Uniti (UNIT) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	CSAL
Entity Registrant Name	COMMUNICATIONS SALES & LEASING, INC.
Entity Central Index Key	1,620,280
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		153,911,063

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Property, plant and equipment, net	$ 2,569,402	$ 2,372,651
Cash and cash equivalents	48,813	142,498
Accounts receivable, net	8,458	2,083
Goodwill	146,590
Intangible assets, net	47,920	10,530
Straight-line rent receivable	20,422	11,795
Other assets	10,070	3,079
Total Assets	2,851,675	2,542,636
Liabilities:
Accounts payable, accrued expenses and other liabilities	20,206	10,409
Accrued interest payable	26,384	24,440
Deferred revenue	148,346	67,817
Derivative liability	66,888	5,427
Dividends payable	93,208	90,507
Deferred income taxes	5,115	5,714
Capital lease obligations	48,980
Notes and other debt, net	3,690,186	3,505,228
Total liabilities	4,099,313	3,709,542
Commitments and contingencies (Note 13)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 153,244 shares at June 30, 2016 and 149,862 at December 31, 2015	15	15
Additional paid-in capital	81,881	1,392
Accumulated other comprehensive loss	(66,967)	(5,427)
Distributions in excess of accumulated earnings	(1,341,630)	(1,162,886)
Total shareholders' deficit	(1,326,701)	(1,166,906)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	2,851,675	$ 2,542,636
Series A Convertible Preferred Stock
Liabilities:
Convertible preferred stock, Series A, $0.0001 par value, 88 shares authorized, issued and outstanding, $87,500 liquidation value	$ 79,063

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	153,244,000	149,862,000
Common stock, shares outstanding	153,244,000	149,862,000
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001
Convertible preferred stock, shares authorized	88,000
Convertible preferred stock, shares issued	88,000
Convertible preferred stock, shares outstanding	88,000
Convertible preferred stock, liquidation value	$ 87,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Revenues:
Total revenues	$ 128,748	$ 188,573	$ 363,248
Costs and Expenses:
Interest expense	48,797	68,036	134,085
Depreciation and amortization	64,444	92,385	178,725
General and administrative expense	3,161	8,239	13,428
Operating expense	3,741	9,911	14,618
Transaction related costs	73	11,210	15,120
Total costs and expenses	120,216	189,781	355,976
(Loss) income before income taxes	8,532	(1,208)	7,272
Income tax expense	231	327	771
Net (loss) income	8,301	(1,535)	6,501
Participating securities' share in earnings	(325)	(402)	(757)
Dividends declared on convertible preferred stock		(438)	(438)
Amortization of discount on convertible preferred stock		(496)	(496)
Net (loss) income applicable to common shareholders	$ 7,976	$ (2,871)	$ 4,810
(Loss) earnings per common share:
Basic	$ 0.05	$ (0.02)	$ 0.03
Diluted	$ 0.05	$ (0.02)	$ 0.03
Weighted-average number of common shares outstanding
Basic	149,827	150,913	150,416
Diluted	149,827	150,913	150,661
Dividends declared per common share	$ 0.44	$ 0.60	$ 1.20
Leasing
Revenues:
Total revenues	$ 124,172	$ 169,050	$ 337,691
Costs and Expenses:
Depreciation and amortization	63,801	85,824	171,325
Fiber Infrastructure
Revenues:
Total revenues		13,776	13,776
Costs and Expenses:
Depreciation and amortization		5,747	5,747
Consumer CLEC
Revenues:
Total revenues	4,576	5,747	11,781
Costs and Expenses:
Depreciation and amortization	$ 643	$ 814	$ 1,653

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ 8,301	$ (1,535)	$ 6,501
Other comprehensive (loss) income:
Unrealized (loss) gain on derivative contracts	28,551	(21,019)	(61,461)
Changes in foreign currency translation		(159)	(79)
Other comprehensive (loss) income	28,551	(21,178)	(61,540)
Comprehensive (loss) gain	$ 36,852	$ (22,713)	$ (55,039)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Distributions in Excess of Accumulated Earnings
Beginning balance, value at Apr. 23, 2015	$ 2,508,285	$ 15			$ 2,508,270
Beginning balance, shares at Apr. 23, 2015		149,827,214
Net income	8,301				8,301
Distributions to Windstream related to Spin-Off	(3,447,879)				(3,447,879)
Other comprehensive loss	28,551			$ 28,551
Common stock dividends	(66,576)				(66,576)
Equity issuance cost	(456)		$ (338)		(118)
Stock-based compensation	338		338
Stock-based compensation, shares		4,440
Ending balance, value at Jun. 30, 2015	(969,436)	$ 15		28,551	(998,002)
Ending balance, shares at Jun. 30, 2015		149,831,654
Beginning balance, value at Dec. 31, 2015	(1,166,906)	$ 15	1,392	(5,427)	(1,162,886)
Beginning balance, shares at Dec. 31, 2015		149,862,459
Net income	6,501				6,501
Issuance of common stock, net of costs	79,151		79,151
Issuance of common stock, net of costs, shares		3,202,160
Amortization of discount on convertible preferred stock	(496)		(496)
Other comprehensive loss	(61,540)			(61,540)
Common stock dividends	(182,956)				(182,956)
Convertible preferred stock dividends	(437)				(437)
Equity issuance cost	(110)		(110)
Net share settlement	(2,055)		(203)		(1,852)
Stock-based compensation	2,147		2,147
Stock-based compensation, shares		178,990
Ending balance, value at Jun. 30, 2016	$ (1,326,701)	$ 15	$ 81,881	$ (66,967)	$ (1,341,630)
Ending balance, shares at Jun. 30, 2016		153,243,609

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	2 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Cash flow from operating activities
Net income	$ 8,301	$ 6,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64,444	178,725
Amortization of deferred financing costs	1,272	3,681
Amortization of debt discount	1,366	3,926
Deferred income taxes	(292)	(599)
Straight-line rental revenues	(3,200)	(8,627)
Stock-based compensation	338	2,147
Other	35	(6)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(1,640)	485
Other assets	(1,827)	(2,104)
Accounts payable, accrued expenses and other liabilities	24,634	(318)
Net cash provided by operating activities	93,431	183,811
Cash flow from investing activities
Acquisition of businesses, net of cash acquired		(316,133)
Consideration paid to Windstream Services, LLC	(1,035,029)
Capital expenditures	(397)	(9,452)
Net cash used in investing activities	(1,035,426)	(325,585)
Cash flow from financing activities
Principal payment on debt		(11,394)
Dividends paid		(180,694)
Proceeds from issuance of Term Loans	1,127,000
Proceeds from issuance of Notes		148,875
Borrowings under revolving credit facility		321,000
Payments under revolving credit facility		(278,936)
Capital lease payments		(469)
Deferred financing costs	(29,933)	(2,998)
Common stock issuance, net of costs		54,836
Net share settlement	(456)	(2,055)
Cash in-lieu of fractional shares	(19)
Net cash provided by financing activities	1,096,592	48,165
Effect of exchange rates on cash and cash equivalents		(76)
Net (decrease) increase in cash and cash equivalents	154,597	(93,685)
Cash and cash equivalents at beginning of period	18	142,498
Cash and cash equivalents at end of period	154,615	48,813
Supplemental cash flow information:
Cash paid for interest	24,583	124,694
Cash paid for income taxes		1,827
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid		1,188
Tenant capital improvements	6,303	70,603
Acquisition of businesses through equity consideration		$ 102,881
Issuance of notes and other debt to Windstream Services, LLC, net of deferred financing costs ($34,681)	$ 2,412,829

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Parenthetical) (unaudited) $ in Thousands	2 Months Ended
	Jun. 30, 2015USD ($)
Deferred financing costs	$ 29,933
Windstream Services LLC
Deferred financing costs	$ 34,681

Statements of Revenues and Dire

Statements of Revenues and Direct Expenses (unaudited) - USD ($) $ in Thousands	1 Months Ended	4 Months Ended
	Apr. 23, 2015	Apr. 23, 2015
Consumer CLEC Business
Revenues	$ 2,258	$ 10,149
Direct expenses:
Cost of revenues	1,201	5,552
Selling, general, and administrative	7	22
Amortization	270	1,283
Total costs and expenses	1,478	6,857
Revenues in Excess of Direct Expenses	$ 780	$ 3,292

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business CS&L was incorporated in the state of Maryland on September 4, 2014 as a subsidiary of Windstream. In connection with the Spin-Off, Windstream and CS&L entered into a long-term, triple-net lease (the “Master Lease”) pursuant to which CS&L leases the Distribution Systems to Windstream. The assets and liabilities of the Distribution Systems and Consumer CLEC Business were recorded in our Condensed Consolidated Financial Statements on a carryover basis as of the date of the Spin-Off. CS&L is an independent, internally managed REIT engaged in the acquisition and construction of mission critical infrastructure in the communications industry. The Company is principally focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. With the acquisition of PEG Bandwidth, LLC (“PEG Bandwidth”), the Company has also become a leading provider of infrastructure solutions including cell site backhaul and dark fiber, to the telecommunications industry. Presently, CS&L’s primary source of revenue is rental revenues from leasing the Distribution Systems to Windstream Holdings pursuant to the Master Lease. CS&L intends to elect on our U.S. federal income tax return for the taxable year ending December 31, 2015 to be treated as a REIT. The Consumer CLEC Business, which was reported as an integrated operation within Windstream prior to the Spin-Off, offers voice, broadband, long-distance, and value-added services to residential customers located primarily in rural locations. Substantially all of the network assets used to provide these services to customers are contracted through interconnection agreements with other telecommunications carriers. We have elected to treat Talk America Services, LLC (“Talk America”), and CSL Bandwidth, Inc., the indirect, wholly-owned subsidiaries of CS&L through which we operate the Consumer CLEC Business and PEG Bandwidth’s business, respectively, as taxable REIT subsidiaries effective as of the first day of CS&L’s initial REIT tax year, or in the case of PEG Bandwidth, the date of acquisition.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2015 (“Annual Report”), filed with the SEC on March 7, 2016. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report. All material intercompany balances and transactions have been eliminated. Income Taxes Business Combinations Business Combinations acquisitions meeting the definition of a business combination, where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. Goodwill — Intangibles-Goodwill and Other Property, Plant and Equipment — at original cost, net of accumulated depreciation. The Company capitalizes costs incurred in bringing property, plant and equipment to an operational state, including all activities directly associated with the acquisition, construction, and installation of the related assets it owns. The Company also enters into leasing arrangements providing for the long‑term use of constructed fiber that is then integrated into the Company’s network infrastructure. For each lease that qualifies as a capital lease, the present value of the lease payments, which may include both periodic lease payments over the term of the lease as well as upfront payments to the lessor, is capitalized at the inception of the lease and included in property and equipment. Certain property, plant and equipment are depreciated using a group composite depreciation method. Under this method, when property is retired, the original cost, net of salvage value, is charged against accumulated depreciation and no immediate gain or loss is recognized on the disposition of the property. For all other property, which includes amortization of capital lease assets, depreciation is computed using the straight-line method over the estimated useful life of the respective property. When the property is retired or otherwise disposed of, the related cost and accumulated depreciation are written-off, with the corresponding gain or loss reflected in operating results. Costs of maintenance and repairs to property, plant and equipment subject to the Master Lease are the responsibility of our tenant. Costs of maintenance and repairs to property, plant and equipment not subject to triple-net leasing arrangements are expensed as incurred. During the quarter ended March 31, 2016, we initiated a program whereby we acquire real property interests from third parties owning land where communications infrastructure assets are located and who desired to monetize the underlying real property. These real property interests entitle us to receive rental payments from leases on our sites. The financial results of the acquired real property interests are included in the Leasing segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations. For the six months ended June 30, 2016, we invested approximately $1.7 million for the acquisition of real property interests which are recorded into real estate investments on our Condensed Consolidated Balance Sheet. Foreign Currency Translation The financial statements of our international subsidiaries whose functional currency is the local currency are translated into U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities and the weighted average exchange rate for the applicable period for revenues, expenses, gains and losses. Translation adjustments are recorded as a separate component of comprehensive income in stockholders’ equity. Reclassifications See Note 15 Transaction Related Costs Recently Issued Accounting Standards Revenue from Contracts with Customers The Company is in the process of evaluating this guidance to determine the impact it will have on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is in the process of evaluating this guidance to determine the impact it will have on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. We have adopted ASU 2016-09 effective April 1, 2016, and will reverse compensation cost of forfeited awards as they occur. At the time of adoption, we had not experienced any forfeited awards and therefore no cumulative-effect adjustment was necessary.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Business Combinations	Note 3. Business Combinations Summit Wireless Infrastructure, LLC On January 22, 2016, we acquired 100% of the outstanding equity of Summit Wireless Infrastructure LLC (“Summit”). Summit builds, owns and operates telecommunication infrastructure serving wireless carriers in Mexico. Consideration given to acquire Summit included performance-based shares of common equity valued at $1.1 million, which will vest in full on the third anniversary of closing date, subject to Summit meeting certain performance targets, and the assumption of Summit’s existing debt. PEG Bandwidth, LLC On May 2, 2016, we acquired 100% of the outstanding equity of PEG Bandwidth, LLC (“PEG Bandwidth”) for $323 million in cash, the issuance of 87,500 shares of our Series A Convertible Preferred Stock with a fair value of $78.6 million and 1 million shares of our common stock with an acquisition date fair value of $23.2 million. PEG Bandwidth is a leading provider of infrastructure solutions including cell site backhaul and dark fiber, to the telecommunications industry. The operating results from this acquisition are included in the condensed consolidated financial statements from the acquisition date. The acquisition was recorded by allocating the costs of the assets acquired based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the fair value of the assets acquired is recorded as goodwill within our Fiber Infrastructure segment. See Note 7 (thousands) Property, plant and equipment $ 292,008 Cash and cash equivalents 7,003 Accounts receivable 6,804 Other assets 5,161 Intangible assets 37,500 Accounts payable, accrued expenses and other liabilities (8,122 ) Deferred revenue (12,700 ) Capital lease obligations (49,200 ) Net assets acquired $ 278,454 Goodwill $ 146,590 The above purchase price allocation is considered preliminary and is subject to revision when the valuation of assets and liabilities are finalized upon receipt of the final valuation report from a third party valuation expert, and the resolution of contractual adjustments, such as working capital adjustments as contemplated in the merger agreement are completed. The goodwill is primarily attributable to strategic opportunities that arose from the acquisition of PEG Bandwidth. The goodwill is expected to be deductible for tax purposes. Of the $37.5 million of acquired intangible assets, $35.5 million was assigned to customer relationships (weighted average 17 year life) and $2 million was assigned to trademarks (indefinite life). The acquired business contributed revenues of $13.8 million and operating income of $2.5 million, which excludes transaction and transition costs, to our consolidated results from the date of acquisition through June 30, 2016. We recorded transaction related costs for the three and six months ended June 30, 2016 of $6.6 million and $9.4 million, respectively, in transaction related costs on our Condensed Consolidated Statements of Income. The following table presents the unaudited pro forma summary of our financial results as if the business combination had occurred on April 24, 2015. The pro forma results include additional depreciation and amortization resulting from purchase accounting adjustments, adjustments to amortized deferred revenue, and interest expense associated with debt used to fund the acquisition. The pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The pro forma results are not indicative of future results of operations, or results that might have been achieved had the acquisition been consummated as of April 24, 2015. Three Months Ended Period from Six Months Ended Period from (Thousands, except per share data) June 30, 2016 April 24 - June 30, 2015 June 30, 2016 April 24 - June 30, 2015 Pro forma revenue $ 195,600 $ 143,067 $ 390,477 $ 143,067 Pro forma net (loss) income (6,321 ) 6,225 (1,006 ) 6,225 Pro forma net (loss) income per share $ (0.04 ) $ 0.04 $ (0.01 ) $ 0.04 Windstream Towers On May 12, 2016, Tower Cloud, Inc. On June 20, 2016, we announced that we had entered into a definitive agreement to acquire privately-held Tower Cloud, Inc. (“Tower Cloud”) for $230 million in cash and stock. In addition to the $180 million of cash and 1.9 million shares of CS&L common stock to be delivered at close, Tower Cloud shareholders may receive additional consideration contingent upon Tower Cloud achieving certain defined operational and financial milestones. Tower Cloud is a leading provider of data transport services, with particular focus on providing infrastructure solutions to the wireless and enterprise sectors, including fiber-to-the-tower backhaul, small cell networks, and dark fiber deployments. The acquisition of Tower Cloud compliments our diversification strategy, will expand our national wireless carrier relationships, and accelerate our small cell and dark fiber businesses. Following the close of the transaction, which is expected to close by late third quarter 2016, Tower Cloud will be reported as a component of our Fiber Infrastructure segment, where we expect to achieve significant operational synergies with PEG Bandwidth. The transaction is subject to regulatory approvals and other customary terms and conditions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4. Fair Value of Financial Instruments FASB ASC 820, Fair Value Measurements Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 – Unobservable inputs for the asset or liability Our financial instruments consist of cash and cash equivalents, accounts and other receivables, a derivative liability, our outstanding notes and other debt, and accounts, interest and dividends payable. The following table summarizes the fair value of our financial instruments at June 30, 2016 and December 31, 2015: (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At June 30, 2016 Liabilities Senior secured notes - 6.00%, due April 15, 2023 $ 561,000 $ - $ 561,000 $ - Senior unsecured notes - 8.25%, due October 15, 2023 1,123,875 - 1,123,875 - Senior secured term loan B - variable rate, due October 24, 2022 2,100,168 - 2,100,168 - Senior secured revolving credit facility, variable rate, due April 24, 2020 42,064 42,064 - Derivative liability 66,888 - 66,888 - Total $ 3,893,995 $ 42,064 $ 3,851,931 $ - (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At December 31, 2015 Liabilities Senior secured notes - 6.00%, due April 15, 2023 $ 376,000 $ - $ 376,000 $ - Senior unsecured notes - 8.25%, due October 15, 2023 937,950 - 937,950 - Senior secured term loan B - variable rate, due October 24, 2022 1,986,198 - 1,986,198 - Derivative liability 5,427 - 5,427 - Total $ 3,305,575 $ - $ 3,305,575 $ - The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments. The total principal balance of our Notes and other debt was $3.82 billion at June 30, 2016, with a fair value of $3.83 billion. The estimated fair value of our Notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative liabilities are carried at fair value. See Note 6

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Property, Plant and Equipment	Note 5. Property, Plant and Equipment The carrying value of property, plant and equipment is as follows: (Thousands) Depreciable Lives June 30, 2016 December 31, 2015 Land $ 34,008 $ 33,386 Building and improvements 3 - 40 years 312,783 313,736 Real property interests 50 years 1,714 - Poles 13 - 40 years 229,935 228,031 Fiber 7 - 40 years 2,129,873 1,948,192 Equipment 5 - 7 years 84,330 - Copper 7 - 40 years 3,497,682 3,475,987 Conduit 13 - 47 years 89,659 89,460 Tower assets 20 - 49 years 5,299 - Capital lease assets See Note 2 64,556 - Construction in progress 10,436 4,749 6,460,275 6,093,541 Less accumulated depreciation (3,890,873 ) (3,720,890 ) Net property, plant and equipment $ 2,569,402 $ 2,372,651 Depreciation expense for the three and six months ended June 30, 2016 was $91.2 million and $176.7 million, respectively. Depreciation expense for the period from April 24, 2015 to June 30, 2015 was $63.8 million. As of June 30, 2016, construction in progress includes approximately $1.5 million of in process capital projects that were transferred to us at the time of the Spin-Off. As Windstream completes these projects, amounts are reclassified to depreciable assets. All construction in progress at December 31, 2015 related to projects transferred to us at the time of the Spin-Off.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 6. Derivative Instruments and Hedging Activities The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. On April 27, 2015, we entered into interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate Senior Secured Term Loan B facility. These interest rate swaps are designated as cash flow hedges and have a notional value of $2.12 billion and mature on October 24, 2022. The weighted average fixed rate paid is 2.105%, and the variable rate received resets monthly to the one-month LIBOR subject to a minimum rate of 1.0%. The Company does not currently have any master netting arrangements related to its derivative contracts. The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheet: (Thousands) Location on Condensed Consolidated Balance Sheet June 30, 2016 December 31, 2015 Interest rate swaps Derivative liability $ 66,888 $ 5,427 As of June 30, 2016 and December 31, 2015, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability balance. For the three and six months ended June 30, 2016, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $27 million and $73.4 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of Income Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, beginning July 1, 2016, we estimate that $23.6 million will be reclassified as an increase to interest expense.

Goodwill and Intangible Assets

Goodwill and Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets and Liabilities	Note 7. Goodwill and Intangible Assets and Liabilities Changes in the carrying amount of goodwill occurring during the quarter ended June 30, 2016, are as follows: (Thousands) Fiber Infrastructure Total Goodwill at December 31, 2015 $ - $ - Goodwill associated with 2016 acquisition 146,590 146,590 Goodwill at June 30, 2016 $ 146,590 $ 146,590 The carrying value of the intangible assets is as follows: (Thousands) June 30, 2016 December 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Indefinite life intangible assets: Trade name $ 2,000 $ - $ - $ - Finite life intangible assets: Customer lists 71,927 (26,007 ) 34,501 (23,971 ) Total intangible assets 73,927 34,501 Less: Accumulated amortization (26,007 ) (23,971 ) Total intangible assets, net $ 47,920 $ 10,530 Amortization expense for the three and six months ended June 30, 2016 was $1.2 million and $2.0 million, respectively. Amortization expense is estimated to be $4.3 million for the full year of 2016, $4.7 million in 2017, $4.1 million in 2018, $3.6 million in 2019, $2.9 million in 2020 and $2.5 million in 2021.

Notes and Other Debt

Notes and Other Debt	6 Months Ended
	Jun. 30, 2016
Long Term Debt [Abstract]
Notes and Other Debt	Note 8. Notes and Other Debt Notes and other debt is as follows: (Thousands) June 30, 2016 December 31, 2015 Principal amount $ 3,820,664 $ 3,639,300 Less unamortized discount and debt issuance costs (130,478 ) (134,072 ) Notes and other debt less unamortized discount and debt issuance costs $ 3,690,186 $ 3,505,228 Notes and other debt at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (Thousands) Principal Unamortized Discount and Debt Issuance Costs Principal Unamortized Discount and Debt Issuance Costs Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%) $ 550,000 $ (10,383 ) $ 400,000 $ (6,767 ) Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%) 1,110,000 (47,923 ) 1,110,000 (50,200 ) Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 5.66%) 2,118,600 (72,172 ) 2,129,300 (77,105 ) Senior secured revolving credit facility - variable rate, due April 24, 2020 42,064 - - - Total $ 3,820,664 $ (130,478 ) $ 3,639,300 $ (134,072 ) On April 22, 2016, the Company borrowed $321 million under our $500 million senior secured revolving credit facility maturing April 24, 2020 (the “Revolving Credit Facility”) to fund the cash portion of consideration paid to acquire PEG Bandwidth and related transaction costs. See Note 3 On June 9, 2016, we, along with our wholly-owned subsidiary CSL Capital, LLC (“CSL Capital”), co-issued $150 million aggregate principal amount of 6.00% Senior Secured Notes (the “add-on Notes”) as an add-on to the Company’s existing Senior Secured Notes due April 15, 2023 (the “Senior Secured Notes”). The add-on Notes were issued at an issue price of 99.25%, are subject to the same customary covenant requirements as the existing Senior Secured Notes, and are guaranteed by each of CS&L’s wholly-owned domestic subsidiaries that guarantee indebtedness under CS&L’s senior credit facilities. The issuance of the add-on Notes was not registered under the Securities Act of 1933, as amended (“the Securities Act), but was exempt from registration under Rule 144A, Regulation S and other applicable exemptions of the Securities Act. Proceeds from the issuance of the add-on Notes were used to repay existing borrowings under the Revolving Credit Facility. On April 24, 2015 we, along with CSL Capital, co-issued $400 million aggregate principal amount of Senior Secured Notes and $1.11 billion aggregate principal amount of 8.25% Senior Unsecured Notes due October 15, 2023 (the “Senior Unsecured Notes” and together with the Senior Secured Notes, the “Notes”). The Senior Secured Notes were issued at an issue price of 100% of par value, while the Senior Unsecured Notes were issued at an issue price of 97.055% of par value. The Notes are guaranteed by each of CS&L’s wholly-owned domestic subsidiaries that guarantee indebtedness under CS&L’s senior credit facilities. The Notes were issued to Windstream Services, LLC, a wholly-owned subsidiary of Windstream Holdings, as partial consideration for the contribution of the Distribution Systems and the Consumer CLEC Business in connection with the Spin-Off. As such, CS&L did not receive any proceeds from the issuance of the Notes. The issuance of the Notes and their exchange by Windstream Services for certain of its outstanding indebtedness were not registered under the Securities Act, but were exempt from registration under Rule 144A, Regulation S and other applicable exemptions of the Securities Act. Pursuant to a registration rights agreement entered into by the Company in connection with the sale of the Senior Unsecured Notes, the Company subsequently filed with the SEC a registration statement relating to an exchange offer pursuant to which 8.25% Senior Notes due 2023 (the “Exchange Notes”) that were registered with the SEC, were offered in exchange for Senior Unsecured Notes tendered by the holders of those notes. The terms of the Exchange Notes are substantially identical to the terms of the Senior Unsecured Notes in all material respects, except that the Exchange Notes are registered under the Securities Act, and the transfer restrictions, registration rights and additional interest provision applicable to the Senior Unsecured Notes do not apply to the Exchange Notes. The exchange offer was launched on August 5, 2015, and completed on September 2, 2015, with all outstanding Senior Unsecured Notes being tendered and exchanged for Exchange Notes. The Notes contain customary high yield covenants limiting our ability to incur or guarantee additional indebtedness; incur or guarantee secured indebtedness; pay dividends or distributions on, or redeem or repurchase, capital stock; make certain investments or other restricted payments; sell assets; enter into transactions with affiliates; merge or consolidate or sell all or substantially all of our assets; and create restrictions on the ability of CS&L, CSL Capital and our restricted subsidiaries to pay dividends. The covenants are subject to a number of important and significant limitations, qualifications and exceptions. As of June 30, 2016, we were in compliance with all of the covenants under the Notes. In addition, on April 24, 2015, the Company and CSL Capital entered into a credit agreement (the “Credit Agreement”), which provides for a $2.14 billion Senior Secured Term Loan B facility due October 24, 2022 (the “Term Loan Facility”) and the Revolving Credit Facility (together with the Term Loan Facility, the “Facilities”). The term loans under the Facilities were issued at an issue price of 98.00% of par value, bear interest at a rate equal to a Eurodollar rate, subject to a 1.0% floor, plus an applicable margin equal to 4.00%, and are subject to amortization of 1.0% per annum. The loans have been incurred by the Company and CSL Capital, are guaranteed by certain of CS&L’s wholly-owned subsidiaries (the “Guarantors”), and are secured by substantially all of the assets of CS&L, CSL Capital and the Guarantors, subject to certain exceptions, which assets also secure the Senior Secured Notes. The Revolving Credit Facility bears interest at a rate equal to LIBOR plus 1.75% to 2.25% based on our consolidated secured leverage ratio, as defined in the Credit Agreement. We are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur incremental term loan borrowings and/or increased commitments under the Credit Agreement in an aggregate amount equal to $150 million plus an unlimited amount, so long as, on a pro forma basis after giving effect to any such increases, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. As of June 30, 2016, we were in compliance with all of the covenants under the Credit Agreement. The Company transferred $1.04 billion of cash proceeds under the Facilities to Windstream Services, the Company’s parent immediately preceding the Spin-Off, as partial consideration for the contribution of the Distribution Systems and the Consumer CLEC Business in connection with the Spin-Off. Deferred financing costs were incurred in connection with the issuance of the Notes and the Facilities. These costs are amortized using the effective interest method over the term of the related indebtedness, and are included in interest expense in our Condensed Consolidated Statement of Income. For the three months and six months ended June 30, 2016, we recognized $1.9 million and $3.7 million of non-cash interest expense related to the amortization of deferred financing costs, respectively. For the period from April 24, 2015 to June 30, 2015, we recognized $1.3 million of non-cash interest expense related to the amortization of deferred financing costs.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Capital Stock	Note 9. Capital Stock On May 2, 2016, we issued 1 million shares of our common stock, par value $0.0001 per share, as partial consideration for all outstanding equity interests of PEG Bandwidth. See Note 3. On June 24, 2016, in connection with Windstream’s disposition of a portion of its retained ownership interest in CS&L pursuant to the public offering ( See Note 10

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions In connection with the Spin-Off, we issued approximately 149.8 million shares of our common stock to Windstream Services as partial consideration for the contribution of the Distribution Systems and the Consumer CLEC Business. Windstream Holdings distributed approximately 80.4% of the CS&L shares it received to existing stockholders of Windstream Holdings and retained a passive ownership interest of approximately 19.6% of the common stock of CS&L. As a result of this ownership Windstream was deemed to be a related party. On June 15, 2016 Windstream Holdings disposed of 14.7 million shares of our common stock, representing approximately half of its retained ownership interest, to certain creditors of Windstream in exchange for satisfaction of certain Windstream debt. The Company did not receive any proceeds resulting from the disposition of these shares. On June 24, 2016, Windstream Holdings disposed of its remaining 14.7 million shares of our common stock as part of a public offering by Citigroup Global Markets Inc. (“Citigroup”). Prior to the closing of the offering, Windstream exchanged these shares for certain indebtedness with certain of its creditors in a debt-for-equity exchange. Following the debt-for-equity exchange, Citigroup acquired the shares from such creditors and sold the shares pursuant to the offering. The Company did not receive any proceeds resulting from the disposition of these shares. Following Windstream’s disposition of its retained interest in CS&L, Windstream is no longer deemed a related party under applicable accounting regulations. Our condensed consolidated financial statements reflect the following transactions with Windstream during the periods in which Windstream was deemed a related party: Revenues General and Administrative Expenses Operating Expenses For the period from April 24, 2015 to June 30, 2015 we incurred expenses of $2.8 million and $0.3 million related to the Wholesale Agreement and Master Services Agreement, respectively. Accounts Receivable Dividend Payable Employee Matters Agreement Tower Purchase Lease Amendment ownership rights in certain fiber assets or an IRU in certain fiber assets that constitute leased property under the Master Lease in exchange for CS&L receiving ownership rights in certain fiber assets or an IRU in certain fiber assets of the third party, which we will then lease to Windstream as leased property under the Master Lease 30, 2016, no such transactions have been consummated. The Master Lease Amendment also permits us to install, own and operate certain wireless communication towers, antennas and related equipment on designated portions of the leased property

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Note 11. Earnings Per Share Our restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met. The earnings per share impact of the Series A Share ( See Note 9 The following sets forth the computation of basic and diluted earnings per share under the two-class method: (Thousands, except per share data) Three Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Six Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Basic earnings per share: Numerator: Net (loss) income $ (1,535 ) $ 8,301 $ 6,501 $ 8,301 Less: Income allocated to participating securities (402 ) (325 ) (757 ) (325 ) Dividends declared on convertible preferred stock (438 ) - (438 ) - Amortization of discount on convertible preferred stock (496 ) - (496 ) - Net (loss) income applicable to common shares $ (2,871 ) $ 7,976 $ 4,810 $ 7,976 Denominator: Basic weighted-average common shares outstanding 150,913 149,827 150,416 149,827 Basic (loss) earnings per common share $ (0.02 ) $ 0.05 $ 0.03 $ 0.05 (Thousands, except per share data) Three Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Six Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Diluted earnings per share: Numerator: Net (loss) income $ (1,535 ) $ 8,301 $ 6,501 $ 8,301 Less: Income allocated to participating securities (402 ) (325 ) (757 ) (325 ) Dividends declared on convertible preferred stock (438 ) - (438 ) - Amortization of discount on convertible preferred stock (496 ) - (496 ) - Net (loss) income applicable to common shares $ (2,871 ) $ 7,976 $ 4,810 $ 7,976 Denominator: Basic weighted-average common shares outstanding 150,913 149,827 150,416 149,827 Effect of dilutive non-participating securities - - 245 - Weighted-average shares for dilutive earnings per common share 150,913 149,827 150,661 149,827 Dilutive (loss) earnings per common share $ (0.02 ) $ 0.05 $ 0.03 $ 0.05 For the three months ended June 30, 2016, 283,128 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Note 12. Segment Information Subsequent to our acquisition of PEG Bandwidth on May 2, 2016 ( Note 3 Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure defined as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction related expenses, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items. Selected financial data related to our segments is presented below for the three months ended June 30, 2016, and for the period from April 24, 2015 to June 30, 2015: Three Months Ended June 30, 2016 (Thousands) Leasing Fiber Infrastructure Consumer CLEC Subtotal of Reportable Segments Revenues $ 169,050 $ 13,776 $ 5,747 $ 188,573 Adjusted EBITDA 164,810 5,500 1,330 171,640 Interest expense 68,036 Depreciation and amortization 85,824 5,747 814 92,385 Transaction related costs 11,210 Stock-based compensation 1,217 Income tax expense 327 Net loss $ (1,535 ) Capital expenditures 4,627 3,401 - 8,028 Period from April 24, 2015 to June 30, 2015 (Thousands) Leasing Consumer CLEC Subtotal of Reportable Segments Revenues $ 124,172 $ 4,576 $ 128,748 Adjusted EBITDA 121,349 835 122,184 Interest expense 48,797 Depreciation and amortization 63,801 643 64,444 Transaction related costs 73 Stock-based compensation 338 Income tax expense 231 Net income $ 8,301 Capital expenditures 397 - 397 Selected financial data related to our segments is presented below for the six months ended June 30, 2016: Six Months Ended June 30, 2016 (Thousands) Leasing Fiber Infrastructure Consumer CLEC Subtotal of Reportable Segments Revenues $ 337,691 $ 13,776 $ 11,781 $ 363,248 Adjusted EBITDA 329,187 5,500 2,662 337,349 Interest expense 134,085 Depreciation and amortization 171,325 5,747 1,653 178,725 Transaction related costs 15,120 Stock-based compensation 2,147 Income tax expense 771 Net income $ 6,501 Capital expenditures 6,051 3,401 - 9,452 Total assets by business segment as of June 30, 2016 and December 31, 2015 are as follows: (Thousands) June 30, 2016 December 31, 2015 Leasing $ 2,343,690 $ 2,527,915 Fiber Infrastructure 493,263 - Consumer CLEC 14,722 14,721 Subtotal of reportable segments $ 2,851,675 $ 2,542,636

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations. Pursuant to the Separation and Distribution Agreement entered into with Windstream in connection with the Spin-Off, Windstream has agreed to indemnify us (including our subsidiaries, directors, officers, employees and agents and certain other related parties) for any liability arising from or relating to legal proceedings involving Windstream's telecommunications business prior to the Spin-Off, and, pursuant to the Master Lease, Windstream has agreed to indemnify us for, among other things, any use, misuse, maintenance or repair by Windstream with respect to the Distribution Systems. Windstream is currently a party to various legal actions and administrative proceedings, including various claims arising in the ordinary course of its telecommunications business, which are subject to the indemnities provided by Windstream to us. Under the terms of the Tax Matters Agreement entered into with Windstream, we are generally responsible for any taxes imposed on Windstream that arise from the failure of the Spin-Off and the debt exchanges to qualify as tax-free for U.S. federal income tax purposes, within the meaning of Section 355 and Section 368(a)(1)(D) of the Internal Revenue Code, as applicable, to the extent such failure to qualify is attributable to certain actions, events or transactions relating to our stock, indebtedness, assets or business, or a breach of the relevant representations or any covenants made by us in the Tax Matters Agreement, the materials submitted to the IRS in connection with the request for the private letter ruling or the representations provided

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income	Note 14. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income by component is as follows for the six months ended June 30, 2016: (Thousands) Currency Translation Adjustment Changes in Fair Value of Effective Cash Flow Hedge Total Beginning balance at December 31, 2015 $ - $ (5,427 ) $ (5,427 ) Other comprehensive loss before reclassifications (79 ) (73,385 ) (73,464 ) Amounts reclassified from accumulated other comprehensive income - 11,924 11,924 Ending balance at June 30, 2016 $ (79 ) $ (66,888 ) $ (66,967 )

