Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes by geographic area is summarized in the table below.

	Years Ended December 31,
	2023		2022		2021
Domestic	$	1,499	$	1,661	$	1,144
Foreign(a)	29		30		35
Total	$	1,528	$	1,691	$	1,179

(a)Inclusive of income (loss) from continuing operations 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,
	2023		2022		2021
Current:
Federal	$	(7)	$	(6)	$	(5)
Foreign	(9)		(9)		(8)
State	(2)		2		(4)
Total current	(18)		(13)		(17)
Deferred:
Foreign	(8)		(3)		(4)
Total deferred	(8)		(3)		(4)
Total tax benefit (provision)	$	(26)	$	(16)	$	(21)

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) from continuing operations before income taxes is as follows:

	Years Ended December 31,
	2023		2022		2021
Benefit (provision) for income taxes at statutory rate	$	(321)	$	(355)	$	(248)
Tax adjustment related to REIT operations	313		349		243
Valuation allowances	—		(1)		—
State tax (provision) benefit, net of federal	(2)		2		(4)
Foreign tax	(16)		(11)		(12)
Total	$	(26)	$	(16)	$	(21)

Components of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets and liabilities are as follows: 

	December 31,
	2023		2022
Deferred income tax liabilities:
Property and equipment	$	10	$	8
Deferred site rental receivables	9		9
Site rental contracts and tenant relationships, net	29		29
Total deferred income tax liabilities	48		46
Deferred income tax assets:
Other intangible assets, net	29		30
Net operating loss carryforwards(a)	5		12
Straight-line rent expense liability	5		4
Accrued liabilities	5		6
Other	5		4
Valuation allowances	(2)		(2)
Total deferred income tax assets, net	47		54
Net deferred income tax assets (liabilities)	$	(1)	$	8

(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, 2023						December 31, 2022
Classification	Gross		Valuation Allowance		Net		Gross		Valuation Allowance		Net
Federal	$	26	$	(1)	$	25	$	26	$	(1)	$	25
State	1		—		1		1		—		1
Foreign	(26)		(1)		(27)		(17)		(1)		(18)
Total	$	1	$	(2)	$	(1)	$	10	$	(2)	$	8