Crown Castle (CCI) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		434,567,298
Entity Central Index Key	0001051470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 155	$ 105
Restricted cash and cash equivalents, current	171	171
Receivables, net	420	481
Prepaid expenses	155	103
Deferred site rental receivables	129	116
Other current assets	51	56
Assets, Current, Total	1,081	1,032
Deferred site rental receivables	2,341	2,239
Property and equipment, net of accumulated depreciation of $14,919 and $14,279, respectively	15,698	15,666
Operating lease right-of-use assets	5,930	6,187
Goodwill	10,085	10,085
Other Intangible Assets, Net	2,974	3,179
Other assets, net	137	139
Assets, Total	38,246	38,527
Liabilities, Current [Abstract]
Accounts payable	225	252
Accrued interest	228	219
Deferred revenues	509	605
Other accrued liabilities	359	342
Current maturities of debt and other obligations	865	835
Current portion of operating lease liabilities	308	332
Liabilities, Current, Total	2,494	2,585
Debt and other long-term obligations	22,854	22,086
Operating lease liabilities	5,354	5,561
Other long-term liabilities	1,892	1,914
Liabilities, Total	$ 32,594	$ 32,146
Common stock, par value	$ 0.01	$ 0.01
Stockholders' Equity Attributable to Parent [Abstract]
Common Stock, Value, Issued	$ 4	$ 4
Additional Paid in Capital	18,347	18,270
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5)	(4)
Retained Earnings (Accumulated Deficit)	(12,694)	(11,889)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total	5,652	6,381
Liabilities and Equity, Total	$ 38,246	$ 38,527

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]
Accumulated depreciation, property and equipment	$ 14,919	$ 14,279
Common stock, shares outstanding	435	434
Common stock, shares authorized	1,200	1,200
Common stock, par value	$ 0.01	$ 0.01

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net revenues:
Site Rental		$ 1,580	$ 1,728	$ 3,168	$ 3,352
Services and other		46	139	99	288
Net Revenues		1,626	1,867	3,267	3,640
Operating expenses:
Site rental	[1]	432	424	862	839
Services and other	[1]	27	98	61	202
Selling, general and administrative		204	210	387	405
Asset write-down charges		3	22	9	22
Acquisition and integration costs		0	1	0	1
Depreciation, amortization and accretion		430	445	869	876
Restructuring Charges		45	0	56
Total operating expenses		1,141	1,200	2,244	2,345
Operating income (loss)		485	667	1,023	1,295
Interest expense and amortization of deferred financing costs, net		(230)	(208)	(456)	(410)
Interest income		4	5	8	7
Other income (expense)		(1)	(2)	1	(4)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		258	462	576	888
Benefit (provision) for income taxes		(7)	(7)	(14)	(14)
Net Income (Loss) Attributable to Parent		251	455	562	874
Foreign currency translation adjustments	[2]	0	1	(1)	0
Total other comprehensive income (loss)	[2]	0	1	(1)	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent		$ 251	$ 456	$ 561	$ 874
Earnings Per Share, Basic		$ 0.58	$ 1.05	$ 1.29	$ 2.02
Earnings Per Share, Diluted		$ 0.58	$ 1.05	$ 1.29	$ 2.01
Weighted-average common shares outstanding, basic		435	434	434	433
Weighted-average common shares outstanding, diluted		435	434	435	434
[1] Exclusive of depreciation, amortization and accretion shown separately. 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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 562	$ 874
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	869	876
Amortization of deferred financing costs and other non-cash interest	18	14
Stock-based compensation expense, net	78	91
Asset write-down charges	9	22
Deferred income tax (benefit) provision	5	1
Other non-cash adjustments, net	8	2
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest	9	36
Increase (decrease) in accounts payable	(6)	(1)
Increase (decrease) in other liabilities	(102)	(70)
Decrease (increase) in receivables	62	103
Decrease (increase) in other assets	(145)	(223)
Net cash provided by (used for) operating activities	1,367	1,725
Cash flows from investing activities:
Capital expenditures	(649)	(720)
Payments for acquisitions, net of cash acquired	(1)	(89)
Other investing activities, net	0	3
Net cash provided by (used for) investing activities	(650)	(806)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	2,347
Principal payments on debt and other long-term obligations	(36)	(39)
Borrowings under revolving credit facility	0	2,113
Payments under revolving credit facility	(670)	(2,739)
Net issuances (repayments) under commercial paper program	1,438	(1,024)
Payments for financing costs	0	(23)
Purchases of common stock	(30)	(29)
Dividends/distributions paid on common stock	(1,368)	(1,364)
Net cash provided by (used for) financing activities	(666)	(758)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	51	161
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(1)	0
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period	281	327
Cash, cash equivalents and restricted cash and cash equivalents at end of period	$ 331	$ 488

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Dividends/Distributions in Excess of Earnings [Member]	AOCI Attributable to Parent
Balance, shares Period Start at Dec. 31, 2022			433
Balance, value Period Start at Dec. 31, 2022		$ 7,449	$ 4	$ 18,116	$ (10,666)	$ (5)
Stock-based compensation related activity, net of forfeitures, value		115		115
Purchases and retirement of common stock, value		(29)		(29)
Common stock dividends/distributions		(1,363)			(1,363)
Net income (loss)		874			874
Balance, shares Period End at Jun. 30, 2023			434
Balance, value Period End at Jun. 30, 2023		7,046	$ 4	18,202	(11,155)	(5)
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period			1
Total other comprehensive income (loss)	[1]	0				0
Foreign currency translation adjustments	[1]	0
Balance, shares Period Start at Mar. 31, 2023			434
Balance, value Period Start at Mar. 31, 2023		7,223	$ 4	18,154	(10,929)	(6)
Stock-based compensation related activity, net of forfeitures, value		49		49
Purchases and retirement of common stock, value		(1)		(1)
Common stock dividends/distributions		(681)			(681)
Net income (loss)		455			455
Balance, shares Period End at Jun. 30, 2023			434
Balance, value Period End at Jun. 30, 2023		7,046	$ 4	18,202	(11,155)	(5)
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period			0
Total other comprehensive income (loss)	[1]	1				1
Foreign currency translation adjustments	[1]	$ 1
Balance, shares Period Start at Dec. 31, 2023		434	434
Balance, value Period Start at Dec. 31, 2023		$ 6,381	$ 4	18,270	(11,889)	(4)
Stock-based compensation related activity, net of forfeitures, value		107		107
Purchases and retirement of common stock, value		(30)		(30)
Common stock dividends/distributions		(1,367)			(1,367)
Net income (loss)		$ 562			562
Balance, shares Period End at Jun. 30, 2024		435	435
Balance, value Period End at Jun. 30, 2024		$ 5,652	$ 4	18,347	(12,694)	(5)
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period			1
Total other comprehensive income (loss)	[1]	(1)				(1)
Foreign currency translation adjustments	[1]	(1)
Balance, shares Period Start at Mar. 31, 2024			435
Balance, value Period Start at Mar. 31, 2024		6,048	$ 4	18,310	(12,261)	(5)
Stock-based compensation related activity, net of forfeitures, value		40		40
Purchases and retirement of common stock, value		(3)		(3)
Common stock dividends/distributions		(684)			(684)
Net income (loss)		$ 251			251
Balance, shares Period End at Jun. 30, 2024		435	435
Balance, value Period End at Jun. 30, 2024		$ 5,652	$ 4	$ 18,347	$ (12,694)	(5)
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period			0
Total other comprehensive income (loss)	[1]	0				$ 0
Foreign currency translation adjustments	[1]	$ 0
[1] See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss).

