Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-16441 | |
Entity Registrant Name | CROWN CASTLE INTERNATIONAL CORP. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0470458 | |
Entity Address, Address Line One | 1220 Augusta Drive | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77057-2261 | |
City Area Code | 713 | |
Local Phone Number | 570-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 415,768,468 | |
Entity Central Index Key | 0001051470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CCI | |
Security Exchange Name | NYSE | |
6.875% Mandatory Convertible Preferred Stock [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value | |
Trading Symbol | CCI.PRA | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 182 | $ 277 | |
Restricted cash | 138 | 131 | |
Receivables, net | 667 | 501 | |
Prepaid expenses(a) | [1] | 99 | 172 |
Other current assets | 167 | 148 | |
Total current assets | 1,253 | 1,229 | |
Deferred site rental receivables | 1,413 | 1,366 | |
Property and equipment, net of accumulated depreciation of $9,394 and $8,566, respectively | 14,416 | 13,676 | |
Operating lease right-of-use assets(a) | [1] | 6,112 | 0 |
Goodwill | 10,078 | 10,078 | |
Other intangible assets, net(a) | [1] | 4,968 | 5,516 |
Long-term prepaid rent and other assets, net(a) | [1] | 104 | 920 |
Total assets | 38,344 | 32,785 | |
Current liabilities: | |||
Accounts payable | 368 | 313 | |
Accrued interest | 110 | 148 | |
Deferred revenues | 525 | 498 | |
Other accrued liabilities(a) | [1] | 335 | 351 |
Current maturities of debt and other obligations | 100 | 107 | |
Current portion of operating lease liabilities(a) | [1] | 296 | 0 |
Total current liabilities | 1,734 | 1,417 | |
Debt and other long-term obligations | 17,750 | 16,575 | |
Operating lease liabilities(a) | [1] | 5,480 | 0 |
Other long-term liabilities(a) | [1] | 2,055 | 2,759 |
Total liabilities | 27,019 | 20,751 | |
CCIC stockholders' equity: | |||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2019—416 and December 31, 2018—415 | 4 | 4 | |
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: September 30, 2019—2 and December 31, 2018—2; aggregate liquidation value: September 30, 2019—$1,650 and December 31, 2018—$1,650 | 0 | 0 | |
Additional paid-in capital | 17,829 | 17,767 | |
Accumulated other comprehensive income (loss) | (5) | (5) | |
Dividends/distributions in excess of earnings | (6,503) | (5,732) | |
Total equity | 11,325 | 12,034 | |
Total liabilities and equity | $ 38,344 | $ 32,785 | |
[1] | See " Recently Adopted Accounting Pronouncements " in note 2 to the condensed consolidated financial statements for a discussion of the recently adopted new lease standard. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract] | ||
Accumulated depreciation, property and equipment | $ 9,394 | $ 8,566 |
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 | 416 | 415 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Net revenues: | ||||||
Site Rental | $ 1,260 | $ 1,184 | $ 3,718 | $ 3,507 | ||
Services and other | 254 | 191 | 700 | 497 | ||
Net Revenues | 1,514 | 1,375 | 4,418 | 4,004 | ||
Operating expenses: | ||||||
Site rental | [1] | 369 | 355 | 1,095 | 1,057 | |
Services and other | [1] | 147 | 119 | 410 | 304 | |
Selling, general and administrative | 150 | 145 | 457 | 418 | ||
Asset write-down charges | 2 | 8 | 13 | 18 | ||
Acquisition and integration costs | 4 | 4 | 10 | 18 | ||
Depreciation, amortization and accretion | 389 | 385 | 1,176 | 1,138 | ||
Total operating expenses | 1,061 | 1,016 | 3,161 | 2,953 | ||
Operating income (loss) | 453 | 359 | 1,257 | 1,051 | ||
Nonoperating Income (Expense) [Abstract] | ||||||
Interest expense and amortization of deferred financing costs | 173 | 160 | 510 | 478 | ||
Gains (losses) on retirement of long-term obligations | 0 | (32) | (2) | (106) | ||
Interest income | 2 | 1 | 5 | 4 | ||
Other income (expense) | (5) | 1 | (6) | 0 | ||
Income (loss) before income taxes | 277 | 169 | 744 | 471 | ||
Benefit (provision) for income taxes | (5) | (5) | (15) | (13) | ||
Net income (loss) attributable to CCIC stockholders | 272 | 164 | 729 | 458 | ||
Dividends/distributions on preferred stock | [2] | (28) | (28) | (85) | (85) | |
Net income (loss) attributable to CCIC common stockholders | 244 | 136 | 644 | 373 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Foreign currency translation adjustments | 0 | 0 | 0 | (1) | [3] | |
Total other comprehensive income (loss) | 0 | 0 | (1) | |||
Comprehensive income (loss) attributable to CCIC stockholders | $ 272 | $ 164 | $ 729 | $ 457 | ||
Net income (loss) attributable to CCIC common stockholders, per common share: | ||||||
Basic | $ 0.59 | $ 0.33 | $ 1.55 | $ 0.90 | ||
Diluted | $ 0.58 | $ 0.33 | $ 1.54 | $ 0.90 | ||
Weighted-average common shares outstanding (in millions): | ||||||
Basic | 416 | 415 | 416 | 413 | ||
Diluted | 418 | 416 | 418 | 414 | ||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||
[2] | See note 7 for information regarding common and preferred stock dividends declared per share. | |||||
[3] | See the condensed consolidated 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, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 729 | $ 458 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation, amortization and accretion | 1,176 | 1,138 |
(Gains) losses on retirement of long-term obligations | 2 | 106 |
Amortization of deferred financing costs and other non-cash interest | 1 | 5 |
Stock-based compensation expense | 91 | 79 |
Asset write-down charges | 13 | 18 |
Deferred income tax (benefit) provision | 2 | 2 |
Other non-cash adjustments | 4 | 2 |
Changes in assets and liabilities, excluding the effects of acquisitions: | ||
Increase (decrease) in accrued interest | (38) | (31) |
Increase (decrease) in accounts payable | 37 | 31 |
Increase (decrease) in other liabilities | 102 | 144 |
Decrease (increase) in receivables | (166) | (74) |
Decrease (increase) in other assets | (62) | (103) |
Net cash provided by (used for) operating activities | 1,891 | 1,775 |
Cash flows from investing activities: | ||
Payments for acquisitions, net of cash acquired | (15) | (26) |
Capital expenditures | (1,538) | (1,241) |
Other investing activities, net | 3 | (14) |
Net cash provided by (used for) investing activities | (1,550) | (1,281) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 1,895 | 2,743 |
Principal payments on debt and other long-term obligations | (59) | (76) |
Purchases and redemptions of long-term debt | (12) | (2,346) |
Borrowings under revolving credit facility | 1,585 | 1,290 |
Payments under revolving credit facility | (2,270) | (1,465) |
Payments for financing costs | (24) | (33) |
Net proceeds from issuance of common stock | 0 | 841 |
Purchases of Common Stock | (44) | (34) |
Dividends/distributions paid on common stock | (1,415) | (1,315) |
Dividends/distributions paid on preferred stock | (85) | (85) |
Net cash provided by (used for) financing activities | (429) | (480) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (88) | 14 |
Cash, cash equivalents and restricted cash at beginning of period | 413 | 440 |
Cash, cash equivalents, and restricted cash at end of period | 325 | 453 |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | ||
Effect of exchange rate changes | $ 0 | $ (1) |
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, 2017 | 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 | ||||||
Stock-based compensation related activity, net of forfeitures, value | 92 | 92 | |||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||
Purchases and retirement of common stock, value | (34) | (34) | |||||
Stock Issued During Period, Shares, New Issues | 8 | ||||||
Stock Issued During Period, Value, New Issues | 841 | 841 | |||||
Common stock dividends/distributions | [1] | (1,315) | (1,315) | ||||
Dividends/distributions on preferred stock | [1] | (85) | (85) | ||||
Foreign currency translation adjustments | [2] | (1) | (1) | ||||
Net income (loss) | 458 | 458 | |||||
Balance, shares Period End at Sep. 30, 2018 | 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 | ||||||
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 | ||||||
Common stock dividends/distributions | [1] | (439) | (439) | ||||
Dividends/distributions on preferred stock | [1] | (28) | (28) | ||||
Foreign currency translation adjustments | 0 | 0 | |||||
Net income (loss) | 164 | 164 | |||||
Balance, shares Period End at Sep. 30, 2018 | 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 | ||||||
Balance, shares Period Start at Dec. 31, 2018 | 415 | 415 | |||||
Balance, value Period Start at Dec. 31, 2018 | $ 12,034 | $ 4 | $ 0 | 17,767 | (5) | (5,732) | |
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2018 | 2 | 2 | |||||
Stock-based compensation related activity, net of forfeitures, value | $ 106 | 106 | |||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||
Purchases and retirement of common stock, value | (44) | (44) | |||||
Common stock dividends/distributions | [1] | (1,415) | (1,415) | ||||
Dividends/distributions on preferred stock | [1] | (85) | (85) | ||||
Foreign currency translation adjustments | 0 | ||||||
Net income (loss) | $ 729 | 729 | |||||
Balance, shares Period End at Sep. 30, 2019 | 416 | 416 | |||||
Balance, value Period End at Sep. 30, 2019 | $ 11,325 | $ 4 | $ 0 | 17,829 | (5) | (6,503) | |
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2019 | 2 | 2 | |||||
Balance, shares Period Start at Jun. 30, 2019 | 416 | ||||||
Balance, value Period Start at Jun. 30, 2019 | $ 11,523 | $ 4 | $ 0 | 17,801 | (5) | (6,277) | |
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2019 | 2 | ||||||
Stock-based compensation related activity, net of forfeitures, value | 29 | 29 | |||||
Stock-based compensation related activity, net of forfeitures, shares | 0 | ||||||
Purchases and retirement of common stock, value | (1) | (1) | |||||
Purchases and retirement of common stock, shares | 0 | ||||||
Common stock dividends/distributions | [1] | (470) | (470) | ||||
Dividends/distributions on preferred stock | [1] | (28) | (28) | ||||
Foreign currency translation adjustments | 0 | ||||||
Net income (loss) | $ 272 | 272 | |||||
Balance, shares Period End at Sep. 30, 2019 | 416 | 416 | |||||
Balance, value Period End at Sep. 30, 2019 | $ 11,325 | $ 4 | $ 0 | $ 17,829 | $ (5) | $ (6,503) | |
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2019 | 2 | 2 | |||||
[1] | See note 7 for information regarding common and preferred stock dividends declared per share. | ||||||
[2] | See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
General | |
General | General The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2018 , and related notes thereto, included in the 2018 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 2018 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 services primarily relating to the Company's towers and small cells, predominately consisting of (1) site development services primarily relating to existing or new tenant equipment installations, 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 vast majority of the Company's services relate to its Towers segment. The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 6 . 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, 2019 , the condensed consolidated results of operations for both the three and nine months ended September 30, 2019 and 2018 , and the condensed consolidated cash flows for the nine months ended September 30, 2019 and 2018 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements Lease Accounting — Summary of Adoption Impact. Effective January 1, 2019, the Company adopted new guidance on the recognition, measurement, presentation and disclosure of leases (commonly referred to as "ASC 842" or the "new lease standard"). The new lease standard requires lessees to recognize a lease liability, initially measured at the present value of the lease payments for all leases, and a corresponding right-of-use ("ROU") asset. The accounting for lessors remained largely unchanged from previous guidance. Due to the recognition of the lease liability and a corresponding ROU asset, the new lease standard had a material impact on the Company's condensed consolidated balance sheet. Additionally, certain amounts related to our lessee arrangements that were previously reported separately have been de-recognized and reclassified into "Operating lease right-of-use assets" on the Company's condensed consolidated balance sheet. These amounts include (1) the Company's liability related to straight-line expense, formerly referred to as "Deferred ground lease payable" and previously included in "Other accrued liabilities" and "Other long-term liabilities," (2) prepaid rent expense previously included in "Prepaid expenses" and "Long-term prepaid rent and other assets, net," (3) below market leases previously included in "Other intangible assets, net," and (4) above market leases previously included in "Other long-term liabilities." Notwithstanding the material impact to the Company's condensed consolidated balance sheet, the Company's adoption of the new lease standard did not have a material impact on the Company's condensed consolidated statement of operations or statement of cash flows. Additionally, the adoption of this guidance had no impact on the Company's operating practices, cash flows, contractual arrangements, or debt agreements (including compliance with any applicable covenants). Lease Accounting — General. The Company adopted the new lease standard using a modified retrospective approach as of the effective date (i.e., January 1, 2019), without adjusting the comparative periods. The Company's adoption of the new lease standard did not result in a cumulative-effect adjustment being recognized to the opening balance of retained earnings. The new lease standard provides a package of practical expedients, whereby companies can elect not to reassess (if applicable), (1) whether existing contracts contain leases under the new definition of a lease, (2) lease classification for expired or existing leases and (3) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. The Company elected the package of practical expedients upon adoption. The Company evaluates whether a contract meets the definition of a lease whenever a contract grants a party the right to control the use of an identified asset for a period of time in exchange for consideration. To the extent the identified asset is able to be shared among multiple parties, the Company has determined that one party does not have control of the identified asset and the contract is not considered a lease. The Company accounts for contracts that do not meet the definition of a lease under other relevant accounting guidance (such as ASC 606 for revenue from contracts with customers). Lease Accounting — Lessee. For its Tower segment, the Company's lessee arrangements primarily consist of ground leases for land under towers. Ground leases for land are specific to each site, generally contain an initial term of five to 10 years and are renewable (and cancelable after a notice period) at the Company's option. The Company also enters into term easements and ground leases in which it prepays the entire term. For its Fiber segment, the Company's lessee arrangements primarily include leases of fiber assets to support the Company's small cells and fiber solutions. The majority of the Company's lease agreements have certain termination rights that provide for cancellation after a notice period and multiple renewal options at the Company's option. The Company includes renewal option periods in its calculation of the estimated lease term when it determines the options are reasonably certain to be exercised. When such renewal options are deemed to be reasonably certain, the estimated lease term determined under ASC 842 will be greater than the non-cancelable term of the contractual arrangement. Although certain renewal periods are included in the estimated lease term, the Company would have the ability to terminate or elect to not renew a particular lease if business conditions warrant such a decision. The Company classifies its lessee arrangements at inception as either operating leases or finance leases. A lease is classified as a finance lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if none of the five criteria described above for finance lease classification is met. ROU assets associated with operating leases are included in "Operating lease right-of-use assets" on the Company's condensed consolidated balance sheet. Current and long-term portions of lease liabilities related to operating leases are included in "Current portion of operating lease liabilities" and "Operating lease liabilities" on the Company's condensed consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's present value of its future lease payments. In assessing its leases and determining its lease liability at lease commencement or upon modification, the Company was not able to readily determine the rate implicit for its lessee arrangements, and thus has used its incremental borrowing rate on a collateralized basis to determine the present value of the lease payments. The Company's ROU assets are measured as the balance of the lease liability plus any prepaid or accrued lease payments and any unamortized initial direct costs. For both the Towers and Fiber segments, operating lease expenses are recognized on a ratable basis, regardless of whether the payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. Certain of the Company's ground lease and fiber lease agreements contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI). If the payment terms include fixed escalator provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line expense over the contract's estimated lease term, including any renewal option periods that the Company deems reasonably certain to be exercised. Lease agreements may also contain provisions for a contingent payment based on (1) the revenues derived from the communications infrastructure located on the leased asset, (2) the change in CPI or (3) the usage of the leased asset. The Company's contingent payments are considered variable lease payments and are (1) not included in the initial measurement of the ROU asset or lease liability due to the uncertainty of the payment amount and (2) recorded as expense in the period such contingencies are resolved. ROU assets associated with finance leases are included in "Property and equipment, net" on the Company's condensed consolidated balance sheet. Lease liabilities associated with finance leases are included in "Current maturities of debt and other obligations" and "Debt and other long-term obligations" on the Company's condensed consolidated balance sheet. For both its Towers and Fiber segments, the Company measures the lease liability for finance leases using the effective interest method. The initial lease liability is increased to reflect interest on the liability and decreased to reflect payments made during the period. Interest on the lease liability is determined each period during the lease term as the amount that results in a constant periodic discount rate on the remaining balance of the liability. The Company measures ROU assets for finance leases on a ratable basis over the applicable lease term. Lease Accounting — Lessor. The Company's lessor arrangements primarily include contracts for dedicated space (including dedicated fiber) on its shared communications infrastructure. The Company classifies its leases at inception as operating, direct financing or sales-type leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Furthermore, when none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the of the sum of the lease payments and any residual value guaranteed by the lessee, that is not already reflected in the lease payments, equals or exceeds the fair value of the underlying asset and (2) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. Currently, the Company classifies all of its lessor arrangements as operating leases. Site rental revenues from the Company’s lessor arrangements are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant contract, 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 change in CPI). If the payment terms call for fixed elements, such as fixed escalations, upfront payments, or rent-free periods, the rental revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line site rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions. Certain of the Company's arrangements with tenants in its Fiber segment contain both lease and non-lease components. In such circumstances, the Company has determined (1) the timing and pattern of transfer for the lease and non-lease component are the same, and (2) the stand-alone lease component would be classified as an operating lease. As such, the Company has aggregated certain non-lease components with lease components and has determined that the lease components (generally dedicated fiber) represent the predominant component of the arrangement. See notes 3 and 9 for further information. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Revenues (Notes)
Revenues (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
