View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	UNIT
Entity Registrant Name	Uniti Group Inc.
Entity Central Index Key	0001620280
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		194,149,566
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity File Number	001-36708
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5230630
Entity Address, Address Line One	10802 Executive Center Drive
Entity Address, Address Line Two	Benton Building Suite 300
Entity Address, City or Town	Little Rock
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72211
City Area Code	(501)
Local Phone Number	850-0820
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Property, plant and equipment, net	$ 3,098,191	$ 3,409,945
Cash and cash equivalents	88,269	142,813
Accounts receivable, net	72,353	77,623
Goodwill	690,672	690,672
Intangible assets, net	346,052	531,979
Straight-line revenue receivable	3,287	2,408
Other assets, net	126,944	161,560
Assets held for sale	364,423
Investment in unconsolidated entity	26,004
Total Assets	4,816,195	5,017,000
Liabilities:
Accounts payable, accrued expenses and other liabilities, net	168,288	227,121
Settlement payable (Note 15)	650,000
Accrued interest payable	97,889	28,800
Deferred revenue	987,318	1,070,671
Derivative liability, net	28,464	23,679
Dividends payable	29,634	43,282
Deferred income taxes	13,222	24,431
Finance lease obligations	50,436	52,994
Contingent consideration	10,562	11,507
Notes and other debt, net	4,819,654	5,017,679
Liabilities held for sale	177,866
Total liabilities	7,033,333	6,500,164
Commitments and contingencies (Note 15)
Shareholders' Deficit:
Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 192,523 shares at June 30, 2020 and 192,142 at December 31, 2019	19	19
Additional paid-in capital	957,656	951,295
Accumulated other comprehensive loss	(25,937)	(23,442)
Distributions in excess of accumulated earnings	(3,219,623)	(2,494,740)
Total Uniti shareholders' deficit	(2,287,885)	(1,566,868)
Noncontrolling interests:
Operating partnership units	70,622	83,704
Cumulative non-voting convertible preferred stock, $0.01 par value, 3 shares authorized, 1 issued and outstanding	125
Total shareholders' deficit	(2,217,138)	(1,483,164)
Total Liabilities and Shareholders' Deficit	$ 4,816,195	$ 5,017,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	192,523,000	192,142,000
Common stock, shares outstanding	192,523,000	192,142,000
Cumulative non-voting convertible preferred stock par value	$ 0.01
Cumulative non-voting convertible preferred shares authorized	3,000
Cumulative non-voting convertible preferred shares issued	1,000
Cumulative non-voting convertible preferred shares outstanding	1,000

Condensed Consolidated Statements of (Loss) Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 266,820	$ 264,414	$ 532,982	$ 525,445
Costs and Expenses:
Interest expense	107,243	97,729	285,636	182,187
Depreciation and amortization	84,969	102,578	171,090	206,405
General and administrative expense	27,894	26,428	55,027	50,654
Operating expense (exclusive of depreciation and amortization)	40,167	40,163	80,477	78,581
Settlement expense (Note 15)	650,000		650,000
Transaction related and other costs	18,556	7,035	34,528	13,704
Gain on sale of real estate (Note 5)	63,818	28,790	63,818	28,790
Other (income) expense	6,013	(28,119)	9,088	(31,232)
Total costs and expenses	871,024	217,024	1,222,028	471,509
(Loss) income before income taxes	(604,204)	47,390	(689,046)	53,936
Income tax (benefit) expense	(5,875)	7,843	(10,451)	11,897
Net (loss) income	(598,329)	39,547	(678,595)	42,039
Net (loss) income attributable to noncontrolling interests	(10,585)	830	(11,998)	880
Net (loss) income attributable to shareholders	(587,744)	38,717	(666,597)	41,159
Participating securities' share in earnings	(424)	(223)	(624)	(251)
Dividends declared on convertible preferred stock	(1)		(4)	(656)
Amortization of discount on convertible preferred stock		(248)		(993)
Net (loss) income attributable to common shareholders	$ (588,169)	$ 38,246	$ (667,225)	$ 39,259
(Loss) earnings per common share:
Basic	$ (3.06)	$ 0.21	$ (3.47)	$ 0.22
Diluted	$ (3.06)	$ 0.20	$ (3.47)	$ 0.21
Weighted-average number of common shares outstanding:
Basic	192,479	182,971	192,358	182,597
Diluted	192,479	193,105	192,358	192,276
Leasing
Revenues:
Total revenues	$ 185,320	$ 177,042	$ 369,672	$ 353,125
Costs and Expenses:
Depreciation and amortization	52,405	72,275	107,027	146,028
Fiber Infrastructure
Revenues:
Total revenues	79,140	81,327	156,547	158,160
Costs and Expenses:
Depreciation and amortization	32,279	28,494	62,340	56,752
Tower
Revenues:
Total revenues	2,392	3,146	6,112	8,226
Costs and Expenses:
Depreciation and amortization	14	1,412	783	2,827
Consumer CLEC
Revenues:
Total revenues	(32)	2,899	651	5,934
Costs and Expenses:
Depreciation and amortization	$ 197	$ 346	$ 791	$ 692

Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (598,329)	$ 39,547	$ (678,595)	$ 42,039
Other comprehensive income (loss):
Unrealized loss on derivative contracts		(28,363)	(7,036)	(50,049)
Changes in foreign currency translation		(843)		(63)
Interest rate swap termination	2,830		4,496
Other comprehensive income (loss):	2,830	(29,206)	(2,540)	(50,112)
Comprehensive (loss) income	(595,499)	10,341	(681,135)	(8,073)
Comprehensive (loss) income attributable to noncontrolling interest	(10,535)	245	(12,043)	(167)
Comprehensive (loss) income attributable to common shareholders	$ (584,964)	$ 10,096	$ (669,092)	$ (7,906)

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) - USD ($) $ in Thousands	Total	Impact of Change in Accounting Standard	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Distributions in Excess of Accumulated Earnings Impact of Change in Accounting Standard	Noncontrolling Interest - OP Units	Noncontrolling Interest - Non-voting Preferred Shares
Beginning balance, value at Dec. 31, 2018	$ (1,493,203)	$ (63,222)	$ 18	$ 757,517	$ 30,105	$ (2,373,218)	$ (63,222)	$ 92,375
Beginning balance, shares at Dec. 31, 2018			180,535,971
Net (loss) income	42,039					41,159		880
At-the-market issuance of common stock, net of offering costs	21,641			21,641
At-the-market issuance of common stock, net of offering, shares			1,176,186
Amortization of discount of convertible preferred stock	(993)			(993)
Other comprehensive income (loss)	(50,112)				(49,065)			(1,047)
Common stock dividends declared	(17,170)					(17,170)
Distributions to noncontrolling interest	(394)							(394)
Exchange of noncontrolling interest				4,260				(4,260)
Exchange of noncontrolling interest, shares			390,788
Convertible preferred stock dividends	(875)					(875)
Net share settlement	(1,765)			(1,765)
Stock-based compensation	5,085			5,085
Stock-based compensation, shares			340,627
Equity settled contingent consideration	11,178			11,178
Equity settled contingent consideration, in shares			645,385
Issuance of common stock - employee stock purchase plan	447			447
Issuance of common stock - employee stock purchase plan, in shares			33,800
Equity component value of exchangeable note issuance, net	80,770			80,770
Deferred tax liability related to exchangeable note issuance	(3,499)			(3,499)
Sale of common stock warrant	50,819			50,819
Payment for bond hedge option	(70,035)			(70,035)
Ending balance, value at Jun. 30, 2019	(1,489,289)		$ 18	855,425	(18,960)	(2,413,326)		87,554
Ending balance, shares at Jun. 30, 2019			183,122,757
Beginning balance, value at Mar. 31, 2019	(1,550,782)	$ (112)	$ 18	790,347	9,661	(2,442,564)	$ (112)	91,756
Beginning balance, shares at Mar. 31, 2019			182,670,494
Net (loss) income	39,547					38,717		830
Amortization of discount of convertible preferred stock	(248)			(248)
Other comprehensive income (loss)	(29,206)				(28,621)			(585)
Common stock dividends declared	(9,148)					(9,148)
Distributions to noncontrolling interest	(187)							(187)
Exchange of noncontrolling interest				4,260				(4,260)
Exchange of noncontrolling interest, shares			390,788
Convertible preferred stock dividends	(219)					(219)
Net share settlement	(186)			(186)
Stock-based compensation	3,197			3,197
Stock-based compensation, shares			61,475
Equity component value of exchangeable note issuance, net	80,770			80,770
Deferred tax liability related to exchangeable note issuance	(3,499)			(3,499)
Sale of common stock warrant	50,819			50,819
Payment for bond hedge option	(70,035)			(70,035)
Ending balance, value at Jun. 30, 2019	(1,489,289)		$ 18	855,425	(18,960)	(2,413,326)		87,554
Ending balance, shares at Jun. 30, 2019			183,122,757
Beginning balance, value at Dec. 31, 2019	(1,483,164)		$ 19	951,295	(23,442)	(2,494,740)		83,704
Beginning balance, shares at Dec. 31, 2019			192,141,634
Net (loss) income	(678,595)					(666,597)		(11,998)
Other comprehensive income (loss)	(2,540)				(2,495)			(45)
Common stock dividends declared	(58,286)					(58,286)
Distributions to noncontrolling interest	(1,039)							(1,039)
Cumulative non-voting convertible preferred stock	125								$ 125
Net share settlement	(1,050)			(1,050)
Stock-based compensation	7,105			7,105
Stock-based compensation, shares			337,600
Issuance of common stock - employee stock purchase plan	306			306
Issuance of common stock - employee stock purchase plan, in shares			43,849
Ending balance, value at Jun. 30, 2020	(2,217,138)		$ 19	957,656	(25,937)	(3,219,623)		70,622	125
Ending balance, shares at Jun. 30, 2020			192,523,083
Beginning balance, value at Mar. 31, 2020	(1,595,451)		$ 19	954,223	(28,717)	(2,602,777)		81,676	125
Beginning balance, shares at Mar. 31, 2020			192,281,092
Net (loss) income	(598,329)					(587,744)		(10,585)
Other comprehensive income (loss)	2,830				2,780			50
Common stock dividends declared	(29,102)					(29,102)
Distributions to noncontrolling interest	(519)							(519)
Net share settlement	(677)			(677)
Stock-based compensation	4,110			4,110
Stock-based compensation, shares			241,991
Ending balance, value at Jun. 30, 2020	$ (2,217,138)		$ 19	$ 957,656	$ (25,937)	$ (3,219,623)		$ 70,622	$ 125
Ending balance, shares at Jun. 30, 2020			192,523,083

Condensed Consolidated Statements of Shareholders' Deficit (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared per share	$ 0.15	$ 0.05	$ 0.15	$ 0.05

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flow from operating activities
Net (loss) income	$ (678,595)	$ 42,039
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	171,090	206,405
Amortization of deferred financing costs and debt discount	18,666	17,659
Write off of deferred financing costs and debt discount	73,952
Interest rate swap termination	4,496
Deferred income taxes	(11,209)	(2,712)
Loss on derivative instruments	(2,251)
Straight-line revenues	711	(1,416)
Stock-based compensation	7,105	5,085
Change in fair value of contingent consideration	6,140	(25,531)
Gain on sale of real estate	(63,818)	(28,790)
Loss on asset disposal	672
Other	(195)	2,252
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	6,263	25,169
Other assets	(8,285)	(12,849)
Accounts payable, accrued expenses and other liabilities	51,539	23,053
Settlement payable (Note 15)	650,000
Net cash provided by operating activities	226,281	250,364
Cash flow from investing activities
Acquisition of businesses, net of cash acquired		(4,210)
Other capital expenditures	(134,035)	(180,478)
Proceeds from sale of real estate, net of cash	225,149	127,524
Net cash provided by (used in) investing activities	91,114	(57,164)
Cash flow from financing activities
Repayment of Senior Secured Term Loan B	(2,044,728)
Principal payments on debt		(10,540)
Dividends paid	(71,645)	(120,161)
Payments of contingent consideration	(7,086)	(28,170)
Distributions paid to noncontrolling interest	(1,282)	(2,686)
Borrowings under revolving credit facility	10,000	139,000
Payments under revolving credit facility	(456,700)	(203,981)
Finance lease payments	(1,979)	(1,896)
Payments for financing costs	(47,775)	(49,462)
Common stock issuance, net of costs		21,641
Proceeds from issuance of notes	2,250,000	345,000
Proceeds from sale of warrants	50,800	50,819
Payment for bond hedge option		(70,035)
Employee stock purchase program	306	447
Net share settlement	(1,050)	(1,765)
Net cash (used in) provided by financing activities	(371,939)	68,211
Effect of exchange rates on cash and cash equivalents		(43)
Net (decrease) increase in cash and cash equivalents	(54,544)	261,368
Cash and cash equivalents at beginning of period	142,813	38,026
Cash and cash equivalents at end of period	88,269	299,394
Non-cash investing and financing activities:
Property and equipment acquired but not yet paid	17,825	19,817
Tenant capital improvements	$ 87,017	81,137
Settlement of contingent consideration through non-cash consideration		11,178
Exchange of noncontrolling interest through non-cash consideration		$ 4,260

Organization and Description of Business

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business

Note 1. Organization and Description of Business

Uniti Group Inc. (the “Company,” “Uniti,” “we,” “us,” or “our”) was incorporated in the state of Maryland on September 4, 2014. We are an independent internally managed real estate investment trust (“REIT”) engaged in the acquisition and construction of mission critical infrastructure in the communications industry. We are principally focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. We manage our operations in four separate lines of business: Uniti Fiber, Uniti Towers, Uniti Leasing, and the Consumer CLEC Business.

The Company operates through a customary “up-REIT” structure, pursuant to which we hold substantially all of our assets through a partnership, Uniti Group LP, a Delaware limited partnership (the “Operating Partnership”), that we control as general partner, with the only significant difference between the financial position and results of operations of the Operating Partnership and its subsidiaries compared to the consolidated financial position and consolidated results of operations of Uniti is that the results for the Operating Partnership and its subsidiaries do not include Uniti’s Consumer CLEC segment, which consists of Talk America Services. The up-REIT structure is intended to facilitate future acquisition opportunities by providing the Company with the ability to use common units of the Operating Partnership as a tax-efficient acquisition currency. As of June 30, 2020, we are the sole general partner of the Operating Partnership and own approximately 98.2% of the partnership interests in the Operating Partnership.

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying Condensed Consolidated Financial Statements include all accounts of the Company and its wholly owned and/or controlled subsidiaries, including the Operating Partnership. Under the Accounting Standards Codification 810, Consolidation (“ASC 810”), the Operating Partnership is considered a variable interest entity and is consolidated in the Condensed Consolidated Financial Statements of Uniti Group Inc. because the Company is the primary beneficiary. All material intercompany balances and transactions have been eliminated.

ASC 810 provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results from any interim period are not necessarily indicative of the results that may be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 (“Annual Report”), filed with the SEC on March 12, 2020. Accordingly, significant accounting policies and other disclosures normally provided have been omitted from the accompanying Condensed Consolidated Financial Statements and related notes since such items are disclosed in our Annual Report.

Going Concern—In accordance with Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying Condensed Consolidated Financial Statements are issued. The accompanying Condensed

Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. As noted below, the Company’s largest customer, Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), has been in bankruptcy proceedings that had created substantial doubt as to the Company’s ability to continue as a going concern. In light of the approval by the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) of Windstream’s plan of reorganization and its approval of the Settlement (as defined below) between Windstream and the Company, which includes an order approving Windstream’s acceptance of the Master Lease (as defined below), the Company has evaluated the relevant conditions and factors and has determined that there is no longer substantial doubt about the Company’s ability to continue as a going concern.

We are party to a master lease agreement (the “Master Lease”) with Windstream Holdings from which 65.0% of our revenue for the year ended December 31, 2019 was derived. In recent years, Windstream has experienced annual declines in its total revenue, sales and cash flow, and has had its credit ratings downgraded by nationally recognized credit rating agencies multiple times.

In response to the adverse outcome in a litigation against Windstream, on February 25, 2019, Windstream filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code and is currently operating as a “debtor in possession” under supervision of the Bankruptcy Court.

In bankruptcy, Windstream had the option to assume or reject the Master Lease. Windstream also filed claims against the Company alleging, among other things: that the Master Lease should be recharacterized as a financing transaction, which would impact its treatment in Windstream’s bankruptcy (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments) and which could affect our status as a REIT; that the Master Lease is a lease of personal property; and that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers. We participated in mediation of these claims in Windstream’s bankruptcy. On March 2, 2020, Uniti and Windstream jointly announced that they reached an agreement in principle (the “Settlement”) to resolve any and all claims and causes of action that have been or may be asserted against Uniti by Windstream, including all litigation brought by Windstream and certain of its creditors in the context of Windstream’s Bankruptcy, and on May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement. On May 12, 2020, Uniti and Windstream entered into the settlement agreement to implement the Settlement. The Settlement is subject to finalizing and executing definitive documentation and the receipt of certain regulatory approvals. Following satisfaction of all such conditions precedent, consummation of the Settlement will occur on the earlier of Windstream’s emergence from bankruptcy and February 28, 2021. All litigation between Windstream and Uniti is stayed while the parties implement the Settlement. See Note 15.

On June 26, 2020, the Bankruptcy Court approved Windstream’s plan of reorganization. Consummation of the plan of reorganization is subject to certain conditions precedent, including consummation of the Settlement and receipt of certain regulatory approvals. We believe that we are likely to effectuate the Settlement. However, even if it cannot be implemented, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote if Windstream intends to reorganize. A significant amount of Windstream’s revenue is generated from the use of our network included in the Master Lease, and we believe that the Master Lease is essential to Windstream’s operations. Furthermore, Windstream is designated as a “carrier of last resort” in certain markets where it utilizes the Master Lease to provide service to its customers, and Windstream would require approval from the Public Utility Commissions (“PUC”) and the Federal Communications Commission (“FCC”) to cease providing service in those markets. However, should we fail to implement the Settlement, a rejection of the Master Lease, an adverse determination by a judge on Windstream’s claims against, or even a temporary disruption in payments to us, may require us to fund certain expenses and obligations (e.g., real estate taxes, insurance and maintenance expenses) to preserve the value of our properties, and could materially adversely affect our consolidated results of operations, liquidity and financial condition, including our ability to service debt, comply with debt covenants and maintain our status as a REIT.

Investment in Unconsolidated Entity—We report the investment in our unconsolidated entity under the equity method of accounting. We adjust our investment in the unconsolidated entity for additional contributions made, distributions received as well as our share of the investee's earnings or losses, which are reported on a 90-day lag and are included in our Consolidated Statements of Income. See Note 6.

Goodwill—The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. In accordance with ASC 350, Intangibles – Goodwill and Other, we have considered events or circumstances resulting from the COVID-19 pandemic that may indicate whether it is more likely than not that

the fair value of reporting unit is less than its carrying value. After consideration of such events or circumstances, including evaluating potential impacts on our judgements and estimates regarding our projected cash flows used in the determination of the estimated fair value of our Fiber reporting unit, we have determined that it is not more likely than not that the fair value of reporting unit is less than its carrying value; therefore, we have not performed an interim impairment analysis during the quarter. We continue to monitor the developments associated with the COVID-19 pandemic and its related impact on our business and, if we determine that the COVID-19 pandemic is negatively impacting our business, we may conclude that an interim impairment analysis is required in a future period.

