Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | ||
Sep. 30, 2018 | Nov. 02, 2018 | Dec. 31, 2017 | |
Entity Information [Line Items] | |||
Common Stock, Shares, Outstanding | 415,000,000 | 406,000,000 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 414,850,442 | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 323 | $ 314 |
Restricted cash | 125 | 121 |
Receivables, net | 471 | 398 |
Prepaid expenses | 182 | 162 |
Other current assets | 148 | 139 |
Total current assets | 1,249 | 1,134 |
Deferred site rental receivables | 1,357 | 1,300 |
Property and equipment, net | 13,433 | 12,933 |
Goodwill | 10,074 | 10,021 |
Other intangible assets, net | 5,620 | 5,962 |
Long-term prepaid rent and other assets, net | 911 | 879 |
Total assets | 32,644 | 32,229 |
LIABILITIES AND EQUITY | ||
Accounts payable | 302 | 249 |
Accrued interest | 101 | 132 |
Deferred revenues | 484 | 457 |
Other accrued liabilities | 306 | 339 |
Current maturities of debt and other obligations | 111 | 115 |
Total current liabilities | 1,304 | 1,292 |
Debt and other long-term obligations | 16,313 | 16,044 |
Other long-term liabilities | 2,732 | 2,554 |
Total liabilities | 20,349 | 19,890 |
Commitments and contingencies | ||
CCIC stockholders' equity: | ||
Common stock | 4 | 4 |
Preferred Stock | 0 | 0 |
Additional paid-in capital | 17,743 | 16,844 |
Accumulated other comprehensive income (loss) | (5) | (4) |
Dividends/distributions in excess of earnings | (5,447) | (4,505) |
Total equity | 12,295 | 12,339 |
Total liabilities and equity | $ 32,644 | $ 32,229 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accumulated depreciation, property and equipment | $ 8,292 | $ 7,500 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20 | 20 |
Preferred Stock, Shares Issued | 2 | 2 |
Preferred Stock, Shares Outstanding | 2 | 2 |
Preferred Stock, Liquidation Preference, Value | $ 1,650 | $ 1,650 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600 | 600 |
Common stock, shares outstanding | 415 | 406 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net revenues: | |||||
Site rental | $ 1,184 | $ 893 | $ 3,507 | $ 2,619 | |
Network services and other revenue | 191 | 170 | 497 | 499 | |
Revenues | 1,375 | 1,063 | 4,004 | 3,118 | |
Operating expenses: | |||||
Site rental | [1] | 355 | 281 | 1,057 | 815 |
Network services and other costs | [1] | 119 | 107 | 304 | 310 |
Selling, general and administrative | 145 | 100 | 418 | 300 | |
Asset write-down charges | 8 | 5 | 18 | 10 | |
Acquisition and integration costs | 4 | 13 | 18 | 27 | |
Depreciation, amortization and accretion | 385 | 296 | 1,138 | 880 | |
Total operating expenses | 1,016 | 802 | 2,953 | 2,342 | |
Operating income (loss) | 359 | 261 | 1,051 | 776 | |
Nonoperating Income (Expense) [Abstract] | |||||
Interest expense and amortization of deferred financing costs | (160) | (154) | (478) | (430) | |
Gains (losses) on retirement of long-term obligations | (32) | 0 | (106) | (4) | |
Interest income | 1 | 11 | 4 | 13 | |
Other income (expense) | 1 | 0 | 0 | 3 | |
Income (loss) before income taxes | 169 | 118 | 471 | 358 | |
Benefit (provision) for income taxes | (5) | (3) | (13) | (12) | |
Net income (loss) attributable to CCIC stockholders | 164 | 115 | 458 | 346 | |
Dividends on preferred stock | (28) | (30) | (85) | (30) | |
Net income (loss) attributable to CCIC common stockholders | 136 | 85 | 373 | 316 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Foreign currency translation adjustments | 0 | 0 | (1) | 1 | |
Total other comprehensive income (loss) | [2] | 0 | 0 | (1) | 1 |
Comprehensive income (loss) attributable to CCIC stockholders | $ 164 | $ 115 | $ 457 | $ 347 | |
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||
Basic | $ 0.33 | $ 0.22 | $ 0.90 | $ 0.85 | |
Diluted | $ 0.33 | $ 0.21 | $ 0.90 | $ 0.84 | |
Weighted-average common shares outstanding (in millions): | |||||
Basic | 415 | 395 | 413 | 374 | |
Diluted | 416 | 397 | 414 | 375 | |
Common Stock, Dividends, Per Share, Declared | $ 1.05 | $ 0.95 | $ 3.15 | $ 2.85 | |
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||
[2] | See the condensed statement of operations and other comprehensive income (loss) for the components of "other comprehensive income (loss)." |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash and Cash Equivalents at Beginning of Period | [1] | $ 440 | $ 697 |
Cash and Cash Equivalents at End of Period | [1] | 453 | 6,839 |
Cash flows from operating activities: | |||
Net income (loss) | 458 | 346 | |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation, amortization and accretion | 1,138 | 880 | |
(Gains) losses on retirement of long-term obligations | 106 | 4 | |
Amortization of deferred financing costs and other non-cash interest | 5 | 8 | |
Stock-based compensation expense | 79 | 67 | |
Asset write-down charges | 18 | 10 | |
Deferred income tax (benefit) provision | 2 | 0 | |
Other non-cash adjustments | 2 | (3) | |
Changes in assets and liabilities, excluding the effects of acquisitions: | |||
Increase (decrease) in accrued interest | (31) | 2 | |
Increase (decrease) in accounts payable | 31 | (28) | |
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 144 | 88 | |
Decrease (increase) in receivables | (74) | 79 | |
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent and other assets | (103) | (40) | |
Net cash provided by (used for) operating activities | 1,775 | 1,413 | |
Cash flows from investing activities: | |||
Payments for acquisitions, net of cash acquired | (26) | (2,113) | |
Capital expenditures | (1,241) | (852) | |
Other investing activities, net | (14) | (6) | |
Net cash provided by (used for) investing activities | (1,281) | (2,971) | |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 2,743 | 3,092 | |
Principal payments on debt and other long-term obligations | (76) | (90) | |
Purchases and redemptions of long-term debt | (2,346) | 0 | |
Borrowings under revolving credit facility | 1,290 | 1,755 | |
Payments under revolving credit facility | (1,465) | (1,755) | |
Payments for financing costs | (33) | (27) | |
Proceeds from Issuance of Common Stock | 841 | 4,221 | |
Proceeds from Issuance of Convertible Preferred Stock | 0 | 1,608 | |
Purchases of Common Stock | (34) | (23) | |
Dividends/distributions paid on common stock | (1,315) | (1,082) | |
Dividends paid on preferred stock | (85) | 0 | |
Net cash provided by (used for) financing activities | (480) | 7,699 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 14 | 6,141 | |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | |||
Effect of exchange rate changes on cash | $ (1) | $ 1 | |
[1] | See "Recently Adopted Accounting Pronouncements" in note 2 to the condensed consolidated financial statements for a discussion of recently adopted restricted cash guidance, which impacted certain presentations on the condensed consolidated statement of cash flows. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | 6.875% Mandatory Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Dividends/Distributions in Excess of Earnings [Member] | |||
Balance, shares Period Start at Dec. 31, 2016 | 361 | ||||||||
Balance, value Period Start at Dec. 31, 2016 | $ 7,557 | $ 4 | $ 0 | $ 10,938 | $ (6) | $ (3,379) | |||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2016 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 75 | $ 0 | 75 | 0 | 0 | ||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||
Purchases and retirement of common stock, value | (23) | $ 0 | (23) | 0 | 0 | ||||
Stock Issued During Period, Shares, New Issues | 44 | 2 | |||||||
Proceeds from Issuance of Convertible Preferred Stock | 1,608 | 1,608 | |||||||
Stock Issued During Period, Value, New Issues | 4,221 | $ 0 | 4,221 | ||||||
Proceeds from Issuance of Common Stock | 4,221 | ||||||||
Purchases and retirement of common stock, shares | 0 | ||||||||
Other comprehensive income (loss) | 1 | [1] | $ 0 | 0 | 1 | [1] | 0 | ||
Common stock dividends/distributions | (1,083) | (1,083) | |||||||
Preferred stock dividends | (30) | (30) | |||||||
Net income (loss) | 346 | $ 0 | 0 | 0 | 346 | ||||
Balance, shares Period End at Sep. 30, 2017 | 406 | ||||||||
Balance, value Period End at Sep. 30, 2017 | 12,672 | $ 4 | $ 0 | 16,819 | (5) | (4,146) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2017 | 2 | ||||||||
Balance, shares Period Start at Jun. 30, 2017 | 366 | ||||||||
Balance, value Period Start at Jun. 30, 2017 | 7,591 | $ 4 | $ 0 | 11,433 | (5) | (3,841) | |||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2017 | 0 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 22 | 22 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | 0 | ||||||||
Purchases and retirement of common stock, value | 0 | 0 | |||||||
Stock Issued During Period, Shares, New Issues | 40 | 2 | |||||||
Proceeds from Issuance of Convertible Preferred Stock | 1,608 | 1,608 | |||||||
Stock Issued During Period, Value, New Issues | 3,756 | 3,756 | |||||||
Purchases and retirement of common stock, shares | 0 | ||||||||
Other comprehensive income (loss) | [1] | 0 | |||||||
Common stock dividends/distributions | (390) | (390) | |||||||
Preferred stock dividends | (30) | (30) | |||||||
Net income (loss) | 115 | 115 | |||||||
Balance, shares Period End at Sep. 30, 2017 | 406 | ||||||||
Balance, value Period End at Sep. 30, 2017 | $ 12,672 | $ 4 | $ 0 | 16,819 | (5) | (4,146) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2017 | 2 | ||||||||
Balance, shares Period Start at Dec. 31, 2017 | 406 | 406 | |||||||
Balance, value Period Start at Dec. 31, 2017 | $ 12,339 | $ 4 | $ 0 | 16,844 | (4) | (4,505) | |||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2017 | 2 | 2 | |||||||
Stock-based compensation related activity, net of forfeitures, value | $ 92 | $ 0 | 92 | 0 | 0 | ||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||
Purchases and retirement of common stock, value | (34) | $ 0 | (34) | 0 | 0 | ||||
Stock Issued During Period, Shares, New Issues | 8 | ||||||||
