Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Mar. 06, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
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 Public Float | $ 54 | |
Entity Common Stock, Shares Outstanding | 416,746,380 | |
Entity Central Index Key | 0001051470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Common Stock, $0.01 par value | ||
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, Series A, $0.01 par value | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value | |
Trading Symbol | CCI.PRA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||||||||||
Cash and cash equivalents | $ 196 | $ 182 | $ 288 | $ 245 | $ 277 | $ 323 | $ 206 | $ 220 | $ 314 | ||
Restricted cash | 137 | 138 | 136 | 158 | 131 | 125 | 125 | 120 | 121 | ||
Receivables, net of allowance of $18 and $14, respectively | 596 | 667 | 591 | 545 | 501 | 471 | 455 | 402 | |||
Prepaid expenses | [1] | 107 | 99 | 111 | 85 | 172 | 182 | 197 | 175 | ||
Other current assets | 168 | 167 | 168 | 160 | 148 | 148 | 181 | 157 | |||
Total current assets | 1,204 | 1,253 | 1,294 | 1,193 | 1,229 | 1,249 | 1,164 | 1,074 | |||
Deferred site rental receivables | 1,424 | 1,413 | 1,391 | 1,373 | 1,366 | 1,357 | 1,303 | 1,304 | |||
Property and equipment, net | 14,666 | 14,393 | 14,128 | 13,860 | 13,653 | 13,410 | 13,195 | 13,028 | |||
Operating lease right-of-use assets(a) | [1] | 6,133 | 6,112 | 6,053 | 5,969 | 0 | |||||
Goodwill | 10,078 | 10,078 | 10,078 | 10,078 | 10,074 | 10,075 | 10,075 | 10,021 | |||
Site rental contracts and tenant relationships, net | 4,764 | 5,209 | |||||||||
Other intangible assets, net | [1] | 72 | 4,968 | 5,074 | 5,178 | 307 | 5,620 | 5,729 | 5,854 | ||
Long-term prepaid rent and other assets, net | [1] | 116 | 104 | 104 | 920 | 911 | 885 | 892 | |||
Total assets | 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | |||
LIABILITIES AND EQUITY | |||||||||||
Accounts payable | 334 | 368 | 337 | 311 | 313 | 302 | 272 | 248 | |||
Accrued interest | 169 | 110 | 166 | 107 | 148 | 101 | 154 | 104 | |||
Deferred revenues | 657 | 638 | 607 | 598 | 587 | 568 | 554 | 539 | |||
Other accrued liabilities | [1] | 361 | 335 | 305 | 262 | 351 | 306 | 272 | 240 | ||
Current maturities of debt and other obligations | 100 | 100 | 98 | 96 | 107 | 111 | 112 | 130 | |||
Current portion of operating lease liabilities(a) | [1] | 299 | 296 | 289 | 287 | 0 | |||||
Total current liabilities | 1,920 | 1,847 | 1,802 | 1,661 | 1,506 | 1,388 | 1,364 | 1,261 | |||
Debt and other long-term obligations | 18,021 | 17,750 | 17,471 | 17,120 | 16,575 | 16,313 | 15,844 | 15,616 | |||
Operating lease liabilities(a) | [1] | 5,511 | 5,480 | 5,427 | 5,338 | 0 | |||||
Other long-term liabilities | [1] | 2,516 | 2,458 | 2,411 | 2,369 | 3,110 | 3,074 | 3,014 | 2,946 | ||
Total liabilities | 27,968 | 27,535 | 27,111 | 26,488 | 21,191 | 20,775 | 20,222 | 19,823 | |||
CCIC stockholders' equity: | |||||||||||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2019—416 and December 31, 2018—415 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |||
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2019—2 and December 31, 2018—2; aggregate liquidation value: December 31, 2019—$1,650 and December 31, 2018—$1,650 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Additional paid-in capital | 17,855 | 17,829 | 17,801 | 17,769 | 17,767 | 17,743 | 17,711 | 17,690 | |||
Accumulated other comprehensive income (loss) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (4) | |||
Dividends/distributions in excess of earnings | (7,365) | (7,042) | (6,787) | (6,501) | (6,195) | (5,896) | (5,581) | (5,286) | (4,919) | $ (3,714) | |
Total equity | 10,489 | 10,786 | 11,013 | 11,267 | 11,571 | 11,846 | 12,129 | 12,404 | $ 11,925 | $ 7,222 | |
Total liabilities and equity | $ 38,457 | $ 38,321 | $ 38,124 | $ 37,755 | $ 32,762 | $ 32,621 | $ 32,351 | $ 32,227 | |||
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 to the consolidated financial statements for a discussion of the recently adopted new lease standard. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts receivable, current | $ 18 | $ 14 |
6.875% Mandatory Convertible Preferred Stock, Par or Stated Value Per Share (dollars per share) | $ 0.01 | $ 0.01 |
6.875% Mandatory Convertible Preferred Stock, Shares Authorized | 20 | 20 |
6.875% Mandatory Convertible Preferred Stock, shares issued | 2 | 2 |
Convertible Preferred Stock, shares outstanding | 2 | 2 |
Mandatory redemption and aggregate liquidation value, 6.875% Mandatory Convertible Preferred Stock | $ 1,650 | $ 1,650 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600 | 600 |
Common stock, shares issued | 416 | 415 |
Common stock, shares outstanding | 416 | 415 |
Consolidated Statement of Opera
Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 1,287 | $ 1,263 | $ 1,242 | $ 1,231 | $ 1,205 | $ 1,188 | $ 1,171 | $ 2,505 | $ 2,360 | $ 3,793 | $ 3,565 | $ 5,093 | $ 4,796 | $ 3,734 | |||||||||||||||
Services and other | 195 | 184 | 166 | 175 | 156 | 131 | 113 | 350 | 244 | 544 | 399 | 670 | 574 | 521 | |||||||||||||||
Net Revenues | $ 1,426 | 1,482 | [1] | 1,447 | [1] | 1,408 | [1] | 1,406 | [1] | 1,361 | [1] | 1,319 | [1] | 1,284 | [1] | 2,855 | 2,604 | 4,337 | 3,964 | 5,763 | 5,370 | 4,255 | |||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Site rental | [2] | 369 | 365 | 361 | 353 | 355 | 355 | 347 | 726 | 702 | 1,095 | 1,057 | 1,462 | 1,410 | 1,144 | ||||||||||||||
Services and other | 146 | 137 | 124 | 135 | [2] | 118 | [2] | 98 | [2] | 85 | [2] | 261 | 183 | [2] | 407 | 301 | [2] | 524 | [2] | 434 | [2] | 399 | [2] | ||||||
Selling, general and administrative | 150 | 155 | 152 | 145 | 145 | 138 | 134 | 307 | 273 | 457 | 418 | 614 | 563 | 426 | |||||||||||||||
Asset write-down charges | 2 | 6 | 6 | 8 | 8 | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | |||||||||||||||
Acquisition and integration costs | 4 | 2 | 4 | 9 | 4 | 8 | 6 | 6 | 14 | 10 | 18 | 13 | 27 | 61 | |||||||||||||||
Depreciation, amortization and accretion | 388 | 393 | 394 | 389 | 385 | 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | |||||||||||||||
Total operating expenses | 1,059 | 1,058 | 1,041 | 1,039 | 1,015 | 984 | 949 | 2,099 | 1,934 | 3,157 | 2,950 | 4,204 | 3,987 | 3,288 | |||||||||||||||
Operating income (loss) | 379 | 423 | [1] | 389 | [1] | 367 | [1] | 367 | [1] | 346 | [1] | 335 | [1] | 335 | [1] | 756 | 670 | 1,180 | 1,014 | 1,559 | 1,383 | 967 | |||||||
Interest expense and amortization of deferred financing costs | (173) | (169) | (168) | (164) | (160) | (158) | (160) | (337) | (318) | (510) | (478) | 683 | 642 | 591 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | [1] | (1) | [1] | (1) | [1] | 0 | [1] | (32) | [1] | (3) | [1] | (71) | [1] | (2) | (74) | (2) | (106) | (2) | [3] | (106) | [3] | (4) | [4] | ||||
Interest income | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 3 | 2 | 5 | 4 | 6 | 5 | 19 | |||||||||||||||
Other income (expense) | (5) | 0 | (1) | 1 | 1 | 0 | (1) | (1) | (1) | (6) | 0 | 1 | 1 | 1 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 247 | 220 | 199 | 206 | 156 | 175 | 104 | 419 | 279 | 667 | 434 | 881 | 641 | 392 | |||||||||||||||
Benefit (provision) for income taxes | $ (6) | (5) | (4) | [1] | (6) | [1] | (5) | [1] | (5) | [1] | (5) | [1] | (4) | [1] | (10) | (9) | (15) | (13) | (21) | (19) | (26) | ||||||||
Net income (loss) | 242 | [1] | 216 | [1] | 193 | [1] | 201 | [1] | 151 | [1] | 170 | [1] | 100 | [1] | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||
Dividends, Preferred Stock | (28) | (28) | (28) | (28) | (28) | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (58) | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders | 214 | 188 | 165 | 173 | 123 | 142 | 72 | 352 | 213 | 567 | 336 | 747 | 509 | 308 | |||||||||||||||
Net income (loss) | 242 | [1] | 216 | [1] | 193 | [1] | 201 | [1] | 151 | [1] | 170 | [1] | 100 | [1] | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 2 | |||||||||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | [5] | 2 | [5] | |||||||||||||
Comprehensive income (loss) attributable to CCIC stockholders | $ 242 | $ 216 | $ 193 | $ 201 | $ 151 | $ 169 | $ 100 | $ 409 | $ 269 | $ 652 | $ 420 | $ 860 | $ 621 | $ 368 | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | |||||||
Diluted (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.79 | $ 1.23 | $ 0.80 | |||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||||||||
Basic (in shares) | 416 | 416 | 415 | 415 | 415 | 415 | 409 | 415 | 412 | 416 | 413 | 416 | 413 | 382 | |||||||||||||||
Diluted (in shares) | 418 | 418 | 417 | 417 | 416 | 416 | 410 | 417 | 413 | 418 | 414 | 418 | 415 | 383 | |||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||||||||||||||||||||
[3] | Inclusive of the write-off of the respective deferred financing costs. | ||||||||||||||||||||||||||||
[4] | The losses represent write-off of deferred financing costs. | ||||||||||||||||||||||||||||
[5] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)." |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ 193 | $ 100 | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||
Depreciation, amortization and accretion | 394 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | |||||
(Gains) losses on retirement of long-term obligations | 1 | [1] | 71 | [1] | 2 | 74 | 2 | 106 | 2 | [2] | 106 | [2] | 4 | [3] |
Amortization of deferred financing costs and other non-cash interest | 1 | 2 | 1 | 4 | 1 | 5 | 1 | 7 | 9 | |||||
Stock-based compensation expense | 29 | 23 | 62 | 47 | 91 | 79 | 117 | 103 | 92 | |||||
Asset write-down charges | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | |||||
Deferred income tax (benefit) provision | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 15 | |||||
Other non-cash adjustments, net | 2 | 2 | 3 | 1 | 4 | 2 | (2) | 2 | (2) | |||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||
Increase (decrease) in accrued interest | (41) | (28) | 18 | 22 | (38) | (31) | 21 | 16 | 35 | |||||
Increase (decrease) in accounts payable | (5) | (5) | 6 | 3 | 37 | 31 | 19 | 37 | (34) | |||||
Increase (decrease) in other liabilities | (7) | (43) | 77 | 76 | 179 | 179 | 254 | 271 | 234 | |||||
Decrease (increase) in receivables | (43) | (5) | (89) | (59) | (166) | (74) | (96) | (105) | 71 | |||||
Decrease (increase) in other assets | (19) | (43) | (62) | (91) | (62) | (103) | (71) | (114) | (16) | |||||
Net cash provided by (used for) operating activities | 512 | 452 | 1,227 | 1,110 | 1,890 | 1,773 | 2,698 | 2,500 | 2,032 | |||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | (480) | (370) | (998) | (762) | (1,537) | (1,239) | (2,057) | (1,739) | (1,217) | |||||
Payments for acquisitions, net of cash acquired | (10) | (14) | (13) | (18) | (15) | (26) | (17) | (42) | (9,260) | |||||
Other investing activities, net | 1 | 0 | 1 | 3 | 3 | (14) | (7) | (12) | (5) | |||||
Net cash provided by (used for) investing activities | (489) | (384) | (1,010) | (777) | (1,549) | (1,279) | (2,081) | (1,793) | (10,482) | |||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from issuance of long-term debt | 996 | 1,743 | 995 | 1,743 | 1,895 | 2,743 | 1,894 | 2,742 | 3,093 | |||||
Principal payments on debt and other long-term obligations | (25) | (32) | (36) | (47) | (59) | (76) | (86) | (105) | (119) | |||||
Purchases and redemptions of long-term debt | (12) | (1,318) | (12) | (1,318) | (12) | (2,346) | (12) | (2,346) | 0 | |||||
Borrowings under revolving credit facility | 710 | 170 | 1,195 | 485 | 1,585 | 1,290 | 2,110 | 1,820 | 2,820 | |||||
Payments under revolving credit facility | (1,140) | (1,050) | (1,785) | (1,150) | (2,270) | (1,465) | (2,660) | (1,725) | (1,840) | |||||
Proceeds from Issuance of Commercial Paper | 0 | 500 | 0 | 155 | 0 | |||||||||
Payments for financing costs | (10) | (15) | (14) | (20) | (24) | (33) | (24) | (31) | (29) | |||||
Net proceeds from issuance of common stock | 843 | 841 | 841 | 0 | 841 | 4,221 | ||||||||
Net proceeds from issuance of preferred stock | 0 | 0 | 1,608 | |||||||||||
Purchases of common stock | (42) | (33) | (43) | (34) | (44) | (34) | (44) | (34) | (23) | |||||
Dividends/distributions paid on common stock | (477) | (443) | (944) | (879) | (1,415) | (1,315) | (1,912) | (1,782) | (1,509) | |||||
Dividends paid on preferred stock | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (30) | |||||
Net cash provided by (used for) financing activities | (28) | (163) | (201) | (436) | (429) | (480) | (692) | (733) | 8,192 | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations | (5) | (95) | 16 | (103) | (88) | 14 | (75) | (26) | (258) | |||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 1 | |||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 413 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 | |||||
Cash, Cash Equivalents and Restricted Cash - End of Period | $ 408 | $ 345 | $ 429 | $ 336 | $ 325 | $ 453 | $ 338 | $ 413 | $ 440 | |||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | |||||||||||||
[2] | Inclusive of the write-off of the respective deferred financing costs. | |||||||||||||
[3] | The losses represent write-off of deferred financing costs. |
Consolidated Statement of Conve
Consolidated Statement of Convertible Preferred Stock and Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital | Foreign Currency Translation Adjustments | Dividends/Distributions in Excess of Earnings | Common Class A [Member] | Common Class A [Member]Common Stock [Member] | Common Class A [Member]Additional Paid-in Capital | 6.875% Mandatory Convertible Preferred Stock [Member] | 6.875% Mandatory Convertible Preferred Stock [Member]Preferred Stock [Member] | 6.875% Mandatory Convertible Preferred Stock [Member]Additional Paid-in Capital | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Convertible Preferred Stock, shares outstanding | 0 | ||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (6) | ||||||||||||
Balance, value at Dec. 31, 2016 | $ 7,222 | $ 0 | $ 4 | $ 10,938 | $ (3,714) | ||||||||
Balance, (in shares) at Dec. 31, 2016 | 361 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 100 | 100 | |||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||||||
Purchases and retirement of capital stock, value | (23) | (23) | |||||||||||
Stock Issued During Period, Shares, New Issues | 44 | 2 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 4,221 | $ 4,221 | $ 1,608 | $ 1,608 | |||||||||
Foreign currency translation adjustments | 2 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | 2 | 2 | ||||||||||
Common stock dividends/distributions | (1,513) | (1,513) | |||||||||||
Preferred stock dividends | (58) | (58) | |||||||||||
Net income (loss) | 366 | 366 | |||||||||||
Balance, value at Dec. 31, 2017 | 11,925 | $ 0 | $ 4 | 16,844 | (4,919) | ||||||||
Balance, (in shares) at Dec. 31, 2017 | 406 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Convertible Preferred Stock, shares outstanding | 2 | ||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (4) | ||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Net income (loss) | [2] | 100 | |||||||||||
Balance, value at Mar. 31, 2018 | 12,404 | ||||||||||||
Balance, value at Dec. 31, 2017 | 11,925 | $ 0 | $ 4 | 16,844 | (4,919) | ||||||||
Balance, (in shares) at Dec. 31, 2017 | 406 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | (1) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1) | ||||||||||||
Net income (loss) | 270 | ||||||||||||
Balance, value at Jun. 30, 2018 | 12,129 | ||||||||||||
Balance, value at Dec. 31, 2017 | 11,925 | 0 | $ 4 | 16,844 | (4,919) | ||||||||
Balance, (in shares) at Dec. 31, 2017 | 406 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | (1) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1) | ||||||||||||
Net income (loss) | 421 | ||||||||||||
Balance, value at Sep. 30, 2018 | 11,846 | ||||||||||||
Balance, value at Dec. 31, 2017 | 11,925 | 0 | $ 4 | 16,844 | (4,919) | ||||||||
Balance, (in shares) at Dec. 31, 2017 | 406 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation related activity, net of forfeitures, value | 116 | 116 | |||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||||||
Purchases and retirement of capital stock, value | (34) | (34) | |||||||||||
Stock Issued During Period, Shares, New Issues | 8 | ||||||||||||
Stock Issued During Period, Value, New Issues | 841 | 841 | |||||||||||
Foreign currency translation adjustments | (1) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | [1] | (1) | (1) | ||||||||||
Common stock dividends/distributions | (1,785) | (1,785) | |||||||||||
Preferred stock dividends | (113) | (113) | |||||||||||
Net income (loss) | 622 | 622 | |||||||||||
Balance, value at Dec. 31, 2018 | $ 11,571 | 0 | $ 4 | 17,767 | (6,195) | ||||||||
Balance, (in shares) at Dec. 31, 2018 | 415 | 415 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (4) | ||||||||||||
Balance, value at Mar. 31, 2018 | 12,404 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | (1) | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (1) | ||||||||||||
Net income (loss) | [2] | 170 | |||||||||||
Balance, value at Jun. 30, 2018 | 12,129 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (5) | ||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Net income (loss) | [2] | 151 | |||||||||||
Balance, value at Sep. 30, 2018 | 11,846 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (5) | ||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Preferred stock dividends | 28 | ||||||||||||
Net income (loss) | [2] | 201 | |||||||||||
Balance, value at Dec. 31, 2018 | $ 11,571 | $ 0 | $ 4 | 17,767 | (6,195) | ||||||||
Balance, (in shares) at Dec. 31, 2018 | 415 | 415 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Convertible Preferred Stock, shares outstanding | 2 | 2 | |||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (5) | (5) | |||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Common stock dividends/distributions | [3] | 471 | |||||||||||
Preferred stock dividends | 28 | ||||||||||||
Net income (loss) | [2] | 193 | |||||||||||
Balance, value at Mar. 31, 2019 | 11,267 | ||||||||||||
Balance, value at Dec. 31, 2018 | $ 11,571 | $ 0 | $ 4 | 17,767 | (6,195) | ||||||||
Balance, (in shares) at Dec. 31, 2018 | 415 | 415 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | $ 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Net income (loss) | 409 | ||||||||||||
Balance, value at Jun. 30, 2019 | 11,013 | ||||||||||||
Balance, value at Dec. 31, 2018 | $ 11,571 | 0 | $ 4 | 17,767 | (6,195) | ||||||||
Balance, (in shares) at Dec. 31, 2018 | 415 | 415 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | $ 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Net income (loss) | 652 | ||||||||||||
Balance, value at Sep. 30, 2019 | 10,786 | ||||||||||||
Balance, value at Dec. 31, 2018 | $ 11,571 | 0 | $ 4 | 17,767 | (6,195) | ||||||||
Balance, (in shares) at Dec. 31, 2018 | 415 | 415 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stock-based compensation related activity, net of forfeitures, value | $ 132 | 132 | |||||||||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||||||
Purchases and retirement of capital stock, value | (44) | (44) | |||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Common stock dividends/distributions | (1,917) | (1,917) | |||||||||||
Preferred stock dividends | (113) | (113) | |||||||||||
Net income (loss) | 860 | 860 | |||||||||||
Balance, value at Dec. 31, 2019 | $ 10,489 | 0 | $ 4 | 17,855 | (7,365) | ||||||||
Balance, (in shares) at Dec. 31, 2019 | 416 | 416 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (5) | ||||||||||||
Balance, value at Mar. 31, 2019 | 11,267 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Common stock dividends/distributions | [3] | 471 | |||||||||||
Preferred stock dividends | 28 | ||||||||||||
Net income (loss) | [2] | 216 | |||||||||||
Balance, value at Jun. 30, 2019 | 11,013 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (5) | ||||||||||||
Foreign currency translation adjustments | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||||
Common stock dividends/distributions | [3] | 472 | |||||||||||
Preferred stock dividends | 28 | ||||||||||||
Net income (loss) | [2] | 242 | |||||||||||
Balance, value at Sep. 30, 2019 | 10,786 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | (5) | ||||||||||||
Common stock dividends/distributions | [3] | 502 | |||||||||||
Preferred stock dividends | 28 | ||||||||||||
Balance, value at Dec. 31, 2019 | $ 10,489 | $ 0 | $ 4 | $ 17,855 | $ (7,365) | ||||||||
Balance, (in shares) at Dec. 31, 2019 | 416 | 416 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Convertible Preferred Stock, shares outstanding | 2 | 2 | |||||||||||
Accumulated other Comprehensive Income (Loss), Net of Tax | $ (5) | $ (5) | |||||||||||
[1] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)." | ||||||||||||
[2] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||
[3] | Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Crown Castle International Corp. and its predecessor, as applicable (together, "CCIC"), and their subsidiaries, collectively referred to herein as the "Company." All significant intercompany balances and transactions have been eliminated in consolidation. As used herein, the term "including," and any variation thereof, means "including without limitation." The use of the word "or" herein is not exclusive. 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, "tenant contracts"). The Company's operating segments consist of (1) Towers and (2) Fiber. See note 16 . Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T, Sprint and T-Mobile. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Additional information concerning these towers is as follows: â—¦ 22% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with AT&T for a weighted-average initial term of approximately 28 years , weighted on Towers site rental gross margin. The Company has the option to purchase the leased and subleased towers from AT&T at the end of the respective lease or sublease terms for aggregate option payments of approximately $4.2 billion , which payments, if such option is exercised, would be due between 2032 and 2048. â—¦ 16% of the Company's towers are leased or subleased or operated and managed for an initial period of 32 years (through May 2037) under master leases, subleases, or other agreements with Sprint. The Company has the option to purchase in 2037 all (but not less than all) of the leased and subleased Sprint towers from Sprint for approximately $2.3 billion . â—¦ 15% of the Company's towers are leased or subleased or operated and managed under a master prepaid lease or other related agreements with T-Mobile for a weighted-average initial term of approximately 28 years , weighted on Towers site rental gross margin. The Company has the option to purchase the leased and subleased towers from T-Mobile at the end of the respective lease or sublease terms for aggregate option payments of approximately $2.0 billion , which payments, if such option is exercised, would be due between 2035 and 2049. In addition, through the acquisition of the rights to approximately 7,100 towers ("T-Mobile Acquisition"), there are another 1% of the Company's towers subject to a lease and sublease or other related arrangements with AT&T. The Company has the option to purchase these towers that it does not otherwise already own at the end of their respective lease terms for aggregate option payments of up to approximately $405 million , which payments, if such option is exercised, would be due prior to 2032 (less than $10 million would be due before 2025). As part of the Company's effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company also offers certain services primarily relating to its Towers segment, 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 Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 11 . The preparation of financial statements in conformity with 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. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Restatement of Financials [Text Block] | Restatement of Previously Issued Consolidated Financial Statements Prior to the filing of this Form 10-K, the Company identified historical errors related to the timing of revenue recognition on its tower installation services. Specifically, the Company determined that its historical practice of recognizing the full transaction price as service revenues upon completion of an installation was not acceptable under GAAP. Instead, a portion of the transaction price for the Company's tower installation services, specifically the amounts associated with permanent improvements recorded as fixed assets, represent a lease component and should be recognized as site rental revenues on a ratable basis over the associated estimated lease term. As a result of the identified historical errors, the Company has restated its financial statements for the years ended December 31, 2018 and 2017, including each of the unaudited condensed consolidated financial statements for the quarterly and year-to-date periods in the year ended December 31, 2018 and first three quarters for the year ended December 31, 2019. The restatement also affects periods prior to 2017, the cumulative effect of which is reflected as an adjustment to opening "Dividends/distributions in excess of earnings" as of January 1, 2017. The adjustments to correct the historical errors described above are referred to herein as the " Restatement Adjustments ." In addition to the Restatement Adjustments , the Company has also made other adjustments to the financial statements referenced above to correct errors that were not material to its consolidated financial statements. Such immaterial adjustments are related to (1) an out-of-period adjustment to reduce 2017 site development service revenues which are now recorded in 2016; and (2) a revision in the presentation of certain tower installation activities from a gross basis to a net basis, including the associated removal of certain amounts historically categorized as capital expenditures. These immaterial adjustments relate exclusively to the Company's Towers segment. Collectively, the Restatement Adjustments and other immaterial adjustments are referred to herein as " Historical Adjustments ." The following tables summarize the effects of the Historical Adjustments on the Company’s restated consolidated balance sheet as of December 31, 2018 and its restated consolidated statement of operations and comprehensive income (loss), restated consolidated statement of cash flows and restated consolidated statement of equity for the years ended December 31, 2018 and 2017. In addition to the restatement of the financial statements, certain historical information within the notes to the consolidated financial statements have been restated to reflect the corrections of the Historical Adjustments . The Restatement Adjustments in the tables below reflect the impact of deferring a portion of the transaction price for the Company's tower installation services, specifically the amounts associated with permanent improvements recorded as fixed assets, which have been deemed to represent a lease component. Such amounts were previously recognized as services and other revenues upon satisfaction of the related performance obligation, and are now recognized as site rental revenues on a ratable basis over the associated estimated lease term. Consolidated Balance Sheet December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,676 $ — $ (23 ) $ 13,653 Total assets 32,785 — (23 ) 32,762 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 498 89 — 587 Total current liabilities 1,417 89 — 1,506 Other long-term liabilities (a) 2,759 351 — 3,110 Total liabilities 20,751 440 — 21,191 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,732 ) (440 ) (23 ) (6,195 ) Total equity 12,034 (440 ) (23 ) 11,571 Total liabilities and equity $ 32,785 $ — $ (23 ) $ 32,762 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. Consolidated Statement of Operations and Comprehensive Income (Loss) Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 4,716 $ 80 $ — $ 4,796 Services and other 707 (128 ) (5 ) 574 Net revenues 5,423 (48 ) (5 ) 5,370 Operating expenses: Costs of operations (a) : Services and other 437 — (3 ) 434 Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Total operating expenses 3,991 — (4 ) 3,987 Operating income (loss) 1,432 (48 ) (1 ) 1,383 Income (loss) before income taxes 690 (48 ) (1 ) 641 Net income (loss) attributable to CCIC stockholders 671 (48 ) (1 ) 622 Net income (loss) attributable to CCIC common stockholders $ 558 $ (48 ) $ (1 ) $ 509 Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Comprehensive income (loss) attributable to CCIC stockholders $ 670 $ (48 ) $ (1 ) $ 621 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.35 $ (0.12 ) $ — $ 1.23 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.34 $ (0.11 ) $ — $ 1.23 Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,669 $ 65 $ — $ 3,734 Services and other 687 (124 ) (42 ) 521 Net revenues 4,356 (59 ) (42 ) 4,255 Operating expenses: Costs of operations (a) : Services and other 420 — (21 ) 399 Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Total operating expenses 3,310 — (22 ) 3,288 Operating income (loss) 1,046 (59 ) (20 ) 967 Income (loss) before income taxes 471 (59 ) (20 ) 392 Net income (loss) attributable to CCIC stockholders 445 (59 ) (20 ) 366 Net income (loss) attributable to CCIC common stockholders $ 387 $ (59 ) $ (20 ) $ 308 Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Comprehensive income (loss) attributable to CCIC stockholders $ 447 $ (59 ) $ (20 ) $ 368 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 (a) Exclusive of depreciation, amortization and accretion shown separately. Consolidated Statement of Cash Flows Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Increase (decrease) in other liabilities 223 48 — 271 Net cash provided by (used for) operating activities 2,502 — (2 ) 2,500 Cash flows from investing activities: Capital expenditures (1,741 ) — 2 (1,739 ) Net cash provided by (used for) investing activities (1,795 ) — 2 (1,793 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (26 ) — — (26 ) Cash, cash equivalents, and restricted cash at beginning of period 440 — — 440 Cash, cash equivalents, and restricted cash at end of period $ 413 $ — $ — $ 413 Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Increase (decrease) in other liabilities 175 59 — 234 Decrease (increase) in receivables 61 — 10 71 Net cash provided by (used for) operating activities 2,043 — (11 ) 2,032 Cash flows from investing activities: Capital expenditures (1,228 ) — 11 (1,217 ) Net cash provided by (used for) investing activities (10,493 ) — 11 (10,482 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (258 ) — — (258 ) Cash, cash equivalents, and restricted cash at beginning of period 697 — — 697 Cash, cash equivalents, and restricted cash at end of period $ 440 $ — $ — $ 440 Consolidated Statement of Equity December 31, 2016 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (3,379 ) $ (332 ) $ (3 ) $ (3,714 ) Total stockholders' equity $ 7,557 $ (332 ) $ (3 ) $ 7,222 December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (4,505 ) $ (391 ) $ (23 ) $ (4,919 ) Total stockholders' equity $ 12,339 $ (391 ) $ (23 ) $ 11,925 December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (5,732 ) $ (440 ) $ (23 ) $ (6,195 ) Total stockholders' equity $ 12,034 $ (440 ) $ (23 ) $ 11,571 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following is a discussion of the Company's significant accounting policies in effect for the year ended December 31, 2019. Restricted Cash Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. See note 17 for a reconciliation of cash, cash equivalents and restricted cash. Receivables Allowance An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "Site rental costs of operations" or to "Services and other costs of operations," as appropriate, and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. Lease Accounting 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 right-of-use ("ROU") asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remained largely unchanged from previous guidance. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. General. 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). 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 exercisable 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 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 consolidated balance sheet, respectively. ROU assets represent the Company's right to use an underlying asset for the estimated 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 consumer price index ("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 tenant 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 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 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. The Company reviews the carrying value of its ROU assets for impairment, similar to its other long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company could record impairments in the future if there are changes in (1) long-term market conditions, (2) expected future operating results or (3) the utility of the assets that negatively impact the fair value of its ROU assets. Lessor. The Company's lessor arrangements primarily include tenant 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 tenant contract, regardless of whether the payments from the tenant are received in equal monthly amounts during the life of a tenant contract. Certain of the Company's tenant 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 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. Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land, which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of communications infrastructure is generally computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions and permanent improvements to the Company's communications infrastructure are capitalized, while maintenance and repairs are expensed. Labor and interest costs incurred directly related to the construction of certain property and equipment are capitalized during the construction phase of projects. For the years ended December 31, 2019 , 2018 and 2017 , the Company had $246 million , $212 million and $92 million in capitalized labor costs, respectively. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Abandonments and write-offs of property and equipment are recorded to "Asset write-down charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $17 million , $22 million and $14 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Asset Retirement Obligations Pursuant to its ground lease, easement and leased facility agreements, the Company records obligations to perform asset retirement activities, including requirements to remove communications infrastructure or remediate the space upon which certain of its communications infrastructure resides. Asset retirement obligations are included in "Other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "Depreciation, amortization and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. Goodwill Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company's reporting units are the same as its operating segments (Towers and Fiber). The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with a comparison of the estimated fair value of the reporting unit and the carrying value of the reporting unit. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted expected future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2019 , which resulted in no impairments. Intangible Assets Intangible assets are included in "Site rental contracts and tenant relationships, net" and "Other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of site rental contracts and tenant relationships or other contractual rights, such as trademarks, that are recorded in conjunction with acquisitions. The site rental contracts and tenant relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the high rate of tenant retention, and (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and tenant relationships intangible asset is limited by the maximum depreciable life of the communications infrastructure ( 20 years), as a result of the interdependency of the communications infrastructure and site rental leases. In contrast, the site rental contracts and tenant relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of tenant retention experienced to date. Thus, while site rental contracts and tenant relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and tenant relationships are amortized over a period not to exceed 20 years . The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and tenant relationships intangible assets. First, the Company pools the site rental contracts and tenant relationships with the related communications infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and tenant relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. Deferred Credits Deferred credits are included in "Deferred revenues" and "Other long-term liabilities" on the Company's consolidated balance sheet and consist of the estimated fair value of below-market tenant leases for contractual interests with tenants on acquired communications infrastructure, which are amortized to site rental revenues. Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. Deferred Financing Costs Third-party costs incurred to obtain financing, with the exception of costs incurred related to revolving lines of credit, are deferred and are included as a direct deduction from the carrying amount of the related debt liability in "Debt and other long-term obligations" on the Company's consolidated balance sheet. Third party costs incurred to obtain financing through a revolving line of credit are deferred and are included in "Long-term prepaid rent and other assets, net" on the Company's consolidated balance sheet. Revenue Recognition 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 tenant contracts in various forms, including lease, license, sublease and service agreements. Providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts. Site rental revenues. Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant 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 the tenant contract. Certain of the Company's tenant 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 CPI), (2) multiple renewal periods exercisable 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 $114 million and $92 million included in "Other current assets" and non-current amounts of $1.4 billion and $1.4 billion included in "Deferred site rental receivables" for the years ended December 31, 2019 and 2018 , respectively. 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 consolidated balance sheet. Services and other revenues. As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services relating to its Towers segment, 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, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the 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 transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues. 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 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. The following additional information on revenues reflect the impact of the Historical Adjustments , where applicable, as discussed in note 2 . As of January 1, 2019 and December 31, 2019, a total of $2.7 billion and $2.9 billion of unrecognized revenue, respectively, was reported in "Deferred revenues" and "Other non-current liabilities" on the Company's consolidated balance sheet. During the year ended December 31, 2019 , approximately $510 million of the January 1, 2019 unrecognized revenue balance was recognized as revenue. As of January 1, 2018, a total of $2.5 billion of unrecognized revenue was reported in "Deferred revenues" and "Other non-current liabilities" on the Company's consolidated balance sheet. During the year ended December 31, 2018, approximately $470 million of the January 1, 2018 unrecognized revenue balance was recognized as revenue. See note 5 for further discussion regarding the Company’s revenues. Costs of Operations Approximately half of the Company's site rental costs of operations expenses consist of Towers ground lease expenses, and the remainder includes fiber access expenses, property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Fiber access expenses primarily consist of leases of fiber assets and other access agreements to facilitate the Company's communications infrastructure. Ground lease and fiber access 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 access 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. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing renewal options, the Company has straight-lined the expense over a sufficient portion of such renewals to coincide with the final termination of the tenant's renewal options. The Company's liability related to straight-line expense is included in "Operating lease right-of-use assets" on the Company's consolidated balance sheet. The Company's assets related to prepaid agreements is included in "Prepaid expenses" and "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See also "Lease Accounting—Lessee" and "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. Services and other costs of operations predominately consist of third-party service providers such as contractors and professional services firms and, to a lesser extent, internal labor costs. Acquisition and Integration Costs Direct or incremental costs related to a potential or completed business combination transaction are expensed as incurred. Such costs are predominately comprised of severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, fees paid for services (such as consulting, accounting, legal, or engineering reviews), and any other costs directly associated with the transaction. These business combination costs are included in "Acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). For those transactions accounted for as asset acquisitions, these costs are capitalized as part of the purchase price. See note 4 for a discussion of the Company's recent acquisitions. Stock-Based Compensation Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: Valuation. The fair value of RSUs without market conditions is determined based on the number of shares relating to such RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. Amortization Method. The Company amortizes the fair value of all RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2019 2018 2017 Interest expense on debt obligations $ 682 $ 635 $ 582 Amortization of deferred financing costs and adjustments on long-term debt, net 21 21 19 Capitalized interest (20 ) (15 ) (12 ) Other — 1 2 Total $ 683 $ 642 $ 591 The Company amortizes deferred financing costs, discounts and premiums over the estimated term of the related borrowing using the effective interest yield method. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions | |
Acquisitions | Acquisitions 2017 FiberNet Acquisition On November 1, 2016, the Company announced that it had entered into a definitive agreement to acquire FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra Energy, Inc. (collectively, "FiberNet") for approximately $1.5 billion in cash, subject to certain limited adjustments ("FiberNet Acquisition"). FiberNet is a fiber services provider in Florida and Texas that, as of the agreement date, owned or had rights to approximately 11,500 route miles of fiber installed or under construction, inclusive of approximately 6,000 route miles in top metro markets. On January 17, 2017 , the Company closed the FiberNet Acquisition, which was financed using proceeds from its November 2016 issuance of 11.4 million shares of common stock, which generated net proceeds of $1.0 billion and borrowings under the 2016 Revolver (see note 9 ). The final purchase price allocation for the FiberNet Acquisition is shown below. Final Purchase Price Allocation Current assets $ 52 Property and equipment 438 Goodwill (a) 778 Other intangible assets, net (b) 327 Other non-current assets 2 Current liabilities (41 ) Other non-current liabilities (35 ) Net assets acquired (c) $ 1,521 (a) The final purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the FiberNet fiber footprint to support new small cells and fiber solutions, • the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments, • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominantly comprised of site rental contracts and tenant relationships. (c) The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the FiberNet Acquisition. 2017 Wilcon Acquisition On April 17, 2017 , the Company announced that it had entered into a definitive agreement to acquire Wilcon Holdings LLC ("Wilcon") from Pamlico Holdings and other unit holders of Wilcon for approximately $600 million in cash, subject to certain limited adjustments ("Wilcon Acquisition"). Wilcon is a fiber services provider that owns approximately 1,900 route miles of fiber, primarily in Los Angeles and San Diego. On June 26, 2017 , the Company closed the Wilcon Acquisition, which was financed using proceeds from the May 2017 Common Stock Offering (as defined in note 12 ) and the 4.750% Senior Notes (as defined in note 9 ) offering. The final purchase price of approximately $600 million was primarily comprised of other intangible assets (predominantly comprised of site rental contracts and tenant relationships) of approximately $140 million , property and equipment of approximately $150 million , goodwill of approximately $360 million , offset by deferred revenues of approximately $40 million . The final purchase price allocation for the Wilcon Acquisition resulted in the recognition of goodwill based on (1) the Company's expectation to leverage the Wilcon fiber footprint to support new small cells and fiber solutions, (2) the complementary nature of the Wilcon fiber to the Company's existing fiber assets and its location primarily in Los Angeles and San Diego, where the Company expects to see wireless carrier network investments, (3) the Company's belief that the acquired fiber assets are well positioned to benefit from the continued growth trends in the demand for data, and (4) other intangibles not qualified for separate recognition, including the assembled workforce. 2017 Lightower Acquisition On July 18, 2017 , the Company announced that it had entered into a definitive agreement to acquire LTS Group Holdings LLC ("Lightower") from Berkshire Partners, Pamlico Capital and other investors for approximately $7.1 billion in cash, subject to certain limited adjustments ("Lightower Acquisition"). Lightower owns or has rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast, including Boston, New York and Philadelphia. On November 1, 2017 , the Company closed the Lightower Acquisition, which was financed using (1) cash on hand, including proceeds from the July 2017 Equity Offerings (as defined in note 12 ) and the August 2017 Senior Notes (as defined in note 9 ) offering, and (2) borrowings under the 2016 Revolver. The final purchase price allocation for the Lightower Acquisition is shown below. Final Purchase Price Allocation Current assets $ 99 Property and equipment 2,194 Goodwill (a) 3,171 Other intangible assets, net (b) 2,177 Other non-current assets 27 Current liabilities (176 ) Other non-current liabilities (342 ) Net assets acquired (c) $ 7,150 (a) The final purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions , • the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location where the Company expects to see wireless carrier network investments , • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominantly comprised of site rental contracts and tenant relationships. (c) The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the Lightower Acquisition. Actual and Pro Forma Financial Information Net revenues and net income (loss) attributable to acquisitions completed during the year ended December 31, 2017 are included in the Company's consolidated statements of operations and comprehensive income (loss), since the respective date each acquisition was completed. For the year ended December 31, 2017, the FiberNet Acquisition, Wilcon Acquisition and Lightower Acquisition (collectively, "2017 Acquisitions") resulted in an increase to consolidated net revenues of $314 million . The unaudited pro forma financial results for the year ended December 31, 2017 combine the historical results of the Company, along with the historical results of the 2017 Acquisitions. The following table presents the unaudited pro forma consolidated results of operations of the Company as if each acquisition was completed as of January 1, 2016. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. The table below also gives effect to the Historical Adjustments as discussed in note 2 . Twelve Months Ended December 31, 2017 (As Restated) Net revenues $ 4,949 Income (loss) before income taxes $ 462 (b)(c) Benefit (provision) for income taxes $ (29 ) (a) Net income (loss) $ 433 (b)(c) Basic net income (loss) attributable to CCIC common stockholders, per common share $ 0.68 (c)(d) Diluted net income (loss) attributable to CCIC common stockholders, per common share $ 0.67 (c)(d) (a) For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to the benefit (provision) for income tax as a result of the Company's REIT status. The vast majority of the assets and related income from the FiberNet Acquisition, the Wilcon Acquisition, and the Lightower Acquisition are included in the Company's REIT. The remaining assets are included in the Company's TRS. For purposes of the unaudited pro forma financial results, an adjustment has been made to reflect the additional tax impact of the income related to the TRS assets. (b) For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to depreciation and amortization of $247 million , related to property and equipment and intangibles recorded as a result of the 2017 Acquisitions. (c) Pro forma amounts include the impact of the interest expense and common stock share issuances associated with the related debt and equity financings for the 2017 Acquisitions (see above and notes 9 and 12 ). (d) Pro forma amounts include the impact of the preferred stock dividends related to the Mandatory Convertible Preferred Stock Offering (as defined in note 12 ) for the Lightower Acquisition (see above and note 12 ). |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of December 31, 2019 . As of December 31, 2019 , the weighted-average remaining term of tenant contracts is approximately five years, exclusive of renewals exercisable at the tenant's option. Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Contracted amounts (a) $ 4,177 $ 3,986 $ 3,758 $ 3,141 $ 2,405 $ 6,908 $ 24,375 (a) Based on the nature of the contract, tenant 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 notes 3 and 15 for further discussion regarding the Company's lessor arrangements and note 16 for further information regarding the Company's operating segments. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The major classes of property and equipment are summarized in the table below. The information below also gives effect to the Historical Adjustments as discussed in note 2 . Estimated Useful Lives As of December 31, 2019 2018 (As Restated) Land (a) — $ 2,080 $ 1,981 Buildings 40 years 147 134 Communications infrastructure assets 1-20 years 20,521 18,683 Information technology assets and other 2-7 years 506 443 Construction in process — 1,080 975 Total gross property and equipment 24,334 22,216 Less: accumulated depreciation (9,668 ) (8,563 ) Total property and equipment, net $ 14,666 $ 13,653 (a) Includes land owned through fee interests and perpetual easements. Depreciation expense for the years ended December 31, 2019 , 2018 and 2017 was $1.1 billion , $1.1 billion and $914 million , respectively. See note 15 for a discussion of finance leases recorded as "Property and equipment, net" on the Company's consolidated balance sheet. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The change in the carrying value of goodwill for the year ended December 31, 2018 is as follows: Balance as of December 31, 2017 $ 10,021 Adjustments due to other acquisitions, purchase price allocations and other, net 57 Balance as of December 31, 2018 $ 10,078 There were no changes in the carrying value of goodwill during the year ended December 31, 2019. Intangibles The following is a summary of the Company's intangible assets. See note 4 for further discussion of the Company's acquisitions. As of December 31, 2019 As of December 31, 2018 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Site rental contracts and tenant relationships $ 7,761 $ (2,997 ) $ 4,764 $ 7,787 $ (2,578 ) $ 5,209 Other intangible assets (a) 143 (71 ) 72 494 (187 ) 307 Total $ 7,904 $ (3,068 ) $ 4,836 $ 8,281 $ (2,765 ) $ 5,516 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to below-market leases previously classified as intangible assets. Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): For Years Ended December 31, Classification 2019 2018 2017 Depreciation, amortization and accretion $ 428 $ 428 $ 314 Site rental costs of operations (a) — 17 18 Total amortization expense $ 428 $ 445 $ 332 (a) Amortization expense of intangible assets classified as "Site rental costs of operations" on the Company's consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2018 and 2017 represented amortization of below-market leases. Effective January 1, 2019, these below-market leases were de-recognized and reclassified from "Other intangible assets, net" to the "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. The estimated annual amortization expense related to intangible assets for the years ending December 31, 2020 to 2024 is as follows: Years Ending December 31, 2020 2021 2022 2023 2024 Estimated annual amortization $ 427 $ 427 $ 427 $ 427 $ 384 |
Other Liabilities (Notes)
Other Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other Liabilities | Other Liabilities Other long-term liabilities The following is a summary of the components of "Other long-term liabilities" as presented on the Company's consolidated balance sheet. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . See also note 3 . December 31, 2019 2018 (As Restated) Deferred rental revenues $ 1,814 $ 1,618 Deferred ground lease payable (a) — 603 Above-market leases for land interests, net (a) — 181 Deferred credits, net 434 499 Asset retirement obligation 227 192 Deferred income tax liabilities 8 7 Other long-term liabilities 33 10 Total $ 2,516 $ 3,110 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to deferred ground lease payable and above-market leases previously classified as other long-term liabilities. Pursuant to its ground lease, easement and leased facility agreements, the Company has the obligation to perform certain asset retirement activities, including requirements upon contract termination to remove communications infrastructure or remediate the space upon which its communications infrastructure resides. Accretion expense related to liabilities for retirement obligations amounted to $15 million , $14 million and $13 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , the estimated undiscounted future cash outlay for asset retirement obligations was approximately $1.0 billion . See note 3 . For the years ended December 31, 2018 and 2017 , the Company recorded $18 million and $19 million , respectively, as a decrease to "Site rental costs of operations" for the amortization of above-market leases for land interests under the Company's towers. Effective January 1, 2019, these above-market leases were de-recognized and reclassified from "Other long-term liabilities" into the "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. For the years ended December 31, 2019 , 2018 and 2017 , the Company recognized $65 million , $69 million and $37 million , respectively, in "Site rental revenues" related to the amortization of below-market tenant leases. The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ending December 31, 2020 to 2024 are as follows: Years Ending December 31, 2020 2021 2022 2023 2024 Below-market tenant leases $ 57 $ 53 $ 49 $ 45 $ 41 Other accrued liabilities Other accrued liabilities included accrued payroll and other accrued compensation of $ 174 million and $ 157 million , respectively, as of December 31, 2019 and 2018 . |
Debt and Other Obligations
Debt and Other Obligations | 12 Months Ended |
Dec. 31, 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 December 31, 2019 . Original Issue Date Contractual Maturity Date Outstanding Balance as of December 31, Stated Interest Rate as of December 31, 2019 2018 2019 (a) Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 (d) $ — $ 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 (d) 67 70 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b)(c) 298 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b)(c) 248 247 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b)(c) 694 693 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b)(c) 742 742 4.2 % Finance leases and other obligations Various Various (e) 227 227 Various Total secured debt 3,271 3,283 2016 Revolver Jan. 2016 June 2024 525 (f) 1,075 2.8 % (g) 2016 Term Loan A Jan. 2016 June 2024 2,310 2,354 2.9 % (g) Commercial Paper Notes Various (h) Various (h) 155 — Various (i) 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 846 844 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,644 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 990 988 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 592 — 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 543 — 3.1 % 4.750% Senior Notes May 2017 May 2047 344 343 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 395 — 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 345 — 4.0 % Total unsecured debt $ 14,850 $ 13,399 Total debt and other obligations $ 18,121 $ 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 $ 18,021 $ 16,575 (a) Represents the weighted-average stated interest rate. (b) The Tower Revenue Notes, Series 2015-1 and 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes." (c) 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 governing the terms of such notes) 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 December 31, 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. (d) The Secured Notes, Series 2009-1, Class A-1 and Secured Notes, Series 2009-1, Class A-2 are collectively referred to herein as "2009 Securitized Notes." (e) 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 . (f) As of December 31, 2019 , the undrawn availability under the 2016 Revolver was $4.5 billion . (g) 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. (h) The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issue. (i) The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.1% . The credit agreement governing the Company's 2016 Credit Facility contains financial maintenance covenants. The Company is currently in compliance with these financial maintenance covenants, and based upon current expectations, the Company believes it will continue to comply with its financial maintenance covenants. In addition, certain of the Company's debt agreements also contain restrictive covenants that place restrictions on CCIC or its subsidiaries and may limit the Company's ability to, among other things, incur additional debt and liens, purchase the Company's securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow. Bank Debt In January 2016, the Company established the 2016 Credit Facility, which was originally comprised of (1) a $2.5 billion 2016 Revolver maturing in January 2021 , (2) a $2.0 billion 2016 Term Loan A maturing in January 2021 and (3) a $1.0 billion senior unsecured 364-day revolving credit facility ("364-Day Facility") maturing in January 2017. The Company used the net proceeds from the 2016 Credit Facility (1) to repay the then outstanding 2012 Credit Facility and (2) for general corporate purposes. In February 2016, the Company used a portion of the net proceeds from the February 2016 Senior Notes (as defined below) offering to repay in full all outstanding borrowings under the then outstanding 364-Day Facility. In February 2017 , the Company entered into an amendment to the 2016 Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022 . In August 2017 , the Company entered into an amendment to the 2016 Credit Facility to (1) increase commitments on the 2016 Revolver by $1.0 billion , for total 2016 Revolver commitments of $3.5 billion , and (2) extend the maturity of the Credit Facility to August 2022 . In June 2018 , the Company entered into an amendment to the 2016 Credit Facility to (1) increase commitments on the 2016 Revolver by $750 million , for total 2016 Revolver commitments of $4.25 billion , and (2) extend the maturity of the Credit Facility from August 2022 to June 2023 . In April 2019 , the Company established a commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes ("Commercial Paper Notes"). Commercial Paper Notes may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes outstanding under the CP Program at any time not to exceed $1.0 billion . The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The 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. For the year ended December 31, 2019, the Company had net issuances of $155 million under the CP Program. 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 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. In June 2019 , the Company entered into an amendment to the 2016 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 . Securitized Debt The Tower Revenue Notes and the 2009 Securitized Notes (collectively, "Securitized Debt") are obligations of special purpose entities and their direct and indirect subsidiaries (each an "issuer"), all of which are wholly-owned, indirect subsidiaries of CCIC. The Tower Revenue Notes and 2009 Securitized Notes are governed by separate indentures. The May 2015 Tower Revenue Notes and July 2018 Tower Revenue Notes are governed by one indenture and consist of multiple series of notes, each with its own anticipated repayment date. The net proceeds of the May 2015 Tower Revenue Notes, together with proceeds received from the Company's sale of CCAL, were primarily used to (1) repay $250 million aggregate principal amount of August 2010 Tower Revenue Notes which had an anticipated repayment date of August 2015, (2) repay all of the then outstanding WCP Secured Wireless Site Contracts Revenue Notes, Series 2010-1 ("WCP Securitized Notes"), (3) repay portions of outstanding borrowings under the 2012 Credit Facility and (4) pay related fees and expenses. In July 2018 , the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("July 2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's existing Tower Revenue Notes. The July 2018 Tower Revenue Notes consist of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes ("3.72% Notes") with an anticipated repayment date of July 2023 and a final maturity of July 2043 and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes ("4.241% Notes") with an anticipated repayment date of July 2028 and a final maturity of July 2048 . The Company used the net proceeds of the July 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. In addition to the July 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements ("Risk Retention Rules"), an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an eligible horizontal residual interest (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the July 2018 Tower Revenue Notes. The Securitized Debt is paid solely from the cash flows generated by the operation of the towers held directly and indirectly by the issuers of the respective Securitized Debt. The Securitized Debt is secured by, among other things, (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). The governing instruments of two indirect subsidiaries ("Crown Atlantic" and "Crown GT") of the issuers of the Tower Revenue Notes generally prevent them from issuing debt and granting liens on their assets without the approval of a subsidiary of Verizon Communications. Consequently, while distributions paid by Crown Atlantic and Crown GT will service the Tower Revenue Notes, the Tower Revenue Notes are not obligations of, nor are the Tower Revenue Notes secured by the cash flows or any other assets of, Crown Atlantic and Crown GT. As of December 31, 2019 , the Securitized Debt was collateralized with personal property and equipment with an aggregate net book value of approximately $1.0 billion , exclusive of Crown Atlantic and Crown GT personal property and equipment. The excess cash flows from the issuers of the Securitized Debt, after the payment of principal, interest, reserves, expenses and management fees, are distributed to the Company in accordance with the terms of the indentures. If the Debt Service Coverage Ratio ("DSCR") (as defined in the applicable governing loan agreement) as of the end of any calendar quarter falls to a certain level, then all excess cash flow of the issuers of the applicable debt instrument will be deposited into a reserve account instead of being released to the Company. The funds in the reserve account will not be released to the Company until the DSCR exceeds a certain level for two consecutive calendar quarters. If the DSCR falls below a certain level as of the end of any calendar quarter, then all cash on deposit in the reserve account along with future excess cash flows of the issuers will be applied to prepay the debt with applicable prepayment consideration. The Company may repay the May 2015 Tower Revenue Notes or the 2009 Securitized Notes in whole or in part at any time after the second anniversary of the applicable issuance date and the July 2018 Tower Revenue Notes from the date of issuance, provided in each case that such prepayment is accompanied by any applicable prepayment consideration. The Securitized Debt has covenants and restrictions customary for rated securitizations, including provisions prohibiting the issuers from incurring additional indebtedness or further encumbering their assets. Bonds—Senior Notes In 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. 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. In January 2018 , the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 (collectively, "January 2018 Senior Notes"). The Company used the net proceeds of the January 2018 Senior Notes offering to repay (1) in full the January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver. In February 2017 , the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes due March 2027 ("4.000% Senior Notes"). The Company used the net proceeds from the 4.000% Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver. In May 2017 , the Company issued $350 million aggregate principal amount of 4.750% senior unsecured notes due May 2047 ("4.750% Senior Notes"). The Company used the net proceeds from the 4.750% Senior Notes offering to partially fund the Wilcon Acquisition and to repay a portion of the outstanding borrowings under the 2016 Revolver. In August 2017 , the Company issued $1.75 billion aggregate principal amount of senior unsecured notes ("August 2017 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.200% senior unsecured notes due September 2024 ("3.200% Senior Notes") and (2) $1.0 billion aggregate principal amount of 3.650% senior unsecured notes due September 2027 ("3.650% Senior Notes"). The Company used the net proceeds from the August 2017 Senior Notes offering to partially fund the Lightower Acquisition and pay related fees and expenses. In February 2016 , the Company issued $1.5 billion aggregate principal amount of senior unsecured notes ("February 2016 Senior Notes"), which consisted of (1) $600 million aggregate principal amount of 3.400% senior notes due February 2021 ("3.400% Senior Notes") and (2) $900 million aggregate principal amount of 4.450% senior unsecured notes due February 2026 ("4.450% Senior Notes"). The Company used the net proceeds from the February 2016 Senior Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the then outstanding 364-Day Facility and (2) repay $500 million of outstanding borrowings under the 2016 Revolver. In May 2016 , the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("May 2016 Senior Notes"), which consisted of (1) $250 million aggregate principal amount of additional 3.400% Senior Notes pursuant to the same indenture as the 3.400% Senior Notes issued in the February 2016 Senior Notes offering and (2) $750 million aggregate principal amount of 3.700% senior unsecured notes due June 2026 ("3.700% Senior Notes"). The Company used the net proceeds from the May 2016 Senior Notes offering to repay in full the Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver. In September 2016 , the Company issued $700 million aggregate principal amount of 2.250% senior unsecured notes ("2.250% Senior Notes") due September 2021 . The Company used the net proceeds from the 2.250% Senior Notes offering to (1) repay $500 million aggregate principal amount of 2.381% secured notes due 2017 ("2.381% Secured Notes") issued by certain of its subsidiaries and (2) repay a portion of the outstanding borrowings under the 2016 Revolver. In April 2014 , the Company issued $ 850 million aggregate principal amount of 4.875% senior unsecured notes due April 2022 ("4.875% Senior Notes"). The net proceeds from the offering were approximately $ 839 million , after the deduction of associated fees. The Company utilized the net proceeds from the 4.875% Senior Notes offering (1) to repay $300 million of the January 2010 Tower Revenue Notes with an anticipated repayment date of January 2015 and (2) to redeem all of the then outstanding 7.125% senior unsecured notes due 2019. In October 2012 , the Company issued $1.65 billion aggregate principal amount of 5.250% senior unsecured notes due 2023 ("5.250% Senior Notes"). The Company used the net proceeds from the 5.250% Senior Notes offering to partially fund the T-Mobile Acquisition. Each of the 5.250% Senior Notes, 4.875% Senior Notes, February 2016 Senior Notes, May 2016 Senior Notes, 2.250% Senior Notes, 4.000% Senior Notes, 4.750% Senior Notes, August 2017 Senior Notes, January 2018 Senior Notes, February 2019 Senior Notes and August 2019 Senior Notes (collectively, "Senior Notes") are senior unsecured obligations of the Company and rank equally with all of the Company's existing and future senior unsecured indebtedness, including obligations under the 2016 Credit Facility, and senior to all of the Company's future subordinated indebtedness. The Senior Notes are structurally subordinated to all existing and future liabilities and obligations of the Company's subsidiaries. The Company's subsidiaries are not guarantors of the Senior Notes. CCIC may redeem any of the Senior Notes in whole or in part at any time at a price equal to 100% of the principal amount to be redeemed, plus a make whole premium, if applicable, and accrued and unpaid interest, if any, to the date of redemption. Bonds—Secured Notes In December 2012, the Company issued $1.0 billion aggregate principal amount of 3.849% secured notes due 2023 ("3.849% Secured Notes"). The 3.849% Secured Notes were issued and are guaranteed by the same subsidiaries of CCIC that had previously issued and guaranteed the 7.750% senior unsecured notes due 2017 ("7.750% Secured Notes"). The 3.849% Secured Notes are secured by a pledge of the equity interests of such subsidiaries. The 3.849% Secured Notes are not guaranteed by and are not obligations of CCIC or any of its subsidiaries other than the issuers and guarantors of the 3.849% Secured Notes. The 3.849% Secured Notes will be paid solely from the cash flows generated from operations of the towers held directly and indirectly by the issuers and the guarantors of such notes. The Company used the net proceeds from the issuance of the 3.849% Secured Notes to repurchase and redeem the then outstanding 7.750% Secured Notes and a portion of the then outstanding 9.000% senior notes due 2011. The 3.849% Secured Notes may be redeemed at any time at a price equal to 100% of the principal amount, plus a make whole premium, and accrued and unpaid interest, if any to the redemption date. Previously Outstanding Indebtedness See above for a discussion of the Company's recent redemptions and repayments of debt. Contractual Maturities The following are the scheduled contractual maturities of the total debt and other long-term obligations of the Company outstanding at December 31, 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. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding Scheduled contractual maturities $ 253 $ 1,675 $ 1,000 $ 3,604 $ 3,172 $ 8,531 $ 18,235 $ (114 ) $ 18,121 Debt Purchases and Redemptions The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 Principal Amount Cash Paid (a) Gains (losses) (b) Secured Notes, Series 2009-1, Class A-1 $ 12 $ 12 $ (1 ) 2016 Term Loan A — — (1 ) Total $ 12 $ 12 $ (2 ) (a) Exclusive of accrued interest. (b) Inclusive of the write-off of the respective deferred financing costs. Year Ended December 31, 2018 Principal Amount Cash Paid (a) Gains (losses) (b) Tower Revenue Notes, Series 2010-3 $ 1,250 $ 1,318 $ (71 ) 2016 Term Loan A — — (3 ) Tower Revenues Notes, Series 2010-6 1,000 1,028 (32 ) Total $ 2,250 $ 2,346 $ (106 ) (a) Exclusive of accrued interest. (b) Inclusive of the write-off of the respective deferred financing costs. Year Ended December 31, 2017 Principal Amount Cash Paid Gains (losses) (a) 2016 Term Loan A $ — $ — $ (4 ) Total $ — $ — $ (4 ) (a) The losses represent write-off of deferred financing costs. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 3 . Level in Fair Value Hierarchy December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 196 $ 196 $ 277 $ 277 Restricted cash, current and non-current 1 142 142 136 136 Liabilities: Total debt and other obligations 2 $ 18,121 $ 19,170 $ 16,682 $ 16,562 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) Domestic $ 850 $ 618 $ 372 Foreign (a) 31 23 20 Total $ 881 $ 641 $ 392 (a) Inclusive of income (loss) before income taxes from Puerto Rico. The benefit (provision) for income taxes consists of the following: Years Ended December 31, 2019 2018 2017 Current: Federal $ (6 ) $ (5 ) $ (3 ) Foreign (8 ) (7 ) (6 ) State (5 ) (5 ) (2 ) Total current (19 ) (17 ) (11 ) Deferred: Federal — — (18 ) Foreign (2 ) (2 ) 3 Total deferred (2 ) (2 ) (15 ) Total tax benefit (provision) $ (21 ) $ (19 ) $ (26 ) A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows: Years Ended December 31, 2019 2018 2017 (As Restated) Benefit (provision) for income taxes at statutory rate $ (185 ) $ (135 ) $ (137 ) Tax effect of foreign income (losses) 1 1 — Tax adjustment related to REIT operations 178 128 131 State tax (provision) benefit, net of federal (5 ) (4 ) (2 ) Foreign tax (10 ) (9 ) (3 ) Effects of tax law change (a) — — (15 ) Total $ (21 ) $ (19 ) $ (26 ) (a) Pursuant to the Tax Cuts and Jobs Act, which was signed into law in December 2017, the Company was required to write down its net federal deferred tax asset in the amount of $17 million as a result of the reduction in the federal corporate tax rate offset by a benefit of $2 million related to the refund of the Company's alternative minimum tax credit carryforward. The components of the net deferred income tax assets and liabilities are as follows: December 31, 2019 2018 Deferred income tax liabilities: Property and equipment $ 6 $ 5 Deferred site rental receivable 7 7 Total deferred income tax liabilities 13 12 Deferred income tax assets: Intangible assets 3 4 Net operating loss carryforwards (a) 18 18 Straight-line rent expense liability (b) 3 2 Accrued liabilities 5 5 Other 2 3 Valuation allowances — (1 ) Total deferred income tax assets, net 31 31 Net deferred income tax asset (liabilities) $ 18 $ 19 (a) Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below. (b) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. The Company operates as a REIT for U.S. federal income tax purposes. The components of the net deferred income tax assets (liabilities) are as follows: December 31, 2019 December 31, 2018 Classification Gross Valuation Allowance Net Gross Valuation Allowance Net Federal $ 25 $ — $ 25 $ 25 $ — $ 25 State 1 — 1 1 — 1 Foreign (8 ) — (8 ) (6 ) (1 ) (7 ) Total $ 18 $ — $ 18 $ 20 $ (1 ) $ 19 At December 31, 2019 , the Company had U.S. federal and state NOLs of approximately $1.5 billion and $0.6 billion , respectively, which are available to offset future taxable income. These amounts include approximately $237 million of losses related to stock-based compensation. The Company also has foreign NOLs of $48 million . If not utilized, the Company's U.S. federal NOLs expire starting in 2025 and ending in 2036 , the state NOLs expire starting in 2020 and ending in 2036 , and the foreign NOLs expire starting in 2022 and ending in 2037 . The utilization of the NOLs is subject to certain limitations. The Company's U.S. federal and state income tax returns generally remain open to examination by taxing authorities until three years after the applicable NOLs have been used or expired. The remaining valuation allowance relates to certain foreign net deferred tax assets (primarily NOLs). As of December 31, 2019 , there were no unrecognized tax benefits that would impact the effective tax rate, if recognized. From time to time, the Company is subject to examinations by various tax authorities in jurisdictions in which the Company has business operations. At this time, the Company is not subject to an Internal Revenue Service examination. The Australian Taxation Office is conducting an audit of the tax consequences for Australian tax purposes of the Company's sale of CCAL. The primary focus of the audit relates to the Company's asset valuation methodology and whether the Company should be subject to Australian capital gains tax on its sale of CCAL. The Company believes its valuation methodology is appropriate, that it is not subject to such tax, and that the ultimate resolution of the audit will not be material to the Company’s financial position. In addition, the Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions in which it has business operations. The Company has no uncertain tax positions as of December 31, 2019. Additionally, the Company does not believe any such additional assessments arising from other examinations or audits will have a material effect on the Company's financial statements. As of December 31, 2019 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Stockholders' Equity | Equity 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. As of December 31, 2019, the Company had $750 million of gross sales of common stock availability remaining under the 2018 ATM Program. May 2017 Common Stock Offering On May 1, 2017 , the Company completed an offering of 4.75 million shares of its common stock, which generated net proceeds of approximately $442 million ("May 2017 Common Stock Offering"). The Company used the net proceeds of the May 2017 Common Stock Offering to partially fund the Wilcon Acquisition. July 2017 Equity Offerings On July 26, 2017 , the Company completed an offering of 40.15 million shares of common stock, including certain additional shares sold pursuant to the underwriters' option, which generated net proceeds of approximately $3.8 billion ("July 2017 Common Stock Offering"). The Company used the net proceeds of the July 2017 Common Stock Offering to partially fund the Lightower Acquisition and pay related fees and expenses. On July 26, 2017 , the Company completed an offering of 1.65 million shares of the Company's 6.875% Convertible Preferred Stock, at $1,000 per share, including certain additional shares sold pursuant to the underwriters' option, which generated net proceeds of approximately $1.6 billion ("Mandatory Convertible Preferred Stock Offering"). The Company used the net proceeds from the Mandatory Convertible Preferred Stock Offering to partially fund the Lightower Acquisition and pay related fees and expenses. The holders of the 6.875% Convertible Preferred Stock are entitled to receive cumulative dividends, when and if declared by the Company's board of directors, at the rate of 6.875% on the liquidation preference of $1,000 per share. The dividends may be paid in cash or, subject to certain limitations, in shares of the Company's common stock or any combination of cash and shares of common stock on February 1, May 1, August 1 and November 1 of each year, commencing on November 1, 2017 and to, and including, August 1, 2020. The terms of the 6.875% Convertible Preferred Stock provide that, unless accumulated dividends have been paid or set aside for payment on all outstanding shares of 6.875% Convertible Preferred Stock for all past dividend periods, no dividends may be declared or paid on common stock. Unless converted earlier, each outstanding share of the 6.875% Convertible Preferred Stock will automatically convert into shares of the Company's common stock on August 1, 2020 into between 8.7772 and 10.5326 shares of the Company's common stock, depending on the applicable market value of the common stock and subject to certain anti-dilution adjustments. At any time prior to August 1, 2020, holders of the 6.875% Convertible Preferred Stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate of 8.7772 , subject to certain anti-dilution adjustments. The July 2017 Common Stock Offering and Mandatory Convertible Preferred Stock Offering are collectively referred to herein as "July 2017 Equity Offerings." March 2018 Common Stock Offering In March 2018 , the Company completed an offering of 8 million shares of its common stock, which generated net proceeds of $841 million ("March 2018 Equity Financing"). The Company used the net proceeds from the March 2018 Equity Financing for general corporate purposes, including repayment of outstanding indebtedness. Declaration and Payment of Dividends During the year ended December 31, 2019 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 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) Common Stock October 14, 2019 December 13, 2019 December 31, 2019 $ 1.20 $ 502 (a) 6.875% Convertible Preferred Stock December 11, 2018 January 15, 2019 February 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock March 19, 2019 April 15, 2019 May 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock June 17, 2019 July 15, 2019 August 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock September 18, 2019 October 15, 2019 November 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock December 9, 2019 January 15, 2020 February 3, 2020 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. See note 19 for further discussion of common stock dividends. Tax Treatment of Dividends The following table summarizes, for income tax purposes, the nature of dividends paid during 2019 on the Company's common stock and 6.875% Convertible Preferred Stock. Equity Type Payment Date Cash Distribution (per share) Ordinary Taxable Dividend (per share) Qualified Taxable Dividend (per share) (a) Section 199A Dividend (per share) Non-Taxable Distribution (per share) Common Stock March 29, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock June 28, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock September 30, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock December 31, 2019 $ 1.20 $ 0.879 $ 0.008 $ 0.871 $ 0.321 6.875% Convertible Preferred Stock February 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock May 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock August 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock November 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — (a) Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts. Purchases of the Company's Common Stock During the years ended December 31, 2019 , 2018 and 2017 , the Company purchased 0.4 million , 0.3 million and 0.3 million shares of common stock, respectively, utilizing $44 million , $34 million and $23 million in cash, respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-based Compensation | Stock-based Compensation Stock Compensation Plans Pursuant to a stockholder approved plan, the Company has and is permitted to grant stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. As of December 31, 2019 , the Company has 9 million shares available for future issuance pursuant to its 2013 Long-Term Incentive Plan ("LTI Plan"). Of these shares remaining available for future issuance, approximately 3 million shares may be issued pursuant to outstanding RSUs granted under the LTI Plan. Restricted Stock Units The Company issues RSUs to certain executives and employees. Each RSU represents a contingent right to receive one share of common stock subject to satisfaction of the applicable vesting terms. The RSUs granted to certain executives and employees include (1) annual performance awards that often include provisions for forfeiture by the employee if certain market performance of the Company's common stock is not achieved, (2) new hire or promotional awards that generally contain only service conditions, or (3) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards vest over periods of approximately 3 years. The following is a summary of the RSU activity during the year ended December 31, 2019 . RSUs (In millions) Outstanding at the beginning of year 3 Granted 1 Vested (1 ) Forfeited — Outstanding at end of year 3 The Company granted approximately 1 million RSUs to the Company's executives and certain other employees for each of the years ended December 31, 2019 , 2018 and 2017 . The weighted-average grant-date fair value per share of the grants for the years ended December 31, 2019 , 2018 and 2017 was $106.55 , $91.52 and $73.52 per share, respectively. The weighted-average requisite service period for the RSUs granted during 2019 was approximately 2.4 years. The approximately 1 million RSUs granted during the year ended December 31, 2019 , were comprised of (1) approximately 0.8 million RSUs that time vest over a three-year period and (2) approximately 0.5 million RSUs to the Company's executives and certain other employees which may vest on the third anniversary of the grant date based upon (1) the Company's total shareholder returns (defined as share price appreciation plus the value of dividends paid during the performance period) and (2) the Company's total shareholder return compared to that of the companies in the Standard & Poor's 500 Index. Certain RSU agreements contain provisions that result in forfeiture by the employee of any unvested shares in the event that the Company's common stock does not achieve certain performance targets. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the market performance target is achieved. The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2019 , 2018 and 2017 , respectively, with market conditions. Years Ended December 31, 2019 2018 2017 Risk-free rate 2.5 % 2.4 % 1.5 % Expected volatility 18 % 18 % 18 % Expected dividend rate 4.0 % 3.8 % 4.4 % The Company recognized aggregate stock-based compensation expense related to RSUs of $96 million , $90 million and $89 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The aggregate unrecognized compensation (net of estimated forfeitures) related to RSUs at December 31, 2019 is $89 million and is estimated to be recognized over a weighted-average period of less than one year . The following table is a summary of the awards vested during the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, Total Shares Vested Fair Value on Vesting Date (In millions of shares) 2019 1 $ 135 2018 1 107 2017 1 67 Stock-based Compensation The following table discloses the components of stock-based compensation expense. Years Ended December 31, 2019 2018 2017 Stock-based compensation expense: Site rental costs of operations $ 19 $ 17 $ 15 Services and other costs of operations 7 8 5 Selling, general and administrative expenses 90 83 76 Total stock-based compensation $ 116 $ 108 $ 96 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. See note 15 for a discussion of the operating lease commitments. In addition, see note 1 for a discussion of the Company's option to purchase approximately 53% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. SEC Investigation 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. Shareholder Litigation Putative securities class action suits have been filed against the Company on behalf of investors that purchased or otherwise acquired stock of the Company between February 26, 2018 and February 26, 2020. The allegations relate to allegedly false or misleading statements or other failures to disclose information about the Company’s business, operations and prospects. The complaints seek money damages and the award of plaintiffs’ costs and expenses incurred in the respective class action. The Company is currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. The Company believes these class action suits are without merit and intends to defend itself vigorously. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | Leases The following information is presented with respect to the Company's tenant contracts that are subject to the new lease accounting standard and excludes those contracts outside the scope of that standard. Lessor Tenant Leases See note 5 for further information regarding the contractual amounts owed to the Company pursuant to tenant contracts in effect as of December 31, 2019 and other information. Lessee Operating Leases The components of the Company's operating lease expense are as follows: Year Ended December 31, 2019 Lease cost: Operating lease expense (a) $ 648 Variable lease expense (b) 133 Total lease expense (c) $ 781 (a) Represents the Company's operating lease expense related to its ROU assets for the twelve months ended December 31, 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 the twelve months ended December 31, 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 consolidated balance sheet. See note 1 for further discussion of the Company's prepaid master lease agreements and note 3 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 December 31, 2019 . For the twelve months ended December 31, 2019 , the Company recorded $216 million to "Depreciation, amortization and accretion" related to finance leases. Other Lessee Information As of December 31, 2019 , the Company's weighted-average remaining lease term and weighted-average discount rate for operating leases were 17 years and 4.3% , respectively. The following table is a summary of the Company's maturities of operating lease liabilities as of December 31, 2019 : Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total undiscounted lease payments Less: Imputed interest Total operating lease liabilities Operating leases (a) $ 534 $ 528 $ 524 $ 520 $ 517 $ 6,357 $ 8,980 $ (3,170 ) $ 5,810 (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 exercisable 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 |