General

General	6 Months Ended
	Jun. 30, 2024
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, 2023, and related notes thereto, included in the 2023 Form 10-K filed by Crown Castle Inc. ("CCI") 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 2023 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, small cells and fiber 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. For the periods presented, such services predominately consisted of (1) site development services 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"). See note 12 to the condensed consolidated financial statements for a discussion of (1) the Company's July 2023 restructuring plan ("2023 Restructuring Plan"), which included discontinuing installation services as a Towers product offering and (2) the Company's June 2024 restructuring plan ("2024 Restructuring Plan, and together with the 2023 Restructuring Plan, "Restructuring Plans"). 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 (including those which T-Mobile assumed in its merger with Sprint). 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 as of June 30, 2024, the condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated cash flows for the six months ended June 30, 2024 and 2023. 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	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the six months ended June 30, 2024 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued new guidance that is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosure of significant segment expenses. The new guidance also expands interim segment disclosure requirements and requires disclosure of the position and title of the Company's chief operating decision-maker. The guidance will be effective for the Company's fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025 with early adoption permitted. The guidance is required to be applied retrospectively to each prior reporting period presented. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

Revenues (Notes)

Revenues (Notes)	6 Months Ended
	Jun. 30, 2024
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. Typically, 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 between five to 15 years for wireless tenants and one to 20 years for 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 escalators, 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 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 are recorded within "Current portion of deferred site rental receivables" and "Deferred site rental receivables" on the Company's condensed consolidated balance sheet. 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. Payments Associated with Sprint Cancellations. For the three and six months ended June 30, 2024, site rental revenues include $1 million and $4 million, respectively, and for three and six months ended June 30, 2023, $106 million and $154 million, respectively, of payments in the Company's Fiber segment to satisfy the remaining rental obligations of certain canceled Sprint leases as a result of the T-Mobile US, Inc. and Sprint network consolidation. In connection with such canceled Sprint leases, the Company also recognized $57 million of accelerated prepaid rent amortization in the Company's Fiber segment during the three and six months ended June 30, 2023. 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. See note 12 to the condensed consolidated financial statements for a discussion of the Company's 2023 Restructuring Plan, which included discontinuing installation services as a Towers product offering. 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 services revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective tenant contract based on estimated standalone selling price. The volume and mix of site development services may vary among tenant contracts and may include a combination of some or all of the above performance obligations. Amounts are billed per contractual milestones, with payments generally due within 45 to 90 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 and comprehensive income (loss). 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. Generally, the services the Company provides to its tenants have a duration of one year or less. Additional Information on Revenues As of January 1, 2024 and June 30, 2024, $2.1 billion and $2.0 billion of unrecognized revenues, respectively, were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the six months ended June 30, 2024, approximately $270 million of the January 1, 2024 unrecognized revenues balance was recognized as revenues. As of January 1, 2023, $2.3 billion of unrecognized revenues were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the six months ended June 30, 2023, approximately $360 million of the January 1, 2023 unrecognized revenues balance was recognized as revenues. The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of June 30, 2024. Six Months Ending December 31, Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Contracted amounts (a) $ 2,595 $ 4,891 $ 4,729 $ 4,603 $ 4,381 $ 16,134 $ 37,333 (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 10 for further information regarding the Company's operating segments.

Debt and Other Obligations

Debt and Other Obligations	6 Months Ended
	Jun. 30, 2024
Debt and Other Obligations [Abstract]
Debt Disclosure	Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of June 30, 2024. Original Final Maturity Date (a) Balance as of June 30, 2024 Balance as of December 31, 2023 Stated Interest Rate as of June 30, 2024 (a)(b) Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 $ 36 $ 40 9.0 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 699 698 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 747 746 4.2 % Installment purchase liabilities and finance leases Various (d) Various (d) 295 (e) 270 (e) Various (d) Total secured debt 1,777 1,754 2016 Revolver Jan. 2016 July 2027 — (f) 670 N/A (g) 2016 Term Loan A Jan. 2016 July 2027 1,155 1,162 6.4 % (g) Commercial Paper Notes Various (h) Various (h) 1,438 (h) — 5.9 % 3.200% Senior Notes Aug. 2017 Sept. 2024 750 749 3.2 % 1.350% Senior Notes June 2020 July 2025 499 498 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 898 898 4.5 % 3.700% Senior Notes May 2016 June 2026 748 748 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 996 994 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 498 498 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 745 744 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 997 997 3.7 % 5.000% Senior Notes Jan. 2023 Jan. 2028 992 991 5.0 % 3.800% Senior Notes Jan. 2018 Feb. 2028 995 995 3.8 % 4.800% Senior Notes Apr. 2023 Sept. 2028 595 594 4.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 596 595 4.3 % 5.600% Senior Notes Dec. 2023 June 2029 741 740 5.6 % 3.100% Senior Notes Aug. 2019 Nov. 2029 546 546 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 741 741 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 1,092 1,091 2.3 % 2.100% Senior Notes Feb. 2021 Apr. 2031 991 990 2.1 % 2.500% Senior Notes June 2021 July 2031 743 743 2.5 % 5.100% Senior Notes Apr. 2023 May 2033 743 743 5.1 % 5.800% Senior Notes Dec. 2023 Mar. 2034 742 740 5.8 % 2.900% Senior Notes Feb. 2021 Apr. 2041 1,235 1,234 2.9 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 396 396 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 346 346 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 21,942 21,167 Total debt and other obligations 23,719 22,921 Less: current maturities of debt and other obligations 865 835 Non-current portion of debt and other long-term obligations $ 22,854 $ 22,086 (a) See the 2023 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) Represents the weighted-average stated interest rate, as applicable. (c) If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of June 30, 2024, 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. (d) The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 25 years. (e) For the periods ended June 30, 2024 and December 31, 2023, reflects $27 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles). (f) As of June 30, 2024, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion. (g) Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") 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 2023 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (h) The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. 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. 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. Scheduled Principal Payments and Final Maturities 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 June 30, 2024, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Six Months Ending December 31, Years Ending December 31, Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2024 2025 2026 2027 2028 Thereafter Scheduled principal payments and final maturities $ 2,249 (a) $ 605 $ 2,784 $ 3,254 $ 2,632 $ 12,350 $ 23,874 $ (155) $ 23,719 (a) Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table and $750 million aggregate principal amount of 3.200% senior unsecured notes due September 2024. Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest expense on debt obligations $ 227 $ 205 $ 450 $ 403 Amortization of deferred financing costs and adjustments on long-term debt 8 7 16 14 Capitalized interest (5) (4) (10) (7) Total $ 230 $ 208 $ 456 $ 410

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures Level in Fair Value Hierarchy June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 155 $ 155 $ 105 $ 105 Restricted cash and cash equivalents, current and non-current 1 176 176 176 176 Liabilities: Total debt and other obligations 2 23,719 21,834 22,921 21,201

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 may be subject to certain federal, state, local and foreign taxes on its income, including (1) taxes on any undistributed income and (2) taxes related to the TRSs. 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 six months ended June 30, 2024 and 2023, 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	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Per Share Information	Per Share Information Basic 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 six months ended June 30, 2024 and 2023, 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 ("RSUs") as determined under the treasury stock method. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 251 $ 455 $ 562 $ 874 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 435 434 434 433 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units — — 1 1 Diluted weighted-average number of common shares outstanding 435 434 435 434 Net income (loss), per common share: Basic $ 0.58 $ 1.05 $ 1.29 $ 2.02 Diluted $ 0.58 $ 1.05 $ 1.29 $ 2.01 Dividends/distributions declared per share of common stock $ 1.565 $ 1.565 $ 3.130 $ 3.130 During the six months ended June 30, 2024, the Company granted one million RSUs to the Company's executives and certain other employees.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the 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. The Company and certain of its subsidiaries are also contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, as mentioned in note 1, the Company has the option to purchase approximately 53% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Declaration and Payment of Dividends During the six months ended June 30, 2024, 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 21, 2024 March 15, 2024 March 28, 2024 $ 1.565 $ 683 Common Stock May 22, 2024 June 14, 2024 June 28, 2024 $ 1.565 $ 684 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. Purchases of the Company's Common Stock For the six months ended June 30, 2024, the Company purchased 0.3 million shares of its common stock utilizing $30 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs. 2021 "At-the-Market" Stock Offering Program The Company previously maintained an "at-the-market" stock offering program through which it had the right to issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2021 ATM Program"). The Company terminated its previously outstanding 2021 ATM Program in March 2024 with the entire gross sales price of $750 million remaining unsold. 2024 "At-the-Market" Stock Offering Program In March 2024, the Company established a new "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 ("2024 ATM Program"). Sales under the 2024 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 2024 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 2024 ATM Program.

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2024
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. See note 12 to the condensed consolidated financial statements for a discussion of the Company's 2023 Restructuring Plan, which included discontinuing installation services as a Towers product offering. The Fiber segment provides access, including space or capacity, to the Company's approximately (1) 115,000 small cells on air or under contract and (2) 90,000 route miles of fiber primarily supporting small cells and fiber solutions geographically dispersed throughout the U.S. The measurement of profit or loss used by the Company's chief operating decision maker ("CODM") to evaluate the performance of its operating segments is segment operating profit (loss). Additionally, the Company CODM also reviews segment site rental gross margin and segment services and other gross margin. The Company defines segment operating profit (loss) as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less segment selling, general and administrative expenses. 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, net 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, net recorded in consolidated services and other costs of operations. All of these measurements 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 six months ended June 30, 2024 and 2023. 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 restructuring charges (credits), 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, net, gains (losses) on retirement of long-term obligations, interest income, other income (expense), stock-based compensation expense, net and certain selling, general and administrative expenses, and (2) reconciles segment operating profit (loss) 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 and restricted cash and cash equivalents which have not been allocated to specific segments. There are no significant revenues resulting from transactions between the Company's operating segments. Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Towers Fiber Other Total Towers Fiber Other Total Segment site rental revenues $ 1,064 $ 516 $ 1,580 $ 1,080 $ 648 $ 1,728 Segment services and other revenues 43 3 46 124 15 139 Segment revenues 1,107 519 1,626 1,204 663 1,867 Segment site rental costs of operations 245 178 423 243 171 414 Segment services and other costs of operations 23 2 25 92 3 95 Segment costs of operations (a)(b) 268 180 448 335 174 509 Segment site rental gross margin 819 338 1,157 837 477 1,314 Segment services and other gross margin 20 1 21 32 12 44 Segment selling, general and administrative expenses (b) 16 50 66 30 51 81 Segment operating profit (loss) 823 289 1,112 839 438 1,277 Other selling, general and administrative expenses (b) $ 105 105 $ 88 88 Stock-based compensation expense, net 40 40 50 50 Depreciation, amortization and accretion 430 430 445 445 Restructuring charges 45 45 — — Interest expense and amortization of deferred financing costs, net 230 230 208 208 Other (income) expenses to reconcile to income (loss) before income taxes (c) 4 4 24 24 Income (loss) before income taxes $ 258 $ 462 Capital expenditures $ 29 $ 289 $ 11 $ 329 $ 61 $ 306 $ 12 $ 379 Total assets (at period end) $ 21,177 $ 16,358 $ 711 $ 38,246 $ 21,973 $ 16,166 $ 903 $ 39,042 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $7 million and $9 million for the three months ended June 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $33 million and $41 million for the three months ended June 30, 2024 and 2023, respectively. (c) See condensed consolidated statement of operations and comprehensive income (loss) for further information. Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Towers Fiber Other Total Towers Fiber Other Total Segment site rental revenues $ 2,132 $ 1,036 $ 3,168 $ 2,161 $ 1,191 $ 3,352 Segment services and other revenues 89 10 99 270 18 288 Segment revenues 2,221 1,046 3,267 2,431 1,209 3,640 Segment site rental costs of operations 483 360 843 477 343 820 Segment services and other costs of operations 51 7 58 191 5 196 Segment costs of operations (a)(b) 534 367 901 668 348 1,016 Segment site rental gross margin 1,649 676 2,325 1,684 848 2,532 Segment services and other gross margin 38 3 41 79 13 92 Segment selling, general and administrative expenses (b) 37 97 134 61 100 161 Segment operating profit (loss) 1,650 582 2,232 1,702 761 2,463 Other selling, general and administrative expenses (b) $ 189 189 $ 170 170 Stock-based compensation expense 78 78 91 91 Depreciation, amortization and accretion 869 869 876 876 Restructuring charges 56 56 — — Interest expense and amortization of deferred financing costs, net 456 456 410 410 Other (income) expenses to reconcile to income (loss) before income taxes (c) 8 8 28 28 Income (loss) before income taxes $ 576 $ 888 Capital expenditures $ 64 $ 562 $ 23 $ 649 $ 111 $ 585 $ 24 $ 720 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $14 million and $17 million for the six months ended June 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $64 million and $74 million for the six months ended June 30, 2024 and 2023, respectively. (c)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2024
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 for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 283 $ 284 Interest paid 441 367 Income taxes paid 9 10 Supplemental disclosure of non-cash operating, investing and financing activities: ROU assets recorded in exchange for operating lease liabilities (70) 28 Increase (decrease) in accounts payable for purchases of property and equipment (18) 16 Capitalized stock-based compensation 13 14 Purchase of property and equipment under finance leases and installment land purchases 41 39 (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 and cash equivalents and restricted cash and cash equivalents reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. June 30, 2024 December 31, 2023 Cash and cash equivalents $ 155 $ 105 Restricted cash and cash equivalents, current 171 171 Restricted cash and cash equivalents reported within other assets, net 5 5 Cash and cash equivalents and restricted cash and cash equivalents $ 331 $ 281

