Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-16441 | |
Entity Registrant Name | CROWN CASTLE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0470458 | |
Entity Address, Address Line One | 8020 Katy Freeway | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77024 | |
City Area Code | 713 | |
Local Phone Number | 570-3000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 433,048,001 | |
Entity Central Index Key | 0001051470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 174 | $ 292 |
Restricted cash, current | 168 | 169 |
Receivables, net | 535 | 543 |
Prepaid expenses | 111 | 105 |
Other current assets | 194 | 145 |
Assets, Current, Total | 1,182 | 1,254 |
Deferred site rental receivables | 1,880 | 1,588 |
Property and equipment, net of accumulated depreciation of $12,780 and $11,937, respectively | 15,265 | 15,269 |
Operating lease right-of-use assets | 6,613 | 6,682 |
Goodwill | 10,087 | 10,078 |
Other intangible assets, net | 3,699 | 4,046 |
Other assets, net | 135 | 123 |
Assets, Total | 38,861 | 39,040 |
Liabilities, Current [Abstract] | ||
Accounts payable | 229 | 246 |
Accrued interest | 119 | 182 |
Deferred revenues | 686 | 776 |
Other accrued liabilities | 387 | 401 |
Current maturities of debt and other obligations | 819 | 72 |
Current portion of operating lease liabilities | 344 | 349 |
Liabilities, Current, Total | 2,584 | 2,026 |
Debt and other long-term obligations | 20,664 | 20,557 |
Operating lease liabilities | 5,941 | 6,031 |
Other long-term liabilities | 1,993 | 2,168 |
Liabilities, Total | $ 31,182 | $ 30,782 |
Common stock, par value | $ 0.01 | $ 0.01 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $ 4 | $ 4 |
Additional Paid in Capital | 18,087 | 18,011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7) | (4) |
Retained Earnings (Accumulated Deficit) | (10,405) | (9,753) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 7,679 | 8,258 |
Liabilities and Equity, Total | $ 38,861 | $ 39,040 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract] | ||
Accumulated depreciation, property and equipment | $ 12,780 | $ 11,937 |
Common stock, shares outstanding | 433 | 432 |
Common stock, shares authorized | 1,200 | 1,200 |
Common stock, par value | $ 0.01 | $ 0.01 |
Cash and cash equivalents | $ 174 | $ 292 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||||
Net revenues: | ||||||||
Site Rental | $ 1,568 | $ 1,451 | $ 4,711 | $ 4,245 | ||||
Services and other | 178 | 167 | 511 | 441 | ||||
Net Revenues | 1,746 | 1,618 | 5,222 | 4,686 | ||||
Operating expenses: | ||||||||
Site rental | [1] | 405 | 397 | 1,204 | 1,168 | |||
Services and other | [1] | 119 | 115 | 344 | 301 | |||
Selling, general and administrative | 187 | 167 | 558 | 500 | ||||
Asset write-down charges | 3 | 0 | 26 | 9 | ||||
Acquisition and integration costs | 0 | 0 | 1 | 1 | ||||
Depreciation, amortization and accretion | 430 | 413 | 1,276 | 1,229 | ||||
Total operating expenses | 1,144 | 1,092 | 3,409 | 3,208 | ||||
Operating income (loss) | 602 | 526 | 1,813 | 1,478 | ||||
Interest expense and amortization of deferred financing costs | (177) | (163) | (506) | (493) | ||||
Gains (losses) on retirement of long-term obligations | (2) | (1) | (28) | [2] | (145) | |||
Interest income | 1 | 0 | 1 | 1 | ||||
Other income (expense) | (2) | (4) | (5) | (16) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 422 | 358 | 1,275 | 825 | ||||
Benefit (provision) for income taxes | (3) | (7) | (14) | (20) | ||||
Income (loss) from continuing operations | 419 | 351 | 1,261 | 805 | ||||
Net gain (loss) from disposal of discontinued operations, net of tax | 0 | 0 | 0 | (62) | ||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (62) | ||||
Net income (loss) | 419 | 351 | 1,261 | 743 | ||||
Foreign currency translation adjustments | (2) | [3] | $ (1) | [3] | (3) | [3] | 1 | |
Total other comprehensive income (loss) | $ (2) | $ (3) | $ 1 | |||||
Income (loss) from continuing operations, per share - basic | $ 0.97 | $ 0.81 | $ 2.91 | $ 1.86 | ||||
Income (loss) from discontinued operations, per share - basic | 0 | 0 | 0 | (0.14) | ||||
Income (loss) from continuing operations, per share - diluted | 0.97 | 0.81 | 2.91 | 1.85 | ||||
Income (loss) from discontinued operations, per share - diluted | $ 0 | $ 0 | $ 0 | $ (0.14) | ||||
Weighted-average common shares outstanding, basic | 433 | 432 | 433 | 432 | ||||
Weighted-average common shares outstanding, diluted | 434 | 434 | 434 | 434 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 417 | $ 350 | $ 1,258 | $ 744 | ||||
[1]Exclusive of depreciation, amortization and accretion shown separately.[2]Inclusive of the write off of respective deferred financing costs.[3]See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Cash flows from operating activities: | |||
Income (loss) from continuing operations | $ 1,261 | $ 805 | |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||
Depreciation, amortization and accretion | 1,276 | 1,229 | |
Gains (losses) on retirement of long-term obligations | 28 | [1] | 145 |
Amortization of deferred financing costs and other non-cash interest, net | 10 | 9 | |
Stock-based compensation expense | 120 | 100 | |
Asset write-down charges | 26 | 9 | |
Deferred income tax (benefit) provision | 2 | 4 | |
Other non-cash adjustments, net | 6 | 18 | |
Changes in assets and liabilities, excluding the effects of acquisitions: | |||
Increase (decrease) in accrued interest | (63) | (59) | |
Increase (decrease) in accounts payable | (10) | 16 | |
Increase (decrease) in other liabilities | (256) | (57) | |
Decrease (increase) in receivables | 8 | (62) | |
Decrease (increase) in other assets | (370) | (102) | |
Net cash provided by (used for) operating activities | 2,038 | 2,055 | |
Cash flows from investing activities: | |||
Capital expenditures | (921) | (892) | |
Payments for acquisitions, net of cash acquired | (15) | (27) | |
Other investing activities, net | (10) | 8 | |
Net cash provided by (used for) investing activities | (946) | (911) | |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 748 | 3,985 | |
Principal payments on debt and other long-term obligations | (55) | (1,057) | |
Purchases and redemptions of long-term debt | (1,274) | (2,089) | |
Borrowings under revolving credit facility | 2,625 | 580 | |
Payments under revolving credit facility | (2,580) | (870) | |
Net issuances (repayments) under commercial paper program | 1,329 | 380 | |
Payments for financing costs | (14) | (43) | |
Purchases of common stock | (64) | (69) | |
Dividends/distributions paid on common stock | (1,924) | (1,738) | |