Operating Segments and Concentr
Operating Segments and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Operating Segments and Concentrations of Credit Risks | Operating Segments and Concentrations of Credit Risk 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 ancillary services relating to the Company's towers, predominately consisting of site development services and installation services. The Fiber segment provides access, including space or capacity, to the Company's approximately 80,000 route miles of fiber primarily supporting small cell networks and fiber solutions geographically dispersed throughout the U.S. The tables below for the years ended December 31, 2018 and 2017 also give effect to the Historical Adjustments as discussed in note 2 . Each of the Historical Adjustments for the years ended December 31, 2018 and 2017 are attributable only to the Towers segment. Year Ended December 31, 2019 Towers Fiber Other Consolidated Total Segment site rental revenues $ 3,389 $ 1,704 $ 5,093 Segment services and other revenues 653 17 670 Segment revenues 4,042 1,721 5,763 Segment site rental cost of operations 864 559 1,423 Segment services and other cost of operations 506 11 517 Segment cost of operations (a)(b) 1,370 570 1,940 Segment site rental gross margin 2,525 1,145 3,670 Segment services and other gross margin 147 6 153 Segment selling, general and administrative expenses (b) 96 195 291 Segment operating profit (loss) 2,576 956 3,532 Other selling, general and administrative expenses (b) $ 233 233 Stock-based compensation expense 116 116 Depreciation, amortization and accretion 1,572 1,572 Interest expense and amortization of deferred financing costs 683 683 Other (income) expenses to reconcile to income (loss) before income taxes (c) 47 47 Income (loss) before income taxes $ 881 Capital expenditures $ 543 $ 1,473 $ 41 $ 2,057 Total assets (at year end) $ 22,357 $ 15,389 $ 711 $ 38,457 Total goodwill (at year end) $ 5,127 $ 4,951 $ — $ 10,078 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2019 excludes (1) stock-based compensation expense of $26 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2019 , segment selling, general and administrative expenses exclude stock-based compensation expense of $90 million . (c) See consolidated statement of operations for further information. Year Ended December 31, 2018 (As Restated) Towers Fiber Other Consolidated Total Segment site rental revenues $ 3,196 $ 1,600 $ 4,796 Segment services and other revenues 558 16 574 Segment revenues 3,754 1,616 5,370 Segment site rental cost of operations 848 525 1,373 Segment services and other cost of operations 415 11 426 Segment cost of operations (a)(b) 1,263 536 1,799 Segment site rental gross margin 2,348 1,075 3,423 Segment services and other gross margin 143 5 148 Segment selling, general and administrative expenses (b) 110 179 289 Segment operating profit (loss) 2,381 901 3,282 Other selling, general and administrative expenses (b) $ 191 191 Stock-based compensation expense 108 108 Depreciation, amortization and accretion 1,527 1,527 Interest expense and amortization of deferred financing costs 642 642 Other (income) expenses to reconcile to income (loss) before income taxes (c) 173 173 Income (loss) before income taxes $ 641 Capital expenditures $ 440 $ 1,264 $ 35 $ 1,739 Total assets (at year end) $ 17,644 $ 14,512 $ 606 $ 32,762 Total goodwill (at year end) $ 5,127 $ 4,951 $ — $ 10,078 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2018 excludes (1) stock-based compensation expense of $25 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2018 , segment selling, general and administrative expenses exclude stock-based compensation expense of $83 million . (c) See consolidated statement of operations for further information. Year Ended December 31, 2017 (As Restated) Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,965 $ 769 $ 3,734 Segment services and other revenues 471 50 521 Segment revenues 3,436 819 4,255 Segment site rental cost of operations 845 264 1,109 Segment services and other cost of operations 353 41 394 Segment cost of operations (a)(b) 1,198 305 1,503 Segment site rental gross margin 2,120 505 2,625 Segment services and other gross margin 118 9 127 Segment selling, general and administrative expenses (b) 94 89 183 Segment operating profit (loss) 2,144 425 2,569 Other selling, general and administrative expenses (b) $ 167 167 Stock-based compensation expense 96 96 Depreciation, amortization and accretion 1,241 1,241 Interest expense and amortization of deferred financing costs 591 591 Other (income) expenses to reconcile to income (loss) before income taxes (c) 82 82 Income (loss) before income taxes $ 392 Capital expenditures $ 407 $ 782 $ 28 $ 1,217 Total assets (at year end) $ 17,918 $ 13,669 $ 619 $ 32,206 Total goodwill (at year end) $ 5,127 $ 4,894 $ — $ 10,021 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2017 excludes (1) stock-based compensation expense of $20 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2017 , segment selling, general and administrative expenses exclude stock-based compensation expense of $76 million . (c) See consolidated statement of operations for further information. Major Tenants The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the consolidated revenues. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) T-Mobile 22 % 19 % 22 % AT&T 21 % 20 % 25 % Verizon Wireless 19 % 20 % 16 % Sprint 14 % 15 % 23 % Total 76 % 74 % 86 % Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and trade receivables. The Company mitigates its risk with respect to cash and cash equivalents by maintaining such deposits at high credit quality financial institutions and monitoring the credit ratings of those institutions. The Company's restricted cash is predominately held and directed by a trustee (see note 3 ). The Company derives the largest portion of its revenues from tenants in the wireless industry. The Company also has a concentration in its volume of business with T-Mobile, AT&T, Verizon Wireless and Sprint or their agents that accounts for a significant portion of the Company's revenues, receivables and deferred site rental receivables. The Company mitigates its concentrations of credit risk with respect to trade receivables by actively monitoring the creditworthiness of its tenants, the use of tenant leases with contractually determinable payment terms or proactive management of past due balances. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The following table is a summary of the supplemental cash flow information during the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, 2019 2018 2017 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a)(b) $ 541 $ — $ — Interest paid 661 619 547 Income taxes paid 16 17 16 Supplemental disclosure of non-cash investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities (b) 431 — — Increase in accounts payable for purchases of property and equipment 2 29 2 Purchase of property and equipment under finance leases and installment land purchases 33 40 32 Increase in preferred stock dividends accrued but not paid (see note 12) — — 28 (a) Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. (b) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the consolidated balance sheet to amounts reported in the consolidated statement of cash flows is shown below. As of December 31, 2019 2018 2017 Cash and cash equivalents $ 196 $ 277 $ 314 Restricted cash, current 137 131 121 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 5 Cash, cash equivalents and restricted cash $ 338 $ 413 $ 440 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Quarterly financial information for the years ended December 31, 2019 and 2018 is summarized in the table below. The tables below gives effect to the Historical Adjustments , where applicable, as discussed in note 2 . Three Months Ended (a) December 31 September 30 June 30 March 31 (As Restated) 2019: Net revenues $ 1,426 $ 1,482 $ 1,447 $ 1,408 Operating income (loss) 379 423 389 367 Gains (losses) on retirement of long-term obligations — — (1 ) (1 ) Benefit (provision) for income taxes (6 ) (5 ) (4 ) (6 ) Net income (loss) attributable to CCIC stockholders 208 242 216 193 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.43 $ 0.51 $ 0.45 $ 0.40 Diluted $ 0.43 $ 0.51 $ 0.45 $ 0.40 Three Months Ended (a) December 31 September 30 June 30 March 31 (As Restated) 2018: Net revenues $ 1,406 $ 1,361 $ 1,319 $ 1,284 Operating income (loss) 367 346 335 335 Gains (losses) on retirement of long-term obligations — (32 ) (3 ) (71 ) Benefit (provision) for income taxes (5 ) (5 ) (5 ) (4 ) Net income (loss) attributable to CCIC stockholders 201 151 170 100 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.42 $ 0.30 $ 0.34 $ 0.18 Diluted $ 0.42 $ 0.30 $ 0.34 $ 0.18 (a) The sum of quarterly information may not agree to year-to-date information due to rounding. Restatement of Previously Issued Quarterly Unaudited Financial Information The following tables represent the Company’s restatement of previously issued unaudited quarterly financial information for each of the applicable interim periods during the nine months ended September 30, 2019 and twelve months ended December 31, 2018. The amounts previously issued were derived from the Company’s respective Quarterly Reports on Form 10-Q, and, for the fourth quarter of 2018, from its 2018 Annual Report on Form 10-K. As discussed in note 2 , the following tables reflect the impact of the Historical Adjustments , where applicable, on each interim period below. The sum of quarterly information may not agree to year-to-date information due to rounding. September 30, 2019 June 30, 2019 March 31, 2019 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 182 $ 288 $ 245 Restricted cash 138 136 158 Receivables, net 667 591 545 Prepaid expenses (a) 99 111 85 Other current assets 167 168 160 Total current assets 1,253 1,294 1,193 Deferred site rental receivables 1,413 1,391 1,373 Property and equipment, net 14,393 14,128 13,860 Operating lease right-of-use assets (a) 6,112 6,053 5,969 Goodwill 10,078 10,078 10,078 Other intangible assets, net (a) 4,968 5,074 5,178 Long-term prepaid rent and other assets, net (a) 104 106 104 Total assets $ 38,321 $ 38,124 $ 37,755 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 368 $ 337 $ 311 Accrued interest 110 166 107 Deferred revenues 638 607 598 Other accrued liabilities (a) 335 305 262 Current maturities of debt and other obligations 100 98 96 Current portion of operating lease liabilities (a) 296 289 287 Total current liabilities 1,847 1,802 1,661 Debt and other long-term obligations 17,750 17,471 17,120 Operating lease liabilities (a) 5,480 5,427 5,338 Other long-term liabilities (a) 2,458 2,411 2,369 Total liabilities 27,535 27,111 26,488 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,829 17,801 17,769 Accumulated other comprehensive income (loss) (5 ) (5 ) (5 ) Dividends/distributions in excess of earnings (7,042 ) (6,787 ) (6,501 ) Total equity 10,786 11,013 11,267 Total liabilities and equity $ 38,321 $ 38,124 $ 37,755 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. September 30, 2018 June 30, 2018 March 31, 2018 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 323 $ 206 $ 220 Restricted cash 125 125 120 Receivables, net 471 455 402 Prepaid expenses (a) 182 197 175 Other current assets 148 181 157 Total current assets 1,249 1,164 1,074 Deferred site rental receivables 1,357 1,303 1,304 Property and equipment, net 13,410 13,195 13,028 Goodwill 10,074 10,075 10,075 Other intangible assets, net (a) 5,620 5,729 5,854 Long-term prepaid rent and other assets, net (a) 911 885 892 Total assets $ 32,621 $ 32,351 $ 32,227 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 302 $ 272 $ 248 Accrued interest 101 154 104 Deferred revenues 568 554 539 Other accrued liabilities (a) 306 272 240 Current maturities of debt and other obligations 111 112 130 Total current liabilities 1,388 1,364 1,261 Debt and other long-term obligations 16,313 15,844 15,616 Other long-term liabilities (a) 3,074 3,014 2,946 Total liabilities 20,775 20,222 19,823 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,743 17,711 17,690 Accumulated other comprehensive income (loss) (5 ) (5 ) (4 ) Dividends/distributions in excess of earnings (5,896 ) (5,581 ) (5,286 ) Total equity 11,846 12,129 12,404 Total liabilities and equity $ 32,621 $ 32,351 $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated balance sheet for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,416 $ — $ (23 ) $ 14,393 Total assets 38,344 — (23 ) 38,321 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 525 113 — 638 Total current liabilities 1,734 113 — 1,847 Other long-term liabilities (a) 2,055 403 — 2,458 Total liabilities 27,019 516 — 27,535 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,503 ) (516 ) (23 ) (7,042 ) Total equity 11,325 (516 ) (23 ) 10,786 Total liabilities and equity $ 38,344 $ — $ (23 ) $ 38,321 June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,151 $ — $ (23 ) $ 14,128 Total assets 38,147 — (23 ) 38,124 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 503 104 — 607 Total current liabilities 1,698 104 — 1,802 Other long-term liabilities (a) 2,028 383 — 2,411 Total liabilities 26,624 487 — 27,111 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,277 ) (487 ) (23 ) (6,787 ) Total equity 11,523 (487 ) (23 ) 11,013 Total liabilities and equity $ 38,147 $ — $ (23 ) $ 38,124 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,883 $ — $ (23 ) $ 13,860 Total assets 37,778 — (23 ) 37,755 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 502 96 — 598 Total current liabilities 1,565 96 — 1,661 Other long-term liabilities (a) 2,009 360 — 2,369 Total liabilities 26,032 456 — 26,488 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,022 ) (456 ) (23 ) (6,501 ) Total equity 11,746 (456 ) (23 ) 11,267 Total liabilities and equity $ 37,778 $ — $ (23 ) $ 37,755 September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,433 $ — $ (23 ) $ 13,410 Total assets 32,644 — (23 ) 32,621 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 484 84 — 568 Total current liabilities 1,304 84 — 1,388 Other long-term liabilities (a) 2,732 342 — 3,074 Total liabilities 20,349 426 — 20,775 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,447 ) (426 ) (23 ) (5,896 ) Total equity 12,295 (426 ) (23 ) 11,846 Total liabilities and equity $ 32,644 $ — $ (23 ) $ 32,621 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,218 $ — $ (23 ) $ 13,195 Total assets 32,374 — (23 ) 32,351 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 476 78 — 554 Total current liabilities 1,286 78 — 1,364 Other long-term liabilities (a) 2,678 336 — 3,014 Total liabilities 19,808 414 — 20,222 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,144 ) (414 ) (23 ) (5,581 ) Total equity 12,566 (414 ) (23 ) 12,129 Total liabilities and equity $ 32,374 $ — $ (23 ) $ 32,351 March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,051 $ — $ (23 ) $ 13,028 Total assets 32,250 — (23 ) 32,227 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 465 74 — 539 Total current liabilities 1,187 74 — 1,261 Other long-term liabilities (a) 2,615 331 — 2,946 Total liabilities 19,418 405 — 19,823 CCIC stockholders' equity: Dividends/distributions in excess of earnings (4,858 ) (405 ) (23 ) (5,286 ) Total equity 12,832 (405 ) (23 ) 12,404 Total liabilities and equity $ 32,250 $ — $ (23 ) $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. Condensed consolidated statement of operations and comprehensive income (loss) September 30, 2019 June 30, 2019 March 31, 2019 Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,287 $ 3,793 $ 1,263 $ 2,505 $ 1,242 Services and other 195 544 184 350 166 Net revenues 1,482 4,337 1,447 2,855 1,408 Operating expenses: Costs of operations (a) : Site rental 369 1,095 365 726 361 Services and other 146 407 137 261 124 Selling, general and administrative 150 457 155 307 152 Asset write-down charges 2 13 6 12 6 Acquisition and integration costs 4 10 2 6 4 Depreciation, amortization and accretion 388 1,175 393 787 394 Total operating expenses 1,059 3,157 1,058 2,099 1,041 Operating income (loss) 423 1,180 389 756 367 Interest expense and amortization of deferred financing costs (173 ) (510 ) (169 ) (337 ) (168 ) Gains (losses) on retirement of long-term obligations — (2 ) (1 ) (2 ) (1 ) Interest income 2 5 1 3 2 Other income (expense) (5 ) (6 ) — (1 ) (1 ) Income (loss) before income taxes 247 667 220 419 199 Benefit (provision) for income taxes (5 ) (15 ) (4 ) (10 ) (6 ) Net income (loss) attributable to CCIC stockholders 242 652 216 409 193 Dividends/distributions on preferred stock (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 214 567 188 352 165 Net income (loss) 242 652 216 409 193 Other comprehensive income (loss): Foreign currency translation adjustments — — — — — Total other comprehensive income (loss) — — — — — Comprehensive income (loss) attributable to CCIC stockholders $ 242 $ 652 $ 216 $ 409 $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.51 $ 1.36 $ 0.45 $ 0.85 $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.51 $ 1.36 $ 0.45 $ 0.84 $ 0.40 Weighted-average common shares outstanding: Basic 416 416 416 415 415 Diluted 418 418 418 417 417 (a) Exclusive of depreciation, amortization and accretion shown separately. December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,231 $ 1,205 $ 3,565 $ 1,188 $ 2,360 $ 1,171 Services and other 175 156 399 131 244 113 Net revenues 1,406 1,361 3,964 1,319 2,604 1,284 Operating expenses: Costs of operations (a) : Site rental 353 355 1,057 355 702 347 Services and other 135 118 301 98 183 85 Selling, general and administrative 145 145 418 138 273 134 Asset write-down charges 8 8 18 6 9 3 Acquisition and integration costs 9 4 18 8 14 6 Depreciation, amortization and accretion 389 385 1,138 379 753 374 Total operating expenses 1,039 1,015 2,950 984 1,934 949 Operating income (loss) 367 346 1,014 335 670 335 Interest expense and amortization of deferred financing costs (164 ) (160 ) (478 ) (158 ) (318 ) (160 ) Gains (losses) on retirement of long-term obligations — (32 ) (106 ) (3 ) (74 ) (71 ) Interest income 2 1 4 1 2 1 Other income (expense) 1 1 — — (1 ) (1 ) Income (loss) before income taxes 206 156 434 175 279 104 Benefit (provision) for income taxes (5 ) (5 ) (13 ) (5 ) (9 ) (4 ) Net income (loss) attributable to CCIC stockholders 201 151 421 170 270 100 Dividends/distributions on preferred stock (28 ) (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 173 123 336 142 213 72 Net income (loss) 201 151 421 170 270 100 Other comprehensive income (loss): Foreign currency translation adjustments — — (1 ) (1 ) (1 ) — Total other comprehensive income (loss) — — (1 ) (1 ) (1 ) — Comprehensive income (loss) attributable to CCIC stockholders $ 201 $ 151 $ 420 $ 169 $ 269 $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Weighted-average common shares outstanding: Basic 415 415 413 415 412 409 Diluted 417 416 414 416 413 410 (a) Exclusive of depreciation, amortization and accretion shown separately. The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of operations and comprehensive income (loss) for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. The sum of quarterly information may not agree to year-to-date information due to rounding. Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,718 $ 75 $ — $ 3,793 Services and other 700 (152 ) (4 ) 544 Net revenues 4,418 (77 ) (4 ) 4,337 Operating expenses: Costs of operations (a) : Services and other 410 — (3 ) 407 Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Total operating expenses 3,161 — (4 ) 3,157 Operating income (loss) 1,257 (77 ) — 1,180 Income (loss) before income taxes 744 (77 ) — 667 Net income (loss) attributable to CCIC stockholders 729 (77 ) — 652 Net income (loss) attributable to CCIC common stockholders $ 644 $ (77 ) $ — $ 567 Net income (loss) $ 729 $ (77 ) $ — $ 652 Comprehensive income (loss) attributable to CCIC stockholders $ 729 $ (77 ) $ — $ 652 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.55 $ (0.19 ) $ — $ 1.36 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.54 $ (0.18 ) $ — $ 1.36 (a) Exclusive of depreciation, amortization and accretion shown separately. Three Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,260 $ 27 $ — $ 1,287 Services and other 254 (57 ) (2 ) 195 Net revenues 1,514 (30 ) (2 ) 1,482 Operating expenses: Costs of operations (a) : Services and other 147 — (1 ) 146 Depreciation, amortization and accretion 389 — (1 ) 388 Total operating expenses 1,061 — (2 ) 1,059 Operating income (loss) 453 (30 ) — 423 Income (loss) before income taxes 277 (30 ) — 247 Net income (loss) attributable to CCIC stockholders 272 (30 ) — 242 Net income (loss) attributable to CCIC common stockholders $ 244 $ (30 ) $ — $ 214 Net income (loss) $ 272 $ (30 ) $ — $ 242 Comprehensive income (loss) attributable to CCIC stockholders $ 272 $ (30 ) $ — $ 242 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.59 $ (0.08 ) $ — $ 0.51 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.58 $ (0.07 ) $ — $ 0.51 Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,457 $ 48 $ — $ 2,505 Services and other 447 (95 ) (2 ) 350 Net revenues 2,904 (47 ) (2 ) 2,855 Operating expenses: Costs of operations (a) : Services and other 263 — (2 ) 261 Total operating expenses 2,101 — (2 ) 2,099 Operating income (loss) 803 (47 ) — 756 Income (loss) before income taxes 466 (47 ) — 419 Net income (loss) attributable to CCIC stockholders 456 (47 ) — 409 Net income (loss) attributable to CCIC common stockholders $ 399 $ (47 ) $ — $ 352 Net income (loss) $ 456 $ (47 ) $ — $ 409 Comprehensive income (loss) attributable to CCIC stockholders $ 456 $ (47 ) $ — $ 409 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.96 $ (0.11 ) $ — $ 0.85 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.95 $ (0.11 ) $ — $ 0.84 (a) Exclusive of depreciation, amortization and accretion shown separately. Three Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,238 $ 25 $ — $ 1,263 Services and other 240 (55 ) (1 ) 184 Net revenues 1,478 (30 ) (1 ) 1,447 Operating expenses: Costs of operations (a) : Services and other 138 — (1 ) 137 Total operating expenses 1,059 — (1 ) 1,058 Operating income (loss) 419 (30 ) — 389 Income (loss) before income taxes 250 (30 ) — 220 Net income (loss) attributable to CCIC stockholders 246 (30 ) — 216 Net income (loss) attributable to CCIC common stockholders $ 218 $ (30 ) $ — $ 188 Net income (loss) $ 246 $ (30 ) $ — $ 216 Comprehensive income (loss) attributable to CCIC stockholders $ 246 $ (30 ) $ — $ 216 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.52 $ (0.07 ) $ — $ 0.45 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.52 $ (0.07 ) $ — $ 0.45 Three Months Ended March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,219 $ 23 $ — $ 1,242 Services and other 207 (40 ) (1 ) 166 Net revenues 1,426 (17 ) (1 ) 1,408 Operating expenses: Costs of operations (a) : Services and other 125 — (1 ) 124 Total operating expenses 1,042 — (1 ) 1,041 Operating income (loss) 384 (17 ) — 367 Income (loss) before income taxes 216 (17 ) — 199 Net income (loss) attributable to CCIC stockholders 210 (17 ) — 193 Net income (loss) attributable to CCIC common stockholders $ 182 $ (17 ) $ — $ 165 Net income (loss) $ 210 $ (17 ) $ — $ 193 Comprehensive income (loss) attributable to CCIC stockholders $ 210 $ (17 ) $ — $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.44 $ (0.04 ) $ — $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.04 ) $ — $ 0.40 (a) Exclusive of depreciation, amortization and accretion shown separately. Three Months Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,209 $ 22 $ — $ 1,231 Services and other 210 (35 ) — 175 Net revenues 1,419 (13 ) — 1,406 Operating expenses: Depreciation, amortization and accretion 390 — (1 ) 389 Total operating expenses 1,040 — (1 ) 1,039 Operating income (loss) 379 (13 ) 1 367 Income (loss) before income taxes 218 (13 ) 1 206 Net income (loss) attributable to CCIC stockholders 213 (13 ) 1 201 Net income (loss) attributable to CCIC common stockholders $ 185 $ (13 ) $ 1 $ 173 Net income (loss) $ 213 $ (13 ) $ 1 $ 201 Comprehensive income (loss) attributable to CCIC stockholders $ 213 $ (13 ) $ 1 $ 201 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.45 $ (0.03 ) $ — $ 0.42 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.02 ) $ — $ 0.42 Nine Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,507 $ 58 $ — $ 3,565 Services and other 497 (93 ) (5 ) 399 Net revenues 4,004 (35 ) (5 ) 3,964 Operating expenses: Costs of operations (a) : Services and other 304 — (3 ) 301 Total operating expenses 2,953 — (3 ) 2,950 Operating income (loss) 1,051 (35 ) (2 ) 1,014 Income (loss) before income taxes 471 (35 ) (2 ) 434 Net income (loss) attributable to CCIC stockholders 458 (35 ) (2 ) 421 Net income (loss) attributable to CCIC common stockholders $ 373 $ (35 ) $ (2 ) $ 336 Net income (loss) $ 458 $ (35 ) $ (2 ) $ 421 Comprehensive income (loss) attributable to CCIC stockholders $ 457 $ (35 ) $ (2 ) $ 420 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.90 $ (0.09 ) $ — $ 0.81 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.90 $ (0.09 ) $ — $ 0.81 (a) Exclusive of depreciation, amortization and accretion shown separately. Three Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,184 $ 21 $ — $ 1,205 Services and other 191 (33 ) (2 ) 156 Net revenues 1,375 (12 ) (2 ) 1,361 Operating expenses: Costs of operations (a) : Services and other 119 — (1 ) 118 Total operating expenses 1,016 — (1 ) 1,015 Operating income (loss) 359 (12 ) (1 ) 346 Income (loss) before income taxes 169 (12 ) (1 ) 156 Net income (loss) attributable to CCIC stockholders 164 (12 ) (1 ) 151 Net income (loss) attributable to CCIC common stockholders $ 136 $ (12 ) $ (1 ) $ 123 Net income (loss) $ 164 $ (12 ) $ (1 ) $ 151 Comprehensive income (loss) attributable to CCIC stockholders $ 164 $ (12 ) $ (1 ) $ 151 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.33 $ (0.03 ) $ — $ 0.30 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.33 $ (0.03 ) $ — $ 0.30 Six Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,323 $ 37 $ — $ 2,360 Services and other 307 (60 ) (3 ) 244 Net revenues 2,630 (23 ) (3 ) 2,604 Operating expenses: Costs of operations (a) : Services and other 185 — (2 ) 183 Total operating expenses 1,936 — (2 ) 1,934 Operating income (loss) 694 (23 ) (1 ) 670 Income (loss) before income taxes 303 (23 ) (1 ) 279 Net income (loss) attributable to CCIC stockholders 294 (23 ) (1 ) 270 Net income (loss) attributable to CCIC common stockholders $ 237 $ (23 ) $ (1 ) $ 213 Net income (loss) $ 294 $ (23 ) $ (1 ) $ 270 Comprehensive income (loss) attributable to CCIC stockholders $ 293 $ (23 ) $ (1 ) $ 269 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.58 $ (0.06 ) $ — $ 0.52 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.57 $ (0.05 ) $ — $ 0.52 (a) Exclusive of depreciation, amortization and accretion shown separately. Three Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,169 $ 19 $ — $ 1,188 Services and other 161 (28 ) (2 ) 131 Net revenues 1,330 (9 ) (2 ) 1,319 Operating expenses: Costs of operations (a) : Services and other 99 — (1 ) 98 Total operating expenses 985 — (1 ) 984 Operating income (loss) 345 (9 ) (1 ) 335 Income (loss) before income taxes 185 (9 ) (1 ) 175 Net income (loss) attributable to CCIC stockholders 180 (9 ) (1 ) 170 Net income (loss) attributable to CCIC common stockholders $ 152 $ (9 ) $ (1 ) $ 142 Net income (loss) $ 180 $ (9 ) $ (1 ) $ 170 Comprehensive income (loss) attributable to CCIC stockholders $ 179 $ (9 ) $ (1 ) $ 169 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.37 $ (0.03 ) $ — $ 0.34 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.36 $ (0.02 ) $ — $ 0.34 Three Months Ended March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,153 $ 18 $ — $ 1,171 Services and other 146 (32 ) (1 ) 113 Net revenues 1,299 (14 ) (1 ) 1,284 Operating expenses: Costs of operations (a) : Services and other 86 — (1 ) 85 Total operating expenses 950 — (1 ) 949 Operating income (loss) 349 (14 ) — 335 Income (loss) before income taxes 118 (14 ) — 104 Net income (loss) attributable to CCIC stockholders 114 (14 ) — 100 Net income (loss) attributable to CCIC common stockholders $ 86 $ (14 ) $ — $ 72 Net income (loss) $ 114 $ (14 ) $ — $ 100 Comprehensive income (loss) attributable to CCIC stockholders $ 114 $ (14 ) $ — $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.21 $ (0.03 ) $ — $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.21 $ (0.03 ) $ — $ 0.18 (a) Exclusive of depreciation, amortization and accretion shown separately. Consolidated Statement of Cash Flows September 30, 2019 June 30, 2019 March 31, 2019 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 652 $ 409 $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,175 787 394 (Gains) losses on retirement of long-term obligations 2 2 1 Amortization of deferred financing costs and other non-cash interest 1 1 1 Stock-based compensation expense 91 62 29 Asset write-down charges 13 12 6 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 4 3 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (38 ) 18 (41 ) Increase (decrease) in accounts payable 37 6 (5 ) Increase (decrease) in other liabilities 179 77 (7 ) Decrease (increase) in receivables (166 ) (89 ) (43 ) Decrease (increase) in other assets (62 ) (62 ) (19 ) Net cash provided by (used for) operating activities 1,890 1,227 512 Cash flows from investing activities: Capital expenditures (1,537 ) (998 ) (480 ) Payments for acquisitions, net of cash acquired (15 ) (13 ) (10 ) Other investing activities, net 3 1 1 Net cash provided by (used for) investing activities (1,549 ) (1,010 ) (489 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 1,895 995 996 Principal payments on debt and other long-term obligations (59 ) (36 ) (25 ) Purchases and redemptions of long-term debt (12 ) (12 ) (12 ) Borrowings under revolving credit facility 1,585 1,195 710 Payments under revolving credit facility (2,270 ) (1,785 ) (1,140 ) Net issuances (repayments) under commercial paper program — 500 — Payments for financing costs (24 ) (14 ) (10 ) Purchases of common stock (44 ) (43 ) (42 ) Dividends/distributions paid on common stock (1,415 ) (944 ) (477 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (429 ) (201 ) (28 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) 16 (5 ) Effect of exchange rate changes on cash — — — Cash, cash equivalents, and restricted cash at beginning of period 413 413 413 Cash, cash equivalents, and restricted cash at end of period 325 429 408 September 30, 2018 June 30, 2018 March 31, 2018 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 421 $ 270 $ 100 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,138 753 374 (Gains) losses on retirement of long-term obligations 106 74 71 Amortization of deferred financing costs and other non-cash interest 5 4 2 Stock-based compensation expense 79 47 23 Asset write-down charges 18 9 3 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 2 1 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (31 ) 22 (28 ) Increase (decrease) in accounts payable 31 3 (5 ) Increase (decrease) in other liabilities 179 76 (43 ) Decrease (increase) in receivables (74 ) (59 ) (5 ) Decrease (increase) in other assets (103 ) (91 ) (43 ) Net cash provided by (used for) operating activities 1,773 1,110 452 Cash flows from investing activities: Capital expenditures (1,239 ) (762 ) (370 ) Payments for acquisitions, net of cash acquired (26 ) (18 ) (14 ) Other investing activities, net (14 ) 3 — Net cash provided by (used for) investing activities (1,279 ) (777 ) (384 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 2,743 1,743 1,743 Principal payments on debt and other long-term obligations (76 ) (47 ) (32 ) Purchases and redemptions of long-term debt (2,346 ) (1,318 ) (1,318 ) Borrowings under revolving credit facility 1,290 485 170 Payments under revolving credit facility (1,465 ) (1,150 ) (1,050 ) Payments for financing costs (33 ) (20 ) (15 ) Net proceeds from issuance of common stock 841 841 843 Purchases of common stock (34 ) (34 ) (33 ) Dividends/distributions paid on common stock (1,315 ) (879 ) (443 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (480 ) (436 ) (163 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 14 (103 ) (95 ) Effect of exchange rate changes on cash (1 ) (1 ) — Cash, cash equivalents, and restricted cash at beginning of period 440 440 440 Cash, cash equivalents, and restricted cash at end of period 453 336 345 The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of cash flows for each period. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 729 $ (77 ) $ — $ 652 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Increase (decrease) in other liabilities 102 77 — 179 Net cash provided by (used for) operating activities 1,891 — (1 ) 1,890 Cash flows from investing activities: Capital expenditures (1,538 ) — 1 (1,537 ) Net cash provided by (used for) investing activities (1,550 ) — 1 (1,549 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) — — (88 ) Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 325 $ — $ — $ 325 Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 456 $ (47 ) $ — $ 409 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Increase (decrease) in other liabilities 30 47 — 77 Net cash provided by (used for) operating activities 1,227 — — 1,227 Net increase (decrease) in cash, cash equivalents, and restricted cash 16 — — 16 Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 429 $ — $ — $ 429 Three Months Ended March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 210 $ (17 ) $ — $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Increase (decrease) in other liabilities (24 ) 17 — (7 ) Net cash provided by (used for) operating activities 51 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 19. Subsequent Events Common Stock Dividend On February 20, 2020, the Company's board of directors declared a quarterly cash dividend of $1.20 per common share. The quarterly dividend will be payable on March 31, 2020, to common stockholders of record as of March 13, 2020. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Schedule II Valuation and Qualifying Accounts | |
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | Additions Deductions Balance at Beginning of Year Charged to Operations Credited to Operations Written Off Effect of Exchange Rate Changes Other Adjustments Balance at End of Year Allowance for Doubtful Accounts Receivable: 2019 $ 14 $ 7 $ — $ (3 ) $ — $ — $ 18 2018 $ 14 $ 4 $ — $ (4 ) $ — $ — $ 14 2017 $ 11 $ 4 $ — $ (5 ) $ — $ 4 (a) $ 14 (a) Represents the allowance for doubtful accounts reflected in the final purchase price allocations for the 2017 Acquisitions. See note 4 . Additions Deductions Balance at Beginning of Year Charged to Operations Charged to Additional Paid-in Capital and Other Comprehensive Income Credited to Operations Credited to Additional Paid-in Capital and Other Comprehensive Income Other Adjustments (a) Balance at End of Year Deferred Tax Valuation Allowance: 2019 $ 1 $ — $ — $ (1 ) $ — $ — $ — 2018 $ 1 $ — $ — $ — $ — $ — $ 1 2017 $ 7 $ — $ — $ (6 ) $ — $ — $ 1 (a) Inclusive of the effects of acquisitions. |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Depreciation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Description Encumbrances Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Current Period Accumulated Depreciation at Close of Current Period Date of Construction Date Acquired Life on Which Depreciation in Latest Income Statement is Computed Communications infrastructure (a) $ 3,293 (b) (c) (c) $ 23,854 $ (9,382 ) Various Various Up to 20 years (a) Includes approximately 40,000 towers and 80,000 route miles of fiber. No single asset exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (b) Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). (c) The Company has omitted this information, as it would be impracticable to compile such information on an asset-by-asset basis. 2019 2018 (As Restated) (a) Gross amount at beginning $ 21,840 $ 20,086 Additions during period: Acquisitions through foreclosure — — Other acquisitions (b) 4 5 Communications infrastructure construction and improvements 1,878 1,565 Purchase of land interests 53 56 Sustaining capital expenditures 84 85 Other (c) 101 64 Total additions 2,120 1,775 Deductions during period: Cost of real estate sold or disposed (45 ) (21 ) Other (61 ) — Total deductions (106 ) (21 ) Balance at end $ 23,854 $ 21,840 (a) See note 2 to the Company's consolidated financial statements for further information regarding the restatement. (b) Includes acquisitions of communications infrastructure. (c) Predominately relates to the purchase of property and equipment under finance leases and installment land purchases. 2019 2018 (As Restated) (a) Gross amount of accumulated depreciation at beginning $ (8,338 ) $ (7,301 ) Additions during period: Depreciation (1,087 ) (1,056 ) Total additions (1,087 ) (1,056 ) Deductions during period: Amount for assets sold or disposed 24 18 Other 19 1 Total deductions 43 19 Balance at end $ (9,382 ) $ (8,338 ) (a) See note 2 to the Company's consolidated financial statements for further information regarding the restatement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit, as well as (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments, due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs, or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. See note 17 for a reconciliation of cash, cash equivalents and restricted cash. |
Receivables Allowance | Receivables Allowance An allowance for doubtful accounts is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for doubtful accounts are charged either to "Site rental costs of operations" or to "Services and other costs of operations," as appropriate, and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible. |
General, Leases [Policy Text Block] | Lease Accounting 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 right-of-use ("ROU") asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remained largely unchanged from previous guidance. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. General. 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). |
Lessee, Leases [Policy Text Block] | 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 exercisable 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 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 consolidated balance sheet, respectively. ROU assets represent the Company's right to use an underlying asset for the estimated 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 consumer price index ("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 tenant 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 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 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. The Company reviews the carrying value of its ROU assets for impairment, similar to its other long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company could record impairments in the future if there are changes in (1) long-term market conditions, (2) expected future operating results or (3) the utility of the assets that negatively impact the fair value of its ROU assets. |
Lessor, Leases Policy | Lessor. The Company's lessor arrangements primarily include tenant 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 tenant contract, regardless of whether the payments from the tenant are received in equal monthly amounts during the life of a tenant contract. Certain of the Company's tenant 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 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. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned in fee and perpetual easements for land, which have no definite life. When the Company purchases fee ownership or perpetual easements for the land previously subject to ground lease, the Company reduces the value recorded as land by the amount of any associated deferred ground lease payable or unamortized above-market leases. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation of communications infrastructure is generally computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (including optional renewal periods). Additions and permanent improvements to the Company's communications infrastructure are capitalized, while maintenance and repairs are expensed. Labor and interest costs incurred directly related to the construction of certain property and equipment are capitalized during the construction phase of projects. For the years ended December 31, 2019 , 2018 and 2017 , the Company had $246 million , $212 million and $92 million in capitalized labor costs, respectively. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Abandonments and write-offs of property and equipment are recorded to "Asset write-down charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $17 million , $22 million and $14 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Asset Retirement Obligations | Asset Retirement Obligations Pursuant to its ground lease, easement and leased facility agreements, the Company records obligations to perform asset retirement activities, including requirements to remove communications infrastructure or remediate the space upon which certain of its communications infrastructure resides. Asset retirement obligations are included in "Other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "Depreciation, amortization and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company's reporting units are the same as its operating segments (Towers and Fiber). The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting units is less than its carrying amount. If it is concluded that it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform the two-step goodwill impairment test. The two-step goodwill impairment test begins with a comparison of the estimated fair value of the reporting unit and the carrying value of the reporting unit. The first step, commonly referred to as a "step-one impairment test," is a screen for potential impairment while the second step measures the amount of impairment if there is an indication from the first step that one exists. The Company's measurement of the fair value for goodwill is based on an estimate of discounted expected future cash flows of the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2019 , which resulted in no impairments. |
Intangible Assets | Intangible Assets Intangible assets are included in "Site rental contracts and tenant relationships, net" and "Other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of site rental contracts and tenant relationships or other contractual rights, such as trademarks, that are recorded in conjunction with acquisitions. The site rental contracts and tenant relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the high rate of tenant retention, and (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases. The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful life of the site rental contracts and tenant relationships intangible asset is limited by the maximum depreciable life of the communications infrastructure ( 20 years), as a result of the interdependency of the communications infrastructure and site rental leases. In contrast, the site rental contracts and tenant relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of tenant retention experienced to date. Thus, while site rental contracts and tenant relationships are valued based upon the fair value, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, the site rental contracts and tenant relationships are amortized over a period not to exceed 20 years . The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of the site rental contracts and tenant relationships intangible assets. First, the Company pools the site rental contracts and tenant relationships with the related communications infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company evaluates the site rental contracts and tenant relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the estimated future cash flows (undiscounted) expected to result from the use or eventual disposition of an asset is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss is based on the fair value of the asset. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. |