Proceeds from Issuance of Convertible Preferred Stock | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 841 | $ 0 | 841 | ||||||
Proceeds from Issuance of Common Stock | 841 | ||||||||
Purchases and retirement of common stock, shares | 0 | ||||||||
Other comprehensive income (loss) | (1) | [1] | $ 0 | 0 | (1) | [1] | 0 | ||
Common stock dividends/distributions | (1,315) | (1,315) | |||||||
Preferred stock dividends | (85) | (85) | |||||||
Net income (loss) | $ 458 | $ 0 | 0 | 0 | 458 | ||||
Balance, shares Period End at Sep. 30, 2018 | 415 | 415 | |||||||
Balance, value Period End at Sep. 30, 2018 | $ 12,295 | $ 4 | $ 0 | 17,743 | (5) | (5,447) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2018 | 2 | 2 | |||||||
Balance, shares Period Start at Jun. 30, 2018 | 415 | ||||||||
Balance, value Period Start at Jun. 30, 2018 | $ 12,566 | $ 4 | $ 0 | 17,711 | (5) | (5,144) | |||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2018 | 2 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 32 | 32 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | 0 | ||||||||
Purchases and retirement of common stock, value | (1) | (1) | |||||||
Stock Issued During Period, Shares, New Issues | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 1 | 1 | |||||||
Purchases and retirement of common stock, shares | 0 | ||||||||
Other comprehensive income (loss) | [1] | 0 | |||||||
Common stock dividends/distributions | (439) | (439) | |||||||
Preferred stock dividends | (28) | (28) | |||||||
Net income (loss) | $ 164 | 164 | |||||||
Balance, shares Period End at Sep. 30, 2018 | 415 | 415 | |||||||
Balance, value Period End at Sep. 30, 2018 | $ 12,295 | $ 4 | $ 0 | $ 17,743 | $ (5) | $ (5,447) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2018 | 2 | 2 | |||||||
[1] | 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, 2018 | |
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, 2017 , and related notes thereto, included in the 2017 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in our 2017 Form 10-K. 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. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, fiber and small cells assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "contracts"). The Company's operating segments consist of (1) Towers and (2) Fiber. See note 11 . As part of the Company's effort to provide comprehensive communications infrastructure solutions, the Company offers certain network services relating to its communications infrastructure, consisting of (1) site development services primarily relating to existing or new tenant equipment installations on its towers and small cells, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). 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 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 September 30, 2018 , and the consolidated results of operations and the consolidated cash flows for the nine months ended September 30, 2018 and 2017 . 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. The Company has changed its presentation from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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 2017 Form 10-K, other than as updated by certain recent accounting pronouncements described below. Recently Adopted Accounting Pronouncements In May 2014, the FASB released updated guidance regarding the recognition of revenue from contracts with customers not otherwise addressed by specific guidance (commonly referred to as "ASC 606" or "the revenue recognition standard"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance was effective for the Company on January 1, 2018. This guidance was required to be applied, at the Company's election, either (1) retrospectively to each prior reporting period presented or (2) under the modified retrospective method, with the cumulative effect being recognized at the date of initial application. Given the nature of the Company’s contracts with customers, the Company’s pattern of revenue recognition is not impacted by the adoption of the revenue recognition standard. The Company adopted the revenue recognition standard under the modified retrospective method, and the Company's adoption of the revenue recognition standard did not result in any adjustment to the balance of dividends/distributions in excess of earnings as of January 1, 2018. See note 4 for further discussion regarding the Company’s revenues. In November 2016, the FASB issued new guidance which requires an entity's statement of cash flows to explain the change in restricted cash and restricted cash equivalents in addition to the change in cash and cash equivalents. This new guidance also requires an entity that includes cash, cash equivalents, restricted cash and restricted cash equivalents on multiple lines on its balance sheet to present a reconciliation of those line items between its statement of cash flows and its balance sheet. The Company adopted this guidance retrospectively, on January 1, 2018, and the impact of the new guidance is limited to certain changes in presentation on the condensed consolidated statement of cash flows and certain disclosures. See note 12 . In January 2017, the FASB issued new guidance which clarifies the definition of a business in order to assist companies in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The Company adopted the guidance on January 1, 2018, and the adoption of this guidance did not have a material impact on its condensed consolidated financial statements. 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 adopted using a modified retrospective approach, which after certain additional updates in July 2018, allows the Company to apply the new guidance either (1) as of the beginning of the earliest period presented, or (2) as of the effective date (i.e., January 1, 2019), without adjusting the comparative periods. If necessary under the new guidance, a cumulative-effect adjustment is recognized to the opening balance of retained earnings in the period in which the guidance is initially applied. The Company will apply the guidance as of the effective date, without adjusting the comparative periods and, if necessary, will recognize a cumulative-effect adjustment to the opening balance of retained earnings. Although early adoption is permitted, the Company will not adopt the new guidance prior to January 1, 2019. The Company expects that (1) the vast majority of its lessor and lessee arrangements will continue to be classified as operating leases under the new guidance; (2) this guidance will have a material impact on its condensed consolidated balance sheet due to the addition of right-of-use assets and lease liabilities for lessee arrangements (which primarily consist of ground leases under the Company's towers and fiber-related leases); and (3) there will not be a material impact to its condensed consolidated statement of operations and condensed consolidated statement of cash flows. The Company is in the process of updating certain of its existing information technology systems for both the Towers and Fiber segments to integrate the new lease guidance requirements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Acquisitions [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions Lightower Acquisition On July 18, 2017, the Company announced that it had entered into a definitive agreement to acquire LTS Group Holdings LLC ("Lightower") from Berkshire Partners, Pamlico Capital and other investors for approximately $7.1 billion in cash, subject to certain limited adjustments ("Lightower Acquisition"). Lightower owned or had rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast, including Boston, New York and Philadelphia. On November 1, 2017 , the Company closed the Lightower Acquisition. The preliminary purchase price allocation for the Lightower 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 $ 99 Property and equipment 2,194 Goodwill (a) 3,167 Other intangible assets, net (b) 2,177 Other non-current assets 29 Current liabilities (174 ) Other non-current liabilities (342 ) Net assets acquired (c) $ 7,150 (a) The preliminary purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions , • the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location 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 demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominately comprised of site rental contracts and customer relationships. (c) The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the Lightower Acquisition. |
Revenues (Notes)
Revenues (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues Site rental revenues The Company generates site rental revenues from its core business by providing customers with access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements. Providing such access over the length of the contract term represents the Company’s sole performance obligation under its site rental contracts. Site rental revenues from the Company’s contracts are recognized on a straight-line, monthly basis over the fixed, non-cancelable term of the relevant contract, which generally ranges from five to 15 years for wireless customers and three to 20 years related to the Company's fiber solutions (including from organizations with high-bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of a contract. Certain of the Company's contracts contain fixed escalation clauses (such as fixed-dollar or fixed-percentage increases) or inflation-based escalation clauses (such as those tied to the consumer price index). If the payment terms call for fixed escalations, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions. The Company's assets related to straight-line site rental revenues include current amounts of $86 million included in "other current assets" and non-current amounts of $1.4 billion included in "deferred site rental receivables" for the period ended September 30, 2018 . Amounts billed or received prior to being earned are deferred and reflected in "deferred revenues" and "other long-term liabilities." Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "receivables, net" on the Company's condensed consolidated balance sheet. Network services and other revenues As part of the Company’s effort to provide comprehensive communications infrastructure solutions, the Company offers certain network services, primarily relating to its towers and small cells, predominately consisting of (1) site development services and (2) installation services. Under network service agreements, the Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. Upon contract commencement, the Company assesses services to customers and identifies performance obligations for each promise to provide a distinct service. The volume and mix of site development services may vary among contracts, and may include a combination of some or all of the above performance obligations. For each of the above performance obligations, network services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the customer. The revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective contract based on estimated standalone selling price. Payments generally are due within 45 to 60 days and generally do not contain variable-consideration provisions. Since performance obligations are typically satisfied prior to receiving payment from customers, the unconditional right to payment is recorded within "receivables, net" on the Company’s condensed consolidated balance sheet. The Company has one performance obligation for installation services, which is satisfied at the time of the respective installation or augmentation. This single performance obligation is typically completed in advance of receipt of payment from customers, and therefore the unconditional right to payment is recorded within “receivables, net” on the Company’s condensed consolidated balance sheet. The vast majority of the Company’s network services relates to the Company’s Towers operating segment, and generally have a duration of one year or less. Additional information on revenues As of January 1, 2018 and September 30, 2018 , $2.1 billion and $2.2 billion of unrecognized revenue, respectively, was reported in "deferred revenues" and "other non-current liabilities" on our condensed consolidated balance sheet. During the nine months ended September 30, 2018 , approximately $300 million of the January 1, 2018 unrecognized revenue balance was recognized as revenue. The following table is a summary of the contracted amounts owed to the Company by customers pursuant to site rental contracts in effect as of September 30, 2018 . Three months ending December 31, Years ending December 31, 2018 2019 2020 2021 2022 Thereafter Total Contracted amounts (a) $ 1,065 $ 3,935 $ 3,671 $ 3,416 $ 3,193 $ 7,948 $ 23,228 (a) Excludes amounts related to network services, as those contracts generally have a duration of one year or less. See note 11 for further information regarding the Company's operating segments. |
Debt and Other Obligations
Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 Balance as of December 31, 2017 Stated Interest Rate as of September 30, 2018 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 June 2023 (e) $ 805 (b)(d)(e) $ 980 3.5 % (e) 2016 Term Loan A Jan. 2016 June 2023 (e) 2,368 2,397 3.5 % (e) Total bank debt 3,173 3,377 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 17 32 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 70 70 9.0 % Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) — (d) 1,246 N/A Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) — (f) 995 N/A Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 298 297 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 693 692 3.7 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (c) 247 (f) — 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 740 (f) — 4.2 % Total securitized debt 2,065 3,332 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,641 1,639 5.3 % 3.849% Secured Notes Dec. 2012 Apr. 2023 994 993 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 844 842 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 850 850 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 892 891 4.5 % 3.700% Senior Notes May 2016 June 2026 743 743 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 696 695 2.3 % 4.000% Senior Notes Feb. 2017 Mar. 2027 494 494 4.0 % 4.750% Senior Notes May 2017 May 2047 343 343 4.8 % 3.200% Senior Notes Aug. 2017 Sept. 2024 743 742 3.2 % 3.650% Senior Notes Aug. 2017 Sept. 2027 992 991 3.7 % 3.150% Senior Notes Jan. 2018 July 2023 742 (d) — 3.2 % 3.800% Senior Notes Jan. 2018 Feb. 2028 988 (d) — 3.8 % Total bonds 10,962 9,223 Other: Capital leases and other obligations Various Various 224 227 Various Total debt and other obligations 16,424 16,159 Less: current maturities and short-term debt and other current obligations 111 115 Non-current portion of long-term debt and other long-term obligations $ 16,313 $ 16,044 (a) See the 2017 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 September 30, 2018 , the undrawn availability under the 2016 Revolver was $ 3.4 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 2017 Form 10-K for additional information regarding these provisions. (d) In January 2018 , the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 ("3.15% Senior Notes") and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 ("3.80% Senior Notes") (collectively, "January 2018 Senior Notes Offering"). The Company used the net proceeds of the January 2018 Senior Notes Offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver. (e) In June 2018 , the Company entered into an amendment to the Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million , for total 2016 Revolver commitments of $4.25 billion , and (2) extend the maturity of the Credit Facility from August 2022 to June 2023 . Additionally, pursuant to this amendment and with regards to the Credit Facility, the Company is obligated to pay (1) interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.00% to 1.75%, and (2) commitment fees ranging from 0.125% and 0.35%, each of which is based on the Company's senior unsecured debt rating. (f) In July 2018 , the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("July 2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's existing Tower Revenue Notes. The July 2018 Tower Revenue Notes consist of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes ("3.72% Notes") with an anticipated repayment date of July 2023 and a final maturity of July 2043 and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("4.241% Notes") with an anticipated repayment date of July 2028 and a final maturity of July 2048 . The Company used the net proceeds of the July 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. In addition to the July 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements ("Risk Retention Rules"), an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an eligible horizontal residual interest (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the July 2018 Tower Revenue Notes. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2018 . 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 2018 2019 2020 2021 2022 Thereafter Total Cash Obligations Scheduled contractual maturities $ 28 $ 107 $ 139 $ 1,700 $ 1,085 $ 13,479 $ 16,538 $ (114 ) $ 16,424 Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2018 . Principal Amount Cash Paid (a) Gains (Losses) (b) Tower Revenue Notes, Series 2010-3 $ 1,250 $ 1,318 $ (71 ) 2016 Term Loan A $ — $ — $ (3 ) Tower Revenue Notes, Series 2010-6 $ 1,000 $ 1,028 $ (32 ) Total $ 2,250 $ 2,346 $ (106 ) (a) Exclusive of accrued interest. (b) Inclusive of the write off of respective 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, 2018 2017 2018 2017 Interest expense on debt obligations $ 158 $ 152 $ 473 $ 422 Amortization of deferred financing costs and adjustments on long-term debt 5 5 16 15 Other, net of capitalized interest (3 ) (3 ) (11 ) (7 ) Total $ 160 $ 154 $ 478 $ 430 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 323 $ 323 $ 314 $ 314 Restricted cash, current and non-current 1 130 130 126 126 Liabilities: Total debt and other obligations 2 16,424 16,362 16,159 16,644 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, 2017 in the Company's valuation techniques used to measure fair values. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Taxes [Abstract] | |
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) taxes on any undistributed income, (2) taxes related to the TRSs, (3) franchise taxes, (4) property taxes, and (5) 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, 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) are 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, 2018 and 2017 , 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, 2018 | |
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. For the three and nine months ended September 30, 2018 and 2017, 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 upon (1) the vesting of restricted stock units as determined under the treasury stock method and (2) conversion of the Company's 6.875% Mandatory Convertible Preferred Stock (as defined in note 10 ), as determined under the if-converted method. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) attributable to CCIC stockholders $ 164 $ 115 $ 458 $ 346 Dividends on preferred stock (28 ) (30 ) (85 ) (30 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 136 $ 85 $ 373 $ 316 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 415 395 413 374 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 1 2 1 1 Diluted weighted-average number of common shares outstanding 416 397 414 375 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.33 $ 0.22 $ 0.90 $ 0.85 Diluted $ 0.33 $ 0.21 $ 0.90 $ 0.84 Dividends/distributions declared per share of common stock $ 1.05 $ 0.95 $ 3.15 $ 2.85 During the nine months ended September 30, 2018 , the Company granted one million restricted stock units. For both the three and nine months ended September 30, 2018 , 15 million common share equivalents related to the 6.875% Mandatory 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 September 30, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is involved in various claims, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. 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 | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Equity Declaration and Payment of Dividends During the nine months ended September 30, 2018 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 21, 2018 March 16, 2018 March 30, 2018 $ 1.05 $ 439 (a) Common Stock May 17, 2018 June 15, 2018 June 29, 2018 $ 1.05 $ 438 (a) Common Stock August 2, 2018 September 14, 2018 September 28, 2018 $ 1.05 $ 438 (a) 6.875% Mandatory Convertible Preferred Stock December 15, 2017 January 15, 2018 February 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 19, 2018 April 15, 2018 May 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 22, 2018 July 15, 2018 August 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock September 19, 2018 October 15, 2018 November 1, 2018 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. See note 13. Purchases of the Company's Common Stock For the nine months ended September 30, 2018 , the Company purchased 0.3 million shares of its common stock utilizing $34 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 units. 2015 "At the Market" Stock Offering Program The Company previously maintained an "at the market" stock offering program ("2015 ATM Program") through which it had the right to issue and sell shares of its common stock having an aggregate gross sales price of up to $500 million to or through sales agents. The Company sold shares of its common stock under the 2015 ATM Program generating aggregate gross proceeds of approximately $350 million . The Company terminated its previously outstanding 2015 ATM Program in March 2018 with shares of its common stock having an aggregate offering price of approximately $150 million remaining unsold. 2018 "At the Market" Stock Offering Program In April 2018, the Company established a new "at the market" stock offering program ("2018 ATM Program") through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million . Sales under the 2018 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to our specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2018 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. The Company has not sold any shares of common stock under the 2018 ATM Program. March 2018 Equity Financing In March 2018, the Company completed an offering of 8 million shares of its common stock, which generated net proceeds of $841 million ("March 2018 Equity Financing"). The Company used the net proceeds from the March 2018 Equity Financing for general corporate purposes, including repayment of outstanding indebtedness. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Operating Segments The Company's operating segments are (1) Towers and (2) Fiber. 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 Fiber segment provides access, including space or capacity, to the Company's approximately 65,000 route miles of fiber primarily supporting small cell networks and fiber solutions. The measurements 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 selling, general and administrative expenses attributable to the respective segment. All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. The "Other" column (1) represents amounts excluded from specific segments, such as 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, interest income, other income (expense), 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, 2018 Three Months Ended September 30, 2017 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 782 $ 402 $ 1,184 $ 725 $ 168 $ 893 Segment network services and other revenues 189 2 191 153 17 170 Segment revenues 971 404 1,375 878 185 1,063 Segment site rental cost of operations 215 131 346 212 60 272 Segment network services and other cost of operations 115 1 116 91 14 105 Segment cost of operations (a)(b) 330 132 462 303 74 377 Segment site rental gross margin 567 271 838 513 108 621 Segment network services and other gross margin 74 1 75 62 3 65 Segment selling, general and administrative expenses (b) 28 45 73 22 18 40 Segment operating profit (loss) 613 227 840 553 93 646 Other selling, general and administrative expenses (b) $ 47 47 $ 41 41 Stock-based compensation expense 32 32 25 25 Depreciation, amortization and accretion 385 385 296 296 Interest expense and amortization of deferred financing costs 160 160 154 154 Other (income) expenses to reconcile to income (loss) before income taxes (c) 47 47 12 12 Income (loss) before income taxes $ 169 $ 118 Capital expenditures $ 123 $ 348 $ 7 $ 478 $ 109 $ 172 $ 8 $ 289 Total assets (at period end) $ 17,694 $ 14,326 $ 624 $ 32,644 $ 18,099 $ 5,927 $ 6,986 $ 31,012 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $7 million and $6 million for the three months ended September 30, 2018 and 2017 , respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2018 and 2017 . Selling, general and administrative expenses exclude stock-based compensation expense of $25 million and $19 million for the three months ended September 30, 2018 and 2017 , respectively. (c) See condensed consolidated statement of operations for further information. Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,318 $ 1,189 $ 3,507 $ 2,159 $ 460 $ 2,619 Segment network services and other revenues 489 8 497 461 38 499 Segment revenues 2,807 1,197 4,004 2,620 498 3,118 Segment site rental cost of operations 641 388 1,029 632 158 790 Segment network services and other cost of operations 292 6 298 277 31 308 Segment cost of operations (a)(b) 933 394 1,327 909 189 1,098 Segment site rental gross margin 1,677 801 2,478 1,527 302 1,829 Segment network services and other gross margin 197 2 199 184 7 191 Segment selling, general and administrative expenses (b) 81 131 212 69 55 124 Segment operating profit (loss) 1,793 672 2,465 1,642 254 1,896 Other selling, general and administrative expenses (b) $ 141 141 $ 121 121 Stock-based compensation expense 84 84 67 67 Depreciation, amortization and accretion 1,138 1,138 880 880 Interest expense and amortization of deferred financing costs 478 478 430 430 Other (income) expenses to reconcile to income (loss) before income taxes (c) 153 153 40 40 Income (loss) before income taxes $ 471 $ 358 Capital expenditures $ 318 $ 900 $ 23 $ 1,241 $ 317 $ 514 $ 21 $ 852 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $ 12 million for the nine months ended September 30, 2018 and 2017, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2018 and 2017. Selling, general and administrative expenses exclude stock-based compensation expense of $65 million and $55 million for the nine months ended September 30, 2018 and 2017, respectively. (c) See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Nine Months Ended September 30, 2018 2017 Supplemental disclosure of cash flow information: Interest paid $ 503 $ 420 Income taxes paid 15 14 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment 25 (5 ) Purchase of property and equipment under capital leases and installment purchases 28 25 Preferred stock dividends declared but not paid (see note 10) — 30 The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. September 30, 2018 December 31, 2017 Cash and cash equivalents $ 323 $ 314 Restricted cash, current 125 121 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 Cash, cash equivalents and restricted cash $ 453 $ 440 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events Common Stock Dividend On October 15, 2018 , the Company's board of directors declared a quarterly cash dividend of $1.125 per common share. The quarterly dividend will be paid on December 31, 2018 to common stockholders of record as of December 14, 2018 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB released updated guidance regarding the recognition of revenue from contracts with customers not otherwise addressed by specific guidance (commonly referred to as "ASC 606" or "the revenue recognition standard"). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance was effective for the Company on January 1, 2018. This guidance was required to be applied, at the Company's election, either (1) retrospectively to each prior reporting period presented or (2) under the modified retrospective method, with the cumulative effect being recognized at the date of initial application. Given the nature of the Company’s contracts with customers, the Company’s pattern of revenue recognition is not impacted by the adoption of the revenue recognition standard. The Company adopted the revenue recognition standard under the modified retrospective method, and the Company's adoption of the revenue recognition standard did not result in any adjustment to the balance of dividends/distributions in excess of earnings as of January 1, 2018. See note 4 for further discussion regarding the Company’s revenues. In November 2016, the FASB issued new guidance which requires an entity's statement of cash flows to explain the change in restricted cash and restricted cash equivalents in addition to the change in cash and cash equivalents. This new guidance also requires an entity that includes cash, cash equivalents, restricted cash and restricted cash equivalents on multiple lines on its balance sheet to present a reconciliation of those line items between its statement of cash flows and its balance sheet. The Company adopted this guidance retrospectively, on January 1, 2018, and the impact of the new guidance is limited to certain changes in presentation on the condensed consolidated statement of cash flows and certain disclosures. See note 12 . In January 2017, the FASB issued new guidance which clarifies the definition of a business in order to assist companies in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The Company adopted the guidance on January 1, 2018, and the adoption of this guidance did not have a material impact on its condensed consolidated financial statements. 