0001051470-24-000062 | 10-K | XBRL Viewer

Maximum Upward Adjustment - Spread

$ 750,000

$ 1,250,000

$ 1,950,000

Max duration of CP

397

Maximum Downward Adjustment - Spread

0.05%

Maximum Upward Adjustment - Commitment Fee

5.00%

Maximum Downward Adjustment - Commitment Fee [Member]

0.01%

2018 Tower Revenue Notes 4.241% due 2048 [Member]

0.01%

2015 Tower Revenue Notes 3.663% due 2045 [Member]

$ 750,000

Secured Debt [Member] | July 2018 Tower Revenue Notes [Member]

$ 700,000

Secured Debt [Member] | 2018 Tower Revenue Notes 3.720% due 2043 [Member]

$ 1,000,000

$ 250,000

Secured Debt [Member] | 2018 Tower Revenue Notes 4.241% due 2048 [Member]

3.72%

$ 750,000

Secured Debt [Member] | 2018 Tower Revenue Notes Risk Retention Tranche [Member]

4.20%

^[1]

4.241%

Secured Debt [Member] | May 2015 Tower Revenue Notes [Member]

$ 53,000

Secured Debt [Member] | 2015 Tower Revenue Notes 3.222% due 2042 [Member]

$ 1,000,000

$ 300,000

Secured Debt [Member] | 2015 Tower Revenue Notes 3.663% due 2045 [Member]

3.222%

$ 700,000

Secured Debt [Member] | Fixed Rate Securitized Debt August 2010 Tower Revenue Notes 6 [Member]

3.70%

^[1]

3.663%

Bank Debt [Member] | 2016 Term Loan A [Member]

$ 250,000

$ 2,000,000

Bank Debt [Member] | 2016 Term Loan A [Member] | Extended Maturity

^[1],[2]

6.50%

Bank Debt [Member] | Senior Unsecured 364-Day Revolving Credit Facility [Domain]

$ 500,000

Line of Credit Facility, Maximum Borrowing Capacity

1,000,000

Bank Debt [Member] | 2016 Revolver [Member]

Bonds [Member] | May 2016 Senior Unsecured Notes [Member]

500,000

Bonds [Member] | 4.875% Senior Notes [Member]

1,000,000

Bonds [Member] | 4.000% Senior Unsecured Notes [Member]

4.875%

$ 500,000

Bonds [Member] | 2016 Senior Unsecured Notes [Domain]

4.00%

^[1]

4.00%

Bonds [Member] | 3.400% Senior Notes [Member]

1,500,000

$ 250,000

Bonds [Member] | 3.700% Senior Notes [Member]

3.40%

$ 750,000

Bonds [Member] | 2.250% Senior Notes [Member]

3.70%

Bonds [Member] | 4.450% Senior Notes [Member]

2.25%

$ 900,000

Bonds [Member] | 4.750% Senior Unsecured Notes [Member] [Member]

4.45%

$ 350,000

Bonds [Member] | August 2017 Senior Notes [Member]

4.80%

^[1]

4.75%

Bonds [Member] | August 2017 Senior Unsecured 3.200% Notes [Member]

$ 1,750,000

$ 750,000

Bonds [Member] | August 2017 Senior Unsecured 3.650% Notes [Member]

3.20%

^[1]

3.20%

$ 1,000,000

Bonds [Member] | 3.150% Senior Notes [Member]

3.70%

^[1]

3.65%

$ 750,000

Bonds [Member] | 3.800% Senior Notes [Member]

3.15%

$ 1,000,000

Bonds [Member] | August 2019 Senior Notes [Domain]

3.80%

^[1]

3.80%

Bonds [Member] | August 2019 Senior Unsecured 3.100% Notes [Member]

$ 900,000

$ 550,000

Bonds [Member] | August 2019 Senior Unsecured 4.000% Notes [Member]

3.10%

^[1]

3.10%

$ 350,000

Bonds [Member] | February 2019 Senior Notes [Domain]

4.00%

^[1]

4.00%

Bonds [Member] | February 2019 Senior Unsecured 4.300% Notes [Member]

$ 1,000,000

$ 600,000

Bonds [Member] | February 2019 Senior Unsecured 5.200% Notes [Member]

4.30%

^[1]

4.30%

$ 400,000

Bonds [Member] | June 2020 Senior Notes [Domain]

5.20%

^[1]

5.20%

Bonds [Member] | June 2020 Senior Unsecured 1.350% Notes [Domain]

$ 2,500,000

$ 500,000

Bonds [Member] | June 2020 Senior Unsecured 2.250% Notes [Domain]

1.40%

^[1]

1.35%

$ 1,100,000

Bonds [Member] | June 2020 Senior Unsecured 3.250% Notes [Domain]

2.30%

^[1]

2.25%

$ 900,000

Bonds [Member] | Senior Unsecured 2016 Notes 3.40% [Member]

3.30%

^[1]

3.25%

Bonds [Member] | April 2020 Senior Unsecured 4.150% Notes [Member]

3.40%

$ 500,000

Bonds [Member] | April 2020 Senior Notes [Domain] [Domain]

4.20%

^[1]

4.15%

Bonds [Member] | 5.250% Senior Notes [Member]

$ 1,250,000

Bonds [Member] | December 2023 Senior Unsecured 5.600% Notes

5.25%

$ 750,000

Bonds [Member] | December 2023 Senior Unsecured 5.800% Notes

^[1]

5.60%

$ 750,000

Bonds [Member] | April 2023 4.800% Senior Notes

^[1]

5.80%

$ 600,000

Bonds [Member] | April 2023 Senior Unsecured 5.100% Notes

^[1]

4.80%

$ 750,000

Bonds [Member] | January 2023 Senior Unsecured 5.000% Notes

^[1]

5.10%

$ 1,000,000

Bonds [Member] | March 2022 Senior Unsecured 2.900% Notes

^[1]

5.00%

$ 750,000

Bonds [Member] | June 2021 Senior Unsecured 2.500% Notes

2.90%

$ 750,000

Bonds [Member] | February 2021 Senior Unsecured 1.050% Notes [Member]

2.50%

$ 1,000,000

Bonds [Member] | February 2021 Senior Unsecured 2.100% Notes [Member]

1.05%

$ 1,000,000

Bonds [Member] | February 2021 Senior Unsecured 2.900% Notes

2.10%

$ 1,250,000

Bonds [Member] | April 2020 Senior Unsecured 3.300% Notes [Member]

2.90%

$ 750,000

Bonds [Member] | February 2021 Senior Notes [Domain]

3.30%

^[1]

3.30%

Collateral Pledged [Member]

$ 3,250,000

Debt Instrument, PPE Collaterized Amount

$ 731,000

February 2016 Senior Note Upsizing [Member] | Bonds [Member] | 3.400% Senior Notes [Member]

$ 600,000

Commercial Paper [Member]

3.40%

Line of Credit Facility, Maximum Borrowing Capacity

$ 2,000,000

$ 1,000,000

Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 7,000,000

$ 4,250,000

$ 5,000,000

$ 3,500,000

$ 2,500,000

Property, Plant and Equipment [Abstract]

^[1],[2]

6.50%

[1]

Represents the weighted-average stated interest rate, as applicable.

[2]

Both the 2016 Revolver and 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 further discussion below regarding potential adjustments to such percentages.

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

The major classes of property and equipment are summarized in the table below.


	Estimated Useful Lives	As of December 31,
		2023		2022
Land(a)	—	$	2,442	$	2,339
Buildings	40 years	209		221
Communications infrastructure assets	1-20 years	25,479		24,353
Information technology assets and other	2-7 years	681		652
Construction in process	—	1,134		913
Total gross property and equipment		29,945		28,478
Less: accumulated depreciation		(14,279)		(13,071)
Total property and equipment, net		$	15,666	$	15,407

(a)Includes land owned through fee interests and perpetual easements.

Depreciation expense for the year ended December 31, 2023 was $1.3 billion, and for each of the years ended December 31, 2022 and December 31, 2021, depreciation expense was $1.2 billion.

22% of the Company's towers are leased or subleased or operated and managed under a master lease or other related agreements with AT&T for a weighted-average initial term of approximately 28 years, weighted based on towers site rental gross margin. The Company has the option to purchase the leased and subleased towers from AT&T at the end of the respective lease or sublease terms for aggregate option payments of approximately $4.2 billion, which payments, if such option is exercised, would be due between 2032 and 2048.

31% of the Company's towers are leased or subleased or operated and managed under master leases, subleases, or other agreements with T-Mobile (including those which T-Mobile assumed in its merger with Sprint). Approximately half of such towers have an initial term of 32 years (through May 2037), and the Company has the option to purchase in 2037 all (but not less than all) of such leased and subleased towers from T-Mobile for approximately $2.3 billion. The remainder of such towers have a weighted-average initial term of approximately 28 years, weighted based on towers site rental gross margin, and the Company has the option to purchase such towers from T-Mobile at the end of the respective terms for aggregate option payments of approximately $2.0 billion, which payments, if such option is exercised, would be due between 2035 and 2049. In addition, another 1% of the Company's towers under master leases, subleases, or other agreements with T-Mobile are subject to a lease and sublease or other related arrangements with AT&T. The Company has the option to purchase these towers from AT&T at the end of their respective lease terms for aggregate option payments of up to approximately $400 million as of December 31, 2023, which payments, if such option is exercised, would be due prior to 2032 (less than $15 million would be due before 2029).

See note 13 for further discussion of finance leases recorded as "Property and equipment, net" on the Company's consolidated balance sheet.

Property and Equipment (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Less: accumulated depreciation

$ 29,945

$ 28,478

(14,279)

(13,071)

Total property and equipment, net

15,666

15,407

Depreciation expense

$ 1,300

1,200

$ 1,200

AT&T weighted-average initial term

28 years

at&T

22.00%

T-Mobile leased or subleased, or operated and managed towers

31.00%

T-Mobile weighted-average initial term

28 years

T-Mobile weighted-average initial term, option to purchase in 2037

32 years

AT&T purchase option 2032 through 2048

T-Mobile Purchase obligation 2037

$ 4,200

T-Mobile purchase option 2035 through 2049

2,300

AT&T purchase option prior to 2032

2,000

AT&T purchase option prior to 2029

400

Land owned in fee and perpetual easements [Member]

^[1]

2,442

2,339

Buildings [Member]

$ 209

221

Communication Infrastructure [Member]

40 years

Information technology assets and other [Member]

$ 25,479

24,353

Construction in Process [Member]

681

652

Minimum [Member] | Communication Infrastructure [Member]

$ 1,134

$ 913

Minimum [Member] | Information technology assets and other [Member]

1 year

Maximum [Member] | Communication Infrastructure [Member]

2 years

Maximum [Member] | Information technology assets and other [Member]

20 years

7 years

[1]	Includes land owned through fee interests and perpetual easements.

Other Liabilities (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Costs Incurred, Asset Retirement Obligation Incurred

$ 1,914

$ 1,950

Asset Retirement Obligation, Accretion Expense

Asset Retirement Obligation, Revision of Estimate

^[1]

Asset Retirement Obligation, Liabilities Settled

(2)

(3)

Estimated Future Undiscounted Cash Flows Expected To Be Paid Relating To Asset Retirement Obligations

1,200

Amortization of Below Market Tenant Lease

$ 54

Below Market Lease, Amortization Income, Year One

Below-market tenant leases - amortization income - year 2

Below Market Lease, Amortization Income, Year Three

Below Market Lease, Amortization Income, Year Four

Below Market Lease, Amortization Income, after Year Five

Accrued Payroll and Other Compensation

140

210

Deferred rental revenues [Domain]

Deferred credits, net [Member]

1,310

1,337

Asset retirement obligation [Member]

216

261

Deferred tax liability, noncurrent [Member]

355

327

$ 269

Other long-term liabilities[Member]

$ 7

[1]

Primarily relates to (1) increases in estimated undiscounted cash flows and (2) adjustments to estimated settlement dates for the year ended December 31, 2022, for certain asset retirement obligations and is offset against the associated asset retirement costs recorded within "Property and equipment, net" on the Company's consolidated balance sheet.

Stock-based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 157	$ 156	$ 131
Site Rental Cost of Operations [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	19	18	14
Services and Other Costs of Operations [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	10	10	8
Selling, General and Administrative Expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 128	$ 128	$ 109

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Common Stock Dividend On February 21, 2024, the Company's board of directors declared a quarterly cash dividend of $1.565 per common share. The quarterly dividend will be payable on March 28, 2024, to common stockholders of record as of March 15, 2024.

Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Deferred site rental receivable

Property and equipment

$ 10

$ 8

Site rental contracts and tenant relationships, net

Total deferred income tax liabilities

Intangible assets

Net operating loss carryforwards

^[1]

Straight-line rent expense liability

Accrued liabilities

Other

Valuation allowances

(2)

Total deferred income tax assets, net

Net deferred income tax assets (liabilities)

$ (1)

$ 8

[1]	Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below.

Stock-based Compensation (Summary of Restricted Stock Awards Vested) (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Total shares vested	1.0	1.0	1.0
Fair value on vesting date	$ 92	$ 187	$ 199

Debt and Other Obligations (Debt Purchases and Repayments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 750

$ 1,250

$ 1,950

Gains (losses) on retirement of long-term obligations

750

1,274

2,089

(28)

(145)

2016 Term Loan A [Member]

Gains (losses) on retirement of long-term obligations

^[1]

(1)

5.250% Senior Notes [Member]

1,650

Gains (losses) on retirement of long-term obligations

^[2]

1,789

^[1]

(143)

2015 Tower Revenue Notes 3.222% due 2042 [Member]

300

Gains (losses) on retirement of long-term obligations

^[2]

300

^[1]

(1)

2018 Tower Revenue Notes 3.720% due 2043 [Member]

250

Gains (losses) on retirement of long-term obligations

^[2]

252

^[1]

(3)

3.849% Secured Notes [Member]

1,000

Gains (losses) on retirement of long-term obligations

^[2]

1,022

^[1]

(23)

Revolving Credit Facility [Member]

Gains (losses) on retirement of long-term obligations

^[1]

$ (2)

3.150% Senior Notes [Member]

750

Gains (losses) on retirement of long-term obligations

^[2]

$ 750

$ 0

[1]	Inclusive of the write-off of the respective deferred financing costs
[2]	Exclusive of accrued interest.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	238

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Purchases of common stock, shares	0.2	0.4	0.4
Purchases of common stock, value	$ 30	$ 65	$ 70
At the Market Stock Offering Program, aggregate value of common stock	$ 750

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Operating Segments and Concentrations of Credit Risk [Abstract]

Operating Segments and Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

^[1]

Dec. 31, 2021

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Year Ended December 31, 2023
	Towers		Fiber		Other		Total
Segment site rental revenues	$	4,313	$	2,219			$	6,532
Segment services and other revenues	421		28				449
Segment revenues	4,734		2,247				6,981
Segment site rental costs of operations	943		686				1,629
Segment services and other costs of operations	294		12				306
Segment costs of operations(a)(b)	1,237		698				1,935
Segment site rental gross margin	3,370		1,533				4,903
Segment services and other gross margin	127		16				143
Segment selling, general and administrative expenses(b)	104		194				298
Segment operating profit (loss)	3,393		1,355				4,748
Other selling, general and administrative expenses(b)					$	333	333
Stock-based compensation expense, net					157		157
Depreciation, amortization and accretion					1,754		1,754
Restructuring charges					85		85
Interest expense and amortization of deferred financing costs, net					850		850
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					41		41
Income (loss) from continuing operations before income taxes							$	1,528
Capital expenditures	$	194	$	1,175	$	55	$	1,424
Total assets (at year end)	$	21,550	$	16,308	$	669	$	38,527
Total goodwill (at year end)	$	5,127	$	4,958	$	—	$	10,085

(a)Exclusive of depreciation, amortization and accretion shown separately.

(b)Segment costs of operations for the year ended December 31, 2023 excludes (1) stock-based compensation expense, net of $29 million and (2) prepaid lease purchase price adjustments of $16 million. For the year ended December 31, 2023, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $128 million.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.


	Year Ended December 31, 2022
	Towers		Fiber		Other		Total
Segment site rental revenues	$	4,322	$	1,967			$	6,289
Segment services and other revenues	685		12				697
Segment revenues	5,007		1,979				6,986
Segment site rental costs of operations	918		650				1,568
Segment services and other costs of operations	447		9				456
Segment costs of operations(a)(b)	1,365		659				2,024
Segment site rental gross margin	3,404		1,317				4,721
Segment services and other gross margin	238		3				241
Segment selling, general and administrative expenses(b)	115		190				305
Segment operating profit (loss)	3,527		1,130				4,657
Other selling, general and administrative expenses(b)					$	317	317
Stock-based compensation expense, net					156		156
Depreciation, amortization and accretion					1,707		1,707
Interest expense and amortization of deferred financing costs, net					699		699
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					87		87
Income (loss) from continuing operations before income taxes							$	1,691
Capital expenditures	$	185	$	1,058	$	67	$	1,310
Total assets (at year end)	$	22,210	$	16,010	$	701	$	38,921
Total goodwill (at year end)	$	5,127	$	4,958	$	—	$	10,085

(a)Exclusive of depreciation, amortization and accretion shown separately.

(b)Segment costs of operations for the year ended December 31, 2022 excludes (1) stock-based compensation expense, net of $28 million and (2) prepaid lease purchase price adjustments of $16 million. For the year ended December 31, 2022, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $128 million.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.


	Year Ended December 31, 2021
	Towers		Fiber		Other		Total
Segment site rental revenues	$	3,804	$	1,915			$	5,719
Segment services and other revenues	601		20				621
Segment revenues	4,405		1,935				6,340
Segment site rental costs of operations	889		633				1,522
Segment services and other costs of operations	414		17				431
Segment costs of operations(a)(b)	1,303		650				1,953
Segment site rental gross margin	2,915		1,282				4,197
Segment services and other gross margin	187		3				190
Segment selling, general and administrative expenses(b)	107		174				281
Segment operating profit (loss)	2,995		1,111				4,106
Other selling, general and administrative expenses(b)					$	290	290
Stock-based compensation expense, net					131		131
Depreciation, amortization and accretion					1,644		1,644
Interest expense and amortization of deferred financing costs, net					657		657
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					205		205
Income (loss) from continuing operations before income taxes							$	1,179
Capital expenditures	$	221	$	956	$	52	$	1,229
Total assets (at year end)	$	22,318	$	15,876	$	846	$	39,040
Total goodwill (at year end)	$	5,127	$	4,951	$	—	$	10,078

(a)Exclusive of depreciation, amortization and accretion shown separately.

(b)Segment costs of operations for the year ended December 31, 2021 excludes (1) stock-based compensation expense, net of $22 million and (2) prepaid lease purchase price adjustments of $18 million. For the year ended December 31, 2021, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $109 million.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.

A Summary of the Percentage of the Consolidated Revenues for Those Customers Accounting for More than 10% of the Consolidated Revenues

The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the consolidated revenues.