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 tenants 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, ratable basis over the fixed, non-cancelable term of the relevant contract, which generally ranges from five to 15 years for wireless tenants and three to 20 years related to the Company's fiber solutions tenants (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 (1) 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), (2) multiple renewal periods at the tenant's option, and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalations, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues include current amounts of $107 million included in "Other current assets" and non-current amounts of $1.4 billion included in "Deferred site rental receivables" as of September 30, 2019 . 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. Services and other revenues As part of the Company’s effort to provide comprehensive communications infrastructure solutions, the Company offers certain services, primarily relating to its towers and small cells, predominately consisting of (1) site development services and (2) installation services. Upon contract commencement, the Company assesses its services to tenants and identifies performance obligations for each promise to provide a distinct service. The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of the above performance obligations, service 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 tenant. 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. 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. Payments generally are due within 45 to 60 days and generally do not contain variable-consideration provisions. The Company has one performance obligation for installation services, which is satisfied at the time of the respective installation or augmentation. Since performance obligations are typically satisfied prior to receiving payment from tenants, 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 services relates to the Company's Towers segment, and generally have a duration of one year or less. Additional information on revenues As of both January 1, 2019 and September 30, 2019 , $2.3 billion of unrecognized revenue was reported in "Deferred revenues" and "Other long-term liabilities" on our condensed consolidated balance sheet. During the nine months ended September 30, 2019 , approximately $320 million of the January 1, 2019 unrecognized revenue balance was recognized as revenue. During the nine months ended September 30, 2018 , approximately $310 million of the January 1, 2018 unrecognized revenue balance was recognized as revenue. The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to site rental contracts in effect as of September 30, 2019 . Three Months Ending December 31, Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Contracted amounts (a) $ 1,119 $ 4,085 $ 3,889 $ 3,659 $ 3,051 $ 8,655 $ 24,458 (a) Based on the nature of the contract, site rental contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to 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 and note 9 for further discussion regarding the Company's lessor arrangements. |
Debt and Other Obligations
Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of September 30, 2019 . Original Issue Date Contractual Maturity Date (a) Balance as of September 30, 2019 Balance as of December 31, 2018 Stated Interest Rate as of September 30, 2019 (a) Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 $ — $ 12 N/A 3.849% Secured Notes Dec. 2012 Apr. 2023 995 994 3.9 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 69 70 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b) 298 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b) 248 247 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 694 693 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b) 742 742 4.2 % Finance leases and other obligations Various Various (c) 233 227 Various Total secured debt $ 3,279 3,283 2016 Revolver Jan. 2016 June 2024 (h) $ 390 (d) $ 1,075 3.1 % (e) 2016 Term Loan A Jan. 2016 June 2024 (h) 2,325 2,354 3.2 % (e) 2019 Commercial Paper Notes N/A (g) N/A (g) — — N/A 3.400% Senior Notes Feb./May 2016 Feb. 2021 850 850 3.4 % 2.250% Senior Notes Sept. 2016 Sept. 2021 698 697 2.3 % 4.875% Senior Notes Apr. 2014 Apr. 2022 845 844 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,643 1,641 5.3 % 3.150% Senior Notes Jan. 2018 July 2023 744 742 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 744 743 3.2 % 4.450% Senior Notes Feb. 2016 Feb. 2026 893 892 4.5 % 3.700% Senior Notes May 2016 June 2026 744 744 3.7 % 4.000% Senior Notes Feb. 2017 Mar. 2027 495 494 4.0 % 3.650% Senior Notes Aug. 2017 Sept. 2027 993 992 3.7 % 3.800% Senior Notes Jan. 2018 Feb. 2028 989 988 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 (f) 592 — 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 (i) 543 — 3.1 % 4.750% Senior Notes May 2017 May 2047 343 343 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 (f) 395 — 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 (i) 345 — 4.0 % Total unsecured debt $ 14,571 $ 13,399 Total debt and other obligations 17,850 16,682 Less: current maturities and short-term debt and other current obligations 100 107 Non-current portion of long-term debt and other long-term obligations $ 17,750 $ 16,575 (a) See the 2018 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) If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2019, the Tower Revenue Notes have principal amounts of $300 million , $250 million , $700 million and $750 million , with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . (d) As of September 30, 2019 , the undrawn availability under the 2016 Revolver was $4.6 billion . (e) Both the 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750% , based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f) In February 2019 , the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate principal amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principal amount of 5.200% senior unsecured notes due February 2049 . The Company used the net proceeds of the February 2019 Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver. (g) In April 2019, the Company established an unsecured commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes. Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of commercial paper notes ("2019 Commercial Paper Notes") outstanding under the CP Program at any time not to exceed $1.0 billion . The net proceeds of the 2019 Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The 2019 Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of September 30, 2019, there were no outstanding 2019 Commercial Paper Notes. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of 2019 Commercial Paper Notes outstanding. While any outstanding commercial paper issuances generally have short-term maturities, the Company classifies the outstanding issuances as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h) In June 2019, 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 $5.0 billion , and (2) extend the maturity of the Credit Facility from June 2023 to June 2024. (i) In August 2019, the Company issued $900 million aggregate principal amount of senior unsecured notes ("August 2019 Senior Notes"), which consisted of (1) $550 million aggregate principal amount of 3.100% senior unsecured notes due November 2029 and (2) $350 million aggregate principal amount of 4.000% senior unsecured notes due November 2049. The Company used the net proceeds of the August 2019 Senior Notes offering to repay outstanding borrowings under the 2016 Revolver and CP Program. 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, 2019 . 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 2019 2020 2021 2022 2023 Thereafter Total Cash Obligations Scheduled contractual maturities $ 28 $ 99 $ 1,674 $ 998 $ 3,603 $ 11,566 $ 17,968 $ (118 ) $ 17,850 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, 2019 2018 2019 2018 Interest expense on debt obligations $ 173 $ 158 $ 509 $ 473 Amortization of deferred financing costs and adjustments on long-term debt 5 5 15 16 Other, net of capitalized interest (5 ) (3 ) (14 ) (11 ) Total $ 173 $ 160 $ 510 $ 478 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 182 $ 182 $ 277 $ 277 Restricted cash, current and non-current 1 143 143 136 136 Liabilities: Total debt and other obligations 2 17,850 18,908 16,682 16,562 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. Since December 31, 2018 , there have been no changes in the Company's valuation techniques used to measure fair values. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [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, 2019 and 2018 , 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, 2019 | |
Earnings Per Share [Abstract] | |
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, 2019 and 2018 , 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 determined under the if-converted method. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to CCIC stockholders $ 272 $ 164 $ 729 $ 458 Dividends on preferred stock (28 ) (28 ) (85 ) (85 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 244 $ 136 $ 644 $ 373 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 416 415 416 413 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 2 1 2 1 Diluted weighted-average number of common shares outstanding 418 416 418 414 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.59 $ 0.33 $ 1.55 $ 0.90 Diluted $ 0.58 $ 0.33 $ 1.54 $ 0.90 Dividends/distributions declared per share of common stock $ 1.125 $ 1.05 $ 3.375 $ 3.15 Dividends/distributions declared per share of preferred stock $ 17.1875 $ 17.1875 $ 51.5625 $ 51.5625 During the nine months ended September 30, 2019 , the Company granted one million restricted stock units. For both the three and nine months ended September 30, 2019 , 14 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, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