Net cash provided by (used for) financing activities | (1,209) | (921) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (117) | 223 | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (62) | |
Net Cash Provided by (Used in) Discontinued Operations | 0 | (62) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (2) | 0 | |
Cash, cash equivalents and restricted cash at beginning of period | 466 | 381 | |
Cash, cash equivalents and restricted cash at end of period | $ 347 | $ 542 | |
[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] | 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, 2020 | 431 | ||||||
Balance, value Period Start at Dec. 31, 2020 | $ 9,461 | $ 4 | $ 17,933 | $ (4) | $ (8,472) | ||
Stock-based compensation related activity, net of forfeitures, value | 118 | $ 1 | 118 | ||||
Purchases and retirement of common stock, value | (69) | (69) | |||||
Common stock dividends/distributions | (1,738) | 1,738 | |||||
Net income (loss) | 743 | 743 | |||||
Balance, shares Period End at Sep. 30, 2021 | 432 | ||||||
Balance, value Period End at Sep. 30, 2021 | 8,516 | $ 4 | 17,982 | (3) | (9,467) | ||
Total other comprehensive income (loss) | 1 | 1 | |||||
Foreign currency translation adjustments | 1 | ||||||
Balance, shares Period Start at Jun. 30, 2021 | 432 | ||||||
Balance, value Period Start at Jun. 30, 2021 | 8,713 | $ 4 | 17,951 | (2) | (9,240) | ||
Stock-based compensation related activity, net of forfeitures, value | 32 | $ 0 | 32 | ||||
Purchases and retirement of common stock, value | (1) | (1) | |||||
Common stock dividends/distributions | [1] | (578) | 578 | ||||
Net income (loss) | 351 | 351 | |||||
Balance, shares Period End at Sep. 30, 2021 | 432 | ||||||
Balance, value Period End at Sep. 30, 2021 | 8,516 | $ 4 | 17,982 | (3) | (9,467) | ||
Total other comprehensive income (loss) | [2] | (1) | |||||
Foreign currency translation adjustments | [2] | $ (1) | |||||
Balance, shares Period Start at Dec. 31, 2021 | 432 | 432 | |||||
Balance, value Period Start at Dec. 31, 2021 | $ 8,258 | $ 4 | 18,011 | (4) | (9,753) | ||
Stock-based compensation related activity, net of forfeitures, value | 140 | $ 1 | 140 | ||||
Purchases and retirement of common stock, value | (64) | (64) | |||||
Common stock dividends/distributions | [1] | (1,913) | 1,913 | ||||
Net income (loss) | $ 1,261 | 1,261 | |||||
Balance, shares Period End at Sep. 30, 2022 | 433 | 433 | |||||
Balance, value Period End at Sep. 30, 2022 | $ 7,679 | $ 4 | 18,087 | (7) | (10,405) | ||
Total other comprehensive income (loss) | (3) | (3) | [2] | ||||
Foreign currency translation adjustments | [2] | (3) | |||||
Balance, shares Period Start at Jun. 30, 2022 | 433 | ||||||
Balance, value Period Start at Jun. 30, 2022 | 7,861 | $ 4 | 18,050 | (5) | (10,188) | ||
Stock-based compensation related activity, net of forfeitures, value | 38 | 38 | |||||
Purchases and retirement of common stock, value | (1) | (1) | |||||
Common stock dividends/distributions | [1] | (636) | 636 | ||||
Net income (loss) | $ 419 | 419 | |||||
Balance, shares Period End at Sep. 30, 2022 | 433 | 433 | |||||
Balance, value Period End at Sep. 30, 2022 | $ 7,679 | $ 4 | $ 18,087 | (7) | $ (10,405) | ||
Total other comprehensive income (loss) | (2) | $ (2) | [2] | ||||
Foreign currency translation adjustments | [2] | $ (2) | |||||
[1]See notes 7 and 9 for information regarding common stock dividends declared per share.[2]See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
General
General | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021, and related notes thereto, included in the 2021 Form 10-K filed by Crown Castle Inc. ("CCI") (formerly, Crown Castle International Corp.) 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 2021 Form 10-K. References to the "Company" refer to CCI 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 10. 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 6. Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the condensed consolidated financial position of the Company at September 30, 2022, the condensed consolidated results of operations for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated cash flows for the nine months ended September 30, 2022 and 2021. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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, 2022 | |
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 tenant contract. When calculating its 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 $116 million included in "Other current assets" and non-current amounts of $1.9 billion included in "Deferred site rental receivables" as of September 30, 2022. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. 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 these 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 on the Company's condensed consolidated statement of operations. 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 As of January 1, 2022 and September 30, 2022, $2.6 billion and $2.4 billion, respectively, of unrecognized revenue was reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the nine months ended September 30, 2022, approximately $495 million of the January 1, 2022 unrecognized revenue balance was recognized as revenue. During the nine months ended September 30, 2021, approximately $455 million of the January 1, 2021 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, 2022. Three Months Ending December 31, Years Ending December 31, 2022 2023 2024 2025 2026 Thereafter Total Contracted amounts (a) $ 1,208 $ 4,760 $ 4,338 $ 4,010 $ 3,929 $ 22,736 $ 40,981 (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. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Cash and cash equivalents 1 $ 174 $ 174 $ 292 $ 292 Restricted cash, current and non-current 1 173 173 174 174 Liabilities: Total debt and other obligations 2 21,483 18,926 20,629 21,588 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021, 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, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Information | Per Share InformationBasic net income (loss), per common share, excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. For the three and nine months ended September 30, 2022 and 2021, diluted net income (loss), per common share, is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon the vesting of restricted stock units as determined under the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Income (loss) from continuing operations for basic and diluted computations $ 419 $ 351 $ 1,261 $ 805 Income (loss) from discontinued operations, net of tax — — — (62) Net