QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page | |||||||||||
ITEM 1. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) | |||||||||||
ITEM 2. | |||||||||||
ITEM 3. | |||||||||||
ITEM 4. | |||||||||||
ITEM 1. | LEGAL PROCEEDINGS | ||||||||||
ITEM 1A. | |||||||||||
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | ||||||||||
ITEM 6. | |||||||||||
EXHIBIT INDEX | |||||||||||
SIGNATURES |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Receivables, net | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Deferred site rental receivables | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued interest | |||||||||||
Deferred revenues | |||||||||||
Other accrued liabilities | |||||||||||
Current maturities of debt and other obligations | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Debt and other long-term obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (note 8) | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Dividends/distributions in excess of earnings | ( | ( | |||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net revenues: | |||||||||||
Site rental | $ | $ | |||||||||
Services and other | |||||||||||
Net revenues | |||||||||||
Operating expenses: | |||||||||||
Costs of operations(a): | |||||||||||
Site rental | |||||||||||
Services and other | |||||||||||
Selling, general and administrative | |||||||||||
Asset write-down charges | |||||||||||
Acquisition and integration costs | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Total operating expenses | |||||||||||
Operating income (loss) | |||||||||||
Interest expense and amortization of deferred financing costs | ( | ( | |||||||||
Gains (losses) on retirement of long-term obligations | ( | ||||||||||
Interest income | |||||||||||
Other income (expense) | ( | ||||||||||
Income (loss) before income taxes | |||||||||||
Benefit (provision) for income taxes | ( | ( | |||||||||
Income (loss) from continuing operations | |||||||||||
Discontinued operations (see notes 6 and 12): | |||||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | ( | ||||||||||
Income (loss) from discontinued operations, net of tax | ( | ||||||||||
Net income (loss) attributable to CCIC stockholders | |||||||||||
Dividends/distributions on preferred stock | ( | ||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | $ | |||||||||
Net income (loss) | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | ( | ||||||||||
Total other comprehensive income (loss) | ( | ||||||||||
Comprehensive income (loss) attributable to CCIC stockholders | $ | $ | |||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||
Income (loss) from continuing operations, basic | $ | $ | |||||||||
Income (loss) from discontinued operations, basic | ( | ||||||||||
Net income (loss) attributable to CCIC common stockholders—basic | $ | $ | |||||||||
Income (loss) from continuing operations, diluted | $ | $ | |||||||||
Income (loss) from discontinued operations, diluted | ( | ||||||||||
Net income (loss) attributable to CCIC common stockholders—diluted | $ | $ | |||||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Income (loss) from continuing operations | $ | $ | |||||||||
Income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
(Gains) losses on retirement of long-term obligations | |||||||||||
Amortization of deferred financing costs and other non-cash interest, net | |||||||||||
Stock-based compensation expense | |||||||||||
Asset write-down charges | |||||||||||
Deferred income tax (benefit) provision | |||||||||||
Other non-cash adjustments, net | |||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||
Increase (decrease) in accrued interest | ( | ( | |||||||||
Increase (decrease) in accounts payable | ( | ( | |||||||||
Increase (decrease) in other liabilities | ( | ||||||||||
Decrease (increase) in receivables | |||||||||||
Decrease (increase) in other assets | ( | ( | |||||||||
Net cash provided by (used for) operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Payments for acquisitions, net of cash acquired | ( | ( | |||||||||
Other investing activities, net | ( | ( | |||||||||
Net cash provided by (used for) investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Principal payments on debt and other long-term obligations | ( | ( | |||||||||
Purchases and redemptions of long-term debt | ( | ||||||||||
Borrowings under revolving credit facility | |||||||||||
Payments under revolving credit facility | ( | ( | |||||||||
Net issuances (repayments) under commercial paper program | ( | ( | |||||||||
Payments for financing costs | ( | ||||||||||
Purchases of common stock | ( | ( | |||||||||
Dividends/distributions paid on common stock | ( | ( | |||||||||
Dividends/distributions paid on preferred stock | ( | ||||||||||
Net cash provided by (used for) financing activities | ( | ( | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | |||||||||||
Effect of exchange rate changes | ( | ||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ |
Common Stock | 6.875% Mandatory Convertible Preferred Stock | Accumulated Other Comprehensive Income (Loss) ("AOCI") | |||||||||||||||||||||||||||||||||||||||||||||
Shares | ($0.01 Par) | Shares | ($0.01 Par) | Additional paid-in capital | Foreign Currency Translation Adjustments | Dividends/Distributions in Excess of Earnings | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Common stock dividends/distributions(b) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | 6.875% Mandatory Convertible Preferred Stock | AOCI | |||||||||||||||||||||||||||||||||||||||||||||
Shares | ($0.01 Par) | Shares | ($0.01 Par) | Additional paid-in capital | Foreign Currency Translation Adjustments | Dividends/Distributions in Excess of Earnings | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 1 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock dividends/distributions(b) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends/distributions(b) | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ending December 31, | Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Contracted amounts(a) | $ | $ | $ | $ | $ | $ | $ |
Original Issue Date | Final Maturity Date(a) | Balance as of March 31, 2021 | Balance as of December 31, 2020 | Stated Interest Rate as of March 31, 2021(a) | ||||||||||||||||||||||||||||
3.849% Secured Notes | Dec. 2012 | Apr. 2023 | $ | $ | % | |||||||||||||||||||||||||||
Secured Notes, Series 2009-1, Class A-2 | July 2009 | Aug. 2029 | % | |||||||||||||||||||||||||||||
Tower Revenue Notes, Series 2015-1 | May 2015 | May 2042 | (b) | % | ||||||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-1 | July 2018 | July 2043 | (b) | % | ||||||||||||||||||||||||||||
Tower Revenue Notes, Series 2015-2 | May 2015 | May 2045 | (b) | % | ||||||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-2 | July 2018 | July 2048 | (b) | % | ||||||||||||||||||||||||||||
Finance leases and other obligations | Various | Various | (c) | Various | (c) | |||||||||||||||||||||||||||
Total secured debt | $ | $ | ||||||||||||||||||||||||||||||
2016 Revolver | Jan. 2016 | June 2024 | $ | (d) | $ | % | (e) | |||||||||||||||||||||||||
2016 Term Loan A | Jan. 2016 | June 2024 | (g) | % | (e) | |||||||||||||||||||||||||||
Commercial Paper Notes | Mar. 2021 | (f) | Apr. 2021 | (f)(g) | (f) | % | ||||||||||||||||||||||||||
5.250% Senior Notes | Oct. 2012 | Jan. 2023 | (g) | % | ||||||||||||||||||||||||||||
3.150% Senior Notes | Jan. 2018 | July 2023 | % | |||||||||||||||||||||||||||||
3.200% Senior Notes | Aug. 2017 | Sept. 2024 | % | |||||||||||||||||||||||||||||
1.350% Senior Notes | June 2020 | July 2025 | % | |||||||||||||||||||||||||||||
4.450% Senior Notes | Feb. 2016 | Feb. 2026 | % | |||||||||||||||||||||||||||||
3.700% Senior Notes | May 2016 | June 2026 | % | |||||||||||||||||||||||||||||