Restructuring and Related Activ

Restructuring and Related Activities	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure	Restructuring 2023 Restructuring Plan In July 2023, the Company initiated the 2023 Restructuring Plan as part of its efforts to reduce costs to better align the Company's operational needs with lower tower activity. The 2023 Restructuring Plan included reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a Towers product offering while continuing to offer site development services on Company towers, and consolidating office space. In the first six months ended June 30, 2024, the Company recorded approximately $13 million in charges in connection with the 2023 Restructuring Plan (including $2 million in the three months ended June 30, 2024), $8 million of which is related to remaining obligations under facility leases and $4 million of non-cash charges representing accelerated depreciation. In connection with the headcount reduction, the Company recorded a $1 million charge which represents cash payments that have been made in connection with the employee headcount reduction. The actions associated with the 2023 Restructuring Plan have been substantially completed and related charges have been recorded by June 30, 2024, while the payments are expected to be completed for the employee headcount reduction and office space consolidation in 2024 and 2032, respectively. The following table summarizes the activities related to the 2023 Restructuring Plan for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Employee Headcount Reduction Office Space Consolidation Total Employee Headcount Reduction Office Space Consolidation Total Liability as of the beginning of the respective period $ 8 $ 15 $ 23 $ 16 $ 12 $ 28 Charges 1 1 2 1 12 13 Payments (3) (4) (7) (11) (8) (19) Non-cash items — — — — (4) (4) Liability as of June 30, 2024 $ 6 $ 12 $ 18 $ 6 $ 12 $ 18 2024 Restructuring Plan In June 2024, the Company initiated the 2024 Restructuring Plan as part of its efforts to drive operational efficiencies and reduce operating costs and capital expenditures, with a primary focus on the Company's Fiber segment. As a result, the Company announced a reduction of the Company's total employee headcount by more than 10% and the closing of certain offices. In the second quarter 2024, the Company recorded approximately $43 million in charges in connection with the 2024 Restructuring Plan, $36 million of which represent cash payments that have been or will be made in connection with employee severance and other one-time termination benefits. In connection with the office closures, the Company recorded $7 million of non-cash charges representing accelerated depreciation. The actions associated with the 2024 Restructuring Plan and related charges are expected to be substantially completed and recorded by December 31, 2024, while the payments are expected to be completed for the employee headcount reduction in 2025 and office closures in 2033. The Company expects to incur an additional approximately $70 million of related charges during the second half of 2024, primarily related to office closures. The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the 2024 Restructuring Plan. The following table summarizes the activities related to the 2024 Restructuring Plan for the three and six months ended June 30, 2024: Three and Six Months Ended June 30, 2024 Employee Headcount Reduction Office Closures Total Charges 36 7 43 Payments (2) — (2) Non-cash items — (7) (7) Liability as of June 30, 2024 $ 34 $ — $ 34 As of June 30, 2024, the liability for restructuring charges is included in "Other accrued liabilities" on the consolidated balance sheet, and the corresponding expense is included in "Restructuring charges" on the condensed consolidated statements of operations and comprehensive income. The Company does not allocate restructuring charges between its operating segments. If charges related to the Restructuring Plans were allocated to operating segments, for the three months ended June 30, 2024, $4 million and $27 million of the aforementioned charge would have been allocated to the Company's Towers and Fiber segment, respectively, with the remaining $14 million allocated to Other. Similarly, for the six months ended June 30, 2024, $6 million and $31 million of the aforementioned charge would have been allocated to the Company's Towers and Fiber segment, respectively, with the remaining $19 million allocated to Other.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 251	$ 455	$ 562	$ 874

