Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-16441 | |
Entity Registrant Name | CROWN CASTLE INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0470458 | |
Entity Address, Address Line One | 8020 Katy Freeway | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77024 | |
City Area Code | 713 | |
Local Phone Number | 570-3000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | CCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 433,678,544 | |
Entity Central Index Key | 0001051470 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 276 | $ 156 |
Restricted cash, current | 207 | 166 |
Receivables, net | 496 | 593 |
Prepaid expenses | 182 | 102 |
Deferred site rental receivables | 117 | 127 |
Other current assets | 71 | 73 |
Assets, Current, Total | 1,349 | 1,217 |
Deferred site rental receivables | 2,128 | 1,954 |
Property and equipment, net of accumulated depreciation of $13,683 and $13,071, respectively | 15,571 | 15,407 |
Operating lease right-of-use assets | 6,385 | 6,526 |
Goodwill | 10,085 | 10,085 |
Other intangible assets, net | 3,388 | 3,596 |
Other assets, net | 136 | 136 |
Assets, Total | 39,042 | 38,921 |
Liabilities, Current [Abstract] | ||
Accounts payable | 240 | 236 |
Accrued interest | 219 | 183 |
Deferred revenues | 793 | 736 |
Other accrued liabilities | 312 | 407 |
Current maturities of debt and other obligations | 819 | 819 |
Current portion of operating lease liabilities | 342 | 350 |
Liabilities, Current, Total | 2,725 | 2,731 |
Debt and other long-term obligations | 21,599 | 20,910 |
Operating lease liabilities | 5,750 | 5,881 |
Other long-term liabilities | 1,922 | 1,950 |
Liabilities, Total | $ 31,996 | $ 31,472 |
Common stock, par value | $ 0.01 | $ 0.01 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $ 4 | $ 4 |
Additional Paid in Capital | 18,202 | 18,116 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5) | (5) |
Retained Earnings (Accumulated Deficit) | (11,155) | (10,666) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 7,046 | 7,449 |
Liabilities and Equity, Total | $ 39,042 | $ 38,921 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract] | ||
Accumulated depreciation, property and equipment | $ 13,683 | $ 13,071 |
Common stock, shares outstanding | 434 | 433 |
Common stock, shares authorized | 1,200 | 1,200 |
Common stock, par value | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |||
Net revenues: | ||||||
Site Rental | $ 1,728 | $ 1,567 | $ 3,352 | $ 3,143 | ||
Services and other | 139 | 167 | 288 | 333 | ||
Net Revenues | 1,867 | 1,734 | 3,640 | 3,476 | ||
Operating expenses: | ||||||
Site rental | [1] | 424 | 402 | 839 | 798 | |
Services and other | [1] | 98 | 112 | 202 | 225 | |
Selling, general and administrative | 210 | 190 | 405 | 371 | ||
Asset write-down charges | 22 | 9 | 22 | 23 | ||
Acquisition and integration costs | 1 | 1 | 1 | 1 | ||
Depreciation, amortization and accretion | 445 | 427 | 876 | 847 | ||
Total operating expenses | 1,200 | 1,141 | 2,345 | 2,265 | ||
Operating income (loss) | 667 | 593 | 1,295 | 1,211 | ||
Interest expense and amortization of deferred financing costs, net | (208) | (165) | (410) | (329) | ||
Gains (losses) on retirement of long-term obligations | 0 | 0 | 0 | (26) | ||
Interest income | 5 | 0 | 7 | 1 | ||
Other income (expense) | (2) | (2) | (4) | (4) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 462 | 426 | 888 | 853 | ||
Benefit (provision) for income taxes | (7) | (5) | (14) | (11) | ||
Net Income (Loss) Attributable to Parent | 455 | 421 | 874 | 842 | ||
Foreign currency translation adjustments | (1) | [2] | (2) | 0 | 1 | |
Total other comprehensive income (loss) | [2] | $ 1 | $ (2) | $ 0 | $ (1) | |
Weighted-average common shares outstanding, basic | 434 | 433 | 433 | 433 | ||
Weighted-average common shares outstanding, diluted | 434 | 434 | 434 | 434 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 456 | $ 419 | $ 874 | $ 841 | ||
Earnings Per Share, Basic | $ 1.05 | $ 0.97 | $ 2.02 | $ 1.95 | ||
Earnings Per Share, Diluted | $ 1.05 | $ 0.97 | $ 2.01 | $ 1.94 | ||
[1]Exclusive of depreciation, amortization and accretion shown separately.[2]See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 874 | $ 842 |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used for) operating activities: | ||
Depreciation, amortization and accretion | 876 | 847 |
Gains (losses) on retirement of long-term obligations | 0 | 26 |
Amortization of deferred financing costs and other non-cash interest | 14 | 7 |
Stock-based compensation expense, net | 91 | 83 |
Asset write-down charges | 22 | 23 |
Deferred income tax (benefit) provision | 1 | 1 |
Other non-cash adjustments, net | 2 | 3 |
Changes in assets and liabilities, excluding the effects of acquisitions: | ||
Increase (decrease) in accrued interest | 36 | (2) |
Increase (decrease) in accounts payable | (1) | (8) |
Increase (decrease) in other liabilities | (70) | (222) |
Decrease (increase) in receivables | 103 | 28 |
Decrease (increase) in other assets | (223) | (291) |
Net cash provided by (used for) operating activities | 1,725 | 1,337 |
Cash flows from investing activities: | ||
Capital expenditures | (720) | (584) |
Payments for acquisitions, net of cash acquired | (89) | (15) |
Other investing activities, net | 3 | (10) |
Net cash provided by (used for) investing activities | (806) | (609) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 2,347 | 748 |
Principal payments on debt and other long-term obligations | (39) | (36) |
Purchases and redemptions of long-term debt | 0 | (1,274) |
Borrowings under revolving credit facility | 2,113 | 2,050 |
Payments under revolving credit facility | (2,739) | (1,565) |
Net issuances (repayments) under commercial paper program | (1,024) | 687 |
Payments for financing costs | (23) | (8) |
Purchases of common stock | (29) | (63) |
Dividends/distributions paid on common stock | (1,364) | (1,287) |
Net cash provided by (used for) financing activities | (758) | (748) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 161 | (20) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of period | 327 | 466 |
Cash, cash equivalents and restricted cash at end of period | $ 488 | $ 446 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Dividends/Distributions in Excess of Earnings [Member] | AOCI Attributable to Parent | |
Balance, shares Period Start at Dec. 31, 2021 | 432 | |||||
Balance, value Period Start at Dec. 31, 2021 | $ 8,258 | $ 4 | $ 18,011 | $ (9,753) | $ (4) | |
Stock-based compensation related activity, net of forfeitures, value | 102 | 102 | ||||
Purchases and retirement of common stock, value | (63) | (63) | ||||
Common stock dividends/distributions | (1,277) | 1,277 | ||||
Net income (loss) | 842 | 842 | ||||
Balance, shares Period End at Jun. 30, 2022 | 433 | |||||
Balance, value Period End at Jun. 30, 2022 | 7,861 | $ 4 | 18,050 | (10,188) | (5) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 1 | |||||
Total other comprehensive income (loss) | [1] | (1) | (1) | |||
Foreign currency translation adjustments | 1 | |||||
Balance, shares Period Start at Mar. 31, 2022 | 433 | |||||
Balance, value Period Start at Mar. 31, 2022 | 8,036 | $ 4 | 18,006 | (9,971) | (3) | |
Stock-based compensation related activity, net of forfeitures, value | 45 | 45 | ||||
Purchases and retirement of common stock, value | (1) | (1) | ||||
Common stock dividends/distributions | (638) | 638 | ||||
Net income (loss) | 421 | 421 | ||||
Balance, shares Period End at Jun. 30, 2022 | 433 | |||||
Balance, value Period End at Jun. 30, 2022 | 7,861 | $ 4 | 18,050 | (10,188) | (5) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 0 | |||||
Total other comprehensive income (loss) | [1] | (2) | (2) | |||
Foreign currency translation adjustments | $ (2) | |||||
Balance, shares Period Start at Dec. 31, 2022 | 433 | 433 | ||||
Balance, value Period Start at Dec. 31, 2022 | $ 7,449 | $ 4 | 18,116 | (10,666) | (5) | |
Stock-based compensation related activity, net of forfeitures, value | 115 | 115 | ||||
Purchases and retirement of common stock, value | (29) | (29) | ||||
Common stock dividends/distributions | (1,363) | 1,363 | ||||
Net income (loss) | $ 874 | 874 | ||||
Balance, shares Period End at Jun. 30, 2023 | 434 | 434 | ||||
