarily supporting small cell networks. To a lesser extent, the Small Cells segment also offers other fiber based solutions. The measurement of profit or loss used by the Company's chief operating decision maker 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 March 31, 2017 Three Months Ended March 31, 2016 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 716,536 $ 140,400 $ 856,936 $ 702,840 $ 96,454 $ 799,294 Segment network services and other revenues 149,615 9,391 159,006 125,010 10,080 135,090 Segment revenues 866,151 149,791 1,015,942 827,850 106,534 934,384 Segment site rental cost of operations 209,464 47,246 256,710 204,565 37,483 242,048 Segment network services and other cost of operations 88,936 8,229 97,165 69,989 8,035 78,024 Segment cost of operations (a) 298,400 55,475 353,875 274,554 45,518 320,072 Segment site rental gross margin 507,072 93,154 600,226 498,275 58,971 557,246 Segment network services and other gross margin 60,679 1,162 61,841 55,021 2,045 57,066 Segment general and administrative expenses (a) 23,760 17,689 39,206 80,655 23,599 15,522 36,071 75,192 Segment operating profit 543,991 76,627 (39,206 ) 581,412 529,697 45,494 (36,071 ) 539,120 Stock-based compensation expense 24,942 24,942 30,705 30,705 Depreciation, amortization and accretion 288,549 288,549 277,875 277,875 Interest expense and amortization of deferred financing costs 134,487 134,487 126,378 126,378 Other income (expenses) to reconcile to income (loss) before income taxes (b) 9,927 9,927 52,450 52,450 Income (loss) before income taxes $ 123,507 $ 51,712 Capital expenditures $ 101,475 $ 154,266 $ 6,674 $ 262,415 $ 111,041 $ 80,153 $ 2,295 $ 193,489 Total assets (at period end) $ 18,255,108 $ 5,053,536 $ 468,198 $ 23,776,842 $ 18,090,100 $ 3,188,474 $ 439,677 $ 21,718,251 (a) Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $8.3 million for the three months ended March 31, 2017 and 2016 , respectively, and (2) prepaid lease purchase price adjustments of $5.1 million and $5.2 million for the three months ended March 31, 2017 and 2016 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $20.1 million and $22.4 million for the three months ended March 31, 2017 and 2016 , respectively. (b) See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Three Months Ended March 31, 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 144,452 $ 111,469 Income taxes paid 796 6,773 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (17,876 ) (8,638 ) Purchase of property and equipment under capital leases and installment purchases 9,226 12,269 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Proposed Wilcon Acquisition On April 17, 2017 , the Company announced that it had entered into a definitive agreement to acquire Wilcon Holdings, LLC ("Wilcon") from Pamlico Holdings and other unit holders of Wilcon for approximately $600 million in cash, subject to certain limited adjustments ("Proposed Wilcon Acquisition"). Wilcon is a fiber services provider that owns approximately 1,900 route miles of fiber, primarily in Los Angeles and San Diego. The Company expects to finance the Proposed Wilcon 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 Wilcon Acquisition to close in the third quarter of 2017. May 2017 Equity Financing On May 1, 2017 , the Company completed an offering of 4.75 million shares of its common stock, which generated net proceeds of approximately $440 million ("May 2017 Equity Financing"). The Company intends to use the net proceeds of the May 2017 Equity Financing for general corporate purposes, which may include the funding of acquisitions, including the Proposed Wilcon Acquisition, discretionary investments and the repayment or repurchase of outstanding indebtedness. 4.75% Senior Notes On May 1, 2017 , the Company issued $350 million aggregate principal amount of 4.750% senior unsecured notes due May 2047 ("4.75% Senior Notes"). The Company intends to use the net proceeds of the 4.75% Senior Notes offering for general corporate purposes, which may include the funding of acquisitions, including the Proposed Wilcon Acquisition, discretionary investments and the repayment or repurchase of outstanding indebtedness. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the three months ended March 31, 2017 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In February 2017, the FASB issued new guidance which clarifies the scope and application on accounting for the de-recognition of non-financial assets and in substance non-financial assets, including sales and partial sales of real estate assets. The new guidance also eliminates the existing industry specific guidance for partial sales of real estate, and requires full gain recognition upon partial sales of real estate. The guidance is effective for the Company as of January 1, 2018. The guidance may be early adopted, but must be adopted concurrently with the FASB's May 2014 guidance on revenue from contracts with customers. The guidance is required to be applied, at the Company's election, either (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company does not expect this guidance to have a material impact on its condensed consolidated financial