Our first priority remains the health and safety of our employees, customers and other business partners. We have been actively monitoring and following government recommendations as we adjust business practices and standard operating procedures to ensure the protection of team members and ensure the continuity of our business. As of the date of this Quarterly Report on Form 10-Q, we have not experienced significant disruptions in our operations or network performance, incurred significant delays in our permitting process that would impact our timing of service installations, had disruptions or cost increases in our supply chain, or received significant requests for payment relief from our customers as a result of the COVID-19 pandemic. Furthermore, as of the date of this Quarterly Report on Form 10-Q, we have not observed declines in the valuation of relevant acquisitions, which would impact the estimated fair value of our Fiber reporting unit under the market approach, as we use market data of comparable business and acquisition valuations of recent transactions to estimate fair value. As a result, we concluded that no triggering events were present and have not performed an interim impairment analysis during the quarter. We have implemented policies and procedures designed to mitigate the risk of adverse impacts of the COVID-19 pandemic, or a future pandemic, on our operations, but we may incur additional costs to ensure continuity of business operations caused by COVID-19, or other future pandemics, which could adversely affect our financial condition and results of operations. However, the extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and actions taken to contain COVID-19 or its impact, among others. Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of COVID-19 on us, and there is no guarantee that efforts by us, designed to address adverse impacts of COVID-19, will be effective and those adverse impacts may be material to the financial statements.

Concentration of Credit Risks—Revenue under the Master Lease provided 65.2% and 65.2% of our revenue for the six months ended June 30, 2020 and 2019, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Master Lease, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Master Lease, succeed in its claims against us or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us.

Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.

Reclassifications—Certain prior year asset categories and related amounts in Note 4 have been reclassified to conform with current year presentation.

Recently Issued Accounting Standards

On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses affecting loans, debt securities, trade receivables, net investments in leases, and any other financial asset not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effect for the interim and annual reporting periods beginning after December 15, 2019. We adopted ASU 2016-13 effective January 1, 2020, and there was no material impact on our financial statements and related disclosures.

Revenues

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenues

Note 3. Revenues

The following is a description of principal activities, separated by reportable segments (see Note 14), from which the Company generates its revenues.

Leasing

Leasing revenue represents the results from our leasing business, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis. Due to the nature of these activities, they are outside the scope of the guidance of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”), and are recognized under other applicable guidance, including ASC 842. See Note 4.

Fiber Infrastructure

The Fiber Infrastructure segment represents the operations of our fiber business, Uniti Fiber, which provides (i) consumer, enterprise, wholesale and backhaul lit fiber, (ii) E-rate, (iii) small cell, (iv) construction services, (v) dark fiber and (vi) other revenue generating activities.

Consumer, enterprise, wholesale, and backhaul lit fiber fall under the guidance of Topic 606. Revenue is recognized over the life of the contracts in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

ii.

E-rate contracts involve providing lit fiber services to schools and libraries, and is governed by Topic 606. Revenue is recognized over the life of the contract in a pattern that reflects the satisfaction of Uniti’s stand-ready obligation to provide lit fiber services. The transaction price is equal to the monthly-recurring charge multiplied by the contract term, plus any non-recurring or variable charges. For each contract, the customer is invoiced monthly.

iii.

Small cell contracts provide improved network connection to areas that may not require or accommodate a tower. Small cell arrangements typically contain five streams of revenue: site development, radio frequency (“RF”) design, dark fiber lease, construction services, and maintenance services. Site development, RF design and construction are each separate services and are considered distinct performance obligations under Topic 606. Dark fiber and associated maintenance services constitute a lease, and as such, they are outside the scope of Topic 606 and are governed by other applicable guidance.

iv.

Construction revenue is generated from contracts to provide various construction services such as equipment installation or the laying of fiber. Construction revenue is recognized over time as construction activities occur as we are either enhancing a customer’s owned asset or constructing an asset with no alternative use to us and we would be entitled to our costs plus a reasonable profit margin if the contract was terminated early by the customer. We are utilizing our costs incurred as the measure of progress of satisfying our performance obligation.

Dark fiber arrangements represent operating leases under ASC 842 and are outside the scope of Topic 606. When (a) a customer makes an advance payment or (b) a customer is contractually obligated to pay any amounts in advance, which is not deemed a separate performance obligation, deferred leasing revenue is recorded. This leasing revenue is recognized ratably over the expected term of the contract, unless the pattern of service suggests otherwise.

vi.

The Company generates revenues from other services, such as consultation services and equipment sales. Revenue from the sale of customer premise equipment and modems that are not provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services is recognized when products are delivered to and accepted by the customer. Revenue from customer premise equipment and modems provided as an essential part of the telecommunications services, including broadband, long distance, and enhanced services are recognized over time in a pattern that reflects the satisfaction of the service performance obligation.

Towers

The Towers segment represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate, which we then lease to our customers in the United States. Revenue from our towers business qualifies as a lease under ASC 842 and is outside the scope of Topic 606.

Consumer CLEC

The Consumer CLEC segment represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which provides local telephone, high-speed internet and long-distance services to customers in the eastern and central United States. Customers are billed monthly for services rendered based on actual usage or contracted amounts. The transaction price is equal to the monthly-recurring charge multiplied by the initial contract term (typically 12 months), plus any non-recurring or variable charges.

Disaggregation of Revenue

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended June 30,					Six Months Ended June 30,
(Thousands)	2020			2019		2020		2019
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	27,216		$	33,401	$	55,408	$	65,606
Enterprise and wholesale		19,628			19,241		38,886		35,970
E-Rate and government		21,821			22,533		42,758		44,528
Other		755			674		1,303		1,683
Fiber Infrastructure	$	69,420		$	75,849	$	138,355	$	147,787
Consumer CLEC		(32	)		2,899		651		5,934
Total revenue from contracts with customers		69,388			78,748		139,006		153,721
Revenue accounted for under other applicable guidance		197,432			185,666		393,976		371,724
Total revenue	$	266,820		$	264,414	$	532,982	$	525,445

At June 30, 2020, and December 31, 2019, lease receivables were $18.7 million and $28.8 million, respectively, and receivables from contracts with customers were $52.8 million and $48.6 million, respectively.

Contract Assets (Unbilled Revenue) and Liabilities (Deferred Revenue)

Contract assets primarily consist of unbilled construction revenue where we are utilizing our costs incurred as the measure of progress of satisfying our performance obligation. When the contract price is invoiced, the related unbilled receivable is reclassified to trade accounts receivable, where the balance will be settled upon the collection of the invoiced amount. Contract liabilities are generally comprised of upfront fees charged to the customer for the cost of establishing the necessary components of the Company’s network prior to the commencement of use by the customer. Fees charged to customers for the recurring use of the Company’s network are recognized during the related periods of service. Upfront fees that are billed in advance of providing services are deferred until such time the customer accepts the Company’s network and then are recognized as service revenues ratably over a period in which substantive services required under the revenue arrangement are expected to be performed, which is the initial term of the arrangement. During the three and six months ended June 30, 2020, we recognized revenues of $1.3 million and $2.7 million, respectively, which was included in the December 31, 2019 contract liabilities balance.

The following table provides information about contract assets and contract liabilities accounted for under Topic 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2019	$	11,535	$	12,717
Balance at June 30, 2020	$	9,689	$	10,975

Transaction Price Allocated to Remaining Performance Obligations

Performance obligations within contracts to stand ready to provide services are typically satisfied over time or as those services are provided. Contract liabilities primarily relate to deferred revenue from upfront customer payments. The deferred revenue is recognized, and the liability reduced, over the contract term as the Company completes the performance obligation. As of June 30, 2020, our future revenues (i.e., transaction price related to remaining performance obligations) under contract accounted for under Topic 606 totaled $519.1 million, of which $429.9 million is related to contracts that are currently being invoiced and have an average remaining contract term of 1.9 years, while $89.2 million represents our backlog for sales bookings which have yet to be installed and have an average remaining contract term of 6.6 years.

Practical Expedients and Exemptions

We do not disclose the value of unsatisfied performance obligations for contracts that have an original expected duration of one year or less.

We exclude from the transaction price any amounts collected from customers for sales taxes and therefore, such amounts are not included in revenue.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

Note 4. Leases

Lessor Accounting

We lease communications towers, ground, communications equipment, and dark fiber to tenants under operating leases. Our leases have initial lease terms ranging from five to 35 years, most of which includes options to extend or renew the leases for five to 20 years (based on the satisfaction of certain conditions as defined in the lease agreements), and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

The components of lease income for the three and six months ended June 30, 2020 and 2019, respectively, are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands)	2020		2019		2020		2019
Lease income - operating leases	$	197,432	$	185,666	$	393,976	$	371,724

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of June 30, 2020 are as follows:

(Thousands)	June 30, 2020⁽¹⁾
2020	$	364,898
2021		724,279
2022		727,103
2023		729,968
2024		732,960
Thereafter		4,361,810
Total lease receivables	$	7,641,018
⁽¹⁾ Total future minimum lease payments to be received include $6.7 billion relating to the Master Lease with Windstream.

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	June 30, 2020			December 31, 2019
Land	$	27,290		$	27,392
Building and improvements		342,484			341,096
Poles		261,997			258,535
Fiber		2,909,484			2,836,939
Equipment		421			419
Copper		3,816,448			3,792,366
Conduit		89,771			89,770
Tower assets		1,397			168,453
Finance lease assets		32,660			32,660
Other assets		10,278			10,279
		7,492,230			7,557,909
Less: accumulated depreciation		(5,131,752	)		(5,033,080	)
Underlying assets under operating leases, net ⁽¹⁾	$	2,360,478		$	2,524,829
⁽¹⁾ Includes $161.0 million of assets held for sale (see Note 7).

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and six months ended June 30, 2020 and 2019, respectively, is summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands)	2020		2019		2020		2019
Depreciation expense for underlying assets under operating leases	$	53,303	$	75,093	$	109,437	$	151,367

Lessee Accounting

We have commitments under operating leases for communications towers, ground, colocation, dark fiber lease arrangements, and buildings. We also have finance leases for dark fiber lease arrangements and other communications equipment. Our leases have initial lease terms ranging from less than one year to 30 years, most of which includes options to extend or renew the leases for less than one year to 20 years, and some of which may include options to terminate the leases within one to six months. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments.

As of June 30, 2020, we have short term lease commitments amounting to approximately $1.9 million.

The components of lease cost for the three and six months ended June 30, 2020 and 2019, respectively, are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands)	2020			2019			2020			2019
Finance lease cost
Amortization of ROU assets	$	954		$	890		$	1,979		$	1,896
Interest on lease liabilities		969			552			1,957			1,621
Total finance lease cost		1,923			1,442			3,936			3,517
Operating lease cost		6,421			6,667			13,959			13,254
Short-term lease cost		526			467			1,009			929
Variable lease cost		66			138			84			257
Less sublease income		(3,076	)		(2,633	)		(6,770	)		(5,378	)
Total lease cost	$	5,860		$	6,081		$	12,218		$	12,579

Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee were as follows:

(Thousands)	Location on Condensed Consolidated Balance Sheets	June 30, 2020			December 31, 2019
Operating leases
ROU assets, net⁽¹⁾	Other assets, net	$	85,256		$	127,490
Lease liabilities⁽²⁾	Accounts payable, accrued expenses and other liabilities, net		84,642			127,879

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	128,259		$	129,900
Lease liabilities	Finance lease obligations		50,436			52,994

Weighted-average remaining lease term
Operating leases		8.8 years			11.8 years
Finance leases		13.6 years			13.9 years

Weighted-average discount rate
Operating leases			9.5	%		9.7	%
Finance leases			8.0	%		8.0	%
⁽¹⁾ Includes $8.4 million right of use (“ROU”) assets, net in Assets Held for Sale as of June 30, 2020 (See Note 7).
⁽²⁾ Includes $3.1 million lease liabilities in Liabilities Held for Sale as of June 30, 2020 (See Note 7).

Other information related to leases as of June 30, 2020 and 2019, respectively, are as follows:

(Thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	1,957	$	1,621
Operating cash flows from operating leases		14,470		13,426
Financing cash flows from finance leases		1,979		1,896

Non-cash items:
New operating leases	$	3,847	$	12,621
New finance leases		31		2,683

Future lease payments under non-cancellable leases as of June 30, 2020 are as follows:

(Thousands)	Operating Leases			Finance Leases
2020	$	11,222		$	3,631
2021		20,975			6,810
2022		18,235			6,680
2023		15,646			6,658
2024		11,498			6,294
Thereafter		54,862			50,444
Total undiscounted lease payments	$	132,438		$	80,517
Less: imputed interest		(47,796	)		(30,081	)
Total lease liabilities	$	84,642		$	50,436

Future sublease rentals as of June 30, 2020 are as follows:

(Thousands)	Sublease Rentals
2020	$	3,598
2021		7,760
2022		7,784
2023		7,807
2024		7,831
Thereafter		113,575
Total	$	148,355

Asset Dispositions

6 Months Ended

Jun. 30, 2020

Discontinued Operations And Disposal Groups [Abstract]

Asset Dispositions

Note 5. Asset Dispositions

2020 Transactions

Sale of U.S. Tower Portfolio

On June 1, 2020, the Company completed the sale of its U.S. tower business to Melody Investment Advisors LP (“Melody”), selling net assets having a book value of $190.0 million for total cash consideration of $225.8 million. The Company retained a 10% investment interest in the tower business, having a fair value of $26.0 million, through a newly formed limited partnership with Melody (see Note 6), and will receive incremental earn-out payments, estimated to be $1.9 million, which is included in other assets on the Condensed Consolidated Balance Sheet as of June 30, 2020. During the second quarter, we recorded a gain of $63.7 million related to this transaction.

2019 Transactions

Sale of Ground Lease Portfolio

On May 23, 2019, the Company completed the sale of substantially all of its U.S. ground lease business. During second quarter, we received cash consideration of $30.7 million resulting in a pre-tax gain of $5.0 million.

Sale of Latin American Tower Portfolio

On April 2, 2019, the Company completed the sale of the Uniti Towers’ Latin America business (“LATAM”) to an entity controlled by Phoenix Towers International for cash consideration of $101.6 million resulting in a pre-tax gain of $23.8 million.

Investment in Unconsolidated Entity

6 Months Ended

Jun. 30, 2020

Equity Method Investments And Joint Ventures [Abstract]

Investment in Unconsolidated Entity

Note 6. Investment in Unconsolidated Entity

We report the investment in our unconsolidated entity under the equity method of accounting. As of June 30, 2020, we had a 10% interest in Harmoni Towers LP (“Harmoni”). Harmoni was primarily established to develop wireless communication towers as real estate property for long-term investment. We concluded that Harmoni is a VIE; however, the Company determined that it was not the primary beneficiary of Harmoni because the Company lacks the power to direct the activities that most significantly impact its economic performance. The Company’s current investment and maximum exposure to loss as a result of its involvement with Harmoni was approximately $26.0 million as of June 30, 2020. The Company has not provided financial support to Harmoni.

We provide transition services to Harmoni in exchange for fees and reimbursements. Total transition service fees earned in connection with Harmoni were $0.4 million for the three and six months ended June 30, 2020, which is included in operating expense on a net basis in our Consolidated Statements of Income.

Assets and Liabilities Held for Sale

6 Months Ended

Jun. 30, 2020

Discontinued Operations And Disposal Groups [Abstract]

Assets and Liabilities Held for Sale

Note 7. Assets and Liabilities Held for Sale

In June 2020, the Company entered into a definitive agreement to sell an ownership stake in the entity that controls the Company’s Midwest fiber network assets (the “Propco”) to Macquarie Infrastructure Partners (“MIP”) for total cash consideration of approximately $168 million. Uniti will retain an investment in the Propco through an affiliate of MIP and is eligible to receive an additional earnout payment in 2023 of up to approximately $20.0 million upon the achievement of certain operational milestones. The Company classified the Propco’s assets and liabilities separately on the Condensed Consolidated Balance Sheet as of June 30, 2020.

The following table presents the assets and liabilities associated with the Propco classified as held for sale as of June 30, 2020:

(Thousands)	June 30, 2020
Assets:
Property, plant and equipment, net	$	188,818
Accounts receivable, net		55
Intangible assets, net		167,185
Right of use assets, net		8,356
Other assets		9
Total Assets	$	364,423

Liabilities:
Lease liabilities	$	3,074
Deferred revenue		174,792
Total Liabilities	$	177,866

The Propco is included in the results of the Leasing segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 8. Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements, establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring assets and liabilities at fair values. This hierarchy establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the assessment date;

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 – Unobservable inputs for the asset or liability.

Our financial instruments consist of cash and cash equivalents, accounts and other receivables, a derivative asset and liability, our outstanding notes and other debt, contingent consideration and accounts, interest and dividends payable.

The following table summarizes the fair value of our financial instruments at June 30, 2020 and December 31, 2019:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At June 30, 2020
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,283,750	$	-	$	2,283,750	$	-
Senior secured notes - 6.00%, due April 15, 2023		541,750		-		541,750		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,043,400		-		1,043,400		-
Senior unsecured notes - 7.125%, due December 15, 2024		546,000		-		546,000		-
Exchangeable senior notes - 4.00%, due June 15, 2024		372,497		-		372,497		-
Senior secured revolving credit facility, variable rate, due April 24, 2022		128,307		-		128,307		-
Derivative liability, net		28,464		-		28,464		-
Contingent consideration		10,562		-		-		10,562
Total	$	4,954,730	$	-	$	4,944,168	$	10,562

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2019
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,998,721	$	-	$	1,998,721	$	-
Senior secured notes - 6.00%, due April 15, 2023		528,000		-		528,000		-
Senior unsecured notes - 8.25%, due October 15, 2023		971,250		-		971,250		-
Senior unsecured notes - 7.125%, due December 15, 2024		511,500		-		511,500		-
Exchangeable senior unsecured notes - 4.00%, due June 15, 2024		309,638		-		309,638		-
Senior secured revolving credit facility, variable rate, due April 24, 2022		574,961		-		574,961		-
Derivative liability		23,679		-		23,679		-
Contingent consideration		11,507		-		-		11,507
Total	$	4,929,256	$	-	$	4,917,749	$	11,507

The carrying value of cash and cash equivalents, accounts and other receivables, and accounts, interest and dividends payable approximate fair values due to the short-term nature of these financial instruments.

The total principal balance of our outstanding notes and other debt was $4.98 billion at June 30, 2020, with a fair value of $4.92 billion. The estimated fair value of our outstanding notes and other debt was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as Level 2 inputs within the fair value hierarchy. Derivative assets and liabilities are carried at fair value. See Note 10. The fair value of an interest rate swap is determined based on the present value of expected future cash flows using observable, quoted LIBOR swap rates for the full term of the swap and also incorporate credit valuation adjustments to appropriately reflect both Uniti’s own non-performance risk and non-performance risk of the respective counterparties. The Company has determined that the majority of the inputs used to value its derivative assets and liabilities fall within Level 2 of the fair value hierarchy; however, the associated credit valuation adjustments utilized Level 3 inputs, such as estimates of credit spreads, to evaluate the likelihood of default by the Company and its counterparties. As of June 30, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall value of the derivatives. As such, the Company classifies its derivative assets and liabilities valuation in Level 2 of the fair value hierarchy.

Given the limited trade activity of the Exchangeable Notes, the fair value of the Exchangeable Notes (see Note 12) is determined based on inputs that are observable in the market and have been classified as Level 2 in the fair value hierarchy. Specifically, we estimated the fair value of the Exchangeable Notes based on readily available external pricing information, quoted market prices, and current market rates for similar convertible debt instruments.

We acquired Tower Cloud, Inc. (“Tower Cloud”) on August 31, 2016. As part of the Tower Cloud acquisition, we may be obligated to pay contingent consideration upon achievement of certain defined operational and financial milestones from the date of acquisition through December 31, 2021. At the Company’s discretion, a combination of cash and Uniti common shares may be used to satisfy the contingent consideration payments, provided that at least 50% of the aggregate amount of payments is satisfied in cash. We recorded the estimated fair value of future contingent consideration of $10.6 million as of June 30, 2020. The fair value of the contingent consideration as of June 30, 2020, was determined using a discounted cash flow model and probability adjusted estimates of the future operational milestones and is classified as Level 3. During the six months ended June 30, 2020 and 2019, we paid $7.1 million and $28.2 million, respectively, for the achievement of certain milestones in accordance with the Tower Cloud merger agreement.

Changes in the fair value of contingent consideration arrangements are recorded in our Condensed Consolidated Statement of (Loss) Income in the period in which the change occurs. For the three months and six months ended June 30, 2020, there was a $4.6 million and $6.1 million, respectively, increase in the fair value of the contingent consideration that was recorded in Other (income) expense on the Condensed Consolidated Statements of (Loss) Income. For the three and six months ended June 30, 2019, there was a $22.3 million and $25.5 million, respectively, decrease in the fair value of the contingent consideration that was recorded in Other (income) expense on the Condensed Consolidated Statements of (Loss) Income.

The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3):

(Thousands)		December 31, 2019				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				June 30, 2020
Contingent consideration		$	11,507			$	-			$	6,141			$	(7,086	)		$	10,562

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

Note 9. Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:

(Thousands)	Depreciable Lives			June 30, 2020			December 31, 2019
Land	Indefinite			$	27,905		$	28,337
Building and improvements	3 - 40 years				350,164			355,225
Real property interests		(1	)		-			3,308
Poles	30 years				261,997			258,535
Fiber	30 years				3,434,306			3,456,398
Equipment	5 - 7 years				317,170			293,427
Copper	20 years				3,816,448			3,792,366
Conduit	30 years				89,771			89,770
Tower assets	20 years				8,571			170,063
Finance lease assets		(1	)		128,259			129,900
Other assets	15 - 20 years				10,362			11,591
Corporate assets	3 - 7 years				12,797			5,552
Construction in progress		(1	)		49,542			89,007
				$	8,507,292			8,683,479
Less accumulated depreciation				$	(5,409,101	)		(5,273,534	)
Net property, plant and equipment				$	3,098,191		$	3,409,945
(1) See our Annual Report for property, plant and equipment accounting policies.

Depreciation expense for the three and six months ended June 30, 2020 was $77.2 million and $155.0 million, respectively. Depreciation expense for the three and six months ended June 30, 2019 was $96.5 million and $194.0 million, respectively.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 10. Derivative Instruments and Hedging Activities

The Company uses derivative instruments to mitigate the effects of interest rate volatility inherent in our variable rate debt, which could unfavorably impact our future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes.

On April 27, 2015, we entered into fixed for floating interest rate swap agreements to mitigate the interest rate risk inherent in our variable rate Senior Secured Term Loan B facility. These interest rate swaps were designated as cash flow hedges and have a notional value of $2.03 billion and mature on October 24, 2022. As result of the repayment of the Company’s term loan facility in February of 2020 (see Note 12), the Company entered into receive-fixed interest rate swaps to offset its existing pay-fixed interest rate swaps. As a result, the Company discontinued hedge accounting as the hedge accounting requirements were no longer met. Amounts in accumulated other comprehensive (loss) income as of the date of de-designation, will be reclassified to interest expense as the hedged transactions impact earnings. Prospectively, changes in fair value of all interest rate swaps will be recorded directly to earnings.

The Company has elected to offset derivative positions that are subject to master netting arrangements with the same counterparty in our Condensed Consolidated Balance Sheets. The gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of June 30, 2020 were as follows:

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
Assets
Interest rate swaps	$	35,138	$	(35,138	)	$	-
Total	$	35,138	$	(35,138	)	$	-

Liabilities
Interest rate swaps	$	63,602	$	(35,138	)	$	28,464
Total	$	63,602	$	(35,138	)	$	28,464

The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets:

(Thousands)		Location on Condensed Consolidated Balance Sheets		June 30, 2020						December 31, 2019
Interest rate swaps		Derivative liability, net		$	28,464						$	23,679

As of June 30, 2020, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability, net in our Condensed Consolidated Balance Sheets. As hedge accounting is no longer applied beginning in February 2020, the unrealized loss amounts are now being recorded directly to earnings. For the six months ended June 30, 2020, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments prior to the February 2020 discontinuance of hedge accounting was $7.7 million. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of (Loss) Income for the three and six months ended June 30, 2020 was $2.8 million and $5.2 million, respectively

As of June 30, 2019, all of the interest rate swaps were valued in net unrealized loss positions and recognized as liability balances within the derivative liability, net in our Condensed Consolidated Balance Sheets. For the three and six months ended June 30, 2019, the amount recorded in other comprehensive income related to the unrealized loss on derivative instruments was $26.6 million and $46.1 million, respectively. The amount reclassified out of other comprehensive income into interest expense on our Condensed Consolidated Statement of (Loss) Income for the three and six months ended June 30, 2019 was a benefit of $1.9 million and $4.0 million, respectively.

During the next twelve months, beginning July 1, 2020, we estimate that $11.3 million will be reclassified as an increase to interest expense.

Exchangeable Notes Hedge Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes (see Note 12), and on June 27, 2019, concurrently with the exercise by the Initial Purchasers (as defined below) of their option to purchase additional Exchangeable Notes, Uniti Fiber, the issuer of the Exchangeable Notes, entered into the Note Hedge Transactions with certain of the Counterparties. The Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes, the same number of shares of the Company’s common stock that initially underlie the Exchangeable Notes in the aggregate and are exercisable upon exchange of the Exchangeable Notes. The Note Hedge Transactions have an initial strike price that corresponds to the initial exchange price of the Exchangeable Notes, subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The Note Hedge Transactions will expire upon the maturity of the Exchangeable Notes, if not earlier exercised. The Note Hedge Transactions are intended to reduce potential dilution to the Company’s common stock upon any exchange of the Exchangeable Notes and/or offset any cash payments Uniti Fiber is required to make in excess of the principal amount of exchanged Exchangeable Notes, as the case may be, in the event that the market value per share of the Company’s common stock, as measured under the Note Hedge Transactions, at the time of exercise is greater than the strike price of the Note Hedge Transactions.

The Note Hedge Transactions are separate transactions, entered into by Uniti Fiber with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Note Hedge Transactions. Uniti Fiber used approximately $70.0 million of the net proceeds from the offering of the Exchangeable Notes to pay the cost of the Note Hedge Transactions. The Note Hedge Transactions meet certain accounting criteria under GAAP, and are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets, and are not accounted for as derivatives that are remeasured each reporting period.

Warrant Transactions

On June 25, 2019, concurrently with the pricing of the Exchangeable Notes, and on June 27, 2019 concurrently with the exercise by the Initial Purchasers of their option to purchase additional Exchangeable Notes, the Company entered into warrant transactions to sell to the Counterparties Warrants to acquire, subject to anti-dilution adjustments, up to approximately 27.8 million shares of the Company’s common stock in the aggregate at an exercise price of approximately $16.42 per share. The maximum number of shares of the Company’s common stock that could be issued pursuant to the Warrants is approximately 55.5 million. The Company offered and sold the Warrants in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). If the market value per share of the Company’s common stock, as measured under the Warrants, at the time of exercise exceeds the strike price of the Warrants, the Warrants will have a dilutive effect on the Company’s common stock unless, subject to the terms of the Warrants, the Company elects to cash settle the Warrants. The Warrants will expire over a period beginning in September 2024.

The Warrants are separate transactions, entered into by the Company with the Counterparties, and are not part of the terms of the Exchangeable Notes. Holders of the Exchangeable Notes will not have any rights with respect to the Warrants. The Company received approximately $50.8 million from the offering and sale of the Warrants. The Warrants meet certain accounting criteria under GAAP, and are recorded in additional paid-in capital on our Condensed Consolidated Balance Sheets, and are not accounted for as derivatives that are remeasured each reporting period.

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 11. Goodwill and Intangible Assets

There were no changes in the carrying amount of goodwill occurring during the six months ended June 30, 2020. The balance of Goodwill recorded in our Fiber Infrastructure segment as of June 30, 2020 and December 31, 2019 is as follows:

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2019	$	690,672	$	690,672
Goodwill at June 30, 2020		690,672		690,672

(Thousands)	June 30, 2020						December 31, 2019
	Original Cost			Accumulated Amortization			Original Cost			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	-		$	-		$	2,000		$	-

Finite life intangible assets:
Customer lists	$	450,603		$	(106,051	)	$	450,603		$	(93,794	)
In-place lease		-			-			50,705			(845	)
Rights of way		-			-			124,696			(1,386	)
Trade name		2,000			(500	)		-			-

Total intangible assets	$	452,603					$	628,004
Less: Accumulated amortization		(106,551	)					(96,025	)
Total intangible assets, net	$	346,052					$	531,979

As of June 30, 2020, the remaining weighted average amortization period of the Company’s intangible assets was 16.9 years. Amortization expense for the three and six months ended June 30, 2020 was $7.8 million and $16.1 million, respectively. Amortization expense for the three and six months ended June 30, 2019 was $6.1 million and $12.4 million, respectively.

Amortization expense is estimated to be $28.0 million for the full year of 2020, $23.9 million in 2021, $22.9 million in 2022, $22.8 million in 2023, and $22.8 million for 2024.

Notes and Other Debt

6 Months Ended

Jun. 30, 2020

Long Term Debt [Abstract]

Notes and Other Debt

Note 12. Notes and Other Debt

All debt, including the senior secured credit facility and notes described below, are obligations of the Operating Partnership and/or certain of its subsidiaries as discussed below. The Company is, however, a guarantor of such debt.

Notes and other debt is as follows:

(Thousands)	June 30, 2020			December 31, 2019
Principal amount	$	4,983,319		$	5,224,747
Less unamortized discount, premium and debt issuance costs		(163,665	)		(207,068	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,819,654		$	5,017,679

Notes and other debt at June 30, 2020 and December 31, 2019 consisted of the following:

	June 30, 2020					December 31, 2019
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%)	$	-		-		$	2,044,728	$	(74,523	)
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)		2,250,000		(43,814	)		-		-
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(4,856	)		550,000		(5,633	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(25,550	)		1,110,000		(28,808	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(5,819	)		600,000		(6,304	)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 11.1%)		345,000		(77,659	)		345,000		(85,272	)
Senior secured revolving credit facility, variable rate, due April 24, 2022		128,319		(5,967	)		575,019		(6,528	)
Total	$	4,983,319	$	(163,665	)	$	5,224,747	$	(207,068	)

At June 30, 2020, notes and other debt included the following: (i) $2.25 billion aggregate principal amount of 7.875% senior secured notes due 2025 (the “2025 Secured Notes”); (ii) $550.0 million aggregate principal amount of 6.00% Senior Secured Notes due April 15, 2023 (the “2023 Secured Notes” and, together with the 2025 Secured Notes, the “Secured Notes”); (iii) $1.11 billion aggregate principal amount of 8.25% Senior Unsecured Notes due October 15, 2023 (the “2023 Notes”); (iv) $600.0 million aggregate principal amount of 7.125% Senior Unsecured Notes due December 15, 2024 (the “2024 Notes”); (v) $345.0 million aggregate principal amount of 4.00% Exchangeable Senior Notes due June 15, 2024 (the “Exchangeable Notes” and together with the Secured Notes, the 2023 Notes and the 2024 Notes, the “Notes”) and (vi) $128.3 million under the senior secured revolving credit facility (the “Revolving Credit Facility”), variable rate, that matures April 24, 2022 pursuant the credit agreement by and among the Borrowers (as defined below), the guarantors and lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Credit Agreement”). On February 10, 2020, the Operating Partnership and certain of its wholly-owned subsidiaries issued the 2025 Secured Notes and used the proceeds from the offering to repay all $2.05 billion of outstanding term loans under our senior secured credit facilities and to repay approximately $156.7 million of revolving loans (and terminated related commitments of approximately $157.6 million). As a result of the repayment of the term loans and terminated commitments of the revolving loans, we recognized $72.5 million and $1.4 million, respectively, of non-cash interest expense for the write off of the unamortized discount and deferred financing costs within interest expense, net on the Condensed Consolidated Statements of (Loss) Income for the six months ended June 30, 2020.

Credit Agreement

The Operating Partnership, Uniti Group Finance 2019 Inc. and CSL Capital, LLC (the “Borrowers”) are borrowers under the Credit Agreement, which as of December 31, 2019, which provided for a term loan facility (in an initial principal amount of $2.14 billion) and provides for a revolving credit facility (in an initial aggregate principal amount of up to $750 million) (the “Revolving Credit Facility”). On February 10, 2020, in connection with the issuance of the 2025 Secured Notes and the effectiveness of the Sixth Amendment described below, the Borrowers repaid all $2.05 billion of outstanding term loans and repaid approximately $156.7 million of revolving loans under the Revolving Credit Facility (and terminated related commitments in an amount equal to $157.6 million, thereby reducing total commitments under the Revolving Credit Facility to $418.3 million). As of June 30, 2020, total commitments under the Revolving Credit Facility are $418.3 million with $290.0 million of borrowing availability.

All obligations under the Credit Agreement are guaranteed by (i) the Company and (ii) certain of the Operating Partnership’s subsidiaries (the “Subsidiary Guarantors”) and are secured by substantially all of the assets of the Borrowers and the Subsidiary Guarantors, which assets also secure the Secured Notes.

The Revolving Credit Facility presently bears interest at a rate equal to either a base rate plus an applicable margin ranging from 3.75% to 4.25% or a Eurodollar rate plus an applicable margin ranging from 4.75% to 5.25%, in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio.

The Borrowers are subject to customary covenants under the Credit Agreement, including an obligation to maintain a consolidated secured leverage ratio, as defined in the Credit Agreement, not to exceed 5.00 to 1.00. We are permitted, subject to customary conditions, to incur other indebtedness, so long as, on a pro forma basis after giving effect to any such indebtedness, our consolidated total leverage ratio, as defined in the Credit Agreement, does not exceed 6.50 to 1.00 and, if such debt is secured, our consolidated secured leverage ratio, as defined in the Credit Agreement, does not exceed 4.00 to 1.00. In addition, the Credit Agreement contains customary events of default, including a cross default provision whereby the failure of the Borrowers or certain of their subsidiaries to make payments under other debt obligations, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity. As of June 30, 2020, the Borrowers were in compliance with all of the covenants under the Credit Agreement.

On March 18, 2019, we received a limited waiver from our lenders under our Credit Agreement, waiving an event of default related solely to the receipt of a going concern opinion from our auditors for our 2018 audited financial statements. The limited waiver was issued in connection with the fourth amendment (the “Fourth Amendment”) to our Credit Agreement. During the pendency of Windstream’s bankruptcy, the Fourth Amendment generally limits our ability under the Credit Agreement to (i) prepay unsecured indebtedness and (ii) pay cash dividends in excess of 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains.

On June 24, 2019, we entered into an amendment (the “Fifth Amendment”) to our Credit Agreement to extend the maturity date of $575.9 million of commitments under the Revolving Credit Facility to April 24, 2022 and to pay down approximately $101.6 million of outstanding revolving loans and terminate the related commitments. The maturity date of approximately $72.4 million of other commitments was not extended. On June 28, 2019, the Company repaid approximately $174.0 million in total borrowings, which consisted of the $101.6 million required repayment pursuant to the Fifth Amendment and $72.4 million of non-extended borrowings, thereby terminating the non-extended commitments. As a result, all remaining commitments will terminate on April 24, 2022, at which time all outstanding borrowings must be repaid. The Company used a portion of the net proceeds from the offering of Exchangeable Notes described below to fund the repayments.

On February 10, 2020, we received a limited waiver from our lenders under our Credit Agreement, waiving an event of default related solely to the receipt of a going concern opinion from our auditors for our 2019 audited financial statements. The limited waiver was issued in connection with an amendment (the “Sixth Amendment”) to our Credit Agreement. In addition to the restrictions imposed by the Fourth Amendment discussed above, which remain effective, the Sixth Amendment also limits the ability of our non-guarantor subsidiaries to incur indebtedness. The Sixth Amendment increased the interest rate on our revolving facility by 100 bps for each applicable rate. As amended, borrowings under the Revolving Credit Facility bear interest at a rate equal to either a base rate plus an applicable margin ranging from 3.75% to 4.25% or a Eurodollar rate plus an applicable margin ranging from 4.75% to 5.25%, in each case, calculated in a customary manner and determined based on our consolidated secured leverage ratio.

A termination of the Master Lease would result in an “event of default” under the Credit Agreement if a replacement lease was not entered into within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00.

The Notes

The Borrowers, as co-issuers, have outstanding $550 million aggregate principal amount of the 2023 Secured Notes, of which $400 million was originally issued on April 24, 2015 at an issue price of 100% of par value and the remaining $150 million was issued on

June 9, 2016 at an issue price of 99.25% of the par value as an add-on to the existing 2023 Secured Notes. The Borrowers, as co-issuers, also have outstanding $1.11 billion aggregate principal amount of the 2023 Notes that were originally issued on April 24, 2015 at an issue price of 97.055% of par value. The 2023 Secured Notes and the 2023 Notes are guaranteed by the Company and the Subsidiary Guarantors.

The Operating Partnership and its wholly-owned subsidiaries, CSL Capital, LLC and Uniti Fiber, as co-issuers, have outstanding $600 million aggregate principal amount of the 2024 Notes, of which $400 million was originally issued on December 15, 2016 at an issue price of 100% of par value and the remaining $200 million of which was issued on May 8, 2017 at an issue price of 100.50% of par value under a separate indenture and was mandatorily exchanged on August 11, 2017 for 2024 Notes issued as “additional notes” under the indenture governing the 2024 Notes. The 2024 Notes are guaranteed by the Company and the Subsidiary Guarantors (other than Uniti Fiber, which is a co-issuer of the 2024 Notes).

On February 10, 2020, the Borrowers and Uniti Fiber, as co-issuers, issued $2.25 billion aggregate principal amount of the 2025 Secured Notes at an issue price of 100% of par value. The 2025 Secured Notes are guaranteed by the Company and the Subsidiary Guarantors (other than Uniti Fiber, which is a co-issuer of the 2025 Secured Notes).