Deferred Credits | Deferred Credits Deferred credits are included in "Deferred revenues" and "Other long-term liabilities" on the Company's consolidated balance sheet and consist of the estimated fair value of below-market tenant leases for contractual interests with tenants on acquired communications infrastructure, which are amortized to site rental revenues. Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition. See "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. |
Deferred Financing Costs | Deferred Financing Costs |
Revenue Recognition | Revenue Recognition 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 tenant contracts in various forms, including lease, license, sublease and service agreements. Providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts. Site rental revenues. Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant 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 the tenant contract. Certain of the Company's tenant 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 CPI), (2) multiple renewal periods exercisable 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 $114 million and $92 million included in "Other current assets" and non-current amounts of $1.4 billion and $1.4 billion included in "Deferred site rental receivables" for the years ended December 31, 2019 and 2018 , respectively. 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 consolidated balance sheet. Services and other revenues. As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services relating to its Towers segment, 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, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the 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 transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues. 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 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. The following additional information on revenues reflect the impact of the Historical Adjustments , where applicable, as discussed in note 2 . As of January 1, 2019 and December 31, 2019, a total of $2.7 billion and $2.9 billion of unrecognized revenue, respectively, was reported in "Deferred revenues" and "Other non-current liabilities" on the Company's consolidated balance sheet. During the year ended December 31, 2019 , approximately $510 million of the January 1, 2019 unrecognized revenue balance was recognized as revenue. As of January 1, 2018, a total of $2.5 billion of unrecognized revenue was reported in "Deferred revenues" and "Other non-current liabilities" on the Company's consolidated balance sheet. During the year ended December 31, 2018, approximately $470 million of the January 1, 2018 unrecognized revenue balance was recognized as revenue. See note 5 for further discussion regarding the Company’s revenues. |
Cost of Operations | Costs of Operations Approximately half of the Company's site rental costs of operations expenses consist of Towers ground lease expenses, and the remainder includes fiber access expenses, property taxes, repairs and maintenance expenses, employee compensation or related benefit costs, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of five years and are renewable for pre-determined periods. The Company also enters into term easements and ground leases in which it prepays the entire term in advance. Fiber access expenses primarily consist of leases of fiber assets and other access agreements to facilitate the Company's communications infrastructure. Ground lease and fiber access 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 access 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. Further, when a tenant has exercisable renewal options that would compel the Company to exercise existing renewal options, the Company has straight-lined the expense over a sufficient portion of such renewals to coincide with the final termination of the tenant's renewal options. The Company's liability related to straight-line expense is included in "Operating lease right-of-use assets" on the Company's consolidated balance sheet. The Company's assets related to prepaid agreements is included in "Prepaid expenses" and "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See also "Lease Accounting—Lessee" and "Recently Adopted Accounting Pronouncements" for additional information regarding the adoption of the new lease standard. Services and other costs of operations predominately consist of third-party service providers such as contractors and professional services firms and, to a lesser extent, internal labor costs. |
Acquisition and Integration Costs | Acquisition and Integration Costs Direct or incremental costs related to a potential or completed business combination transaction are expensed as incurred. Such costs are predominately comprised of severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, fees paid for services (such as consulting, accounting, legal, or engineering reviews), and any other costs directly associated with the transaction. These business combination costs are included in "Acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). For those transactions accounted for as asset acquisitions, these costs are capitalized as part of the purchase price. See note 4 for a discussion of the Company's recent acquisitions. |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Units. The Company records stock-based compensation expense only for those unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation is as follows: Valuation. The fair value of RSUs without market conditions is determined based on the number of shares relating to such RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results. Amortization Method. The Company amortizes the fair value of all RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods. Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield. Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award. Forfeitures. The Company uses historical data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered. |
Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2019 2018 2017 Interest expense on debt obligations $ 682 $ 635 $ 582 Amortization of deferred financing costs and adjustments on long-term debt, net 21 21 19 Capitalized interest (20 ) (15 ) (12 ) Other — 1 2 Total $ 683 $ 642 $ 591 The Company amortizes deferred financing costs, discounts and premiums over the estimated term of the related borrowing using the effective interest yield method. Deferred financing costs and discounts are generally presented as a direct reduction to the related debt obligation on the Company's consolidated balance sheet. |
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 ("Code"), to maintain qualification for taxation as a REIT. Additionally, the Company has included in TRSs certain other assets and operations. Those TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) 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 its REIT conversion and certain subsequent acquisitions into the REIT, the Company will be subject to a federal corporate level tax rate (currently 21%) on any gain recognized from the sale of assets occurring within a specified period (generally 5 years) after the transfer date up to the amount of the built in gain that existed on the transfer date, which is based upon the fair market value of those assets in excess of the Company's tax basis on the transfer date. This gain can be offset by any remaining federal net operating loss carryforwards ("NOLs"). For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset. The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2019 and 2018 , the Company has not recorded any material penalties related to its income tax positions. See note 11 . |
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 years ended December 31, 2019 , 2018 and 2017, diluted net income (loss) attributable to CCIC common stockholders, per common share, is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon (1) the vesting of restricted stock units as determined under the treasury stock method and (2) conversion of the Company's 6.875% Mandatory Convertible Preferred Stock , Series A, par value $0.01 per share ("6.875% Convertible Preferred Stock"), as determined under the if-converted method. A reconciliation of the numerators and denominators of the basic and diluted per share computations is shown in the table below. The table below also gives effect to the Historical Adjustments as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) Net income (loss) attributable to CCIC stockholders $ 860 $ 622 $ 366 Dividends/distributions on preferred stock (113 ) (113 ) (58 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 747 $ 509 $ 308 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 416 413 382 Effect of assumed dilution from potential issuance of common shares relating to RSUs 2 2 1 Diluted weighted-average number of common shares outstanding 418 415 383 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 1.80 $ 1.23 $ 0.80 Diluted $ 1.79 $ 1.23 $ 0.80 Dividends/distributions declared per share of common stock $ 4.58 $ 4.28 $ 3.90 For the years ended December 31, 2019 and 2018 , 14 million and 15 million , respectively, common share equivalents related to the 6.875% Convertible Preferred Stock were excluded from the dilutive common shares because the impact of the conversion of such preferred stock would be anti-dilutive based on the Company's common stock price at the end of each respective year. See notes 12 and 13 |
Fair Values | Fair Values The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period. The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Foreign currency swaps are valued at settlement amounts using observable exchange rates and, if material, reflect an adjustment for the Company's and contract counterparty's credit risk. There were no changes since December 31, 2018 in the Company's valuation techniques used to measure fair values. See note 10 for a further discussion of fair values. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Lease Accounting In February 2016, the FASB issued new guidance on the recognition, measurement, presentation and disclosure of leases. The new guidance requires lessees to recognize a ROU asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. 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 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 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 consolidated balance sheet. Additionally, certain amounts related to its lessee arrangements that were previously reported separately have been de-recognized and reclassified into "Operating lease right-of-use assets" on the Company's 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 consolidated balance sheet, the Company's adoption of the new lease standard did not have a material impact on the Company's 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). See "Lease Accounting" for further discussion of the Company's updated accounting policies for leases. 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 consolidated financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Balance Sheet [Table Text Block] | March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,883 $ — $ (23 ) $ 13,860 Total assets 37,778 — (23 ) 37,755 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 502 96 — 598 Total current liabilities 1,565 96 — 1,661 Other long-term liabilities (a) 2,009 360 — 2,369 Total liabilities 26,032 456 — 26,488 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,022 ) (456 ) (23 ) (6,501 ) Total equity 11,746 (456 ) (23 ) 11,267 Total liabilities and equity $ 37,778 $ — $ (23 ) $ 37,755 September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,433 $ — $ (23 ) $ 13,410 Total assets 32,644 — (23 ) 32,621 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 484 84 — 568 Total current liabilities 1,304 84 — 1,388 Other long-term liabilities (a) 2,732 342 — 3,074 Total liabilities 20,349 426 — 20,775 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,447 ) (426 ) (23 ) (5,896 ) Total equity 12,295 (426 ) (23 ) 11,846 Total liabilities and equity $ 32,644 $ — $ (23 ) $ 32,621 | March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,051 $ — $ (23 ) $ 13,028 Total assets 32,250 — (23 ) 32,227 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 465 74 — 539 Total current liabilities 1,187 74 — 1,261 Other long-term liabilities (a) 2,615 331 — 2,946 Total liabilities 19,418 405 — 19,823 CCIC stockholders' equity: Dividends/distributions in excess of earnings (4,858 ) (405 ) (23 ) (5,286 ) Total equity 12,832 (405 ) (23 ) 12,404 Total liabilities and equity $ 32,250 $ — $ (23 ) $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,151 $ — $ (23 ) $ 14,128 Total assets 38,147 — (23 ) 38,124 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 503 104 — 607 Total current liabilities 1,698 104 — 1,802 Other long-term liabilities (a) 2,028 383 — 2,411 Total liabilities 26,624 487 — 27,111 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,277 ) (487 ) (23 ) (6,787 ) Total equity 11,523 (487 ) (23 ) 11,013 Total liabilities and equity $ 38,147 $ — $ (23 ) $ 38,124 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,218 $ — $ (23 ) $ 13,195 Total assets 32,374 — (23 ) 32,351 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 476 78 — 554 Total current liabilities 1,286 78 — 1,364 Other long-term liabilities (a) 2,678 336 — 3,014 Total liabilities 19,808 414 — 20,222 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,144 ) (414 ) (23 ) (5,581 ) Total equity 12,566 (414 ) (23 ) 12,129 Total liabilities and equity $ 32,374 $ — $ (23 ) $ 32,351 March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,051 $ — $ (23 ) $ 13,028 Total assets 32,250 — (23 ) 32,227 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 465 74 — 539 Total current liabilities 1,187 74 — 1,261 Other long-term liabilities (a) 2,615 331 — 2,946 Total liabilities 19,418 405 — 19,823 CCIC stockholders' equity: Dividends/distributions in excess of earnings (4,858 ) (405 ) (23 ) (5,286 ) Total equity 12,832 (405 ) (23 ) 12,404 Total liabilities and equity $ 32,250 $ — $ (23 ) $ 32,227 | The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated balance sheet for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,416 $ — $ (23 ) $ 14,393 Total assets 38,344 — (23 ) 38,321 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 525 113 — 638 Total current liabilities 1,734 113 — 1,847 Other long-term liabilities (a) 2,055 403 — 2,458 Total liabilities 27,019 516 — 27,535 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,503 ) (516 ) (23 ) (7,042 ) Total equity 11,325 (516 ) (23 ) 10,786 Total liabilities and equity $ 38,344 $ — $ (23 ) $ 38,321 June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,151 $ — $ (23 ) $ 14,128 Total assets 38,147 — (23 ) 38,124 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 503 104 — 607 Total current liabilities 1,698 104 — 1,802 Other long-term liabilities (a) 2,028 383 — 2,411 Total liabilities 26,624 487 — 27,111 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,277 ) (487 ) (23 ) (6,787 ) Total equity 11,523 (487 ) (23 ) 11,013 Total liabilities and equity $ 38,147 $ — $ (23 ) $ 38,124 | September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,433 $ — $ (23 ) $ 13,410 Total assets 32,644 — (23 ) 32,621 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 484 84 — 568 Total current liabilities 1,304 84 — 1,388 Other long-term liabilities (a) 2,732 342 — 3,074 Total liabilities 20,349 426 — 20,775 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,447 ) (426 ) (23 ) (5,896 ) Total equity 12,295 (426 ) (23 ) 11,846 Total liabilities and equity $ 32,644 $ — $ (23 ) $ 32,621 | September 30, 2019 June 30, 2019 March 31, 2019 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 182 $ 288 $ 245 Restricted cash 138 136 158 Receivables, net 667 591 545 Prepaid expenses (a) 99 111 85 Other current assets 167 168 160 Total current assets 1,253 1,294 1,193 Deferred site rental receivables 1,413 1,391 1,373 Property and equipment, net 14,393 14,128 13,860 Operating lease right-of-use assets (a) 6,112 6,053 5,969 Goodwill 10,078 10,078 10,078 Other intangible assets, net (a) 4,968 5,074 5,178 Long-term prepaid rent and other assets, net (a) 104 106 104 Total assets $ 38,321 $ 38,124 $ 37,755 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 368 $ 337 $ 311 Accrued interest 110 166 107 Deferred revenues 638 607 598 Other accrued liabilities (a) 335 305 262 Current maturities of debt and other obligations 100 98 96 Current portion of operating lease liabilities (a) 296 289 287 Total current liabilities 1,847 1,802 1,661 Debt and other long-term obligations 17,750 17,471 17,120 Operating lease liabilities (a) 5,480 5,427 5,338 Other long-term liabilities (a) 2,458 2,411 2,369 Total liabilities 27,535 27,111 26,488 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,829 17,801 17,769 Accumulated other comprehensive income (loss) (5 ) (5 ) (5 ) Dividends/distributions in excess of earnings (7,042 ) (6,787 ) (6,501 ) Total equity 10,786 11,013 11,267 Total liabilities and equity $ 38,321 $ 38,124 $ 37,755 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | Consolidated Balance Sheet December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,676 $ — $ (23 ) $ 13,653 Total assets 32,785 — (23 ) 32,762 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 498 89 — 587 Total current liabilities 1,417 89 — 1,506 Other long-term liabilities (a) 2,759 351 — 3,110 Total liabilities 20,751 440 — 21,191 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,732 ) (440 ) (23 ) (6,195 ) Total equity 12,034 (440 ) (23 ) 11,571 Total liabilities and equity $ 32,785 $ — $ (23 ) $ 32,762 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. September 30, 2018 June 30, 2018 March 31, 2018 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 323 $ 206 $ 220 Restricted cash 125 125 120 Receivables, net 471 455 402 Prepaid expenses (a) 182 197 175 Other current assets 148 181 157 Total current assets 1,249 1,164 1,074 Deferred site rental receivables 1,357 1,303 1,304 Property and equipment, net 13,410 13,195 13,028 Goodwill 10,074 10,075 10,075 Other intangible assets, net (a) 5,620 5,729 5,854 Long-term prepaid rent and other assets, net (a) 911 885 892 Total assets $ 32,621 $ 32,351 $ 32,227 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 302 $ 272 $ 248 Accrued interest 101 154 104 Deferred revenues 568 554 539 Other accrued liabilities (a) 306 272 240 Current maturities of debt and other obligations 111 112 130 Total current liabilities 1,388 1,364 1,261 Debt and other long-term obligations 16,313 15,844 15,616 Other long-term liabilities (a) 3,074 3,014 2,946 Total liabilities 20,775 20,222 19,823 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,743 17,711 17,690 Accumulated other comprehensive income (loss) (5 ) (5 ) (4 ) Dividends/distributions in excess of earnings (5,896 ) (5,581 ) (5,286 ) Total equity 11,846 12,129 12,404 Total liabilities and equity $ 32,621 $ 32,351 $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | ||||||
Condensed Income Statement [Table Text Block] | Three Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,260 $ 27 $ — $ 1,287 Services and other 254 (57 ) (2 ) 195 Net revenues 1,514 (30 ) (2 ) 1,482 Operating expenses: Costs of operations (a) : Services and other 147 — (1 ) 146 Depreciation, amortization and accretion 389 — (1 ) 388 Total operating expenses 1,061 — (2 ) 1,059 Operating income (loss) 453 (30 ) — 423 Income (loss) before income taxes 277 (30 ) — 247 Net income (loss) attributable to CCIC stockholders 272 (30 ) — 242 Net income (loss) attributable to CCIC common stockholders $ 244 $ (30 ) $ — $ 214 Net income (loss) $ 272 $ (30 ) $ — $ 242 Comprehensive income (loss) attributable to CCIC stockholders $ 272 $ (30 ) $ — $ 242 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.59 $ (0.08 ) $ — $ 0.51 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.58 $ (0.07 ) $ — $ 0.51 Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,457 $ 48 $ — $ 2,505 Services and other 447 (95 ) (2 ) 350 Net revenues 2,904 (47 ) (2 ) 2,855 Operating expenses: Costs of operations (a) : Services and other 263 — (2 ) 261 Total operating expenses 2,101 — (2 ) 2,099 Operating income (loss) 803 (47 ) — 756 Income (loss) before income taxes 466 (47 ) — 419 Net income (loss) attributable to CCIC stockholders 456 (47 ) — 409 Net income (loss) attributable to CCIC common stockholders $ 399 $ (47 ) $ — $ 352 Net income (loss) $ 456 $ (47 ) $ — $ 409 Comprehensive income (loss) attributable to CCIC stockholders $ 456 $ (47 ) $ — $ 409 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.96 $ (0.11 ) $ — $ 0.85 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.95 $ (0.11 ) $ — $ 0.84 | Three Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,238 $ 25 $ — $ 1,263 Services and other 240 (55 ) (1 ) 184 Net revenues 1,478 (30 ) (1 ) 1,447 Operating expenses: Costs of operations (a) : Services and other 138 — (1 ) 137 Total operating expenses 1,059 — (1 ) 1,058 Operating income (loss) 419 (30 ) — 389 Income (loss) before income taxes 250 (30 ) — 220 Net income (loss) attributable to CCIC stockholders 246 (30 ) — 216 Net income (loss) attributable to CCIC common stockholders $ 218 $ (30 ) $ — $ 188 Net income (loss) $ 246 $ (30 ) $ — $ 216 Comprehensive income (loss) attributable to CCIC stockholders $ 246 $ (30 ) $ — $ 216 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.52 $ (0.07 ) $ — $ 0.45 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.52 $ (0.07 ) $ — $ 0.45 | Three Months Ended March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,219 $ 23 $ — $ 1,242 Services and other 207 (40 ) (1 ) 166 Net revenues 1,426 (17 ) (1 ) 1,408 Operating expenses: Costs of operations (a) : Services and other 125 — (1 ) 124 Total operating expenses 1,042 — (1 ) 1,041 Operating income (loss) 384 (17 ) — 367 Income (loss) before income taxes 216 (17 ) — 199 Net income (loss) attributable to CCIC stockholders 210 (17 ) — 193 Net income (loss) attributable to CCIC common stockholders $ 182 $ (17 ) $ — $ 165 Net income (loss) $ 210 $ (17 ) $ — $ 193 Comprehensive income (loss) attributable to CCIC stockholders $ 210 $ (17 ) $ — $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.44 $ (0.04 ) $ — $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.04 ) $ — $ 0.40 | Three Months Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,209 $ 22 $ — $ 1,231 Services and other 210 (35 ) — 175 Net revenues 1,419 (13 ) — 1,406 Operating expenses: Depreciation, amortization and accretion 390 — (1 ) 389 Total operating expenses 1,040 — (1 ) 1,039 Operating income (loss) 379 (13 ) 1 367 Income (loss) before income taxes 218 (13 ) 1 206 Net income (loss) attributable to CCIC stockholders 213 (13 ) 1 201 Net income (loss) attributable to CCIC common stockholders $ 185 $ (13 ) $ 1 $ 173 Net income (loss) $ 213 $ (13 ) $ 1 $ 201 Comprehensive income (loss) attributable to CCIC stockholders $ 213 $ (13 ) $ 1 $ 201 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.45 $ (0.03 ) $ — $ 0.42 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.02 ) $ — $ 0.42 Nine Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,507 $ 58 $ — $ 3,565 Services and other 497 (93 ) (5 ) 399 Net revenues 4,004 (35 ) (5 ) 3,964 Operating expenses: Costs of operations (a) : Services and other 304 — (3 ) 301 Total operating expenses 2,953 — (3 ) 2,950 Operating income (loss) 1,051 (35 ) (2 ) 1,014 Income (loss) before income taxes 471 (35 ) (2 ) 434 Net income (loss) attributable to CCIC stockholders 458 (35 ) (2 ) 421 Net income (loss) attributable to CCIC common stockholders $ 373 $ (35 ) $ (2 ) $ 336 Net income (loss) $ 458 $ (35 ) $ (2 ) $ 421 Comprehensive income (loss) attributable to CCIC stockholders $ 457 $ (35 ) $ (2 ) $ 420 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.90 $ (0.09 ) $ — $ 0.81 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.90 $ (0.09 ) $ — $ 0.81 | Three Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,184 $ 21 $ — $ 1,205 Services and other 191 (33 ) (2 ) 156 Net revenues 1,375 (12 ) (2 ) 1,361 Operating expenses: Costs of operations (a) : Services and other 119 — (1 ) 118 Total operating expenses 1,016 — (1 ) 1,015 Operating income (loss) 359 (12 ) (1 ) 346 Income (loss) before income taxes 169 (12 ) (1 ) 156 Net income (loss) attributable to CCIC stockholders 164 (12 ) (1 ) 151 Net income (loss) attributable to CCIC common stockholders $ 136 $ (12 ) $ (1 ) $ 123 Net income (loss) $ 164 $ (12 ) $ (1 ) $ 151 Comprehensive income (loss) attributable to CCIC stockholders $ 164 $ (12 ) $ (1 ) $ 151 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.33 $ (0.03 ) $ — $ 0.30 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.33 $ (0.03 ) $ — $ 0.30 Six Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,323 $ 37 $ — $ 2,360 Services and other 307 (60 ) (3 ) 244 Net revenues 2,630 (23 ) (3 ) 2,604 Operating expenses: Costs of operations (a) : Services and other 185 — (2 ) 183 Total operating expenses 1,936 — (2 ) 1,934 Operating income (loss) 694 (23 ) (1 ) 670 Income (loss) before income taxes 303 (23 ) (1 ) 279 Net income (loss) attributable to CCIC stockholders 294 (23 ) (1 ) 270 Net income (loss) attributable to CCIC common stockholders $ 237 $ (23 ) $ (1 ) $ 213 Net income (loss) $ 294 $ (23 ) $ (1 ) $ 270 Comprehensive income (loss) attributable to CCIC stockholders $ 293 $ (23 ) $ (1 ) $ 269 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.58 $ (0.06 ) $ — $ 0.52 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.57 $ (0.05 ) $ — $ 0.52 | Three Months Ended March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,153 $ 18 $ — $ 1,171 Services and other 146 (32 ) (1 ) 113 Net revenues 1,299 (14 ) (1 ) 1,284 Operating expenses: Costs of operations (a) : Services and other 86 — (1 ) 85 Total operating expenses 950 — (1 ) 949 Operating income (loss) 349 (14 ) — 335 Income (loss) before income taxes 118 (14 ) — 104 Net income (loss) attributable to CCIC stockholders 114 (14 ) — 100 Net income (loss) attributable to CCIC common stockholders $ 86 $ (14 ) $ — $ 72 Net income (loss) $ 114 $ (14 ) $ — $ 100 Comprehensive income (loss) attributable to CCIC stockholders $ 114 $ (14 ) $ — $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.21 $ (0.03 ) $ — $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.21 $ (0.03 ) $ — $ 0.18 (a) | Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,457 $ 48 $ — $ 2,505 Services and other 447 (95 ) (2 ) 350 Net revenues 2,904 (47 ) (2 ) 2,855 Operating expenses: Costs of operations (a) : Services and other 263 — (2 ) 261 Total operating expenses 2,101 — (2 ) 2,099 Operating income (loss) 803 (47 ) — 756 Income (loss) before income taxes 466 (47 ) — 419 Net income (loss) attributable to CCIC stockholders 456 (47 ) — 409 Net income (loss) attributable to CCIC common stockholders $ 399 $ (47 ) $ — $ 352 Net income (loss) $ 456 $ (47 ) $ — $ 409 Comprehensive income (loss) attributable to CCIC stockholders $ 456 $ (47 ) $ — $ 409 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.96 $ (0.11 ) $ — $ 0.85 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.95 $ (0.11 ) $ — $ 0.84 | Six Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,323 $ 37 $ — $ 2,360 Services and other 307 (60 ) (3 ) 244 Net revenues 2,630 (23 ) (3 ) 2,604 Operating expenses: Costs of operations (a) : Services and other 185 — (2 ) 183 Total operating expenses 1,936 — (2 ) 1,934 Operating income (loss) 694 (23 ) (1 ) 670 Income (loss) before income taxes 303 (23 ) (1 ) 279 Net income (loss) attributable to CCIC stockholders 294 (23 ) (1 ) 270 Net income (loss) attributable to CCIC common stockholders $ 237 $ (23 ) $ (1 ) $ 213 Net income (loss) $ 294 $ (23 ) $ (1 ) $ 270 Comprehensive income (loss) attributable to CCIC stockholders $ 293 $ (23 ) $ (1 ) $ 269 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.58 $ (0.06 ) $ — $ 0.52 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.57 $ (0.05 ) $ — $ 0.52 (a) Exclusive of depreciation, amortization and accretion shown separately. | The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of operations and comprehensive income (loss) for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. The sum of quarterly information may not agree to year-to-date information due to rounding. Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,718 $ 75 $ — $ 3,793 Services and other 700 (152 ) (4 ) 544 Net revenues 4,418 (77 ) (4 ) 4,337 Operating expenses: Costs of operations (a) : Services and other 410 — (3 ) 407 Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Total operating expenses 3,161 — (4 ) 3,157 Operating income (loss) 1,257 (77 ) — 1,180 Income (loss) before income taxes 744 (77 ) — 667 Net income (loss) attributable to CCIC stockholders 729 (77 ) — 652 Net income (loss) attributable to CCIC common stockholders $ 644 $ (77 ) $ — $ 567 Net income (loss) $ 729 $ (77 ) $ — $ 652 Comprehensive income (loss) attributable to CCIC stockholders $ 729 $ (77 ) $ — $ 652 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.55 $ (0.19 ) $ — $ 1.36 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.54 $ (0.18 ) $ — $ 1.36 | Nine Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,507 $ 58 $ — $ 3,565 Services and other 497 (93 ) (5 ) 399 Net revenues 4,004 (35 ) (5 ) 3,964 Operating expenses: Costs of operations (a) : Services and other 304 — (3 ) 301 Total operating expenses 2,953 — (3 ) 2,950 Operating income (loss) 1,051 (35 ) (2 ) 1,014 Income (loss) before income taxes 471 (35 ) (2 ) 434 Net income (loss) attributable to CCIC stockholders 458 (35 ) (2 ) 421 Net income (loss) attributable to CCIC common stockholders $ 373 $ (35 ) $ (2 ) $ 336 Net income (loss) $ 458 $ (35 ) $ (2 ) $ 421 Comprehensive income (loss) attributable to CCIC stockholders $ 457 $ (35 ) $ (2 ) $ 420 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.90 $ (0.09 ) $ — $ 0.81 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.90 $ (0.09 ) $ — $ 0.81 | September 30, 2019 June 30, 2019 March 31, 2019 Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,287 $ 3,793 $ 1,263 $ 2,505 $ 1,242 Services and other 195 544 184 350 166 Net revenues 1,482 4,337 1,447 2,855 1,408 Operating expenses: Costs of operations (a) : Site rental 369 1,095 365 726 361 Services and other 146 407 137 261 124 Selling, general and administrative 150 457 155 307 152 Asset write-down charges 2 13 6 12 6 Acquisition and integration costs 4 10 2 6 4 Depreciation, amortization and accretion 388 1,175 393 787 394 Total operating expenses 1,059 3,157 1,058 2,099 1,041 Operating income (loss) 423 1,180 389 756 367 Interest expense and amortization of deferred financing costs (173 ) (510 ) (169 ) (337 ) (168 ) Gains (losses) on retirement of long-term obligations — (2 ) (1 ) (2 ) (1 ) Interest income 2 5 1 3 2 Other income (expense) (5 ) (6 ) — (1 ) (1 ) Income (loss) before income taxes 247 667 220 419 199 Benefit (provision) for income taxes (5 ) (15 ) (4 ) (10 ) (6 ) Net income (loss) attributable to CCIC stockholders 242 652 216 409 193 Dividends/distributions on preferred stock (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 214 567 188 352 165 Net income (loss) 242 652 216 409 193 Other comprehensive income (loss): Foreign currency translation adjustments — — — — — Total other comprehensive income (loss) — — — — — Comprehensive income (loss) attributable to CCIC stockholders $ 242 $ 652 $ 216 $ 409 $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.51 $ 1.36 $ 0.45 $ 0.85 $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.51 $ 1.36 $ 0.45 $ 0.84 $ 0.40 Weighted-average common shares outstanding: Basic 416 416 416 415 415 Diluted 418 418 418 417 417 (a) Exclusive of depreciation, amortization and accretion shown separately. | Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 4,716 $ 80 $ — $ 4,796 Services and other 707 (128 ) (5 ) 574 Net revenues 5,423 (48 ) (5 ) 5,370 Operating expenses: Costs of operations (a) : Services and other 437 — (3 ) 434 Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Total operating expenses 3,991 — (4 ) 3,987 Operating income (loss) 1,432 (48 ) (1 ) 1,383 Income (loss) before income taxes 690 (48 ) (1 ) 641 Net income (loss) attributable to CCIC stockholders 671 (48 ) (1 ) 622 Net income (loss) attributable to CCIC common stockholders $ 558 $ (48 ) $ (1 ) $ 509 Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Comprehensive income (loss) attributable to CCIC stockholders $ 670 $ (48 ) $ (1 ) $ 621 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.35 $ (0.12 ) $ — $ 1.23 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.34 $ (0.11 ) $ — $ 1.23 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,231 $ 1,205 $ 3,565 $ 1,188 $ 2,360 $ 1,171 Services and other 175 156 399 131 244 113 Net revenues 1,406 1,361 3,964 1,319 2,604 1,284 Operating expenses: Costs of operations (a) : Site rental 353 355 1,057 355 702 347 Services and other 135 118 301 98 183 85 Selling, general and administrative 145 145 418 138 273 134 Asset write-down charges 8 8 18 6 9 3 Acquisition and integration costs 9 4 18 8 14 6 Depreciation, amortization and accretion 389 385 1,138 379 753 374 Total operating expenses 1,039 1,015 2,950 984 1,934 949 Operating income (loss) 367 346 1,014 335 670 335 Interest expense and amortization of deferred financing costs (164 ) (160 ) (478 ) (158 ) (318 ) (160 ) Gains (losses) on retirement of long-term obligations — (32 ) (106 ) (3 ) (74 ) (71 ) Interest income 2 1 4 1 2 1 Other income (expense) 1 1 — — (1 ) (1 ) Income (loss) before income taxes 206 156 434 175 279 104 Benefit (provision) for income taxes (5 ) (5 ) (13 ) (5 ) (9 ) (4 ) Net income (loss) attributable to CCIC stockholders 201 151 421 170 270 100 Dividends/distributions on preferred stock (28 ) (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 173 123 336 142 213 72 Net income (loss) 201 151 421 170 270 100 Other comprehensive income (loss): Foreign currency translation adjustments — — (1 ) (1 ) (1 ) — Total other comprehensive income (loss) — — (1 ) (1 ) (1 ) — Comprehensive income (loss) attributable to CCIC stockholders $ 201 $ 151 $ 420 $ 169 $ 269 $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Weighted-average common shares outstanding: Basic 415 415 413 415 412 409 Diluted 417 416 414 416 413 410 (a) Exclusive of depreciation, amortization and accretion shown separately. | Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,669 $ 65 $ — $ 3,734 Services and other 687 (124 ) (42 ) 521 Net revenues 4,356 (59 ) (42 ) 4,255 Operating expenses: Costs of operations (a) : Services and other 420 — (21 ) 399 Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Total operating expenses 3,310 — (22 ) 3,288 Operating income (loss) 1,046 (59 ) (20 ) 967 Income (loss) before income taxes 471 (59 ) (20 ) 392 Net income (loss) attributable to CCIC stockholders 445 (59 ) (20 ) 366 Net income (loss) attributable to CCIC common stockholders $ 387 $ (59 ) $ (20 ) $ 308 Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Comprehensive income (loss) attributable to CCIC stockholders $ 447 $ (59 ) $ (20 ) $ 368 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 (a) Exclusive of depreciation, amortization and accretion shown separately. | |
Condensed Cash Flow Statement [Table Text Block] | ta | Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 456 $ (47 ) $ — $ 409 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Increase (decrease) in other liabilities 30 47 — 77 Net cash provided by (used for) operating activities 1,227 — — 1,227 Net increase (decrease) in cash, cash equivalents, and restricted cash 16 — — 16 Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 429 $ — $ — $ 429 | t | Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 729 $ (77 ) $ — $ 652 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Increase (decrease) in other liabilities 102 77 — 179 Net cash provided by (used for) operating activities 1,891 — (1 ) 1,890 Cash flows from investing activities: Capital expenditures (1,538 ) — 1 (1,537 ) Net cash provided by (used for) investing activities (1,550 ) — 1 (1,549 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) — — (88 ) Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 325 $ — $ — $ 325 | Flows September 30, 2019 June 30, 2019 March 31, 2019 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 652 $ 409 $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,175 787 394 (Gains) losses on retirement of long-term obligations 2 2 1 Amortization of deferred financing costs and other non-cash interest 1 1 1 Stock-based compensation expense 91 62 29 Asset write-down charges 13 12 6 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 4 3 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (38 ) 18 (41 ) Increase (decrease) in accounts payable 37 6 (5 ) Increase (decrease) in other liabilities 179 77 (7 ) Decrease (increase) in receivables (166 ) (89 ) (43 ) Decrease (increase) in other assets (62 ) (62 ) (19 ) Net cash provided by (used for) operating activities 1,890 1,227 512 Cash flows from investing activities: Capital expenditures (1,537 ) (998 ) (480 ) Payments for acquisitions, net of cash acquired (15 ) (13 ) (10 ) Other investing activities, net 3 1 1 Net cash provided by (used for) investing activities (1,549 ) (1,010 ) (489 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 1,895 995 996 Principal payments on debt and other long-term obligations (59 ) (36 ) (25 ) Purchases and redemptions of long-term debt (12 ) (12 ) (12 ) Borrowings under revolving credit facility 1,585 1,195 710 Payments under revolving credit facility (2,270 ) (1,785 ) (1,140 ) Net issuances (repayments) under commercial paper program — 500 — Payments for financing costs (24 ) (14 ) (10 ) Purchases of common stock (44 ) (43 ) (42 ) Dividends/distributions paid on common stock (1,415 ) (944 ) (477 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (429 ) (201 ) (28 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) 16 (5 ) Effect of exchange rate changes on cash — — — Cash, cash equivalents, and restricted cash at beginning of period 413 413 413 Cash, cash equivalents, and restricted cash at end of period 325 429 408 September 30, 2018 June 30, 2018 March 31, 2018 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 421 $ 270 $ 100 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,138 753 374 (Gains) losses on retirement of long-term obligations 106 74 71 Amortization of deferred financing costs and other non-cash interest 5 4 2 Stock-based compensation expense 79 47 23 Asset write-down charges 18 9 3 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 2 1 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (31 ) 22 (28 ) Increase (decrease) in accounts payable 31 3 (5 ) Increase (decrease) in other liabilities 179 76 (43 ) Decrease (increase) in receivables (74 ) (59 ) (5 ) Decrease (increase) in other assets (103 ) (91 ) (43 ) Net cash provided by (used for) operating activities 1,773 1,110 452 Cash flows from investing activities: Capital expenditures (1,239 ) (762 ) (370 ) Payments for acquisitions, net of cash acquired (26 ) (18 ) (14 ) Other investing activities, net (14 ) 3 — Net cash provided by (used for) investing activities (1,279 ) (777 ) (384 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 2,743 1,743 1,743 Principal payments on debt and other long-term obligations (76 ) (47 ) (32 ) Purchases and redemptions of long-term debt (2,346 ) (1,318 ) (1,318 ) Borrowings under revolving credit facility 1,290 485 170 Payments under revolving credit facility (1,465 ) (1,150 ) (1,050 ) Payments for financing costs (33 ) (20 ) (15 ) Net proceeds from issuance of common stock 841 841 843 Purchases of common stock (34 ) (34 ) (33 ) Dividends/distributions paid on common stock (1,315 ) (879 ) (443 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (480 ) (436 ) (163 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 14 (103 ) (95 ) Effect of exchange rate changes on cash (1 ) (1 ) — Cash, cash equivalents, and restricted cash at beginning of period 440 440 440 Cash, cash equivalents, and restricted cash at end of period 453 336 345 The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of cash flows for each period. Only line items impacted by the Historical Adjustments | s | rately. | Consolidated Statement of Cash Flows Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Increase (decrease) in other liabilities 223 48 — 271 Net cash provided by (used for) operating activities 2,502 — (2 ) 2,500 Cash flows from investing activities: Capital expenditures (1,741 ) — 2 (1,739 ) Net cash provided by (used for) investing activities (1,795 ) — 2 (1,793 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (26 ) — — (26 ) Cash, cash equivalents, and restricted cash at beginning of period 440 — — 440 Cash, cash equivalents, and restricted cash at end of period $ 413 $ — $ — $ 413 | Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Increase (decrease) in other liabilities 175 59 — 234 Decrease (increase) in receivables 61 — 10 71 Net cash provided by (used for) operating activities 2,043 — (11 ) 2,032 Cash flows from investing activities: Capital expenditures (1,228 ) — 11 (1,217 ) Net cash provided by (used for) investing activities (10,493 ) — 11 (10,482 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (258 ) — — (258 ) Cash, cash equivalents, and restricted cash at beginning of period 697 — — 697 Cash, cash equivalents, and restricted cash at end of period $ 440 $ — $ — $ 440 | |||||
Condensed Financial Statements [Table Text Block] | December 31, 2016 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (3,379 ) $ (332 ) $ (3 ) $ (3,714 ) Total stockholders' equity $ 7,557 $ (332 ) $ (3 ) $ 7,222 December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (4,505 ) $ (391 ) $ (23 ) $ (4,919 ) Total stockholders' equity $ 12,339 $ (391 ) $ (23 ) $ 11,925 December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Dividends/distributions in excess of earnings $ (5,732 ) $ (440 ) $ (23 ) $ (6,195 ) Total stockholders' equity $ 12,034 $ (440 ) $ (23 ) $ 11,571 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Components of Interest Expense and Amortization of Deferred Financing Costs | The components of interest expense and amortization of deferred financing costs are as follows: Years Ended December 31, 2019 2018 2017 Interest expense on debt obligations $ 682 $ 635 $ 582 Amortization of deferred financing costs and adjustments on long-term debt, net 21 21 19 Capitalized interest (20 ) (15 ) (12 ) Other — 1 2 Total $ 683 $ 642 $ 591 |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | A reconciliation of the numerators and denominators of the basic and diluted per share computations is shown in the table below. The table below also gives effect to the Historical Adjustments as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) Net income (loss) attributable to CCIC stockholders $ 860 $ 622 $ 366 Dividends/distributions on preferred stock (113 ) (113 ) (58 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 747 $ 509 $ 308 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 416 413 382 Effect of assumed dilution from potential issuance of common shares relating to RSUs 2 2 1 Diluted weighted-average number of common shares outstanding 418 415 383 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 1.80 $ 1.23 $ 0.80 Diluted $ 1.79 $ 1.23 $ 0.80 Dividends/distributions declared per share of common stock $ 4.58 $ 4.28 $ 3.90 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The unaudited pro forma financial results for the year ended December 31, 2017 combine the historical results of the Company, along with the historical results of the 2017 Acquisitions. The following table presents the unaudited pro forma consolidated results of operations of the Company as if each acquisition was completed as of January 1, 2016. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations. The table below also gives effect to the Historical Adjustments as discussed in note 2 . Twelve Months Ended December 31, 2017 (As Restated) Net revenues $ 4,949 Income (loss) before income taxes $ 462 (b)(c) Benefit (provision) for income taxes $ (29 ) (a) Net income (loss) $ 433 (b)(c) Basic net income (loss) attributable to CCIC common stockholders, per common share $ 0.68 (c)(d) Diluted net income (loss) attributable to CCIC common stockholders, per common share $ 0.67 (c)(d) (a) For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to the benefit (provision) for income tax as a result of the Company's REIT status. The vast majority of the assets and related income from the FiberNet Acquisition, the Wilcon Acquisition, and the Lightower Acquisition are included in the Company's REIT. The remaining assets are included in the Company's TRS. For purposes of the unaudited pro forma financial results, an adjustment has been made to reflect the additional tax impact of the income related to the TRS assets. (b) For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to depreciation and amortization of $247 million , related to property and equipment and intangibles recorded as a result of the 2017 Acquisitions. (c) Pro forma amounts include the impact of the interest expense and common stock share issuances associated with the related debt and equity financings for the 2017 Acquisitions (see above and notes 9 and 12 ). (d) Pro forma amounts include the impact of the preferred stock dividends related to the Mandatory Convertible Preferred Stock Offering (as defined in note 12 ) for the Lightower Acquisition (see above and note 12 ). |