statements. |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The preliminary purchase price allocation for the FiberNet Acquisition is shown below and is based upon a preliminary valuation which is subject to change as the Company obtains additional information with respect to fixed assets, intangible assets and certain liabilities. Preliminary Purchase Price Allocation Current Assets $ 56,456 Property and equipment 450,382 Goodwill (a) 766,739 Other intangible assets, net 325,238 Other non-current assets 72 Current liabilities (34,097 ) Other non-current liabilities (42,901 ) Net assets acquired (b) $ 1,521,889 (a) The preliminary purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the FiberNet fiber footprint to support new small cell networks, • the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments, • the Company's belief that the acquired fiber assets are well positioned to benefit from the continued growth trends in the wireless industry, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) The vast majority of assets acquired in the FiberNet Acquisition are expected to be included in the Company's REIT and as such, no deferred taxes were recorded in connection with the FiberNet Acquisition. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | Original Issue Date Contractual Maturity Date (a) Balance as of March 31, 2017 (f) Balance as of December 31, 2016 (f) Stated Interest Rate as of March 31, 2017 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 Jan. 2022 (e) $ 335,000 (b)(d) $ — 2.4 % 2016 Term Loan A Jan. 2016 Jan. 2022 (e) 2,441,545 (e) 1,954,173 2.4 % Total bank debt 2,776,545 1,954,173 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 46,059 51,416 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 69,405 68,737 9.0 % Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) 1,244,704 1,244,237 6.1 % Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) 994,006 993,557 4.9 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 296,733 296,573 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 691,545 691,285 3.7 % Total securitized debt 3,342,452 3,345,805 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,637,626 1,637,099 5.3 % 3.849% Secured Notes Dec. 2012 Apr. 2023 991,625 991,279 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 840,761 840,322 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 849,784 849,698 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 890,374 890,118 4.5 % 3.700% Senior Notes May 2016 June 2026 742,112 741,908 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 694,441 693,893 2.3 % 4.000% Senior Notes Feb. 2017 Sept. 2027 493,403 (d) — 4.0 % Total bonds 7,140,126 6,644,317 Other: Capital leases and other obligations Various Various 233,850 226,847 Various Total debt and other obligations 13,492,973 12,171,142 Less: current maturities and short-term debt and other current obligations 112,882 101,749 Non-current portion of long-term debt and other long-term obligations $ 13,380,091 $ 12,069,393 (a) See the 2016 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) As of March 31, 2017 , the undrawn availability under the 2016 Revolver was $ 2.2 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 2016 Form 10-K for additional information regarding these provisions. (d) In February 2017 the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes with a final maturity date of March 2027 ("February 2017 Senior Notes"). The Company used the net proceeds from the February 2017 Senior Notes offering to repay a portion of the borrowings under the 2016 Revolver. (e) In February 2017 , the Company entered into an amendment to the Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million , and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022 . (f) 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. See note 12 for information regarding our May 2017 financing activities. |
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 March 31, 2017 . 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. Nine Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2017 2018 2019 2020 2021 Thereafter Total Cash Obligations Scheduled contractual maturities $ 87,221 $ 111,470 $ 164,485 $ 152,764 $ 1,822,635 $ 11,244,908 $ 13,583,483 $ (90,510 ) $ 13,492,973 |
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended March 31, 2017 2016 Interest expense on debt obligations $ 131,651 $ 122,167 Amortization of deferred financing costs and adjustments on long-term debt 4,551 5,106 Other, net of capitalized interest (1,715 ) (895 ) Total $ 134,487 $ 126,378 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 205,192 $ 205,192 $ 567,599 $ 567,599 Restricted cash, current and non-current 1 120,128 120,128 129,547 129,547 Liabilities: Total debt and other obligations 2 13,492,973 14,005,423 12,171,142 12,660,013 |
Per Share Information (Tables)
Per Share Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Per Share Information | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended March 31, 2017 2016 Net income (loss) attributable to CCIC stockholders $ 119,138 $ 47,840 Dividends on preferred stock — (10,997 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 119,138 $ 36,843 Weighted-average number of common shares outstanding (in thousands): Basic weighted-average number of common stock outstanding 360,832 334,155 Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards 895 774 Diluted weighted-average number of common shares outstanding 361,727 334,929 Net income (loss) attributable to CCIC common stockholders, per common share: Basic 0.33 0.11 Diluted 0.33 0.11 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Dividends Payable [Line Items] | |
Dividends Declared [Table Text Block] | Declaration and Payment of Dividends During the three months ended March 31, 2017 , the following dividend was declared and paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 17, 2017 March 17, 2017 March 31, 2017 $ 0.95 $ 343.3 (a) (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which are paid at the time the restricted stock units vest. |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Towers Small Cells Other Consolidated Total Towers Small Cells Other Consolidated Total Segment site rental revenues $ 716,536 $ 140,400 $ 856,936 $ 702,840 $ 96,454 $ 799,294 Segment network services and other revenues 149,615 9,391 159,006 125,010 10,080 135,090 Segment revenues 866,151 149,791 1,015,942 827,850 106,534 934,384 Segment site rental cost of operations 209,464 47,246 256,710 204,565 37,483 242,048 Segment network services and other cost of operations 88,936 8,229 97,165 69,989 8,035 78,024 Segment cost of operations (a) 298,400 55,475 353,875 274,554 45,518 320,072 Segment site rental gross margin 507,072 93,154 600,226 498,275 58,971 557,246 Segment network services and other gross margin 60,679 1,162 61,841 55,021 2,045 57,066 Segment general and administrative expenses (a) 23,760 17,689 39,206 80,655 23,599 15,522 36,071 75,192 Segment operating profit 543,991 76,627 (39,206 ) 581,412 529,697 45,494 (36,071 ) 539,120 Stock-based compensation expense 24,942 24,942 30,705 30,705 Depreciation, amortization and accretion 288,549 288,549 277,875 277,875 Interest expense and amortization of deferred financing costs 134,487 134,487 126,378 126,378 Other income (expenses) to reconcile to income (loss) before income taxes (b) 9,927 9,927 52,450 52,450 Income (loss) before income taxes $ 123,507 $ 51,712 Capital expenditures $ 101,475 $ 154,266 $ 6,674 $ 262,415 $ 111,041 $ 80,153 $ 2,295 $ 193,489 Total assets (at period end) $ 18,255,108 $ 5,053,536 $ 468,198 $ 23,776,842 $ 18,090,100 $ 3,188,474 $ 439,677 $ 21,718,251 (a) Segment cost of operations exclude (1) stock-based compensation expense of $4.9 million and $8.3 million for the three months ended March 31, 2017 and 2016 , respectively, and (2) prepaid lease purchase price adjustments of $5.1 million and $5.2 million for the three months ended March 31, 2017 and 2016 , respectively. Segment general and administrative expenses exclude stock-based compensation expense of $20.1 million and $22.4 million for the three months ended March 31, 2017 and 2016 , respectively. |
Supplemental Cash Flow Inform26
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | Three Months Ended March 31, 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 144,452 $ 111,469 Income taxes paid 796 6,773 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment (17,876 ) (8,638 ) Purchase of property and equipment under capital leases and installment purchases 9,226 12,269 |
General Business (Details)
General Business (Details) | Mar. 31, 2017 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53.00% |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Business Acquisition [Line Items] | ||
Tower Count | 40,000 | |
FiberNet Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 56,456 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 31,900 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | 325,238 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 72 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 450,382 | |
Business Acquisition, Goodwill | $ 766,739 | [1] |
Fiber Miles Acquired | 11,500 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | $ (34,097) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (42,901) | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 1,521,889 | [2] |
Top Metro Markets [Domain] | FiberNet Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Fiber Miles Acquired | 6,000 | |
FiberNet Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 1,500,000 | |
Business Acquisition, Date of Acquisition Agreement | Jan. 17, 2017 | |
[1] | (a)The preliminary purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on:•the Company's expectation to leverage the FiberNet fiber footprint to support new small cell networks,•the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments,•the Company's belief that the acquired fiber assets are well positioned to benefit from the continued growth trends in the wireless industry, and•other intangibles not qualified for separate recognition, including the assembled workforce. | |
[2] | (b)The vast majority of assets acquired in the FiberNet Acquisition are expected to be included in the Company's REIT and as such, no deferred taxes were recorded in connection with the FiberNet Acquisition. |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | ||||
Credit Facility Amendment, Additional Principal | $ 500,000 | |||
Credit Facility Amendment, Date | Feb. 13, 2017 | |||
Debt and Capital Lease Obligations | [1] | $ 13,492,973 | $ 12,171,142 | |
Less: current maturities and short-term debt and other current obligations | 112,882 | 101,749 | ||
Non-current portion of long-term debt and other long-term obligations | [1] | $ 13,380,091 | 12,069,393 | |
Capital Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Contractual maturity date | [2] | Various | ||
Original Debt Issuance Date | Various | |||
Percentage of debt instrument interest rate stated | [2] | Various | ||
Debt and Capital Lease Obligations | [1] | $ 233,850 | 226,847 | |
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Additional Interest Rate Margin | 5.00% | |||
2012 Credit Facility [Member] | Variable Rate Revolver 2016 [Member] | CCOC [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2,200,000 | |||
Bank Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | [1] | $ 2,776,545 | 1,954,173 | |
Bank Debt [Member] | Variable Rate Revolver 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Original issue date | Jan. 1, 2016 | |||
Debt Instrument, Maturity Date | [2],[3] | Jan. 21, 2022 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.40% | ||
Debt and Capital Lease Obligations | [1] | $ 335,000 | [4],[5] | 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],[3] | Jan. 21, 2022 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.40% | ||
Debt and Capital Lease Obligations | [1] | $ 2,441,545 | [3] | 1,954,173 |
Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | [1] | $ 3,342,452 | 3,345,805 | |
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] | $ 46,059 | 51,416 | |
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],[6] | Jan. 1, 2040 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 6.10% | ||
Debt and Capital Lease Obligations | [1] | $ 1,244,704 | 1,244,237 | |
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],[6] | Aug. 1, 2040 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.90% | ||
Debt and Capital Lease Obligations | [1] | $ 994,006 | 993,557 | |
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] | $ 69,405 | 68,737 | |
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],[6] | May 1, 2042 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | ||
Debt and Capital Lease Obligations | [1] | $ 296,733 | 296,573 | |
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],[6] | May 1, 2045 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||
Debt and Capital Lease Obligations | [1] | $ 691,545 | 691,285 | |
High Yield Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Capital Lease Obligations | [1] | $ 7,140,126 | 6,644,317 | |
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 | [1] | $ 694,441 | 693,893 | |
High Yield Bonds [Member] | February 2017 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Original issue date | Feb. 1, 2017 | |||
Debt Instrument, Maturity Date | [2] | Mar. 1, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.00% | ||
Debt and Capital Lease Obligations | [1] | $ 493,403 | [5] | 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] | $ 1,637,626 | 1,637,099 | |
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] | $ 991,625 | 991,279 | |
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] | 4.875% | ||
Debt and Capital Lease Obligations | [1] | $ 840,761 | 840,322 | |
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 | [1] | $ 849,784 | 849,698 | |
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 | [1] | $ 742,112 | 741,908 | |
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 | [1] | $ 890,374 | $ 890,118 | |
Issuance of debt obligation [Member] | 4.000% Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500,000 | |||
Original issue date | Feb. 2, 2017 | |||
Debt Instrument, Maturity Date | Mar. 1, 2027 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Issuance of debt obligation [Member] | 2016 Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Jan. 1, 2022 | |||
[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 2016 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] | In February 2017, the Company entered into an amendment to the Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million, and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022. | |||
[4] | As of March 31, 2017, the undrawn availability under the 2016 Revolver was $2.2 billion. | |||
[5] | In February 2017 the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes with a final maturity date of March 2027 ("February 2017 Senior Notes"). The Company used the net proceeds from the February 2017 Senior Notes offering to repay a portion of the borrowings under the 2016 Revolver. | |||
[6] | If the respective series of such debt is not paid in full on or prior to an applicable date then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2016 Form 10-K for additional information regarding these provisions. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt and Other Obligations [Abstract] | ||
Interest expense on debt obligations | $ 131,651 | $ 122,167 |
Amortization of deferred financing costs and adjustments on long-term debt | 4,551 | 5,106 |
Other | (1,715) | (895) |
Total | $ 134,487 | $ 126,378 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Contractual Maturities [Abstract] | |||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 87,221 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 111,470 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 164,485 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 152,764 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,822,635 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,244,908 | ||
Debt Instrument, Unamortized Adjustments | 90,510 | ||
Debt and Capital Lease Obligations | [1] | 13,492,973 | $ 12,171,142 |
Long-term Debt, Gross | $ 13,583,483 | ||
[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 ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, carrying value | $ 205,192,000 | $ 567,599,000 | |
Cash and cash equivalents, fair value | 205,192,000 | 567,599,000 | |
Restricted cash, current and non-current, carrying value | 120,128,000 | 129,547,000 | |
Restricted cash, current and non-current, fair value | 120,128,000 | 129,547,000 | |
Long-term debt and other obligations, carrying amount | [1] | 13,492,973,000 | 12,171,142,000 |
Long-term debt and other obligations, fair value | 14,005,423,000 | $ 12,660,013,000 | |
Cash and Cash Equivalents [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents, carrying value | 1 | ||
Restricted cash, current and non-current, carrying value | 1 | ||
Long-term Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt and other obligations, carrying amount | $ 2 | ||
[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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Per Share Information | ||
Net income (Loss) from Continuing Operations Attributable to Parent | $ 119,138 | $ 47,840 |
Dividends on preferred stock | 0 | 10,997 |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 119,138 | $ 36,843 |
Basic weighted-average number of common stock outstanding | 360,832,000 | 334,155,000 |
Effect of assumed dilution from potential common shares relating to restricted stock units and restricted stock awards | 895,000 | 774,000 |
Diluted weighted-average number of common shares outstanding | 361,727,000 | 334,929,000 |
Basic | $ 0.33 | $ 0.11 |
Diluted | $ 0.33 | $ 0.11 |
Continuing Operations [Member] | ||
Per Share Information | ||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 119,138 | $ 36,843 |
Per Share Information (Narrativ
Per Share Information (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1.2 | |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from dilutive common shares calculation | 11.4 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Mar. 31, 2017 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Dividends Payable [Line Items] | |||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 0.950 | |
Dividends, Common Stock, Cash | [1] | $ 343,300,000 | |
Common stock repurchased during period, shares | 0.2 | ||
Purchases of capital stock | $ 22,005,000 | $ 24,354,000 | |
Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Payable, Date Declared | [1] | Feb. 17, 2017 | |
Dividends Payable, Date to be Paid | [1] | Mar. 31, 2017 | |
Dividends Payable, Date of Record | [1] | Mar. 17, 2017 | |
At the Market Program [Member] | |||
Dividends Payable [Line Items] | |||
Payments of Stock Issuance Costs | $ 200,000 | ||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units, which are paid at the time the restricted stock units vest. |
Equity Other Equity Activity (D
Equity Other Equity Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 21,937 | $ 323,798 |
At the Market Stock Offering Program, capacity remaining | 150,000 | |
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 | 22,009 | |
Payments of Stock Issuance Costs | 200 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 3,828,064 | |
Common Stock [Member] | At the Market Program [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from Issuance of Common Stock | $ (2) | |
Stock Issued During Period, Shares, New Issues | 242,300 |
Operating Segments Operating 38
Operating Segments Operating Segments Table (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Tower Count | 40,000 | |||
Segment site rental revenues | $ 856,936 | $ 799,294 | ||
Segment network services and other revenues | $ 159,006 | 135,090 | ||
Fiber Miles | 27,500 | |||
Segment revenues | $ 1,015,942 | 934,384 | ||
Segment site rental cost of operations | [1] | 265,017 | 252,621 | |
Segment network services and other cost of operations | [1] | 98,808 | 80,971 | |
Segment general and administrative expenses | 100,724 | 97,581 | ||
Stock-based compensation expense | 22,226 | 19,895 | ||
Depreciation, Amortization and Accretion, Net | 288,549 | 277,875 | ||
Interest expense and amortization of deferred financing costs | 134,487 | 126,378 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 123,507 | 51,712 | ||
Capital expenditures | 262,415 | 193,489 | ||
Total Assets | 23,776,842 | $ 22,675,092 | ||
Amortization of prepaid lease purchase price adjustments | 5,100 | 5,200 | ||
Segment cost of operations share-based compensation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation expense | 4,900 | 8,300 | ||
