Item 6. Selected Financial Data

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Item 6. Selected Financial Data

Our selected historical consolidated financial and other data set forth below have been derived from our consolidated financial statements. The information set forth below should be read in conjunction with "Item 1. Business," "Item 7. MD&A" and our consolidated financial statements. Our formerly 77.6% owned subsidiary that operated towers in Australia ("CCAL") was sold in 2015 and is presented on a discontinued operations basis for all periods presented.



	Years Ended December 31,
	2018			(a)	2017			(a)	2016			(a)	2015			(a)	2014			(a)
	(In millions of dollars, except per share amounts)
Statement of Operations Data:
Net revenues:
Site rental	$	4,716			$	3,669			$	3,233			$	3,018			$	2,867
Services and other	707				687				688				645				672
Net revenues	5,423				4,356				3,921				3,663				3,539
Operating expenses:
Costs of operations(b):
Site rental	1,410				1,144				1,024				964				906
Services and other	437				420				417				358				400
Total costs of operations	1,847				1,564				1,441				1,322				1,306
Selling, general and administrative	563				426				371				310				257
Asset write-down charges	26				17				34				33				14
Acquisition and integration costs	27				61				17				16				34
Depreciation, amortization and accretion	1,528				1,242				1,109				1,036				986
Operating income (loss)	1,432				1,046				949				946				942
Interest expense and amortization of deferred financing costs	(642		)		(591		)		(515		)		(527		)		(573		)
Gains (losses) on retirement of long-term obligations	(106		)		(4		)		(52		)		(4		)		(45		)
Interest income	5				19				1				2				—
Other income (expense)	1				1				(9		)		57				12
Income (loss) from continuing operations before income taxes	690				471				374				474				336
Benefit (provision) for income taxes(c)	(19		)		(26		)		(17		)		51				11
Income (loss) from continuing operations	671				445				357				525				347
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—				—				—				20				52
Net gain (loss) from disposal of discontinued operations, net of tax	—				—				—				979				—
Income (loss) from discontinued operations, net of tax	—				—				—				999				52
Net income (loss)	671				445				357				1,524				399
Less: Net income (loss) attributable to the noncontrolling interest	—				—				—				3				8
Net income (loss) attributable to CCIC stockholders	671				445				357				1,521				391
Dividends on preferred stock and losses on purchases of preferred stock	(113		)		(58		)		(33		)		(44		)		(44		)
Net income (loss) attributable to CCIC common stockholders	$	558			$	387			$	324			$	1,477			$	347
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic(d)	$	1.35			$	1.01			$	0.95			$	1.45			$	0.91
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted(d)	$	1.34			$	1.01			$	0.95			$	1.44			$	0.91
Weighted-average common shares outstanding (in millions):
Basic(d)(f)	413				382				340				333				332
Diluted(d)(f)	415				383				341				334				333

Dividends/distributions declared per share of common stock	$	4.28			$	3.90			$	3.61			$	3.35			$	1.87



	Years Ended December 31,
	2018			(a)(e)	2017			(a) (e)	2016			(a) (e)	2015			(a) (e)	2014			(a) (e)
	(In millions of dollars, except per share amounts)
Other Data:
Summary cash flow information:
Net cash provided by (used for) operating activities	$	2,502			$	2,043			$	1,787			$	1,790			$	1,594
Net cash provided by (used for) investing activities	(1,795		)		(10,493		)		(1,429		)		(1,956		)		(1,217		)
Net cash provided by (used for) financing activities	(733		)		8,192				(89		)		(952		)		(493		)
Balance Sheet Data (at period end):
Cash and cash equivalents	$	277			$	314			$	568			$	179			$	151
Property and equipment, net	13,676				12,933				9,805				9,580				8,983
Total assets	32,785				32,229				22,675				21,937				21,027
Total debt and other long-term obligations	16,682				16,159				12,171				12,150				11,804
Total CCIC stockholders' equity(f)	12,034				12,339				7,557				7,089				6,716


(a)	Inclusive of the impact of acquisitions. See note 3 to our consolidated financial statements for a discussion of our acquisitions during 2016 and 2017. In 2015, we acquired rights to approximately 10,000 miles of fiber route miles through the Sunesys Acquisition. In addition, during 2014, we acquired several portfolios of land interests under towers.


(b)	Exclusive of depreciation, amortization and accretion, which are shown separately.


(c)	See note 10 to our consolidated financial statements regarding our income taxes, including our REIT status.


(d)	Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of convertible preferred stock securities (including, as applicable, the currently outstanding 6.875% Convertible Preferred Stock, which was issued in 2017, and the formerly outstanding 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("4.50% Convertible Preferred Stock") which was issued in 2013 and converted to common stock in 2016), as determined under the if-converted method. See note 2 to our consolidated financial statements.

(d)

Basic net income (loss) attributable to CCIC common stockholders, per common share, excludes dilution and is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) attributable to CCIC common stockholders, per common share is computed by dividing net income (loss) attributable to CCIC common stockholders by the weighted-average number of common shares outstanding during the period, plus any potential dilutive common share equivalents, including shares issuable (1) upon the vesting of restricted stock awards and restricted stock units as determined under the treasury stock method and (2) upon conversion of convertible preferred stock securities (including, as applicable, the currently outstanding 6.875% Convertible Preferred Stock, which was issued in 2017, and the formerly outstanding 4.50% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share ("4.50% Convertible Preferred Stock") which was issued in 2013 and converted to common stock in 2016), as determined under the if-converted method. See note 2 to our consolidated financial statements.


(e)	Amounts reflect the impact of all applicable adopted accounting pronouncements during the periods presented. See note 2 to our consolidated financial statements.


(f)	See note 11 to our consolidated financial statements for a discussion of our equity offerings during 2018 and 2017. During 2016, we issued shares of our common stock in connection with (1) our 2015 ATM Program (as defined below), the proceeds of which we utilized to partially fund our acquisition of Tower Development Corporation ("TDC Acquisition") in April 2016, (2) the conversion of our then outstanding 4.50% Convertible Preferred Stock to common stock and (3) our November 2016 issuance of 11.4 million shares of common stock, which generated net proceeds of $1.0 billion ("November 2016 Common Stock Offering") to partially fund the FiberNet Acquisition.

(f)

See note 11 to our consolidated financial statements for a discussion of our equity offerings during 2018 and 2017. During 2016, we issued shares of our common stock in connection with (1) our 2015 ATM Program (as defined below), the proceeds of which we utilized to partially fund our acquisition of Tower Development Corporation ("TDC Acquisition") in April 2016, (2) the conversion of our then outstanding 4.50% Convertible Preferred Stock to common stock and (3) our November 2016 issuance of 11.4 million shares of common stock, which generated net proceeds of $1.0 billion ("November 2016 Common Stock Offering") to partially fund the FiberNet Acquisition.

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