Supplemental Guarantor Informat

Supplemental Guarantor Information	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Information	Note 15. Supplemental Guarantor Information In connection with the issuance of the Senior Secured Notes, Senior Unsecured Notes and Term Loan Facility due 2022, the Guarantors provided guarantees of that indebtedness. These guarantees are full and unconditional as well as joint and several. All property assets and related operations of the Guarantors are pledged as collateral under these obligations and the Guarantors are subject to restrictions on certain investments and payments. Subject to the terms and provisions of the debt agreements, in certain circumstances, a Guarantor may be released from its guarantee obligation including, upon the sale or transfer of any portion of its equity interest or all or substantially all its property, and upon any Guarantor being designated an Unrestricted Subsidiary, as defined in the Credit Agreement, or otherwise no longer being required to remain a Guarantor given its size or regulatory restrictions. We have determined that certain immaterial classifications existed in the Condensed Consolidating Statements of Comprehensive Income for the period from April 24, 2015 to June 30, 2015, which impacted only CS&L with applicable offsetting adjustments in the Eliminations column. For the period from April 24, 2015 to June 30, 2015, earnings from consolidated subsidiaries, net income and comprehensive income of CS&L should have been increased from $8.6 million, ($40.5) million, and ($11.9) million to $57.4 million, $8.3 million, and $36.9 million, respectively. The condensed consolidating statement of comprehensive income for the period from April 24, 2015 to June 30, 2015 presented below includes the impact of these revisions. The following information summarizes our Condensed Consolidating Balance Sheets as of June 30, 2016 and December 31, 2015, Condensed Consolidating Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2016, and the Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2016: Condensed Consolidating Balance Sheet As of June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Assets: Property, plant and equipment, net $ — $ — $ 2,051,691 $ 517,711 $ — $ 2,569,402 Cash and cash equivalents 799 — 44,220 3,794 — 48,813 Accounts receivable, net — — 6,985 1,473 — 8,458 Affiliate receivable — — — 1,899 (1,899 ) — Goodwill — — 146,590 — — 146,590 Intangible assets, net — — 37,582 10,338 — 47,920 Straight-line rent receivable — — 20,422 — — 20,422 Investment in consolidated subsidiaries 2,628,156 2,628,156 336,279 326,894 (5,919,485 ) - Other assets 136 — 9,271 663 — 10,070 Total Assets $ 2,629,091 $ 2,628,156 $ 2,653,040 $ 862,772 $ (5,921,384 ) $ 2,851,675 Liabilities and Shareholders' Deficit: Liabilities: Accounts payable, accrued expenses and other liabilities $ 63 $ — $ 18,869 $ 1,274 $ — $ 20,206 Accrued interest payable 26,384 26,384 — — (26,384 ) 26,384 Deferred revenue — — 104,516 43,830 — 148,346 Derivative liability 66,888 66,888 — — (66,888 ) 66,888 Affiliate payable — — 1,899 — (1,899 ) — Dividends payable 93,208 — — — — 93,208 Deferred income taxes — — 1,715 3,400 — 5,115 Capital lease obligations — — 48,980 — — 48,980 Notes and other debt, net 3,690,186 3,690,186 — — (3,690,186 ) 3,690,186 Total liabilities 3,876,729 3,783,458 175,979 48,504 (3,785,357 ) 4,099,313 Convertible preferred stock 79,063 — — — — 79,063 Shareholders' Deficit: Common stock 15 — — — — 15 Additional paid-in capital 81,881 — — — — 81,881 Accumulated other comprehensive income (66,967 ) (66,888 ) — (79 ) 66,967 (66,967 ) Distributions in excess of earnings (1,341,630 ) (1,088,414 ) 2,477,061 814,347 (2,202,994 ) (1,341,630 ) Total shareholders' deficit (1,326,701 ) (1,155,302 ) 2,477,061 814,268 (2,136,027 ) (1,326,701 ) Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit $ 2,629,091 $ 2,628,156 $ 2,653,040 $ 862,772 $ (5,921,384 ) $ 2,851,675 Condensed Consolidating Balance Sheet As of December 31, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Assets: Property, plant and equipment, net $ — $ — $ 1,839,603 $ 533,048 $ — $ 2,372,651 Cash and cash equivalents 17 — 140,197 2,284 — 142,498 Accounts receivable, net — — 474 1,609 — 2,083 Affiliate receivable — — 151 — (151 ) — Intangible assets, net — — — 10,530 — 10,530 Straight-line rent receivable — — 11,795 — — 11,795 Investment in consolidated subsidiaries 2,458,679 2,458,679 11,235 — (4,928,593 ) — Other assets — — 2,781 298 — 3,079 Total Assets $ 2,458,696 $ 2,458,679 $ 2,006,236 $ 547,769 $ (4,928,744 ) $ 2,542,636 Liabilities and Shareholders' Deficit: Accounts payable, accrued expenses and other liabilities $ — $ — $ 9,204 $ 1,205 $ — $ 10,409 Accrued interest payable 24,440 24,440 — — (24,440 ) 24,440 Deferred revenue — — 44,862 22,955 — 67,817 Derivative liability 5,427 5,427 — — (5,427 ) 5,427 Affiliate payable — — — 151 (151 ) — Dividends payable 90,507 — — — — 90,507 Deferred income taxes — — 1,677 4,037 — 5,714 Notes and other debt, net 3,505,228 3,505,228 — — (3,505,228 ) 3,505,228 Total liabilities 3,625,602 3,535,095 55,743 28,348 (3,535,246 ) 3,709,542 Common stock 15 — — — — 15 Additional paid-in capital 1,392 — — — — 1,392 Accumulated other comprehensive income (5,427 ) (5,427 ) — — 5,427 (5,427 ) Distributions in excess of earnings (1,162,886 ) (1,070,989 ) 1,950,493 519,421 (1,398,925 ) (1,162,886 ) Total shareholders' deficit (1,166,906 ) (1,076,416 ) 1,950,493 519,421 (1,393,498 ) (1,166,906 ) Total Liabilities and Shareholders' Deficit $ 2,458,696 $ 2,458,679 $ 2,006,236 $ 547,769 $ (4,928,744 ) $ 2,542,636 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 168,522 $ 528 $ — $ 169,050 Fiber Infrastructure — — 13,776 — — 13,776 Consumer CLEC — — — 5,747 — 5,747 Total revenues — — 182,298 6,275 — 188,573 Costs and Expenses: Interest expense 66,381 66,381 1,667 (12 ) (66,381 ) 68,036 Depreciation and amortization — — 70,059 22,326 — 92,385 General and administrative expense 1,200 — 6,935 104 — 8,239 Operating expense — — 5,482 4,429 — 9,911 Transaction related costs — — 11,210 — — 11,210 Total costs and expenses 67,581 66,381 95,353 26,847 (66,381 ) 189,781 Earnings from consolidated subsidiaries 66,046 66,046 — — (132,092 ) — (Loss) income before income taxes (1,535 ) (335 ) 86,945 (20,572 ) (65,711 ) (1,208 ) Income tax expense — — 136 191 — 327 Net (loss) income $ (1,535 ) $ (335 ) $ 86,809 $ (20,763 ) $ (65,711 ) $ (1,535 ) Comprehensive (loss) income $ (22,713 ) $ (21,354 ) $ 86,809 $ (20,922 ) $ (44,533 ) $ (22,713 ) Condensed Consolidating Statement of Comprehensive Income For the Period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 124,172 $ — $ — $ 124,172 Consumer CLEC — — — 4,576 — 4,576 Total revenues — — 124,172 4,576 — 128,748 Costs and Expenses: Interest expense 48,797 48,797 — — (48,797 ) 48,797 Depreciation and amortization — — 46,744 17,700 — 64,444 General and administrative expense 338 — 2,823 — — 3,161 Operating expense — — — 3,741 — 3,741 Transaction related costs — — 73 — — 73 Total costs and expenses 49,135 48,797 49,640 21,441 (48,797 ) 120,216 Earnings from consolidated subsidiaries 57,436 57,436 — — (114,872 ) — Income (loss) before income taxes 8,301 8,639 74,532 (16,865 ) (66,075 ) 8,532 Income tax expense — — 94 137 — 231 Net income (loss) $ 8,301 $ 8,639 $ 74,438 $ (17,002 ) $ (66,075 ) $ 8,301 Comprehensive income (loss) $ 36,852 $ 37,190 $ 74,438 $ (17,002 ) $ (94,626 ) $ 36,852 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Six Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 336,797 $ 894 $ — $ 337,691 Fiber Infrastructure — — 13,776 — 13,776 Consumer CLEC — — — 11,781 — 11,781 Total revenues — — 350,573 12,675 — 363,248 Costs and Expenses: Interest expense 132,526 132,526 1,571 (12 ) (132,526 ) 134,085 Depreciation and amortization — — 134,143 44,582 — 178,725 General and administrative expense 2,130 — 11,098 200 — 13,428 Operating expense — — 5,483 9,135 — 14,618 Transaction related costs — — 15,120 — — 15,120 Total costs and expenses 134,656 132,526 167,415 53,905 (132,526 ) 355,976 Earnings from consolidated subsidiaries 141,157 141,157 — — (282,314 ) — (Loss) income before income taxes 6,501 8,631 183,158 (41,230 ) (149,788 ) 7,272 Income tax expense — — 384 387 — 771 Net (loss) income $ 6,501 $ 8,631 $ 182,774 $ (41,617 ) $ (149,788 ) $ 6,501 Comprehensive (loss) income $ (55,039 ) $ (52,830 ) $ 182,774 $ (41,696 ) $ (88,248 ) $ (55,039 ) Condensed Consolidating Statement of Comprehensive Income For the Period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 124,172 $ — $ — $ 124,172 Consumer CLEC — — — 4,576 — 4,576 Total revenues — — 124,172 4,576 — 128,748 Costs and Expenses: Interest expense 48,797 48,797 — — (48,797 ) 48,797 Depreciation and amortization — — 46,744 17,700 — 64,444 General and administrative expense 338 — 2,823 — — 3,161 Operating expense — — — 3,741 — 3,741 Transaction related costs — — 73 — — 73 Total costs and expenses 49,135 48,797 49,640 21,441 (48,797 ) 120,216 Earnings from consolidated subsidiaries 57,436 57,436 — — (114,872 ) — Income (loss) before income taxes 8,301 8,639 74,532 (16,865 ) (66,075 ) 8,532 Income tax expense — — 94 137 — 231 Net income (loss) $ 8,301 $ 8,639 $ 74,438 $ (17,002 ) $ (66,075 ) $ 8,301 Comprehensive income (loss) $ 36,852 $ 37,190 $ 74,438 $ (17,002 ) $ (94,626 ) $ 36,852 Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Cash flow from operating activities Net cash provided by (used in) operating activities $ (46,656 ) $ — $ 308,096 $ 6,060 $ (83,689 ) $ 183,811 Cash flow from investing activities Acquisition of businesses, net of cash acquired — — (316,244 ) 111 — (316,133 ) Capital expenditures — — (3,397 ) (6,055 ) — (9,452 ) Net cash (used in) provided by investing activities — — (319,641 ) (5,944 ) — (325,585 ) Cash flow from financing activities Principal payment on debt (11,394 ) — — — — (11,394 ) Dividends paid (180,694 ) — — — — (180,694 ) Proceeds from issuance of Notes 148,875 — — — — 148,875 Borrowings under revolving credit facility 321,000 — — — — 321,000 Payments under revolving credit facility (278,936 ) (278,936 ) Capital lease payments — — (469 ) — — (469 ) Deferred financing costs (2,998 ) — — — — (2,998 ) Common stock issuance, net of costs 54,836 — — — — 54,836 Net share settlement (2,055 ) — — — — (2,055 ) Intercompany transactions, net (1,196 ) — (83,963 ) 1,470 83,689 — Net cash (used in) provided by investing activities 47,438 — (84,432 ) 1,470 83,689 48,165 Effect of exchange rates on cash and cash equivalents — — — (76 ) — (76 ) Net increase in cash and cash equivalents 782 — (95,977 ) 1,510 — (93,685 ) Cash and cash equivalents, December 31, 2015 17 — 140,197 2,284 142,498 Cash and cash equivalents, June 30, 2016 $ 799 $ — $ 44,220 $ 3,794 $ — $ 48,813 Condensed Consolidating Statement of Cash Flows For the period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Cash flow from operating activities Net cash (used in) provided by operating activities $ (61,540 ) $ — $ 154,971 $ — $ — $ 93,431 Cash flow from investing activities Consideration paid to Windstream Services (1,035,029 ) — — — — (1,035,029 ) Capital expenditures — — (397 ) — — (397 ) Net cash used in investing activities (1,035,029 ) — (397 ) — — (1,035,426 ) Cash flow from financing activities Proceeds from issuance of Term Loans 1,127,000 — — — — 1,127,000 Deferred financing costs (29,933 ) — — — — (29,933 ) Common stock issuance (456 ) — — — — (456 ) Cash in-lieu of fractional shares (19 ) — — — — (19 ) Net cash provided by investing activities 1,096,592 — — — — 1,096,592 Net increase in cash and cash equivalents 23 — 154,574 — — 154,597 Cash and cash equivalents, December 31, 2015 — — 18 — — 18 Cash and cash equivalents, June 30, 2015 $ 23 $ — $ 154,592 $ — $ — $ 154,615

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2016
Consumer CLEC Business
Description of Business	Note 1. Description of Business Communications Sales & Leasing, Inc. (the “Company,” “CS&L,” “we,” “us” or “our”) was incorporated in the state of Delaware in February 2014 and reorganized in the state of Maryland on September 4, 2014. On April 24, 2015, in connection with the separation and spin-off of CS&L from Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), Windstream contributed certain telecommunications network assets, including fiber and copper networks and other real estate (the “Distribution Systems”) and a small consumer competitive local exchange carrier (“CLEC”) business (the “Consumer CLEC Business”) to CS&L in exchange for cash, shares of common stock of CS&L and certain indebtedness of CS&L (the “Spin-Off”). The Consumer CLEC Business, which prior to the Spin-Off had been reported as an integrated operation within Windstream, offers voice, broadband, long-distance, and value-added services to residential customers located primarily in rural locations. Substantially all of the network assets used to provide these services to customers are contracted through interconnection agreements with other telecommunications carriers. Prior to the Spin-Off, Windstream ceased accepting new residential customers in the service areas covered by the Consumer CLEC Business.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Consumer CLEC Business
Basis of Presentation	Note 2. Basis of Presentation Subsequent to the Spin-Off, all financial results of the Consumer CLEC Business are reported within the consolidated financial statements of CS&L. The accompanying unaudited Statement of Revenues and Direct Expenses for the periods from April 1, 2015 to April 24, 2015 (the “Spin Date”) and January 1, 2015 to Spin Date The accompanying Statement of Revenues and Direct Expenses include all direct costs incurred in connection with the operation of the Consumer CLEC Business for which specific identification was practicable. In addition, direct costs incurred by Windstream to operate the Consumer CLEC Business for which specific identification was not practicable have been allocated based on assumptions that management believes are reasonable under the circumstances as more fully discussed in Note 4. The Statement of Revenues and Direct Expenses exclude costs that are not directly related to the Consumer CLEC Business including general corporate overhead costs, interest expense and income taxes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Consumer CLEC Business
Summary Of Significant Accounting Policies [Line Items]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Use of Estimates Revenue Recognition In assessing collectability of receivables, management considers a number of factors, including historical collection experience, aging of the accounts receivable balances and current economic conditions. When internal collection efforts on accounts have been exhausted, the accounts are written off by reducing the allowance for doubtful accounts. The provision for doubtful accounts, which is included in cost of service, was $28,000 and $111,000 for the period from April 1, 2015 to Spin Date and the period from January 1, 2015 to Spin Date, respectively. Recently Issued Accounting Standards Revenue from Contracts with Customers Subsequent Events

Allocations

Allocations	6 Months Ended
	Jun. 30, 2016
Consumer CLEC Business
Allocations [Line Items]
Allocations	Note 4. Allocations As described in Note 2, the accompanying Statement of Revenues and Direct Expenses of the Consumer CLEC Business include all direct costs incurred in connection with the operation of the Consumer CLEC Business for which specific identification was practicable. In addition, certain costs incurred by Windstream to operate the Consumer CLEC Business for which specific identification was not practicable have been allocated based on revenues and sales. These allocated expenses are included in “Cost of revenues” and “Selling, general and administrative.” General and administrative costs incurred by Windstream not directly related to the Consumer CLEC Business have not been allocated to these operations. Costs not allocated include amounts related to executive management, accounting, treasury and cash management, data processing, legal, human resources and certain occupancy costs.

Basis of Presentation and Sum29

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary Of Significant Accounting Policies [Line Items]
Income Taxes	Income Taxes
Business Combinations	Business Combinations Business Combinations acquisitions meeting the definition of a business combination, where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed.
Goodwill	Goodwill — Intangibles-Goodwill and Other
Property, Plant and Equipment	Property, Plant and Equipment — at original cost, net of accumulated depreciation. The Company capitalizes costs incurred in bringing property, plant and equipment to an operational state, including all activities directly associated with the acquisition, construction, and installation of the related assets it owns. The Company also enters into leasing arrangements providing for the long‑term use of constructed fiber that is then integrated into the Company’s network infrastructure. For each lease that qualifies as a capital lease, the present value of the lease payments, which may include both periodic lease payments over the term of the lease as well as upfront payments to the lessor, is capitalized at the inception of the lease and included in property and equipment. Certain property, plant and equipment are depreciated using a group composite depreciation method. Under this method, when property is retired, the original cost, net of salvage value, is charged against accumulated depreciation and no immediate gain or loss is recognized on the disposition of the property. For all other property, which includes amortization of capital lease assets, depreciation is computed using the straight-line method over the estimated useful life of the respective property. When the property is retired or otherwise disposed of, the related cost and accumulated depreciation are written-off, with the corresponding gain or loss reflected in operating results. Costs of maintenance and repairs to property, plant and equipment subject to the Master Lease are the responsibility of our tenant. Costs of maintenance and repairs to property, plant and equipment not subject to triple-net leasing arrangements are expensed as incurred. During the quarter ended March 31, 2016, we initiated a program whereby we acquire real property interests from third parties owning land where communications infrastructure assets are located and who desired to monetize the underlying real property. These real property interests entitle us to receive rental payments from leases on our sites. The financial results of the acquired real property interests are included in the Leasing segment from the date of acquisition and were not material, individually or in the aggregate, to our results of operations. For the six months ended June 30, 2016, we invested approximately $1.7 million for the acquisition of real property interests which are recorded into real estate investments on our Condensed Consolidated Balance Sheet.
Foreign Currency Translation	Foreign Currency Translation The financial statements of our international subsidiaries whose functional currency is the local currency are translated into U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities and the weighted average exchange rate for the applicable period for revenues, expenses, gains and losses. Translation adjustments are recorded as a separate component of comprehensive income in stockholders’ equity.
Reclassifications	Reclassifications See Note 15
Transaction Related Costs	Transaction Related Costs
Recently Issued Accounting Standards	Recently Issued Accounting Standards Revenue from Contracts with Customers The Company is in the process of evaluating this guidance to determine the impact it will have on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 is effective for fiscal years and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is in the process of evaluating this guidance to determine the impact it will have on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and early adoption is permitted. We have adopted ASU 2016-09 effective April 1, 2016, and will reverse compensation cost of forfeited awards as they occur. At the time of adoption, we had not experienced any forfeited awards and therefore no cumulative-effect adjustment was necessary.
Consumer CLEC Business
Summary Of Significant Accounting Policies [Line Items]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Revenue from Contracts with Customers
Use of Estimates	Use of Estimates
Revenue Recognition	Revenue Recognition In assessing collectability of receivables, management considers a number of factors, including historical collection experience, aging of the accounts receivable balances and current economic conditions. When internal collection efforts on accounts have been exhausted, the accounts are written off by reducing the allowance for doubtful accounts. The provision for doubtful accounts, which is included in cost of service, was $28,000 and $111,000 for the period from April 1, 2015 to Spin Date and the period from January 1, 2015 to Spin Date, respectively.
Subsequent Events	Subsequent Events

