Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 431,297,846 | |
Entity Central Index Key | 0001051470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 242 | $ 196 |
Restricted cash | 174 | 137 |
Receivables, net | 455 | 596 |
Prepaid expenses | 112 | 107 |
Other current assets | 201 | 168 |
Total current assets | 1,184 | 1,204 |
Deferred site rental receivables | 1,420 | 1,424 |
Property and equipment, net of accumulated depreciation of $10,523 and $9,668, respectively | 15,092 | 14,666 |
Operating lease right-of-use assets | 6,357 | 6,133 |
Goodwill | 10,078 | 10,078 |
Other intangible assets, net | 4,535 | 4,836 |
Other assets, net | 120 | 116 |
Total assets | 38,786 | 38,457 |
Current liabilities: | ||
Accounts payable | 264 | 334 |
Accrued interest | 122 | 169 |
Deferred revenues | 787 | 657 |
Other accrued liabilities | 322 | 361 |
Current maturities of debt and other obligations | 114 | 100 |
Current portion of operating lease liabilities | 316 | 299 |
Total current liabilities | 1,925 | 1,920 |
Debt and other long-term obligations | 19,190 | 18,021 |
Operating lease liabilities | 5,713 | 5,511 |
Other long-term liabilities | 2,456 | 2,516 |
Total liabilities | 29,284 | 27,968 |
CCIC stockholders' equity: | ||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: September 30, 2020—431 and December 31, 2019—416 | 4 | 4 |
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: September 30, 2020—0 and December 31, 2019—2; aggregate liquidation value: September 30, 2020—$0 and December 31, 2019—$1,650 | 0 | 0 |
Additional paid-in capital | 17,904 | 17,855 |
Accumulated other comprehensive income (loss) | (4) | (5) |
Dividends/distributions in excess of earnings | (8,402) | (7,365) |
Total equity | 9,502 | 10,489 |
Total liabilities and equity | $ 38,786 | $ 38,457 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract] | ||
Accumulated depreciation, property and equipment | $ 10,523 | $ 9,668 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 20 | 20 |
Preferred Stock, Shares Issued | 0 | 2 |
Preferred Stock, Shares Outstanding | 0 | 2 |
Preferred Stock, Liquidation Preference, Value | $ 0 | $ 1,650 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600 | 600 |
Common stock, shares outstanding | 431 | 416 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||||
Net revenues: | |||||||||
Site Rental | $ 1,339 | $ 1,287 | $ 3,968 | $ 3,793 | |||||
Services and other | 147 | 195 | 379 | 544 | |||||
Net Revenues | 1,486 | 1,482 | 4,347 | 4,337 | |||||
Operating expenses: | |||||||||
Site rental | [1] | 370 | 369 | 1,123 | 1,095 | ||||
Services and other | [1] | 117 | 146 | [2] | 324 | 407 | [2] | ||
Selling, general and administrative | 154 | 150 | 493 | 457 | |||||
Asset write-down charges | 3 | 2 | 10 | 13 | |||||
Acquisition and integration costs | 2 | 4 | 9 | 10 | |||||
Depreciation, amortization and accretion | 406 | 388 | 1,207 | 1,175 | |||||
Total operating expenses | 1,052 | 1,059 | 3,166 | 3,157 | |||||
Operating income (loss) | 434 | 423 | 1,181 | 1,180 | |||||
Nonoperating Income (Expense) [Abstract] | |||||||||
Interest expense and amortization of deferred financing costs | (168) | (173) | (521) | (510) | |||||
Gains (losses) on retirement of long-term obligations | (95) | 0 | (95) | [3] | (2) | ||||
Interest income | 0 | 2 | 2 | 5 | |||||
Other income (expense) | (3) | (5) | (3) | (6) | |||||
Income (loss) before income taxes | 168 | 247 | 564 | 667 | |||||
Benefit (provision) for income taxes | (5) | (5) | (16) | (15) | |||||
Net income (loss) attributable to CCIC stockholders | 163 | 242 | [4] | 548 | 652 | [4] | |||
Dividends/distributions on preferred stock | 0 | 28 | [4],[5] | 57 | [5] | 85 | [4],[5] | ||
Net income (loss) attributable to CCIC common stockholders | 163 | 214 | 491 | 567 | |||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Foreign currency translation adjustments | 2 | 0 | 1 | 0 | |||||
Total other comprehensive income (loss) | 2 | [6] | 1 | [6] | 0 | ||||
Comprehensive income (loss) attributable to CCIC stockholders | $ 165 | $ 242 | $ 549 | $ 652 | |||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||
Basic | $ 0.38 | $ 0.51 | $ 1.17 | $ 1.36 | |||||
Diluted | $ 0.38 | $ 0.51 | $ 1.17 | $ 1.36 | |||||
Weighted-average common shares outstanding (in millions): | |||||||||
Basic | 427 | 416 | 420 | 416 | |||||
Diluted | 429 | 418 | 422 | 418 | |||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||
[3] | Inclusive of the write off of respective deferred financing costs. | ||||||||
[4] | The individual components of this column do not sum to the total due to rounding. | ||||||||
[5] | See note 8 for information regarding common and preferred stock dividends declared per share. | ||||||||
[6] | See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 548 | $ 652 | |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||
Depreciation, amortization and accretion | 1,207 | 1,175 | |
Gains (losses) on retirement of long-term obligations | 95 | [1] | 2 |
Amortization of deferred financing costs and other non-cash interest, net | 4 | 1 | |
Stock-based compensation expense | 108 | 91 | |
Asset write-down charges | 10 | 13 | |
Deferred income tax (benefit) provision | 2 | 2 | |
Other non-cash adjustments | 4 | 4 | |
Changes in assets and liabilities, excluding the effects of acquisitions: | |||
Increase (decrease) in accrued interest | (46) | (38) | |
Increase (decrease) in accounts payable | (41) | 37 | |
Increase (decrease) in other liabilities | 58 | 179 | |
Decrease (increase) in receivables | 141 | (166) | |
Decrease (increase) in other assets | (20) | (62) | |
Net cash provided by (used for) operating activities | 2,070 | 1,890 | |
Cash flows from investing activities: | |||
Capital expenditures | (1,238) | (1,537) | |
Payments for acquisitions, net of cash acquired | (86) | (15) | |
Other investing activities, net | (12) | 3 | |
Net cash provided by (used for) investing activities | (1,336) | (1,549) | |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 3,733 | 1,895 | |
Principal payments on debt and other long-term obligations | (80) | (59) | |
Purchases and redemptions of long-term debt | (2,490) | (12) | |
Borrowings under revolving credit facility | 2,140 | 1,585 | |
Payments under revolving credit facility | (2,145) | (2,270) | |
Net issuances (repayments) under commercial paper program | (80) | 0 | |
Payments for financing costs | (38) | (24) | |
Purchases of Common Stock | (75) | (44) | |
Dividends/distributions paid on common stock | (1,531) | (1,415) | |
Dividends/distributions paid on preferred stock | (85) | (85) | |
Net cash provided by (used for) financing activities | (651) | (429) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 83 | (88) | |
Cash, cash equivalents and restricted cash at beginning of period | 338 | 413 | |
Cash, cash equivalents and restricted cash at end of period | 421 | 325 | |
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | |||
Effect of exchange rate changes | $ 0 | $ 0 | |
[1] | Inclusive of the write off of respective deferred financing costs. |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | 6.875% Mandatory Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Dividends/Distributions in Excess of Earnings [Member] | |||
Balance, shares Period Start at Dec. 31, 2018 | 415 | ||||||||
Balance, value Period Start at Dec. 31, 2018 | $ 11,571 | [1] | $ 4 | $ 0 | $ 17,767 | $ (5) | $ (6,195) | [1] | |
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2018 | 2 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 106 | [1] | 106 | ||||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||
Purchases and retirement of common stock, value | 44 | [1] | 44 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||
Common stock dividends/distributions | [1],[2] | (1,415) | 1,415 | ||||||
Dividends/distributions on preferred stock | [1],[2] | (85) | (85) | ||||||
Foreign currency translation adjustments | 0 | ||||||||
Net income (loss) | [1] | 652 | 652 | ||||||
Balance, shares Period End at Sep. 30, 2019 | 416 | ||||||||
Balance, value Period End at Sep. 30, 2019 | 10,786 | [1] | $ 4 | $ 0 | 17,829 | (5) | (7,042) | [1] | |
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2019 | 2 | ||||||||
Balance, shares Period Start at Jun. 30, 2019 | 416 | ||||||||
Balance, value Period Start at Jun. 30, 2019 | 11,013 | [1] | $ 4 | $ 0 | 17,801 | (5) | (6,787) | [1] | |
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2019 | 2 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 29 | [1] | 29 | ||||||
Purchases and retirement of common stock, value | (1) | [1] | 1 | ||||||
Common stock dividends/distributions | [1],[2] | (470) | 470 | ||||||
Dividends/distributions on preferred stock | [1],[2] | (28) | (28) | ||||||
Foreign currency translation adjustments | 0 | 0 | |||||||
Net income (loss) | [1] | 242 | 242 | ||||||
Balance, shares Period End at Sep. 30, 2019 | 416 | ||||||||
Balance, value Period End at Sep. 30, 2019 | $ 10,786 | [1] | $ 4 | $ 0 | 17,829 | (5) | (7,042) | [1] | |
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2019 | 2 | ||||||||
Balance, shares Period Start at Dec. 31, 2019 | 416 | 416 | |||||||
Balance, value Period Start at Dec. 31, 2019 | $ 10,489 | $ 4 | $ 0 | 17,855 | (5) | (7,365) | |||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2019 | 2 | 2 | |||||||
Stock-based compensation related activity, net of forfeitures, value | $ 124 | 124 | |||||||
Stock-based compensation related activity, net of forfeitures, shares | 1 | ||||||||
Purchases and retirement of common stock, value | (75) | 75 | |||||||
Other Comprehensive Income (Loss), Net of Tax | [3] | 1 | 1 | ||||||
Common stock dividends/distributions | [2] | (1,528) | 1,528 | ||||||
Dividends/distributions on preferred stock | [2] | (57) | (57) | ||||||
Conversion of preferred stock to common stock | 14 | ||||||||