	Years Ended December 31,
	2023		2022		2021
T-Mobile	38	%	38	%	35	%
AT&T	19	%	18	%	20	%
Verizon Wireless	19	%	18	%	20	%
Total	76	%	74	%	75	%

[1]	See consolidated statement of operations and comprehensive income (loss) for further information

Schedule III - Schedule of Real Estate and Depreciation (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances

^[1]

$ 1,760

Gross Amount of Property Carried

29,383

$ 27,936

$ 26,679

Gross Amount of Accumulated Depreciation Carried

$ (13,817)

(12,649)

$ (11,582)

Tower Count

40,000

Small cells on Air on Under Contract

115,000

Fiber Miles

90,000

Other Acquisitions

^[2]

$ 50

Communications Infrastructure Construction and Improvements

1,254

1,138

Purchase of land interests

Sustaining Capital Expenditures

Other Additions

^[3]

105

127

Total Additions

1,525

1,402

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount

(78)

(145)

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction

Cost of Real Estate Sold or Disposed

(78)

(145)

Depreciation

(1,222)

(1,181)

Amount of Accumulated Depreciation Sold or Disposed

105

Other Deductions to Accumulated Depreciation

Real Estate Period Deductions to Accumulated Depreciation

$ 54

$ 114

[1]	Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses).
[2]	Includes acquisitions of communications infrastructure.
[3]	Predominately relates to (1) the purchase of property and equipment under finance leases and installment land purchases, (2) asset retirement obligations and (3) capitalized stock-based compensation.

Income Taxes (Narrative) (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 AUD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2017	Dec. 31, 2015 USD ($)
Income Tax Disclosure [Abstract]
Payments for ATO Settlement		$ 83		$ 62
Sale of Stock, Percentage of Ownership before Transaction					77.60%
Proceeds from Divestiture of Businesses						$ 1,200
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 0		$ 0	$ (62)		$ 979
Deferred Tax Assets, Valuation Allowance	$ (2)		$ (2)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below.


	Years Ended December 31,
	2023		2022		2021
Domestic	$	1,499	$	1,661	$	1,144
Foreign(a)	29		30		35
Total	$	1,528	$	1,691	$	1,179

(a)Inclusive of income (loss) from continuing operations before income taxes from Puerto Rico.

Benefit (Provision) for Income Taxes

The benefit (provision) for income taxes consists of the following:


	Years Ended December 31,
	2023		2022		2021
Current:
Federal	$	(7)	$	(6)	$	(5)
Foreign	(9)		(9)		(8)
State	(2)		2		(4)
Total current	(18)		(13)		(17)
Deferred:
Foreign	(8)		(3)		(4)

Total deferred	(8)		(3)		(4)
Total tax benefit (provision)	$	(26)	$	(16)	$	(21)

Effective Tax Rate

A reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to the income (loss) from continuing operations before income taxes is as follows:


	Years Ended December 31,
	2023		2022		2021
Benefit (provision) for income taxes at statutory rate	$	(321)	$	(355)	$	(248)

Tax adjustment related to REIT operations	313		349		243

Valuation allowances	—		(1)		—
State tax (provision) benefit, net of federal	(2)		2		(4)
Foreign tax	(16)		(11)		(12)

Total	$	(26)	$	(16)	$	(21)

Components of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred income tax liabilities:
Property and equipment	$	10	$	8
Deferred site rental receivables	9		9
Site rental contracts and tenant relationships, net	29		29
Total deferred income tax liabilities	48		46
Deferred income tax assets:
Other intangible assets, net	29		30
Net operating loss carryforwards(a)	5		12
Straight-line rent expense liability	5		4

Accrued liabilities	5		6




Other	5		4
Valuation allowances	(2)		(2)
Total deferred income tax assets, net	47		54
Net deferred income tax assets (liabilities)	$	(1)	$	8

(a)Balance results from the Company's foreign NOLs. Due to the Company's REIT status, no federal or state NOLs result in the Company recording a deferred income tax asset. See further discussion surrounding the Company's NOL balances below.

Jurisdictional Components of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets (liabilities) are as follows:


	December 31, 2023						December 31, 2022
Classification	Gross		Valuation Allowance		Net		Gross		Valuation Allowance		Net
Federal	$	26	$	(1)	$	25	$	26	$	(1)	$	25
State	1		—		1		1		—		1
Foreign	(26)		(1)		(27)		(17)		(1)		(18)
Total	$	1	$	(2)	$	(1)	$	10	$	(2)	$	8

Intangible Assets, Goodwill and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 7,993	$ 7,993
Accumulated amortization of intangible assets	(4,814)	(4,397)
Finite-Lived Intangible Assets, Net	3,179	3,596
Amortization expense	447	446	$ 444
Estimated annual amortization expense related to intangible assets - Year 1	398
Estimated annual amortization expense related to intangible assets - Year 2	376
Estimated annual amortization expense related to intangible assets - Year 3	372
Estimated annual amortization expense related to intangible assets - Year 4	288
Estimated annual amortization expense related to intangible assets - Year 5	284
Goodwill	10,085	10,085	$ 10,078
Acquisitions
Goodwill and Finite-Lived Intangible Assets [Line Items]
Goodwill		7
Site Rental Contracts and Customer Relationships [Member]
Goodwill and Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	7,880	7,850
Accumulated amortization of intangible assets	(4,758)	(4,315)
Finite-Lived Intangible Assets, Net	3,122	3,535
Other Intangible Assets [Member]
Goodwill and Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	113	143
Accumulated amortization of intangible assets	(56)	(82)
Finite-Lived Intangible Assets, Net	$ 57	$ 61

Consolidated Statement of Changes in Member's Equity - USD ($)
shares in Thousands, $ in Millions

Total

Common Stock [Member]

Additional Paid-in Capital

Foreign Currency Translation Adjustments

Retained Earnings [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accumulated other Comprehensive Income (Loss), Net of Tax

$ (4)

Balance, value at Dec. 31, 2020

$ 9,461

$ 4

$ 17,933

$ (8,472)

Balance, (in shares) at Dec. 31, 2020

431,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock-based compensation related activity, net of forfeitures, value

148

Stock-based compensation related activity, net of forfeitures, shares

1,000

Purchases and retirement of capital stock, value

(70)

Other Comprehensive Income (Loss), Net of Tax

(2,377)

Balance, value at Dec. 31, 2021

1,096

8,258

$ 4

18,011

(9,753)

Balance, (in shares) at Dec. 31, 2021

432,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accumulated other Comprehensive Income (Loss), Net of Tax

(4)

Stock-based compensation related activity, net of forfeitures, value

170

Stock-based compensation related activity, net of forfeitures, shares

1,000

Purchases and retirement of capital stock, value

(65)

Other Comprehensive Income (Loss), Net of Tax

^[1]

(1)

(2,588)

Balance, value at Dec. 31, 2022

1,675

$ 7,449

$ 4

18,116

(10,666)

Balance, (in shares) at Dec. 31, 2022

433,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accumulated other Comprehensive Income (Loss), Net of Tax

$ (5)

(5)

Stock-based compensation related activity, net of forfeitures, value

184

Stock-based compensation related activity, net of forfeitures, shares

1,000

Purchases and retirement of capital stock, value

(30)

Other Comprehensive Income (Loss), Net of Tax

^[1]

(2,725)

Balance, value at Dec. 31, 2023

1,502

$ 6,381

$ 4

$ 18,270

$ (11,889)

Balance, (in shares) at Dec. 31, 2023

434,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Accumulated other Comprehensive Income (Loss), Net of Tax

$ (4)

[1]	See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)."

Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Labor Costs	$ 299	$ 265	$ 238
Asset write-down charges	33	34	21
Revenue, Remaining Performance Obligation, Amount	2,100	2,300	2,600
Contract with Customer, Liability, Revenue Recognized	631	668
Interest expense on debt obligations	836	685	644
Amortization of deferred financing costs and adjustments on long-term debt, net	29	26	25
Capitalized interest	(15)	(12)	(12)
Interest expense and amortization of deferred financing costs, net	$ 850	699	657
Percentage of tax position that is likely of being realized upon ultimate settlement	50.00%
Income (loss) from continuing operations	$ 1,502	1,675	1,096
Portion of company site rental costs that are Towers ground lease expenses	half
Useful life of site rental contracts and customer relationships (years)	20 years
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Other current assets	$ 56	73
Revenue recognition for Wireless Tenants	five to 15 years
Accelerated prepaid rent amort	$ 59
Site rental revenue - remaining rental obligation	170
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic	1,502	1,675	1,158
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	0	0	(62)
Net Income (Loss) Available to Common Stockholders, Basic	$ 1,502	$ 1,675	$ 1,096
Basic (in shares)	434	433	432
Diluted (in shares)	434	434	434
Income (loss) from continuing operations, basic	$ 3.46	$ 3.87	$ 2.68
Income (loss) from discontinued operations, basic	0	0	(0.14)
Basic (in dollars per share)	3.46	3.87	2.54
Income (Loss) from Continuing Operations, Per Diluted Share	3.46	3.86	2.67
Diluted (in dollars per share)	3.46	3.86	2.53
Common Stock, Dividends, Per Share, Declared	$ 6.26	$ 5.98	$ 5.46
Performance Obligations
Other current assets	$ 44	$ 43
Minimum [Member]
Revenue Recognition Non-cancelable Term - Fiber	one
Ground Lease Agreement Initial Term	five
Revenue Recognition Non-cancelable Lease Term	five
Service revenue payment terms	45
Maximum [Member]
Revenue Recognition Non-cancelable Term - Fiber	20
Ground Lease Agreement Initial Term	15
Revenue Recognition Non-cancelable Lease Term	15
Service revenue payment terms	90
Restricted Stock Units (RSUs) [Member]
Effect of assumed dilution from potential common shares relating to stock options and restricted stock awards	0	1	2
Property, Plant and Equipment [Member]
Asset write-down charges	$ 40	$ 39	$ 19
Communication Infrastructure [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	1 year
Communication Infrastructure [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years

Schedule III - Schedule of Real Estate and Depreciation (Notes)

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]

Description

Encumbrances

Initial Cost to Company

Cost Capitalized Subsequent to Acquisition

Gross Amount Carried at Close of Current Period

Accumulated Depreciation at Close of Current Period

Date of Construction

Date Acquired

Life on Which Depreciation in Latest Income Statement is Computed

Communications infrastructure(a)

1,760

(b)

(c)

29,383

(13,817)

Various

Up to 20 years

(a)Includes (1) more than 40,000 towers, (2) approximately 115,000 small cells on air or under contract and (3) approximately 90,000 route miles of fiber. No single asset exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above.

(b)Encumbrances are reported at face value, without contemplating the effect of deferred financing costs, discounts or premiums. Certain of the Company's debt is secured by (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses).

(c)The Company has omitted this information, as it would be impracticable to compile such information on an asset-by-asset basis.


	2023		2022

Gross amount at beginning	$	27,936	$	26,679
Additions during period:
Acquisitions through foreclosure	—		—
Other acquisitions(a)	50		32
Communications infrastructure construction and improvements	1,254		1,138
Purchase of land interests	64		53
Sustaining capital expenditures	52		52
Other(b)	105		127
Total additions	1,525		1,402
Deductions during period:
Cost of real estate sold or disposed	(78)		(145)
Other	—		—
Total deductions	(78)		(145)
Balance at end	$	29,383	$	27,936

(a)Includes acquisitions of communications infrastructure.

(b)Predominately relates to (1) the purchase of property and equipment under finance leases and installment land purchases, (2) asset retirement obligations and (3) capitalized stock-based compensation.


	2023		2022
Gross amount of accumulated depreciation at beginning	$	(12,649)	$	(11,582)
Additions during period:
Depreciation	(1,222)		(1,181)
Total additions	(1,222)		(1,181)
Deductions during period:
Amount for assets sold or disposed	38		105
Other	16		9
Total deductions	54		114
Balance at end	$	(13,817)	$	(12,649)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Cash, Cash Equivalents, and Short-Term Investments

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2023
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Crown Castle Inc. and its predecessor, as applicable (together, "CCI"), and their subsidiaries, collectively referred to herein as the "Company." All significant intercompany balances and transactions have been eliminated in consolidation. 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 14. 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. See notes 4 and 13. As part of the Company's effort to provide comprehensive communications infrastructure solutions, as an ancillary business, the Company also offers certain services primarily relating to its Towers segment. For the periods presented, such services predominately consisted of (1) site development services relating to existing or new tenant equipment installations, including: site acquisition, architectural and engineering, or zoning and permitting (collectively, "site development services") and (2) tenant equipment installation or subsequent augmentations (collectively, "installation services"). See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included 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 9. 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.

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Common stock, shares issued	434,000	433,000
Common stock, shares outstanding	434,000	433,000
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000	1,200,000
Accounts Receivable, Allowance for Credit Loss	$ 19	$ 19

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 19	$ 17	$ 17
Charged to operations	11	8	5
Credited to operations	(11)	(6)	(5)
Balance at end of year	19	19	17
Deferred Tax Valuation Allowance [Member]
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	2	0	0
Charged to operations	0	2	0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Addition, Recovery	0	0	0
Balance at end of year	$ 2	$ 2	$ 0

Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less.

Restricted Cash

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents represents (1) the cash held in reserve by the indenture trustees pursuant to the indenture governing certain of the Company's debt instruments, (2) cash securing performance obligations such as letters of credit and (3) any other cash whose use is limited by contractual provisions. The restriction of rental cash receipts is a critical feature of certain of the Company's debt instruments due to the applicable indenture trustee's ability to utilize the restricted cash for the payment of (1) debt service costs, (2) ground rents, (3) real estate or personal property taxes, (4) insurance premiums related to towers, (5) other assessments by governmental authorities and potential environmental remediation costs or (6) a portion of advance rents from tenants. The restricted cash in excess of required reserve balances is subsequently released to the Company in accordance with the terms of the indentures. See note 15 for a reconciliation of cash and cash equivalents and restricted cash and cash equivalents.

Receivables Allowance

An allowance for credit losses is recorded as an offset to accounts receivable. The Company uses judgment in estimating this allowance and considers historical collections, current credit status, or contractual provisions. Additions to the allowance for credit losses are charged either to "Site rental costs of operations" or to "Services and other costs of operations," as appropriate, and deductions from the allowance are recorded when specific accounts receivable are written off as uncollectible.

General, Leases [Policy Text Block]

Lease Accounting

General. The Company evaluates whether a contract meets the definition of a lease whenever a contract grants a party the right to control the use of an identified asset for a period of time in exchange for consideration. To the extent the identified asset is able to be shared among multiple parties, the Company has determined that one party does not have control of the identified asset and the contract is not considered a lease. The Company accounts for contracts that do not meet the definition of a lease under other relevant accounting guidance (such as ASC 606 for revenue from contracts with customers).

Lessee, Leases [Policy Text Block]

Lessee. For its Tower segment, the Company's lessee arrangements primarily consist of ground leases for land under towers. Ground leases for land are specific to each site, generally contain an initial term between five to 15 years and are renewable (and cancellable after a notice period) at the Company's option. The Company also enters into term ground leases, such as term easements, in which it prepays the entire term. For its Fiber segment, the Company's lessee arrangements primarily include leases of fiber assets to support the Company's small cells and fiber solutions.

The majority of the Company's lease agreements have certain termination rights that provide for cancellation after a notice period and multiple renewal options exercisable at the Company's option. The Company includes renewal option periods in its calculation of the estimated lease term when it determines the options are reasonably certain to be exercised. When such renewal options are deemed to be reasonably certain, the estimated lease term determined under ASC 842 will be greater than the non-cancelable term of the contractual arrangement. Although certain renewal periods are included in the estimated lease term, the Company would have the ability to terminate or elect to not renew a particular lease if business conditions warrant such a decision.

The Company classifies its lessee arrangements at inception as either operating leases or finance leases. A lease is classified as a finance lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying asset, or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if none of the five criteria described above for finance lease classification is met.

Right-of-use ("ROU") assets associated with operating leases are included in "Operating lease right-of-use assets" on the Company's consolidated balance sheet. Current and long-term portions of lease liabilities related to operating leases are included in "Current portion of operating lease liabilities" and "Operating lease liabilities" on the Company's consolidated balance sheet, respectively. ROU assets represent the Company's right to use an underlying asset for the estimated lease term and lease liabilities represent the Company's present value of its future lease payments. In assessing its leases and determining its lease liability at lease commencement or upon modification, the Company is not able to readily determine the rate implicit for its lessee arrangements, and thus uses its incremental borrowing rate on a collateralized basis to determine the present value of the lease payments. The Company's ROU assets are measured as the balance of the lease liability plus any prepaid or accrued lease payments and any unamortized initial direct costs. For both the Towers and Fiber segments, operating lease expenses are recognized on a ratable basis, regardless of whether the payment terms require the Company to make payments annually, semi-annually, quarterly, monthly, or for the entire term in advance. Certain of the Company's ground lease and fiber lease agreements contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the change in consumer price index ("CPI")). If the payment terms include fixed escalators, upfront payments, or rent-free periods, the effect of such increases is recognized on a straight-line basis. The Company calculates the straight-line expense over the contract's estimated lease term, including any renewal option periods that the Company deems reasonably certain to be exercised.

Lease agreements may also contain provisions for a contingent payment based on (1) the revenues derived from the communications infrastructure located on the leased asset, (2) the change in CPI or (3) the usage of the leased asset. The Company's contingent payments are considered variable lease payments and are (1) not included in the initial measurement of the ROU asset or lease liability due to the uncertainty of the payment amount and (2) recorded as expense in the period such contingencies are resolved.

ROU assets associated with finance leases are included in "Property and equipment, net" on the Company's consolidated balance sheet. Lease liabilities associated with finance leases are included in "Current maturities of debt and other obligations" and "Debt and other long-term obligations" on the Company's consolidated balance sheet. For both its Towers and Fiber segments, the Company measures the lease liability for finance leases using the effective interest method. The initial lease liability is increased to reflect interest on the liability and decreased to reflect payments made during the period. Interest on the lease liability is determined each period during the lease term as the amount that results in a constant periodic discount rate on the remaining balance of the liability. The Company depreciates ROU assets for finance leases on a ratable basis over the applicable lease term.

The Company reviews the carrying value of its ROU assets for impairment, similar to its other long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company could record impairments in the future if there are changes in (1) long-term market conditions, (2) expected future operating results or (3) the utility of the assets that negatively impact the fair value of its ROU assets.