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following is a summary of the estimated fair values of the assets acquired and liabilities assumed: (thousands) Property, plant and equipment $ 292,008 Cash and cash equivalents 7,003 Accounts receivable 6,804 Other assets 5,161 Intangible assets 37,500 Accounts payable, accrued expenses and other liabilities (8,122 ) Deferred revenue (12,700 ) Capital lease obligations (49,200 ) Net assets acquired $ 278,454 Goodwill $ 146,590
Unaudited Pro Forma Summary of Financial Results	The pro forma results are not indicative of future results of operations, or results that might have been achieved had the acquisition been consummated as of April 24, 2015. Three Months Ended Period from Six Months Ended Period from (Thousands, except per share data) June 30, 2016 April 24 - June 30, 2015 June 30, 2016 April 24 - June 30, 2015 Pro forma revenue $ 195,600 $ 143,067 $ 390,477 $ 143,067 Pro forma net (loss) income (6,321 ) 6,225 (1,006 ) 6,225 Pro forma net (loss) income per share $ (0.04 ) $ 0.04 $ (0.01 ) $ 0.04

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value Valuation of Financial Instruments	The following table summarizes the fair value of our financial instruments at June 30, 2016 and December 31, 2015: (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At June 30, 2016 Liabilities Senior secured notes - 6.00%, due April 15, 2023 $ 561,000 $ - $ 561,000 $ - Senior unsecured notes - 8.25%, due October 15, 2023 1,123,875 - 1,123,875 - Senior secured term loan B - variable rate, due October 24, 2022 2,100,168 - 2,100,168 - Senior secured revolving credit facility, variable rate, due April 24, 2020 42,064 42,064 - Derivative liability 66,888 - 66,888 - Total $ 3,893,995 $ 42,064 $ 3,851,931 $ - (Thousands) Total Quoted Prices in Active Markets (Level 1) Prices with Other Observable Inputs (Level 2) Prices with Unobservable Inputs (Level 3) At December 31, 2015 Liabilities Senior secured notes - 6.00%, due April 15, 2023 $ 376,000 $ - $ 376,000 $ - Senior unsecured notes - 8.25%, due October 15, 2023 937,950 - 937,950 - Senior secured term loan B - variable rate, due October 24, 2022 1,986,198 - 1,986,198 - Derivative liability 5,427 - 5,427 - Total $ 3,305,575 $ - $ 3,305,575 $ -

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Schedule of Carrying Value of Property, Plant and Equipment	The carrying value of property, plant and equipment is as follows: (Thousands) Depreciable Lives June 30, 2016 December 31, 2015 Land $ 34,008 $ 33,386 Building and improvements 3 - 40 years 312,783 313,736 Real property interests 50 years 1,714 - Poles 13 - 40 years 229,935 228,031 Fiber 7 - 40 years 2,129,873 1,948,192 Equipment 5 - 7 years 84,330 - Copper 7 - 40 years 3,497,682 3,475,987 Conduit 13 - 47 years 89,659 89,460 Tower assets 20 - 49 years 5,299 - Capital lease assets See Note 2 64,556 - Construction in progress 10,436 4,749 6,460,275 6,093,541 Less accumulated depreciation (3,890,873 ) (3,720,890 ) Net property, plant and equipment $ 2,569,402 $ 2,372,651

Derivative Instruments and He33

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet	The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheet: (Thousands) Location on Condensed Consolidated Balance Sheet June 30, 2016 December 31, 2015 Interest rate swaps Derivative liability $ 66,888 $ 5,427

Goodwill and Intangible Asset34

Goodwill and Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount of Goodwill	Changes in the carrying amount of goodwill occurring during the quarter ended June 30, 2016, are as follows: (Thousands) Fiber Infrastructure Total Goodwill at December 31, 2015 $ - $ - Goodwill associated with 2016 acquisition 146,590 146,590 Goodwill at June 30, 2016 $ 146,590 $ 146,590
Schedule of Carrying Value of the Intangible Assets	The carrying value of the intangible assets is as follows: (Thousands) June 30, 2016 December 31, 2015 Cost Accumulated Amortization Cost Accumulated Amortization Indefinite life intangible assets: Trade name $ 2,000 $ - $ - $ - Finite life intangible assets: Customer lists 71,927 (26,007 ) 34,501 (23,971 ) Total intangible assets 73,927 34,501 Less: Accumulated amortization (26,007 ) (23,971 ) Total intangible assets, net $ 47,920 $ 10,530

Notes and Other Debt (Tables)

Notes and Other Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Long Term Debt [Abstract]
Schedule of Notes and Other Debt	Notes and other debt is as follows: (Thousands) June 30, 2016 December 31, 2015 Principal amount $ 3,820,664 $ 3,639,300 Less unamortized discount and debt issuance costs (130,478 ) (134,072 ) Notes and other debt less unamortized discount and debt issuance costs $ 3,690,186 $ 3,505,228 Notes and other debt at June 30, 2016 and December 31, 2015 consisted of the following: June 30, 2016 December 31, 2015 (Thousands) Principal Unamortized Discount and Debt Issuance Costs Principal Unamortized Discount and Debt Issuance Costs Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%) $ 550,000 $ (10,383 ) $ 400,000 $ (6,767 ) Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%) 1,110,000 (47,923 ) 1,110,000 (50,200 ) Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 5.66%) 2,118,600 (72,172 ) 2,129,300 (77,105 ) Senior secured revolving credit facility - variable rate, due April 24, 2020 42,064 - - - Total $ 3,820,664 $ (130,478 ) $ 3,639,300 $ (134,072 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	The following sets forth the computation of basic and diluted earnings per share under the two-class method: (Thousands, except per share data) Three Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Six Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Basic earnings per share: Numerator: Net (loss) income $ (1,535 ) $ 8,301 $ 6,501 $ 8,301 Less: Income allocated to participating securities (402 ) (325 ) (757 ) (325 ) Dividends declared on convertible preferred stock (438 ) - (438 ) - Amortization of discount on convertible preferred stock (496 ) - (496 ) - Net (loss) income applicable to common shares $ (2,871 ) $ 7,976 $ 4,810 $ 7,976 Denominator: Basic weighted-average common shares outstanding 150,913 149,827 150,416 149,827 Basic (loss) earnings per common share $ (0.02 ) $ 0.05 $ 0.03 $ 0.05 (Thousands, except per share data) Three Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Six Months Ended June 30, 2016 Period from April 24 - June 30, 2015 Diluted earnings per share: Numerator: Net (loss) income $ (1,535 ) $ 8,301 $ 6,501 $ 8,301 Less: Income allocated to participating securities (402 ) (325 ) (757 ) (325 ) Dividends declared on convertible preferred stock (438 ) - (438 ) - Amortization of discount on convertible preferred stock (496 ) - (496 ) - Net (loss) income applicable to common shares $ (2,871 ) $ 7,976 $ 4,810 $ 7,976 Denominator: Basic weighted-average common shares outstanding 150,913 149,827 150,416 149,827 Effect of dilutive non-participating securities - - 245 - Weighted-average shares for dilutive earnings per common share 150,913 149,827 150,661 149,827 Dilutive (loss) earnings per common share $ (0.02 ) $ 0.05 $ 0.03 $ 0.05 For the three months ended June 30, 2016, 283,128 non-participating securities were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Selected financial data related to our segments is presented below for the three months ended June 30, 2016, and for the period from April 24, 2015 to June 30, 2015: Three Months Ended June 30, 2016 (Thousands) Leasing Fiber Infrastructure Consumer CLEC Subtotal of Reportable Segments Revenues $ 169,050 $ 13,776 $ 5,747 $ 188,573 Adjusted EBITDA 164,810 5,500 1,330 171,640 Interest expense 68,036 Depreciation and amortization 85,824 5,747 814 92,385 Transaction related costs 11,210 Stock-based compensation 1,217 Income tax expense 327 Net loss $ (1,535 ) Capital expenditures 4,627 3,401 - 8,028 Period from April 24, 2015 to June 30, 2015 (Thousands) Leasing Consumer CLEC Subtotal of Reportable Segments Revenues $ 124,172 $ 4,576 $ 128,748 Adjusted EBITDA 121,349 835 122,184 Interest expense 48,797 Depreciation and amortization 63,801 643 64,444 Transaction related costs 73 Stock-based compensation 338 Income tax expense 231 Net income $ 8,301 Capital expenditures 397 - 397 Selected financial data related to our segments is presented below for the six months ended June 30, 2016: Six Months Ended June 30, 2016 (Thousands) Leasing Fiber Infrastructure Consumer CLEC Subtotal of Reportable Segments Revenues $ 337,691 $ 13,776 $ 11,781 $ 363,248 Adjusted EBITDA 329,187 5,500 2,662 337,349 Interest expense 134,085 Depreciation and amortization 171,325 5,747 1,653 178,725 Transaction related costs 15,120 Stock-based compensation 2,147 Income tax expense 771 Net income $ 6,501 Capital expenditures 6,051 3,401 - 9,452
Summary of Total Assets by Business Segment	Total assets by business segment as of June 30, 2016 and December 31, 2015 are as follows: (Thousands) June 30, 2016 December 31, 2015 Leasing $ 2,343,690 $ 2,527,915 Fiber Infrastructure 493,263 - Consumer CLEC 14,722 14,721 Subtotal of reportable segments $ 2,851,675 $ 2,542,636

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income by Component	Changes in accumulated other comprehensive income by component is as follows for the six months ended June 30, 2016: (Thousands) Currency Translation Adjustment Changes in Fair Value of Effective Cash Flow Hedge Total Beginning balance at December 31, 2015 $ - $ (5,427 ) $ (5,427 ) Other comprehensive loss before reclassifications (79 ) (73,385 ) (73,464 ) Amounts reclassified from accumulated other comprehensive income - 11,924 11,924 Ending balance at June 30, 2016 $ (79 ) $ (66,888 ) $ (66,967 )