Conversion of preferred stock to common stock | (2) | ||||||||
Foreign currency translation adjustments | 1 | ||||||||
Net income (loss) | $ 548 | 548 | |||||||
Balance, shares Period End at Sep. 30, 2020 | 431 | 431 | |||||||
Balance, value Period End at Sep. 30, 2020 | $ 9,502 | $ 4 | $ 0 | 17,904 | (4) | (8,402) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2020 | 0 | 0 | |||||||
Balance, shares Period Start at Jun. 30, 2020 | 417 | ||||||||
Balance, value Period Start at Jun. 30, 2020 | $ 9,826 | $ 4 | $ 0 | 17,872 | (6) | (8,044) | |||
Preferred Stock, Shares Outstanding Period Start at Jun. 30, 2020 | 2 | ||||||||
Stock-based compensation related activity, net of forfeitures, value | 33 | 33 | |||||||
Purchases and retirement of common stock, value | (1) | 1 | |||||||
Other Comprehensive Income (Loss), Net of Tax | [3] | 2 | 2 | ||||||
Common stock dividends/distributions | [2] | (521) | 521 | ||||||
Dividends/distributions on preferred stock | 0 | ||||||||
Conversion of preferred stock to common stock | 14 | ||||||||
Conversion of preferred stock to common stock | (2) | ||||||||
Foreign currency translation adjustments | 2 | ||||||||
Net income (loss) | $ 163 | 163 | |||||||
Balance, shares Period End at Sep. 30, 2020 | 431 | 431 | |||||||
Balance, value Period End at Sep. 30, 2020 | $ 9,502 | $ 4 | $ 0 | $ 17,904 | $ (4) | $ (8,402) | |||
Preferred Stock, Shares Outstanding Period End at Sep. 30, 2020 | 0 | 0 | |||||||
[1] | The individual components of this column do not sum to the total due to rounding. | ||||||||
[2] | See note 8 for information regarding common and preferred stock dividends declared per share. | ||||||||
[3] | See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
General
General | 3 Months Ended |
Sep. 30, 2020 | |
General | |
General | General The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2019 , and related notes thereto, included in the 2019 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2019 Form 10-K. References to the "Company" refer to CCIC and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, fiber and small cells assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). The Company's operating segments consist of (1) Towers and (2) Fiber. See note 11 . As part of the Company's effort to provide comprehensive communications infrastructure solutions, 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 7 . Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile, including agreements assumed by T-Mobile following its merger with Sprint, completed on April 1, 2020. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at September 30, 2020 , the condensed consolidated results of operations for the three and nine months ended September 30, 2020 and 2019 , and the condensed consolidated cash flows for the nine months ended September 30, 2020 and 2019 . The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Restatement of Previously Issue
Restatement of Previously Issued Condensed Consolidated Financial Statements (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Financials [Text Block] | Restatement of Previously Issued Condensed Consolidated Financial Statements The following tables summarize the impact of the restatement adjustments that were related to the timing of revenue recognition on the Company's 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. In addition, the Company has also made other adjustments to the financial statements referenced above to correct errors that were not material to its condensed consolidated financial statements. Such immaterial adjustments are related to 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." In addition to the restatement of the condensed consolidated financial statements, certain historical information in the notes to the condensed consolidated financial statements have been restated to reflect the impact of the Historical Adjustments. Condensed Consolidated Balance Sheet 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 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 Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 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 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. Condensed Consolidated Statement of Cash Flows 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 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the nine months ended September 30, 2020 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Revenues (Notes)
Revenues (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues Site rental revenues The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its shared communications infrastructure via long-term 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 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 for 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 $145 million included in "Other current assets" and non-current amounts of $1.4 billion included in "Deferred site rental receivables" as of September 30, 2020 . Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities." Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet. Services and other revenues As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services primarily 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 condensed consolidated balance sheet. The vast majority of the Company’s services generally have a duration of one year or less. Additional information on revenues The following additional information on revenues reflects the impact of the Historical Adjustments, where applicable, as discussed in note 2. As of January 1, 2020 and September 30, 2020 , $2.9 billion and $3.0 billion , respectively, of unrecognized revenue was reported in "Deferred revenues" and "Other long-term liabilities" on our condensed consolidated balance sheet. During the nine months ended September 30, 2020 , approximately $440 million of the January 1, 2020 unrecognized revenue balance was recognized as revenue. During the nine months ended September 30, 2019 , approximately $390 million of the January 1, 2019 unrecognized revenue balance was recognized as revenue. The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of September 30, 2020 . Three Months Ending December 31, Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Contracted amounts (a) $ 1,166 $ 4,260 $ 4,019 $ 3,377 $ 2,650 $ 7,929 $ 23,401 (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 note 11 for further information regarding the Company's operating segments. |
Debt and Other Obligations
Debt and Other Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Debt and Other Obligations [Abstract] | |
Debt and Other Obligations | Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of September 30, 2020 . Original Issue Date Final Maturity Date (a) Balance as of September 30, 2020 Balance as of December 31, 2019 Stated Interest Rate as of September 30, 2020 (a) 3.849% Secured Notes Dec. 2012 Apr. 2023 $ 996 $ 995 3.9 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 62 67 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b) 299 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b) 248 248 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 695 694 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b) 743 742 4.2 % Finance leases and other obligations Various Various (c) 229 227 Various (c) Total secured debt $ 3,272 $ 3,271 2016 Revolver Jan. 2016 June 2024 $ 520 (d) $ 525 1.2 % (e) 2016 Term Loan A Jan. 2016 June 2024 2,266 2,310 1.3 % (e) Commercial Paper Notes Sept. 2020 (f) Oct. 2020 (f) 75 (f) 155 0.5 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 (h) — 850 3.4 % 2.250% Senior Notes Sept. 2016 Sept. 2021 (h) — 698 2.3 % 4.875% Senior Notes Apr. 2014 Apr. 2022 (h) — 846 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,645 1,644 5.3 % 3.150% Senior Notes Jan. 2018 July 2023 745 744 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 745 744 3.2 % 1.350% Senior Notes June 2020 July 2025 (h) 494 — 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 894 893 4.5 % 3.700% Senior Notes May 2016 June 2026 745 744 3.7 % 4.000% Senior Notes Feb. 2017 Mar. 2027 496 495 4.0 % 3.650% Senior Notes Aug. 2017 Sept. 2027 994 993 3.7 % 3.800% Senior Notes Jan. 2018 Feb. 2028 991 990 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 592 592 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 544 543 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 (g) 736 — 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 (h) 1,088 — 2.3 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 395 395 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 345 345 4.0 % 4.150% Senior Notes Apr. 2020 July 2050 (g) 489 — 4.2 % 3.250% Senior Notes June 2020 Jan. 2051 (h) 889 — 3.3 % Total unsecured debt $ 16,032 $ 14,850 Total debt and other obligations 19,304 18,121 Less: current maturities and short-term debt and other current obligations 114 100 Non-current portion of long-term debt and other long-term obligations $ 19,190 $ 18,021 (a) See the 2019 Form 10-K, including note 9 , for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2020, the Tower Revenue Notes have principal amounts of $300 million , $250 million , $700 million and $750 million , with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . (d) As of September 30, 2020 , the undrawn availability under the 2016 Revolver was $4.4 billion . (e) Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f) Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes 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 maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. 