ANNUAL 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 |
Delaware | 76-0470458 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Securities Registered Pursuant to Section 12(b) of the Act | Trading Symbols | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, $0.01 par value | CCI | New York Stock Exchange | ||||||||||||
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Item 16. | |||||||||||
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases |
High (a) | Low (a) | ||||||
2017: | |||||||
First Quarter | $ | 95.45 | $ | 83.96 | |||
Second Quarter | 104.68 | 93.22 | |||||
Third Quarter | 108.88 | 93.14 | |||||
Fourth Quarter | 114.97 | 99.33 | |||||
2016: | |||||||
First Quarter | $ | 88.46 | $ | 75.71 | |||
Second Quarter | 101.44 | 85.59 | |||||
Third Quarter | 102.82 | 89.82 | |||||
Fourth Quarter | 95.84 | 79.38 |
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) | |||||||||||||
October 1 - October 31, 2017 | — | $ | — | — | — | ||||||||
November 1 - November 30, 2017 | 2 | 106.82 | — | — | |||||||||
December 1 - December 31, 2017 | 1 | 110.86 | — | — | |||||||||
Total | 3 | $ | 107.66 | — | — |
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) | ||||||||||||||||||||||||||
October 1 - October 31, 2020 | 1 | $ | 167.36 | — | — | |||||||||||||||||||||
November 1 - November 30, 2020 | 3 | 161.80 | — | — | ||||||||||||||||||||||
December 1 - December 31, 2020 | 1 | 158.57 | — | — | ||||||||||||||||||||||
Total | 5 | $ | 162.02 | — | — |
Years Ended December 31, | ||||||||||||||||||||||||
Company/Index/Market | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||||
Crown Castle International Corp. | $ | 100.00 | $ | 101.76 | $ | 111.79 | $ | 127.81 | $ | 133.58 | $ | 177.57 | ||||||||||||
S&P 500 Market Index | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 | ||||||||||||||||||
DJ US Telecommunications Equipment Index | 100.00 | 121.43 | 139.90 | 124.79 | 148.67 | 182.95 | ||||||||||||||||||
FTSE NAREIT All Equity REITs Index | 100.00 | 102.85 | 131.68 | 136.58 | 146.94 | 159.69 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
Company/Index/Market | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||
Crown Castle International Corp. | $ | 100.00 | $ | 104.52 | $ | 138.93 | $ | 141.34 | $ | 191.47 | $ | 221.35 | ||||||||||||||||||||||||||
S&P 500 Market Index | 100.00 | 111.96 | 136.40 | 130.42 | 171.49 | 203.04 | ||||||||||||||||||||||||||||||||
DJ U.S. Telecommunications Equipment Index | 100.00 | 119.14 | 146.61 | 159.12 | 184.95 | 189.24 | ||||||||||||||||||||||||||||||||
FTSE Nareit All Equity REITs Index | 100.00 | 107.59 | 116.92 | 112.19 | 144.35 | 136.96 |
Years Ended December 31, | ||||||||||||||||||||
2017 | (a) | 2016 | (a) | 2015 | (a) | 2014 | (a) | 2013 | (a) | |||||||||||
(In thousands of dollars, except per share amounts) | ||||||||||||||||||||
Statement of Operations Data: | �� | |||||||||||||||||||
Net revenues: | ||||||||||||||||||||
Site rental | $ | 3,669,191 | $ | 3,233,307 | $ | 3,018,413 | $ | 2,866,613 | $ | 2,371,380 | ||||||||||
Network services and other | 686,414 | 687,918 | 645,438 | 672,143 | 494,371 | |||||||||||||||
Net revenues | 4,355,605 | 3,921,225 | 3,663,851 | 3,538,756 | 2,865,751 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Costs of operations(b): | ||||||||||||||||||||
Site rental | 1,143,914 | 1,023,350 | 963,869 | 906,152 | 686,873 | |||||||||||||||
Network services and other | 419,787 | 417,171 | 357,557 | 400,454 | 304,144 | |||||||||||||||
Total costs of operations | 1,563,701 | 1,440,521 | 1,321,426 | 1,306,606 | 991,017 | |||||||||||||||
General and administrative | 426,698 | 371,031 | 310,921 | 257,296 | 213,519 | |||||||||||||||
Asset write-down charges | 17,322 | 34,453 | 33,468 | 14,246 | 13,595 | |||||||||||||||
Acquisition and integration costs | 61,431 | 17,453 | 15,678 | 34,145 | 25,574 | |||||||||||||||
Depreciation, amortization and accretion | 1,242,408 | 1,108,551 | 1,036,178 | 985,781 | 741,342 | |||||||||||||||
Operating income (loss) | 1,044,045 | 949,216 | 946,180 | 940,682 | 880,704 | |||||||||||||||
Interest expense and amortization of deferred financing costs | (590,682 | ) | (515,032 | ) | (527,128 | ) | (573,291 | ) | (589,630 | ) | ||||||||||
Gains (losses) on retirement of long-term obligations | (3,525 | ) | (52,291 | ) | (4,157 | ) | (44,629 | ) | (37,127 | ) | ||||||||||
Interest income | 18,761 | 796 | 1,906 | 315 | 956 | |||||||||||||||
Other income (expense) | 1,994 | (8,835 | ) | 57,028 | 11,993 | (3,902 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 470,593 | 373,854 | 473,829 | 335,070 | 251,001 | |||||||||||||||
Benefit (provision) for income taxes(c) | (26,043 | ) | (16,881 | ) | 51,457 | 11,244 | (191,000 | ) | ||||||||||||
Income (loss) from continuing operations | 444,550 | 356,973 | 525,286 | 346,314 | 60,001 | |||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 19,690 | 52,460 | 33,900 | |||||||||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | — | — | 979,359 | — | — | |||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 999,049 | 52,460 | 33,900 | |||||||||||||||
Net income (loss) | 444,550 | 356,973 | 1,524,335 | 398,774 | 93,901 | |||||||||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | — | 3,343 | 8,261 | 3,790 | |||||||||||||||
Net income (loss) attributable to CCIC stockholders | 444,550 | 356,973 | 1,520,992 | 390,513 | 90,111 | |||||||||||||||
Dividends on preferred stock and losses on purchases of preferred stock | (58,294 | ) | (32,991 | ) | (43,988 | ) | (43,988 | ) | (11,363 | ) | ||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 386,256 | $ | 323,982 | $ | 1,477,004 | $ | 346,525 | $ | 78,748 | ||||||||||
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic(d) | $ | 1.01 | $ | 0.95 | $ | 1.45 | $ | 0.91 | $ | 0.16 | ||||||||||
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted(d) | $ | 1.01 | $ | 0.95 | $ | 1.44 | $ | 0.91 | $ | 0.16 | ||||||||||
Weighted-average common shares outstanding (in thousands): | ||||||||||||||||||||
Basic(d)(e) | 381,740 | 340,349 | 333,002 | 332,302 | 298,083 | |||||||||||||||
Diluted(d)(e) | 383,221 | 340,879 | 334,062 | 333,265 | 299,293 | |||||||||||||||
Dividends/distributions declared per share of common stock | $ | 3.90 | $ | 3.61 | $ | 3.35 | $ | 1.87 | $ | — |
Years Ended December 31, | ||||||||||||||||||||
2017 | (a) | 2016 | (a) | 2015 | (a) | 2014 | (a) | 2013 | (a) | |||||||||||
(In thousands of dollars, except per share amounts) | ||||||||||||||||||||
Other Data: | ||||||||||||||||||||
Summary cash flow information: | ||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 2,044,186 | $ | 1,782,264 | $ | 1,794,025 | $ | 1,600,197 | $ | 1,171,059 | ||||||||||
Net cash provided by (used for) investing activities | (10,494,021 | ) | (1,410,232 | ) | (1,959,734 | ) | (1,216,709 | ) | (5,459,285 | ) | ||||||||||
Net cash provided by (used for) financing activities | 8,195,152 | (96,292 | ) | (935,476 | ) | (462,987 | ) | 4,063,133 | ||||||||||||
Ratio of earnings to fixed charges(f) | 1.5 | 1.5 | 1.6 | 1.4 | 1.3 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends and losses on purchases of preferred stock(f) | 1.4 | 1.4 | 1.5 | 1.3 | 1.3 | |||||||||||||||
Balance Sheet Data (at period end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 314,094 | $ | 567,599 | $ | 178,810 | $ | 151,312 | $ | 200,526 | ||||||||||
Property and equipment, net | 12,932,885 | 9,805,315 | 9,580,057 | 8,982,783 | 8,764,031 | |||||||||||||||
Total assets | 32,229,570 | 22,675,092 | 21,936,966 | 21,026,827 | 20,466,028 | |||||||||||||||
Total debt and other long-term obligations | 16,159,620 | 12,171,142 | 12,149,959 | 11,804,412 | 11,465,620 | |||||||||||||||
Total CCIC stockholders' equity(e)(g) | 12,339,082 | 7,557,115 | 7,089,221 | 6,716,225 | 6,926,717 |
Years Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
(In millions of dollars) | 2020 | 2019 | 2018 | 2020 vs. 2019 | 2019 vs. 2018 | ||||||||||||||||||||||||
Site rental revenues: | |||||||||||||||||||||||||||||
Towers site rental revenues | $ | 3,497 | $ | 3,389 | $ | 3,196 | 3 | % | 6 | % | |||||||||||||||||||
Fiber site rental revenues | 1,823 | 1,704 | 1,600 | 7 | % | 7 | % | ||||||||||||||||||||||
Total site rental revenues | 5,320 | 5,093 | 4,796 | 4 | % | 6 | % | ||||||||||||||||||||||
Site rental gross margin: | |||||||||||||||||||||||||||||
Towers site rental gross margin(a) | 2,631 | 2,525 | 2,348 | 4 | % | 8 | % | ||||||||||||||||||||||
Fiber site rental gross margin(a) | 1,203 | 1,145 | 1,075 | 5 | % | 7 | % | ||||||||||||||||||||||
Services and other gross margin: | |||||||||||||||||||||||||||||
Towers services and other gross margin(a) | 71 | 147 | 143 | (52) | % | 3 | % | ||||||||||||||||||||||
Fiber services and other gross margin(a) | 8 | 6 | 5 | 33 | % | 20 | % | ||||||||||||||||||||||
Segment operating profit: | |||||||||||||||||||||||||||||
Towers operating profit(a) | 2,602 | 2,576 | 2,381 | 1 | % | 8 | % | ||||||||||||||||||||||
Fiber operating profit(a)(b) | 1,387 | 956 | 901 | 45 | % | 6 | % | ||||||||||||||||||||||
Net income attributable to CCIC stockholders | 1,056 | 860 | 622 | 23 | % | 38 | % | ||||||||||||||||||||||
Adjusted EBITDA(c) | 3,706 | 3,299 | 3,091 | 12 | % | 7 | % |
Years Ended December 31, | Percent Change | ||||||||||||||||
2017 | 2016 | 2015 | 2017 vs. 2016 | 2016 vs. 2015 | |||||||||||||
(In thousands of dollars) | |||||||||||||||||
Site rental revenues: | |||||||||||||||||
Towers site rental revenues | $ | 2,899,554 | $ | 2,830,708 | $ | 2,734,045 | 2 | % | 4 | % | |||||||
Fiber site rental revenues | 769,637 | 402,599 | 284,368 | 91 | % | 42 | % | ||||||||||
Total site rental revenues | 3,669,191 | 3,233,307 | 3,018,413 | 13 | % | 7 | % | ||||||||||
Site rental gross margin: | |||||||||||||||||
Towers site rental gross margin(a) | 2,054,759 | 1,990,499 | 1,906,870 | 3 | % | 4 | % | ||||||||||
Fiber site rental gross margin(a) | 505,578 | 255,140 | 177,173 | 98 | % | 44 | % | ||||||||||
Network services and other gross margin: | |||||||||||||||||
Towers network services and other gross margin(a) | 262,398 | 259,094 | 282,630 | 1 | % | (8 | )% | ||||||||||
Fiber network services and other gross margin(a) | 9,191 | 19,370 | 10,621 | (53 | )% | 82 | % | ||||||||||
Segment operating profit: | |||||||||||||||||
Towers operating profit(a) | 2,223,495 | 2,156,690 | 2,097,601 | 3 | % | 3 | % | ||||||||||
Fiber operating profit(a) | 425,721 | 213,834 | 149,415 | 99 | % | 43 | % | ||||||||||
Adjusted EBITDA(b) | 2,481,761 | 2,227,523 | 2,119,183 | 11 | % | 5 | % | ||||||||||
Net income attributable to CCIC common stockholders | 386,256 | 323,982 | 1,477,004 | 19 | % | (78 | )% |
(In thousands of dollars) | |||
Cash and cash equivalents(a) | $ | 316,647 | |
Undrawn revolving credit facility availability(b) | 2,910,967 | ||
Restricted cash | 126,065 | ||
Debt and other long-term obligations | 16,233,734 | ||
Total equity | 12,267,599 |
(In millions of | |||||||||||
Cash, cash equivalents and restricted cash(a) | $ | 513 | |||||||||
Undrawn 2016 | 4,677 | ||||||||||
Debt and other long-term obligations (current and non-current)(c) | 19,557 | ||||||||||
Total equity | 9,316 |
Years Ended December 31, | |||||||||||||||||
(In millions of dollars) | 2020 | 2019 | 2018 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||||||||
Operating activities | $ | 3,055 | $ | 2,698 | $ | 2,500 | |||||||||||
Investing activities | (1,741) | (2,081) | (1,793) | ||||||||||||||
Financing activities | (1,271) | (692) | (733) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 43 | $ | (75) | $ | (26) | |||||||||||
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
(In thousands of dollars) | |||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 2,044,186 | $ | 1,782,264 | $ | 1,794,025 | |||||
Investing activities | (10,494,021 | ) | (1,410,232 | ) | (1,959,734 | ) | |||||
Financing activities | 8,195,152 | (96,292 | ) | (935,476 | ) | ||||||
Net increase (decrease) in cash and cash equivalents - continuing operations | (254,683 | ) | 275,740 | (1,101,185 | ) | ||||||
Discontinued operations (see note 3): | |||||||||||
Net cash provided by (used for) operating activities | — | — | 2,700 | ||||||||
Net cash provided by (used for) investing activities | — | 113,150 | 1,103,577 | ||||||||
Net increase (decrease) in cash and cash equivalents - discontinued operations | — | 113,150 | 1,106,277 |
For the Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(In millions of dollars) | December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | Towers | Fiber | Other | Total | |||||||||||||||||||||||||||||||||
Discretionary: | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of land interests | $ | 64 | $ | — | $ | — | $ | 64 | $ | 53 | $ | — | $ | — | $ | 53 | $ | 56 | $ | — | $ | — | $ | 56 | ||||||||||||||||||||
Communications infrastructure improvements and other capital projects(a) | 257 | 1,179 | 38 | 1,474 | 452 | 1,427 | — | 1,879 | 349 | 1,216 | — | 1,565 | ||||||||||||||||||||||||||||||||
Sustaining | 14 | 53 | 19 | 86 | 38 | 46 | 32 | 116 | 35 | 48 | 22 | 105 | ||||||||||||||||||||||||||||||||
Integration | — | — | — | — | — | — | 9 | 9 | — | — | 13 | 13 | ||||||||||||||||||||||||||||||||
Total | $ | 335 | $ | 1,232 | $ | 57 | $ | 1,624 | $ | 543 | $ | 1,473 | $ | 41 | $ | 2,057 | $ | 440 | $ | 1,264 | $ | 35 | $ | 1,739 |
(In millions of dollars) | Years Ending December 31, | ||||||||||||||||||||||||||||||||||||||||
Material Cash Requirements | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Totals | ||||||||||||||||||||||||||||||||||
Debt and other long-term obligations(a) | $ | 130 | $ | 154 | $ | 1,958 | $ | 1,941 | $ | 525 | $ | 15,031 | $ | 19,739 | |||||||||||||||||||||||||||
Interest payments on debt and other long-term obligations(b)(c) | 603 | 631 | 623 | 574 | 561 | 7,239 | 10,231 | ||||||||||||||||||||||||||||||||||
Lease obligations(d) | 546 | 543 | 538 | 532 | 518 | 5,842 | 8,519 | ||||||||||||||||||||||||||||||||||
Total material cash requirements | $ | 1,279 | $ | 1,328 | $ | 3,119 | $ | 3,047 | $ | 1,604 | $ | 28,112 | $ | 38,489 |
Years Ending December 31, | |||||||||||||||||||||||||||
Contractual Obligations(a) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Totals | ||||||||||||||||||||
(In thousands of dollars) | |||||||||||||||||||||||||||
Debt and other long-term obligations(b) | $ | 116,045 | $ | 167,458 | $ | 155,051 | $ | 1,824,568 | $ | 3,291,737 | $ | 10,796,901 | $ | 16,351,760 | |||||||||||||
Interest payments on debt and other long-term obligations(c)(d) | 602,290 | 633,869 | 646,655 | 657,540 | 579,175 | 4,753,508 | 7,873,037 | ||||||||||||||||||||
Lease obligations(e) | 635,321 | 632,775 | 622,587 | 617,951 | 609,796 | 7,941,187 | 11,059,617 | ||||||||||||||||||||
Access agreement obligations(f) | 46,789 | 42,107 | 34,753 | 30,270 | 29,553 | 430,769 | 614,241 | ||||||||||||||||||||
Total contractual obligations | $ | 1,400,445 | $ | 1,476,209 | $ | 1,459,046 | $ | 3,130,329 | $ | 4,510,261 | $ | 23,922,365 | $ | 35,898,655 |
Borrower / Issuer | Financial Maintenance Covenant(a)(b) | Covenant Level Requirement | As of December 31, | ||||||||
CCIC | Total Net Leverage Ratio | ≤ 6.50x | |||||||||
CCIC | Total Senior Secured Leverage Ratio | ≤ 3.50x | |||||||||
CCIC | Consolidated Interest Coverage Ratio(c) | N/A | N/A |
Years Ended December 31, | |||||||||||||||||
(In millions of dollars) | 2020 | 2019 | 2018 | ||||||||||||||
Net income (loss) | $ | 1,056 | $ | 860 | $ | 622 | |||||||||||
Adjustments to increase (decrease) net income (loss): | |||||||||||||||||
Asset write-down charges | 74 | 19 | 26 | ||||||||||||||
Acquisition and integration costs | 10 | 13 | 27 | ||||||||||||||
Depreciation, amortization and accretion | 1,608 | 1,572 | 1,527 | ||||||||||||||
Amortization of prepaid lease purchase price adjustments | 18 | 20 | 20 | ||||||||||||||
Interest expense and amortization of deferred financing costs | 689 | 683 | 642 | ||||||||||||||
(Gains) losses on retirement of long-term obligations | 95 | 2 | 106 | ||||||||||||||
Interest income | (2) | (6) | (5) | ||||||||||||||
Other (income) expense | 5 | (1) | (1) | ||||||||||||||
(Benefit) provision for income taxes | 20 | 21 | 19 | ||||||||||||||
Stock-based compensation expense | 133 | 116 | 108 | ||||||||||||||
Adjusted EBITDA(a) | $ | 3,706 | $ | 3,299 | $ | 3,091 |
Year Ended December 31, | |||||||||||
(dollars in thousands) | 2017 | 2016 | 2015 | ||||||||
Net income (loss) | $ | 444,550 | $ | 356,973 | $ | 1,524,335 | |||||
Adjustments to increase (decrease) net income (loss): | |||||||||||
(Income) loss from discontinued operations | — | — | (999,049 | ) | |||||||
Asset write-down charges | 17,322 | 34,453 | 33,468 | ||||||||
Acquisition and integration costs | 61,431 | 17,453 | 15,678 | ||||||||
Depreciation, amortization and accretion | 1,242,408 | 1,108,551 | 1,036,178 | ||||||||
Amortization of prepaid lease purchase price adjustments | 20,120 | 21,312 | 20,531 | ||||||||
Interest expense and amortization of deferred financing costs | 590,682 | 515,032 | 527,128 | ||||||||
(Gains) losses on retirement of long-term obligations | 3,525 | 52,291 | 4,157 | ||||||||
Interest income | (18,761 | ) | (796 | ) | (1,906 | ) | |||||
Other (income) expense | (1,994 | ) | 8,835 | (57,028 | ) | ||||||
(Benefit) provision for income taxes | 26,043 | 16,881 | (51,457 | ) | |||||||
Stock-based compensation expense | 96,435 | 96,538 | 67,148 | ||||||||
Adjusted EBITDA(a) | $ | 2,481,761 | $ | 2,227,523 | $ | 2,119,183 |
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) | |||||||||||||||||||||||||||||||||||||||
Fixed rate debt(b) | $ | 42 | $ | 37 | $ | 1,783 | $ | 778 | $ | 525 | $ | 15,030 | $ | 18,195 | $ | 19,914 | |||||||||||||||||||||||||||||||
Average interest rate(b)(c)(d) | 4.3 | % | 4.5 | % | 3.6 | % | 3.3 | % | 1.5 | % | 4.0 | % | 3.9 | % | |||||||||||||||||||||||||||||||||
Variable rate debt(e) | $ | 88 | $ | 117 | $ | 176 | $ | 1,163 | $ | — | $ | — | $ | 1,544 | $ | 1,544 | |||||||||||||||||||||||||||||||
Average interest rate(e) | 1.3 | % | 1.3 | % | 1.5 | % | 1.8 | % | — | % | — | % | 1.7 | % |
Future Principal Payments and Interest Rates by the Debt Instruments' Contractual Year of Maturity | |||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | Fair Value(a) | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||
Fixed rate debt(b) | $ | 54,482 | $ | 44,333 | $ | 31,926 | $ | 1,578,318 | $ | 874,862 | $ | 10,796,901 | $ | 13,380,822 | $ | 13,757,200 | |||||||||||||||
Average interest rate(b)(c)(d) | 4.4 | % | 4.5 | % | 4.6 | % | 2.9 | % | 4.9 | % | 5.0 | % | 4.8 | % | |||||||||||||||||
Variable rate debt(e) | $ | 61,563 | $ | 123,125 | $ | 123,125 | $ | 246,250 | $ | 2,416,875 | $ | — | $ | 2,970,938 | $ | 2,970,938 | |||||||||||||||
Average interest rate(e) | 3.2 | % | 3.5 | % | 3.6 | % | 3.6 | % | 3.7 | % | — | % | 3.6 | % |
Page | |||||
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Balance Sheet as of December 31, | |||||
Consolidated Statement of Equity for each of the three years in the period ended December 31, | |||||
Schedule II - Valuation and Qualifying Accounts for the years ended December 31, | |||||
Schedule III - Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 232 | $ | 196 | |||||||
Restricted cash | 144 | 137 | |||||||||
Receivables, net of allowance of $17 and $18, respectively | 431 | 596 | |||||||||
Prepaid expenses | 95 | 107 | |||||||||
Other current assets | 202 | 168 | |||||||||
Total current assets | 1,104 | 1,204 | |||||||||
Deferred site rental receivables | 1,408 | 1,424 | |||||||||
Property and equipment, net | 15,162 | 14,666 | |||||||||
Operating lease right-of-use assets | 6,464 | 6,133 | |||||||||
Goodwill | 10,078 | 10,078 | |||||||||
Site rental contracts and tenant relationships, net | 4,365 | 4,764 | |||||||||
Other intangible assets, net | 68 | 72 | |||||||||
Other assets, net | 119 | 116 | |||||||||
Total assets | $ | 38,768 | $ | 38,457 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 230 | $ | 334 | |||||||
Accrued interest | 199 | 169 | |||||||||
Deferred revenues | 704 | 657 | |||||||||
Other accrued liabilities | 378 | 361 | |||||||||
Current maturities of debt and other obligations | 129 | 100 | |||||||||
Current portion of operating lease liabilities | 329 | 299 | |||||||||
Total current liabilities | 1,969 | 1,920 | |||||||||
Debt and other long-term obligations | 19,151 | 18,021 | |||||||||
Operating lease liabilities | 5,808 | 5,511 | |||||||||
Other long-term liabilities | 2,379 | 2,516 | |||||||||
Total liabilities | 29,307 | 27,968 | |||||||||
Commitments and contingencies (see note 12) | |||||||||||
CCIC stockholders' equity: | |||||||||||
Common stock, $0.01 par value; 600 shares authorized; shares issued and outstanding: December 31, 2020—431 and December 31, 2019—416 | 4 | 4 | |||||||||
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20 shares authorized; shares issued and outstanding: December 31, 2020—0 and December 31, 2019—2; aggregate liquidation value: December 31, 2020—$0 and December 31, 2019—$1,650 | 0 | 0 | |||||||||
Additional paid-in capital | 17,933 | 17,855 | |||||||||
Accumulated other comprehensive income (loss) | (4) | (5) | |||||||||
Dividends/distributions in excess of earnings | (8,472) | (7,365) | |||||||||
Total equity | 9,461 | 10,489 | |||||||||
Total liabilities and equity | $ | 38,768 | $ | 38,457 |
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 314,094 | $ | 567,599 | |||
Restricted cash | 121,065 | 124,547 | |||||
Receivables, net of allowance of $13,746 and $11,314, respectively | 397,585 | 373,532 | |||||
Prepaid expenses | 162,366 | 128,721 | |||||
Other current assets | 138,670 | 130,362 | |||||
Total current assets | 1,133,780 | 1,324,761 | |||||
Deferred site rental receivables | 1,300,338 | 1,317,658 | |||||
Property and equipment, net | 12,932,885 | 9,805,315 | |||||
Goodwill | 10,021,468 | 5,757,676 | |||||
Site rental contracts and customer relationships, net | 5,626,435 | 3,298,778 | |||||
Other intangible assets, net | 335,324 | 351,294 | |||||
Long-term prepaid rent and other assets, net | 879,340 | 819,610 | |||||
Total assets | $ | 32,229,570 | $ | 22,675,092 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 248,817 | $ | 188,516 | |||
Accrued interest | 131,790 | 97,019 | |||||
Deferred revenues | 457,116 | 353,005 | |||||
Other accrued liabilities | 339,108 | 221,066 | |||||
Current maturities of debt and other obligations | 115,251 | 101,749 | |||||
Total current liabilities | 1,292,082 | 961,355 | |||||
Debt and other long-term obligations | 16,044,369 | 12,069,393 | |||||
Other long-term liabilities | 2,554,037 | 2,087,229 | |||||
Total liabilities | 19,890,488 | 15,117,977 | |||||
Commitments and contingencies (see note 14) | |||||||
CCIC stockholders' equity: | |||||||
Common stock, $0.01 par value; 600,000,000 shares authorized; shares issued and outstanding: December 31, 2017—406,280,673 and December 31, 2016—360,536,659 | 4,063 | 3,605 | |||||
6.875% Mandatory Convertible Preferred Stock, Series A, $0.01 par value; 20,000,000 shares authorized; shares issued and outstanding: December 31, 2017—1,649,998 and December 31, 2016—0; aggregate liquidation value: December 31, 2017—$1,649,998 and December 31, 2016—$0 | 17 | — | |||||
Additional paid-in capital | 16,843,607 | 10,938,236 | |||||
Accumulated other comprehensive income (loss) | (3,989 | ) | (5,888 | ) | |||
Dividends/distributions in excess of earnings | (4,504,616 | ) | (3,378,838 | ) | |||
Total equity | 12,339,082 | 7,557,115 | |||||
Total liabilities and equity | $ | 32,229,570 | $ | 22,675,092 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net revenues: | |||||||||||||||||
Site rental | $ | 5,320 | $ | 5,093 | $ | 4,796 | |||||||||||
Services and other | 520 | 670 | 574 | ||||||||||||||
Net revenues | 5,840 | 5,763 | 5,370 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Costs of operations(a): | |||||||||||||||||
Site rental | 1,521 | 1,462 | 1,410 | ||||||||||||||
Services and other | 448 | 524 | 434 | ||||||||||||||
Selling, general and administrative | 678 | 614 | 563 | ||||||||||||||
Asset write-down charges | 74 | 19 | 26 | ||||||||||||||
Acquisition and integration costs | 10 | 13 | 27 | ||||||||||||||
Depreciation, amortization and accretion | 1,608 | 1,572 | 1,527 | ||||||||||||||
Total operating expenses | 4,339 | 4,204 | 3,987 | ||||||||||||||
Other operating (income) expense (see note 15) | (362) | 0 | 0 | ||||||||||||||
Operating income (loss) | 1,863 | 1,559 | 1,383 | ||||||||||||||
Interest expense and amortization of deferred financing costs | (689) | (683) | (642) | ||||||||||||||
Gains (losses) on retirement of long-term obligations | (95) | (2) | (106) | ||||||||||||||
Interest income | 2 | 6 | 5 | ||||||||||||||
Other income (expense) | (5) | 1 | 1 | ||||||||||||||
Income (loss) before income taxes | 1,076 | 881 | 641 | ||||||||||||||
Benefit (provision) for income taxes | (20) | (21) | (19) | ||||||||||||||
Net income (loss) attributable to CCIC stockholders | 1,056 | 860 | 622 | ||||||||||||||
Dividends/distributions on preferred stock | (57) | (113) | (113) | ||||||||||||||
Net income (loss) attributable to CCIC common stockholders | $ | 999 | $ | 747 | $ | 509 | |||||||||||
Net income (loss) | $ | 1,056 | $ | 860 | $ | 622 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments | 1 | 0 | (1) | ||||||||||||||
Total other comprehensive income (loss) | 1 | 0 | (1) | ||||||||||||||
Comprehensive income (loss) attributable to CCIC stockholders | $ | 1,057 | $ | 860 | $ | 621 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||
Net income (loss) attributable to CCIC common stockholders—basic | $ | 2.36 | $ | 1.80 | $ | 1.23 | |||||||||||
Net income (loss) attributable to CCIC common stockholders—diluted | $ | 2.35 | $ | 1.79 | $ | 1.23 | |||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||
Basic | 423 | 416 | 413 | ||||||||||||||
Diluted | 425 | 418 | 415 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net revenues: | |||||||||||
Site rental | $ | 3,669,191 | $ | 3,233,307 | $ | 3,018,413 | |||||
Network services and other | 686,414 | 687,918 | 645,438 | ||||||||
Net revenues | 4,355,605 | 3,921,225 | 3,663,851 | ||||||||
Operating expenses: | |||||||||||
Costs of operations(a): | |||||||||||
Site rental | 1,143,914 | 1,023,350 | 963,869 | ||||||||
Network services and other | 419,787 | 417,171 | 357,557 | ||||||||
General and administrative | 426,698 | 371,031 | 310,921 | ||||||||
Asset write-down charges | 17,322 | 34,453 | 33,468 | ||||||||
Acquisition and integration costs | 61,431 | 17,453 | 15,678 | ||||||||
Depreciation, amortization and accretion | 1,242,408 | 1,108,551 | 1,036,178 | ||||||||
Total operating expenses | 3,311,560 | 2,972,009 | 2,717,671 | ||||||||
Operating income (loss) | 1,044,045 | 949,216 | 946,180 | ||||||||
Interest expense and amortization of deferred financing costs | (590,682 | ) | (515,032 | ) | (527,128 | ) | |||||
Gains (losses) on retirement of long-term obligations | (3,525 | ) | (52,291 | ) | (4,157 | ) | |||||
Interest income | 18,761 | 796 | 1,906 | ||||||||
Other income (expense) | 1,994 | (8,835 | ) | 57,028 | |||||||
Income (loss) from continuing operations before income taxes | 470,593 | 373,854 | 473,829 | ||||||||
Benefit (provision) for income taxes | (26,043 | ) | (16,881 | ) | 51,457 | ||||||
Income (loss) from continuing operations | 444,550 | 356,973 | 525,286 | ||||||||
Discontinued operations (see note 3): | |||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 19,690 | ||||||||
Net gain (loss) from disposal of discontinued operations, net of tax | — | — | 979,359 | ||||||||
Income (loss) from discontinued operations, net of tax | — | — | 999,049 | ||||||||
Net income (loss) | 444,550 | 356,973 | 1,524,335 | ||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | — | 3,343 | ||||||||
Net income (loss) attributable to CCIC stockholders | 444,550 | 356,973 | 1,520,992 | ||||||||
Dividends on preferred stock | (58,294 | ) | (32,991 | ) | (43,988 | ) | |||||
Net income (loss) attributable to CCIC common stockholders | $ | 386,256 | $ | 323,982 | $ | 1,477,004 | |||||
Net income (loss) | $ | 444,550 | $ | 356,973 | $ | 1,524,335 | |||||
Other comprehensive income (loss): | |||||||||||
Interest rate swaps reclassified into results of operations, net of taxes | — | — | 18,725 | ||||||||
Foreign currency translation adjustments | 1,899 | (1,490 | ) | (14,137 | ) | ||||||
Amounts reclassified into discontinued operations for foreign currency translation adjustments (see note 3) | — | — | (25,678 | ) | |||||||
Total other comprehensive income (loss) | 1,899 | (1,490 | ) | (21,090 | ) | ||||||
Comprehensive income (loss) attributable to CCIC stockholders | $ | 446,449 | $ | 355,483 | $ | 1,503,245 | |||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||
Income (loss) from continuing operations, basic | $ | 1.01 | $ | 0.95 | $ | 1.45 | |||||
Income (loss) from discontinued operations, basic | $ | — | $ | — | $ | 2.99 | |||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 1.01 | $ | 0.95 | $ | 4.44 | |||||
Income (loss) from continuing operations, diluted | $ | 1.01 | $ | 0.95 | $ | 1.44 | |||||
Income (loss) from discontinued operations, diluted | $ | — | $ | — | $ | 2.98 | |||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 1.01 | $ | 0.95 | $ | 4.42 | |||||
Weighted-average common shares outstanding (in thousands): | |||||||||||
Basic | 381,740 | 340,349 | 333,002 | ||||||||
Diluted | 383,221 | 340,879 | 334,062 | ||||||||
Dividends/distributions declared per share of common stock | $ | 3.90 | $ | 3.61 | $ | 3.35 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | 1,056 | $ | 860 | $ | 622 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | |||||||||||||||||
Depreciation, amortization and accretion | 1,608 | 1,572 | 1,527 | ||||||||||||||
(Gains) losses on retirement of long-term obligations | 95 | 2 | 106 | ||||||||||||||
Amortization of deferred financing costs and other non-cash interest, net | 6 | 1 | 7 | ||||||||||||||
Stock-based compensation expense | 138 | 117 | 103 | ||||||||||||||
Asset write-down charges | 74 | 19 | 26 | ||||||||||||||
Deferred income tax (benefit) provision | 3 | 2 | 2 | ||||||||||||||
Other non-cash adjustments, net | 5 | (2) | 2 | ||||||||||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | |||||||||||||||||
Increase (decrease) in accrued interest | 31 | 21 | 16 | ||||||||||||||
Increase (decrease) in accounts payable | (77) | 19 | 37 | ||||||||||||||
Increase (decrease) in other liabilities | (65) | 254 | 271 | ||||||||||||||
Decrease (increase) in receivables | 166 | (96) | (105) | ||||||||||||||
Decrease (increase) in other assets | 15 | (71) | (114) | ||||||||||||||
Net cash provided by (used for) operating activities | 3,055 | 2,698 | 2,500 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (1,624) | (2,057) | (1,739) | ||||||||||||||
Payments for acquisitions, net of cash acquired | (107) | (17) | (42) | ||||||||||||||
Other investing activities, net | (10) | (7) | (12) | ||||||||||||||
Net cash provided by (used for) investing activities | (1,741) | (2,081) | (1,793) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from issuance of long-term debt | 3,733 | 1,894 | 2,742 | ||||||||||||||
Principal payments on debt and other long-term obligations | (105) | (86) | (105) | ||||||||||||||
Purchases and redemptions of long-term debt | (2,490) | (12) | (2,346) | ||||||||||||||
Borrowings under revolving credit facility | 2,430 | 2,110 | 1,820 | ||||||||||||||
Payments under revolving credit facility | (2,665) | (2,660) | (1,725) | ||||||||||||||
Net issuances (repayments) under commercial paper program | 130 | 155 | 0 | ||||||||||||||
Payments for financing costs | (38) | (24) | (31) | ||||||||||||||
Net proceeds from issuance of common stock | 0 | 0 | 841 | ||||||||||||||
Purchases of common stock | (76) | (44) | (34) | ||||||||||||||
Dividends/distributions paid on common stock | (2,105) | (1,912) | (1,782) | ||||||||||||||
Dividends/distributions paid on preferred stock | (85) | (113) | (113) | ||||||||||||||
Net cash provided by (used for) financing activities | (1,271) | (692) | (733) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 43 | (75) | (26) | ||||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | (1) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 338 | 413 | 440 | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 381 | $ | 338 | $ | 413 |
Years Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) from continuing operations | $ | 444,550 | $ | 356,973 | $ | 525,286 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||||
Depreciation, amortization and accretion | 1,242,408 | 1,108,551 | 1,036,178 | |||||||||
(Gains) losses on retirement of long-term obligations | 3,525 | 52,291 | 4,157 | |||||||||
(Gains) losses on settled swaps | 328 | 2,608 | (54,475 | ) | ||||||||
Amortization of deferred financing costs and other non-cash interest | 9,368 | 14,333 | 37,126 | |||||||||
Stock-based compensation expense | 91,647 | 79,338 | 60,773 | |||||||||
Asset write-down charges | 17,322 | 34,453 | 33,468 | |||||||||
Deferred income tax (benefit) provision | 14,888 | 8,603 | (60,618 | ) | ||||||||
Other non-cash adjustments, net | (1,648 | ) | 2,451 | (8,915 | ) | |||||||
Changes in assets and liabilities, excluding the effects of acquisitions: | ||||||||||||
Increase (decrease) in accrued interest | 34,771 | 30,044 | 32 | |||||||||
Increase (decrease) in accounts payable | (34,067 | ) | 10,600 | (5,287 | ) | |||||||
Increase (decrease) in deferred revenues, deferred ground lease payables, other accrued liabilities and other liabilities | 175,522 | 195,998 | 325,880 | |||||||||
Decrease (increase) in receivables | 60,859 | (58,664 | ) | 12,668 | ||||||||
Decrease (increase) in prepaid expenses, deferred site rental receivables, long-term prepaid rent, restricted cash and other assets | (15,287 | ) | (55,315 | ) | (112,248 | ) | ||||||
Net cash provided by (used for) operating activities | 2,044,186 | 1,782,264 | 1,794,025 | |||||||||
Cash flows from investing activities: | ||||||||||||
Payment for acquisitions of businesses, net of cash acquired | (9,260,135 | ) | (556,854 | ) | (1,102,179 | ) | ||||||
Capital expenditures | (1,228,071 | ) | (873,883 | ) | (908,892 | ) | ||||||
Net (payments) receipts from settled swaps | (328 | ) | 8,141 | 54,475 | ||||||||
Other investing activities, net | (5,487 | ) | 12,364 | (3,138 | ) | |||||||
Net cash provided by (used for) investing activities | (10,494,021 | ) | (1,410,232 | ) | (1,959,734 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of long-term debt | 3,092,323 | 5,201,010 | 1,000,000 | |||||||||
Principal payments on debt and other long-term obligations | (118,880 | ) | (95,787 | ) | (102,866 | ) | ||||||
Purchases and redemptions of long-term debt | — | (4,044,834 | ) | (1,069,337 | ) | |||||||
Payments under revolving credit facility | (1,840,000 | ) | (4,565,000 | ) | (1,360,000 | ) | ||||||
Borrowings under revolving credit facility | 2,820,000 | 3,440,000 | 1,790,000 | |||||||||
Payments for financing costs | (29,240 | ) | (41,533 | ) | (19,642 | ) | ||||||
Net proceeds from issuance of common stock | 4,221,329 | 1,325,865 | — | |||||||||
Net proceeds from issuance of preferred stock | 1,607,759 | — | — | |||||||||
Purchases of common stock | (23,307 | ) | (24,936 | ) | (29,657 | ) | ||||||
Dividends/distributions paid on common stock | (1,508,705 | ) | (1,239,158 | ) | (1,116,444 | ) | ||||||
Dividends paid on preferred stock | (29,935 | ) | (43,988 | ) | (43,988 | ) | ||||||
Net (increase) decrease in restricted cash | 3,808 | (7,931 | ) | 16,458 | ||||||||
Net cash provided by (used for) financing activities | 8,195,152 | (96,292 | ) | (935,476 | ) | |||||||
Net increase (decrease) in cash and cash equivalents - continuing operations | (254,683 | ) | 275,740 | (1,101,185 | ) | |||||||
Discontinued operations (see note 3): | ||||||||||||
Net cash provided by (used for) operating activities | — | — | 2,700 | |||||||||
Net cash provided by (used for) investing activities | — | 113,150 | 1,103,577 | |||||||||
Net increase (decrease) in cash and cash equivalents - discontinued operations | — | 113,150 | 1,106,277 | |||||||||
Effect of exchange rate changes on cash | 1,178 | (101 | ) | (1,902 | ) | |||||||
Cash and cash equivalents at beginning of year | 567,599 | 178,810 | 175,620 | (a) | ||||||||
Cash and cash equivalents at end of year | $ | 314,094 | $ | 567,599 | $ | 178,810 |
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, 2017 | 406 | $ | 4 | 2 | 0 | $ | 16,844 | $ | (4) | $ | (4,919) | $ | 11,925 | ||||||||||||||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 1 | — | — | — | 116 | — | — | 116 | |||||||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | — | — | — | — | (34) | — | — | (34) | |||||||||||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock (see note 10) | 8 | — | — | — | 841 | — | — | 841 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | (1,785) | (1,785) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends/distributions | — | — | — | — | — | — | (113) | (113) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 622 | 622 | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 415 | $ | 4 | 2 | $ | 0 | $ | 17,767 | $ | (5) | $ | (6,195) | $ | 11,571 |
Common Stock | 6.875% Mandatory Convertible Preferred Stock | 4.50% Mandatory Convertible Preferred Stock | Accumulated Other Comprehensive Income (Loss) ("AOCI") | |||||||||||||||||||||||||||||||||||||||||||||
Shares | ($0.01 Par) | Shares | ($0.01 Par) | Shares | ($0.01 Par) | Additional Paid-In Capital | Foreign Currency Translation Adjustments | Derivative Instruments | Total AOCI | Dividends/Distributions in Excess of Earnings | Noncontrolling interest from discontinued operations | Total | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | 333,856,632 | $ | 3,339 | — | — | 9,775,000 | — | $ | 98 | $ | 9,512,396 | $ | 34,545 | $ | (18,725 | ) | $ | 15,820 | $ | (2,815,428 | ) | $ | 21,003 | $ | 6,737,228 | |||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 251,554 | 2 | — | — | — | — | — | 65,838 | — | — | — | — | — | 65,840 | ||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | (336,526 | ) | (3 | ) | — | — | — | — | — | (29,654 | ) | — | — | — | — | — | (29,657 | ) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | — | — | — | (38,943 | ) | 18,725 | (20,218 | ) | — | (872 | ) | (21,090 | ) | ||||||||||||||||||||||||||||||
Disposition of CCAL | — | — | — | — | — | — | — | — | — | — | — | (23,474 | ) | (23,474 | ) | |||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | — | — | — | — | (1,119,973 | ) | — | (1,119,973 | ) | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | — | — | — | — | (43,988 | ) | — | (43,988 | ) | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | — | — | — | 1,520,992 | 3,343 | 1,524,335 | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 333,771,660 | $ | 3,338 | — | — | 9,775,000 | $ | 98 | $ | 9,548,580 | $ | (4,398 | ) | $ | — | $ | (4,398 | ) | $ | (2,458,397 | ) | $ | — | $ | 7,089,221 |
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, 2018 | 415 | $ | 4 | 2 | 0 | $ | 17,767 | $ | (5) | $ | (6,195) | $ | 11,571 | ||||||||||||||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 1 | — | — | — | 132 | — | — | 132 | |||||||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | — | — | — | — | (44) | — | — | (44) | |||||||||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | (1,917) | (1,917) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends/distributions | — | — | — | — | — | — | (113) | (113) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 860 | 860 | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 416 | $ | 4 | 2 | $ | 0 | $ | 17,855 | $ | (5) | $ | (7,365) | $ | 10,489 |
Common Stock | 6.875% Mandatory Convertible Preferred Stock | 4.50% Mandatory Convertible Preferred Stock | AOCI | ||||||||||||||||||||||||||||||||||||||||||||
Shares | ($0.01 Par) | Shares | ($0.01 Par) | Shares | ($0.01 Par) | Additional Paid-In Capital | Foreign Currency Translation Adjustments | Derivative Instruments | Total AOCI | Dividends/Distributions in Excess of Earnings | Noncontrolling interest from discontinued operations | Total | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 333,771,660 | $ | 3,338 | — | — | 9,775,000 | $ | 98 | $ | 9,548,580 | $ | (4,398 | ) | $ | — | $ | (4,398 | ) | $ | (2,458,397 | ) | $ | — | $ | 7,089,221 | ||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 263,782 | 2 | — | — | — | — | 86,271 | — | — | — | — | — | 86,273 | ||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | (289,531 | ) | (3 | ) | — | — | — | — | (24,933 | ) | — | — | — | — | — | (24,936 | ) | ||||||||||||||||||||||||||||||
Net proceeds from issuance of common stock | 15,178,064 | 152 | — | — | — | — | 1,325,713 | — | — | — | — | — | 1,325,865 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | — | — | (1,490 | ) | — | (1,490 | ) | — | — | (1,490 | ) | |||||||||||||||||||||||||||||||
Recognition of excess tax benefit | — | — | — | — | — | — | 2,623 | — | — | — | — | — | 2,623 | ||||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | — | — | — | — | (1,244,423 | ) | — | (1,244,423 | ) | ||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | — | — | — | (32,991 | ) | — | (32,991 | ) | ||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock (see note 12) | 11,612,684 | 116 | — | — | (9,775,000 | ) | (98 | ) | (18 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | — | — | — | 356,973 | — | 356,973 | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 360,536,659 | $ | 3,605 | — | — | — | $ | — | $ | 10,938,236 | $ | (5,888 | ) | $ | — | $ | (5,888 | ) | $ | (3,378,838 | ) | $ | — | $ | 7,557,115 |
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 | 416 | $ | 4 | 2 | 0 | $ | 17,855 | $ | (5) | $ | (7,365) | $ | 10,489 | ||||||||||||||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 1 | — | — | — | 154 | — | — | 154 | |||||||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | — | — | — | — | (76) | — | — | (76) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | (2,106) | (2,106) | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends/distributions | — | — | — | — | — | — | (57) | (57) | |||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock (see note 10) | 14 | — | (2) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 1,056 | 1,056 | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 431 | $ | 4 | 0 | 0 | $ | 17,933 | $ | (4) | $ | (8,472) | $ | 9,461 |
Common Stock | 6.875% Mandatory Convertible Preferred Stock | 4.50% Mandatory Convertible Preferred Stock | AOCI | |||||||||||||||||||||||||||||||||||||||||||||
Shares | ($0.01 Par) | Shares | ($0.01 Par) | Shares | ($0.01 Par) | Additional Paid-In Capital | Foreign Currency Translation Adjustments | Derivative Instruments | Total AOCI | Dividends/Distributions in Excess of Earnings | Noncontrolling interest from discontinued operations | Total | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 360,536,659 | $ | 3,605 | — | — | — | $ | — | $ | 10,938,236 | $ | (5,888 | ) | $ | — | $ | (5,888 | ) | $ | (3,378,838 | ) | $ | — | $ | 7,557,115 | |||||||||||||||||||||||
Stock-based compensation related activity, net of forfeitures | 861,028 | 10 | — | — | — | — | — | 99,978 | — | — | — | — | — | 99,988 | ||||||||||||||||||||||||||||||||||
Purchases and retirement of common stock | (259,331 | ) | (3 | ) | — | — | — | — | — | (23,304 | ) | — | — | — | — | — | (23,307 | ) | ||||||||||||||||||||||||||||||
Net proceeds from issuances of common stock (see note 12) | 45,142,300 | 451 | — | — | — | — | 4,220,878 | — | — | — | — | — | 4,221,329 | |||||||||||||||||||||||||||||||||||
Net proceeds from issuances of preferred stock (see note 12) | — | — | 1,650,000 | 17 | — | — | 1,607,742 | — | — | — | — | — | 1,607,759 | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss)(a) | — | — | — | — | — | — | — | — | 1,899 | 1,899 | — | — | 1,899 | |||||||||||||||||||||||||||||||||||
Recognition of excess tax benefit | — | — | — | — | — | — | — | 77 | — | — | — | — | — | 77 | ||||||||||||||||||||||||||||||||||
Common stock dividends/distributions | — | — | — | — | — | — | — | — | — | — | (1,512,034 | ) | — | (1,512,034 | ) | |||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | — | — | — | — | (58,294 | ) | — | (58,294 | ) | ||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock (see note 12) | 17 | — | (2 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | 444,550 | — | 444,550 | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 406,280,673 | $ | 4,063 | 1,649,998 | 17 | — | $ | — | $ | 16,843,607 | $ | (3,989 | ) | $ | — | $ | (3,989 | ) | $ | (4,504,616 | ) | $ | — | $ | 12,339,082 |
For the years ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net cash provided by (used from) operating activities | $ | 847 | $ | (4,547 | ) | $ | 3,974 | ||||
Net cash provided by (used from) investing activities | $ | (26 | ) | $ | 10,541 | $ | (3,752 | ) | |||
Net cash provided by (used from) financing activities | $ | 3,808 | $ | (7,931 | ) | $ | 16,458 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Interest expense on debt obligations | $ | 683 | $ | 682 | $ | 635 | |||||||||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 23 | 21 | 21 | ||||||||||||||
Capitalized interest | (17) | (20) | (15) | ||||||||||||||
Other | 0 | 0 | 1 | ||||||||||||||
Total | $ | 689 | $ | 683 | $ | 642 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Interest expense on debt obligations | $ | 581,314 | $ | 500,699 | $ | 490,002 | |||||
Amortization of deferred financing costs and adjustments on long-term debt, net | 19,035 | 19,087 | 21,048 | ||||||||
Amortization of interest rate swaps | — | — | 18,725 | ||||||||
Capitalized interest | (11,545 | ) | (7,010 | ) | (4,805 | ) | |||||
Other | 1,878 | 2,256 | 2,158 | ||||||||
Total | $ | 590,682 | $ | 515,032 | $ | 527,128 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income (loss) from continuing operations | $ | 444,550 | $ | 356,973 | $ | 525,286 | |||||
Dividends on preferred stock | (58,294 | ) | (32,991 | ) | (43,988 | ) | |||||
Net income (loss) from continuing operations attributable to CCIC common stockholders for basic and diluted computations | $ | 386,256 | $ | 323,982 | $ | 481,298 | |||||
Income (loss) from discontinued operations, net of tax | — | — | 999,049 | ||||||||
Less: Net income (loss) attributable to the noncontrolling interest | — | — | 3,343 | ||||||||
Net income (loss) from discontinued operations attributable to CCIC common stockholders for basic and diluted computations | — | — | 995,706 | ||||||||
Weighted-average number of common shares outstanding (in thousands): | |||||||||||
Basic weighted-average number of common stock outstanding | 381,740 | 340,349 | 333,002 | ||||||||
Effect of assumed dilution from potential common shares relating to RSUs | 1,481 | 530 | 1,060 | ||||||||
Diluted weighted-average number of common shares outstanding | 383,221 | 340,879 | 334,062 | ||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||
Income (loss) from continuing operations, basic | $ | 1.01 | $ | 0.95 | $ | 1.45 | |||||
Income (loss) from discontinued operations, basic | $ | — | $ | — | $ | 2.99 | |||||
Net income (loss) attributable to CCIC common stockholders, basic | $ | 1.01 | $ | 0.95 | $ | 4.44 | |||||
Income (loss) from continuing operations, diluted | $ | 1.01 | $ | 0.95 | $ | 1.44 | |||||
Income (loss) from discontinued operations, diluted | $ | — | $ | — | $ | 2.98 | |||||
Net income (loss) attributable to CCIC common stockholders, diluted | $ | 1.01 | $ | 0.95 | $ | 4.42 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) attributable to CCIC stockholders | $ | 1,056 | $ | 860 | $ | 622 | |||||||||||
Dividends/distributions on preferred stock | (57) | (113) | (113) | ||||||||||||||
Net income (loss) attributable to CCIC common stockholders for basic and diluted computations | $ | 999 | $ | 747 | $ | 509 | |||||||||||
Weighted-average number of common shares outstanding (in millions): | |||||||||||||||||
Basic weighted-average number of common stock outstanding | 423 | 416 | 413 | ||||||||||||||
Effect of assumed dilution from potential issuance of common shares relating to RSUs | 2 | 2 | 2 | ||||||||||||||
Diluted weighted-average number of common shares outstanding | 425 | 418 | 415 | ||||||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||||
Basic | $ | 2.36 | $ | 1.80 | $ | 1.23 | |||||||||||
Diluted | $ | 2.35 | $ | 1.79 | $ | 1.23 | |||||||||||
Dividends/distributions declared per share of common stock | $ | 4.93 | $ | 4.58 | $ | 4.28 |
Years Ending December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Contracted amounts(a) | $ | 4,354 | $ | 4,153 | $ | 3,564 | $ | 2,875 | $ | 2,380 | $ | 9,560 | $ | 26,886 |
Estimated Useful Lives | As of December 31, | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Land(a) | — | $ | 2,171 | $ | 2,080 | ||||||||||||
Buildings | 40 years | 147 | 147 | ||||||||||||||
Communications infrastructure assets | 1-20 years | 22,027 | 20,521 | ||||||||||||||
Information technology assets and other | 2-7 years | 557 | 506 | ||||||||||||||
Construction in process | — | 1,063 | 1,080 | ||||||||||||||
Total gross property and equipment | 25,965 | 24,334 | |||||||||||||||
Less: accumulated depreciation | (10,803) | (9,668) | |||||||||||||||
Total property and equipment, net | $ | 15,162 | $ | 14,666 |
Year Ended December 31, | ||||
2015(b)(c) | ||||
Total revenues | $ | 65,293 | ||
Total cost of operations (a) | 17,498 | |||
Depreciation, amortization and accretion | 10,168 | |||
Total other expenses | 10,481 | |||
Pre-tax income from discontinued operations | 27,146 | |||
Benefit (provision) from income taxes | (7,456 | ) | ||
Net income (loss) from discontinued operations(d) | $ | 19,690 |
Cash received from sale of CCAL(a) | $ | 1,139,369 | |
Installment payment receivable due January 2016(a) | 117,384 | ||
Total proceeds from sale of CCAL | $ | 1,256,753 | |
Adjusted for: | |||
Net assets and liabilities related to discontinued operations(b)(c) | 258,575 | ||
Transaction fees and expenses | 23,059 | ||
Foreign currency translation reclassification adjustments(d) | (25,678 | ) | |
Pre-tax gain (loss) from disposal of discontinued operations | 1,000,797 | ||
Income taxes related to the sale of CCAL | (21,438 | ) | |
Gain (loss) from disposal of discontinued operations | $ | 979,359 |
Final Purchase Price Allocation | |||
Current assets | $ | 15,306 | |
Property and equipment | 444,394 | ||
Goodwill(a) | 331,775 | ||
Other intangible assets, net | 254,079 | ||
Current liabilities | (20,233 | ) | |
Other non-current liabilities | (37,356 | ) | |
Net assets acquired(b) | $ | 987,965 |
Preliminary Purchase Price Allocation | |||
Current assets | $ | 52,274 | |
Property and equipment | 438,478 | ||
Goodwill(a) | 777,563 | ||
Other intangible assets, net(b) | 327,338 | ||
Other non-current assets | 2,449 | ||
Current liabilities | (41,120 | ) | |
Other non-current liabilities | (36,152 | ) | |
Net assets acquired(c) | $ | 1,520,830 |
Preliminary Purchase Price Allocation | |||
Current assets | $ | 104,643 | |
Property and equipment | 2,197,466 | ||
Goodwill(a) | 3,116,010 | ||
Other intangible assets, net(b) | 2,177,090 | ||
Other non-current assets | 28,834 | ||
Current liabilities | (172,399 | ) | |
Other non-current liabilities | (299,667 | ) | |
Net assets acquired(c) | $ | 7,151,977 |
Twelve Months Ended December 31, | ||||||||
2017 | 2016 | |||||||
Net revenues | $ | 5,050,166 | $ | 4,864,852 | ||||
Income (loss) before income taxes | 541,389 | (b)(c) | 367,326 | (b)(c)(d) | ||||
Benefit (provision) for income taxes | (28,960 | ) | (a) | (20,968 | ) | (a) | ||
Net income (loss) | $ | 512,429 | (b)(c) | $ | 346,358 | (b)(c)(d) | ||
Basic net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.89 | (c)(e) | $ | 0.51 | (c)(e) | ||
Diluted net income (loss) attributable to CCIC common stockholders, per common share | $ | 0.88 | (c)(e) | $ | 0.51 | (c)(e) |
Estimated Useful Lives | As of December 31, | ||||||||
2017 | 2016 | ||||||||
Land(a) | — | $ | 1,859,431 | $ | 1,747,335 | ||||
Buildings | 40 years | 119,313 | 110,641 | ||||||
Communications infrastructure assets | 1-20 years | 17,183,482 | 13,825,394 | ||||||
Information technology assets and other | 2-7 years | 372,339 | 278,489 | ||||||
Construction in process | — | 898,621 | 456,675 | ||||||
Total gross property and equipment | 20,433,186 | 16,418,534 | |||||||
Less: accumulated depreciation | (7,500,301 | ) | (6,613,219 | ) | |||||
Total property and equipment, net | $ | 12,932,885 | $ | 9,805,315 |
Balance as of December 31, 2015 | $ | 5,513,551 | |
Additions due to TDC Acquisition(a) | 210,905 | ||
Adjustments due to other acquisitions, purchase price allocations and other, net | 33,220 | ||
Balance as of December 31, 2016 | $ | 5,757,676 | |
Additions due to FiberNet Acquisition(b) | 777,563 | ||
Additions due to Wilcon Acquisition(b) | 357,606 | ||
Additions due to Lightower Acquisition(b) | 3,116,010 | ||
Adjustments due to other acquisitions, purchase price allocations and other, net | 12,613 | ||
Balance as of December 31, 2017 | $ | 10,021,468 |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||||||||||
Site rental contracts and tenant relationships | $ | 7,797 | $ | (3,432) | $ | 4,365 | $ | 7,761 | $ | (2,997) | $ | 4,764 | |||||||||||||||||||||||
Other intangible assets | 143 | (75) | 68 | 143 | (71) | 72 | |||||||||||||||||||||||||||||
Total | $ | 7,940 | $ | (3,507) | $ | 4,433 | $ | 7,904 | $ | (3,068) | $ | 4,836 |
As of December 31, 2017 | As of December 31, 2016 | ||||||||||||||||||||||
Gross Carrying Value(a) | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Site rental contracts and customer relationships | $ | 7,782,934 | $ | (2,156,499 | ) | $ | 5,626,435 | $ | 5,146,301 | $ | (1,847,523 | ) | $ | 3,298,778 | |||||||||
Other intangible assets | 502,891 | (167,567 | ) | 335,324 | 497,091 | (145,797 | ) | 351,294 | |||||||||||||||
Total | $ | 8,285,825 | $ | (2,324,066 | ) | $ | 5,961,759 | $ | 5,643,392 | $ | (1,993,320 | ) | $ | 3,650,072 |
For Years Ended December 31, | |||||||||||||||||
Classification | 2020 | 2019 | 2018 | ||||||||||||||
Depreciation, amortization and accretion | $ | 439 | $ | 428 | $ | 428 | |||||||||||
Site rental costs of operations(a) | 0 | 0 | 17 | ||||||||||||||
Total amortization expense | $ | 439 | $ | 428 | $ | 445 |
For Years Ended December 31, | |||||||||||
Classification | 2017 | 2016 | 2015 | ||||||||
Depreciation, amortization and accretion | $ | 314,447 | $ | 264,656 | $ | 251,443 | |||||
Site rental costs of operations | 18,373 | 19,367 | 20,420 | ||||||||
Total amortization expense | $ | 332,820 | $ | 284,023 | $ | 271,863 |
Years Ending December 31, | |||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Estimated annual amortization | $ | 444 | $ | 444 | $ | 442 | $ | 393 | $ | 371 |
Years Ending December 31, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Estimated annual amortization | $ | 445,849 | $ | 444,889 | $ | 444,589 | $ | 444,155 | $ | 443,688 |
December 31, | ||||||||
2017 | 2016 | |||||||
Deferred rental revenues | $ | 1,076,845 | $ | 983,263 | ||||
Deferred ground lease payable | 559,556 | 517,281 | ||||||
Above market leases for land interests, net | 201,542 | 224,126 | ||||||
Deferred credits, net | 531,856 | 207,992 | ||||||
Asset retirement obligation | 173,733 | 146,100 | ||||||
Deferred income tax liabilities | 5,192 | 8,075 | ||||||
Other long-term liabilities | 5,313 | 392 | ||||||
Total | $ | 2,554,037 | $ | 2,087,229 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred rental revenues | $ | 1,707 | $ | 1,814 | ||||||||||
Deferred credits, net | 375 | 434 | ||||||||||||
Asset retirement obligation | 259 | 227 | ||||||||||||
Deferred income tax liabilities | 11 | 8 | ||||||||||||
Other long-term liabilities | 27 | 33 | ||||||||||||
Total | $ | 2,379 | $ | 2,516 |
Years Ending December 31, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Above-market leases for land interests | $ | 18,277 | $ | 17,674 | $ | 16,769 | $ | 15,667 | $ | 14,580 |
Years Ending December 31, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Below-market tenant leases | $ | 65,104 | $ | 59,145 | $ | 53,050 | $ | 49,745 | $ | 44,910 |
Years Ending December 31, | |||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||
Below-market tenant leases | $ | 53 | $ | 48 | $ | 45 | $ | 41 | $ | 33 |
Original Issue Date | Contractual Maturity Date | Outstanding Balance as of December 31, | Stated Interest Rate as of December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | (a) | |||||||||||||||||||||||||||||
3.849% Secured Notes | Dec. 2012 | Apr. 2023 | $ | 997 | $ | 995 | 3.9 | % | ||||||||||||||||||||||||
Secured Notes, Series 2009-1, Class A-2 | July 2009 | Aug. 2029 | 60 | 67 | 9.0 | % | ||||||||||||||||||||||||||
Tower Revenue Notes, Series 2015-1 | May 2015 | May 2042 | (b)(c) | 299 | 298 | 3.2 | % | |||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-1 | July 2018 | July 2043 | (b)(c) | 248 | 248 | 3.7 | % | |||||||||||||||||||||||||
Tower Revenue Notes, Series 2015-2 | May 2015 | May 2045 | (b)(c) | 695 | 694 | 3.7 | % | |||||||||||||||||||||||||
Tower Revenue Notes, Series 2018-2 | July 2018 | July 2048 | (b)(c) | 743 | 742 | 4.2 | % | |||||||||||||||||||||||||
Finance leases and other obligations | Various | Various | (d) | 236 | 227 | Various | (d) | |||||||||||||||||||||||||
Total secured debt | 3,278 | 3,271 | ||||||||||||||||||||||||||||||
2016 Revolver | Jan. 2016 | June 2024 | 290 | (e) | 525 | 1.3 | % | (f) | ||||||||||||||||||||||||
2016 Term Loan A | Jan. 2016 | June 2024 | 2,252 | 2,310 | 1.3 | % | (f) | |||||||||||||||||||||||||
Commercial Paper Notes | Various | (g) | Various | (g) | 285 | 155 | 0.5 | % | ||||||||||||||||||||||||
3.400% Senior Notes | Feb./May 2016 | Feb. 2021 | 0 | 850 | N/A | |||||||||||||||||||||||||||
2.250% Senior Notes | Sept. 2016 | Sept. 2021 | 0 | 698 | N/A | |||||||||||||||||||||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 0 | 846 | N/A | |||||||||||||||||||||||||||
5.250% Senior Notes | Oct. 2012 | Jan. 2023 | 1,646 | 1,644 | 5.3 | % | ||||||||||||||||||||||||||
3.150% Senior Notes | Jan. 2018 | July 2023 | 746 | 744 | 3.2 | % | ||||||||||||||||||||||||||
3.200% Senior Notes | Aug. 2017 | Sept. 2024 | 745 | 744 | 3.2 | % | ||||||||||||||||||||||||||
1.350% Senior Notes | June 2020 | July 2025 | 494 | 0 | 1.4 | % | ||||||||||||||||||||||||||
4.450% Senior Notes | Feb. 2016 | Feb. 2026 | 894 | 893 | 4.5 | % | ||||||||||||||||||||||||||
3.700% Senior Notes | May 2016 | June 2026 | 745 | 744 | 3.7 | % | ||||||||||||||||||||||||||
4.000% Senior Notes | Feb. 2017 | Mar. 2027 | 496 | 495 | 4.0 | % | ||||||||||||||||||||||||||
3.650% Senior Notes | Aug. 2017 | Sept. 2027 | 994 | 993 | 3.7 | % | ||||||||||||||||||||||||||
3.800% Senior Notes | Jan. 2018 | Feb. 2028 | 991 | 990 | 3.8 | % | ||||||||||||||||||||||||||
4.300% Senior Notes | Feb. 2019 | Feb. 2029 | 593 | 592 | 4.3 | % | ||||||||||||||||||||||||||
3.100% Senior Notes | Aug. 2019 | Nov. 2029 | 544 | 543 | 3.1 | % | ||||||||||||||||||||||||||
3.300% Senior Notes | Apr. 2020 | July 2030 | 737 | 0 | 3.3 | % | ||||||||||||||||||||||||||
2.250% Senior Notes | June 2020 | Jan. 2031 | 1,088 | 0 | 2.3 | % | ||||||||||||||||||||||||||
4.750% Senior Notes | May 2017 | May 2047 | 344 | 344 | 4.8 | % | ||||||||||||||||||||||||||
5.200% Senior Notes | Feb. 2019 | Feb. 2049 | 395 | 395 | 5.2 | % | ||||||||||||||||||||||||||
4.000% Senior Notes | Aug. 2019 | Nov. 2049 | 345 | 345 | 4.0 | % | ||||||||||||||||||||||||||
4.150% Senior Notes | Apr. 2020 | July 2050 | 489 | 0 | 4.2 | % | ||||||||||||||||||||||||||
3.250% Senior Notes | June 2020 | Jan. 2051 | 889 | 0 | 3.3 | % | ||||||||||||||||||||||||||
Total unsecured debt | $ | 16,002 | $ | 14,850 | ||||||||||||||||||||||||||||
Total debt and other obligations | $ | 19,280 | $ | 18,121 | ||||||||||||||||||||||||||||
Less: current maturities and short-term debt and other current obligations | $ | 129 | $ | 100 | ||||||||||||||||||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 19,151 | $ | 18,021 |
Original Issue Date | Contractual Maturity Date | Outstanding Balance as of December 31, | Stated Interest Rate as of December 31, | ||||||||||||
2017 | 2016 | 2017 | (a) | ||||||||||||
Bank debt – variable rate: | |||||||||||||||
2016 Revolver | Jan. 2016 | Aug. 2022 | $ | 980,000 | (b) | $ | — | 2.6 | % | (c) | |||||
2016 Term Loan A | Jan. 2016 | Aug. 2022 | 2,396,588 | 1,954,173 | 2.6 | % | (c) | ||||||||
Total bank debt | 3,376,588 | 1,954,173 | |||||||||||||
Securitized debt – fixed rate: | |||||||||||||||
Secured Notes, Series 2009-1, Class A-1 | Jul. 2009 | Aug. 2019 | (d) | 31,813 | 51,416 | 6.3 | % | ||||||||
Secured Notes, Series 2009-1, Class A-2 | Jul. 2009 | Aug. 2029 | (d) | 69,500 | 68,737 | 9.0 | % | ||||||||
Tower Revenue Notes, Series 2010-3 | Jan. 2010 | Jan. 2040 | (e)(f) | 1,246,106 | 1,244,237 | 6.1 | % | ||||||||
Tower Revenue Notes, Series 2010-6 | Aug. 2010 | Aug. 2040 | (e)(f) | 995,354 | 993,557 | 4.9 | % | ||||||||
Tower Revenue Notes, Series 2015-1 | May 2015 | May 2042 | (e)(f) | 297,211 | 296,573 | 3.2 | % | ||||||||
Tower Revenue Notes, Series 2015-2 | May 2015 | May 2045 | (e)(f) | 692,325 | 691,285 | 3.7 | % | ||||||||
Total securitized debt | 3,332,309 | 3,345,805 | |||||||||||||
Bonds – fixed rate: | |||||||||||||||
5.250% Senior Notes | Oct. 2012 | Jan. 2023 | 1,639,207 | 1,637,099 | 5.3 | % | |||||||||
3.849% Secured Notes | Dec. 2012 | Apr. 2023 | 992,663 | 991,279 | 3.8 | % | |||||||||
4.875% Senior Notes | Apr. 2014 | Apr. 2022 | 842,090 | 840,322 | 4.9 | % | |||||||||
3.400% Senior Notes | Feb./May 2016 | Feb. 2021 | 849,859 | 849,698 | 3.4 | % | |||||||||
4.450% Senior Notes | Feb. 2016 | Feb. 2026 | 891,145 | 890,118 | 4.5 | % | |||||||||
3.700% Senior Notes | May 2016 | June 2026 | 742,727 | 741,908 | 3.7 | % | |||||||||
2.250% Senior Notes | Sept. 2016 | Sept. 2021 | 695,383 | 693,893 | 2.3 | % | |||||||||
4.000% Senior Notes | Feb. 2017 | Mar. 2027 | 493,833 | — | 4.0 | % | |||||||||
4.750% Senior Notes | May 2017 | May 2047 | 343,209 | — | 4.8 | % | |||||||||
3.200% Senior Notes | Aug. 2017 | Sept. 2024 | 741,859 | — | 3.2 | % | |||||||||
3.650% Senior Notes | Aug. 2017 | Sept. 2027 | 990,965 | — | 3.7 | % | |||||||||
Total bonds | 9,222,940 | 6,644,317 | |||||||||||||
Other: | |||||||||||||||
Capital leases and other obligations | Various | Various | (g) | 227,783 | 226,847 | Various | |||||||||
Total debt and other obligations | 16,159,620 | 12,171,142 | |||||||||||||
Less: current maturities and short-term debt and other current obligations | 115,251 | 101,749 | |||||||||||||
Non-current portion of long-term debt and other long-term obligations | $ | 16,044,369 | $ | 12,069,393 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total Cash Obligations | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments and final maturities | $ | 415 | $ | 154 | $ | 3,608 | $ | 2,941 | $ | 525 | $ | 11,780 | $ | 19,423 | $ | (143) | $ | 19,280 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total Cash Obligations | Unamortized Adjustments, Net | Total Debt and Other Obligations Outstanding | |||||||||||||||||||||||||||
Scheduled contractual maturities | $ | 116,045 | $ | 167,458 | $ | 155,051 | $ | 1,824,568 | $ | 3,701,737 | $ | 10,296,901 | $ | 16,261,760 | $ | (102,140 | ) | $ | 16,159,620 |
Year Ended December 31, 2020 | |||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | |||||||||||||||
3.400% Senior Notes | $ | 850 | $ | 863 | $ | (13) | |||||||||||
2.250% Senior Notes | 700 | 714 | (16) | ||||||||||||||
4.875% Senior Notes | 850 | 913 | (66) | ||||||||||||||
Total | $ | 2,400 | $ | 2,490 | $ | (95) |
Year Ending December 31, 2017 | |||||||||||
Principal Amount | Cash Paid | Gains (losses)(a) | |||||||||
2016 Term Loan A | $ | — | $ | — | $ | (3,525 | ) |
Year Ending December 31, 2016 | |||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | |||||||||
Revolving Credit Facility under 2012 Credit Facility | $ | — | $ | — | $ | (1,930 | ) | ||||
Tranche A Term Loans under 2012 Credit Facility | 629,375 | 629,375 | (1,498 | ) | |||||||
Tranche B Term Loans under 2012 Credit Facility | 2,247,015 | 2,247,015 | (27,122 | ) | |||||||
Tower Revenue Notes, Series 2010-2 | 350,000 | 352,796 | (3,338 | ) | |||||||
Tower Revenue Notes, Series 2010-5 | 300,000 | 307,176 | (8,129 | ) | |||||||
2.381% Secured Notes | 500,000 | 508,472 | (10,274 | ) | |||||||
Total | $ | 4,026,390 | $ | 4,044,834 | $ | (52,291 | ) |
(b)Inclusive |
Year Ending December 31, 2015 | |||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | |||||||||
Tower Revenue Notes, Series 2010-4 | $ | 250,000 | $ | 250,000 | $ | (159 | ) | ||||
WCP Securitized Notes | 252,830 | 252,830 | 2,105 | ||||||||
Tranche B Term Loans under 2012 Credit Facility | 564,137 | 564,137 | (6,127 | ) | |||||||
Other | 2,394 | 2,370 | 24 | ||||||||
Total | $ | 1,069,361 | $ | 1,069,337 | $ | (4,157 | ) |
Year Ended December 31, 2019 | |||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | |||||||||||||||
Secured Notes, Series 2009-1, Class A-1 | $ | 12 | $ | 12 | $ | (1) | |||||||||||
2016 Term Loan A | 0 | 0 | (1) | ||||||||||||||
Total | $ | 12 | $ | 12 | $ | (2) |
Year Ended December 31, 2018 | |||||||||||||||||
Principal Amount | Cash Paid(a) | Gains (losses)(b) | |||||||||||||||
Tower Revenue Notes, Series 2010-3 | $ | 1,250 | $ | 1,318 | $ | (71) | |||||||||||
2016 Term Loan A | 0 | 0 | (3) | ||||||||||||||
Tower Revenue Notes, Series 2010-6 | 1,000 | 1,028 | (32) | ||||||||||||||
Total | $ | 2,250 | $ | 2,346 | $ | (106) |
(a)Exclusive of accrued interest. (b)Inclusive of |
Level in Fair Value Hierarchy | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 232 | $ | 232 | $ | 196 | $ | 196 | ||||||||||||||||||||
Restricted cash, current and non-current | 1 | 149 | 149 | 142 | 142 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Total debt and other obligations | 2 | 19,280 | 21,302 | 18,121 | 19,170 |
Level in Fair Value Hierarchy | December 31, 2017 | December 31, 2016 | |||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | 1 | $ | 314,094 | $ | 314,094 | $ | 567,599 | $ | 567,599 | ||||||||
Restricted cash | 1 | 126,065 | 126,065 | 129,547 | 129,547 | ||||||||||||
Liabilities: | |||||||||||||||||
Debt and other obligations | 2 | $ | 16,159,620 | $ | 16,643,725 | $ | 12,171,142 | $ | 12,660,013 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Domestic | $ | 1,046 | $ | 850 | $ | 618 | |||||||||||
Foreign(a) | 30 | 31 | 23 | ||||||||||||||
Total | $ | 1,076 | $ | 881 | $ | 641 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Domestic | $ | 450,771 | $ | 349,041 | $ | 461,293 | |||||
Foreign(a) | 19,822 | 24,813 | 12,536 | ||||||||
Total | $ | 470,593 | $ | 373,854 | $ | 473,829 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Current: | |||||||||||
Federal | $ | (2,816 | ) | $ | (227 | ) | $ | 495 | |||
Foreign | (6,050 | ) | (6,820 | ) | (5,675 | ) | |||||
State | (2,289 | ) | (1,231 | ) | (3,981 | ) | |||||
Total current | (11,155 | ) | (8,278 | ) | (9,161 | ) | |||||
Deferred: | |||||||||||
Federal | (17,743 | ) | (7,968 | ) | 44,716 | ||||||
Foreign | 2,883 | (601 | ) | (1,048 | ) | ||||||
State | (28 | ) | (34 | ) | 16,950 | ||||||
Total deferred | (14,888 | ) | (8,603 | ) | 60,618 | ||||||
Total tax benefit (provision) | $ | (26,043 | ) | $ | (16,881 | ) | $ | 51,457 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (6) | $ | (6) | $ | (5) | |||||||||||
Foreign | (6) | (8) | (7) | ||||||||||||||
State | (5) | (5) | (5) | ||||||||||||||
Total current | (17) | (19) | (17) | ||||||||||||||
Deferred: | |||||||||||||||||
Foreign | (3) | (2) | (2) | ||||||||||||||
Total deferred | (3) | (2) | (2) | ||||||||||||||
Total tax benefit (provision) | $ | (20) | $ | (21) | $ | (19) | |||||||||||
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Benefit (provision) for income taxes at statutory rate | $ | (225) | $ | (185) | $ | (135) | |||||||||||
Tax effect of foreign income (losses) | 0 | 1 | 1 | ||||||||||||||
Tax adjustment related to REIT operations | 219 | 178 | 128 | ||||||||||||||
State tax (provision) benefit, net of federal | (5) | (5) | (4) | ||||||||||||||
Foreign tax | (9) | (10) | (9) | ||||||||||||||
Total | $ | (20) | $ | (21) | $ | (19) |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Benefit (provision) for income taxes at statutory rate | $ | (164,707 | ) | $ | (130,849 | ) | $ | (165,840 | ) | ||
Tax effect of foreign income (losses) | (430 | ) | 1,215 | (527 | ) | ||||||
Tax adjustment related to REIT operations | 158,812 | 121,092 | 186,649 | ||||||||
Tax adjustment related to the inclusion of small cells in the REIT(a) | — | — | 33,759 | ||||||||
Expenses for which no federal tax benefit was recognized | (42 | ) | (43 | ) | (414 | ) | |||||
Valuation allowances | 21 | (21 | ) | 3,000 | |||||||
State tax (provision) benefit, net of federal | (2,115 | ) | (1,085 | ) | 1,210 | ||||||
Foreign tax | (3,168 | ) | (7,421 | ) | (6,723 | ) | |||||
Effects of tax law change(b) | (14,628 | ) | — | — | |||||||
Other | 214 | 231 | 343 | ||||||||
Total | $ | (26,043 | ) | $ | (16,881 | ) | $ | 51,457 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Deferred income tax liabilities: | |||||||||||
Property and equipment | $ | 7 | $ | 6 | |||||||
Deferred site rental receivable | 7 | 7 | |||||||||
Total deferred income tax liabilities | 14 | 13 | |||||||||
Deferred income tax assets: | |||||||||||
Intangible assets | 3 | 3 | |||||||||
Net operating loss carryforwards(a) | 15 | 18 | |||||||||
Straight-line rent expense liability | 3 | 3 | |||||||||
Accrued liabilities | 6 | 5 | |||||||||
Other | 2 | 2 | |||||||||
Valuation allowances | 0 | 0 | |||||||||
Total deferred income tax assets, net | 29 | 31 | |||||||||
Net deferred income tax asset (liabilities) | $ | 15 | $ | 18 |
December 31, | |||||||
2017 | 2016 | ||||||
Deferred income tax liabilities: | |||||||
Property and equipment | $ | 4,940 | $ | 3,945 | |||
Deferred site rental receivable | 6,907 | 6,192 | |||||
Total deferred income tax liabilities | 11,847 | 10,137 | |||||
Deferred income tax assets: | |||||||
Intangible assets | 4,460 | 22,377 | |||||
Net operating loss carryforwards | 20,800 | 21,143 | |||||
Deferred ground lease payable | 2,060 | 1,646 | |||||
Accrued liabilities | 5,161 | 5,511 | |||||
Receivables allowance | 317 | 383 | |||||
Other | 1,431 | 1,726 | |||||
Valuation allowances | (1,172 | ) | (6,627 | ) | |||
Total deferred income tax assets, net | 33,057 | 46,159 | |||||
Net deferred income tax asset (liabilities) | $ | 21,210 | $ | 36,022 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Classification | Gross | Valuation Allowance | Net | Gross | Valuation Allowance | Net | |||||||||||||||||||||||||||||
Federal | $ | 25 | $ | 0 | $ | 25 | $ | 25 | $ | 0 | $ | 25 | |||||||||||||||||||||||
State | 1 | 0 | 1 | 1 | 0 | 1 | |||||||||||||||||||||||||||||
Foreign | (11) | 0 | (11) | (8) | 0 | (8) | |||||||||||||||||||||||||||||
Total | $ | 15 | $ | 0 | $ | 15 | $ | 18 | $ | 0 | $ | 18 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Classification | Gross | Valuation Allowance | Net | Gross | Valuation Allowance | Net | |||||||||||||||||
Federal | $ | 25,260 | $ | — | $ | 25,260 | $ | 42,948 | $ | (21 | ) | $ | 42,927 | ||||||||||
State | 1,142 | — | 1,142 | 1,170 | — | 1,170 | |||||||||||||||||
Foreign | (4,020 | ) | (1,172 | ) | (5,192 | ) | (1,469 | ) | (6,606 | ) | (8,075 | ) | |||||||||||
Total | $ | 22,382 | $ | (1,172 | ) | $ | 21,210 | $ | 42,649 | $ | (6,627 | ) | $ | 36,022 |
Years Ended December 31, | |||||||
2017 | 2016 | ||||||
Balance at beginning of year | $ | 3,080 | $ | 6,770 | |||
Additions based on prior year tax positions | — | 116 | |||||
Reductions as a result of the lapse of statute limitations | (3,080 | ) | (3,806 | ) | |||
Balance at end of year | $ | — | $ | 3,080 |
Equity Type | Declaration Date | Record Date | Payment Date | Dividends Per Share | Aggregate Payment Amount (In millions) | ||||||||||||||||||||||||||||||
Common Stock | February 20, 2020 | March 13, 2020 | March 31, 2020 | $ | 1.20 | $ | 504 | (a) | |||||||||||||||||||||||||||
Common Stock | May 14, 2020 | June 12, 2020 | June 30, 2020 | $ | 1.20 | $ | 504 | (a) | |||||||||||||||||||||||||||
Common Stock | August 6, 2020 | September 15, 2020 | September 30, 2020 | $ | 1.20 | $ | 521 | (a) | |||||||||||||||||||||||||||
Common Stock | October 21, 2020 | December 15, 2020 | December 31, 2020 | $ | 1.33 | $ | 577 | (a) | |||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | December 9, 2019 | January 15, 2020 | February 3, 2020 | $ | 17.1875 | $ | 28 | ||||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | March 12, 2020 | April 15, 2020 | May 1, 2020 | $ | 17.1875 | $ | 28 | ||||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | June 19, 2020 | July 15, 2020 | August 3, 2020 | $ | 17.1875 | $ | 28 |
Equity Type | Declaration Date | Record Date | Payment Date | Dividends Per Share | Aggregate Payment Amount (In millions) | ||||||||||
Common Stock | February 17, 2017 | March 17, 2017 | March 31, 2017 | $ | 0.950 | $ | 343.3 | (a) | |||||||
Common Stock | May 18, 2017 | June 16, 2017 | June 30, 2017 | $ | 0.950 | $ | 350.3 | (a) | |||||||
Common Stock | August 3, 2017 | September 15, 2017 | September 29, 2017 | $ | 0.950 | $ | 389.6 | (a) | |||||||
Common Stock | October 15, 2017 | December 15, 2017 | December 29, 2017 | $ | 1.050 | $ | 428.8 | (a) | |||||||
6.875% Convertible Preferred Stock | September 21, 2017 | October 15, 2017 | November 1, 2017 | $ | 18.142 | $ | 29.9 | ||||||||
6.875% Convertible Preferred Stock | December 15, 2017 | January 15, 2018 | February 1, 2018 | $ | 17.188 | $ | 28.4 |
Equity Type | Payment Date | Cash Distribution (per share) | Ordinary Taxable Dividend (per share) | Qualified Taxable Dividend (per share)(a) | Section 199A Dividend (per share) | Non-Taxable Distribution (per share) | ||||||||||||||||||||||||||||||||
Common Stock | March 31, 2020 | $ | 1.20 | $ | 0.788 | $ | 0.010 | $ | 0.778 | $ | 0.412 | |||||||||||||||||||||||||||
Common Stock | June 30, 2020 | $ | 1.20 | $ | 0.788 | $ | 0.010 | $ | 0.778 | $ | 0.412 | |||||||||||||||||||||||||||
Common Stock | September 30, 2020 | $ | 1.20 | $ | 0.788 | $ | 0.010 | $ | 0.778 | $ | 0.412 | |||||||||||||||||||||||||||
Common Stock | December 31, 2020 | $ | 1.33 | $ | 0.874 | $ | 0.012 | $ | 0.862 | $ | 0.456 | |||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | February 3, 2020 | $ | 17.1875 | $ | 17.1875 | $ | 0.2265 | $ | 16.9610 | $ | — | |||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | May 1, 2020 | $ | 17.1875 | $ | 17.1875 | $ | 0.2265 | $ | 16.9610 | $ | — | |||||||||||||||||||||||||||
6.875% Convertible Preferred Stock | August 3, 2020 | $ | 17.1875 | $ | 17.1875 | $ | 0.2265 | $ | 16.9610 | $ | — |
Equity Type | Payment Date | Dividends Per Share | Ordinary Taxable Dividend Per Share | Qualified Taxable Dividend Per Share(a) | Long-Term Capital Gain Distribution Per Share | Non-Taxable Distribution (per share) | ||||||||||||||||
Common Stock | March 31, 2017 | $ | 0.950 | $ | 0.950 | $ | 0.347 | $ | — | $ | — | |||||||||||
Common Stock | June 30, 2017 | $ | 0.950 | $ | 0.950 | $ | 0.347 | $ | — | $ | — | |||||||||||
Common Stock | September 29, 2017 | $ | 0.950 | $ | 0.950 | $ | 0.347 | $ | — | $ | — | |||||||||||
Common Stock | December 29, 2017 | $ | 1.050 | $ | 1.050 | $ | 0.384 | $ | — | $ | — | |||||||||||
6.875% Convertible Preferred Stock | November 1, 2017 | $ | 18.142 | $ | 18.142 | $ | 6.629 | $ | — | $ | — |
RSUs | |||||
(In | |||||
Outstanding at the beginning of year | |||||
Granted | |||||
Vested | |||||
Forfeited | |||||
Outstanding at end of year |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Risk-free rate | 1.5 | % | 0.9 | % | 1.0 | % | Risk-free rate | 1.4 | % | 2.5 | % | 2.4 | % | ||||||||||||
Expected volatility | 18 | % | 19 | % | 19 | % | Expected volatility | 19 | % | 18 | % | 18 | % | ||||||||||||
Expected dividend rate | 4.4 | % | 4.2 | % | 4.2 | % | Expected dividend rate | 3.5 | % | 4.0 | % | 3.8 | % |
Years Ended December 31, | Total Shares Vested | Fair Value on Vesting Date | |||||
(In thousands of shares) | |||||||
2017 | 747 | $ | 67,241 | ||||
2016 | 828 | 71,325 | |||||
2015 | 946 | 83,244 |
Years Ended December 31, | Total Shares Vested | Fair Value on Vesting Date | ||||||||||||
(In millions of shares) | ||||||||||||||
2020 | 1 | $ | 220 | |||||||||||
2019 | 1 | 135 | ||||||||||||
2018 | 1 | 107 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Stock-based compensation expense: | |||||||||||||||||
Site rental costs of operations | $ | 16 | $ | 19 | $ | 17 | |||||||||||
Services and other costs of operations | 8 | 7 | 8 | ||||||||||||||
Selling, general and administrative expenses | 109 | 90 | 83 | ||||||||||||||
Total stock-based compensation | $ | 133 | $ | 116 | $ | 108 | |||||||||||
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Stock-based compensation expense: | |||||||||||
Site rental costs of operations | $ | 14,942 | $ | 14,371 | $ | 8,969 | |||||
Network services and other costs of operations | 4,961 | 7,717 | 5,370 | ||||||||
General and administrative expenses | 76,532 | 74,450 | 52,809 | ||||||||
Total stock-based compensation | $ | 96,435 | $ | 96,538 | $ | 67,148 |
Years Ending December 31, | |||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Tenant leases | $ | 3,401,845 | $ | 3,277,019 | $ | 3,160,514 | $ | 3,028,825 | $ | 2,805,519 | $ | 5,628,294 | $ | 21,302,016 |
Years Ending December 31, | |||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Operating leases | $ | 635,321 | $ | 632,775 | $ | 622,587 | $ | 617,951 | $ | 609,796 | $ | 7,941,187 | $ | 11,059,617 |
Years Ended December 31, | |||||||||||
2020 | 2019(d) | ||||||||||
Lease cost: | |||||||||||
Operating lease expense(a) | $ | 640 | $ | 632 | |||||||
Variable lease expense(b) | 153 | 149 | |||||||||
Total lease expense(c) | $ | 793 | $ | 781 |
Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total undiscounted lease payments | Less: Imputed interest | Total operating lease liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Operating leases(a) | $ | 546 | $ | 543 | $ | 538 | $ | 532 | $ | 518 | $ | 5,842 | $ | 8,519 | $ | (2,382) | $ | 6,137 |
Year Ended December 31, 2017 | |||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||
Segment site rental revenues | $ | 2,899,554 | $ | 769,637 | $ | 3,669,191 | |||||||||
Segment network services and other revenues | 636,532 | 49,882 | 686,414 | ||||||||||||
Segment revenues | 3,536,086 | 819,519 | 4,355,605 | ||||||||||||
Segment site rental cost of operations | 844,795 | 264,059 | 1,108,854 | ||||||||||||
Segment network services and other cost of operations | 374,134 | 40,691 | 414,825 | ||||||||||||
Segment cost of operations(a) | 1,218,929 | 304,750 | 1,523,679 | ||||||||||||
Segment site rental gross margin | 2,054,759 | 505,578 | 2,560,337 | ||||||||||||
Segment network services and other gross margin | 262,398 | 9,191 | 271,589 | ||||||||||||
Segment general and administrative expenses(a) | 93,662 | 89,048 | 167,455 | 350,165 | |||||||||||
Segment operating profit (loss) | 2,223,495 | 425,721 | (167,455 | ) | 2,481,761 | ||||||||||
Stock-based compensation expense | 96,435 | 96,435 | |||||||||||||
Depreciation, amortization and accretion | 1,242,408 | 1,242,408 | |||||||||||||
Interest expense and amortization of deferred financing costs | 590,682 | 590,682 | |||||||||||||
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes(b) | 81,643 | 81,643 | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 470,593 | |||||||||||||
Capital expenditures | $ | 418,476 | $ | 782,409 | $ | 27,186 | $ | 1,228,071 | |||||||
Total assets (at year end) | $ | 17,940,893 | $ | 13,669,636 | $ | 619,041 | $ | 32,229,570 | |||||||
Total goodwill (at year end) | $ | 5,127,259 | $ | 4,894,209 | $ | — | $ | 10,021,468 |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||
Segment site rental revenues | $ | 3,497 | $ | 1,823 | $ | 5,320 | |||||||||||||||||
Segment services and other revenues | 500 | 20 | 520 | ||||||||||||||||||||
Segment revenues | 3,997 | 1,843 | 5,840 | ||||||||||||||||||||
Segment site rental cost of operations | 866 | 620 | 1,486 | ||||||||||||||||||||
Segment services and other cost of operations | 429 | 12 | 441 | ||||||||||||||||||||
Segment cost of operations(a)(b) | 1,295 | 632 | 1,927 | ||||||||||||||||||||
Segment site rental gross margin | 2,631 | 1,203 | 3,834 | ||||||||||||||||||||
Segment services and other gross margin | 71 | 8 | 79 | ||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 100 | 186 | 286 | ||||||||||||||||||||
Segment other operating (income) expense(c) | 0 | (362) | (362) | ||||||||||||||||||||
Segment operating profit (loss) | 2,602 | 1,387 | 3,989 | ||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 283 | 283 | ||||||||||||||||||||
Stock-based compensation expense | 133 | 133 | |||||||||||||||||||||
Depreciation, amortization and accretion | 1,608 | 1,608 | |||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 689 | 689 | |||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(d) | 200 | 200 | |||||||||||||||||||||
Income (loss) before income taxes | $ | 1,076 | |||||||||||||||||||||
Capital expenditures | $ | 335 | $ | 1,232 | $ | 57 | $ | 1,624 | |||||||||||||||
Total assets (at year end) | $ | 22,242 | $ | 15,746 | $ | 780 | $ | 38,768 | |||||||||||||||
Total goodwill (at year end) | $ | 5,127 | $ | 4,951 | $ | 0 | $ | 10,078 |
Year Ended December 31, 2019 | |||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||
Segment site rental revenues | $ | 3,389 | $ | 1,704 | $ | 5,093 | |||||||||||||||||
Segment services and other revenues | 653 | 17 | 670 | ||||||||||||||||||||
Segment revenues | 4,042 | 1,721 | 5,763 | ||||||||||||||||||||
Segment site rental cost of operations | 864 | 559 | 1,423 | ||||||||||||||||||||
Segment services and other cost of operations | 506 | 11 | 517 | ||||||||||||||||||||
Segment cost of operations(a)(b) | 1,370 | 570 | 1,940 | ||||||||||||||||||||
Segment site rental gross margin | 2,525 | 1,145 | 3,670 | ||||||||||||||||||||
Segment services and other gross margin | 147 | 6 | 153 | ||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 96 | 195 | 291 | ||||||||||||||||||||
Segment operating profit (loss) | 2,576 | 956 | 3,532 | ||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 233 | 233 | ||||||||||||||||||||
Stock-based compensation expense | 116 | 116 | |||||||||||||||||||||
Depreciation, amortization and accretion | 1,572 | 1,572 | |||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 683 | 683 | |||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(c) | 47 | 47 | |||||||||||||||||||||
Income (loss) before income taxes | $ | 881 | |||||||||||||||||||||
Capital expenditures | $ | 543 | $ | 1,473 | $ | 41 | $ | 2,057 | |||||||||||||||
Total assets (at year end) | $ | 22,357 | $ | 15,389 | $ | 711 | $ | 38,457 | |||||||||||||||
Total goodwill (at year end) | $ | 5,127 | $ | 4,951 | $ | 0 | $ | 10,078 |
Year Ended December 31, 2016 | |||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||
Segment site rental revenues | $ | 2,830,708 | $ | 402,599 | $ | 3,233,307 | |||||||||
Segment network services and other revenues | 603,689 | 84,229 | 687,918 | ||||||||||||
Segment revenues | 3,434,397 | 486,828 | 3,921,225 | ||||||||||||
Segment site rental cost of operations | 840,209 | 147,459 | 987,668 | ||||||||||||
Segment network services and other cost of operations | 344,595 | 64,859 | 409,454 | ||||||||||||
Segment cost of operations(a) | 1,184,804 | 212,318 | 1,397,122 | ||||||||||||
Segment site rental gross margin | 1,990,499 | 255,140 | 2,245,639 | ||||||||||||
Segment network services and other gross margin | 259,094 | 19,370 | 278,464 | ||||||||||||
Segment general and administrative expenses(a) | 92,903 | 60,676 | 143,001 | 296,580 | |||||||||||
Segment operating profit (loss) | 2,156,690 | 213,834 | (143,001 | ) | 2,227,523 | ||||||||||
Stock-based compensation expense | 96,538 | 96,538 | |||||||||||||
Depreciation, amortization and accretion | 1,108,551 | 1,108,551 | |||||||||||||
Interest expense and amortization of deferred financing costs | 515,032 | 515,032 | |||||||||||||
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes(b) | 133,548 | 133,548 | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 373,854 | |||||||||||||
Capital expenditures | $ | 429,526 | $ | 409,710 | $ | 34,647 | $ | 873,883 | |||||||
Total assets (at year end) | $ | 18,394,572 | $ | 3,440,600 | $ | 839,920 | $ | 22,675,092 | |||||||
Total goodwill (at year end) | $ | 5,114,639 | $ | 643,037 | $ | — | $ | 5,757,676 |
Year Ended December 31, 2015 | |||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||
Segment site rental revenues | $ | 2,734,045 | $ | 284,368 | $ | 3,018,413 | |||||||||
Segment network services and other revenues | 591,655 | 53,783 | 645,438 | ||||||||||||
Segment revenues | 3,325,700 | 338,151 | 3,663,851 | ||||||||||||
Segment site rental cost of operations | 827,175 | 107,195 | 934,370 | ||||||||||||
Segment network services and other cost of operations | 309,025 | 43,162 | 352,187 | ||||||||||||
Segment cost of operations(a) | 1,136,200 | 150,357 | 1,286,557 | ||||||||||||
Segment site rental gross margin | 1,906,870 | 177,173 | 2,084,043 | ||||||||||||
Segment network services and other gross margin | 282,630 | 10,621 | 293,251 | ||||||||||||
Segment general and administrative expenses(a) | 91,899 | 38,379 | 127,833 | 258,111 | |||||||||||
Segment operating profit (loss) | 2,097,601 | 149,415 | (127,833 | ) | 2,119,183 | ||||||||||
Stock-based compensation expense | 67,148 | 67,148 | |||||||||||||
Depreciation, amortization and accretion | 1,036,178 | 1,036,178 | |||||||||||||
Interest expense and amortization of deferred financing costs | 527,128 | 527,128 | |||||||||||||
Other income (expenses) to reconcile to income (loss) from continuing operations before income taxes(b) | 14,900 | 14,900 | |||||||||||||
Income (loss) from continuing operations before income taxes | $ | 473,829 | |||||||||||||
Capital expenditures | $ | 564,753 | $ | 314,882 | $ | 29,257 | $ | 908,892 | |||||||
Total assets (at year end) | $ | 17,974,847 | $ | 3,511,956 | $ | 450,163 | $ | 21,936,966 | |||||||
Total goodwill (at year end) | $ | 4,863,847 | $ | 649,704 | $ | — | $ | 5,513,551 |
Year Ended December 31, 2018 | |||||||||||||||||||||||
Towers | Fiber | Other | Consolidated Total | ||||||||||||||||||||
Segment site rental revenues | $ | 3,196 | $ | 1,600 | $ | 4,796 | |||||||||||||||||
Segment services and other revenues | 558 | 16 | 574 | ||||||||||||||||||||
Segment revenues | 3,754 | 1,616 | 5,370 | ||||||||||||||||||||
Segment site rental cost of operations | 848 | 525 | 1,373 | ||||||||||||||||||||
Segment services and other cost of operations | 415 | 11 | 426 | ||||||||||||||||||||
Segment cost of operations(a)(b) | 1,263 | 536 | 1,799 | ||||||||||||||||||||
Segment site rental gross margin | 2,348 | 1,075 | 3,423 | ||||||||||||||||||||
Segment services and other gross margin | 143 | 5 | 148 | ||||||||||||||||||||
Segment selling, general and administrative expenses(b) | 110 | 179 | 289 | ||||||||||||||||||||
Segment operating profit (loss) | 2,381 | 901 | 3,282 | ||||||||||||||||||||
Other selling, general and administrative expenses(b) | $ | 191 | 191 | ||||||||||||||||||||
Stock-based compensation expense | 108 | 108 | |||||||||||||||||||||
Depreciation, amortization and accretion | 1,527 | 1,527 | |||||||||||||||||||||
Interest expense and amortization of deferred financing costs | 642 | 642 | |||||||||||||||||||||
Other (income) expenses to reconcile to income (loss) before income taxes(c) | 173 | 173 | |||||||||||||||||||||
Income (loss) before income taxes | $ | 641 | |||||||||||||||||||||
Capital expenditures | $ | 440 | $ | 1,264 | $ | 35 | $ | 1,739 | |||||||||||||||
Total assets (at year end) | $ | 17,644 | $ | 14,512 | $ | 606 | $ | 32,762 | |||||||||||||||
Total goodwill (at year end) | $ | 5,127 | $ | 4,951 | $ | 0 | $ | 10,078 |
Years Ended December 31, | |||||||||||||||||
2020(a) | 2019 | 2018 | |||||||||||||||
T-Mobile | 36 | % | 22 | % | 19 | % | |||||||||||
AT&T | 22 | % | 21 | % | 20 | % | |||||||||||
Verizon Wireless | 19 | % | 19 | % | 20 | % | |||||||||||
Sprint | 0 | % | 14 | % | 15 | % | |||||||||||
Total | 77 | % | 76 | % | 74 | % |
Years Ended December 31, | ||||||||
2017 | 2016 | 2015 | ||||||
AT&T | 25 | % | 27 | % | 27 | % | ||
T-Mobile | 22 | % | 23 | % | 22 | % | ||
Verizon Wireless | 22 | % | 22 | % | 21 | % | ||
Sprint | 17 | % | 16 | % | 19 | % | ||
Total | 86 | % | 88 | % | 89 | % |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash payments related to operating lease liabilities(a) | $ | 538 | $ | 541 | $ | 0 | |||||||||||
Interest paid | 653 | 661 | 619 | ||||||||||||||
Income taxes paid | 19 | 16 | 17 | ||||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
New ROU assets obtained in exchange for operating lease liabilities | 627 | 431 | 0 | ||||||||||||||
Increase in accounts payable for purchases of property and equipment | 27 | 2 | 29 | ||||||||||||||
Purchase of property and equipment under finance leases and installment land purchases | 33 | 33 | 40 | ||||||||||||||
As of December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash and cash equivalents | $ | 232 | $ | 196 | $ | 277 | |||||||||||
Restricted cash, current | 144 | 137 | 131 | ||||||||||||||
Restricted cash reported within other assets, net | 5 | 5 | 5 | ||||||||||||||
Cash, cash equivalents and restricted cash | $ | 381 | $ | 338 | $ | 413 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | $ | 546,543 | $ | 470,655 | $ | 489,970 | |||||
Income taxes paid | 16,427 | 13,821 | 28,771 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Increase (decrease) in accounts payable for purchases of property and equipment | 2,279 | 17,922 | (7,042 | ) | |||||||
Purchase of property and equipment under capital leases and installment land purchases | 31,999 | 52,322 | 60,270 | ||||||||
Installment payment receivable for sale of CCAL (see note 3) | — | — | 117,384 | ||||||||
Preferred stock dividends accrued but not paid (see note 12) | 28,359 | — | 10,997 |
Three Months Ended(a) | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
2017: | |||||||||||||||
Net revenues | $ | 1,015,942 | $ | 1,038,335 | $ | 1,063,238 | $ | 1,238,090 | |||||||
Operating income (loss) | 256,549 | 258,500 | 260,567 | 268,429 | |||||||||||
Gains (losses) on retirement of long-term obligations | (3,525 | ) | — | — | — | ||||||||||
Benefit (provision) for income taxes | (4,369 | ) | (4,538 | ) | (2,383 | ) | (14,753 | ) | |||||||
Net income (loss) attributable to CCIC stockholders | 119,138 | 112,114 | 115,194 | 98,104 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.31 | $ | 0.22 | $ | 0.17 | |||||||
Diluted | $ | 0.33 | $ | 0.31 | $ | 0.21 | $ | 0.17 | |||||||
Three Months Ended(a) | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
2016: | |||||||||||||||
Net revenues | $ | 934,384 | $ | 962,409 | $ | 992,016 | $ | 1,032,416 | |||||||
Operating income (loss) | 211,739 | 231,185 | 244,254 | 262,038 | |||||||||||
Gains (losses) on retirement of long-term obligations | (30,550 | ) | (11,467 | ) | (10,274 | ) | — | ||||||||
Benefit (provision) for income taxes | (3,872 | ) | (3,884 | ) | (5,041 | ) | (4,084 | ) | |||||||
Net income (loss) attributable to CCIC stockholders | 47,840 | 86,058 | 98,366 | 124,709 | |||||||||||
Net income (loss) attributable to CCIC common stockholders, per common share: | |||||||||||||||
Basic | $ | 0.11 | $ | 0.22 | $ | 0.26 | $ | 0.35 | |||||||
Diluted | $ | 0.11 | $ | 0.22 | $ | 0.26 | $ | 0.35 |
Plan category(a) | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance | under equity compensation plans | |||||||||||||||||
(In millions of shares) | (In dollars per share) | (In millions of shares) | |||||||||||||||||||
Equity compensation plans approved by security holders | — | $ | — | (b) | |||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||
$ | — | 8 | |||||||||||||
The list of financial statements filed as part of this report is submitted as a separate section, the index to which is located on page |
Schedule II—Valuation and Qualifying Accounts for the years ended December 31, 2020, 2019 and 2018, which is located on page 97. |
Schedule III—Schedule of Real Estate and Accumulated Depreciation for the years ended December 31, 2020 and 2019, which is located on page 98. |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
1.1 | 8-K | 001-16441 | April 6, 2018 | 1.1 | ||||||||||||||||||||||||||||
2.1 | 8-K | 001-16441 | September 23, 2014 | 2.1 | ||||||||||||||||||||||||||||
2.2 | 10-Q | 001-16441 | May 8, 2015 | 10.5 | ||||||||||||||||||||||||||||
2.3 | 10-Q | 001-16441 | August 7, 2015 | 10.2 | ||||||||||||||||||||||||||||
2.4 | 8-K | 001-16441 | July 19, 2017 | 2.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
1.1 | 8-K | 001-16441 | August 28, 2015 | 1.1 | ||||||
2.1 | 8-K | 001-16441 | September 23, 2014 | 2.1 | ||||||
2.2 | 8-K | 001-16441 | July 19, 2017 | 2.1 | ||||||
3.1 | 8-K | 001-16441 | July 26, 2017 | 3.1 | ||||||
3.2 | 8-K | 001-16441 | July 26, 2017 | 3.2 | ||||||
3.3 | 8-K | 001-16441 | December 15, 2017 | 3.1 | ||||||
4.1 | 8-K | 001-16441 | December 16, 2014 | 4.2 | ||||||
4.2 | 8-K | 001-16441 | July 26, 2017 | 3.2 |
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 | 8-K | 001-16441 | July 26, 2017 | 3.2 | ||||||||||||||||||||||||||||
3.3 | 8-K | 001-16441 | November 5, 2020 | 3.1 | ||||||||||||||||||||||||||||
3.3 | 10-K | 001-16441 | February 25, 2019 | 3.3 | ||||||||||||||||||||||||||||
4.1 | 8-K | 001-16441 | December 16, 2014 | 4.2 | ||||||||||||||||||||||||||||
4.2 | 8-K | 001-16441 | June 9, 2005 | 4.1 | ||||||||||||||||||||||||||||
4.3 | 8-K | 001-16441 | July 1, 2014 | 4.1 | ||||||||||||||||||||||||||||
4.4 | 8-K | 001-16441 | May 21, 2015 | 4.1 | ||||||||||||||||||||||||||||
4.5 | 8-K | 001-16441 | May 21, 2015 | 4.2 | ||||||||||||||||||||||||||||
4.6 | 8-K | 001-16441 | July 16, 2018 | 4.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
4.3 | 8-K | 001-16441 | June 9, 2005 | 4.1 | ||||||
4.4 | 8-K | 001-16441 | August 26, 2010 | 4.3 | ||||||
4.5 | 8-K | 001-16441 | July 1, 2014 | 4.1 | ||||||
4.6 | 8-K | 001-16441 | May 21, 2015 | 4.1 | ||||||
4.7 | 8-K | 001-16441 | May 21, 2015 | 4.2 | ||||||
4.8 | 8-K | 001-16441 | August 4, 2009 | 4.1 | ||||||
4.9 | 8-K | 001-16441 | August 4, 2009 | 4.2 | ||||||
4.10 | 8-K | 001-16441 | October 16, 2012 | 4.1 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
4.7 | 8-K | 001-16441 | July 16, 2018 | 4.2 | ||||||||||||||||||||||||||||
4.8 | 8-K | 001-16441 | July 16, 2018 | 4.3 | ||||||||||||||||||||||||||||
4.9 | 8-K | 001-16441 | August 4, 2009 | 4.1 | ||||||||||||||||||||||||||||
4.10 | 8-K | 001-16441 | August 4, 2009 | 4.2 | ||||||||||||||||||||||||||||
4.11 | 8-K | 001-16441 | October 16, 2012 | 4.1 | ||||||||||||||||||||||||||||
4.12 | 8-K | 001-16441 | December 16, 2014 | 4.4 | ||||||||||||||||||||||||||||
4.13 | 8-K | 001-16441 | December 28, 2012 | 4.1 | ||||||||||||||||||||||||||||
4.14 | 8-K | 001-16441 | April 15, 2014 | 4.1 | ||||||||||||||||||||||||||||
4.15 | 8-K | 001-16441 | December 16, 2014 | 4.5 | ||||||||||||||||||||||||||||
4.16 | 8-K | 001-16441 | December 16, 2014 | 4.6 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
4.11 | 8-K | 001-16441 | December 16, 2014 | 4.4 | ||||||
4.12 | 8-K | 001-16441 | December 28, 2012 | 4.1 | ||||||
4.13 | 8-K | 001-16441 | April 15, 2014 | 4.1 | ||||||
4.14 | 8-K | 001-16441 | April 15, 2014 | 4.2 | ||||||
4.15 | 8-K | 001-16441 | December 16, 2014 | 4.5 | ||||||
4.16 | 8-K | 001-16441 | December 16, 2014 | 4.6 | ||||||
4.17 | 8-K | 001-16441 | February 8, 2016 | 4.1 | ||||||
4.18 | 8-K | 001-16441 | May 6, 2016 | 4.1 | ||||||
4.19 | 8-K | 001-16441 | September 1, 2016 | 4.1 | ||||||
4.20 | 8-K | 001-16441 | February 2, 2017 | 4.1 | ||||||
4.21 | 8-K | 001-16441 | May 1, 2017 | 4.1 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
4.17 | 8-K | 001-16441 | February 8, 2016 | 4.1 | ||||||||||||||||||||||||||||
4.18 | 8-K | 001-16441 | May 6, 2016 | 4.1 | ||||||||||||||||||||||||||||
4.19 | 8-K | 001-16441 | February 2, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.20 | 8-K | 001-16441 | May 1, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.21 | 8-K | 001-16441 | August 1, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.22 | 8-K | 001-16441 | January 17, 2018 | 4.1 | ||||||||||||||||||||||||||||
4.23 | 8-K | 001-16441 | February 11, 2019 | 4.1 | ||||||||||||||||||||||||||||
4.24 | 8-K | 001-16441 | February 11, 2019 | 4.2 | ||||||||||||||||||||||||||||
4.25 | 8-K | 001-16441 | August 15, 2019 | 4.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
4.22 | 8-K | 001-16441 | August 1, 2017 | 4.1 | ||||||
4.23 | 8-K | 001-16441 | January 17, 2018 | 4.1 | ||||||
10.1† | 8-K | 001-16441 | February 24, 2016 | 10.3 | ||||||
10.2† | 8-K | 001-16441 | February 24, 2016 | 10.4 | ||||||
10.3† | 8-K | 001-16441 | July 15, 2008 | 10.1 | ||||||
10.4† | 8-K | 001-16441 | March 2, 2005 | 10.4 | ||||||
10.5† | 8-K | 001-16441 | December 7, 2007 | 10.2 | ||||||
10.6† | 8-K | 001-16441 | April 8, 2009 | 10.2 | ||||||
10.7† | 8-K | 001-16441 | February 24, 2016 | 10.5 | ||||||
10.8† | 10-K | 001-16441 | February 22, 2016 | 10.47 | ||||||
10.9† | DEF 14A | 001-16441 | April 8, 2013 | App. A | ||||||
10.10† | 10-Q | 001-16441 | August 4, 2016 | 10.1 | ||||||
10.11† | 8-K | 001-16441 | February 26, 2014 | 10.2 | ||||||
10.12† | 8-K | 001-16441 | February 24, 2016 | 10.2 | ||||||
10.13† | 10-Q | 001-16441 | August 7, 2017 | 10.1 | ||||||
10.14† | 8-K | 001-16441 | November 7, 2016 | 10.1 | ||||||
10.15† | 8-K | 001-16441 | February 23, 2017 | 10.1 | ||||||
10.16† | 8-K | 001-16441 | February 23, 2017 | 10.2 | ||||||
10.17 | 8-K | 000-24737 | December 10, 1998 | 99.3 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
4.26 | 8-K | 011-16441 | April 3, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.27 | 8-K | 011-16441 | June 15, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.28 | 8-K | 001-16441 | February 16, 2021 | 4.1 | ||||||||||||||||||||||||||||
4.29 | 10-K | 001-16441 | March 10, 2020 | 4.29 | ||||||||||||||||||||||||||||
10.1† | 8-K | 001-16441 | February 24, 2016 | 10.3 | ||||||||||||||||||||||||||||
10.2† | 8-K | 001-16441 | July 15, 2008 | 10.1 | ||||||||||||||||||||||||||||
10.3† | 8-K | 001-16441 | March 2, 2005 | 10.4 | ||||||||||||||||||||||||||||
10.4† | 8-K | 001-16441 | December 7, 2007 | 10.2 | ||||||||||||||||||||||||||||
10.5† | 8-K | 001-16441 | April 8, 2009 | 10.2 | ||||||||||||||||||||||||||||
10.6† | 8-K | 001-16441 | February 24, 2016 | 10.5 | ||||||||||||||||||||||||||||
10.7† | 10-K | 001-16441 | February 22, 2016 | 10.47 | ||||||||||||||||||||||||||||
10.8† | DEF 14A | 001-16441 | April 8, 2013 | App. A | ||||||||||||||||||||||||||||
10.9† | 10-Q | 001-16441 | August 4, 2016 | 10.1 | ||||||||||||||||||||||||||||
10.10† | 8-K | 001-16441 | February 24, 2016 | 10.2 | ||||||||||||||||||||||||||||
10.11† | 10-Q | 001-16441 | August 7, 2017 | 10.1 | ||||||||||||||||||||||||||||
10.12† | 8-K | 001-16441 | February 27, 2018 | 10.2 | ||||||||||||||||||||||||||||
10.13† | 10-Q | 001-16441 | August 6, 2018 | 10.2 | ||||||||||||||||||||||||||||
10.14† | 8-K | 001-16441 | February 21, 2020 | 10.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
10.18 | 8-K | 000-24737 | April 12, 1999 | 2.2 | ||||||
10.19 | 10-K | 001-16441 | March 10, 2004 | 2.3 | ||||||
10.20 | 8-K | 000-24737 | April 12, 1999 | 99.6 | ||||||
10.21 | 8-K | 000-24737 | April 12, 1999 | 99.1 | ||||||
10.22 | 10-K | 001-16441 | March 10, 2004 | 2.5 | ||||||
10.23 | 8-K | 000-24737 | June 9, 1999 | 99.1 | ||||||
10.24 | 8-K | 000-24737 | June 9, 1999 | 99.3 | ||||||
10.25 | 10-K | 000-24737 | March 30, 2000 | 2.7 | ||||||
10.26 | 10-K | 000-24737 | March 30, 2000 | 2.8 | ||||||
10.27 | 8-K | 000-24737 | November 12, 1999 | 99.2 | ||||||
10.28 | 10-K | 000-24737 | March 30, 2000 | 2.11 | ||||||
10.29 | 8-K | 001-16441 | June 9, 2005 | 10.1 | ||||||
10.30 | 8-K | 001-16441 | September 29, 2006 | 10.2 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
10.15 | 8-K | 000-24737 | April 12, 1999 | 99.6 | ||||||||||||||||||||||||||||
10.16 | 8-K | 000-24737 | June 9, 1999 | 99.1 | ||||||||||||||||||||||||||||
10.17 | 8-K | 000-24737 | June 9, 1999 | 99.3 | ||||||||||||||||||||||||||||
10.18 | 10-K | 000-24737 | March 30, 2000 | 2.7 | ||||||||||||||||||||||||||||
10.19 | 10-K | 000-24737 | March 30, 2000 | 2.8 | ||||||||||||||||||||||||||||
10.20 | 8-K | 001-16441 | June 9, 2005 | 10.1 | ||||||||||||||||||||||||||||
10.21 | 8-K | 001-16441 | September 29, 2006 | 10.2 | ||||||||||||||||||||||||||||
10.22 | 8-K | 001-16441 | December 5, 2006 | 10.1 | ||||||||||||||||||||||||||||
10.23 | 8-K | 001-16441 | June 9, 2005 | 10.2 | ||||||||||||||||||||||||||||
10.24 | 8-K | 001-16441 | December 5, 2006 | 10.2 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
10.31 | 8-K | 001-16441 | December 5, 2006 | 10.1 | ||||||
10.32 | 8-K | 001-16441 | June 9, 2005 | 10.2 | ||||||
10.33 | 8-K | 001-16441 | December 5, 2006 | 10.2 | ||||||
10.34 | 8-K | 001-16441 | June 9, 2005 | 10.3 | ||||||
10.35 | 8-K | 001-32168 | February 17, 2005 | 10.1 | ||||||
10.36 | 8-K | 001-32168 | May 27, 2005 | 10.1 | ||||||
10.37 | 8-K | 001-32168 | May 27, 2005 | 10.2 | ||||||
10.38 | 8-K | 001-32168 | May 27, 2005 | 10.3 | ||||||
10.39 | 8-K | 001-32168 | May 27, 2005 | 10.4 | ||||||
10.40 | 8-K | 001-32168 | May 27, 2005 | 10.5 | ||||||
10.41 | 8-K | 001-32168 | May 27, 2005 | 10.6 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
10.25 | 8-K | 001-16441 | June 9, 2005 | 10.3 | ||||||||||||||||||||||||||||
10.26 | 8-K | 001-32168 | May 27, 2005 | 10.1 | ||||||||||||||||||||||||||||
10.27 | 8-K | 001-32168 | May 27, 2005 | 10.2 | ||||||||||||||||||||||||||||
10.28 | 8-K | 001-32168 | May 27, 2005 | 10.3 | ||||||||||||||||||||||||||||
10.29 | 8-K | 001-32168 | May 27, 2005 | 10.4 | ||||||||||||||||||||||||||||
10.30 | 8-K | 001-32168 | May 27, 2005 | 10.5 | ||||||||||||||||||||||||||||
10.31 | 8-K | 001-32168 | May 27, 2005 | 10.6 | ||||||||||||||||||||||||||||
10.32 | 8-K | 001-16441 | August 4, 2009 | 10.1 | ||||||||||||||||||||||||||||
10.33 | 8-K | 001-16441 | August 4, 2009 | 10.2 | ||||||||||||||||||||||||||||
10.34 | 8-K | 001-16441 | August 4, 2009 | 10.3 | ||||||||||||||||||||||||||||
10.35 | 8-K | 001-16441 | December 28, 2012 | 10.1 | ||||||||||||||||||||||||||||
10.36 | 10-K | 001-16441 | February 12, 2013 | 10.40 | ||||||||||||||||||||||||||||
10.37 | 10-K | 001-16441 | February 12, 2013 | 10.41 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
10.42 | 8-K | 001-16441 | August 4, 2009 | 10.1 | ||||||
10.43 | 8-K | 001-16441 | August 4, 2009 | 10.2 | ||||||
10.44 | 8-K | 001-16441 | August 4, 2009 | 10.3 | ||||||
10.45 | 8-K | 001-16441 | October 2, 2012 | 10.1 | ||||||
10.46 | 8-K | 001-16441 | December 28, 2012 | 10.1 | ||||||
10.47 | 10-K | 001-16441 | February 12, 2013 | 10.40 | ||||||
10.48 | 10-K | 001-16441 | February 12, 2013 | 10.41 | ||||||
10.49 | 10-K | 001-16441 | February 12, 2013 | 10.42 | ||||||
10.50 | 10-K | 001-16441 | February 12, 2013 | 10.43 | ||||||
10.51 | 8-K | 001-16441 | October 21, 2013 | 10.1 | ||||||
10.52 | 10-K | 001-16441 | February 24, 2014 | 10.49 | ||||||
10.53 | 10-K | 001-16441 | February 24, 2014 | 10.50 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
10.38 | 10-K | 001-16441 | February 12, 2013 | 10.42 | ||||||||||||||||||||||||||||
10.39 | 10-K | 001-16441 | February 12, 2013 | 10.43 | ||||||||||||||||||||||||||||
10.40 | 8-K | 001-16441 | October 21, 2013 | 10.1 | ||||||||||||||||||||||||||||
10.41 | 10-K | 001-16441 | February 24, 2014 | 10.49 | ||||||||||||||||||||||||||||
10.42 | 10-K | 001-16441 | February 24, 2014 | 10.50 | ||||||||||||||||||||||||||||
10.43 | 10-K | 001-16441 | February 24, 2014 | 10.51 | ||||||||||||||||||||||||||||
10.44 | 10-K | 001-16441 | February 24, 2014 | 10.52 | ||||||||||||||||||||||||||||
10.45 | 8-K | 001-16441 | January 22, 2016 | 10.1 | ||||||||||||||||||||||||||||
10.46 | 8-K | 001-16441 | February 13, 2017 | 10.1 | ||||||||||||||||||||||||||||
10.47 | 8-K | 001-16441 | August 29, 2017 | 10.1 | ||||||||||||||||||||||||||||
10.48 | 8-K | 001-16441 | June 14, 2018 | 10.1 | ||||||||||||||||||||||||||||
10.49 | 8-K | 001-16441 | March 20, 2019 | 10.1 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||
10.54 | 10-K | 001-16441 | February 24, 2014 | 10.51 | ||||||
10.55 | 10-K | 001-16441 | February 24, 2014 | 10.52 | ||||||
10.56 | 10-Q | 001-16441 | May 8, 2015 | 10.5 | ||||||
10.57 | 10-Q | 001-16441 | August 7, 2015 | 10.2 | ||||||
10.58 | 8-K | 001-16441 | January 22, 2016 | 10.1 | ||||||
10.59 | 8-K | 001-16441 | February 13, 2017 | 10.1 | ||||||
10.60 | 8-K | 001-16441 | August 29, 2017 | 10.1 | ||||||
12* | — | — | — | — | ||||||
21* | — | — | — | — | ||||||
23* | — | — | — | — | ||||||
24* | Power of Attorney (included on signature page of this annual report) | — | — | — | — | |||||
31.1* | — | — | — | — | ||||||
31.2* | — | — | — | — | ||||||
32.1** | — | — | — | — | ||||||
101.INS* | XBRL Instance Document | — | — | — | — | |||||
101.SCH* | XBRL Taxonomy Extension Schema Document | — | — | — | — | |||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase | — | — | — | — | |||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | — | — | — | — |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File Number | Date of Filing | Exhibit Number | |||||||||||||||||||||||||||
10.50 | 8-K | 001-16441 | June 21, 2019 | 10.1 | ||||||||||||||||||||||||||||
10.51 | 8-K | 001-16441 | April 8, 2019 | 10.1 | ||||||||||||||||||||||||||||
21* | — | — | — | — | ||||||||||||||||||||||||||||
23.1* | — | — | — | — | ||||||||||||||||||||||||||||
24* | Power of Attorney (included on signature page of this annual report) | — | — | — | — | |||||||||||||||||||||||||||
31.1* | — | — | — | — | ||||||||||||||||||||||||||||
31.2* | — | — | — | — | ||||||||||||||||||||||||||||
32.1** | — | — | — | — | ||||||||||||||||||||||||||||
101* | The following financial statements from Crown Castle International Corp.'s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL: (i) Consolidated Balance Sheet, (ii) Consolidated Statement of Operations and Comprehensive Income (Loss), (iii) Consolidated Statement of Cash Flows, (iv) Consolidated Statement of Equity, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | — | — | — | — | |||||||||||||||||||||||||||
104* | The cover page from Crown Castle International Corp.'s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL | — | — | — | — |
Additions | Deductions | ||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Credited to Operations | Written Off | Effect of Exchange Rate Changes | Other Adjustments | Balance at End of Year | |||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable: | |||||||||||||||||||||||||||||||||||||||||
2020 | $ | 18 | $ | 4 | $ | — | $ | (5) | $ | 0 | $ | 0 | $ | 17 | |||||||||||||||||||||||||||
2019 | $ | 14 | $ | 7 | $ | — | $ | (3) | $ | 0 | $ | 0 | $ | 18 | |||||||||||||||||||||||||||
2018 | $ | 14 | $ | 4 | $ | — | $ | (4) | $ | 0 | $ | 0 | $ | 14 |
Additions | Deductions | ||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Charged to Additional Paid-in Capital and Other Comprehensive Income | Credited to Operations | Credited to Additional Paid-in Capital and Other Comprehensive Income | Other Adjustments | Balance at End of Year | |||||||||||||||||||||||||||||||||||
Deferred Tax Valuation Allowance: | |||||||||||||||||||||||||||||||||||||||||
2020 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
2019 | $ | 1 | $ | 0 | $ | 0 | $ | (1) | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||
2018 | $ | 1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 |
Additions | Deductions | ||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Credited to Operations | Written Off | Effect of Exchange Rate Changes | Other Adjustments | Balance at End of Year | |||||||||||||||||||||
Allowance for Doubtful Accounts Receivable: | |||||||||||||||||||||||||||
2017 | $ | 11,314 | $ | 4,360 | $ | — | $ | (4,591 | ) | $ | — | $ | 2,663 | (a) | $ | 13,746 | |||||||||||
2016 | $ | 9,574 | $ | 4,873 | $ | — | $ | (3,133 | ) | $ | — | $ | — | $ | 11,314 | ||||||||||||
2015 | $ | 10,037 | $ | 2,958 | $ | — | $ | (3,421 | ) | $ | — | $ | — | $ | 9,574 |
Additions | Deductions | ||||||||||||||||||||||||||
Balance at Beginning of Year | Charged to Operations | Charged to Additional Paid-in Capital and Other Comprehensive Income | Credited to Operations | Credited to Additional Paid-in Capital and Other Comprehensive Income | Other Adjustments(a) | Balance at End of Year | |||||||||||||||||||||
Deferred Tax Valuation Allowance: | |||||||||||||||||||||||||||
2017 | $ | 6,627 | $ | 59 | $ | — | $ | (5,514 | ) | $ | — | $ | — | $ | 1,172 | ||||||||||||
2016 | $ | 1,994 | $ | 586 | $ | — | $ | (2,236 | ) | $ | — | $ | 6,283 | $ | 6,627 | ||||||||||||
2015 | $ | 21,038 | $ | 164 | $ | — | $ | (3,000 | ) | $ | — | $ | (16,208 | ) | $ | 1,994 |
Description | Encumbrances | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Current Period | Accumulated Depreciation at Close of Current Period | Date of Construction | Date Acquired | Life on Which Depreciation in Latest Income Statement is Computed | ||||||||||||||||||||||||
Communications infrastructure(a) | $ | 3,295 | (b) | (c) | (c) | $ | 25,441 | $ | (10,478) | Various | Various | Up to 20 years |
2020 | 2019 | ||||||||||
Gross amount at beginning | $ | 23,854 | $ | 21,840 | |||||||
Additions during period: | |||||||||||
Acquisitions through foreclosure | — | — | |||||||||
Other acquisitions(a) | 68 | 4 | |||||||||
Communications infrastructure construction and improvements | 1,438 | 1,878 | |||||||||
Purchase of land interests | 64 | 53 | |||||||||
Sustaining capital expenditures | 66 | 84 | |||||||||
Other(b) | 47 | 101 | |||||||||
Total additions | 1,683 | 2,120 | |||||||||
Deductions during period: | |||||||||||
Cost of real estate sold or disposed | (96) | (45) | |||||||||
Other | 0 | (61) | |||||||||
Total deductions | (96) | (106) | |||||||||
Balance at end | $ | 25,441 | $ | 23,854 |
2020 | 2019 | ||||||||||
Gross amount of accumulated depreciation at beginning | $ | (9,382) | $ | (8,338) | |||||||
Additions during period: | |||||||||||
Depreciation | (1,114) | (1,087) | |||||||||
Total additions | (1,114) | (1,087) | |||||||||
Deductions during period: | |||||||||||
Amount for assets sold or disposed | 18 | 24 | |||||||||
Other | 0 | 19 | |||||||||
Total deductions | 18 | 43 | |||||||||
Balance at end | $ | (10,478) | $ | (9,382) |
Description | Encumbrances | Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Current Period | Accumulated Depreciation at Close of Current Period | Date of Construction | Date Acquired | Life on Which Depreciation in Latest Income Statement is Computed | ||||||||
40,080 towers(1) | $ | 4,580,581 | (2) | (3) | (3) | $ | 20,109,562 | (4) | $ | (7,303,230 | ) | Various | Various | Up to 20 years |
2017 | 2016 | ||||||
Gross amount at beginning | $ | 16,120,896 | $ | 15,110,835 | |||
Additions during period: | |||||||
Acquisitions through foreclosure | — | — | |||||
Other acquisitions(1)(2) | 2,787,829 | 130,139 | |||||
Communications infrastructure construction and improvements | 1,062,589 | 709,538 | |||||
Purchase of land interests | 80,647 | 74,579 | |||||
Sustaining capital expenditures | 56,480 | 55,417 | |||||
Other(3) | 46,537 | 95,049 | |||||
Total additions | 4,034,082 | 1,064,722 | |||||
Deductions during period: | |||||||
Cost of real estate sold or disposed | (45,416 | ) | (54,661 | ) | |||
Other | — | — | |||||
Total deductions: | (45,416 | ) | (54,661 | ) | |||
Balance at end | $ | 20,109,562 | $ | 16,120,896 |
2017 | 2016 | ||||||
Gross amount of accumulated depreciation at beginning | $ | (6,446,448 | ) | $ | (5,648,598 | ) | |
Additions during period: | |||||||
Depreciation | (889,983 | ) | (810,549 | ) | |||
Total additions | (889,983 | ) | (810,549 | ) | |||
Deductions during period: | |||||||
Amount for assets sold or disposed | 26,391 | 24,190 | |||||
Other | 6,810 | (11,491 | ) | ||||
Total deductions | 33,201 | 12,699 | |||||
Balance at end | $ | (7,303,230 | ) | $ | (6,446,448 | ) |
CROWN CASTLE INTERNATIONAL CORP. | ||||||||||
By: | /s/ DANIEL K. SCHLANGER | |||||||||
Daniel K. Schlanger Executive Vice President and Chief Financial Officer |
Name | Title | |||||||
/s/ JAY A. BROWN | President, Chief Executive Officer and Director | |||||||
Jay A. Brown | (Principal Executive Officer) | |||||||
/s/ DANIEL K. SCHLANGER | Executive Vice President and Chief Financial Officer | |||||||
Daniel K. Schlanger | (Principal Financial Officer) | |||||||
/s/ ROBERT S. COLLINS | Vice President and Controller | |||||||
Robert S. Collins | (Principal Accounting Officer) | |||||||
/s/ J. LANDIS MARTIN | Chairman of the Board of Directors | |||||||
J. Landis Martin | ||||||||
/s/ P. ROBERT BARTOLO | Director | |||||||
P. Robert Bartolo | ||||||||
/s/ CINDY CHRISTY | Director | |||||||
Cindy Christy | ||||||||
/s/ ARI Q. FITZGERALD | Director | |||||||
Ari Q. Fitzgerald | ||||||||
/s/ ROBERT E. GARRISON II | Director | |||||||
Robert E. Garrison II | ||||||||
/s/ ANDREA J.GOLDSMITH | Director | |||||||
Andrea J. Goldsmith | ||||||||
/s/ LEE W. HOGAN | Director | |||||||
Lee W. Hogan | ||||||||
/s/ EDWARDC.HUTCHESON, JR. | Director | |||||||
Edward C. Hutcheson, Jr. | ||||||||
/s/ TAMMYK.JONES | Director | |||||||
Tammy K. Jones | ||||||||
/s/ ROBERT F. MCKENZIE | Director | |||||||
Robert F. McKenzie | ||||||||
/s/ ANTHONYJ. MELONE | Director | |||||||
Anthony J. Melone | ||||||||
/s/ W. BENJAMINMORELAND | Director | |||||||
W. Benjamin Moreland | ||||||||
/s/ KEVIN A. STEPHENS | Director | |||||||
Kevin A. Stephens | ||||||||
/s/ MATTHEW THORNTON III | Director | |||||||
Matthew Thornton III | ||||||||