Lessor, Leases Policy

Lessor. The Company's lessor arrangements primarily include tenant contracts for dedicated space (including dedicated fiber) on its shared communications infrastructure. The Company classifies its leases at inception as operating, direct financing or sales-type leases. A lease is classified as a sales-type lease if at least one of the following criteria is met: (1) the lease transfers ownership of the underlying asset to the lessee, (2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) the lease term is for a major part of the remaining economic life of the underlying asset, (4) the present value of the sum of the lease payments equals or exceeds substantially all of the fair value of the underlying assets or (5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Furthermore, when none of the above criteria is met, a lease is classified as a direct financing lease if both of the following criteria are met: (1) the present value of the of the sum of the lease payments and any residual value guaranteed by the lessee, that is not already reflected in the lease payments, equals or exceeds the fair value of the underlying asset and (2) it is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee. A lease is classified as an operating lease if it does not qualify as a sales-type or direct financing lease. Currently, the Company classifies all of its lessor arrangements as operating leases.

Site rental revenues from the Company’s lessor arrangements are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, regardless of whether the payments from the tenant are received in equal monthly amounts during the life of a tenant contract. Certain of the Company's tenant contracts contain fixed escalation clauses (such as fixed-dollar or fixed-percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI). If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the rental revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the agreement. When calculating straight-line site rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions.

Certain of the Company's arrangements with tenants in its Fiber segment contain both lease and non-lease components. In such circumstances, the Company has determined (1) the timing and pattern of transfer for the lease and non-lease component are the same and (2) the stand-alone lease component would be classified as an operating lease. As such, the Company has aggregated certain non-lease components with lease components and has determined that the lease components (generally dedicated fiber) represent the predominant component of the arrangement.

Property and Equipment

Property and equipment is stated at cost, net of accumulated depreciation. Property and equipment includes land owned through fee interests and perpetual easements, which have no definite life. Depreciation is computed utilizing the straight-line method at rates based upon the estimated useful lives of the various classes of assets. Depreciation for the majority of communications infrastructure is computed with a useful life equal to the shorter of 20 years or the term of the underlying ground lease (where applicable and including optional renewal periods). Additions and permanent improvements to the Company's communications infrastructure are capitalized, while maintenance and repairs are expensed.

Labor and interest costs incurred directly related to the construction of certain property and equipment are capitalized during the construction phase of projects. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $299 million, $265 million and $238 million in capitalized labor costs, respectively. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

Abandonments and write-offs of property and equipment are recorded to "Asset write-down charges" on the Company's consolidated statement of operations and comprehensive income (loss) and were $40 million, $39 million and $19 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Asset Retirement Obligations

Pursuant to its ground lease, leased facility and certain pole attachment agreements, the Company records obligations to perform asset retirement activities, including requirements to remove communications infrastructure or remediate the space on which certain of its communications infrastructure is located. The Company does not record an obligation for asset retirement activities related to its fiber, as a settlement date is indeterminable and therefore a reasonable estimation of fair value cannot be made. Asset retirement obligations are included in "Other long-term liabilities" on the Company's consolidated balance sheet. The liability accretes as a result of the passage of time and the related accretion expense is included in "Depreciation, amortization and accretion" on the Company's consolidated statement of operations and comprehensive income (loss). The associated asset retirement costs are capitalized as an additional carrying amount of the related long-lived asset and depreciated over the useful life of such asset.

Acquisitions and Integration Costs

Goodwill represents the excess of the purchase price for an acquired business over the allocated value of the related net assets. The Company tests goodwill for impairment on an annual basis, regardless of whether adverse events or changes in circumstances have occurred. The annual test begins with goodwill and all intangible assets being allocated to applicable reporting units. The Company's reporting units are the same as its operating segments (Towers and Fiber). The Company then performs a qualitative assessment to determine whether it is "more likely than not" that the fair value of the reporting unit is less than its carrying amount. If the Company concludes it is "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it is necessary to perform a quantitative goodwill impairment test. The quantitative goodwill impairment test compares the estimated fair value of the reporting unit and the carrying value of the reporting unit. If the carrying amount of a reporting unit is greater than its fair value, an impairment loss shall be recognized in an amount equal to such excess, limited to the total amount of goodwill allocated to the reporting unit. The Company performed its most recent annual goodwill impairment test as of October 1, 2023, which resulted in no impairments.

Intangible Assets

Intangible assets are included in "Site rental contracts and tenant relationships, net" and "Other intangible assets, net" on the Company's consolidated balance sheet and predominately consist of the estimated fair value of site rental contracts and tenant relationships or other contractual rights, such as trademarks, that are recorded in conjunction with acquisitions. Site rental contracts and tenant relationships intangible assets are comprised of (1) the current term of the existing leases, (2) the high rate of tenant retention, and (3) any associated relationships that are expected to generate value following the expiration of all renewal periods under existing leases.

The useful lives of intangible assets are estimated based on the period over which the intangible asset is expected to benefit the Company and gives consideration to the expected useful life of other assets to which the useful life may relate. Amortization expense for intangible assets is computed using the straight-line method over the estimated useful life of each of the intangible assets. The useful lives of site rental contracts and tenant relationships intangible assets are limited by the maximum depreciable life of the communications infrastructure (20 years), as a result of the interdependency of the communications infrastructure and the site rental contracts and tenant relationships. In contrast, the site rental contracts and tenant relationships are estimated to provide economic benefits for several decades because of the low rate of tenant cancellations and high rate of tenant retention experienced to date. Thus, while site rental contracts and tenant relationships intangible assets are valued based upon the fair value of the site rental contracts and tenant relationships, which includes assumptions regarding both (1) tenants' exercise of optional renewals contained in the acquired leases and (2) renewals of the acquired leases past the contractual term including exercisable options, site rental contracts and tenant relationships intangible assets are amortized over a period not to exceed 20 years.

The carrying value of other intangible assets with finite useful lives will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company has a dual grouping policy for purposes of determining the unit of account for testing impairment of site rental contracts and tenant relationships intangible assets. First, the Company pools site rental contracts and tenant relationships intangible assets with the related communications infrastructure assets into portfolio groups for purposes of determining the unit of account for impairment testing. Second and separately, the Company pools the site rental contracts and tenant relationships by significant tenant or by tenant grouping for individually insignificant tenants, as appropriate. If the sum of the associated estimated future

cash flows (undiscounted) from an asset is less than its carrying amount, an impairment loss may be recognized. Measurement of an impairment loss would be based on the fair value of the asset.

Deferred Credits

Deferred credits are included in "Deferred revenues" and "Other long-term liabilities" on the Company's consolidated balance sheet and consist of the estimated fair value of below-market tenant leases for contractual interests with tenants on acquired communications infrastructure that are amortized to site rental revenues.

Fair value for these deferred credits represents the difference between (1) the stated contractual payments to be made pursuant to the in-place lease and (2) management's estimate of fair market lease rates for each corresponding lease. Deferred credits are measured over a period equal to the estimated remaining economic lease term considering renewal provisions or economics associated with those renewal provisions, to the extent applicable. Deferred credits are amortized over their respected estimated lease terms at the time of acquisition.

Deferred Financing Costs

Third-party costs incurred to obtain financing, with the exception of costs incurred related to revolving lines of credit, are deferred and are included as a direct deduction from the carrying amount of the related debt liability in "Debt and other long-term obligations" on the Company's consolidated balance sheet and are amortized using the effective interest yield methodology to "Interest expense and amortization of deferred financing costs, net" on the Company's consolidated statement of operations and comprehensive income (loss) over the term of the related debt liability. Third party costs incurred to obtain financing through a revolving line of credit are deferred and are included in "Other assets, net" on the Company's consolidated balance sheet and are amortized using the effective interest yield methodology to "Interest expense and amortization of deferred financing costs, net" on the Company's consolidated statement of operations and comprehensive income (loss) over the term of the 2016 Credit Agreement (as defined in note 7).

Revenue Recognition

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. Site rental revenues from the Company's tenant contracts are recognized on a straight-line, ratable basis over the fixed, non-cancelable term of the relevant tenant contract, which generally ranges between five to 15 years for wireless tenants and between one to 20 years for fiber solutions tenants (including from organizations with high-bandwidth and multi-location demands), regardless of whether the payments from the tenant are received in equal monthly amounts during the life of the tenant contract. Certain of the Company's tenant contracts contain (1) fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the CPI), (2) multiple renewal periods exercisable at the tenant's option and (3) only limited termination rights at the applicable tenant's option through the current term. If the payment terms call for fixed escalators, upfront payments, or rent-free periods, the revenue is recognized on a straight-line basis over the fixed, non-cancelable term of the tenant contract. When calculating straight-line rental revenues, the Company considers all fixed elements of tenant contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's assets related to straight-line site rental revenues are recorded within "Current portion of deferred site rental receivables" and "Deferred site rental receivables" on the Company's 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 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 consolidated balance sheet.

Sprint Cancellation Payments. For the year ended December 31, 2023, site rental revenues include $170 million 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 $59 million of accelerated prepaid rent amortization in the Company's Fiber segment for the year ended December 31, 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 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering. Upon contract commencement, the Company assesses its services to tenants and identifies performance obligations for each promise to provide a distinct service.

The Company may have multiple performance obligations for site development services, which primarily include: structural analysis, zoning, permitting and construction drawings. For each of these performance obligations, services revenues are recognized at completion of the applicable performance obligation, which represents the point at which the Company believes it has transferred goods or services to the tenant. The services revenue recognized is based on an allocation of the transaction price among the performance obligations in a respective tenant contract based on estimated standalone selling price. The volume and mix of site development services may vary among tenant contracts and may include a combination of some or all of the above performance obligations. Amounts are billed per contractual milestones, with payments generally due within 45 to 90 days, and generally do not contain variable-consideration provisions.

The transaction price for the Company's tower installation services consists of amounts for (1) permanent improvements to the Company's towers that represent a lease component and (2) the performance of the service. Amounts under the Company's tower installation service agreements that represent a lease component are recognized as site rental revenues on a straight-line basis over the length of the associated estimated lease term. For the performance of the installation service, the Company has one performance obligation, which is satisfied at the time of the applicable installation or augmentation and recognized as services and other revenues on the Company's 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 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 December 31, 2023, $2.3 billion and $2.1 billion of unrecognized revenues, respectively, were reported in "Deferred revenues" and "Other long-term liabilities" on the Company's consolidated balance sheet. During the year ended December 31, 2023, approximately $631 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 consolidated balance sheet. During the year ended December 31, 2022, approximately $668 million of the January 1, 2022 unrecognized revenues balance was recognized as revenues.

See note 3 for further discussion regarding the Company’s revenues.

Cost of Operations

Costs of Operations

Nearly half of the Company's site rental costs of operations expenses consist of Towers ground lease expenses, and the remainder includes fiber access expenses, repairs and maintenance expenses, employee compensation or related benefit costs, property taxes, or utilities. Generally, the ground leases for land are specific to each site and are for an initial term of between five to 15 years and are renewable for pre-determined periods. The Company also enters into ground leases, such as term easements, in which it prepays the entire term in advance. Fiber access expenses primarily consist of leases of fiber assets and other access agreements to facilitate the Company's communications infrastructure.

Ground lease and fiber access expenses are recognized on a ratable basis, regardless of whether the payment terms require the Company to make payments annually, semi-annually, quarterly, monthly, or for the entire term in advance. Certain of the Company's ground lease and fiber access agreements contain fixed escalation clauses (such as fixed dollar or fixed percentage increases) or inflation-based escalation clauses (such as those tied to the change in CPI). If the payment terms include fixed escalators, upfront payments, or rent-free periods, the effect of such increases is recognized on a straight-line basis. When calculating straight-line ground lease and fiber access expenses, the Company considers all fixed elements of contractual escalation provisions, even if such escalation provisions contain a variable element in addition to a minimum. The Company's liability related to straight-line expense is included in "Operating lease right-of-use assets" on the Company's consolidated balance sheet. The Company's assets related to prepaid agreements is included in "Prepaid expenses" and "Operating lease right-of-use assets" on the Company's consolidated balance sheet.

Services and other costs of operations predominately consist of third-party service providers such as contractors and professional services firms and, to a lesser extent, internal labor costs, associated with the Company's site development and installation services. See note 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering. The Company's costs

incurred prior to the satisfaction of associated performance obligations of $44 million and $43 million as of December 31, 2023 and 2022, respectively, are included in "Other current assets" on the Company's consolidated balance sheet.

Direct or incremental costs related to a potential or completed business combination transaction are expensed as incurred. Such costs are predominately comprised of severance, retention bonuses payable to employees of an acquired enterprise, temporary employees to assist with the integration of the acquired operations, fees paid for services (such as consulting, accounting, legal, or engineering reviews), and any other costs directly associated with the transaction. These business combination costs are included in "Acquisition and integration costs" on the Company's consolidated statement of operations and comprehensive income (loss). For those transactions accounted for as asset acquisitions, these costs are capitalized as part of the purchase price.

Stock-Based Compensation

Stock-based Compensation Expense, Net

Restricted Stock Units. The Company records stock-based compensation expense for unvested restricted stock units ("RSUs") for which the requisite service is expected to be rendered. The cumulative effect of a change in the estimated number of RSUs for which the requisite service is expected to be or has been rendered is recognized in the period of the change in the estimate. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the awards vest. A discussion of the Company's valuation techniques and related assumptions and estimates used to measure the Company's stock-based compensation expense is as follows:

Valuation. The fair value of RSUs without market conditions is determined based on the number of shares relating to such RSUs and the quoted price of the Company's common stock at the date of grant. The Company estimates the fair value of RSUs with market conditions granted using a Monte Carlo simulation. The Company's determination of the fair value of RSUs with market conditions on the date of grant is affected by its common stock price as well as assumptions regarding a number of highly complex or subjective variables. The determination of fair value using a Monte Carlo simulation requires the input of subjective assumptions, and other reasonable assumptions could provide differing results.

Amortization Method. The Company amortizes the fair value of all RSUs on a straight-line basis for each separately vesting tranche of the award (graded vesting schedule) over the requisite service periods.

Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock.

Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield.

Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award.

Forfeitures. The Company uses historical award forfeiture data and management's judgment about the future employee turnover rates to estimate the number of shares for which the requisite service period will not be rendered.

Interest Expense and Amortization of Deferred Financing Costs, Net

The components of interest expense and amortization of deferred financing costs, net are as follows:


	Years Ended December 31,
	2023		2022		2021
Interest expense on debt obligations	$	836	$	685	$	644
Amortization of deferred financing costs and adjustments on long-term debt	29		26		25
Capitalized interest	(15)		(12)		(12)

Total	$	850	$	699	$	657

The Company amortizes deferred financing costs, discounts and premiums over the estimated term of the related borrowing using the effective interest yield method. Deferred financing costs and discounts are generally presented as a direct reduction to the related debt obligation on the Company's consolidated balance sheet.

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 ("Code"), to maintain qualification for taxation as a REIT.

Additionally, the Company has included in TRSs certain other assets and operations. Those 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 its REIT conversion and certain subsequent acquisitions into the REIT, the Company will be subject to a federal corporate level tax rate (currently 21%) on any gain recognized from the sale of assets occurring within a specified period (generally 5 years) after the transfer date up to the amount of the built in gain that existed on the transfer date, which is based upon the fair market value of those assets in excess of the Company's tax basis on the transfer date. This gain can be offset by any remaining federal net operating loss carryforwards ("NOLs").

For the Company's TRSs, the Company accounts for income taxes using an asset and liability approach, which requires the recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Deferred income tax assets and liabilities are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is provided on deferred tax assets if it is determined that it is "more likely than not" that the asset will not be realized. The Company records a valuation allowance against deferred tax assets when it is "more likely than not" that some portion or all of the deferred tax asset will not be realized. The Company reviews the recoverability of deferred tax assets each quarter and based upon projections of future taxable income, reversing deferred tax liabilities or other known events that are expected to affect future taxable income, records a valuation allowance for assets that do not meet the "more likely than not" realization threshold. Valuation allowances may be reversed if related deferred tax assets are deemed realizable based upon changes in facts and circumstances that impact the recoverability of the asset.

The Company recognizes a tax position if it is "more likely than not" that it will be sustained upon examination. The tax position is measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement. The Company reports penalties and tax-related interest expense as a component of the benefit (provision) for income taxes. As of December 31, 2023 and 2022, the Company has not recorded any material penalties related to its income tax positions. See note 9.

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 years ended December 31, 2023, 2022 and 2021, 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 RSUs as determined under the treasury stock method.

A reconciliation of the numerators and denominators of the basic and diluted per share computations is shown in the table below.


	Years Ended December 31,
	2023		2022		2021


Income (loss) from continuing operations attributable to CCI common stockholders for basic and diluted computations	$	1,502	$	1,675	$	1,158

Income (loss) from discontinued operations, net of tax	—		—		(62)
Net income (loss) attributable to CCI common stockholders	$	1,502	$	1,675	$	1,096

Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding	434		433		432
Effect of assumed dilution from potential issuance of common shares relating to RSUs	—		1		2
Diluted weighted-average number of common shares outstanding	434		434		434

Net income (loss) attributable to CCI common stockholders, per common share:
Income (loss) from continuing operations, basic	$	3.46	$	3.87	$	2.68
Income (loss) from discontinued operations, basic	—		—		(0.14)
Net income (loss) attributable to CCI common stockholders—basic	$	3.46	$	3.87	$	2.54

Income (loss) from continuing operations, diluted	$	3.46	$	3.86	$	2.67
Income (loss) from discontinued operations, diluted	—		—		(0.14)
Net income (loss)—diluted	$	3.46	$	3.86	$	2.53

Dividends/distributions declared per share of common stock	$	6.26	$	5.98	$	5.46

Fair Values

The Company's assets and liabilities recorded at fair value are categorized based upon a fair value hierarchy that ranks the quality and reliability of the information used to determine fair value. The three levels of the fair value hierarchy are (1) Level 1 — quoted prices (unadjusted) in active and accessible markets, (2) Level 2 — observable prices that are based on inputs not quoted in active markets but corroborated by market data, and (3) Level 3 — unobservable inputs and are not corroborated by market data. The Company evaluates fair value hierarchy level classifications quarterly, and transfers between levels are effective at the end of the quarterly period.

The fair values of cash and cash equivalents and restricted cash and cash equivalents approximate the carrying values. The Company determines the fair value of its debt securities based on indicative, non-binding quotes from brokers. Quotes from brokers require judgment and are based on the brokers' interpretation of market information, including implied credit spreads for similar borrowings on recent trades or bid/ask prices or quotes from active markets if available. There were no changes since December 31, 2022 in the Company's valuation techniques used to measure fair values. See note 8 for a further discussion of fair values.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

No accounting pronouncements adopted during the year ended December 31, 2023 had a material impact on the Company's consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued new guidance that is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosure of significant segment expenses. The new guidance also expands interim segment disclosure requirements and requires disclosure of the position and title of the Company's chief operating decision-maker. The guidance will be effective for the Company's fiscal year ending December 31, 2024 and for interim periods starting in the first quarter of fiscal year 2025 with early adoption permitted. The guidance is required to be applied retrospectively to each prior reporting period presented. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued new guidance that enhances the transparency and decision usefulness of income tax disclosures, primarily through changes to the rate reconciliation and income taxes paid disclosures. The guidance will be effective for the Company's fiscal year ending December 31, 2025, and can be applied prospectively or retrospectively, with early adoption permitted. The Company is currently evaluating the effect of the guidance, including the impact on its consolidated financial statements and related disclosures.

Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and highly liquid investments with original maturities of three months or less.

Restricted Cash and Cash Equivalents

Receivables Allowance

Lease Accounting

Property and Equipment

Asset Retirement Obligations

Goodwill

Intangible Assets

cash flows (undiscounted) from an asset is less than its carrying amount, an impairment loss may be recognized. Measurement of an impairment loss would be based on the fair value of the asset.

Deferred Credits

Deferred Financing Costs

Revenue Recognition

See note 3 for further discussion regarding the Company’s revenues.

Costs of Operations

Acquisitions and Integration Costs

Stock-based Compensation Expense, Net

Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock.

Expected Dividend Rate. The expected dividend rate at the date of grant is based on the then-current dividend yield.

Risk-Free Rate. The Company bases the risk-free rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term equal to the expected life of the award.

Interest Expense and Amortization of Deferred Financing Costs, Net

The components of interest expense and amortization of deferred financing costs, net are as follows:


	Years Ended December 31,
	2023		2022		2021
Interest expense on debt obligations	$	836	$	685	$	644
Amortization of deferred financing costs and adjustments on long-term debt	29		26		25
Capitalized interest	(15)		(12)		(12)

Total	$	850	$	699	$	657

Income Taxes

Per Share Information

A reconciliation of the numerators and denominators of the basic and diluted per share computations is shown in the table below.


	Years Ended December 31,
	2023		2022		2021


Income (loss) from continuing operations attributable to CCI common stockholders for basic and diluted computations	$	1,502	$	1,675	$	1,158

Income (loss) from discontinued operations, net of tax	—		—		(62)
Net income (loss) attributable to CCI common stockholders	$	1,502	$	1,675	$	1,096

Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding	434		433		432
Effect of assumed dilution from potential issuance of common shares relating to RSUs	—		1		2
Diluted weighted-average number of common shares outstanding	434		434		434

Net income (loss) attributable to CCI common stockholders, per common share:
Income (loss) from continuing operations, basic	$	3.46	$	3.87	$	2.68
Income (loss) from discontinued operations, basic	—		—		(0.14)
Net income (loss) attributable to CCI common stockholders—basic	$	3.46	$	3.87	$	2.54

Income (loss) from continuing operations, diluted	$	3.46	$	3.86	$	2.67
Income (loss) from discontinued operations, diluted	—		—		(0.14)
Net income (loss)—diluted	$	3.46	$	3.86	$	2.53

Dividends/distributions declared per share of common stock	$	6.26	$	5.98	$	5.46

Fair Values

Recently Adopted Accounting Pronouncements

No accounting pronouncements adopted during the year ended December 31, 2023 had a material impact on the Company's consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

Stockholders' Equity Tax Treatment of Dividends Paid (Details) - $ / shares

3 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

$ 1.565

Common Stock [Member]

Payment Date

Dec. 29, 2023

Sep. 29, 2023

Jun. 30, 2023

Mar. 31, 2023

Common Stock [Member]

Ordinary Taxable Dividend Per Share [Member]

Non-Taxable Distribution

$ 0.532849

Qualified Taxable Dividend Per Share [Member]

1.032151

Long-Term Capital Gain Distribution Per Share [Member]

^[1]

0.015327

$ 1.016824

[1]	Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Fair Value Disclosures

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures

The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2.


	Level in Fair Value Hierarchy	December 31, 2023				December 31, 2022
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	105	$	105	$	156	$	156
Restricted cash and cash equivalents, current and non-current	1	176		176		171		171
Liabilities:
Total debt and other obligations	2	22,921		21,201		21,729		19,554

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Components of Interest Expense and Amortization of Deferred Financing Costs, Net

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

The components of interest expense and amortization of deferred financing costs, net are as follows:


	Years Ended December 31,
	2023		2022		2021
Interest expense on debt obligations	$	836	$	685	$	644
Amortization of deferred financing costs and adjustments on long-term debt	29		26		25
Capitalized interest	(15)		(12)		(12)

Total	$	850	$	699	$	657

Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share Computations

A reconciliation of the numerators and denominators of the basic and diluted per share computations is shown in the table below.


	Years Ended December 31,
	2023		2022		2021


Income (loss) from continuing operations attributable to CCI common stockholders for basic and diluted computations	$	1,502	$	1,675	$	1,158

Income (loss) from discontinued operations, net of tax	—		—		(62)
Net income (loss) attributable to CCI common stockholders	$	1,502	$	1,675	$	1,096

Weighted-average number of common shares outstanding (in millions):
Basic weighted-average number of common stock outstanding	434		433		432
Effect of assumed dilution from potential issuance of common shares relating to RSUs	—		1		2
Diluted weighted-average number of common shares outstanding	434		434		434

Net income (loss) attributable to CCI common stockholders, per common share:
Income (loss) from continuing operations, basic	$	3.46	$	3.87	$	2.68
Income (loss) from discontinued operations, basic	—		—		(0.14)
Net income (loss) attributable to CCI common stockholders—basic	$	3.46	$	3.87	$	2.54

Income (loss) from continuing operations, diluted	$	3.46	$	3.86	$	2.67
Income (loss) from discontinued operations, diluted	—		—		(0.14)
Net income (loss)—diluted	$	3.46	$	3.86	$	2.53

Dividends/distributions declared per share of common stock	$	6.26	$	5.98	$	5.46

Operating Segments and Concentrations of Credit Risk (Major Customers) (Details) - Revenue Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk, Percentage	76.00%	74.00%	75.00%
T-Mobile [Member]
Concentration Risk, Percentage	38.00%	38.00%	35.00%
AT&T [Member]
Concentration Risk, Percentage	19.00%	18.00%	20.00%
Verizon Wireless [Member]
Concentration Risk, Percentage	19.00%	18.00%	20.00%

Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Estimated Fair Values and Carrying Amounts of Assets and Liabilities

The following table shows the estimated fair values of the Company's financial instruments, along with the carrying amounts of the related assets (liabilities). See also note 2.


	Level in Fair Value Hierarchy	December 31, 2023				December 31, 2022
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	1	$	105	$	105	$	156	$	156
Restricted cash and cash equivalents, current and non-current	1	176		176		171		171
Liabilities:
Total debt and other obligations	2	22,921		21,201		21,729		19,554

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 85,000	$ 0	$ 0
Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining				$ 14,000
The Plan
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	85,000
Payments for Restructuring	(50,000)
Restructuring Reserve, Settled without Cash	(7,000)
Restructuring Reserve	28,000
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	63,000
Payments for Restructuring	(46,000)
Restructuring Reserve, Settled without Cash	(1,000)
Restructuring Reserve	16,000
Facility Closing
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	22,000
Payments for Restructuring	(4,000)
Restructuring Reserve, Settled without Cash	(6,000)
Restructuring Reserve	12,000
Employee severance and other one-time termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	62,000
Share-based compensation
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Settled without Cash	(1,000)
Remaining obligations under facility leases
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	16,000
Accelerated depreciation and asset write downs
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve, Settled without Cash	(6,000)
Towers [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	44,000
Fiber [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	18,000
Other Segments
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 23,000

Stock-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-based Compensation

Stock Compensation Plans

Pursuant to stockholder approved plans, the Company has granted stock-based awards to certain employees, consultants or non-employee directors of the Company and its subsidiaries or affiliates. Following the stockholder approval of the 2022 Long-Term Incentive Plan ("2022 LTIP"), no further awards can be made under the 2013 Long-Term Incentive Plan ("2013 LTIP"). As of December 31, 2023, the Company had approximately 1 million shares available for issuance under existing awards pursuant to the 2013 LTIP and approximately 1 million and 13 million shares available for issuance under existing and future awards, respectively, pursuant to the 2022 LTIP.

Restricted Stock Units

The Company issues RSUs to certain executives and employees. Each RSU represents a contingent right to receive one share of the Company's common stock subject to satisfaction of the applicable vesting terms. The RSUs granted to certain executives and employees include (1) annual awards that contain only service-based conditions, (2) annual performance awards that vest subject to the achievement of certain stock performance-based metrics (as further described below), (3) new hire, promotional or relocation awards that generally contain only service-based vesting conditions and (4) other awards related to specific business initiatives or compensation objectives including retention and merger integration. Generally, such awards vest over periods of approximately three years.

The following is a summary of the RSU activity during the year ended December 31, 2023.


			RSUs
			(In millions)
Outstanding at the beginning of year			2
Granted			2
Vested			(1)
Forfeited			—
Outstanding at end of year			3

The Company granted approximately two million RSUs to its executives and certain other employees for the year ended December 31, 2023 and approximately one million RSUs for each of the years ended December 31, 2022 and 2021. The weighted-average grant-date fair value per share of the grants for the years ended December 31, 2023, 2022 and 2021 was $126.56, $146.52 and $155.01 per share, respectively. The weighted-average requisite service period for the RSUs granted during 2023 was approximately 2.2 years.

Of the approximately two million RSUs granted during the year ended December 31, 2023, (1) approximately 1.1 million and 0.1 million RSUs were subject to time-based vesting conditions, vesting over a three-year period and a one-year period, respectively, and (2) approximately 0.3 million RSUs were granted to the Company's executives and certain other employees and may vest on the third anniversary of the grant date based upon (a) the Company's total stockholder returns (defined as share price appreciation plus the value of dividends paid during the performance period) and (b) the Company's total stockholder return compared to that of the companies in the Standard & Poor's 500 Index. Certain RSU agreements contain provisions that result in forfeiture by the employee of any unvested shares in the event that the Company's common stock does not achieve certain performance targets. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether or not the market performance target is achieved.

The following table summarizes the assumptions used in the Monte Carlo simulation to determine the grant-date fair value for the RSUs with market conditions granted during the years ended December 31, 2023, 2022 and 2021.


	Years Ended December 31,
	2023		2022		2021
Risk-free rate	4.5	%	1.7	%	0.2	%
Expected volatility	27	%	31	%	30	%
Expected dividend rate	4.6	%	3.0	%	3.4	%

The Company recognized aggregate stock-based compensation expense related to RSUs of $139 million, $134 million and $110 million for the years ended December 31, 2023, 2022 and 2021, respectively. The aggregate unrecognized compensation (net of estimated forfeitures) related to RSUs at December 31, 2023 is $74 million and is estimated to be recognized over a weighted-average period of less than one year.

The following table is a summary of the RSUs vested during the years ended December 31, 2023, 2022 and 2021.


Years Ended December 31,	Total Shares Vested	Fair Value on Vesting Date
	(In millions of shares)
2023	1	$	92
2022	1	187
2021	1	199

Stock-based Compensation Expense, Net

The following table discloses the components of stock-based compensation expense, net.


	Years Ended December 31,
	2023		2022		2021
Stock-based compensation expense, net:
Site rental costs of operations	$	19	$	18	$	14
Services and other costs of operations	10		10		8
Selling, general and administrative expenses	128		128		109
Total stock-based compensation expense, net	$	157	$	156	$	131

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-based Compensation (Summary of Restricted Stock Awards Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Millions	12 Months Ended
	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding at the beginning of the year, number of shares	2.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(1.0)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	0.0
Shares outstanding at the end of year, number of shares	3.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities Disclosure

Restructuring

In July 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 2023, the Company recorded approximately $85 million in charges in connection with the Plan, $62 million of which represent cash payments that have been or will be made in connection with employee severance and other one-time termination benefits. An additional $1 million of non-cash charges relate to share-based compensation. In connection with the office space consolidation, the Company recorded a $16 million charge related to remaining obligations under facility leases and $6 million of non-cash charges representing accelerated depreciation.

The actions announced in July 2023 associated with the Plan and related charges are expected to be substantially completed and recorded by June 30, 2024, while the payments are expected to be completed for the employee headcount reduction and office space consolidation in 2024 and 2032, respectively. We expect to incur an additional approximately $14 million of related charges during the first half of 2024, primarily related to the office space consolidation.

The following table summarizes the activities related to the restructuring for year ended December 31, 2023:


	Employee Headcount Reduction		Office Space Consolidation		Total
Charges	$	63	$	22	$	85
Payments	(46)		(4)		(50)
Non-cash items	(1)		(6)		(7)
Liability as of December 31, 2023	$	16	$	12	$	28

As of December 31, 2023, the liability for restructuring charges is included in "Other accrued liabilities" on the consolidated balance sheet, and the corresponding expense is included in "Restructuring charges" on the consolidated statements of operations and comprehensive income.

The Company does not allocate restructuring charges between its operating segments. If such charges were allocated to operating segments, for the year ended 2023, $44 million and $18 million of the aforementioned charge would have been allocated to the Company's Towers and Fiber segment, respectively, with the remaining $23 million allocated to Other.

Leases Maturities of Lease Liabilities (Details)
$ in Millions

Dec. 31, 2023

USD ($)

^[1]

Lessee, Operating Lease, Liability, to be Paid, Year One

$ 570

Lessee, Operating Lease, Liability, to be Paid, Year Two

557

Lessee, Operating Lease, Liability, to be Paid, Year Three

548

Lessee, Operating Lease, Liability, to be Paid, Year Four

542

Lessee, Operating Lease, Liability, to be Paid, Year Five

540

Lessee, Operating Lease, Liability, to be Paid, after Year Five

5,472

Lessee, Operating Lease, Liability, to be Paid

8,229

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(2,336)

Operating Lease, Liability

$ 5,893

[1]

Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below.


	Years Ended December 31,
	2023		2022		2021
Domestic	$	1,499	$	1,661	$	1,144
Foreign(a)	29		30		35
Total	$	1,528	$	1,691	$	1,179

(a)Inclusive of income (loss) from continuing operations before income taxes from Puerto Rico.

The benefit (provision) for income taxes consists of the following:


	Years Ended December 31,
	2023		2022		2021
Current:
Federal	$	(7)	$	(6)	$	(5)
Foreign	(9)		(9)		(8)
State	(2)		2		(4)
Total current	(18)		(13)		(17)
Deferred:
Foreign	(8)		(3)		(4)

Total deferred	(8)		(3)		(4)
Total tax benefit (provision)	$	(26)	$	(16)	$	(21)


	Years Ended December 31,
	2023		2022		2021
Benefit (provision) for income taxes at statutory rate	$	(321)	$	(355)	$	(248)

Tax adjustment related to REIT operations	313		349		243

Valuation allowances	—		(1)		—
State tax (provision) benefit, net of federal	(2)		2		(4)
Foreign tax	(16)		(11)		(12)

Total	$	(26)	$	(16)	$	(21)

The components of the net deferred income tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred income tax liabilities:
Property and equipment	$	10	$	8
Deferred site rental receivables	9		9
Site rental contracts and tenant relationships, net	29		29
Total deferred income tax liabilities	48		46
Deferred income tax assets:
Other intangible assets, net	29		30
Net operating loss carryforwards(a)	5		12
Straight-line rent expense liability	5		4

Accrued liabilities	5		6




Other	5		4
Valuation allowances	(2)		(2)
Total deferred income tax assets, net	47		54
Net deferred income tax assets (liabilities)	$	(1)	$	8

The Company operates as a REIT for U.S. federal income tax purposes.

The components of the net deferred income tax assets (liabilities) are as follows:


	December 31, 2023						December 31, 2022
Classification	Gross		Valuation Allowance		Net		Gross		Valuation Allowance		Net
Federal	$	26	$	(1)	$	25	$	26	$	(1)	$	25
State	1		—		1		1		—		1
Foreign	(26)		(1)		(27)		(17)		(1)		(18)
Total	$	1	$	(2)	$	(1)	$	10	$	(2)	$	8

During 2023, the Company maintained previously recorded valuation allowances totaling $2 million related to certain deferred tax assets as management believes that it is not "more likely than not" that the Company will realize the assets.

At December 31, 2023, the Company had U.S. federal and state NOLs of approximately $1.5 billion and $0.5 billion, respectively, which are available to offset future taxable income. These amounts include approximately $237 million of losses related to stock-based compensation. The Company also has foreign NOLs of $13 million. If not utilized, the Company's U.S. federal NOLs expire starting in 2025 and ending in 2036, the state NOLs started expiring in 2022 and end in 2036, and the foreign NOLs started expiring in 2023 and end in 2036. The utilization of the NOLs is subject to certain limitations. The Company's U.S. federal and state income tax returns generally remain open to examination by taxing authorities until three years after the applicable NOLs have been used or expired.

As of December 31, 2023, there were no unrecognized tax benefits that would impact the effective tax rate, if recognized.

From time to time, the Company is subject to examinations by various tax authorities in jurisdictions in which the Company has business operations. At this time, the Company is not subject to an Internal Revenue Service examination.

On April 26, 2021, the Company entered into an agreement in principle with the Australian Taxation Office ("ATO") to pay A$83 million to settle the previously disclosed outstanding audit of the Australian tax consequences of the Company's 2015 sale of Crown Castle Australia Holdings Pty Ltd ("CCAL"), formerly a 77.6% owned Australian subsidiary of the Company ("ATO Settlement"). The sale of CCAL generated approximately $1.2 billion in net proceeds to the Company, and resulted in a gain from the disposal of discontinued operations of $979 million for the year ended December 31, 2015.

On June 16, 2021, the Company entered into a definitive settlement agreement with the ATO evidencing the ATO Settlement. On July 1, 2021, the Company paid approximately $62 million (A$83 million), based on the exchange rate in effect on that date, pursuant to the ATO Settlement. The Company recognized the ATO Settlement as a charge within discontinued operations in its consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2021, as this amount represented a reduction to the gain from the disposal of discontinued operations previously reported during the year ended December 31, 2015. The Company reflected the payment pursuant to the ATO Settlement within discontinued operations in the Company's consolidated statement of cash flows for the year ended December 31, 2021.

The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions in which it has business operations. The Company has no uncertain tax positions as of December 31, 2023. Additionally, the Company does not believe any such additional assessments arising from examinations or audits will have a material effect on the Company's financial statements.

As of December 31, 2023, the Company's deferred tax assets are included in "Other assets, net" and the Company's deferred tax liabilities are included in "Other long-term liabilities" on the Company's consolidated balance sheet.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Supplemental Cash Flow Elements [Abstract]

Statement of Cash Flows, Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Disclosure of Cash Flow Information and Non-cash Investing and Financing Activities

The following table is a summary of the supplemental cash flow information during the years ended December 31, 2023, 2022 and 2021.


	Years Ended December 31,
	2023		2022		2021
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)	$	571	$	560	$	550
Interest paid	800		684		661
Income taxes paid	18		10		20
Supplemental disclosure of non-cash investing and financing activities:
ROU assets recorded in exchange for operating lease liabilities	12		191		573
Increase (decrease) in accounts payable for purchases of property and equipment	36		(5)		3
Capitalized stock-based compensation	29		21		21
Purchase of property and equipment under finance leases and installment land purchases	62		28		25

(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, Restricted Cash and Restricted Cash Equivalents [Table Text Block]

The reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within various lines on the consolidated balance sheet to amounts reported in the consolidated statement of cash flows is shown below.