Towers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment site rental revenues | 716,536 | 702,840 | ||
Segment network services and other revenues | 149,615 | 125,010 | ||
Segment revenues | 866,151 | 827,850 | ||
Segment site rental cost of operations | 209,464 | 204,565 | ||
Segment network services and other cost of operations | 88,936 | 69,989 | ||
Segment cost of operations | [2] | 298,400 | 274,554 | |
Segment site rental gross margin | 507,072 | 498,275 | ||
Segment network services gross margin | 60,679 | 55,021 | ||
Segment general and administrative expenses | [2] | 23,760 | 23,599 | |
Segment Operating Profit | 543,991 | 529,697 | ||
Capital expenditures | 101,475 | 111,041 | ||
Total Assets | 18,255,108 | 18,090,100 | ||
Small Cells [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment site rental revenues | 140,400 | 96,454 | ||
Segment network services and other revenues | 9,391 | 10,080 | ||
Segment revenues | 149,791 | 106,534 | ||
Segment site rental cost of operations | 47,246 | 37,483 | ||
Segment network services and other cost of operations | 8,229 | 8,035 | ||
Segment cost of operations | [2] | 55,475 | 45,518 | |
Segment site rental gross margin | 93,154 | 58,971 | ||
Segment network services gross margin | 1,162 | 2,045 | ||
Segment general and administrative expenses | [2] | 17,689 | 15,522 | |
Segment Operating Profit | 76,627 | 45,494 | ||
Capital expenditures | 154,266 | 80,153 | ||
Total Assets | 5,053,536 | 3,188,474 | ||
Consolidated Total [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment site rental revenues | 856,936 | 799,294 | ||
Segment network services and other revenues | 159,006 | 135,090 | ||
Segment revenues | 1,015,942 | 934,384 | ||
Segment site rental cost of operations | 256,710 | 242,048 | ||
Segment network services and other cost of operations | 97,165 | 78,024 | ||
Segment cost of operations | [2] | 353,875 | 320,072 | |
Segment site rental gross margin | 600,226 | 557,246 | ||
Segment network services gross margin | 61,841 | 57,066 | ||
Segment general and administrative expenses | [2] | 80,655 | 75,192 | |
Segment Operating Profit | 581,412 | 539,120 | ||
Stock-based compensation expense | 24,942 | 30,705 | ||
Depreciation, Amortization and Accretion, Net | 288,549 | 277,875 | ||
Interest expense and amortization of deferred financing costs | 134,487 | 126,378 | ||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | 9,927 | 52,450 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 123,507 | 51,712 | ||
Capital expenditures | 262,415 | 193,489 | ||
Total Assets | 23,776,842 | 21,718,251 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment general and administrative expenses | [2] | 39,206 | 36,071 | |
Segment Operating Profit | (39,206) | (36,071) | ||
Stock-based compensation expense | 24,942 | 30,705 | ||
Depreciation, Amortization and Accretion, Net | 288,549 | 277,875 | ||
Interest expense and amortization of deferred financing costs | 134,487 | 126,378 | ||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | 9,927 | 52,450 | ||
Capital expenditures | 6,674 | 2,295 | ||
Total Assets | 468,198 | 439,677 | ||
Segment G&A share-based compensation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Stock-based compensation expense | $ 20,100 | $ 22,400 | ||
[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 $8.3 million for the three months ended March 31, 2017 and 2016, respectively, and (2) prepaid lease purchase price adjustments of $5.1 million and $5.2 million for the three months ended March 31, 2017 and 2016, respectively. Segment general and administrative expenses exclude stock-based compensation expense of $20.1 million and $22.4 million for the three months ended March 31, 2017 and 2016, respectively. |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Information [Line Items] | ||
Interest paid | $ 144,452 | $ 111,469 |
Income taxes paid | 796 | 6,773 |
Increase (decrease) in accounts payable for purchases of property and equipment | (17,876) | (8,638) |
Purchase of property and equipment under capital leases and installment purchases | $ 9,226 | $ 12,269 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | |
Subsequent Event [Line Items] | ||
Proceeds from Issuance or Sale of Equity | $ 21,937 | $ 323,798 |
Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, New Issues | shares | 3,828,064 | |
Wilcon Acquisition [Member] | ||
Subsequent Event [Line Items] | ||
Business Acquisition, Date of Acquisition Agreement | Apr. 17, 2017 | |
Business Combination, Consideration Transferred | $ 600,000 | |
Fiber Miles Acquired | 1,900 | |
4.750% Senior Unsecured Notes [Member] [Member] | Issuance of debt obligation [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | $ 350,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debt Instrument, Maturity Date | May 1, 2047 | |
Debt Instrument, Issuance Date | May 1, 2017 | |
May 2017 Equity Offering [Member] | Sale of Stock [Domain] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Sale of Stock, Transaction Date | May 1, 2017 | |
Stock Issued During Period, Shares, New Issues | shares | 4,800,000 | |
Proceeds from Issuance or Sale of Equity | $ 440,000 |