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. As of September 30, 2020 , the Company had net issuances of $75 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 Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (g) In April 2020, the Company issued $1.25 billion aggregate principal amount of senior unsecured notes ("April 2020 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.300% senior unsecured notes due July 2030 and (2) $500 million aggregate principal amount of 4.150% senior unsecured notes due July 2050. The company used the net proceeds of the April 2020 Senior Notes offering to repay outstanding indebtedness under the 2016 Revolver. (h) In June 2020, the Company issued $2.5 billion aggregate principal amount of senior unsecured notes ("June 2020 Senior Notes"), which consisted of (1) $500 million aggregate principal amount of 1.350% senior unsecured notes due July 2025, (2) $1.1 billion aggregate principal amount of 2.250% senior unsecured notes due January 2031 and (3) $900 million aggregate principal amount of 3.250% senior unsecured notes due January 2051. In July 2020, the Company used the net proceeds of the June 2020 Senior Notes offering, together with available cash, to redeem all of the previously outstanding 3.400% Senior Notes, 2.250% Senior Notes and 4.875% Senior Notes. The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2020 , which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2020 2021 2022 2023 2024 Thereafter Total Cash Obligations Scheduled principal payments and final maturities $ 102 (a) $ 128 $ 152 $ 3,606 $ 3,169 $ 12,296 $ 19,453 $ (149 ) $ 19,304 (a) Predominately consists of outstanding indebtedness under the Company's CP Program. Such amounts may be issued, repaid or re-issued from time to time. Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2020 . Principal Amount Cash Paid (a) Gains (Losses) (b) 3.400% Senior Notes $ 850 $ 863 $ 13 2.250% Senior Notes 700 714 16 4.875% Senior Notes 850 913 66 Total $ 2,400 $ 2,490 $ 95 (a) Exclusive of accrued interest. (b) Inclusive of the write off of respective deferred financing costs. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense on debt obligations $ 167 $ 173 $ 517 $ 509 Amortization of deferred financing costs and adjustments on long-term debt 6 5 17 15 Capitalized interest (5 ) (5 ) (13 ) (14 ) Total $ 168 $ 173 $ 521 $ 510 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 242 $ 242 $ 196 $ 196 Restricted cash, current and non-current 1 179 179 142 142 Liabilities: Total debt and other obligations 2 19,304 21,082 18,121 19,170 The fair value of cash and cash equivalents and restricted cash approximate the carrying value. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. Since December 31, 2019 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local and foreign taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to the TRSs, (3) franchise taxes, (4) property taxes, and (5) transfer taxes. In addition, the Company could under certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended, to maintain qualification for taxation as a REIT. The Company's TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) are subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not. For the nine months ended September 30, 2020 and 2019 , the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. |
Per Share Information
Per Share Information | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Information | Per Share Information Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. For the three and nine months ended September 30, 2020 and 2019 , 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 previously outstanding 6.875% Mandatory Convertible Preferred Stock , as applicable, as determined under the if-converted method. The table below also gives effect to the Historical Adjustments, as described in note 2. See also note 10 for a discussion of the July and August 2020 conversions of the previously outstanding shares of 6.875% Mandatory Convertible Preferred Stock to shares of common stock. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (As Restated) (As Restated) Net income (loss) attributable to CCIC stockholders $ 163 $ 242 $ 548 $ 652 Dividends on preferred stock — (28 ) (57 ) (85 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 163 $ 214 $ 491 $ 567 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 427 416 420 416 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 2 2 2 2 Diluted weighted-average number of common shares outstanding 429 418 422 418 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.38 $ 0.51 $ 1.17 $ 1.36 Diluted $ 0.38 $ 0.51 $ 1.17 $ 1.36 Dividends/distributions declared per share of common stock $ 1.20 $ 1.125 $ 3.60 $ 3.375 Dividends/distributions declared per share of preferred stock $ — $ 17.1875 $ 34.3750 $ 51.5625 During the nine months ended September 30, 2020 , the Company granted one million |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 In February and March 2020, putative securities class action suits were filed in the United States District Court for the District of New Jersey against the Company and certain of its current officers. The lawsuits were filed 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 unspecified money damages and the award of the 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, with respect to these lawsuits. The Company believes these lawsuits are without merit and intends to defend itself vigorously. During the quarter ended June 30, 2020, derivative lawsuits were filed in the United States District Court for the District of Delaware, against the Company's current directors and certain of its current officers and the Company as a nominal defendant. Each of the complaints alleges, among other things, breaches of fiduciary duties, waste of corporate assets, unjust enrichment, and false or misleading statements. Each of the complaints seeks, among other things, unspecified money damages, costs and expenses, restitution from the defendants, and an order requiring the Company to implement certain corporate governance reforms. As a nominal defendant, no monetary relief is sought against the Company itself. In June 2020, the derivative lawsuits were consolidated as In re Crown Castle International Corp. Derivative Litigation , C.A. No. 20-00606-MN in the United States District Court for the District of Delaware. Durham Lawsuits The Company has received notices of claims and has been named as one of several defendants in lawsuits stemming from an April 2019 gas leak explosion in Durham, North Carolina, which occurred near an area where the Company's subcontractors were installing fiber. The explosion resulted in two fatalities, physical injuries (some of which were serious), and property damage to surrounding buildings and businesses. Currently, the Company is unable to determine the likelihood of an outcome or estimate a range of possible losses, if any, related to these lawsuits. New York State Department of Transportation In 2019, the State of New York passed legislation authorizing the Department of Transportation ("NYSDOT") to enter into agreements with any fiber provider for the use and occupancy of the state right-of-way for fiber optic lines. The legislation authorizes the NYSDOT to charge a fee of up to fair market value for such use and occupancy. To date, the Company has paid fees relating to newly deployed fiber lines but has not been required to pay, and has not recognized any costs in connection with, any fees relating to previously deployed fiber lines. The Company believes that the legislation violates both federal and state law and is evaluating its legal options regarding any use and occupancy fees that may be assessed on previously deployed fiber. Currently, the Company is unable to determine the likelihood of an outcome or reasonably estimate the amount of fees, if any, that it may be required to pay as a result of the legislation. Other Matters The Company is involved in various other claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such other matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the adverse resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, see note 1 for a discussion of the Company's option to purchase approximately 53% |
Equity
Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Equity | Equity Declaration and Payment of Dividends During the nine months ended September 30, 2020 , the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 20, 2020 March 13, 2020 March 31, 2020 $ 1.20 $ 504 (a) Common Stock May 14, 2020 June 12, 2020 June 30, 2020 $ 1.20 $ 504 (a) Common Stock August 6, 2020 September 15, 2020 September 30, 2020 $ 1.20 $ 521 (a) 6.875% Mandatory Convertible Preferred Stock December 9, 2019 January 15, 2020 February 3, 2020 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 12, 2020 April 15, 2020 May 1, 2020 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 19, 2020 July 15, 2020 August 3, 2020 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. See also note 13 for a discussion of the Company's common stock dividend declared in October 2020. Convertible Preferred Stock Conversion In July and August 2020, all of the approximately 2 million shares of the Company's previously outstanding 6.875% Mandatory Convertible Preferred Stock were converted into approximately 14 million shares of the Company's common stock at a conversion rate (based on the applicable market value of the common stock and subject to certain anti-dilutive adjustments) of 8.8043 shares of common stock per each share of 6.875% Mandatory Convertible Preferred Stock. Purchases of the Company's Common Stock For the nine months ended September 30, 2020 , the Company purchased 0.5 million shares of its common stock utilizing $75 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of restricted stock units. 2018 "At-the-Market" Stock Offering Program In April 2018, the Company established an "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2018 ATM Program"). Sales under the 2018 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to our specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2018 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2018 ATM Program. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Company's operating segments consist of (1) Towers and (2) Fiber. The Towers segment provides access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Towers segment also reflects certain 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 measurements of profit or loss used by the Company's chief operating decision maker ("CODM") to evaluate the performance of its operating segments are (1) segment site rental gross margin, (2) segment services and other gross margin and (3) segment operating profit. The Company defines segment site rental gross margin as segment site rental revenues less segment site rental cost of operations, which excludes stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated cost of operations. The Company defines segment services and other gross margin as segment services and other revenues less segment services and other cost of operations, which excludes stock-based compensation expense recorded in consolidated cost of operations. The Company defines segment operating profit as segment site rental gross margin plus segment services and other gross margin, less selling, general and administrative expenses attributable to the respective segment. All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. The following tables set forth the Company's segment operating results for the three and nine months ended September 30, 2020 and 2019. Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. Additionally, certain costs are shared across segments and are reflected in the Company's segment measures through allocations that management believes to be reasonable. The "Other" column (1) represents amounts excluded from specific segments, such as asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, interest income, other income (expense), income (loss) from discontinued operations, and stock-based compensation expense, and (2) reconciles segment operating profit to income (loss) before income taxes, as the amounts are not utilized in assessing each segment’s performance. The "Other" total assets balance includes corporate assets such as cash and cash equivalents which have not been allocated to specific segments. There are no significant revenues resulting from transactions between the Company's operating segments. The tables below also give effect to the Historical Adjustments, as described in note 2. Each of the Historical Adjustments for the three and nine months ended September 30, 2019 are attributable only to the Towers segment. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (As Restated) Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 877 $ 462 $ 1,339 $ 856 $ 431 $ 1,287 Segment services and other revenues 142 5 147 191 4 195 Segment revenues 1,019 467 1,486 1,047 435 1,482 Segment site rental cost of operations 216 145 361 218 141 359 Segment services and other cost of operations 111 4 115 142 2 144 Segment cost of operations (a)(b) 327 149 476 360 143 503 Segment site rental gross margin 661 317 978 638 290 928 Segment services and other gross margin 31 1 32 49 2 51 Segment selling, general and administrative expenses (b) 22 42 64 23 49 72 Segment operating profit (loss) 670 276 946 664 243 907 Other selling, general and administrative expenses $ 63 63 $ 56 56 Stock-based compensation expense 33 33 29 29 Depreciation, amortization and accretion 406 406 388 388 Interest expense and amortization of deferred financing costs 168 168 173 173 Other (income) expenses to reconcile to income (loss) before income taxes (c) 108 108 14 14 Income (loss) before income taxes $ 168 $ 247 Capital expenditures $ 76 $ 287 $ 14 $ 377 $ 145 $ 382 $ 12 $ 539 Total assets (at period end) $ 22,248 $ 15,692 $ 846 $ 38,786 $ 22,078 $ 15,565 $ 678 $ 38,321 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation of $6 million and $7 million for the three months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $27 million and $22 million for the three months ended September 30, 2020 and 2019, respectively. (c) See condensed consolidated statement of operations for further information. Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (As Restated) Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,612 $ 1,356 $ 3,968 $ 2,526 $ 1,267 $ 3,793 Segment services and other revenues 367 12 379 533 11 544 Segment revenues 2,979 1,368 4,347 3,059 1,278 4,337 Segment site rental cost of operations 648 447 1,095 647 418 1,065 Segment services and other cost of operations 311 8 319 395 6 401 Segment cost of operations (a)(b) 959 455 1,414 1,042 424 1,466 Segment site rental gross margin 1,964 909 2,873 1,879 849 2,728 Segment services and other gross margin 56 4 60 138 5 143 Segment selling, general and administrative expenses (b) 71 137 208 73 147 220 Segment operating profit (loss) 1,949 776 2,725 1,944 707 2,651 Other selling, general and administrative expenses $ 198 198 $ 168 168 Stock-based compensation expense 106 106 90 90 Depreciation, amortization and accretion 1,207 1,207 1,175 1,175 Interest expense and amortization of deferred financing costs 521 521 510 510 Other (income) expenses to reconcile to income (loss) before income taxes (c) 129 129 41 41 Income (loss) before income taxes $ 564 $ 667 Capital expenditures $ 272 $ 926 $ 40 $ 1,238 $ 402 $ 1,108 $ 27 $ 1,537 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $21 million for the nine months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $14 million and $15 million for the nine months ended September 30, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $87 million and $69 million for the nine months ended September 30, 2020 and 2019, respectively. (c) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table is a summary of the Company's supplemental cash flow information: Nine Months Ended September 30, 2020 2019 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 405 $ 409 Interest paid 564 547 Income taxes paid 13 13 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 445 327 Increase (decrease) in accounts payable for purchases of property and equipment 30 17 Purchase of property and equipment under finance leases and installment purchases 23 28 (a) Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. September 30, 2020 December 31, 2019 Cash and cash equivalents $ 242 $ 196 Restricted cash, current 174 137 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 421 $ 338 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Common Stock Dividend On October 21, 2020, the Company's board of directors declared a quarterly cash dividend of $1.33 per common share. The quarterly dividend will be payable on December 31, 2020 to common stockholders of record as of December 15, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the nine months ended September 30, 2020 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Condensed Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidated Balance Sheet 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 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 |
Condensed Income Statement [Table Text Block] | Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 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 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. |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidated Statement of Cash Flows 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 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contractual Revenue | The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of September 30, 2020 . Three Months Ending December 31, Years Ending December 31, 2020 2021 2022 2023 2024 Thereafter Total Contracted amounts (a) $ 1,166 $ 4,260 $ 4,019 $ 3,377 $ 2,650 $ 7,929 $ 23,401 (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. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Extinguishment of Debt [Line Items] | |
Schedule of Long-Term Debt Instruments | The table below sets forth the Company's debt and other obligations as of September 30, 2020 . Original Issue Date Final Maturity Date (a) Balance as of September 30, 2020 Balance as of December 31, 2019 Stated Interest Rate as of September 30, 2020 (a) 3.849% Secured Notes Dec. 2012 Apr. 2023 $ 996 $ 995 3.9 % Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 62 67 9.0 % Tower Revenue Notes, Series 2015-1 May 2015 May 2042 (b) 299 298 3.2 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (b) 248 248 3.7 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 695 694 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b) 743 742 4.2 % Finance leases and other obligations Various Various (c) 229 227 Various (c) Total secured debt $ 3,272 $ 3,271 2016 Revolver Jan. 2016 June 2024 $ 520 (d) $ 525 1.2 % (e) 2016 Term Loan A Jan. 2016 June 2024 2,266 2,310 1.3 % (e) Commercial Paper Notes Sept. 2020 (f) Oct. 2020 (f) 75 (f) 155 0.5 % 3.400% Senior Notes Feb./May 2016 Feb. 2021 (h) — 850 3.4 % 2.250% Senior Notes Sept. 2016 Sept. 2021 (h) — 698 2.3 % 4.875% Senior Notes Apr. 2014 Apr. 2022 (h) — 846 4.9 % 5.250% Senior Notes Oct. 2012 Jan. 2023 1,645 1,644 5.3 % 3.150% Senior Notes Jan. 2018 July 2023 745 744 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 745 744 3.2 % 1.350% Senior Notes June 2020 July 2025 (h) 494 — 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 894 893 4.5 % 3.700% Senior Notes May 2016 June 2026 745 744 3.7 % 4.000% Senior Notes Feb. 2017 Mar. 2027 496 495 4.0 % 3.650% Senior Notes Aug. 2017 Sept. 2027 994 993 3.7 % 3.800% Senior Notes Jan. 2018 Feb. 2028 991 990 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 592 592 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 544 543 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 (g) 736 — 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 (h) 1,088 — 2.3 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 395 395 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 345 345 4.0 % 4.150% Senior Notes Apr. 2020 July 2050 (g) 489 — 4.2 % 3.250% Senior Notes June 2020 Jan. 2051 (h) 889 — 3.3 % Total unsecured debt $ 16,032 $ 14,850 Total debt and other obligations 19,304 18,121 Less: current maturities and short-term debt and other current obligations 114 100 Non-current portion of long-term debt and other long-term obligations $ 19,190 $ 18,021 (a) See the 2019 Form 10-K, including note 9 , for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2020, the Tower Revenue Notes have principal amounts of $300 million , $250 million , $700 million and $750 million , with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 30 years . (d) As of September 30, 2020 , the undrawn availability under the 2016 Revolver was $4.4 billion . (e) Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350% , based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f) Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes 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 maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. 