	As of December 31,
	2023		2022		2021
Cash and cash equivalents	$	105	$	156	$	292
Restricted cash and cash equivalents, current	171		166		169
Restricted cash and cash equivalents reported within other assets, net	5		5		5
Cash and cash equivalents and restricted cash and cash equivalents	$	281	$	327	$	466

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 1,502	$ 1,675	$ 1,158
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used for) operating activities:
Depreciation, amortization and accretion	1,754	1,707	1,644
(Gains) losses on retirement of long-term obligations	0	28	145
Amortization of deferred financing costs and other non-cash interest	29	17	13
Stock-based compensation expense, net	157	156	129
Asset write-down charges	33	34	21
Deferred income tax (benefit) provision	8	3	4
Other non-cash adjustments, net	14	5	21
Changes in assets and liabilities, excluding the effects of acquisitions:
Increase (decrease) in accrued interest	36	0	(17)
Increase (decrease) in accounts payable	(14)	(5)	15
Increase (decrease) in other liabilities	(265)	(281)	(118)
Decrease (increase) in receivables	115	(49)	(113)
Decrease (increase) in other assets	(243)	(412)	(113)
Net cash provided by (used for) operating activities	3,126	2,878	2,789
Cash flows from investing activities:
Payments to Acquire Productive Assets	(1,424)	(1,310)	(1,229)
Payments for acquisitions, net of cash acquired	(96)	(35)	(111)
Other investing activities, net	1	(7)	8
Net cash provided by (used for) investing activities	(1,519)	(1,352)	(1,332)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	3,843	748	3,985
Principal payments on debt and other long-term obligations	79	74	1,076
Purchases and redemptions of long-term debt	750	1,274	2,089
Borrowings under revolving credit facility	3,613	3,495	1,245
Payments under revolving credit facility	4,248	2,855	870
Net issuances (repayments) under commercial paper program	(1,241)	976	(20)
Payments for financing costs	39	14	42
Purchases of common stock	30	65	70
Dividends/distributions paid on common stock	2,723	2,602	2,373
Net cash provided by (used for) financing activities	(1,654)	(1,665)	(1,310)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents from continuing operations	(47)	(139)	147
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	0	(62)
Net Cash Provided by (Used in) Discontinued Operations	0	0	(62)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1	0	0
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents - Beginning of Period	327	466	381
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents - End of Period	$ 281	$ 327	$ 466

Consolidated Statement of Operations and Comprehensive Income (Loss) - USD ($)
shares in Millions, $ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net revenues:

$ 6,532

$ 6,289

$ 5,719

449

697

621

6,981

6,986

6,340

Costs of Operations:

^[1]

1,664

1,602

1,554

Services and other

^[1]

316

466

439

Acquisition and integration costs

759

750

680

Asset write-down charges

Depreciation, amortization and accretion

1,754

1,707

1,644

Interest expense and amortization of deferred financing costs, net

Total operating expenses

4,612

4,561

4,339

Operating income (loss)

2,369

2,425

2,001

850

699

657

Gains (losses) on retirement of long-term obligations

(28)

(145)

Interest income

Other income (expense)

(6)

(10)

(21)

Income (Loss) Attributable to Parent, before Tax, Total

1,528

1,691

1,179

Benefit (provision) for income taxes

(26)

(16)

(21)

Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

1,502

1,675

1,158

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

(62)

Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest

(62)

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total

1,502

1,675

1,096

1,502

1,675

1,096

Other comprehensive income (loss):

Foreign currency translation adjustments

(1)

Total other comprehensive income (loss)

^[2]

(1)

^[2]

Comprehensive income (loss)

$ 1,503

$ 1,674

$ 1,096

Net income (loss), per common share:

Income (loss) from continuing operations, basic

$ 3.46

$ 3.87

$ 2.68

Income (loss) from discontinued operations, basic

(0.14)

Basic (in dollars per share)

3.46

3.87

2.54

Income (Loss) from Continuing Operations, Per Diluted Share

3.46

3.86

2.67

Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share

(0.14)

Diluted (in dollars per share)

$ 3.46

$ 3.86

$ 2.53

Weighted-average common shares outstanding:

Basic (in shares)

434

433

432

Diluted (in shares)

434

[1]	Exclusive of depreciation, amortization and accretion shown separately.
[2]	See the consolidated statement of operations and comprehensive income (loss) for the components of "total other comprehensive income (loss)."

Debt and Other Obligations (Scheduled Contractual Maturities) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Contractual Maturities - Year 1	$ 835
Contractual Maturities - Year 2	599
Contractual Maturities - Year 3	2,777
Contractual Maturities - Year 4	3,918
Contractual Maturities - Year 5	2,628
Contractual Maturities - Thereafter	12,335
Total Cash Obligations	23,092
Unamortized Discounts	(171)
Total Debt and Other Obligations Outstanding	$ 22,921
Tower Revenue Notes [Member]
Debt Instrument [Line Items]
Debt, interest rate increase if not paid by anticipated repayment date	5.00%

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 105	$ 156
Restricted cash and cash equivalents	171	166
Receivables, net of allowance of $19 and $19, respectively	481	593
Prepaid expenses	103	102
Deferred site rental receivables, current	116	127
Other current assets	56	73
Total current assets	1,032	1,217
Deferred site rental receivables	2,239	1,954
Property and equipment, net	15,666	15,407
Operating lease right-of-use assets	6,187	6,526
Goodwill	10,085	10,085
Site rental contracts and tenant relationships, net	3,122	3,535
Other intangible assets, net	57	61
Other assets, net	139	136
Total assets	38,527	38,921
LIABILITIES AND EQUITY
Accounts payable	252	236
Accrued interest	219	183
Deferred revenues	605	736
Other accrued liabilities	342	407
Current maturities of debt and other obligations	835	819
Current portion of operating lease liabilities	332	350
Total current liabilities	2,585	2,731
Debt and other long-term obligations	22,086	20,910
Operating lease liabilities	5,561	5,881
Other long-term liabilities	1,914	1,950
Total liabilities	32,146	31,472
CCI stockholders' equity:
Common stock, $0.01 par value; 1,200 shares authorized; shares issued and outstanding: December 31, 2023—434 and December 31, 2022—433	4	4
Additional paid-in capital	18,270	18,116
Accumulated other comprehensive income (loss)	(4)	(5)
Dividends/distributions in excess of earnings	(11,889)	(10,666)
Total equity	6,381	7,449
Total liabilities and equity	$ 38,527	$ 38,921

Other Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities [Abstract]

Other Liabilities

Other long-term liabilities

The following is a summary of the components of "Other long-term liabilities" as presented on the Company's consolidated balance sheet. See also note 2.


	As of December 31,
	2023		2022
Deferred rental revenues	$	1,310	$	1,337
Deferred credits, net	216		261
Asset retirement obligation	355		327
Deferred income tax liabilities	26		18
Other long-term liabilities	7		7
Total	$	1,914	$	1,950

Pursuant to its ground lease, leased facility, and certain pole attachment agreements, the Company has the obligation to perform certain asset retirement activities, including requirements upon contract termination to remove communications infrastructure or remediate the space on which its communications infrastructure is located. The changes in the carrying amount of the Company's asset retirement obligations were as follows:


	Years Ending December 31,
	2023		2022
Balance, January 1	$	327	$	269
Additions	6		4
Accretion expense	24		20
Revision in estimates	—		37		(a)
Settlements	(2)		(3)
Balance, December 31	$	355	$	327

(a)Primarily relates to (1) increases in estimated undiscounted cash flows and (2) adjustments to estimated settlement dates for the year ended December 31, 2022, for certain asset retirement obligations and is offset against the associated asset retirement costs recorded within "Property and equipment, net" on the Company's consolidated balance sheet.

As of December 31, 2023, the estimated undiscounted future cash outlay for asset retirement obligations was approximately $1.2 billion. See note 2.

For the years ended December 31, 2023, 2022 and 2021, the Company recognized $45 million, $49 million and $54 million, respectively, in "Site rental revenues" related to the amortization of below-market tenant leases. The estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ending December 31, 2024 to 2028 are as follows:


	Years Ending December 31,
	2024		2025		2026		2027		2028
Below-market tenant leases	$	41	$	33	$	25	$	20	$	18

Other accrued liabilities

Other accrued liabilities included accrued payroll and other accrued compensation of $140 million and $210 million as of December 31, 2023 and 2022, respectively.

Operating Segments and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2023

Operating Segments and Concentrations of Credit Risk [Abstract]

Operating Segments and Concentrations of Credit Risks

Operating Segments and Concentrations of Credit Risk

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 16 to our consolidated financial statements for a discussion of the Company's July 2023 restructuring plan, which included discontinuing installation services as a Towers product offering. The Fiber segment provides access, including space or capacity, to the Company's approximately (1) 115,000 small cells on air or under contract and (2) 90,000 route miles of fiber primarily supporting small cells and fiber solutions geographically dispersed throughout the U.S.

The measurement of profit or loss used by the Company's chief operating decision maker ("CODM") to evaluate the performance of its operating segments is segment operating profit (loss). Additionally, the Company CODM also reviews segment site rental gross margin and segment services and other gross margin. The Company defines segment operating profit (loss) as segment site rental gross margin plus segment services and other gross margin, and segment other operating (income) expense, less segment selling, general and administrative expenses. The Company defines segment site rental gross margin as

segment site rental revenues less segment site rental costs of operations, excluding stock-based compensation expense, net and amortization of prepaid lease purchase price adjustments recorded in consolidated site rental costs of operations. The Company defines segment services and other gross margin as segment services and other revenues less segment services and other costs of operations, excluding stock-based compensation expense, net recorded in consolidated services and other costs of operations. All of these measurements are exclusive of depreciation, amortization and accretion, which are shown separately.

Costs that are directly attributable to Towers and Fiber are assigned to those respective segments. Additionally, certain costs are shared across segments and are reflected in the Company's segment measures through allocations that management believes to be reasonable. The "Other" column (1) represents amounts excluded from specific segments, such as restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, amortization of prepaid lease purchase price adjustments, interest expense and amortization of deferred financing costs, net, gains (losses) on retirement of long-term obligations, interest income, other income (expense), stock-based compensation expense, net and certain selling, general and administrative expenses, and (2) reconciles segment operating profit (loss) to income (loss) before income taxes, as the amounts are not utilized in assessing each segment’s performance. The "Other" total assets balance includes corporate assets such as cash and cash equivalents which have not been allocated to specific segments. There are no significant revenues resulting from transactions between the Company's operating segments.


	Year Ended December 31, 2023
	Towers		Fiber		Other		Total
Segment site rental revenues	$	4,313	$	2,219			$	6,532
Segment services and other revenues	421		28				449
Segment revenues	4,734		2,247				6,981
Segment site rental costs of operations	943		686				1,629
Segment services and other costs of operations	294		12				306
Segment costs of operations(a)(b)	1,237		698				1,935
Segment site rental gross margin	3,370		1,533				4,903
Segment services and other gross margin	127		16				143
Segment selling, general and administrative expenses(b)	104		194				298
Segment operating profit (loss)	3,393		1,355				4,748
Other selling, general and administrative expenses(b)					$	333	333
Stock-based compensation expense, net					157		157
Depreciation, amortization and accretion					1,754		1,754
Restructuring charges					85		85
Interest expense and amortization of deferred financing costs, net					850		850
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					41		41
Income (loss) from continuing operations before income taxes							$	1,528
Capital expenditures	$	194	$	1,175	$	55	$	1,424
Total assets (at year end)	$	21,550	$	16,308	$	669	$	38,527
Total goodwill (at year end)	$	5,127	$	4,958	$	—	$	10,085

(a)Exclusive of depreciation, amortization and accretion shown separately.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.


	Year Ended December 31, 2022
	Towers		Fiber		Other		Total
Segment site rental revenues	$	4,322	$	1,967			$	6,289
Segment services and other revenues	685		12				697
Segment revenues	5,007		1,979				6,986
Segment site rental costs of operations	918		650				1,568
Segment services and other costs of operations	447		9				456
Segment costs of operations(a)(b)	1,365		659				2,024
Segment site rental gross margin	3,404		1,317				4,721
Segment services and other gross margin	238		3				241
Segment selling, general and administrative expenses(b)	115		190				305
Segment operating profit (loss)	3,527		1,130				4,657
Other selling, general and administrative expenses(b)					$	317	317
Stock-based compensation expense, net					156		156
Depreciation, amortization and accretion					1,707		1,707
Interest expense and amortization of deferred financing costs, net					699		699
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					87		87
Income (loss) from continuing operations before income taxes							$	1,691
Capital expenditures	$	185	$	1,058	$	67	$	1,310
Total assets (at year end)	$	22,210	$	16,010	$	701	$	38,921
Total goodwill (at year end)	$	5,127	$	4,958	$	—	$	10,085

(a)Exclusive of depreciation, amortization and accretion shown separately.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.


	Year Ended December 31, 2021
	Towers		Fiber		Other		Total
Segment site rental revenues	$	3,804	$	1,915			$	5,719
Segment services and other revenues	601		20				621
Segment revenues	4,405		1,935				6,340
Segment site rental costs of operations	889		633				1,522
Segment services and other costs of operations	414		17				431
Segment costs of operations(a)(b)	1,303		650				1,953
Segment site rental gross margin	2,915		1,282				4,197
Segment services and other gross margin	187		3				190
Segment selling, general and administrative expenses(b)	107		174				281
Segment operating profit (loss)	2,995		1,111				4,106
Other selling, general and administrative expenses(b)					$	290	290
Stock-based compensation expense, net					131		131
Depreciation, amortization and accretion					1,644		1,644
Interest expense and amortization of deferred financing costs, net					657		657
Other (income) expenses to reconcile to income (loss) from continuing operations before income taxes(c)					205		205
Income (loss) from continuing operations before income taxes							$	1,179
Capital expenditures	$	221	$	956	$	52	$	1,229
Total assets (at year end)	$	22,318	$	15,876	$	846	$	39,040
Total goodwill (at year end)	$	5,127	$	4,951	$	—	$	10,078

(a)Exclusive of depreciation, amortization and accretion shown separately.

(c)See consolidated statement of operations and comprehensive income (loss) for further information.

Major Tenants

The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the consolidated revenues.


	Years Ended December 31,
	2023		2022		2021
T-Mobile	38	%	38	%	35	%
AT&T	19	%	18	%	20	%
Verizon Wireless	19	%	18	%	20	%
Total	76	%	74	%	75	%

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, restricted cash and cash equivalents and trade receivables. The Company mitigates its risk with respect to cash and cash equivalents by maintaining such deposits at high credit quality financial institutions and monitoring the credit ratings of those institutions. The Company's restricted cash and cash equivalents are predominately held and directed by a trustee (see note 2).

The Company derives the largest portion of its revenues from tenants in the wireless industry. The Company also has a concentration in its volume of business with T-Mobile, AT&T and Verizon Wireless or their agents that accounts for a significant portion of the Company's revenues, receivables and deferred site rental receivables. The Company mitigates its concentrations of credit risk with respect to trade receivables by actively monitoring the creditworthiness of its tenants, the use of tenant leases with contractually determinable payment terms or proactive management of past due balances.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]

Stock-based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	three
Shares available for issuance under existing award pursuant to the 2013 LTIP	1 million
Shares available for issuance under future awards pursuant to the 2022 LTIP	13 million
Shares available for issuance under existing award pursuant to the 2022 LTIP	1 million
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, number of shares	2.0	1.0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, weighted-average grant-date fair value (in dollars per share)	$ 126.56	$ 146.52	$ 155.01
Weighted-average requisite service period (years)	2 years 2 months 12 days
Restricted stock or unit expense	$ 139	$ 134	$ 110
Compensation cost not yet recognized	$ 74
Period for recognition	1 year
Performance Awards - 3 year period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, number of shares	0.3
Time Vesting Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, number of shares	1.1
Time Vesting Awards - 1 year period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, number of shares	0.1

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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	77024-1908
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 49.2
Entity Common Stock, Shares Outstanding		434,215,269
Entity Central Index Key	0001051470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false

Income Taxes (Jurisdictional Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Taxes (Jurisdictional components of deferred taxes)
Deferred Tax Assets, Gross	$ 1	$ 10
Valuation allowances	(2)	(2)
Net deferred income tax assets (liabilities)	(1)	8
U.S. Federal [Member]
Income Taxes (Jurisdictional components of deferred taxes)
Operating Loss Carryforwards	1,500
Deferred Tax Assets, Gross	26	26
Valuation allowances	(1)	(1)
Net deferred income tax assets (liabilities)	25	25
State and Local Jurisdiction [Member]
Income Taxes (Jurisdictional components of deferred taxes)
Operating Loss Carryforwards	500
Deferred Tax Assets, Gross	1	1
Valuation allowances	0	0
Net deferred income tax assets (liabilities)	1	1
Foreign Tax Authority [Member]
Income Taxes (Jurisdictional components of deferred taxes)
Operating Loss Carryforwards	13
Deferred Tax Assets, Gross	(26)	(17)
Valuation allowances	(1)	(1)
Deferred Tax Liabilities, Net	(27)	$ (18)
Share-based Payment Arrangement [Member]
Income Taxes (Jurisdictional components of deferred taxes)
Operating Loss Carryforwards	$ 237

Stock-based Compensation (Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Risk-free rate	4.50%	1.70%	0.20%
Expected volatility	27.00%	31.00%	30.00%
Expected dividend rate	4.60%	3.00%	3.40%

Schedule II - Valuation and Qualifying Accounts Allowance for Doubtful Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Allowance for Credit Loss


			Additions		Deductions
	Balance at Beginning of Year		Charged to Operations		Written Off		Balance at End of Year
Allowance for Credit Losses:
2023	$	19	$	11	$	(11)	$	19
2022	$	17	$	8	$	(6)	$	19
2021	$	17	$	5	$	(5)	$	17

Summary of Valuation Allowance


			Additions		Deductions
	Balance at Beginning of Year		Charged to Operations		Credited to Operations		Balance at End of Year
Deferred Tax Valuation Allowance:
2023	$	2	$	—	$	—	$	2
2022	$	—	$	2	$	—	$	2
2021	$	—	$	—	$	—	$	—

Statement of Cash Flows, Supplemental Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Cash payments related to operating lease liabilities

^[1]

$ 571

$ 560

$ 550

Interest paid

800

684

661

Income taxes paid (refund)

ROU assets recorded in exchange for operating lease liabilities

191

573

Increase (Decrease) in accounts payable for purchases of property and equipment

(5)

Share-Based Payment Arrangement, Amount Capitalized

Purchase of property and equipment under capital leases and installment purchases

Cash and cash equivalents

105

156

292

Restricted cash and cash equivalents

171

166

169

Restricted Cash, Noncurrent

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

$ 281

$ 327

$ 466

$ 381

[1]	Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The following table is a summary of the contracted amounts owed to the Company by tenants pursuant to tenant contracts in effect as of December 31, 2023. As of December 31, 2023, the weighted-average remaining term of tenant contracts was approximately six years, exclusive of renewals exercisable at the tenant's option.


	Years Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
Contracted amounts(a)	$	5,020	$	4,668	$	4,523	$	4,440	$	4,225	$	15,778	$	38,654

(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.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease, Cost [Table Text Block]

The components of the Company's operating lease expense are as follows:


	Years Ended December 31,
	2023		2022		2021
Lease cost:
Operating lease expense(a)	$	708	$	660	$	646
Variable lease expense(b)	205		175		164
Total lease expense(c)	$	913	$	835	$	810

(a)Represents the Company's operating lease expense related to its ROU assets for the years ended December 31, 2023, 2022 and 2021.

(b)Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) for the years ended December 31, 2023, 2022 and 2021. Such contingencies are recognized as expense in the period they are resolved.

(c)Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following table is a summary of the Company's maturities of operating lease liabilities as of December 31, 2023:


	Years Ending December 31,										Thereafter		Total undiscounted lease payments		Less: Imputed interest		Total operating lease liabilities
	2024		2025		2026		2027		2028		Thereafter		Total undiscounted lease payments		Less: Imputed interest		Total operating lease liabilities
Operating leases(a)	$	570	$	557	$	548	$	542	$	540	$	5,472	$	8,229	$	(2,336)	$	5,893

(a)Excludes the Company's contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company's operating lease liability. Such contingencies are recognized as expense in the period they are resolved.

Basis of Presentation (Details)	Dec. 31, 2023
Subject to Capital Lease with TMO or AT&T [Member]
Purchase Option, Percentage of Towers	53.00%

Debt and Other Obligations (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023.


	Original Issue Date		Contractual Maturity Date		Outstanding Balance as of December 31,					Stated Interest Rate as of December 31,
					2023			2022		2023		(a)
Secured Notes, Series 2009-1, Class A-2	July 2009		Aug. 2029		40			47		9.0	%
Tower Revenue Notes, Series 2015-2	May 2015		May 2045	(b)	698			698		3.7	%
Tower Revenue Notes, Series 2018-2	July 2018		July 2048	(b)	746			745		4.2	%
Finance leases and other obligations	Various	(c)	Various	(c)	270			246		Various		(c)
Total secured debt					1,754			1,736
2016 Revolver	Jan. 2016		July 2027		670		(d)	1,305		6.5	%	(e)
2016 Term Loan A	Jan. 2016		July 2027		1,162			1,192		6.5	%	(e)
Commercial Paper Notes	N/A	(f)	N/A	(f)	—			1,241		N/A
3.150% Senior Notes	Jan. 2018		July 2023		—		(g)	749		N/A
3.200% Senior Notes	Aug. 2017		Sept. 2024		749			748		3.2	%
1.350% Senior Notes	June 2020		July 2025		498			497		1.4	%
4.450% Senior Notes	Feb. 2016		Feb. 2026		898			896		4.5	%
3.700% Senior Notes	May 2016		June 2026		748			747		3.7	%
1.050% Senior Notes	Feb. 2021		July 2026		994			992		1.1	%
4.000% Senior Notes	Feb. 2017		Mar. 2027		498			497		4.0	%
2.900% Senior Notes	Mar. 2022		Mar. 2027		744			742		2.9	%
3.650% Senior Notes	Aug. 2017		Sept. 2027		997			996		3.7	%
5.000% Senior Notes	Jan. 2023	(h)	Jan. 2028	(h)	991			—		5.0	%
3.800% Senior Notes	Jan. 2018		Feb. 2028		995			993		3.8	%
4.800% Senior Notes	Apr. 2023	(h)	Sept. 2028	(h)	594			—		4.8	%
4.300% Senior Notes	Feb. 2019		Feb. 2029		595			594		4.3	%
5.600% Senior Notes	Dec. 2023	(h)	June 2029	(h)	740			—		5.6	%
3.100% Senior Notes	Aug. 2019		Nov. 2029		546			545		3.1	%
3.300% Senior Notes	Apr. 2020		July 2030		741			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		743			742		2.5	%
5.100% Senior Notes	Apr. 2023	(h)	May 2033	(h)	743			—		5.1	%
5.800% Senior Notes	Dec. 2023	(h)	Mar. 2034	(h)	740			—		5.8	%
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					21,167			19,993
Total debt and other obligations					22,921			21,729
Less: current maturities of debt and other obligations					835			819
Non-current portion of debt and other long-term obligations					$	22,086		$	20,910

(a)Represents the weighted-average stated interest rate, as applicable.

(b)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 December 31, 2023, the Tower Revenue Notes, Series 2015-2 and 2018-2 have principal amounts of $700 million and $750 million, with anticipated repayment dates in 2025 and 2028, respectively.

(c)The Company's finance leases and other obligations relate to land, fiber, vehicles, and other assets and bear interest rates up to 10% and mature in periods ranging from less than one year to approximately 25 years.

(d)As of December 31, 2023, the undrawn availability under the senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion.

(e)Both the 2016 Revolver and 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 further discussion below regarding potential adjustments to such percentages.

(f)The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issuance.

(g)In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date.

(h)See "Bonds—Senior Notes" below for further discussion of senior unsecured notes issued during 2023.

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 December 31, 2023, which do not consider the principal payments that will commence following the anticipated repayment dates on the Tower Revenue Notes. If the Tower Revenue Notes are not paid in full on or prior to their respective anticipated repayment dates, as applicable, then the Excess Cash Flow (as defined in the indenture) of the issuers of such notes will be used to repay principal of the applicable series and class of the Tower Revenue Notes and additional interest (of an additional approximately 5% per annum) will accrue on the Tower Revenue Notes.


	Years Ending December 31,										Thereafter		Total Cash Obligations		Unamortized Adjustments, Net		Total Debt and Other Obligations Outstanding
	2024		2025		2026		2027		2028		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net		Total Debt and Other Obligations Outstanding
Scheduled principal payments and final maturities	$	835	$	599	$	2,777	$	3,918	$	2,628	$	12,335	$	23,092	$	(171)	$	22,921

Schedule of Extinguishment of Debt

The following is a summary of the purchases, payments and redemptions of long-term debt during the years ended December 31, 2023, 2022 and 2021.


	Principal Amount		Cash Paid(a)		Gains (losses)(b)
	Year Ended December 31, 2023
3.150% Secured Notes	750		750		—
Total	$	750	$	750	$	—
	Year Ended December 31, 2022
Tower Revenue Notes, Series 2018-1	$	250	$	252	$	(3)
3.849% Secured Notes	1,000		1,022		(23)
2016 Revolver	—		—		(2)
Total	$	1,250	$	1,274	$	(28)
	Year Ended December 31, 2021
5.250% Senior Notes	$	1,650	$	1,789	$	(143)
2016 Term Loan A	—		—		(1)
Tower Revenue Notes, Series 2015-1	300		300		(1)
Total	$	1,950	$	2,089	$	(145)

(a)Exclusive of accrued interest.

(b)Inclusive of the write-off of the respective deferred financing costs.

Revenue (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Revenue from Contract with Customer [Abstract]

Contracted revenues, Year 1

$ 5,020

^[1]

Contracted revenues, Year 2

4,668

^[1]

Contracted revenues, Year 3

4,523

^[1]

Contracted revenues, Year 4

4,440

^[1]

Contracted revenues, Year 5

4,225

^[1]

Contracted revenue, thereafter Year 5

15,778

^[1]

Contracted revenues

$ 38,654

^[1]

Weighted Average Remaining Term Of Tenant Leases at the Tenant's Option

six

[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.

Income Taxes (Benefit (Provision) for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current Federal	$ (7)	$ (6)	$ (5)
Current Foreign	(9)	(9)	(8)
Current State	(2)	2	(4)
Total current	(18)	(13)	(17)
Deferred Foreign	(8)	(3)	(4)
Total deferred	(8)	(3)	(4)
Benefit (provision) for income taxes	$ (26)	$ (16)	$ (21)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Equity

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 has not sold any shares of common stock under the 2021 ATM Program.

Declaration and Payment of Dividends

During the year ended December 31, 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
Common Stock	July 21, 2023	September 15, 2023	September 29, 2023	$	1.565	$	681
Common Stock	October 17, 2023	December 15, 2023	December 29, 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 17 for a discussion of the Company's common stock dividend declared in February 2024.

Tax Treatment of Dividends

The following table summarizes, for income tax purposes, the nature of dividends paid during 2023 on the Company's common stock.


Equity Type	Payment Date	Cash Distribution (per share)		Ordinary Taxable Dividend (per share)		Qualified Taxable Dividend (per share)(a)		Section 199A Dividend (per share)		Non-Taxable Distribution (per share)
Common Stock	March 31, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	June 30, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	September 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	December 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849

(a)Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts.

Purchases of the Company's Common Stock

During the years ended December 31, 2023, 2022 and 2021, the Company purchased 0.2 million, 0.4 million and 0.4 million shares of its common stock, respectively, utilizing $30 million, $65 million and $70 million in cash, respectively. The

shares of common stock purchased relate to shares withheld in connection with the payment of withholding taxes upon vesting of RSUs.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Property, Plant and Equipment [Abstract]

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Major Classes of Property and Equipment

The major classes of property and equipment are summarized in the table below.


	Estimated Useful Lives	As of December 31,
		2023		2022
Land(a)	—	$	2,442	$	2,339
Buildings	40 years	209		221
Communications infrastructure assets	1-20 years	25,479		24,353
Information technology assets and other	2-7 years	681		652
Construction in process	—	1,134		913
Total gross property and equipment		29,945		28,478
Less: accumulated depreciation		(14,279)		(13,071)
Total property and equipment, net		$	15,666	$	15,407

(a)Includes land owned through fee interests and perpetual easements.

Fair Value Disclosures (Estimated Fair Values and Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, carrying value	$ 105	$ 156	$ 292
Cash and cash equivalents, fair value	105	156
Restricted Cash and Cash Equivalents	176	171
Restricted cash and cash equivalents, fair value amount	176	171
Debt and other obligations, carrying amount	22,921	21,729
Debt and other obligations, fair value amount	$ 21,201	$ 19,554

Subsequent Events (Details)	Feb. 21, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 1.565

Debt and Other Obligations

12 Months Ended

Dec. 31, 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 December 31, 2023.


	Original Issue Date		Contractual Maturity Date		Outstanding Balance as of December 31,					Stated Interest Rate as of December 31,
					2023			2022		2023		(a)
Secured Notes, Series 2009-1, Class A-2	July 2009		Aug. 2029		40			47		9.0	%
Tower Revenue Notes, Series 2015-2	May 2015		May 2045	(b)	698			698		3.7	%
Tower Revenue Notes, Series 2018-2	July 2018		July 2048	(b)	746			745		4.2	%
Finance leases and other obligations	Various	(c)	Various	(c)	270			246		Various		(c)
Total secured debt					1,754			1,736
2016 Revolver	Jan. 2016		July 2027		670		(d)	1,305		6.5	%	(e)
2016 Term Loan A	Jan. 2016		July 2027		1,162			1,192		6.5	%	(e)
Commercial Paper Notes	N/A	(f)	N/A	(f)	—			1,241		N/A
3.150% Senior Notes	Jan. 2018		July 2023		—		(g)	749		N/A
3.200% Senior Notes	Aug. 2017		Sept. 2024		749			748		3.2	%
1.350% Senior Notes	June 2020		July 2025		498			497		1.4	%
4.450% Senior Notes	Feb. 2016		Feb. 2026		898			896		4.5	%
3.700% Senior Notes	May 2016		June 2026		748			747		3.7	%
1.050% Senior Notes	Feb. 2021		July 2026		994			992		1.1	%
4.000% Senior Notes	Feb. 2017		Mar. 2027		498			497		4.0	%
2.900% Senior Notes	Mar. 2022		Mar. 2027		744			742		2.9	%
3.650% Senior Notes	Aug. 2017		Sept. 2027		997			996		3.7	%
5.000% Senior Notes	Jan. 2023	(h)	Jan. 2028	(h)	991			—		5.0	%
3.800% Senior Notes	Jan. 2018		Feb. 2028		995			993		3.8	%
4.800% Senior Notes	Apr. 2023	(h)	Sept. 2028	(h)	594			—		4.8	%
4.300% Senior Notes	Feb. 2019		Feb. 2029		595			594		4.3	%
5.600% Senior Notes	Dec. 2023	(h)	June 2029	(h)	740			—		5.6	%
3.100% Senior Notes	Aug. 2019		Nov. 2029		546			545		3.1	%
3.300% Senior Notes	Apr. 2020		July 2030		741			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		743			742		2.5	%
5.100% Senior Notes	Apr. 2023	(h)	May 2033	(h)	743			—		5.1	%
5.800% Senior Notes	Dec. 2023	(h)	Mar. 2034	(h)	740			—		5.8	%
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					21,167			19,993
Total debt and other obligations					22,921			21,729
Less: current maturities of debt and other obligations					835			819
Non-current portion of debt and other long-term obligations					$	22,086		$	20,910

(a)Represents the weighted-average stated interest rate, as applicable.

(d)As of December 31, 2023, the undrawn availability under the senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion.

(f)The maturities of the Commercial Paper Notes, as defined below, when outstanding, may vary but may not exceed 397 days from the date of issuance.

(g)In July 2023, the Company repaid in full the 3.150% Senior Notes on the contractual maturity date.

(h)See "Bonds—Senior Notes" below for further discussion of senior unsecured notes issued during 2023.

The credit agreement governing the Company's 2016 Credit Facility ("2016 Credit Agreement") contains financial maintenance covenants. The Company is currently in compliance with these financial maintenance covenants. In addition, certain of the Company's debt agreements also contain restrictive covenants that place restrictions on CCI or its subsidiaries and may limit the Company's ability to, among other things, incur additional debt and liens, purchase the Company's securities, make capital expenditures, dispose of assets, undertake transactions with affiliates, make other investments, pay dividends or distribute excess cash flow.

Bank Debt

2016 Credit Facility. In January 2016, the Company established the 2016 Credit Facility, which was originally comprised of (1) a $2.5 billion 2016 Revolver maturing in January 2021, (2) a $2.0 billion 2016 Term Loan A maturing in January 2021 and (3) a $1.0 billion senior unsecured 364-day revolving credit facility ("364-Day Facility") maturing in January 2017. The Company used the net proceeds from the 2016 Credit Facility (1) to repay the then outstanding senior credit facility originally established in January 2012 and (2) for general corporate purposes. In February 2016, the Company used a portion of the net proceeds from the February 2016 Senior Notes (as defined below) offering to repay in full all outstanding borrowings under the then outstanding 364-Day Facility.

In February 2017, the Company entered into an amendment to the 2016 Credit Facility to (1) incur additional term loans in an aggregate principal amount of $500 million and (2) extend the maturity of both the 2016 Term Loan A and the 2016 Revolver to January 2022.

In August 2017, the Company entered into an amendment to the 2016 Credit Facility to (1) increase commitments on the 2016 Revolver to $3.5 billion, and (2) extend the maturity of the 2016 Credit Facility to August 2022.

In June 2018, the Company entered into an amendment to the 2016 Credit Facility to (1) increase commitments on the 2016 Revolver to $4.25 billion, and (2) extend the maturity of the 2016 Credit Facility to June 2023.

In June 2019, the Company entered into an amendment to the 2016 Credit Facility to (1) increase commitments on the 2016 Revolver to $5.0 billion, and (2) extend the maturity of the 2016 Credit Facility to June 2024.

In June 2021, the Company entered into an amendment to the 2016 Credit Agreement that provided for, among other things, (1) the extension of the maturity date of the 2016 Credit Facility to June 2026, (2) reductions to the interest rate spread ("Spread") and unused commitment fee ("Commitment Fee") percentage upon meeting specified annual sustainability targets ("Targets") and increases to the Spread and Commitment Fee percentage upon the failure to meet specified annual sustainability thresholds ("Thresholds") and (3) the inclusion of "hardwired" LIBOR transition provisions consistent with those published by the Alternative Reference Rate Committee. The Spread and Commitment Fee are subject to an upward adjustment of up to 0.05% and 0.01%, respectively, if the Company fails to achieve the Thresholds. The Spread and Commitment Fee are subject to a downward adjustment of up to 0.05% and 0.01%, respectively, if the Company achieves the Targets. In January 2022, January 2023 and January 2024, the Company submitted the required documentation and received confirmation from its administrative agent that all Targets were met as of the respective prior fiscal year ends, and, as such, the Spread and Commitment Fee percentage reductions were applied in January 2022 and maintained for both 2023 and 2024.

In July 2022, the Company entered into an amendment to the 2016 Credit Agreement that provided for, among other things, (1) the extension of the maturity date of the 2016 Credit Facility to July 2027, (2) an increase to the commitments on the 2016 Revolver to $7.0 billion, (3) certain modifications to the specified sustainability metric and (4) the replacement of the LIBOR pricing benchmark with a Term SOFR pricing benchmark.

Commercial Paper Program. In April 2019, the Company established a commercial paper program ("CP Program"), pursuant to which the Company may issue short-term, unsecured commercial paper notes ("Commercial Paper Notes"). Commercial Paper Notes may be issued, repaid and re-issued from time to time, with an aggregate principal amount of Commercial Paper Notes outstanding under the CP Program at any time originally not to exceed $1.0 billion. The net proceeds of the Commercial Paper Notes are expected to be used for general corporate purposes. The maturities of the Commercial Paper Notes, when outstanding, may vary but may not exceed 397 days from the date of issue. The Commercial Paper Notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. 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 issuances generally have short-term maturities, the Company classifies the outstanding issuances as long-term based on its ability and intent to refinance the outstanding issuances on a long-term basis.

In March 2022, the Company increased the size of the CP Program to permit the issuance of Commercial Paper Notes in an aggregate principal amount not to exceed $2.0 billion at any time outstanding. As of December 31, 2023, the Company had no net issuances under the CP Program.

Securitized Debt

The Tower Revenue Notes and the Secured Notes, Series 2009-1, Class A-2 ("2009 Securitized Notes") (collectively, "Securitized Debt") are obligations of special purpose entities and their direct and indirect subsidiaries (each an "issuer"), all of which are wholly-owned, indirect subsidiaries of CCI. The Tower Revenue Notes and 2009 Securitized Notes are governed by separate indentures. The 2015 Tower Revenue Notes and 2018 Tower Revenue Notes (each as defined below) are governed by one indenture and consist of multiple series of notes, each with its own anticipated repayment date.

In May 2015, the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("2015 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's then outstanding Tower Revenue Notes. The 2015 Tower Revenue Notes originally consisted of (1) $300 million aggregate principal amount of 3.222% senior secured tower revenue notes with an anticipated repayment date of May 2022 and a final maturity date of May 2042 ("Series 2015-1 Notes") and (2) $700 million aggregate principal amount of 3.663% senior secured tower revenue notes with an anticipated repayment date of May 2025 and a final maturity date of May 2045 ("Series 2015-2 Notes"). The Company primarily used the net proceeds of the 2015 Tower Revenue Notes, together with proceeds received from the Company's sale of the formerly 77.6% owned subsidiary that operated towers in Australia ("CCAL"), to (1) repay $250 million aggregate principal amount of previously outstanding August 2010 Tower Revenue Notes, (2) repay all of the then outstanding WCP Secured Wireless Site Contracts Revenue Notes, Series 2010-1 ("WCP Securitized Notes"), (3) repay portions of outstanding borrowings under the 2012 Credit Facility and (4) pay related fees and expenses. In June 2021, the Company used a portion of the net proceeds from the June 2021 Senior Notes (as defined below) offering to repay in whole the Series 2015-1 Notes.

In July 2018, the Company issued $1.0 billion aggregate principal amount of Senior Secured Tower Revenue Notes ("2018 Tower Revenue Notes"), which were issued pursuant to the existing indenture and have similar terms and security as the Company's existing Tower Revenue Notes. The 2018 Tower Revenue Notes originally consisted of (1) $250 million aggregate principal amount of 3.720% senior secured tower revenue notes with an anticipated repayment date of July 2023 and a final maturity of July 2043 ("Series 2018-1 Notes") and (2) $750 million aggregate principal amount of 4.241% senior secured tower revenue notes with an anticipated repayment date of July 2028 and a final maturity of July 2048 ("Series 2018-2 Notes"). The Company used the net proceeds of the 2018 Tower Revenue Notes, together with cash on hand, to repay all of the previously outstanding Tower Revenue Notes, Series 2010-6 and to pay related fees and expenses. In addition to the 2018 Tower Revenue Notes described above, in connection with Exchange Act risk retention requirements ("Risk Retention Rules"), an indirect subsidiary of the Company issued and a majority-owned affiliate of the Company purchased approximately $53 million of the Senior Secured Tower Revenue Notes, Series 2018-1, Class R-2028 to retain an eligible horizontal residual interest (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2018 Tower Revenue Notes. In March 2022, the Company prepaid the Series 2018-1 Notes.

The Securitized Debt is paid solely from the cash flows generated by the operation of the towers held directly and indirectly by the issuers of the respective Securitized Debt. The Securitized Debt is secured by, among other things, (1) a security interest in substantially all of the applicable issuers' assignable personal property, (2) a pledge of the equity interests in each applicable issuer and (3) a security interest in the applicable issuers' leases with tenants to lease tower space (space licenses). The governing instruments of two indirect subsidiaries ("Crown Atlantic" and "Crown GT") of the issuers of the

Tower Revenue Notes generally prevent them from issuing debt and granting liens on their assets without the approval of a subsidiary of Verizon Communications. Consequently, while distributions paid by Crown Atlantic and Crown GT will service the Tower Revenue Notes, the Tower Revenue Notes are not obligations of, nor are the Tower Revenue Notes secured by the cash flows or any other assets of, Crown Atlantic and Crown GT. As of December 31, 2023, the Securitized Debt was collateralized with personal property and equipment with an aggregate net book value of approximately $731 million, exclusive of Crown Atlantic and Crown GT personal property and equipment.

The excess cash flows from the issuers of the Securitized Debt, after the payment of principal, interest, reserves, expenses and management fees, are distributed to the Company in accordance with the terms of the indentures. If the Debt Service Coverage Ratio ("DSCR") (as defined in the applicable governing loan agreement) as of the end of any calendar quarter falls to a certain level, then all excess cash flow of the issuers of the applicable debt instrument will be deposited into a reserve account instead of being released to the Company. The funds in the reserve account will not be released to the Company until the DSCR exceeds a certain level for two consecutive calendar quarters. If the DSCR falls below a certain level as of the end of any calendar quarter, then all cash on deposit in the reserve account along with future excess cash flows of the issuers will be applied to prepay the debt with applicable prepayment consideration.

The Company may repay the Securitized Debt in whole or in part at any time, provided in each case that such prepayment is accompanied by any applicable prepayment consideration. The Securitized Debt has covenants and restrictions customary for rated securitizations, including provisions prohibiting the issuers from incurring additional indebtedness or further encumbering their assets.

Bonds—Senior Notes

In December 2023, the Company issued $750 million aggregate principal amount of 5.600% senior unsecured notes due June 2029 and $750 million aggregate principal amount of 5.800% senior unsecured notes due March 2034 (collectively, "December 2023 Senior Notes"). The Company used the net proceeds from the December 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under its commercial paper program and pay related fees and expenses.

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.

In January 2023, the Company issued $1.0 billion aggregate principal amount of 5.000% senior unsecured notes due January 2028 ("January 2023 Senior Notes"). The Company used the net proceeds from the January 2023 Senior Notes offering to repay a portion of the outstanding indebtedness under the 2016 Revolver and pay related fees and expenses.

In March 2022, the Company issued $750 million aggregate principal amount of 2.900% senior unsecured notes due March 2027 ("March 2022 Senior Notes"). The Company used the net proceeds from the March 2022 Senior Notes offering to repay a portion of the outstanding indebtedness under the CP Program and pay related fees and expenses.

In June 2021, the Company issued $750 million aggregate principal amount of 2.500% senior unsecured notes due July 2031 ("June 2021 Senior Notes"). In June 2021, the Company used a portion of the net proceeds from the June 2021 Senior Notes offering (1) to repay outstanding Commercial Paper Notes and (2) for general corporate purposes. In July 2021, the Company used a portion of the net proceeds to repay in full the previously outstanding Series 2015-1 Notes.

In February 2021, the Company issued $3.25 billion aggregate principal amount of senior unsecured notes ("February 2021 Senior Notes"), which consisted of (1) $1.0 billion aggregate principal amount of 1.050% senior unsecured notes due July 2026, (2) $1.0 billion aggregate principal amount of 2.100% senior unsecured notes due April 2031 and (3) $1.25 billion aggregate principal amount of 2.900% senior unsecured notes due April 2041. The Company used the net proceeds from the February 2021 Senior Notes offering to (1) redeem all of the outstanding 5.250% Senior Notes, (2) repay a portion of the outstanding Commercial Paper Notes and (3) repay a portion of outstanding borrowings under the 2016 Term Loan A.

In April 2020, the Company issued $1.25 billion aggregate principal amount of senior unsecured notes ("April 2020 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.300% senior unsecured notes due July 2030 and (2) $500 million aggregate principal amount of 4.150% senior unsecured notes due July 2050. The Company used the net proceeds of the April 2020 Senior Notes offering to repay outstanding borrowings under the 2016 Revolver.

In June 2020, the Company issued $2.5 billion aggregate principal amount of senior unsecured notes ("June 2020 Senior Notes"), which consisted of (1) $500 million aggregate principal amount of 1.350% senior unsecured notes due July 2025, (2)

$1.1 billion aggregate principal amount of 2.250% senior unsecured notes due January 2031 and (3) $900 million aggregate principal amount of 3.250% senior unsecured notes due January 2051. The Company used the net proceeds of the June 2020 Senior Notes offering, together with available cash, to redeem all of the previously outstanding 3.400% Senior Notes, 2.250% Senior Notes and 4.875% Senior Notes.

In February 2019, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("February 2019 Senior Notes"), which consisted of (1) $600 million aggregate principal amount of 4.300% senior unsecured notes due February 2029 and (2) $400 million aggregate principal amount of 5.200% senior unsecured notes due February 2049. The Company used the net proceeds of the February 2019 Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver.

In August 2019, the Company issued $900 million aggregate principal amount of senior unsecured notes ("August 2019 Senior Notes"), which consisted of (1) $550 million aggregate principal amount of 3.100% senior unsecured notes due November 2029 and (2) $350 million aggregate principal amount of 4.000% senior unsecured notes due November 2049. The Company used the net proceeds of the August 2019 Senior Notes offering to repay outstanding borrowings under the 2016 Revolver and the CP Program.

In January 2018, the Company issued $750 million aggregate principal amount of 3.150% senior unsecured notes due July 2023 and $1.0 billion aggregate principal amount of 3.800% senior unsecured notes due February 2028 (collectively, "January 2018 Senior Notes"). The Company used the net proceeds of the January 2018 Senior Notes offering to repay (1) in full the previously outstanding January 2010 Tower Revenue Notes and (2) a portion of the outstanding borrowings under the 2016 Revolver. In July 2023, the Company repaid the January 2018 Senior Notes on the contractual maturity date.

In February 2017, the Company issued $500 million aggregate principal amount of 4.000% senior unsecured notes due March 2027 ("4.000% Senior Notes"). The Company used the net proceeds from the 4.000% Senior Notes offering to repay a portion of the outstanding borrowings under the 2016 Revolver.

In May 2017, the Company issued $350 million aggregate principal amount of 4.750% senior unsecured notes due May 2047 ("4.750% Senior Notes"). The Company used the net proceeds from the 4.750% Senior Notes offering to partially fund the 2017 acquisition of Wilcon Holdings LLC and to repay a portion of the outstanding borrowings under the 2016 Revolver.

In August 2017, the Company issued $1.75 billion aggregate principal amount of senior unsecured notes ("August 2017 Senior Notes"), which consisted of (1) $750 million aggregate principal amount of 3.200% senior unsecured notes due September 2024 ("3.200% Senior Notes") and (2) $1.0 billion aggregate principal amount of 3.650% senior unsecured notes due September 2027 ("3.650% Senior Notes"). The Company used the net proceeds from the August 2017 Senior Notes offering to partially fund the 2017 acquisition of LTS Group Holdings LLC and pay related fees and expenses.

In February 2016, the Company issued $1.5 billion aggregate principal amount of senior unsecured notes ("February 2016 Senior Notes"), which consisted of (1) the previously outstanding $600 million aggregate principal amount of 3.400% senior notes due February 2021 ("3.400% Senior Notes") and (2) $900 million aggregate principal amount of 4.450% senior unsecured notes due February 2026 ("4.450% Senior Notes"). The Company used the net proceeds from the February 2016 Senior Notes offering, together with cash on hand, to (1) repay in full all outstanding borrowings under the then outstanding 364-Day Facility and (2) repay $500 million of outstanding borrowings under the 2016 Revolver.

In May 2016, the Company issued $1.0 billion aggregate principal amount of senior unsecured notes ("May 2016 Senior Notes"), which consisted of (1) the previously outstanding $250 million aggregate principal amount of additional 3.400% Senior Notes pursuant to the same indenture as the 3.400% Senior Notes issued in the February 2016 Senior Notes offering and (2) $750 million aggregate principal amount of 3.700% senior unsecured notes due June 2026 ("3.700% Senior Notes"). The Company used the net proceeds from the May 2016 Senior Notes offering to repay in full the previously outstanding Tower Revenue Notes, Series 2010-2 and Series 2010-5, each issued by certain of its subsidiaries, and to repay a portion of the outstanding borrowings under the 2016 Revolver.

Each of the 3.700% Senior Notes, 4.450% Senior Notes, August 2017 Senior Notes, 4.750% Senior Notes, 4.000% Senior Notes, January 2018 Senior Notes, August 2019 Senior Notes, February 2019 Senior Notes, June 2020 Senior Notes, April 2020 Senior Notes, June 2021 Senior Notes, February 2021 Senior Notes, March 2022 Senior Notes, January 2023 Senior Notes, April 2023 Senior Notes, and December 2023 Senior Notes (collectively, "Senior Notes") are senior unsecured obligations of the Company and rank equally with all of the Company's existing and future senior unsecured indebtedness, including obligations under the 2016 Credit Facility, and senior to all of the Company's future subordinated indebtedness. The

Senior Notes are structurally subordinated to all existing and future liabilities and obligations of the Company's subsidiaries. The Company's subsidiaries are not guarantors of the Senior Notes.

The Company may redeem any of the Senior Notes in whole or in part at any time at a price equal to 100% of the principal amount to be redeemed, plus a make whole premium, if applicable, and accrued and unpaid interest, if any, to the date of redemption.

Previously Outstanding Indebtedness

Bonds—Senior Notes. In July 2023, the Company repaid in full the previously outstanding 3.150% senior notes due 2023.

Scheduled Principal Payments and Final Maturities


	Years Ending December 31,										Thereafter		Total Cash Obligations		Unamortized Adjustments, Net		Total Debt and Other Obligations Outstanding
	2024		2025		2026		2027		2028		Thereafter		Total Cash Obligations		Unamortized Adjustments, Net		Total Debt and Other Obligations Outstanding
Scheduled principal payments and final maturities	$	835	$	599	$	2,777	$	3,918	$	2,628	$	12,335	$	23,092	$	(171)	$	22,921

Purchases and Redemptions of Long-Term Debt

The following is a summary of the purchases, payments and redemptions of long-term debt during the years ended December 31, 2023, 2022 and 2021.


	Principal Amount		Cash Paid(a)		Gains (losses)(b)
	Year Ended December 31, 2023
3.150% Secured Notes	750		750		—
Total	$	750	$	750	$	—
	Year Ended December 31, 2022
Tower Revenue Notes, Series 2018-1	$	250	$	252	$	(3)
3.849% Secured Notes	1,000		1,022		(23)
2016 Revolver	—		—		(2)
Total	$	1,250	$	1,274	$	(28)
	Year Ended December 31, 2021
5.250% Senior Notes	$	1,650	$	1,789	$	(143)
2016 Term Loan A	—		—		(1)
Tower Revenue Notes, Series 2015-1	300		300		(1)
Total	$	1,950	$	2,089	$	(145)

(a)Exclusive of accrued interest.

(b)Inclusive of the write-off of the respective deferred financing costs.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Leases Lessee Operating Leases (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Schedule II Valuation and Qualifying Accounts

Operating Lease, Expense

^[1]

$ 708

$ 660

$ 646

Variable Lease, Cost

^[2]

205

175

164

Lease, Cost

^[3]

$ 913

$ 835

$ 810

[1]	Represents the Company's operating lease expense related to its ROU assets for the years ended December 31, 2023, 2022 and 2021.
[2]	Represents the Company's expense related to contingent payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) for the years ended December 31, 2023, 2022 and 2021. Such contingencies are recognized as expense in the period they are resolved.
[3]	Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

Schedule II - Valuation and Qualifying Accounts Disclosure [Text Block]


			Additions		Deductions
	Balance at Beginning of Year		Charged to Operations		Written Off		Balance at End of Year
Allowance for Credit Losses:
2023	$	19	$	11	$	(11)	$	19
2022	$	17	$	8	$	(6)	$	19
2021	$	17	$	5	$	(5)	$	17


			Additions		Deductions
	Balance at Beginning of Year		Charged to Operations		Credited to Operations		Balance at End of Year
Deferred Tax Valuation Allowance:
2023	$	2	$	—	$	—	$	2
2022	$	—	$	2	$	—	$	2
2021	$	—	$	—	$	—	$	—

Income Taxes (Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income (loss) before income taxes

Domestic

$ 1,499

$ 1,661

$ 1,144

Foreign

^[1]

$ 1,528

$ 1,691

$ 1,179

[1]	Inclusive of income (loss) from continuing operations before income taxes from Puerto Rico

Stockholders' Equity Stockholders Equity (Tables)

12 Months Ended

Dec. 31, 2023

Dividends Declared [Abstract]

Dividends Declared

During the year ended December 31, 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
Common Stock	July 21, 2023	September 15, 2023	September 29, 2023	$	1.565	$	681
Common Stock	October 17, 2023	December 15, 2023	December 29, 2023	$	1.565	$	681

(a)Inclusive of dividends accrued for holders of unvested RSUs, which will be paid when and if the RSUs vest.

Tax Treatment of Dividends Paid [Table Text Block]

The following table summarizes, for income tax purposes, the nature of dividends paid during 2023 on the Company's common stock.


Equity Type	Payment Date	Cash Distribution (per share)		Ordinary Taxable Dividend (per share)		Qualified Taxable Dividend (per share)(a)		Section 199A Dividend (per share)		Non-Taxable Distribution (per share)
Common Stock	March 31, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	June 30, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	September 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849
Common Stock	December 29, 2023	$	1.565000	$	1.032151	$	0.015327	$	1.016824	$	0.532849

(a)Qualified taxable dividend and section 199A dividend amounts are included in ordinary taxable dividend amounts.

Schedule III - Schedule of Real Estate and Depreciation Schedule of Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]

Description

Encumbrances

Initial Cost to Company

Cost Capitalized Subsequent to Acquisition

Gross Amount Carried at Close of Current Period

Accumulated Depreciation at Close of Current Period

Date of Construction

Date Acquired

Life on Which Depreciation in Latest Income Statement is Computed

Communications infrastructure(a)

1,760

(b)

(c)

29,383

(13,817)

Various

Up to 20 years

(c)The Company has omitted this information, as it would be impracticable to compile such information on an asset-by-asset basis.


	2023		2022

Gross amount at beginning	$	27,936	$	26,679
Additions during period:
Acquisitions through foreclosure	—		—
Other acquisitions(a)	50		32
Communications infrastructure construction and improvements	1,254		1,138
Purchase of land interests	64		53
Sustaining capital expenditures	52		52
Other(b)	105		127
Total additions	1,525		1,402
Deductions during period:
Cost of real estate sold or disposed	(78)		(145)
Other	—		—
Total deductions	(78)		(145)
Balance at end	$	29,383	$	27,936

(a)Includes acquisitions of communications infrastructure.


	2023		2022
Gross amount of accumulated depreciation at beginning	$	(12,649)	$	(11,582)
Additions during period:
Depreciation	(1,222)		(1,181)
Total additions	(1,222)		(1,181)
Deductions during period:
Amount for assets sold or disposed	38		105
Other	16		9
Total deductions	54		114
Balance at end	$	(13,817)	$	(12,649)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Restricted Stock Awards Activity

The following is a summary of the RSU activity during the year ended December 31, 2023.


			RSUs
			(In millions)
Outstanding at the beginning of year			2
Granted			2
Vested			(1)
Forfeited			—
Outstanding at end of year			3

Summary of the Assumptions Used in the Monte Carlo Simulation to Determine the Grant-Date Fair Value


	Years Ended December 31,
	2023		2022		2021
Risk-free rate	4.5	%	1.7	%	0.2	%
Expected volatility	27	%	31	%	30	%
Expected dividend rate	4.6	%	3.0	%	3.4	%

Summary of Restricted Stock Vested

The following table is a summary of the RSUs vested during the years ended December 31, 2023, 2022 and 2021.


Years Ended December 31,	Total Shares Vested	Fair Value on Vesting Date
	(In millions of shares)
2023	1	$	92
2022	1	187
2021	1	199

Stock Based Compensation Expense

The following table discloses the components of stock-based compensation expense, net.


	Years Ended December 31,
	2023		2022		2021
Stock-based compensation expense, net:
Site rental costs of operations	$	19	$	18	$	14
Services and other costs of operations	10		10		8
Selling, general and administrative expenses	128		128		109
Total stock-based compensation expense, net	$	157	$	156	$	131

Leases Other Lessee Information (Details)	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	15 years
Lessee, Operating Lease, Discount Rate	4.20%

Stockholders' Equity Declaration and Payment of Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 681

^[1]

$ 681

^[1]

$ 681

^[1]

$ 681

^[1]

$ 2,725

$ 2,588

$ 2,377

$ 1.565

Common Stock [Member]

Dividends Payable, Date Declared

Oct. 17, 2023

Jul. 21, 2023

May 01, 2023

Feb. 07, 2023

Dividends Payable, Date of Record

Dec. 15, 2023

Sep. 15, 2023

Jun. 15, 2023

Mar. 15, 2023

Payment Date

Dec. 29, 2023

Sep. 29, 2023

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.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Goodwill and Other

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets

Goodwill

The carrying value of goodwill was $10.1 billion for each of the years ended December 31, 2023 and 2022. For the year ended December 31, 2022, additions due to acquisitions were $7 million. There were no additions during the year ended December 31, 2023.

Intangible Assets

The following is a summary of the Company's intangible assets.


	As of December 31, 2023						As of December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Site rental contracts and tenant relationships	$	7,880	$	(4,758)	$	3,122	$	7,850	$	(4,315)	$	3,535
Other intangible assets	113		(56)		57		143		(82)		61
Total	$	7,993	$	(4,814)	$	3,179	$	7,993	$	(4,397)	$	3,596

Amortization expense related to intangible assets is classified as "Depreciation, amortization and accretion" on the Company's consolidated statement of operations and comprehensive income (loss) and was $447 million, $446 million, and $444 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The estimated annual amortization expense related to intangible assets for the years ending December 31, 2024 to 2028 is as follows:


	Years Ending December 31,
	2024		2025		2026		2027		2028
Estimated annual amortization	$	398	$	376	$	372	$	288	$	284

Leases

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Leases [Text Block]

Leases

Lessor Tenant Leases

See note 3 for further information regarding the contractual amounts owed to the Company pursuant to tenant contracts in effect as of December 31, 2023 and other information.

Lessee Operating Leases

The components of the Company's operating lease expense are as follows:


	Years Ended December 31,
	2023		2022		2021
Lease cost:
Operating lease expense(a)	$	708	$	660	$	646
Variable lease expense(b)	205		175		164
Total lease expense(c)	$	913	$	835	$	810

(a)Represents the Company's operating lease expense related to its ROU assets for the years ended December 31, 2023, 2022 and 2021.

(c)Excludes those direct operating expenses accounted for pursuant to accounting guidance outside the scope of ASC 842.

Lessee Finance Leases

The vast majority of the Company's finance leases are related to the towers subject to prepaid master lease agreements with AT&T and T-Mobile (including those which T-Mobile assumed in its merger with Sprint), and are recorded as "Property and equipment, net" on the consolidated balance sheet. See note 4 for further discussion of the Company's prepaid master lease agreements. Finance leases and associated leasehold improvements related to gross property and equipment and accumulated depreciation were $4.3 billion and $2.9 billion, respectively, as of December 31, 2023. Finance leases and associated leasehold improvements related to gross property and equipment and accumulated depreciation were $4.3 billion and $2.7 billion, respectively, as of December 31, 2022. For each of the years ended December 31, 2023 and 2022, the Company recorded $182 million to "Depreciation, amortization and accretion" related to finance leases, and for 2021 recorded $200 million.

Other Lessee Information

As of December 31, 2023, the Company's weighted-average remaining lease term and weighted-average discount rate for operating leases were 15 years and 4.2%, respectively.

The following table is a summary of the Company's maturities of operating lease liabilities as of December 31, 2023:


	Years Ending December 31,										Thereafter		Total undiscounted lease payments		Less: Imputed interest		Total operating lease liabilities
	2024		2025		2026		2027		2028		Thereafter		Total undiscounted lease payments		Less: Imputed interest		Total operating lease liabilities
Operating leases(a)	$	570	$	557	$	548	$	542	$	540	$	5,472	$	8,229	$	(2,336)	$	5,893

Statement of Cash Flows, Supplemental Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

The following table is a summary of the supplemental cash flow information during the years ended December 31, 2023, 2022 and 2021.


	Years Ended December 31,
	2023		2022		2021
Supplemental disclosure of cash flow information:
Cash payments related to operating lease liabilities(a)	$	571	$	560	$	550
Interest paid	800		684		661
Income taxes paid	18		10		20
Supplemental disclosure of non-cash investing and financing activities:
ROU assets recorded in exchange for operating lease liabilities	12		191		573
Increase (decrease) in accounts payable for purchases of property and equipment	36		(5)		3
Capitalized stock-based compensation	29		21		21
Purchase of property and equipment under finance leases and installment land purchases	62		28		25

(a)Excludes the Company's contingent payments pursuant to operating leases, which are recorded as expense in the period such contingencies are resolved.


	As of December 31,
	2023		2022		2021
Cash and cash equivalents	$	105	$	156	$	292
Restricted cash and cash equivalents, current	171		166		169
Restricted cash and cash equivalents reported within other assets, net	5		5		5
Cash and cash equivalents and restricted cash and cash equivalents	$	281	$	327	$	466

Commitments and Contingencies Tower purchase option (Details)	Dec. 31, 2023
Subject to Capital Lease with TMO or AT&T [Member]
Purchase Option, Percentage of Towers	53.00%

Operating Segments and Concentrations of Credit Risk Operating Segment Results (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Small cells on Air on Under Contract

Tower Count

40,000

115,000

Fiber Miles

90,000

$ 6,532

$ 6,289

$ 5,719

449

697

621

6,981

6,986

6,340

Segment Site Rental Cost of Operations

^[1]

1,664

1,602

1,554

1,629

1,568

1,522

Segment services and other cost of operations

^[1]

316

466

439

Segment Services and Other Cost of Operations

306

456

431

Segment cost of operations

1,935

^[2],[3]

2,024

^[4],[5]

1,953

^[6],[7]

Segment site rental gross margin

4,903

4,721

4,197

Segment services and other gross margin

143

241

190

Segment General and Administrative Expenses

759

750

680

298

^[2]

305

^[4]

281

^[6]

Segment Operating Profit

4,748

4,657

4,106

Depreciation, amortization and accretion

157

156

129

1,754

1,707

1,644

Interest expense and amortization of deferred financing costs, net

850

699

657

Income (Loss) Attributable to Parent, before Tax, Total

1,528

1,691

1,179

(1,424)

(1,310)

(1,229)

38,527

38,921

39,040

Amortization of prepaid lease purchase price adjustments

10,085

10,078

Share-based Payment Arrangement, Expense

157

156

131

Segments [Domain]

Towers [Member]

4,313

4,322

3,804

421

685

601

4,734

5,007

4,405

Segment services and other cost of operations

943

918

889

294

447

414

Segment cost of operations

1,237

^[2],[3]

1,365

^[4],[5]

1,303

^[6],[7]

Segment site rental gross margin

3,370

3,404

2,915

Segment services and other gross margin

127

238

187

104

^[2]

115

^[4]

107

^[6]

Segment Operating Profit

3,393

3,527

2,995

(194)

(185)

(221)

21,550

22,210

22,318

5,127

Fiber [Member]

2,219

1,967

1,915

2,247

1,979

1,935

Segment services and other cost of operations

686

650

633

Segment cost of operations

698

^[2],[3]

659

^[4],[5]

650

^[6],[7]

Segment site rental gross margin

1,533

1,317

1,282

Segment services and other gross margin

194

^[2]

190

^[4]

174

^[6]

Segment Operating Profit

1,355

1,130

1,111

(1,175)

(1,058)

(956)

16,308

16,010

15,876

Corporate and Other [Member]

4,958

4,951

333

^[2]

317

^[4]

290

^[6]

Depreciation, amortization and accretion

157

156

131

1,754

1,707

1,644

Interest expense and amortization of deferred financing costs, net

850

699

657

Other Expenses

^[8]

^[9]

205

^[8]

(55)

(67)

(52)

669

701

846

Segment cost of operations share-based compensation [Member]

Segment G&A share-based compensation [Member]

Selling, General and Administrative Expenses [Member]

128

Share-based Payment Arrangement, Expense

$ 128

$ 109

[1]	Exclusive of depreciation, amortization and accretion shown separately.
[2]	Segment costs of operations for the year ended December 31, 2023 excludes (1) stock-based compensation expense, net of $29 million and (2) prepaid lease purchase price adjustments of $16 million. For the year ended December 31, 2023, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $128 million.
[3]	Exclusive of depreciation, amortization and accretion shown separately.
[4]	Segment costs of operations for the year ended December 31, 2022 excludes (1) stock-based compensation expense, net of $28 million and (2) prepaid lease purchase price adjustments of $16 million. For the year ended December 31, 2022, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $128 million.
[5]	Exclusive of depreciation, amortization and accretion shown separately.
[6]	Segment costs of operations for the year ended December 31, 2021 excludes (1) stock-based compensation expense, net of $22 million and (2) prepaid lease purchase price adjustments of $18 million. For the year ended December 31, 2021, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $109 million. (c)See consolidated statement of operations and comprehensive income (loss) for further information.
[7]	Exclusive of depreciation, amortization and accretion shown separately.
[8]	See consolidated statement of operations and comprehensive income (loss) for further information.
[9]	See consolidated statement of operations and comprehensive income (loss) for further information

Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the activities related to the restructuring for year ended December 31, 2023:


	Employee Headcount Reduction		Office Space Consolidation		Total
Charges	$	63	$	22	$	85
Payments	(46)		(4)		(50)
Non-cash items	(1)		(6)		(7)
Liability as of December 31, 2023	$	16	$	12	$	28

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenues


	Years Ending December 31,
	2024		2025		2026		2027		2028		Thereafter		Total
Contracted amounts(a)	$	5,020	$	4,668	$	4,523	$	4,440	$	4,225	$	15,778	$	38,654

See notes 2 and 13 for further discussion regarding the Company's lessor arrangements and note 14 for further information regarding the Company's operating segments.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Debt and Other Obligations (Indebtedness) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Less: current maturities and short-term debt and other current obligations

$ 22,921,000

$ 21,729,000

835,000

819,000

Non-current portion of long-term debt and other long-term obligations

$ 22,086,000

20,910,000

Max duration of CP

397

Minimum [Member]

0.875%

Maximum [Member]

1.75%

Minimum [Member]

0.00%

Maximum [Member]

Maximum Downward Adjustment - Commitment Fee [Member]

0.75%

Maximum Upward Adjustment - Spread

0.01%

0.05%

Secured Debt [Member]

$ 1,754,000

1,736,000

Unsecured Debt [Member]

Minimum [Member] | Finance Lease Obligations and Other [Member]

$ 21,167,000

19,993,000

Debt Instrument Maturity Date Range

one year

Maximum [Member] | Finance Lease Obligations and Other [Member]

Debt Instrument Maturity Date Range

25 years

Fixed Rate Debt 2009 Securitized Notes A-2 [Member] | Secured Debt [Member]

$ 40,000

47,000

2015 Tower Revenue Notes 3.663% due 2045 [Member]

^[1]

9.00%

$ 700,000

2015 Tower Revenue Notes 3.663% due 2045 [Member] | Secured Debt [Member]

700,000

$ 698,000

698,000

3.70%

^[1]

3.663%

$ 700,000

2018 Tower Revenue Notes 4.241% due 2048 [Member]

$ 700,000

$ 750,000

2018 Tower Revenue Notes 4.241% due 2048 [Member] | Secured Debt [Member]

750,000

$ 746,000

745,000

4.20%

^[1]

4.241%

$ 750,000

Finance Lease Obligations and Other [Member] | Maximum [Member]

$ 750,000

3.150% Senior Notes [Member] | Bonds [Member]

10.00%

$ 0

749,000

3.15%

$ 750,000

August 2017 Senior Unsecured 3.200% Notes [Member] | Bonds [Member]

$ 750,000

$ 749,000

748,000

3.20%

^[1]

3.20%

$ 750,000

Senior Unsecured 2016 Notes 4.450% [Member] | Bonds [Member]

$ 750,000

$ 898,000

896,000

Senior Unsecured 2016 Notes 3.7% [Member] | Bonds [Member]

^[1]

4.50%

$ 748,000

747,000

4.000% Senior Unsecured Notes [Member] | Bonds [Member]

^[1]

3.70%

$ 498,000

497,000

4.00%

^[1]

4.00%

$ 500,000

August 2017 Senior Unsecured 3.650% Notes [Member] | Bonds [Member]

$ 500,000

$ 997,000

996,000

3.70%

^[1]

3.65%

$ 1,000,000

3.800% Senior Notes [Member] | Bonds [Member]

$ 1,000,000

$ 995,000

993,000

3.80%

^[1]

3.80%

$ 1,000,000

February 2019 Senior Unsecured 4.300% Notes [Member] | Bonds [Member]

$ 1,000,000

$ 595,000

594,000

4.30%

^[1]

4.30%

$ 600,000

August 2019 Senior Unsecured 3.100% Notes [Member] | Bonds [Member]

$ 600,000

$ 546,000

545,000

3.10%

^[1]

3.10%

$ 550,000

4.750% Senior Unsecured Notes [Member] [Member] | Bonds [Member]

$ 550,000

$ 344,000

344,000

4.80%

^[1]

4.75%

$ 350,000

February 2019 Senior Unsecured 5.200% Notes [Member] | Bonds [Member]

$ 350,000

$ 396,000

396,000

5.20%

^[1]

5.20%

$ 400,000

August 2019 Senior Unsecured 4.000% Notes [Member] | Bonds [Member]

$ 400,000

$ 346,000

346,000

4.00%

^[1]

4.00%

$ 350,000

Tower Revenue Notes [Member]

$ 350,000

Debt Instrument, Interest Rate, Increase (Decrease)

5.00%

Secured Debt [Member] | Finance Lease Obligations and Other [Member]

June 2020 Senior Unsecured 1.350% Notes [Domain] | Bonds [Member]

$ 270,000

246,000

$ 498,000

497,000

1.40%

^[1]

1.35%

$ 500,000

June 2020 Senior Unsecured 2.250% Notes [Domain] | Bonds [Member]

$ 500,000

$ 1,091,000

1,090,000

2.30%

^[1]

2.25%

$ 1,100,000

April 2020 Senior Unsecured 3.300% Notes [Member] | Bonds [Member]

$ 1,100,000

$ 741,000

739,000

3.30%

^[1]

3.30%

$ 750,000

April 2020 Senior Unsecured 4.150% Notes [Member] | Bonds [Member]

$ 750,000

$ 490,000

490,000

4.20%

^[1]

4.15%

$ 500,000

June 2020 Senior Unsecured 3.250% Notes [Domain] | Bonds [Member]

$ 500,000

$ 890,000

890,000

3.30%

^[1]

3.25%

$ 900,000

February 2021 Senior Unsecured 2.100% Notes [Domain] | Bonds [Member]

$ 900,000

$ 990,000

989,000

June 2021 Senior Unsecured 2.500% Notes [Domain] | Bonds [Member]

^[1]

2.10%

$ 743,000

742,000

February 2021 Senior Unsecured 2.900% Notes [Domain] | Bonds [Member]

^[1]

2.50%

$ 1,234,000

1,233,000

February 2021 Senior Unsecured 1.050% Notes [Domain] | Bonds [Member]

^[1]

2.90%

$ 994,000

992,000

2.9000% Senior Unsecured Notes | Bonds [Member]

^[1]

1.10%

$ 744,000

742,000

January 2023 Senior Unsecured 5.000% Notes | Bonds [Member]

^[1]

2.90%

$ 991,000

^[1]

5.00%

$ 1,000,000

April 2023 4.800% Senior Notes | Bonds [Member]

1,000,000

$ 594,000

^[1]

4.80%

$ 600,000

December 2023 Senior Unsecured 5.600% Notes | Bonds [Member]

600,000

$ 740,000

^[1]

5.60%

$ 750,000

April 2023 Senior Unsecured 5.100% Notes | Bonds [Member]

750,000

$ 743,000

^[1]

5.10%

$ 750,000

December 2023 Senior Unsecured 5.800% Notes | Bonds [Member]

750,000

$ 740,000

^[1]

5.80%

$ 750,000

2016 Term Loan A [Member] | Bank Debt [Member]

750,000

$ 1,162,000

1,192,000

^[1],[2]

6.50%

$ 2,000,000

Revolving Credit Facility [Member]

$ 2,000,000

$ 670,000

^[3]

1,305,000

Line of Credit Facility, Remaining Borrowing Capacity

^[1],[2]

6.50%

$ 6,300,000

Revolving Credit Facility [Member] | Minimum [Member]

Line of Credit Facility, Commitment Fee Percentage

0.08%

Revolving Credit Facility [Member] | Maximum [Member]

Line of Credit Facility, Commitment Fee Percentage

0.30%

Commercial Paper [Member]

Other Noncurrent Liabilities

$ 0

$ 1,241,000

[1]	Represents the weighted-average stated interest rate, as applicable.
[2]	Both the 2016 Revolver and 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 further discussion below regarding potential adjustments to such percentages.
[3]	As of December 31, 2023, the undrawn availability under the senior unsecured revolving credit facility ("2016 Revolver") was $6.3 billion.

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities [Abstract]

The following is a summary of the components of "Other long-term liabilities" as presented on the Company's consolidated balance sheet. See also note 2.


	As of December 31,
	2023		2022
Deferred rental revenues	$	1,310	$	1,337
Deferred credits, net	216		261
Asset retirement obligation	355		327
Deferred income tax liabilities	26		18
Other long-term liabilities	7		7
Total	$	1,914	$	1,950

Schedule of Change in Asset Retirement Obligation


	Years Ending December 31,
	2023		2022
Balance, January 1	$	327	$	269
Additions	6		4
Accretion expense	24		20
Revision in estimates	—		37		(a)
Settlements	(2)		(3)
Balance, December 31	$	355	$	327

Amortization of below-market tenant leases

The estimated annual amounts related to below-market tenant leases expected to be amortized into site rental revenues for the years ending December 31, 2024 to 2028 are as follows:


	Years Ending December 31,
	2024		2025		2026		2027		2028
Below-market tenant leases	$	41	$	33	$	25	$	20	$	18

Income Taxes Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit (provision) for income taxes at statutory rate	$ (321)	$ (355)	$ (248)
Tax adjustment related to REIT operations	313	349	243
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	0	(1)	0
State tax (provision) benefit, net of federal	(2)	2	(4)
Foreign tax	(16)	(11)	(12)
Benefit (provision) for income taxes	$ (26)	$ (16)	$ (21)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.