Balance, value Period End at Jun. 30, 2023 | $ 7,046 | $ 4 | 18,202 | (11,155) | (5) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 1 | |||||
Total other comprehensive income (loss) | [1] | 0 | ||||
Foreign currency translation adjustments | 0 | |||||
Balance, shares Period Start at Mar. 31, 2023 | 434 | |||||
Balance, value Period Start at Mar. 31, 2023 | 7,223 | $ 4 | 18,154 | (10,929) | (6) | |
Stock-based compensation related activity, net of forfeitures, value | 49 | 49 | ||||
Purchases and retirement of common stock, value | (1) | (1) | ||||
Common stock dividends/distributions | (681) | 681 | ||||
Net income (loss) | $ 455 | 455 | ||||
Balance, shares Period End at Jun. 30, 2023 | 434 | 434 | ||||
Balance, value Period End at Jun. 30, 2023 | $ 7,046 | $ 4 | $ 18,202 | $ (11,155) | (5) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | ||||||
Total other comprehensive income (loss) | [1] | 1 | $ 1 | |||
Foreign currency translation adjustments | [1] | $ (1) | ||||
[1]See the condensed consolidated statement of operations and other comprehensive income (loss) for the components of other comprehensive income (loss). |
General
General | 6 Months Ended |
Jun. 30, 2023 | |
General | |
General | General The information contained in the following notes to the condensed consolidated financial statements is condensed from that which would appear in the annual consolidated financial statements; accordingly, the condensed consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and related notes thereto, included in the 2022 Form 10-K filed by Crown Castle Inc. ("CCI") with the SEC. Capitalized terms used but not defined in these notes to the condensed consolidated financial statements have the same meaning given to them in the 2022 Form 10-K. References to the "Company" refer to CCI and its predecessor, as applicable, and their subsidiaries, unless otherwise indicated or the context indicates otherwise. As used herein, the term "including," and any variation thereof means "including without limitation." The use of the word "or" herein is not exclusive. Unless the context suggests otherwise, references to "U.S." are to the United States of America and Puerto Rico, collectively. The Company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) towers and other structures, such as rooftops (collectively, "towers"), and (2) fiber primarily supporting small cell networks ("small cells") and fiber solutions. The Company's towers, small cells and fiber assets are collectively referred to herein as "communications infrastructure," and the Company's customers on its communications infrastructure are referred to herein as "tenants." The Company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements (collectively, "tenant contracts"). The Company's operating segments consist of (1) Towers and (2) Fiber. See note 10. As part of the Company's effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company also offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). See note 12 for a discussion of the Company's restructuring plan, which includes discontinuing installation services as a Towers product offering. The Company operates as a REIT for U.S. federal income tax purposes. In addition, the Company has certain taxable REIT subsidiaries ("TRSs"). See note 6. Approximately 53% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, and other agreements with AT&T and T-Mobile (including those which T-Mobile assumed in its merger with Sprint). The Company has the option to purchase these towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. Basis of Presentation The condensed consolidated financial statements included herein are unaudited; however, they include all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to state fairly the condensed consolidated financial position of the Company as of June 30, 2023, the condensed consolidated results of operations for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated cash flows for the six months ended June 30, 2023 and 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the six months ended June 30, 2023 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Revenues (Notes)
Revenues (Notes) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues Site Rental Revenues The Company generates site rental revenues from its core business by providing tenants with access, including space or capacity, to its shared communications infrastructure via long-term tenant contracts in various forms, including lease, license, sublease and service agreements. Typically, providing such access over the length of the tenant contract term represents the Company’s sole performance obligation under its tenant contracts. Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges from five to 15 years for wireless tenants and three to 20 years for fiber solutions tenants (including from organizations with high-bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the tenant contract. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are recorded within "Current portion of deferred site rental receivables" and "Deferred site rental receivables" on the Company's condensed consolidated balance sheet. Amounts billed or received prior to being earned are deferred and reflected in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. Amounts to which the Company has an unconditional right to payment, which are related to both satisfied or partially satisfied performance obligations, are recorded within "Receivables, net" on the Company's condensed consolidated balance sheet. Sprint Cancellation Payments. For the three and six months ended June 30, 2023, site rental revenues include $106 million and $154 million, respectively, of payments in the Company's Fiber segment to satisfy the remaining rental obligations of certain canceled Sprint leases as a result of the T-Mobile US, Inc. and Sprint network consolidation. In connection with such canceled Sprint leases, the Company also recognized $57 million of accelerated prepaid rent amortization in the Company's Fiber segment during the three and six months ended June 30, 2023. Services and Other Revenues As part of the Company’s effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company offers certain services primarily relating to its Towers segment, predominately consisting of (1) site development services and (2) installation services. See note 12 for a discussion of the Company's restructuring plan, which includes discontinuing installation services as a Towers product offering. Upon contract commencement, the Company assesses its services to tenants and identifies performance obligations for each promise to provide a distinct service. The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of these performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The services revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective tenant contract based on estimated standalone selling price. The volume and mix of site development services may vary among tenant contracts and may include a combination of some or all of the above performance obligations. Amounts are billed per contractual milestones, with payments generally due within 45 to 60 days, and generally do not contain variable-consideration provisions. The transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues on the Company's condensed consolidated statement of operations and comprehensive income (loss). Since performance obligations are typically satisfied prior to receiving payment from tenants, the unconditional right to payment is recorded within "Receivables, net" on the Company’s condensed consolidated balance sheet. Generally, the services the Company provides to its tenants have a duration of one year or less. Additional Information on Revenues As of January 1, 2023 and June 30, 2023, $2.3 billion and $2.4 billion of unrecognized revenues, respectively, were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the six months ended June 30, 2023, approximately $360 million of the January 1, 2023 unrecognized revenues balance was recognized as revenues. As of January 1, 2022, $2.6 billion of unrecognized revenues were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's condensed consolidated balance sheet. During the six months ended June 30, 2022, approximately $350 million of the January 1, 2022 unrecognized revenues balance was recognized as revenues. The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of June 30, 2023. Six Months Ending December 31, Years Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Contracted amounts (a) $ 2,472 $ 4,522 $ 4,173 $ 4,042 $ 3,988 $ 19,166 $ 38,363 (a) Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less. See note 10 for further information regarding the Company's operating segments. |
