Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

AT&T Acquisition

During October 2013, the Company entered into a definitive agreement with AT&T, to acquire rights to towers which, as of December 31, 2014, comprised approximately 22% of the Company's towers for $4.827 billion in cash at closing ("AT&T Acquisition"). On December 16, 2013, the Company closed on the acquisition. See note 1 for further discussion of the terms of the AT&T master prepaid lease, including the related purchase option. The Company utilized net proceeds from the October 2013 Equity Financings (as defined in note 11), and additional borrowings under the 2012 Revolver and term loans to fund the AT&T Acquisition, as well as cash on hand. The final purchase price allocation for the AT&T Acquisition is shown below.



Current assets	$	21,543
Property and equipment	1,891,721
Goodwill	1,902,777
Other intangible assets, net	1,175,217
Other assets	67,063
Current liabilities	(10,677		)
Other long-term liabilities	(221,045		)	^(a)
Net assets acquired	$	4,826,599		^(b)(c)

(a)Inclusive of above-market leases for land interests under the Company's towers.

(b)

Changes between the final purchase price allocation and the preliminary purchase price allocation as presented in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 primarily relate to (1) a $134.2 million increase to goodwill, (2) a $104.9 million decrease to other intangible assets, net (3) a $73.7 million decrease to property and equipment, and (4) a $63.8 million increase to other assets. The effect of the change in the purchase price allocation on the Company's statement of operations is immaterial for the periods presented.

(c)No deferred taxes were recorded as a result of the Company's REIT election. See note 10.

Business Acquisition, Pro Forma Information

The following table presents the unaudited pro forma consolidated results of operations of the Company as if the AT&T Acquisition was completed as of January 1, 2012, and the 2012 Acquisitions were completed as of January 1, 2011 for the periods presented below. The unaudited pro forma amounts are presented for illustrative purposes only and are not necessarily indicative of future consolidated results of operations.



	Twelve Months Ended December 31,
	2013				2012
Net revenues	$	3,420,736		^(a)	$	3,124,010	^(a)(b)
Income (loss) before income taxes	$	242,617		^(c)(d)(f)	$	15,566	^(c)(d)(f)
Benefit (provision) for income taxes	$	(178,663	)	^(d)(e)	$	134,487	^(d)(e)
Net income (loss)	$	63,954		^(c)(d)(f)	$	150,053	^(c)(d)(f)
Basic net income (loss) attributable to CCIC common stockholders, per common share	$	0.05			$	0.28
Diluted net income (loss) attributable to CCIC common stockholders, per common share	$	0.05			$	0.27


(a)	For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $211.1 million and $220.6 million, respectively, that the Company expects to recognize from AT&T under AT&T's contracted lease of space on the towers acquired in the AT&T Acquisition.


(b)	For the year ended December 31, 2012, amounts are inclusive of pro forma adjustments to increase net revenues of $148.9 million that the Company expects to recognize from T-Mobile under T-Mobile's contracted lease of space on the towers acquired in the T-Mobile Acquisition.


(c)	For the years ended December 31, 2013 and 2012, amounts are inclusive of pro forma adjustments to depreciation and amortization of $218.3 million and $353.2 million, respectively, related to property and equipment and intangibles recorded as a result of the AT&T Acquisition and 2012 Acquisitions.

(d)

For the AT&T Acquisition, pro forma amounts include the impact of the interest expense associated with the related debt financings as well as the October 2013 Equity Financings. For the 2012 Acquisitions, pro forma amounts exclude any impact from debt financings that occurred through 2012 due to (1) such financings have been conducted for multiple purposes, including to lower the Company's average cost of debt, to refinance and extend certain of its debt, as well as to provide funds to finance a portion of such acquisitions and (2) such financings having not been conducted concurrently with the 2012 Acquisitions they subsequently funded in part and the fungible nature of the cash makes impracticable a determination of whether, or what portion of, the purchase prices of such acquisitions were funded with the proceeds of such financings.


(e)	For the years ended December 31, 2013 and 2012, the pro forma adjustments reflects the federal statutory rate and an estimated state rate. No adjustment was made related to the Company's REIT election. See note 10.


(f)	Inclusive of $23.7 million and $15.5 million, respectively, of aggregate acquisition and integration costs for the years ended December 31, 2013 and 2012 related to the AT&T Acquisition and 2012 Acquisitions.