The Exchangeable Notes

On June 28, 2019, Uniti Fiber issued $345 million aggregate principal amount of the Exchangeable Notes. The Exchangeable Notes are senior unsecured notes and are guaranteed by the Company and each of the Company’s subsidiaries (other than Uniti Fiber) that is an issuer, obligor or guarantor under the Notes. The Exchangeable Notes bear interest at a fixed rate of 4.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2019. The Exchangeable Notes are exchangeable into cash, shares of the Company’s common stock, or a combination thereof, at Uniti Fiber’s election, subject to limitations under the Company's Credit Agreement. The Exchangeable Notes will mature on June 15, 2024, unless earlier exchanged, redeemed or repurchased.

Under GAAP, certain convertible debt instruments that may be settled in cash upon conversion are required to be separately accounted for as liability and equity components of the instrument in a manner that reflects the issuer’s non-convertible debt borrowing rate. Accordingly, in accounting for the issuance of the Exchangeable Notes, the Company separated the Exchangeable Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature.

The carrying amount of the equity component, which is recognized as a debt discount, represents the difference between the proceeds from the issuance of the Exchangeable Notes and the fair value of the liability component of the Exchangeable Notes. The excess of the principal amount of the liability component over its carrying amount will be amortized to interest expense using an effective interest rate of 11.1% over the term of the Exchangeable Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification.

Debt issuance costs related to the Exchangeable Notes were comprised of commissions payable to the Initial Purchasers of $10.4 million and third-party costs of approximately $1.4 million.

In accounting for the debt issuance costs related to the issuance of the Exchangeable Notes, the Company allocated the total amount incurred to the liability and equity components based on their relative values. Debt issuance costs attributable to the liability component were recorded as a contra-liability and are presented net against the Exchangeable Notes balance on our Condensed Consolidated Balance Sheets. These costs are amortized to interest expense using the effective interest method over the term of the Exchangeable Notes. Debt issuance costs of $2.9 million attributable to the equity component are netted with the equity component in stockholders’ equity, which netted to $80.8 million.

Deferred Financing Cost

Deferred financing costs were incurred in connection with the issuance of the Notes and the Revolving Credit Facility. These costs are amortized using the effective interest method over the term of the related indebtedness and are included in interest expense in our Condensed Consolidated Statements of (Loss) Income. For the three and six months ended June 30, 2020, we recognized $4.5 million and $7.5 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs. For the three and

six months ended June 30, 2019, we recognized $3.7 million and $7.5 million, respectively, of non-cash interest expense related to the amortization of deferred financing costs.

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 13. Earnings Per Share

Our time-based restricted stock awards are considered participating securities as they receive non-forfeitable rights to dividends at the same rate as common stock. As participating securities, we included these instruments in the computation of earnings per share under the two-class method described in FASB ASC 260, Earnings per Share (“ASC 260”).

We also have outstanding performance-based restricted stock units that contain forfeitable rights to receive dividends. Therefore, the awards are considered non-participating restrictive shares and are not dilutive under the two-class method until performance conditions are met.

Prior to the second quarter of 2019, the earnings-per-share impact of the Company’s 3% Convertible Preferred Stock, $0.0001 par value (“Series A Shares”), issued in connection with the May 2, 2016 acquisition of PEG Bandwidth, LLC, was calculated using the net share settlement method, whereby the redemption value of the instrument is assumed to be settled in cash and only the conversion premium, if any, is assumed to be settled in shares. The Series A Shares provided Uniti the option to settle the instrument in cash or shares. During the second quarter of 2019, the Company received notice from the holder of the Series A Shares of its election to convert all its shares, and the Company made an election to issue shares upon conversion, which occurred on July 2, 2019.

The dilutive effect of the Exchangeable Notes (see Note 12) is calculated by using the “if-converted” method. This assumes an add-back of interest, net of income taxes, to net income attributable to shareholders as if the securities were converted at the beginning of the reporting period (or at time of issuance, if later) and the resulting common shares included in number of weighted average shares. The dilutive effect of the Warrants (see Note 10) is calculated using the treasury-stock method. During the three and six months ended June 30, 2020 and 2019, the Warrants were excluded from diluted shares outstanding because the exercise price exceeded the average market price of our common stock for the reporting period.

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands, except per share data)	2020			2019			2020			2019
Basic earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(587,744	)	$	38,717		$	(666,597	)	$	41,159
Less: Income allocated to participating securities		(424	)		(223	)		(624	)		(251	)
Dividends declared on convertible preferred stock		(1	)		-			(4	)		(656	)
Amortization of discount on convertible preferred stock		-			(248	)		-			(993	)
Net (loss) income attributable to common shares	$	(588,169	)	$	38,246		$	(667,225	)	$	39,259
Denominator:
Basic weighted-average common shares outstanding		192,479			182,971			192,358			182,597
Basic (loss) earnings per common share	$	(3.06	)	$	0.21		$	(3.47	)	$	0.22

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands, except per share data)	2020			2019			2020			2019
Diluted earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(587,744	)	$	38,717		$	(666,597	)	$	41,159
Less: Income allocated to participating securities		(424	)		(223	)		(624	)		(251	)
Dividends declared on convertible preferred stock		(1	)		-			(4	)		(656	)
Amortization of discount on convertible preferred stock		-			(248	)		-			(993	)
Impact on if-converted dilutive securities		-			363			-			1,764
Net (loss) income attributable to common shares	$	(588,169	)	$	38,609		$	(667,225	)	$	41,023
Denominator:
Basic weighted-average common shares outstanding		192,479			182,971			192,358			182,597
Effect of dilutive non-participating securities		-			8			-			8
Impact on if-converted dilutive securities		-			10,126			-			9,671
Weighted-average shares for dilutive earnings per common share		192,479			193,105			192,358			192,276
Dilutive (loss) earnings per common share	$	(3.06	)	$	0.20		$	(3.47	)	$	0.21

For the three and six months ended June 30, 2020, 29,198,385 potential common shares related to the Exchangeable Notes and 730,863 non-participating securities were excluded from the computation of earnings per share, as their effect would have been anti-dilutive.

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segment Information

Note 14. Segment Information

Our management, including our chief executive officer, who is our chief operating decision maker, manages our operations as four reportable segments in addition to our corporate operations, which include:

Leasing: Represents the results from our leasing business, Uniti Leasing, which is engaged in the acquisition of mission-critical communications assets and leasing them back to anchor customers on either an exclusive or shared-tenant basis.

Fiber Infrastructure: Represents the operations of our fiber business, Uniti Fiber, which is a leading provider of infrastructure solutions, including cell site backhaul and dark fiber, to the telecommunications industry.

Towers: Represents the operations of our towers business, Uniti Towers, through which we acquire and construct tower and tower-related real estate and lease space on communications towers to wireless service providers and other tenants in the United States. On April 2, 2019, the Company completed the sale of LATAM and no longer has on-going operations in Latin America. On May 23, 2019, the Company completed the sale of substantially all of its ground lease business located across the United States. On June 1, 2020, the Company completed the sale of its U.S. tower business to Melody for total cash consideration of $225.8 million. The Company retained a 10% investment interest in the tower business through a newly formed limited partnership with Melody. See Note 5.

Consumer CLEC: Represents the operations of Talk America Services (“Talk America”) through which we operate the Consumer CLEC Business, which prior to Uniti’s separation and spin-off from Windstream (the “Spin-Off”) was reported as an integrated operation within Windstream. Talk America provides local telephone, high-speed internet and long distance services to customers in the eastern and central United States. We have commenced a wind down of our Consumer CLEC business, which we substantially completed during the second quarter of 2020.

Corporate: Represents our corporate and back office functions. Certain costs and expenses, primarily related to headcount, insurance, professional fees and similar charges, that are directly attributable to operations of our business segments are allocated to the respective segments.

Management evaluates the performance of each segment using Adjusted EBITDA, which is a segment performance measure we define as net income determined in accordance with GAAP, before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, the impact, which may be recurring in nature, of transaction and integration related expenses, costs associated with Windstream’s bankruptcy, costs associated with litigation claims made against us, and costs associated with the implementation of our new enterprise resource planning system, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, gains or losses on dispositions, changes in the fair value of contingent consideration and financial instruments, and other similar items. The Company believes that net income, as defined by GAAP, is the most appropriate earnings metric; however, we believe that Adjusted EBITDA serves as a useful supplement to net income because it allows investors, analysts and management to evaluate the performance of our segments in a manner that is comparable period over period. Adjusted EBITDA should not be considered as an alternative to net income as determined in accordance with GAAP.

Selected financial data related to our segments is presented below for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30, 2020
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC			Corporate			Subtotal of Reportable Segments
Revenues	$	185,320	$	79,140	$	2,392	$	(32	)	$	-		$	266,820

Adjusted EBITDA	$	182,810	$	28,493	$	85	$	(292	)	$	(8,227	)	$	202,869
Less:
Interest expense														107,243
Depreciation and amortization		52,405		32,279		14		197			74			84,969
Other expense, net														6,013
Settlement expense														650,000
Transaction related and other costs														18,556
Gain on sale of real estate														(63,818	)
Stock-based compensation														4,110
Income tax benefit														(5,875	)
Net loss													$	(598,329	)

	Three Months Ended June 30, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	177,042	$	81,327	$	3,146			2,899	$	-		$	264,414

Adjusted EBITDA	$	175,881	$	37,036	$	(42	)	$	565	$	(6,576	)	$	206,864
Less:
Interest expense														97,729
Depreciation and amortization		72,275		28,494		1,412			346		51			102,578
Other income, net														(22,275	)
Transaction related and other costs														7,035
Gain on sale of real estate														(28,790	)
Stock-based compensation														3,197
Income tax expense														7,843
Net income													$	39,547

	Six Months Ended June 30, 2020
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC			Corporate			Subtotal of Reportable Segments
Revenues	$	369,672	$	156,547	$	6,112	$	651		$	-		$	532,982

Adjusted EBITDA	$	364,689	$	56,034	$	77	$	(275	)	$	(15,942	)	$	404,583
Less:
Interest expense														285,636
Depreciation and amortization		107,027		62,340		783		791			149			171,090
Other income, net														9,088
Settlement expense														650,000
Transaction related and other costs														34,528
Gain on sale of real estate														(63,818	)
Stock-based compensation														7,105
Income tax benefit														(10,451	)
Net loss													$	(678,595	)

	Six Months Ended June 30, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	353,125	$	158,160	$	8,226	$	5,934	$	-		$	525,445

Adjusted EBITDA	$	350,632	$	67,036	$	283	$	1,211	$	(12,023	)	$	407,139
Less:
Interest expense													182,187
Depreciation and amortization		146,028		56,752		2,827		692		106			206,405
Other income, net													(25,388	)
Transaction related and other costs													13,704
Gain on sale of real estate													(28,790	)
Stock-based compensation													5,085
Income tax expense													11,897
Net income												$	42,039

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

Litigation

In the ordinary course of our business, we are subject to claims and administrative proceedings, none of which we believe are material or would be expected to have, individually or in the aggregate, a material adverse effect on our business, financial condition, cash flows or results of operations.

Pursuant to the Separation and Distribution Agreement entered into with Windstream in connection with the Spin-Off, Windstream has agreed to indemnify us (including our subsidiaries, directors, officers, employees and agents and certain other related parties) for any liability arising from or relating to legal proceedings involving Windstream's telecommunications business prior to the Spin-Off, and, pursuant to the Master Lease, Windstream has agreed to indemnify us for, among other things, any use, misuse, maintenance or repair by Windstream with respect to the Distribution Systems. Windstream is currently a party to various legal actions and administrative proceedings, including various claims arising in the ordinary course of its telecommunications business, which are subject to the indemnities provided to us by Windstream. If Windstream assumes the Separation and Distribution Agreement and/or the Master Lease in bankruptcy, it would be obligated to honor all indemnification claims arising under such agreement. If the Separation and Distribution Agreement and or the Master Lease are rejected in Windstream’s bankruptcy, any claims on the applicable indemnity would be treated as unsecured claims, and, if that were to occur, there can be no assurance we would receive any related indemnification payments from Windstream in connection with the applicable indemnity claims.

On July 25, 2019, in connection with Windstream’s bankruptcy, Windstream Holdings and Windstream Services, LLC (“Windstream Services”) filed a complaint with the Bankruptcy Court in an adversary proceeding against Uniti and certain of its affiliates, alleging, among other things, that the Master Lease should be recharacterized as a financing arrangement, that certain rent payments and tenant capital improvements made by Windstream under the Master Lease constitute constructive fraudulent transfers, that the Master Lease is a lease of personal property and that Uniti breached certain of its obligations under the Master Lease. An adverse determination in the adversary proceeding with Windstream could materially adversely affect our results of operations, liquidity and financial condition and our status as a REIT.

On March 2, 2020, Uniti and Windstream jointly announced that they agreed to the Settlement to resolve any and all claims and causes of action that have been or may be asserted against Uniti by Windstream, including all litigation brought by Windstream and certain of its creditors in the context of Windstream’s bankruptcy, and on May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement. As a result, we have recorded a $650.0 million

charge during the quarter ended June 30, 2020, which represents the estimated fair value of the litigation component of the Settlement; however, this estimate is subject to change in future periods if new facts or circumstances arise that are unknown at this time.

If the Settlement is not implemented, Windstream has the option to assume or reject the Master Lease. We believe that we are likely to effectuate the Settlement. However, even if it cannot be implemented, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote if Windstream intends to reorganize. A rejection of the Master Lease, or even a temporary disruption in payments to us, would require us to fund certain expenses and obligations (e.g., real estate taxes, insurance and maintenance expenses) to preserve the value of our properties and avoid the imposition of liens on our properties and could impact our ability to fund other cash obligations, including dividends necessary to maintain REIT status, non-essential capital expenditures and our debt service obligations and could otherwise affect our ability to maintain REIT status.

A rejection of the Master Lease by Windstream could result in an “event of default” under our Credit Agreement if we are unable to enter into a replacement lease that satisfies certain criteria set forth in the Credit Agreement within ninety (90) calendar days and we do not maintain pro forma compliance with a consolidated secured leverage ratio, as defined in the Credit Agreement, of 5.00 to 1.00. An acceleration of debt under our senior secured credit facilities due to an uncured “event of default” under our Credit Agreement would also result in an “event of default” under the terms of our outstanding notes. Such an “event of default” would give the holders of the applicable debt obligation the right to accelerate our repayment obligations relating to such debt.

Recharacterization / Pending Master Lease Litigation. As stated above, on July 25, 2019, Windstream Holdings and Windstream Services filed a complaint with the Bankruptcy Court against Uniti and certain of its affiliates, alleging¸ among other things, that (1) the Master Lease should be recharacterized as a financing arrangement, (2) rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers, (3) the Master Lease is a lease of personal property and (4) Uniti has breached its non-competition obligations to Windstream under the Master Lease, each of which allegations is discussed in more detail below. As described above, the Settlement should resolve these claims.

Recharacterization. Windstream asserted that the Master Lease should be recharacterized as a financing arrangement. If the Master Lease were recharacterized as a financing arrangement, Windstream has argued that Windstream should be deemed the true owner of the property subject to the Master Lease, and Uniti should be treated as a creditor of Windstream rather than as a landlord.

Were the Bankruptcy Court to hold that the Master Lease should be recharacterized as a financing arrangement, it could significantly affect or even eliminate current payments to us under the Master Lease and could significantly affect the ultimate treatment of our claims (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments). The Bankruptcy Court could determine that Windstream is the true owner of the property subject to the Master Lease, and we have argued that such property would be deemed to be owned by Windstream Holdings as the counterparty to the Master Lease and that Uniti would have a claim against Windstream Holdings that is secured by such property. Windstream has argued that such property would instead be owned by the operating subsidiaries that previously held it and that our claims would be against Windstream Holdings as the counterparty to the Master Lease. In such an event, the Bankruptcy Court would also determine if our claims are secured by an interest in the leased property. If the Bankruptcy Court were to determine that our claims are not secured by an interest in the leased property, our claims could be unsecured and structurally subordinated to the claims of creditors at Windstream Holdings’ subsidiaries, including Windstream Services. Windstream Services is the issuer of substantially all of Windstream’s debt obligations and certain of its operating subsidiaries guarantee such debt obligations. Were we to be treated as an unsecured creditor of Windstream Holdings, we would not be able to recover any value from Windstream Services or such other operating subsidiaries until all of their respective debt obligations have been satisfied and, in such event, the notes and the guarantees of the notes would only be secured on a first-priority basis by certain of our assets that do not constitute the property subject to the Master Lease. In the event of such an adverse determination, our ability to meet our debt and other obligations could be materially impaired. In addition, recharacterization of the Master Lease as a financing arrangement, depending on the findings of fact and law of, and remedies applied by, the Bankruptcy Court, could affect the U.S. federal income tax treatment of the Master Lease, our status as a

REIT (see in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2019—Risks Related to the Status of Uniti as a REIT) and could materially adversely affect our consolidated results of operations, liquidity, and financial condition.

Constructive Fraudulent Transfer. Windstream also alleged that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers. If the constructive fraudulent transfer claim were successful, Uniti may be required to repay Windstream the amount of rent payments made by Windstream above fair market rent as determined by the Bankruptcy Court and the aggregate amount of all tenant capital improvements made by Windstream, in each case since the date on which the Bankruptcy Court found Windstream to have been insolvent. In its complaint in the adversary proceeding, Windstream alleges that it has paid approximately $366 million for tenant capital improvements under the Master Lease from the fourth quarter of 2017 through November 2019, in addition to making substantial rent payments. As any such calculation of fair market rent and any resulting damages would be a fact-intensive inquiry, it is not possible to provide a likely range of damages at this time, but any such damages award could materially adversely affect our consolidated results of operations, liquidity, and financial condition.

Master Lease for Personal Property. Windstream alleged that the Master Lease is a lease of personal property. If the Master Lease were determined to be a lease of personal property, the deadline for Windstream Holdings to assume or reject the Master Lease would be the confirmation of its plan of reorganization by the Bankruptcy Court, which would extend the deadline that would otherwise be applicable under the bankruptcy code if the Master Lease were treated as a lease of real property, and Windstream could seek from the Bankruptcy Court relief from its current performance obligations during the bankruptcy case. In addition, if the Master Lease were determined to be a lease of personal property, this could also impact our status as a REIT if the Internal Revenue Service were to determine that our gross income is not sufficiently derived from real property. On January 21, 2020, Windstream agreed to stay, without prejudice, its action seeking a determination that the Master Lease is a lease of personal property.

Breach of Contract. Windstream alleges that Uniti has breached its non-competition obligations to Windstream under the Master Lease and that Windstream is entitled to damages and/or an abatement of rent as a result of such breach, although no damages amount has been asserted. We believe this claim is without merit and in any event do not believe damages would be material.

Mediation and the Settlement. Uniti, Windstream and Windstream’s creditors engaged in mediation in the Windstream bankruptcy to resolve claims brought by Windstream against Uniti, which culminated in the March 2, 2020 announcement of the Settlement. On May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement. On May 12, 2020, Uniti and Windstream entered into the settlement agreement to implement the Settlement. On May 26, 2020, UMB Bank, National Association and U.S. Bank National Association, as indenture trustees for certain of Windstream’s prepetition unsecured notes indentures, appealed Judge Drain’s order approving the Settlement. The appeals are pending before the United States District Court for the Southern District of New York.