1.050% Senior Notes | Feb. 2021 | July 2026 | (g) | % | ||||||||||||||||||||||||||||
4.000% Senior Notes | Feb. 2017 | Mar. 2027 | % | |||||||||||||||||||||||||||||
3.650% Senior Notes | Aug. 2017 | Sept. 2027 | % | |||||||||||||||||||||||||||||
3.800% Senior Notes | Jan. 2018 | Feb. 2028 | % | |||||||||||||||||||||||||||||
4.300% Senior Notes | Feb. 2019 | Feb. 2029 | % | |||||||||||||||||||||||||||||
3.100% Senior Notes | Aug. 2019 | Nov. 2029 | % | |||||||||||||||||||||||||||||
3.300% Senior Notes | Apr. 2020 | July 2030 | % | |||||||||||||||||||||||||||||
2.250% Senior Notes | June 2020 | Jan. 2031 | % | |||||||||||||||||||||||||||||
2.100% Senior Notes | Feb. 2021 | Apr. 2031 | (g) | % | ||||||||||||||||||||||||||||
2.900% Senior Notes | Feb. 2021 | Apr. 2041 | (g) | % | ||||||||||||||||||||||||||||
4.750% Senior Notes | May 2017 | May 2047 | % | |||||||||||||||||||||||||||||
5.200% Senior Notes | Feb. 2019 | Feb. 2049 | % | |||||||||||||||||||||||||||||
4.000% Senior Notes | Aug. 2019 | Nov. 2049 | % | |||||||||||||||||||||||||||||
4.150% Senior Notes | Apr. 2020 | July 2050 | % | |||||||||||||||||||||||||||||
3.250% Senior Notes | June 2020 | Jan. 2051 | % | |||||||||||||||||||||||||||||
Total unsecured debt | $ | $ | ||||||||||||||||||||||||||||||
Total debt and other obligations | ||||||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | ||||||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | $ |
Nine Months Ending December 31, | Years Ending December 31, | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total Cash Obligations | |||||||||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments and final maturities | $ | $ | $ | $ | $ | $ | $ | $ | ( | $ |
Principal Amount | Cash Paid(a) | Gains (Losses)(b) | |||||||||||||||
5.250% Senior Notes | $ | $ | $ | ( | |||||||||||||
Total | $ | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Interest expense on debt obligations | $ | $ | |||||||||
Amortization of deferred financing costs and adjustments on long-term debt | |||||||||||
Capitalized interest | ( | ( | |||||||||
Total | $ | $ |
Level in Fair Value Hierarchy | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | $ | $ | $ | ||||||||||||||||||||||||
Restricted cash, current and non-current | 1 | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Total debt and other obligations | 2 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Income (loss) from continuing operations | $ | $ | |||||||||
Dividends on preferred stock | ( | ||||||||||
Income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations | $ | $ | |||||||||
Income (loss) from discontinued operations, net of tax | $ | ( | $ | ||||||||
Net income (loss) attributable to CCIC common stockholders | $ | $ | |||||||||
Weighted-average number of common shares outstanding (in millions): | |||||||||||
Basic weighted-average number of common stock outstanding | |||||||||||
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | |||||||||||
Diluted weighted-average number of common shares outstanding | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||
Income (loss) from continuing operations, basic | $ | $ | |||||||||
Income (loss) from discontinued operations, basic | ( | ||||||||||
Net income (loss) attributable to CCIC common stockholders—basic | $ | $ | |||||||||
Income (loss) from continuing operations, diluted | $ | $ | |||||||||
Income (loss) from discontinued operations, diluted | ( | ||||||||||
Net income (loss) attributable to CCIC common stockholders—diluted | $ | $ | |||||||||
Dividends/distributions declared per share of common stock | $ | $ | |||||||||
Dividends/distributions declared per share of preferred stock | $ | $ |
Equity Type | Declaration Date | Record Date | Payment Date | Dividends Per Share | Aggregate Payment Amount | ||||||||||||||||||||||||||||||
Common Stock | $ | $ | (a) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||
Segment site rental revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
Segment services and other revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | |||||||||||||||||||||||||||||||||||||||||||||||
Segment site rental cost of operations | |||||||||||||||||||||||||||||||||||||||||||||||
Segment services and other cost of operations | |||||||||||||||||||||||||||||||||||||||||||||||
Segment cost of operations(a)(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment site rental gross margin | |||||||||||||||||||||||||||||||||||||||||||||||
Segment services and other gross margin | |||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general and administrative expenses(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general and administrative expenses | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | |||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(c) | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total assets (at period end) | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash payments related to operating lease liabilities(a) | $ | $ | |||||||||
Interest paid | |||||||||||
Income taxes paid | |||||||||||
Supplemental disclosure of non-cash operating, investing and financing activities: | |||||||||||
New ROU assets obtained in exchange for operating lease liabilities | |||||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | ( | ( | |||||||||
Purchase of property and equipment under finance leases and installment purchases |
March 31, 2021 | December 31, 2020 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash, current | |||||||||||
Restricted cash reported within other assets, net | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ |
(In millions of dollars) | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
Site rental revenues: | |||||||||||||||||||||||
Towers site rental revenues | $895 | $867 | +$28 | +3% | |||||||||||||||||||
Fiber site rental revenues | $474 | $443 | +$31 | +7% | |||||||||||||||||||
Total site rental revenues | $1,369 | $1,310 | +$59 | +5% | |||||||||||||||||||
Segment site rental gross margin: | |||||||||||||||||||||||
Towers site rental gross margin(a) | $683 | $653 | +$30 | +5% | |||||||||||||||||||
Fiber site rental gross margin(a) | $313 | $291 | +$22 | +8% | |||||||||||||||||||
Services and other gross margin: | |||||||||||||||||||||||
Towers services and other gross margin(a) | $35 | $13 | +$22 | +169% | |||||||||||||||||||
Fiber services and other gross margin(a) | $2 | $1 | +$1 | +100% | |||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||
Towers operating profit(a) | $693 | $642 | +$51 | +8% | |||||||||||||||||||
Fiber operating profit(a) | $270 | $241 | +$29 | +12% | |||||||||||||||||||
Income from continuing operations | $121 | $185 | $(64) | (35)% | |||||||||||||||||||
Net income attributable to CCIC stockholders | $58 | $185 | $(127) | (69)% | |||||||||||||||||||
Adjusted EBITDA(b) | $897 | $814 | +$83 | +10% |
(In millions of dollars) | |||||
Cash, cash equivalents, and restricted cash(a) | $ | 438 | |||
Undrawn 2016 Revolver availability(b) | 4,387 | ||||
Debt and other long-term obligations (current and non-current)(c) | 19,872 | ||||
Total equity | 8,923 |
Three Months Ended March 31, | |||||||||||||||||
(In millions of dollars) | 2021 | 2020 | Change | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash: | |||||||||||||||||
Operating activities | $ | 584 | $ | 653 | $ | (69) | |||||||||||
Investing activities | (311) | (468) | 157 | ||||||||||||||
Financing activities | (217) | (50) | (167) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 56 | 135 | (79) | ||||||||||||||
Effect of exchange rate changes on cash | 1 | (1) | 2 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | 57 | $ | 134 | $ | (77) |
For the Three Months Ended | |||||||||||||||||||||||||||||
(In millions of dollars) | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | ||||||||||||||||||||||
Discretionary: | |||||||||||||||||||||||||||||
Purchases of land interests | $ | 14 | $ | — | $ | — | $ | 14 | $ | 13 | $ | — | $ | — | $ | 13 | |||||||||||||
Communications infrastructure improvements and other capital projects(a) | 35 | 225 | 11 | 271 | 87 | 319 | 7 | 413 | |||||||||||||||||||||
Sustaining | 2 | 12 | 3 | 17 | 5 | 9 | 7 | 21 | |||||||||||||||||||||
Total | $ | 51 | $ | 237 | $ | 14 | $ | 302 | $ | 105 | $ | 328 | $ | 14 | $ | 447 |
(In millions of dollars) | Three Months Ended March 31, | ||||||||||
2021 | 2020(b) | ||||||||||
Income (loss) from continuing operations | $ | 121 | $ | 185 | |||||||
Adjustments to increase (decrease) income (loss) from continuing operations: | |||||||||||
Asset write-down charges | 3 | 4 | |||||||||
Acquisition and integration costs | — | 5 | |||||||||
Depreciation, amortization and accretion | 408 | 399 | |||||||||
Amortization of prepaid lease purchase price adjustments | 5 | 5 | |||||||||
Interest expense and amortization of deferred financing costs | 170 | 175 | |||||||||
(Gains) losses on retirement of long-term obligations | 143 | — | |||||||||
Interest income | (1) | (1) | |||||||||
Other (income) expense | 8 | — | |||||||||
(Benefit) provision for income taxes | 7 | 5 | |||||||||
Stock-based compensation expense | 33 | 36 | |||||||||
Adjusted EBITDA(a) | $ | 897 | $ | 814 |
Future Principal Payments and Interest Rates by the Debt Instruments' Contractual Year of Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions of dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value(a) | |||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate(b) | $ | 33 | $ | 38 | $ | 1,783 | $ | 778 | $ | 525 | $ | 15,032 | $ | 18,189 | $ | 18,859 | |||||||||||||||||||||||||||||||
Average interest rate(b)(c)(d) | 4.3 | % | 4.4 | % | 3.6 | % | 3.3 | % | 1.5 | % | 4.0 | % | 3.9 | % | |||||||||||||||||||||||||||||||||
Variable rate(e) | $ | 128 | $ | 117 | $ | 205 | $ | 1,409 | $ | — | $ | — | $ | 1,859 | $ | 1,859 | |||||||||||||||||||||||||||||||
Average interest rate(e) | 1.0 | % | 1.4 | % | 1.8 | % | 2.4 | % | — | % | — | % | 2.2 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
January 1 - January 31, 2021 | — | $ | — | — | — | |||||||||||||||||||||
February 1 - February 28, 2021 | 407 | 164.90 | — | — | ||||||||||||||||||||||
March 1 - March 31, 2021 | 2 | 151.04 | — | — | ||||||||||||||||||||||
Total | 409 | $ | 164.84 | — | — |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
3.1 | 8-K | 001-16441 | July 26, 2017 | 3.1 | ||||||||||||||||||||||||||||
3.2 | 10-K | 001-16441 | February 25, 2019 | 3.3 | ||||||||||||||||||||||||||||
4.1 | 8-K | 001-16441 | February 16, 2021 | 4.1 | ||||||||||||||||||||||||||||
10.1 | 8-K | 001-16441 | February 18, 2021 | 10.1 | ||||||||||||||||||||||||||||
31.1* | — | — | — | — | ||||||||||||||||||||||||||||
31.2* | — | — | — | — | ||||||||||||||||||||||||||||
32.1† | — | — | — | — | ||||||||||||||||||||||||||||
101* | The following financial statements from Crown Castle International Corp.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheet, (ii) Condensed Consolidated Statement of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statement of Cash Flows, (iv) Condensed Consolidated Statement of Equity, and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags | — | — | — | — | |||||||||||||||||||||||||||
104* | The cover page from Crown Castle International Corp.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL | — | — | — | — |
CROWN CASTLE INTERNATIONAL CORP. | ||||||||||||||
Date: | May 3, 2021 | By: | /s/ DANIEL K. SCHLANGER | |||||||||||
Daniel K. Schlanger | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: | May 3, 2021 | By: | /s/ ROBERT S. COLLINS | |||||||||||
Robert S. Collins | ||||||||||||||
Vice President and Controller | ||||||||||||||
(Principal Accounting Officer) |
/s/ Jay A. Brown | ||||||||
Jay A. Brown President and Chief Executive Officer |
/s/ Daniel K. Schlanger | ||||||||
Daniel K. Schlanger Executive Vice President and Chief Financial Officer |
/s/ Jay A. Brown | ||||||||
Jay A. Brown President and Chief Executive Officer | ||||||||
May 3, 2021 | ||||||||
/s/ Daniel K. Schlanger | ||||||||
Daniel K. Schlanger Executive Vice President and Chief Financial Officer | ||||||||
May 3, 2021 |
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Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Condensed Consolidated Balance Sheet (Parenthetical) [Abstract] | ||
Accumulated depreciation, property and equipment | $ 11,090 | $ 10,803 |
Common stock, shares outstanding | 432 | 431 |
Common stock, shares authorized | 600 | 600 |
Common stock, par value | $ 0.01 | $ 0.01 |
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions |
3 Months Ended | ||||
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Cash flows from operating activities: | |||||
Income (loss) from continuing operations | $ 121 | $ 185 | |||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities: | |||||
Depreciation, amortization and accretion | 408 | 399 | |||
Gains (losses) on retirement of long-term obligations | 143 | [1] | 0 | ||
Amortization of deferred financing costs and other non-cash interest, net | 3 | 1 | |||
Stock-based compensation expense | 33 | 37 | |||
Asset write-down charges | 3 | 4 | |||
Deferred income tax (benefit) provision | 1 | 1 | |||
Other non-cash adjustments, net | 10 | 0 | |||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||
Increase (decrease) in accrued interest | (92) | (50) | |||
Increase (decrease) in accounts payable | (23) | (20) | |||
Increase (decrease) in other liabilities | (31) | 2 | |||
Decrease (increase) in receivables | 18 | 102 | |||
Decrease (increase) in other assets | (10) | (8) | |||
Net cash provided by (used for) operating activities | 584 | 653 | |||
Cash flows from investing activities: | |||||
Capital expenditures | (302) | (447) | |||
Payments for acquisitions, net of cash acquired | (4) | (13) | |||
Other investing activities, net | (5) | (8) | |||
Net cash provided by (used for) investing activities | (311) | (468) | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of long-term debt | 3,237 | 0 | |||
Principal payments on debt and other long-term obligations | (1,026) | (26) | |||
Purchases and redemptions of long-term debt | (1,789) | 0 | |||
Borrowings under revolving credit facility | 580 | 1,340 | |||
Payments under revolving credit facility | (290) | (595) | |||
Net issuances (repayments) under commercial paper program | (245) | (155) | |||
Payments for financing costs | (29) | 0 | |||
Purchases of common stock | (67) | (73) | |||
Dividends/distributions paid on common stock | (588) | (513) | |||
Dividends/distributions paid on preferred stock | 0 | (28) | |||
Net cash provided by (used for) financing activities | (217) | (50) | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 56 | 135 | |||
Cash, cash equivalents and restricted cash at beginning of period | 381 | 338 | |||
Cash, cash equivalents and restricted cash at end of period | 438 | 472 | |||
Effect of Exchange Rate on Cash and Cash Equivalents [Abstract] | |||||
Effect of exchange rate changes | $ 1 | $ (1) | |||
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Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock [Member] |
6.875% Mandatory Convertible Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
Dividends/Distributions in Excess of Earnings [Member] |
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Balance, shares Period Start at Dec. 31, 2019 | 416 | |||||||||
Balance, value Period Start at Dec. 31, 2019 | $ 10,489 | $ 4 | $ 0 | $ 17,855 | $ (5) | $ (7,365) | ||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2019 | 2 | |||||||||
Stock-based compensation related activity, net of forfeitures, value | 53 | 53 | ||||||||
Purchases and retirement of common stock, value | (73) | (73) | ||||||||
