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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | Income (loss) before income taxes by geographic area is summarized in the table below.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | (3,904) |  |  | $ | 1,499 |  |  | $ | 1,661 |
Foreign(a) | 25 |  |  | 29 |  |  | 30 |
Total | $ | (3,879) |  |  | $ | 1,528 |  |  | $ | 1,691 |
(a)Inclusive of income (loss) 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,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (9) |  |  | $ | (7) |  |  | $ | (6) |
Foreign | (6) |  |  | (9) |  |  | (9) |
State | (5) |  |  | (2) |  |  | 2 |
Total current | (20) |  |  | (18) |  |  | (13) |
Deferred: |  |  |  |  |
Federal | 1 |  |  | — |  |  | — |
Foreign | (5) |  |  | (8) |  |  | (3) |
Total deferred | (4) |  |  | (8) |  |  | (3) |
Total tax benefit (provision) | $ | (24) |  |  | $ | (26) |  |  | $ | (16) |
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) before income taxes is as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Benefit (provision) for income taxes at statutory rate | $ | 815 |  |  | $ | (321) |  |  | $ | (355) |
Tax adjustment related to REIT operations | (822) |  |  | 313 |  |  | 349 |
Valuation allowances | (1) |  |  | — |  |  | (1) |
State tax (provision) benefit, net of federal | (5) |  |  | (2) |  |  | 2 |
Foreign tax | (11) |  |  | (16) |  |  | (11) |
Total | $ | (24) |  |  | $ | (26) |  |  | $ | (16) |
Components of Deferred Tax Assets and Liabilities | The components of the net deferred income tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Deferred income tax liabilities: |  |  |
Property and equipment | $ | 11 |  |  | $ | 10 |
Deferred site rental receivables | 7 |  |  | 9 |
Site rental contracts and tenant relationships, net | 29 |  |  | 29 |
Total deferred income tax liabilities | 47 |  |  | 48 |
Deferred income tax assets: |  |  |
Other intangible assets, net | 29 |  |  | 29 |
Net operating loss carryforwards(a) | 1 |  |  | 5 |
Straight-line rent expense liability | 5 |  |  | 5 |
Accrued liabilities | 5 |  |  | 5 |
Other | 6 |  |  | 5 |
Valuation allowances | (3) |  |  | (2) |
Total deferred income tax assets, net | 43 |  |  | 47 |
Net deferred income tax assets (liabilities) | $ | (4) |  |  | $ | (1) |
(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, 2024 |  | December 31, 2023
Classification | Gross |  | Valuation Allowance |  | Net |  | Gross |  | Valuation Allowance |  | Net
Federal | $ | 28 |  |  | $ | (2) |  |  | $ | 26 |  |  | $ | 26 |  |  | $ | (1) |  |  | $ | 25 |
State | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Foreign | (30) |  |  | (1) |  |  | (31) |  |  | (26) |  |  | (1) |  |  | (27) |
Total | $ | (1) |  |  | $ | (3) |  |  | $ | (4) |  |  | $ | 1 |  |  | $ | (2) |  |  | $ | (1) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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