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recent accounting prounouncements	Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the six months ended June 30, 2024 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued new guidance that is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosure of significant segment expenses. The new guidance also expands interim segment disclosure requirements and requires disclosure of the position and title of the Company's chief operating decision-maker. The guidance will be effective for the Company's fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025 with early adoption permitted. The guidance is required to be applied retrospectively to each prior reporting period presented. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of June 30, 2024. Six Months Ending December 31, Years Ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Contracted amounts (a) $ 2,595 $ 4,891 $ 4,729 $ 4,603 $ 4,381 $ 16,134 $ 37,333 (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)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024. Original Final Maturity Date (a) Balance as of June 30, 2024 Balance as of December 31, 2023 Stated Interest Rate as of June 30, 2024 (a)(b) Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 $ 36 $ 40 9.0 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 699 698 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 747 746 4.2 % Installment purchase liabilities and finance leases Various (d) Various (d) 295 (e) 270 (e) Various (d) Total secured debt 1,777 1,754 2016 Revolver Jan. 2016 July 2027 — (f) 670 N/A (g) 2016 Term Loan A Jan. 2016 July 2027 1,155 1,162 6.4 % (g) Commercial Paper Notes Various (h) Various (h) 1,438 (h) — 5.9 % 3.200% Senior Notes Aug. 2017 Sept. 2024 750 749 3.2 % 1.350% Senior Notes June 2020 July 2025 499 498 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 898 898 4.5 % 3.700% Senior Notes May 2016 June 2026 748 748 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 996 994 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 498 498 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 745 744 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 997 997 3.7 % 5.000% Senior Notes Jan. 2023 Jan. 2028 992 991 5.0 % 3.800% Senior Notes Jan. 2018 Feb. 2028 995 995 3.8 % 4.800% Senior Notes Apr. 2023 Sept. 2028 595 594 4.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 596 595 4.3 % 5.600% Senior Notes Dec. 2023 June 2029 741 740 5.6 % 3.100% Senior Notes Aug. 2019 Nov. 2029 546 546 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 741 741 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 1,092 1,091 2.3 % 2.100% Senior Notes Feb. 2021 Apr. 2031 991 990 2.1 % 2.500% Senior Notes June 2021 July 2031 743 743 2.5 % 5.100% Senior Notes Apr. 2023 May 2033 743 743 5.1 % 5.800% Senior Notes Dec. 2023 Mar. 2034 742 740 5.8 % 2.900% Senior Notes Feb. 2021 Apr. 2041 1,235 1,234 2.9 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 396 396 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 346 346 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 21,942 21,167 Total debt and other obligations 23,719 22,921 Less: current maturities of debt and other obligations 865 835 Non-current portion of debt and other long-term obligations $ 22,854 $ 22,086 (a) See the 2023 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) Represents the weighted-average stated interest rate, as applicable. (c) If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of June 30, 2024, 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. (d) The Company's installment purchases primarily relate to land and bear interest rates up to 8% and mature in periods ranging from less than one year to approximately 25 years. (e) For the periods ended June 30, 2024 and December 31, 2023, reflects $27 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles). (f) As of June 30, 2024, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion. (g) Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") 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 2023 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (h) The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. 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. 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.
Schedule of Maturities of Long-term Debt	Scheduled Principal Payments and Final Maturities 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 June 30, 2024, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Six Months Ending December 31, Years Ending December 31, Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2024 2025 2026 2027 2028 Thereafter Scheduled principal payments and final maturities $ 2,249 (a) $ 605 $ 2,784 $ 3,254 $ 2,632 $ 12,350 $ 23,874 $ (155) $ 23,719 (a) Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table and $750 million aggregate principal amount of 3.200% senior unsecured notes due September 2024.
Components of Interest Expense and Amortization of Deferred Financing Costs, net	Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest expense on debt obligations $ 227 $ 205 $ 450 $ 403 Amortization of deferred financing costs and adjustments on long-term debt 8 7 16 14 Capitalized interest (5) (4) (10) (7) Total $ 230 $ 208 $ 456 $ 410

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Estimated Fair Values and Carrying Amounts of Assets and Liabilities	Level in Fair Value Hierarchy June 30, 2024 December 31, 2023 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 155 $ 155 $ 105 $ 105 Restricted cash and cash equivalents, current and non-current 1 176 176 176 176 Liabilities: Total debt and other obligations 2 23,719 21,834 22,921 21,201

Per Share Information (Tables)

Per Share Information (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 251 $ 455 $ 562 $ 874 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 435 434 434 433 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units — — 1 1 Diluted weighted-average number of common shares outstanding 435 434 435 434 Net income (loss), per common share: Basic $ 0.58 $ 1.05 $ 1.29 $ 2.02 Diluted $ 0.58 $ 1.05 $ 1.29 $ 2.01 Dividends/distributions declared per share of common stock $ 1.565 $ 1.565 $ 3.130 $ 3.130

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Dividends Declared	Declaration and Payment of Dividends During the six months ended June 30, 2024, 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 21, 2024 March 15, 2024 March 28, 2024 $ 1.565 $ 683 Common Stock May 22, 2024 June 14, 2024 June 28, 2024 $ 1.565 $ 684 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.