income (loss) $ 419 $ 351 $ 1,261 $ 743 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 433 432 433 432 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 1 2 1 2 Diluted weighted-average number of common shares outstanding 434 434 434 434 Net income (loss), per common share: Income (loss) from continuing operations, basic $ 0.97 $ 0.81 $ 2.91 $ 1.86 Income (loss) from discontinued operations, basic — — — (0.14) Net income (loss)—basic $ 0.97 $ 0.81 $ 2.91 $ 1.72 Income (loss) from continuing operations, diluted $ 0.97 $ 0.81 $ 2.91 $ 1.85 Income (loss) from discontinued operations, diluted — — — (0.14) Net income (loss)—diluted $ 0.97 $ 0.81 $ 2.91 $ 1.71 Dividends/distributions declared per share of common stock $ 1.47 $ 1.33 $ 4.41 $ 3.99 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. Other Matters |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity Declaration and Payment of Dividends During the nine months ended September 30, 2022, the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (a) Common Stock February 8, 2022 March 15, 2022 March 31, 2022 $ 1.47 $ 639 Common Stock May 9, 2022 June 15, 2022 June 30, 2022 $ 1.47 $ 638 Common Stock July 25, 2022 September 15, 2022 September 30, 2022 $ 1.47 $ 636 (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 12 for a discussion of the Company's common stock dividend declared in October 2022. Purchases of the Company's Common Stock For the nine months ended September 30, 2022, the Company purchased 0.4 million shares of its common stock utilizing $64 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. 2021 "At-the-Market" Stock Offering Program In March 2021, 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 ("2021 ATM Program"). Sales under the 2021 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 the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2021 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 2021 ATM Program. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2022 | |
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 more than 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 85,000 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 costs of operations, excluding stock-based compensation expense and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations. The Company defines segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense recorded in consolidated services and other costs of operations. The Company defines segment operating profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, 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, 2022 and 2021. 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, interest income, other income (expense), income (loss) from discontinued Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 1,084 $ 484 $ 1,568 $ 972 $ 479 $ 1,451 Segment services and other revenues 175 3 178 162 5 167 Segment revenues 1,259 487 1,746 1,134 484 1,618 Segment site rental costs of operations 230 166 396 227 163 390 Segment services and other costs of operations 114 3 117 108 4 112 Segment costs of operations (a)(b) 344 169 513 335 167 502 Segment site rental gross margin 854 318 1,172 745 316 1,061 Segment services and other gross margin 61 — 61 54 1 55 Segment selling, general and administrative expenses (b) 28 47 75 27 44 71 Segment operating profit (loss) 887 271 1,158 772 273 1,045 Other selling, general and administrative expenses (b) $ 81 81 $ 69 69 Stock-based compensation expense 38 38 33 33 Depreciation, amortization and accretion 430 430 413 413 Interest expense and amortization of deferred financing costs 177 177 163 163 Other (income) expenses to reconcile to income (loss) before income taxes (c) 10 10 9 9 Income (loss) before income taxes $ 422 $ 358 Capital expenditures $ 45 $ 277 $ 15 $ 337 $ 46 $ 229 $ 8 $ 283 Total assets (at period end) $ 22,226 $ 15,914 $ 721 $ 38,861 $ 22,239 $ 15,813 $ 952 $ 39,004 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation of $7 million and $6 million for the three months ended September 30, 2022 and 2021, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended September 30, 2022 and 2021. Selling, general and administrative expenses exclude stock-based compensation expense of $31 million and $27 million for the three months ended September 30, 2022 and 2021, respectively. (c) See condensed consolidated statement of operations for further information. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 3,237 $ 1,474 $ 4,711 $ 2,819 $ 1,426 $ 4,245 Segment services and other revenues 502 9 511 427 14 441 Segment revenues 3,739 1,483 5,222 3,246 1,440 4,686 Segment site rental costs of operations 689 490 1,179 659 485 1,144 Segment services and other costs of operations 329 7 336 285 10 295 Segment costs of operations (a)(b) 1,018 497 1,515 944 495 1,439 Segment site rental gross margin 2,548 984 3,532 2,160 941 3,101 Segment services and other gross margin 173 2 175 142 4 146 Segment selling, general and administrative expenses (b) 84 140 224 78 133 211 Segment operating profit (loss) 2,637 846 3,483 2,224 812 3,036 Other selling, general and administrative expenses (b) $ 234 234 $ 205 205 Stock-based compensation expense 121 121 100 100 Depreciation, amortization and accretion 1,276 1,276 1,229 1,229 Interest expense and amortization of deferred financing costs 506 506 493 493 Other (income) expenses to reconcile to income (loss) before income taxes (c) 71 71 184 184 Income (loss) before income taxes $ 1,275 $ 825 Capital expenditures $ 137 $ 746 $ 38 $ 921 $ 160 $ 701 $ 31 $ 892 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense of $21 million and $16 million for the nine months ended September 30, 2022 and 2021, respectively, and (2) prepaid lease purchase price adjustments of $12 million and $14 million for the nine months ended September 30, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $100 million and $84 million for the nine months ended September 30, 2022 and 2021, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [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, 2022 2021 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 420 $ 414 Interest paid 559 542 Income taxes paid 10 17 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 162 456 Increase (decrease) in accounts payable for purchases of property and equipment (7) (13) Purchase of property and equipment under finance leases and installment purchases 17 22 (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, 2022 December 31, 2021 Cash and cash equivalents $ 174 $ 292 Restricted cash, current 168 169 