Debt and Other Obligations
Debt and Other Obligations | 6 Months Ended |
Jun. 30, 2023 | |
Debt and Other Obligations [Abstract] | |
Debt Disclosure | Debt and Other Obligations The table below sets forth the Company's debt and other obligations as of June 30, 2023. Original Final Maturity Date (a) Balance as of June 30, 2023 Balance as of December 31, 2022 Stated Interest Rate as of June 30, 2023 (a)(b) Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 $ 43 $ 47 9.0 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 698 698 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 745 745 4.2 % Finance leases and other obligations Various (d) Various (d) 266 246 Various (d) Total secured debt 1,752 1,736 2016 Revolver Jan. 2016 July 2027 679 (e) 1,305 6.3 % (f) 2016 Term Loan A Jan. 2016 July 2027 1,177 1,192 6.3 % (f) Commercial Paper Notes Various (g) Various (g) 218 (g) 1,241 5.9 % 3.150% Senior Notes Jan. 2018 July 2023 750 (h) 749 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 748 748 3.2 % 1.350% Senior Notes June 2020 July 2025 497 497 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 897 896 4.5 % 3.700% Senior Notes May 2016 June 2026 747 747 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 994 992 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 497 497 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 743 742 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 996 996 3.7 % 5.000% Senior Notes Jan. 2023 Jan. 2028 990 — 5.0 % 3.800% Senior Notes Jan. 2018 Feb. 2028 994 993 3.8 % 4.800% Senior Notes Apr. 2023 (i) Sept. 2028 (i) 593 — 4.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 595 594 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 546 545 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 740 739 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 1,091 1,090 2.3 % 2.100% Senior Notes Feb. 2021 Apr. 2031 990 989 2.1 % 2.500% Senior Notes June 2021 July 2031 742 742 2.5 % 5.100% Senior Notes Apr. 2023 (i) May 2033 (i) 742 — 5.1 % 2.900% Senior Notes Feb. 2021 Apr. 2041 1,234 1,233 2.9 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 396 396 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 346 346 4.0 % 4.150% Senior Notes Apr. 2020 July 2050 490 490 4.2 % 3.250% Senior Notes June 2020 Jan. 2051 890 890 3.3 % Total unsecured debt 20,666 19,993 Total debt and other obligations 22,418 21,729 Less: current maturities of debt and other obligations 819 819 Non-current portion of debt and other long-term obligations $ 21,599 $ 20,910 (a) See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) Represents the weighted-average stated interest rate, as applicable. (c) If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of June 30, 2023, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively. (d) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates up to 10% and mature in periods ranging from less than one year to approximately 25 years. (e) As of June 30, 2023, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion. (f) Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (g) The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h) In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. (i) In April 2023, the Company issued $600 million aggregate principal amount of 4.800% senior unsecured notes due September 2028 and $750 million aggregate principal amount of 5.100% senior unsecured notes due May 2033 (collectively, "April 2023 Senior Notes"). The Company used the net proceeds from the April 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under the 2016 Revolver and pay related fees and expenses. Scheduled Principal Payments and Final Maturities The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of June 30, 2023, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Six Months Ending December 31, Years Ending December 31, Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2023 2024 2025 2026 2027 Thereafter Scheduled principal payments and final maturities $ 1,002 (a) $ 835 $ 596 $ 2,774 $ 3,924 $ 13,452 $ 22,583 $ (165) $ 22,418 (a) Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes") due July 2023. In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. Purchases and Redemptions of Long-Term Debt There were no purchases and redemptions of long-term debt during the six months ended June 30, 2023. Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense on debt obligations $ 205 $ 161 $ 403 $ 322 Amortization of deferred financing costs and adjustments on long-term debt 7 7 14 13 Capitalized interest (4) (3) (7) (6) Total $ 208 $ 165 $ 410 $ 329 |
Components of Interest Expense and Amortization of Deferred Financing Costs, net | Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense on debt obligations $ 205 $ 161 $ 403 $ 322 Amortization of deferred financing costs and adjustments on long-term debt 7 7 14 13 Capitalized interest (4) (3) (7) (6) Total $ 208 $ 165 $ 410 $ 329 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Level in Fair Value Hierarchy June 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 276 $ 276 $ 156 $ 156 Restricted cash, current and non-current 1 212 212 171 171 Liabilities: Total debt and other obligations 2 22,418 20,344 21,729 19,554 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company operates as a REIT for U.S. federal income tax purposes. As a REIT, the Company is generally entitled to a deduction for dividends that it pays and, therefore, is not subject to U.S. federal corporate income tax on its net taxable income that is currently distributed to its stockholders. The Company may be subject to certain federal, state, local and foreign taxes on its income, including (1) taxes on any undistributed income and (2) taxes related to the TRSs. In addition, the Company could, under certain circumstances, be required to pay an excise or penalty tax, which could be significant in amount, in order to utilize one or more relief provisions under the Internal Revenue Code of 1986, as amended, to maintain qualification for taxation as a REIT. The Company's TRS assets and operations will continue to be subject, as applicable, to federal and state corporate income taxes or to foreign taxes in the jurisdictions in which such assets and operations are located. The Company's foreign assets and operations (including its tower operations in Puerto Rico) are subject to foreign income taxes in the jurisdictions in which such assets and operations are located, regardless of whether they are included in a TRS or not. For the six months ended June 30, 2023 and 2022, the Company's effective tax rate differed from the federal statutory rate predominately due to the Company's REIT status, including the dividends paid deduction. |
Per Share Information