Operating Segments Operating Se

Operating Segments Operating Segments (Tables)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Towers Fiber Other Total Towers Fiber Other Total Segment site rental revenues $ 1,064 $ 516 $ 1,580 $ 1,080 $ 648 $ 1,728 Segment services and other revenues 43 3 46 124 15 139 Segment revenues 1,107 519 1,626 1,204 663 1,867 Segment site rental costs of operations 245 178 423 243 171 414 Segment services and other costs of operations 23 2 25 92 3 95 Segment costs of operations (a)(b) 268 180 448 335 174 509 Segment site rental gross margin 819 338 1,157 837 477 1,314 Segment services and other gross margin 20 1 21 32 12 44 Segment selling, general and administrative expenses (b) 16 50 66 30 51 81 Segment operating profit (loss) 823 289 1,112 839 438 1,277 Other selling, general and administrative expenses (b) $ 105 105 $ 88 88 Stock-based compensation expense, net 40 40 50 50 Depreciation, amortization and accretion 430 430 445 445 Restructuring charges 45 45 — — Interest expense and amortization of deferred financing costs, net 230 230 208 208 Other (income) expenses to reconcile to income (loss) before income taxes (c) 4 4 24 24 Income (loss) before income taxes $ 258 $ 462 Capital expenditures $ 29 $ 289 $ 11 $ 329 $ 61 $ 306 $ 12 $ 379 Total assets (at period end) $ 21,177 $ 16,358 $ 711 $ 38,246 $ 21,973 $ 16,166 $ 903 $ 39,042 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $7 million and $9 million for the three months ended June 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $33 million and $41 million for the three months ended June 30, 2024 and 2023, respectively. (c)	Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Towers Fiber Other Total Towers Fiber Other Total Segment site rental revenues $ 2,132 $ 1,036 $ 3,168 $ 2,161 $ 1,191 $ 3,352 Segment services and other revenues 89 10 99 270 18 288 Segment revenues 2,221 1,046 3,267 2,431 1,209 3,640 Segment site rental costs of operations 483 360 843 477 343 820 Segment services and other costs of operations 51 7 58 191 5 196 Segment costs of operations (a)(b) 534 367 901 668 348 1,016 Segment site rental gross margin 1,649 676 2,325 1,684 848 2,532 Segment services and other gross margin 38 3 41 79 13 92 Segment selling, general and administrative expenses (b) 37 97 134 61 100 161 Segment operating profit (loss) 1,650 582 2,232 1,702 761 2,463 Other selling, general and administrative expenses (b) $ 189 189 $ 170 170 Stock-based compensation expense 78 78 91 91 Depreciation, amortization and accretion 869 869 876 876 Restructuring charges 56 56 — — Interest expense and amortization of deferred financing costs, net 456 456 410 410 Other (income) expenses to reconcile to income (loss) before income taxes (c) 8 8 28 28 Income (loss) before income taxes $ 576 $ 888 Capital expenditures $ 64 $ 562 $ 23 $ 649 $ 111 $ 585 $ 24 $ 720 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $14 million and $17 million for the six months ended June 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $64 million and $74 million for the six months ended June 30, 2024 and 2023, respectively. (c)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
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 for the six months ended June 30, 2024 and 2023: Six Months Ended June 30, 2024 2023 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 283 $ 284 Interest paid 441 367 Income taxes paid 9 10 Supplemental disclosure of non-cash operating, investing and financing activities: ROU assets recorded in exchange for operating lease liabilities (70) 28 Increase (decrease) in accounts payable for purchases of property and equipment (18) 16 Capitalized stock-based compensation 13 14 Purchase of property and equipment under finance leases and installment land purchases 41 39 (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 and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. June 30, 2024 December 31, 2023 Cash and cash equivalents $ 155 $ 105 Restricted cash and cash equivalents, current 171 171 Restricted cash and cash equivalents reported within other assets, net 5 5 Cash and cash equivalents and restricted cash and cash equivalents $ 331 $ 281

Restructuring and Related Act_2

Restructuring and Related Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the activities related to the 2023 Restructuring Plan for the three and six months ended June 30, 2024: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Employee Headcount Reduction Office Space Consolidation Total Employee Headcount Reduction Office Space Consolidation Total Liability as of the beginning of the respective period $ 8 $ 15 $ 23 $ 16 $ 12 $ 28 Charges 1 1 2 1 12 13 Payments (3) (4) (7) (11) (8) (19) Non-cash items — — — — (4) (4) Liability as of June 30, 2024 $ 6 $ 12 $ 18 $ 6 $ 12 $ 18
2024 Restructuring and Related Costs	The following table summarizes the activities related to the 2024 Restructuring Plan for the three and six months ended June 30, 2024: Three and Six Months Ended June 30, 2024 Employee Headcount Reduction Office Closures Total Charges 36 7 43 Payments (2) — (2) Non-cash items — (7) (7) Liability as of June 30, 2024 $ 34 $ — $ 34

General Business (Details)

General Business (Details)	Jun. 30, 2024
Subject to Capital Lease with TMO or AT&T [Member]
Purchase Option, Percentage of Towers	53%

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Amount		$ 2,000		$ 2,000		$ 2,100	$ 2,300
Revenue Recognized on Deferred Revenues				270	$ 360
Contracted Amounts Receivable from Customers, remainder of year	[1]	2,595		2,595
Contracted Amounts Receivable from Customers, in Two Years	[1]	4,891		4,891
Contracted Amounts Receivable from Customers, in Three Years	[1]	4,729		4,729
Contracted Amounts Receivable from Customers, in Four Years	[1]	4,603		4,603
Contracted Amounts Receivable from Customers, in Five Years	[1]	4,381		4,381
Contracted Amounts Receivable from Customers, Thereafter	[1]	16,134		16,134
Lessor, Operating Lease, Payments to be Received	[1]	37,333		37,333
Accelerated prepaid rent amortization			$ 57		57
Site rental revenue - remaining rental obligation		$ 1	$ 106	$ 4	$ 154
Minimum [Member]
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants				five
Revenue Recognition for Fiber Solutions Tenants				one
Revenue, Performance Obligation, Description of Payment Terms				45
Maximum [Member]
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants				15
Revenue Recognition for Fiber Solutions Tenants				20
Revenue, Performance Obligation, Description of Payment Terms				90
[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		6 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Debt Instrument [Line Items]
Debt and Finance Lease Obligations		$ 23,719		$ 22,921
Less: current maturities of debt and other obligations		865		835
Non-current portion of long-term debt and other long-term obligations		22,854		22,086
Capital Lease Obligations		27		18
2015 Tower Revenue Notes 3.663% due 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		700
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%
Securitized Debt [Member]
Debt Instrument [Line Items]
Debt and Finance Lease Obligations		$ 1,777		1,754
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	9%
Debt and Finance Lease Obligations		$ 36		40
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.70%
Debt and Finance Lease Obligations	[3]	$ 699		698
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.20%
Debt and Finance Lease Obligations	[3]	$ 747		746
Finance Lease Obligations and Other [Member] | Securitized Debt [Member]
Debt Instrument [Line Items]
Debt and Finance Lease Obligations	[4]	$ 295		270
Bank Debt [Member] | 2016 Term Loan A [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2],[5]	6.40%
Debt and Finance Lease Obligations		$ 1,155		1,162
Bank Debt [Member] | Commercial Paper [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5.90%
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.20%
Debt and Finance Lease Obligations		$ 750		749
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	1.40%
Debt and Finance Lease Obligations		$ 499		498
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.50%
Debt and Finance Lease Obligations		$ 898		898
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.70%
Debt and Finance Lease Obligations		$ 748		748
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	1.10%
Debt and Finance Lease Obligations		$ 996		994
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4%
Debt and Finance Lease Obligations		$ 498		498
High Yield Bonds [Member] | 2.900% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	2.90%
Debt and Finance Lease Obligations		$ 745		744
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.70%
Debt and Finance Lease Obligations		$ 997		997
High Yield Bonds [Member] | January 2023 Senior Unsecured 5.000% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5%
Debt and Finance Lease Obligations		$ 992		991
High Yield Bonds [Member] | 3.800% Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.80%
Debt and Finance Lease Obligations		$ 995		995
High Yield Bonds [Member] | 4.800% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.80%
Debt and Finance Lease Obligations		$ 595		594
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.30%
Debt and Finance Lease Obligations		$ 596		595
High Yield Bonds [Member] | December 2023 Senior Unsecured 5.600% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5.60%
Debt and Finance Lease Obligations		$ 741		740
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.10%
Debt and Finance Lease Obligations		$ 546		546
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.30%
Debt and Finance Lease Obligations		$ 741		741
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	2.30%
Debt and Finance Lease Obligations		$ 1,092		1,091
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	2.10%
Debt and Finance Lease Obligations		$ 991		990
High Yield Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	2.50%
Debt and Finance Lease Obligations		$ 743		743
High Yield Bonds [Member] | 5.100% Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5.10%
Debt and Finance Lease Obligations		$ 743		743
High Yield Bonds [Member] | December 2023 Senior Unsecured 5.800% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5.80%
Debt and Finance Lease Obligations		$ 742		740
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	2.90%
Debt and Finance Lease Obligations		$ 1,235		1,234
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.80%
Debt and Finance Lease Obligations		$ 344		344
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	5.20%
Debt and Finance Lease Obligations		$ 396		396
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4%
Debt and Finance Lease Obligations		$ 346		346
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	4.20%
Debt and Finance Lease Obligations		$ 490		490
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[1],[2]	3.30%
Debt and Finance Lease Obligations		$ 890		890
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt and Finance Lease Obligations		$ 21,942		21,167
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		8%
Maximum [Member] | Finance Lease Obligations and Other [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Date Range		25 years
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		0%
Minimum [Member] | Finance Lease Obligations and Other [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Date Range		one year
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		1.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 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		$ 7,000
Debt and Finance Lease Obligations		$ 0	[6]	670
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] | Bank Debt [Member]
Debt Instrument [Line Items]
Debt and Finance Lease Obligations	[7]	$ 1,438		$ 0
Debt Instrument, Maturity Date, Description		397 days
Commercial Paper [Member] | Maximum [Member] | Bank Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description		three months
Term SOFR Adjustment
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		0.10%
[1] Represents the weighted-average stated interest rate, as applicable. See the 2023 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. For the periods ended June 30, 2024 and December 31, 2023, reflects $27 million and $18 million, respectively, in finance lease obligations (primarily related to vehicles). Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") 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 2023 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. As of June 30, 2024, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $7.0 billion. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue, but there were no Commercial Paper Notes issued or outstanding during the period that had original maturities greater than three months. 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. 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt and Other Obligations [Abstract]
Interest Expense, Debt, Excluding Amortization	$ 227	$ 205	$ 450	$ 403
Amortization of deferred financing costs and adjustments on long-term debt, net	8	7	16	14
Capitalized interest	(5)	(4)	(10)	(7)
Interest expense and amortization of deferred financing costs, net	$ 230	$ 208	$ 456	$ 410