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 347 $ 466 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Common Stock Dividend On October 18, 2022, the Company's board of directors declared a quarterly cash dividend of $1.565 per common share. The quarterly dividend will be payable on December 30, 2022 to common stockholders of record as of December 15, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the nine months ended September 30, 2022 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 (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | 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, 2022. Three Months Ending December 31, Years Ending December 31, 2022 2023 2024 2025 2026 Thereafter Total Contracted amounts (a) $ 1,208 $ 4,760 $ 4,338 $ 4,010 $ 3,929 $ 22,736 $ 40,981 (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, 2022 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | The table below sets forth the Company's debt and other obligations as of September 30, 2022. Original Final Maturity Date (a) Balance as of September 30, 2022 Balance as of Stated Interest Rate as of September 30, 2022 (a) 3.849% Secured Notes Dec. 2012 Apr. 2023 (h) $ — $ 998 N/A Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 48 53 9.0 % Tower Revenue Notes, Series 2018-1 July 2018 July 2043 (h) — 249 N/A Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (b) 697 696 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (b) 745 744 4.2 % Finance leases and other obligations Various Various (c) 239 242 Various (c) Total secured debt $ 1,729 $ 2,982 2016 Revolver Jan. 2016 July 2027 (e) $ 710 (d) $ 665 4.1 % (e) 2016 Term Loan A Jan. 2016 July 2027 (e) 1,199 1,222 3.8 % (e) Commercial Paper Notes Various (f) Various (f) 1,594 (f) 265 3.8 % 3.150% Senior Notes Jan. 2018 July 2023 749 747 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 748 747 3.2 % 1.350% Senior Notes June 2020 July 2025 496 496 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 896 895 4.5 % 3.700% Senior Notes May 2016 June 2026 747 746 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 992 990 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 497 496 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 (g) 742 — 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 995 995 3.7 % 3.800% Senior Notes Jan. 2018 Feb. 2028 993 992 3.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 594 593 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 545 545 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 739 738 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 1,090 1,089 2.3 % 2.100% Senior Notes Feb. 2021 Apr. 2031 988 988 2.1 % 2.500% Senior Notes June 2021 July 2031 741 741 2.5 % 2.900% Senior Notes Feb. 2021 Apr. 2041 1,233 1,233 2.9 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 396 395 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 346 345 4.0 % 4.150% Senior Notes Apr. 2020 July 2050 490 490 4.2 % 3.250% Senior Notes June 2020 Jan. 2051 890 890 3.3 % Total unsecured debt $ 19,754 $ 17,647 Total debt and other obligations 21,483 20,629 Less: current maturities of debt and other obligations 819 72 Non-current portion of debt and other long-term obligations $ 20,664 $ 20,557 (a) See the 2021 Form 10-K, including note 7 to the consolidated financial statements, 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, 2022, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 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 25 years. (d) As of September 30, 2022, the undrawn availability under the 2016 Revolver was $6.3 billion. (e) In July 2022, the Company entered into an amendment to the Credit Agreement governing the Company's 2016 Credit Facility ("2022 Credit Agreement Amendment") that provided for, among other things, (1) the extension of the maturity date of the 2016 Credit Facility from June 2026 to July 2027, (2) an increase to the aggregate commitments under the 2016 Revolver from $5.0 billion to $7.0 billion, (3) certain modifications to a specified sustainability metric and (4) the replacement of the LIBOR pricing benchmark with a Term SOFR pricing benchmark. Both the 2016 Revolver and 2016 Term Loan A bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) 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 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2021 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (f) In March 2022, the Company increased the size of its CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding. Notes under the CP Program may be issued, repaid and re-issued from time to time. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 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, 2022, the Company had net issuances of $1.6 billion 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 March 2022, the Company issued $750 million aggregate principal amount of 2.900% senior unsecured notes due 2027 ("March 2022 Senior Notes"). The Company used the net proceeds from the March 2022 Senior Notes offering to repay a portion of the outstanding indebtedness under its CP Program and pay related fees and expenses. |
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, 2022, 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, Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2022 2023 2024 2025 2026 Thereafter Scheduled principal payments and final maturities $ 1,614 (a) $ 819 $ 830 $ 591 $ 2,770 $ 15,017 $ 21,641 $ (158) $ 21,483 |
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, 2022. Principal Amount Cash Paid (a) Gains (Losses) (b) Tower Revenue Notes, Series 2018-1 $ 250 $ 252 $ (3) 3.849% Secured Notes 1,000 1,022 (23) 2016 Revolver — — (2) Total $ 1,250 $ 1,274 $ (28) (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, 2022 2021 2022 2021 Interest expense on debt obligations $ 174 $ 160 $ 496 $ 484 Amortization of deferred financing costs and adjustments on long-term debt, net 6 6 19 19 Capitalized interest (3) (3) (9) (10) Total $ 177 $ 163 $ 506 $ 493 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Cash and cash equivalents 1 $ 174 $ 174 $ 292 $ 292 Restricted cash, current and non-current 1 173 173 174 174 Liabilities: Total debt and other obligations 2 21,483 18,926 20,629 21,588 |
Per Share Information (Tables)
Per Share Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 Income (loss) from continuing operations for basic and diluted computations $ 419 $ 351 $ 1,261 $ 805 Income (loss) from discontinued operations, net of tax — — — (62) Net income (loss) $ 419 $ 351 $ 1,261 $ 743 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 433 432 433 432 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units 1 2 1 2 Diluted weighted-average number of common shares outstanding 434 434 434 434 Net income (loss), per common share: Income (loss) from continuing operations, basic $ 0.97 $ 0.81 $ 2.91 $ 1.86 Income (loss) from discontinued operations, basic — — — (0.14) Net income (loss)—basic $ 0.97 $ 0.81 $ 2.91 $ 1.72 Income (loss) from continuing operations, diluted $ 0.97 $ 0.81 $ 2.91 $ 1.85 Income (loss) from discontinued operations, diluted — — — (0.14) Net income (loss)—diluted $ 0.97 $ 0.81 $ 2.91 $ 1.71 Dividends/distributions declared per share of common stock $ 1.47 $ 1.33 $ 4.41 $ 3.99 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Dividends Declared | Declaration and Payment of Dividends During the nine months ended September 30, 2022, the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (a) Common Stock February 8, 2022 March 15, 2022 March 31, 2022 $ 1.47 $ 639 Common Stock May 9, 2022 June 15, 2022 June 30, 2022 $ 1.47 $ 638 Common Stock July 25, 2022 September 15, 2022 September 30, 2022 $ 1.47 $ 636 (a) Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 1,084 $ 484 $ 1,568 $ 972 $ 479 $ 1,451 Segment services and other revenues 175 3 178 162 5 167 Segment revenues 1,259 487 1,746 1,134 484 1,618 Segment site rental costs of operations 230 166 396 227 163 390 Segment services and other costs of operations 114 3 117 108 4 112 Segment costs of operations (a)(b) 344 169 513 335 167 502 Segment site rental gross margin 854 318 1,172 745 316 1,061 Segment services and other gross margin 61 — 61 54 1 55 Segment selling, general and administrative expenses (b) 28 47 75 27 44 71 Segment operating profit (loss) 887 271 1,158 772 273 1,045 Other selling, general and administrative expenses (b) $ 81 81 $ 69 69 Stock-based compensation expense 38 38 33 33 Depreciation, amortization and accretion 430 430 413 413 Interest expense and amortization of deferred financing costs 177 177 163 163 Other (income) expenses to reconcile to income (loss) before income taxes (c) 10 10 9 9 Income (loss) before income taxes $ 422 $ 358 Capital expenditures $ 45 $ 277 $ 15 $ 337 $ 46 $ 229 $ 8 $ 283 Total assets (at period end) $ 22,226 $ 15,914 $ 721 $ 38,861 $ 22,239 $ 15,813 $ 952 $ 39,004 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation of $7 million and $6 million for the three months ended September 30, 2022 and 2021, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended September 30, 2022 and 2021. Selling, general and administrative expenses exclude stock-based compensation expense of $31 million and $27 million for the three months ended September 30, 2022 and 2021, respectively. | Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 3,237 $ 1,474 $ 4,711 $ 2,819 $ 1,426 $ 4,245 Segment services and other revenues 502 9 511 427 14 441 Segment revenues 3,739 1,483 5,222 3,246 1,440 4,686 Segment site rental costs of operations 689 490 1,179 659 485 1,144 Segment services and other costs of operations 329 7 336 285 10 295 Segment costs of operations (a)(b) 1,018 497 1,515 944 495 1,439 Segment site rental gross margin 2,548 984 3,532 2,160 941 3,101 Segment services and other gross margin 173 2 175 142 4 146 Segment selling, general and administrative expenses (b) 84 140 224 78 133 211 Segment operating profit (loss) 2,637 846 3,483 2,224 812 3,036 Other selling, general and administrative expenses (b) $ 234 234 $ 205 205 Stock-based compensation expense 121 121 100 100 Depreciation, amortization and accretion 1,276 1,276 1,229 1,229 Interest expense and amortization of deferred financing costs 506 506 493 493 Other (income) expenses to reconcile to income (loss) before income taxes (c) 71 71 184 184 Income (loss) before income taxes $ 1,275 $ 825 Capital expenditures $ 137 $ 746 $ 38 $ 921 $ 160 $ 701 $ 31 $ 892 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense of $21 million and $16 million for the nine months ended September 30, 2022 and 2021, respectively, and (2) prepaid lease purchase price adjustments of $12 million and $14 million for the nine months ended September 30, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $100 million and $84 million for the nine months ended September 30, 2022 and 2021, respectively. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [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, 2022 2021 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 420 $ 414 Interest paid 559 542 Income taxes paid 10 17 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 162 456 Increase (decrease) in accounts payable for purchases of property and equipment (7) (13) Purchase of property and equipment under finance leases and installment purchases 17 22 (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, 2022 December 31, 2021 Cash and cash equivalents $ 174 $ 292 Restricted cash, current 168 169 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 347 $ 466 |
General Business (Details)
General Business (Details) | Sep. 30, 2022 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53% |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
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 | $ 1,880 | $ 1,588 | ||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | |||
Revenue, Remaining Performance Obligation, Amount | $ 2,400 | $ 2,600 | ||
Revenue Recognized on Deferred Revenues | 495 | $ 455 | ||
Contracted Amounts Receivable from Customers, remainder of year | [1] | 1,208 | ||
Contracted Amounts Receivable from Customers, in Two Years | [1] | 4,760 | ||
Contracted Amounts Receivable from Customers, in Three Years | [1] | 4,338 | ||
Contracted Amounts Receivable from Customers, in Four Years | [1] | 4,010 | ||
Contracted Amounts Receivable from Customers, in Five Years | [1] | 3,929 | ||
Contracted Amounts Receivable from Customers, Thereafter | [1] | 22,736 | ||
Lessor, Operating Lease, Payments to be Received | [1] | 40,981 | ||
Other Current Assets [Member] | ||||
Deferred site rental receivables | 116 | |||
Other Noncurrent Assets [Member] | ||||
Deferred site rental receivables | $ 1,900 | |||
[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 | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | $ 21,483 | $ 21,483 | $ 20,629 | |||||||
Less: current maturities of debt and other obligations | 819 | 819 | 72 | |||||||
Non-current portion of long-term debt and other long-term obligations | 20,664 | 20,664 | 20,557 | |||||||
Gains (losses) on retirement of long-term obligations | 2 | $ 1 | 28 | [1] | $ 145 | |||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 700 | 700 | ||||||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 750 | $ 750 | ||||||||