Lightower Acquisition [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The final purchase price allocation for the Lightower Acquisition is shown below. Final Purchase Price Allocation Current assets $ 99 Property and equipment 2,194 Goodwill (a) 3,171 Other intangible assets, net (b) 2,177 Other non-current assets 27 Current liabilities (176 ) Other non-current liabilities (342 ) Net assets acquired (c) $ 7,150 (a) The final purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions , • the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location where the Company expects to see wireless carrier network investments , • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominantly comprised of site rental contracts and tenant relationships. (c) |
FiberNet Acquisition [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The final purchase price allocation for the FiberNet Acquisition is shown below. Final Purchase Price Allocation Current assets $ 52 Property and equipment 438 Goodwill (a) 778 Other intangible assets, net (b) 327 Other non-current assets 2 Current liabilities (41 ) Other non-current liabilities (35 ) Net assets acquired (c) $ 1,521 (a) The final purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the FiberNet fiber footprint to support new small cells and fiber solutions, • the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments, • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. (b) Predominantly comprised of site rental contracts and tenant relationships. (c) The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the FiberNet Acquisition. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of December 31, 2019 . As of December 31, 2019 , the weighted-average remaining term of tenant contracts is approximately five years, exclusive of renewals exercisable at the tenant's option. Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Contracted amounts (a) $ 4,177 $ 3,986 $ 3,758 $ 3,141 $ 2,405 $ 6,908 $ 24,375 (a) Based on the nature of the contract, tenant 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. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Major Classes of Property and Equipment | The major classes of property and equipment are summarized in the table below. The information below also gives effect to the Historical Adjustments as discussed in note 2 . Estimated Useful Lives As of December 31, 2019 2018 (As Restated) Land (a) — $ 2,080 $ 1,981 Buildings 40 years 147 134 Communications infrastructure assets 1-20 years 20,521 18,683 Information technology assets and other 2-7 years 506 443 Construction in process — 1,080 975 Total gross property and equipment 24,334 22,216 Less: accumulated depreciation (9,668 ) (8,563 ) Total property and equipment, net $ 14,666 $ 13,653 (a) Includes land owned through fee interests and perpetual easements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Finite-Lived Intangible Assets [Line Items] | |
Schedule of Goodwill | Goodwill The change in the carrying value of goodwill for the year ended December 31, 2018 is as follows: Balance as of December 31, 2017 $ 10,021 Adjustments due to other acquisitions, purchase price allocations and other, net 57 Balance as of December 31, 2018 $ 10,078 |
Intangible Assets | Intangibles The following is a summary of the Company's intangible assets. See note 4 for further discussion of the Company's acquisitions. As of December 31, 2019 As of December 31, 2018 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Site rental contracts and tenant relationships $ 7,761 $ (2,997 ) $ 4,764 $ 7,787 $ (2,578 ) $ 5,209 Other intangible assets (a) 143 (71 ) 72 494 (187 ) 307 Total $ 7,904 $ (3,068 ) $ 4,836 $ 8,281 $ (2,765 ) $ 5,516 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to below-market leases previously classified as intangible assets. |
Schedule of Amortization Expense | Amortization expense related to intangible assets is classified as follows on the Company's consolidated statement of operations and comprehensive income (loss): For Years Ended December 31, Classification 2019 2018 2017 Depreciation, amortization and accretion $ 428 $ 428 $ 314 Site rental costs of operations (a) — 17 18 Total amortization expense $ 428 $ 445 $ 332 (a) Amortization expense of intangible assets classified as "Site rental costs of operations" on the Company's consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2018 and 2017 represented amortization of below-market leases. Effective January 1, 2019, these below-market leases were de-recognized and reclassified from "Other intangible assets, net" to the "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Site Rental Contracts and Customer Relationships [Member] | |
Goodwill and Finite-Lived Intangible Assets [Line Items] | |
Schedule of Estimated Annual Amortization Expense | The estimated annual amortization expense related to intangible assets for the years ending December 31, 2020 to 2024 is as follows: Years Ending December 31, 2020 2021 2022 2023 2024 Estimated annual amortization $ 427 $ 427 $ 427 $ 427 $ 384 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other Noncurrent Liabilities | The following is a summary of the components of "Other long-term liabilities" as presented on the Company's consolidated balance sheet. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . See also note 3 . December 31, 2019 2018 (As Restated) Deferred rental revenues $ 1,814 $ 1,618 Deferred ground lease payable (a) — 603 Above-market leases for land interests, net (a) — 181 Deferred credits, net 434 499 Asset retirement obligation 227 192 Deferred income tax liabilities 8 7 Other long-term liabilities 33 10 Total $ 2,516 $ 3,110 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to deferred ground lease payable and above-market leases previously classified as other long-term liabilities. |
Amortization of below-market tenant leases | The following table summarizes the estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ending December 31, 2020 to 2024 are as follows: Years Ending December 31, 2020 2021 2022 2023 2024 Below-market tenant leases $ 57 $ 53 $ 49 $ 45 $ 41 |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 . Original Issue Date Contractual Maturity Date Outstanding Balance as of December 31, Stated Interest Rate as of December 31, 2019 2018 2019 (a) Secured Notes, Series 2009-1, Class A-1 July 2009 Aug. 2019 (d) $ — $ 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 (d) 67 70 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b)(c) 298 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b)(c) 248 247 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b)(c) 694 693 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b)(c) 742 742 4.2 % Finance leases and other obligations Various Various (e) 227 227 Various Total secured debt 3,271 3,283 2016 Revolver Jan. 2016 June 2024 525 (f) 1,075 2.8 % (g) 2016 Term Loan A Jan. 2016 June 2024 2,310 2,354 2.9 % (g) Commercial Paper Notes Various (h) Various (h) 155 — Various (i) 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 846 844 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,644 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 990 988 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 592 — 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 543 — 3.1 % 4.750% Senior Notes May 2017 May 2047 344 343 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 395 — 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 345 — 4.0 % Total unsecured debt $ 14,850 $ 13,399 Total debt and other obligations $ 18,121 $ 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 $ 18,021 $ 16,575 (a) Represents the weighted-average stated interest rate. (b) The Tower Revenue Notes, Series 2015-1 and 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes." (c) 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 governing the terms of such notes) 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 December 31, 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. (d) The Secured Notes, Series 2009-1, Class A-1 and Secured Notes, Series 2009-1, Class A-2 are collectively referred to herein as "2009 Securitized Notes." (e) 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 . (f) As of December 31, 2019 , the undrawn availability under the 2016 Revolver was $4.5 billion . (g) 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. (h) The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issue. (i) The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.1% . |
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 at December 31, 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. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes. Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding Scheduled contractual maturities $ 253 $ 1,675 $ 1,000 $ 3,604 $ 3,172 $ 8,531 $ 18,235 $ (114 ) $ 18,121 |
Schedule of Extinguishment of Debt | Debt Purchases and Redemptions The following is a summary of the purchases and redemptions of debt during the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 Principal Amount Cash Paid (a) Gains (losses) (b) Secured Notes, Series 2009-1, Class A-1 $ 12 $ 12 $ (1 ) 2016 Term Loan A — — (1 ) Total $ 12 $ 12 $ (2 ) (a) Exclusive of accrued interest. (b) Inclusive of the write-off of the respective deferred financing costs. Year Ended December 31, 2018 Principal Amount Cash Paid (a) Gains (losses) (b) Tower Revenue Notes, Series 2010-3 $ 1,250 $ 1,318 $ (71 ) 2016 Term Loan A — — (3 ) Tower Revenues Notes, Series 2010-6 1,000 1,028 (32 ) Total $ 2,250 $ 2,346 $ (106 ) (a) Exclusive of accrued interest. (b) Inclusive of the write-off of the respective deferred financing costs. Year Ended December 31, 2017 Principal Amount Cash Paid Gains (losses) (a) 2016 Term Loan A $ — $ — $ (4 ) Total $ — $ — $ (4 ) (a) The losses represent write-off of deferred financing costs. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 3 . Level in Fair Value Hierarchy December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 196 $ 196 $ 277 $ 277 Restricted cash, current and non-current 1 142 142 136 136 Liabilities: Total debt and other obligations 2 $ 18,121 $ 19,170 $ 16,682 $ 16,562 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) from Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) Domestic $ 850 $ 618 $ 372 Foreign (a) 31 23 20 Total $ 881 $ 641 $ 392 (a) Inclusive of income (loss) before income taxes from Puerto Rico. |
Benefit (Provision) for Income Taxes | The benefit (provision) for income taxes consists of the following: Years Ended December 31, 2019 2018 2017 Current: Federal $ (6 ) $ (5 ) $ (3 ) Foreign (8 ) (7 ) (6 ) State (5 ) (5 ) (2 ) Total current (19 ) (17 ) (11 ) Deferred: Federal — — (18 ) Foreign (2 ) (2 ) 3 Total deferred (2 ) (2 ) (15 ) Total tax benefit (provision) $ (21 ) $ (19 ) $ (26 ) |
Effective Tax Rate | A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) before income taxes is as follows: Years Ended December 31, 2019 2018 2017 (As Restated) Benefit (provision) for income taxes at statutory rate $ (185 ) $ (135 ) $ (137 ) Tax effect of foreign income (losses) 1 1 — Tax adjustment related to REIT operations 178 128 131 State tax (provision) benefit, net of federal (5 ) (4 ) (2 ) Foreign tax (10 ) (9 ) (3 ) Effects of tax law change (a) — — (15 ) Total $ (21 ) $ (19 ) $ (26 ) (a) Pursuant to the Tax Cuts and Jobs Act, which was signed into law in December 2017, the Company was required to write down its net federal deferred tax asset in the amount of $17 million as a result of the reduction in the federal corporate tax rate offset by a benefit of $2 million related to the refund of the Company's alternative minimum tax credit carryforward. |
Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets and liabilities are as follows: December 31, 2019 2018 Deferred income tax liabilities: Property and equipment $ 6 $ 5 Deferred site rental receivable 7 7 Total deferred income tax liabilities 13 12 Deferred income tax assets: Intangible assets 3 4 Net operating loss carryforwards (a) 18 18 Straight-line rent expense liability (b) 3 2 Accrued liabilities 5 5 Other 2 3 Valuation allowances — (1 ) Total deferred income tax assets, net 31 31 Net deferred income tax asset (liabilities) $ 18 $ 19 (a) Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below. (b) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Jurisdictional Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets (liabilities) are as follows: December 31, 2019 December 31, 2018 Classification Gross Valuation Allowance Net Gross Valuation Allowance Net Federal $ 25 $ — $ 25 $ 25 $ — $ 25 State 1 — 1 1 — 1 Foreign (8 ) — (8 ) (6 ) (1 ) (7 ) Total $ 18 $ — $ 18 $ 20 $ (1 ) $ 19 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividends Declared [Abstract] | |
Dividends Declared | During the year ended December 31, 2019 , the following dividends were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (In millions) Common Stock February 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) Common Stock October 14, 2019 December 13, 2019 December 31, 2019 $ 1.20 $ 502 (a) 6.875% Convertible Preferred Stock December 11, 2018 January 15, 2019 February 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock March 19, 2019 April 15, 2019 May 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock June 17, 2019 July 15, 2019 August 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock September 18, 2019 October 15, 2019 November 1, 2019 $ 17.1875 $ 28 6.875% Convertible Preferred Stock December 9, 2019 January 15, 2020 February 3, 2020 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. |
Tax Treatment of Dividends Paid [Table Text Block] | The following table summarizes, for income tax purposes, the nature of dividends paid during 2019 on the Company's common stock and 6.875% Convertible Preferred Stock. Equity Type Payment Date Cash Distribution (per share) Ordinary Taxable Dividend (per share) Qualified Taxable Dividend (per share) (a) Section 199A Dividend (per share) Non-Taxable Distribution (per share) Common Stock March 29, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock June 28, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock September 30, 2019 $ 1.125 $ 0.824 $ 0.007 $ 0.817 $ 0.301 Common Stock December 31, 2019 $ 1.20 $ 0.879 $ 0.008 $ 0.871 $ 0.321 6.875% Convertible Preferred Stock February 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock May 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock August 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — 6.875% Convertible Preferred Stock November 1, 2019 $ 17.1875 $ 17.1875 $ 0.1490 $ 17.0385 $ — (a) Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of Restricted Stock Awards Activity | The following is a summary of the RSU activity during the year ended December 31, 2019 . RSUs (In millions) Outstanding at the beginning of year 3 Granted 1 Vested (1 ) Forfeited — Outstanding at end of year 3 |
Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value | The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the awards granted during the years ended December 31, 2019 , 2018 and 2017 , respectively, with market conditions. Years Ended December 31, 2019 2018 2017 Risk-free rate 2.5 % 2.4 % 1.5 % Expected volatility 18 % 18 % 18 % Expected dividend rate 4.0 % 3.8 % 4.4 % |
Summary of Restricted Stock Vested | The following table is a summary of the awards vested during the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, Total Shares Vested Fair Value on Vesting Date (In millions of shares) 2019 1 $ 135 2018 1 107 2017 1 67 |
Stock Based Compensation Expense | The following table discloses the components of stock-based compensation expense. Years Ended December 31, 2019 2018 2017 Stock-based compensation expense: Site rental costs of operations $ 19 $ 17 $ 15 Services and other costs of operations 7 8 5 Selling, general and administrative expenses 90 83 76 Total stock-based compensation $ 116 $ 108 $ 96 |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table is a summary of the Company's maturities of operating lease liabilities as of December 31, 2019 : Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total undiscounted lease payments Less: Imputed interest Total operating lease liabilities Operating leases (a) $ 534 $ 528 $ 524 $ 520 $ 517 $ 6,357 $ 8,980 $ (3,170 ) $ 5,810 (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. | The operating lease payments included in the table below include payments for certain renewal periods exercisable 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 |
Lease, Cost [Table Text Block] | The components of the Company's operating lease expense are as follows: Year Ended December 31, 2019 Lease cost: Operating lease expense (a) $ 648 Variable lease expense (b) 133 Total lease expense (c) $ 781 (a) Represents the Company's operating lease expense related to its ROU assets for the twelve months ended December 31, 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 the twelve months ended December 31, 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. |
Operating Segments and Concen_2
Operating Segments and Concentrations of Credit Risk (Tables) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2019 Towers Fiber Other Consolidated Total Segment site rental revenues $ 3,389 $ 1,704 $ 5,093 Segment services and other revenues 653 17 670 Segment revenues 4,042 1,721 5,763 Segment site rental cost of operations 864 559 1,423 Segment services and other cost of operations 506 11 517 Segment cost of operations (a)(b) 1,370 570 1,940 Segment site rental gross margin 2,525 1,145 3,670 Segment services and other gross margin 147 6 153 Segment selling, general and administrative expenses (b) 96 195 291 Segment operating profit (loss) 2,576 956 3,532 Other selling, general and administrative expenses (b) $ 233 233 Stock-based compensation expense 116 116 Depreciation, amortization and accretion 1,572 1,572 Interest expense and amortization of deferred financing costs 683 683 Other (income) expenses to reconcile to income (loss) before income taxes (c) 47 47 Income (loss) before income taxes $ 881 Capital expenditures $ 543 $ 1,473 $ 41 $ 2,057 Total assets (at year end) $ 22,357 $ 15,389 $ 711 $ 38,457 Total goodwill (at year end) $ 5,127 $ 4,951 $ — $ 10,078 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2019 excludes (1) stock-based compensation expense of $26 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2019 , segment selling, general and administrative expenses exclude stock-based compensation expense of $90 million . (c) See consolidated statement of operations for further information. | Year Ended December 31, 2018 (As Restated) Towers Fiber Other Consolidated Total Segment site rental revenues $ 3,196 $ 1,600 $ 4,796 Segment services and other revenues 558 16 574 Segment revenues 3,754 1,616 5,370 Segment site rental cost of operations 848 525 1,373 Segment services and other cost of operations 415 11 426 Segment cost of operations (a)(b) 1,263 536 1,799 Segment site rental gross margin 2,348 1,075 3,423 Segment services and other gross margin 143 5 148 Segment selling, general and administrative expenses (b) 110 179 289 Segment operating profit (loss) 2,381 901 3,282 Other selling, general and administrative expenses (b) $ 191 191 Stock-based compensation expense 108 108 Depreciation, amortization and accretion 1,527 1,527 Interest expense and amortization of deferred financing costs 642 642 Other (income) expenses to reconcile to income (loss) before income taxes (c) 173 173 Income (loss) before income taxes $ 641 Capital expenditures $ 440 $ 1,264 $ 35 $ 1,739 Total assets (at year end) $ 17,644 $ 14,512 $ 606 $ 32,762 Total goodwill (at year end) $ 5,127 $ 4,951 $ — $ 10,078 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2018 excludes (1) stock-based compensation expense of $25 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2018 , segment selling, general and administrative expenses exclude stock-based compensation expense of $83 million . (c) See consolidated statement of operations for further information. | Year Ended December 31, 2017 (As Restated) Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,965 $ 769 $ 3,734 Segment services and other revenues 471 50 521 Segment revenues 3,436 819 4,255 Segment site rental cost of operations 845 264 1,109 Segment services and other cost of operations 353 41 394 Segment cost of operations (a)(b) 1,198 305 1,503 Segment site rental gross margin 2,120 505 2,625 Segment services and other gross margin 118 9 127 Segment selling, general and administrative expenses (b) 94 89 183 Segment operating profit (loss) 2,144 425 2,569 Other selling, general and administrative expenses (b) $ 167 167 Stock-based compensation expense 96 96 Depreciation, amortization and accretion 1,241 1,241 Interest expense and amortization of deferred financing costs 591 591 Other (income) expenses to reconcile to income (loss) before income taxes (c) 82 82 Income (loss) before income taxes $ 392 Capital expenditures $ 407 $ 782 $ 28 $ 1,217 Total assets (at year end) $ 17,918 $ 13,669 $ 619 $ 32,206 Total goodwill (at year end) $ 5,127 $ 4,894 $ — $ 10,021 (a) Exclusive of depreciation, amortization and accretion shown separately (b) Segment cost of operations for the year ended December 31, 2017 excludes (1) stock-based compensation expense of $20 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2017 , segment selling, general and administrative expenses exclude stock-based compensation expense of $76 million . (c) See consolidated statement of operations for further information. |
A Summary of the Percentage of the Consolidated Revenues for Those Customers Accounting for More than 10% of the Consolidated Revenues | The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the consolidated revenues. The table below also gives effect to the Historical Adjustments , as discussed in note 2 . Years Ended December 31, 2019 2018 2017 (As Restated) T-Mobile 22 % 19 % 22 % AT&T 21 % 20 % 25 % Verizon Wireless 19 % 20 % 16 % Sprint 14 % 15 % 23 % Total 76 % 74 % 86 % |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the consolidated balance sheet to amounts reported in the consolidated statement of cash flows is shown below. As of December 31, 2019 2018 2017 Cash and cash equivalents $ 196 $ 277 $ 314 Restricted cash, current 137 131 121 Restricted cash reported within long-term prepaid rent and other assets, net 5 5 5 Cash, cash equivalents and restricted cash $ 338 $ 413 $ 440 |
Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities | The following table is a summary of the supplemental cash flow information during the years ended December 31, 2019 , 2018 and 2017 . Years Ended December 31, 2019 2018 2017 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a)(b) $ 541 $ — $ — Interest paid 661 619 547 Income taxes paid 16 17 16 Supplemental disclosure of non-cash investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities (b) 431 — — Increase in accounts payable for purchases of property and equipment 2 29 2 Purchase of property and equipment under finance leases and installment land purchases 33 40 32 Increase in preferred stock dividends accrued but not paid (see note 12) — — 28 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Quarterly financial information for the years ended December 31, 2019 and 2018 is summarized in the table below. The tables below gives effect to the Historical Adjustments , where applicable, as discussed in note 2 . Three Months Ended (a) December 31 September 30 June 30 March 31 (As Restated) 2019: Net revenues $ 1,426 $ 1,482 $ 1,447 $ 1,408 Operating income (loss) 379 423 389 367 Gains (losses) on retirement of long-term obligations — — (1 ) (1 ) Benefit (provision) for income taxes (6 ) (5 ) (4 ) (6 ) Net income (loss) attributable to CCIC stockholders 208 242 216 193 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.43 $ 0.51 $ 0.45 $ 0.40 Diluted $ 0.43 $ 0.51 $ 0.45 $ 0.40 Three Months Ended (a) December 31 September 30 June 30 March 31 (As Restated) 2018: Net revenues $ 1,406 $ 1,361 $ 1,319 $ 1,284 Operating income (loss) 367 346 335 335 Gains (losses) on retirement of long-term obligations — (32 ) (3 ) (71 ) Benefit (provision) for income taxes (5 ) (5 ) (5 ) (4 ) Net income (loss) attributable to CCIC stockholders 201 151 170 100 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.42 $ 0.30 $ 0.34 $ 0.18 Diluted $ 0.42 $ 0.30 $ 0.34 $ 0.18 (a) The sum of quarterly information may not agree to year-to-date information due to rounding. |
Quarterly Financial Informati_3
Quarterly Financial Information Restatement of Balance Sheet (Tables) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Balance Sheet [Table Text Block] | March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,883 $ — $ (23 ) $ 13,860 Total assets 37,778 — (23 ) 37,755 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 502 96 — 598 Total current liabilities 1,565 96 — 1,661 Other long-term liabilities (a) 2,009 360 — 2,369 Total liabilities 26,032 456 — 26,488 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,022 ) (456 ) (23 ) (6,501 ) Total equity 11,746 (456 ) (23 ) 11,267 Total liabilities and equity $ 37,778 $ — $ (23 ) $ 37,755 September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,433 $ — $ (23 ) $ 13,410 Total assets 32,644 — (23 ) 32,621 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 484 84 — 568 Total current liabilities 1,304 84 — 1,388 Other long-term liabilities (a) 2,732 342 — 3,074 Total liabilities 20,349 426 — 20,775 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,447 ) (426 ) (23 ) (5,896 ) Total equity 12,295 (426 ) (23 ) 11,846 Total liabilities and equity $ 32,644 $ — $ (23 ) $ 32,621 | March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,051 $ — $ (23 ) $ 13,028 Total assets 32,250 — (23 ) 32,227 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 465 74 — 539 Total current liabilities 1,187 74 — 1,261 Other long-term liabilities (a) 2,615 331 — 2,946 Total liabilities 19,418 405 — 19,823 CCIC stockholders' equity: Dividends/distributions in excess of earnings (4,858 ) (405 ) (23 ) (5,286 ) Total equity 12,832 (405 ) (23 ) 12,404 Total liabilities and equity $ 32,250 $ — $ (23 ) $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,151 $ — $ (23 ) $ 14,128 Total assets 38,147 — (23 ) 38,124 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 503 104 — 607 Total current liabilities 1,698 104 — 1,802 Other long-term liabilities (a) 2,028 383 — 2,411 Total liabilities 26,624 487 — 27,111 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,277 ) (487 ) (23 ) (6,787 ) Total equity 11,523 (487 ) (23 ) 11,013 Total liabilities and equity $ 38,147 $ — $ (23 ) $ 38,124 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,218 $ — $ (23 ) $ 13,195 Total assets 32,374 — (23 ) 32,351 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 476 78 — 554 Total current liabilities 1,286 78 — 1,364 Other long-term liabilities (a) 2,678 336 — 3,014 Total liabilities 19,808 414 — 20,222 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,144 ) (414 ) (23 ) (5,581 ) Total equity 12,566 (414 ) (23 ) 12,129 Total liabilities and equity $ 32,374 $ — $ (23 ) $ 32,351 March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,051 $ — $ (23 ) $ 13,028 Total assets 32,250 — (23 ) 32,227 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 465 74 — 539 Total current liabilities 1,187 74 — 1,261 Other long-term liabilities (a) 2,615 331 — 2,946 Total liabilities 19,418 405 — 19,823 CCIC stockholders' equity: Dividends/distributions in excess of earnings (4,858 ) (405 ) (23 ) (5,286 ) Total equity 12,832 (405 ) (23 ) 12,404 Total liabilities and equity $ 32,250 $ — $ (23 ) $ 32,227 | The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated balance sheet for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,416 $ — $ (23 ) $ 14,393 Total assets 38,344 — (23 ) 38,321 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 525 113 — 638 Total current liabilities 1,734 113 — 1,847 Other long-term liabilities (a) 2,055 403 — 2,458 Total liabilities 27,019 516 — 27,535 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,503 ) (516 ) (23 ) (7,042 ) Total equity 11,325 (516 ) (23 ) 10,786 Total liabilities and equity $ 38,344 $ — $ (23 ) $ 38,321 June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 14,151 $ — $ (23 ) $ 14,128 Total assets 38,147 — (23 ) 38,124 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 503 104 — 607 Total current liabilities 1,698 104 — 1,802 Other long-term liabilities (a) 2,028 383 — 2,411 Total liabilities 26,624 487 — 27,111 CCIC stockholders' equity: Dividends/distributions in excess of earnings (6,277 ) (487 ) (23 ) (6,787 ) Total equity 11,523 (487 ) (23 ) 11,013 Total liabilities and equity $ 38,147 $ — $ (23 ) $ 38,124 | September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,433 $ — $ (23 ) $ 13,410 Total assets 32,644 — (23 ) 32,621 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 484 84 — 568 Total current liabilities 1,304 84 — 1,388 Other long-term liabilities (a) 2,732 342 — 3,074 Total liabilities 20,349 426 — 20,775 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,447 ) (426 ) (23 ) (5,896 ) Total equity 12,295 (426 ) (23 ) 11,846 Total liabilities and equity $ 32,644 $ — $ (23 ) $ 32,621 | September 30, 2019 June 30, 2019 March 31, 2019 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 182 $ 288 $ 245 Restricted cash 138 136 158 Receivables, net 667 591 545 Prepaid expenses (a) 99 111 85 Other current assets 167 168 160 Total current assets 1,253 1,294 1,193 Deferred site rental receivables 1,413 1,391 1,373 Property and equipment, net 14,393 14,128 13,860 Operating lease right-of-use assets (a) 6,112 6,053 5,969 Goodwill 10,078 10,078 10,078 Other intangible assets, net (a) 4,968 5,074 5,178 Long-term prepaid rent and other assets, net (a) 104 106 104 Total assets $ 38,321 $ 38,124 $ 37,755 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 368 $ 337 $ 311 Accrued interest 110 166 107 Deferred revenues 638 607 598 Other accrued liabilities (a) 335 305 262 Current maturities of debt and other obligations 100 98 96 Current portion of operating lease liabilities (a) 296 289 287 Total current liabilities 1,847 1,802 1,661 Debt and other long-term obligations 17,750 17,471 17,120 Operating lease liabilities (a) 5,480 5,427 5,338 Other long-term liabilities (a) 2,458 2,411 2,369 Total liabilities 27,535 27,111 26,488 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,829 17,801 17,769 Accumulated other comprehensive income (loss) (5 ) (5 ) (5 ) Dividends/distributions in excess of earnings (7,042 ) (6,787 ) (6,501 ) Total equity 10,786 11,013 11,267 Total liabilities and equity $ 38,321 $ 38,124 $ 37,755 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. | Consolidated Balance Sheet December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated ASSETS Property and equipment, net $ 13,676 $ — $ (23 ) $ 13,653 Total assets 32,785 — (23 ) 32,762 LIABILITIES AND EQUITY Current liabilities: Deferred revenues 498 89 — 587 Total current liabilities 1,417 89 — 1,506 Other long-term liabilities (a) 2,759 351 — 3,110 Total liabilities 20,751 440 — 21,191 CCIC stockholders' equity: Dividends/distributions in excess of earnings (5,732 ) (440 ) (23 ) (6,195 ) Total equity 12,034 (440 ) (23 ) 11,571 Total liabilities and equity $ 32,785 $ — $ (23 ) $ 32,762 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. September 30, 2018 June 30, 2018 March 31, 2018 (As Restated) ASSETS Current assets: Cash and cash equivalents $ 323 $ 206 $ 220 Restricted cash 125 125 120 Receivables, net 471 455 402 Prepaid expenses (a) 182 197 175 Other current assets 148 181 157 Total current assets 1,249 1,164 1,074 Deferred site rental receivables 1,357 1,303 1,304 Property and equipment, net 13,410 13,195 13,028 Goodwill 10,074 10,075 10,075 Other intangible assets, net (a) 5,620 5,729 5,854 Long-term prepaid rent and other assets, net (a) 911 885 892 Total assets $ 32,621 $ 32,351 $ 32,227 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 302 $ 272 $ 248 Accrued interest 101 154 104 Deferred revenues 568 554 539 Other accrued liabilities (a) 306 272 240 Current maturities of debt and other obligations 111 112 130 Total current liabilities 1,388 1,364 1,261 Debt and other long-term obligations 16,313 15,844 15,616 Other long-term liabilities (a) 3,074 3,014 2,946 Total liabilities 20,775 20,222 19,823 Commitments and contingencies (see note 14) CCIC stockholders' equity: Common stock, $0.01 par value 4 4 4 6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value — — — Additional paid-in capital 17,743 17,711 17,690 Accumulated other comprehensive income (loss) (5 ) (5 ) (4 ) Dividends/distributions in excess of earnings (5,896 ) (5,581 ) (5,286 ) Total equity 11,846 12,129 12,404 Total liabilities and equity $ 32,621 $ 32,351 $ 32,227 (a) See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Quarterly Financial Informati_4
Quarterly Financial Information Restatement of Statement of Operations (Tables) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statement [Table Text Block] | Three Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,260 $ 27 $ — $ 1,287 Services and other 254 (57 ) (2 ) 195 Net revenues 1,514 (30 ) (2 ) 1,482 Operating expenses: Costs of operations (a) : Services and other 147 — (1 ) 146 Depreciation, amortization and accretion 389 — (1 ) 388 Total operating expenses 1,061 — (2 ) 1,059 Operating income (loss) 453 (30 ) — 423 Income (loss) before income taxes 277 (30 ) — 247 Net income (loss) attributable to CCIC stockholders 272 (30 ) — 242 Net income (loss) attributable to CCIC common stockholders $ 244 $ (30 ) $ — $ 214 Net income (loss) $ 272 $ (30 ) $ — $ 242 Comprehensive income (loss) attributable to CCIC stockholders $ 272 $ (30 ) $ — $ 242 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.59 $ (0.08 ) $ — $ 0.51 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.58 $ (0.07 ) $ — $ 0.51 Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,457 $ 48 $ — $ 2,505 Services and other 447 (95 ) (2 ) 350 Net revenues 2,904 (47 ) (2 ) 2,855 Operating expenses: Costs of operations (a) : Services and other 263 — (2 ) 261 Total operating expenses 2,101 — (2 ) 2,099 Operating income (loss) 803 (47 ) — 756 Income (loss) before income taxes 466 (47 ) — 419 Net income (loss) attributable to CCIC stockholders 456 (47 ) — 409 Net income (loss) attributable to CCIC common stockholders $ 399 $ (47 ) $ — $ 352 Net income (loss) $ 456 $ (47 ) $ — $ 409 Comprehensive income (loss) attributable to CCIC stockholders $ 456 $ (47 ) $ — $ 409 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.96 $ (0.11 ) $ — $ 0.85 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.95 $ (0.11 ) $ — $ 0.84 | Three Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,238 $ 25 $ — $ 1,263 Services and other 240 (55 ) (1 ) 184 Net revenues 1,478 (30 ) (1 ) 1,447 Operating expenses: Costs of operations (a) : Services and other 138 — (1 ) 137 Total operating expenses 1,059 — (1 ) 1,058 Operating income (loss) 419 (30 ) — 389 Income (loss) before income taxes 250 (30 ) — 220 Net income (loss) attributable to CCIC stockholders 246 (30 ) — 216 Net income (loss) attributable to CCIC common stockholders $ 218 $ (30 ) $ — $ 188 Net income (loss) $ 246 $ (30 ) $ — $ 216 Comprehensive income (loss) attributable to CCIC stockholders $ 246 $ (30 ) $ — $ 216 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.52 $ (0.07 ) $ — $ 0.45 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.52 $ (0.07 ) $ — $ 0.45 | Three Months Ended March 31, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,219 $ 23 $ — $ 1,242 Services and other 207 (40 ) (1 ) 166 Net revenues 1,426 (17 ) (1 ) 1,408 Operating expenses: Costs of operations (a) : Services and other 125 — (1 ) 124 Total operating expenses 1,042 — (1 ) 1,041 Operating income (loss) 384 (17 ) — 367 Income (loss) before income taxes 216 (17 ) — 199 Net income (loss) attributable to CCIC stockholders 210 (17 ) — 193 Net income (loss) attributable to CCIC common stockholders $ 182 $ (17 ) $ — $ 165 Net income (loss) $ 210 $ (17 ) $ — $ 193 Comprehensive income (loss) attributable to CCIC stockholders $ 210 $ (17 ) $ — $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.44 $ (0.04 ) $ — $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.04 ) $ — $ 0.40 | Three Months Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,209 $ 22 $ — $ 1,231 Services and other 210 (35 ) — 175 Net revenues 1,419 (13 ) — 1,406 Operating expenses: Depreciation, amortization and accretion 390 — (1 ) 389 Total operating expenses 1,040 — (1 ) 1,039 Operating income (loss) 379 (13 ) 1 367 Income (loss) before income taxes 218 (13 ) 1 206 Net income (loss) attributable to CCIC stockholders 213 (13 ) 1 201 Net income (loss) attributable to CCIC common stockholders $ 185 $ (13 ) $ 1 $ 173 Net income (loss) $ 213 $ (13 ) $ 1 $ 201 Comprehensive income (loss) attributable to CCIC stockholders $ 213 $ (13 ) $ 1 $ 201 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.45 $ (0.03 ) $ — $ 0.42 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.44 $ (0.02 ) $ — $ 0.42 Nine Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,507 $ 58 $ — $ 3,565 Services and other 497 (93 ) (5 ) 399 Net revenues 4,004 (35 ) (5 ) 3,964 Operating expenses: Costs of operations (a) : Services and other 304 — (3 ) 301 Total operating expenses 2,953 — (3 ) 2,950 Operating income (loss) 1,051 (35 ) (2 ) 1,014 Income (loss) before income taxes 471 (35 ) (2 ) 434 Net income (loss) attributable to CCIC stockholders 458 (35 ) (2 ) 421 Net income (loss) attributable to CCIC common stockholders $ 373 $ (35 ) $ (2 ) $ 336 Net income (loss) $ 458 $ (35 ) $ (2 ) $ 421 Comprehensive income (loss) attributable to CCIC stockholders $ 457 $ (35 ) $ (2 ) $ 420 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.90 $ (0.09 ) $ — $ 0.81 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.90 $ (0.09 ) $ — $ 0.81 | Three Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,184 $ 21 $ — $ 1,205 Services and other 191 (33 ) (2 ) 156 Net revenues 1,375 (12 ) (2 ) 1,361 Operating expenses: Costs of operations (a) : Services and other 119 — (1 ) 118 Total operating expenses 1,016 — (1 ) 1,015 Operating income (loss) 359 (12 ) (1 ) 346 Income (loss) before income taxes 169 (12 ) (1 ) 156 Net income (loss) attributable to CCIC stockholders 164 (12 ) (1 ) 151 Net income (loss) attributable to CCIC common stockholders $ 136 $ (12 ) $ (1 ) $ 123 Net income (loss) $ 164 $ (12 ) $ (1 ) $ 151 Comprehensive income (loss) attributable to CCIC stockholders $ 164 $ (12 ) $ (1 ) $ 151 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.33 $ (0.03 ) $ — $ 0.30 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.33 $ (0.03 ) $ — $ 0.30 Six Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,323 $ 37 $ — $ 2,360 Services and other 307 (60 ) (3 ) 244 Net revenues 2,630 (23 ) (3 ) 2,604 Operating expenses: Costs of operations (a) : Services and other 185 — (2 ) 183 Total operating expenses 1,936 — (2 ) 1,934 Operating income (loss) 694 (23 ) (1 ) 670 Income (loss) before income taxes 303 (23 ) (1 ) 279 Net income (loss) attributable to CCIC stockholders 294 (23 ) (1 ) 270 Net income (loss) attributable to CCIC common stockholders $ 237 $ (23 ) $ (1 ) $ 213 Net income (loss) $ 294 $ (23 ) $ (1 ) $ 270 Comprehensive income (loss) attributable to CCIC stockholders $ 293 $ (23 ) $ (1 ) $ 269 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.58 $ (0.06 ) $ — $ 0.52 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.57 $ (0.05 ) $ — $ 0.52 | Three Months Ended March 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 1,153 $ 18 $ — $ 1,171 Services and other 146 (32 ) (1 ) 113 Net revenues 1,299 (14 ) (1 ) 1,284 Operating expenses: Costs of operations (a) : Services and other 86 — (1 ) 85 Total operating expenses 950 — (1 ) 949 Operating income (loss) 349 (14 ) — 335 Income (loss) before income taxes 118 (14 ) — 104 Net income (loss) attributable to CCIC stockholders 114 (14 ) — 100 Net income (loss) attributable to CCIC common stockholders $ 86 $ (14 ) $ — $ 72 Net income (loss) $ 114 $ (14 ) $ — $ 100 Comprehensive income (loss) attributable to CCIC stockholders $ 114 $ (14 ) $ — $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.21 $ (0.03 ) $ — $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.21 $ (0.03 ) $ — $ 0.18 (a) | Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,457 $ 48 $ — $ 2,505 Services and other 447 (95 ) (2 ) 350 Net revenues 2,904 (47 ) (2 ) 2,855 Operating expenses: Costs of operations (a) : Services and other 263 — (2 ) 261 Total operating expenses 2,101 — (2 ) 2,099 Operating income (loss) 803 (47 ) — 756 Income (loss) before income taxes 466 (47 ) — 419 Net income (loss) attributable to CCIC stockholders 456 (47 ) — 409 Net income (loss) attributable to CCIC common stockholders $ 399 $ (47 ) $ — $ 352 Net income (loss) $ 456 $ (47 ) $ — $ 409 Comprehensive income (loss) attributable to CCIC stockholders $ 456 $ (47 ) $ — $ 409 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.96 $ (0.11 ) $ — $ 0.85 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.95 $ (0.11 ) $ — $ 0.84 | Six Months Ended June 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 2,323 $ 37 $ — $ 2,360 Services and other 307 (60 ) (3 ) 244 Net revenues 2,630 (23 ) (3 ) 2,604 Operating expenses: Costs of operations (a) : Services and other 185 — (2 ) 183 Total operating expenses 1,936 — (2 ) 1,934 Operating income (loss) 694 (23 ) (1 ) 670 Income (loss) before income taxes 303 (23 ) (1 ) 279 Net income (loss) attributable to CCIC stockholders 294 (23 ) (1 ) 270 Net income (loss) attributable to CCIC common stockholders $ 237 $ (23 ) $ (1 ) $ 213 Net income (loss) $ 294 $ (23 ) $ (1 ) $ 270 Comprehensive income (loss) attributable to CCIC stockholders $ 293 $ (23 ) $ (1 ) $ 269 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.58 $ (0.06 ) $ — $ 0.52 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.57 $ (0.05 ) $ — $ 0.52 (a) Exclusive of depreciation, amortization and accretion shown separately. | The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of operations and comprehensive income (loss) for each period presented. Only line items impacted by the Historical Adjustments are presented, and as such, components will not sum to totals. The sum of quarterly information may not agree to year-to-date information due to rounding. Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,718 $ 75 $ — $ 3,793 Services and other 700 (152 ) (4 ) 544 Net revenues 4,418 (77 ) (4 ) 4,337 Operating expenses: Costs of operations (a) : Services and other 410 — (3 ) 407 Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Total operating expenses 3,161 — (4 ) 3,157 Operating income (loss) 1,257 (77 ) — 1,180 Income (loss) before income taxes 744 (77 ) — 667 Net income (loss) attributable to CCIC stockholders 729 (77 ) — 652 Net income (loss) attributable to CCIC common stockholders $ 644 $ (77 ) $ — $ 567 Net income (loss) $ 729 $ (77 ) $ — $ 652 Comprehensive income (loss) attributable to CCIC stockholders $ 729 $ (77 ) $ — $ 652 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.55 $ (0.19 ) $ — $ 1.36 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.54 $ (0.18 ) $ — $ 1.36 | Nine Months Ended September 30, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,507 $ 58 $ — $ 3,565 Services and other 497 (93 ) (5 ) 399 Net revenues 4,004 (35 ) (5 ) 3,964 Operating expenses: Costs of operations (a) : Services and other 304 — (3 ) 301 Total operating expenses 2,953 — (3 ) 2,950 Operating income (loss) 1,051 (35 ) (2 ) 1,014 Income (loss) before income taxes 471 (35 ) (2 ) 434 Net income (loss) attributable to CCIC stockholders 458 (35 ) (2 ) 421 Net income (loss) attributable to CCIC common stockholders $ 373 $ (35 ) $ (2 ) $ 336 Net income (loss) $ 458 $ (35 ) $ (2 ) $ 421 Comprehensive income (loss) attributable to CCIC stockholders $ 457 $ (35 ) $ (2 ) $ 420 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.90 $ (0.09 ) $ — $ 0.81 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.90 $ (0.09 ) $ — $ 0.81 | September 30, 2019 June 30, 2019 March 31, 2019 Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,287 $ 3,793 $ 1,263 $ 2,505 $ 1,242 Services and other 195 544 184 350 166 Net revenues 1,482 4,337 1,447 2,855 1,408 Operating expenses: Costs of operations (a) : Site rental 369 1,095 365 726 361 Services and other 146 407 137 261 124 Selling, general and administrative 150 457 155 307 152 Asset write-down charges 2 13 6 12 6 Acquisition and integration costs 4 10 2 6 4 Depreciation, amortization and accretion 388 1,175 393 787 394 Total operating expenses 1,059 3,157 1,058 2,099 1,041 Operating income (loss) 423 1,180 389 756 367 Interest expense and amortization of deferred financing costs (173 ) (510 ) (169 ) (337 ) (168 ) Gains (losses) on retirement of long-term obligations — (2 ) (1 ) (2 ) (1 ) Interest income 2 5 1 3 2 Other income (expense) (5 ) (6 ) — (1 ) (1 ) Income (loss) before income taxes 247 667 220 419 199 Benefit (provision) for income taxes (5 ) (15 ) (4 ) (10 ) (6 ) Net income (loss) attributable to CCIC stockholders 242 652 216 409 193 Dividends/distributions on preferred stock (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 214 567 188 352 165 Net income (loss) 242 652 216 409 193 Other comprehensive income (loss): Foreign currency translation adjustments — — — — — Total other comprehensive income (loss) — — — — — Comprehensive income (loss) attributable to CCIC stockholders $ 242 $ 652 $ 216 $ 409 $ 193 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.51 $ 1.36 $ 0.45 $ 0.85 $ 0.40 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.51 $ 1.36 $ 0.45 $ 0.84 $ 0.40 Weighted-average common shares outstanding: Basic 416 416 416 415 415 Diluted 418 418 418 417 417 (a) Exclusive of depreciation, amortization and accretion shown separately. | Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 4,716 $ 80 $ — $ 4,796 Services and other 707 (128 ) (5 ) 574 Net revenues 5,423 (48 ) (5 ) 5,370 Operating expenses: Costs of operations (a) : Services and other 437 — (3 ) 434 Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Total operating expenses 3,991 — (4 ) 3,987 Operating income (loss) 1,432 (48 ) (1 ) 1,383 Income (loss) before income taxes 690 (48 ) (1 ) 641 Net income (loss) attributable to CCIC stockholders 671 (48 ) (1 ) 622 Net income (loss) attributable to CCIC common stockholders $ 558 $ (48 ) $ (1 ) $ 509 Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Comprehensive income (loss) attributable to CCIC stockholders $ 670 $ (48 ) $ (1 ) $ 621 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.35 $ (0.12 ) $ — $ 1.23 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.34 $ (0.11 ) $ — $ 1.23 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Three Months Ended Three Months Ended Nine Months Ended Three Months Ended Six Months Ended Three Months Ended (As Restated) Net revenues: Site rental $ 1,231 $ 1,205 $ 3,565 $ 1,188 $ 2,360 $ 1,171 Services and other 175 156 399 131 244 113 Net revenues 1,406 1,361 3,964 1,319 2,604 1,284 Operating expenses: Costs of operations (a) : Site rental 353 355 1,057 355 702 347 Services and other 135 118 301 98 183 85 Selling, general and administrative 145 145 418 138 273 134 Asset write-down charges 8 8 18 6 9 3 Acquisition and integration costs 9 4 18 8 14 6 Depreciation, amortization and accretion 389 385 1,138 379 753 374 Total operating expenses 1,039 1,015 2,950 984 1,934 949 Operating income (loss) 367 346 1,014 335 670 335 Interest expense and amortization of deferred financing costs (164 ) (160 ) (478 ) (158 ) (318 ) (160 ) Gains (losses) on retirement of long-term obligations — (32 ) (106 ) (3 ) (74 ) (71 ) Interest income 2 1 4 1 2 1 Other income (expense) 1 1 — — (1 ) (1 ) Income (loss) before income taxes 206 156 434 175 279 104 Benefit (provision) for income taxes (5 ) (5 ) (13 ) (5 ) (9 ) (4 ) Net income (loss) attributable to CCIC stockholders 201 151 421 170 270 100 Dividends/distributions on preferred stock (28 ) (28 ) (85 ) (28 ) (57 ) (28 ) Net income (loss) attributable to CCIC common stockholders 173 123 336 142 213 72 Net income (loss) 201 151 421 170 270 100 Other comprehensive income (loss): Foreign currency translation adjustments — — (1 ) (1 ) (1 ) — Total other comprehensive income (loss) — — (1 ) (1 ) (1 ) — Comprehensive income (loss) attributable to CCIC stockholders $ 201 $ 151 $ 420 $ 169 $ 269 $ 100 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Net income (loss) attributable to CCIC common stockholders - diluted $ 0.42 $ 0.30 $ 0.81 $ 0.34 $ 0.52 $ 0.18 Weighted-average common shares outstanding: Basic 415 415 413 415 412 409 Diluted 417 416 414 416 413 410 (a) Exclusive of depreciation, amortization and accretion shown separately. | Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Net revenues: Site rental $ 3,669 $ 65 $ — $ 3,734 Services and other 687 (124 ) (42 ) 521 Net revenues 4,356 (59 ) (42 ) 4,255 Operating expenses: Costs of operations (a) : Services and other 420 — (21 ) 399 Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Total operating expenses 3,310 — (22 ) 3,288 Operating income (loss) 1,046 (59 ) (20 ) 967 Income (loss) before income taxes 471 (59 ) (20 ) 392 Net income (loss) attributable to CCIC stockholders 445 (59 ) (20 ) 366 Net income (loss) attributable to CCIC common stockholders $ 387 $ (59 ) $ (20 ) $ 308 Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Comprehensive income (loss) attributable to CCIC stockholders $ 447 $ (59 ) $ (20 ) $ 368 Net income (loss) attributable to CCIC common stockholders, per common share: Net income (loss) attributable to CCIC common stockholders - basic $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 Net income (loss) attributable to CCIC common stockholders - diluted $ 1.01 $ (0.16 ) $ (0.05 ) $ 0.80 (a) Exclusive of depreciation, amortization and accretion shown separately. |