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 condensed 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 53% of the Company's towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Other Matter In September 2019, the Company received a subpoena from the SEC requesting certain documents from 2015 through the present, primarily related to the Company's long-standing capitalization and expense policies for tenant upgrades and installations in its services business. Prior to receiving this subpoena, the Company previously provided information to the SEC related to certain services-related transactions. The Company is cooperating fully with the SEC's investigation and cannot predict the ultimate timing, scope or outcome of this matter. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The following information is presented with respect to the Company's contracts that are subject to the new lease accounting standard and is exclusive of those contracts outside the scope of that standard. Lessor Tenant Leases See note 3 for further information regarding the contractual amounts owed to the Company pursuant to site rental contracts in effect as of September 30, 2019 and other information. Lessee Operating Leases The components of the Company's operating lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Lease cost: Operating lease expense (a) $ 163 $ 485 Variable lease expense (b) 33 98 Total lease expense (c) $ 196 $ 583 (a) Represents the Company's operating lease expense related to its ROU assets for both the three and nine months ended September 30, 2019 . (b) Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) for both the three and nine months ended September 30, 2019 . Such contingencies are recognized as expense in the period they are resolved. (c) Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842. Lessee Finance Leases The vast majority of the Company's finance leases are related to the towers subject to prepaid master lease agreements with AT&T, Sprint and T-Mobile and are recorded as "Property and equipment, net" on the condensed consolidated balance sheet. See note 1 for further discussion of the Company's prepaid master lease agreements and note 2 for further information regarding the Company's adoption method of the new lease standard. Finance leases and associated leasehold improvements related to gross property and equipment and accumulated depreciation were $4.4 billion and $2.1 billion , respectively, as of September 30, 2019 . For the three and nine months ended September 30, 2019 , the Company recorded $55 million and $163 million , respectively, to "Depreciation, amortization and accretion" related to finance leases. Other Lessee Information As of September 30, 2019 , the Company's weighted-average remaining lease term and weighted-average discount rate for operating leases were 17 years and 4.4% , respectively. The following table is a summary of the Company's maturities of operating lease liabilities as of September 30, 2019 : Three Months Ending December 31, Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total undiscounted lease payments Less: Imputed interest Total operating lease liabilities Operating leases (a) $ 133 $ 534 $ 528 $ 524 $ 520 $ 6,394 $ 8,633 $ (2,857 ) $ 5,776 (a) Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved. Comparative Information from 2018 Form 10-K The Company adopted ASC 842 using a modified retrospective approach as of the effective date, without adjusting the comparative periods and therefore, as required by ASC 842, has included the following comparative information from note 14 to the consolidated financial statements in its 2018 Form 10-K. The operating lease payments included in the table below include payments for certain renewal periods at the Company's option that are deemed reasonably assured to be exercised and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 640 $ 631 $ 628 $ 623 $ 619 $ 8,054 $ 11,195 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity Declaration and Payment of Dividends During the nine months ended September 30, 2019 , the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 21, 2019 March 15, 2019 March 29, 2019 $ 1.125 $ 471 (a) Common Stock May 16, 2019 June 14, 2019 June 28, 2019 $ 1.125 $ 471 (a) Common Stock August 8, 2019 September 13, 2019 September 30, 2019 $ 1.125 $ 472 (a) 6.875% Mandatory Convertible Preferred Stock December 11, 2018 January 15, 2019 February 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 19, 2019 April 15, 2019 May 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 17, 2019 July 15, 2019 August 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock September 18, 2019 October 15, 2019 November 1, 2019 $ 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. Purchases of the Company's Common Stock For the nine months ended September 30, 2019 , the Company purchased 0.4 million shares of its common stock utilizing $44 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of restricted stock units. 2018 "At-the-Market" Stock Offering Program In April 2018, the Company established an "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2018 ATM Program"). 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 (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2018 ATM Program. See also note 13. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Company's operating segments consist of (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 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 75,000 route miles of fiber primarily supporting small cell networks and fiber solutions geographically dispersed throughout the U.S. The measurements of profit or loss used by the Company's chief operating decision maker to evaluate the performance of its operating segments are (1) segment site rental gross margin, (2) segment 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 services and other gross margin as segment services and other revenues less segment 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 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. The following tables set forth the Company's segment operating results for the three and nine months ended September 30, 2019 , and the respective comparative periods. Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. Additionally, certain costs are shared across segments and are reflected in the Company's segment measures through allocations that management believes to be reasonable. 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, 2019 Three Months Ended September 30, 2018 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 829 $ 431 $ 1,260 $ 782 $ 402 $ 1,184 Segment services and other revenues 250 4 254 189 2 191 Segment revenues 1,079 435 1,514 971 404 1,375 Segment site rental cost of operations 218 141 359 215 131 346 Segment services and other cost of operations 143 2 145 115 1 116 Segment cost of operations (a)(b) 361 143 504 330 132 462 Segment site rental gross margin 611 290 901 567 271 838 Segment services and other gross margin 107 2 109 74 1 75 Segment selling, general and administrative expenses (b) 23 49 72 28 45 73 Segment operating profit (loss) 695 243 938 613 227 840 Other selling, general and administrative expenses $ 56 56 $ 47 47 Stock-based compensation expense 29 29 32 32 Depreciation, amortization and accretion 389 389 385 385 Interest expense and amortization of deferred financing costs 173 173 160 160 Other (income) expenses to reconcile to income (loss) before income taxes (c) 14 14 47 47 Income (loss) before income taxes $ 277 $ 169 Capital expenditures $ 146 $ 382 $ 12 $ 540 $ 123 $ 348 $ 7 $ 478 Total assets (at period end) $ 22,101 $ 15,565 $ 678 $ 38,344 $ 17,694 $ 14,326 $ 624 $ 32,644 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation of $7 million for both of the three months ended September 30, 2019 and 2018, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $22 million and $25 million for the three months ended September 30, 2019 and 2018, respectively. (c) See condensed consolidated statement of operations for further information. Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,451 $ 1,267 $ 3,718 $ 2,318 $ 1,189 $ 3,507 Segment services and other revenues 689 11 700 489 8 497 Segment revenues 3,140 1,278 4,418 2,807 1,197 4,004 Segment site rental cost of operations 647 418 1,065 641 388 1,029 Segment services and other cost of operations 398 6 404 292 6 298 Segment cost of operations (a)(b) 1,045 424 1,469 933 394 1,327 Segment site rental gross margin 1,804 849 2,653 1,677 801 2,478 Segment services and other gross margin 291 5 296 197 2 199 Segment selling, general and administrative expenses (b) 73 147 220 81 131 212 Segment operating profit (loss) 2,022 707 2,729 1,793 672 2,465 Other selling, general and administrative expenses $ 168 168 $ 141 141 Stock-based compensation expense 90 90 84 84 Depreciation, amortization and accretion 1,176 1,176 1,138 1,138 Interest expense and amortization of deferred financing costs 510 510 478 478 Other (income) expenses to reconcile to income (loss) before income taxes (c) 41 41 153 153 Income (loss) before income taxes $ 744 $ 471 Capital expenditures $ 403 $ 1,108 $ 27 $ 1,538 $ 318 $ 900 $ 23 $ 1,241 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $21 million and $19 million for the nine months ended September 30, 2019 and 2018, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $69 million and $65 million for the nine months ended September 30, 2019 and 2018, respectively. (c) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table is a summary of the Company's supplemental cash flow information: Nine Months Ended September 30, 2019 2018 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 409 $ — Interest paid 547 503 Income taxes paid 13 15 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 327 — Increase (decrease) in accounts payable for purchases of property and equipment 17 25 Purchase of property and equipment under finance leases and installment purchases 28 28 (a) Excludes the Company's contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. 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, 2019 December 31, 2018 Cash and cash equivalents $ 182 $ 277 Restricted cash, current 138 131 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 Cash, cash equivalents and restricted cash $ 325 $ 413 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Sep. 30, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events Common Stock Dividend On October 14, 2019, the Company's board of directors declared a quarterly cash dividend of $1.20 per common share. The quarterly dividend will be payable on December 31, 2019, to common stockholders of record as of December 13, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements Lease Accounting — Summary of Adoption Impact. Effective January 1, 2019, the Company adopted new guidance on the recognition, measurement, presentation and disclosure of leases (commonly referred to as "ASC 842" or the "new lease standard"). The new lease standard requires lessees to recognize a lease liability, initially measured at the present value of the lease payments for all leases, and a corresponding right-of-use ("ROU") asset. The accounting for lessors remained largely unchanged from previous guidance. Due to the recognition of the lease liability and a corresponding ROU asset, the new lease standard had a material impact on the Company's condensed consolidated balance sheet. Additionally, certain amounts related to our lessee arrangements that were previously reported separately have been de-recognized and reclassified into "Operating lease right-of-use assets" on the Company's condensed consolidated balance sheet. These amounts include (1) the Company's liability related to straight-line expense, formerly referred to as "Deferred ground lease payable" and previously included in "Other accrued liabilities" and "Other long-term liabilities," (2) prepaid rent expense previously included in "Prepaid expenses" and "Long-term prepaid rent and other assets, net," (3) below market leases previously included in "Other intangible assets, net," and (4) above market leases previously included in "Other long-term liabilities." Notwithstanding the material impact to the Company's condensed consolidated balance sheet, the Company's adoption of the new lease standard did not have a material impact on the Company's condensed consolidated statement of operations or statement of cash flows. Additionally, the adoption of this guidance had no impact on the Company's operating practices, cash flows, contractual arrangements, or debt agreements (including compliance with any applicable covenants). Lease Accounting — General. The Company adopted the new lease standard using a modified retrospective approach as of the effective date (i.e., January 1, 2019), without adjusting the comparative periods. The Company's adoption of the new lease standard did not result in a cumulative-effect adjustment being recognized to the opening balance of retained earnings. The new lease standard provides a package of practical expedients, whereby companies can elect not to reassess (if applicable), (1) whether existing contracts contain leases under the new definition of a lease, (2) lease classification for expired or existing leases and (3) whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. The Company elected the package of practical expedients upon adoption. The Company evaluates whether a contract meets the definition of a lease whenever a contract grants a party the right to control the use of an identified asset for a period of time in exchange for consideration. To the extent the identified asset is able to be shared among multiple parties, the Company has determined that one party does not have control of the identified asset and the contract is not considered a lease. The Company accounts for contracts that do not meet the definition of a lease under other relevant accounting guidance (such as ASC 606 for revenue from contracts with customers). Lease Accounting — Lessee. For its Tower segment, the Company's lessee arrangements primarily consist of ground leases for land under towers. Ground leases for land are specific to each site, generally contain an initial term of five to 10 years and are renewable (and cancelable after a notice period) at the Company's option. The Company also enters into term easements and ground leases in which it prepays the entire term. For its Fiber segment, the Company's lessee arrangements primarily include leases of fiber assets to support the Company's small cells and fiber solutions. The majority of the Company's lease agreements have certain termination rights that provide for cancellation after a notice period and multiple renewal options at the Company's option. The Company includes renewal option periods in its calculation of the estimated lease term when it determines the options are reasonably certain to be exercised. When such renewal options are deemed to be reasonably certain, the estimated lease term determined under ASC 842 will be greater than the non-cancelable term of the contractual arrangement. Although certain renewal periods are included in the estimated lease term, the Company would have the ability to terminate or elect to not renew a particular lease if business conditions warrant such a decision. The Company classifies its lessee arrangements at inception as either operating leases or finance leases. A lease is classified as a finance lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if none of the five criteria described above for finance lease classification is met. ROU assets associated with operating leases are included in "Operating lease right-of-use assets" on the Company's condensed consolidated balance sheet. Current and long-term portions of lease liabilities related to operating leases are included in "Current portion of operating lease liabilities" and "Operating lease liabilities" on the Company's condensed consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's present value of its future lease payments. In assessing its leases and determining its lease liability at lease commencement or upon modification, the Company was not able to readily determine the rate implicit for its lessee arrangements, and thus has used its incremental borrowing rate on a collateralized basis to determine the present value of the lease payments. The Company's ROU assets are measured as the balance of the lease liability plus any prepaid or accrued lease payments and any unamortized initial direct costs. For both the Towers and Fiber segments, operating lease expenses are recognized on a ratable basis, regardless of whether the payment terms require the Company to make payments annually, quarterly, monthly, or for the entire term in advance. Certain of the Company's ground lease and fiber lease agreements contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI). If the payment terms include fixed escalator provisions, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line expense over the contract's estimated lease term, including any renewal option periods that the Company deems reasonably certain to be exercised. Lease agreements may also contain provisions for a contingent payment based on (1) the revenues derived from the communications infrastructure located on the leased asset, (2) the change in CPI or (3) the usage of the leased asset. The Company's contingent payments are considered variable lease payments and are (1) not included in the initial measurement of the ROU asset or lease liability due to the uncertainty of the payment amount and (2) recorded as expense in the period such contingencies are resolved. ROU assets associated with finance leases are included in "Property and equipment, net" on the Company's condensed consolidated balance sheet. Lease liabilities associated with finance leases are included in "Current maturities of debt and other obligations" and "Debt and other long-term obligations" on the Company's condensed consolidated balance sheet. For both its Towers and Fiber segments, the Company measures the lease liability for finance leases using the effective interest method. The initial lease liability is increased to reflect interest on the liability and decreased to reflect payments made during the period. Interest on the lease liability is determined each period during the lease term as the amount that results in a constant periodic discount rate on the remaining balance of the liability. The Company measures ROU assets for finance leases on a ratable basis over the applicable lease term. Lease Accounting — Lessor. The Company's lessor arrangements primarily include contracts for dedicated space (including dedicated fiber) on its shared communications infrastructure. The Company classifies its leases at inception as operating, direct financing or sales-type leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Furthermore, when none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the of the sum of the lease payments and any residual value guaranteed by the lessee, that is not already reflected in the lease payments, equals or exceeds the fair value of the underlying asset and (2) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. Currently, the Company classifies all of its lessor arrangements as operating leases. Site rental revenues from the Company’s lessor arrangements are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant contract, 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 change in CPI). If the payment terms call for fixed elements, such as fixed escalations, upfront payments, or rent-free periods, the rental revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line site rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions. Certain of the Company's arrangements with tenants in its Fiber segment contain both lease and non-lease components. In such circumstances, the Company has determined (1) the timing and pattern of transfer for the lease and non-lease component are the same, and (2) the stand-alone lease component would be classified as an operating lease. As such, the Company has aggregated certain non-lease components with lease components and has determined that the lease components (generally dedicated fiber) represent the predominant component of the arrangement. See notes 3 and 9 for further information. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contractual Revenue | The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to site rental contracts in effect as of September 30, 2019 . Three Months Ending December 31, Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Contracted amounts (a) $ 1,119 $ 4,085 $ 3,889 $ 3,659 $ 3,051 $ 8,655 $ 24,458 (a) Based on the nature of the contract, site rental contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to 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, 2019 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | The table below sets forth the Company's debt and other obligations as of September 30, 2019 . Original Issue Date Contractual Maturity Date (a) Balance as of September 30, 2019 Balance as of December 31, 2018 Stated Interest Rate as of September 30, 2019 (a) Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 $ — $ 12 N/A 3.849% Secured Notes Dec. 2012 Apr. 2023 995 994 3.9 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 69 70 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b) 298 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b) 248 247 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 694 693 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b) 742 742 4.2 % Finance leases and other obligations Various Various (c) 233 227 Various Total secured debt $ 3,279 3,283 2016 Revolver Jan. 2016 June 2024 (h) $ 390 (d) $ 1,075 3.1 % (e) 2016 Term Loan A Jan. 2016 June 2024 (h) 2,325 2,354 3.2 % (e) 2019 Commercial Paper Notes N/A (g) N/A (g) — — N/A 3.400% Senior Notes Feb./May 2016 Feb. 2021 850 850 3.4 % 2.250% Senior Notes Sept. 2016 Sept. 2021 698 697 2.3 % 4.875% Senior Notes Apr. 2014 Apr. 2022 845 844 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,643 1,641 5.3 % 3.150% Senior Notes Jan. 2018 July 2023 744 742 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 744 743 3.2 % 4.450% Senior Notes Feb. 2016 Feb. 2026 893 892 4.5 % 3.700% Senior Notes May 2016 June 2026 744 744 3.7 % 4.000% Senior Notes Feb. 2017 Mar. 2027 495 494 4.0 % 3.650% Senior Notes Aug. 2017 Sept. 2027 993 992 3.7 % 3.800% Senior Notes Jan. 2018 Feb. 2028 989 988 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 (f) 592 — 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 (i) 543 — 3.1 % 4.750% Senior Notes May 2017 May 2047 343 343 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 (f) 395 — 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 (i) 345 — 4.0 % Total unsecured debt $ 14,571 $ 13,399 Total debt and other obligations 17,850 16,682 Less: current maturities and short-term debt and other current obligations 100 107 Non-current portion of long-term debt and other long-term obligations $ 17,750 $ 16,575 (a) See the 2018 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) If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2019, the Tower Revenue Notes have principal amounts of $300 million , $250 million , $700 million and $750 million , with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . (d) As of September 30, 2019 , the undrawn availability under the 2016 Revolver was $4.6 billion . (e) Both the 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750% , based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f) In February 2019 , the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate principal amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principal amount of 5.200% senior unsecured notes due February 2049 . The Company used the net proceeds of the February 2019 Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver. (g) In April 2019, the Company established an unsecured commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes. Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of commercial paper notes ("2019 Commercial Paper Notes") outstanding under the CP Program at any time not to exceed $1.0 billion . The net proceeds of the 2019 Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The 2019 Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of September 30, 2019, there were no outstanding 2019 Commercial Paper Notes. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of 2019 Commercial Paper Notes outstanding. While any outstanding commercial paper issuances generally have short-term maturities, the Company classifies the outstanding issuances as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h) In June 2019, 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 $5.0 billion , and (2) extend the maturity of the Credit Facility from June 2023 to June 2024. (i) In August 2019, the Company issued $900 million aggregate principal amount of senior unsecured notes ("August 2019 Senior Notes"), which consisted of (1) $550 million aggregate principal amount of 3.100% senior unsecured notes due November 2029 and (2) $350 million aggregate principal amount of 4.000% senior unsecured notes due November 2049. The Company used the net proceeds of the August 2019 Senior Notes offering to repay outstanding borrowings under the 2016 Revolver and CP Program. |
Schedule of Maturities of Long-term Debt | Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2019 . 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 2019 2020 2021 2022 2023 Thereafter Total Cash Obligations Scheduled contractual maturities $ 28 $ 99 $ 1,674 $ 998 $ 3,603 $ 11,566 $ 17,968 $ (118 ) $ 17,850 |
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Interest expense on debt obligations $ 173 $ 158 $ 509 $ 473 Amortization of deferred financing costs and adjustments on long-term debt 5 5 15 16 Other, net of capitalized interest (5 ) (3 ) (14 ) (11 ) Total $ 173 $ 160 $ 510 $ 478 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 182 $ 182 $ 277 $ 277 Restricted cash, current and non-current 1 143 143 136 136 Liabilities: Total debt and other obligations 2 17,850 18,908 16,682 16,562 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income (loss) attributable to CCIC stockholders $ 272 $ 164 $ 729 $ 458 Dividends on preferred stock (28 ) (28 ) (85 ) (85 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 244 $ 136 $ 644 $ 373 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 416 415 416 413 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 2 1 2 1 Diluted weighted-average number of common shares outstanding 418 416 418 414 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.59 $ 0.33 $ 1.55 $ 0.90 Diluted $ 0.58 $ 0.33 $ 1.54 $ 0.90 Dividends/distributions declared per share of common stock $ 1.125 $ 1.05 $ 3.375 $ 3.15 Dividends/distributions declared per share of preferred stock $ 17.1875 $ 17.1875 $ 51.5625 $ 51.5625 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | Lessee Operating Leases The components of the Company's operating lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 Lease cost: Operating lease expense (a) $ 163 $ 485 Variable lease expense (b) 33 98 Total lease expense (c) $ 196 $ 583 (a) Represents the Company's operating lease expense related to its ROU assets for both the three and nine months ended September 30, 2019 . (b) Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) for both the three and nine months ended September 30, 2019 . Such contingencies are recognized as expense in the period they are resolved. (c) Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842. |
Lease Maturities (5 year table) | The following table is a summary of the Company's maturities of operating lease liabilities as of September 30, 2019 : Three Months Ending December 31, Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total undiscounted lease payments Less: Imputed interest Total operating lease liabilities Operating leases (a) $ 133 $ 534 $ 528 $ 524 $ 520 $ 6,394 $ 8,633 $ (2,857 ) $ 5,776 (a) Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved. |
Schedule of Rent Expense | The operating lease payments included in the table below include payments for certain renewal periods at the Company's option that are deemed reasonably assured to be exercised and an estimate of contingent payments based on revenues and gross margins derived from existing tenant leases. Years Ending December 31, 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 640 $ 631 $ 628 $ 623 $ 619 $ 8,054 $ 11,195 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Dividends [Abstract] | |
Dividends Declared | Declaration and Payment of Dividends During the nine months ended September 30, 2019 , the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 21, 2019 March 15, 2019 March 29, 2019 $ 1.125 $ 471 (a) Common Stock May 16, 2019 June 14, 2019 June 28, 2019 $ 1.125 $ 471 (a) Common Stock August 8, 2019 September 13, 2019 September 30, 2019 $ 1.125 $ 472 (a) 6.875% Mandatory Convertible Preferred Stock December 11, 2018 January 15, 2019 February 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 19, 2019 April 15, 2019 May 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 17, 2019 July 15, 2019 August 1, 2019 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock September 18, 2019 October 15, 2019 November 1, 2019 $ 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, 2019 | Sep. 30, 2019 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment | Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 829 $ 431 $ 1,260 $ 782 $ 402 $ 1,184 Segment services and other revenues 250 4 254 189 2 191 Segment revenues 1,079 435 1,514 971 404 1,375 Segment site rental cost of operations 218 141 359 215 131 346 Segment services and other cost of operations 143 2 145 115 1 116 Segment cost of operations (a)(b) 361 143 504 330 132 462 Segment site rental gross margin 611 290 901 567 271 838 Segment services and other gross margin 107 2 109 74 1 75 Segment selling, general and administrative expenses (b) 23 49 72 28 45 73 Segment operating profit (loss) 695 243 938 613 227 840 Other selling, general and administrative expenses $ 56 56 $ 47 47 Stock-based compensation expense 29 29 32 32 Depreciation, amortization and accretion 389 389 385 385 Interest expense and amortization of deferred financing costs 173 173 160 160 Other (income) expenses to reconcile to income (loss) before income taxes (c) 14 14 47 47 Income (loss) before income taxes $ 277 $ 169 Capital expenditures $ 146 $ 382 $ 12 $ 540 $ 123 $ 348 $ 7 $ 478 Total assets (at period end) $ 22,101 $ 15,565 $ 678 $ 38,344 $ 17,694 $ 14,326 $ 624 $ 32,644 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation of $7 million for both of the three months ended September 30, 2019 and 2018, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $22 million and $25 million for the three months ended September 30, 2019 and 2018, respectively. (c) | Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,451 $ 1,267 $ 3,718 $ 2,318 $ 1,189 $ 3,507 Segment services and other revenues 689 11 700 489 8 497 Segment revenues 3,140 1,278 4,418 2,807 1,197 4,004 Segment site rental cost of operations 647 418 1,065 641 388 1,029 Segment services and other cost of operations 398 6 404 292 6 298 Segment cost of operations (a)(b) 1,045 424 1,469 933 394 1,327 Segment site rental gross margin 1,804 849 2,653 1,677 801 2,478 Segment services and other gross margin 291 5 296 197 2 199 Segment selling, general and administrative expenses (b) 73 147 220 81 131 212 Segment operating profit (loss) 2,022 707 2,729 1,793 672 2,465 Other selling, general and administrative expenses $ 168 168 $ 141 141 Stock-based compensation expense 90 90 84 84 Depreciation, amortization and accretion 1,176 1,176 1,138 1,138 Interest expense and amortization of deferred financing costs 510 510 478 478 Other (income) expenses to reconcile to income (loss) before income taxes (c) 41 41 153 153 Income (loss) before income taxes $ 744 $ 471 Capital expenditures $ 403 $ 1,108 $ 27 $ 1,538 $ 318 $ 900 $ 23 $ 1,241 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $21 million and $19 million for the nine months ended September 30, 2019 and 2018, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $69 million and $65 million for the nine months ended September 30, 2019 and 2018, respectively. (c) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | The following table is a summary of the Company's supplemental cash flow information: Nine Months Ended September 30, 2019 2018 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 409 $ — Interest paid 547 503 Income taxes paid 13 15 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 327 — Increase (decrease) in accounts payable for purchases of property and equipment 17 25 Purchase of property and equipment under finance leases and installment purchases 28 28 (a) Excludes the Company's contingent payment pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Schedule of Cash, Cash Equivalents and Restricted Cash | 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, 2019 December 31, 2018 Cash and cash equivalents $ 182 $ 277 Restricted cash, current 138 131 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 Cash, cash equivalents and restricted cash $ 325 $ 413 |
General Business (Details)
General Business (Details) | Sep. 30, 2019 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Minimum [Member] | |
Ground Lease Agreement Term | five years |
Maximum [Member] | |
Ground Lease Agreement Term | 10 years |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants | five to 15 years | ||
Revenue Recognition for Fiber Solutions Tenants | three to 20 years | ||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,300 | ||
Revenue Recognized on Deferred Revenues | 320 | $ 310 | |