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5% | |||||||||
Finance Lease Obligations and Other [Member] | Securitized Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | [2] | $ 239 | $ 239 | 242 | ||||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.50% | 4.50% | |||||||
Debt and Finance Lease Obligations | $ 896 | $ 896 | 895 | |||||||
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4% | 4% | |||||||
Debt and Finance Lease Obligations | $ 497 | $ 497 | 496 | |||||||
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.80% | 4.80% | |||||||
Debt and Finance Lease Obligations | $ 344 | $ 344 | 344 | |||||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | 3.20% | |||||||
Debt and Finance Lease Obligations | $ 748 | $ 748 | 747 | |||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 1.40% | 1.40% | |||||||
Debt and Finance Lease Obligations | $ 496 | $ 496 | 496 | |||||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | 3.70% | |||||||
Debt and Finance Lease Obligations | $ 995 | $ 995 | 995 | |||||||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.20% | 3.20% | |||||||
Debt and Finance Lease Obligations | $ 749 | $ 749 | 747 | |||||||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.80% | 3.80% | |||||||
Debt and Finance Lease Obligations | $ 993 | $ 993 | 992 | |||||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.30% | 4.30% | |||||||
Debt and Finance Lease Obligations | $ 594 | $ 594 | 593 | |||||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 5.20% | 5.20% | |||||||
Debt and Finance Lease Obligations | $ 396 | $ 396 | 395 | |||||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.10% | 3.10% | |||||||
Debt and Finance Lease Obligations | $ 545 | $ 545 | 545 | |||||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4% | 4% | |||||||
Debt and Finance Lease Obligations | $ 346 | $ 346 | 345 | |||||||
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.30% | 3.30% | |||||||
Debt and Finance Lease Obligations | $ 739 | $ 739 | 738 | |||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.30% | 2.30% | |||||||
Debt and Finance Lease Obligations | $ 1,090 | $ 1,090 | 1,089 | |||||||
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.20% | 4.20% | |||||||
Debt and Finance Lease Obligations | $ 490 | $ 490 | 490 | |||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.30% | 3.30% | |||||||
Debt and Finance Lease Obligations | $ 890 | $ 890 | 890 | |||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.10% | 2.10% | |||||||
Debt and Finance Lease Obligations | $ 988 | $ 988 | 988 | |||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.90% | 2.90% | |||||||
Debt and Finance Lease Obligations | $ 1,233 | $ 1,233 | 1,233 | |||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 1.10% | 1.10% | |||||||
Debt and Finance Lease Obligations | $ 992 | $ 992 | 990 | |||||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | 3.70% | |||||||
Debt and Finance Lease Obligations | $ 747 | $ 747 | 746 | |||||||
High Yield Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 2.50% | 2.50% | |||||||
Debt and Finance Lease Obligations | $ 741 | $ 741 | 741 | |||||||
High Yield Bonds [Member] | 2.900% Senior Unsecured Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 750 | $ 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | 2.90% | ||||||||
Debt and Finance Lease Obligations | $ 742 | [4] | $ 742 | [4] | 0 | |||||
Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | 19,754 | 19,754 | 17,647 | |||||||
Securitized Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | $ 1,729 | $ 1,729 | 2,982 | |||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.70% | 3.70% | |||||||
Debt and Finance Lease Obligations | [5] | $ 697 | $ 697 | 696 | ||||||
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | $ 0 | [6] | $ 0 | [6] | 249 | [5] | ||||
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 4.20% | 4.20% | |||||||
Debt and Finance Lease Obligations | [5] | $ 745 | $ 745 | 744 | ||||||
Securitized Debt [Member] | 3.849% Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | $ 0 | [6] | $ 0 | [6] | 998 | |||||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 9% | 9% | |||||||
Debt and Finance Lease Obligations | $ 48 | $ 48 | 53 | |||||||
Bank Debt [Member] | 2016 Term Loan A [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3],[7] | 3.80% | 3.80% | |||||||
Debt and Finance Lease Obligations | $ 1,199 | $ 1,199 | 1,222 | |||||||
Bank Debt [Member] | Commercial Paper [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [3] | 3.80% | 3.80% | |||||||
Bank Debt [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [7] | 4.10% | 4.10% | |||||||
Commercial Paper [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commercial Paper - Outstanding | $ 1,600 | $ 1,600 | ||||||||
3.849% Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (losses) on retirement of long-term obligations | [1] | $ (23) | ||||||||
Maximum [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | 0.75% | ||||||||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | 10% | ||||||||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument Maturity Date Range | 25 years | |||||||||
Minimum [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | 0% | ||||||||
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% | 1.75% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | 0.875% | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 6,300 | $ 6,300 | $ 5,000 | |||||||
Debt and Finance Lease Obligations | [8] | 710 | 710 | 665 | ||||||
Commercial Paper - Maximum Available | 7,000 | $ 7,000 | ||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.08% | |||||||||
Commercial Paper [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt and Finance Lease Obligations | [9] | 1,594 | $ 1,594 | $ 265 | ||||||
Commercial Paper - Maximum Available | $ 2,000 | $ 2,000 | ||||||||
Debt Instrument, Maturity Date, Description | 397 days | |||||||||
Term SOFR Adjustment | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.10% | 0.10% | ||||||||