Common stock dividends/distributions | [1] | (504) | 504 | |||||||
Dividends/distributions on preferred stock | [1] | (28) | (28) | |||||||
Net income (loss) | 185 | 185 | ||||||||
Balance, shares Period End at Mar. 31, 2020 | 417 | |||||||||
Balance, value Period End at Mar. 31, 2020 | $ 10,121 | $ 4 | $ 0 | 17,835 | (6) | (7,712) | ||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2020 | 2 | |||||||||
Total other comprehensive income (loss) | [2] | (1) | ||||||||
Balance, shares Period Start at Dec. 31, 2020 | 431 | 431 | ||||||||
Balance, value Period Start at Dec. 31, 2020 | $ 9,461 | $ 4 | $ 0 | 17,933 | (4) | (8,472) | ||||
Preferred Stock, Shares Outstanding Period Start at Dec. 31, 2020 | 0 | |||||||||
Stock-based compensation related activity, net of forfeitures, value | 51 | 51 | ||||||||
Purchases and retirement of common stock, value | (67) | (67) | ||||||||
Common stock dividends/distributions | [1] | (581) | 581 | |||||||
Dividends/distributions on preferred stock | 0 | |||||||||
Net income (loss) | $ 58 | 58 | ||||||||
Balance, shares Period End at Mar. 31, 2021 | 432 | 432 | ||||||||
Balance, value Period End at Mar. 31, 2021 | $ 8,923 | $ 4 | $ 0 | $ 17,917 | (3) | $ (8,995) | ||||
Preferred Stock, Shares Outstanding Period End at Mar. 31, 2021 | 0 | |||||||||
Total other comprehensive income (loss) | [2] | $ 1 | $ 1 | |||||||
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Statement of Cash Flows, Supplemental Disclosures |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table is a summary of the Company's supplemental cash flow information:
(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below.
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Statement of Cash Flows, Supplemental Disclosures |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table is a summary of the Company's supplemental cash flow information:
(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.
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Schedule of Cash, Cash Equivalents and Restricted Cash | The reconciliation of cash, cash equivalents, and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below.
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Supplemental Cash Flow Information - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Supplemental Cash Flow Information [Line Items] | |||||
Cash payments related to operating lease liabilities | [1] | $ 137 | $ 135 | ||
Interest Paid | 259 | 223 | |||
Income Taxes Paid | 0 | 1 | |||
New ROU assets obtained in exchange for operating lease liabilities | 132 | 133 | |||
Increase (decrease) in accounts payable for purchases of property and equipment | (18) | (18) | |||
Purchase of property and equipment under capital leases and installment purchases | 4 | 5 | |||
Reconciliation of cash, cash equivalents and restricted cash [Line Items] | |||||
Cash and cash equivalents | 254 | $ 232 | |||
Restricted cash, current | 179 | 144 | |||
Restricted Cash, Noncurrent | 5 | 5 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 438 | $ 472 | $ 381 | ||
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General |
3 Months Ended |
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Mar. 31, 2021 | |
General | |
General | General The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2020, and related notes thereto, included in the 2020 Form 10-K filed by Crown Castle International Corp. ("CCIC") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2020 Form 10-K. References to the "Company" refer to CCIC and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, fiber and small cells assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). The Company's operating segments consist of (1) Towers and (2) Fiber. See note 10. As part of the Company's effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company also offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services primarily relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 6. Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile, including agreements assumed by T-Mobile following its merger with Sprint, completed on April 1, 2020. The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the consolidated financial position of the Company at March 31, 2021, the condensed consolidated results of operations for the three months ended March 31, 2021 and 2020, and the condensed consolidated cash flows for the three months ended March 31, 2021 and 2020. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the three months ended March 31, 2021 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.
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Revenues (Notes) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | Revenues Site rental revenues The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its shared communications infrastructure via long-term tenant contracts in various forms, including lease, license, sublease and service agreements. Providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts. Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges from five to 15 years for wireless tenants and three to 20 years for the Company's fiber solutions tenants (including from organizations with high-bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalations, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues include current amounts of $163 million included in "Other current assets" and non-current amounts of $1.4 billion included in "Deferred site rental receivables" as of March 31, 2021. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities." Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet. Services and other revenues As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services and (2) installation services. Upon contract commencement, the Company assesses its services to tenants and identifies performance obligations for each promise to provide a distinct service. The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of the above performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective contract based on estimated standalone selling price. The volume and mix of site development services may vary among contracts and may include a combination of some or all of the above performance obligations. Payments generally are due within 45 to 60 days and generally do not contain variable-consideration provisions. The transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues. Since performance obligations are typically satisfied prior to receiving payment from tenants, the unconditional right to payment is recorded within "Receivables, net" on the Company’s condensed consolidated balance sheet. The vast majority of the Company’s services generally have a duration of one year or less. Additional information on revenues As of both January 1, 2021 and March 31, 2021, $2.8 billion of unrecognized revenue was reported in "Deferred revenues" and "Other long-term liabilities" on our condensed consolidated balance sheet. During the three months ended March 31, 2021, approximately $170 million of the January 1, 2020 unrecognized revenue balance was recognized as revenue. During the three months ended March 31, 2020, approximately $160 million of the January 1, 2020 unrecognized revenue balance was recognized as revenue. The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of March 31, 2021.
(a)Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less. See note 10 for further information regarding the Company's operating segments.
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Debt and Other Obligations |
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Debt and Other Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Other Obligations | Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of March 31, 2021.