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 adopted using a modified retrospective approach, which after certain additional updates in July 2018, allows the Company to apply the new guidance either (1) as of the beginning of the earliest period presented, or (2) as of the effective date (i.e., January 1, 2019), without adjusting the comparative periods. If necessary under the new guidance, a cumulative-effect adjustment is recognized to the opening balance of retained earnings in the period in which the guidance is initially applied. The Company will apply the guidance as of the effective date, without adjusting the comparative periods and, if necessary, will recognize a cumulative-effect adjustment to the opening balance of retained earnings. Although early adoption is permitted, the Company will not adopt the new guidance prior to January 1, 2019. The Company expects that (1) the vast majority of its lessor and lessee arrangements will continue to be classified as operating leases under the new guidance; (2) this guidance will have a material impact on its condensed consolidated balance sheet due to the addition of right-of-use assets and lease liabilities for lessee arrangements (which primarily consist of ground leases under the Company's towers and fiber-related leases); and (3) there will not be a material impact to its condensed consolidated statement of operations and condensed consolidated statement of cash flows. The Company is in the process of updating certain of its existing information technology systems for both the Towers and Fiber segments to integrate the new lease guidance requirements. |
Acquisitions Purchase Price All
Acquisitions Purchase Price Allocation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The preliminary purchase price allocation for the Lightower 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 $ 99 Property and equipment 2,194 Goodwill (a) 3,167 Other intangible assets, net (b) 2,177 Other non-current assets 29 Current liabilities (174 ) Other non-current liabilities (342 ) Net assets acquired (c) $ 7,150 (a) The preliminary purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions , • the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location 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 demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominately comprised of site rental contracts and customer relationships. (c) The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the Lightower Acquisition. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Contractual Revenues [Line Items] | |
Schedule of Contractual Revenue | The following table is a summary of the contracted amounts owed to the Company by customers pursuant to site rental contracts in effect as of September 30, 2018 . Three months ending December 31, Years ending December 31, 2018 2019 2020 2021 2022 Thereafter Total Contracted amounts (a) $ 1,065 $ 3,935 $ 3,671 $ 3,416 $ 3,193 $ 7,948 $ 23,228 (a) Excludes amounts related to network services, as those contracts generally have a duration of one year or less. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Extinguishment of Debt [Line Items] | |
Schedule of Long-Term Debt Instruments | Original Issue Date Contractual Maturity Date (a) Balance as of September 30, 2018 Balance as of December 31, 2017 Stated Interest Rate as of September 30, 2018 (a) Bank debt - variable rate: 2016 Revolver Jan. 2016 June 2023 (e) $ 805 (b)(d)(e) $ 980 3.5 % (e) 2016 Term Loan A Jan. 2016 June 2023 (e) 2,368 2,397 3.5 % (e) Total bank debt 3,173 3,377 Securitized debt - fixed rate: Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 17 32 6.3 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 70 70 9.0 % Tower Revenue Notes, Series 2010-3 Jan. 2010 Jan. 2040 (c) — (d) 1,246 N/A Tower Revenue Notes, Series 2010-6 Aug. 2010 Aug. 2040 (c) — (f) 995 N/A Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (c) 298 297 3.2 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 693 692 3.7 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (c) 247 (f) — 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 740 (f) — 4.2 % Total securitized debt 2,065 3,332 Bonds - fixed rate: 5.250% Senior Notes Oct. 2012 Jan. 2023 1,641 1,639 5.3 % 3.849% Secured Notes Dec. 2012 Apr. 2023 994 993 3.9 % 4.875% Senior Notes Apr. 2014 Apr. 2022 844 842 4.9 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 850 850 3.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 892 891 4.5 % 3.700% Senior Notes May 2016 June 2026 743 743 3.7 % 2.250% Senior Notes Sept. 2016 Sept. 2021 696 695 2.3 % 4.000% Senior Notes Feb. 2017 Mar. 2027 494 494 4.0 % 4.750% Senior Notes May 2017 May 2047 343 343 4.8 % 3.200% Senior Notes Aug. 2017 Sept. 2024 743 742 3.2 % 3.650% Senior Notes Aug. 2017 Sept. 2027 992 991 3.7 % 3.150% Senior Notes Jan. 2018 July 2023 742 (d) — 3.2 % 3.800% Senior Notes Jan. 2018 Feb. 2028 988 (d) — 3.8 % Total bonds 10,962 9,223 Other: Capital leases and other obligations Various Various 224 227 Various Total debt and other obligations 16,424 16,159 Less: current maturities and short-term debt and other current obligations 111 115 Non-current portion of long-term debt and other long-term obligations $ 16,313 $ 16,044 (a) See the 2017 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 September 30, 2018 , the undrawn availability under the 2016 Revolver was $ 3.4 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 2017 Form 10-K for additional information regarding these provisions. (d) In January 2018 , the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 ("3.15% Senior Notes") and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 ("3.80% Senior Notes") (collectively, "January 2018 Senior Notes Offering"). The Company used the net proceeds of the January 2018 Senior Notes Offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver. (e) In June 2018 , the Company entered into an amendment to the Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million , for total 2016 Revolver commitments of $4.25 billion , and (2) extend the maturity of the Credit Facility from August 2022 to June 2023 . Additionally, pursuant to this amendment and with regards to the Credit Facility, the Company is obligated to pay (1) interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.00% to 1.75%, and (2) commitment fees ranging from 0.125% and 0.35%, each of which is based on the Company's senior unsecured debt rating. (f) In July 2018 , the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("July 2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's existing Tower Revenue Notes. The July 2018 Tower Revenue Notes consist of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes ("3.72% Notes") with an anticipated repayment date of July 2023 and a final maturity of July 2043 and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("4.241% Notes") with an anticipated repayment date of July 2028 and a final maturity of July 2048 . The Company used the net proceeds of the July 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. In addition to the July 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements ("Risk Retention Rules"), an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an eligible horizontal residual interest (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the July 2018 Tower Revenue Notes. |
Schedule of Maturities of Long-term Debt | The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2018 . 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 2018 2019 2020 2021 2022 Thereafter Total Cash Obligations Scheduled contractual maturities $ 28 $ 107 $ 139 $ 1,700 $ 1,085 $ 13,479 $ 16,538 $ (114 ) $ 16,424 |
Schedule of Extinguishment of Debt [Table Text Block] | The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2018 . Principal Amount Cash Paid (a) Gains (Losses) (b) Tower Revenue Notes, Series 2010-3 $ 1,250 $ 1,318 $ (71 ) 2016 Term Loan A $ — $ — $ (3 ) Tower Revenue Notes, Series 2010-6 $ 1,000 $ 1,028 $ (32 ) Total $ 2,250 $ 2,346 $ (106 ) (a) Exclusive of accrued interest. (b) Inclusive of the write off of respective deferred financing costs. |
Components of 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, 2018 2017 2018 2017 Interest expense on debt obligations $ 158 $ 152 $ 473 $ 422 Amortization of deferred financing costs and adjustments on long-term debt 5 5 16 15 Other, net of capitalized interest (3 ) (3 ) (11 ) (7 ) Total $ 160 $ 154 $ 478 $ 430 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 323 $ 323 $ 314 $ 314 Restricted cash, current and non-current 1 130 130 126 126 Liabilities: Total debt and other obligations 2 16,424 16,362 16,159 16,644 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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, 2018 2017 2018 2017 Net income (loss) attributable to CCIC stockholders $ 164 $ 115 $ 458 $ 346 Dividends on preferred stock (28 ) (30 ) (85 ) (30 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 136 $ 85 $ 373 $ 316 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 415 395 413 374 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 1 2 1 1 Diluted weighted-average number of common shares outstanding 416 397 414 375 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.33 $ 0.22 $ 0.90 $ 0.85 Diluted $ 0.33 $ 0.21 $ 0.90 $ 0.84 Dividends/distributions declared per share of common stock $ 1.05 $ 0.95 $ 3.15 $ 2.85 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Dividends Payable [Line Items] | |
Dividends Declared [Table Text Block] | During the nine months ended September 30, 2018 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 21, 2018 March 16, 2018 March 30, 2018 $ 1.05 $ 439 (a) Common Stock May 17, 2018 June 15, 2018 June 29, 2018 $ 1.05 $ 438 (a) Common Stock August 2, 2018 September 14, 2018 September 28, 2018 $ 1.05 $ 438 (a) 6.875% Mandatory Convertible Preferred Stock December 15, 2017 January 15, 2018 February 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 19, 2018 April 15, 2018 May 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 22, 2018 July 15, 2018 August 1, 2018 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock September 19, 2018 October 15, 2018 November 1, 2018 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 782 $ 402 $ 1,184 $ 725 $ 168 $ 893 Segment network services and other revenues 189 2 191 153 17 170 Segment revenues 971 404 1,375 878 185 1,063 Segment site rental cost of operations 215 131 346 212 60 272 Segment network services and other cost of operations 115 1 116 91 14 105 Segment cost of operations (a)(b) 330 132 462 303 74 377 Segment site rental gross margin 567 271 838 513 108 621 Segment network services and other gross margin 74 1 75 62 3 65 Segment selling, general and administrative expenses (b) 28 45 73 22 18 40 Segment operating profit (loss) 613 227 840 553 93 646 Other selling, general and administrative expenses (b) $ 47 47 $ 41 41 Stock-based compensation expense 32 32 25 25 Depreciation, amortization and accretion 385 385 296 296 Interest expense and amortization of deferred financing costs 160 160 154 154 Other (income) expenses to reconcile to income (loss) before income taxes (c) 47 47 12 12 Income (loss) before income taxes $ 169 $ 118 Capital expenditures $ 123 $ 348 $ 7 $ 478 $ 109 $ 172 $ 8 $ 289 Total assets (at period end) $ 17,694 $ 14,326 $ 624 $ 32,644 $ 18,099 $ 5,927 $ 6,986 $ 31,012 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $7 million and $6 million for the three months ended September 30, 2018 and 2017 , respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2018 and 2017 . Selling, general and administrative expenses exclude stock-based compensation expense of $25 million and $19 million for the three months ended September 30, 2018 and 2017 , respectively. (c) See condensed consolidated statement of operations for further information. | Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,318 $ 1,189 $ 3,507 $ 2,159 $ 460 $ 2,619 Segment network services and other revenues 489 8 497 461 38 499 Segment revenues 2,807 1,197 4,004 2,620 498 3,118 Segment site rental cost of operations 641 388 1,029 632 158 790 Segment network services and other cost of operations 292 6 298 277 31 308 Segment cost of operations (a)(b) 933 394 1,327 909 189 1,098 Segment site rental gross margin 1,677 801 2,478 1,527 302 1,829 Segment network services and other gross margin 197 2 199 184 7 191 Segment selling, general and administrative expenses (b) 81 131 212 69 55 124 Segment operating profit (loss) 1,793 672 2,465 1,642 254 1,896 Other selling, general and administrative expenses (b) $ 141 141 $ 121 121 Stock-based compensation expense 84 84 67 67 Depreciation, amortization and accretion 1,138 1,138 880 880 Interest expense and amortization of deferred financing costs 478 478 430 430 Other (income) expenses to reconcile to income (loss) before income taxes (c) 153 153 40 40 Income (loss) before income taxes $ 471 $ 358 Capital expenditures $ 318 $ 900 $ 23 $ 1,241 $ 317 $ 514 $ 21 $ 852 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $ 12 million for the nine months ended September 30, 2018 and 2017, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2018 and 2017. Selling, general and administrative expenses exclude stock-based compensation expense of $65 million and $55 million for the nine months ended September 30, 2018 and 2017, respectively. (c) See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Line Items] | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. September 30, 2018 December 31, 2017 Cash and cash equivalents $ 323 $ 314 Restricted cash, current 125 121 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 Cash, cash equivalents and restricted cash $ 453 $ 440 |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | Nine Months Ended September 30, 2018 2017 Supplemental disclosure of cash flow information: Interest paid $ 503 $ 420 Income taxes paid 15 14 Supplemental disclosure of non-cash investing and financing activities: Increase (decrease) in accounts payable for purchases of property and equipment 25 (5 ) Purchase of property and equipment under capital leases and installment purchases 28 25 Preferred stock dividends declared but not paid (see note 10) — 30 |
General Business (Details)
General Business (Details) | Sep. 30, 2018 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53.00% |
Acquisitions (Details)
Acquisitions (Details) - Lightower Acquisition [Member] $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 7,100 | |
Fiber Miles Acquired | 32,000 | |
Business Acquisition, Date of Acquisition Agreement | Nov. 1, 2017 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 99 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,194 | |
Business Acquisition, Goodwill | 3,167 | [1] |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets | 2,177 | [2] |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 29 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (174) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (342) | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 7,150 | [3] |
[1] | The preliminary purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on:•the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions,•the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location 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 demand for data, and•other intangibles not qualified for separate recognition, including the assembled workforce. | |
[2] | Predominately comprised of site rental contracts and customer relationships. | |
[3] | The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the Lightower Acquisition. |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,200 | $ 2,100 | |
Revenue Recognized on Deferred Revenues | 300 | ||
Contracted Amounts Receivable from Customers, Current | [1] | 1,065 | |
Contracted Amounts Receivable from Customers, in Two Years | [1] | 3,935 | |
Contracted Amounts Receivable from Customers, in Three Years | [1] | 3,671 | |
Contracted Amounts Receivable from Customers, in Four Years | [1] | 3,416 | |
Contracted Amounts Receivable from Customers, in Five Years | [1] | 3,193 | |
Contracted Amounts Receivable from Customers, Thereafter | [1] | 7,948 | |
Contracted Amounts Receivable from Customers, Total | [1] | 23,228 | |
Non-current | |||
Assets Related to Straight Line Site Rental Revenues | 1,400 | ||
Current | |||
Assets Related to Straight Line Site Rental Revenues | $ 86 | ||
[1] | Excludes amounts related to network services, as those contracts generally have a duration of one year or less. |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | ||||
Debt Instrument [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 16,424 | $ 16,424 | $ 16,159 | |||||
Less: current maturities and short-term debt and other current obligations | 111 | 111 | 115 | |||||
Non-current portion of long-term debt and other long-term obligations | 16,313 | 16,313 | 16,044 | |||||
3.150% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 750 | |||||||
Debt Instrument, Maturity Date | Jul. 1, 2023 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |||||||
3.800% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||
Debt Instrument, Maturity Date | Feb. 1, 2028 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | |||||||
Variable Rate Revolver 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date | Jun. 1, 2023 | |||||||
Credit Facility Amendment, Date | Jun. 1, 2018 | |||||||
Line of Credit Facility, Change in Borrowing Capacity | $ 750 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,250 | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 3,400 | $ 3,400 | ||||||
Capital Lease Obligations and Other [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Contractual maturity date | [1] | Various | ||||||
Original Debt Issuance Date | Various | |||||||
Percentage of debt instrument interest rate stated | [1] | Various | ||||||
Debt and Capital Lease Obligations | 224 | $ 224 | 227 | |||||
Fixed Rate Securitized Debt 2010 Tower Revenue Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Additional Interest Rate if not Repaid Prior to Applicable Date | 5.00% | |||||||
January 2018 Senior Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jan. 1, 2018 | |||||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 250 | $ 250 | ||||||
Debt Instrument, Maturity Date | Jul. 1, 2043 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | ||||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 750 | $ 750 | ||||||
Debt Instrument, Maturity Date | Jul. 1, 2048 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | 4.20% | ||||||
July 2018 Tower Revenue Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 | ||||||
Original issue date | Jul. 1, 2018 | |||||||
2018 Tower Revenue Notes Risk Retention Tranche [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | 53 | $ 53 | ||||||
Bank Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 3,173 | $ 3,173 | 3,377 | |||||
Bank Debt [Member] | Variable Rate Revolver 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jan. 1, 2016 | |||||||
Debt Instrument, Maturity Date | [2] | Jun. 1, 2023 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.50% | 3.50% | |||||
Debt and Capital Lease Obligations | $ 805 | [2],[3],[4] | $ 805 | [2],[3],[4] | 980 | |||
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] | Jun. 1, 2023 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.50% | 3.50% | |||||
Debt and Capital Lease Obligations | $ 2,368 | $ 2,368 | 2,397 | |||||
Securitized Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 2,065 | $ 2,065 | 3,332 | |||||
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 | [1] | Aug. 1, 2019 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.30% | 6.30% | |||||