Contracted Amounts Receivable from Customers, remaining three months | [1] | 1,119 | |
Contracted Amounts Receivable from Customers, in Two Years | [1] | 4,085 | |
Contracted Amounts Receivable from Customers, in Three Years | [1] | 3,889 | |
Contracted Amounts Receivable from Customers, in Four Years | [1] | 3,659 | |
Contracted Amounts Receivable from Customers, in Five Years | [1] | 3,051 | |
Contracted Amounts Receivable from Customers, Thereafter | [1] | 8,655 | |
Contracted Amounts Receivable from Customers, Total | [1] | 24,458 | |
Deferred Revenue [Domain] | |||
Deferred Revenue | 1,400 | ||
Other Current Assets [Member] | |||
Deferred Revenue | $ 107 | ||
[1] | Based on the nature of the contract, site rental contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to 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 | ||||
Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||
Debt Instrument [Line Items] | ||||||
Debt and Finance Lease Obligations | $ 17,850 | $ 16,682 | ||||
Less: current maturities and short-term debt and other current obligations | 100 | 107 | ||||
Non-current portion of long-term debt and other long-term obligations | 17,750 | 16,575 | ||||
2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 4,600 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 750 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 300 | |||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 700 | |||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 250 | |||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 750 | |||||
Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Finance Lease Obligations | [1] | $ 233 | 227 | |||
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | |||||
High Yield Bonds [Member] | August 2019 Senior Notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 900 | |||||
High Yield Bonds [Member] | February 2019 Senior Notes [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 600 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 550 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 350 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||
High Yield Bonds [Member] | 3.849% Secured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.90% | ||||
Debt and Finance Lease Obligations | $ 995 | 994 | ||||
High Yield Bonds [Member] | 5.250% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.30% | ||||
Debt and Finance Lease Obligations | $ 1,643 | 1,641 | ||||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.90% | ||||
Debt and Finance Lease Obligations | $ 845 | 844 | ||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.40% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.40% | ||||
Debt and Finance Lease Obligations | $ 850 | 850 | ||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.50% | ||||
Debt and Finance Lease Obligations | $ 893 | 892 | ||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Finance Lease Obligations | $ 744 | 744 | ||||
High Yield Bonds [Member] | 2.250% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.30% | ||||
Debt and Finance Lease Obligations | $ 698 | 697 | ||||
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.00% | ||||
Debt and Finance Lease Obligations | $ 495 | 494 | ||||
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.80% | ||||
Debt and Finance Lease Obligations | $ 343 | 343 | ||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | ||||
Debt and Finance Lease Obligations | $ 744 | 743 | ||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Finance Lease Obligations | $ 993 | 992 | ||||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | ||||
Debt and Finance Lease Obligations | $ 744 | 742 | ||||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.80% | ||||
Debt and Finance Lease Obligations | $ 989 | 988 | ||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.30% | ||||
Debt and Finance Lease Obligations | $ 592 | [3] | 0 | |||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.20% | ||||
Debt and Finance Lease Obligations | $ 395 | [3] | 0 | |||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.10% | ||||
Debt and Finance Lease Obligations | $ 543 | [4] | 0 | |||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.00% | ||||
Debt and Finance Lease Obligations | $ 345 | [4] | 0 | |||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Finance Lease Obligations | 14,571 | 13,399 | ||||
Securitized Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Finance Lease Obligations | $ 3,279 | 3,283 | ||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | ||||
Debt and Finance Lease Obligations | [5] | $ 298 | 298 | |||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Finance Lease Obligations | [5] | $ 694 | 693 | |||
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | ||||
Debt and Finance Lease Obligations | [5] | $ 248 | 247 | |||
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.20% | ||||
Debt and Finance Lease Obligations | [5] | $ 742 | 742 | |||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and Finance Lease Obligations | $ 0 | 12 | ||||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 9.00% | ||||
Debt and Finance Lease Obligations | $ 69 | 70 | ||||
Bank Debt [Member] | 2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[6] | 3.10% | ||||
Debt and Finance Lease Obligations | $ 390 | [7],[8] | 1,075 | |||
Bank Debt [Member] | 2016 Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [2],[6] | 3.20% | ||||
Debt and Finance Lease Obligations | $ 2,325 | [8] | 2,354 | |||
Commercial Paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commercial Paper - Maximum Issued | $ 1,000 | |||||
Debt Instrument, Maturity Date, Description | 397 days | |||||
Debt and Finance Lease Obligations | $ 0 | [9] | $ 0 | |||
Maximum [Member] | 2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||||
Maximum [Member] | Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Maximum [Member] | 2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Maximum [Member] | Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Maturity Date Range | 30 years | |||||
Minimum [Member] | 2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||
Minimum [Member] | 2016 Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |||||
Minimum [Member] | Capital Lease Obligations and Other [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Maturity Date Range | one year | |||||
[1] | The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . | |||||
[2] | See the 2018 10-K, including note 8, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||||
[3] | In February 2019 , the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate principal amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principal amount of 5.200% senior unsecured notes due February 2049 . The Company used the net proceeds of the February 2019 Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver. | |||||
[4] | In August 2019, the Company issued $900 million aggregate principal amount of senior unsecured notes ("August 2019 Senior Notes"), which consisted of (1) $550 million aggregate principal amount of 3.100% senior unsecured notes due November 2029 and (2) $350 million aggregate principal amount of 4.000% senior unsecured notes due November 2049. The Company used the net proceeds of the August 2019 Senior Notes offering to repay outstanding borrowings under the 2016 Revolver and CP Program. | |||||
[5] | If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2019, the Tower Revenue Notes have principal amounts of $300 million , $250 million , $700 million and $750 million , with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. | |||||
[6] | Both the 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750% , based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. | |||||
[7] | As of September 30, 2019 , the undrawn availability under the 2016 Revolver was $4.6 billion . | |||||
[8] | In June 2019, 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 $5.0 billion , and (2) extend the maturity of the Credit Facility from June 2023 to June 2024. | |||||
[9] | In April 2019, the Company established an unsecured commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes. Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of commercial paper notes ("2019 Commercial Paper Notes") outstanding under the CP Program at any time not to exceed $1.0 billion . The net proceeds of the 2019 Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The 2019 Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of September 30, 2019, there were no outstanding 2019 Commercial Paper Notes. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of 2019 Commercial Paper Notes outstanding. While any outstanding commercial paper issuances generally have short-term maturities, the Company classifies the outstanding issuances as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt and Other Obligations [Abstract] | ||||
Interest Expense, Debt, Excluding Amortization | $ 173 | $ 158 | $ 509 | $ 473 |
Amortization of deferred financing costs and adjustments on long-term debt | 5 | 5 | 15 | 16 |
Other, net of capitalized interest | (5) | (3) | (14) | (11) |
Interest expense and amortization of deferred financing costs | $ 173 | $ 160 | $ 510 | $ 478 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 99 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,674 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 998 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,603 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,566 | |
Total Cash Obligations | 17,968 | |
Unamortized Adjustments, Net | (118) | |
Debt and Finance Lease Obligations | $ 17,850 | $ 16,682 |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Cash and cash equivalents, at carrying value | $ 182 | $ 277 |
Cash and cash equivalents, fair value | 182 | 277 |
Restricted Cash | 136 | |
Restricted Cash Fair Value Disclosure | 143 | 136 |
Long-term debt and other obligations, carrying amount | 17,850 | 16,682 |
Long-term debt and other obligations, fair value | $ 18,908 | $ 16,562 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Earnings Per Share [Abstract] | |||||
Net income (loss) | $ 272 | $ 164 | $ 729 | $ 458 | |
Dividends/distributions on preferred stock | [1] | (28) | (28) | (85) | (85) |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 244 | $ 136 | $ 644 | $ 373 | |
Basic weighted-average number of common stock outstanding | 416 | 415 | 416 | 413 | |
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 2 | 1 | 2 | 1 | |
Diluted weighted-average number of common shares outstanding | 418 | 416 | 418 | 414 | |
Basic | $ 0.59 | $ 0.33 | $ 1.55 | $ 0.90 | |
Diluted | 0.58 | 0.33 | 1.54 | 0.90 | |
Dividends/distributions declared per share of common stock (in dollars per share) | 1.125 | 1.05 | 3.375 | 3.15 | |