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. As of September 30, 2020 , the Company had net issuances of $75 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 Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (g) In April 2020, the Company issued $1.25 billion aggregate principal amount of senior unsecured notes ("April 2020 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.300% senior unsecured notes due July 2030 and (2) $500 million aggregate principal amount of 4.150% senior unsecured notes due July 2050. The company used the net proceeds of the April 2020 Senior Notes offering to repay outstanding indebtedness under the 2016 Revolver. (h) In June 2020, the Company issued $2.5 billion aggregate principal amount of senior unsecured notes ("June 2020 Senior Notes"), which consisted of (1) $500 million aggregate principal amount of 1.350% senior unsecured notes due July 2025, (2) $1.1 billion aggregate principal amount of 2.250% senior unsecured notes due January 2031 and (3) $900 million aggregate principal amount of 3.250% senior unsecured notes due January 2051. In July 2020, the Company used the net proceeds of the June 2020 Senior Notes offering, together with available cash, to redeem all of the previously outstanding 3.400% Senior Notes, 2.250% Senior Notes and 4.875% |
Schedule of Maturities of Long-term Debt | The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of September 30, 2020 , which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Three Months Ending December 31, Years Ending December 31, Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2020 2021 2022 2023 2024 Thereafter Total Cash Obligations Scheduled principal payments and final maturities $ 102 (a) $ 128 $ 152 $ 3,606 $ 3,169 $ 12,296 $ 19,453 $ (149 ) $ 19,304 (a) Predominately consists of outstanding indebtedness under the Company's CP Program. Such amounts may be issued, repaid or re-issued from time to time. |
Debt Instrument Redemption [Table Text Block] | Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the nine months ended September 30, 2020 . Principal Amount Cash Paid (a) Gains (Losses) (b) 3.400% Senior Notes $ 850 $ 863 $ 13 2.250% Senior Notes 700 714 16 4.875% Senior Notes 850 913 66 Total $ 2,400 $ 2,490 $ 95 (a) Exclusive of accrued interest. (b) Inclusive of the write off of respective deferred financing costs. |
Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Interest expense on debt obligations $ 167 $ 173 $ 517 $ 509 Amortization of deferred financing costs and adjustments on long-term debt 6 5 17 15 Capitalized interest (5 ) (5 ) (13 ) (14 ) Total $ 168 $ 173 $ 521 $ 510 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 242 $ 242 $ 196 $ 196 Restricted cash, current and non-current 1 179 179 142 142 Liabilities: Total debt and other obligations 2 19,304 21,082 18,121 19,170 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (As Restated) (As Restated) Net income (loss) attributable to CCIC stockholders $ 163 $ 242 $ 548 $ 652 Dividends on preferred stock — (28 ) (57 ) (85 ) Net income (loss) attributable to CCIC common stockholders for basic and diluted computations $ 163 $ 214 $ 491 $ 567 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 427 416 420 416 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 2 2 2 2 Diluted weighted-average number of common shares outstanding 429 418 422 418 Net income (loss) attributable to CCIC common stockholders, per common share: Basic $ 0.38 $ 0.51 $ 1.17 $ 1.36 Diluted $ 0.38 $ 0.51 $ 1.17 $ 1.36 Dividends/distributions declared per share of common stock $ 1.20 $ 1.125 $ 3.60 $ 3.375 Dividends/distributions declared per share of preferred stock $ — $ 17.1875 $ 34.3750 $ 51.5625 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Dividends Declared | Declaration and Payment of Dividends During the nine months ended September 30, 2020 , the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount Common Stock February 20, 2020 March 13, 2020 March 31, 2020 $ 1.20 $ 504 (a) Common Stock May 14, 2020 June 12, 2020 June 30, 2020 $ 1.20 $ 504 (a) Common Stock August 6, 2020 September 15, 2020 September 30, 2020 $ 1.20 $ 521 (a) 6.875% Mandatory Convertible Preferred Stock December 9, 2019 January 15, 2020 February 3, 2020 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock March 12, 2020 April 15, 2020 May 1, 2020 $ 17.1875 $ 28 6.875% Mandatory Convertible Preferred Stock June 19, 2020 July 15, 2020 August 3, 2020 $ 17.1875 $ 28 (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (As Restated) Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 877 $ 462 $ 1,339 $ 856 $ 431 $ 1,287 Segment services and other revenues 142 5 147 191 4 195 Segment revenues 1,019 467 1,486 1,047 435 1,482 Segment site rental cost of operations 216 145 361 218 141 359 Segment services and other cost of operations 111 4 115 142 2 144 Segment cost of operations (a)(b) 327 149 476 360 143 503 Segment site rental gross margin 661 317 978 638 290 928 Segment services and other gross margin 31 1 32 49 2 51 Segment selling, general and administrative expenses (b) 22 42 64 23 49 72 Segment operating profit (loss) 670 276 946 664 243 907 Other selling, general and administrative expenses $ 63 63 $ 56 56 Stock-based compensation expense 33 33 29 29 Depreciation, amortization and accretion 406 406 388 388 Interest expense and amortization of deferred financing costs 168 168 173 173 Other (income) expenses to reconcile to income (loss) before income taxes (c) 108 108 14 14 Income (loss) before income taxes $ 168 $ 247 Capital expenditures $ 76 $ 287 $ 14 $ 377 $ 145 $ 382 $ 12 $ 539 Total assets (at period end) $ 22,248 $ 15,692 $ 846 $ 38,786 $ 22,078 $ 15,565 $ 678 $ 38,321 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation of $6 million and $7 million for the three months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $27 million and $22 million for the three months ended September 30, 2020 and 2019, respectively. (c) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (As Restated) Towers Fiber Other Consolidated Total Towers Fiber Other Consolidated Total Segment site rental revenues $ 2,612 $ 1,356 $ 3,968 $ 2,526 $ 1,267 $ 3,793 Segment services and other revenues 367 12 379 533 11 544 Segment revenues 2,979 1,368 4,347 3,059 1,278 4,337 Segment site rental cost of operations 648 447 1,095 647 418 1,065 Segment services and other cost of operations 311 8 319 395 6 401 Segment cost of operations (a)(b) 959 455 1,414 1,042 424 1,466 Segment site rental gross margin 1,964 909 2,873 1,879 849 2,728 Segment services and other gross margin 56 4 60 138 5 143 Segment selling, general and administrative expenses (b) 71 137 208 73 147 220 Segment operating profit (loss) 1,949 776 2,725 1,944 707 2,651 Other selling, general and administrative expenses $ 198 198 $ 168 168 Stock-based compensation expense 106 106 90 90 Depreciation, amortization and accretion 1,207 1,207 1,175 1,175 Interest expense and amortization of deferred financing costs 521 521 510 510 Other (income) expenses to reconcile to income (loss) before income taxes (c) 129 129 41 41 Income (loss) before income taxes $ 564 $ 667 Capital expenditures $ 272 $ 926 $ 40 $ 1,238 $ 402 $ 1,108 $ 27 $ 1,537 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $21 million for the nine months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $14 million and $15 million for the nine months ended September 30, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $87 million and $69 million for the nine months ended September 30, 2020 and 2019, respectively. (c) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table is a summary of the Company's supplemental cash flow information: Nine Months Ended September 30, 2020 2019 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 405 $ 409 Interest paid 564 547 Income taxes paid 13 13 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 445 327 Increase (decrease) in accounts payable for purchases of property and equipment 30 17 Purchase of property and equipment under finance leases and installment purchases 23 28 (a) Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Schedule of Cash, Cash Equivalents and Restricted Cash | The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. September 30, 2020 December 31, 2019 Cash and cash equivalents $ 242 $ 196 Restricted cash, current 174 137 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 421 $ 338 |
General Business (Details)
General Business (Details) | Sep. 30, 2020 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53.00% |
Restatement of Previously Iss_3