Per Share Information | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Per Share Information | Per Share Information Basic net income (loss), per common share, excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. For the six months ended June 30, 2023 and 2022, diluted net income (loss), per common share, is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable upon the vesting of restricted stock units ("RSUs") as determined under the treasury stock method. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 455 $ 421 $ 874 $ 842 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 434 433 433 433 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units — 1 1 1 Diluted weighted-average number of common shares outstanding 434 434 434 434 Net income (loss), per common share: Basic $ 1.05 $ 0.97 $ 2.02 $ 1.95 Diluted $ 1.05 $ 0.97 $ 2.01 $ 1.94 Dividends/distributions declared per share of common stock $ 1.565 $ 1.470 $ 3.130 $ 2.940 During the six months ended June 30, 2023, the Company granted one million RSUs to the Company's executives and certain other employees. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is involved in various claims, assessments, lawsuits or proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs or losses that may be incurred, if any, management believes the adverse resolution of such uncertainties and the incurrence of such costs should not have a material adverse effect on the Company's condensed consolidated financial position or results of operations. The Company and certain of its subsidiaries are also contingently liable for commitments or performance guarantees arising in the ordinary course of business, including certain letters of credit or surety bonds. In addition, as mentioned in note 1, the Company has the option to purchase approximately 53% of its towers at the end of their respective lease terms. The Company has no obligation to exercise such purchase options. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity Declaration and Payment of Dividends During the six months ended June 30, 2023, the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (a) Common Stock February 7, 2023 March 15, 2023 March 31, 2023 $ 1.565 $ 681 Common Stock May 1, 2023 June 15, 2023 June 30, 2023 $ 1.565 $ 681 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. See also note 12 for a discussion of the Company's common stock dividend declared in July 2023. Purchases of the Company's Common Stock For the six months ended June 30, 2023, the Company purchased 0.2 million shares of its common stock utilizing $29 million in cash. The shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs. 2021 "At-the-Market" Stock Offering Program In March 2021, the Company established an "at-the-market" stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $750 million ("2021 ATM Program"). Sales under the 2021 ATM Program may be made by means of ordinary brokers' transactions on the NYSE or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to the Company's specific instructions, at negotiated prices. The Company intends to use the net proceeds from any sales under the 2021 ATM Program for general corporate purposes, which may include (1) the funding of future acquisitions or investments or (2) the repayment or repurchase of any outstanding indebtedness. The Company has not sold any shares of common stock under the 2021 ATM Program. |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Company's operating segments consist of (1) Towers and (2) Fiber. The Towers segment provides access, including space or capacity, to the Company's more than 40,000 towers geographically dispersed throughout the U.S. The Towers segment also reflects certain ancillary services relating to the Company's towers, predominately consisting of site development services and installation services. See note 12 for a discussion of the Company's restructuring plan, which includes discontinuing installation services as a Towers product offering. The Fiber segment provides access, including space or capacity, to the Company's approximately (1) 120,000 small cells on air or under contract and (2) 85,000 route miles of fiber primarily supporting small cells and fiber solutions geographically dispersed throughout the U.S. The measurements of profit or loss used by the Company's chief operating decision maker ("CODM") to evaluate the performance of its operating segments are (1) segment site rental gross margin, (2) segment services and other gross margin and (3) segment operating profit (loss). The Company defines segment site rental gross margin as segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations. The Company defines segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense, net recorded in consolidated services and other costs of operations. The Company defines segment operating profit (loss) as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less segment selling, general and administrative expenses. All of these measurements of profit or loss are exclusive of depreciation, amortization and accretion, which are shown separately. The following tables set forth the Company's segment operating results for the six months ended June 30, 2023 and 2022. Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. Additionally, certain costs are shared across segments and are reflected in the Company's segment measures through allocations that management believes to be reasonable. The "Other" column (1) represents amounts excluded from specific segments, such as restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, gains (losses) on retirement of long-term obligations, interest income, other income (expense), stock-based compensation expense, net and Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 1,080 $ 648 $ 1,728 $ 1,078 $ 489 $ 1,567 Segment services and other revenues 124 15 139 164 3 167 Segment revenues 1,204 663 1,867 1,242 492 1,734 Segment site rental costs of operations 243 171 414 232 162 394 Segment services and other costs of operations 92 3 95 107 2 109 Segment costs of operations (a)(b) 335 174 509 339 164 503 Segment site rental gross margin 837 477 1,314 846 327 1,173 Segment services and other gross margin 32 12 44 57 1 58 Segment selling, general and administrative expenses (b) 30 51 81 28 46 74 Segment operating profit (loss) 839 438 1,277 875 282 1,157 Other selling, general and administrative expenses (b) $ 88 88 $ 79 79 Stock-based compensation expense, net 50 50 44 44 Depreciation, amortization and accretion 445 445 427 427 Interest expense and amortization of deferred financing costs, net 208 208 165 165 Other (income) expenses to reconcile to income (loss) before income taxes (c) 24 24 16 16 Income (loss) before income taxes $ 462 $ 426 Capital expenditures $ 61 $ 306 $ 12 $ 379 $ 45 $ 247 $ 11 $ 303 Total assets (at period end) $ 21,973 $ 16,166 $ 903 $ 39,042 $ 22,286 $ 15,859 $ 868 $ 39,013 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $9 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $41 million and $37 million for the three months ended June 30, 2023 and 2022, respectively. (c) See condensed consolidated statement of operations and comprehensive income (loss) for further information. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 2,161 $ 1,191 $ 3,352 $ 2,153 $ 990 $ 3,143 Segment services and other revenues 270 18 288 327 6 333 Segment revenues 2,431 1,209 3,640 2,480 996 3,476 Segment site rental costs of operations 477 343 820 458 323 781 Segment services and other costs of operations 191 5 196 216 4 220 Segment costs of operations (a)(b) 668 348 1,016 674 327 1,001 Segment site rental gross margin 1,684 848 2,532 1,695 667 2,362 Segment services and other gross margin 79 13 92 111 2 113 Segment selling, general and administrative expenses (b) 61 100 161 56 93 149 Segment operating profit (loss) 1,702 761 2,463 1,750 576 2,326 Other selling, general and administrative expenses (b) $ 170 170 $ 153 153 Stock-based compensation expense 91 91 83 83 Depreciation, amortization and accretion 876 876 847 847 Interest expense and amortization of deferred financing costs, net 410 410 329 329 Other (income) expenses to reconcile to income (loss) before income taxes (c) 28 28 61 61 Income (loss) before income taxes $ 888 $ 853 Capital expenditures $ 111 $ 585 $ 24 $ 720 $ 92 $ 469 $ 23 $ 584 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $17 million and $14 million for the six months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $74 million and $69 million for the six months ended June 30, 2023 and 2022, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table is a summary of the Company's supplemental cash flow information for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 284 $ 278 Interest paid 367 324 Income taxes paid 10 9 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 28 155 Increase (decrease) in accounts payable for purchases of property and equipment 16 (7) Purchase of property and equipment under finance leases and installment land purchases 39 10 (a) Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. The reconciliation of cash, cash equivalents and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. June 30, 2023 December 31, 2022 Cash and cash equivalents $ 276 $ 156 Restricted cash, current 207 166 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 