(a)See the 2020 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b)If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2021, the Tower Revenue Notes have principal amounts of $300 million, $250 million, $700 million and $750 million, with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c)The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 25 years. (d)As of March 31, 2021, the undrawn availability under the 2016 Revolver was $4.4 billion. (e)Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f)Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes outstanding under the CP Program at any time not to exceed $1.0 billion. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of March 31, 2021, the Company had net issuances of $40 million under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (g)In February 2021, the Company issued $3.25 billion aggregate principal amount of senior unsecured notes ("February 2021 Senior Notes"), which consisted of (1) $1.0 billion aggregate principal amount of 1.050% senior unsecured notes due July 2026, (2) $1.0 billion aggregate principal amount of 2.100% senior unsecured notes due April 2031 and (3) $1.25 billion aggregate principal amount of 2.900% senior unsecured notes due April 2041. The Company used the net proceeds from the February 2021 Senior Notes offering to (1) redeem all of the outstanding 5.250% Senior Notes, (2) repay a portion of the outstanding Commercial Paper Notes and (3) repay a portion of outstanding borrowings under the 2016 Term Loan A. Scheduled Principal Payments and Final Maturities The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2021, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the three months ended March 31, 2021.
(a)Exclusive of accrued interest. (b)Inclusive of the write off of respective deferred financing costs. Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows:
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Fair Value Disclosures |
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Fair Value Disclosures | Fair Value Disclosures
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Income Taxes |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and therefore is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company also may be subject to certain federal, state, local and foreign taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to the TRSs, (3) franchise taxes, (4) property taxes, and (5) transfer taxes. In addition, the Company could under certain circumstances be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended, to maintain qualification for taxation as a REIT. The Company's TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) are subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not. For the three months ended March 31, 2021 and 2020, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. See also note 12 for a discussion of the Company's agreement in principle with the Australian Taxation Office ("ATO").
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Per Share Information |
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Per Share Information | Per Share InformationBasic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. For the three months ended March 31, 2021 and 2020, diluted net income (loss) attributable to CCIC common stockholders, per common share, is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon (1) the vesting of restricted stock units as determined under the treasury stock method and (2) conversion of the Company's previously outstanding 6.875% Mandatory Convertible Preferred Stock, as applicable, as determined under the if-converted method.
During the three months ended March 31, 2021, the Company granted one million restricted stock units to the Company's executives and certain other employees pursuant to its 2013 Long-Term Incentive Plan. For the three months ended March 31, 2020, approximately 14.5 million common share equivalents related to the previously outstanding 6.875% Mandatory Convertible Preferred Stock were excluded from the dilutive common shares because the impact of such conversion would be anti-dilutive, based on the Company's common stock price as of March 31, 2020.
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Commitments and Contingencies |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Shareholder Litigation In February and March 2020, putative securities class action suits were filed in the United States District Court for the District of New Jersey against the Company and certain of its current officers. The lawsuits were filed on behalf of investors that purchased or otherwise acquired stock of the Company between February 26, 2018 and February 26, 2020. The allegations concern allegedly false or misleading statements or other alleged failures to disclose information about the Company's business, operations and prospects. The plaintiffs seek monetary damages and the award of the plaintiffs' costs and expenses incurred. In December 2020, the cases were consolidated as In re Crown Castle International Corp. Securities Litigation, No. 2:20-cv-02156 in the United States District Court for the District of New Jersey. The Company is currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. The Company believes the putative class action is without merit and intends to defend itself vigorously. During the quarter ended June 30, 2020, derivative lawsuits were filed in the United States District Court for the District of Delaware, against the Company's then-current directors and certain of its current officers and the Company as a nominal defendant. Each complaint alleges, among other things, breaches of fiduciary duties, waste of corporate assets, unjust enrichment, and false or misleading statements. The derivative plaintiffs seek, among other things, unspecified monetary damages, costs and expenses, restitution from the defendants, and an order requiring the Company to implement certain corporate governance reforms. As a nominal defendant, no monetary relief is sought against the Company itself. In June 2020, the derivative lawsuits were consolidated as In re Crown Castle International Corp. Derivative Litigation, C.A. No. 20-00606-MN in the United States District Court for the District of Delaware. The consolidated derivative action is currently stayed pending the resolution of any motion to dismiss In re Crown Castle International Corp. Securities Litigation in the United States District Court for the District of New Jersey. Durham Lawsuits The Company has received notices of claims and has been named as one of several defendants in lawsuits stemming from an April 2019 gas leak explosion in Durham, North Carolina, which occurred near an area where the Company's subcontractors were installing fiber. The explosion resulted in two fatalities, physical injuries (some of which were serious), and property damage to surrounding buildings and businesses. Currently, the Company is unable to determine the likelihood of an outcome or estimate a range of possible losses, if any, related to these lawsuits. New York State Department of Transportation In 2019, the State of New York passed legislation authorizing the Department of Transportation ("NYSDOT") to enter into agreements with any fiber provider for the use and occupancy of the state right-of-way for fiber optic lines. The legislation authorizes the NYSDOT to charge a fee of up to fair market value for such use and occupancy. To date, the Company has paid fees relating to newly deployed fiber lines but has not been required to pay, and has not recognized any costs in connection with, any fees relating to previously deployed fiber lines. The Company believes that the legislation violates both federal and state law and is evaluating its legal options regarding any use and occupancy fees that may be assessed on previously deployed fiber. Currently, the Company is unable to determine the likelihood of an outcome or reasonably estimate the amount of fees, if any, that it may be required to pay as a result of the legislation. Other Matters The Company is involved in various other claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such other matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the adverse resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations. Additionally, the Company and certain of its subsidiaries are contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, see note 1 for a discussion of the Company's option to purchase approximately 53% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options.
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Equity |
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Equity | Equity Declaration and Payment of Dividends During the three months ended March 31, 2021, the following dividends/distributions were declared or paid:
(a)Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest. Purchases of the Company's Common Stock For the three months ended March 31, 2021, the Company purchased 0.4 million shares of its common stock utilizing $67 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of restricted stock units. 2018 "At-the-Market" Stock Offering Program The Company previously maintained an "at-the-market" stock offering program through which it had the right to issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2018 ATM Program"). The Company terminated its previously outstanding 2018 ATM Program in March 2021 with the entire gross sales price of $750 million remaining unsold. 2021 "At-the-Market" Stock Offering Program In March 2021, the Company established a new "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2021 ATM Program"). Sales under the 2021 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2021 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2021 ATM Program.
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Operating Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments | Operating Segments The Company's operating segments consist of (1) Towers and (2) Fiber. The Towers segment provides access, including space or capacity, to the Company's approximately 40,000 towers geographically dispersed throughout the U.S. The Towers segment also reflects certain ancillary services relating to the Company's towers, predominately consisting of site development services and installation services. The Fiber segment provides access, including space or capacity, to the Company's approximately 80,000 route miles of fiber primarily supporting small cell networks and fiber solutions geographically dispersed throughout the U.S. The measurements of profit or loss used by the Company's chief operating decision maker ("CODM") to evaluate the performance of its operating segments are (1) segment site rental gross margin, (2) segment services and other gross margin and (3) segment operating profit. The Company defines segment site rental gross margin as segment site rental revenues less segment site rental cost of operations, which excludes stock-based compensation expense and prepaid lease purchase price adjustments recorded in consolidated cost of operations. The Company defines segment services and other gross margin as segment services and other revenues less segment services and other cost of operations, which excludes stock-based compensation expense recorded in consolidated cost of operations. The Company defines segment operating profit as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less selling, general and administrative expenses attributable to the respective segment. All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. The following tables set forth the Company's segment operating results for the three months ended March 31, 2021 and 2020. Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. Additionally, certain costs are shared across segments and are reflected in the Company's segment measures through allocations that management believes to be reasonable. The "Other" column (1) represents amounts excluded from specific segments, such as asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, gains (losses) on retirement of long-term obligations, net gain (loss) on interest rate swaps, gains (losses) on foreign currency swaps, interest income, other income (expense), income (loss) from discontinued operations, and stock-based compensation expense, and (2) reconciles segment operating profit to income (loss) before income taxes, as the amounts are not utilized in assessing each segment’s performance. The "Other" total assets balance includes corporate assets such as cash and cash equivalents which have not been allocated to specific segments. There are no significant revenues resulting from transactions between the Company's operating segments.
(a)Exclusive of depreciation, amortization and accretion shown separately. (b)Segment cost of operations excludes (1) stock-based compensation of $5 million and $6 million for the three months ended March 31, 2021 and 2020, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended March 31, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $28 million and $30 million for the three months ended March 31, 2021 and 2020, respectively. (c)See condensed consolidated statement of operations for further information.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsOn April 26, 2021, the Company entered into an agreement in principle with the ATO to pay approximately $63 million (A$83 million) to settle the previously-disclosed outstanding audit of the Australian tax consequences of the Company’s 2015 sale of Crown Castle Australia Holdings Pty Ltd ("CCAL"), formerly a 77.6% owned Australian subsidiary of the Company ("ATO Settlement"). The sale of CCAL generated approximately $1.2 billion in net proceeds to the Company, and resulted in a gain from the disposal of discontinued operations of $979 million for the year ended December 31, 2015.The ATO Settlement was reflected in the condensed consolidated financial statements of the Company as of and for the three months ended March 31, 2021. The Company recognized the ATO settlement as a charge within discontinued operations in its condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2021, as this amount represents a reduction to the gain from the disposal of discontinued operations previously reported during the year ended December 31, 2015. Additionally, the ATO Settlement was recorded within "Other accrued liabilities" on the Company’s condensed consolidated balance sheet as of March 31, 2021. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the three months ended March 31, 2021 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements.
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Revenue | The following table is a summary of the non-cancelable contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of March 31, 2021.
(a)Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less.
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Debt and Other Obligations (Tables) |
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Schedule of Long-Term Debt Instruments | The table below sets forth the Company's debt and other obligations as of March 31, 2021.
(a)See the 2020 Form 10-K, including note 7, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b)If the respective series of Tower Revenue Notes are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of March 31, 2021, the Tower Revenue Notes have principal amounts of $300 million, $250 million, $700 million and $750 million, with anticipated repayment dates in 2022, 2023, 2025 and 2028, respectively. (c)The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates ranging up to 10% and mature in periods ranging from less than one year to approximately 25 years. (d)As of March 31, 2021, the undrawn availability under the 2016 Revolver was $4.4 billion. (e)Both the 2016 Revolver and 2016 Term Loan A bear interest, at our option, at either (1) LIBOR plus a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.125% to 0.350%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. (f)Notes under the CP Program may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes outstanding under the CP Program at any time not to exceed $1.0 billion. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. As of March 31, 2021, the Company had net issuances of $40 million under the CP Program. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (g)In February 2021, the Company issued $3.25 billion aggregate principal amount of senior unsecured notes ("February 2021 Senior Notes"), which consisted of (1) $1.0 billion aggregate principal amount of 1.050% senior unsecured notes due July 2026, (2) $1.0 billion aggregate principal amount of 2.100% senior unsecured notes due April 2031 and (3) $1.25 billion aggregate principal amount of 2.900% senior unsecured notes due April 2041. The Company used the net proceeds from the February 2021 Senior Notes offering to (1) redeem all of the outstanding 5.250% Senior Notes, (2) repay a portion of the outstanding Commercial Paper Notes and (3) repay a portion of outstanding borrowings under the 2016 Term Loan A.
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Schedule of Maturities of Long-term Debt | The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of March 31, 2021, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes.
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Debt Instrument Redemption [Table Text Block] | Purchases and Redemptions of Long-Term Debt The following is a summary of purchases and redemptions of long-term debt during the three months ended March 31, 2021.
(a)Exclusive of accrued interest. (b)Inclusive of the write off of respective deferred financing costs.
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Components of Interest Expense and Amortization of Deferred Financing Costs | Interest Expense and Amortization of Deferred Financing Costs The components of interest expense and amortization of deferred financing costs are as follows:
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Fair Value Disclosures (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Assets and Liabilities |
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Per Share Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations |
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared | Declaration and Payment of Dividends During the three months ended March 31, 2021, the following dividends/distributions were declared or paid:
(a)Inclusive of dividends accrued for holders of unvested restricted stock units, which will be paid when and if the restricted stock units vest.
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Operating Segments Operating Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
(a)Exclusive of depreciation, amortization and accretion shown separately. (b)Segment cost of operations excludes (1) stock-based compensation of $5 million and $6 million for the three months ended March 31, 2021 and 2020, respectively, and (2) prepaid lease purchase price adjustments of $5 million for both of the three months ended March 31, 2021 and 2020. Selling, general and administrative expenses exclude stock-based compensation expense of $28 million and $30 million for the three months ended March 31, 2021 and 2020, respectively. (c)See condensed consolidated statement of operations for further information.