Restatement of Previously Issued Condensed Consolidated Financial Statements Restated condensed consolidated balance sheet (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | [1] | Dec. 31, 2018 | [1] | |
Property and equipment, net | $ 15,092 | $ 14,666 | $ 14,393 | ||||||
Total Assets | 38,786 | 38,457 | 38,321 | ||||||
Deferred revenues | 787 | 657 | 638 | ||||||
Liabilities, Current | 1,925 | 1,920 | 1,847 | ||||||
Other long-term liabilities | 2,456 | 2,516 | 2,458 | ||||||
Liabilities | 29,284 | 27,968 | 27,535 | ||||||
Dividends/distributions in excess of earnings | (8,402) | (7,365) | (7,042) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 9,502 | $ 9,826 | 10,489 | 10,786 | [1] | $ 11,013 | $ 11,571 | ||
Liabilities and Equity | $ 38,786 | $ 38,457 | 38,321 | ||||||
Previously Reported [Member] | |||||||||
Property and equipment, net | 14,416 | ||||||||
Total Assets | 38,344 | ||||||||
Deferred revenues | 525 | ||||||||
Liabilities, Current | 1,734 | ||||||||
Other long-term liabilities | 2,055 | ||||||||
Liabilities | 27,019 | ||||||||
Dividends/distributions in excess of earnings | (6,503) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,325 | ||||||||
Liabilities and Equity | 38,344 | ||||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Property and equipment, net | 0 | ||||||||
Total Assets | 0 | ||||||||
Deferred revenues | 113 | ||||||||
Liabilities, Current | 113 | ||||||||
Other long-term liabilities | 403 | ||||||||
Liabilities | 516 | ||||||||
Dividends/distributions in excess of earnings | (516) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (516) | ||||||||
Liabilities and Equity | 0 | ||||||||
Other Adjustment [Member] | |||||||||
Property and equipment, net | (23) | ||||||||
Total Assets | (23) | ||||||||
Deferred revenues | 0 | ||||||||
Liabilities, Current | 0 | ||||||||
Other long-term liabilities | 0 | ||||||||
Liabilities | 0 | ||||||||
Dividends/distributions in excess of earnings | (23) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (23) | ||||||||
Liabilities and Equity | $ (23) | ||||||||
[1] | The individual components of this column do not sum to the total due to rounding. |
Restatement of Previously Iss_4
Restatement of Previously Issued Condensed Consolidated Financial Statements Restated condensed consolidated income statement (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||||
Site Rental | $ 1,339 | $ 1,287 | $ 3,968 | $ 3,793 | |||||
Services and other | 147 | 195 | 379 | 544 | |||||
Net Revenues | 1,486 | 1,482 | 4,347 | 4,337 | |||||
Services and other | [1] | 117 | 146 | [2] | 324 | 407 | [2] | ||
Costs and Expenses | 1,052 | 1,059 | 3,166 | 3,157 | |||||
Operating Income (Loss) | 434 | 423 | 1,181 | 1,180 | |||||
Income (Loss) Attributable to Parent, before Tax | 247 | 667 | |||||||
Net income (loss) | 163 | 242 | [3] | 548 | 652 | [3] | |||
Net income (loss) | 548 | 652 | |||||||
Net Income (Loss) Available to Common Stockholders, Basic | 163 | 214 | 491 | 567 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 165 | $ 242 | $ 549 | $ 652 | |||||
Basic | $ 0.38 | $ 0.51 | $ 1.17 | $ 1.36 | |||||
Diluted | $ 0.38 | $ 0.51 | $ 1.17 | $ 1.36 | |||||
Site rental | [1] | $ 370 | $ 369 | $ 1,123 | $ 1,095 | ||||
Selling, general and administrative | 154 | 150 | 493 | 457 | |||||
Asset write-down charges | 3 | 2 | 10 | 13 | |||||
Acquisition and integration costs | 2 | 4 | 9 | 10 | |||||
Depreciation, amortization and accretion | 406 | 388 | 1,207 | 1,175 | |||||
Interest expense and amortization of deferred financing costs | 168 | 173 | 521 | 510 | |||||
Gain (Loss) on Extinguishment of Debt | (95) | 0 | (95) | [4] | (2) | ||||
Interest income | 0 | 2 | 2 | 5 | |||||
Other income (expense) | (3) | (5) | (3) | (6) | |||||
Benefit (provision) for income taxes | (5) | (5) | (16) | (15) | |||||
Dividends/distributions on preferred stock | 0 | 28 | [3],[5] | 57 | [5] | 85 | [3],[5] | ||
Foreign currency translation adjustments | 2 | 0 | 1 | 0 | |||||
Other Comprehensive Income (Loss), Net of Tax | $ 2 | [6] | $ 1 | [6] | 0 | ||||
Previously Reported [Member] | |||||||||
Site Rental | 1,260 | 3,718 | |||||||
Services and other | 254 | 700 | |||||||
Net Revenues | 1,514 | 4,418 | |||||||
Services and other | [2] | 147 | 410 | ||||||
Costs and Expenses | 1,061 | 3,161 | |||||||
Operating Income (Loss) | 453 | 1,257 | |||||||
Income (Loss) Attributable to Parent, before Tax | 277 | 744 | |||||||
Net income (loss) | 272 | 729 | |||||||
Net income (loss) | 729 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 244 | 644 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 272 | $ 729 | |||||||
Basic | $ 0.59 | $ 1.55 | |||||||
Diluted | $ 0.58 | $ 1.54 | |||||||
Depreciation, amortization and accretion | $ 389 | $ 1,176 | |||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Site Rental | 27 | 75 | |||||||
Services and other | (57) | (152) | |||||||
Net Revenues | (30) | (77) | |||||||
Services and other | [2] | 0 | 0 | ||||||
Costs and Expenses | 0 | 0 | |||||||
Operating Income (Loss) | (30) | (77) | |||||||
Income (Loss) Attributable to Parent, before Tax | (30) | (77) | |||||||
Net income (loss) | (30) | (77) | |||||||
Net income (loss) | (30) | (77) | |||||||
Net Income (Loss) Available to Common Stockholders, Basic | (30) | (77) | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (30) | $ (77) | |||||||
Basic | $ (0.08) | $ (0.19) | |||||||
Diluted | $ (0.07) | $ (0.18) | |||||||
Other Adjustment [Member] | |||||||||
Services and other | $ (2) | $ (4) | |||||||
Net Revenues | (2) | (4) | |||||||
Services and other | [2] | (1) | (3) | ||||||
Costs and Expenses | (2) | (4) | |||||||
Net income (loss) | 0 | 0 | |||||||
Depreciation, amortization and accretion | $ (1) | $ (1) | |||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||
[3] | The individual components of this column do not sum to the total due to rounding. | ||||||||
[4] | Inclusive of the write off of respective deferred financing costs. | ||||||||
[5] | See note 8 for information regarding common and preferred stock dividends declared per share. | ||||||||
[6] | See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
Restatement of Previously Iss_5
Restatement of Previously Issued Condensed Consolidated Financial Statements Restated condensed consolidated cash flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net cash provided by (used for) investing activities | $ (1,336) | $ (1,549) | ||
Net income (loss) | 548 | 652 | ||
Increase (decrease) in other liabilities | 58 | 179 | ||
Net Cash Provided by (Used in) Operating Activities | 2,070 | 1,890 | ||
Net Cash Provided by (Used in) Continuing Operations | (88) | |||
Cash, cash equivalents and restricted cash at beginning of period | 338 | 413 | ||
Cash, cash equivalents and restricted cash at end of period | $ 421 | $ 325 | 421 | 325 |
Depreciation, amortization and accretion | $ 406 | 388 | 1,207 | 1,175 |
Capital expenditures | $ (1,238) | (1,537) | ||
Previously Reported [Member] | ||||
Net cash provided by (used for) investing activities | (1,550) | |||
Net income (loss) | 729 | |||
Increase (decrease) in other liabilities | 102 | |||
Net Cash Provided by (Used in) Operating Activities | 1,891 | |||
Net Cash Provided by (Used in) Continuing Operations | (88) | |||
Cash, cash equivalents and restricted cash at beginning of period | 413 | |||
Cash, cash equivalents and restricted cash at end of period | 325 | 325 | ||
Depreciation, amortization and accretion | 389 | 1,176 | ||
Capital expenditures | (1,538) | |||
Revision of Prior Period, Adjustment [Member] | ||||
Net income (loss) | (30) | (77) | ||
Increase (decrease) in other liabilities | 77 | |||
Net Cash Provided by (Used in) Operating Activities | 0 | |||
Net Cash Provided by (Used in) Continuing Operations | 0 | |||
Cash, cash equivalents and restricted cash at beginning of period | 0 | |||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | ||
Other Adjustment [Member] | ||||
Net cash provided by (used for) investing activities | 1 | |||
Net income (loss) | 0 | 0 | ||
Increase (decrease) in other liabilities | 0 | |||
Net Cash Provided by (Used in) Operating Activities | (1) | |||
Net Cash Provided by (Used in) Continuing Operations | 0 | |||
Cash, cash equivalents and restricted cash at beginning of period | 0 | |||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | ||
Depreciation, amortization and accretion | $ (1) | (1) | ||
Capital expenditures | $ 1 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants | five to 15 years | |||
Revenue Recognition for Fiber Solutions Tenants | three to 20 years | |||
Deferred site rental receivables | $ 1,420 | $ 1,424 | ||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | |||
Revenue, Remaining Performance Obligation, Amount | $ 3,000 | $ 2,900 | ||
Revenue Recognized on Deferred Revenues | 440 | $ 390 | ||
Contracted Amounts Receivable from Customers, remaining three months | [1] | 1,166 | ||
Contracted Amounts Receivable from Customers, in Two Years | [1] | 4,260 | ||
Contracted Amounts Receivable from Customers, in Three Years | [1] | 4,019 | ||
Contracted Amounts Receivable from Customers, in Four Years | [1] | 3,377 | ||
Contracted Amounts Receivable from Customers, in Five Years | [1] | 2,650 | ||
Contracted Amounts Receivable from Customers, Thereafter | [1] | 7,929 | ||
Contracted Amounts Receivable from Customers, Total | [1] | 23,401 | ||
Other Current Assets [Member] | ||||
Deferred site rental receivables | 145 | |||
Other Noncurrent Assets [Member] | ||||
Deferred site rental receivables | $ 1,400 | |||
[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. |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | |||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 19,304 | $ 18,121 | ||
Less: current maturities and short-term debt and other current obligations | 114 | 100 | ||