[1]Inclusive of the write off of respective deferred financing costs.[2]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 25 years.[3]See the 2021 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.[4]In March 2022, the Company issued $750 million aggregate principal amount of 2.900% senior unsecured notes due 2027 ("March 2022 Senior Notes"). The Company used the net proceeds from the March 2022 Senior Notes offering to repay a portion of the outstanding indebtedness under its CP Program and pay related fees and expenses.[5]If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of September 30, 2022, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.[6]In March 2022, the Company (1) prepaid in full the previously outstanding Tower Revenue Notes, Series 2018-1 and (2) redeemed in full the previously outstanding 3.849% Secured Notes.[7]In July 2022, the Company entered into an amendment to the Credit Agreement governing the Company's 2016 Credit Facility ("2022 Credit Agreement Amendment") that provided for, among other things, (1) the extension of the maturity date of the 2016 Credit Facility from June 2026 to July 2027, (2) an increase to the aggregate commitments under the 2016 Revolver from $5.0 billion to $7.0 billion, (3) certain modifications to a specified sustainability metric and (4) the replacement of the LIBOR pricing benchmark with a Term SOFR pricing benchmark. Both the 2016 Revolver and 2016 Term Loan A bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) 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 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2021 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.[8]As of September 30, 2022, the undrawn availability under the 2016 Revolver was $6.3 billion.[9]In March 2022, the Company increased the size of its CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding. Notes under the CP Program may be issued, repaid and re-issued from time to time. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the 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, 2022, the Company had net issuances of $1.6 billion under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt and Other Obligations [Abstract] | ||||
Interest Expense, Debt, Excluding Amortization | $ 174 | $ 160 | $ 496 | $ 484 |
Amortization of deferred financing costs and adjustments on long-term debt, net | 6 | 6 | 19 | 19 |
Capitalized interest | (3) | (3) | (9) | (10) |
Interest expense and amortization of deferred financing costs | $ 177 | $ 163 | $ 506 | $ 493 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
Long-Term Debt, Maturity, remainder of year | [1] | $ 1,614 | |
Long-Term Debt, Maturity, Year Two | 819 | ||
Long-Term Debt, Maturity, Year Three | 830 | ||
Long-Term Debt, Maturity, Year Four | 591 | ||
Long-Term Debt, Maturity, Year Five | 2,770 | ||
Long-Term Debt, Maturity, after Year Five | 15,017 | ||
Total Cash Obligations | 21,641 | ||
Unamortized Adjustments, Net | (158) | ||
Debt and Finance Lease Obligations | $ 21,483 | $ 20,629 | |
[1]Predominately consists of outstanding indebtedness under the CP Program (as discussed in footnote (f) above). |
Debt and Other Obligations Exti
Debt and Other Obligations Extinguishment of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | $ 1,250 | |||||
Cash paid | [1] | 1,274 | ||||
Gains (losses) on retirement of long-term obligations | $ (2) | $ (1) | (28) | [2] | $ (145) | |
3.849% Secured Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | 1,000 | |||||
Cash paid | [1] | 1,022 | ||||
Gains (losses) on retirement of long-term obligations | [2] | 23 | ||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Principal amount | 250 | |||||
Cash paid | [1] | 252 | ||||
Gains (losses) on retirement of long-term obligations | [2] | $ 3 | ||||
Revolving Credit Facility [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Gains (losses) on retirement of long-term obligations | [2] | $ 2 | ||||
[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, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Cash and cash equivalents | $ 174 | $ 292 |
Cash and cash equivalents, fair value | 174 | 292 |
Restricted Cash Fair Value Disclosure | 173 | 174 |
Restricted Cash | 173 | 174 |
Long-term debt and other obligations, carrying amount | 21,483 | 20,629 |
Long-term debt and other obligations, fair value | $ 18,926 | $ 21,588 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Net gain (loss) from disposal of discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (62) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ 419 | $ 351 | $ 1,261 | $ 805 |
Net income (loss) | 419 | 351 | 1,261 | 743 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | (62) |
Net Income (Loss) Available to Common Stockholders, Basic | $ 419 | $ 351 | $ 1,261 | $ 743 |
Basic weighted-average number of common stock outstanding | 433 | 432 | 433 | 432 |
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 1 | 2 | 1 | 2 |
Diluted weighted-average number of common shares outstanding | 434 | 434 | 434 | 434 |
Income (loss) from continuing operations, per share - basic | $ 0.97 | $ 0.81 | $ 2.91 | $ 1.86 |
Income (loss) from discontinued operations, per share - basic | 0 | 0 | 0 | (0.14) |
Earnings Per Share, Basic | 0.97 | 0.81 | 2.91 | 1.72 |
Income (loss) from continuing operations, per share - diluted | 0.97 | 0.81 | 2.91 | 1.85 |
Income (loss) from discontinued operations, per share - diluted | 0 | 0 | 0 | (0.14) |
Earnings Per Share, Diluted | 0.97 | 0.81 | 2.91 | 1.71 |
Dividends/distributions declared per share of common stock (in dollars per share) | $ 1.47 | $ 1.33 | $ 4.41 | $ 3.99 |
Per Share Information Stock Iss
Per Share Information Stock Issued During Period, Restricted Stock Award (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2022 shares | |
Restricted stock units granted [Abstract] | |
Restricted stock award granted | 1 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Sep. 30, 2022 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Nov. 04, 2022 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.47 | $ 1.47 | $ 1.47 | |||||
Dividends, Common Stock, Cash | $ 636 | $ 638 | [1] | $ 639 | [1] | |||
Common stock repurchased during period, shares | 0.4 | |||||||
Purchases of common stock | $ (64) | $ (69) | ||||||
Availability Under ATM | $ 750 | $ 750 | ||||||
Subsequent Event | ||||||||
Dividends Payable, Amount Per Share | $ 1.565 | |||||||
Common Stock [Member] | ||||||||
Dividends Payable, Date Declared | Jul. 25, 2022 | May 09, 2022 | Feb. 08, 2022 | |||||
Dividends Payable, Date of Record | Sep. 15, 2022 | Jun. 15, 2022 | Mar. 15, 2022 | |||||
Dividends Payable, Date to be Paid | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |||||
[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, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Tower Count | 40,000 | 40,000 | ||||||||
Fiber Miles | 85,000 | 85,000 | ||||||||
Amortization of prepaid lease purchase price adjustments | $ 4 | $ 4 | $ 12 | $ 14 | ||||||
Site Rental | 1,568 | 1,451 | 4,711 | 4,245 | ||||||