Pursuant to the Settlement, Uniti and Windstream will agree to mutual releases with respect to any and all liability related to any claims and causes of action between them, including those relating to Windstream’s Chapter 11 proceedings and the Master Lease. Under the Settlement, Uniti will agree to make up to $490 million of cash payments to Windstream in equal installments over 20 consecutive quarters beginning the first month after Windstream’s emergence from bankruptcy at an annual interest rate of 9%, and Uniti may prepay any installments falling due on or after the first anniversary of the Settlement’s effective date (resulting in total payments ranging from $432-$490 million). Uniti will also transfer the proceeds from the sale of its common stock described below to Windstream. In exchange, Windstream will transfer to Uniti certain dark fiber indefeasible rights of use (“IRU”) contracts and will grant exclusive rights to 1.8 million fiber strand miles leased by Windstream that is either unutilized or utilized for the dark fiber IRUs being transferred. Uniti will be required to pay Windstream $350 per route mile on any fiber strand miles that are sold above and beyond the fiber strand miles currently being utilized in connection with such dark fiber IRUs. In addition, Uniti will acquire certain Windstream-owned assets, including certain fiber IRU contracts.

In addition, Windstream and Uniti have agreed to bifurcate the Master Lease into two structurally similar agreements to govern Windstream’s incumbent local exchange carrier (“ILEC”) and competitive local exchange carrier (“CLEC”) facilities, respectively (collectively, the “New Leases”). Certain copper CLEC assets will be governed under the New Lease relating to the ILEC facilities. Each of Windstream Holdings, Windstream Services, and certain subsidiaries and/or newly formed affiliated entities will become parties to the New Leases. The New Leases will contain cross-guarantees and cross-default provisions, which will remain effective as long as Windstream or an affiliate is a tenant under one of the New Leases. In addition, the New Leases will be amended to require

that Windstream maintain certain financial covenants and to permit Uniti to transfer its rights and obligations and otherwise monetize or encumber the New Leases so long as it does not transfer interests to a Windstream competitor. The initial aggregate annual rent under the New Leases will be equal to the annual rent under the Master Lease currently in effect.

Pursuant to the Settlement, Uniti will agree to invest up to an aggregate $1.75 billion in growth capital improvements in long-term fiber and related assets in certain ILEC and CLEC properties. Growth Capital Improvements will exclude maintenance or repair expenditures and expenditures toward fiber replacement in excess of $70 million per year and will be subject to Uniti’s approval based on underwriting standards to be included in the New Leases. Annual commitments by Uniti for the Growth Capital Improvements will comprise: $125 million in 2020; $225 million per year in 2021 through 2024; $175 million per year in 2025 and 2026; and $125 million per year in 2027 through 2029. Windstream will be entitled to reimbursement for any cumulative Growth Capital Improvements it incurs in excess of the foregoing annual amounts from the commitment amounts in a subsequent period. On the first anniversary of an investment for a Growth Capital Improvement, the annual base rent payable by Windstream will increase by an amount equal to 8.0% of such investment. The Rent Rate will thereafter increase to 100.5% of the prior Rent Rate in subsequent years.

Pursuant to the Settlement, if Windstream is not in compliance with the terms and conditions of the New Leases, Uniti will not be required to invest in Growth Capital Improvements. In the event Uniti defaults or otherwise fails to timely satisfy its obligations under the New Leases and Windstream is in compliance with the terms of the New Leases, then Windstream has the right to deduct from the subsequent rent payment or payments, amounts otherwise owed to Windstream.

In connection with the Settlement, Uniti also entered into binding letters of intent on March 2, 2020 with certain first lien creditors of Windstream, pursuant to which Uniti will sell an aggregate of 38,633,470 shares of Uniti common stock, par value $0.0001 per share, at $6.33 per share, which represents the closing price of Uniti common stock on the date when an agreement in principle of the basic outline of the Settlement was first reached (the “Settlement Common Stock”). Uniti will transfer the proceeds from the sale of the Settlement Common Stock to Windstream as additional settlement consideration. The issuance and sale of the Settlement Common Stock will be made in reliance upon the exemption from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. Certain recipients of the Settlement Common Stock will be subject to a one-year lock up, and all recipients will be subject to a customary standstill agreement. No recipient will receive any governance rights in connection with the issuance.

Finally, on March 2, 2020, Uniti, Windstream and certain of Windstream’s creditors entered into a Plan Support Agreement. Pursuant to the Plan Support Agreement, the Parties agreed to support the Settlement and the approval of a plan of reorganization for Windstream on the terms and subject to the conditions described therein. The Plan Support Agreement is terminable by the Parties upon the occurrence of certain specified termination events, including, among other things, (i) the failure by Windstream to timely appeal any order by the bankruptcy court denying the Settlement or any order overturning an order approving the Settlement on appeal, and (ii) the issuance by a regulatory authority of an order enjoining, or the commencement of an action that could be reasonably expected to enjoin, material portions of the settlement or substantial consummation of the Settlement (subject to a 10 day cure period).

The Settlement is subject to finalizing and executing definitive documentation and the receipt of certain regulatory approvals. In July 2020, we received satisfactory “true lease” opinions confirming that the New Leases are “true leases” for U.S. federal income tax purposes, which satisfied conditions precedent to effectuating the Settlement. Following satisfaction of all such conditions precedent, consummation of the Settlement will occur on the earlier of Windstream’s emergence from bankruptcy and February 28, 2021. All litigation between Windstream and Uniti, including matters referenced herein, is stayed while the parties implement the Settlement.

As noted above, as of the date of this Quarterly Report on Form 10-Q, we have estimated that $650.0 million of the consideration to be paid to Windstream should be classified as settlement of litigation, and therefore, we have recorded a charge during the quarter ended June 30, 2020. This charge represents our estimated fair value of the litigation settlement component of the Settlement, and is subject to change in future periods if new facts or circumstances arise that are unknown at this time.

Other Litigation

On July 3, 2019, SLF Holdings, LLC (“SLF”) filed a complaint against the Company, Uniti Fiber, and certain current and former officers of the Company (collectively, the “Defendants”) in the United States District Court for the Southern District of Alabama, in connection with Uniti Fiber’s purchase of Southern Light, LLC from SLF in July 2017. The complaint asserted claims for fraud and conspiracy, as well as claims under federal and Alabama securities laws, alleging that Defendants improperly failed to disclose to SLF

the risk that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream. On September 26, 2019, the action was transferred to United States District Court for the District of Delaware. On November 18, 2019, SLF filed an amended complaint, adding allegations that Defendants also failed to fully disclose the risk that the Master Lease purportedly could be recharacterized as a financing instead of “true lease.” The amended complaint seeks compensatory and punitive damages, as well as reformation of the purchase agreement for the sale. On December 18, 2019, Defendants moved to dismiss the amended complaint in its entirety. That motion was fully briefed as of February 7, 2020, and a hearing on the motion was heard on May 12, 2020, but no decision has been issued. We intend to defend this matter vigorously, and, because it is still in its preliminary stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. As of the date of this Quarterly Report on Form 10-Q, we are unable to estimate a reasonably possible range of loss and therefore have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheet.

Ibrahim E. Safadi, Phil Queder and Michael Avery filed separate putative class actions in the U.S. District Court for the Eastern District of Arkansas against the Company and certain of our officers on October 25, 2019, December 6, 2019, and December 23, 2019, respectively, alleging violations of the federal securities laws (the “Shareholder Actions”). The Shareholder Actions seek to represent investors who acquired the Company’s securities between April 20, 2015 and February 15, 2019 (in the case of the Safadi and Queder actions) and April 20, 2015 and June 24, 2019 (in the case of the Avery action). The Shareholder Actions assert violations under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, alleging that the Company made materially false and misleading statements by allegedly failing to disclose that the Spin-Off and entry into the Master Lease violated certain debt covenants of Windstream. The Shareholder Actions seek class certification, unspecified monetary damages, costs and attorneys’ fees and other relief.

On March 12, 2020, the U.S. District Court for the Eastern District of Arkansas consolidated the Shareholder Actions and appointed lead plaintiffs and lead counsel in the consolidated cases under the caption In re Uniti Group Inc. Securities Litigation. On May 11, 2020, lead plaintiffs filed a consolidated amended complaint in the consolidated action, asserting similar claims as in the Shareholder Actions. On July 10, 2020, defendants moved to dismiss the consolidated amended complaint. Briefing on that motion is expected to be complete by October 23, 2020. We intend to defend this matter vigorously, and, because it is still in its preliminary stages, we have not yet determined what effect this lawsuit will have, if any, on our financial position or results of operations. As of the date of this Quarterly Report on Form 10-Q, we are unable to estimate a reasonably possible range of loss and therefore have not recorded any liabilities associated with these claims in our Condensed Consolidated Balance Sheet.

Under the terms of the tax matters agreement entered into on April 24, 2015 by the Company, Windstream Services, LLC and Windstream (the “Tax Matters Agreement”), in connection with the Spin-Off, we are generally responsible for any taxes imposed on Windstream that arise from the failure of the Spin-Off and the debt exchanges to qualify as tax-free for U.S. federal income tax purposes, within the meaning of Section 355 and Section 368(a)(1)(D) of the Code, as applicable, to the extent such failure to qualify is attributable to certain actions, events or transactions relating to our stock, indebtedness, assets or business, or a breach of the relevant representations or any covenants made by us in the Tax Matters Agreement, the materials submitted to the IRS in connection with the request for the private letter ruling or the representations provided in connection with the tax opinion. We believe that the probability of us incurring obligations under the Tax Matters Agreement are remote; and therefore, we have recorded no such liabilities in our Condensed Consolidated Balance Sheet as of June 30, 2020.

Accumulated Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 16. Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended June 30, 2020 and 2019:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands)	2020			2019			2020			2019
Cash flow hedge changes in fair value (loss) gain:
Balance at beginning of period attributable to common shareholders	$	(30,353	)	$	8,835		$	(23,442	)	$	30,042
Other comprehensive loss before reclassifications		-			(26,457	)		(7,713	)		(46,083	)
Amounts reclassified from accumulated other comprehensive income		-			(1,906	)		677			(3,966	)
Balance at end of period		(30,353	)		(19,528	)		(30,478	)		(20,007	)
Less: Other comprehensive loss attributable to noncontrolling interest		-			(568	)		(125	)		(1,047	)
Balance at end of period attributable to common shareholders		(30,353	)		(18,960	)		(30,353	)		(18,960	)
Interest rate swap termination:
Balance at beginning of period attributable to common shareholders		1,636			-			-			-
Amounts reclassified from accumulated other comprehensive income		2,830			-			4,496			-
Balance at end of period		4,466			-			4,496			-
Less: Other comprehensive (loss) income attributable to noncontrolling interest		50			-			80			-
Balance at end of period attributable to common shareholders		4,416			-			4,416			-
Foreign currency translation gain (loss):
Balance at beginning of period attributable to common shareholders		-			826			-			63
Translation adjustments		-			(780	)		-			-
Amounts reclassified from accumulated other comprehensive income		-			(63	)		-			(63	)
Balance at end of period		-			(17	)		-			-
Less: Other comprehensive income attributable to noncontrolling interest		-			(17	)		-			-
Balance at end of period attributable to common shareholders		-			-			-			-
Accumulated other comprehensive loss at end of period	$	(25,937	)	$	(18,960	)	$	(25,937	)	$	(18,960	)

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

On July 1, 2020, the Company completed the sale of the Propco to MIP (see Note 7).

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Going Concern	Going Concern—In accordance with Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40), the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying Condensed Consolidated Financial Statements are issued. The accompanying Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. As noted below, the Company’s largest customer, Windstream Holdings, Inc. (“Windstream Holdings” and together with its consolidated subsidiaries “Windstream”), has been in bankruptcy proceedings that had created substantial doubt as to the Company’s ability to continue as a going concern. In light of the approval by the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) of Windstream’s plan of reorganization and its approval of the Settlement (as defined below) between Windstream and the Company, which includes an order approving Windstream’s acceptance of the Master Lease (as defined below), the Company has evaluated the relevant conditions and factors and has determined that there is no longer substantial doubt about the Company’s ability to continue as a going concern. We are party to a master lease agreement (the “Master Lease”) with Windstream Holdings from which 65.0% of our revenue for the year ended December 31, 2019 was derived. In recent years, Windstream has experienced annual declines in its total revenue, sales and cash flow, and has had its credit ratings downgraded by nationally recognized credit rating agencies multiple times. In response to the adverse outcome in a litigation against Windstream, on February 25, 2019, Windstream filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code and is currently operating as a “debtor in possession” under supervision of the Bankruptcy Court. In bankruptcy, Windstream had the option to assume or reject the Master Lease. Windstream also filed claims against the Company alleging, among other things: that the Master Lease should be recharacterized as a financing transaction, which would impact its treatment in Windstream’s bankruptcy (including potentially through changing our status to that of a creditor that would share in creditor recoveries from the estate rather than receive rent payments) and which could affect our status as a REIT; that the Master Lease is a lease of personal property; and that rent payments and tenant capital improvements made by Windstream under the Master Lease since at least the third quarter of 2017 constitute constructive fraudulent transfers. We participated in mediation of these claims in Windstream’s bankruptcy. On March 2, 2020, Uniti and Windstream jointly announced that they reached an agreement in principle (the “Settlement”) to resolve any and all claims and causes of action that have been or may be asserted against Uniti by Windstream, including all litigation brought by Windstream and certain of its creditors in the context of Windstream’s Bankruptcy, and on May 12, 2020, the Bankruptcy Court entered an order approving Windstream’s assumption of the Master Lease as part of the Settlement. On May 12, 2020, Uniti and Windstream entered into the settlement agreement to implement the Settlement. The Settlement is subject to finalizing and executing definitive documentation and the receipt of certain regulatory approvals. Following satisfaction of all such conditions precedent, consummation of the Settlement will occur on the earlier of Windstream’s emergence from bankruptcy and February 28, 2021. All litigation between Windstream and Uniti is stayed while the parties implement the Settlement. See Note 15. On June 26, 2020, the Bankruptcy Court approved Windstream’s plan of reorganization. Consummation of the plan of reorganization is subject to certain conditions precedent, including consummation of the Settlement and receipt of certain regulatory approvals. We believe that we are likely to effectuate the Settlement. However, even if it cannot be implemented, we believe the probability of Windstream rejecting the Master Lease in bankruptcy to be remote if Windstream intends to reorganize. A significant amount of Windstream’s revenue is generated from the use of our network included in the Master Lease, and we believe that the Master Lease is essential to Windstream’s operations. Furthermore, Windstream is designated as a “carrier of last resort” in certain markets where it utilizes the Master Lease to provide service to its customers, and Windstream would require approval from the Public Utility Commissions (“PUC”) and the Federal Communications Commission (“FCC”) to cease providing service in those markets. However, should we fail to implement the Settlement, a rejection of the Master Lease, an adverse determination by a judge on Windstream’s claims against, or even a temporary disruption in payments to us, may require us to fund certain expenses and obligations (e.g., real estate taxes, insurance and maintenance expenses) to preserve the value of our properties, and could materially adversely affect our consolidated results of operations, liquidity and financial condition, including our ability to service debt, comply with debt covenants and maintain our status as a REIT.
Investment In Unconsolidated Entity	Investment in Unconsolidated Entity—We report the investment in our unconsolidated entity under the equity method of accounting. We adjust our investment in the unconsolidated entity for additional contributions made, distributions received as well as our share of the investee's earnings or losses, which are reported on a 90-day lag and are included in our Consolidated Statements of Income. See Note 6.
Goodwill	Goodwill—The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. In accordance with ASC 350, Intangibles – Goodwill and Other, we have considered events or circumstances resulting from the COVID-19 pandemic that may indicate whether it is more likely than not that the fair value of reporting unit is less than its carrying value. After consideration of such events or circumstances, including evaluating potential impacts on our judgements and estimates regarding our projected cash flows used in the determination of the estimated fair value of our Fiber reporting unit, we have determined that it is not more likely than not that the fair value of reporting unit is less than its carrying value; therefore, we have not performed an interim impairment analysis during the quarter. We continue to monitor the developments associated with the COVID-19 pandemic and its related impact on our business and, if we determine that the COVID-19 pandemic is negatively impacting our business, we may conclude that an interim impairment analysis is required in a future period. Our first priority remains the health and safety of our employees, customers and other business partners. We have been actively monitoring and following government recommendations as we adjust business practices and standard operating procedures to ensure the protection of team members and ensure the continuity of our business. As of the date of this Quarterly Report on Form 10-Q, we have not experienced significant disruptions in our operations or network performance, incurred significant delays in our permitting process that would impact our timing of service installations, had disruptions or cost increases in our supply chain, or received significant requests for payment relief from our customers as a result of the COVID-19 pandemic. Furthermore, as of the date of this Quarterly Report on Form 10-Q, we have not observed declines in the valuation of relevant acquisitions, which would impact the estimated fair value of our Fiber reporting unit under the market approach, as we use market data of comparable business and acquisition valuations of recent transactions to estimate fair value. As a result, we concluded that no triggering events were present and have not performed an interim impairment analysis during the quarter. We have implemented policies and procedures designed to mitigate the risk of adverse impacts of the COVID-19 pandemic, or a future pandemic, on our operations, but we may incur additional costs to ensure continuity of business operations caused by COVID-19, or other future pandemics, which could adversely affect our financial condition and results of operations. However, the extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and actions taken to contain COVID-19 or its impact, among others. Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of COVID-19 on us, and there is no guarantee that efforts by us, designed to address adverse impacts of COVID-19, will be effective and those adverse impacts may be material to the financial statements.
Concentration of Credit Risks	Concentration of Credit Risks—Revenue under the Master Lease provided 65.2% and 65.2% of our revenue for the six months ended June 30, 2020 and 2019, respectively. Because a substantial portion of our revenue and cash flows are derived from lease payments by Windstream pursuant to the Master Lease, there could be a material adverse impact on our consolidated results of operations, liquidity, financial condition and/or ability to pay dividends and service debt if Windstream were to default under the Master Lease, succeed in its claims against us or otherwise experiences operating or liquidity difficulties and becomes unable to generate sufficient cash to make payments to us. Windstream is a publicly traded company and is subject to the periodic filing requirements of the Securities Exchange Act of 1934, as amended. Windstream filings can be found at www.sec.gov. Windstream filings are not incorporated by reference in this Quarterly Report on Form 10-Q.
Reclassifications	Reclassifications—Certain prior year asset categories and related amounts in Note 4 have been reclassified to conform with current year presentation.
Recently Issued Accounting Standards	Recently Issued Accounting Standards On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses affecting loans, debt securities, trade receivables, net investments in leases, and any other financial asset not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effect for the interim and annual reporting periods beginning after December 15, 2019. We adopted ASU 2016-13 effective January 1, 2020, and there was no material impact on our financial statements and related disclosures.

Revenues (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Revenues Disaggregated by Revenue Stream

The following table presents our revenues disaggregated by revenue stream.