Quarterly Financial Informati_5
Quarterly Financial Information Restatement of Statement of Cash Flows (Tables) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statement [Table Text Block] | ta | Six Months Ended June 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 456 $ (47 ) $ — $ 409 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Increase (decrease) in other liabilities 30 47 — 77 Net cash provided by (used for) operating activities 1,227 — — 1,227 Net increase (decrease) in cash, cash equivalents, and restricted cash 16 — — 16 Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 429 $ — $ — $ 429 | t | Nine Months Ended September 30, 2019 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 729 $ (77 ) $ — $ 652 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,176 — (1 ) 1,175 Increase (decrease) in other liabilities 102 77 — 179 Net cash provided by (used for) operating activities 1,891 — (1 ) 1,890 Cash flows from investing activities: Capital expenditures (1,538 ) — 1 (1,537 ) Net cash provided by (used for) investing activities (1,550 ) — 1 (1,549 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) — — (88 ) Cash, cash equivalents, and restricted cash at beginning of period 413 — — 413 Cash, cash equivalents, and restricted cash at end of period $ 325 $ — $ — $ 325 | Flows September 30, 2019 June 30, 2019 March 31, 2019 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 652 $ 409 $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,175 787 394 (Gains) losses on retirement of long-term obligations 2 2 1 Amortization of deferred financing costs and other non-cash interest 1 1 1 Stock-based compensation expense 91 62 29 Asset write-down charges 13 12 6 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 4 3 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (38 ) 18 (41 ) Increase (decrease) in accounts payable 37 6 (5 ) Increase (decrease) in other liabilities 179 77 (7 ) Decrease (increase) in receivables (166 ) (89 ) (43 ) Decrease (increase) in other assets (62 ) (62 ) (19 ) Net cash provided by (used for) operating activities 1,890 1,227 512 Cash flows from investing activities: Capital expenditures (1,537 ) (998 ) (480 ) Payments for acquisitions, net of cash acquired (15 ) (13 ) (10 ) Other investing activities, net 3 1 1 Net cash provided by (used for) investing activities (1,549 ) (1,010 ) (489 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 1,895 995 996 Principal payments on debt and other long-term obligations (59 ) (36 ) (25 ) Purchases and redemptions of long-term debt (12 ) (12 ) (12 ) Borrowings under revolving credit facility 1,585 1,195 710 Payments under revolving credit facility (2,270 ) (1,785 ) (1,140 ) Net issuances (repayments) under commercial paper program — 500 — Payments for financing costs (24 ) (14 ) (10 ) Purchases of common stock (44 ) (43 ) (42 ) Dividends/distributions paid on common stock (1,415 ) (944 ) (477 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (429 ) (201 ) (28 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (88 ) 16 (5 ) Effect of exchange rate changes on cash — — — Cash, cash equivalents, and restricted cash at beginning of period 413 413 413 Cash, cash equivalents, and restricted cash at end of period 325 429 408 September 30, 2018 June 30, 2018 March 31, 2018 Nine Months Ended Six Months Ended Three Months Ended (As Restated) Cash flows from operating activities: Net income (loss) $ 421 $ 270 $ 100 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,138 753 374 (Gains) losses on retirement of long-term obligations 106 74 71 Amortization of deferred financing costs and other non-cash interest 5 4 2 Stock-based compensation expense 79 47 23 Asset write-down charges 18 9 3 Deferred income tax (benefit) provision 2 1 1 Other non-cash adjustments, net 2 1 2 Changes in assets and liabilities, excluding the effects of acquisitions: Increase (decrease) in accrued interest (31 ) 22 (28 ) Increase (decrease) in accounts payable 31 3 (5 ) Increase (decrease) in other liabilities 179 76 (43 ) Decrease (increase) in receivables (74 ) (59 ) (5 ) Decrease (increase) in other assets (103 ) (91 ) (43 ) Net cash provided by (used for) operating activities 1,773 1,110 452 Cash flows from investing activities: Capital expenditures (1,239 ) (762 ) (370 ) Payments for acquisitions, net of cash acquired (26 ) (18 ) (14 ) Other investing activities, net (14 ) 3 — Net cash provided by (used for) investing activities (1,279 ) (777 ) (384 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 2,743 1,743 1,743 Principal payments on debt and other long-term obligations (76 ) (47 ) (32 ) Purchases and redemptions of long-term debt (2,346 ) (1,318 ) (1,318 ) Borrowings under revolving credit facility 1,290 485 170 Payments under revolving credit facility (1,465 ) (1,150 ) (1,050 ) Payments for financing costs (33 ) (20 ) (15 ) Net proceeds from issuance of common stock 841 841 843 Purchases of common stock (34 ) (34 ) (33 ) Dividends/distributions paid on common stock (1,315 ) (879 ) (443 ) Dividends/distributions paid on preferred stock (85 ) (57 ) (28 ) Net cash provided by (used for) financing activities (480 ) (436 ) (163 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 14 (103 ) (95 ) Effect of exchange rate changes on cash (1 ) (1 ) — Cash, cash equivalents, and restricted cash at beginning of period 440 440 440 Cash, cash equivalents, and restricted cash at end of period 453 336 345 The following tables illustrate the Historical Adjustments , where applicable, on the Company’s condensed consolidated statement of cash flows for each period. Only line items impacted by the Historical Adjustments | s | rately. | Consolidated Statement of Cash Flows Year Ended December 31, 2018 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 671 $ (48 ) $ (1 ) $ 622 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,528 — (1 ) 1,527 Increase (decrease) in other liabilities 223 48 — 271 Net cash provided by (used for) operating activities 2,502 — (2 ) 2,500 Cash flows from investing activities: Capital expenditures (1,741 ) — 2 (1,739 ) Net cash provided by (used for) investing activities (1,795 ) — 2 (1,793 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (26 ) — — (26 ) Cash, cash equivalents, and restricted cash at beginning of period 440 — — 440 Cash, cash equivalents, and restricted cash at end of period $ 413 $ — $ — $ 413 | Year Ended December 31, 2017 As Reported Restatement Adjustments Other Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 445 $ (59 ) $ (20 ) $ 366 Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: Depreciation, amortization and accretion 1,242 — (1 ) 1,241 Increase (decrease) in other liabilities 175 59 — 234 Decrease (increase) in receivables 61 — 10 71 Net cash provided by (used for) operating activities 2,043 — (11 ) 2,032 Cash flows from investing activities: Capital expenditures (1,228 ) — 11 (1,217 ) Net cash provided by (used for) investing activities (10,493 ) — 11 (10,482 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (258 ) — — (258 ) Cash, cash equivalents, and restricted cash at beginning of period 697 — — 697 Cash, cash equivalents, and restricted cash at end of period $ 440 $ — $ — $ 440 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block] | Additions Deductions Balance at Beginning of Year Charged to Operations Credited to Operations Written Off Effect of Exchange Rate Changes Other Adjustments Balance at End of Year Allowance for Doubtful Accounts Receivable: 2019 $ 14 $ 7 $ — $ (3 ) $ — $ — $ 18 2018 $ 14 $ 4 $ — $ (4 ) $ — $ — $ 14 2017 $ 11 $ 4 $ — $ (5 ) $ — $ 4 (a) $ 14 (a) Represents the allowance for doubtful accounts reflected in the final purchase price allocations for the 2017 Acquisitions. See note 4 . Additions Deductions Balance at Beginning of Year Charged to Operations Charged to Additional Paid-in Capital and Other Comprehensive Income Credited to Operations Credited to Additional Paid-in Capital and Other Comprehensive Income Other Adjustments (a) Balance at End of Year Deferred Tax Valuation Allowance: 2019 $ 1 $ — $ — $ (1 ) $ — $ — $ — 2018 $ 1 $ — $ — $ — $ — $ — $ 1 2017 $ 7 $ — $ — $ (6 ) $ — $ — $ 1 (a) Inclusive of the effects of acquisitions. |
Schedule III - Schedule of Re_2
Schedule III - Schedule of Real Estate and Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Description Encumbrances Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Current Period Accumulated Depreciation at Close of Current Period Date of Construction Date Acquired Life on Which Depreciation in Latest Income Statement is Computed Communications infrastructure (a) $ 3,293 (b) (c) (c) $ 23,854 $ (9,382 ) Various Various Up to 20 years (a) Includes approximately 40,000 towers and 80,000 route miles of fiber. No single asset exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (b) Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). (c) The Company has omitted this information, as it would be impracticable to compile such information on an asset-by-asset basis. 2019 2018 (As Restated) (a) Gross amount at beginning $ 21,840 $ 20,086 Additions during period: Acquisitions through foreclosure — — Other acquisitions (b) 4 5 Communications infrastructure construction and improvements 1,878 1,565 Purchase of land interests 53 56 Sustaining capital expenditures 84 85 Other (c) 101 64 Total additions 2,120 1,775 Deductions during period: Cost of real estate sold or disposed (45 ) (21 ) Other (61 ) — Total deductions (106 ) (21 ) Balance at end $ 23,854 $ 21,840 (a) See note 2 to the Company's consolidated financial statements for further information regarding the restatement. (b) Includes acquisitions of communications infrastructure. (c) Predominately relates to the purchase of property and equipment under finance leases and installment land purchases. 2019 2018 (As Restated) (a) Gross amount of accumulated depreciation at beginning $ (8,338 ) $ (7,301 ) Additions during period: Depreciation (1,087 ) (1,056 ) Total additions (1,087 ) (1,056 ) Deductions during period: Amount for assets sold or disposed 24 18 Other 19 1 Total deductions 43 19 Balance at end $ (9,382 ) $ (8,338 ) (a) See note 2 to the Company's consolidated financial statements for further information regarding the restatement. |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Ground Lease Agreement Initial Term | five years |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Tower count as a percentage of total towers | 53.00% |
Leased or Operated Under Sprint Agreement [Member] | |
Ground Lease Agreement Initial Term | 32 years |
Purchase Option Price | $ 2,300 |
Tower count as a percentage of total towers | 16.00% |
Leased or Operated Under T-Mobile Agreement [Member] | |
Ground Lease Agreement Initial Term | 28 years |
Tower count as a percentage of total towers | 15.00% |
T-Mobile [Member] | |
Purchase Option Price | $ 2,000 |
AT&T lease or sublease in accordance with TMO Agreement [Member] | |
Purchase Option Price | $ 405 |
Tower count as a percentage of total towers | 1.00% |
AT&T Prior to 2025 in accordance with TMO agreement [Member] | |
Purchase Option Price | $ 10 |
AT&T [Member] | |
Ground Lease Agreement Initial Term | 28 years |
Purchase Option Price | $ 4,200 |
Tower count as a percentage of total towers | 22.00% |
Restatement of Previously Iss_3
Restatement of Previously Issued Consolidated Financial Statements Restatement of Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Property and equipment, net | $ 14,666 | $ 14,393 | $ 14,128 | $ 13,860 | $ 13,653 | $ 13,410 | $ 13,195 | $ 13,028 | ||||
Assets | 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
Deferred revenues | 657 | 638 | 607 | 598 | 587 | 568 | 554 | 539 | ||||
Liabilities, Current | 1,920 | 1,847 | 1,802 | 1,661 | 1,506 | 1,388 | 1,364 | 1,261 | ||||
Other long-term liabilities | [1] | 2,516 | 2,458 | 2,411 | 2,369 | 3,110 | 3,074 | 3,014 | 2,946 | |||
Liabilities | 27,968 | 27,535 | 27,111 | 26,488 | 21,191 | 20,775 | 20,222 | 19,823 | ||||
Dividends/distributions in excess of earnings | (7,365) | (7,042) | (6,787) | (6,501) | (6,195) | (5,896) | (5,581) | (5,286) | $ (4,919) | $ (3,714) | ||
Total equity | 10,489 | 10,786 | 11,013 | 11,267 | 11,571 | 11,846 | 12,129 | 12,404 | 11,925 | 7,222 | ||
Liabilities and Equity | $ 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
Previously Reported [Member] | ||||||||||||
Property and equipment, net | 14,416 | 14,151 | 13,883 | 13,676 | 13,433 | 13,218 | 13,051 | |||||
Assets | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
Deferred revenues | 525 | 503 | 502 | 498 | 484 | 476 | 465 | |||||
Liabilities, Current | 1,734 | 1,698 | 1,565 | 1,417 | 1,304 | 1,286 | 1,187 | |||||
Other long-term liabilities | [1] | 2,055 | 2,028 | 2,009 | 2,759 | 2,732 | 2,678 | 2,615 | ||||
Liabilities | 27,019 | 26,624 | 26,032 | 20,751 | 20,349 | 19,808 | 19,418 | |||||
Dividends/distributions in excess of earnings | (6,503) | (6,277) | (6,022) | (5,732) | (5,447) | (5,144) | (4,858) | (4,505) | (3,379) | |||
Total equity | 11,325 | 11,523 | 11,746 | 12,034 | 12,295 | 12,566 | 12,832 | 12,339 | 7,557 | |||
Liabilities and Equity | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
Restatement Adjustment [Member] | ||||||||||||
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Deferred revenues | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Liabilities, Current | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Other long-term liabilities | [1] | 403 | 383 | 360 | 351 | 342 | 336 | 331 | ||||
Liabilities | 516 | 487 | 456 | 440 | 426 | 414 | 405 | |||||
Dividends/distributions in excess of earnings | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Total equity | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Liabilities and Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other Adjustments [Domain] | ||||||||||||
Property and equipment, net | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
Assets | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
Deferred revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities, Current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other long-term liabilities | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 0 | ||||
Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Dividends/distributions in excess of earnings | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (3) | |||
Total equity | (23) | (23) | (23) | (23) | (23) | (23) | (23) | $ (23) | $ (3) | |||
Liabilities and Equity | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | |||||
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 to the consolidated financial statements for a discussion of the recently adopted new lease standard. |
Restatement of Previously Iss_4
Restatement of Previously Issued Consolidated Financial Statements Restatement of Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||||
Site Rental Revenues | $ 1,287 | $ 1,263 | $ 1,242 | $ 1,231 | $ 1,205 | $ 1,188 | $ 1,171 | $ 2,505 | $ 2,360 | $ 3,793 | $ 3,565 | $ 5,093 | $ 4,796 | $ 3,734 | ||||||||||||||
Services and other | 195 | 184 | 166 | 175 | 156 | 131 | 113 | 350 | 244 | 544 | 399 | 670 | 574 | 521 | ||||||||||||||
Net Revenues | $ 1,426 | 1,482 | [1] | 1,447 | [1] | 1,408 | [1] | 1,406 | [1] | 1,361 | [1] | 1,319 | [1] | 1,284 | [1] | 2,855 | 2,604 | 4,337 | 3,964 | 5,763 | 5,370 | 4,255 | ||||||
Services and other | 146 | 137 | 124 | 135 | [2] | 118 | [2] | 98 | [2] | 85 | [2] | 261 | 183 | [2] | 407 | 301 | [2] | 524 | [2] | 434 | [2] | 399 | [2] | |||||
Depreciation, amortization and accretion | 388 | 393 | 394 | 389 | 385 | 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | ||||||||||||||
Costs and Expenses | 1,059 | 1,058 | 1,041 | 1,039 | 1,015 | 984 | 949 | 2,099 | 1,934 | 3,157 | 2,950 | 4,204 | 3,987 | 3,288 | ||||||||||||||
Operating income (loss) | $ 379 | 423 | [1] | 389 | [1] | 367 | [1] | 367 | [1] | 346 | [1] | 335 | [1] | 335 | [1] | 756 | 670 | 1,180 | 1,014 | 1,559 | 1,383 | 967 | ||||||
Income (Loss) Attributable to Parent, before Tax | 247 | 220 | 199 | 206 | 156 | 175 | 104 | 419 | 279 | 667 | 434 | 881 | 641 | 392 | ||||||||||||||
Net income (loss) | 242 | [1] | 216 | [1] | 193 | [1] | 201 | [1] | 151 | [1] | 170 | [1] | 100 | [1] | 409 | 270 | 652 | 421 | 860 | 622 | 366 | |||||||
Net Income (Loss) Available to Common Stockholders, Basic | 214 | 188 | 165 | 173 | 123 | 142 | 72 | 352 | 213 | 567 | 336 | 747 | 509 | 308 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 242 | $ 216 | $ 193 | $ 201 | $ 151 | $ 169 | $ 100 | $ 409 | $ 269 | $ 652 | $ 420 | $ 860 | $ 621 | $ 368 | ||||||||||||||
Basic (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | ||||||
Diluted (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.79 | $ 1.23 | $ 0.80 | ||||||
Previously Reported [Member] | ||||||||||||||||||||||||||||
Site Rental Revenues | $ 1,260 | $ 1,238 | $ 1,219 | $ 1,209 | $ 1,184 | $ 1,169 | $ 1,153 | $ 2,457 | $ 2,323 | $ 3,718 | $ 3,507 | $ 4,716 | $ 3,669 | |||||||||||||||
Services and other | 254 | 240 | 207 | 210 | 191 | 161 | 146 | 447 | 307 | 700 | 497 | 707 | 687 | |||||||||||||||
Net Revenues | 1,514 | 1,478 | 1,426 | 1,419 | 1,375 | 1,330 | 1,299 | 2,904 | 2,630 | 4,418 | 4,004 | 5,423 | 4,356 | |||||||||||||||
Services and other | 147 | 138 | 125 | 119 | [2] | 99 | [2] | 86 | [2] | 263 | 185 | [2] | 410 | 304 | [2] | 437 | 420 | |||||||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | |||||||||||||||||||||||
Costs and Expenses | 1,061 | 1,059 | 1,042 | 1,040 | 1,016 | 985 | 950 | 2,101 | 1,936 | 3,161 | 2,953 | 3,991 | 3,310 | |||||||||||||||
Operating income (loss) | 453 | 419 | 384 | 379 | 359 | 345 | 349 | 803 | 694 | 1,257 | 1,051 | 1,432 | 1,046 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 277 | 250 | 216 | 218 | 169 | 185 | 118 | 466 | 303 | 744 | 471 | 690 | 471 | |||||||||||||||
Net income (loss) | 272 | 246 | 210 | 213 | 164 | 180 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | |||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 244 | 218 | 182 | 185 | 136 | 152 | 86 | 399 | 237 | 644 | 373 | 558 | 387 | |||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 272 | $ 246 | $ 210 | $ 213 | $ 164 | $ 179 | $ 114 | $ 456 | $ 293 | $ 729 | $ 457 | $ 670 | $ 447 | |||||||||||||||
Basic (in dollars per share) | $ 0.59 | $ 0.52 | $ 0.44 | $ 0.45 | $ 0.33 | $ 0.37 | $ 0.21 | $ 0.96 | $ 0.58 | $ 1.55 | $ 0.90 | $ 1.35 | $ 1.01 | |||||||||||||||
Diluted (in dollars per share) | $ 0.58 | $ 0.52 | $ 0.44 | $ 0.44 | $ 0.33 | $ 0.36 | $ 0.21 | $ 0.95 | $ 0.57 | $ 1.54 | $ 0.90 | $ 1.34 | $ 1.01 | |||||||||||||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||||
Site Rental Revenues | $ 27 | $ 25 | $ 23 | $ 22 | $ 21 | $ 19 | $ 18 | $ 48 | $ 37 | $ 75 | $ 58 | $ 80 | $ 65 | |||||||||||||||
Services and other | (57) | (55) | (40) | (35) | (33) | (28) | (32) | (95) | (60) | (152) | (93) | (128) | (124) | |||||||||||||||
Net Revenues | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||
Services and other | 0 | 0 | 0 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 0 | [2] | 0 | 0 | [2] | 0 | 0 | |||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Costs and Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||
Net income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (30) | $ (30) | $ (17) | $ (13) | $ (12) | $ (9) | $ (14) | $ (47) | $ (23) | $ (77) | $ (35) | $ (48) | $ (59) | |||||||||||||||
Basic (in dollars per share) | $ (0.08) | $ (0.07) | $ (0.04) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.11) | $ (0.06) | $ (0.19) | $ (0.09) | $ (0.12) | $ (0.16) | |||||||||||||||
Diluted (in dollars per share) | $ (0.07) | $ (0.07) | $ (0.04) | $ (0.02) | $ (0.03) | $ (0.02) | $ (0.03) | $ (0.11) | $ (0.05) | $ (0.18) | $ (0.09) | $ (0.11) | $ (0.16) | |||||||||||||||
Other Adjustments [Domain] | ||||||||||||||||||||||||||||
Site Rental Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||
Services and other | $ (2) | $ (1) | $ (1) | 0 | (2) | (2) | (1) | $ (2) | (3) | $ (4) | (5) | (5) | (42) | |||||||||||||||
Net Revenues | (2) | (1) | (1) | 0 | (2) | (2) | (1) | (2) | (3) | (4) | (5) | (5) | (42) | |||||||||||||||
Services and other | (1) | (1) | (1) | (1) | [2] | (1) | [2] | (1) | [2] | (2) | (2) | [2] | (3) | (3) | [2] | (3) | (21) | |||||||||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | |||||||||||||||||||||||
Costs and Expenses | $ (2) | $ (1) | $ (1) | (1) | (1) | (1) | (1) | $ (2) | (2) | $ (4) | (3) | (4) | (22) | |||||||||||||||
Operating income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | ||||||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | ||||||||||||||||||||
Net income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | ||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1 | $ (1) | $ (1) | $ 0 | $ (1) | $ (2) | $ (1) | $ (20) | ||||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | ||||||||||||||||||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | ||||||||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | |||||||||||||||||||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. |
Restatement of Previously Iss_5
Restatement of Previously Issued Consolidated Financial Statements Restatement of Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ 193 | $ 100 | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | |||||
Depreciation, amortization and accretion | $ 388 | $ 393 | 394 | $ 389 | $ 385 | $ 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 |
Increase (decrease) in other liabilities | (7) | (43) | 77 | 76 | 179 | 179 | 254 | 271 | 234 | |||||
Decrease (increase) in receivables | (43) | (5) | (89) | (59) | (166) | (74) | (96) | (105) | 71 | |||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,110 | 1,890 | 1,773 | 2,698 | 2,500 | 2,032 | |||||
Capital expenditures | (480) | (370) | (998) | (762) | (1,537) | (1,239) | (2,057) | (1,739) | (1,217) | |||||
Net Cash Provided by (Used in) Investing Activities | (489) | (384) | (1,010) | (777) | (1,549) | (1,279) | (2,081) | (1,793) | (10,482) | |||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (75) | (26) | (258) | |||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 338 | 413 | 440 |
Previously Reported [Member] | ||||||||||||||
Net income (loss) | 210 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | ||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | |||||||||
Increase (decrease) in other liabilities | (24) | (57) | 30 | 53 | 102 | 144 | 223 | 175 | ||||||
Decrease (increase) in receivables | 61 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,111 | 1,891 | 1,775 | 2,502 | 2,043 | ||||||
Capital expenditures | (763) | (1,538) | (1,241) | (1,741) | (1,228) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (778) | (1,550) | (1,281) | (1,795) | (10,493) | |||||||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (26) | (258) | ||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 413 | 440 | |
Restatement Adjustment [Member] | ||||||||||||||
Net income (loss) | (17) | (13) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | |||||||||
Increase (decrease) in other liabilities | 17 | 14 | 47 | 23 | 77 | 35 | 48 | 59 | ||||||
Decrease (increase) in receivables | 0 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other Adjustments [Domain] | ||||||||||||||
Net income (loss) | 0 | 1 | 0 | 0 | (1) | 0 | (2) | (1) | (20) | |||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | |||||||||
Increase (decrease) in other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Decrease (increase) in receivables | 10 | |||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | (1) | (1) | (2) | (2) | (11) | ||||||
Capital expenditures | 1 | 1 | 2 | 2 | 11 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 1 | 1 | 2 | 2 | 11 | |||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | $ 0 | 0 | 0 |
Cash, Cash Equivalents and Restricted Cash - End of Period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Restatement of Previously Iss_6
Restatement of Previously Issued Consolidated Financial Statements Restatement of Statement of Equity (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Dividends/distributions in excess of earnings | $ (7,365) | $ (7,042) | $ (6,787) | $ (6,501) | $ (6,195) | $ (5,896) | $ (5,581) | $ (5,286) | $ (4,919) | $ (3,714) |
Total equity | $ 10,489 | 10,786 | 11,013 | 11,267 | 11,571 | 11,846 | 12,129 | 12,404 | 11,925 | 7,222 |
Previously Reported [Member] | ||||||||||
Dividends/distributions in excess of earnings | (6,503) | (6,277) | (6,022) | (5,732) | (5,447) | (5,144) | (4,858) | (4,505) | (3,379) | |
Total equity | 11,325 | 11,523 | 11,746 | 12,034 | 12,295 | 12,566 | 12,832 | 12,339 | 7,557 | |
Restatement Adjustment [Member] | ||||||||||
Dividends/distributions in excess of earnings | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |
Total equity | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |
Other Adjustments [Domain] | ||||||||||
Dividends/distributions in excess of earnings | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (3) | |
Total equity | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (3) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition Non-cancelable Lease Term | five to 15 years | |||||||||||||
Capitalized Labor Costs | $ 246 | $ 212 | $ 92 | |||||||||||
Useful life of site rental contracts and customer relationships (years) | 20 years | |||||||||||||
Revenue Recognition Non-cancelable Term for Non-wireless Contracts Range, Minimum | three to 20 years | |||||||||||||
Portion of company site rental costs that are ground lease expenses | 50.00% | |||||||||||||
Ground Lease Agreement Initial Term | five years | |||||||||||||
Percentage of tax position that is likely of being realized upon ultimate settlement | 50.00% | |||||||||||||
Asset write-down charges | $ 2 | $ 6 | $ 6 | $ 8 | $ 8 | $ 6 | $ 3 | $ 12 | $ 9 | $ 13 | $ 18 | $ 19 | 26 | 17 |
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | |||||||||||||
Revenue, Remaining Performance Obligation, Amount | 2,700 | $ 2,900 | 2,700 | 2,500 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | $ 510 | 470 | ||||||||||||
Towers [Member] | ||||||||||||||
Estimated useful life, maximum, in years | 20 years | |||||||||||||
Property, Plant and Equipment [Member] | ||||||||||||||
Asset write-down charges | $ 17 | 22 | $ 14 | |||||||||||
Other Current Assets [Member] | ||||||||||||||
Straight-Line Site Rental Revenues | 92 | 114 | 92 | |||||||||||
Deferred Revenue [Domain] | ||||||||||||||
Straight-Line Site Rental Revenues | $ 1,400 | $ 1,400 | $ 1,400 | |||||||||||
Preferred Stock [Member] | ||||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 14 | 15 | ||||||||||||
Minimum [Member] | ||||||||||||||
Ground Lease Agreement Initial Term | five years | |||||||||||||
Maximum [Member] | ||||||||||||||
Ground Lease Agreement Initial Term | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||||||||||||||
Interest Expense, Debt, Excluding Amortization | $ 682 | $ 635 | $ 582 | |||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 21 | 21 | 19 | |||||||||||
Capitalized Interest | (20) | (15) | (12) | |||||||||||
Other | 0 | 1 | 2 | |||||||||||
Interest Expense, Debt | $ (173) | $ (169) | $ (168) | $ (164) | $ (160) | $ (158) | $ (160) | $ (337) | $ (318) | $ (510) | $ (478) | $ 683 | $ 642 | $ 591 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Per Share Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||
Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |||||||||||||||||||||||
Net income (loss) | $ 242 | [1] | $ 216 | [1] | $ 193 | [1] | $ 201 | [1] | $ 151 | [1] | $ 170 | [1] | $ 100 | [1] | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | ||
Net income (loss) | 193 | 100 | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||||||||
Dividends, Preferred Stock | (28) | (28) | (28) | (28) | (28) | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (58) | |||||||||
Net income (loss) attributable to CCIC common stockholders | $ 214 | $ 188 | $ 165 | $ 173 | $ 123 | $ 142 | $ 72 | $ 352 | $ 213 | $ 567 | $ 336 | $ 747 | $ 509 | $ 308 | |||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic weighted-average number of common stock outstanding | 416 | 416 | 415 | 415 | 415 | 415 | 409 | 415 | 412 | 416 | 413 | 416 | 413 | 382 | |||||||||
Diluted weighted-average number of common shares outstanding | 418 | 418 | 417 | 417 | 416 | 416 | 410 | 417 | 413 | 418 | 414 | 418 | 415 | 383 | |||||||||
Net income (loss) attributable to CCIC common stockholders, after deduction of dividends on preferred stock, per common share: | |||||||||||||||||||||||
Basic (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | |
Diluted (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | 1.79 | 1.23 | 0.80 | |
Common Stock, Dividends, Per Share, Declared | $ 4.58 | $ 4.28 | $ 3.90 | ||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards | 2 | 2 | 1 | ||||||||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)shares | ||
Business Acquisition [Line Items] | |||
Business Acquisition, Pro Forma Depreciation and Amortization | $ 247 | ||
Business Acquisition, Pro Forma Revenue | 4,949 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 314 | ||
Business Acquisition, Pro Forma Income (Loss) Before Income Taxes | [1],[2] | 462 | |
Business Combination, Pro Forma Benefit (Provision) for Income Taxes | [3] | (29) | |
Business Acquisition, Pro Forma Net Income (Loss) | [1],[2] | $ 433 | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | [2],[4] | $ 0.68 | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | [2],[4] | $ 0.67 | |
FiberNet Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 52 | ||
Business Combination, Consideration Transferred | $ 1,500 | ||
Fiber Miles Acquired | 11,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 438 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | [5] | 778 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [6] | 327 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 41 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 35 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | [7] | 1,521 | |
Wilcon Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 600 | ||
Fiber Miles Acquired | 1,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 150 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 360 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 40 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 140 | ||
Lightower Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 99 | ||
Business Combination, Consideration Transferred | $ 7,100 | ||
Fiber Miles Acquired | 32,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2,194 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | [8] | 3,171 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [9] | 2,177 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 27 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 176 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 342 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | [10] | $ 7,150 | |
November 2016 Equity Offering [Domain] | |||
Business Acquisition [Line Items] | |||
Stock Issued During Period, Shares, New Issues | shares | 11.4 | ||
Proceeds from Issuance of Common Stock | $ 1,000 | ||
Top Metro Markets [Domain] | FiberNet Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Fiber Miles Acquired | 6,000 | ||
[1] | For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to depreciation and amortization of $247 million , related to property and equipment and intangibles recorded as a result of the 2017 Acquisitions. | ||
[2] | Pro forma amounts include the impact of the interest expense and common stock share issuances associated with the related debt and equity financings for the 2017 Acquisitions (see above and notes 9 and 12 ). | ||
[3] | For the year ended December 31, 2017, amounts are inclusive of pro forma adjustments to the benefit (provision) for income tax as a result of the Company's REIT status. The vast majority of the assets and related income from the FiberNet Acquisition, the Wilcon Acquisition, and the Lightower Acquisition are included in the Company's REIT. The remaining assets are included in the Company's TRS. For purposes of the unaudited pro forma financial results, an adjustment has been made to reflect the additional tax impact of the income related to the TRS assets. | ||
[4] | Pro forma amounts include the impact of the preferred stock dividends related to the Mandatory Convertible Preferred Stock Offering (as defined in note 12 ) for the Lightower Acquisition (see above and note 12 ). | ||
[5] | The final purchase price allocation for the FiberNet Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the FiberNet fiber footprint to support new small cells and fiber solutions, • the complementary nature of the FiberNet fiber to the Company's existing fiber assets and its location in top metro markets where the Company expects to see wireless carrier network investments, • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. | ||
[6] | Predominantly comprised of site rental contracts and tenant relationships. | ||
[7] | The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the FiberNet Acquisition | ||
[8] | The final purchase price allocation for the Lightower Acquisition resulted in the recognition of goodwill based on: • the Company's expectation to leverage the Lightower fiber footprint to support new small cells and fiber solutions , • the complementary nature of the Lightower fiber to the Company's existing fiber assets and its location where the Company expects to see wireless carrier network investments , • the Company's belief that the acquired fiber assets are well-positioned to benefit from the continued growth trends in the demand for data, and • other intangibles not qualified for separate recognition, including the assembled workforce. | ||
[9] | Predominantly comprised of site rental contracts and tenant relationships. | ||
[10] | The vast majority of the assets have been included in the Company's REIT. As such, no deferred taxes were recorded in connection with the Lightower Acquisition. |
Revenue (Details)
Revenue (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Revenue from Contract with Customer [Abstract] | ||
Weighted Average Remaining Term Of Tenant Leases at the Tenant's Option | 5 years | |
Operating Leases, Future Minimum Payments Receivable, 2020 | $ 4,177 | [1] |
Operating Leases, Future Minimum Payments Receivable, 2021 | 3,986 | [1] |
Operating Leases, Future Minimum Payments Receivable, 2022 | 3,758 | [1] |
Operating Leases, Future Minimum Payments Receivable, 2023 | 3,141 | [1] |
Operating Leases, Future Minimum Payments Receivable, in 2024 | 2,405 | [1] |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 6,908 | [1] |
Operating Leases, Future Minimum Payments Receivable | $ 24,375 | [1] |
[1] | Based on the nature of the contract, tenant 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. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | ||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | $ 24,334 | $ 22,216 | ||||||||
Less: accumulated depreciation | (9,668) | (8,563) | ||||||||
Total property and equipment, net | 14,666 | 13,653 | $ 14,393 | $ 14,128 | $ 13,860 | $ 13,410 | $ 13,195 | $ 13,028 | ||
Depreciation expense | 1,100 | 1,100 | $ 914 | |||||||
Land owned in fee and perpetual easements [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | [1] | 2,080 | 1,981 | |||||||
Buildings [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | $ 147 | 134 | ||||||||
Property, Plant and Equipment, Useful Life | 40 years | |||||||||
Communication Infrastructure [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | $ 20,521 | 18,683 | ||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||
Information technology assets and other [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | $ 506 | 443 | ||||||||
Construction in Process [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Gross property and equipment | $ 1,080 | $ 975 | ||||||||
Minimum [Member] | Communication Infrastructure [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||||||
Minimum [Member] | Information technology assets and other [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||
Maximum [Member] | Communication Infrastructure [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||
Maximum [Member] | Information technology assets and other [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||||
[1] | Includes land owned through fee interests and perpetual easements. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Period Start | $ 10,078 | $ 10,021 | ||
Goodwill Period End | 10,078 | 10,078 | $ 10,021 | |
Finite-lived intangible assets, gross | 7,904 | 8,281 | ||
Accumulated amortization of intangible assets | (3,068) | (2,765) | ||
Finite-lived intangible assets, net | 4,836 | 5,516 | ||
Estimated annual amortization expense related to intangible assets - 2020 | 427 | |||
Estimated annual amortization expense related to intangible assets - 2021 | 427 | |||
Estimated annual amortization expense related to intangible assets - 2022 | 427 | |||
Estimated annual amortization expense related to intangible assets - 2023 | 427 | |||
Estimated annual amortization expense related to intangible assets - 2024 | 384 | |||
Site Rental Contracts and Customer Relationships [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | 7,761 | 7,787 | ||
Accumulated amortization of intangible assets | (2,997) | (2,578) | ||
Finite-lived intangible assets, net | 4,764 | 5,209 | ||
Other Intangible Assets [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, gross | [1] | 143 | 494 | |
Accumulated amortization of intangible assets | [1] | (71) | (187) | |
Finite-lived intangible assets, net | [1] | 72 | 307 | |
Other Acquired Goodwill [Domain] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Additions due to acquisitions | 57 | |||
Depreciation, Amortization and Accretion [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 428 | 428 | 314 | |
Site Rental Costs of Operations [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | [2] | 0 | 17 | 18 |
Total Amortization Expense [Member] | ||||
Goodwill and Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 428 | $ 445 | $ 332 | |
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to below-market leases previously classified as intangible assets. | |||
[2] | Amortization expense of intangible assets classified as "Site rental costs of operations" on the Company's consolidated statement of operations and comprehensive income (loss) for the years ended December 31, 2018 and 2017 represented amortization of below-market leases. Effective January 1, 2019, these below-market leases were de-recognized and reclassified from "Other intangible assets, net" to the "Operating lease right-of-use assets" on the Company's consolidated balance sheet. See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | ||
Other Liabilities [Line Items] | ||||||||||
Asset Retirement Obligation, Accretion Expense | $ 15 | $ 14 | $ 13 | |||||||
Other Liabilities, non-current | [1] | 2,516 | 3,110 | $ 2,458 | $ 2,411 | $ 2,369 | $ 3,074 | $ 3,014 | $ 2,946 | |
Estimated Future Undiscounted Cash Flows Expected To Be Paid Relating To Asset Retirement Obligations | 1,000 | |||||||||
Amortization of Below Market Tenant Lease | 65 | 69 | 37 | |||||||
Accrued Payroll and Other Compensation | 174 | 157 | ||||||||
Above Market Leases [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Amortization of Above Market Leases | 18 | $ 19 | ||||||||
Deferred Revenue [Domain] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | 1,814 | 1,618 | ||||||||
deferred ground lease payable [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | [2] | 0 | 603 | |||||||
Above Market Leases [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | [2] | 0 | 181 | |||||||
deferred credits [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | 434 | 499 | ||||||||
asset retirement obligations [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | 227 | 192 | ||||||||
Deferred Tax Liability, noncurrent [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | 8 | 7 | ||||||||
Other Liabilities [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Other Liabilities, non-current | 33 | $ 10 | ||||||||
Amortization of Below-Market Leases, 2020 [Domain] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Expected amortization of below-market tenant leases by year | 57 | |||||||||
Amortization of Below-Market Leases, 2021 [Domain] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Expected amortization of below-market tenant leases by year | 53 | |||||||||
Amortization of Below-Market Leases, 2022 [Domain] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Expected amortization of below-market tenant leases by year | 49 | |||||||||
Amortization of Below-Market Leases, 2023 [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Expected amortization of below-market tenant leases by year | 45 | |||||||||
Amortization of Below-Market Leases, 2024 [Member] | ||||||||||
Other Liabilities [Line Items] | ||||||||||
Expected amortization of below-market tenant leases by year | $ 41 | |||||||||
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 to the consolidated financial statements for a discussion of the recently adopted new lease standard. | |||||||||
[2] | See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard, including with respect to deferred ground lease payable and above-market leases previously classified as other long-term liabilities. |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 18,121 | $ 16,682 | ||||||||||||
Less: current maturities and short-term debt and other current obligations | 100 | $ 100 | $ 98 | $ 96 | 107 | $ 111 | $ 112 | $ 130 | ||||||
Non-current portion of long-term debt and other long-term obligations | 18,021 | $ 17,750 | $ 17,471 | $ 17,120 | 16,575 | $ 16,313 | $ 15,844 | $ 15,616 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||||||
Debt Instrument, Face Amount | $ 1,650 | |||||||||||||
Commercial Paper [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [1],[2] | $ 155 | 0 | |||||||||||
Debt Instrument, Maturity Date, Description | 397 days | |||||||||||||
Debt, Weighted Average Interest Rate | 2.10% | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 3,271 | 3,283 | ||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 14,850 | 13,399 | ||||||||||||
Minimum [Member] | Finance Lease Obligations and Other [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument Maturity Date Range | one year | |||||||||||||
Minimum [Member] | 2016 Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |||||||||||||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument Maturity Date Range | 30 years | |||||||||||||
Maximum [Member] | 2016 Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||||||||||
Fixed Rate Debt 2009 Securitized Notes A-1 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [3] | $ 0 | 12 | |||||||||||
3.849% Secured Notes [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 995 | 994 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | [4] | 3.849% | |||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||
Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [3] | $ 67 | 70 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 9.00% | ||||||||||||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 300 | |||||||||||||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [5],[6] | $ 298 | 298 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.20% | ||||||||||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 250 | |||||||||||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [5],[6] | $ 248 | $ 247 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | [4] | 3.72% | |||||||||||
Debt Instrument, Face Amount | $ 250 | |||||||||||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 700 | |||||||||||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [5],[6] | $ 694 | 693 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.70% | ||||||||||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 750 | |||||||||||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [5],[6] | $ 742 | $ 742 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | [4] | 4.241% | |||||||||||
Debt Instrument, Face Amount | $ 750 | |||||||||||||
Finance Lease Obligations and Other [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||
2016 Revolver [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,500 | |||||||||||||
2016 Revolver [Member] | Bank Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 525 | [7] | 1,075 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4],[8] | 2.80% | ||||||||||||
2016 Revolver [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||||||
2016 Revolver [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||||||||||||
2016 Term Loan A [Member] | Bank Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 2,310 | 2,354 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4],[8] | 2.90% | ||||||||||||
Debt Instrument, Face Amount | $ 2,000 | |||||||||||||
Senior Unsecured 2016 Notes 3.40% [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 850 | 850 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.40% | ||||||||||||
2.250% Senior Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 698 | 697 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | [4] | 2.25% | |||||||||||
Debt Instrument, Face Amount | $ 700 | |||||||||||||
4.875% Senior Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 846 | 844 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | [4] | 4.875% | |||||||||||
Debt Instrument, Face Amount | $ 850 | |||||||||||||
5.250% Senior Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 1,644 | 1,641 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.30% | ||||||||||||
3.150% Senior Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 744 | $ 742 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | [4] | 3.15% | |||||||||||
Debt Instrument, Face Amount | $ 750 | |||||||||||||
August 2017 Senior Unsecured 3.200% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 744 | 743 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | [4] | 3.20% | |||||||||||
Debt Instrument, Face Amount | $ 750 | |||||||||||||
Senior Unsecured 2016 Notes 4.450% [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 893 | 892 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 4.50% | ||||||||||||
Senior Unsecured 2016 Notes 3.7% [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 744 | 744 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.70% | ||||||||||||
4.000% Senior Unsecured Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 495 | 494 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | [4] | 4.00% | |||||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||||||
August 2017 Senior Unsecured 3.650% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 993 | 992 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | [4] | 3.65% | |||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||
3.800% Senior Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 990 | $ 988 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | [4] | 3.80% | |||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||
February 2019 Senior Unsecured 4.300% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 592 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 4.30% | ||||||||||||
Debt Instrument, Face Amount | $ 600 | |||||||||||||
August 2019 Senior Unsecured 3.100% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 543 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 3.10% | ||||||||||||
Debt Instrument, Face Amount | $ 550 | |||||||||||||
4.750% Senior Unsecured Notes [Member] [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 344 | 343 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | [4] | 4.75% | |||||||||||
Debt Instrument, Face Amount | $ 350 | |||||||||||||
February 2019 Senior Unsecured 5.200% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 395 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 5.20% | ||||||||||||
Debt Instrument, Face Amount | $ 400 | |||||||||||||
August 2019 Senior Unsecured 4.000% Notes [Member] | Bonds [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | $ 345 | 0 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [4] | 4.00% | ||||||||||||
Debt Instrument, Face Amount | $ 350 | |||||||||||||
Tower Revenue Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | |||||||||||||
Secured Debt [Member] | Finance Lease Obligations and Other [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt and other obligations | [9] | $ 227 | $ 227 | |||||||||||
[1] | The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.1% . | |||||||||||||
[2] | The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days | |||||||||||||
[3] | The Secured Notes, Series 2009-1, Class A-1 and Secured Notes, Series 2009-1, Class A-2 are collectively referred to herein as "2009 Securitized Notes." | |||||||||||||
[4] | Represents the weighted-average stated interest rate. | |||||||||||||
[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 governing the terms of such notes) 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 December 31, 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] | The Tower Revenue Notes, Series 2015-1 and 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes." | |||||||||||||
[7] | As of December 31, 2019 , the undrawn availability under the 2016 Revolver was $4.5 billion . | |||||||||||||
[8] | Both the 2016 Revolver and senior unsecured term loan A facility ("2016 Term Loan A") bear interest at a rate per annum equal to LIBOR plus a credit spread ranging from 1.000% to 1.750% , based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. | |||||||||||||
[9] | The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . |
Debt and Other Obligations (Tex
Debt and Other Obligations (Textuals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,650 | ||||||||
Extinguishment of Debt, Amount | $ 12 | $ 2,250 | $ 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||||
Debt and Lease Obligation | $ 18,121 | 16,682 | |||||||
Tower Revenue Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | ||||||||
4.875% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 839 | ||||||||
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 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Lease Obligation | $ 3,271 | 3,283 | |||||||
Secured Debt [Member] | January 2010 Tower Revenue Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | 300 | ||||||||
Secured Debt [Member] | 2.381% Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.381% | ||||||||
Repayments of Debt | $ 500 | ||||||||
Secured Debt [Member] | 3.849% Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | [1] | 3.849% | ||||||
Debt and Lease Obligation | $ 995 | 994 | |||||||
Secured Debt [Member] | July 2018 Tower Revenue Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 1,000 | ||||||||
Secured Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 250 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | [1] | 3.72% | ||||||
Debt and Lease Obligation | [2],[3] | $ 248 | $ 247 | ||||||
Secured Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | [1] | 4.241% | ||||||
Debt and Lease Obligation | [2],[3] | $ 742 | $ 742 | ||||||
Secured Debt [Member] | 2018 Tower Revenue Notes Risk Retention Tranche [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 53 | ||||||||
Bank Debt [Member] | 2016 Revolver [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Increase (Decrease), Net | 750 | 750 | 1,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | 4,250 | 3,500 | 2,500 | |||||
Extinguishment of Debt, Amount | 500 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[4] | 2.80% | |||||||
Debt and Lease Obligation | $ 525 | [5] | 1,075 | ||||||
Bank Debt [Member] | 2016 Term Loan A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 2,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[4] | 2.90% | |||||||
Debt and Lease Obligation | $ 2,310 | 2,354 | |||||||
Bank Debt [Member] | Senior Unsecured 364-Day Revolving Credit Facility [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | ||||||||
Commercial Paper [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Commercial Paper - Maximum Issued | 1,000 | ||||||||
Commercial Paper | 155 | ||||||||
Debt and Lease Obligation | [6],[7] | $ 155 | 0 | ||||||
Bonds [Member] | May 2016 Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 1,000 | ||||||||
Bonds [Member] | 4.875% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 850 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | [1] | 4.875% | ||||||
Debt and Lease Obligation | $ 846 | 844 | |||||||
Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | [1] | 4.00% | ||||||
Debt and Lease Obligation | $ 495 | 494 | |||||||
Bonds [Member] | 2016 Senior Unsecured Notes [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 1,500 | ||||||||
Bonds [Member] | 3.400% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 250 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||||||
Bonds [Member] | 3.700% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||||||||
Bonds [Member] | 2.250% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 700 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | [1] | 2.25% | ||||||
Debt and Lease Obligation | $ 698 | 697 | |||||||
Bonds [Member] | 4.450% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 900 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | ||||||||
Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 350 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | [1] | 4.75% | ||||||
Debt and Lease Obligation | $ 344 | 343 | |||||||
Bonds [Member] | August 2017 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,750 | ||||||||
Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | [1] | 3.20% | ||||||
Debt and Lease Obligation | $ 744 | 743 | |||||||
Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | [1] | 3.65% | ||||||
Debt and Lease Obligation | $ 993 | 992 | |||||||
Bonds [Member] | 3.150% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | [1] | 3.15% | ||||||
Debt and Lease Obligation | $ 744 | $ 742 | |||||||
Bonds [Member] | 3.800% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | [1] | 3.80% | ||||||
Debt and Lease Obligation | $ 990 | $ 988 | |||||||
Bonds [Member] | August 2019 Senior Notes [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 900 | ||||||||
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 | [1] | 3.10% | |||||||
Debt and Lease Obligation | $ 543 | 0 | |||||||
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 | [1] | 4.00% | |||||||
Debt and Lease Obligation | $ 345 | 0 | |||||||
Bonds [Member] | February 2019 Senior Notes [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 1,000 | ||||||||
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 | [1] | 4.30% | |||||||
Debt and Lease Obligation | $ 592 | 0 | |||||||
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 | [1] | 5.20% | |||||||
Debt and Lease Obligation | $ 395 | $ 0 | |||||||
August 2010 Tower Revenue Notes ARD [Domain] | Secured Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes 5 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt and Lease Obligation | $ 250 | ||||||||
Collateral Pledged [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, PPE Collaterized Amount | $ 1,000 | ||||||||
Additional Principal Incurred [Member] | Bank Debt [Member] | 2016 Term Loan A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||
February 2016 Senior Note Upsizing [Member] | Bonds [Member] | 3.400% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 600 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||||||
[1] | Represents the weighted-average stated interest rate. | ||||||||
[2] | 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 governing the terms of such notes) 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 December 31, 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. | ||||||||
[3] | The Tower Revenue Notes, Series 2015-1 and 2015-2 ("May 2015 Tower Revenue Notes") and Tower Revenue Notes, Series 2018-1 and 2018-2 ("July 2018 Tower Revenue Notes") are collectively referred to herein as "Tower Revenue Notes." | ||||||||
[4] | 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. | ||||||||
[5] | As of December 31, 2019 , the undrawn availability under the 2016 Revolver was $4.5 billion . | ||||||||
[6] | The weighted-average interest rate for the outstanding commercial paper under the CP Program, as defined below, was 2.1% . | ||||||||
[7] | The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days |
Debt and Other Obligations (Sch
Debt and Other Obligations (Scheduled Contractual Maturities) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Contractual Maturities - 2020 | $ 253 |
Contractual Maturities - 2021 | 1,675 |
Contractual Maturities - 2022 | 1,000 |
Contractual Maturities - 2023 | 3,604 |
Contractual Maturities - 2024 | 3,172 |
Contractual Maturities - Thereafter | 8,531 |
Total Cash Obligations | 18,235 |
Unamortized Discounts | (114) |
Total Debt and Other Obligations Outstanding | $ 18,121 |
Tower Revenue Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% |
Debt and Other Obligations (Deb
Debt and Other Obligations (Debt Purchases and Repayments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2019 | [2] | Sep. 30, 2019 | [2] | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | [2] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal Amount | $ 12 | $ 2,250 | $ 0 | ||||||||||||||||||||||||
Cash Paid | 12 | [1] | 2,346 | [1] | 0 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | $ 0 | $ 0 | $ (1) | $ (1) | $ 0 | $ (32) | $ (3) | $ (71) | $ (2) | $ (74) | $ (2) | $ (106) | (2) | [3] | (106) | [3] | (4) | [4] | |||||||||
Fixed Rate Debt 2009 Securitized Notes A-1 [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal Amount | 12 | ||||||||||||||||||||||||||
Cash Paid | [1] | 12 | |||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | (1) | |||||||||||||||||||||||||
Fixed Rate Securitized Debt January 2010 Tower Revenue Notes 3 [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal Amount | 1,250 | ||||||||||||||||||||||||||
Cash Paid | [1] | 1,318 | |||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | (71) | |||||||||||||||||||||||||
2016 Term Loan A [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal Amount | 0 | 0 | 0 | ||||||||||||||||||||||||
Cash Paid | 0 | [1] | 0 | [1] | 0 | ||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | $ (1) | [3] | (3) | [3] | $ (4) | [4] | |||||||||||||||||||||
Fixed Rate Securitized Debt August 2010 Tower Revenue Notes 6 [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Principal Amount | 1,000 | ||||||||||||||||||||||||||
Cash Paid | [1] | 1,028 | |||||||||||||||||||||||||
Gains (losses) on retirement of long-term obligations | [3] | $ (32) | |||||||||||||||||||||||||
[1] | Exclusive of accrued interest. | ||||||||||||||||||||||||||
[2] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||
[3] | Inclusive of the write-off of the respective deferred financing costs. | ||||||||||||||||||||||||||
[4] | The losses represent write-off of deferred financing costs. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and cash equivalents, carrying value | $ 196 | $ 182 | $ 288 | $ 245 | $ 277 | $ 323 | $ 206 | $ 220 | $ 314 |
Cash and cash equivalents, fair value | 196 | 277 | |||||||
Restricted cash, carrying value | 142 | 136 | |||||||
Restricted Cash Fair Value Disclosure | 142 | 136 | |||||||
Debt and other obligations, carrying amount | 18,121 | 16,682 | |||||||
Obligations, Fair Value Disclosure | $ 19,170 | $ 16,562 |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Disclosure [Abstract] | ||||
Domestic | $ 850 | $ 618 | $ 372 | |
Foreign | [1] | 31 | 23 | 20 |
Income (loss) before income taxes | $ 881 | $ 641 | $ 392 | |
[1] | Inclusive of income (loss) before income taxes from Puerto Rico. |
Income Taxes (Benefit (Provisio
Income Taxes (Benefit (Provision) for Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Current Federal Tax Expense (Benefit) | $ (6) | $ (5) | $ (3) | |||||||||||||||||||
Current Foreign | (8) | (7) | (6) | |||||||||||||||||||
Current State | (5) | (5) | (2) | |||||||||||||||||||
Total current | (19) | (17) | (11) | |||||||||||||||||||
Deferred Federal | 0 | 0 | (18) | |||||||||||||||||||
Deferred Foreign | (2) | (2) | 3 | |||||||||||||||||||
Total deferred | $ (1) | $ (1) | $ (1) | $ (1) | $ (2) | $ (2) | (2) | (2) | (15) | |||||||||||||
Benefit (provision) for income taxes | $ (6) | $ (5) | $ (4) | $ (6) | [1] | $ (5) | $ (5) | $ (5) | $ (4) | [1] | $ (10) | $ (9) | $ (15) | $ (13) | $ (21) | $ (19) | $ (26) | |||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. |
Income Taxes Income Taxes Effec
Income Taxes Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [2] | Sep. 30, 2019 | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | [2] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (185) | $ (135) | $ (137) | ||||||||||||||||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 1 | 1 | 0 | ||||||||||||||||||||
Tax adjustment related to REIT operations | 178 | 128 | (131) | ||||||||||||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (5) | (4) | (2) | ||||||||||||||||||||
Foreign Income Tax Expense (Benefit), Continuing Operations | (10) | (9) | (3) | ||||||||||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | [1] | 0 | 0 | (15) | |||||||||||||||||||
Benefit (provision) for income taxes | $ (6) | $ (5) | $ (4) | $ (6) | $ (5) | $ (5) | $ (5) | $ (4) | $ (10) | $ (9) | $ (15) | $ (13) | $ (21) | $ (19) | (26) | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 17 | ||||||||||||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 2 | ||||||||||||||||||||||
[1] | Pursuant to the Tax Cuts and Jobs Act, which was signed into law in December 2017, the Company was required to write down its net federal deferred tax asset in the amount of $17 million as a result of the reduction in the federal corporate tax rate offset by a benefit of $2 million related to the refund of the Company's alternative minimum tax credit carryforward. | ||||||||||||||||||||||
[2] | The sum of quarterly information may not agree to year-to-date information due to rounding. |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Property and equipment | $ 6 | $ 5 | |
Deferred site rental receivable | 7 | 7 | |
Deferred Tax Liabilities, Gross | 13 | 12 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 3 | 4 | |
Net operating loss carryforwards | [1] | 18 | 18 |
Deferred ground lease payable | [2] | 3 | 2 |
Accrued liabilities | 5 | 5 | |
Other | 2 | 3 | |
Valuation allowance, asset | 0 | (1) | |
Total deferred income tax assets, net | 31 | 31 | |
Deferred Tax Assets, Net | $ 18 | $ 19 | |
[1] | Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below. | ||
[2] | See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Income Taxes (Jurisdictional Co
Income Taxes (Jurisdictional Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes (Jurisdictional components of deferred taxes) | ||
Deferred Tax Assets, Gross | $ 18 | $ 20 |
Valuation allowance, asset | 0 | (1) |
Net deferred income tax assets (liabilities) | 18 | 19 |
U.S. Federal [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Operating Loss Carryforwards | 1,500 | |
Deferred Tax Assets, Gross | 25 | 25 |
Valuation allowance, asset | 0 | 0 |
Net deferred income tax assets (liabilities) | 25 | 25 |
State and Local Jurisdiction [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Operating Loss Carryforwards | 600 | |
Deferred Tax Assets, Gross | 1 | 1 |
Valuation allowance, asset | 0 | 0 |
Net deferred income tax assets (liabilities) | 1 | 1 |
Foreign Tax Authority [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Operating Loss Carryforwards | 48 | |
Deferred Tax Assets, Gross | (8) | (6) |
Valuation allowance, asset | 0 | (1) |
Deferred Tax Liabilities, Net | (8) | $ (7) |
Share-based Payment Arrangement [Member] | ||
Income Taxes (Jurisdictional components of deferred taxes) | ||
Operating Loss Carryforwards | $ 237 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Preferred Stock, Liquidation Preference, Value | $ 1,650,000,000 | $ 1,650,000,000 | |
Purchases of common stock, shares | 400,000 | 300,000 | 300,000 |
Purchases of common stock, value | $ 44,000,000 | $ 34,000,000 | $ 23,000,000 |
At the Market Stock Offering Program, aggregate value of common stock | 750,000,000 | ||
Availability Under ATM | 750,000,000 | ||
Net proceeds from issuance of preferred stock | $ 0 | $ 0 | 1,608,000,000 |
Preferred Stock [Member] | |||
Preferred Stock, Liquidation Preference, Value | $ 1,000 | ||
Preferred Stock, Redemption Date | Aug. 1, 2020 | ||
Preferred Stock, Dividend Rate, Percentage | 6.875% | ||
Preferred Stock [Member] | Minimum [Member] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 8.7772 | ||
Preferred Stock [Member] | Maximum [Member] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 10.5326 | ||
Preferred Stock [Member] | July 2017 Equity Offering [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,650,000 | ||
Sale of Stock, Transaction Date | Jul. 26, 2017 | ||
Preferred Stock, Dividend Rate, Percentage | 6.875% | ||
Preferred Stock, Per Share Sales Price | $ 1,000 | ||
Net proceeds from issuance of preferred stock | $ 1,600,000,000 | ||
Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 8,000,000 | ||
Common Stock [Member] | March 2018 Equity Financing [Member] | |||
Stock Issued During Period, Shares, New Issues | 8,000,000 | ||
Proceeds from Issuance of Common Stock | $ 841,000,000 | ||
Common Stock [Member] | May 2017 Equity Offering [Member] | |||
Stock Issued During Period, Shares, New Issues | 4,750,000 | ||
Proceeds from Issuance of Common Stock | $ 442,000,000 | ||
Sale of Stock, Transaction Date | May 1, 2017 | ||
Common Stock [Member] | July 2017 Equity Offering [Member] | |||
Stock Issued During Period, Shares, New Issues | 40,150,000 | ||
Proceeds from Issuance of Common Stock | $ 3,800,000,000 | ||
Sale of Stock, Transaction Date | Jul. 26, 2017 |
Stockholders' Equity Tax Treatm
Stockholders' Equity Tax Treatment of Dividends Paid (Details) - $ / shares | 3 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | $ 1.125 | $ 1.125 | $ 1.125 | ||
Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Payment Date | Feb. 3, 2020 | Nov. 1, 2019 | Aug. 1, 2019 | May 1, 2019 | Feb. 1, 2019 | |
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Payment Date | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | ||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Non-Taxable Distribution | $ 0.321 | $ 0.301 | $ 0.301 | $ 0.301 | ||
Ordinary Taxable Dividend Per Share [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 17.1875 | 17.1875 | 17.1875 | 17.1875 | ||
Common Stock, Dividends, Per Share, Cash Paid | 0.879 | 0.824 | 0.824 | 0.824 | ||
Qualified Taxable Dividend Per Share [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | [1] | 0.1490 | 0.1490 | 0.1490 | 0.1490 | |
Common Stock, Dividends, Per Share, Cash Paid | [1] | 0.008 | 0.007 | 0.007 | 0.007 | |
Long-Term Capital Gain Distribution Per Share [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 17.0385 | 17.0385 | 17.0385 | 17.0385 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.871 | $ 0.817 | $ 0.817 | $ 0.817 | ||
[1] | Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts. |
Stockholders' Equity Declaratio
Stockholders' Equity Declaration and Payment of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Class of Stock [Line Items] | ||||||||||||
Dividends, Common Stock, Cash | $ 502 | [1] | $ 472 | [1] | $ 471 | [1] | $ 471 | [1] | $ (1,917) | $ (1,785) | $ (1,513) | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | $ 1.125 | $ 1.125 | $ 1.125 | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | $ 17.1875 | |||||||
Dividends, Preferred Stock, Cash | $ 28 | $ 28 | $ 28 | $ 28 | $ 28 | $ (113) | $ (113) | $ (58) | ||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends Payable, Date Declared | Oct. 14, 2019 | Aug. 8, 2019 | May 16, 2019 | Feb. 21, 2019 | ||||||||
Dividends Payable, Date of Record | Dec. 13, 2019 | Sep. 13, 2019 | Jun. 14, 2019 | Mar. 15, 2019 | ||||||||
Payment Date | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | ||||||||
Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dividends Payable, Date Declared | Dec. 9, 2019 | Sep. 18, 2019 | Jun. 17, 2019 | Mar. 19, 2019 | Dec. 11, 2018 | |||||||
Dividends Payable, Date of Record | Jan. 15, 2020 | Oct. 15, 2019 | Jul. 15, 2019 | Apr. 15, 2019 | Jan. 15, 2019 | |||||||
Payment Date | Feb. 3, 2020 | Nov. 1, 2019 | Aug. 1, 2019 | May 1, 2019 | Feb. 1, 2019 | |||||||
[1] | Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 9 | ||
Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future issuance (in shares) | 3 | ||
Shares granted, number of shares | 1 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, weighted-average grant-date fair value (in dollars per share) | $ 106.55 | $ 91.52 | $ 73.52 |
Weighted-average requisite service period (years) | 2 years 4 months 24 days | ||
Restricted stock or unit expense | $ 96 | $ 90 | $ 89 |
Compensation cost not yet recognized | $ 89 | ||
Period for recognition | 1 year | ||
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.5 | ||
Time Vesting Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted, number of shares | 0.8 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Restricted Stock Awards Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Millions | 12 Months Ended |
Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1) |
Shares outstanding at the end of year, number of shares | 3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 |
Stock-based Compensation (Sum_2
Stock-based Compensation (Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Risk-free rate | 2.50% | 2.40% | 1.50% |
Expected volatility | 18.00% | 18.00% | 18.00% |
Expected dividend rate | 4.00% | 3.80% | 4.40% |
Stock-based Compensation (Sum_3
Stock-based Compensation (Summary of Restricted Stock Awards Vested) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |||
Total shares vested | 1 | 1 | 1 |
Fair value on vesting date | $ 135 | $ 107 | $ 67 |
Stock-based Compensation (Stock
Stock-based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 116 | $ 108 | $ 96 |
Site Rental Cost of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Expense | 19 | 17 | 15 |
Services and Other Costs of Operations [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Expense | 7 | 8 | 5 |
Selling, General and Administrative Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 90 | $ 83 | $ 76 |
Commitments and Contingencies T
Commitments and Contingencies Tower purchase option (Details) | Dec. 31, 2019 |
Subject to Capital Lease with Sprint, TMO, or AT&T [Member] | |
Tower count as a percentage of total towers | 53.00% |
Leases Lessee Operating Leases
Leases Lessee Operating Leases (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Operating Lease, Expense | $ 648 | [1] |
Variable Lease, Cost | 133 | [2] |
Lease, Cost | $ 781 | [3] |
[1] | Represents the Company's operating lease expense related to its ROU assets for the twelve months ended December 31, 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 the twelve months ended December 31, 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 | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accumulated Amortization Related to Finance Leases | $ 2,100 |
Finance Lease, Right-of-Use Asset, Amortization | 216 |
Property, Plant and Equipment [Member] | |
Finance Lease, Right-of-Use Asset | $ 4,400 |
Leases Other Lessee Information
Leases Other Lessee Information (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 17 years |
Lessee, Operating Lease, Discount Rate | 4.30% |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) | [1] |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 534 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 528 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 524 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 520 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 517 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6,357 | |
Lessee, Operating Lease, Liability, Payments, Due | 8,980 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (3,170) | |
Operating Lease, Liability | $ 5,810 | |
[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 Comparative Information
Leases Comparative Information (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 |
Operating Segments and Concen_3
Operating Segments and Concentrations of Credit Risk (Major Customers) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk, Percentage | 76.00% | 74.00% | 86.00% |
AT&T [Member] | |||
Concentration Risk, Percentage | 21.00% | 20.00% | 25.00% |
T-Mobile [Member] | |||
Concentration Risk, Percentage | 22.00% | 19.00% | 22.00% |
Verizon Wireless [Member] | |||
Concentration Risk, Percentage | 19.00% | 20.00% | 16.00% |
Sprint [Member] | |||
Concentration Risk, Percentage | 14.00% | 15.00% | 23.00% |
Operating Segments and Concen_4
Operating Segments and Concentrations of Credit Risk Operating Segment Results (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Tower Count | 40,000 | 40,000 | |||||||||||||||||||||||||||
Fiber Miles | 80,000 | 80,000 | |||||||||||||||||||||||||||
Segment Site Rental Revenues | $ 1,287 | $ 1,263 | $ 1,242 | $ 1,231 | $ 1,205 | $ 1,188 | $ 1,171 | $ 2,505 | $ 2,360 | $ 3,793 | $ 3,565 | $ 5,093 | $ 4,796 | $ 3,734 | |||||||||||||||
Segment services and other | 195 | 184 | 166 | 175 | 156 | 131 | 113 | 350 | 244 | 544 | 399 | 670 | 574 | 521 | |||||||||||||||
Net Revenues | $ 1,426 | [1] | 1,482 | [1] | 1,447 | [1] | 1,408 | [1] | 1,406 | [1] | 1,361 | [1] | 1,319 | [1] | 1,284 | [1] | 2,855 | 2,604 | 4,337 | 3,964 | 5,763 | 5,370 | 4,255 | ||||||
Segment site rental cost of operations | [2] | 369 | 365 | 361 | 353 | 355 | 355 | 347 | 726 | 702 | 1,095 | 1,057 | 1,462 | 1,410 | 1,144 | ||||||||||||||
Segment services and other cost of operations | 146 | 137 | 124 | 135 | [2] | 118 | [2] | 98 | [2] | 85 | [2] | 261 | 183 | [2] | 407 | 301 | [2] | 524 | [2] | 434 | [2] | 399 | [2] | ||||||
Selling, general and administrative | 150 | 155 | 152 | 145 | 145 | 138 | 134 | 307 | 273 | 457 | 418 | 614 | 563 | 426 | |||||||||||||||
Stock-based compensation expense | 29 | 23 | 62 | 47 | 91 | 79 | 117 | 103 | 92 | ||||||||||||||||||||
Depreciation, amortization and accretion | 388 | 393 | 394 | 389 | 385 | 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | |||||||||||||||
Interest Expense, Debt | (173) | (169) | (168) | (164) | (160) | (158) | (160) | (337) | (318) | (510) | (478) | 683 | 642 | 591 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 247 | 220 | 199 | 206 | 156 | 175 | 104 | 419 | 279 | 667 | 434 | 881 | 641 | 392 | |||||||||||||||
Capital expenditures | (480) | (370) | (998) | (762) | (1,537) | (1,239) | (2,057) | (1,739) | (1,217) | ||||||||||||||||||||
Assets | 38,457 | 38,321 | $ 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | $ 38,124 | 32,351 | 38,321 | 32,621 | 38,457 | 32,762 | |||||||||||||||
Goodwill | 10,078 | $ 10,078 | $ 10,078 | 10,078 | $ 10,074 | $ 10,075 | $ 10,075 | $ 10,075 | $ 10,078 | $ 10,074 | 10,078 | 10,078 | 10,021 | ||||||||||||||||
Amortization of prepaid lease purchase price adjustments | 20 | 20 | 20 | ||||||||||||||||||||||||||
Towers [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Segment Site Rental Revenues | 3,389 | 3,196 | 2,965 | ||||||||||||||||||||||||||
Segment services and other | 653 | 558 | 471 | ||||||||||||||||||||||||||
Net Revenues | 4,042 | 3,754 | 3,436 | ||||||||||||||||||||||||||
Segment site rental cost of operations | 864 | 848 | 845 | ||||||||||||||||||||||||||
Segment services and other cost of operations | 506 | 415 | 353 | ||||||||||||||||||||||||||
Segment cost of operations | 1,370 | [3],[4] | 1,263 | [5],[6] | 1,198 | [7],[8] | |||||||||||||||||||||||
Segment site rental gross margin | 2,525 | 2,348 | 2,120 | ||||||||||||||||||||||||||
Segment services and other gross margin | 147 | 143 | 118 | ||||||||||||||||||||||||||
Selling, general and administrative | 96 | [4] | 110 | [6] | 94 | [8] | |||||||||||||||||||||||
Segment Operating Profit | 2,576 | 2,381 | 2,144 | ||||||||||||||||||||||||||
Capital expenditures | 543 | 440 | 407 | ||||||||||||||||||||||||||
Assets | 22,357 | 17,644 | 22,357 | 17,644 | 17,918 | ||||||||||||||||||||||||
Goodwill | 5,127 | 5,127 | 5,127 | 5,127 | 5,127 | ||||||||||||||||||||||||
Fiber [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Segment Site Rental Revenues | 1,704 | 1,600 | 769 | ||||||||||||||||||||||||||
Segment services and other | 17 | 16 | 50 | ||||||||||||||||||||||||||
Net Revenues | 1,721 | 1,616 | 819 | ||||||||||||||||||||||||||
Segment site rental cost of operations | 559 | 525 | 264 | ||||||||||||||||||||||||||
Segment services and other cost of operations | 11 | 11 | 41 | ||||||||||||||||||||||||||
Segment cost of operations | 570 | [3],[4] | 536 | [5],[6] | 305 | [7],[8] | |||||||||||||||||||||||
Segment site rental gross margin | 1,145 | 1,075 | 505 | ||||||||||||||||||||||||||
Segment services and other gross margin | 6 | 5 | 9 | ||||||||||||||||||||||||||
Selling, general and administrative | 195 | [4] | 179 | [6] | 89 | [8] | |||||||||||||||||||||||
Segment Operating Profit | 956 | 901 | 425 | ||||||||||||||||||||||||||
Capital expenditures | 1,473 | 1,264 | 782 | ||||||||||||||||||||||||||
Assets | 15,389 | 14,512 | 15,389 | 14,512 | 13,669 | ||||||||||||||||||||||||
Goodwill | 4,951 | 4,951 | 4,951 | 4,951 | 4,894 | ||||||||||||||||||||||||
Corporate and Other [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Selling, general and administrative | 233 | [4] | 191 | [6] | 167 | [8] | |||||||||||||||||||||||
Stock-based compensation expense | 116 | 108 | 96 | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 1,572 | 1,527 | 1,241 | ||||||||||||||||||||||||||
Interest Expense, Debt | 683 | 642 | 591 | ||||||||||||||||||||||||||
Other Expenses | 47 | [9] | 173 | [10] | 82 | [11] | |||||||||||||||||||||||
Capital expenditures | 41 | 35 | 28 | ||||||||||||||||||||||||||
Assets | 711 | 606 | 711 | 606 | 619 | ||||||||||||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Consolidated Entities [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Segment Site Rental Revenues | 5,093 | 4,796 | 3,734 | ||||||||||||||||||||||||||
Segment services and other | 670 | 574 | 521 | ||||||||||||||||||||||||||
Net Revenues | 5,763 | 5,370 | 4,255 | ||||||||||||||||||||||||||
Segment site rental cost of operations | 1,373 | ||||||||||||||||||||||||||||
Segment Site Rental Cost of Operations | 1,423 | 1,109 | |||||||||||||||||||||||||||
Segment services and other cost of operations | 426 | 394 | |||||||||||||||||||||||||||
Segment Services and Other Cost of Operations | 517 | ||||||||||||||||||||||||||||
Segment cost of operations | 1,940 | [3],[4] | 1,799 | [5],[6] | 1,503 | [7],[8] | |||||||||||||||||||||||
Segment site rental gross margin | 3,670 | 3,423 | 2,625 | ||||||||||||||||||||||||||
Segment services and other gross margin | 153 | 148 | 127 | ||||||||||||||||||||||||||
Selling, general and administrative | 289 | [6] | 183 | [8] | |||||||||||||||||||||||||
Segment General and Administrative Expenses | [4] | 291 | |||||||||||||||||||||||||||
Segment Operating Profit | 3,532 | 3,282 | 2,569 | ||||||||||||||||||||||||||
Stock-based compensation expense | 116 | 108 | 96 | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 1,572 | 1,527 | 1,241 | ||||||||||||||||||||||||||
Interest Expense, Debt | 683 | 642 | 591 | ||||||||||||||||||||||||||
Other Expenses | 47 | [9] | 173 | [10] | 82 | [11] | |||||||||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 881 | 641 | 392 | ||||||||||||||||||||||||||
Capital expenditures | 2,057 | 1,739 | 1,217 | ||||||||||||||||||||||||||
Assets | 38,457 | 32,762 | 38,457 | 32,762 | 32,206 | ||||||||||||||||||||||||
Goodwill | $ 10,078 | $ 10,078 | 10,078 | 10,078 | 10,021 | ||||||||||||||||||||||||
Cost of Sales [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation expense | 26 | $ 25 | $ 20 | ||||||||||||||||||||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
Stock-based compensation expense | $ 90 | ||||||||||||||||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||||||||||||||||||||
[3] | Exclusive of depreciation, amortization and accretion shown separately | ||||||||||||||||||||||||||||
[4] | Segment cost of operations for the year ended December 31, 2019 excludes (1) stock-based compensation expense of $26 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2019 , segment selling, general and administrative expenses exclude stock-based compensation expense of $90 million . | ||||||||||||||||||||||||||||
[5] | Exclusive of depreciation, amortization and accretion shown separately | ||||||||||||||||||||||||||||
[6] | Segment cost of operations for the year ended December 31, 2018 excludes (1) stock-based compensation expense of $25 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2018 , segment selling, general and administrative expenses exclude stock-based compensation expense of $83 million . | ||||||||||||||||||||||||||||
[7] | Exclusive of depreciation, amortization and accretion shown separately | ||||||||||||||||||||||||||||
[8] | Segment cost of operations for the year ended December 31, 2017 excludes (1) stock-based compensation expense of $20 million and (2) prepaid lease purchase price adjustments of $20 million . For the year ended December 31, 2017 , segment selling, general and administrative expenses exclude stock-based compensation expense of $76 million . | ||||||||||||||||||||||||||||
[9] | See consolidated statement of operations for further information. | ||||||||||||||||||||||||||||
[10] | See consolidated statement of operations for further information. | ||||||||||||||||||||||||||||
[11] | See consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Supplemental Cash Flow Information [Abstract] | ||||
Operating Lease, Payments | [1],[2] | $ 541 | $ 0 | $ 0 |
Interest paid | 661 | 619 | 547 | |
Income taxes paid (refund) | 16 | 17 | 16 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | [2] | 431 | 0 | 0 |
Increase (Decrease) in accounts payable for purchases of property and equipment | 2 | 29 | 2 | |
Purchase of property and equipment under capital leases and installment purchases | 33 | 40 | 32 | |
Preferred Stock Dividends Accrued but not Paid | $ 0 | $ 0 | $ 28 | |
[1] | Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. | |||
[2] | See "Recently Adopted Accounting Pronouncements" in note 3 for a discussion of the recently adopted new lease standard. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information Reconciliation to Statement of Cash Flows (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||||||||
Cash and cash equivalents | $ 196 | $ 182 | $ 288 | $ 245 | $ 277 | $ 323 | $ 206 | $ 220 | $ 314 | |
Restricted cash | 137 | 138 | 136 | 158 | 131 | 125 | 125 | 120 | 121 | |
Restricted Cash, Noncurrent | 5 | 5 | 5 | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 338 | $ 325 | $ 429 | $ 408 | $ 413 | $ 453 | $ 336 | $ 345 | $ 440 | $ 697 |
Quarterly Financial Informati_6
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||