Non-current portion of long-term debt and other long-term obligations | 19,190 | 18,021 | ||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 300 | |||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 700 | |||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 250 | |||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | |||
2016 Revolver [Member] | Bank Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.20% | ||
Finance Lease Obligations and Other [Member] | Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | [3] | $ 229 | 227 | |
High Yield Bonds [Member] | April 2020 Senior Notes [Domain] [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,250 | |||
High Yield Bonds [Member] | 5.250% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.30% | ||
Debt and Finance Lease Obligations | $ 1,645 | 1,644 | ||
High Yield Bonds [Member] | 4.875% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.875% | ||
Debt and Finance Lease Obligations | [4] | $ 0 | 846 | |
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.40% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.40% | ||
Debt and Finance Lease Obligations | [4] | $ 0 | 850 | |
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.50% | ||
Debt and Finance Lease Obligations | $ 894 | 893 | ||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | ||
Debt and Finance Lease Obligations | $ 745 | 744 | ||
High Yield Bonds [Member] | 2.250% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.25% | ||
Debt and Finance Lease Obligations | [4] | $ 0 | 698 | |
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.00% | ||
Debt and Finance Lease Obligations | $ 496 | 495 | ||
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.80% | ||
Debt and Finance Lease Obligations | $ 344 | 344 | ||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | ||
Debt and Finance Lease Obligations | $ 745 | 744 | ||
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 1.35% | ||
Debt and Finance Lease Obligations | [4] | $ 494 | 0 | |
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | ||
Debt and Finance Lease Obligations | $ 994 | 993 | ||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | ||
Debt and Finance Lease Obligations | $ 745 | 744 | ||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.80% | ||
Debt and Finance Lease Obligations | $ 991 | 990 | ||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.30% | ||
Debt and Finance Lease Obligations | $ 592 | 592 | ||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.20% | ||
Debt and Finance Lease Obligations | $ 395 | 395 | ||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.10% | ||
Debt and Finance Lease Obligations | $ 544 | 543 | ||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.00% | ||
Debt and Finance Lease Obligations | $ 345 | 345 | ||
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.30% | ||
Debt and Finance Lease Obligations | [5] | $ 736 | 0 | |
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,100 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.25% | ||
Debt and Finance Lease Obligations | [4] | $ 1,088 | 0 | |
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.15% | ||
Debt and Finance Lease Obligations | [5] | $ 489 | 0 | |
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 900 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.25% | ||
Debt and Finance Lease Obligations | [4] | $ 889 | 0 | |
High Yield Bonds [Member] | June 2020 Senior Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 2,500 | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | 16,032 | 14,850 | ||
Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 3,272 | 3,271 | ||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.20% | ||
Debt and Finance Lease Obligations | [6] | $ 299 | 298 | |
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | ||
Debt and Finance Lease Obligations | [6] | $ 695 | 694 | |
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.70% | ||
Debt and Finance Lease Obligations | [6] | $ 248 | 248 | |
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.20% | ||
Debt and Finance Lease Obligations | [6] | $ 743 | 742 | |
Securitized Debt [Member] | 3.849% Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.90% | ||
Debt and Finance Lease Obligations | $ 996 | 995 | ||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.00% | ||
Debt and Finance Lease Obligations | $ 62 | 67 | ||
Bank Debt [Member] | 2016 Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.30% | ||
Debt and Finance Lease Obligations | $ 2,266 | 2,310 | ||
Bank Debt [Member] | Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 0.50% | ||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Commercial Paper, net issuances | $ 75 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date Range | 30 years | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||
Minimum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date Range | one year | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 4,400 | |||
Debt and Finance Lease Obligations | $ 520 | [7] | 525 | |
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | [8] | $ 75 | $ 155 | |
Commercial Paper - Maximum Available | $ 1,000 | |||
Debt Instrument, Maturity Date, Description | 397 days | |||
[1] | See the 2019 Form 10-K, including note 9 , for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. | |||
[2] | Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread 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. | |||
[3] | 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 . | |||
[4] | In June 2020, the Company issued $2.5 billion aggregate principal amount of senior unsecured notes ("June 2020 Senior Notes"), which consisted of (1) $500 million aggregate principal amount of 1.350% senior unsecured notes due July 2025, (2) $1.1 billion aggregate principal amount of 2.250% senior unsecured notes due January 2031 and (3) $900 million aggregate principal amount of 3.250% senior unsecured notes due January 2051. In July 2020, the Company used the net proceeds of the June 2020 Senior Notes offering, together with available cash, to redeem all of the previously outstanding 3.400% Senior Notes, 2.250% Senior Notes and 4.875% | |||
[5] | In April 2020, the Company issued $1.25 billion aggregate principal amount of senior unsecured notes ("April 2020 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.300% senior unsecured notes due July 2030 and (2) $500 million aggregate principal amount of 4.150% senior unsecured notes due July 2050. The company used the net proceeds of the April 2020 Senior Notes offering to repay outstanding indebtedness under the 2016 Revolver. | |||
[6] | If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2020, 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. | |||
[7] | As of September 30, 2020 , the undrawn availability under the 2016 Revolver was $4.4 billion . | |||
[8] | Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes 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 maturities of the 2019 Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. 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. As of September 30, 2020 , the Company had net issuances of $75 million under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt and Other Obligations [Abstract] | ||||
Interest Expense, Debt, Excluding Amortization | $ 167 | $ 173 | $ 517 | $ 509 |
Amortization of deferred financing costs and adjustments on long-term debt | 6 | 5 | 17 | 15 |
Capitalized interest | (5) | (5) | (13) | (14) |
Interest expense and amortization of deferred financing costs | $ 168 | $ 173 | $ 521 | $ 510 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
Long-Term Debt, Maturity, remaining three months | [1] | $ 102 | |
Long-Term Debt, Maturity, Year Two | 128 | ||
Long-Term Debt, Maturity, Year Three | 152 | ||
Long-Term Debt, Maturity, Year Four | 3,606 | ||
Long-Term Debt, Maturity, Year Five | 3,169 | ||
Long-Term Debt, Maturity, after Year Five | 12,296 | ||
Total Cash Obligations | 19,453 | ||
Unamortized Adjustments, Net | (149) | ||
Debt and Finance Lease Obligations | $ 19,304 | $ 18,121 | |
[1] | Predominately consists of outstanding indebtedness under the Company's CP Program. Such amounts may be issued, repaid or re-issued from time to time. |
Debt and Other Obligations Exti
Debt and Other Obligations Extinguishment of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | $ 2,400 | |||||
Cash paid | [1] | 2,490 | ||||
Gains (losses) on retirement of long-term obligations | $ 95 | $ 0 | 95 | [2] | $ 2 | |
3.400% Senior Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | 850 | |||||
Cash paid | [1] | 863 | ||||
Gains (losses) on retirement of long-term obligations | [2] | 13 | ||||
2.250% Senior Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | 700 | |||||
Cash paid | [1] | 714 | ||||
Gains (losses) on retirement of long-term obligations | [2] | 16 | ||||
4.875% Senior Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | 850 | |||||
Cash paid | [1] | 913 | ||||
Gains (losses) on retirement of long-term obligations | [2] | $ 66 | ||||
[1] | Exclusive of accrued interest. | |||||
[2] | Inclusive of the write off of respective deferred financing costs. |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Cash and cash equivalents, at carrying value | $ 242 | $ 196 |
Cash and cash equivalents, fair value | 242 | 196 |
Restricted Cash | 179 | 142 |
Restricted Cash Fair Value Disclosure | 142 | |
Long-term debt and other obligations, carrying amount | 19,304 | 18,121 |
Long-term debt and other obligations, fair value | $ 21,082 | $ 19,170 |
Per Share Information (Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Earnings Per Share [Abstract] | |||||||
Net income (loss) | $ 163 | $ 242 | [1] | $ 548 | $ 652 | [1] | |
Dividends/distributions on preferred stock | 0 | (28) | [1],[2] | (57) | [2] | (85) | [1],[2] |