	Three Months Ended June 30,					Six Months Ended June 30,
(Thousands)	2020			2019		2020		2019
Revenue disaggregated by revenue stream
Revenue from contracts with customers
Fiber Infrastructure
Lit backhaul	$	27,216		$	33,401	$	55,408	$	65,606
Enterprise and wholesale		19,628			19,241		38,886		35,970
E-Rate and government		21,821			22,533		42,758		44,528
Other		755			674		1,303		1,683
Fiber Infrastructure	$	69,420		$	75,849	$	138,355	$	147,787
Consumer CLEC		(32	)		2,899		651		5,934
Total revenue from contracts with customers		69,388			78,748		139,006		153,721
Revenue accounted for under other applicable guidance		197,432			185,666		393,976		371,724
Total revenue	$	266,820		$	264,414	$	532,982	$	525,445

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities accounted for under Topic 606.

(Thousands)	Contract Assets		Contract Liabilities
Balance at December 31, 2019	$	11,535	$	12,717
Balance at June 30, 2020	$	9,689	$	10,975

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Components of Lease Income

The components of lease income for the three and six months ended June 30, 2020 and 2019, respectively, are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands)	2020		2019		2020		2019
Lease income - operating leases	$	197,432	$	185,666	$	393,976	$	371,724

Lease Payments to be Received under Non-Cancellable Operating Leases

Lease payments to be received under non-cancellable operating leases where we are the lessor for the remainder of the lease terms as of June 30, 2020 are as follows:

(Thousands)	June 30, 2020⁽¹⁾
2020	$	364,898
2021		724,279
2022		727,103
2023		729,968
2024		732,960
Thereafter		4,361,810
Total lease receivables	$	7,641,018
⁽¹⁾ Total future minimum lease payments to be received include $6.7 billion relating to the Master Lease with Windstream.

Schedule of Underlying Assets under Operating Leases

The underlying assets under operating leases where we are the lessor are summarized as follows:

(Thousands)	June 30, 2020			December 31, 2019
Land	$	27,290		$	27,392
Building and improvements		342,484			341,096
Poles		261,997			258,535
Fiber		2,909,484			2,836,939
Equipment		421			419
Copper		3,816,448			3,792,366
Conduit		89,771			89,770
Tower assets		1,397			168,453
Finance lease assets		32,660			32,660
Other assets		10,278			10,279
		7,492,230			7,557,909
Less: accumulated depreciation		(5,131,752	)		(5,033,080	)
Underlying assets under operating leases, net ⁽¹⁾	$	2,360,478		$	2,524,829
⁽¹⁾ Includes $161.0 million of assets held for sale (see Note 7).

Schedule of Depreciation Expense for Underlying Assets under Operating Leases

Depreciation expense for the underlying assets under operating leases where we are the lessor for the three and six months ended June 30, 2020 and 2019, respectively, is summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands)	2020		2019		2020		2019
Depreciation expense for underlying assets under operating leases	$	53,303	$	75,093	$	109,437	$	151,367

Components of Lease Cost

The components of lease cost for the three and six months ended June 30, 2020 and 2019, respectively, are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands)	2020			2019			2020			2019
Finance lease cost
Amortization of ROU assets	$	954		$	890		$	1,979		$	1,896
Interest on lease liabilities		969			552			1,957			1,621
Total finance lease cost		1,923			1,442			3,936			3,517
Operating lease cost		6,421			6,667			13,959			13,254
Short-term lease cost		526			467			1,009			929
Variable lease cost		66			138			84			257
Less sublease income		(3,076	)		(2,633	)		(6,770	)		(5,378	)
Total lease cost	$	5,860		$	6,081		$	12,218		$	12,579

Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases

Amounts reported in the Condensed Consolidated Balance Sheets for leases where we are the lessee were as follows:

(Thousands)	Location on Condensed Consolidated Balance Sheets	June 30, 2020			December 31, 2019
Operating leases
ROU assets, net⁽¹⁾	Other assets, net	$	85,256		$	127,490
Lease liabilities⁽²⁾	Accounts payable, accrued expenses and other liabilities, net		84,642			127,879

Finance leases
ROU asset, gross	Property, plant and equipment, net	$	128,259		$	129,900
Lease liabilities	Finance lease obligations		50,436			52,994

Weighted-average remaining lease term
Operating leases		8.8 years			11.8 years
Finance leases		13.6 years			13.9 years

Weighted-average discount rate
Operating leases			9.5	%		9.7	%
Finance leases			8.0	%		8.0	%
⁽¹⁾ Includes $8.4 million right of use (“ROU”) assets, net in Assets Held for Sale as of June 30, 2020 (See Note 7).
⁽²⁾ Includes $3.1 million lease liabilities in Liabilities Held for Sale as of June 30, 2020 (See Note 7).

Schedule of Other Information Related to Leases

Other information related to leases as of June 30, 2020 and 2019, respectively, are as follows:

(Thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	1,957	$	1,621
Operating cash flows from operating leases		14,470		13,426
Financing cash flows from finance leases		1,979		1,896

Non-cash items:
New operating leases	$	3,847	$	12,621
New finance leases		31		2,683

Future Lease Payments Under Non-Cancellable Operating and Finance Leases

Future lease payments under non-cancellable leases as of June 30, 2020 are as follows:

(Thousands)	Operating Leases			Finance Leases
2020	$	11,222		$	3,631
2021		20,975			6,810
2022		18,235			6,680
2023		15,646			6,658
2024		11,498			6,294
Thereafter		54,862			50,444
Total undiscounted lease payments	$	132,438		$	80,517
Less: imputed interest		(47,796	)		(30,081	)
Total lease liabilities	$	84,642		$	50,436

Future Sublease Rentals

Future sublease rentals as of June 30, 2020 are as follows:

(Thousands)	Sublease Rentals
2020	$	3,598
2021		7,760
2022		7,784
2023		7,807
2024		7,831
Thereafter		113,575
Total	$	148,355

Assets and Liabilities Held for Sale (Tables)

6 Months Ended

Jun. 30, 2020

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Assets and Liabilities Classified as Held for Sale

The following table presents the assets and liabilities associated with the Propco classified as held for sale as of June 30, 2020:

(Thousands)	June 30, 2020
Assets:
Property, plant and equipment, net	$	188,818
Accounts receivable, net		55
Intangible assets, net		167,185
Right of use assets, net		8,356
Other assets		9
Total Assets	$	364,423

Liabilities:
Lease liabilities	$	3,074
Deferred revenue		174,792
Total Liabilities	$	177,866

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation of Financial Instruments

The following table summarizes the fair value of our financial instruments at June 30, 2020 and December 31, 2019:

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At June 30, 2020
Liabilities
Senior secured notes - 7.875%, due February 15, 2025	$	2,283,750	$	-	$	2,283,750	$	-
Senior secured notes - 6.00%, due April 15, 2023		541,750		-		541,750		-
Senior unsecured notes - 8.25%, due October 15, 2023		1,043,400		-		1,043,400		-
Senior unsecured notes - 7.125%, due December 15, 2024		546,000		-		546,000		-
Exchangeable senior notes - 4.00%, due June 15, 2024		372,497		-		372,497		-
Senior secured revolving credit facility, variable rate, due April 24, 2022		128,307		-		128,307		-
Derivative liability, net		28,464		-		28,464		-
Contingent consideration		10,562		-		-		10,562
Total	$	4,954,730	$	-	$	4,944,168	$	10,562

(Thousands)	Total		Quoted Prices in Active Markets (Level 1)		Prices with Other Observable Inputs (Level 2)		Prices with Unobservable Inputs (Level 3)
At December 31, 2019
Liabilities
Senior secured term loan B - variable rate, due October 24, 2022	$	1,998,721	$	-	$	1,998,721	$	-
Senior secured notes - 6.00%, due April 15, 2023		528,000		-		528,000		-
Senior unsecured notes - 8.25%, due October 15, 2023		971,250		-		971,250		-
Senior unsecured notes - 7.125%, due December 15, 2024		511,500		-		511,500		-
Exchangeable senior unsecured notes - 4.00%, due June 15, 2024		309,638		-		309,638		-
Senior secured revolving credit facility, variable rate, due April 24, 2022		574,961		-		574,961		-
Derivative liability		23,679		-		23,679		-
Contingent consideration		11,507		-		-		11,507
Total	$	4,929,256	$	-	$	4,917,749	$	11,507

Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The following is a roll forward of our liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3):

(Thousands)		December 31, 2019				Transfers into Level 3				(Gain)/Loss included in earnings				Settlements				June 30, 2020
Contingent consideration		$	11,507			$	-			$	6,141			$	(7,086	)		$	10,562

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Schedule of Carrying Value of Property, Plant and Equipment

The carrying value of property, plant and equipment is as follows:

(Thousands)	Depreciable Lives			June 30, 2020			December 31, 2019
Land	Indefinite			$	27,905		$	28,337
Building and improvements	3 - 40 years				350,164			355,225
Real property interests		(1	)		-			3,308
Poles	30 years				261,997			258,535
Fiber	30 years				3,434,306			3,456,398
Equipment	5 - 7 years				317,170			293,427
Copper	20 years				3,816,448			3,792,366
Conduit	30 years				89,771			89,770
Tower assets	20 years				8,571			170,063
Finance lease assets		(1	)		128,259			129,900
Other assets	15 - 20 years				10,362			11,591
Corporate assets	3 - 7 years				12,797			5,552
Construction in progress		(1	)		49,542			89,007
				$	8,507,292			8,683,479
Less accumulated depreciation				$	(5,409,101	)		(5,273,534	)
Net property, plant and equipment				$	3,098,191		$	3,409,945
(1) See our Annual Report for property, plant and equipment accounting policies.

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Gross Amount of Derivative Instruments Subject to Master Netting Arrangements With Same Counterparty

The gross amounts of our derivative instruments subject to master netting arrangements with the same counterparty as of June 30, 2020 were as follows:

Offsetting of Derivative Assets and Liabilities (Thousands)	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Condensed Consolidated Balance Sheets			Net Amounts of Assets or Liabilities presented in the Condensed Consolidated Balance Sheets
Assets
Interest rate swaps	$	35,138	$	(35,138	)	$	-
Total	$	35,138	$	(35,138	)	$	-

Liabilities
Interest rate swaps	$	63,602	$	(35,138	)	$	28,464
Total	$	63,602	$	(35,138	)	$	28,464

Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet

The following table summarizes the fair value and the presentation in our Condensed Consolidated Balance Sheets:

(Thousands)		Location on Condensed Consolidated Balance Sheets		June 30, 2020						December 31, 2019
Interest rate swaps		Derivative liability, net		$	28,464						$	23,679

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

(Thousands)	Fiber Infrastructure		Total
Goodwill at December 31, 2019	$	690,672	$	690,672
Goodwill at June 30, 2020		690,672		690,672

Schedule of Carrying Value of Other Intangible Assets

(Thousands)	June 30, 2020						December 31, 2019
	Original Cost			Accumulated Amortization			Original Cost			Accumulated Amortization
Indefinite life intangible assets:
Trade name	$	-		$	-		$	2,000		$	-

Finite life intangible assets:
Customer lists	$	450,603		$	(106,051	)	$	450,603		$	(93,794	)
In-place lease		-			-			50,705			(845	)
Rights of way		-			-			124,696			(1,386	)
Trade name		2,000			(500	)		-			-

Total intangible assets	$	452,603					$	628,004
Less: Accumulated amortization		(106,551	)					(96,025	)
Total intangible assets, net	$	346,052					$	531,979

Notes and Other Debt (Tables)

6 Months Ended

Jun. 30, 2020

Long Term Debt [Abstract]

Schedule of Notes and Other Debt

Notes and other debt is as follows:

(Thousands)	June 30, 2020			December 31, 2019
Principal amount	$	4,983,319		$	5,224,747
Less unamortized discount, premium and debt issuance costs		(163,665	)		(207,068	)
Notes and other debt less unamortized discount, premium and debt issuance costs	$	4,819,654		$	5,017,679

Notes and other debt at June 30, 2020 and December 31, 2019 consisted of the following:

	June 30, 2020					December 31, 2019
(Thousands)	Principal		Unamortized Discount, Premium and Debt Issuance Costs			Principal		Unamortized Discount, Premium and Debt Issuance Costs
Senior secured term loan B - variable rate, due October 24, 2022 (discount is based on imputed interest rate of 7.47%)	$	-		-		$	2,044,728	$	(74,523	)
Senior secured notes - 7.875%, due February 15, 2025 (discount is based on imputed interest rate of 8.38%)		2,250,000		(43,814	)		-		-
Senior secured notes - 6.00%, due April 15, 2023 (discount is based on imputed interest rate of 6.29%)		550,000		(4,856	)		550,000		(5,633	)
Senior unsecured notes - 8.25%, due October 15, 2023 (discount is based on imputed interest rate of 9.06%)		1,110,000		(25,550	)		1,110,000		(28,808	)
Senior unsecured notes - 7.125% due December 15, 2024		600,000		(5,819	)		600,000		(6,304	)
Senior unsecured notes - 4.00%, due June 15, 2024 (discount is based on imputed interest rate of 11.1%)		345,000		(77,659	)		345,000		(85,272	)
Senior secured revolving credit facility, variable rate, due April 24, 2022		128,319		(5,967	)		575,019		(6,528	)
Total	$	4,983,319	$	(163,665	)	$	5,224,747	$	(207,068	)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following sets forth the computation of basic and diluted earnings per share under the two-class method:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands, except per share data)	2020			2019			2020			2019
Basic earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(587,744	)	$	38,717		$	(666,597	)	$	41,159
Less: Income allocated to participating securities		(424	)		(223	)		(624	)		(251	)
Dividends declared on convertible preferred stock		(1	)		-			(4	)		(656	)
Amortization of discount on convertible preferred stock		-			(248	)		-			(993	)
Net (loss) income attributable to common shares	$	(588,169	)	$	38,246		$	(667,225	)	$	39,259
Denominator:
Basic weighted-average common shares outstanding		192,479			182,971			192,358			182,597
Basic (loss) earnings per common share	$	(3.06	)	$	0.21		$	(3.47	)	$	0.22

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands, except per share data)	2020			2019			2020			2019
Diluted earnings per share:
Numerator:
Net (loss) income attributable to shareholders	$	(587,744	)	$	38,717		$	(666,597	)	$	41,159
Less: Income allocated to participating securities		(424	)		(223	)		(624	)		(251	)
Dividends declared on convertible preferred stock		(1	)		-			(4	)		(656	)
Amortization of discount on convertible preferred stock		-			(248	)		-			(993	)
Impact on if-converted dilutive securities		-			363			-			1,764
Net (loss) income attributable to common shares	$	(588,169	)	$	38,609		$	(667,225	)	$	41,023
Denominator:
Basic weighted-average common shares outstanding		192,479			182,971			192,358			182,597
Effect of dilutive non-participating securities		-			8			-			8
Impact on if-converted dilutive securities		-			10,126			-			9,671
Weighted-average shares for dilutive earnings per common share		192,479			193,105			192,358			192,276
Dilutive (loss) earnings per common share	$	(3.06	)	$	0.20		$	(3.47	)	$	0.21

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial data related to our segments is presented below for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30, 2020
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC			Corporate			Subtotal of Reportable Segments
Revenues	$	185,320	$	79,140	$	2,392	$	(32	)	$	-		$	266,820

Adjusted EBITDA	$	182,810	$	28,493	$	85	$	(292	)	$	(8,227	)	$	202,869
Less:
Interest expense														107,243
Depreciation and amortization		52,405		32,279		14		197			74			84,969
Other expense, net														6,013
Settlement expense														650,000
Transaction related and other costs														18,556
Gain on sale of real estate														(63,818	)
Stock-based compensation														4,110
Income tax benefit														(5,875	)
Net loss													$	(598,329	)

	Three Months Ended June 30, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers			Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	177,042	$	81,327	$	3,146			2,899	$	-		$	264,414

Adjusted EBITDA	$	175,881	$	37,036	$	(42	)	$	565	$	(6,576	)	$	206,864
Less:
Interest expense														97,729
Depreciation and amortization		72,275		28,494		1,412			346		51			102,578
Other income, net														(22,275	)
Transaction related and other costs														7,035
Gain on sale of real estate														(28,790	)
Stock-based compensation														3,197
Income tax expense														7,843
Net income													$	39,547

	Six Months Ended June 30, 2020
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC			Corporate			Subtotal of Reportable Segments
Revenues	$	369,672	$	156,547	$	6,112	$	651		$	-		$	532,982

Adjusted EBITDA	$	364,689	$	56,034	$	77	$	(275	)	$	(15,942	)	$	404,583
Less:
Interest expense														285,636
Depreciation and amortization		107,027		62,340		783		791			149			171,090
Other income, net														9,088
Settlement expense														650,000
Transaction related and other costs														34,528
Gain on sale of real estate														(63,818	)
Stock-based compensation														7,105
Income tax benefit														(10,451	)
Net loss													$	(678,595	)

	Six Months Ended June 30, 2019
(Thousands)	Leasing		Fiber Infrastructure		Towers		Consumer CLEC		Corporate			Subtotal of Reportable Segments
Revenues	$	353,125	$	158,160	$	8,226	$	5,934	$	-		$	525,445

Adjusted EBITDA	$	350,632	$	67,036	$	283	$	1,211	$	(12,023	)	$	407,139
Less:
Interest expense													182,187
Depreciation and amortization		146,028		56,752		2,827		692		106			206,405
Other income, net													(25,388	)
Transaction related and other costs													13,704
Gain on sale of real estate													(28,790	)
Stock-based compensation													5,085
Income tax expense													11,897
Net income												$	42,039

Accumulated Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component

Changes in accumulated other comprehensive (loss) income by component is as follows for the three months ended June 30, 2020 and 2019:

	Three Months Ended June 30,						Six Months Ended June 30,
(Thousands)	2020			2019			2020			2019
Cash flow hedge changes in fair value (loss) gain:
Balance at beginning of period attributable to common shareholders	$	(30,353	)	$	8,835		$	(23,442	)	$	30,042
Other comprehensive loss before reclassifications		-			(26,457	)		(7,713	)		(46,083	)
Amounts reclassified from accumulated other comprehensive income		-			(1,906	)		677			(3,966	)
Balance at end of period		(30,353	)		(19,528	)		(30,478	)		(20,007	)
Less: Other comprehensive loss attributable to noncontrolling interest		-			(568	)		(125	)		(1,047	)
Balance at end of period attributable to common shareholders		(30,353	)		(18,960	)		(30,353	)		(18,960	)
Interest rate swap termination:
Balance at beginning of period attributable to common shareholders		1,636			-			-			-
Amounts reclassified from accumulated other comprehensive income		2,830			-			4,496			-
Balance at end of period		4,466			-			4,496			-
Less: Other comprehensive (loss) income attributable to noncontrolling interest		50			-			80			-
Balance at end of period attributable to common shareholders		4,416			-			4,416			-
Foreign currency translation gain (loss):
Balance at beginning of period attributable to common shareholders		-			826			-			63
Translation adjustments		-			(780	)		-			-
Amounts reclassified from accumulated other comprehensive income		-			(63	)		-			(63	)
Balance at end of period		-			(17	)		-			-
Less: Other comprehensive income attributable to noncontrolling interest		-			(17	)		-			-
Balance at end of period attributable to common shareholders		-			-			-			-
Accumulated other comprehensive loss at end of period	$	(25,937	)	$	(18,960	)	$	(25,937	)	$	(18,960	)