Supplemental Guarantor Inform39

Supplemental Guarantor Information (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Balance Sheet	The following information summarizes our Condensed Consolidating Balance Sheets as of June 30, 2016 and December 31, 2015, Condensed Consolidating Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2016, and the Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2016: Condensed Consolidating Balance Sheet As of June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Assets: Property, plant and equipment, net $ — $ — $ 2,051,691 $ 517,711 $ — $ 2,569,402 Cash and cash equivalents 799 — 44,220 3,794 — 48,813 Accounts receivable, net — — 6,985 1,473 — 8,458 Affiliate receivable — — — 1,899 (1,899 ) — Goodwill — — 146,590 — — 146,590 Intangible assets, net — — 37,582 10,338 — 47,920 Straight-line rent receivable — — 20,422 — — 20,422 Investment in consolidated subsidiaries 2,628,156 2,628,156 336,279 326,894 (5,919,485 ) - Other assets 136 — 9,271 663 — 10,070 Total Assets $ 2,629,091 $ 2,628,156 $ 2,653,040 $ 862,772 $ (5,921,384 ) $ 2,851,675 Liabilities and Shareholders' Deficit: Liabilities: Accounts payable, accrued expenses and other liabilities $ 63 $ — $ 18,869 $ 1,274 $ — $ 20,206 Accrued interest payable 26,384 26,384 — — (26,384 ) 26,384 Deferred revenue — — 104,516 43,830 — 148,346 Derivative liability 66,888 66,888 — — (66,888 ) 66,888 Affiliate payable — — 1,899 — (1,899 ) — Dividends payable 93,208 — — — — 93,208 Deferred income taxes — — 1,715 3,400 — 5,115 Capital lease obligations — — 48,980 — — 48,980 Notes and other debt, net 3,690,186 3,690,186 — — (3,690,186 ) 3,690,186 Total liabilities 3,876,729 3,783,458 175,979 48,504 (3,785,357 ) 4,099,313 Convertible preferred stock 79,063 — — — — 79,063 Shareholders' Deficit: Common stock 15 — — — — 15 Additional paid-in capital 81,881 — — — — 81,881 Accumulated other comprehensive income (66,967 ) (66,888 ) — (79 ) 66,967 (66,967 ) Distributions in excess of earnings (1,341,630 ) (1,088,414 ) 2,477,061 814,347 (2,202,994 ) (1,341,630 ) Total shareholders' deficit (1,326,701 ) (1,155,302 ) 2,477,061 814,268 (2,136,027 ) (1,326,701 ) Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit $ 2,629,091 $ 2,628,156 $ 2,653,040 $ 862,772 $ (5,921,384 ) $ 2,851,675 Condensed Consolidating Balance Sheet As of December 31, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Assets: Property, plant and equipment, net $ — $ — $ 1,839,603 $ 533,048 $ — $ 2,372,651 Cash and cash equivalents 17 — 140,197 2,284 — 142,498 Accounts receivable, net — — 474 1,609 — 2,083 Affiliate receivable — — 151 — (151 ) — Intangible assets, net — — — 10,530 — 10,530 Straight-line rent receivable — — 11,795 — — 11,795 Investment in consolidated subsidiaries 2,458,679 2,458,679 11,235 — (4,928,593 ) — Other assets — — 2,781 298 — 3,079 Total Assets $ 2,458,696 $ 2,458,679 $ 2,006,236 $ 547,769 $ (4,928,744 ) $ 2,542,636 Liabilities and Shareholders' Deficit: Accounts payable, accrued expenses and other liabilities $ — $ — $ 9,204 $ 1,205 $ — $ 10,409 Accrued interest payable 24,440 24,440 — — (24,440 ) 24,440 Deferred revenue — — 44,862 22,955 — 67,817 Derivative liability 5,427 5,427 — — (5,427 ) 5,427 Affiliate payable — — — 151 (151 ) — Dividends payable 90,507 — — — — 90,507 Deferred income taxes — — 1,677 4,037 — 5,714 Notes and other debt, net 3,505,228 3,505,228 — — (3,505,228 ) 3,505,228 Total liabilities 3,625,602 3,535,095 55,743 28,348 (3,535,246 ) 3,709,542 Common stock 15 — — — — 15 Additional paid-in capital 1,392 — — — — 1,392 Accumulated other comprehensive income (5,427 ) (5,427 ) — — 5,427 (5,427 ) Distributions in excess of earnings (1,162,886 ) (1,070,989 ) 1,950,493 519,421 (1,398,925 ) (1,162,886 ) Total shareholders' deficit (1,166,906 ) (1,076,416 ) 1,950,493 519,421 (1,393,498 ) (1,166,906 ) Total Liabilities and Shareholders' Deficit $ 2,458,696 $ 2,458,679 $ 2,006,236 $ 547,769 $ (4,928,744 ) $ 2,542,636
Condensed Consolidated Statement of Comprehensive Income (Loss)	Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 168,522 $ 528 $ — $ 169,050 Fiber Infrastructure — — 13,776 — — 13,776 Consumer CLEC — — — 5,747 — 5,747 Total revenues — — 182,298 6,275 — 188,573 Costs and Expenses: Interest expense 66,381 66,381 1,667 (12 ) (66,381 ) 68,036 Depreciation and amortization — — 70,059 22,326 — 92,385 General and administrative expense 1,200 — 6,935 104 — 8,239 Operating expense — — 5,482 4,429 — 9,911 Transaction related costs — — 11,210 — — 11,210 Total costs and expenses 67,581 66,381 95,353 26,847 (66,381 ) 189,781 Earnings from consolidated subsidiaries 66,046 66,046 — — (132,092 ) — (Loss) income before income taxes (1,535 ) (335 ) 86,945 (20,572 ) (65,711 ) (1,208 ) Income tax expense — — 136 191 — 327 Net (loss) income $ (1,535 ) $ (335 ) $ 86,809 $ (20,763 ) $ (65,711 ) $ (1,535 ) Comprehensive (loss) income $ (22,713 ) $ (21,354 ) $ 86,809 $ (20,922 ) $ (44,533 ) $ (22,713 ) Condensed Consolidating Statement of Comprehensive Income For the Period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 124,172 $ — $ — $ 124,172 Consumer CLEC — — — 4,576 — 4,576 Total revenues — — 124,172 4,576 — 128,748 Costs and Expenses: Interest expense 48,797 48,797 — — (48,797 ) 48,797 Depreciation and amortization — — 46,744 17,700 — 64,444 General and administrative expense 338 — 2,823 — — 3,161 Operating expense — — — 3,741 — 3,741 Transaction related costs — — 73 — — 73 Total costs and expenses 49,135 48,797 49,640 21,441 (48,797 ) 120,216 Earnings from consolidated subsidiaries 57,436 57,436 — — (114,872 ) — Income (loss) before income taxes 8,301 8,639 74,532 (16,865 ) (66,075 ) 8,532 Income tax expense — — 94 137 — 231 Net income (loss) $ 8,301 $ 8,639 $ 74,438 $ (17,002 ) $ (66,075 ) $ 8,301 Comprehensive income (loss) $ 36,852 $ 37,190 $ 74,438 $ (17,002 ) $ (94,626 ) $ 36,852 Condensed Consolidating Statement of Comprehensive Income (Loss) For the Six Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 336,797 $ 894 $ — $ 337,691 Fiber Infrastructure — — 13,776 — 13,776 Consumer CLEC — — — 11,781 — 11,781 Total revenues — — 350,573 12,675 — 363,248 Costs and Expenses: Interest expense 132,526 132,526 1,571 (12 ) (132,526 ) 134,085 Depreciation and amortization — — 134,143 44,582 — 178,725 General and administrative expense 2,130 — 11,098 200 — 13,428 Operating expense — — 5,483 9,135 — 14,618 Transaction related costs — — 15,120 — — 15,120 Total costs and expenses 134,656 132,526 167,415 53,905 (132,526 ) 355,976 Earnings from consolidated subsidiaries 141,157 141,157 — — (282,314 ) — (Loss) income before income taxes 6,501 8,631 183,158 (41,230 ) (149,788 ) 7,272 Income tax expense — — 384 387 — 771 Net (loss) income $ 6,501 $ 8,631 $ 182,774 $ (41,617 ) $ (149,788 ) $ 6,501 Comprehensive (loss) income $ (55,039 ) $ (52,830 ) $ 182,774 $ (41,696 ) $ (88,248 ) $ (55,039 ) Condensed Consolidating Statement of Comprehensive Income For the Period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Revenues: Leasing $ — $ — $ 124,172 $ — $ — $ 124,172 Consumer CLEC — — — 4,576 — 4,576 Total revenues — — 124,172 4,576 — 128,748 Costs and Expenses: Interest expense 48,797 48,797 — — (48,797 ) 48,797 Depreciation and amortization — — 46,744 17,700 — 64,444 General and administrative expense 338 — 2,823 — — 3,161 Operating expense — — — 3,741 — 3,741 Transaction related costs — — 73 — — 73 Total costs and expenses 49,135 48,797 49,640 21,441 (48,797 ) 120,216 Earnings from consolidated subsidiaries 57,436 57,436 — — (114,872 ) — Income (loss) before income taxes 8,301 8,639 74,532 (16,865 ) (66,075 ) 8,532 Income tax expense — — 94 137 — 231 Net income (loss) $ 8,301 $ 8,639 $ 74,438 $ (17,002 ) $ (66,075 ) $ 8,301 Comprehensive income (loss) $ 36,852 $ 37,190 $ 74,438 $ (17,002 ) $ (94,626 ) $ 36,852
Condensed Consolidated Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2016 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Cash flow from operating activities Net cash provided by (used in) operating activities $ (46,656 ) $ — $ 308,096 $ 6,060 $ (83,689 ) $ 183,811 Cash flow from investing activities Acquisition of businesses, net of cash acquired — — (316,244 ) 111 — (316,133 ) Capital expenditures — — (3,397 ) (6,055 ) — (9,452 ) Net cash (used in) provided by investing activities — — (319,641 ) (5,944 ) — (325,585 ) Cash flow from financing activities Principal payment on debt (11,394 ) — — — — (11,394 ) Dividends paid (180,694 ) — — — — (180,694 ) Proceeds from issuance of Notes 148,875 — — — — 148,875 Borrowings under revolving credit facility 321,000 — — — — 321,000 Payments under revolving credit facility (278,936 ) (278,936 ) Capital lease payments — — (469 ) — — (469 ) Deferred financing costs (2,998 ) — — — — (2,998 ) Common stock issuance, net of costs 54,836 — — — — 54,836 Net share settlement (2,055 ) — — — — (2,055 ) Intercompany transactions, net (1,196 ) — (83,963 ) 1,470 83,689 — Net cash (used in) provided by investing activities 47,438 — (84,432 ) 1,470 83,689 48,165 Effect of exchange rates on cash and cash equivalents — — — (76 ) — (76 ) Net increase in cash and cash equivalents 782 — (95,977 ) 1,510 — (93,685 ) Cash and cash equivalents, December 31, 2015 17 — 140,197 2,284 142,498 Cash and cash equivalents, June 30, 2016 $ 799 $ — $ 44,220 $ 3,794 $ — $ 48,813 Condensed Consolidating Statement of Cash Flows For the period from April 24 - June 30, 2015 (Thousands) CS&L CSL Capital Guarantors Non-Guarantors Eliminations Consolidated Cash flow from operating activities Net cash (used in) provided by operating activities $ (61,540 ) $ — $ 154,971 $ — $ — $ 93,431 Cash flow from investing activities Consideration paid to Windstream Services (1,035,029 ) — — — — (1,035,029 ) Capital expenditures — — (397 ) — — (397 ) Net cash used in investing activities (1,035,029 ) — (397 ) — — (1,035,426 ) Cash flow from financing activities Proceeds from issuance of Term Loans 1,127,000 — — — — 1,127,000 Deferred financing costs (29,933 ) — — — — (29,933 ) Common stock issuance (456 ) — — — — (456 ) Cash in-lieu of fractional shares (19 ) — — — — (19 ) Net cash provided by investing activities 1,096,592 — — — — 1,096,592 Net increase in cash and cash equivalents 23 — 154,574 — — 154,597 Cash and cash equivalents, December 31, 2015 — — 18 — — 18 Cash and cash equivalents, June 30, 2015 $ 23 $ — $ 154,592 $ — $ — $ 154,615

Basis of Presentation and Sum40

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Accounting Policies [Abstract]
Current liabilities for uncertain income tax positions	$ 0
Acquisition of real estate	1,700,000
Gain (loss) on disposition of property	$ 0

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands	Jun. 20, 2016USD ($)shares	May 12, 2016USD ($)Tower	May 02, 2016USD ($)shares	Jan. 22, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Equity consideration transferred on acquisition							$ 102,881
Revenues					$ 128,748	$ 188,573	$ 363,248
Windstream Towers
Business Acquisition [Line Items]
Business acquisition date							May 12, 2016
Number of wireless towers acquired | Tower		32
Number of wireless towers acquired by operating rights | Tower		49
Purchase price of wireless towers		$ 3,000
Summit Wireless Infrastructure LLC
Business Acquisition [Line Items]
Percentage of equity acquired				100.00%
Business acquisition date							Jan. 22, 2016
Equity consideration transferred on acquisition				$ 1,100
PEG Bandwidth LLC
Business Acquisition [Line Items]
Percentage of equity acquired			100.00%
Business acquisition date							May 2, 2016
Cash paid for business acquisition			$ 323,000
Intangible assets			37,500
Revenues							$ 13,800
Operating income							2,500
Business combination, transaction related costs						$ 6,600	$ 9,400
PEG Bandwidth LLC | Trademarks
Business Acquisition [Line Items]
Indefinite-lived Intangible assets acquired			2,000
PEG Bandwidth LLC | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 35,500
Acquired finite-lived intangible assets, weighted average useful life			17 years
PEG Bandwidth LLC | Common Stock
Business Acquisition [Line Items]
Issuance of shares | shares			1,000,000
Fair value of shares issued for acquisition			$ 23,200
PEG Bandwidth LLC | Series A Convertible Preferred Stock
Business Acquisition [Line Items]
Issuance of shares | shares			87,500
Fair value of shares issued for acquisition			$ 78,600
Tower Cloud
Business Acquisition [Line Items]
Business acquisition, date of acquisition agreement							Jun. 20, 2016
Business combination announced consideration to be transferred	$ 230,000
Tower Cloud | CS&L, Inc.
Business Acquisition [Line Items]
Expected payments to acquire businesses, gross	$ 180,000
Tower Cloud | Common Stock | CS&L, Inc.
Business Acquisition [Line Items]
Expected shares to be issued upon announced acquisition completion | shares	1,900,000

Business Combinations - Summary

Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2016	May 02, 2016
Business Acquisition [Line Items]
Goodwill	$ 146,590
PEG Bandwidth LLC
Business Acquisition [Line Items]
Property, plant and equipment		$ 292,008
Cash and cash equivalents		7,003
Accounts receivable		6,804
Other assets		5,161
Intangible assets		37,500
Accounts payable, accrued expenses and other liabilities		(8,122)
Deferred revenue		(12,700)
Capital lease obligations		(49,200)
Net assets acquired		278,454
Goodwill		$ 146,590

Business Combinations - Unaudit

Business Combinations - Unaudited Pro Forma Summary of Financial Results (Details) - PEG Bandwidth LLC - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Business Acquisition [Line Items]
Pro forma revenue	$ 143,067	$ 195,600	$ 390,477
Pro forma net (loss) income	$ 6,225	$ (6,321)	$ (1,006)
Pro forma net (loss) income per share	$ 0.04	$ (0.04)	$ (0.01)

Fair Value of Financial Instr44

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Liabilities
Derivative liability	$ 66,888	$ 5,427
Total	3,893,995	3,305,575
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	42,064
6.00% Senior Secured Notes
Liabilities
Senior notes	561,000	376,000
8.25% Senior Unsecured Notes
Liabilities
Senior notes	1,123,875	937,950
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	2,100,168	1,986,198
Quoted Prices in Active Markets (Level 1)
Liabilities
Total	42,064
Quoted Prices in Active Markets (Level 1) | Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	42,064
Prices with Other Observable Inputs (Level 2)
Liabilities
Derivative liability	66,888	5,427
Total	3,851,931	3,305,575
Prices with Other Observable Inputs (Level 2) | 6.00% Senior Secured Notes
Liabilities
Senior notes	561,000	376,000
Prices with Other Observable Inputs (Level 2) | 8.25% Senior Unsecured Notes
Liabilities
Senior notes	1,123,875	937,950
Prices with Other Observable Inputs (Level 2) | Senior Secured Term Loan B Facility
Liabilities
Senior secured loan	$ 2,100,168	$ 1,986,198

Fair Value of Financial Instr45

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)	6 Months Ended	8 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
6.00% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	6.00%	6.00%
Debt instrument, maturity date	Apr. 15, 2023	Apr. 15, 2023
8.25% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	8.25%	8.25%
Debt instrument, maturity date	Oct. 15, 2023	Oct. 15, 2023
Senior Secured Term Loan B Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date	Oct. 24, 2022	Oct. 24, 2022
Senior Secured Revolving Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Line of credit facility, expiration date	Apr. 24, 2020

Fair Value of Financial Instr46

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of notes and other debt	$ 3,820,664	$ 3,639,300
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 3,830,000

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 6,460,275	$ 6,093,541
Less accumulated depreciation	(3,890,873)	(3,720,890)
Net property, plant and equipment	2,569,402	2,372,651
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	34,008	33,386
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	312,783	313,736
Real Property Interests
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,714
Poles
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	229,935	228,031
Fiber
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	2,129,873	1,948,192
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	84,330
Copper
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,497,682	3,475,987
Conduit
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	89,659	89,460
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	10,436	$ 4,749
Tower assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	5,299
Capital Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 64,556
Minimum | Building and Improvements
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Minimum | Real Property Interests
Property Plant And Equipment [Line Items]
Depreciable Lives	50 years
Minimum | Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	13 years
Minimum | Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Minimum | Equipment
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Minimum | Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Minimum | Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	13 years
Minimum | Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Maximum | Building and Improvements
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Maximum | Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Maximum | Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Maximum | Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Maximum | Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	47 years
Maximum | Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	49 years

Property, Plant and Equipment48

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Property Plant And Equipment [Line Items]
Depreciation expense	$ 63.8	$ 91.2	$ 176.7
Spinoff
Property Plant And Equipment [Line Items]
Construction in process transferred at the time of spin-off		$ 1.5	$ 1.5

Derivative Instruments and He49

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)	Apr. 27, 2015	Jun. 30, 2016	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized loss on derivative instruments		$ (27,000,000)	$ (73,400,000)
Ineffective portion of change in fair value derivatives		0	0
Increase decrease in estimated interest expense			23,600,000
Interest Expense
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification of other comprehensive income		$ 5,900,000	$ 11,900,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value	$ 2,120,000,000
Derivative, maturity date	Oct. 24, 2022
Derivative, weighted average fixed rate paid	2.105%
Interest Rate Swap | Minimum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
LIBOR, variable rate	1.00%

Derivative Instruments and He50

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives Fair Value [Line Items]
Derivative liability	$ 66,888	$ 5,427
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative liability	$ 66,888	$ 5,427

Goodwill and Intangible Asset51

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Line Items]
Goodwill associated with 2016 acquisition	$ 146,590
Goodwill at June 30, 2016	146,590
Fiber Infrastructure
Goodwill [Line Items]
Goodwill associated with 2016 acquisition	146,590
Goodwill at June 30, 2016	$ 146,590

Goodwill and Intangible Asset52

Goodwill and Intangible Assets and Liabilities - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, Cost	$ 73,927	$ 34,501
Less: Accumulated amortization	(26,007)	(23,971)
Total intangible assets, net	47,920	10,530
Trade Names
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Indefinite life intangible assets, Cost	2,000
Customer Lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Cost	71,927	34,501
Finite life intangible assets, Accumulated Amortization	$ (26,007)	$ (23,971)

Goodwill and Intangible Asset53

Goodwill and Intangible Assets and Liabilities - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization	$ 1.2	$ 2
Estimated amortization expense for 2016	4.3	4.3
2,017	4.7	4.7
2,018	4.1	4.1
2,019	3.6	3.6
2,020	2.9	2.9
2,021	$ 2.5	$ 2.5

Notes and Other Debt - Schedule

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 3,820,664	$ 3,639,300
Unamortized discount and debt issuance costs	(130,478)	(134,072)
Notes and other debt less unamortized discount and debt issuance costs	3,690,186	3,505,228
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000	400,000
Unamortized discount and debt issuance costs	(10,383)	(6,767)
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	1,110,000	1,110,000
Unamortized discount and debt issuance costs	(47,923)	(50,200)
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,118,600	2,129,300
Unamortized discount and debt issuance costs	(72,172)	$ (77,105)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 42,064

Notes and Other Debt - Schedu55

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)	6 Months Ended	8 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Issuance senior notes, stated percentage	6.00%	6.00%
Debt instrument, maturity date	Apr. 15, 2023	Apr. 15, 2023
Debt instrument, imputed interest rate	6.29%	6.29%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Issuance senior notes, stated percentage	8.25%	8.25%
Debt instrument, maturity date	Oct. 15, 2023	Oct. 15, 2023
Debt instrument, imputed interest rate	9.06%	9.06%
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 24, 2022	Oct. 24, 2022
Debt instrument, imputed interest rate	5.66%	5.66%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration date	Apr. 24, 2020

Notes and Other Debt - Addition

Notes and Other Debt - Additional Information (Details) - USD ($)	Jun. 09, 2016	Apr. 25, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Apr. 22, 2016	Apr. 24, 2015
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 1,272,000	$ 1,900,000	$ 3,681,000
Minimum
Debt Instrument [Line Items]
Aggregate borrowing amount								$ 150,000,000
Maximum
Debt Instrument [Line Items]
Consolidated secured leverage ratio								500.00%
Consolidated total leverage ratio								650.00%
Maximum | Pro Forma
Debt Instrument [Line Items]
Consolidated secured leverage ratio								400.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expiration date					Apr. 24, 2020
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Issuance senior notes, stated percentage				6.00%	6.00%	6.00%
Debt instrument, maturity date					Apr. 15, 2023	Apr. 15, 2023
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Issuance senior notes, stated percentage				8.25%	8.25%	8.25%
Debt instrument, maturity date					Oct. 15, 2023	Oct. 15, 2023
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date					Oct. 24, 2022	Oct. 24, 2022
CSL Capital, LLC
Debt Instrument [Line Items]
Term loan issue price as a percentage of par								98.00%
CSL Capital, LLC | Senior Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 0
CSL Capital, LLC | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 321,000,000
Aggregate borrowing amount							$ 500,000,000
Line of credit facility, expiration date					Apr. 24, 2020
CSL Capital, LLC | Senior Secured Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
CSL Capital, LLC | Senior Secured Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
CSL Capital, LLC | Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Issuance of senior notes, principal amount	$ 150,000,000
Issuance senior notes, stated percentage	6.00%
Debt instrument, maturity date					Apr. 15, 2023
Notes issued price percentage at par	99.25%
CSL Capital, LLC | Senior Secured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Issuance of senior notes, principal amount								$ 400,000,000
Notes issued price percentage at par		100.00%
CSL Capital, LLC | Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Issuance of senior notes, principal amount								$ 1,110,000,000
Issuance senior notes, stated percentage								8.25%
Debt instrument, maturity date					Oct. 15, 2023
Notes issued price percentage at par		97.055%
CSL Capital, LLC | Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Issuance of senior notes, principal amount								$ 2,140,000,000
Debt instrument, maturity period					2022-10
Debt amortization percentage								1.00%
CSL Capital, LLC | Senior Secured Term Loan B Facility | Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.00%
CSL Capital, LLC | Senior Secured Term Loan B Facility | Minimum | Eurodollar
Debt Instrument [Line Items]
Issuance senior notes, stated percentage								1.00%
Windstream Services LLC
Debt Instrument [Line Items]
Issuers transferred cash proceeds to parent		$ 1,040,000,000

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 24, 2016	May 02, 2016	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Capitalization Equity [Line Items]
Common stock, par value			$ 0.0001	$ 0.0001
Preferred stock, par value			$ 0.0001	$ 0.0001
Convertible preferred stock, terms of conversion			Holders of the Series A Shares have the option to convert at any time after three years, or are mandatorily convertible after eight years.
Common Stock
Schedule Of Capitalization Equity [Line Items]
Additional shares issued			3,202,160
Proceeds from issuance of public offering, net of underwriting discounts and commissions	$ 54.8
Common Stock | Public Offering
Schedule Of Capitalization Equity [Line Items]
Additional shares issued	2,200,000
Public offering price	$ 26.01
PEG Bandwidth LLC | Common Stock
Schedule Of Capitalization Equity [Line Items]
Issuance of shares		1,000,000
Common stock, par value		$ 0.0001
PEG Bandwidth LLC | 3% Series A Convertible Preferred Stock
Schedule Of Capitalization Equity [Line Items]
Issuance of shares		87,500
Preferred stock, par value		$ 0.0001
Preferred stock, liquidation value		$ 87.5
Percentage of dividend rate on convertible preferred stock		3.00%
Preferred stock, liquidation preference		$ 1,000
PEG Bandwidth LLC | 3% Series A Convertible Preferred Stock | Common Stock
Schedule Of Capitalization Equity [Line Items]
Convertible preferred stock, conversion rate		28.5714
Maximum | PEG Bandwidth LLC | 3% Series A Convertible Preferred Stock | Common Stock
Schedule Of Capitalization Equity [Line Items]
Convertible preferred stock, conversion rate		50.5305

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Jun. 24, 2016USD ($)shares	Jun. 15, 2016USD ($)shares	May 31, 2016USD ($)Tower	Apr. 25, 2015shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Related Party Transaction [Line Items]
Common stock, shares issued | shares						153,244,000		153,244,000	149,862,000
Proceeds from disposition of common stock								$ 54,836,000
General and administrative expense					$ 3,161,000	$ 8,239,000		13,428,000
Operating expense					3,741,000	9,911,000		14,618,000
Dividends payable						93,208,000		93,208,000	$ 90,507,000
Payments related to tax withholding for share-based compensation					456,000			$ 2,055,000
Windstream
Related Party Transaction [Line Items]
Proceeds from disposition of common stock		$ 0
Accounts receivable from related party to the collection of revenues of consumer CLEC business revenues									1,700,000
Dividends payable									$ 17,600,000
Dividend declared date									Nov. 6, 2015
Dividend record date									Dec. 31, 2015
Dividends payable date									Jan. 15, 2016
Common shares withheld to satisfy minimum statutory tax-withholding obligations | shares								91,412
Payments related to tax withholding for share-based compensation								$ 1,900,000
Number of wireless towers owned | Tower			32
Number of wireless towers owned by operating rights | Tower			49
Purchase price of wireless towers to be acquired			$ 3,000,000
Windstream | Master Lease
Related Party Transaction [Line Items]
Leasing revenue					124,200,000	169,000,000		337,600,000
Windstream | Transitional Service Agreement
Related Party Transaction [Line Items]
General and administrative expense					33,000		$ 19,000
Windstream | Public Offering
Related Party Transaction [Line Items]
Common stock, shares issued | shares	14,700,000
Proceeds from disposition of common stock	$ 0
Windstream | Common Stock
Related Party Transaction [Line Items]
Disposition of common stock in exchange for debt | shares		14,700,000
Windstream | Consumer CLEC Business | Wholesale Master Services Agreement
Related Party Transaction [Line Items]
Operating expense					2,800,000	3,200,000		6,600,000
Windstream | Consumer CLEC Business | Master Services Agreement
Related Party Transaction [Line Items]
Operating expense					$ 300,000	$ 400,000		$ 900,000
Spinoff | Windstream | Consumer CLEC Business
Related Party Transaction [Line Items]
Common stock, shares issued | shares				149,800,000
Common stock, ownership interest percentage				19.60%
Spinoff | Windstream | Consumer CLEC Business | Share Distribution
Related Party Transaction [Line Items]
Percentage of stock distributed				80.40%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Numerator:
Net (loss) income	$ 8,301	$ (1,535)	$ 6,501
Less: Income allocated to participating securities	(325)	(402)	(757)
Dividends declared on convertible preferred stock		(438)	(438)
Amortization of discount on convertible preferred stock		(496)	(496)
Net (loss) income applicable to common shareholders	$ 7,976	$ (2,871)	$ 4,810
Denominator:
Basic	149,827	150,913	150,416
Basic (loss) earnings per common share	$ 0.05	$ (0.02)	$ 0.03
Numerator:
Net (loss) income	$ 8,301	$ (1,535)	$ 6,501
Less: Income allocated to participating securities	(325)	(402)	(757)
Dividends declared on convertible preferred stock		(438)	(438)
Amortization of discount on convertible preferred stock		(496)	(496)
Net (loss) income applicable to common shares	$ 7,976	$ (2,871)	$ 4,810
Denominator:
Basic weighted-average common shares outstanding	149,827	150,913	150,416
Effect of dilutive non-participating securities			245
Weighted-average shares for dilutive earnings per common share	149,827	150,913	150,661
Dilutive (loss) earnings per common share	$ 0.05	$ (0.02)	$ 0.03

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	3 Months Ended
	Jun. 30, 2016shares
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from the computation of diluted earnings per share	283,128

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016Segment
Segment Reporting [Abstract]
Number of operating business segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 128,748	$ 188,573	$ 363,248
Adjusted EBITDA	122,184	171,640	337,349
Interest expense	48,797	68,036	134,085
Depreciation and amortization	64,444	92,385	178,725
Transaction related costs	73	11,210	15,120
Stock-based compensation	338	1,217	2,147
Income tax expense	231	327	771
Net (loss) income	8,301	(1,535)	6,501
Capital expenditures	397	8,028	9,452
Leasing
Segment Reporting Information [Line Items]
Revenues	124,172	169,050	337,691
Adjusted EBITDA	121,349	164,810	329,187
Depreciation and amortization	63,801	85,824	171,325
Capital expenditures	397	4,627	6,051
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues		13,776	13,776
Adjusted EBITDA		5,500	5,500
Depreciation and amortization		5,747	5,747
Capital expenditures		3,401	3,401
Consumer CLEC
Segment Reporting Information [Line Items]
Revenues	4,576	5,747	11,781
Adjusted EBITDA	835	1,330	2,662
Depreciation and amortization	$ 643	$ 814	$ 1,653

Segment Information - Summary o

Segment Information - Summary of Total Assets by Business Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 2,851,675	$ 2,542,636
Leasing
Segment Reporting Information [Line Items]
Total assets	2,343,690	2,527,915
Fiber Infrastructure
Segment Reporting Information [Line Items]
Total assets	493,263
Consumer CLEC
Segment Reporting Information [Line Items]
Total assets	$ 14,722	$ 14,721

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Jun. 30, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Obligations under tax matters agreement	$ 0

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income by Component (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ (1,166,906)
Ending balance, value	(1,326,701)
Currency Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss before reclassifications	(79)
Ending balance, value	(79)
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(5,427)
Other comprehensive loss before reclassifications	(73,385)
Amounts reclassified from accumulated other comprehensive income	11,924
Ending balance, value	(66,888)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(5,427)
Other comprehensive loss before reclassifications	(73,464)
Amounts reclassified from accumulated other comprehensive income	11,924
Ending balance, value	$ (66,967)