488 $ 327 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Common Stock Dividend On July 21, 2023, the Company's board of directors declared a quarterly cash dividend of $1.565 per common share. The quarterly dividend will be payable on September 29, 2023 to common stockholders of record as of September 15, 2023. Restructuring Plan On July 24, 2023, the Company initiated a restructuring plan ("Plan") as part of its efforts to reduce costs to better align the Company's operational needs with lower tower activity. The Plan includes reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a Towers product offering while continuing to offer site development services on Company towers, and consolidating office space. In connection with the Plan, the Company estimates it will incur aggregate restructuring and related charges of approximately $120 million, most of which the Company expects to incur in the third and fourth quarters of 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 455 | $ 421 | $ 874 | $ 842 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Recent accounting prounouncements | Recently Adopted Accounting Pronouncements No accounting pronouncements adopted during the six months ended June 30, 2023 had a material impact on the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued but not yet adopted are expected to have a material impact on the Company's condensed consolidated financial statements. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of June 30, 2023. Six Months Ending December 31, Years Ending December 31, 2023 2024 2025 2026 2027 Thereafter Total Contracted amounts (a) $ 2,472 $ 4,522 $ 4,173 $ 4,042 $ 3,988 $ 19,166 $ 38,363 (a) Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less. |
Debt and Other Obligations (Tab
Debt and Other Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt and Other Obligations [Abstract] | |
Schedule of Long-Term Debt Instruments | The table below sets forth the Company's debt and other obligations as of June 30, 2023. Original Final Maturity Date (a) Balance as of June 30, 2023 Balance as of December 31, 2022 Stated Interest Rate as of June 30, 2023 (a)(b) Secured Notes, Series 2009-1, Class A-2 July 2009 Aug. 2029 $ 43 $ 47 9.0 % Tower Revenue Notes, Series 2015-2 May 2015 May 2045 (c) 698 698 3.7 % Tower Revenue Notes, Series 2018-2 July 2018 July 2048 (c) 745 745 4.2 % Finance leases and other obligations Various (d) Various (d) 266 246 Various (d) Total secured debt 1,752 1,736 2016 Revolver Jan. 2016 July 2027 679 (e) 1,305 6.3 % (f) 2016 Term Loan A Jan. 2016 July 2027 1,177 1,192 6.3 % (f) Commercial Paper Notes Various (g) Various (g) 218 (g) 1,241 5.9 % 3.150% Senior Notes Jan. 2018 July 2023 750 (h) 749 3.2 % 3.200% Senior Notes Aug. 2017 Sept. 2024 748 748 3.2 % 1.350% Senior Notes June 2020 July 2025 497 497 1.4 % 4.450% Senior Notes Feb. 2016 Feb. 2026 897 896 4.5 % 3.700% Senior Notes May 2016 June 2026 747 747 3.7 % 1.050% Senior Notes Feb. 2021 July 2026 994 992 1.1 % 4.000% Senior Notes Feb. 2017 Mar. 2027 497 497 4.0 % 2.900% Senior Notes Mar. 2022 Mar. 2027 743 742 2.9 % 3.650% Senior Notes Aug. 2017 Sept. 2027 996 996 3.7 % 5.000% Senior Notes Jan. 2023 Jan. 2028 990 — 5.0 % 3.800% Senior Notes Jan. 2018 Feb. 2028 994 993 3.8 % 4.800% Senior Notes Apr. 2023 (i) Sept. 2028 (i) 593 — 4.8 % 4.300% Senior Notes Feb. 2019 Feb. 2029 595 594 4.3 % 3.100% Senior Notes Aug. 2019 Nov. 2029 546 545 3.1 % 3.300% Senior Notes Apr. 2020 July 2030 740 739 3.3 % 2.250% Senior Notes June 2020 Jan. 2031 1,091 1,090 2.3 % 2.100% Senior Notes Feb. 2021 Apr. 2031 990 989 2.1 % 2.500% Senior Notes June 2021 July 2031 742 742 2.5 % 5.100% Senior Notes Apr. 2023 (i) May 2033 (i) 742 — 5.1 % 2.900% Senior Notes Feb. 2021 Apr. 2041 1,234 1,233 2.9 % 4.750% Senior Notes May 2017 May 2047 344 344 4.8 % 5.200% Senior Notes Feb. 2019 Feb. 2049 396 396 5.2 % 4.000% Senior Notes Aug. 2019 Nov. 2049 346 346 4.0 % 4.150% Senior Notes Apr. 2020 July 2050 490 490 4.2 % 3.250% Senior Notes June 2020 Jan. 2051 890 890 3.3 % Total unsecured debt 20,666 19,993 Total debt and other obligations 22,418 21,729 Less: current maturities of debt and other obligations 819 819 Non-current portion of debt and other long-term obligations $ 21,599 $ 20,910 (a) See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness. (b) Represents the weighted-average stated interest rate, as applicable. (c) If the Tower Revenue Notes, Series 2015-2 and Series 2018-2 (collectively, "Tower Revenue Notes") are not paid in full on or prior to an applicable anticipated repayment date, then Excess Cash Flow (as defined in the indenture governing the terms of such notes) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes, and additional interest (of an additional approximately 5% per annum) will accrue on the respective Tower Revenue Notes. As of June 30, 2023, the Tower Revenue Notes, Series 2015-2 and Series 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively. (d) The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates up to 10% and mature in periods ranging from less than one year to approximately 25 years. (e) As of June 30, 2023, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion. (f) Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages. (g) The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h) In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. (i) In April 2023, the Company issued $600 million aggregate principal amount of 4.800% senior unsecured notes due September 2028 and $750 million aggregate principal amount of 5.100% senior unsecured notes due May 2033 (collectively, "April 2023 Senior Notes"). The Company used the net proceeds from the April 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under the 2016 Revolver and pay related fees and expenses. |
Schedule of Maturities of Long-term Debt | The following are the scheduled principal payments and final maturities of the total debt and other long-term obligations of the Company outstanding as of June 30, 2023, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. Six Months Ending December 31, Years Ending December 31, Total Cash Obligations Unamortized Adjustments, Net Total Debt and Other Obligations Outstanding 2023 2024 2025 2026 2027 Thereafter Scheduled principal payments and final maturities $ 1,002 (a) $ 835 $ 596 $ 2,774 $ 3,924 $ 13,452 $ 22,583 $ (165) $ 22,418 (a) Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes") due July 2023. In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. |
Debt Instrument Redemption [Table Text Block] | Purchases and Redemptions of Long-Term Debt There were no purchases and redemptions of long-term debt during the six months ended June 30, 2023. |
Components of Interest Expense and Amortization of Deferred Financing Costs, net | Interest Expense and Amortization of Deferred Financing Costs, Net The components of interest expense and amortization of deferred financing costs, net are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense on debt obligations $ 205 $ 161 $ 403 $ 322 Amortization of deferred financing costs and adjustments on long-term debt 7 7 14 13 Capitalized interest (4) (3) (7) (6) Total $ 208 $ 165 $ 410 $ 329 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Assets and Liabilities | Level in Fair Value Hierarchy June 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents 1 $ 276 $ 276 $ 156 $ 156 Restricted cash, current and non-current 1 212 212 171 171 Liabilities: Total debt and other obligations 2 22,418 20,344 21,729 19,554 |
Per Share Information (Tables)
Per Share Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 455 $ 421 $ 874 $ 842 Weighted-average number of common shares outstanding (in millions): Basic weighted-average number of common stock outstanding 434 433 433 433 Effect of assumed dilution from potential issuance of common shares relating to restricted stock units — 1 1 1 Diluted weighted-average number of common shares outstanding 434 434 434 434 Net income (loss), per common share: Basic $ 1.05 $ 0.97 $ 2.02 $ 1.95 Diluted $ 1.05 $ 0.97 $ 2.01 $ 1.94 Dividends/distributions declared per share of common stock $ 1.565 $ 1.470 $ 3.130 $ 2.940 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Dividends Declared | During the six months ended June 30, 2023, the following dividends/distributions were declared or paid: Equity Type Declaration Date Record Date Payment Date Dividends Per Share Aggregate Payment Amount (a) Common Stock February 7, 2023 March 15, 2023 March 31, 2023 $ 1.565 $ 681 Common Stock May 1, 2023 June 15, 2023 June 30, 2023 $ 1.565 $ 681 (a) Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. |