Net Revenues | $ 1,426 | [1] | $ 1,482 | [1] | $ 1,447 | $ 1,408 | $ 1,406 | $ 1,361 | $ 1,319 | $ 1,284 | $ 2,855 | $ 2,604 | $ 4,337 | $ 3,964 | $ 5,763 | $ 5,370 | $ 4,255 | ||||||||||
Operating income (loss) | 379 | [1] | 423 | [1] | 389 | 367 | 367 | 346 | 335 | 335 | 756 | 670 | 1,180 | 1,014 | 1,559 | 1,383 | 967 | ||||||||||
Gains (losses) on retirement of long-term obligations | 0 | [1] | 0 | [1] | (1) | (1) | 0 | (32) | (3) | (71) | (2) | (74) | (2) | (106) | (2) | [2] | (106) | [2] | (4) | [3] | |||||||
Benefit (provision) for income taxes | (6) | [1] | (5) | (4) | (6) | (5) | (5) | (5) | (4) | (10) | (9) | (15) | (13) | (21) | (19) | (26) | |||||||||||
Net income (loss) attributable to CCIC stockholders | [1] | $ 208 | |||||||||||||||||||||||||
Net income (loss) | $ 242 | [1] | $ 216 | $ 193 | $ 201 | $ 151 | $ 170 | $ 100 | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | ||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.43 | [1] | $ 0.51 | [1] | $ 0.45 | $ 0.40 | $ 0.42 | $ 0.30 | $ 0.34 | $ 0.18 | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | ||||||||||
Diluted (in dollars per share) | $ 0.43 | [1] | $ 0.51 | [1] | $ 0.45 | $ 0.40 | $ 0.42 | $ 0.30 | $ 0.34 | $ 0.18 | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.79 | $ 1.23 | $ 0.80 | ||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||
[2] | Inclusive of the write-off of the respective deferred financing costs. | ||||||||||||||||||||||||||
[3] | The losses represent write-off of deferred financing costs. |
Quarterly Financial Informati_7
Quarterly Financial Information Restatement of 2019 Quarterly Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash and cash equivalents | $ 196 | $ 182 | $ 288 | $ 245 | $ 277 | $ 323 | $ 206 | $ 220 | $ 314 | |||
Restricted cash | 137 | 138 | 136 | 158 | 131 | 125 | 125 | 120 | 121 | |||
Receivables, net of allowance | 596 | 667 | 591 | 545 | 501 | 471 | 455 | 402 | ||||
Prepaid expenses | [1] | 107 | 99 | 111 | 85 | 172 | 182 | 197 | 175 | |||
Other current assets | 168 | 167 | 168 | 160 | 148 | 148 | 181 | 157 | ||||
Assets, Current | 1,204 | 1,253 | 1,294 | 1,193 | 1,229 | 1,249 | 1,164 | 1,074 | ||||
Deferred site rental receivables | 1,424 | 1,413 | 1,391 | 1,373 | 1,366 | 1,357 | 1,303 | 1,304 | ||||
Property and equipment, net | 14,666 | 14,393 | 14,128 | 13,860 | 13,653 | 13,410 | 13,195 | 13,028 | ||||
Operating Lease, Right-of-Use Asset | [1] | 6,133 | 6,112 | 6,053 | 5,969 | 0 | ||||||
Goodwill | 10,078 | 10,078 | 10,078 | 10,078 | 10,074 | 10,075 | 10,075 | 10,021 | ||||
Site rental contracts and tenant relationships, net | 4,764 | 5,209 | ||||||||||
Other intangible assets, net | [1] | 72 | 4,968 | 5,074 | 5,178 | 307 | 5,620 | 5,729 | 5,854 | |||
Long-term prepaid rent and other assets, net | [1] | 116 | 104 | 104 | 920 | 911 | 885 | 892 | ||||
Assets | 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable | 334 | 368 | 337 | 311 | 313 | 302 | 272 | 248 | ||||
Accrued interest | 169 | 110 | 166 | 107 | 148 | 101 | 154 | 104 | ||||
Deferred revenues | 657 | 638 | 607 | 598 | 587 | 568 | 554 | 539 | ||||
Other accrued liabilities | [1] | 361 | 335 | 305 | 262 | 351 | 306 | 272 | 240 | |||
Current maturities of debt and other obligations | 100 | 100 | 98 | 96 | 107 | 111 | 112 | 130 | ||||
Current portion of operating lease liabilities | [1] | 299 | 296 | 289 | 287 | 0 | ||||||
Liabilities, Current | 1,920 | 1,847 | 1,802 | 1,661 | 1,506 | 1,388 | 1,364 | 1,261 | ||||
Debt and other long-term obligations | 18,021 | 17,750 | 17,471 | 17,120 | 16,575 | 16,313 | 15,844 | 15,616 | ||||
Operating lease liabilities | [1] | 5,511 | 5,480 | 5,427 | 5,338 | 0 | ||||||
Other long-term liabilities | [1] | 2,516 | 2,458 | 2,411 | 2,369 | 3,110 | 3,074 | 3,014 | 2,946 | |||
Liabilities | 27,968 | 27,535 | 27,111 | 26,488 | 21,191 | 20,775 | 20,222 | 19,823 | ||||
CCIC stockholders' equity: | ||||||||||||
Common stock, $0.01 par value | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | ||||
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Additional paid-in capital | 17,855 | 17,829 | 17,801 | 17,769 | 17,767 | 17,743 | 17,711 | 17,690 | ||||
Accumulated other comprehensive income (loss) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (4) | ||||
Dividends/distributions in excess of earnings | (7,365) | (7,042) | (6,787) | (6,501) | (6,195) | (5,896) | (5,581) | (5,286) | (4,919) | $ (3,714) | ||
Total equity | 10,489 | 10,786 | 11,013 | 11,267 | 11,571 | 11,846 | 12,129 | 12,404 | 11,925 | 7,222 | ||
Liabilities and Equity | $ 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
Previously Reported [Member] | ||||||||||||
Property and equipment, net | 14,416 | 14,151 | 13,883 | 13,676 | 13,433 | 13,218 | 13,051 | |||||
Assets | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 525 | 503 | 502 | 498 | 484 | 476 | 465 | |||||
Liabilities, Current | 1,734 | 1,698 | 1,565 | 1,417 | 1,304 | 1,286 | 1,187 | |||||
Other long-term liabilities | [1] | 2,055 | 2,028 | 2,009 | 2,759 | 2,732 | 2,678 | 2,615 | ||||
Liabilities | 27,019 | 26,624 | 26,032 | 20,751 | 20,349 | 19,808 | 19,418 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (6,503) | (6,277) | (6,022) | (5,732) | (5,447) | (5,144) | (4,858) | (4,505) | (3,379) | |||
Total equity | 11,325 | 11,523 | 11,746 | 12,034 | 12,295 | 12,566 | 12,832 | 12,339 | 7,557 | |||
Liabilities and Equity | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
Restatement Adjustment [Member] | ||||||||||||
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Liabilities, Current | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Other long-term liabilities | [1] | 403 | 383 | 360 | 351 | 342 | 336 | 331 | ||||
Liabilities | 516 | 487 | 456 | 440 | 426 | 414 | 405 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Total equity | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Liabilities and Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other Adjustments [Domain] | ||||||||||||
Property and equipment, net | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
Assets | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities, Current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other long-term liabilities | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 0 | ||||
Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (3) | |||
Total equity | (23) | (23) | (23) | (23) | (23) | (23) | (23) | $ (23) | $ (3) | |||
Liabilities and Equity | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | |||||
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 to the consolidated financial statements for a discussion of the recently adopted new lease standard. |
Quarterly Financial Informati_8
Quarterly Financial Information Restatement of 2018 Quarterly Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash and cash equivalents | $ 196 | $ 182 | $ 288 | $ 245 | $ 277 | $ 323 | $ 206 | $ 220 | $ 314 | |||
Restricted cash | 137 | 138 | 136 | 158 | 131 | 125 | 125 | 120 | 121 | |||
Receivables, net of allowance | 596 | 667 | 591 | 545 | 501 | 471 | 455 | 402 | ||||
Prepaid expenses | [1] | 107 | 99 | 111 | 85 | 172 | 182 | 197 | 175 | |||
Other current assets | 168 | 167 | 168 | 160 | 148 | 148 | 181 | 157 | ||||
Assets, Current | 1,204 | 1,253 | 1,294 | 1,193 | 1,229 | 1,249 | 1,164 | 1,074 | ||||
Deferred site rental receivables | 1,424 | 1,413 | 1,391 | 1,373 | 1,366 | 1,357 | 1,303 | 1,304 | ||||
Property and equipment, net | 14,666 | 14,393 | 14,128 | 13,860 | 13,653 | 13,410 | 13,195 | 13,028 | ||||
Operating Lease, Right-of-Use Asset | [1] | 6,133 | 6,112 | 6,053 | 5,969 | 0 | ||||||
Goodwill | 10,078 | 10,078 | 10,078 | 10,078 | 10,074 | 10,075 | 10,075 | 10,021 | ||||
Site rental contracts and tenant relationships, net | 4,764 | 5,209 | ||||||||||
Other intangible assets, net | [1] | 72 | 4,968 | 5,074 | 5,178 | 307 | 5,620 | 5,729 | 5,854 | |||
Long-term prepaid rent and other assets, net | [1] | 116 | 104 | 104 | 920 | 911 | 885 | 892 | ||||
Assets | 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
LIABILITIES AND EQUITY | ||||||||||||
Accounts payable | 334 | 368 | 337 | 311 | 313 | 302 | 272 | 248 | ||||
Accrued interest | 169 | 110 | 166 | 107 | 148 | 101 | 154 | 104 | ||||
Deferred revenues | 657 | 638 | 607 | 598 | 587 | 568 | 554 | 539 | ||||
Other accrued liabilities | [1] | 361 | 335 | 305 | 262 | 351 | 306 | 272 | 240 | |||
Current maturities of debt and other obligations | 100 | 100 | 98 | 96 | 107 | 111 | 112 | 130 | ||||
Current portion of operating lease liabilities | [1] | 299 | 296 | 289 | 287 | 0 | ||||||
Liabilities, Current | 1,920 | 1,847 | 1,802 | 1,661 | 1,506 | 1,388 | 1,364 | 1,261 | ||||
Debt and other long-term obligations | 18,021 | 17,750 | 17,471 | 17,120 | 16,575 | 16,313 | 15,844 | 15,616 | ||||
Operating lease liabilities | [1] | 5,511 | 5,480 | 5,427 | 5,338 | 0 | ||||||
Other long-term liabilities | [1] | 2,516 | 2,458 | 2,411 | 2,369 | 3,110 | 3,074 | 3,014 | 2,946 | |||
Liabilities | 27,968 | 27,535 | 27,111 | 26,488 | 21,191 | 20,775 | 20,222 | 19,823 | ||||
CCIC stockholders' equity: | ||||||||||||
Common stock, $0.01 par value | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | ||||
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Additional paid-in capital | 17,855 | 17,829 | 17,801 | 17,769 | 17,767 | 17,743 | 17,711 | 17,690 | ||||
Accumulated other comprehensive income (loss) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (4) | ||||
Dividends/distributions in excess of earnings | (7,365) | (7,042) | (6,787) | (6,501) | (6,195) | (5,896) | (5,581) | (5,286) | (4,919) | $ (3,714) | ||
Total equity | 10,489 | 10,786 | 11,013 | 11,267 | 11,571 | 11,846 | 12,129 | 12,404 | 11,925 | 7,222 | ||
Liabilities and Equity | $ 38,457 | 38,321 | 38,124 | 37,755 | 32,762 | 32,621 | 32,351 | 32,227 | ||||
Previously Reported [Member] | ||||||||||||
Property and equipment, net | 14,416 | 14,151 | 13,883 | 13,676 | 13,433 | 13,218 | 13,051 | |||||
Assets | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 525 | 503 | 502 | 498 | 484 | 476 | 465 | |||||
Liabilities, Current | 1,734 | 1,698 | 1,565 | 1,417 | 1,304 | 1,286 | 1,187 | |||||
Other long-term liabilities | [1] | 2,055 | 2,028 | 2,009 | 2,759 | 2,732 | 2,678 | 2,615 | ||||
Liabilities | 27,019 | 26,624 | 26,032 | 20,751 | 20,349 | 19,808 | 19,418 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (6,503) | (6,277) | (6,022) | (5,732) | (5,447) | (5,144) | (4,858) | (4,505) | (3,379) | |||
Total equity | 11,325 | 11,523 | 11,746 | 12,034 | 12,295 | 12,566 | 12,832 | 12,339 | 7,557 | |||
Liabilities and Equity | 38,344 | 38,147 | 37,778 | 32,785 | 32,644 | 32,374 | 32,250 | |||||
Restatement Adjustment [Member] | ||||||||||||
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Liabilities, Current | 113 | 104 | 96 | 89 | 84 | 78 | 74 | |||||
Other long-term liabilities | [1] | 403 | 383 | 360 | 351 | 342 | 336 | 331 | ||||
Liabilities | 516 | 487 | 456 | 440 | 426 | 414 | 405 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Total equity | (516) | (487) | (456) | (440) | (426) | (414) | (405) | (391) | (332) | |||
Liabilities and Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other Adjustments [Domain] | ||||||||||||
Property and equipment, net | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
Assets | (23) | (23) | (23) | (23) | (23) | (23) | (23) | |||||
LIABILITIES AND EQUITY | ||||||||||||
Deferred revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities, Current | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Other long-term liabilities | 0 | 0 | 0 | 0 | [1] | 0 | 0 | 0 | ||||
Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
CCIC stockholders' equity: | ||||||||||||
Dividends/distributions in excess of earnings | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (23) | (3) | |||
Total equity | (23) | (23) | (23) | (23) | (23) | (23) | (23) | $ (23) | $ (3) | |||
Liabilities and Equity | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | $ (23) | |||||
[1] | See "Recently Adopted Accounting Pronouncements" in note 3 to the consolidated financial statements for a discussion of the recently adopted new lease standard. |
Quarterly Financial Informati_9
Quarterly Financial Information Restatement of 2019 Statement of Operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||||
Site Rental Revenues | $ 1,287 | $ 1,263 | $ 1,242 | $ 1,231 | $ 1,205 | $ 1,188 | $ 1,171 | $ 2,505 | $ 2,360 | $ 3,793 | $ 3,565 | $ 5,093 | $ 4,796 | $ 3,734 | |||||||||||||||
Services and other | 195 | 184 | 166 | 175 | 156 | 131 | 113 | 350 | 244 | 544 | 399 | 670 | 574 | 521 | |||||||||||||||
Net Revenues | $ 1,426 | 1,482 | [1] | 1,447 | [1] | 1,408 | [1] | 1,406 | [1] | 1,361 | [1] | 1,319 | [1] | 1,284 | [1] | 2,855 | 2,604 | 4,337 | 3,964 | 5,763 | 5,370 | 4,255 | |||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Site rental | [2] | 369 | 365 | 361 | 353 | 355 | 355 | 347 | 726 | 702 | 1,095 | 1,057 | 1,462 | 1,410 | 1,144 | ||||||||||||||
Services and other | 146 | 137 | 124 | 135 | [2] | 118 | [2] | 98 | [2] | 85 | [2] | 261 | 183 | [2] | 407 | 301 | [2] | 524 | [2] | 434 | [2] | 399 | [2] | ||||||
Selling, general and administrative | 150 | 155 | 152 | 145 | 145 | 138 | 134 | 307 | 273 | 457 | 418 | 614 | 563 | 426 | |||||||||||||||
Asset write-down charges | 2 | 6 | 6 | 8 | 8 | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | |||||||||||||||
Acquisition and integration costs | 4 | 2 | 4 | 9 | 4 | 8 | 6 | 6 | 14 | 10 | 18 | 13 | 27 | 61 | |||||||||||||||
Depreciation, amortization and accretion | 388 | 393 | 394 | 389 | 385 | 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | |||||||||||||||
Costs and Expenses | 1,059 | 1,058 | 1,041 | 1,039 | 1,015 | 984 | 949 | 2,099 | 1,934 | 3,157 | 2,950 | 4,204 | 3,987 | 3,288 | |||||||||||||||
Operating income (loss) | 379 | 423 | [1] | 389 | [1] | 367 | [1] | 367 | [1] | 346 | [1] | 335 | [1] | 335 | [1] | 756 | 670 | 1,180 | 1,014 | 1,559 | 1,383 | 967 | |||||||
Interest expense and amortization of deferred financing costs | (173) | (169) | (168) | (164) | (160) | (158) | (160) | (337) | (318) | (510) | (478) | 683 | 642 | 591 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | [1] | (1) | [1] | (1) | [1] | 0 | [1] | (32) | [1] | (3) | [1] | (71) | [1] | (2) | (74) | (2) | (106) | (2) | [3] | (106) | [3] | (4) | [4] | ||||
Interest income | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 3 | 2 | 5 | 4 | 6 | 5 | 19 | |||||||||||||||
Other income (expense) | (5) | 0 | (1) | 1 | 1 | 0 | (1) | (1) | (1) | (6) | 0 | 1 | 1 | 1 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 247 | 220 | 199 | 206 | 156 | 175 | 104 | 419 | 279 | 667 | 434 | 881 | 641 | 392 | |||||||||||||||
Benefit (provision) for income taxes | $ (6) | (5) | (4) | [1] | (6) | [1] | (5) | [1] | (5) | [1] | (5) | [1] | (4) | [1] | (10) | (9) | (15) | (13) | (21) | (19) | (26) | ||||||||
Net income (loss) | 242 | [1] | 216 | [1] | 193 | [1] | 201 | [1] | 151 | [1] | 170 | [1] | 100 | [1] | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||
Net income (loss) | 193 | 100 | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||||||||||||||
Dividends, Preferred Stock | (28) | (28) | (28) | (28) | (28) | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (58) | |||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 214 | 188 | 165 | 173 | 123 | 142 | 72 | 352 | 213 | 567 | 336 | 747 | 509 | 308 | |||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 2 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | [5] | 2 | [5] | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 242 | $ 216 | $ 193 | $ 201 | $ 151 | $ 169 | $ 100 | $ 409 | $ 269 | $ 652 | $ 420 | $ 860 | $ 621 | $ 368 | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | |||||||
Diluted (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.79 | $ 1.23 | $ 0.80 | |||||||
Basic (in shares) | 416 | 416 | 415 | 415 | 415 | 415 | 409 | 415 | 412 | 416 | 413 | 416 | 413 | 382 | |||||||||||||||
Diluted (in shares) | 418 | 418 | 417 | 417 | 416 | 416 | 410 | 417 | 413 | 418 | 414 | 418 | 415 | 383 | |||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 1,260 | $ 1,238 | $ 1,219 | $ 1,209 | $ 1,184 | $ 1,169 | $ 1,153 | $ 2,457 | $ 2,323 | $ 3,718 | $ 3,507 | $ 4,716 | $ 3,669 | ||||||||||||||||
Services and other | 254 | 240 | 207 | 210 | 191 | 161 | 146 | 447 | 307 | 700 | 497 | 707 | 687 | ||||||||||||||||
Net Revenues | 1,514 | 1,478 | 1,426 | 1,419 | 1,375 | 1,330 | 1,299 | 2,904 | 2,630 | 4,418 | 4,004 | 5,423 | 4,356 | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | 147 | 138 | 125 | 119 | [2] | 99 | [2] | 86 | [2] | 263 | 185 | [2] | 410 | 304 | [2] | 437 | 420 | ||||||||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | ||||||||||||||||||||||||
Costs and Expenses | 1,061 | 1,059 | 1,042 | 1,040 | 1,016 | 985 | 950 | 2,101 | 1,936 | 3,161 | 2,953 | 3,991 | 3,310 | ||||||||||||||||
Operating income (loss) | 453 | 419 | 384 | 379 | 359 | 345 | 349 | 803 | 694 | 1,257 | 1,051 | 1,432 | 1,046 | ||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 277 | 250 | 216 | 218 | 169 | 185 | 118 | 466 | 303 | 744 | 471 | 690 | 471 | ||||||||||||||||
Net income (loss) | 272 | 246 | 210 | 213 | 164 | 180 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | ||||||||||||||||
Net income (loss) | 210 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | |||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 244 | 218 | 182 | 185 | 136 | 152 | 86 | 399 | 237 | 644 | 373 | 558 | 387 | ||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 272 | $ 246 | $ 210 | $ 213 | $ 164 | $ 179 | $ 114 | $ 456 | $ 293 | $ 729 | $ 457 | $ 670 | $ 447 | ||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.59 | $ 0.52 | $ 0.44 | $ 0.45 | $ 0.33 | $ 0.37 | $ 0.21 | $ 0.96 | $ 0.58 | $ 1.55 | $ 0.90 | $ 1.35 | $ 1.01 | ||||||||||||||||
Diluted (in dollars per share) | $ 0.58 | $ 0.52 | $ 0.44 | $ 0.44 | $ 0.33 | $ 0.36 | $ 0.21 | $ 0.95 | $ 0.57 | $ 1.54 | $ 0.90 | $ 1.34 | $ 1.01 | ||||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 27 | $ 25 | $ 23 | $ 22 | $ 21 | $ 19 | $ 18 | $ 48 | $ 37 | $ 75 | $ 58 | $ 80 | $ 65 | ||||||||||||||||
Services and other | (57) | (55) | (40) | (35) | (33) | (28) | (32) | (95) | (60) | (152) | (93) | (128) | (124) | ||||||||||||||||
Net Revenues | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | 0 | 0 | 0 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 0 | [2] | 0 | 0 | [2] | 0 | 0 | ||||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Costs and Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Operating income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Net income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Net income (loss) | (17) | (13) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (30) | $ (30) | $ (17) | $ (13) | $ (12) | $ (9) | $ (14) | $ (47) | $ (23) | $ (77) | $ (35) | $ (48) | $ (59) | ||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.08) | $ (0.07) | $ (0.04) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.11) | $ (0.06) | $ (0.19) | $ (0.09) | $ (0.12) | $ (0.16) | ||||||||||||||||
Diluted (in dollars per share) | $ (0.07) | $ (0.07) | $ (0.04) | $ (0.02) | $ (0.03) | $ (0.02) | $ (0.03) | $ (0.11) | $ (0.05) | $ (0.18) | $ (0.09) | $ (0.11) | $ (0.16) | ||||||||||||||||
Other Adjustments [Domain] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Services and other | $ (2) | $ (1) | $ (1) | 0 | (2) | (2) | (1) | $ (2) | (3) | $ (4) | (5) | (5) | (42) | ||||||||||||||||
Net Revenues | (2) | (1) | (1) | 0 | (2) | (2) | (1) | (2) | (3) | (4) | (5) | (5) | (42) | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | (1) | (1) | (1) | (1) | [2] | (1) | [2] | (1) | [2] | (2) | (2) | [2] | (3) | (3) | [2] | (3) | (21) | ||||||||||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||
Costs and Expenses | $ (2) | $ (1) | (1) | (1) | (1) | (1) | (1) | (2) | (2) | (4) | (3) | (4) | (22) | ||||||||||||||||
Operating income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Net income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Net income (loss) | $ 0 | 1 | 0 | $ 0 | (1) | $ 0 | (2) | (1) | (20) | ||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1 | $ (1) | $ (1) | $ 0 | $ (1) | $ (2) | $ (1) | $ (20) | |||||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | |||||||||||||||||||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | |||||||||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||||||||||||||||||||
[3] | Inclusive of the write-off of the respective deferred financing costs. | ||||||||||||||||||||||||||||
[4] | The losses represent write-off of deferred financing costs. | ||||||||||||||||||||||||||||
[5] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)." |
Quarterly Financial Informat_10
Quarterly Financial Information Restatement of 2018 Statement of Operations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||||
Site Rental Revenues | $ 1,287 | $ 1,263 | $ 1,242 | $ 1,231 | $ 1,205 | $ 1,188 | $ 1,171 | $ 2,505 | $ 2,360 | $ 3,793 | $ 3,565 | $ 5,093 | $ 4,796 | $ 3,734 | |||||||||||||||
Services and other | 195 | 184 | 166 | 175 | 156 | 131 | 113 | 350 | 244 | 544 | 399 | 670 | 574 | 521 | |||||||||||||||
Net Revenues | $ 1,426 | 1,482 | [1] | 1,447 | [1] | 1,408 | [1] | 1,406 | [1] | 1,361 | [1] | 1,319 | [1] | 1,284 | [1] | 2,855 | 2,604 | 4,337 | 3,964 | 5,763 | 5,370 | 4,255 | |||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Site rental | [2] | 369 | 365 | 361 | 353 | 355 | 355 | 347 | 726 | 702 | 1,095 | 1,057 | 1,462 | 1,410 | 1,144 | ||||||||||||||
Services and other | 146 | 137 | 124 | 135 | [2] | 118 | [2] | 98 | [2] | 85 | [2] | 261 | 183 | [2] | 407 | 301 | [2] | 524 | [2] | 434 | [2] | 399 | [2] | ||||||
Depreciation, amortization and accretion | 388 | 393 | 394 | 389 | 385 | 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | |||||||||||||||
Selling, general and administrative | 150 | 155 | 152 | 145 | 145 | 138 | 134 | 307 | 273 | 457 | 418 | 614 | 563 | 426 | |||||||||||||||
Asset write-down charges | 2 | 6 | 6 | 8 | 8 | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | |||||||||||||||
Acquisition and integration costs | 4 | 2 | 4 | 9 | 4 | 8 | 6 | 6 | 14 | 10 | 18 | 13 | 27 | 61 | |||||||||||||||
Costs and Expenses | 1,059 | 1,058 | 1,041 | 1,039 | 1,015 | 984 | 949 | 2,099 | 1,934 | 3,157 | 2,950 | 4,204 | 3,987 | 3,288 | |||||||||||||||
Operating income (loss) | 379 | 423 | [1] | 389 | [1] | 367 | [1] | 367 | [1] | 346 | [1] | 335 | [1] | 335 | [1] | 756 | 670 | 1,180 | 1,014 | 1,559 | 1,383 | 967 | |||||||
Interest expense and amortization of deferred financing costs | (173) | (169) | (168) | (164) | (160) | (158) | (160) | (337) | (318) | (510) | (478) | 683 | 642 | 591 | |||||||||||||||
Gains (losses) on retirement of long-term obligations | 0 | 0 | [1] | (1) | [1] | (1) | [1] | 0 | [1] | (32) | [1] | (3) | [1] | (71) | [1] | (2) | (74) | (2) | (106) | (2) | [3] | (106) | [3] | (4) | [4] | ||||
Interest income | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 3 | 2 | 5 | 4 | 6 | 5 | 19 | |||||||||||||||
Other income (expense) | (5) | 0 | (1) | 1 | 1 | 0 | (1) | (1) | (1) | (6) | 0 | 1 | 1 | 1 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 247 | 220 | 199 | 206 | 156 | 175 | 104 | 419 | 279 | 667 | 434 | 881 | 641 | 392 | |||||||||||||||
Benefit (provision) for income taxes | $ (6) | (5) | (4) | [1] | (6) | [1] | (5) | [1] | (5) | [1] | (5) | [1] | (4) | [1] | (10) | (9) | (15) | (13) | (21) | (19) | (26) | ||||||||
Net income (loss) | 242 | [1] | 216 | [1] | 193 | [1] | 201 | [1] | 151 | [1] | 170 | [1] | 100 | [1] | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||
Net income (loss) | 193 | 100 | 409 | 270 | 652 | 421 | 860 | 622 | 366 | ||||||||||||||||||||
Dividends, Preferred Stock | (28) | (28) | (28) | (28) | (28) | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (58) | |||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 214 | 188 | 165 | 173 | 123 | 142 | 72 | 352 | 213 | 567 | 336 | 747 | 509 | 308 | |||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 2 | |||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | 0 | (1) | 0 | (1) | [5] | 2 | [5] | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 242 | $ 216 | $ 193 | $ 201 | $ 151 | $ 169 | $ 100 | $ 409 | $ 269 | $ 652 | $ 420 | $ 860 | $ 621 | $ 368 | |||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.85 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.80 | $ 1.23 | $ 0.80 | |||||||
Diluted (in dollars per share) | $ 0.43 | $ 0.51 | [1] | $ 0.45 | [1] | $ 0.40 | [1] | $ 0.42 | [1] | $ 0.30 | [1] | $ 0.34 | [1] | $ 0.18 | [1] | $ 0.84 | $ 0.52 | $ 1.36 | $ 0.81 | $ 1.79 | $ 1.23 | $ 0.80 | |||||||
Basic (in shares) | 416 | 416 | 415 | 415 | 415 | 415 | 409 | 415 | 412 | 416 | 413 | 416 | 413 | 382 | |||||||||||||||
Diluted (in shares) | 418 | 418 | 417 | 417 | 416 | 416 | 410 | 417 | 413 | 418 | 414 | 418 | 415 | 383 | |||||||||||||||
Previously Reported [Member] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 1,260 | $ 1,238 | $ 1,219 | $ 1,209 | $ 1,184 | $ 1,169 | $ 1,153 | $ 2,457 | $ 2,323 | $ 3,718 | $ 3,507 | $ 4,716 | $ 3,669 | ||||||||||||||||
Services and other | 254 | 240 | 207 | 210 | 191 | 161 | 146 | 447 | 307 | 700 | 497 | 707 | 687 | ||||||||||||||||
Net Revenues | 1,514 | 1,478 | 1,426 | 1,419 | 1,375 | 1,330 | 1,299 | 2,904 | 2,630 | 4,418 | 4,004 | 5,423 | 4,356 | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | 147 | 138 | 125 | 119 | [2] | 99 | [2] | 86 | [2] | 263 | 185 | [2] | 410 | 304 | [2] | 437 | 420 | ||||||||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | ||||||||||||||||||||||||
Costs and Expenses | 1,061 | 1,059 | 1,042 | 1,040 | 1,016 | 985 | 950 | 2,101 | 1,936 | 3,161 | 2,953 | 3,991 | 3,310 | ||||||||||||||||
Operating income (loss) | 453 | 419 | 384 | 379 | 359 | 345 | 349 | 803 | 694 | 1,257 | 1,051 | 1,432 | 1,046 | ||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 277 | 250 | 216 | 218 | 169 | 185 | 118 | 466 | 303 | 744 | 471 | 690 | 471 | ||||||||||||||||
Net income (loss) | 272 | 246 | 210 | 213 | 164 | 180 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | ||||||||||||||||
Net income (loss) | 210 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | |||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 244 | 218 | 182 | 185 | 136 | 152 | 86 | 399 | 237 | 644 | 373 | 558 | 387 | ||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 272 | $ 246 | $ 210 | $ 213 | $ 164 | $ 179 | $ 114 | $ 456 | $ 293 | $ 729 | $ 457 | $ 670 | $ 447 | ||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0.59 | $ 0.52 | $ 0.44 | $ 0.45 | $ 0.33 | $ 0.37 | $ 0.21 | $ 0.96 | $ 0.58 | $ 1.55 | $ 0.90 | $ 1.35 | $ 1.01 | ||||||||||||||||
Diluted (in dollars per share) | $ 0.58 | $ 0.52 | $ 0.44 | $ 0.44 | $ 0.33 | $ 0.36 | $ 0.21 | $ 0.95 | $ 0.57 | $ 1.54 | $ 0.90 | $ 1.34 | $ 1.01 | ||||||||||||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 27 | $ 25 | $ 23 | $ 22 | $ 21 | $ 19 | $ 18 | $ 48 | $ 37 | $ 75 | $ 58 | $ 80 | $ 65 | ||||||||||||||||
Services and other | (57) | (55) | (40) | (35) | (33) | (28) | (32) | (95) | (60) | (152) | (93) | (128) | (124) | ||||||||||||||||
Net Revenues | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | 0 | 0 | 0 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 0 | [2] | 0 | 0 | [2] | 0 | 0 | ||||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Costs and Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Operating income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Net income (loss) | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Net income (loss) | (17) | (13) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (30) | (30) | (17) | (13) | (12) | (9) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | ||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (30) | $ (30) | $ (17) | $ (13) | $ (12) | $ (9) | $ (14) | $ (47) | $ (23) | $ (77) | $ (35) | $ (48) | $ (59) | ||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ (0.08) | $ (0.07) | $ (0.04) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.11) | $ (0.06) | $ (0.19) | $ (0.09) | $ (0.12) | $ (0.16) | ||||||||||||||||
Diluted (in dollars per share) | $ (0.07) | $ (0.07) | $ (0.04) | $ (0.02) | $ (0.03) | $ (0.02) | $ (0.03) | $ (0.11) | $ (0.05) | $ (0.18) | $ (0.09) | $ (0.11) | $ (0.16) | ||||||||||||||||
Other Adjustments [Domain] | |||||||||||||||||||||||||||||
Site Rental Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Services and other | $ (2) | $ (1) | $ (1) | 0 | (2) | (2) | (1) | $ (2) | (3) | $ (4) | (5) | (5) | (42) | ||||||||||||||||
Net Revenues | (2) | (1) | (1) | 0 | (2) | (2) | (1) | (2) | (3) | (4) | (5) | (5) | (42) | ||||||||||||||||
Costs of Operations: | |||||||||||||||||||||||||||||
Services and other | (1) | (1) | (1) | (1) | [2] | (1) | [2] | (1) | [2] | (2) | (2) | [2] | (3) | (3) | [2] | (3) | (21) | ||||||||||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||
Costs and Expenses | $ (2) | $ (1) | (1) | (1) | (1) | (1) | (1) | (2) | (2) | (4) | (3) | (4) | (22) | ||||||||||||||||
Operating income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Income (Loss) Attributable to Parent, before Tax | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Net income (loss) | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Net income (loss) | $ 0 | 1 | 0 | $ 0 | (1) | $ 0 | (2) | (1) | (20) | ||||||||||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 1 | (1) | (1) | 0 | (1) | (2) | (1) | (20) | |||||||||||||||||||||
Income tax expense [Abstract] | |||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1 | $ (1) | $ (1) | $ 0 | $ (1) | $ (2) | $ (1) | $ (20) | |||||||||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | |||||||||||||||||||||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.05) | |||||||||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | ||||||||||||||||||||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||||||||||||||||||||
[3] | Inclusive of the write-off of the respective deferred financing costs. | ||||||||||||||||||||||||||||
[4] | The losses represent write-off of deferred financing costs. | ||||||||||||||||||||||||||||
[5] | See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)." |
Quarterly Financial Informat_11
Quarterly Financial Information Restatement of 2019 Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||
Net income (loss) | $ 193 | $ 100 | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | $ 388 | $ 393 | 394 | $ 389 | $ 385 | $ 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | ||||||||||||
(Gains) losses on retirement of long-term obligations | $ 0 | [1] | 0 | [1] | 1 | [1] | 1 | [1] | 0 | [1] | 32 | [1] | 3 | [1] | 71 | [1] | 2 | 74 | 2 | 106 | 2 | [2] | 106 | [2] | 4 | [3] |
Amortization of deferred financing costs and other non-cash interest | 1 | 2 | 1 | 4 | 1 | 5 | 1 | 7 | 9 | |||||||||||||||||
Stock-based compensation expense | 29 | 23 | 62 | 47 | 91 | 79 | 117 | 103 | 92 | |||||||||||||||||
Asset write-down charges | 2 | 6 | 6 | 8 | 8 | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | ||||||||||||
Deferred income tax (benefit) provision | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 15 | |||||||||||||||||
Other non-cash adjustments, net | 2 | 2 | 3 | 1 | 4 | 2 | (2) | 2 | (2) | |||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in accrued interest | (41) | (28) | 18 | 22 | (38) | (31) | 21 | 16 | 35 | |||||||||||||||||
Increase (decrease) in accounts payable | (5) | (5) | 6 | 3 | 37 | 31 | 19 | 37 | (34) | |||||||||||||||||
Increase (decrease) in other liabilities | (7) | (43) | 77 | 76 | 179 | 179 | 254 | 271 | 234 | |||||||||||||||||
Decrease (increase) in receivables | (43) | (5) | (89) | (59) | (166) | (74) | (96) | (105) | 71 | |||||||||||||||||
Decrease (increase) in other assets | (19) | (43) | (62) | (91) | (62) | (103) | (71) | (114) | (16) | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,110 | 1,890 | 1,773 | 2,698 | 2,500 | 2,032 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | (480) | (370) | (998) | (762) | (1,537) | (1,239) | (2,057) | (1,739) | (1,217) | |||||||||||||||||
Payments for acquisitions, net of cash acquired | (10) | (14) | (13) | (18) | (15) | (26) | (17) | (42) | (9,260) | |||||||||||||||||
Other investing activities, net | 1 | 0 | 1 | 3 | 3 | (14) | (7) | (12) | (5) | |||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (489) | (384) | (1,010) | (777) | (1,549) | (1,279) | (2,081) | (1,793) | (10,482) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 996 | 1,743 | 995 | 1,743 | 1,895 | 2,743 | 1,894 | 2,742 | 3,093 | |||||||||||||||||
Principal payments on debt and other long-term obligations | (25) | (32) | (36) | (47) | (59) | (76) | (86) | (105) | (119) | |||||||||||||||||
Purchases and redemptions of long-term debt | (12) | (1,318) | (12) | (1,318) | (12) | (2,346) | (12) | (2,346) | 0 | |||||||||||||||||
Borrowings under revolving credit facility | 710 | 170 | 1,195 | 485 | 1,585 | 1,290 | 2,110 | 1,820 | 2,820 | |||||||||||||||||
Payments under revolving credit facility | (1,140) | (1,050) | (1,785) | (1,150) | (2,270) | (1,465) | (2,660) | (1,725) | (1,840) | |||||||||||||||||
Proceeds from Issuance of Commercial Paper | 0 | 500 | 0 | 155 | 0 | |||||||||||||||||||||
Payments for financing costs | (10) | (15) | (14) | (20) | (24) | (33) | (24) | (31) | (29) | |||||||||||||||||
Net proceeds from issuance of common stock | 843 | 841 | 841 | 0 | 841 | 4,221 | ||||||||||||||||||||
Net proceeds from issuance of preferred stock | 0 | 0 | 1,608 | |||||||||||||||||||||||
Purchases of common stock | (42) | (33) | (43) | (34) | (44) | (34) | (44) | (34) | (23) | |||||||||||||||||
Dividends/distributions paid on common stock | (477) | (443) | (944) | (879) | (1,415) | (1,315) | (1,912) | (1,782) | (1,509) | |||||||||||||||||
Dividends paid on preferred stock | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (30) | |||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (28) | (163) | (201) | (436) | (429) | (480) | (692) | (733) | 8,192 | |||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (75) | (26) | (258) | |||||||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 1 | |||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 338 | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 338 | 413 | 440 | |||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||
Net income (loss) | 210 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | (24) | (57) | 30 | 53 | 102 | 144 | 223 | 175 | ||||||||||||||||||
Decrease (increase) in receivables | 61 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,111 | 1,891 | 1,775 | 2,502 | 2,043 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | (763) | (1,538) | (1,241) | (1,741) | (1,228) | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (778) | (1,550) | (1,281) | (1,795) | (10,493) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (26) | (258) | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 413 | 440 | |||||||||||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||
Net income (loss) | (17) | (13) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | 17 | 14 | 47 | 23 | 77 | 35 | 48 | 59 | ||||||||||||||||||
Decrease (increase) in receivables | 0 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Other Adjustments [Domain] | ||||||||||||||||||||||||||
Net income (loss) | 0 | 1 | 0 | 0 | (1) | 0 | (2) | (1) | (20) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Decrease (increase) in receivables | 10 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | (1) | (1) | (2) | (2) | (11) | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | 1 | 1 | 2 | 2 | 11 | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 1 | 1 | 2 | 2 | 11 | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | $ 0 | 0 | 0 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | |||||||||||||||||||||||||
[2] | Inclusive of the write-off of the respective deferred financing costs. | |||||||||||||||||||||||||
[3] | The losses represent write-off of deferred financing costs. |
Quarterly Financial Informat_12
Quarterly Financial Information Restatement of 2018 Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||
Net income (loss) | $ 193 | $ 100 | $ 409 | $ 270 | $ 652 | $ 421 | $ 860 | $ 622 | $ 366 | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | $ 388 | $ 393 | 394 | $ 389 | $ 385 | $ 379 | 374 | 787 | 753 | 1,175 | 1,138 | 1,572 | 1,527 | 1,241 | ||||||||||||
(Gains) losses on retirement of long-term obligations | $ 0 | [1] | 0 | [1] | 1 | [1] | 1 | [1] | 0 | [1] | 32 | [1] | 3 | [1] | 71 | [1] | 2 | 74 | 2 | 106 | 2 | [2] | 106 | [2] | 4 | [3] |
Amortization of deferred financing costs and other non-cash interest | 1 | 2 | 1 | 4 | 1 | 5 | 1 | 7 | 9 | |||||||||||||||||
Stock-based compensation expense | 29 | 23 | 62 | 47 | 91 | 79 | 117 | 103 | 92 | |||||||||||||||||
Asset write-down charges | 2 | 6 | 6 | 8 | 8 | 6 | 3 | 12 | 9 | 13 | 18 | 19 | 26 | 17 | ||||||||||||
Deferred income tax (benefit) provision | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 15 | |||||||||||||||||
Other non-cash adjustments, net | 2 | 2 | 3 | 1 | 4 | 2 | (2) | 2 | (2) | |||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in accrued interest | (41) | (28) | 18 | 22 | (38) | (31) | 21 | 16 | 35 | |||||||||||||||||
Increase (decrease) in accounts payable | (5) | (5) | 6 | 3 | 37 | 31 | 19 | 37 | (34) | |||||||||||||||||
Increase (decrease) in other liabilities | (7) | (43) | 77 | 76 | 179 | 179 | 254 | 271 | 234 | |||||||||||||||||
Decrease (increase) in receivables | (43) | (5) | (89) | (59) | (166) | (74) | (96) | (105) | 71 | |||||||||||||||||
Decrease (increase) in other assets | (19) | (43) | (62) | (91) | (62) | (103) | (71) | (114) | (16) | |||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,110 | 1,890 | 1,773 | 2,698 | 2,500 | 2,032 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | (480) | (370) | (998) | (762) | (1,537) | (1,239) | (2,057) | (1,739) | (1,217) | |||||||||||||||||
Payments for acquisitions, net of cash acquired | (10) | (14) | (13) | (18) | (15) | (26) | (17) | (42) | (9,260) | |||||||||||||||||
Other investing activities, net | 1 | 0 | 1 | 3 | 3 | (14) | (7) | (12) | (5) | |||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (489) | (384) | (1,010) | (777) | (1,549) | (1,279) | (2,081) | (1,793) | (10,482) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 996 | 1,743 | 995 | 1,743 | 1,895 | 2,743 | 1,894 | 2,742 | 3,093 | |||||||||||||||||
Principal payments on debt and other long-term obligations | (25) | (32) | (36) | (47) | (59) | (76) | (86) | (105) | (119) | |||||||||||||||||
Purchases and redemptions of long-term debt | (12) | (1,318) | (12) | (1,318) | (12) | (2,346) | (12) | (2,346) | 0 | |||||||||||||||||
Borrowings under revolving credit facility | 710 | 170 | 1,195 | 485 | 1,585 | 1,290 | 2,110 | 1,820 | 2,820 | |||||||||||||||||
Payments under revolving credit facility | (1,140) | (1,050) | (1,785) | (1,150) | (2,270) | (1,465) | (2,660) | (1,725) | (1,840) | |||||||||||||||||
Proceeds from Issuance of Commercial Paper | 0 | 500 | 0 | 155 | 0 | |||||||||||||||||||||
Payments for financing costs | (10) | (15) | (14) | (20) | (24) | (33) | (24) | (31) | (29) | |||||||||||||||||
Net proceeds from issuance of common stock | 843 | 841 | 841 | 0 | 841 | 4,221 | ||||||||||||||||||||
Purchases of common stock | (42) | (33) | (43) | (34) | (44) | (34) | (44) | (34) | (23) | |||||||||||||||||
Dividends/distributions paid on common stock | (477) | (443) | (944) | (879) | (1,415) | (1,315) | (1,912) | (1,782) | (1,509) | |||||||||||||||||
Dividends paid on preferred stock | (28) | (28) | (57) | (57) | (85) | (85) | (113) | (113) | (30) | |||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (28) | (163) | (201) | (436) | (429) | (480) | (692) | (733) | 8,192 | |||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (75) | (26) | (258) | |||||||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | (1) | 0 | (1) | 0 | (1) | 1 | |||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 338 | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 338 | 413 | 440 | |||||||||||
Previously Reported [Member] | ||||||||||||||||||||||||||
Net income (loss) | 210 | 114 | 456 | 294 | 729 | 458 | 671 | 445 | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 389 | 390 | 1,176 | 1,528 | 1,242 | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | (24) | (57) | 30 | 53 | 102 | 144 | 223 | 175 | ||||||||||||||||||
Decrease (increase) in receivables | 61 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 512 | 452 | 1,227 | 1,111 | 1,891 | 1,775 | 2,502 | 2,043 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | (763) | (1,538) | (1,241) | (1,741) | (1,228) | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (778) | (1,550) | (1,281) | (1,795) | (10,493) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | (5) | (95) | 16 | (103) | (88) | 14 | (26) | (258) | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 440 | 413 | 440 | 413 | 440 | 413 | 440 | 697 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 325 | 429 | 408 | 413 | 453 | 336 | 345 | 429 | 336 | 325 | 453 | 413 | 440 | |||||||||||||
Restatement Adjustment [Member] | ||||||||||||||||||||||||||
Net income (loss) | (17) | (13) | (14) | (47) | (23) | (77) | (35) | (48) | (59) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | 17 | 14 | 47 | 23 | 77 | 35 | 48 | 59 | ||||||||||||||||||
Decrease (increase) in receivables | 0 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Other Adjustments [Domain] | ||||||||||||||||||||||||||
Net income (loss) | 0 | 1 | 0 | 0 | (1) | 0 | (2) | (1) | (20) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||||||||||||||||
Depreciation, amortization and accretion | (1) | (1) | (1) | (1) | (1) | |||||||||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||||||||||||||||
Increase (decrease) in other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Decrease (increase) in receivables | 10 | |||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | (1) | (1) | (2) | (2) | (11) | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Capital expenditures | 1 | 1 | 2 | 2 | 11 | |||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | 1 | 1 | 2 | 2 | 11 | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Net Cash Provided by (Used in) Continuing Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | $ 0 | 0 | 0 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
[1] | The sum of quarterly information may not agree to year-to-date information due to rounding. | |||||||||||||||||||||||||
[2] | Inclusive of the write-off of the respective deferred financing costs. | |||||||||||||||||||||||||
[3] | The losses represent write-off of deferred financing costs. |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 | $ 1.125 | $ 1.125 | $ 1.125 |
Paid subsequent to year end [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.20 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | $ 14 | $ 14 | $ 11 | ||
Charged to operations | 7 | 4 | 4 | ||
Credited to operations | (3) | (4) | (5) | ||
Effect of exchange rate changes or Other adjustments | 0 | 0 | 0 | ||
Valuation allowance and reserves, other adjustments | 0 | 0 | 4 | [1] | |
Balance at end of year | 18 | 14 | 14 | ||
Deferred Tax Valuation Allowance [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of year | 1 | 1 | 7 | ||
Charged to operations | 0 | 0 | 0 | ||
Credited to operations | 0 | 0 | 0 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Addition, Recovery | (1) | 0 | (6) | ||
Effect of exchange rate changes or Other adjustments | 0 | 0 | 0 | ||
Valuation allowance and reserves, other adjustments | [2] | 0 | 0 | 0 | |
Balance at end of year | $ 0 | $ 1 | $ 1 | ||
[1] | Represents the allowance for doubtful accounts reflected in the final purchase price allocations for the 2017 Acquisitions. See note 4 . | ||||
[2] | Inclusive of the effects of acquisitions. |
Schedule III - Schedule of Re_3
Schedule III - Schedule of Real Estate and Depreciation (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 3,293 | ||
Gross Amount of Property Carried | 23,854 | $ 21,840 | $ 20,086 | |
Gross Amount of Accumulated Depreciation Carried | $ (9,382) | (8,338) | $ (7,301) | |
Tower Count | 40,000 | |||
Fiber Miles | 80,000 | |||
Other Acquisitions | [2] | $ 4 | 5 | |
Communications Infrastructure Construction and Improvements | 1,878 | 1,565 | ||
Purchase of land interests | 53 | 56 | ||
Sustaining Capital Expenditures | 84 | 85 | ||
Other Additions | [3] | 101 | 64 | |
Total Additions | 2,120 | 1,775 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | (45) | (21) | ||
Cost of Real Estate Sold or Disposed | (106) | (21) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | (61) | 0 | ||
Depreciation | (1,087) | (1,056) | ||
Amount of Accumulated Depreciation Sold or Disposed | 24 | 18 | ||
Other Deductions to Accumulated Depreciation | 19 | 1 | ||
Real Estate Period Deductions to Accumulated Depreciation | $ 43 | $ 19 | ||
[1] | (b) Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). | |||
[2] | acquisitions of communications infrastructure. | |||
[3] | redominately relates to the purchase of property and equipment under finance leases and installment land purchases. |