Supplemental Guarantor Inform66

Supplemental Guarantor Information - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Condensed Financial Statements Captions [Line Items]
Net income	$ 8,301	$ (1,535)	$ 6,501
Comprehensive income	36,852	(22,713)	(55,039)
CS&L, Inc.
Condensed Financial Statements Captions [Line Items]
Earnings from consolidated subsidiaries	57,436	66,046	141,157
Net income	8,301	(1,535)	6,501
Comprehensive income	36,852	$ (22,713)	$ (55,039)
CS&L, Inc. | Offsetting Adjustments
Condensed Financial Statements Captions [Line Items]
Earnings from consolidated subsidiaries	8,600
Net income	(40,500)
Comprehensive income	(11,900)
CS&L, Inc. | As Revised
Condensed Financial Statements Captions [Line Items]
Earnings from consolidated subsidiaries	57,400
Net income	8,300
Comprehensive income	$ 36,900

Supplemental Guarantor Inform67

Supplemental Guarantor Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Apr. 23, 2015
Assets:
Property, plant and equipment, net	$ 2,569,402	$ 2,372,651
Cash and cash equivalents	48,813	142,498	$ 154,615	$ 18
Accounts receivable, net	8,458	2,083
Goodwill	146,590
Intangible assets, net	47,920	10,530
Straight-line rent receivable	20,422	11,795
Other assets	10,070	3,079
Total Assets	2,851,675	2,542,636
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accounts payable, accrued expenses and other liabilities	20,206	10,409
Accrued interest payable	26,384	24,440
Deferred revenue	148,346	67,817
Derivative liability	66,888	5,427
Dividends payable	93,208	90,507
Deferred income taxes	5,115	5,714
Capital lease obligations	48,980
Notes and other debt, net	3,690,186	3,505,228
Total liabilities	4,099,313	3,709,542
Shareholders' Deficit:
Common stock	15	15
Additional paid-in capital	81,881	1,392
Accumulated other comprehensive income (loss)	(66,967)	(5,427)
Distributions in excess of accumulated earnings	(1,341,630)	(1,162,886)
Total shareholders' deficit	(1,326,701)	(1,166,906)	(969,436)	2,508,285
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	2,851,675	2,542,636
Eliminations
Assets:
Affiliate receivable	(1,899)	(151)
Investment in consolidated subsidiaries	(5,919,485)	(4,928,593)
Total Assets	(5,921,384)	(4,928,744)
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accrued interest payable	(26,384)	(24,440)
Derivative liability	(66,888)	(5,427)
Affiliate payable	(1,899)	(151)
Notes and other debt, net	(3,690,186)	(3,505,228)
Total liabilities	(3,785,357)	(3,535,246)
Shareholders' Deficit:
Accumulated other comprehensive income (loss)	66,967	5,427
Distributions in excess of accumulated earnings	(2,202,994)	(1,398,925)
Total shareholders' deficit	(2,136,027)	(1,393,498)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	(5,921,384)	(4,928,744)
CS&L, Inc.
Assets:
Cash and cash equivalents	799	17	23
Investment in consolidated subsidiaries	2,628,156	2,458,679
Other assets	136
Total Assets	2,629,091	2,458,696
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accounts payable, accrued expenses and other liabilities	63
Accrued interest payable	26,384	24,440
Derivative liability	66,888	5,427
Dividends payable	93,208	90,507
Notes and other debt, net	3,690,186	3,505,228
Total liabilities	3,876,729	3,625,602
Shareholders' Deficit:
Common stock	15	15
Additional paid-in capital	81,881	1,392
Accumulated other comprehensive income (loss)	(66,967)	(5,427)
Distributions in excess of accumulated earnings	(1,341,630)	(1,162,886)
Total shareholders' deficit	(1,326,701)	(1,166,906)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	2,629,091	2,458,696
CSL Capital, LLC
Assets:
Investment in consolidated subsidiaries	2,628,156	2,458,679
Total Assets	2,628,156	2,458,679
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accrued interest payable	26,384	24,440
Derivative liability	66,888	5,427
Notes and other debt, net	3,690,186	3,505,228
Total liabilities	3,783,458	3,535,095
Shareholders' Deficit:
Accumulated other comprehensive income (loss)	(66,888)	(5,427)
Distributions in excess of accumulated earnings	(1,088,414)	(1,070,989)
Total shareholders' deficit	(1,155,302)	(1,076,416)
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	2,628,156	2,458,679
Guarantors
Assets:
Property, plant and equipment, net	2,051,691	1,839,603
Cash and cash equivalents	44,220	140,197	$ 154,592	$ 18
Accounts receivable, net	6,985	474
Affiliate receivable		151
Goodwill	146,590
Intangible assets, net	37,582
Straight-line rent receivable	20,422	11,795
Investment in consolidated subsidiaries	336,279	11,235
Other assets	9,271	2,781
Total Assets	2,653,040	2,006,236
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accounts payable, accrued expenses and other liabilities	18,869	9,204
Deferred revenue	104,516	44,862
Affiliate payable	1,899
Deferred income taxes	1,715	1,677
Capital lease obligations	48,980
Total liabilities	175,979	55,743
Shareholders' Deficit:
Distributions in excess of accumulated earnings	2,477,061	1,950,493
Total shareholders' deficit	2,477,061	1,950,493
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	2,653,040	2,006,236
Non-Guarantors
Assets:
Property, plant and equipment, net	517,711	533,048
Cash and cash equivalents	3,794	2,284
Accounts receivable, net	1,473	1,609
Affiliate receivable	1,899
Intangible assets, net	10,338	10,530
Investment in consolidated subsidiaries	326,894
Other assets	663	298
Total Assets	862,772	547,769
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Accounts payable, accrued expenses and other liabilities	1,274	1,205
Deferred revenue	43,830	22,955
Affiliate payable		151
Deferred income taxes	3,400	4,037
Total liabilities	48,504	28,348
Shareholders' Deficit:
Accumulated other comprehensive income (loss)	(79)
Distributions in excess of accumulated earnings	814,347	519,421
Total shareholders' deficit	814,268	519,421
Total Liabilities, Convertible Preferred Stock, and Shareholders' Deficit	862,772	$ 547,769
Series A Convertible Preferred Stock
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Convertible preferred stock	79,063
Series A Convertible Preferred Stock | CS&L, Inc.
Liabilities, Convertible Preferred Stock and Shareholders' Deficit:
Convertible preferred stock	$ 79,063

Supplemental Guarantor Inform68

Supplemental Guarantor Information - Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Revenues:
Total revenues	$ 128,748	$ 188,573	$ 363,248
Costs and Expenses:
Interest expense	48,797	68,036	134,085
Depreciation and amortization	64,444	92,385	178,725
General and administrative expense	3,161	8,239	13,428
Operating expense	3,741	9,911	14,618
Transaction related costs	73	11,210	15,120
Total costs and expenses	120,216	189,781	355,976
(Loss) income before income taxes	8,532	(1,208)	7,272
Income tax expense	231	327	771
Net (loss) income	8,301	(1,535)	6,501
Comprehensive (loss) income	36,852	(22,713)	(55,039)
Eliminations
Costs and Expenses:
Interest expense	(48,797)	(66,381)	(132,526)
Total costs and expenses	(48,797)	(66,381)	(132,526)
Earnings from consolidated subsidiaries	(114,872)	(132,092)	(282,314)
(Loss) income before income taxes	(66,075)	(65,711)	(149,788)
Net (loss) income	(66,075)	(65,711)	(149,788)
Comprehensive (loss) income	(94,626)	(44,533)	(88,248)
CS&L, Inc.
Costs and Expenses:
Interest expense	48,797	66,381	132,526
General and administrative expense	338	1,200	2,130
Total costs and expenses	49,135	67,581	134,656
Earnings from consolidated subsidiaries	57,436	66,046	141,157
(Loss) income before income taxes	8,301	(1,535)	6,501
Net (loss) income	8,301	(1,535)	6,501
Comprehensive (loss) income	36,852	(22,713)	(55,039)
CSL Capital, LLC
Costs and Expenses:
Interest expense	48,797	66,381	132,526
Total costs and expenses	48,797	66,381	132,526
Earnings from consolidated subsidiaries	57,436	66,046	141,157
(Loss) income before income taxes	8,639	(335)	8,631
Net (loss) income	8,639	(335)	8,631
Comprehensive (loss) income	37,190	(21,354)	(52,830)
Guarantors
Revenues:
Total revenues	124,172	182,298	350,573
Costs and Expenses:
Interest expense		1,667	1,571
Depreciation and amortization	46,744	70,059	134,143
General and administrative expense	2,823	6,935	11,098
Operating expense		5,482	5,483
Transaction related costs	73	11,210	15,120
Total costs and expenses	49,640	95,353	167,415
(Loss) income before income taxes	74,532	86,945	183,158
Income tax expense	94	136	384
Net (loss) income	74,438	86,809	182,774
Comprehensive (loss) income	74,438	86,809	182,774
Non-Guarantors
Revenues:
Total revenues	4,576	6,275	12,675
Costs and Expenses:
Interest expense		(12)	(12)
Depreciation and amortization	17,700	22,326	44,582
General and administrative expense		104	200
Operating expense	3,741	4,429	9,135
Total costs and expenses	21,441	26,847	53,905
(Loss) income before income taxes	(16,865)	(20,572)	(41,230)
Income tax expense	137	191	387
Net (loss) income	(17,002)	(20,763)	(41,617)
Comprehensive (loss) income	(17,002)	(20,922)	(41,696)
Leasing
Revenues:
Total revenues	124,172	169,050	337,691
Costs and Expenses:
Depreciation and amortization	63,801	85,824	171,325
Leasing | Guarantors
Revenues:
Total revenues	124,172	168,522	336,797
Leasing | Non-Guarantors
Revenues:
Total revenues		528	894
Fiber Infrastructure
Revenues:
Total revenues		13,776	13,776
Costs and Expenses:
Depreciation and amortization		5,747	5,747
Fiber Infrastructure | Guarantors
Revenues:
Total revenues		13,776	13,776
Consumer CLEC
Revenues:
Total revenues	4,576	5,747	11,781
Costs and Expenses:
Depreciation and amortization	643	814	1,653
Consumer CLEC | Non-Guarantors
Revenues:
Total revenues	$ 4,576	$ 5,747	$ 11,781

Supplemental Guarantor Inform69

Supplemental Guarantor Information - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016
Cash flow from operating activities
Net cash provided by (used in) operating activities	$ 93,431		$ 183,811
Cash flow from investing activities
Acquisition of businesses, net of cash acquired			(316,133)
Consideration paid to Windstream Services	(1,035,029)
Capital expenditures	(397)	$ (8,028)	(9,452)
Net cash used in investing activities	(1,035,426)		(325,585)
Cash flow from financing activities
Principal payment on debt			(11,394)
Dividends paid			(180,694)
Proceeds from issuance of Notes			148,875
Borrowings under revolving credit facility			321,000
Payments under revolving credit facility			(278,936)
Capital lease payments			(469)
Proceeds from issuance of Term Loans	1,127,000
Deferred financing costs	(29,933)		(2,998)
Common stock issuance, net of costs			54,836
Net share settlement	(456)		(2,055)
Cash in-lieu of fractional shares	(19)
Net cash provided by financing activities	1,096,592		48,165
Effect of exchange rates on cash and cash equivalents			(76)
Net (decrease) increase in cash and cash equivalents	154,597		(93,685)
Cash and cash equivalents at beginning of period	18		142,498
Cash and cash equivalents at end of period	154,615	48,813	48,813
Eliminations
Cash flow from operating activities
Net cash provided by (used in) operating activities			(83,689)
Cash flow from financing activities
Intercompany transactions, net			83,689
Net cash provided by financing activities			83,689
CS&L, Inc.
Cash flow from operating activities
Net cash provided by (used in) operating activities	(61,540)		(46,656)
Cash flow from investing activities
Consideration paid to Windstream Services	(1,035,029)
Net cash used in investing activities	(1,035,029)
Cash flow from financing activities
Principal payment on debt			(11,394)
Dividends paid			(180,694)
Proceeds from issuance of Notes			148,875
Borrowings under revolving credit facility			321,000
Payments under revolving credit facility			(278,936)
Proceeds from issuance of Term Loans	1,127,000
Deferred financing costs	(29,933)		(2,998)
Common stock issuance, net of costs			54,836
Net share settlement	(456)		(2,055)
Intercompany transactions, net			(1,196)
Cash in-lieu of fractional shares	(19)
Net cash provided by financing activities	1,096,592		47,438
Net (decrease) increase in cash and cash equivalents	23		782
Cash and cash equivalents at beginning of period			17
Cash and cash equivalents at end of period	23	799	799
Guarantors
Cash flow from operating activities
Net cash provided by (used in) operating activities	154,971		308,096
Cash flow from investing activities
Acquisition of businesses, net of cash acquired			(316,244)
Capital expenditures	(397)		(3,397)
Net cash used in investing activities	(397)		(319,641)
Cash flow from financing activities
Capital lease payments			(469)
Intercompany transactions, net			(83,963)
Net cash provided by financing activities			(84,432)
Net (decrease) increase in cash and cash equivalents	154,574		(95,977)
Cash and cash equivalents at beginning of period	18		140,197
Cash and cash equivalents at end of period	$ 154,592	44,220	44,220
Non-Guarantors
Cash flow from operating activities
Net cash provided by (used in) operating activities			6,060
Cash flow from investing activities
Acquisition of businesses, net of cash acquired			111
Capital expenditures			(6,055)
Net cash used in investing activities			(5,944)
Cash flow from financing activities
Intercompany transactions, net			1,470
Net cash provided by financing activities			1,470
Effect of exchange rates on cash and cash equivalents			(76)
Net (decrease) increase in cash and cash equivalents			1,510
Cash and cash equivalents at beginning of period			2,284
Cash and cash equivalents at end of period		$ 3,794	$ 3,794

Summary of Significant Accoun70

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended	4 Months Ended
	Apr. 23, 2015	Apr. 23, 2015
Consumer CLEC Business
Summary Of Significant Accounting Policies [Line Items]
Provision for doubtful accounts	$ 28,000	$ 111,000