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 163 | $ 214 | $ 491 | $ 567 | |||
Basic weighted-average number of common stock outstanding | 427 | 416 | 420 | 416 | |||
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 2 | 2 | 2 | 2 | |||
Diluted weighted-average number of common shares outstanding | 429 | 418 | 422 | 418 | |||
Basic | $ 0.38 | $ 0.51 | $ 1.17 | $ 1.36 | |||
Diluted | 0.38 | 0.51 | 1.17 | 1.36 | |||
Dividends/distributions declared per share of common stock (in dollars per share) | 1.20 | 1.125 | 3.60 | 3.375 | |||
Dividends/distributions declared per share of preferred stock | $ 0 | $ 17.1875 | $ 34.3750 | $ 51.5625 | |||
[1] | The individual components of this column do not sum to the total due to rounding. | ||||||
[2] | See note 8 for information regarding common and preferred stock dividends declared per share. |
Per Share Information Stock Iss
Per Share Information Stock Issued During Period, Restricted Stock Award (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2020shares | |
Restricted stock units granted [Abstract] | |
Restricted stock award granted | 1 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2020 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Dividends Payable [Line Items] | ||||||||
Conversion factor, 6.785% Mandatory Convertible Preferred Stock | 8.8043 | |||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 17.1875 | $ 17.1875 | $ 17.1875 | |||||
Common Stock, Dividends, Per Share, Cash Paid | [1] | $ 1.20 | $ 1.20 | $ 1.20 | ||||
Dividends, Common Stock, Cash | [1] | $ 521 | $ 504 | $ 504 | ||||
Dividends, Preferred Stock, Cash | $ 28 | $ 28 | $ 28 | |||||
Common stock repurchased during period, shares | 500,000 | |||||||
Purchases of Common Stock | $ (75) | $ (44) | ||||||
Availability Under ATM | $ 750 | $ 750 | ||||||
6.875% Mandatory Convertible Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Conversion of preferred stock to common stock | 2,000,000 | 2,000,000 | ||||||
Common Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Conversion of Stock, Shares Issued | 14,000,000 | |||||||
Dividends Payable, Date Declared | [1] | Aug. 6, 2020 | Feb. 20, 2020 | May 14, 2020 | ||||
Dividends Payable, Date of Record | [1] | Sep. 15, 2020 | Mar. 13, 2020 | Jun. 12, 2020 | ||||
Dividends Payable, Date to be Paid | [1] | Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | ||||
Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Payable, Date Declared | Mar. 12, 2020 | Dec. 9, 2019 | Jun. 19, 2020 | |||||
Dividends Payable, Date of Record | Apr. 15, 2020 | Jan. 15, 2020 | Jul. 15, 2020 | |||||
Dividends Payable, Date to be Paid | May 1, 2020 | Feb. 3, 2020 | Aug. 3, 2020 | |||||
[1] | Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |
Operating Segments Operating _2
Operating Segments Operating Segments Table (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | ||||||
Segment Reporting Information [Line Items] | |||||||||||
Tower Count | 40,000 | 40,000 | |||||||||
Fiber Miles | 80,000 | 80,000 | |||||||||
Amortization of prepaid lease purchase price adjustments | $ 5 | $ 14 | $ 15 | ||||||||
Site Rental | 1,339 | $ 1,287 | 3,968 | 3,793 | |||||||
Services and other | 147 | 195 | 379 | 544 | |||||||
Segment Revenues | 1,486 | 1,482 | 4,347 | 4,337 | |||||||
Segment site rental cost of operations | [1] | 370 | 369 | 1,123 | 1,095 | ||||||
Services and other | [1] | 117 | 146 | [2] | 324 | 407 | [2] | ||||
Segment selling, general and administrative expenses | 154 | 150 | 493 | 457 | |||||||
Stock-based compensation expense | 108 | 91 | |||||||||
Depreciation, Amortization and Accretion, Net | 406 | 388 | 1,207 | 1,175 | |||||||
Interest expense and amortization of deferred financing costs | 168 | 173 | 521 | 510 | |||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 168 | 247 | 564 | 667 | |||||||
Capital expenditures | 1,238 | 1,537 | |||||||||
Total Assets | 38,786 | 38,321 | 38,786 | 38,321 | $ 38,457 | ||||||
Segment cost of operations share-based compensation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 6 | 7 | 19 | 21 | |||||||
Towers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 877 | 856 | 2,612 | 2,526 | |||||||
Services and other | 142 | 191 | 367 | 533 | |||||||
Segment Revenues | 1,019 | 1,047 | 2,979 | 3,059 | |||||||
Segment site rental cost of operations | 216 | 218 | 648 | 647 | |||||||
Services and other | 111 | 142 | 311 | 395 | |||||||
Segment cost of operations | [4] | 327 | [3] | 360 | [3] | 959 | [5] | 1,042 | [5] | ||
Segment site rental gross margin | 661 | 638 | 1,964 | 1,879 | |||||||
Segment services gross margin | 31 | 49 | 56 | 138 | |||||||
Segment selling, general and administrative expenses | 22 | [3] | 23 | [3] | 71 | [5] | 73 | [5] | |||
Segment Operating Profit | 670 | 664 | 1,949 | 1,944 | |||||||
Capital expenditures | 76 | 145 | 272 | 402 | |||||||
Total Assets | 22,248 | 22,248 | $ 22,078 | ||||||||
Fiber [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 462 | 431 | 1,356 | 1,267 | |||||||
Services and other | 5 | 4 | 12 | 11 | |||||||
Segment Revenues | 467 | 435 | 1,368 | 1,278 | |||||||
Segment site rental cost of operations | 145 | 141 | 447 | 418 | |||||||
Services and other | 4 | 2 | 8 | 6 | |||||||
Segment cost of operations | [4] | 149 | [3] | 143 | [3] | 455 | [5] | 424 | [5] | ||
Segment site rental gross margin | 317 | 290 | 909 | 849 | |||||||
Segment services gross margin | 1 | 2 | 4 | 5 | |||||||
Segment selling, general and administrative expenses | 42 | [3] | 49 | [3] | 137 | [5] | 147 | [5] | |||
Segment Operating Profit | 276 | 243 | 776 | 707 | |||||||
Capital expenditures | 287 | 382 | 926 | 1,108 | |||||||
Total Assets | 15,692 | 15,692 | 15,565 | ||||||||
Consolidated Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 1,339 | 1,287 | 3,968 | 3,793 | |||||||
Services and other | 147 | 195 | 379 | 544 | |||||||
Segment Revenues | 1,486 | 1,482 | 4,347 | 4,337 | |||||||
Segment site rental cost of operations | 361 | 359 | 1,095 | 1,065 | |||||||
Services and other | 115 | 144 | 319 | 401 | |||||||
Segment cost of operations | [4] | 476 | [3] | 503 | [3] | 1,414 | [5] | 1,466 | [5] | ||
Segment site rental gross margin | 978 | 928 | 2,873 | 2,728 | |||||||
Segment services gross margin | 32 | 51 | 60 | 143 | |||||||
Segment selling, general and administrative expenses | 64 | [3] | 72 | [3] | 208 | [5] | 220 | [5] | |||
Segment Operating Profit | 946 | 907 | 2,725 | 2,651 | |||||||
Stock-based compensation expense | 33 | 29 | 106 | 90 | |||||||
Depreciation, Amortization and Accretion, Net | 406 | 388 | 1,207 | 1,175 | |||||||
Interest expense and amortization of deferred financing costs | 168 | 173 | 521 | 510 | |||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [6] | 108 | 14 | 129 | 41 | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 168 | 247 | 564 | 667 | |||||||
Capital expenditures | 377 | 539 | 1,238 | 1,537 | |||||||
Total Assets | 38,786 | 38,786 | 38,321 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment selling, general and administrative expenses | 63 | 56 | 198 | 168 | |||||||
Segment Operating Profit | |||||||||||
Stock-based compensation expense | 33 | 29 | 106 | 90 | |||||||
Depreciation, Amortization and Accretion, Net | 406 | 388 | 1,207 | 1,175 | |||||||
Interest expense and amortization of deferred financing costs | 168 | 173 | 521 | 510 | |||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [6] | 108 | 14 | 129 | 41 | ||||||
Capital expenditures | 14 | 12 | 40 | 27 | |||||||
Total Assets | 846 | 846 | $ 678 | ||||||||
Segment G&A share-based compensation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | $ 27 | $ 22 | $ 87 | $ 69 | |||||||
[1] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||
[2] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||
[3] | Segment cost of operations excludes (1) stock-based compensation of $6 million and $7 million for the three months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended September 30, 2020 and 2019. Selling, general and administrative expenses exclude stock-based compensation expense of $27 million and $22 million for the three months ended September 30, 2020 and 2019, respectively. | ||||||||||
[4] | Exclusive of depreciation, amortization and accretion shown separately. | ||||||||||
[5] | Segment cost of operations excludes (1) stock-based compensation expense of $19 million and $21 million for the nine months ended September 30, 2020 and 2019, respectively, and (2) prepaid lease purchase price adjustments of $14 million and $15 million for the nine months ended September 30, 2020 and 2019, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $87 million and $69 million for the nine months ended September 30, 2020 and 2019, respectively. | ||||||||||
[6] | See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Supplemental Cash Flow Information [Abstract] | |||
Cash payments related to operating lease liabilities | [1] | $ 405 | $ 409 |
Interest Paid | 564 | 547 | |
Income Taxes Paid | 13 | 13 | |
New ROU assets obtained in exchange for operating lease liabilities | 445 | 327 | |
Increase (decrease) in accounts payable for purchases of property and equipment | 30 | 17 | |
Purchase of property and equipment under capital leases and installment purchases | $ 23 | $ 28 | |
[1] | Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 242 | $ 196 | ||
Restricted cash | 174 | 137 | ||
Restricted Cash, Noncurrent | 5 | 5 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 421 | $ 338 | $ 325 | $ 413 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Subsequent Event [Line Items] | ||||
Dividends/distributions declared per share of common stock (in dollars per share) | $ 1.20 | $ 1.125 | $ 3.60 | $ 3.375 |
Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends/distributions declared per share of common stock (in dollars per share) | $ 1.33 |