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General Business (Details) |
Mar. 31, 2021 |
---|---|
Subject to Capital Lease with TMO or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53.00% |
Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Revenue Recognition Non-cancelable Lease Term for Wireless Tenants | five to 15 years | ||||
Revenue Recognition for Fiber Solutions Tenants | three to 20 years | ||||
Deferred site rental receivables | $ 1,389 | $ 1,408 | |||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days | ||||
Revenue, Remaining Performance Obligation, Amount | $ 2,800 | $ 2,800 | |||
Revenue Recognized on Deferred Revenues | 170 | $ 160 | |||
Contracted Amounts Receivable from Customers, remaining nine months | [1] | 3,381 | |||
Contracted Amounts Receivable from Customers, in Two Years | [1] | 4,228 | |||
Contracted Amounts Receivable from Customers, in Three Years | [1] | 3,640 | |||
Contracted Amounts Receivable from Customers, in Four Years | [1] | 2,936 | |||
Contracted Amounts Receivable from Customers, in Five Years | [1] | 2,443 | |||
Contracted Amounts Receivable from Customers, Thereafter | [1] | 9,979 | |||
Contracted Amounts Receivable from Customers, Total | [1] | 26,607 | |||
Other Current Assets [Member] | |||||
Deferred site rental receivables | 163 | ||||
Other Noncurrent Assets [Member] | |||||
Deferred site rental receivables | $ 1,400 | ||||
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Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||||||||||
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Mar. 31, 2021 |
Dec. 31, 2020 |
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Debt Instrument [Line Items] | |||||||||||||||||
Debt and Finance Lease Obligations | $ 19,872 | $ 19,280 | |||||||||||||||
Less: current maturities of debt and other obligations | 159 | 129 | |||||||||||||||
Non-current portion of long-term debt and other long-term obligations | 19,713 | 19,151 | |||||||||||||||
2015 Tower Revenue Notes 3.222% due 2042 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 300 | ||||||||||||||||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 700 | ||||||||||||||||
2018 Tower Revenue Notes 3.720% due 2043 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 250 | ||||||||||||||||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||||||||||
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | ||||||||||||||||
2016 Revolver [Member] | Bank Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.20% | |||||||||||||||
Finance Lease Obligations and Other [Member] | Securitized Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt and Finance Lease Obligations | [3] | $ 231 | 236 | ||||||||||||||
High Yield Bonds [Member] | 5.250% Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.30% | |||||||||||||||
Debt and Finance Lease Obligations | [4] | $ 0 | 1,646 | ||||||||||||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.50% | |||||||||||||||
Debt and Finance Lease Obligations | $ 895 | 894 | |||||||||||||||
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.00% | |||||||||||||||
Debt and Finance Lease Obligations | $ 496 | 496 | |||||||||||||||
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.80% | |||||||||||||||
Debt and Finance Lease Obligations | $ 344 | 344 | |||||||||||||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | |||||||||||||||
Debt and Finance Lease Obligations | $ 746 | 745 | |||||||||||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.40% | |||||||||||||||
Debt and Finance Lease Obligations | $ 495 | 494 | |||||||||||||||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | |||||||||||||||
Debt and Finance Lease Obligations | $ 994 | 994 | |||||||||||||||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | |||||||||||||||
Debt and Finance Lease Obligations | $ 746 | 746 | |||||||||||||||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.80% | |||||||||||||||
Debt and Finance Lease Obligations | $ 991 | 991 | |||||||||||||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.30% | |||||||||||||||
Debt and Finance Lease Obligations | $ 593 | 593 | |||||||||||||||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 5.20% | |||||||||||||||
Debt and Finance Lease Obligations | $ 395 | 395 | |||||||||||||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.10% | |||||||||||||||
Debt and Finance Lease Obligations | $ 544 | 544 | |||||||||||||||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.00% | |||||||||||||||
Debt and Finance Lease Obligations | $ 345 | 345 | |||||||||||||||
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.30% | |||||||||||||||
Debt and Finance Lease Obligations | $ 737 | 737 | |||||||||||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.30% | |||||||||||||||
Debt and Finance Lease Obligations | $ 1,088 | 1,088 | |||||||||||||||
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.20% | |||||||||||||||
Debt and Finance Lease Obligations | $ 489 | 489 | |||||||||||||||
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.30% | |||||||||||||||
Debt and Finance Lease Obligations | $ 889 | 889 | |||||||||||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.10% | |||||||||||||||
Debt and Finance Lease Obligations | [4] | $ 987 | 0 | ||||||||||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 2.90% | |||||||||||||||
Debt and Finance Lease Obligations | [4] | $ 1,233 | 0 | ||||||||||||||
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 1.10% | |||||||||||||||
Debt and Finance Lease Obligations | [4] | $ 989 | 0 | ||||||||||||||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | |||||||||||||||
Debt and Finance Lease Obligations | $ 745 | 745 | |||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt and Finance Lease Obligations | 16,598 | 16,002 | |||||||||||||||
Securitized Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt and Finance Lease Obligations | $ 3,274 | 3,278 | |||||||||||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.20% | |||||||||||||||
Debt and Finance Lease Obligations | [5] | $ 299 | 299 | ||||||||||||||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | |||||||||||||||
Debt and Finance Lease Obligations | [5] | $ 696 | 695 | ||||||||||||||
Securitized Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.70% | |||||||||||||||
Debt and Finance Lease Obligations | [5] | $ 249 | 248 | ||||||||||||||
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 4.20% | |||||||||||||||
Debt and Finance Lease Obligations | [5] | $ 743 | 743 | ||||||||||||||
Securitized Debt [Member] | 3.849% Secured Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 3.90% | |||||||||||||||
Debt and Finance Lease Obligations | $ 997 | 997 | |||||||||||||||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 9.00% | |||||||||||||||
Debt and Finance Lease Obligations | $ 59 | 60 | |||||||||||||||
Bank Debt [Member] | 2016 Term Loan A [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.20% | |||||||||||||||
Debt and Finance Lease Obligations | $ 1,237 | [4] | 2,252 | ||||||||||||||
Bank Debt [Member] | Commercial Paper [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [2] | 0.40% | |||||||||||||||
Commercial Paper [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Commercial Paper - Outstanding | $ 40 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | ||||||||||||||||
Maximum [Member] | Finance Lease Obligations and Other [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||||
Maximum [Member] | Finance Lease Obligations and Other [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date Range | 25 years | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||||||||||||||
Minimum [Member] | Finance Lease Obligations and Other [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument Maturity Date Range | one year | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 4,400 | ||||||||||||||||
Debt and Finance Lease Obligations | $ 580 | [6] | 290 | ||||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||||||||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | ||||||||||||||||
Commercial Paper [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt and Finance Lease Obligations | [7] | $ 40 | [4] | $ 285 | |||||||||||||
Commercial Paper - Maximum Available | $ 1,000 | ||||||||||||||||
Debt Instrument, Maturity Date, Description | 397 days | ||||||||||||||||
|
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt and Other Obligations [Abstract] | ||
Interest Expense, Debt, Excluding Amortization | $ 167 | $ 174 |
Amortization of deferred financing costs and adjustments on long-term debt | 6 | 5 |
Capitalized interest | (3) | (4) |
Interest expense and amortization of deferred financing costs | $ 170 | $ 175 |
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ||
Long-Term Debt, Maturity, remaining nine months | $ 161 | |
Long-Term Debt, Maturity, Year Two | 155 | |
Long-Term Debt, Maturity, Year Three | 1,988 | |
Long-Term Debt, Maturity, Year Four | 2,187 | |
Long-Term Debt, Maturity, Year Five | 525 | |
Long-Term Debt, Maturity, after Year Five | 15,032 | |
Total Cash Obligations | 20,048 | |
Unamortized Adjustments, Net | (176) | |
Debt and Finance Lease Obligations | $ 19,872 | $ 19,280 |
Debt and Other Obligations Extinguishment of Debt (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
||||||
Extinguishment of Debt [Line Items] | |||||||
Principal amount | $ 1,650 | ||||||
Cash paid | [1] | 1,789 | |||||
Gains (losses) on retirement of long-term obligations | (143) | [2] | $ 0 | ||||
5.250% Senior Notes [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Principal amount | 1,650 | ||||||
Cash paid | [1] | 1,789 | |||||
Gains (losses) on retirement of long-term obligations | [2] | $ 143 | |||||
|
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Cash and cash equivalents | $ 254 | $ 232 |
Cash and cash equivalents, fair value | 254 | 232 |
Restricted Cash | 184 | 149 |
Restricted Cash Fair Value Disclosure | 149 | |
Long-term debt and other obligations, carrying amount | 19,872 | 19,280 |
Long-term debt and other obligations, fair value | $ 20,718 | $ 21,302 |
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
||||
Earnings Per Share [Abstract] | |||||
Income (loss) from continuing operations | $ 121 | $ 185 | |||
Dividends/distributions on preferred stock | 0 | (28) | [1] | ||
Net income (loss) | 58 | 185 | |||
Income (loss) from discontinued operations, net of tax | (63) | 0 | |||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ 58 | $ 157 | |||
Basic weighted-average number of common stock outstanding | 432.0 | 416.0 | |||
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 1.0 | 2.0 | |||
Diluted weighted-average number of common shares outstanding | 433.0 | 418.0 | |||
Income (loss) from continuing operations, per share - basic | $ 0.28 | $ 0.38 | |||
Income (loss) from discontinued operations, per share - basic | (0.15) | 0 | |||
Net income (loss) attributable to CCIC common stockholders, per share - basic | 0.13 | 0.38 | |||
Income (loss) from continuing operations, per share - diluted | 0.28 | 0.38 | |||
Income (loss) from discontinued operations, per share - diluted | (0.15) | 0 | |||
Net income (loss) attributable to CCIC common stockholders, per share - diluted | 0.13 | 0.38 | |||
Dividends/distributions declared per share of common stock (in dollars per share) | 1.33 | 1.20 | |||
Dividends/distributions declared per share of preferred stock | $ 0 | $ 17.1875 | |||
Preferred Stock [Member] | |||||
Earnings Per Share [Abstract] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14.5 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14.5 | ||||
|
Per Share Information Stock Issued During Period, Restricted Stock Award (Details) shares in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
shares
| |
Restricted stock units granted [Abstract] | |
Restricted stock award granted | 1 |
Commitments and Contingencies Commitment and Contingencies (Details) |
Mar. 31, 2021 |
---|---|
Subject to Capital Lease with TMO or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53.00% |
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.33 | |||
Dividends, Common Stock, Cash | [1] | $ 581 | ||
Common stock repurchased during period, shares | 0.4 | |||
Purchases of common stock | $ (67) | $ (73) | ||
Availability Under ATM | $ 750 | |||
Common Stock [Member] | ||||
Dividends Payable, Date Declared | Feb. 18, 2021 | |||
Dividends Payable, Date of Record | Mar. 15, 2021 | |||
Dividends Payable, Date to be Paid | Mar. 31, 2021 | |||
|
Operating Segments Operating Segments Table (Details) $ in Millions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|||||||||
Segment Reporting Information [Line Items] | |||||||||||
Tower Count | 40,000 | ||||||||||
Fiber Miles | 80,000 | ||||||||||
Amortization of prepaid lease purchase price adjustments | $ 5 | ||||||||||
Site Rental | 1,369 | $ 1,310 | |||||||||
Services and other | 116 | 111 | |||||||||
Segment Revenues | 1,485 | 1,421 | |||||||||
Segment site rental cost of operations | [1] | 381 | 375 | ||||||||
Services and other | [1] | 81 | 99 | ||||||||
Segment selling, general and administrative expenses | 164 | 175 | |||||||||
Stock-based compensation expense | 33 | 37 | |||||||||
Depreciation, Amortization and Accretion, Net | 408 | 399 | |||||||||
Interest expense and amortization of deferred financing costs | 170 | 175 | |||||||||
Income (loss) before income taxes | 128 | 190 | |||||||||
Capital expenditures | 302 | 447 | |||||||||
Total Assets | 38,752 | $ 38,768 | |||||||||
Segments [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 1,369 | 1,310 | |||||||||
Services and other | 116 | 111 | |||||||||
Segment Revenues | 1,485 | 1,421 | |||||||||
Segment site rental cost of operations | 373 | 366 | |||||||||
Services and other | 79 | 97 | |||||||||
Segment cost of operations | [2],[3] | 452 | 463 | ||||||||
Segment site rental gross margin | 996 | 944 | |||||||||
Segment services gross margin | 37 | 14 | |||||||||
Segment General and Administrative Expenses [Line Items] | [3] | 70 | 75 | ||||||||
Segment selling, general and administrative expenses | 66 | 70 | |||||||||
Segment Operating Profit | 963 | 883 | |||||||||
Stock-based compensation expense | 33 | 36 | |||||||||
Depreciation, Amortization and Accretion, Net | 408 | 399 | |||||||||
Interest expense and amortization of deferred financing costs | 170 | 175 | |||||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [4] | 158 | 13 | ||||||||
Income (loss) before income taxes | 128 | 190 | |||||||||
Capital expenditures | 302 | 447 | |||||||||
Total Assets | 38,752 | 38,616 | |||||||||
Segment cost of operations share-based compensation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 5 | 6 | |||||||||
Towers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 895 | 867 | |||||||||
Services and other | 111 | 108 | |||||||||
Segment Revenues | 1,006 | 975 | |||||||||
Segment site rental cost of operations | 212 | 214 | |||||||||
Services and other | 76 | 95 | |||||||||
Segment cost of operations | [2],[3] | 288 | 309 | ||||||||
Segment site rental gross margin | 683 | 653 | |||||||||
Segment services gross margin | 35 | 13 | |||||||||
Segment selling, general and administrative expenses | [3] | 25 | 24 | ||||||||
Segment Operating Profit | 693 | 642 | |||||||||
Capital expenditures | 51 | 105 | |||||||||
Total Assets | 22,080 | 22,234 | |||||||||
Fiber [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Site Rental | 474 | 443 | |||||||||
Services and other | 5 | 3 | |||||||||
Segment Revenues | 479 | 446 | |||||||||
Segment site rental cost of operations | 161 | 152 | |||||||||
Services and other | 3 | 2 | |||||||||
Segment cost of operations | [2],[3] | 164 | 154 | ||||||||
Segment site rental gross margin | 313 | 291 | |||||||||
Segment services gross margin | 2 | 1 | |||||||||
Segment selling, general and administrative expenses | [3] | 45 | 51 | ||||||||
Segment Operating Profit | 270 | 241 | |||||||||
Capital expenditures | 237 | 328 | |||||||||
Total Assets | 15,771 | 15,520 | |||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment selling, general and administrative expenses | 66 | 70 | |||||||||
Segment Operating Profit | |||||||||||
Stock-based compensation expense | 33 | 36 | |||||||||
Depreciation, Amortization and Accretion, Net | 408 | 399 | |||||||||
Interest expense and amortization of deferred financing costs | 170 | 175 | |||||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [4] | 158 | 13 | ||||||||
Capital expenditures | 14 | 14 | |||||||||
Total Assets | 901 | 862 | |||||||||
Segment G&A share-based compensation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | $ 28 | $ 30 | |||||||||
|
Subsequent Events (Details) $ in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Apr. 26, 2021
USD ($)
|
Apr. 26, 2021
AUD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Subsequent Event [Line Items] | |||||
Net proceeds from sale of subsidiary | $ 1,200 | ||||
Net gain (loss) from disposal of discontinued operations, net of tax | $ (63) | $ 0 | $ 979 | ||
ATO Tax Settlement | |||||
Subsequent Event [Line Items] | |||||
Payments for Taxing Authority Settlements | $ 63 | $ 83 |
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