Services and other | 178 | 167 | 511 | 441 | ||||||
Segment Revenues | 1,746 | 1,618 | 5,222 | 4,686 | ||||||
Segment site rental cost of operations | [1] | 405 | 397 | 1,204 | 1,168 | |||||
Services and other | [1] | 119 | 115 | 344 | 301 | |||||
Segment selling, general and administrative expenses | 187 | 167 | 558 | 500 | ||||||
Stock-based compensation expense | 120 | 100 | ||||||||
Depreciation, Amortization and Accretion, Net | 430 | 413 | 1,276 | 1,229 | ||||||
Interest expense and amortization of deferred financing costs | 177 | 163 | 506 | 493 | ||||||
Capital expenditures | 921 | 892 | ||||||||
Total Assets | 38,861 | 38,861 | $ 39,040 | |||||||
Segments [Domain] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 1,568 | 1,451 | 4,711 | 4,245 | ||||||
Services and other | 178 | 167 | 511 | 441 | ||||||
Segment Revenues | 1,746 | 1,618 | 5,222 | 4,686 | ||||||
Segment site rental cost of operations | 396 | 390 | 1,179 | 1,144 | ||||||
Services and other | 117 | 112 | 336 | 295 | ||||||
Segment cost of operations | [2] | 513 | [3] | 502 | [3] | 1,515 | [4] | 1,439 | [4] | |
Segment site rental gross margin | 1,172 | 1,061 | 3,532 | 3,101 | ||||||
Segment services gross margin | 61 | 55 | 175 | 146 | ||||||
Segment General and Administrative Expenses [Line Items] | 75 | [3] | 71 | [3] | 224 | [4] | 211 | [4] | ||
Segment selling, general and administrative expenses | 81 | 69 | 234 | 205 | ||||||
Segment Operating Profit | 1,158 | 1,045 | 3,483 | 3,036 | ||||||
Stock-based compensation expense | 38 | 33 | 121 | 100 | ||||||
Depreciation, Amortization and Accretion, Net | 430 | 413 | 1,276 | 1,229 | ||||||
Interest expense and amortization of deferred financing costs | 177 | 163 | 506 | 493 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 10 | 9 | 71 | 184 | |||||
Income (loss) before income taxes | 422 | 358 | 1,275 | 825 | ||||||
Capital expenditures | 337 | 283 | 921 | 892 | ||||||
Total Assets | 38,861 | 39,004 | 38,861 | 39,004 | ||||||
Segment cost of operations share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | 7 | 6 | 21 | 16 | ||||||
Towers [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 1,084 | 972 | 3,237 | 2,819 | ||||||
Services and other | 175 | 162 | 502 | 427 | ||||||
Segment Revenues | 1,259 | 1,134 | 3,739 | 3,246 | ||||||
Segment site rental cost of operations | 230 | 227 | 689 | 659 | ||||||
Services and other | 114 | 108 | 329 | 285 | ||||||
Segment cost of operations | [2] | 344 | [3] | 335 | [3] | 1,018 | [4] | 944 | [4] | |
Segment site rental gross margin | 854 | 745 | 2,548 | 2,160 | ||||||
Segment services gross margin | 61 | 54 | 173 | 142 | ||||||
Segment selling, general and administrative expenses | 28 | [3] | 27 | [3] | 84 | [4] | 78 | [4] | ||
Segment Operating Profit | 887 | 772 | 2,637 | 2,224 | ||||||
Capital expenditures | 45 | 46 | 137 | 160 | ||||||
Total Assets | 22,226 | 22,239 | 22,226 | 22,239 | ||||||
Fiber [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 484 | 479 | 1,474 | 1,426 | ||||||
Services and other | 3 | 5 | 9 | 14 | ||||||
Segment Revenues | 487 | 484 | 1,483 | 1,440 | ||||||
Segment site rental cost of operations | 166 | 163 | 490 | 485 | ||||||
Services and other | 3 | 4 | 7 | 10 | ||||||
Segment cost of operations | [2] | 169 | [3] | 167 | [3] | 497 | [4] | 495 | [4] | |
Segment site rental gross margin | 318 | 316 | 984 | 941 | ||||||
Segment services gross margin | 0 | 1 | 2 | 4 | ||||||
Segment selling, general and administrative expenses | 47 | [3] | 44 | [3] | 140 | [4] | 133 | [4] | ||
Segment Operating Profit | 271 | 273 | 846 | 812 | ||||||
Capital expenditures | 277 | 229 | 746 | 701 | ||||||
Total Assets | 15,914 | 15,813 | 15,914 | 15,813 | ||||||
Corporate and Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment selling, general and administrative expenses | 81 | 69 | 234 | 205 | ||||||
Stock-based compensation expense | 38 | 33 | 121 | 100 | ||||||
Depreciation, Amortization and Accretion, Net | 430 | 413 | 1,276 | 1,229 | ||||||
Interest expense and amortization of deferred financing costs | 177 | 163 | 506 | 493 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 10 | 9 | 71 | 184 | |||||
Capital expenditures | 15 | 8 | 38 | 31 | ||||||
Total Assets | 721 | 952 | 721 | 952 | ||||||
Segment G&A share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense | $ 31 | $ 27 | $ 100 | $ 84 | ||||||
[1]Exclusive of depreciation, amortization and accretion shown separately.[2]Exclusive of depreciation, amortization and accretion shown separately.[3]Segment costs of operations excludes (1) stock-based compensation of $7 million and $6 million for the three months ended September 30, 2022 and 2021, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended September 30, 2022 and 2021. Selling, general and administrative expenses exclude stock-based compensation expense of $31 million and $27 million for the three months ended September 30, 2022 and 2021, respectively.[4]Segment costs of operations excludes (1) stock-based compensation expense of $21 million and $16 million for the nine months ended September 30, 2022 and 2021, respectively, and (2) prepaid lease purchase price adjustments of $12 million and $14 million for the nine months ended September 30, 2022 and 2021, respectively. Selling, general and administrative expenses exclude stock-based compensation expense of $100 million and $84 million for the nine months ended September 30, 2022 and 2021, respectively.[5]See condensed consolidated statement of operations for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Supplemental Cash Flow Information [Line Items] | |||||
Cash payments related to operating lease liabilities | [1] | $ 420 | $ 414 | ||
Interest Paid | 559 | 542 | |||
Income Taxes Paid | 10 | 17 | |||
New ROU assets obtained in exchange for operating lease liabilities | 162 | 456 | |||
Increase (decrease) in accounts payable for purchases of property and equipment | (7) | (13) | |||
Purchase of property and equipment under capital leases and installment purchases | 17 | 22 | |||
Reconciliation of cash, cash equivalents and restricted cash [Line Items] | |||||
Cash and cash equivalents | 174 | $ 292 | |||
Restricted cash, current | 168 | 169 | |||
Restricted Cash, Noncurrent | 5 | 5 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 347 | $ 542 | $ 466 | $ 381 | |
[1]Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Billions | Nov. 04, 2022 | Sep. 30, 2022 |
Revolving Credit Facility [Member] | ||
Subsequent Event [Line Items] | ||
Commercial Paper - Maximum Available | $ 7 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 1.565 |