Debt and Capital Lease Obligations | $ 17 | $ 17 | 32 | |||||
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 | [5] | Jan. 1, 2040 | ||||||
Debt and Capital Lease Obligations | 0 | [4] | $ 0 | [4] | 1,246 | |||
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 | [5] | Aug. 1, 2040 | ||||||
Debt and Capital Lease Obligations | $ 0 | [6] | $ 0 | [6] | 995 | |||
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 | [1] | Aug. 1, 2029 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.00% | 9.00% | |||||
Debt and Capital Lease Obligations | $ 70 | $ 70 | 70 | |||||
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 | [5] | May 1, 2042 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | 3.20% | |||||
Debt and Capital Lease Obligations | $ 298 | $ 298 | 297 | |||||
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 | [5] | May 1, 2045 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | 3.70% | |||||
Debt and Capital Lease Obligations | $ 693 | $ 693 | 692 | |||||
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jul. 1, 2018 | |||||||
Debt Instrument, Maturity Date | [5] | Jul. 15, 2043 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | 3.70% | |||||
Debt and Capital Lease Obligations | $ 247 | [6] | $ 247 | [6] | 0 | |||
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jul. 1, 2018 | |||||||
Debt Instrument, Maturity Date | [5] | Jul. 15, 2048 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.20% | 4.20% | |||||
Debt and Capital Lease Obligations | $ 740 | [6] | $ 740 | [6] | 0 | |||
High Yield Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt and Capital Lease Obligations | $ 10,962 | $ 10,962 | 9,223 | |||||
High Yield Bonds [Member] | September 2016 Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Sep. 1, 2016 | |||||||
Debt Instrument, Maturity Date | [1] | Sep. 1, 2021 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.30% | 2.30% | |||||
Debt and Capital Lease Obligations | $ 696 | $ 696 | 695 | |||||
High Yield Bonds [Member] | February 2017 Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Feb. 1, 2017 | |||||||
Debt Instrument, Maturity Date | [1] | Mar. 1, 2027 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.00% | 4.00% | |||||
Debt and Capital Lease Obligations | $ 494 | $ 494 | 494 | |||||
High Yield Bonds [Member] | May 2017 Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | May 1, 2017 | |||||||
Debt Instrument, Maturity Date | [1] | May 1, 2047 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.80% | 4.80% | |||||
Debt and Capital Lease Obligations | $ 343 | $ 343 | 343 | |||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Aug. 1, 2017 | |||||||
Debt Instrument, Maturity Date | [1] | Sep. 1, 2024 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | 3.20% | |||||
Debt and Capital Lease Obligations | $ 743 | $ 743 | 742 | |||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Aug. 1, 2017 | |||||||
Debt Instrument, Maturity Date | [1] | Sep. 1, 2027 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | 3.70% | |||||
Debt and Capital Lease Obligations | $ 992 | $ 992 | 991 | |||||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jan. 1, 2018 | |||||||
Debt Instrument, Maturity Date | [1] | Jul. 1, 2023 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | 3.20% | |||||
Debt and Capital Lease Obligations | $ 742 | [4] | $ 742 | [4] | 0 | |||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Jan. 1, 2018 | |||||||
Debt Instrument, Maturity Date | [1] | Feb. 1, 2028 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.80% | 3.80% | |||||
Debt and Capital Lease Obligations | $ 988 | [4] | $ 988 | [4] | 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 | [1] | Jan. 15, 2023 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.30% | 5.30% | |||||
Debt and Capital Lease Obligations | $ 1,641 | $ 1,641 | 1,639 | |||||
High Yield Bonds [Member] | 2012 secured notes tranche B [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Dec. 1, 2012 | |||||||
Debt Instrument, Maturity Date | [1] | Apr. 15, 2023 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.90% | 3.90% | |||||
Debt and Capital Lease Obligations | $ 994 | $ 994 | 993 | |||||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Original issue date | Apr. 1, 2014 | |||||||
Debt Instrument, Maturity Date | [1] | Apr. 1, 2022 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.90% | 4.90% | |||||
Debt and Capital Lease Obligations | $ 844 | $ 844 | 842 | |||||
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 | [1] | Feb. 15, 2021 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.40% | 3.40% | |||||
Debt and Capital Lease Obligations | $ 850 | $ 850 | 850 | |||||
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 | [1] | Jun. 15, 2026 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | 3.70% | |||||
Debt and Capital Lease Obligations | $ 743 | $ 743 | 743 | |||||
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 | [1] | Feb. 15, 2026 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.50% | 4.50% | |||||
Debt and Capital Lease Obligations | $ 892 | $ 892 | $ 891 | |||||
[1] | See the 2017 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. | |||||||
[2] | In June 2018, the Company entered into an amendment to the Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million, for total 2016 Revolver commitments of $4.25 billion, and (2) extend the maturity of the Credit Facility from August 2022 to June 2023. | |||||||
[3] | As of September 30, 2018, the undrawn availability under the 2016 Revolver was $3.4 billion. | |||||||
[4] | In January 2018, the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 ("3.15% Senior Notes") and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 ("3.80% Senior Notes") (collectively, "January 2018 Senior Notes Offering"). The Company used the net proceeds of the January 2018 Senior Notes Offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver. | |||||||
[5] | If the respective series of such debt is not paid in full on or prior to an applicable date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series, and additional interest (of an additional approximately 5% per annum) will accrue on the respective series. See the 2017 Form 10-K for additional information regarding these provisions. | |||||||
[6] | In July 2018, the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("July 2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's existing Tower Revenue Notes. The July 2018 Tower Revenue Notes consist of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes ("3.72% Notes") with an anticipated repayment date of July 2023 and a final maturity of July 2043 and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("4.241% Notes") with an anticipated repayment date of July 2028 and a final maturity of July 2048. The Company used the net proceeds of the July 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. In addition to the July 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements ("Risk Retention Rules"), an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an eligible horizontal residual interest (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the July 2018 Tower Revenue Notes. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt and Other Obligations [Abstract] | ||||
Interest expense on debt obligations | $ 158 | $ 152 | $ 473 | $ 422 |
Amortization of deferred financing costs and adjustments on long-term debt | 5 | 5 | 16 | 15 |
Other | (3) | (3) | (11) | (7) |
Total | $ 160 | $ 154 | $ 478 | $ 430 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Contractual Maturities [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 28 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 107 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 139 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,700 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,085 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 13,479 | |
Unamortized Adjustments, Net | (114) | |
Debt and Capital Lease Obligations | 16,424 | $ 16,159 |
Total Cash Obligations | $ 16,538 |
Debt and Other Obligations Sche
Debt and Other Obligations Schedule of Extinguishment of Long Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Extinguishment of Debt [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ (32) | $ 0 | $ (106) | $ (4) | |
January 2010 Tower Revenue Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Extinguishment of Debt, Amount | 1,250 | ||||
Repayments of Debt | [1] | 1,318 | |||
Gain (Loss) on Extinguishment of Debt | [2] | (71) | |||
2016 Term Loan A [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Extinguishment of Debt, Amount | 0 | ||||
Repayments of Debt | 0 | ||||
Gain (Loss) on Extinguishment of Debt | [2] | (3) | |||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes 6 [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Extinguishment of Debt, Amount | 1,000 | ||||
Repayments of Debt | [1] | 1,028 | |||
Gain (Loss) on Extinguishment of Debt | [2] | $ (32) | |||
[1] | Exclusive of accrued interest | ||||
[2] | Inclusive of the write off of respective deferred financing costs. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, at carrying value | $ 323 | $ 314 |
Cash and cash equivalents, fair value | 323 | 314 |
Restricted cash, current and non-current, carrying value | 130 | 126 |
Restricted cash, current and non-current, fair value | 130 | 126 |
Long-term debt and other obligations, carrying amount | 16,424 | 16,159 |
Long-term debt and other obligations, fair value | $ 16,362 | $ 16,644 |
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, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Per Share Information | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 164 | $ 115 | $ 458 | $ 346 |
Dividends on preferred stock | 28 | 30 | 85 | 30 |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 136 | $ 85 | $ 373 | $ 316 |
Basic weighted-average number of common stock outstanding | 415 | 395 | 413 | 374 |