Organization and Description of Business - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020 Segment
Organization And Description Of Business [Line Items]
Number of operating business segments	4
Uniti Group LP
Organization And Description Of Business [Line Items]
Percentage of partnership interests owned	98.20%

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, ASU, Adopted	true
Change in accounting principle, ASU, Transition option elected [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Change in accounting principle, ASU, Adoption date	Jan. 01, 2020
Change in accounting principle, ASU, Immaterial effect	true
Windstream \| Revenue
Summary Of Significant Accounting Policies [Line Items]
Master lease revenue percentage	65.20%	65.20%	65.00%

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL120154346-209984

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=120240428&loc=SL120254526-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120254519-210437

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)

+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL120154346-209984

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120320025-210437

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL120254519-210437

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=120240428&loc=SL120254526-165497

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (a)

+ Details

- Definition

Indicates transition method applied for adoption of amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=109261464&loc=SL109261606-128450

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 40
-Section 65
-Paragraph 3
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=120431994&loc=SL118172731-207502

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 405
-SubTopic 20
-Section 65
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=77997009&loc=SL77997016-210199

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 40
-Section 65
-Paragraph 3
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=120431994&loc=SL118172731-207502

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL77916155-209984

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=98513396&loc=SL94080479-196980

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 853
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=109199533&loc=SL109199563-203033

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109261464&loc=SL109261606-128450

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 405
-SubTopic 20
-Section 65
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=77997009&loc=SL77997016-210199

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117337699&loc=SL117340306-165695

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117337699&loc=SL117340306-165695

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 20
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121483254&loc=SL120254523-199619

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL120154346-209984

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL77916155-209984

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL119206272-209984

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 3
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=121329987&loc=SL119206272-209984

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 853
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=109199533&loc=SL109199563-203033

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=98513396&loc=SL94080479-196980

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120520240&loc=SL117035239-210619

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Revenues - Revenues Disaggregated by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	$ 69,388	$ 78,748	$ 139,006	$ 153,721
Total revenues	266,820	264,414	532,982	525,445
Fiber Infrastructure
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	69,420	75,849	138,355	147,787
Total revenues	79,140	81,327	156,547	158,160
Fiber Infrastructure \| Lit Backhaul
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	27,216	33,401	55,408	65,606
Fiber Infrastructure \| Enterprise and Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	19,628	19,241	38,886	35,970
Fiber Infrastructure \| E-Rate and Government
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	21,821	22,533	42,758	44,528
Fiber Infrastructure \| Other
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	755	674	1,303	1,683
Consumer CLEC
Disaggregation Of Revenue [Line Items]
Total revenue from contracts with customers	(32)	2,899	651	5,934
Total revenues	(32)	2,899	651	5,934
ASU 2016-02
Disaggregation Of Revenue [Line Items]
Total revenues	$ 197,432	$ 185,666	$ 393,976	$ 371,724

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
ASU 2016-02
Revenue Recognition [Line Items]
Lease receivables	$ 18.7	$ 18.7	$ 28.8
ASC 2014-09
Revenue Recognition [Line Items]
Receivables from contracts with customers	52.8	52.8	$ 48.6
Revenue recognized that was included in the contract liability	1.3	2.7
Future revenues under contract	519.1	519.1
Contracts currently being invoiced	429.9	429.9
Backlog for sales bookings	$ 89.2	$ 89.2
Average remaining contract term of backlog sales bookings		6 years 7 months 6 days

Revenues - Schedule of Contract Assets and Contract Liabilities (Details) - ASC 2014-09 $ in Thousands	Jun. 30, 2020 USD ($)
Deferred Revenue Arrangement [Line Items]
Balance, Contract Assets at December 31, 2019	$ 11,535
Balance, Contract Assets at June 30, 2020	9,689
Balance, Contract Liabilities at December 31, 2019	12,717
Balance, Contract Liabilities at June 30, 2020	$ 10,975

Revenues - Additional Information (Details 1)	Jun. 30, 2020
ASC 2014-09 \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01
Revenue Recognition [Line Items]
Average remaining contract term for contracts currently billing	1 year 10 months 24 days

Leases - Additional Information (Details) $ in Millions	6 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 30, 2020 USD ($)
Leases [Line Items]
Lessor, operating lease, existence of option to extend [true false]	true
Lessor, lease option to extend, description	options to extend or renew the leases for
Lessor, operating lease, existence of option to terminate [true false]	true
Lessor, lease option to terminate, description	options to terminate the leases within
Lessee, operating lease, existence of option to extend [true false]	true
Lessee, lease option to extend, description	options to extend or renew the leases for less than one year to 20 years
Lessee, operating lease, existence of option to terminate [true false]	true
Lessee, option to terminate, description	options to terminate the leases within one to six months
Short term lease commitments	$ 1.9
Minimum
Leases [Line Items]
Lessor, initial lease term	5 years
Lessor, lease renewal term	5 years
Lessor operating lease, termination	1 month
Lessee, initial lease term	1 year
Lessee, lease renewal term	1 year
Lessee, lease option to terminate, description	1 month
Maximum
Leases [Line Items]
Lessor, initial lease term	35 years
Lessor, lease renewal term	20 years
Lessor operating lease, termination	6 months
Lessee, initial lease term	30 years
Lessee, lease renewal term	20 years
Lessee, lease option to terminate, description	6 months

Leases - Components of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Lease income - operating leases	$ 197,432	$ 185,666	$ 393,976	$ 371,724

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Details)
$ in Thousands

Jun. 30, 2020

USD ($)

^[1]

Leases [Abstract]

$ 364,898

724,279

727,103

729,968

732,960

4,361,810

Total lease receivables

$ 7,641,018

[1]	Total future minimum lease payments to be received include $6.7 billion relating to the Master Lease with Windstream.

Leases - Lease Payments to be Received under Non-Cancellable Operating Leases (Parenthetical) (Details)
$ in Thousands

Jun. 30, 2020

USD ($)

Lessee Lease Description [Line Items]

Total future minimum lease payments to be received

$ 7,641,018

^[1]

Master Lease

Lessee Lease Description [Line Items]

Total future minimum lease payments to be received

$ 6,700,000

[1]	Total future minimum lease payments to be received include $6.7 billion relating to the Master Lease with Windstream.

Leases - Schedule of Underlying Assets under Operating Leases (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

$ 7,492,230

$ 7,557,909

Less: accumulated depreciation

(5,131,752)

(5,033,080)

Underlying assets under operating leases, net

^[1]

2,360,478

2,524,829

Land

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

27,290

27,392

Building and Improvements

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

342,484

341,096

Poles

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

261,997

258,535

Fiber

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

2,909,484

2,836,939

Equipment

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

421

419

Copper

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

3,816,448

3,792,366

Conduit

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

89,771

89,770

Tower assets

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

1,397

168,453

Finance Lease Assets

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

32,660

Other assets

Lessor Lease Description [Line Items]

Underlying assets under operating leases, gross

$ 10,278

$ 10,279

[1]	⁽¹⁾ Includes $161.0 million of assets held for sale (see Note 7).

Leases - Schedule of Underlying Assets under Operating Leases (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Underlying operating lease assets under held for sale	$ 161.0	$ 161.0

Leases - Schedule of Depreciation Expense for Underlying Assets under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Depreciation expense for underlying assets under operating leases	$ 53,303	$ 75,093	$ 109,437	$ 151,367

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Amortization of ROU assets	$ 954	$ 890	$ 1,979	$ 1,896
Interest on lease liabilities	969	552	1,957	1,621
Total finance lease cost	1,923	1,442	3,936	3,517
Operating lease cost	6,421	6,667	13,959	13,254
Short-term lease cost	526	467	1,009	929
Variable lease cost	66	138	84	257
Less sublease income	(3,076)	(2,633)	(6,770)	(5,378)
Total lease cost	$ 5,860	$ 6,081	$ 12,218	$ 12,579

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Operating leases

ROU assets, net

^[1]

$ 85,256

$ 127,490

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:OtherAssets

Lease liabilities

^[2]

$ 84,642

$ 127,879

Operating Lease, Liability, Statement of Financial Position [Extensible List]

us-gaap:AccountsPayableAndOtherAccruedLiabilities

Finance leases

ROU asset, gross

$ 128,259

$ 129,900

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:PropertyPlantAndEquipmentNet

Lease liabilities

$ 50,436

$ 52,994

Weighted-average remaining lease term

Operating leases

8 years 9 months 18 days

11 years 9 months 18 days

Finance leases

13 years 7 months 6 days

13 years 10 months 24 days

Weighted-average discount rate

Operating leases

9.50%

9.70%

Finance leases

8.00%

[1]	Includes $8.4 million right of use (“ROU”) assets, net in Assets Held for Sale as of June 30, 2020 (See Note 7).
[2]	Includes $3.1 million lease liabilities in Liabilities Held for Sale as of June 30, 2020 (See Note 7).

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets for Leases (Parenthetical) (Details) - U.S. Towers - Disposal Group, Held for Sale, Not qualified as Discontinued Operation $ in Millions	Jun. 30, 2020 USD ($)
Lessee Lease Description [Line Items]
Right of use assets, net	$ 8.4
Lease liabilities	$ 3.1

Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 1,957	$ 1,621
Operating cash flows from operating leases	14,470	13,426
Financing cash flows from finance leases	1,979	1,896
Non-cash items:
New operating leases	3,847	12,621
New finance leases	$ 31	$ 2,683

Leases - Future Lease Payments under Non-Cancellable Leases (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

$ 11,222

20,975

18,235

15,646

11,498

54,862

Total undiscounted lease payments

132,438

Less: imputed interest

(47,796)

Total lease liabilities

^[1]

84,642

$ 127,879

Finance Leases

3,631

6,810

6,680

6,658

6,294

50,444

Total undiscounted lease payments

80,517

Less: imputed interest

(30,081)

Total lease liabilities

$ 50,436

$ 52,994

[1]	Includes $3.1 million lease liabilities in Liabilities Held for Sale as of June 30, 2020 (See Note 7).

Leases - Future Sublease Rentals (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Leases [Abstract]
2020	$ 3,598
2021	7,760
2022	7,784
2023	7,807
2024	7,831
Thereafter	113,575
Total	$ 148,355

Asset Dispositions - Additional Information (Details) - USD ($) $ in Millions	Jun. 01, 2020	May 23, 2019	Apr. 02, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of portfolio, cash consideration		$ 30.7
Sale of portfolio, pre-tax gain		$ 5.0
United States \| Tower \| Melody Investment Advisors
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net assets value	$ 190.0
Sale of portfolio, cash consideration	$ 225.8
Investment interest retained, percentage	10.00%
Fair value of retained investment interest	$ 26.0
Incremental earn-out payments, estimated to be received	1.9
Sale of portfolio, pre-tax gain	$ 63.7
Latin American \| Uniti Towers Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of portfolio, cash consideration			$ 101.6
Sale of portfolio, pre-tax gain			$ 23.8

Investment in Unconsolidated Entity - Additional Information (Details) - Variable Interest Entity, Not Primary Beneficiary - Harmoni $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)
Schedule Of Equity Method Investments [Line Items]
Percentage of ownership interest		10.00%
Current investment and maximum exposure to loss	$ 26.0	$ 26.0
Transition service fees earned	$ 0.4	$ 0.4

Assets and Liabilities Held for Sale - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2020	May 23, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of business for cash consideration		$ 30.7
Propco \| MIP
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Sale of business for cash consideration	$ 168.0
Eligible to be received an additional earnout year	2023
Propco \| Maximum \| MIP
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Amount eligible to be received an additional earnout payment upon achievement of milestone	$ 20.0

Assets and Liabilities Held for Sale - Schedule of Assets and Liabilities Classified as Held for Sale (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Liabilities:
Total Liabilities	$ 177,866
Disposal Group, Held for Sale, Not qualified as Discontinued Operation \| Propco
Assets:
Property, plant and equipment, net	188,818
Accounts receivable, net	55
Intangible assets, net	167,185
Right of use assets, net	8,356
Other assets	9
Total Assets	364,423
Liabilities:
Lease liabilities	3,074
Deferred revenue	174,792
Total Liabilities	$ 177,866

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities
Derivative liability, net	$ 28,464	$ 23,679
Contingent consideration	10,562	11,507
Total	4,954,730	4,929,256
Prices with Other Observable Inputs (Level 2)
Liabilities
Derivative liability, net	28,464	23,679
Total	4,944,168	4,917,749
Prices with Unobservable Inputs (Level 3)
Liabilities
Contingent consideration	10,562	11,507
Total	10,562	11,507
6.00% Senior Secured Notes
Liabilities
Senior notes	541,750	528,000
6.00% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	541,750	528,000
7.875% Senior Secured Notes
Liabilities
Senior notes	2,283,750
7.875% Senior Secured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	2,283,750
8.25% Senior Unsecured Notes
Liabilities
Senior notes	1,043,400	971,250
8.25% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	1,043,400	971,250
7.125% Senior Unsecured Notes
Liabilities
Senior notes	546,000	511,500
7.125% Senior Unsecured Notes \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	546,000	511,500
Senior Secured Revolving Credit Facility
Liabilities
Senior secured loan	128,307	574,961
Senior Secured Revolving Credit Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan	128,307	574,961
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes	372,497
Exchangeable Senior Notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes	$ 372,497
Senior Secured Term Loan B Facility
Liabilities
Senior secured loan		1,998,721
Senior Secured Term Loan B Facility \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior secured loan		1,998,721
Exchangeable Senior Unsecured Notes - 4.00%, due June 15, 2024
Liabilities
Senior notes		309,638
Exchangeable Senior Unsecured Notes - 4.00%, due June 15, 2024 \| Prices with Other Observable Inputs (Level 2)
Liabilities
Senior notes		$ 309,638

Fair Value of Financial Instruments - Schedule of Fair Value Valuation of Financial Instruments (Parenthetical) (Details)			6 Months Ended	12 Months Ended
	Jun. 28, 2019	Jun. 24, 2019	Jun. 30, 2020	Dec. 31, 2019
7.875% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage			7.875%	7.875%
Debt instrument, maturity date			Feb. 15, 2025	Feb. 15, 2025
6.00% Senior Secured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage			6.00%	6.00%
Debt instrument, maturity date			Apr. 15, 2023	Apr. 15, 2023
8.25% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage			8.25%	8.25%
Debt instrument, maturity date			Oct. 15, 2023	Oct. 15, 2023
7.125% Senior Unsecured Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage			7.125%	7.125%
Debt instrument, maturity date			Dec. 15, 2024	Dec. 15, 2024
Senior Secured Revolving Credit Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date		Apr. 24, 2022	Apr. 24, 2022	Apr. 24, 2022
Exchangeable Senior Notes - 4.00%, due June 15, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage	4.00%		4.00%
Debt instrument, maturity date	Jun. 15, 2024		Jun. 15, 2024
Senior Secured Term Loan B Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, maturity date			Oct. 24, 2022	Oct. 24, 2022
Senior Unsecured Notes - 4.00% Due June 15, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Issuance senior notes, stated percentage			4.00%	4.00%
Debt instrument, maturity date			Jun. 15, 2024	Jun. 15, 2024

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Aug. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Principal amount of outstanding notes and other debt	$ 4,983,319		$ 4,983,319		$ 5,224,747
Estimated fair value of future contingent consideration	10,562		10,562		$ 11,507
Payments of contingent consideration			7,086	$ 28,170
Increase (decrease) in fair value of contingent consideration liability	4,600	$ (22,300)	6,140	(25,531)
Tower Cloud, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value of future contingent consideration	10,600		10,600
Payments of contingent consideration			7,100	$ 28,200
Tower Cloud, Inc. \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of aggregate amount of contingent consideration payments						50.00%
Prices with Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes and other debt, fair value	$ 4,920,000		$ 4,920,000

Fair Value of Financial Instruments - Roll Forward of Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 11,507
(Gain)/Loss included in earnings	6,141
Settlements	(7,086)
Contingent consideration, ending balance	$ 10,562

Property, Plant and Equipment - Schedule of Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,507,292	$ 8,683,479
Less accumulated depreciation	(5,409,101)	(5,273,534)
Net property, plant and equipment	3,098,191	3,409,945
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	27,905	28,337
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 350,164	355,225
Building and Improvements \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Building and Improvements \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	40 years
Real Property Interests
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross		3,308
Poles
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 261,997	258,535
Fiber
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 3,434,306	3,456,398
Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 317,170	293,427
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	5 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Copper
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 3,816,448	3,792,366
Conduit
Property Plant And Equipment [Line Items]
Depreciable Lives	30 years
Property, plant and equipment, gross	$ 89,771	89,770
Tower assets
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Property, plant and equipment, gross	$ 8,571	170,063
Finance Lease Assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	128,259	129,900
Other assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 10,362	11,591
Other assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	15 years
Other assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	20 years
Corporate assets
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 12,797	5,552
Corporate assets \| Minimum
Property Plant And Equipment [Line Items]
Depreciable Lives	3 years
Corporate assets \| Maximum
Property Plant And Equipment [Line Items]
Depreciable Lives	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 49,542	$ 89,007

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 77.2	$ 96.5	$ 155.0	$ 194.0

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($)				3 Months Ended		6 Months Ended
	Jun. 27, 2019	Jun. 25, 2019	Apr. 27, 2015	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivative instruments					$ (26,600,000)	$ (7,700,000)	$ (46,100,000)
Estimated amount to be reclassified as an increase to interest expense				$ 11,300,000		$ 11,300,000
Common stock aggregate at an exercise price		$ 16.42
Warrants expiring period						2024-09
Proceeds from offering and sale of warrants						$ 50,800,000	50,819,000
Exchangeable Notes
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Approximately net of proceeds from total offering exchangeable notes to pay cost of notes hedges	$ 70,000,000.0
Reclassification Out of Other Comprehensive Income \| Designated as Cash Flow Hedges
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Reclassification out of other comprehensive income into interest (expense) benefit				$ (2,800,000)	$ 1,900,000	$ (5,200,000)	$ 4,000,000.0
Maximum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Maximum number of shares issued pursuant to warrants		55,500,000
Maximum \| Warrants
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Anti-dilution adjustments		27,800,000
Interest Rate Swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, notional value			$ 2,030,000,000.00
Derivative, maturity date			Oct. 24, 2022

Derivative Instruments and Hedging Activities - Summary of Gross Amount of Derivative Instruments Subject to Master Netting Arrangements With Same Counterparty (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	$ 35,138
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(35,138)
Gross Amounts of Recognized Liabilities	63,602
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(35,138)
Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheets	28,464	$ 23,679
Interest Rate Swap
Offsetting Assets And Liabilities [Line Items]
Gross Amounts of Recognized Assets	35,138
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(35,138)
Gross Amounts of Recognized Liabilities	63,602
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	(35,138)
Net Amounts of Liabilities presented in the Condensed Consolidated Balance Sheets	$ 28,464	$ 23,679

Derivative Instruments and Hedging Activities - Summary of Fair Value of Derivative Instruments and Presentation in Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 28,464	$ 23,679
Interest Rate Swap
Derivatives Fair Value [Line Items]
Derivative liability, net	$ 28,464	$ 23,679