Operating Segments Operating Se
Operating Segments Operating Segments (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Reporting Information, by Segment | Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 1,080 $ 648 $ 1,728 $ 1,078 $ 489 $ 1,567 Segment services and other revenues 124 15 139 164 3 167 Segment revenues 1,204 663 1,867 1,242 492 1,734 Segment site rental costs of operations 243 171 414 232 162 394 Segment services and other costs of operations 92 3 95 107 2 109 Segment costs of operations (a)(b) 335 174 509 339 164 503 Segment site rental gross margin 837 477 1,314 846 327 1,173 Segment services and other gross margin 32 12 44 57 1 58 Segment selling, general and administrative expenses (b) 30 51 81 28 46 74 Segment operating profit (loss) 839 438 1,277 875 282 1,157 Other selling, general and administrative expenses (b) $ 88 88 $ 79 79 Stock-based compensation expense, net 50 50 44 44 Depreciation, amortization and accretion 445 445 427 427 Interest expense and amortization of deferred financing costs, net 208 208 165 165 Other (income) expenses to reconcile to income (loss) before income taxes (c) 24 24 16 16 Income (loss) before income taxes $ 462 $ 426 Capital expenditures $ 61 $ 306 $ 12 $ 379 $ 45 $ 247 $ 11 $ 303 Total assets (at period end) $ 21,973 $ 16,166 $ 903 $ 39,042 $ 22,286 $ 15,859 $ 868 $ 39,013 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $9 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $41 million and $37 million for the three months ended June 30, 2023 and 2022, respectively. | Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Towers Fiber Other Consolidated Towers Fiber Other Consolidated Segment site rental revenues $ 2,161 $ 1,191 $ 3,352 $ 2,153 $ 990 $ 3,143 Segment services and other revenues 270 18 288 327 6 333 Segment revenues 2,431 1,209 3,640 2,480 996 3,476 Segment site rental costs of operations 477 343 820 458 323 781 Segment services and other costs of operations 191 5 196 216 4 220 Segment costs of operations (a)(b) 668 348 1,016 674 327 1,001 Segment site rental gross margin 1,684 848 2,532 1,695 667 2,362 Segment services and other gross margin 79 13 92 111 2 113 Segment selling, general and administrative expenses (b) 61 100 161 56 93 149 Segment operating profit (loss) 1,702 761 2,463 1,750 576 2,326 Other selling, general and administrative expenses (b) $ 170 170 $ 153 153 Stock-based compensation expense 91 91 83 83 Depreciation, amortization and accretion 876 876 847 847 Interest expense and amortization of deferred financing costs, net 410 410 329 329 Other (income) expenses to reconcile to income (loss) before income taxes (c) 28 28 61 61 Income (loss) before income taxes $ 888 $ 853 Capital expenditures $ 111 $ 585 $ 24 $ 720 $ 92 $ 469 $ 23 $ 584 (a) Exclusive of depreciation, amortization and accretion shown separately. (b) Segment costs of operations excludes (1) stock-based compensation expense, net of $17 million and $14 million for the six months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $74 million and $69 million for the six months ended June 30, 2023 and 2022, respectively. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table is a summary of the Company's supplemental cash flow information for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Supplemental disclosure of cash flow information: Cash payments related to operating lease liabilities (a) $ 284 $ 278 Interest paid 367 324 Income taxes paid 10 9 Supplemental disclosure of non-cash operating, investing and financing activities: New ROU assets obtained in exchange for operating lease liabilities 28 155 Increase (decrease) in accounts payable for purchases of property and equipment 16 (7) Purchase of property and equipment under finance leases and installment land purchases 39 10 (a) Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Schedule of Cash, Cash Equivalents and Restricted Cash | The reconciliation of cash, cash equivalents and restricted cash reported within various lines on the condensed consolidated balance sheet to amounts reported in the condensed consolidated statement of cash flows is shown below. June 30, 2023 December 31, 2022 Cash and cash equivalents $ 276 $ 156 Restricted cash, current 207 166 Restricted cash reported within other assets, net 5 5 Cash, cash equivalents and restricted cash $ 488 $ 327 |
General Business (Details)
General Business (Details) | Jun. 30, 2023 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Purchase Option, Percentage of Towers | 53% |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue Recognition Non-cancelable Lease Term for Wireless Tenants | five to 15 years | |||||
Revenue Recognition for Fiber Solutions Tenants | three to 20 years | |||||
Revenue, Performance Obligation, Description of Payment Terms | 45 to 60 days, | |||||
Revenue, Remaining Performance Obligation, Amount | $ 2,400 | $ 2,400 | $ 2,300 | $ 2,600 | ||
Revenue Recognized on Deferred Revenues | 360 | $ 350 | ||||
Contracted Amounts Receivable from Customers, remainder of year | [1] | 2,472 | 2,472 | |||
Contracted Amounts Receivable from Customers, in Two Years | [1] | 4,522 | 4,522 | |||
Contracted Amounts Receivable from Customers, in Three Years | [1] | 4,173 | 4,173 | |||
Contracted Amounts Receivable from Customers, in Four Years | [1] | 4,042 | 4,042 | |||
Contracted Amounts Receivable from Customers, in Five Years | [1] | 3,988 | 3,988 | |||
Contracted Amounts Receivable from Customers, Thereafter | [1] | 19,166 | 19,166 | |||
Lessor, Operating Lease, Payments to be Received | [1] | 38,363 | 38,363 | |||
Accelerated prepaid rent amortization | 57 | 57 | ||||
Site rental revenue - remaining rental obligation | $ 106 | $ 154 | ||||
[1]Based on the nature of the contract, tenant contracts are accounted for pursuant to relevant lease accounting (ASC 842) or revenue accounting (ASC 606) guidance. Excludes amounts related to services, as those contracts generally have a duration of one year or less. |
Debt and Other Obligations (Ind
Debt and Other Obligations (Indebtedness) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | |||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 22,418 | $ 21,729 | ||
Less: current maturities of debt and other obligations | 819 | 819 | ||
Non-current portion of long-term debt and other long-term obligations | 21,599 | 20,910 | ||
2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 700 | |||
2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Fixed Rate Securitized Debt July 2018 Tower Revenue Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5% | |||
Finance Lease Obligations and Other [Member] | Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 266 | 246 | ||
High Yield Bonds [Member] | 3.150% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.15% | ||
Debt and Finance Lease Obligations | $ 750 | 749 | ||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.20% | ||
Debt and Finance Lease Obligations | $ 748 | 748 | ||
High Yield Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.40% | ||
Debt and Finance Lease Obligations | $ 497 | 497 | ||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 4.450% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.50% | ||
Debt and Finance Lease Obligations | $ 897 | 896 | ||
High Yield Bonds [Member] | Senior Unsecured 2016 Notes 3.7% [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.70% | ||
Debt and Finance Lease Obligations | $ 747 | 747 | ||
High Yield Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 1.10% | ||
Debt and Finance Lease Obligations | $ 994 | 992 | ||
High Yield Bonds [Member] | 4.000% Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4% | ||
Debt and Finance Lease Obligations | $ 497 | 497 | ||
High Yield Bonds [Member] | 2.900% Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 2.90% | ||
Debt and Finance Lease Obligations | $ 743 | 742 | ||
High Yield Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.70% | ||
Debt and Finance Lease Obligations | $ 996 | 996 | ||
High Yield Bonds [Member] | January 2023 Senior Unsecured 5.000% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 5% | ||
Debt and Finance Lease Obligations | $ 990 | 0 | ||
High Yield Bonds [Member] | 3.800% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.80% | ||
Debt and Finance Lease Obligations | $ 994 | 993 | ||
High Yield Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.30% | ||
Debt and Finance Lease Obligations | $ 595 | 594 | ||
High Yield Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.10% | ||
Debt and Finance Lease Obligations | $ 546 | 545 | ||
High Yield Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.30% | ||
Debt and Finance Lease Obligations | $ 740 | 739 | ||
High Yield Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 2.30% | ||
Debt and Finance Lease Obligations | $ 1,091 | 1,090 | ||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 2.10% | ||
Debt and Finance Lease Obligations | $ 990 | 989 | ||
High Yield Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 2.50% | ||
Debt and Finance Lease Obligations | $ 742 | 742 | ||
High Yield Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 2.90% | ||
Debt and Finance Lease Obligations | $ 1,234 | 1,233 | ||
High Yield Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.80% | ||
Debt and Finance Lease Obligations | $ 344 | 344 | ||
High Yield Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 5.20% | ||
Debt and Finance Lease Obligations | $ 396 | 396 | ||
High Yield Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4% | ||
Debt and Finance Lease Obligations | $ 346 | 346 | ||
High Yield Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.20% | ||
Debt and Finance Lease Obligations | $ 490 | 490 | ||
High Yield Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.30% | ||
Debt and Finance Lease Obligations | $ 890 | 890 | ||
High Yield Bonds [Member] | 4.800% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 600 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |||
Debt and Finance Lease Obligations | $ 593 | 0 | ||
High Yield Bonds [Member] | 5.100% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.10% | |||
Debt and Finance Lease Obligations | $ 742 | 0 | ||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | 20,666 | 19,993 | ||
Securitized Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 1,752 | 1,736 | ||
Securitized Debt [Member] | Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 9% | ||
Debt and Finance Lease Obligations | $ 43 | 47 | ||
Securitized Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.70% | ||
Debt and Finance Lease Obligations | $ 698 | 698 | ||
Securitized Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 4.20% | ||
Debt and Finance Lease Obligations | $ 745 | 745 | ||
Bank Debt [Member] | 2016 Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2],[3] | 6.30% | ||
Debt and Finance Lease Obligations | $ 1,177 | 1,192 | ||
Bank Debt [Member] | Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 5.90% | ||
Bank Debt [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2],[3] | 6.30% | ||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||
Maximum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date Range | 25 years | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0% | |||
Minimum [Member] | Finance Lease Obligations and Other [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Maturity Date Range | one year | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.875% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 6,300 | |||
Debt and Finance Lease Obligations | $ 679 | [4] | 1,305 | |
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.08% | |||
Commercial Paper [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt and Finance Lease Obligations | $ 218 | [5] | $ 1,241 | |
Debt Instrument, Maturity Date, Description | 397 days | |||
Term SOFR Adjustment | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.10% | |||
[1]Represents the weighted-average stated interest rate, as applicable.[2]See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for additional information regarding the maturity and principal amortization provisions and interest rates relating to the Company's indebtedness.[3]Both the 2016 Revolver and the senior unsecured term loan A facility ("2016 Term Loan A" and, collectively, "2016 Credit Facility") bear interest, at the Company's option, at either (1) Term SOFR plus (i) a credit spread adjustment of 0.10% per annum and (ii) a credit spread ranging from 0.875% to 1.750% per annum or (2) an alternate base rate plus a credit spread ranging from 0.000% to 0.750% per annum, in each case, with the applicable credit spread based on the Company's senior unsecured debt rating. The Company pays a commitment fee ranging from 0.080% to 0.300%, based on the Company's senior unsecured debt rating, per annum on the undrawn available amount under the 2016 Revolver. See the 2022 Form 10-K, including note 7 to the consolidated financial statements, for information regarding potential adjustments to such percentages.[4]As of June 30, 2023, the undrawn availability under the Company's senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion.[5]The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, the Company intends to maintain available commitments under its 2016 Revolver in an amount at least equal to the amount of Commercial Paper Notes outstanding. While any outstanding Commercial Paper Notes generally have short-term maturities, the Company classifies the outstanding issuances, when applicable, as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis. (h) In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. |
Debt and Other Obligations (Com
Debt and Other Obligations (Components of Interest Expense and Amortization of Deferred Financing Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt and Other Obligations [Abstract] | ||||
Interest Expense, Debt, Excluding Amortization | $ 205 | $ 161 | $ 403 | $ 322 |
Amortization of deferred financing costs and adjustments on long-term debt, net | 7 | 7 | 14 | 13 |
Capitalized interest | (4) | (3) | (7) | (6) |
Interest expense and amortization of deferred financing costs, net | $ 208 | $ 165 | $ 410 | $ 329 |
Debt and Other Obligations Cont
Debt and Other Obligations Contractual Maturities (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
Long-Term Debt, Maturity, remainder of year | [1] | $ 1,002 | |
Long-Term Debt, Maturity, Year One | 835 | ||
Long-Term Debt, Maturity, Year Two | 596 | ||
Long-Term Debt, Maturity, Year Three | 2,774 | ||
Long-Term Debt, Maturity, Year Four | 3,924 | ||
Long-Term Debt, Maturity, after Year Five | 13,452 | ||
Total Cash Obligations | 22,583 | ||
Unamortized Adjustments, Net | (165) | ||
Debt and Finance Lease Obligations | $ 22,418 | $ 21,729 | |
[1]Predominately consists of outstanding indebtedness under the CP Program as discussed in footnote (g) of the preceding table and $750 million aggregate principal amount of 3.150% senior unsecured notes ("3.150% Senior Notes") due July 2023. In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date. |
Debt and Other Obligations Exti
Debt and Other Obligations Extinguishment of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Extinguishment of Debt [Line Items] | ||||
Gains (losses) on retirement of long-term obligations | $ 0 | $ 0 | $ 0 | $ (26) |
Fair Value Disclosures (Estimat
Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Cash and cash equivalents | $ 276 | $ 156 |
Cash and cash equivalents, fair value | 276 | 156 |
Restricted Cash Fair Value Disclosure | 212 | 171 |
Restricted Cash | 212 | 171 |
Long-term debt and other obligations, carrying amount | 22,418 | 21,729 |
Long-term debt and other obligations, fair value | $ 20,344 | $ 19,554 |
Per Share Information (Reconcil
Per Share Information (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ 455 | $ 421 | $ 874 | $ 842 |
Basic weighted-average number of common stock outstanding | 434 | 433 | 433 | 433 |
Effect of assumed dilution from potential issuance of common shares relating to restricted stock units | 0 | 1 | 1 | 1 |
Diluted weighted-average number of common shares outstanding | 434 | 434 | 434 | 434 |
Earnings Per Share, Basic | $ 1.05 | $ 0.97 | $ 2.02 | $ 1.95 |
Earnings Per Share, Diluted | 1.05 | 0.97 | 2.01 | 1.94 |
Dividends/distributions declared per share of common stock (in dollars per share) | $ 1.565 | $ 1.470 | $ 3.130 | $ 2.940 |
Per Share Information Stock Iss
Per Share Information Stock Issued During Period, Restricted Stock Award (Details) shares in Millions | 6 Months Ended |
Jun. 30, 2023 shares | |
Restricted stock units granted [Abstract] | |
Restricted stock award granted | 1 |
Commitments and Contingencies C
Commitments and Contingencies Commitment and Contingencies (Details) | Jun. 30, 2023 |
Subject to Capital Lease with TMO or AT&T [Member] | |
Other Commitments [Line Items] | |
Purchase Option, Percentage of Towers | 53% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jul. 21, 2023 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.565 | $ 1.565 | ||||
Dividends, Common Stock, Cash | [1] | $ 681 | $ 681 | |||
Common stock repurchased during period, shares | 0.2 | |||||
Purchases of common stock | $ (29) | $ (63) | ||||
Availability Under ATM | $ 750 | $ 750 | ||||
Subsequent Event | ||||||
Dividends Payable, Amount Per Share | $ 1.565 | |||||
Common Stock [Member] | ||||||
Dividends Payable, Date Declared | May 01, 2023 | Feb. 07, 2023 | ||||
Dividends Payable, Date of Record | Jun. 15, 2023 | Mar. 15, 2023 | ||||
Dividends Payable, Date to be Paid | Jun. 30, 2023 | Mar. 31, 2023 | ||||
[1]Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest. |
Operating Segments Operating _2
Operating Segments Operating Segments Table (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Tower Count | 40,000 | 40,000 | ||||||||
Fiber Miles | 85,000 | 85,000 | ||||||||
Small Cells on Air | 120,000 | 120,000 | ||||||||
Amortization of prepaid lease purchase price adjustments | $ 4 | $ 4 | $ 8 | |||||||
Site Rental | 1,728 | 1,567 | 3,352 | $ 3,143 | ||||||
Services and other | 139 | 167 | 288 | 333 | ||||||
Segment Revenues | 1,867 | 1,734 | 3,640 | 3,476 | ||||||
Segment site rental cost of operations | [1] | 424 | 402 | 839 | 798 | |||||
Services and other | [1] | 98 | 112 | 202 | 225 | |||||
Segment selling, general and administrative expenses | 210 | 190 | 405 | 371 | ||||||
Stock-based compensation expense, net | 91 | 83 | ||||||||
Depreciation, Amortization and Accretion, Net | 445 | 427 | 876 | 847 | ||||||
Interest expense and amortization of deferred financing costs, net | 208 | 165 | 410 | 329 | ||||||
Capital expenditures | 720 | 584 | ||||||||
Total Assets | 39,042 | 39,042 | $ 38,921 | |||||||
Segments [Domain] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 1,728 | 1,567 | 3,352 | 3,143 | ||||||
Services and other | 139 | 167 | 288 | 333 | ||||||
Segment Revenues | 1,867 | 1,734 | 3,640 | 3,476 | ||||||
Segment site rental cost of operations | 414 | 394 | 820 | 781 | ||||||
Services and other | 95 | 109 | 196 | 220 | ||||||
Segment cost of operations | [2] | 509 | [3] | 503 | [3] | 1,016 | [4] | 1,001 | [4] | |
Segment site rental gross margin | 1,314 | 1,173 | 2,532 | 2,362 | ||||||
Segment services gross margin | 44 | 58 | 92 | 113 | ||||||
Segment General and Administrative Expenses [Line Items] | 81 | [3] | 74 | [3] | 161 | [4] | 149 | [4] | ||
Segment selling, general and administrative expenses | 88 | 79 | 170 | 153 | ||||||
Segment Operating Profit | 1,277 | 1,157 | 2,463 | 2,326 | ||||||
Stock-based compensation expense, net | 50 | 44 | 91 | 83 | ||||||
Depreciation, Amortization and Accretion, Net | 445 | 427 | 876 | 847 | ||||||
Interest expense and amortization of deferred financing costs, net | 208 | 165 | 410 | 329 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 24 | 16 | 28 | 61 | |||||
Income (loss) before income taxes | 462 | 426 | 888 | 853 | ||||||
Capital expenditures | 379 | 303 | 720 | 584 | ||||||
Total Assets | 39,042 | 39,013 | 39,042 | 39,013 | ||||||
Segment cost of operations share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense, net | 9 | 7 | 17 | 14 | ||||||
Towers [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 1,080 | 1,078 | 2,161 | 2,153 | ||||||
Services and other | 124 | 164 | 270 | 327 | ||||||
Segment Revenues | 1,204 | 1,242 | 2,431 | 2,480 | ||||||
Segment site rental cost of operations | 243 | 232 | 477 | 458 | ||||||
Services and other | 92 | 107 | 191 | 216 | ||||||
Segment cost of operations | [2] | 335 | [3] | 339 | [3] | 668 | [4] | 674 | [4] | |
Segment site rental gross margin | 837 | 846 | 1,684 | 1,695 | ||||||
Segment services gross margin | 32 | 57 | 79 | 111 | ||||||
Segment selling, general and administrative expenses | 30 | [3] | 28 | [3] | 61 | [4] | 56 | [4] | ||
Segment Operating Profit | 839 | 875 | 1,702 | 1,750 | ||||||
Capital expenditures | 61 | 45 | 111 | 92 | ||||||
Total Assets | 21,973 | 22,286 | 21,973 | 22,286 | ||||||
Fiber [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Site Rental | 648 | 489 | 1,191 | 990 | ||||||
Services and other | 15 | 3 | 18 | 6 | ||||||
Segment Revenues | 663 | 492 | 1,209 | 996 | ||||||
Segment site rental cost of operations | 171 | 162 | 343 | 323 | ||||||
Services and other | 3 | 2 | 5 | 4 | ||||||
Segment cost of operations | [2] | 174 | [3] | 164 | [3] | 348 | [4] | 327 | [4] | |
Segment site rental gross margin | 477 | 327 | 848 | 667 | ||||||
Segment services gross margin | 12 | 1 | 13 | 2 | ||||||
Segment selling, general and administrative expenses | 51 | [3] | 46 | [3] | 100 | [4] | 93 | [4] | ||
Segment Operating Profit | 438 | 282 | 761 | 576 | ||||||
Capital expenditures | 306 | 247 | 585 | 469 | ||||||
Total Assets | 16,166 | 15,859 | 16,166 | 15,859 | ||||||
Corporate and Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment selling, general and administrative expenses | 88 | 79 | 170 | 153 | ||||||
Stock-based compensation expense, net | 50 | 44 | 91 | 83 | ||||||
Depreciation, Amortization and Accretion, Net | 445 | 427 | 876 | 847 | ||||||
Interest expense and amortization of deferred financing costs, net | 208 | 165 | 410 | 329 | ||||||
Other expenses to reconcile to income (loss) from continuing operations before income taxes | [5] | 24 | 16 | 28 | 61 | |||||
Capital expenditures | 12 | 11 | 24 | 23 | ||||||
Total Assets | 903 | 868 | 903 | 868 | ||||||
Segment G&A share-based compensation [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Stock-based compensation expense, net | $ 41 | $ 37 | $ 74 | $ 69 | ||||||
[1]Exclusive of depreciation, amortization and accretion shown separately.[2]Exclusive of depreciation, amortization and accretion shown separately.[3]Segment costs of operations excludes (1) stock-based compensation expense, net of $9 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $4 million for each of the three months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $41 million and $37 million for the three months ended June 30, 2023 and 2022, respectively.[4]Segment costs of operations excludes (1) stock-based compensation expense, net of $17 million and $14 million for the six months ended June 30, 2023 and 2022, respectively, and (2) prepaid lease purchase price adjustments of $8 million for each of the six months ended June 30, 2023 and 2022. Segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $74 million and $69 million for the six months ended June 30, 2023 and 2022, respectively.[5]See condensed consolidated statement of operations and comprehensive income (loss) for further information. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Supplemental Cash Flow Elements [Abstract] | |||||
Cash payments related to operating lease liabilities | [1] | $ 284 | $ 278 | ||
Interest Paid | 367 | 324 | |||
Income taxes paid | 10 | 9 | |||
New ROU assets obtained in exchange for operating lease liabilities | 28 | 155 | |||
Increase (decrease) in accounts payable for purchases of property and equipment | 16 | (7) | |||
Purchase of property and equipment under capital leases and installment purchases | 39 | 10 | |||
Cash and cash equivalents | 276 | $ 156 | |||
Restricted cash, current | 207 | 166 | |||
Restricted Cash, Noncurrent | 5 | 5 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 488 | $ 446 | $ 327 | $ 466 | |
[1]Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | Jul. 24, 2023 | Jul. 21, 2023 |
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 1.565 | |
Restructuring Charges | $ 120 |