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 1 | 2 | 1 | 1 |
Diluted weighted-average number of common shares outstanding | 416 | 397 | 414 | 375 |
Basic | $ 0.33 | $ 0.22 | $ 0.90 | $ 0.85 |
Diluted | 0.33 | 0.21 | 0.90 | 0.84 |
Common Stock, Dividends, Per Share, Declared | $ 1.05 | $ 0.95 | $ 3.15 | $ 2.85 |
Per Share Information (Narrativ
Per Share Information (Narrative) (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2018shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1 |
Preferred Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from dilutive common shares calculation | 15 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2018 |
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, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Dividends Payable [Line Items] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 1.050 | $ 1.050 | $ 1.050 | |||
Preferred Stock, Dividends Per Share, Declared | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | |||
Dividends, Common Stock, Cash | [1] | $ 438 | $ 438 | $ 439 | |||
Dividends, Preferred Stock, Cash | $ 28 | $ 28 | $ 28 | $ 28 | |||
Common stock repurchased during period, shares | 0.3 | ||||||
Purchases of Common Stock | $ 34 | $ 23 | |||||
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | [1] | Aug. 2, 2018 | May 17, 2018 | Feb. 21, 2018 | |||
Dividends Payable, Date of Record | [1] | Sep. 14, 2018 | Jun. 15, 2018 | Mar. 16, 2018 | |||
Dividends Payable, Date to be Paid | [1] | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | |||
Preferred Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | Sep. 19, 2018 | Jun. 22, 2018 | Mar. 19, 2018 | Dec. 15, 2017 | |||
Dividends Payable, Date of Record | Oct. 15, 2018 | Jul. 15, 2018 | Apr. 15, 2018 | Jan. 15, 2018 | |||
Dividends Payable, Date to be Paid | Nov. 1, 2018 | Aug. 1, 2018 | May 1, 2018 | Feb. 1, 2018 | |||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |
Equity Other Equity Activity (D
Equity Other Equity Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 841 | $ 4,221 | ||||
2015 ATM Program, Life to Date Proceeds, Gross | $ 350 | 350 | ||||
2015 ATM Program, capacity remaining | 150 | 150 | ||||
Availability Under ATM | $ 750 | $ 750 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||
2015 ATM, Aggregate Value of Common Stock | $ 500 | $ 500 | ||||
March 2018 Equity Financing [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 841 | |||||
Stock Issued During Period, Shares, New Issues | 8 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 0 | 40 | 8 | 44 |
Equity Schedule of Equity by Ty
Equity Schedule of Equity by Type (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 841 | $ 4,221 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | 40 | 8 | 44 |
Operating Segments Operating _2
Operating Segments Operating Segments Table (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Tower Count | 40,000 | 40,000 | ||||||||
Segment site rental revenues | $ 1,184 | $ 893 | $ 3,507 | $ 2,619 | ||||||
Network services and other revenue | 191 | 170 | 497 | 499 | ||||||
Revenues | $ 1,375 | 1,063 | $ 4,004 | 3,118 | ||||||
Fiber Miles | 65,000 | 65,000 | ||||||||
Segment site rental cost of operations | [1] | $ 355 | 281 | $ 1,057 | 815 | |||||
Network services and other costs | [1] | 119 | 107 | 304 | 310 | |||||
Segment selling, general and administrative expenses | 145 | 100 | 418 | 300 | ||||||
Stock-based compensation expense | 79 | 67 | ||||||||
Depreciation, Amortization and Accretion, Net | 385 | 296 | 1,138 | 880 | ||||||
Interest expense and amortization of deferred financing costs | 160 | 154 | 478 | 430 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 169 | 118 | 471 | 358 | ||||||
Capital expenditures | 1,241 | 852 | ||||||||
Total Assets | 32,644 | 32,644 | $ 32,229 | |||||||
Amortization of prepaid lease purchase price adjustments | 5 | 15 | ||||||||
Segment cost of operations share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | 7 | 6 | 19 | 12 | ||||||
Towers [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 782 | 725 | 2,318 | 2,159 | ||||||
Network services and other revenue | 189 | 153 | 489 | 461 | ||||||
Revenues | 971 | 878 | 2,807 | 2,620 | ||||||
Segment site rental cost of operations | 215 | 212 | 641 | 632 | ||||||
Network services and other costs | 115 | 91 | 292 | 277 | ||||||
Segment cost of operations | [1] | 330 | [2] | 303 | [2] | 933 | [3] | 909 | [3] | |
Segment site rental gross margin | 567 | 513 | 1,677 | 1,527 | ||||||
Segment network services gross margin | 74 | 62 | 197 | 184 | ||||||
Segment selling, general and administrative expenses | 28 | [2] | 22 | [2] | 81 | [3] | 69 | [3] | ||
Segment Operating Profit | 613 | 553 | 1,793 | 1,642 | ||||||
Capital expenditures | 123 | 109 | 318 | 317 | ||||||
Total Assets | 17,694 | 18,099 | 17,694 | 18,099 | ||||||
Small Cells [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 402 | 168 | 1,189 | 460 | ||||||
Network services and other revenue | 2 | 17 | 8 | 38 | ||||||
Revenues | 404 | 185 | 1,197 | 498 | ||||||
Segment site rental cost of operations | 131 | 60 | 388 | 158 | ||||||
Network services and other costs | 1 | 14 | 6 | 31 | ||||||
Segment cost of operations | [1] | 132 | [2] | 74 | [2] | 394 | [3] | 189 | [3] | |
Segment site rental gross margin | 271 | 108 | 801 | 302 | ||||||
Segment network services gross margin | 1 | 3 | 2 | 7 | ||||||
Segment selling, general and administrative expenses | 45 | [2] | 18 | [2] | 131 | [3] | 55 | [3] | ||
Segment Operating Profit | 227 | 93 | 672 | 254 | ||||||
Capital expenditures | 348 | 172 | 900 | 514 | ||||||
Total Assets | 14,326 | 5,927 | 14,326 | 5,927 | ||||||
Consolidated Total [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment site rental revenues | 1,184 | 893 | 3,507 | 2,619 | ||||||
Network services and other revenue | 191 | 170 | 497 | 499 | ||||||
Revenues | 1,375 | 1,063 | 4,004 | 3,118 | ||||||
Segment site rental cost of operations | 346 | 272 | 1,029 | 790 | ||||||
Network services and other costs | 116 | 105 | 298 | 308 | ||||||
Segment cost of operations | [1] | 462 | [2] | 377 | [2] | 1,327 | [3] | 1,098 | [3] | |
Segment site rental gross margin | 838 | 621 | 2,478 | 1,829 | ||||||
Segment network services gross margin | 75 | 65 | 199 | 191 | ||||||
Segment selling, general and administrative expenses | 73 | [2] | 40 | [2] | 212 | [3] | 124 | [3] | ||
Segment Operating Profit | 840 | 646 | 2,465 | 1,896 | ||||||
Stock-based compensation expense | 32 | 25 | 84 | 67 | ||||||
Depreciation, Amortization and Accretion, Net | 385 | 296 | 1,138 | 880 | ||||||
Interest expense and amortization of deferred financing costs | 160 | 154 | 478 | 430 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | 47 | 12 | 153 | 40 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 169 | 118 | 471 | 358 | ||||||
Capital expenditures | 478 | 289 | 1,241 | 852 | ||||||
Total Assets | 32,644 | 31,012 | 32,644 | 31,012 | ||||||
Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment selling, general and administrative expenses | 47 | [2] | 41 | [2] | 141 | [3] | 121 | [3] | ||
Segment Operating Profit | ||||||||||
Stock-based compensation expense | 32 | 25 | 84 | 67 | ||||||
Depreciation, Amortization and Accretion, Net | 385 | 296 | 1,138 | 880 | ||||||
Interest expense and amortization of deferred financing costs | 160 | 154 | 478 | 430 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [4] | 47 | 12 | 153 | 40 | |||||
Capital expenditures | 7 | 8 | 23 | 21 | ||||||
Total Assets | 624 | 6,986 | 624 | 6,986 | ||||||
Segment G&A share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | $ 25 | $ 19 | $ 65 | $ 55 | ||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||
[2] | Segment cost of operations excludes (1) stock-based compensation expense of $7 million and $6 million for the three months ended September 30, 2018 and 2017, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2018 and 2017. Selling, general and administrative expenses exclude stock-based compensation expense of $25 million and $19 million for the three months ended September 30, 2018 and 2017, respectively. | |||||||||
[3] | Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $12 million for the nine months ended September 30, 2018 and 2017, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2018 and 2017. Selling, general and administrative expenses exclude stock-based compensation expense of $65 million and $55 million for the nine months ended September 30, 2018 and 2017, respectively. | |||||||||
[4] | See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Line Items] | |||
Cash and cash equivalents | $ 323 | $ 314 | |
Interest paid | 503 | $ 420 | |
Income taxes paid | 15 | 14 | |
Increase (decrease) in accounts payable for purchases of property and equipment | 25 | (5) | |
Purchase of property and equipment under capital leases and installment purchases | 28 | 25 | |
Restricted Cash, Current | 125 | 121 | |
Restricted Cash, Noncurrent | 5 | 5 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 453 | $ 440 | |
Preferred Stock [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Preferred Stock Dividends Declared, Not Paid | $ 0 | $ 30 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | ||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 1.050 | $ 1.050 | $ 1.050 | |
Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date to be Paid | [1] | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | |
Dividends Payable, Date of Record | [1] | Sep. 14, 2018 | Jun. 15, 2018 | Mar. 16, 2018 | |
Dividends Payable, Date Declared | [1] | Aug. 2, 2018 | May 17, 2018 | Feb. 21, 2018 | |
Paid subsequent to year end [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.125 | ||||
Dividend Declared [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Date to be Paid | Dec. 31, 2018 | ||||
Dividends Payable, Date of Record | Dec. 14, 2018 | ||||
Dividends Payable, Date Declared | Oct. 15, 2018 | ||||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |