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Operating Segments and Concentrations of Credit Risk | 12 Months Ended
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Dec. 31, 2024
Operating Segments and Concentrations of Credit Risk [Abstract] |
Operating Segments and Concentrations of Credit Risks | Operating Segments and Concentrations of Credit Risk Reportable Segments The Company's operating segments, which are also its reportable 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 the Company's consolidated financial statements for a discussion of the Company's 2023 Restructuring Plan, which included discontinuing installation services as a Towers product offering and note 17 for a discussion of the sale of the Fiber segment which is expected to close in the first half of 2026. The Fiber segment provides access, including space or capacity, to the Company's approximately (1) 105,000 small cells either currently generating revenue 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 primarily used by the CODM to evaluate the performance of the Company's operating segments is segment operating profit (loss). The CODM uses segment operating profit (loss) to evaluate budget-to-actual variances to assist in deciding whether to (1) reinvest capital into the Company's operating segments by constructing new assets, acquire new assets or land interests (which primarily relate to land assets under towers), or make improvements and structural enhancements to our existing infrastructure, (2) return cash generated to stockholders in the form of dividends, (3) purchase shares of our common stock, or (4) repurchase, repay, or redeem the Company's debt. The CODM also uses segment operating profit (loss) in the evaluation of pricing of new projects and new tenant agreements. Additionally, the Company CODM reviews segment adjusted site rental gross margin and segment adjusted services and other gross margin. The CODM uses segment adjusted site rental gross margin and segment adjusted services and other gross margin to (1) evaluate the economic productivity of the Company's operating segments, (2) identify underlying business trends that are impacting the Company's segment performance, (3) assist in making resource allocation decisions and (4) aid in the preparation of the annual operating budget for the Company's operating segments. The Company defines segment operating profit (loss) as segment site rental revenues plus segment services and other revenues, less segment site rental costs of operations, segment services and other costs of operations, and segment selling, general and administrative expenses, each of which excludes stock-based compensation, net, and prepaid lease purchase price adjustments, which are recorded in the respective consolidated figures. The Company defines segment adjusted 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 adjusted 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 Non-Segment Items" column, which does not meet the criteria to be classified as a reportable segment, (1) represents amounts excluded from specific segments, such as restructuring charges (credits), asset write-down charges, goodwill impairment, 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 Non-Segment Items" total assets balance includes corporate assets such as cash and cash equivalents and restricted cash and cash equivalents which have not been allocated to specific segments. For both the Towers and Fiber segments, other segment costs of operations primarily consists of (1) utilities, (2) property taxes, (3) third-party costs related to ancillary services performed and (4) various other insignificant expenses. Other segment selling, general and administrative expenses primarily contains an allocation of corporate facilities expense relating to employees operating for each respective segment and external selling costs in the Fiber segment. There are no significant revenues resulting from transactions between the Company's operating segments. 2024 Segment Results and Significant Segment Expenses
| Year Ended December 31, 2024
| Towers |  | Fiber |  | Other Non-Segment Items |  | Total
Segment site rental revenues | $ | 4,266 |  |  | $ | 2,092 |  |  |  |  | $ | 6,358 |
Segment services and other revenues | 192 |  |  | 18 |  |  |  |  | 210 |
Segment revenues | 4,458 |  |  | 2,110 |  |  |  |  | 6,568 |
Segment site rental costs of operations | 959 |  |  | 734 |  |  |  |  | 1,693 |
Segment services and other costs of operations | 101 |  |  | 12 |  |  |  |  | 113 |
Segment costs of operations(a)(b) | 1,060 |  |  | 746 |  |  |  |  | 1,806 |
Segment adjusted site rental gross margin | 3,307 |  |  | 1,358 |  |  |  |  | 4,665 |
Segment adjusted services and other gross margin | 91 |  |  | 6 |  |  |  |  | 97 |
Segment selling, general and administrative expenses(b) | 76 |  |  | 176 |  |  |  |  | 252 |
Segment operating profit (loss) | 3,322 |  |  | 1,188 |  |  |  |  | 4,510 |
Other selling, general and administrative expenses(b) |  |  |  |  | $ | 348 |  |  | 348 |
Stock-based compensation expense, net |  |  |  |  | 131 |  |  | 131 |
Depreciation, amortization and accretion |  |  |  |  | 1,738 |  |  | 1,738 |
Restructuring charges |  |  |  |  | 109 |  |  | 109 |
Interest expense and amortization of deferred financing costs, net |  |  |  |  | 932 |  |  | 932 |
Goodwill impairment |  |  |  |  | 4,958 |  |  | 4,958 |
Other (income) expenses to reconcile to income (loss) before income taxes(c) |  |  |  |  | 173 |  |  | 173 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (3,879) |
Capital expenditures | $ | 133 |  |  | $ | 1,045 |  |  | $ | 44 |  |  | $ | 1,222 |
Total assets (at year end) | $ | 20,814 |  |  | $ | 11,283 |  |  | $ | 639 |  |  | $ | 32,736 |
Total goodwill (at year end) | $ | 5,127 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,127 |
| Year Ended December 31, 2024
| Towers |  | Fiber |  | Other Non-Segment Items |  | Total
Segment costs of operations: |  |  |  |  |  |  |
Lease expense | $ | 745 |  |  | $ | 369 |  |  | $ | — |  |  | $ | 1,114 |
Employee compensation expense | 90 |  |  | 95 |  |  | — |  |  | 185 |
Repairs and maintenance expense | 54 |  |  | 120 |  |  | — |  |  | 174 |
Other segment costs of operations expense | 171 |  |  | 162 |  |  | — |  |  | 333 |
Total segment costs of operations(a)(b) | 1,060 |  |  | 746 |  |  | — |  |  | 1,806 |
Segment selling, general and administrative expenses: |  |  |  |  |  |  |
Employee compensation expense | 63 |  |  | 102 |  |  | 160 |  |  | 325 |
Other segment selling, general and administrative expenses | 13 |  |  | 74 |  |  | 188 |  |  | 275 |
Total segment selling, general and administrative expenses(b) | $ | 76 |  |  | $ | 176 |  |  | $ | 348 |  |  | $ | 600 |
(a)Exclusive of depreciation, amortization and accretion shown separately. (b)Segment costs of operations for the year ended December 31, 2024 excludes (1) stock-based compensation expense, net of $25 million and (2) prepaid lease purchase price adjustments of $16 million. For the year ended December 31, 2024, segment selling, general and administrative expenses and other selling, general and administrative expenses exclude stock-based compensation expense, net of $106 million. (c)See consolidated statement of operations and comprehensive income (loss) for further information. 2023 Segment Results and Significant Segment Expenses
| Year Ended December 31, 2023
| Towers |  | Fiber |  | Other Non-Segment Items |  | 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 adjusted site rental gross margin | 3,370 |  |  | 1,533 |  |  |  |  | 4,903 |
Segment adjusted 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) before income taxes(c) |  |  |  |  | 41 |  |  | 41 |
Income (loss) 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 |
| Year Ended December 31, 2023
| Towers |  | Fiber |  | Other Non-Segment Items |  | Total
Segment costs of operations: |  |  |  |  |  |  |
Lease expense | $ | 732 |  |  | $ | 347 |  |  | $ | — |  |  | $ | 1,079 |
Employee compensation expense | 122 |  |  | 98 |  |  | — |  |  | 220 |
Repairs and maintenance expense | 58 |  |  | 107 |  |  | — |  |  | 165 |
Other segment costs of operations expense | 325 |  |  | 146 |  |  | — |  |  | 471 |
Total segment costs of operations(a)(b) | 1,237 |  |  | 698 |  |  | — |  |  | 1,935 |
Segment selling, general and administrative expenses: |  |  |  |  |  |  |
Employee compensation expense | 82 |  |  | 117 |  |  | 171 |  |  | 370 |
Other segment selling, general and administrative expenses | 22 |  |  | 77 |  |  | 162 |  |  | 261 |
Total segment selling, general and administrative expenses(b) | $ | 104 |  |  | $ | 194 |  |  | $ | 333 |  |  | $ | 631 |
(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. 2022 Segment Results and Significant Segment Expenses
| Year Ended December 31, 2022
| Towers |  | Fiber |  | Other Non-Segment Items |  | 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 adjusted site rental gross margin | 3,404 |  |  | 1,317 |  |  |  |  | 4,721 |
Segment adjusted 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) before income taxes(c) |  |  |  |  | 87 |  |  | 87 |
Income (loss) 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 |
| Year Ended December 31, 2022
| Towers |  | Fiber |  | Other Non-Segment Items |  | Total
Segment costs of operations: |  |  |  |  |  |  |
Lease expense | $ | 707 |  |  | $ | 321 |  |  | $ | — |  |  | $ | 1,028 |
Employee compensation expense | 159 |  |  | 100 |  |  | — |  |  | 259 |
Repairs and maintenance expense | 56 |  |  | 97 |  |  | — |  |  | 153 |
Other segment costs of operations expense | 443 |  |  | 141 |  |  | — |  |  | 584 |
Total segment costs of operations(a)(b) | 1,365 |  |  | 659 |  |  | — |  |  | 2,024 |
Segment selling, general and administrative expenses: |  |  |  |  |  |  |
Employee compensation expense | 93 |  |  | 118 |  |  | 183 |  |  | 394 |
Other segment selling, general and administrative expenses | 22 |  |  | 72 |  |  | 134 |  |  | 228 |
Total segment selling, general and administrative expenses(b) | $ | 115 |  |  | $ | 190 |  |  | $ | 317 |  |  | $ | 622 |
(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. Major Tenants The following table summarizes the percentage of the consolidated revenues for those tenants accounting for more than 10% of the Company's consolidated revenues.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
T-Mobile | 35 | % |  | 38 | % |  | 38 | %
AT&T | 19 | % |  | 19 | % |  | 18 | %
Verizon Wireless | 19 | % |  | 19 | % |  | 18 | %
Total | 73 | % |  | 76 | % |  | 74 | %
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.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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