Debt and Other Obligations Cont

Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
Long-Term Debt, Maturity, remainder of year	[1]	$ 2,249
Long-Term Debt, Maturity, Year One		605
Long-Term Debt, Maturity, Year Two		2,784
Long-Term Debt, Maturity, Year Three		3,254
Long-Term Debt, Maturity, Year Four		2,632
Long-Term Debt, Maturity, after Year Five		12,350
Total Cash Obligations		23,874
Unamortized Adjustments, Net		(155)
Debt and Finance Lease Obligations		$ 23,719	$ 22,921
[1]Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (h) of the preceding table

Fair Value Disclosures (Estimat

Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 155	$ 105
Cash and cash equivalents, fair value	155	105
Restricted Cash and Cash Equivalents	176	176
Restricted Cash and Cash Equivalents Fair Value Disclosure	176	176
Long-term debt and other obligations, carrying amount	23,719	22,921
Long-term debt and other obligations, fair value	$ 21,834	$ 21,201

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ 251	$ 455	$ 562	$ 874
Basic weighted-average number of common stock outstanding	435	434	434	433
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units	0	0	1	1
Diluted weighted-average number of common shares outstanding	435	434	435	434
Earnings Per Share, Basic	$ 0.58	$ 1.05	$ 1.29	$ 2.02
Earnings Per Share, Diluted	0.58	1.05	1.29	2.01
Dividends/distributions declared per share of common stock (in dollars per share)	$ 1.565	$ 1.565	$ 3.130	$ 3.130

Per Share Information Stock Iss

Per Share Information Stock Issued During Period, Restricted Stock Award (Details) shares in Millions	6 Months Ended
	Jun. 30, 2024 shares
Restricted stock units granted [Abstract]
Restricted stock award granted	1

Commitments and Contingencies C

Commitments and Contingencies Commitment and Contingencies (Details)	Jun. 30, 2024
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
		Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Common Stock, Dividends, Per Share, Cash Paid		$ 1.565	$ 1.565
Dividends, Common Stock, Cash	[1]	$ 683	$ 684
Common stock repurchased during period, shares			0.3
Purchases of common stock			$ (30)	$ (29)
Availability Under ATM			$ 750
At the Market Stock Offering Program, aggregate value of common stock					$ 750
At the Market Stock Offering Program, terminated 2021 Program remaining unsold		$ 750
Common Stock [Member]
Dividends Payable, Date Declared		Feb. 21, 2024	May 22, 2024
Dividends Payable, Date of Record		Mar. 15, 2024	Jun. 14, 2024
Dividends Payable, Date to be Paid		Mar. 28, 2024	Jun. 28, 2024
[1] Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.

Operating Segments Operating _2

Operating Segments Operating Segments Table (Details) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2024 USD ($)		Jun. 30, 2023 USD ($)		Jun. 30, 2024 USD ($)		Jun. 30, 2023 USD ($)		Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Tower Count		40,000				40,000
Fiber Miles		90,000				90,000
Small Cells on Air or Under Contract		115,000				115,000
Amortization of prepaid lease purchase price adjustments		$ 4		$ 4		$ 8		$ 8
Site Rental		1,580		1,728		3,168		3,352
Services and other		46		139		99		288
Segment Revenues		1,626		1,867		3,267		3,640
Segment site rental cost of operations	[1]	432		424		862		839
Services and other	[1]	27		98		61		202
Segment selling, general and administrative expenses		204		210		387		405
Stock-based compensation expense, net						78		91
Depreciation, Amortization and Accretion, Net		430		445		869		876
Restructuring Charges		45		0		56
Interest expense and amortization of deferred financing costs, net		230		208		456		410
Capital expenditures						649		720
Total Assets		38,246				38,246				$ 38,527
Restricted Cash and Cash Equivalents, Noncurrent		5				5				$ 5
Segments [Domain]
Segment Reporting Information [Line Items]
Site Rental		1,580		1,728		3,168		3,352
Services and other		46		139		99		288
Segment Revenues		1,626		1,867		3,267		3,640
Segment site rental cost of operations		423		414		843		820
Services and other		25		95		58		196
Segment cost of operations	[3]	448	[2]	509	[2]	901	[4]	1,016	[4]
Segment site rental gross margin		1,157		1,314		2,325		2,532
Segment services gross margin		21		44		41		92
Segment selling, general and administrative expenses		105	[2]	88	[2]	189	[4]	170	[4]
Segment General and Administrative Expenses [Line Items]		66	[2]	81	[2]	134	[4]	161	[4]
Segment Operating Profit		1,112		1,277		2,232		2,463
Stock-based compensation expense, net		40		50		78		91
Depreciation, Amortization and Accretion, Net		430		445		869		876
Restructuring Charges		45		0		56		0
Interest expense and amortization of deferred financing costs, net		230		208		456		410
Other expenses to reconcile to income (loss) from continuing operations before income taxes	[5]	4		24		8		28
Income (loss) before income taxes		258		462		576		888
Capital expenditures		329		379		649		720
Total Assets		38,246		39,042		38,246		39,042
Segment cost of operations share-based compensation [Member]
Segment Reporting Information [Line Items]
Stock-based compensation expense, net		7		9		14		17
Towers [Member]
Segment Reporting Information [Line Items]
Site Rental		1,064		1,080		2,132		2,161
Services and other		43		124		89		270
Segment Revenues		1,107		1,204		2,221		2,431
Segment site rental cost of operations		245		243		483		477
Services and other		23		92		51		191
Segment cost of operations	[3]	268	[2]	335	[2]	534	[4]	668	[4]
Segment site rental gross margin		819		837		1,649		1,684
Segment services gross margin		20		32		38		79
Segment selling, general and administrative expenses		16	[2]	30	[2]	37	[4]	61	[4]
Segment Operating Profit		823		839		1,650		1,702
Restructuring Charges		6
Capital expenditures		29		61		64		111
Total Assets		21,177		21,973		21,177		21,973
Fiber [Member]
Segment Reporting Information [Line Items]
Site Rental		516		648		1,036		1,191
Services and other		3		15		10		18
Segment Revenues		519		663		1,046		1,209
Segment site rental cost of operations		178		171		360		343
Services and other		2		3		7		5
Segment cost of operations	[3]	180	[2]	174	[2]	367	[4]	348	[4]
Segment site rental gross margin		338		477		676		848
Segment services gross margin		1		12		3		13
Segment selling, general and administrative expenses		50	[2]	51	[2]	97	[4]	100	[4]
Segment Operating Profit		289		438		582		761
Restructuring Charges		31
Capital expenditures		289		306		562		585
Total Assets		16,358		16,166		16,358		16,166
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Segment selling, general and administrative expenses		105	[2]	88	[2]	189	[4]	170	[4]
Stock-based compensation expense, net		40		50		78		91
Depreciation, Amortization and Accretion, Net		430		445		869		876
Restructuring Charges		45		0		56		0
Interest expense and amortization of deferred financing costs, net		230		208		456		410
Other expenses to reconcile to income (loss) from continuing operations before income taxes	[5]	4		24		8		28
Capital expenditures		11		12		23		24
Total Assets		711		903		711		903
Segment G&A share-based compensation [Member]
Segment Reporting Information [Line Items]
Stock-based compensation expense, net		$ 33		$ 41		$ 64		$ 74
[1] Exclusive of depreciation, amortization and accretion shown separately. Segment costs of operations excludes (1) stock-based compensation expense, net of $7 million and $9 million for the three months ended June 30, 2024 and 2023, respectively and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $33 million and $41 million for the three months ended June 30, 2024 and 2023, respectively. Exclusive of depreciation, amortization and accretion shown separately. Segment costs of operations excludes (1) stock-based compensation expense, net of $14 million and $17 million for the six months ended June 30, 2024 and 2023, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2024 and 2023. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $64 million and $74 million for the six months ended June 30, 2024 and 2023, respectively.

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash payments related to operating lease liabilities	[1]	$ 283	$ 284
Interest Paid		441	367
Income taxes paid		9	10
ROU assets recorded in exchange for operating lease liabilities		(70)	28
Increase (decrease) in accounts payable for purchases of property and equipment		(18)	16
Share-Based Payment Arrangement, Amount Capitalized		13	14
Purchase of property and equipment under capital leases and installment purchases		41	39
Cash and cash equivalents		155		$ 105
Restricted cash and cash equivalents, current		171		171
Cash, Cash Equivalents, Restricted Cash and Cash Equivalents		$ 331	$ 488	$ 281	$ 327
[1] Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

Restructuring and Related Act_3

Restructuring and Related Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 45	$ 0	$ 56
Towers [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6
Fiber [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	31
Other Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	19
Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining				$ 70
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	2		13
Payments for Restructuring	(7)		(19)
Restructuring Reserve, Settled without Cash	0		(4)
Restructuring Reserve	18		18		$ 23	$ 28
Employee headcount reduction		15%
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	43		43
Payments for Restructuring	(2)		(2)
Restructuring Reserve, Settled without Cash	(7)		(7)
Restructuring Reserve	$ 34		$ 34
Employee headcount reduction	10%		10%
Employee Severance | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 1		$ 1
Payments for Restructuring	(3)		(11)
Restructuring Reserve, Settled without Cash	0		0
Restructuring Reserve	6		6		8	16
Employee Severance | 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	36		36
Payments for Restructuring	(2)		(2)
Restructuring Reserve, Settled without Cash	0		0
Restructuring Reserve	34		34
Facility Closing | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1		12
Payments for Restructuring	(4)		(8)
Restructuring Reserve, Settled without Cash	0		(4)
Restructuring Reserve	12		12		$ 15	$ 12
Facility Closing | 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	7		7
Payments for Restructuring	0		0
Restructuring Reserve, Settled without Cash	(7)		(7)
Restructuring Reserve	$ 0		0
Accelerated depreciation and asset write downs | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Settled without Cash			(4)
Accelerated depreciation and asset write downs | 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Settled without Cash			(7)
Remaining obligations under facility leases | 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			$ 8