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite Lived Intangible Assets [Line Items]
Remaining weighted average amortization period of intangible assets			16 years 10 months 24 days
Amortization	$ 7.8	$ 6.1	$ 16.1	$ 12.4
Estimated amortization expense for 2020	28.0		28.0
Estimated amortization expense for 2021	23.9		23.9
Estimated amortization expense for 2022	22.9		22.9
Estimated amortization expense for 2023	22.8		22.8
Estimated amortization expense for 2024	$ 22.8		22.8
Fiber Infrastructure
Finite Lived Intangible Assets [Line Items]
Change in goodwill amount			$ 0.0

Goodwill and Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2019	$ 690,672
Goodwill at June 30, 2020	690,672
Fiber Infrastructure
Goodwill [Line Items]
Goodwill at December 31, 2019	690,672
Goodwill at June 30, 2020	$ 690,672

Goodwill and Intangible Assets - Schedule of Carrying Value of the Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Total intangible assets, Original Cost	$ 452,603	$ 628,004
Less: Accumulated amortization	(106,551)	(96,025)
Total intangible assets, net	346,052	531,979
Trade Names
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Indefinite life intangible assets, Original Cost		2,000
Rights of Way
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost		124,696
Less: Accumulated amortization		(1,386)
Customer Lists
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	450,603	450,603
Less: Accumulated amortization	(106,051)	(93,794)
In-place Lease
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost		50,705
Less: Accumulated amortization		$ (845)
Trade Names
Schedule Of Indefinite And Finite Lived Intangible Assets And Liabilities [Line Items]
Finite life intangible assets, Original Cost	2,000
Less: Accumulated amortization	$ (500)

Notes and Other Debt - Schedule of Notes and Other Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 24, 2019
Debt Instrument [Line Items]
Principal amount of notes and other debt	$ 4,983,319	$ 5,224,747
Less unamortized discount, premium and debt issuance costs	(163,665)	(207,068)
Notes and other debt less unamortized discount, premium and debt issuance costs	4,819,654	5,017,679
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt		2,044,728
Less unamortized discount, premium and debt issuance costs		(74,523)
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Principal amount of notes and other debt	2,250,000
Less unamortized discount, premium and debt issuance costs	(43,814)
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	550,000	550,000
Less unamortized discount, premium and debt issuance costs	(4,856)	(5,633)
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Principal amount of notes and other debt	1,110,000	1,110,000
Less unamortized discount, premium and debt issuance costs	(25,550)	(28,808)
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	600,000	600,000
Less unamortized discount, premium and debt issuance costs	(5,819)	(6,304)
Senior Unsecured Notes - 4.00%, Due June 15, 2024
Debt Instrument [Line Items]
Principal amount of notes and other debt	345,000	345,000
Less unamortized discount, premium and debt issuance costs	(77,659)	(85,272)
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of notes and other debt	128,319	575,019	$ 575,900
Less unamortized discount, premium and debt issuance costs	$ (5,967)	$ (6,528)

Notes and Other Debt - Schedule of Notes and Other Debt (Parenthetical) (Details)		6 Months Ended	12 Months Ended
	Jun. 24, 2019	Jun. 30, 2020	Dec. 31, 2019
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 24, 2022	Oct. 24, 2022
Debt instrument, imputed interest rate		7.47%	7.47%
Senior Secured Notes - 7.875% Due February 15, 2025
Debt Instrument [Line Items]
Debt instrument, maturity date		Feb. 15, 2025	Feb. 15, 2025
Debt instrument, imputed interest rate		8.38%	8.38%
Issuance senior notes, stated percentage		7.875%	7.875%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date		Apr. 15, 2023	Apr. 15, 2023
Debt instrument, imputed interest rate		6.29%	6.29%
Issuance senior notes, stated percentage		6.00%	6.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 15, 2023	Oct. 15, 2023
Debt instrument, imputed interest rate		9.06%	9.06%
Issuance senior notes, stated percentage		8.25%	8.25%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date		Dec. 15, 2024	Dec. 15, 2024
Issuance senior notes, stated percentage		7.125%	7.125%
Exchangeable Senior Unsecured Notes - 4.00%, due June 15, 2024
Debt Instrument [Line Items]
Debt instrument, maturity date		Jun. 15, 2024	Jun. 15, 2024
Debt instrument, imputed interest rate		11.10%	11.10%
Issuance senior notes, stated percentage		4.00%	4.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 24, 2022	Apr. 24, 2022	Apr. 24, 2022

Notes and Other Debt - Additional Information (Details) - USD ($)									3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 10, 2020	Jun. 28, 2019	Jun. 24, 2019	Mar. 18, 2019	May 08, 2017	Dec. 15, 2016	Jun. 09, 2016	Apr. 25, 2015	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Apr. 24, 2015
Debt Instrument [Line Items]
Debt instrument amount									$ 4,983,319,000		$ 4,983,319,000		$ 5,224,747,000
Repayments of debt												$ 10,540,000
Repayments of lines of credit											$ 456,700,000	203,981,000
Consolidated secured leverage ratio									500.00%		500.00%
Percentage of pay cash dividends in excess of taxable income				90.00%
Amortization of deferred financing costs									$ 4,500,000	$ 3,700,000	$ 7,500,000	$ 7,500,000
Maximum
Debt Instrument [Line Items]
Consolidated secured leverage ratio									500.00%		500.00%
Consolidated total leverage ratio									650.00%		650.00%
Maximum \| Pro Forma
Debt Instrument [Line Items]
Consolidated secured leverage ratio									400.00%		400.00%
CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument, debt default, description of violation or event of default											In particular, a repayment obligation could be triggered if (i) the Borrowers or certain of their subsidiaries fail to make a payment when due of any principal or interest on any other indebtedness aggregating $75.0 million or more, or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $75.0 million or more to cause, such indebtedness to become due prior to its stated maturity.
Debt Instrument, debt default, amount									$ 75,000,000.0		$ 75,000,000.0
7.875% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument amount									$ 2,250,000,000		$ 2,250,000,000
Issuance senior notes, stated percentage									7.875%		7.875%		7.875%
Debt instrument, maturity year											2025
Debt instrument, maturity date											Feb. 15, 2025		Feb. 15, 2025
Debt discount amortized to interest expense effective interest rate									8.38%		8.38%		8.38%
Senior Secured Notes - 6.00% Due April 15, 2023
Debt Instrument [Line Items]
Debt instrument amount									$ 550,000,000		$ 550,000,000		$ 550,000,000
Issuance senior notes, stated percentage									6.00%		6.00%		6.00%
Debt instrument, maturity date											Apr. 15, 2023		Apr. 15, 2023
Debt discount amortized to interest expense effective interest rate									6.29%		6.29%		6.29%
Senior Secured Notes - 6.00% Due April 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount							$ 150,000,000		$ 550,000,000		$ 550,000,000			$ 400,000,000
Notes issued price percentage at par							99.25%	100.00%
Senior Unsecured Notes - 8.25% Due October 15, 2023
Debt Instrument [Line Items]
Debt instrument amount									$ 1,110,000,000		$ 1,110,000,000		$ 1,110,000,000
Issuance senior notes, stated percentage									8.25%		8.25%		8.25%
Debt instrument, maturity date											Oct. 15, 2023		Oct. 15, 2023
Debt discount amortized to interest expense effective interest rate									9.06%		9.06%		9.06%
Senior Unsecured Notes - 8.25% Due October 15, 2023 \| CSL Capital, LLC
Debt Instrument [Line Items]
Issuance of senior notes, principal amount														$ 1,110,000,000
Notes issued price percentage at par								97.055%
Senior Unsecured Notes - 7.125% Due December 15, 2024
Debt Instrument [Line Items]
Debt instrument amount									$ 600,000,000		$ 600,000,000		$ 600,000,000
Issuance senior notes, stated percentage									7.125%		7.125%		7.125%
Debt instrument, maturity date											Dec. 15, 2024		Dec. 15, 2024
Senior Unsecured Notes - 7.125% Due December 15, 2024 \| CSL Capital, LLC
Debt Instrument [Line Items]
Debt instrument amount									$ 600,000,000		$ 600,000,000
Issuance of senior notes, principal amount					$ 200,000,000	$ 400,000,000
Notes issued price percentage at par					100.50%	100.00%
Exchangeable Notes
Debt Instrument [Line Items]
Debt instrument amount									$ 345,000,000.0		$ 345,000,000.0
Issuance senior notes, stated percentage		4.00%							4.00%		4.00%
Debt instrument, maturity date		Jun. 15, 2024									Jun. 15, 2024
Debt issuance cost		$ 2,900,000
Issuance of senior notes, principal amount		$ 345,000,000
Debt instrument, frequency of periodic payment		semiannually in arrears on June 15 and December 15 of each year
Debt Instrument,date of first required payment		Dec. 15, 2019
Debt discount amortized to interest expense effective interest rate		11.10%
Debt issuance costs commissions payable		$ 10,400,000
Debt issuance costs payable to third party		1,400,000
Equity component value of convertible note issuance, net		80,800,000
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument amount			$ 575,900,000						$ 128,319,000		$ 128,319,000		$ 575,019,000
Debt instrument, maturity date			Apr. 24, 2022								Apr. 24, 2022		Apr. 24, 2022
Repayments of debt		$ 174,000,000.0
Repayments of lines of credit	$ 156,700,000
Revolving loans terminated related commitments	$ 157,600,000
Debt instrument, payable pursuant to fifth amendment			$ 101,600,000
Debt instrument, non extended maturity amount			$ 72,400,000
Debt instrument, increase in basis spread on variable rate	1.00%
Senior Secured Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.75%
Senior Secured Revolving Credit Facility \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.75%
Senior Secured Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	4.25%
Senior Secured Revolving Credit Facility \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.25%
Senior Secured Revolving Credit Facility \| CSL Capital, LLC
Debt Instrument [Line Items]
Repayments of debt	$ 156,700,000
Repayments of debt commitments amount											$ 418,300,000
Debt instrument, available borrowing									290,000,000.0		290,000,000.0
Senior Secured Revolving Credit Facility \| CSL Capital, LLC \| Minimum
Debt Instrument [Line Items]
Repayments of debt commitments amount	157,600,000
Senior Secured Revolving Credit Facility \| CSL Capital, LLC \| Maximum
Debt Instrument [Line Items]
Issuance of senior notes, principal amount									750,000,000		750,000,000
Repayments of debt commitments amount	418,300,000
Senior Secured Revolving Credit Facility \| Interest Expense
Debt Instrument [Line Items]
Non-cash interest expense for write off of unamortized discount									72,500,000		72,500,000
Debt issuance cost									$ 1,400,000		$ 1,400,000
Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument amount													$ 2,044,728,000
Debt instrument, maturity date											Oct. 24, 2022		Oct. 24, 2022
Repayments of debt	2,050.00
Debt discount amortized to interest expense effective interest rate									7.47%		7.47%		7.47%
Senior Secured Term Loan B Facility \| CSL Capital, LLC
Debt Instrument [Line Items]
Repayments of debt	2,050,000,000.00
Issuance of senior notes, principal amount									$ 2,140,000,000		$ 2,140,000,000
Senior Secured Notes - 7.875% Due 2025 \| Operating Partnership, CSL Capital, LLC, Uniti Group Finance 2019 Inc. and Uniti Fiber
Debt Instrument [Line Items]
Issuance of senior notes, principal amount	$ 2,250,000,000
Notes issued price percentage at par	100.00%

Earnings Per Share - Additional Information (Details) - $ / shares		3 Months Ended	6 Months Ended
	May 02, 2016	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Exchangeable Notes \| Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share		29,198,385	29,198,385
Non-Participating Securities \| Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted earnings per share		730,863	730,863
PEG Bandwidth, LLC \| Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Percentage of dividend rate on convertible preferred stock	3.00%
Preferred stock, par value	$ 0.0001

Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net (loss) income attributable to shareholders	$ (587,744)	$ 38,717	$ (666,597)	$ 41,159
Less: Income allocated to participating securities	(424)	(223)	(624)	(251)
Dividends declared on convertible preferred stock	(1)		(4)	(656)
Amortization of discount on convertible preferred stock		(248)		(993)
Net (loss) income attributable to common shareholders	$ (588,169)	$ 38,246	$ (667,225)	$ 39,259
Denominator:
Basic weighted-average common shares outstanding	192,479	182,971	192,358	182,597
Basic (loss) earnings per common share	$ (3.06)	$ 0.21	$ (3.47)	$ 0.22
Numerator:
Net (loss) income attributable to shareholders	$ (587,744)	$ 38,717	$ (666,597)	$ 41,159
Less: Income allocated to participating securities	(424)	(223)	(624)	(251)
Dividends declared on convertible preferred stock	(1)		(4)	(656)
Amortization of discount on convertible preferred stock		(248)		(993)
Impact on if-converted dilutive securities		363		1,764
Net (loss) income attributable to common shares	$ (588,169)	$ 38,609	$ (667,225)	$ 41,023
Denominator:
Basic weighted-average common shares outstanding	192,479	182,971	192,358	182,597
Effect of dilutive non-participating securities		8		8
Impact on if-converted dilutive securities		10,126		9,671
Weighted-average shares for dilutive earnings per common share	192,479	193,105	192,358	192,276
Dilutive (loss) earnings per common share	$ (3.06)	$ 0.20	$ (3.47)	$ 0.21

Segment Information - Additional Information (Details) $ in Millions		6 Months Ended
	Jun. 01, 2020 USD ($)	Jun. 30, 2020 Segment	May 23, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable business segments \| Segment		4
Sale of portfolio, cash consideration			$ 30.7
United States \| Tower \| Melody Investment Advisors
Segment Reporting Information [Line Items]
Sale of portfolio, cash consideration	$ 225.8
Investment interest retained, percentage	10.00%

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 266,820	$ 264,414	$ 532,982	$ 525,445
Adjusted EBITDA	202,869	206,864	404,583	407,139
Interest expense	107,243	97,729	285,636	182,187
Depreciation and amortization	84,969	102,578	171,090	206,405
Other (income) expense, net	6,013	(22,275)	9,088	(25,388)
Settlement expense	650,000		650,000
Transaction related and other costs	18,556	7,035	34,528	13,704
Gain on sale of real estate	(63,818)	(28,790)	(63,818)	(28,790)
Stock-based compensation	4,110	3,197	7,105	5,085
Income tax expense (benefit)	(5,875)	7,843	(10,451)	11,897
Net (loss) income	(598,329)	39,547	(678,595)	42,039
Leasing
Segment Reporting Information [Line Items]
Revenues	185,320	177,042	369,672	353,125
Adjusted EBITDA	182,810	175,881	364,689	350,632
Depreciation and amortization	52,405	72,275	107,027	146,028
Fiber Infrastructure
Segment Reporting Information [Line Items]
Revenues	79,140	81,327	156,547	158,160
Adjusted EBITDA	28,493	37,036	56,034	67,036
Depreciation and amortization	32,279	28,494	62,340	56,752
Towers
Segment Reporting Information [Line Items]
Revenues	2,392	3,146	6,112	8,226
Adjusted EBITDA	85	(42)	77	283
Depreciation and amortization	14	1,412	783	2,827
Consumer CLEC
Segment Reporting Information [Line Items]
Revenues	(32)	2,899	651	5,934
Adjusted EBITDA	(292)	565	(275)	1,211
Depreciation and amortization	197	346	791	692
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(8,227)	(6,576)	(15,942)	(12,023)
Depreciation and amortization	$ 74	$ 51	$ 149	$ 106

Commitments and Contingencies - Additional Information (Details) $ / shares in Units, FiberStrandMile in Millions		3 Months Ended	6 Months Ended
	Mar. 02, 2020 $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 USD ($) FiberStrandMile USD_per_mi Installment $ / shares	Dec. 31, 2019 $ / shares
Commitments And Contingencies [Line Items]
Settlement of litigation		$ 650,000,000	$ 650,000,000
Consolidated secured leverage ratio		500.00%	500.00%
Number of days set forth to enter into replacement lease			90 days
Common stock, par value \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Obligations under tax matters agreement		$ 0	$ 0
Windstream Creditors
Commitments And Contingencies [Line Items]
Common stock agreed to sell \| shares	38,633,470
Common stock, par value \| $ / shares	$ 0.0001
Closing price of common stock \| $ / shares	$ 6.33
Common stock lock up period	1 year
Maximum
Commitments And Contingencies [Line Items]
Consolidated secured leverage ratio		500.00%	500.00%
Windstream
Commitments And Contingencies [Line Items]
Number of installments \| Installment			20
Percentage of committed purchase of assets			9.00%
Dark fiber indefeasible rights of use contracts and access rights \| FiberStrandMile			1.8
Lease payments per route mile \| USD_per_mi			350
Growth Capital Improvements will exclude maintenance or repair expenditures and expenditures toward fiber replacement in excess of the Amount			$ 70,000,000
Future annual commitment payments for agreements due year one		$ 125,000,000	125,000,000
Future annual commitment payments for agreements due year two through five		225,000,000	225,000,000
Future annual commitment payments for agreements due year six		175,000,000	175,000,000
Future annual commitment payments for agreements due year seven		175,000,000	175,000,000
Future annual commitment payments for agreements due year eight through ten		125,000,000	$ 125,000,000
Annual rent adjustment for Growth Capital Funding			8.00%
Rate used for rent percentage			100.50%
Windstream \| Maximum
Commitments And Contingencies [Line Items]
Cash payment in equal installments emergence from bankruptcy			$ 490,000,000
Payments to acquire assets			490,000,000
Agreement to invest growth capital improvements			1,750,000,000
Windstream \| Minimum
Commitments And Contingencies [Line Items]
Payments to acquire assets			432,000,000
Windstream
Commitments And Contingencies [Line Items]
Tenant capital improvements under master lease		$ 366,000,000	$ 366,000,000

Accumulated Other Comprehensive (Loss) Income - Schedule of Changes in Accumulated Other Comprehensive (Loss) Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders			$ (1,566,868)
Changes in foreign currency translation		$ (843)		$ (63)
Balance at end of period attributable to common shareholders	$ (2,287,885)		(2,287,885)
Accumulated other comprehensive loss at end of period	(25,937)	(18,960)	(25,937)	(18,960)	$ (23,442)
Cash Flow Hedge Changes in Fair Value (Loss) Gain
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	(30,353)	8,835	(23,442)	30,042
Other comprehensive loss before reclassifications		(26,457)	(7,713)	(46,083)
Amounts reclassified from accumulated other comprehensive income		(1,906)	677	(3,966)
Balance at end of period	(30,353)	(19,528)	(30,478)	(20,007)
Less: Other comprehensive (loss) income attributable to noncontrolling interest		(568)	(125)	(1,047)
Balance at end of period attributable to common shareholders	(30,353)	(18,960)	(30,353)	(18,960)
Interest Rate Swap Termination
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders	1,636
Amounts reclassified from accumulated other comprehensive income	2,830		4,496
Balance at end of period	4,466		4,496
Less: Other comprehensive (loss) income attributable to noncontrolling interest	50		80
Balance at end of period attributable to common shareholders	$ 4,416		$ 4,416
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period attributable to common shareholders		826		63
Changes in foreign currency translation		(780)
Amounts reclassified from accumulated other comprehensive income		(63)		$ (63)
Balance at end of period		(17)
Less: Other comprehensive (loss) income attributable to noncontrolling interest		$ (17)