XML 55 R34.htm IDEA: XBRL DOCUMENT
v3.24.0.1

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 |  |  |  |
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.

X
- Definition Debt and Other Obligations [Abstract} + References No definition available. + Details
Name: | cci_DebtAndOtherObligationsAbstract
Namespace Prefix: | cci_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481244/470-50-50-1 + Details
Name: | us-gaap_ScheduleOfExtinguishmentOfDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration