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. Financial information prior to 2019 has been restated to reflect the impact of the Historical Adjustments as discussed in the "Explanatory Note" immediately preceding Item 1 of this Annual Report on Form 10-K. The information set forth below should be read in conjunction with the "Explanatory Note," "Item 1. Business," "Item 7. MD&A" and our consolidated financial statements, including note 2 to 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,
(In millions of dollars, except per share amounts)	2019			(a) (e)	2018			(a) (e)	2017			(a) (e)	2016			(a) (e)	2015			(a) (e)
					(As Restated)(g)
Statement of Operations Data:
Net revenues:
Site rental	$	5,093			$	4,796			$	3,734			$	3,284			$	3,058
Services and other	670				574				521				564				530
Net revenues	5,763				5,370				4,255				3,848				3,588
Operating expenses:
Costs of operations(b):
Site rental	1,462				1,410				1,144				1,024				964
Services and other	524				434				399				395				352
Total costs of operations	1,986				1,844				1,543				1,419				1,316
Selling, general and administrative	614				563				426				371				310
Asset write-down charges	19				26				17				34				33
Acquisition and integration costs	13				27				61				17				16
Depreciation, amortization and accretion	1,572				1,527				1,241				1,109				1,036
Operating income (loss)	1,559				1,383				967				898				877
Interest expense and amortization of deferred financing costs	(683		)		(642		)		(591		)		(515		)		(527		)
Gains (losses) on retirement of long-term obligations	(2		)		(106		)		(4		)		(52		)		(4		)
Interest income	6				5				19				1				2
Other income (expense)	1				1				1				(9		)		57
Income (loss) from continuing operations before income taxes	881				641				392				323				405
Benefit (provision) for income taxes(c)	(21		)		(19		)		(26		)		(17		)		51
Income (loss) from continuing operations	860				622				366				306				456
Discontinued operations:
Income (loss) from discontinued operations, net of tax	—				—				—				—				20
Net gain (loss) from disposal of discontinued operations, net of tax	—				—				—				—				979
Income (loss) from discontinued operations, net of tax	—				—				—				—				999
Net income (loss)	860				622				366				306				1,455
Less: Net income (loss) attributable to the noncontrolling interest	—				—				—				—				3
Net income (loss) attributable to CCIC stockholders	860				622				366				306				1,452
Dividends/distributions on preferred stock	(113		)		(113		)		(58		)		(33		)		(44		)
Net income (loss) attributable to CCIC common stockholders	$	747			$	509			$	308			$	273			$	1,408
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - basic(d)	$	1.80			$	1.23			$	0.80			$	0.80			$	1.24
Income (loss) from continuing operations attributable to CCIC common stockholders, per common share - diluted(d)	$	1.79			$	1.23			$	0.80			$	0.80			$	1.23
Weighted-average common shares outstanding (in millions):
Basic(d)(f)	416				413				382				340				333
Diluted(d)(f)	418				415				383				341				334

Dividends/distributions declared per share of common stock	$	4.58			$	4.28			$	3.90			$	3.61			$	3.35



	Years Ended December 31,
(In millions of dollars)	2019			(a) (e)	2018			(a) (e)	2017			(a) (e)	2016			(a) (e)	2015			(a) (e)
					(As Restated)(g)
Other Data:
Summary cash flow information:
Net cash provided by (used for) operating activities	$	2,698			$	2,500			$	2,032			$	1,776			$	1,788
Net cash provided by (used for) investing activities	(2,081		)		(1,793		)		(10,482		)		(1,418		)		(1,954		)
Net cash provided by (used for) financing activities	(692		)		(733		)		8,192				(89		)		(952		)
Balance Sheet Data (at period end):
Cash and cash equivalents	$	196			$	277			$	314			$	568			$	179
Property and equipment, net	14,666				13,653				12,910				9,792				9,578
Total assets	38,457				32,762				32,206				22,672				21,935
Total debt and other long-term obligations	18,121				16,682				16,159				12,171				12,150
Total CCIC stockholders' equity(f)	10,489				11,571				11,925				7,222				6,805


(a)	Inclusive of the impact of acquisitions. See note 4 to our consolidated financial statements for a discussion of our 2017 Acquisitions. In 2016, we acquired Tower Development Corporation, a portfolio of approximately 330 towers ("TDC Acquisition"). In 2015, we acquired rights to approximately 10,000 route miles of fiber through the Sunesys Acquisition.


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


(c)	See note 11 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 will automatically convert to shares of common stock in August 2020, and the previously 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 automatically converted to shares of common stock in 2016), as determined under the if-converted method. See note 3 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 will automatically convert to shares of common stock in August 2020, and the previously 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 automatically converted to shares of common stock in 2016), as determined under the if-converted method. See note 3 to our consolidated financial statements.


(e)	Amounts reflect the impact of all applicable adopted accounting pronouncements during the periods presented. See note 3 to our consolidated financial statements.


(f)	See note 12 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 then outstanding 2015 ATM Program (as defined below), the proceeds of which we utilized to partially fund our 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 12 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 then outstanding 2015 ATM Program (as defined below), the proceeds of which we utilized to partially fund our 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.


(g)	See "Explanatory Note" immediately preceding Item 1 of this Annual Report on Form 10-K for further information regarding the restatement. See note 2 to our consolidated financial statements for the impacts of the Historical Adjustments on the years ended December 31, 2018 and 2017. For the year ended December 31, 2016, the impact of the Historical Adjustments was an increase to site rental revenues of $51 million and a decrease to services and other revenues of $124 million. For the year ended December 31, 2015, the impact of the Historical Adjustments was an increase to site rental revenues of $40 million and a decrease to services and other revenues of $115 million.

(g)

See "Explanatory Note" immediately preceding Item 1 of this Annual Report on Form 10-K for further information regarding the restatement. See note 2 to our consolidated financial statements for the impacts of the Historical Adjustments on the years ended December 31, 2018 and 2017. For the year ended December 31, 2016, the impact of the Historical Adjustments was an increase to site rental revenues of $51 million and a decrease to services and other revenues of $124 million. For the year ended December 31, 2015, the impact of the Historical Adjustments was an increase to site rental revenues of $40 million and a decrease to services and other revenues of $115 million.

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