Dividends/distributions declared per share of preferred stock | $ 17.1875 | $ 17.1875 | $ 51.5625 | $ 51.5625 | |
[1] | See note 7 for information regarding common and preferred stock dividends declared per share. |
Per Share Information (Narrativ
Per Share Information (Narrative) (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2019shares | |
Common Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,000,000 |
Preferred Stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from dilutive common shares calculation | 14 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2019 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53.00% |
Leases Lessee Operating Lease C
Leases Lessee Operating Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | ||
Leases [Abstract] | |||
Operating Lease, Expense | [1] | $ 163 | $ 485 |
Variable Lease, Cost | [2] | 33 | 98 |
Lease, Cost | [3] | $ 196 | $ 583 |
[1] | Represents the Company's operating lease expense related to its ROU assets for both the three and nine months ended September 30, 2019 . | ||
[2] | Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) for both the three and nine months ended September 30, 2019 . Such contingencies are recognized as expense in the period they are resolved. | ||
[3] | Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842. |
Leases Lessee Finance Leases (D
Leases Lessee Finance Leases (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Accumulated Amortization Related to FInance Leases | $ 2,100 | |
Finance Lease, Right-of-Use Asset, Amortization | $ 55 | 163 |
Property, Plant and Equipment [Member] | ||
Finance Lease, Right-of-Use Asset | $ 4,400 | $ 4,400 |
Leases Other Lessee Information
Leases Other Lessee Information (Details) | Sep. 30, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 17 years |
Lessee, Operating Lease, Discount Rate | 4.40% |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) $ in Millions | Sep. 30, 2019USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Remainder of Fiscal Year | $ 133 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 534 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 528 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 524 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 520 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6,394 | |
Lessee, Operating Lease, Liability, Payments, Due | 8,633 | |
Inputed Interest | (2,857) | |
Operating Lease, Liability | $ 5,776 | |
[1] | Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved. |
Leases Operating Expense 5yr ta
Leases Operating Expense 5yr table (2018 10-K) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 640 |
Operating Leases, Future Minimum Payments, Due in Two Years | 631 |
Operating Leases, Future Minimum Payments, Due in Three Years | 628 |
Operating Leases, Future Minimum Payments, Due in Four Years | 623 |
Operating Leases, Future Minimum Payments, Due in Five Years | 619 |
Operating Leases, Future Minimum Payments, Due Thereafter | 8,054 |
Operating Leases, Future Minimum Payments Due | $ 11,195 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Dividends Payable [Line Items] | |||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | |||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 1.125 | $ 1.125 | $ 1.125 | |||
Dividends, Common Stock, Cash | [1] | $ 472 | $ 471 | $ 471 | |||
Dividends, Preferred Stock, Cash | 28 | $ 28 | $ 28 | $ 28 | |||
Common stock repurchased during period, shares | 0.4 | ||||||
Purchases of Common Stock | $ (44) | $ (34) | |||||
Availability Under ATM | $ 750 | $ 750 | |||||
Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | [1] | Aug. 8, 2019 | May 16, 2019 | Feb. 21, 2019 | |||
Dividends Payable, Date of Record | [1] | Sep. 13, 2019 | Jun. 14, 2019 | Mar. 15, 2019 | |||
Dividends Payable, Date to be Paid | [1] | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | |||
Preferred Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividends Payable, Date Declared | Sep. 18, 2019 | Jun. 17, 2019 | Mar. 19, 2019 | Dec. 11, 2018 | |||
Dividends Payable, Date of Record | Oct. 15, 2019 | Jul. 15, 2019 | Apr. 15, 2019 | Jan. 15, 2019 | |||
Dividends Payable, Date to be Paid | Nov. 1, 2019 | Aug. 1, 2019 | May 1, 2019 | Feb. 1, 2019 | |||
[1] | 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 _2
Operating Segments Operating Segments Table (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Tower Count | 40,000 | 40,000 | ||||||||
Fiber Miles | 75,000 | 75,000 | ||||||||
Amortization of prepaid lease purchase price adjustments | $ 5 | $ 15 | ||||||||
Site Rental | 1,260 | $ 1,184 | 3,718 | $ 3,507 | ||||||
Services and other | 254 | 191 | 700 | 497 | ||||||
Segment Revenues | 1,514 | 1,375 | 4,418 | 4,004 | ||||||
Segment site rental cost of operations | [1] | 369 | 355 | 1,095 | 1,057 | |||||
Services and other | [1] | 147 | 119 | 410 | 304 | |||||
Segment selling, general and administrative expenses | 150 | 145 | 457 | 418 | ||||||
Stock-based compensation expense | 91 | 79 | ||||||||
Depreciation, Amortization and Accretion, Net | 389 | 385 | 1,176 | 1,138 | ||||||
Interest expense and amortization of deferred financing costs | 173 | 160 | 510 | 478 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 277 | 169 | 744 | 471 | ||||||
Capital expenditures | 1,538 | 1,241 | ||||||||
Total Assets | 38,344 | 38,344 | $ 32,785 | |||||||
Segment cost of operations share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | 7 | 21 | 19 | |||||||
Towers [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 829 | 782 | 2,451 | 2,318 | ||||||
Services and other | 250 | 189 | 689 | 489 | ||||||
Segment Revenues | 1,079 | 971 | 3,140 | 2,807 | ||||||
Segment site rental cost of operations | 218 | 215 | 647 | 641 | ||||||
Services and other | 143 | 115 | 398 | 292 | ||||||
Segment cost of operations | [3] | 361 | [2] | 330 | [2] | 1,045 | [4] | 933 | [4] | |
Segment site rental gross margin | 611 | 567 | 1,804 | 1,677 | ||||||
Segment services gross margin | 107 | 74 | 291 | 197 | ||||||
Segment selling, general and administrative expenses | 23 | [2] | 28 | [2] | 73 | [4] | 81 | [4] | ||
Segment Operating Profit | 695 | 613 | 2,022 | 1,793 | ||||||
Capital expenditures | 146 | 123 | 403 | 318 | ||||||
Total Assets | 22,101 | 17,694 | 22,101 | 17,694 | ||||||
Fiber [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 431 | 402 | 1,267 | 1,189 | ||||||
Services and other | 4 | 2 | 11 | 8 | ||||||
Segment Revenues | 435 | 404 | 1,278 | 1,197 | ||||||
Segment site rental cost of operations | 141 | 131 | 418 | 388 | ||||||
Services and other | 2 | 1 | 6 | 6 | ||||||
Segment cost of operations | [3] | 143 | [2] | 132 | [2] | 424 | [4] | 394 | [4] | |
Segment site rental gross margin | 290 | 271 | 849 | 801 | ||||||
Segment services gross margin | 2 | 1 | 5 | 2 | ||||||
Segment selling, general and administrative expenses | 49 | [2] | 45 | [2] | 147 | [4] | 131 | [4] | ||
Segment Operating Profit | 243 | 227 | 707 | 672 | ||||||
Capital expenditures | 382 | 348 | 1,108 | 900 | ||||||
Total Assets | 15,565 | 14,326 | 15,565 | 14,326 | ||||||
Consolidated Total [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 1,260 | 1,184 | 3,718 | 3,507 | ||||||
Services and other | 254 | 191 | 700 | 497 | ||||||
Segment Revenues | 1,514 | 1,375 | 4,418 | 4,004 | ||||||
Segment site rental cost of operations | 359 | 346 | 1,065 | 1,029 | ||||||
Services and other | 145 | 116 | 404 | 298 | ||||||
Segment cost of operations | [3] | 504 | [2] | 462 | [2] | 1,469 | [4] | 1,327 | [4] | |
Segment site rental gross margin | 901 | 838 | 2,653 | 2,478 | ||||||
Segment services gross margin | 109 | 75 | 296 | 199 | ||||||
Segment selling, general and administrative expenses | 72 | [2] | 73 | [2] | 220 | [4] | 212 | [4] | ||
Segment Operating Profit | 938 | 840 | 2,729 | 2,465 | ||||||
Stock-based compensation expense | 29 | 32 | 90 | 84 | ||||||
Depreciation, Amortization and Accretion, Net | 389 | 385 | 1,176 | 1,138 | ||||||
Interest expense and amortization of deferred financing costs | 173 | 160 | 510 | 478 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 14 | 47 | 41 | 153 | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 277 | 169 | 744 | 471 | ||||||
Capital expenditures | 540 | 478 | 1,538 | 1,241 | ||||||
Total Assets | 38,344 | 32,644 | 38,344 | 32,644 | ||||||
Corporate and Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment selling, general and administrative expenses | 56 | 47 | 168 | 141 | ||||||
Segment Operating Profit | ||||||||||
Stock-based compensation expense | 29 | 32 | 90 | 84 | ||||||
Depreciation, Amortization and Accretion, Net | 389 | 385 | 1,176 | 1,138 | ||||||
Interest expense and amortization of deferred financing costs | 173 | 160 | 510 | 478 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 14 | 47 | 41 | 153 | |||||
Capital expenditures | 12 | 7 | 27 | 23 | ||||||
Total Assets | 678 | 624 | 678 | 624 | ||||||
Segment G&A share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | $ 22 | $ 25 | $ 69 | $ 65 | ||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||
[2] | Segment cost of operations excludes (1) stock-based compensation of $7 million for both of the three months ended September 30, 2019 and 2018, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $22 million and $25 million for the three months ended September 30, 2019 and 2018, respectively. | |||||||||
[3] | Exclusive of depreciation, amortization and accretion shown separately. | |||||||||
[4] | Segment cost of operations excludes (1) stock-based compensation expense of $21 million and $19 million for the nine months ended September 30, 2019 and 2018, respectively, and (2) prepaid lease purchase price adjustments of $15 million for both of the nine months ended September 30, 2019 and 2018. Selling, general and administrative expenses exclude stock-based compensation expense of $69 million and $65 million for the nine months ended September 30, 2019 and 2018, respectively. | |||||||||
[5] | See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental Cash Flow Information [Line Items] | ||
Cash payments related to operating lease liabilities | $ 409 | $ 0 |
Interest paid | 547 | 503 |
Income Taxes Paid | 13 | 15 |
New ROU assets obtained in exchange for operating lease liabilities | 327 | 0 |
Increase (decrease) in accounts payable for purchases of property and equipment | 17 | 25 |
Purchase of property and equipment under capital leases and installment purchases | $ 28 | $ 28 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 182 | $ 277 | ||
Restricted cash | 138 | 131 | ||
Restricted Cash, Noncurrent | 5 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 325 | $ 413 | $ 453 | $ 440 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | ||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 1.125 | $ 1.125 | $ 1.125 |
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | |||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |