Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-16853 | ||
Entity Registrant Name | SBA COMMUNICATIONS CORPORATION | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 65-0716501 | ||
Entity Address, Address Line One | 8051 Congress Avenue | ||
Entity Address, City or Town | Boca Raton | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33487 | ||
City Area Code | 561 | ||
Local Phone Number | 995-7670 | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | ||
Trading Symbol | SBAC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 33 | ||
Entity Common Stock Shares Outstanding | 109,324,399 | ||
Documents Incorporated By Reference | Portions of the Registrant’s definitive proxy statement for its 2021 annual meeting of shareholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2020, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001034054 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 308,560 | $ 108,309 |
Restricted cash | 31,671 | 30,243 |
Accounts receivable, net | 74,088 | 132,125 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 34,796 | 26,313 |
Prepaid expenses and other current assets | 23,875 | 37,281 |
Total current assets | 472,990 | 334,271 |
Property and equipment, net | 2,677,326 | 2,794,602 |
Intangible assets, net | 3,156,150 | 3,626,773 |
Right-of-use assets, net | 2,373,560 | 2,572,217 |
Other assets | 477,992 | 432,078 |
Total assets | 9,158,018 | 9,759,941 |
Current Liabilities: | ||
Accounts payable | 109,969 | 31,846 |
Accrued expenses | 63,031 | 67,618 |
Current maturities of long-term debt | 24,000 | 522,090 |
Deferred revenue | 113,117 | 113,507 |
Accrued interest | 54,350 | 49,269 |
Current lease liabilities | 236,037 | 247,015 |
Other current liabilities | 14,297 | 16,948 |
Total current liabilities | 614,801 | 1,048,293 |
Long-term liabilities: | ||
Long-term debt, net | 11,071,796 | 9,812,335 |
Long-term lease liabilities | 2,094,363 | 2,279,400 |
Other long-term liabilities | 186,246 | 270,868 |
Total long-term liabilities | 13,352,405 | 12,362,603 |
Redeemable noncontrolling interests | 15,194 | 16,052 |
Shareholders' deficit: | ||
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding | ||
Common stock - Class A, par value $0.01, 400,000 shares authorized, 109,819 shares and 111,775 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 1,098 | 1,118 |
Additional paid-in capital | 2,586,130 | 2,461,335 |
Accumulated deficit | (6,604,028) | (5,560,695) |
Accumulated other comprehensive loss, net | (807,582) | (568,765) |
Total shareholders' deficit | (4,824,382) | (3,667,007) |
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit | $ 9,158,018 | $ 9,759,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock - Class A, par value | $ 0.01 | $ 0.01 |
Common stock - Class A, shares authorized | 400,000,000 | 400,000,000 |
Common stock - Class A, shares issued | 109,819,000 | 111,775,000 |
Common stock - Class A, shares outstanding | 109,819,000 | 111,775,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Site leasing | $ 1,954,472 | $ 1,860,858 | $ 1,740,434 |
Site development | 128,666 | 153,787 | 125,261 |
Total revenues | 2,083,138 | 2,014,645 | 1,865,695 |
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): | |||
Cost of site leasing | 373,778 | 373,951 | 372,296 |
Cost of site development | 102,750 | 119,080 | 96,499 |
Selling, general, and administrative expenses | 194,267 | 192,717 | 142,526 |
Acquisition and new business initiatives related adjustments and expenses | 16,582 | 15,228 | 10,961 |
Asset impairment and decommission costs | 40,097 | 33,103 | 27,134 |
Depreciation, accretion, and amortization | 721,970 | 697,078 | 672,113 |
Total operating expenses | 1,449,444 | 1,431,157 | 1,321,529 |
Operating income | 633,694 | 583,488 | 544,166 |
Other income (expense): | |||
Interest income | 2,981 | 5,500 | 6,731 |
Interest expense | (367,874) | (390,036) | (376,217) |
Non-cash interest expense | (24,870) | (3,193) | (2,640) |
Amortization of deferred financing fees | (20,058) | (22,466) | (20,289) |
Loss from extinguishment of debt, net | (19,463) | (457) | (14,443) |
Other (expense) income, net | (222,159) | 14,053 | (85,624) |
Total other expense, net | (651,443) | (396,599) | (492,482) |
(Loss) income before income taxes | (17,749) | 186,889 | 51,684 |
Benefit (provision) for income taxes | 41,796 | (39,605) | (4,233) |
Net income | 24,047 | 147,284 | 47,451 |
Net loss (income) attributable to noncontrolling interests | 57 | (293) | |
Net income attributable to SBA Communications Corporation | $ 24,104 | $ 146,991 | $ 47,451 |
Net income per common share attributable to SBA Communications Corporation: | |||
Basic | $ 0.22 | $ 1.30 | $ 0.41 |
Diluted | $ 0.21 | $ 1.28 | $ 0.41 |
Weighted average number of common shares | |||
Basic | 111,532 | 112,809 | 114,909 |
Diluted | 113,465 | 114,693 | 116,515 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net income | $ 24,047 | $ 147,284 | $ 47,451 |
Adjustments related to interest rate swaps | (98,771) | (42,131) | |
Foreign currency translation adjustments | (140,098) | (14,729) | (132,445) |
Comprehensive (loss) income | (214,822) | 90,424 | (84,994) |
Comprehensive loss (income) attributable to noncontrolling interests | 109 | (753) | |
Comprehensive (loss) income attributable to SBA Communications Corporation | $ (214,713) | $ 89,671 | $ (84,994) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
BALANCE at Dec. 31, 2017 | $ 1,164 | $ 2,167,470 | $ (4,388,288) | $ (379,460) | $ (2,599,114) | ||
BALANCE, Shares at Dec. 31, 2017 | 116,446 | ||||||
Net income attributable to SBA Communications Corporation | 47,451 | 47,451 | |||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 10 | 59,716 | 59,726 | ||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 962 | ||||||
Non-cash stock compensation | 43,140 | 43,140 | |||||
Repurchase and retirement of common stock | $ (50) | (795,531) | (795,581) | ||||
Repurchase and retirement of common stock, Shares | (4,975) | ||||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (132,445) | (132,445) | |||||
BALANCE at Dec. 31, 2018 | $ 1,124 | 2,270,326 | (5,136,368) | (511,905) | (3,376,823) | ||
BALANCE, Shares at Dec. 31, 2018 | 112,433 | ||||||
Net income attributable to SBA Communications Corporation | 146,991 | 146,991 | |||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 13 | 116,189 | 116,202 | ||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 1,347 | ||||||
Non-cash stock compensation | 74,270 | 74,270 | |||||
Common stock issued in connection with acquisitions | 1,680 | 1,680 | |||||
Common stock issued in connection with acquisitions, Shares | 10 | ||||||
Adjustments related to interest rate swaps | (42,131) | (42,131) | |||||
Repurchase and retirement of common stock | $ (19) | (466,963) | (466,982) | ||||
Repurchase and retirement of common stock, Shares | (2,015) | ||||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (14,729) | (14,729) | |||||
Dividends and dividend equivalents on common stock | (83,387) | (83,387) | |||||
Adjustment to fair value related to noncontrolling interests | (1,130) | (1,130) | |||||
BALANCE (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019 | $ (20,968) | $ (20,968) | |||||
BALANCE at Dec. 31, 2019 | $ 1,118 | 2,461,335 | (5,560,695) | (568,765) | $ (3,667,007) | ||
BALANCE, Shares at Dec. 31, 2019 | 111,775 | 111,775 | |||||
Net income attributable to SBA Communications Corporation | 24,104 | $ 24,104 | |||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 11 | 53,683 | 53,694 | ||||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 1,113 | ||||||
Non-cash stock compensation | 70,363 | 70,363 | |||||
Adjustments related to interest rate swaps | (98,771) | (98,771) | |||||
Repurchase and retirement of common stock | $ (31) | (859,304) | (859,335) | ||||
Repurchase and retirement of common stock, Shares | (3,069) | ||||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (140,046) | (140,046) | |||||
Dividends and dividend equivalents on common stock | (208,133) | (208,133) | |||||
Adjustment to fair value related to noncontrolling interests | 749 | 749 | |||||
BALANCE at Dec. 31, 2020 | $ 1,098 | $ 2,586,130 | $ (6,604,028) | $ (807,582) | $ (4,824,382) | ||
BALANCE, Shares at Dec. 31, 2020 | 109,819 | 109,819 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 24,047 | $ 147,284 | $ 47,451 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, accretion, and amortization | 721,970 | 697,078 | 672,113 | |
Non-cash asset impairment and decommission costs | 39,501 | 32,241 | 26,192 | |
Non-cash compensation expense | 68,890 | 73,214 | 42,327 | |
Loss (gain) on remeasurement of U.S. denominated intercompany loans | 220,354 | (13,134) | 89,101 | |
Loss from extinguishment of debt, net | 17,838 | 235 | 14,087 | |
Deferred income tax (benefit) expense | [1] | (63,187) | 15,935 | (15,287) |
Amortization of deferred financing fees | 20,058 | 20,358 | 20,289 | |
Non-cash interest expense | [1] | 24,870 | 3,193 | 2,640 |
Other non-cash items reflected in the Statements of Operations | [1] | 2,979 | (1,888) | (1,388) |
Changes in operating assets and liabilities, net of acquisitions: | ||||
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | 38,195 | (12,146) | (29,427) | |
Prepaid expenses and other assets | 2,614 | 878 | (38,040) | |
Operating lease right-of-use assets, net | 109,935 | 93,665 | ||
Accounts payable and accrued expenses | 13,173 | (5,951) | (3,021) | |
Long-term lease liabilities | (100,847) | (87,544) | ||
Other liabilities | (14,357) | 6,627 | 23,581 | |
Net cash provided by operating activities | 1,126,033 | 970,045 | 850,618 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions | (271,418) | (773,957) | (451,829) | |
Capital expenditures | (128,566) | (154,236) | (149,812) | |
Purchase of investments | (1,288,705) | (638,963) | (156,983) | |
Proceeds from sale of investments | 1,239,206 | 625,807 | 150,890 | |
Other investing activities | 3,117 | (5,809) | (10,613) | |
Net cash used in investing activities | (446,366) | (947,158) | (618,347) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Borrowings under Revolving Credit Facility | 895,000 | 755,000 | 1,120,000 | |
Repayments under Revolving Credit Facility | (1,005,000) | (590,000) | (835,000) | |
Repayment of Term Loans | (24,000) | (24,000) | (1,947,000) | |
Proceeds from issuance of Term Loans, net of fees | 2,377,218 | |||
Proceeds from issuance of Senior Notes, net of fees | 1,479,484 | |||
Repayment of Senior Notes | (759,143) | |||
Proceeds from issuance of Tower Securities, net of fees | 1,335,895 | 1,152,458 | 631,466 | |
Repayment of Tower Securities | (1,200,000) | (920,000) | (755,000) | |
Termination of interest rate swap | (176,200) | |||
Repurchase and retirement of common stock | (859,335) | (466,982) | (795,581) | |
Payment of dividends on common stock | (207,689) | (83,387) | ||
Proceeds from employee stock purchase/stock option plans, net of taxes | 54,049 | 116,202 | 59,880 | |
Other financing activities | (2,078) | (1,605) | (4,520) | |
Net cash used in financing activities | (469,017) | (62,314) | (148,537) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (8,962) | 2,247 | (9,729) | |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 201,688 | (37,180) | 74,005 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||||
Beginning of year | 141,120 | 178,300 | 104,295 | |
End of year | 342,808 | 141,120 | 178,300 | |
Cash paid during the period for: | ||||
Interest | 351,886 | 386,615 | 376,628 | |
Income taxes | 20,275 | 21,598 | 21,645 | |
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 78,674 | 175,517 | ||
Operating lease modifications and reassessments | (10,550) | (52,383) | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,087 | $ 3,499 | $ 1,039 | |
Common stock issued in connection with acquisitions | 1,680 | |||
Consolidation of an equity method investment | $ 71,990 | |||
Deferred payment on acquired assets | $ 77,124 | |||
[1] | Certain reclassifications of the prior years’ amounts have been made to conform to the current year’s presentation. |
General
General | 12 Months Ended |
Dec. 31, 2020 | |
General [Abstract] | |
General | 1. GENERAL SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 11) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers. As of December 31, 2020, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, and South Africa. Space on these towers is leased primarily to wireless service providers. As of December 31, 2020, the Company owned and operated 32,923 towers of which 16,546 are domestic and 16,377 are international, of which 9,934 are located in Brazil. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows: Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value. Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4). Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the year ended December 31, 2020 and 2019, no gain or loss was recorded related to the sale or maturity of investments. The Company’s long term investments were $ 57.6 million and $ 13.3 million as of December 31, 2020 and 2019, respectively. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2020, 2019, and 2018. Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $ 0.6 million, $ 0.7 million, and $ 0.9 million of interest cost was capitalized in 2020, 2019 and 2018, respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 30 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented. Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheet, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset. Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract intangibles for impairment. The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $ 40.1 million, $ 33.1 million, and $ 27.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Refer to Note 3 for further detail of these amounts. Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Revenue Recognition and Accounts Receivable Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 94 % of the Company’s total revenues. For additional information on tenant leases, refer to the Leases section below. Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets. Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. The site development segment represents approximately 6 % of the Company’s total revenues. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract. The accounts receivable balance was $ 74.1 million and $ 132.1 million as of December 31, 2020 and 2019, respectively, of which $ 14.3 million and $ 40.7 million related to the site development segment as of December 31, 2020 and 2019, respectively. Refer to Note 15 for further detail of the site development segment. Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) prospectively. ASU 2016-13 replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of ASU 2016-13 was not material individually or in the aggregate to the Company. ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The following is a rollforward of the allowance for doubtful accounts for our site leasing and site development businesses: For the year ended December 31, 2020 2019 2018 (in thousands) Beginning balance $ 21,202 $ 23,880 $ 26,481 Provision for doubtful accounts 620 155 551 Write-offs ( 23 ) ( 1,455 ) ( 591 ) Recoveries (1) ( 3,524 ) ( 2,296 ) — Acquisitions — 1,193 — Currency translation adjustment ( 2,582 ) ( 275 ) ( 2,561 ) Ending balance $ 15,693 $ 21,202 $ 23,880 (1) On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10 % reduction in the receivable and four annual installment payments. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022. Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred. Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2020. The REIT had taxable income during the year ended December 31, 2020 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2020 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs is based on the fair market value of the units awarded at the date of the grant. Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2020 and 2019, the asset retirement obligation was $ 30.9 million and $ 11.5 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), other foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges. Foreign Currency Translation All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations. Acquisitions Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2020, there were no purchase price allocations that were preliminary. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three year s after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. Leases The Company adopted ASU No. 2016-02, Leases (“Topic 842”) using the modified retrospective adoption method with an effective date of January 1, 2019. The consolidated financial statements for 2020 and 2019 are presented under the new standard, while the 2018 comparative period presented is not adjusted and continues to be reported in accordance with the Company's historical accounting policy. This standard requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets. The components of the right-of-use assets and lease liabilities as of December 31, 2020 and 2019 are as follows (in thousands): December 31, December 31, 2020 2019 Operating lease right-of-use assets, net $ 2,369,358 $ 2,567,507 Financing lease right-of-use assets, net 4,202 4,710 Right-of-use assets, net $ 2,373,560 $ 2,572,217 Current operating lease liabilities $ 234,605 $ 245,665 Current financing lease liabilities 1,432 1,350 Current lease liabilities $ 236,037 $ 247,015 Long-term operating lease liabilities $ 2,092,353 $ 2,276,858 Long-term financing lease liabilities 2,010 2,542 Long-term lease liabilities $ 2,094,363 $ 2,279,400 Operating Leases Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals, and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site (generally 15 years). Substantially all leases provide for rent rate escalations. The most common provisions provide for fixed rent escalators which typically average 2 - 3 % annually. The Company also has ground leases that include consumer price index escalators, particularly in its South American and South African operations. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments. Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term. Finance Leases Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms. Discount Rate When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease Cost Variable lease payments include escalations based on standard cost of living indexes and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions. The components of lease cost, lease term, and discount rate as of December 31, 2020 and 2019 are as follows: For the year ended December 31, 2020 December 31, 2019 (in thousands) Amortization of right-of-use assets $ 1,485 $ 1,275 Interest on finance lease liabilities 135 115 Total finance lease cost 1,620 1,390 Operating lease cost 260,619 266,681 Variable lease cost 42,654 38,477 Total lease cost $ 304,893 $ 306,548 Weighted Average Remaining Lease Term as of December 31, 2020 and 2019: Operating leases 16.1 years 16.6 years Finance leases 2.7 years 3.3 years Weighted Average Discount Rate as of December 31, 2020 and 2019: Operating leases 5.9 % 6.1 % Finance leases 3.4 % 3.6 % For the twelve months ended Other information: December 31, 2020 December 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 237,747 $ 237,758 Cash flows from finance leases $ 1,485 $ 1,275 Tenant (Operating) Leases The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to 10 years with multiple renewal periods at the option of the tenant. Tenant leases typically contain specific rent escalators, which can be fixed or escalate in accordance with a standard cost of living index, including the renewal option periods. Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no lon |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis — The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model. Refer to Note 20 for discussion of the Company’s redeemable non-controlling interests. Items Measured at Fair Value on a Nonrecurring Basis — The Company’s long-lived and intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived and intangible assets is calculated using a discounted cash flow model. Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands): For the year ended December 31, 2020 2019 2018 Asset impairment (1) $ 31,552 $ 18,794 $ 14,350 Write-off of carrying value of decommissioned towers 7,456 11,155 10,795 Other (including third party decommission costs) 1,089 3,154 1,989 Total asset impairment and decommission costs $ 40,097 $ 33,103 $ 27,134 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. Refer to Note 2 for discussion of the Company’s long term investments. Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the shorter maturity of these instruments. The Company’s estimate of its short term investments are based primarily upon Level 1 reported market values. As of December 31, 2020 and 2019, the Company had $ 0.7 million and $ 0.5 million, respectively, of short term investments. For the year ended December 31, 2020, the Company purchased and sold $ 1.2 billion of short-term investments. The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset monthly or more frequently. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate was set for the Revolving Credit Facility ( 112.5 to 175.0 basis points). Refer to Note 11 for the fair values, principal balances, and carrying values of the Company’s debt instruments. For discussion of the Company’s derivatives and hedging activities, refer to Note 1 and Note 22. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | 4. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The cash, cash equivalents, and restricted cash balances on the Consolidated Statement of Cash Flows consist of the following: As of As of As of December 31, 2020 December 31, 2019 December 31, 2018 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 308,560 $ 108,309 $ 143,444 Securitization escrow accounts 31,507 30,046 32,261 Restricted cash - current asset Payment and performance bonds 164 197 203 Restricted cash - current asset Surety bonds and workers compensation 2,577 2,568 2,392 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 342,808 $ 141,120 $ 178,300 Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31, 2020 and 2019, the Company had $ 41.8 million and $ 41.7 million in surety, payment and performance bonds, respectively, for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of December 31, 2020 and 2019, the Company had also pledged $ 2.3 million as collateral related to its workers’ compensation policy. |
Costs and Estimated Earnings on
Costs and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2020 | |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Costs and Estimated Earnings on Uncompleted Contracts | 5. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following: As of As of December 31, 2020 December 31, 2019 (in thousands) Costs incurred on uncompleted contracts $ 54,949 $ 52,339 Estimated earnings 21,778 19,954 Billings to date ( 43,725 ) ( 47,401 ) $ 33,002 $ 24,892 These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of December 31, 2020 December 31, 2019 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 34,796 $ 26,313 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 1,794 ) ( 1,421 ) $ 33,002 $ 24,892 At December 31, 2020 and 2019, eight customers comprised 99.4 % and 94.4 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings, respectively. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets and Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets and Other Assets | 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS The Company’s prepaid expenses and other current assets are comprised of the following: As of As of December 31, 2020 December 31, 2019 (in thousands) Prepaid ground rent $ 1,412 $ 1,632 Prepaid real estate taxes 3,153 3,003 Prepaid taxes 8,121 4,924 Other 11,189 27,722 Total prepaid expenses and other current assets $ 23,875 $ 37,281 The Company’s other assets are comprised of the following: As of As of December 31, 2020 December 31, 2019 (in thousands) Straight-line rent receivable $ 321,816 $ 330,660 Interest rate swap asset (1) 12,123 47,583 Loan receivables 5,931 8,295 Deferred lease costs, net 4,788 4,865 Deferred tax asset - long term 53,722 4,342 Long-term investments 57,575 13,255 Other 22,037 23,078 Total other assets $ 477,992 $ 432,078 (1) Refer to Note 22 for more information on the Company’s interest rate swaps. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | 7 . ACQUISITIONS The following table summarizes the Company’s acquisition activity: For the year ended December 31, 2020 2019 2018 Tower acquisitions (number of towers) 233 2,443 1,316 The following table summarizes the Company’s cash acquisition capital expenditures: For the year ended December 31, 2020 2019 2018 (in thousands) Acquisitions of towers and related intangible assets (1) (2) (3) $ 181,473 $ 701,471 $ 406,699 Land buyouts and other assets (4) 89,945 72,486 45,130 Total cash acquisition capital expenditures $ 271,418 $ 773,957 $ 451,829 (1) The year ended December 31, 2020 excludes $ 77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021. (2) The year ended December 31, 2019 excludes $ 1.7 million of acquisitions costs funded through the issuance of 10,000 shares of Class A common stock. (3) On August 30, 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which resulted in the consolidation of the entity. The cash consideration is included herein. Furthermore, the year ended December 31, 2019 excludes $ 72.0 million associated with the consolidation of this entity. (4) In addition, the Company paid $ 12.3 million, $ 15.2 million, and $ 24.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2020, 2019, and 2018, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. Includes amounts paid related to the acquisition of data centers for the years ended December 31, 2020 and 2019. During the year ended December 31, 2020, the Company acquired 233 towers and related assets and liabilities consisting of $ 30.1 million of property and equipment, $ 218.1 million of intangible assets, and $ 66.8 million of other net liabilities assumed. All acquisitions in the year ended December 31, 2020 were accounted for as asset acquisitions. During the year ended December 31, 2019, the Company acquired 2,443 towers and related assets and liabilities consisting of $ 90.8 million of property and equipment, $ 715.5 million of intangible assets, and $ 32.8 million of other net liabilities assumed. During the year ended December 31, 2018, the Company acquired 1,316 towers and related assets and liabilities consisting of $ 134.5 million of property and equipment, $ 280.7 million of intangible assets, and $ 8.5 million of other net liabilities assumed. Subsequent to December 31, 2020, the Company acquired 25 towers and related assets for $ 8.4 million in cash. In addition, on February 16, 2021, the Company closed on the acquisition of wireless tenant licenses on 697 utility transmission structures related to the previously announced PG&E transaction for $ 954.0 million of cash consideration. The balance of the PG&E transaction is anticipated to close by the end of the third quarter. Furthermore, the Company has agreed to purchase and anticipates closing on 299 additional communication sites for an aggregate amount of $ 72.7 million. The Company anticipates that the majority of these acquisitions will be consummated by the end of the second quarter of 2021. The maximum potential obligation related to the performance targets for acquisitions, which have not been recorded on the Company’s Consolidated Balance Sheet, were $ 35.0 million and $ 29.7 million as of December 31, 2020 and 2019, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 8. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of December 31, 2020 December 31, 2019 (in thousands) Towers and related components $ 5,213,019 $ 5,164,104 Construction-in-process (1) 38,065 33,644 Furniture, equipment, and vehicles 54,610 51,654 Land, buildings, and improvements 818,272 736,378 Total property and equipment 6,123,966 5,985,780 Less: accumulated depreciation ( 3,446,640 ) ( 3,191,178 ) Property and equipment, net $ 2,677,326 $ 2,794,602 (1) Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $ 287.0 million, $ 281.6 million, and $ 269.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020 and 2019, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 6.1 million and $ 14.7 million, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 9. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of December 31, 2020 As of December 31, 2019 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,876,880 $ ( 2,471,438 ) $ 2,405,442 $ 4,996,591 $ ( 2,218,404 ) $ 2,778,187 Network location intangibles 1,770,944 ( 1,020,236 ) 750,708 1,764,484 ( 915,898 ) 848,586 Intangible assets, net $ 6,647,824 $ ( 3,491,674 ) $ 3,156,150 $ 6,761,075 $ ( 3,134,302 ) $ 3,626,773 All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $ 434.4 million, $ 415.2 million, and $ 402.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated amortization expense on the Company’s intangibles assets is as follows: For the year ended December 31, (in thousands) 2021 $ 410,820 2022 388,376 2023 364,625 2024 335,645 2025 325,820 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 10. ACCRUED EXPENSES The Company’s accrued expenses are comprised of the following: As of As of December 31, 2020 December 31, 2019 (in thousands) Salaries and benefits $ 20,958 $ 19,838 Real estate and property taxes 9,583 9,598 Unpaid capital expenditures 6,073 14,669 Other 26,417 23,513 Total accrued expenses $ 63,031 $ 67,618 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Debt | 11. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of December 31, 2020 December 31, 2019 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Apr. 11, 2023 $ 380,000 $ 380,000 $ 380,000 $ 490,000 $ 490,000 $ 490,000 2018 Term Loan Apr. 11, 2025 2,340,000 2,310,750 2,325,391 2,364,000 2,369,910 2,346,183 2013-2C Tower Securities (1) Apr. 11, 2023 575,000 599,662 572,063 575,000 585,954 570,866 2014-2C Tower Securities (1) Oct. 8, 2024 620,000 670,003 616,131 620,000 644,912 615,205 2015-1C Tower Securities (1) Oct. 8, 2020 — — — 500,000 502,095 498,090 2016-1C Tower Securities (1) Jul. 9, 2021 — — — 700,000 704,095 696,936 2017-1C Tower Securities (1) Apr. 11, 2022 760,000 774,410 757,165 760,000 763,405 755,061 2018-1C Tower Securities (1) Mar. 9, 2023 640,000 671,341 636,045 640,000 658,266 634,344 2019-1C Tower Securities (1) Jan. 12, 2025 1,165,000 1,218,613 1,155,106 1,165,000 1,158,057 1,153,086 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 752,910 742,782 — — — 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 597,840 594,081 — — — 2014 Senior Notes Jul. 15, 2022 — — — 750,000 760,313 743,580 2016 Senior Notes Sep. 1, 2024 1,100,000 1,127,500 1,088,924 1,100,000 1,142,625 1,086,241 2017 Senior Notes Oct. 1, 2022 750,000 757,500 746,642 750,000 764,063 744,833 2020 Senior Notes Feb. 15, 2027 1,500,000 1,567,500 1,481,466 — — — Total debt $ 11,180,000 $ 11,428,029 $ 11,095,796 $ 10,414,000 $ 10,543,695 $ 10,334,425 Less: current maturities of long-term debt ( 24,000 ) ( 522,090 ) Total long-term debt, net of current maturities $ 11,071,796 $ 9,812,335 (1) The maturity date represents the anticipated repayment date for each issuance. The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2020 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows: For the year ended December 31, (in thousands) 2021 $ 24,000 2022 1,534,000 2023 1,619,000 2024 1,744,000 2025 3,409,000 The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: For the year ended December 31, Interest 2020 2019 2018 Rates as of Cash Non-cash Cash Non-cash Cash Non-cash December 31, 2020 Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 1.610 % $ 6,070 $ — $ 7,085 $ — $ 7,411 $ — 2014 Term Loan N/A — — — — 15,550 146 2015 Term Loan N/A — — — — 5,237 187 2018 Term Loan (1) 1.878 % 68,963 23,452 105,021 1,338 72,648 543 2013 Tower Securities (2) 3.722 % 21,584 — 21,584 — 25,654 — 2014 Tower Securities (3) 3.869 % 24,185 — 43,055 — 51,138 — 2015-1C Tower Securities 3.156 % 8,589 — 15,939 — 15,939 — 2016-1C Tower Securities 2.877 % 10,972 — 20,361 — 20,361 — 2017-1C Tower Securities 3.168 % 24,354 — 24,354 — 24,354 — 2018-1C Tower Securities 3.448 % 22,281 — 22,281 — 18,072 — 2019-1C Tower Securities 2.836 % 33,428 — 10,029 — — — 2020-1C Tower Securities 1.884 % 6,675 — — — — — 2020-2C Tower Securities 2.328 % 6,568 — — — — — 2014 Senior Notes 4.875 % 3,352 112 36,563 800 36,563 761 2016 Senior Notes 4.875 % 53,625 1,109 53,625 1,055 53,625 1,003 2017 Senior Notes 4.000 % 30,000 — 30,000 — 30,000 — 2020 Senior Notes 3.875 % 46,769 197 — — — — Capitalized interest and other 459 — 139 — ( 335 ) — Total $ 367,874 $ 24,870 $ 390,036 $ 3,193 $ 376,217 $ 2,640 (1) The 2018 Term Loan has a blended rate of 1.878 % which includes the impact of the interest rate swap entered into on August 4, 2020 which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.900 % as of December 31, 2020. Refer to Note 22 for more information on the Company’s interest rate swap. (2) The 2013-1C Tower Securities and the 2013-1D Tower Securities, which were repaid March 9, 2018, accrued interest at 2.240 % and 3.598 %, respectively. The 2013-2C Tower Securities accrue interest at 3.722 %. (3) The 2014-1C Tower Securities, which was repaid September 13, 2019, accrued interest at 2.898 %. The 2014-2C Tower Securities accrue interest at 3.869 %. Senior Credit Agreement On April 11, 2018, the Company amended and restated its Senior Credit Agreement to (1) issue a new $ 2.4 billion Term Loan, (2) increase the total commitments under the Revolving Credit Facility from $ 1.0 billion to $ 1.25 billion, (3) extend the maturity date of the Revolving Credit Facility to April 11, 2023 , (4) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility, and (5) amend certain other terms and conditions under the Senior Credit Agreement. Terms of the Senior Credit Agreement The Senior Credit Agreement, as amended, requires SBA Senior Finance II to maintain specific financial ratios, including (1) a ratio of Consolidated Net Debt to Annualized Borrower EBITDA not to exceed 6.5 times for any fiscal quarter, (2) a ratio of Consolidated Net Debt (calculated in accordance with the Senior Credit Agreement) to Annualized Borrower EBITDA for the most recently ended fiscal quarter not to exceed 6.5 times for 30 consecutive days and (3) a ratio of Annualized Borrower EBITDA to Annualized Cash Interest Expense (calculated in accordance with the Senior Credit Agreement) of not less than 2.0 times for any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the ability of SBA Senior Finance II and its subsidiaries to incur indebtedness, grant certain liens, make certain investments, enter into sale leaseback transactions, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset dispositions, including a sale of all or substantially all of their property. The Senior Credit Agreement is also subject to customary events of default. Pursuant to the Second Amended and Restated Guarantee and Collateral Agreement, amounts borrowed under the Revolving Credit Facility, the Term Loans and certain hedging transactions that may be entered into by SBA Senior Finance II or the Subsidiary Guarantors (as defined in the Senior Credit Agreement) with lenders or their affiliates are secured by a first lien on the membership interests of SBA Telecommunications, LLC, SBA Senior Finance, LLC and SBA Senior Finance II and on substantially all of the assets (other than leasehold, easement and fee interests in real property) of SBA Senior Finance II and the Subsidiary Guarantors. The Senior Credit Agreement, as amended, permits SBA Senior Finance II, without the consent of the other lenders, to request that one or more lenders provide SBA Senior Finance II with increases in the Revolving Credit Facility or additional term loans provided that after giving effect to the proposed increase in Revolving Credit Facility commitments or incremental term loans the ratio of Consolidated Net Debt to Annualized Borrower EBITDA would not exceed 6.5 times. SBA Senior Finance II’s ability to request such increases in the Revolving Credit Facility or additional term loans is subject to its compliance with customary conditions set forth in the Senior Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein and, with respect to any additional term loan, an increase in the margin on existing term loans to the extent required by the terms of the Senior Credit Agreement. Upon SBA Senior Finance II’s request, each lender may decide, in its sole discretion, whether to increase all or a portion of its Revolving Credit Facility commitment or whether to provide SBA Senior Finance II with additional term loans and, if so, upon what terms. Revolving Credit Facility under the Senior Credit Agreement The Revolving Credit Facility consists of a revolving loan under which up to $ 1.25 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate plus a margin that ranges from 112.5 basis points to 175.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 75.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.20 % and 0.25 % per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, April 11, 2023 . The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of the period may not be reflective of the total amounts outstanding during such period. During the year ended December 31, 2020, the Company borrowed $ 895.0 million and repaid $ 1.0 billion of the outstanding balance under the Revolving Credit Facility. As of December 31, 2020, the balance outstanding under the Revolving Credit Facility was $ 380.0 million accruing interest at 1.610 % per annum. In addition, SBA Senior Finance II was required to pay a commitment fee of 0.20 % per annum on the amount of the unused commitment. As of December 31, 2020, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Subsequent to December 31, 2020, the Company borrowed $ 680.0 million and repaid $ 430.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $ 630.0 million was outstanding under the Revolving Credit Facility. Term Loan under the Senior Credit Agreement 2018 Term Loan On April 11, 2018, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, obtained a new term loan (the “2018 Term Loan”) under the amended and restated Senior Credit Agreement. The 2018 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $ 2.4 billion that matures on April 11, 2025 . The 2018 Term Loan accrues interest, at SBA Senior Finance II’s election at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor). The 2018 Term Loan was issued at 99.75 % of par value. As of December 31, 2020, the 2018 Term Loan was accruing interest at 1.900 % per annum. Principal payments on the 2018 Term Loan commenced on September 30, 2018 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $ 6.0 million. The Company incurred financing fees of approximately $ 16.8 million in relation to this transaction, which are being amortized through the maturity date. The proceeds from the 2018 Term Loan were used (1) to retire the outstanding $ 1.93 billion in aggregate principal amount of the 2014 Term Loan and 2015 Term Loan, (2) to pay down the existing outstanding balance under the Revolving Credit Facility, and (3) for general corporate purposes. During the year ended December 31, 2020, the Company repaid an aggregate of $ 24.0 million of principal on the 2018 Term Loan. As of December 31, 2020, the 2018 Term Loan had a principal balance of $ 2.3 billion. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $ 1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $ 176.2 million. On the same date, the Company entered into an interest rate swap for $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. Secured Tower Revenue Securities Tower Revenue Securities Terms The mortgage loan underlying the 2013-2C Tower Securities, 2014-2C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, 2019-1C Tower Securities, 2020-1C Tower Securities, and 2020-2C Tower Securities (together the “Tower Securities”) will be paid from the operating cash flows from the aggregate 9,989 tower sites owned by the Borrowers. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5 % of the Borrowers’ operating revenues for the immediately preceding calendar month. The Borrowers may prepay any of the mortgage loan components, in whole or in part, with no prepayment consideration, (1) within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2017-1C, Secured Tower Revenue Securities Series 2018-1C, Secured Tower Revenue Securities Series 2019-1C, and Secured Tower Revenue Securities Series 2020-1C ) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C, Secured Tower Revenue Securities Series 2014-2C, and Secured Tower Revenue Securities Series 2020-2C) of the anticipated repayment date of such mortgage loan component, (2) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (3) during an amortization period. In all other circumstances, the Borrowers may prepay the mortgage loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment consideration is determined based on the class of the Tower Securities to which the prepaid mortgage loan component corresponds and consists of an amount equal to the excess, if any, of (1) the present value associated with the portion of the principal balance being prepaid, calculated in accordance with the formula set forth in the mortgage loan agreement, on the date of prepayment of all future installments of principal and interest required to be paid from the date of prepayment to and including the first due date within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2017-1C, Secured Tower Revenue Securities Series 2018-1C, Secured Tower Revenue Securities Series 2019-1C, and Secured Tower Revenue Securities Series 2020-1C ) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C, Secured Tower Revenue Securities Series 2014-2C, and Secured Tower Revenue Securities Series 2020-2C) of the anticipated repayment date of such mortgage loan component over (2) that portion of the principal balance of such class prepaid on the date of such prepayment. To the extent that the mortgage loan components corresponding to the Tower Securities are not fully repaid by their respective anticipated repayment dates, the interest rate of each such component will increase by the greater of (1) 5 % and (2) the amount, if any, by which the sum of (x) the 10 year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the mortgage loan agreement) plus (z) 5 %, exceeds the original interest rate for such component. Pursuant to the terms of the Tower Securities, all rents and other sums due on any of the towers owned by the Borrowers are directly deposited by the lessees into a controlled deposit account and are held by the indenture trustee. The monies held by the indenture trustee after the release date are classified as short-term restricted cash on the Consolidated Balance Sheets (see Note 4). However, if the Debt Service Coverage Ratio, defined as the net cash flow (as defined in the mortgage loan agreement) divided by the amount of interest on the mortgage loan, servicing fees and trustee fees that the Borrowers are required to pay over the succeeding twelve months, as of the end of any calendar quarter, falls to 1.30 x or lower, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as “excess cash flow,” will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the Debt Service Coverage Ratio exceeds 1.30 x for two consecutive calendar quarters. If the Debt Service Coverage Ratio falls below 1.15 x as of the end of any calendar quarter, then an “amortization period” will commence and all funds on deposit in the reserve account will be applied to prepay the mortgage loan until such time that the Debt Service Coverage Ratio exceeds 1.15 x for a calendar quarter. In addition, if any of the Tower Securities are not fully repaid by their respective anticipated repayment dates, the cash flow from the towers owned by the Borrowers will be trapped by the trustee for the Tower Securities and applied first to repay the interest, at the original interest rates, on the mortgage loan components underlying the Tower Securities, second to fund all reserve accounts and operating expenses associated with those towers, third to pay the management fees due to Network Management, fourth to repay principal of the Tower Securities and fifth to repay the additional interest discussed above. Furthermore, the advance rents reserve requirement states that the Borrowers are required to maintain an advance rents reserve at any time the monthly tenant Debt Service Coverage Ratio is equal to or less than 2 :1 and for two calendar months after such coverage ratio again exceeds 2 :1. The mortgage loan agreement, as amended, also includes covenants customary for mortgage loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. 2013-2C Tower Securities On April 18, 2013, the Company, through a New York common law trust (the “Trust”) , issued $ 575.0 million of Secured Tower Revenue Securities Series 2013-2C, which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 (the “2013-2C Tower Securities”). The fixed interest rate of the 2013-2C Tower Securities is 3.722 % per annum, payable monthly. The Company incurred financing fees of $ 11.0 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2013-2C Tower Securities. 2014 Tower Securities On October 15, 2014, the Company, through the Trust, issued $ 920.0 million of 2.898 % Secured Tower Revenue Securities Series 2014-1C, which had an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $ 620.0 million of 3.869 % Secured Tower Revenue Securities Series 2014-2C, which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The Company incurred financing fees of $ 9.0 million in relation to the 2014-2C Tower Securities, which are being amortized through the anticipated repayment date of the 2014-2C Tower Securities. On September 13, 2019, the Company repaid the entire aggregate principal amount of the 2014-1C Tower Securities in connection with the issuance of the 2019-1C Tower Securities (as defined below). Additionally, the Company expensed $ 0.4 million of deferred financing fees and accrued interest related to the redemption of the 2014-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. 2015-1C Tower Securities On October 14, 2015, the Company, through the Trust, issued $ 500.0 million of Secured Tower Revenue Securities Series 2015-1C, which had an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities was 3.156 % per annum, payable monthly. The Company incurred financing fees of $ 11.2 million in relation to this transaction, which were being amortized through the anticipated repayment date of the 2015-1C Tower Securities. On July 14, 2020, the Company repaid the entire aggregate principal amount of the 2015-1C Tower Securities in connection with the issuance of the 2020 Tower Securities (as defined below). Additionally, the Company expensed $ 0.6 million of deferred financing fees and accrued interest related to the redemption of the 2015-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. 2016-1C Tower Securities On July 7, 2016, the Company, through the Trust, issued $ 700.0 million of Secured Tower Revenue Securities Series 2016-1C, which had an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities was 2.877 % per annum, payable monthly. The Company incurred financing fees of $ 9.5 million in relation to this transaction, which were being amortized through the anticipated repayment date of the 2016-1C Tower Securities. On July 14, 2020, the Company repaid the entire aggregate principal amount of the 2016-1C Tower Securities in connection with the issuance of the 2020 Tower Securities (as defined below). Additionally, the Company expensed $ 2.0 million of deferred financing fees and accrued interest related to the redemption of the 2016-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. 2017-1C Tower Securities On April 17, 2017, the Company, through the Trust, issued $ 760.0 million of Secured Tower Revenue Securities Series 2017-1C, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168 % per annum, payable monthly. The Company incurred financing fees of $ 10.2 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased $ 40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459 % per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation. 2018-1C Tower Securities On March 9, 2018, the Company, through the Trust, issued $ 640.0 million of Secured Tower Revenue Securities Series 2018-1C, which have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 (the “2018-1C Tower Securities”). The fixed interest rate on the 2018-1C Tower Securities is 3.448 % per annum, payable monthly. The Company incurred financing fees of $ 8.6 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2018-1C Tower Securities. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $ 33.7 million of Secured Tower Revenue Securities Series 2018-1R issued by the Trust. These securities have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 (the “2018-1R Tower Securities”). The fixed interest rate on the 2018-1R Tower Securities is 4.949 % per annum, payable monthly. Principal and interest payments made on the 2018-1R Tower Securities eliminate in consolidation. 2019-1C Tower Securities On September 13, 2019, the Company, through the Trust, issued $ 1.165 billion of Secured Tower Revenue Securities Series 2019-1C, which have an anticipated repayment date of January 12, 2025 and a final maturity date of January 12, 2050 (the “2019-1C Tower Securities”). The fixed interest rate on the 2019-1C Tower Securities is 2.836 % per annum, payable monthly. The Company incurred financing fees of $ 12.8 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2019-1C Tower Securities. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $ 61.4 million of Secured Tower Revenue Securities Series 2019-1R issued by the Trust. These securities have an anticipated repayment date of January 12, 2025 and a final maturity date of January 12, 2050 (the “2019-1R Tower Securities”). The fixed interest rate on the 2019-1R Tower Securities is 4.213 % per annum, payable monthly. Principal and interest payments made on the 2019-1R Tower Securities eliminate in consolidation. 2020 Tower Securities On July 14, 2020, the Company, through the Trust, issued $ 750.0 million of 1.884 % Secured Tower Revenue Securities Series 2020-1C which have an anticipated repayment date of January 9, 2026 and a final maturity date of July 11, 2050 (the “2020-1C Tower Securities”) and $ 600.0 million of 2.328 % Secured Tower Revenue Securities Series 2020-2C which have an anticipated repayment date of January 11, 2028 and a final maturity date of July 9, 2052 (the “2020-2C Tower Securities”) (collectively the “2020 Tower Securities”). The aggregate $ 1.35 billion of 2020 Tower Securities have a blended interest rate of 2.081 % and a weighted average life through the anticipated repayment date of 6.4 years. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2015-1C Tower Securities ($ 500.0 million) and the 2016-1C Tower Securities ($ 700.0 million). The remaining net proceeds of the 2020 Tower Securities were used for general corporate purposes. The Company has incurred deferred financing fees of $ 14.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2020 Tower Securities. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $ 71.1 million of Secured Tower Revenue Securities Series 2020-1R issued by the Trust. These securities have an anticipated repayment date of January 11, 2028 and a final maturity date of July 9, 2052 (the “2020-2R Tower Securities”). The fixed interest rate on the 2020-2R Tower Securities is 4.336 % per annum, payable monthly. Principal and interest payments made on the 2020-2R Tower Securities eliminate in consolidation. In connection with the issuance of the 2020 Tower Securities, SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA Towers VII, LLC, SBA GC Towers, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (collectively, the “Borrowers”), each an indirect subsidiary of SBAC, and Midland Loan Services, a division of PNC Bank, National Association, as servicer, on behalf of the Trustee entered into the Second Loan and Security Agreement Supplement and Amendment pursuant to which, among other things, (1) the outstanding principal amount of the mortgage loan was increased by $ 1.4 billion (but increased by a net of $ 221.1 million after giving effect to repayment of the loan components relating to the 2015-1C Tower Securities and 2016-1C Tower Securities) and (2) the Borrowers became jointly and severally liable for the aggregate $ 5.1 billion borrowed under the mortgage loan corresponding to the 2013-2C Tower Securities, 2014-2C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, 2019-1C Tower Securities, and the newly issued 2020-1C Tower Securities and 2020-2C Tower Securities. The new loan, after eliminating the risk retention securities, accrues interest at the same rate as the 2020 Tower Securities and is subject to all other material terms of the existing mortgage loan, including collateral and interest rate after the anticipated repayment date. Debt Covenants As of December 31, 2020, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. Senior Notes 2014 Senior Notes On July 1, 2014, the Company issued $ 750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrued interest at a rate of 4.875 % per annum and were issued at 99.178 % of par value. Interest on the 2014 Senior Notes was due semi-annually on January 15 and July 15 of each year. The Company had incurred financing fees of $ 11.6 million in relation to this transaction, which were being amortized through the maturity date. On February 20, 2020, the Company redeemed the entire $ 750.0 million balance of the 2014 Senior Notes with proceeds from the 2020 Senior Notes (defined below). In addition, the Company paid a $ 9.1 million call premium and expensed $ 7.7 million for the write-off of the original issue discount and financing fees related to the redemption of the 2014 Senior Notes which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. 2016 Senior Notes On August 15, 2016, the Company issued $ 1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875 % per annum and were issued at 99.178 % of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company incurred financing fees of $ 12.8 million in relation to this transaction, which are being amortized through the maturity date. The 2016 Senior Notes are subject to redemption in whole or in part at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. The Company may redeem the 2016 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: September 1, 2020 at 102.438 %, September 1, 2021 at 101.219 %, or September 1, 2022 until maturity at 100.000 %, of the principal amount of the 2016 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest. 2017 Senior Notes On October 13, 2017, the Company issued $ 750.0 million of unsecured senior notes due October 1, 2022 at par value (the “2017 Senior Notes”). The 2017 Senior Notes accrued interest at a rate of 4.0 % per annum. Interest on the 2017 Senior Notes was due semi-annually on April 1 and October 1 of each year, beginning on April 1, 2018. The Company incurred financing fees of $ 8.9 million in relation to this transaction, which were being amortized through the maturity date. On February 11, 2021, the Company redeemed the entire $ 750.0 million balance of the 2017 Senior Notes with proceeds from the 2021 Senior Notes (defined belo |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 12. SHAREHOLDERS’ EQUITY Common Stock Equivalents The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 16). Registration of Additional Shares The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the year ended December 31, 2020, the Company did not issue any shares of Class A common stock under this registration statement. During the year ended December 31, 2019, the Company issued 10,000 shares of Class A common stock under this registration statement. As of December 31, 2020, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. On March 5, 2018, the Company filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR. This registration statement enables the Company to issue shares of its Class A common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing automatic shelf registration statements, the Company will file a prospectus supplement and advise the Commission of the amount and type of securities each time it issues securities under this registration statement. For the years ended December 31, 2020 and 2019, the Company did no t issue any securities under this automatic shelf registration statement. On August 6, 2020, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 3.4 million shares of the Company’s Class A common stock, consisting of 3.0 million shares of Common Stock issuable under the 2020 Performance and Equity Incentive Plan (the “2020 Plan”) and 400,000 shares of Common Stock subject to awards granted under the 2010 Performance and Equity Incentive Plan (the “2010 Plan”) that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares (see Note 13). Stock Repurchases The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On November 2, 2020, the Company’s Board of Directors authorized a new $ 1.0 billion stock repurchase plan, replacing the prior plan authorized on July 29, 2019 which had a remaining authorization of $ 124.3 million. As of the date of this filing, the Company had $ 500.0 million authorization remaining under the new plan. The following is a summary of the Company’s share repurchases: For the year ended December 31, 2020 2019 2018 Total number of shares purchased (in millions) (1) 3.1 2.0 5.0 Average price paid per share (1) $ 280.17 $ 231.87 $ 159.87 Total price paid (in millions) (1) $ 856.0 $ 470.3 $ 795.5 Subsequent to December 31, 2020, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.5 Average price paid per share (1) $ 262.16 Total price paid (in millions) (1) $ 144.0 (1) Amounts are calculated based on the trade date which differs from the Consolidated Statements of Cash Flows which calculate share repurchases based on settlement date. Dividends As a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income after the utilization of any available NOLs (determined before the deduction for dividends paid and excluding any net capital gain). As of December 31, 2020, $ 651.1 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the Company’s NOLs have been fully utilized. The amount of future distributions will be determined, from time to time, by the Board of Directors to balance the Company’s goal of increasing long-term shareholder value and retaining sufficient cash to implement the Company’s current capital allocation policy, which prioritizes investment in quality assets that meet the Company’s return criteria, and then stock repurchases when the Company believes its stock price is below its intrinsic value. The actual amount, timing and frequency of future dividends, will be at the sole discretion of the Board of Directors and will be declared based upon various factors, many of which are beyond the Company’s control. As of December 31, 2020, the Company paid the following cash dividends: Payable to Shareholders of Record At the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 20, 2020 March 10, 2020 $ 0.465 $ 52.2 million March 26, 2020 May 5, 2020 May 28, 2020 $ 0.465 $ 52.0 million June 18, 2020 August 3, 2020 August 25, 2020 $ 0.465 $ 52.0 million September 21, 2020 November 2, 2020 November 19, 2020 $ 0.465 $ 51.5 million December 17, 2020 Dividends paid in 2020 and 2019 were ordinary dividends. Subsequent to December 31, 2020, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record At the Close be Paid Date Declared of Business on Per Share Date to be Paid February 19, 2021 March 10, 2021 $ 0.58 March 26, 2021 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. STOCK-BASED COMPENSATION On February 25, 2020, the Company’s 2010 Plan expired by its terms. On May 14, 2020, the Company’s shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Company’s Class A common stock (of which approximately 3.0 million shares remain available for future issuance as of December 31, 2020), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock. Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three year s. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200 % of the target amounts. At the end of each three year performance period, the number of shares that vest will depend on the results achieved against the pre-established performance metrics. Furthermore, effective with the 2020 grant, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest. Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: For the year ended December 31, 2020 2019 2018 Risk free interest rate 1.66 % 1.37 % - 2.47 % 2.57 % - 2.92 % Dividend yield 1.3 % 1.3 % 0.7 % Expected volatility 20.4 % 20.4 % 21.6 % Expected lives 4.6 years 4.6 years 4.6 years The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2020, 2019 and 2018 as follows (dollars and shares in thousands, except for per share data): Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2017 4,842 $ 100.12 Granted 941 $ 156.55 Exercised ( 926 ) $ 81.73 Forfeited/canceled ( 41 ) $ 123.98 Outstanding at December 31, 2018 4,816 $ 114.48 Granted 1,068 $ 183.42 Exercised ( 1,315 ) $ 103.47 Forfeited/canceled ( 62 ) $ 140.85 Outstanding at December 31, 2019 4,507 $ 133.68 Granted 10 $ 240.99 Exercised ( 1,287 ) $ 110.59 Forfeited/canceled ( 28 ) $ 168.11 Outstanding at December 31, 2020 3,202 $ 143.01 3.8 $ 445,311 Exercisable at December 31, 2020 1,700 $ 124.93 3.0 $ 267,228 Unvested at December 31, 2020 1,502 $ 163.48 4.6 $ 178,083 The weighted-average per share fair value of options granted during the years ended December 31, 2020, 2019 and 2018 was $ 41.09 , $ 33.99 , and $ 33.01 , respectively. The total intrinsic value for options exercised during the years ended December 31, 2020, 2019 and 2018 was $ 235.0 million, $ 132.8 million and $ 78.0 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2020, 2019 and 2018 was approximately $ 142.5 million, $ 136.0 million, and $ 74.7 million, respectively. The tax benefit realized for the tax deductions from option exercises under all plans was $ 16.9 million and $ 10.2 million for the years ended December 31, 2020 and 2019, respectively. No tax benefit was realized for the year ended December 31, 2018. The aggregate intrinsic value for stock options in the preceding table represents the total intrinsic value based on the Company’s closing stock price of $ 282.13 as of December 31, 2020. The amount represents the total intrinsic value that would have been received by the holders of the stock-based awards had these awards been exercised and sold as of that date. Additional information regarding options outstanding and exercisable at December 31, 2020 is as follows: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $ 95.01 - $ 115.00 557 2.1 $ 96.89 556 $ 96.87 $ 115.01 - $ 150.00 926 2.9 $ 116.83 656 $ 117.51 $ 150.01 - $ 180.00 744 4.2 $ 156.54 300 $ 156.53 $ 180.01 - $ 270.00 975 5.2 $ 183.87 188 $ 183.40 3,202 1,700 The following table summarizes the activity of options outstanding that had not yet vested: Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2019 2,590 $ 29.82 Options granted 10 $ 41.09 Vested ( 1,070 ) $ 26.96 Forfeited ( 28 ) $ 32.12 Unvested as of December 31, 2020 1,502 $ 31.91 As of December 31, 2020, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $ 15.1 million. That cost is expected to be recognized over a weighted average period of 1.8 years. The total fair value of options vested during 2020, 2019, and 2018 was $ 28.8 million, $ 26.5 million, and $ 24.0 million, respectively. Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2020: RSUs PSUs Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2019 313 $ 152.98 — $ — Granted (1) 99 $ 290.77 149 $ 376.48 Vested ( 129 ) $ 142.11 — $ — Forfeited/canceled ( 9 ) $ 202.02 ( 1 ) $ 376.50 Outstanding at December 31, 2020 274 $ 206.48 148 $ 376.48 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. Employee Stock Purchase Plan In 2018, the Board of Directors of the Company adopted the 2018 Employee Stock Purchase Plan (“2018 Purchase Plan”) which replaced the 2008 Purchase Plan and reserved 300,000 shares of Class A common stock for purchase. The 2018 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85 % of the fair market value of Class A common stock on the last day of an offering period. For the years ended December 31, 2020 and 2019, 25,058 shares and 30,128 shares, respectively, of Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $ 6.1 million and $ 5.5 million, respectively. At December 31, 2020, 234,762 shares remained available for issuance under the 2018 Purchase Plan. For the year ended December 31, 2018, 16,798 shares of Class A common stock were issued under the previous 2008 Purchase Plan, which resulted in cash proceeds to the Company of approximately $ 2.3 million. In addition, the Company recorded $ 1.1 million, $ 1.0 million, and $ 0.6 million of non-cash compensation expense relating to the shares issued under the 2008 Purchase Plan and 2018 Purchase Plan for each of the years ended December 31, 2020, 2019, and 2018, respectively. Non-Cash Compensation Expense The table below reflects a break out by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2020, 2019, and 2018, respectively: For the year ended December 31, 2020 2019 2018 (in thousands) Cost of revenues $ 2,074 $ 2,034 $ 1,182 Selling, general and administrative 66,816 71,180 41,145 Total cost of non-cash compensation included in income before provision for income taxes $ 68,890 $ 73,214 $ 42,327 During 2018, the Board of Directors adopted a retirement policy applicable to all employees receiving equity as part of their compensation plan. This policy was effective January 1, 2019. Historically, all unvested equity awards were forfeited upon termination of employment and any options that were vested but unexercised would be forfeited 90 days after the termination of employment. The new retirement policy allows employees that meet certain conditions to vest or continue vesting in outstanding equity awards following retirement and extends the time the employee has to exercise vested and outstanding awards. As a result of this policy, stock compensation expense related to the adoption of the policy resulted in an acceleration of unrecognized stock compensation expense of approximately $ 18.5 million in 2019. In addition, the Company capitalized $ 1.5 million, $ 1.1 million and $ 0.8 million of non-cash compensation for the years ended December 31, 2020, 2019 and 2018, respectively, to fixed assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 14. INCOME TAXES As discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements. Income (loss) before provision (benefit) for income taxes by geographic area is as follows: For the year ended December 31, 2020 2019 2018 (in thousands) Domestic $ 151,421 $ 133,046 $ 99,203 Foreign ( 169,170 ) 53,843 ( 47,519 ) Total $ ( 17,749 ) $ 186,889 $ 51,684 The provision (benefit) for income taxes consis ts of the following components: For the year ended December 31, 2020 2019 2018 (in thousands) Current provision: State $ 753 $ 5,520 $ 5,764 Foreign 20,638 18,150 13,756 Total current 21,391 23,670 19,520 Deferred provision (benefit) for taxes: Federal ( 7,552 ) ( 3,306 ) ( 9,463 ) State ( 4,684 ) 1,952 ( 1,412 ) Foreign ( 59,956 ) 13,138 ( 16,673 ) Change in valuation allowance 9,005 4,151 12,261 Total deferred ( 63,187 ) 15,935 ( 15,287 ) Total provision (benefit) for income taxes $ ( 41,796 ) $ 39,605 $ 4,233 A reconciliation of the provision (benefit) for income taxes at the statutory U.S. Federal tax rate ( 21 %) and the effective income tax rate is as follows: For the year ended December 31, 2020 2019 2018 (in thousands) Statutory federal expense $ ( 3,727 ) $ 39,247 $ 10,854 Rate and permanent differences on non-U.S. earnings (1) ( 7,531 ) 15,937 3,620 State and local tax expense ( 3,707 ) 7,578 4,824 REIT adjustment ( 35,539 ) ( 28,975 ) ( 22,241 ) Permanent differences ( 736 ) 18 437 Tax Act impact on deferred taxes — — ( 6,040 ) Other 439 1,649 518 Valuation allowance 9,005 4,151 12,261 (Benefit) provision for income taxes $ ( 41,796 ) $ 39,605 $ 4,233 (1) This item includes the effect of foreign exchange rate changes which were previously shown on a separate line. The components of the net noncurrent deferred income tax asset (liability) accounts are as follows: As of December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating losses $ 55,657 $ 61,741 Property, equipment, and intangible basis differences 9,813 5,946 Accrued liabilities 6,561 9,994 Non-cash compensation 20,128 19,198 Operating lease liability 232,329 276,824 Deferred revenue 2,846 2,527 Allowance for doubtful accounts 3,017 4,190 Currency translation 99,344 47,468 Other 5,808 2,657 Valuation allowance ( 63,239 ) ( 54,610 ) Total deferred tax assets, net (1) 372,264 375,935 Deferred tax liabilities: Property, equipment, and intangible basis differences ( 145,328 ) ( 158,419 ) Right of use asset ( 223,366 ) ( 269,586 ) Straight-line rents ( 20,809 ) ( 25,535 ) Deferred foreign withholding taxes ( 9,796 ) ( 7,706 ) Deferred lease costs — ( 34 ) Other ( 1,532 ) ( 783 ) Total deferred tax liabilities, net (1) $ ( 28,567 ) $ ( 86,128 ) (1) Of these amounts, $ 53,722 and $ 82,290 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2020. As of December 31, 2019, $ 4,342 , $ 1,650 , and $ 88,820 are included in Other assets, Other current liabilities, and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheet. A deferred tax asset is reduced by a valuation allowance if based on the weight of all available evidence, including both positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that the value of such assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxable income of the same character during the carryback or carryforward period. All sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies, should be considered. The Company has recorded a valuation allowance for certain deferred tax assets as management believes that it is not “more-likely-than-not” that the Company will generate sufficient taxable income in future periods to recognize the assets. Valuation allowances of $ 63.2 million and $ 54.6 million were being carried to offset net deferred income tax assets as of December 31, 2020 and 2019, respectively. The net change in the valuation allowance for the years ended December 31, 2020 and 2019 was an increase of $ 8.6 million and a decrease of $ 4.0 million, respectively. The Company has available at December 31, 2020, a federal NOL carry-forward of approximately $ 770.8 million. $ 745.2 million of these NOL carry-forwards will expire between 2025 and 2037 , and $ 25.6 million have an indefinite carry-forward. As of December 31, 2020, $ 651.1 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized. The Internal Revenue Code places limitations upon the future availability of NOLs based upon changes in the equity of the Company. If these occur, the ability of the Company to offset future income with existing NOLs may be limited. In addition, the Company has available at December 31, 2020, a foreign NOL carry-forward of $ 65.9 million and a net state operating tax loss carry-forward of approximately $ 412.0 million. These net operating tax loss carry-forwards begin to expire in 2021 . The tax losses generated in tax years 2002 through 2014 remain subject to audit adjustment, and tax years 2015 and forward are op en to examination by the major jurisdictions in which the Company operates. The Company has removed the permanent reinvestment assertion as of December 31, 2020 for all foreign earnings of the Company’s foreign jurisdictions except Argentina. The Company has also removed its permanent reinvestment assertion on the investment in the Company’s Guatemala and El Salvador subsidiaries. The Company has recorded deferred foreign withholding taxes of $ 9.8 million at December 31, 2020. No additional income taxes have been provided for any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations except as noted in Guatemala and El Salvador. The deferred incomes taxes related to the Guatemala and El Salvador subsidiaries are immaterial and determining the amount of unrecognized deferred tax liability for any additional outside basis differences in these entities that the investment is indefinitely reinvested is not practicable. On December 22, 2017, the U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year it is incurred. The income inclusion for GILTI for the year ended December 31, 2020 is $ 10.0 million. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2020 | |
Segment Data [Abstract] | |
Segment Data | 15. SEGMENT DATA The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the year ended December 31, 2020 (in thousands) Revenues $ 1,558,311 $ 396,161 $ 128,666 $ — $ 2,083,138 Cost of revenues (1) 256,673 117,105 102,750 — 476,528 Operating profit 1,301,638 279,056 25,916 — 1,606,610 Selling, general, and administrative expenses 102,889 34,905 17,663 38,810 194,267 Acquisition and new business initiatives related adjustments and expenses 10,331 6,251 — — 16,582 Asset impairment and decommission costs 28,887 11,210 — — 40,097 Depreciation, amortization and accretion 539,399 174,073 2,356 6,142 721,970 Operating income (loss) 620,132 52,617 5,897 ( 44,952 ) 633,694 Other expense (principally interest expense and other expense) ( 651,443 ) ( 651,443 ) Loss before income taxes ( 17,749 ) Cash capital expenditures (2) 303,366 89,762 1,752 6,191 401,071 For the year ended December 31, 2019 Revenues $ 1,487,108 $ 373,750 $ 153,787 $ — $ 2,014,645 Cost of revenues (1) 258,413 115,538 119,080 — 493,031 Operating profit 1,228,695 258,212 34,707 — 1,521,614 Selling, general, and administrative expenses 99,707 32,411 21,525 39,074 192,717 Acquisition and new business initiatives related adjustments and expenses 7,933 7,295 — — 15,228 Asset impairment and decommission costs 24,202 8,899 2 — 33,103 Depreciation, amortization and accretion 527,718 161,183 2,341 5,836 697,078 Operating income (loss) 569,135 48,424 10,839 ( 44,910 ) 583,488 Other expense (principally interest expense and other expense) ( 396,599 ) ( 396,599 ) Income before income taxes 186,889 Cash capital expenditures (2) 287,793 635,728 3,900 4,271 931,692 For the year ended December 31, 2018 Revenues $ 1,400,095 $ 340,339 $ 125,261 $ — $ 1,865,695 Cost of revenues (1) 266,131 106,165 96,499 — 468,795 Operating profit 1,133,964 234,174 28,762 — 1,396,900 Selling, general, and administrative expenses 72,879 27,082 16,215 26,350 142,526 Acquisition and new business initiatives related adjustments and expenses 5,268 5,693 — — 10,961 Asset impairment and decommission costs 18,857 7,932 345 — 27,134 Depreciation, amortization and accretion 511,823 151,570 2,556 6,164 672,113 Operating income (loss) 525,137 41,897 9,646 ( 32,514 ) 544,166 Other expense (principally interest expense and other expense) ( 492,482 ) ( 492,482 ) Income before income taxes 51,684 Cash capital expenditures (2) 338,610 258,785 1,561 3,724 602,680 Domestic Site Int'l Site Site Leasing Leasing Development Other (3) Total Assets (in thousands) As of December 31, 2020 $ 5,893,636 $ 2,955,563 $ 61,729 $ 247,090 $ 9,158,018 As of December 31, 2019 $ 6,157,511 $ 3,381,448 $ 81,772 $ 139,210 $ 9,759,941 (1) Excludes depreciation, amortization, and accretion. (2) Includes cash paid for capital expenditures and acquisitions and financing leases. (3) Assets in Other consist primarily of general corporate assets. For the years ended December 31, 2020, 2019, and 2018, site leasing revenue in Brazil was $ 222.6 million, 226.7 million, and $ 221.5 million, respectively. Other than Brazil, no foreign country represented more than 4 % of the Company’s total site leasing revenues in any of the periods presented. Total long-lived assets in Brazil were $ 1.0 billion and $ 1.4 billion as of December 31, 2020, and 2019, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. EARNINGS PER SHARE Basic earnings per share was computed by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method. The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share data): For the year ended December 31, 2020 2019 2018 Numerator: Net income attributable to SBA Communications Corporation $ 24,104 $ 146,991 $ 47,451 Denominator: Basic weighted-average shares outstanding 111,532 112,809 114,909 Dilutive impact of stock options, RSUs, and PSUs 1,933 1,884 1,606 Diluted weighted-average shares outstanding 113,465 114,693 116,515 Net income per common share attributable to SBA Communications Corporation: Basic $ 0.22 $ 1.30 $ 0.41 Diluted $ 0.21 $ 1.28 $ 0.41 For the years ended December 31, 2020, 2019, and 2018, the diluted weighted average number of common shares outstanding excluded an additional 56,351 shares, 19,533 shares, and 0.8 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2020 are as follows (in thousands): Finance Leases Operating Leases 2021 $ 1,461 $ 242,581 2022 1,243 244,547 2023 814 245,453 2024 78 245,204 2025 — 242,767 Thereafter — 2,737,820 Total minimum lease payments 3,596 3,958,372 Less: amount representing interest ( 154 ) ( 1,631,414 ) Present value of future payments 3,442 2,326,958 Less: current obligations ( 1,432 ) ( 234,605 ) Long-term obligations $ 2,010 $ 2,092,353 Tenant (Operating) Leases The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2020 is as follows: (in thousands) 2021 $ 1,701,608 2022 1,463,893 2023 1,272,287 2024 1,035,425 2025 680,907 Thereafter 1,441,966 Total $ 7,596,086 Litigation The Company is involved in various claims, lawsuits and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. Contingent Purchase Obligations From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 3. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | 18. CONCENTRATION OF CREDIT RISK The Company’s credit risks consist primarily of accounts receivable with national, regional, and local wireless service providers and federal and state government agencies. The Company performs periodic credit evaluations of its customers’ financial condition and provides allowances for doubtful accounts, as required, based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The Company generally does not require collateral. The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2020 2019 2018 T-Mobile (1) 34.5 % 35.1 % 34.3 % AT&T Wireless 24.1 % 23.8 % 24.0 % Verizon Wireless 14.1 % 14.0 % 14.7 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2020 2019 2018 T-Mobile (1) 40.5 % 40.6 % 39.9 % AT&T Wireless 32.2 % 32.1 % 31.9 % Verizon Wireless 18.5 % 18.6 % 19.0 % For the year ended December 31, Percentage of International Site Leasing Revenue 2020 2019 2018 Oi S.A. 28.7 % 31.3 % 35.5 % Telefonica 18.1 % 26.9 % 26.7 % Claro 14.5 % 11.6 % 11.4 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. For the year ended December 31, Percentage of Site Development Revenue 2020 2019 2018 T-Mobile (1) 66.8 % 67.5 % 63.5 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. Five customers comprised 63.8 % and 66.6 % of total gross accounts receivable at December 31, 2020 and December 31, 2019, respectively. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 19. DEFINED CONTRIBUTION PLAN The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan. The Company makes a discretionary matching contribution of 75 % of an employee’s contributions up to a maximum of $ 4,000 annually. Company matching contributions were approximately $ 2.7 million, $ 2.4 million and $ 2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Redeemable Noncontrolling Interests [Abstract] | |
Redeemable Noncontrolling Interests | 20. REDEEMABLE NONCONTROLLING INTERESTS In August 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which operated under the name Atlas Tower South Africa (“Atlas SA”). As a result of the transaction, the Company has consolidated the results of the entity into its financial statements. The incremental investment is reflected within Acquisitions on the Consolidated Statement of Cash Flows. In connection with the acquisition of the additional interest in Atlas SA, the parties agreed to both a put option exercisable by the noncontrolling interest holder and a call option exercisable by the Company for the remaining 6 % minority interest based on a formulaic approach. During the third quarter of 2020, the Company noticed its intent to exercise its call option to acquire its remaining 6 % interest in the joint venture, which has not yet closed as of December 31, 2020. As the put option is outside of the Company’s control, the estimated redemption value of the minority interest is presented as a redeemable noncontrolling interest outside of permanent equity on the Consolidated Balance Sheets. As of December 31, 2020, the fair market value of the 6 % noncontrolling interest was $ 15.2 million. The fair value assigned to the redeemable noncontrolling interest is estimated using Level 3 inputs based on unobservable inputs. The Company allocates income and losses to the noncontrolling interest holder based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder, or (2) the contractually-defined redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings). The components of redeemable noncontrolling interests as of December 31, 2020 are as follows (in thousands): December 31, December 31, 2020 2019 Beginning balance $ 16,052 $ — Purchase of noncontrolling interests — 13,990 Additional investment — 179 Foreign currency translation adjustments ( 52 ) 460 Adjustment to fair value ( 749 ) 1,130 Net (loss) income attributable to noncontrolling interests ( 57 ) 293 Ending balance $ 15,194 $ 16,052 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 21. QUARTERLY FINANCIAL DATA (unaudited) Quarter Ended December 31, September 30, June 30, March 31, 2020 2020 2020 2020 (in thousands, except per share amounts) Revenues $ 535,905 $ 522,940 $ 507,226 $ 517,067 Operating income 165,100 160,337 157,054 151,203 Depreciation, accretion, and amortization ( 180,383 ) ( 180,302 ) ( 178,706 ) ( 182,579 ) Net income (loss) attributable to SBA Communications Corporation 105,781 22,568 22,813 ( 127,058 ) Net income (loss) per common share - basic $ 0.96 $ 0.20 $ 0.20 $ ( 1.14 ) Net income (loss) per common share - diluted 0.94 0.20 0.20 ( 1.14 ) Quarter Ended December 31, September 30, June 30, March 31, 2019 2019 2019 2019 (in thousands, except per share amounts) Revenues $ 513,659 $ 507,547 $ 500,147 $ 493,292 Operating income 153,920 153,847 136,452 139,269 Depreciation, accretion, and amortization ( 179,487 ) ( 174,987 ) ( 171,564 ) ( 171,040 ) Net income attributable to SBA Communications Corporation 67,350 21,679 31,973 25,989 Net income per common share - basic $ 0.60 $ 0.19 $ 0.28 $ 0.23 Net income per common share - diluted 0.59 0.19 0.28 0.23 Because net income (loss) per share amounts are calculated using the weighted average number of common and dilutive common shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total loss per share amounts for the year. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | 22. DERIVATIVES AND HEDGING ACTIVITIES The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $ 1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $ 176.2 million. On the same date, the Company entered into an interest rate swap for $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. As of December 31, 2020, the hedge remains highly effective; therefore, subsequent changes in the fair value are recorded in Accumulated other comprehensive loss, net. As of December 31, 2020, the interest rate swap has a fair value of $ 12.1 million. On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates which range from 2023 to 2025 . Accumulated other comprehensive loss, net includes an aggregate of $ 140.9 million and $ 42.1 million of accumulated derivative net losses as of December 31, 2020 and December 31, 2019, respectively. Additionally, the Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform. The disclosures below provide additional information about the effects of these interest rate swaps on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Shareholders’ Deficit. The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows with the exception of the termination of interest rate swaps which are recorded in Net cash used in financing activities. The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets at December 31, 2020 and 2019 . Fair Value as of Balance Sheet December 31, December 31, Location 2020 2019 Derivatives Designated as Hedging Instruments (in thousands) Interest rate swap agreements in a fair value asset position Other assets $ 12,123 $ — Interest rate swap agreement in a fair value liability position Other long-term liabilities $ — $ 42,698 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements in a fair value asset position Other assets $ — $ 47,583 Interest rate swap agreements in a fair value liability position Other long-term liabilities $ — $ 47,583 The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations for the fiscal years ended December 31, 2020, 2019, and 2018. For the year ended December 31, 2020 2019 2018 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 128,086 ) $ 16,887 $ — Amount recognized in Non-cash interest expense $ ( 6,707 ) $ ( 878 ) $ — Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount recorded in Accumulated other comprehensive loss, net $ — ( 60,462 ) — Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 29,315 $ 1,444 $ — |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation | Schedule III—Schedule of Real Estate and Accumulated Depreciation Gross Life on Which Cost Amount Accumulated Depreciation Capitalized Carried Depreciation in Latest Initial Subsequent at Close at Close Income Cost to to of Current of Current Date of Date Statement is Description Encumbrances Company Acquisition Period Period Construction Acquired Computed (in thousands) 32,923 sites (1) $ 7,830,000 (2) (3) (3) $ 5,963,048 (4) $ ( 3,383,370 ) Various Various Up to 20 years (1) No single site exceeds 5 % of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (2) As of December 31, 2020, certain assets secure debt of $ 7.8 billion. (3) The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis. (4) Does not include those sites under construction. 2020 2019 2018 (in thousands) Gross amount at beginning $ 5,833,338 $ 5,561,005 $ 5,340,858 Additions during period: Acquisitions (1) 80,582 111,734 131,686 Construction and related costs on new builds 40,493 48,975 54,237 Augmentation and tower upgrades 36,211 63,998 49,201 Land buyouts and other assets 28,918 39,298 37,032 Tower maintenance 28,426 28,960 30,048 Other (2) 19,142 — — Total additions 233,772 292,965 302,204 Deductions during period: Cost of real estate sold or disposed — ( 856 ) ( 1,083 ) Impairment ( 17,064 ) ( 9,587 ) ( 17,130 ) Other (3) ( 86,998 ) ( 10,189 ) ( 63,844 ) Total deductions ( 104,062 ) ( 20,632 ) ( 82,057 ) Balance at end $ 5,963,048 $ 5,833,338 $ 5,561,005 (1) Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. (2) Represents changes to the Company’s asset retirement obligations. (3) Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates. 2020 2019 2018 (in thousands) Gross amount of accumulated depreciation at beginning $ ( 3,133,061 ) $ ( 2,868,507 ) $ ( 2,627,841 ) Additions during period: Depreciation ( 275,947 ) ( 269,606 ) ( 257,469 ) Other (1) ( 38 ) ( 83 ) ( 25 ) Total additions ( 275,985 ) ( 269,689 ) ( 257,494 ) Deductions during period: Amount of accumulated depreciation for assets sold or disposed 4,244 2,887 4,392 Other (1) 21,432 2,248 12,436 Total deductions 25,676 5,135 16,828 Balance at end $ ( 3,383,370 ) $ ( 3,133,061 ) $ ( 2,868,507 ) (1) Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value. |
Restricted Cash | Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4). |
Investments | Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from sales of the Company’s investments are presented within Cash flows from investing activities on the Company’s Consolidated Statements of Cash Flows. During the year ended December 31, 2020 and 2019, no gain or loss was recorded related to the sale or maturity of investments. The Company’s long term investments were $ 57.6 million and $ 13.3 million as of December 31, 2020 and 2019, respectively. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2020, 2019, and 2018. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $ 0.6 million, $ 0.7 million, and $ 0.9 million of interest cost was capitalized in 2020, 2019 and 2018, respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 30 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented. |
Deferred Financing Fees | Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheet, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. |
Intangible Assets | Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract intangibles for impairment. The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $ 40.1 million, $ 33.1 million, and $ 27.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Refer to Note 3 for further detail of these amounts. |
Fair Value Measurements | Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 94 % of the Company’s total revenues. For additional information on tenant leases, refer to the Leases section below. Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets. Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. The site development segment represents approximately 6 % of the Company’s total revenues. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract. The accounts receivable balance was $ 74.1 million and $ 132.1 million as of December 31, 2020 and 2019, respectively, of which $ 14.3 million and $ 40.7 million related to the site development segment as of December 31, 2020 and 2019, respectively. Refer to Note 15 for further detail of the site development segment. |
Credit Losses | Credit Losses Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) prospectively. ASU 2016-13 replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of ASU 2016-13 was not material individually or in the aggregate to the Company. ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The following is a rollforward of the allowance for doubtful accounts for our site leasing and site development businesses: For the year ended December 31, 2020 2019 2018 (in thousands) Beginning balance $ 21,202 $ 23,880 $ 26,481 Provision for doubtful accounts 620 155 551 Write-offs ( 23 ) ( 1,455 ) ( 591 ) Recoveries (1) ( 3,524 ) ( 2,296 ) — Acquisitions — 1,193 — Currency translation adjustment ( 2,582 ) ( 275 ) ( 2,561 ) Ending balance $ 15,693 $ 21,202 $ 23,880 (1) On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10 % reduction in the receivable and four annual installment payments. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022. |
Cost of Revenue | Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2020. The REIT had taxable income during the year ended December 31, 2020 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2020 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are reserved by a valuation allowance. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for RSUs and PSUs is based on the fair market value of the units awarded at the date of the grant. |
Asset Retirement Obligations | Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2020 and 2019, the asset retirement obligation was $ 30.9 million and $ 11.5 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), other foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges. |
Foreign Currency Translation | Foreign Currency Translation All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the Consolidated Statement of Shareholders’ Deficit. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations. |
Acquisitions | Acquisitions Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2020, there were no purchase price allocations that were preliminary. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three year s after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. |
Leases | Leases The Company adopted ASU No. 2016-02, Leases (“Topic 842”) using the modified retrospective adoption method with an effective date of January 1, 2019. The consolidated financial statements for 2020 and 2019 are presented under the new standard, while the 2018 comparative period presented is not adjusted and continues to be reported in accordance with the Company's historical accounting policy. This standard requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets. The components of the right-of-use assets and lease liabilities as of December 31, 2020 and 2019 are as follows (in thousands): December 31, December 31, 2020 2019 Operating lease right-of-use assets, net $ 2,369,358 $ 2,567,507 Financing lease right-of-use assets, net 4,202 4,710 Right-of-use assets, net $ 2,373,560 $ 2,572,217 Current operating lease liabilities $ 234,605 $ 245,665 Current financing lease liabilities 1,432 1,350 Current lease liabilities $ 236,037 $ 247,015 Long-term operating lease liabilities $ 2,092,353 $ 2,276,858 Long-term financing lease liabilities 2,010 2,542 Long-term lease liabilities $ 2,094,363 $ 2,279,400 Operating Leases Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals, and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site (generally 15 years). Substantially all leases provide for rent rate escalations. The most common provisions provide for fixed rent escalators which typically average 2 - 3 % annually. The Company also has ground leases that include consumer price index escalators, particularly in its South American and South African operations. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments. Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term. Finance Leases Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms. Discount Rate When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates. Lease Cost Variable lease payments include escalations based on standard cost of living indexes and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions. The components of lease cost, lease term, and discount rate as of December 31, 2020 and 2019 are as follows: For the year ended December 31, 2020 December 31, 2019 (in thousands) Amortization of right-of-use assets $ 1,485 $ 1,275 Interest on finance lease liabilities 135 115 Total finance lease cost 1,620 1,390 Operating lease cost 260,619 266,681 Variable lease cost 42,654 38,477 Total lease cost $ 304,893 $ 306,548 Weighted Average Remaining Lease Term as of December 31, 2020 and 2019: Operating leases 16.1 years 16.6 years Finance leases 2.7 years 3.3 years Weighted Average Discount Rate as of December 31, 2020 and 2019: Operating leases 5.9 % 6.1 % Finance leases 3.4 % 3.6 % For the twelve months ended Other information: December 31, 2020 December 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 237,747 $ 237,758 Cash flows from finance leases $ 1,485 $ 1,275 Tenant (Operating) Leases The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to 10 years with multiple renewal periods at the option of the tenant. Tenant leases typically contain specific rent escalators, which can be fixed or escalate in accordance with a standard cost of living index, including the renewal option periods. Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is not reasonably certain of occurrence; therefore, only the current committed term is included in the determination of the lease term. Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations. Deferred Lease Costs ASU 2016-02, defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $ 1.2 million and $ 1.8 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense related to deferred initial direct costs was $ 1.3 million and $ 1.4 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, unamortized deferred initial direct costs were $ 4.8 million and $ 4.9 million, respectively, and are included in other assets on the Consolidated Balance Sheets. |
Reference Rate Reform | Reference Rate Reform ASU 2020-04, Reference Rate Reform, provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. As of December 31, 2020, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements. |
Intercompany Loans Subject to Remeasurement | Intercompany Loans Subject to Remeasurement In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 145.6 million loss, a $ 9.0 million gain, and a $ 58.8 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2020, 2019, and 2018, respectively, due to changes in foreign exchange rates. As of December 31, 2020 and 2019, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 909.8 million and $ 899.7 million, respectively . |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASU 2017-12 (ASC 815 - Derivatives and Hedging), hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Asset Classes and Related Estimated Useful Lives | Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Data Centers, buildings, and leasehold improvements 10 - 30 years |
Allowance for Doubtful Accounts | For the year ended December 31, 2020 2019 2018 (in thousands) Beginning balance $ 21,202 $ 23,880 $ 26,481 Provision for doubtful accounts 620 155 551 Write-offs ( 23 ) ( 1,455 ) ( 591 ) Recoveries (1) ( 3,524 ) ( 2,296 ) — Acquisitions — 1,193 — Currency translation adjustment ( 2,582 ) ( 275 ) ( 2,561 ) Ending balance $ 15,693 $ 21,202 $ 23,880 (1) On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10 % reduction in the receivable and four annual installment payments. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022. |
Schedule of Right-of-use Assets and Liabilities | December 31, December 31, 2020 2019 Operating lease right-of-use assets, net $ 2,369,358 $ 2,567,507 Financing lease right-of-use assets, net 4,202 4,710 Right-of-use assets, net $ 2,373,560 $ 2,572,217 Current operating lease liabilities $ 234,605 $ 245,665 Current financing lease liabilities 1,432 1,350 Current lease liabilities $ 236,037 $ 247,015 Long-term operating lease liabilities $ 2,092,353 $ 2,276,858 Long-term financing lease liabilities 2,010 2,542 Long-term lease liabilities $ 2,094,363 $ 2,279,400 |
Components of Lease Cost, Lease Term, and Discount Rate | For the year ended December 31, 2020 December 31, 2019 (in thousands) Amortization of right-of-use assets $ 1,485 $ 1,275 Interest on finance lease liabilities 135 115 Total finance lease cost 1,620 1,390 Operating lease cost 260,619 266,681 Variable lease cost 42,654 38,477 Total lease cost $ 304,893 $ 306,548 Weighted Average Remaining Lease Term as of December 31, 2020 and 2019: Operating leases 16.1 years 16.6 years Finance leases 2.7 years 3.3 years Weighted Average Discount Rate as of December 31, 2020 and 2019: Operating leases 5.9 % 6.1 % Finance leases 3.4 % 3.6 % For the twelve months ended Other information: December 31, 2020 December 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 237,747 $ 237,758 Cash flows from finance leases $ 1,485 $ 1,275 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Summary of Asset Impairment and Decommission Costs | For the year ended December 31, 2020 2019 2018 Asset impairment (1) $ 31,552 $ 18,794 $ 14,350 Write-off of carrying value of decommissioned towers 7,456 11,155 10,795 Other (including third party decommission costs) 1,089 3,154 1,989 Total asset impairment and decommission costs $ 40,097 $ 33,103 $ 27,134 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | As of As of As of December 31, 2020 December 31, 2019 December 31, 2018 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 308,560 $ 108,309 $ 143,444 Securitization escrow accounts 31,507 30,046 32,261 Restricted cash - current asset Payment and performance bonds 164 197 203 Restricted cash - current asset Surety bonds and workers compensation 2,577 2,568 2,392 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 342,808 $ 141,120 $ 178,300 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Summary of Costs and Estimated Earnings on Uncompleted Contracts | As of As of December 31, 2020 December 31, 2019 (in thousands) Costs incurred on uncompleted contracts $ 54,949 $ 52,339 Estimated earnings 21,778 19,954 Billings to date ( 43,725 ) ( 47,401 ) $ 33,002 $ 24,892 |
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets | As of As of December 31, 2020 December 31, 2019 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 34,796 $ 26,313 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 1,794 ) ( 1,421 ) $ 33,002 $ 24,892 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | |
Schedule of Prepaid Expense and Other Current Assets | As of As of December 31, 2020 December 31, 2019 (in thousands) Prepaid ground rent $ 1,412 $ 1,632 Prepaid real estate taxes 3,153 3,003 Prepaid taxes 8,121 4,924 Other 11,189 27,722 Total prepaid expenses and other current assets $ 23,875 $ 37,281 |
Schedule of Other Assets | As of As of December 31, 2020 December 31, 2019 (in thousands) Straight-line rent receivable $ 321,816 $ 330,660 Interest rate swap asset (1) 12,123 47,583 Loan receivables 5,931 8,295 Deferred lease costs, net 4,788 4,865 Deferred tax asset - long term 53,722 4,342 Long-term investments 57,575 13,255 Other 22,037 23,078 Total other assets $ 477,992 $ 432,078 (1) Refer to Note 22 for more information on the Company’s interest rate swaps. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions [Abstract] | |
Schedule of Acquisition Activity | For the year ended December 31, 2020 2019 2018 Tower acquisitions (number of towers) 233 2,443 1,316 |
Schedule of Acquisition Capital Expenditures | For the year ended December 31, 2020 2019 2018 (in thousands) Acquisitions of towers and related intangible assets (1) (2) (3) $ 181,473 $ 701,471 $ 406,699 Land buyouts and other assets (4) 89,945 72,486 45,130 Total cash acquisition capital expenditures $ 271,418 $ 773,957 $ 451,829 (1) The year ended December 31, 2020 excludes $ 77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021. (2) The year ended December 31, 2019 excludes $ 1.7 million of acquisitions costs funded through the issuance of 10,000 shares of Class A common stock. (3) On August 30, 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which resulted in the consolidation of the entity. The cash consideration is included herein. Furthermore, the year ended December 31, 2019 excludes $ 72.0 million associated with the consolidation of this entity. (4) In addition, the Company paid $ 12.3 million, $ 15.2 million, and $ 24.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2020, 2019, and 2018, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. Includes amounts paid related to the acquisition of data centers for the years ended December 31, 2020 and 2019. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net (Including Assets Held Under Capital Leases) | As of As of December 31, 2020 December 31, 2019 (in thousands) Towers and related components $ 5,213,019 $ 5,164,104 Construction-in-process (1) 38,065 33,644 Furniture, equipment, and vehicles 54,610 51,654 Land, buildings, and improvements 818,272 736,378 Total property and equipment 6,123,966 5,985,780 Less: accumulated depreciation ( 3,446,640 ) ( 3,191,178 ) Property and equipment, net $ 2,677,326 $ 2,794,602 (1) Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets, Net [Abstract] | |
Gross and Net Carrying Amounts for each Major Class of Intangible Assets | As of December 31, 2020 As of December 31, 2019 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,876,880 $ ( 2,471,438 ) $ 2,405,442 $ 4,996,591 $ ( 2,218,404 ) $ 2,778,187 Network location intangibles 1,770,944 ( 1,020,236 ) 750,708 1,764,484 ( 915,898 ) 848,586 Intangible assets, net $ 6,647,824 $ ( 3,491,674 ) $ 3,156,150 $ 6,761,075 $ ( 3,134,302 ) $ 3,626,773 |
Estimated Future Amortization Expense | For the year ended December 31, (in thousands) 2021 $ 410,820 2022 388,376 2023 364,625 2024 335,645 2025 325,820 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Expenses | As of As of December 31, 2020 December 31, 2019 (in thousands) Salaries and benefits $ 20,958 $ 19,838 Real estate and property taxes 9,583 9,598 Unpaid capital expenditures 6,073 14,669 Other 26,417 23,513 Total accrued expenses $ 63,031 $ 67,618 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt [Abstract] | |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt | As of As of December 31, 2020 December 31, 2019 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Apr. 11, 2023 $ 380,000 $ 380,000 $ 380,000 $ 490,000 $ 490,000 $ 490,000 2018 Term Loan Apr. 11, 2025 2,340,000 2,310,750 2,325,391 2,364,000 2,369,910 2,346,183 2013-2C Tower Securities (1) Apr. 11, 2023 575,000 599,662 572,063 575,000 585,954 570,866 2014-2C Tower Securities (1) Oct. 8, 2024 620,000 670,003 616,131 620,000 644,912 615,205 2015-1C Tower Securities (1) Oct. 8, 2020 — — — 500,000 502,095 498,090 2016-1C Tower Securities (1) Jul. 9, 2021 — — — 700,000 704,095 696,936 2017-1C Tower Securities (1) Apr. 11, 2022 760,000 774,410 757,165 760,000 763,405 755,061 2018-1C Tower Securities (1) Mar. 9, 2023 640,000 671,341 636,045 640,000 658,266 634,344 2019-1C Tower Securities (1) Jan. 12, 2025 1,165,000 1,218,613 1,155,106 1,165,000 1,158,057 1,153,086 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 752,910 742,782 — — — 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 597,840 594,081 — — — 2014 Senior Notes Jul. 15, 2022 — — — 750,000 760,313 743,580 2016 Senior Notes Sep. 1, 2024 1,100,000 1,127,500 1,088,924 1,100,000 1,142,625 1,086,241 2017 Senior Notes Oct. 1, 2022 750,000 757,500 746,642 750,000 764,063 744,833 2020 Senior Notes Feb. 15, 2027 1,500,000 1,567,500 1,481,466 — — — Total debt $ 11,180,000 $ 11,428,029 $ 11,095,796 $ 10,414,000 $ 10,543,695 $ 10,334,425 Less: current maturities of long-term debt ( 24,000 ) ( 522,090 ) Total long-term debt, net of current maturities $ 11,071,796 $ 9,812,335 (1) The maturity date represents the anticipated repayment date for each issuance. |
Schedule of Future Principal Payment Obligations | For the year ended December 31, (in thousands) 2021 $ 24,000 2022 1,534,000 2023 1,619,000 2024 1,744,000 2025 3,409,000 |
Schedule of Cash and Non-Cash Interest Expense | For the year ended December 31, Interest 2020 2019 2018 Rates as of Cash Non-cash Cash Non-cash Cash Non-cash December 31, 2020 Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 1.610 % $ 6,070 $ — $ 7,085 $ — $ 7,411 $ — 2014 Term Loan N/A — — — — 15,550 146 2015 Term Loan N/A — — — — 5,237 187 2018 Term Loan (1) 1.878 % 68,963 23,452 105,021 1,338 72,648 543 2013 Tower Securities (2) 3.722 % 21,584 — 21,584 — 25,654 — 2014 Tower Securities (3) 3.869 % 24,185 — 43,055 — 51,138 — 2015-1C Tower Securities 3.156 % 8,589 — 15,939 — 15,939 — 2016-1C Tower Securities 2.877 % 10,972 — 20,361 — 20,361 — 2017-1C Tower Securities 3.168 % 24,354 — 24,354 — 24,354 — 2018-1C Tower Securities 3.448 % 22,281 — 22,281 — 18,072 — 2019-1C Tower Securities 2.836 % 33,428 — 10,029 — — — 2020-1C Tower Securities 1.884 % 6,675 — — — — — 2020-2C Tower Securities 2.328 % 6,568 — — — — — 2014 Senior Notes 4.875 % 3,352 112 36,563 800 36,563 761 2016 Senior Notes 4.875 % 53,625 1,109 53,625 1,055 53,625 1,003 2017 Senior Notes 4.000 % 30,000 — 30,000 — 30,000 — 2020 Senior Notes 3.875 % 46,769 197 — — — — Capitalized interest and other 459 — 139 — ( 335 ) — Total $ 367,874 $ 24,870 $ 390,036 $ 3,193 $ 376,217 $ 2,640 (1) The 2018 Term Loan has a blended rate of 1.878 % which includes the impact of the interest rate swap entered into on August 4, 2020 which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.900 % as of December 31, 2020. Refer to Note 22 for more information on the Company’s interest rate swap. (2) The 2013-1C Tower Securities and the 2013-1D Tower Securities, which were repaid March 9, 2018, accrued interest at 2.240 % and 3.598 %, respectively. The 2013-2C Tower Securities accrue interest at 3.722 %. (3) The 2014-1C Tower Securities, which was repaid September 13, 2019, accrued interest at 2.898 %. The 2014-2C Tower Securities accrue interest at 3.869 %. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | |
Summary of Share Repurchases | For the year ended December 31, 2020 2019 2018 Total number of shares purchased (in millions) (1) 3.1 2.0 5.0 Average price paid per share (1) $ 280.17 $ 231.87 $ 159.87 Total price paid (in millions) (1) $ 856.0 $ 470.3 $ 795.5 Subsequent to December 31, 2020, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.5 Average price paid per share (1) $ 262.16 Total price paid (in millions) (1) $ 144.0 (1) Amounts are calculated based on the trade date which differs from the Consolidated Statements of Cash Flows which calculate share repurchases based on settlement date. |
Schedule of Dividends Paid and Dividends Declared | As of December 31, 2020, the Company paid the following cash dividends: Payable to Shareholders of Record At the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 20, 2020 March 10, 2020 $ 0.465 $ 52.2 million March 26, 2020 May 5, 2020 May 28, 2020 $ 0.465 $ 52.0 million June 18, 2020 August 3, 2020 August 25, 2020 $ 0.465 $ 52.0 million September 21, 2020 November 2, 2020 November 19, 2020 $ 0.465 $ 51.5 million December 17, 2020 Dividends paid in 2020 and 2019 were ordinary dividends. Subsequent to December 31, 2020, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record At the Close be Paid Date Declared of Business on Per Share Date to be Paid February 19, 2021 March 10, 2021 $ 0.58 March 26, 2021 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation [Abstract] | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options | For the year ended December 31, 2020 2019 2018 Risk free interest rate 1.66 % 1.37 % - 2.47 % 2.57 % - 2.92 % Dividend yield 1.3 % 1.3 % 0.7 % Expected volatility 20.4 % 20.4 % 21.6 % Expected lives 4.6 years 4.6 years 4.6 years |
Summary of Stock Option Activity | Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2017 4,842 $ 100.12 Granted 941 $ 156.55 Exercised ( 926 ) $ 81.73 Forfeited/canceled ( 41 ) $ 123.98 Outstanding at December 31, 2018 4,816 $ 114.48 Granted 1,068 $ 183.42 Exercised ( 1,315 ) $ 103.47 Forfeited/canceled ( 62 ) $ 140.85 Outstanding at December 31, 2019 4,507 $ 133.68 Granted 10 $ 240.99 Exercised ( 1,287 ) $ 110.59 Forfeited/canceled ( 28 ) $ 168.11 Outstanding at December 31, 2020 3,202 $ 143.01 3.8 $ 445,311 Exercisable at December 31, 2020 1,700 $ 124.93 3.0 $ 267,228 Unvested at December 31, 2020 1,502 $ 163.48 4.6 $ 178,083 |
Additional Information Regarding Options Outstanding And Exercisable | Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $ 95.01 - $ 115.00 557 2.1 $ 96.89 556 $ 96.87 $ 115.01 - $ 150.00 926 2.9 $ 116.83 656 $ 117.51 $ 150.01 - $ 180.00 744 4.2 $ 156.54 300 $ 156.53 $ 180.01 - $ 270.00 975 5.2 $ 183.87 188 $ 183.40 3,202 1,700 |
Summary of Activity of Options Outstanding not yet Vested | Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2019 2,590 $ 29.82 Options granted 10 $ 41.09 Vested ( 1,070 ) $ 26.96 Forfeited ( 28 ) $ 32.12 Unvested as of December 31, 2020 1,502 $ 31.91 |
Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity | RSUs PSUs Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2019 313 $ 152.98 — $ — Granted (1) 99 $ 290.77 149 $ 376.48 Vested ( 129 ) $ 142.11 — $ — Forfeited/canceled ( 9 ) $ 202.02 ( 1 ) $ 376.50 Outstanding at December 31, 2020 274 $ 206.48 148 $ 376.48 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. |
Schedule of Non-Cash Compensation Expense | For the year ended December 31, 2020 2019 2018 (in thousands) Cost of revenues $ 2,074 $ 2,034 $ 1,182 Selling, general and administrative 66,816 71,180 41,145 Total cost of non-cash compensation included in income before provision for income taxes $ 68,890 $ 73,214 $ 42,327 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income (Loss) before Provision (Benefit) for Income Taxes from Continuing Operations by Geographic Area | For the year ended December 31, 2020 2019 2018 (in thousands) Domestic $ 151,421 $ 133,046 $ 99,203 Foreign ( 169,170 ) 53,843 ( 47,519 ) Total $ ( 17,749 ) $ 186,889 $ 51,684 |
Components of Provision (Benefit) for Income Taxes | ts of the following components: For the year ended December 31, 2020 2019 2018 (in thousands) Current provision: State $ 753 $ 5,520 $ 5,764 Foreign 20,638 18,150 13,756 Total current 21,391 23,670 19,520 Deferred provision (benefit) for taxes: Federal ( 7,552 ) ( 3,306 ) ( 9,463 ) State ( 4,684 ) 1,952 ( 1,412 ) Foreign ( 59,956 ) 13,138 ( 16,673 ) Change in valuation allowance 9,005 4,151 12,261 Total deferred ( 63,187 ) 15,935 ( 15,287 ) Total provision (benefit) for income taxes $ ( 41,796 ) $ 39,605 $ 4,233 |
Income Tax Rate Reconciliation | For the year ended December 31, 2020 2019 2018 (in thousands) Statutory federal expense $ ( 3,727 ) $ 39,247 $ 10,854 Rate and permanent differences on non-U.S. earnings (1) ( 7,531 ) 15,937 3,620 State and local tax expense ( 3,707 ) 7,578 4,824 REIT adjustment ( 35,539 ) ( 28,975 ) ( 22,241 ) Permanent differences ( 736 ) 18 437 Tax Act impact on deferred taxes — — ( 6,040 ) Other 439 1,649 518 Valuation allowance 9,005 4,151 12,261 (Benefit) provision for income taxes $ ( 41,796 ) $ 39,605 $ 4,233 (1) This item includes the effect of foreign exchange rate changes which were previously shown on a separate line. |
Components of Net Deferred Income Tax Asset and Liability | As of December 31, 2020 2019 (in thousands) Deferred tax assets: Net operating losses $ 55,657 $ 61,741 Property, equipment, and intangible basis differences 9,813 5,946 Accrued liabilities 6,561 9,994 Non-cash compensation 20,128 19,198 Operating lease liability 232,329 276,824 Deferred revenue 2,846 2,527 Allowance for doubtful accounts 3,017 4,190 Currency translation 99,344 47,468 Other 5,808 2,657 Valuation allowance ( 63,239 ) ( 54,610 ) Total deferred tax assets, net (1) 372,264 375,935 Deferred tax liabilities: Property, equipment, and intangible basis differences ( 145,328 ) ( 158,419 ) Right of use asset ( 223,366 ) ( 269,586 ) Straight-line rents ( 20,809 ) ( 25,535 ) Deferred foreign withholding taxes ( 9,796 ) ( 7,706 ) Deferred lease costs — ( 34 ) Other ( 1,532 ) ( 783 ) Total deferred tax liabilities, net (1) $ ( 28,567 ) $ ( 86,128 ) (1) Of these amounts, $ 53,722 and $ 82,290 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2020. As of December 31, 2019, $ 4,342 , $ 1,650 , and $ 88,820 are included in Other assets, Other current liabilities, and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheet. |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Data [Abstract] | |
Schedule of Segment Reporting Information | Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the year ended December 31, 2020 (in thousands) Revenues $ 1,558,311 $ 396,161 $ 128,666 $ — $ 2,083,138 Cost of revenues (1) 256,673 117,105 102,750 — 476,528 Operating profit 1,301,638 279,056 25,916 — 1,606,610 Selling, general, and administrative expenses 102,889 34,905 17,663 38,810 194,267 Acquisition and new business initiatives related adjustments and expenses 10,331 6,251 — — 16,582 Asset impairment and decommission costs 28,887 11,210 — — 40,097 Depreciation, amortization and accretion 539,399 174,073 2,356 6,142 721,970 Operating income (loss) 620,132 52,617 5,897 ( 44,952 ) 633,694 Other expense (principally interest expense and other expense) ( 651,443 ) ( 651,443 ) Loss before income taxes ( 17,749 ) Cash capital expenditures (2) 303,366 89,762 1,752 6,191 401,071 For the year ended December 31, 2019 Revenues $ 1,487,108 $ 373,750 $ 153,787 $ — $ 2,014,645 Cost of revenues (1) 258,413 115,538 119,080 — 493,031 Operating profit 1,228,695 258,212 34,707 — 1,521,614 Selling, general, and administrative expenses 99,707 32,411 21,525 39,074 192,717 Acquisition and new business initiatives related adjustments and expenses 7,933 7,295 — — 15,228 Asset impairment and decommission costs 24,202 8,899 2 — 33,103 Depreciation, amortization and accretion 527,718 161,183 2,341 5,836 697,078 Operating income (loss) 569,135 48,424 10,839 ( 44,910 ) 583,488 Other expense (principally interest expense and other expense) ( 396,599 ) ( 396,599 ) Income before income taxes 186,889 Cash capital expenditures (2) 287,793 635,728 3,900 4,271 931,692 For the year ended December 31, 2018 Revenues $ 1,400,095 $ 340,339 $ 125,261 $ — $ 1,865,695 Cost of revenues (1) 266,131 106,165 96,499 — 468,795 Operating profit 1,133,964 234,174 28,762 — 1,396,900 Selling, general, and administrative expenses 72,879 27,082 16,215 26,350 142,526 Acquisition and new business initiatives related adjustments and expenses 5,268 5,693 — — 10,961 Asset impairment and decommission costs 18,857 7,932 345 — 27,134 Depreciation, amortization and accretion 511,823 151,570 2,556 6,164 672,113 Operating income (loss) 525,137 41,897 9,646 ( 32,514 ) 544,166 Other expense (principally interest expense and other expense) ( 492,482 ) ( 492,482 ) Income before income taxes 51,684 Cash capital expenditures (2) 338,610 258,785 1,561 3,724 602,680 Domestic Site Int'l Site Site Leasing Leasing Development Other (3) Total Assets (in thousands) As of December 31, 2020 $ 5,893,636 $ 2,955,563 $ 61,729 $ 247,090 $ 9,158,018 As of December 31, 2019 $ 6,157,511 $ 3,381,448 $ 81,772 $ 139,210 $ 9,759,941 (1) Excludes depreciation, amortization, and accretion. (2) Includes cash paid for capital expenditures and acquisitions and financing leases. (3) Assets in Other consist primarily of general corporate assets. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share | For the year ended December 31, 2020 2019 2018 Numerator: Net income attributable to SBA Communications Corporation $ 24,104 $ 146,991 $ 47,451 Denominator: Basic weighted-average shares outstanding 111,532 112,809 114,909 Dilutive impact of stock options, RSUs, and PSUs 1,933 1,884 1,606 Diluted weighted-average shares outstanding 113,465 114,693 116,515 Net income per common share attributable to SBA Communications Corporation: Basic $ 0.22 $ 1.30 $ 0.41 Diluted $ 0.21 $ 1.28 $ 0.41 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Annual Minimum Lease Payments | Finance Leases Operating Leases 2021 $ 1,461 $ 242,581 2022 1,243 244,547 2023 814 245,453 2024 78 245,204 2025 — 242,767 Thereafter — 2,737,820 Total minimum lease payments 3,596 3,958,372 Less: amount representing interest ( 154 ) ( 1,631,414 ) Present value of future payments 3,442 2,326,958 Less: current obligations ( 1,432 ) ( 234,605 ) Long-term obligations $ 2,010 $ 2,092,353 |
Annual Minimum Lease Income | (in thousands) 2021 $ 1,701,608 2022 1,463,893 2023 1,272,287 2024 1,035,425 2025 680,907 Thereafter 1,441,966 Total $ 7,596,086 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Concentration of Credit Risk [Abstract] | |
Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from such Customers | The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2020 2019 2018 T-Mobile (1) 34.5 % 35.1 % 34.3 % AT&T Wireless 24.1 % 23.8 % 24.0 % Verizon Wireless 14.1 % 14.0 % 14.7 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2020 2019 2018 T-Mobile (1) 40.5 % 40.6 % 39.9 % AT&T Wireless 32.2 % 32.1 % 31.9 % Verizon Wireless 18.5 % 18.6 % 19.0 % For the year ended December 31, Percentage of International Site Leasing Revenue 2020 2019 2018 Oi S.A. 28.7 % 31.3 % 35.5 % Telefonica 18.1 % 26.9 % 26.7 % Claro 14.5 % 11.6 % 11.4 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. For the year ended December 31, Percentage of Site Development Revenue 2020 2019 2018 T-Mobile (1) 66.8 % 67.5 % 63.5 % (1) Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Redeemable Noncontrolling Interests [Abstract] | |
Components of Redeemable Noncontrolling Interest | December 31, December 31, 2020 2019 Beginning balance $ 16,052 $ — Purchase of noncontrolling interests — 13,990 Additional investment — 179 Foreign currency translation adjustments ( 52 ) 460 Adjustment to fair value ( 749 ) 1,130 Net (loss) income attributable to noncontrolling interests ( 57 ) 293 Ending balance $ 15,194 $ 16,052 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended December 31, September 30, June 30, March 31, 2020 2020 2020 2020 (in thousands, except per share amounts) Revenues $ 535,905 $ 522,940 $ 507,226 $ 517,067 Operating income 165,100 160,337 157,054 151,203 Depreciation, accretion, and amortization ( 180,383 ) ( 180,302 ) ( 178,706 ) ( 182,579 ) Net income (loss) attributable to SBA Communications Corporation 105,781 22,568 22,813 ( 127,058 ) Net income (loss) per common share - basic $ 0.96 $ 0.20 $ 0.20 $ ( 1.14 ) Net income (loss) per common share - diluted 0.94 0.20 0.20 ( 1.14 ) Quarter Ended December 31, September 30, June 30, March 31, 2019 2019 2019 2019 (in thousands, except per share amounts) Revenues $ 513,659 $ 507,547 $ 500,147 $ 493,292 Operating income 153,920 153,847 136,452 139,269 Depreciation, accretion, and amortization ( 179,487 ) ( 174,987 ) ( 171,564 ) ( 171,040 ) Net income attributable to SBA Communications Corporation 67,350 21,679 31,973 25,989 Net income per common share - basic $ 0.60 $ 0.19 $ 0.28 $ 0.23 Net income per common share - diluted 0.59 0.19 0.28 0.23 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets | Fair Value as of Balance Sheet December 31, December 31, Location 2020 2019 Derivatives Designated as Hedging Instruments (in thousands) Interest rate swap agreements in a fair value asset position Other assets $ 12,123 $ — Interest rate swap agreement in a fair value liability position Other long-term liabilities $ — $ 42,698 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements in a fair value asset position Other assets $ — $ 47,583 Interest rate swap agreements in a fair value liability position Other long-term liabilities $ — $ 47,583 |
Schedule of Effect of Derivatives on the Consolidated Statements of Operations | For the year ended December 31, 2020 2019 2018 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 128,086 ) $ 16,887 $ — Amount recognized in Non-cash interest expense $ ( 6,707 ) $ ( 878 ) $ — Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount recorded in Accumulated other comprehensive loss, net $ — ( 60,462 ) — Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 29,315 $ 1,444 $ — |
General (Narrative) (Details)
General (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Company owned tower sites | 32,923 |
Domestic [Member] | |
Company owned tower sites | 16,546 |
International [Member] | |
Company owned tower sites | 16,377 |
Brazil [Member] | |
Company owned tower sites | 9,934 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Line Items] | |||
Gain (loss) on sale of investments | $ 0 | $ 0 | |
Long-term investments | 57,600,000 | 13,300,000 | |
Interest cost capitalized | $ 600,000 | 700,000 | $ 900,000 |
Intangible assets, useful life | 15 years | ||
Impairment charge recognized, related to long-lived assets | $ 40,100,000 | 33,100,000 | 27,100,000 |
Asset retirement obligation | 30,900,000 | 11,500,000 | |
Accounts receivable, net | 74,088,000 | 132,125,000 | |
Unamortized deferred lease costs | 1,200,000 | 1,800,000 | |
Amortization expense | 1,300,000 | 1,400,000 | |
Deferred lease costs | 4,800,000 | 4,900,000 | |
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan | (145,600,000) | 9,000,000 | $ (58,800,000) |
Intercompany foreign currency outstanding balance | $ 909,800,000 | 899,700,000 | |
Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Acquired intangible assets, useful life | 1 year | ||
Fixed rent escalation | 2.00% | ||
Lease term | 5 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Business acquistions period after closing date to determine additional adjustments | 1 year | ||
Acquired intangible assets, useful life | 3 years | ||
Fixed rent escalation | 3.00% | ||
Lease term | 10 years | ||
Domestic Site Leasing [Member] | Revenue [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 94.00% | ||
Site Development Revenue [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Accounts receivable, net | $ 14,300,000 | $ 40,700,000 | |
Site Development Revenue [Member] | Revenue [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 6.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Asset Classes and Related Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Towers and Related Components [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Towers and Related Components [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, Equipment and Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Furniture, Equipment and Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Data Centers, Buidlings, and Leashold Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Data Centers, Buidlings, and Leashold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 30 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 21,202 | $ 23,880 | $ 26,481 |
Provision for doubtful accounts | 620 | 155 | 551 |
Write-offs | (23) | (1,455) | (591) |
Recoveries | (3,524) | (2,296) | |
Acquisitions | 1,193 | ||
Currency translation adjustment | (2,582) | (275) | (2,561) |
Ending balance | $ 15,693 | $ 21,202 | $ 23,880 |
Oi S.A. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage reduction in accounts receivable due to customer reorganization plan | 10.00% | ||
Number of annual installment payments | item | 4 | ||
Number of annual installment payments received | item | 2 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Right-of-use Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies [Abstract] | ||
Operating lease right-of-use assets, net | $ 2,369,358 | $ 2,567,507 |
Financing lease right-of-use assets, net | 4,202 | 4,710 |
Right-of-use assets, net | 2,373,560 | 2,572,217 |
Current operating lease liabilities | 234,605 | 245,665 |
Current financing lease liabilities | 1,432 | 1,350 |
Current lease liabilities | 236,037 | 247,015 |
Long-term operating lease liabilities | 2,092,353 | 2,276,858 |
Long-term financing lease liabilities | 2,010 | 2,542 |
Long-term lease liabilities | $ 2,094,363 | $ 2,279,400 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Components of Lease Cost, Lease Term, and Discount Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | ||
Amortization of right-of-use assets | $ 1,485 | $ 1,275 |
Interest on finance lease liabilities | 135 | 115 |
Total finance lease cost | 1,620 | 1,390 |
Operating lease cost | 260,619 | 266,681 |
Variable lease cost | 42,654 | 38,477 |
Total lease cost | $ 304,893 | $ 306,548 |
Weighted Average Remaining Lease Term Operating leases | 16 years 1 month 6 days | 16 years 7 months 6 days |
Weighted Average Remaining Lease Term Finance leases | 2 years 8 months 12 days | 3 years 3 months 18 days |
Weighted Average Discount Rate: Operating leases | 5.90% | 6.10% |
Weighted Average Discount Rate: Finance leases | 3.40% | 3.60% |
Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases | $ 237,747 | $ 237,758 |
Cash paid for amounts included in measurement of lease liabilities: Cash flows from finance leases | $ 1,485 | $ 1,275 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Purchase and sale of short-term investments | $ 0.7 | $ 0.5 |
Proceeds from sale of short-term investments | $ 1,200 | |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Basis spread on variable interest rate | 1.125% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Basis spread on variable interest rate | 1.75% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |||
Asset impairment | $ 31,552 | $ 18,794 | $ 14,350 |
Write-off of carrying value of decommissioned towers | 7,456 | 11,155 | 10,795 |
Other (including third party decommission costs) | 1,089 | 3,154 | 1,989 |
Total asset impairment and decommission costs | $ 40,097 | $ 33,103 | $ 27,134 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Surety, Payment and Performance Bonds [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Surety, payment and performance bonds | $ 41,800,000 | $ 41,700,000 |
Collateral | 0 | 0 |
Workers Compensation Policy [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Collateral | $ 2,300,000 | $ 2,300,000 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 308,560 | $ 108,309 | $ 143,444 | |
Restricted cash - current asset | 31,671 | 30,243 | ||
Total cash, cash equivalents, and restricted cash | 342,808 | 141,120 | 178,300 | $ 104,295 |
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - current asset | 31,507 | 30,046 | 32,261 | |
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - current asset | 164 | 197 | 203 | |
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - noncurrent asset | $ 2,577 | $ 2,568 | $ 2,392 |
Costs and Estimated Earnings _3
Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Number of significant customers | 8 | 8 |
Concentration risk percentage | 99.40% | 94.40% |
Costs and Estimated Earnings _4
Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $ 54,949 | $ 52,339 |
Estimated earnings | 21,778 | 19,954 |
Billings to date | (43,725) | (47,401) |
Costs and estimated earnings on uncompleted contracts | $ 33,002 | $ 24,892 |
Costs and Estimated Earnings _5
Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 34,796 | $ 26,313 |
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) | (1,794) | (1,421) |
Costs and estimated earnings on uncompleted contracts | $ 33,002 | $ 24,892 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | ||
Prepaid ground rent | $ 1,412 | $ 1,632 |
Prepaid real estate taxes | 3,153 | 3,003 |
Prepaid taxes | 8,121 | 4,924 |
Other | 11,189 | 27,722 |
Total prepaid expenses and other current assets | $ 23,875 | $ 37,281 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets, Noncurrent [Line Items] | ||
Deferred tax asset - long term | $ 372,264 | $ 375,935 |
Long-term investments | 57,600 | 13,300 |
Total other assets | 477,992 | 432,078 |
Other Assets [Member] | ||
Other Assets, Noncurrent [Line Items] | ||
Straight-line rent receivable | 321,816 | 330,660 |
Interest rate swap asset | 12,123 | 47,583 |
Loan receivables | 5,931 | 8,295 |
Deferred lease costs, net | 4,788 | 4,865 |
Deferred tax asset - long term | 53,722 | 4,342 |
Long-term investments | 57,575 | 13,255 |
Other | 22,037 | 23,078 |
Total other assets | $ 477,992 | $ 432,078 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Feb. 16, 2021USD ($)item | Feb. 25, 2021USD ($)item | Jun. 30, 2021USD ($)item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item |
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 233 | 2,443 | 1,316 | |||
Amount recorded in Accumulated other comprehensive loss, net | $ (60,462) | |||||
Performance targets, maximum potential obligation | $ 35,000 | $ 29,700 | ||||
Other Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 233 | 2,443 | 1,316 | |||
Property and equipment | $ 30,100 | $ 90,800 | $ 134,500 | |||
Intangible assets | 218,100 | 715,500 | 280,700 | |||
Other net assets and liabilities assumed | $ 66,800 | $ 32,800 | $ 8,500 | |||
Acquisition 1 [Member] | Scenario, Forecast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 72,700 | |||||
Acquisition 1 [Member] | Agreement for Additional Sites [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of communication sites acquired | item | 299 | |||||
Subsequent Event [Member] | Acquisition 1 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 25 | |||||
Cash paid for acquisition | $ 8,400 | |||||
Subsequent Event [Member] | PG&E [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of utility transmission structures acquired | item | 697 | |||||
Cash paid for acquisition | $ 954,000 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquisition Activity) (Details) - item | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquisitions [Abstract] | |||
Tower acquisitions (number of towers) | 233 | 2,443 | 1,316 |
Acquisitions (Schedule of Acq_2
Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Acquisitions of towers and related intangible assets | $ 181,473 | $ 701,471 | $ 406,699 |
Land buyouts and other assets | 89,945 | 72,486 | 45,130 |
Total cash acquisition capital expenditures | 271,418 | 773,957 | 451,829 |
Acquisition costs paid through the issuance of common stock | 77,100 | $ 1,700 | |
Common stock issued for acquisition costs | 10,000 | ||
Ground lease extensions | $ 12,300 | $ 15,200 | $ 24,300 |
Additional Interest In Unconsolidated Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 72,000 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property and Equipment, Net [Abstract] | |||
Depreciation expense | $ 287,000 | $ 281,600 | $ 269,200 |
Unpaid capital expenditures | 6,073 | 14,669 | |
Unpaid capital expenditures | $ 6,100 | $ 14,700 |
Property and Equipment, Net (Pr
Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 6,123,966 | $ 5,985,780 |
Less: accumulated depreciation | (3,446,640) | (3,191,178) |
Property and equipment, net | 2,677,326 | 2,794,602 |
Towers and Related Components [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,213,019 | 5,164,104 |
Construction-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 38,065 | 33,644 |
Furniture, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 54,610 | 51,654 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 818,272 | $ 736,378 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets, Net [Abstract] | |||
Amortization expense | $ 434.4 | $ 415.2 | $ 402.6 |
Intangible Assets, Net (Gross a
Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 6,647,824 | $ 6,761,075 |
Accumulated amortization | (3,491,674) | (3,134,302) |
Net book value | 3,156,150 | 3,626,773 |
Current Contract Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,876,880 | 4,996,591 |
Accumulated amortization | (2,471,438) | (2,218,404) |
Net book value | 2,405,442 | 2,778,187 |
Network Location Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,770,944 | 1,764,484 |
Accumulated amortization | (1,020,236) | (915,898) |
Net book value | $ 750,708 | $ 848,586 |
Intangible Assets, Net (Estimat
Intangible Assets, Net (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Intangible Assets, Net [Abstract] | |
2021 | $ 410,820 |
2022 | 388,376 |
2023 | 364,625 |
2024 | 335,645 |
2025 | $ 325,820 |
Accrued Expenses (Schedule of A
Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses [Abstract] | ||
Salaries and benefits | $ 20,958 | $ 19,838 |
Real estate and property taxes | 9,583 | 9,598 |
Unpaid capital expenditures | 6,073 | 14,669 |
Other | 26,417 | 23,513 |
Total accrued expenses | $ 63,031 | $ 67,618 |
Debt (Senior Credit Agreement)
Debt (Senior Credit Agreement) (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Apr. 11, 2018 | Mar. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||
Debt instrument, principal amount | $ 11,180,000,000 | $ 10,414,000,000 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, principal amount | 380,000,000 | 490,000,000 | ||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | $ 1,250,000,000 | $ 1,000,000,000 | |
Revolving credit facility, maturity date | Apr. 11, 2023 | |||
2018 Term Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, principal amount | $ 2,340,000,000 | $ 2,364,000,000 | $ 2,400,000,000 |
Debt (Terms of The Senior Credi
Debt (Terms of The Senior Credit Agreement) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Debt Instrument [Line Items] | |
Debt to annualized borrower EBITDA ratio | 6.5 |
Senior Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Debt to annualized borrower EBITDA ratio | 6.5 |
Debt and net hedge exposure to annualized borrower EBITDA | 6.5 |
Consecutive trading days | 30 |
Annualized borrower EBITDA to annualized cash interest expense | 2 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||||
Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 11, 2018 | Mar. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||||
Repayments of revolving credit facility | $ 1,005,000,000 | $ 590,000,000 | $ 835,000,000 | |||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings on the revolving credit facility | 895,000,000 | |||||
Repayments of revolving credit facility | 1,000,000,000 | |||||
Line of credit facility, outstanding | 380,000,000 | |||||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | $ 1,250,000,000 | $ 1,000,000,000 | |||
Revolving credit facility, maturity date | Apr. 11, 2023 | |||||
Revolving credit facility, effective interest rate | 1.61% | |||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings on the revolving credit facility | $ 680,000,000 | |||||
Repayments of revolving credit facility | 430,000,000 | |||||
Line of credit facility, outstanding | $ 630,000,000 | |||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.125% | |||||
Line of credit facility, commitment fee | 0.20% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.125% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 0.125% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.75% | |||||
Line of credit facility, commitment fee | 0.25% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.75% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 0.75% |
Debt (Term Loan under the Senio
Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($) | Aug. 04, 2020 | Apr. 11, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 11,180,000,000 | $ 10,414,000,000 | |||
Repayment of term loans | 24,000,000 | 24,000,000 | $ 1,947,000,000 | ||
2018 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 2,400,000,000 | $ 2,340,000,000 | $ 2,364,000,000 | ||
Debt instrument, maturity date | Apr. 11, 2025 | ||||
Percentage of par value price for issuance of term loan | 99.75% | ||||
Accruing interest rate during the period | 1.90% | ||||
Quarterly payments | $ 6,000,000 | ||||
Financing fees | $ 16,800,000 | ||||
Repayment of term loans | 24,000,000 | ||||
Debt instrument, principal balance | 2,300,000,000 | ||||
2018 Term Loan [Member] | Cash Flow Hedges [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 1,950,000,000 | ||||
Payment to terminate | 176,200,000 | ||||
2018 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Notional amount | $ 1,950,000,000 | $ 1,950,000,000 | |||
Derivative fixed interest rate | 1.874% | 1.874% | |||
2014 and 2015 Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of term loans | $ 1,930,000,000 | ||||
Base Rate [Member] | 2018 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 0.75% | ||||
Eurodollar [Member] | 2018 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 1.75% | ||||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative basis spread on variable interest rate | 1.75% | 1.75% | |||
Minimum [Member] | Base Rate [Member] | 2018 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 0.00% | ||||
Minimum [Member] | Eurodollar [Member] | 2018 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 0.00% |
Debt (Secured Tower Revenue Sec
Debt (Secured Tower Revenue Securities) (Narrative) (Details) | Jul. 14, 2020USD ($) | Sep. 13, 2019USD ($) | Dec. 31, 2020USD ($)site | Dec. 31, 2019USD ($) | Mar. 09, 2018USD ($) | Apr. 17, 2017USD ($) | Jul. 07, 2016USD ($) | Oct. 14, 2015USD ($) | Oct. 15, 2014USD ($) | Apr. 18, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 11,180,000,000 | $ 10,414,000,000 | ||||||||
Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate number of tower sites owned by Borrowers | site | 9,989 | |||||||||
Property management fee percentage | 4.50% | |||||||||
U.S. Treasury rate term | 10 years | |||||||||
Interest added to Treasury rate and credit-based spread for non-compliance | 5.00% | |||||||||
Secured Tower Revenue Securities Series 2017-1C, 2018-1C, 2019-1C, and 2020-1C [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
No prepayment consideration period | 12 months | |||||||||
Secured Tower Revenue Securities Series 2013-2C, 2014-2C, and Series 2020-2C [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
No prepayment consideration period | 18 months | |||||||||
2013-2C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 575,000,000 | 575,000,000 | $ 575,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.722% | |||||||||
Debt instrument, maturity date | Apr. 11, 2023 | |||||||||
Debt instrument, final maturity date | Apr. 9, 2048 | |||||||||
Financing fees | $ 11,000,000 | |||||||||
2014-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 920,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 2.898% | |||||||||
Repayment date of debt instrument | Oct. 8, 2019 | |||||||||
Debt instrument, maturity date | Oct. 11, 2044 | |||||||||
Net deferred finance costs expensed | $ 400,000 | |||||||||
2014-2C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
No prepayment consideration period | 18 months | |||||||||
Debt instrument, principal amount | $ 620,000,000 | 620,000,000 | $ 620,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.869% | |||||||||
Debt instrument, maturity date | Oct. 8, 2024 | |||||||||
Debt instrument, final maturity date | Oct. 8, 2049 | |||||||||
2014 Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.869% | |||||||||
Financing fees | $ 9,000,000 | |||||||||
2015-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | 500,000,000 | $ 500,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 3.156% | 3.156% | ||||||||
Debt instrument, maturity date | Oct. 8, 2020 | |||||||||
Debt instrument, final maturity date | Oct. 10, 2045 | |||||||||
Financing fees | $ 11,200,000 | |||||||||
Net deferred finance costs expensed | $ 600,000 | |||||||||
Debt service coverage ratio | 2 | |||||||||
Term required to maintain reserve if debt service coverage ratio is exceeded | 2 months | |||||||||
Repayments of long-term debt | 500,000,000 | |||||||||
2016-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
No prepayment consideration period | 12 months | |||||||||
Debt instrument, principal amount | 700,000,000 | $ 700,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 2.877% | 2.877% | ||||||||
Debt instrument, maturity date | Jul. 9, 2021 | |||||||||
Debt instrument, final maturity date | Jul. 10, 2046 | |||||||||
Financing fees | $ 9,500,000 | |||||||||
Net deferred finance costs expensed | 2,000,000 | |||||||||
Repayments of long-term debt | 700,000,000 | |||||||||
2017-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 760,000,000 | 760,000,000 | $ 760,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.168% | 3.168% | ||||||||
Debt instrument, maturity date | Apr. 11, 2022 | |||||||||
Debt instrument, final maturity date | Apr. 9, 2047 | |||||||||
Financing fees | $ 10,200,000 | |||||||||
2017-1R Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 40,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.459% | |||||||||
Repayment date of debt instrument | Apr. 11, 2022 | |||||||||
Debt instrument, maturity date | Apr. 9, 2047 | |||||||||
2018-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 640,000,000 | 640,000,000 | $ 640,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.448% | 3.448% | ||||||||
Debt instrument, maturity date | Mar. 9, 2023 | |||||||||
Debt instrument, final maturity date | Mar. 9, 2048 | |||||||||
Financing fees | $ 8,600,000 | |||||||||
2018-1R Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 33,700,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.949% | |||||||||
Repayment date of debt instrument | Mar. 9, 2023 | |||||||||
Debt instrument, maturity date | Mar. 9, 2048 | |||||||||
2019-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,165,000,000 | $ 1,165,000,000 | $ 1,165,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.836% | 2.836% | ||||||||
Debt instrument, maturity date | Jan. 12, 2025 | |||||||||
Debt instrument, final maturity date | Jan. 12, 2050 | |||||||||
Financing fees | $ 12,800,000 | |||||||||
2020-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 750,000,000 | $ 750,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 1.884% | 1.884% | ||||||||
Debt instrument, maturity date | Jan. 9, 2026 | |||||||||
Debt instrument, final maturity date | Jul. 11, 2050 | |||||||||
2020-2C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 600,000,000 | $ 600,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 2.328% | 2.328% | ||||||||
Debt instrument, maturity date | Jan. 11, 2028 | |||||||||
Debt instrument, final maturity date | Jul. 9, 2052 | |||||||||
2020 Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 1,350,000,000 | |||||||||
Financing fees | $ 14,100,000 | |||||||||
Debt instrument, weighted average interest rate | 2.081% | |||||||||
Weighted average life of debt instrument through the anticipated repayment date | 6 years 4 months 24 days | |||||||||
2020-2R Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 71,100,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.336% | |||||||||
Repayment date of debt instrument | Jan. 11, 2028 | |||||||||
Debt instrument, maturity date | Jul. 9, 2052 | |||||||||
Mortgage Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, increase | 1,400,000,000 | |||||||||
Debt instrument, increase after giving effect to prepayment of loan components | 221,100,000 | |||||||||
Debt instrument, principal balance | $ 5,100,000,000 | |||||||||
SBA Guarantor, LLC [Member] | 2019-1R Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, principal amount | $ 61,400,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 4.213% | |||||||||
Repayment date of debt instrument | Jan. 12, 2025 | |||||||||
Debt instrument, maturity date | Jan. 12, 2050 | |||||||||
Minimum [Member] | Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Additional interest rate for non-compliance | 5.00% | |||||||||
Excess Cash Flow Reserve [Member] | Minimum [Member] | Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt service coverage ratio | 1.30 | |||||||||
Amortization Period Prepay [Member] | Maximum [Member] | Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt service coverage ratio | 1.15 |
Debt (Senior Notes) (Narrative)
Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | Feb. 11, 2021 | Jan. 29, 2021 | May 26, 2020 | Feb. 20, 2020 | Feb. 04, 2020 | Aug. 15, 2016 | Jul. 01, 2014 | Dec. 31, 2020 | Oct. 13, 2017 |
2014 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of unsecured debt | $ 750 | $ 750 | |||||||
Premium on redemption | 9.1 | ||||||||
Write-off of deferred financing fees | $ 7.7 | ||||||||
Unsecured senior notes | $ 750 | ||||||||
Debt instrument, maturity date | Jul. 15, 2022 | ||||||||
Debt instrument, interest rate, stated percentage | 4.875% | 4.875% | |||||||
Percentage of face value price for issuance of senior notes | 99.178% | ||||||||
Interest payable dates | January 15 and July 15 | ||||||||
Financing fees | $ 11.6 | ||||||||
2016 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured senior notes | $ 1,100 | ||||||||
Debt instrument, maturity date | Sep. 1, 2024 | ||||||||
Debt instrument, interest rate, stated percentage | 4.875% | 4.875% | |||||||
Percentage of face value price for issuance of senior notes | 99.178% | ||||||||
Interest payable dates | March 1 and September 1 | ||||||||
Financing fees | $ 12.8 | ||||||||
2016 Senior Notes [Member] | Redemption, Period One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Sep. 1, 2020 | ||||||||
Redemption price, percentage | 102.438% | ||||||||
2016 Senior Notes [Member] | Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Sep. 1, 2021 | ||||||||
Redemption price, percentage | 101.219% | ||||||||
2016 Senior Notes [Member] | Redemption, Period Three [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Sep. 1, 2022 | ||||||||
Redemption price, percentage | 100.00% | ||||||||
2017 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured senior notes | $ 750 | ||||||||
Debt instrument, maturity date | Oct. 1, 2022 | ||||||||
Debt instrument, interest rate, stated percentage | 4.00% | 4.00% | |||||||
Interest payable dates | April 1 and October 1 | ||||||||
Financing fees | $ 8.9 | ||||||||
2017 Senior Notes [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of unsecured debt | $ 750 | ||||||||
Write-off of deferred financing fees | 3.2 | ||||||||
Debt call premium | $ 7.5 | ||||||||
2020-1 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured senior notes | $ 1,000 | ||||||||
Debt instrument, maturity date | Feb. 15, 2027 | ||||||||
2020-2 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured senior notes | $ 500 | ||||||||
Percentage of face value price for issuance of senior notes | 99.50% | ||||||||
2020 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | Feb. 15, 2027 | ||||||||
Debt instrument, interest rate, stated percentage | 3.875% | 3.875% | |||||||
Interest payable dates | February 1 and August 1 | ||||||||
Financing fees | $ 18 | ||||||||
Redemption period | Feb. 15, 2023 | ||||||||
Aggregate redemption price, percentage | 35.00% | ||||||||
Redemption price, percentage | 103.875% | ||||||||
2020 Senior Notes [Member] | Redemption, Period One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 15, 2023 | ||||||||
Redemption price, percentage | 101.938% | ||||||||
2020 Senior Notes [Member] | Redemption, Period Two [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 15, 2024 | ||||||||
Redemption price, percentage | 100.969% | ||||||||
2020 Senior Notes [Member] | Redemption, Period Three [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 15, 2025 | ||||||||
Redemption price, percentage | 100.00% | ||||||||
2021 Senior Notes [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unsecured senior notes | $ 1,500 | ||||||||
Debt instrument, maturity date | Feb. 1, 2029 | ||||||||
Debt instrument, interest rate, stated percentage | 3.125% | ||||||||
Interest payable dates | February 1 and August 1 | ||||||||
Financing fees | $ 14.3 | ||||||||
Redemption period | Feb. 1, 2024 | ||||||||
Aggregate redemption price, percentage | 35.00% | ||||||||
Redemption price, percentage | 103.125% | ||||||||
2021 Senior Notes [Member] | Redemption, Period One [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 1, 2024 | ||||||||
Redemption price, percentage | 101.563% | ||||||||
2021 Senior Notes [Member] | Redemption, Period Two [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 1, 2025 | ||||||||
Redemption price, percentage | 100.781% | ||||||||
2021 Senior Notes [Member] | Redemption, Period Three [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption period | Feb. 1, 2026 | ||||||||
Redemption price, percentage | 100.00% | ||||||||
Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Ratio of indebtedness to annualized consolidated adjusted EBITDA | 9.5 |
Debt (Schedule of Principal Val
Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($) | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Jul. 14, 2020 | Dec. 31, 2019 | Sep. 13, 2019 | Apr. 11, 2018 | Mar. 09, 2018 | Apr. 17, 2017 | Jul. 07, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Apr. 18, 2013 | |
Debt Instrument [Line Items] | |||||||||||
Principal Balance | $ 11,180,000,000 | $ 10,414,000,000 | |||||||||
Fair Value | 11,428,029,000 | 10,543,695,000 | |||||||||
Carrying Value | 11,095,796,000 | 10,334,425,000 | |||||||||
Less: current maturities of long-term debt | (24,000,000) | (522,090,000) | |||||||||
Total long-term debt, net of current maturities | $ 11,071,796,000 | 9,812,335,000 | |||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Apr. 11, 2023 | ||||||||||
Principal Balance | $ 380,000,000 | 490,000,000 | |||||||||
Fair Value | 380,000,000 | 490,000,000 | |||||||||
Carrying Value | $ 380,000,000 | 490,000,000 | |||||||||
2018 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Apr. 11, 2025 | ||||||||||
Principal Balance | $ 2,340,000,000 | 2,364,000,000 | $ 2,400,000,000 | ||||||||
Fair Value | 2,310,750,000 | 2,369,910,000 | |||||||||
Carrying Value | $ 2,325,391,000 | 2,346,183,000 | |||||||||
2013-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Apr. 11, 2023 | ||||||||||
Principal Balance | $ 575,000,000 | 575,000,000 | $ 575,000,000 | ||||||||
Fair Value | 599,662,000 | 585,954,000 | |||||||||
Carrying Value | $ 572,063,000 | 570,866,000 | |||||||||
2014-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Oct. 8, 2024 | ||||||||||
Principal Balance | $ 620,000,000 | 620,000,000 | $ 620,000,000 | ||||||||
Fair Value | 670,003,000 | 644,912,000 | |||||||||
Carrying Value | $ 616,131,000 | 615,205,000 | |||||||||
2015-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Oct. 8, 2020 | ||||||||||
Principal Balance | 500,000,000 | $ 500,000,000 | |||||||||
Fair Value | 502,095,000 | ||||||||||
Carrying Value | 498,090,000 | ||||||||||
2016-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jul. 9, 2021 | ||||||||||
Principal Balance | 700,000,000 | $ 700,000,000 | |||||||||
Fair Value | 704,095,000 | ||||||||||
Carrying Value | 696,936,000 | ||||||||||
2017-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Apr. 11, 2022 | ||||||||||
Principal Balance | $ 760,000,000 | 760,000,000 | $ 760,000,000 | ||||||||
Fair Value | 774,410,000 | 763,405,000 | |||||||||
Carrying Value | $ 757,165,000 | 755,061,000 | |||||||||
2018-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Mar. 9, 2023 | ||||||||||
Principal Balance | $ 640,000,000 | 640,000,000 | $ 640,000,000 | ||||||||
Fair Value | 671,341,000 | 658,266,000 | |||||||||
Carrying Value | $ 636,045,000 | 634,344,000 | |||||||||
2019-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jan. 12, 2025 | ||||||||||
Principal Balance | $ 1,165,000,000 | 1,165,000,000 | $ 1,165,000,000 | ||||||||
Fair Value | 1,218,613,000 | 1,158,057,000 | |||||||||
Carrying Value | $ 1,155,106,000 | 1,153,086,000 | |||||||||
2020-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jan. 9, 2026 | ||||||||||
Principal Balance | $ 750,000,000 | $ 750,000,000 | |||||||||
Fair Value | 752,910,000 | ||||||||||
Carrying Value | $ 742,782,000 | ||||||||||
2020-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jan. 11, 2028 | ||||||||||
Principal Balance | $ 600,000,000 | $ 600,000,000 | |||||||||
Fair Value | 597,840,000 | ||||||||||
Carrying Value | $ 594,081,000 | ||||||||||
2014 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Jul. 15, 2022 | ||||||||||
Principal Balance | 750,000,000 | ||||||||||
Fair Value | 760,313,000 | ||||||||||
Carrying Value | 743,580,000 | ||||||||||
2016 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Sep. 1, 2024 | ||||||||||
Principal Balance | $ 1,100,000,000 | 1,100,000,000 | |||||||||
Fair Value | 1,127,500,000 | 1,142,625,000 | |||||||||
Carrying Value | $ 1,088,924,000 | 1,086,241,000 | |||||||||
2017 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Oct. 1, 2022 | ||||||||||
Principal Balance | $ 750,000,000 | 750,000,000 | |||||||||
Fair Value | 757,500,000 | 764,063,000 | |||||||||
Carrying Value | $ 746,642,000 | $ 744,833,000 | |||||||||
2020 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Feb. 15, 2027 | ||||||||||
Principal Balance | $ 1,500,000,000 | ||||||||||
Fair Value | 1,567,500,000 | ||||||||||
Carrying Value | $ 1,481,466,000 |
Debt (Schedule of Future Princi
Debt (Schedule of Future Principal Payment Obligations) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt [Abstract] | |
2021 | $ 24,000 |
2022 | 1,534,000 |
2023 | 1,619,000 |
2024 | 1,744,000 |
2025 | $ 3,409,000 |
Debt (Schedule of Cash and Non-
Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 04, 2020 | Jul. 14, 2020 | Feb. 04, 2020 | Sep. 13, 2019 | Mar. 09, 2018 | Oct. 13, 2017 | Apr. 17, 2017 | Aug. 15, 2016 | Jul. 07, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Jul. 01, 2014 | Apr. 18, 2013 | ||
Debt Instrument [Line Items] | |||||||||||||||||
Cash Interest | $ 367,874 | $ 390,036 | $ 376,217 | ||||||||||||||
Non-cash Interest | [1] | $ 24,870 | 3,193 | 2,640 | |||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 1.61% | ||||||||||||||||
Cash Interest | $ 6,070 | 7,085 | 7,411 | ||||||||||||||
2014 Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Cash Interest | 15,550 | ||||||||||||||||
Non-cash Interest | 146 | ||||||||||||||||
2015 Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Cash Interest | 5,237 | ||||||||||||||||
Non-cash Interest | 187 | ||||||||||||||||
2018 Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 1.878% | ||||||||||||||||
Cash Interest | $ 68,963 | 105,021 | 72,648 | ||||||||||||||
Non-cash Interest | $ 23,452 | 1,338 | 543 | ||||||||||||||
Blended rate | 1.90% | ||||||||||||||||
Accruing interest rate | 1.90% | ||||||||||||||||
2018 Term Loan [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Blended rate | 1.878% | ||||||||||||||||
2013 Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.722% | ||||||||||||||||
Cash Interest | $ 21,584 | 21,584 | 25,654 | ||||||||||||||
2014 Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.869% | ||||||||||||||||
Cash Interest | $ 24,185 | 43,055 | 51,138 | ||||||||||||||
2015-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.156% | 3.156% | |||||||||||||||
Cash Interest | $ 8,589 | 15,939 | 15,939 | ||||||||||||||
2016-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 2.877% | 2.877% | |||||||||||||||
Cash Interest | $ 10,972 | 20,361 | 20,361 | ||||||||||||||
2017-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.168% | 3.168% | |||||||||||||||
Cash Interest | $ 24,354 | 24,354 | 24,354 | ||||||||||||||
2018-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.448% | 3.448% | |||||||||||||||
Cash Interest | $ 22,281 | 22,281 | 18,072 | ||||||||||||||
2019-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 2.836% | 2.836% | |||||||||||||||
Cash Interest | $ 33,428 | 10,029 | |||||||||||||||
2020-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 1.884% | 1.884% | |||||||||||||||
Cash Interest | $ 6,675 | ||||||||||||||||
2020-2C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 2.328% | 2.328% | |||||||||||||||
Cash Interest | $ 6,568 | ||||||||||||||||
2014 Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 4.875% | 4.875% | |||||||||||||||
Cash Interest | $ 3,352 | 36,563 | 36,563 | ||||||||||||||
Non-cash Interest | $ 112 | 800 | 761 | ||||||||||||||
2016 Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 4.875% | 4.875% | |||||||||||||||
Cash Interest | $ 53,625 | 53,625 | 53,625 | ||||||||||||||
Non-cash Interest | $ 1,109 | 1,055 | 1,003 | ||||||||||||||
2017 Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 4.00% | 4.00% | |||||||||||||||
Cash Interest | $ 30,000 | 30,000 | 30,000 | ||||||||||||||
2020 Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.875% | 3.875% | |||||||||||||||
Cash Interest | $ 46,769 | ||||||||||||||||
Non-cash Interest | 197 | ||||||||||||||||
Capitalized Interest And Other [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Cash Interest | 459 | $ 139 | $ (335) | ||||||||||||||
2013-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Accruing interest rate | 2.24% | ||||||||||||||||
2013-1D Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Accruing interest rate | 3.598% | ||||||||||||||||
2013-2C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.722% | ||||||||||||||||
Accruing interest rate | 3.722% | ||||||||||||||||
2014-1C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 2.898% | ||||||||||||||||
Accruing interest rate | 2.898% | ||||||||||||||||
2014-2C Tower Securities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Rates as of December 31, 2020 | 3.869% | ||||||||||||||||
Accruing interest rate | 3.869% | ||||||||||||||||
Interest Rate Swap [Member] | 2018 Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notional amount | $ 1,950,000 | $ 1,950,000 | |||||||||||||||
Derivative fixed interest rate | 1.874% | 1.874% | |||||||||||||||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Derivative basis spread on variable interest rate | 1.75% | 1.75% | |||||||||||||||
[1] | Certain reclassifications of the prior years’ amounts have been made to conform to the current year’s presentation. |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Feb. 25, 2021 | Nov. 02, 2020 | Aug. 06, 2020 | Dec. 31, 2019 | Dec. 31, 2007 | |
Class of Stock [Line Items] | ||||||
Common stock - Class A, shares authorized | 400,000,000 | 3,400,000 | 400,000,000 | |||
Common stock - Class A, shares issued | 109,819,000 | 111,775,000 | ||||
Federal net operating loss carry-forward | $ 770.8 | |||||
Class A Common Stock [Member] | November 16, 2007 Registration Statement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock - Class A, shares authorized | 4,000,000 | |||||
Common stock - Class A, shares issued | 10,000 | |||||
Shares reclassified as authorized and unissued | 1,200,000 | |||||
Class A Common Stock [Member] | March 5, 2018 Registration Statement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Securities issued | 0 | 0 | ||||
2020 Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock - Class A, shares authorized | 3,000,000 | |||||
2010 Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock - Class A, shares authorized | 400,000 | |||||
New Plan [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, remaining authorization | $ 500 | |||||
New Plan [Member] | Class A Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized | $ 1,000 | |||||
Prior Plan [Member] | Class A Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, remaining authorization | $ 124.3 | |||||
Real Estate Investment Trust [Member] | ||||||
Class of Stock [Line Items] | ||||||
Federal net operating loss carry-forward | $ 651.1 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total number of shares purchased (in millions) | 3.1 | 2 | 5 | |
Average price paid per share | $ 280.17 | $ 231.87 | $ 159.87 | |
Total price paid (in millions) | $ 856 | $ 470.3 | $ 795.5 | |
Subsequent Event [Member] | ||||
Total number of shares purchased (in millions) | 0.5 | |||
Average price paid per share | $ 262.16 | |||
Total price paid (in millions) | $ 144 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended |
Feb. 25, 2021 | Dec. 31, 2020 | |
February 20, 2020 [Member] | ||
Date Declared | Feb. 20, 2020 | |
Payable to Shareholders of Record At the Close of Business on | Mar. 10, 2020 | |
Cash Paid Per Share | $ 0.465 | |
Aggregate Amount Paid | $ 52.2 | |
Date Paid/Date to be Paid | Mar. 26, 2020 | |
May 5, 2020 [Member] | ||
Date Declared | May 5, 2020 | |
Payable to Shareholders of Record At the Close of Business on | May 28, 2020 | |
Cash Paid Per Share | $ 0.465 | |
Aggregate Amount Paid | $ 52 | |
Date Paid/Date to be Paid | Jun. 18, 2020 | |
August 3, 2020 [Member] | ||
Date Declared | Aug. 3, 2020 | |
Payable to Shareholders of Record At the Close of Business on | Aug. 25, 2020 | |
Cash Paid Per Share | $ 0.465 | |
Aggregate Amount Paid | $ 52 | |
Date Paid/Date to be Paid | Sep. 21, 2020 | |
November 2, 2020 [Member] | ||
Date Declared | Nov. 2, 2020 | |
Payable to Shareholders of Record At the Close of Business on | Nov. 19, 2020 | |
Cash Paid Per Share | $ 0.465 | |
Aggregate Amount Paid | $ 51.5 | |
Date Paid/Date to be Paid | Dec. 17, 2020 | |
Subsequent Event [Member] | ||
Date Declared | Feb. 19, 2021 | |
Payable to Shareholders of Record At the Close of Business on | Mar. 10, 2021 | |
Cash to be Paid Per Share | $ 0.58 | |
Date Paid/Date to be Paid | Mar. 26, 2021 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 23, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 14, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Forfeiture period once emplyment has ended | 90 days | ||||
Accelerated compensation cost | $ 18,500 | ||||
Weighted-average fair value of options granted | $ 41.09 | $ 33.99 | $ 33.01 | ||
Total intrinsic value for options exercised | $ 235,000 | $ 132,800 | $ 78,000 | ||
Cash received from option exercises | 142,500 | 136,000 | 74,700 | ||
Tax benefit realized from stock option exercises | $ 16,900 | 10,200 | |||
Share price | $ 282.13 | ||||
Total fair value of shares vested | $ 28,800 | 26,500 | 24,000 | ||
Non-cash compensation expense | 68,890 | 73,214 | 42,327 | ||
Non-cash compensation capitalized to fixed and intangible assets | 1,500 | 1,100 | 800 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to unvested stock options | $ 15,100 | ||||
Weighted average period to recognize cost | 1 year 9 months 18 days | ||||
Performance Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Performance period | 3 years | ||||
2008 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares remaining available for future issuance under the plan | 234,762 | ||||
Non-cash compensation expense | $ 1,100 | $ 1,000 | $ 600 | ||
2008 Plan [Member] | Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Class A common stock issued under the purchase plan | 16,798 | ||||
Cash proceeds from issuance of shares under the purchase plan | $ 2,300 | ||||
2018 Plan [Member] | Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares remaining available for future issuance under the plan | 300,000 | ||||
Percentage of purchase plan price per share equal to the fair market value | 85.00% | ||||
Class A common stock issued under the purchase plan | 25,058 | 30,128 | |||
Cash proceeds from issuance of shares under the purchase plan | $ 6,100 | $ 5,500 | |||
2020 Plan [Member] | Class A Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum issuance of shares | 3,000,000 | ||||
Shares remaining available for future issuance under the plan | 3,000,000 | ||||
Minimum [Member] | Performance Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance metric, target amount, percentage | 0.00% | ||||
Maximum [Member] | Performance Stock Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance metric, target amount, percentage | 200.00% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Assumptions used to Estimate Fair Value of Stock Options) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |||
Risk free interest rate | 1.66% | ||
Risk free interest rate, Minimum | 1.37% | 2.57% | |
Risk free interest rate, Maximum | 2.47% | 2.92% | |
Dividend yield | 1.30% | 1.30% | 0.70% |
Expected volatility | 20.40% | 20.40% | 21.60% |
Expected lives | 4 years 7 months 6 days | 4 years 7 months 6 days | 4 years 7 months 6 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares, Outstanding at December 31, | 4,507 | 4,816 | 4,842 |
Number of Shares, Granted | 10 | 1,068 | 941 |
Number of Shares, Exercised | (1,287) | (1,315) | (926) |
Number of Shares, Forfeited/canceled | (28) | (62) | (41) |
Number of Shares, Outstanding at December 31, | 3,202 | 4,507 | 4,816 |
Number of Shares, Exercisable at December 31, 2020 | 1,700 | ||
Number of Shares, Unvested at December 31, 2020 | 1,502 | ||
Weighted-Average Exercise Price Per Share, Outstanding at December 31, | $ 133.68 | $ 114.48 | $ 100.12 |
Weighted-Average Exercise Price Per Share, Granted | 240.99 | 183.42 | 156.55 |
Weighted-Average Exercise Price Per Share, Exercised | 110.59 | 103.47 | 81.73 |
Weighted-Average Exercise Price Per Share, Forfeited/canceled | 168.11 | 140.85 | 123.98 |
Weighted-Average Exercise Price Per Share, Outstanding at December 31, | 143.01 | $ 133.68 | $ 114.48 |
Weighted-Average Exercise Price Per Share, Exercisable at December 31, 2020 | 124.93 | ||
Weighted-Average Exercise Price Per Share, Unvested at December 31, 2020 | $ 163.48 | ||
Weighted-Average Remaining Contractual Life (in years), Outstanding at December 31, 2020 | 3 years 9 months 18 days | ||
Weighted-Average Remaining Contractual Life (in years), Exercisable at December 31, 2020 | 3 years | ||
Weighted-Average Remaining Contractual Life (in years), Unvested at December 31, 2020 | 4 years 7 months 6 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ 445,311 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2020 | 267,228 | ||
Aggregate Intrinsic Value, Unvested at December 31, 2020 | $ 178,083 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 3,202 |
Options Exercisable, Number of Shares | shares | 1,700 |
$95.01 - $115.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $ 95.01 |
Exercise price range, upper limit | $ 115 |
Options Outstanding, Number of Shares | shares | 557 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 96.89 |
Options Exercisable, Number of Shares | shares | 556 |
Options Exercisable, Weighted Average Exercise Price | $ 96.87 |
$115.01 - $150.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 115.01 |
Exercise price range, upper limit | $ 150 |
Options Outstanding, Number of Shares | shares | 926 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 116.83 |
Options Exercisable, Number of Shares | shares | 656 |
Options Exercisable, Weighted Average Exercise Price | $ 117.51 |
$150.01 - $180.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 150.01 |
Exercise price range, upper limit | $ 180 |
Options Outstanding, Number of Shares | shares | 744 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 156.54 |
Options Exercisable, Number of Shares | shares | 300 |
Options Exercisable, Weighted Average Exercise Price | $ 156.53 |
$180.01 - $270.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 180.01 |
Exercise price range, upper limit | $ 270 |
Options Outstanding, Number of Shares | shares | 975 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 183.87 |
Options Exercisable, Number of Shares | shares | 188 |
Options Exercisable, Weighted Average Exercise Price | $ 183.40 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Activity of Options Outstanding not yet Vested) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares, Unvested as of December 31, 2019 | 2,590 | ||
Number of Shares, Granted | 10 | 1,068 | 941 |
Number of Shares, Vested | (1,070) | ||
Number of Shares, Forfeited | (28) | ||
Number of Shares, Unvested as of December 31, 2020 | 1,502 | 2,590 | |
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2019 | $ 29.82 | ||
Weighted-Average Fair Value Per Share, Granted | 41.09 | $ 33.99 | $ 33.01 |
Weighted-Average Fair Value Per Share, Vested | 26.96 | ||
Weighted-Average Fair Value Per Share, Forfeited | 32.12 | ||
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2020 | $ 31.91 | $ 29.82 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding at December 31, 2019 | shares | 313 |
Number of Shares, Granted | shares | 99 |
Number of Shares, Vested | shares | (129) |
Number of Shares, Forfeited/canceled | shares | (9) |
Number of Shares, Outstanding at December 31, 2020 | shares | 274 |
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2019 | $ / shares | $ 152.98 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 290.77 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 142.11 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 202.02 |
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares | $ 206.48 |
Performance Stock Units (PSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding at December 31, 2019 | shares | |
Number of Shares, Granted | shares | 149 |
Number of Shares, Vested | shares | |
Number of Shares, Forfeited/canceled | shares | (1) |
Number of Shares, Outstanding at December 31, 2020 | shares | 148 |
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2019 | $ / shares | |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 376.48 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 376.50 |
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares | $ 376.48 |
Performance period | 3 years |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Non-Cash Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in income before provision for income taxes | $ 68,890 | $ 73,214 | $ 42,327 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in income before provision for income taxes | 2,074 | 2,034 | 1,182 |
Selling, General And Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in income before provision for income taxes | $ 66,816 | $ 71,180 | $ 41,145 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Income Taxes [Line Items] | ||
Effective income tax rate | 21.00% | 21.00% |
Net foreign operating loss carry-forward | $ 65,900 | |
Valuation allowance recognized | 63,239 | $ 54,610 |
Net change in valuation allowance | 8,600 | (4,000) |
Federal net operating loss carry-forward | 770,800 | |
Net state operating tax loss carry-forward | 412,000 | |
Deferred foreign withholding taxes | 9,796 | $ 7,706 |
Income inclusion for GILTI | 10,000 | |
Real Estate Investment Trust [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Federal net operating loss carry-forward | 651,100 | |
Expire Between 2025 and 2037 [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Federal net operating loss carry-forward | 745,200 | |
Indefinite Carry-forward [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Federal net operating loss carry-forward | $ 25,600 | |
Minimum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Operating loss carry-forward, expiration year | 2025 | |
Foreign and state operating tax loss carry forwards expiration date | 2021 | |
Maximum [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Operating loss carry-forward, expiration year | 2037 |
Income Taxes (Income (Loss) bef
Income Taxes (Income (Loss) before Provision (Benefit) for Income Taxes from Continuing Operations by Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Domestic | $ 151,421 | $ 133,046 | $ 99,203 |
Foreign | (169,170) | 53,843 | (47,519) |
Total | $ (17,749) | $ 186,889 | $ 51,684 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current provision: | |||
State | $ 753 | $ 5,520 | $ 5,764 |
Foreign | 20,638 | 18,150 | 13,756 |
Total current | 21,391 | 23,670 | 19,520 |
Deferred provision (benefit) for taxes: | |||
Federal | (7,552) | (3,306) | (9,463) |
State | (4,684) | 1,952 | (1,412) |
Foreign | (59,956) | 13,138 | (16,673) |
Change in valuation allowance | 9,005 | 4,151 | 12,261 |
Total deferred | (63,187) | 15,935 | (15,287) |
Total provision (benefit) for income taxes | $ (41,796) | $ 39,605 | $ 4,233 |
Income Taxes (Income Tax Rate R
Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Statutory federal expense | $ (3,727) | $ 39,247 | $ 10,854 |
Rate and permanent differences on non-U.S. earnings | (7,531) | 15,937 | 3,620 |
State and local tax expense | (3,707) | 7,578 | 4,824 |
REIT adjustment | (35,539) | (28,975) | (22,241) |
Permanent differences | (736) | 18 | 437 |
Tax Act impact on deferred taxes | (6,040) | ||
Other | 439 | 1,649 | 518 |
Valuation allowance | 9,005 | 4,151 | 12,261 |
Total provision (benefit) for income taxes | $ (41,796) | $ 39,605 | $ 4,233 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Income Tax Asset and Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating losses | $ 55,657 | $ 61,741 |
Property, equipment and intangible basis differences | 9,813 | 5,946 |
Accrued liabilities | 6,561 | 9,994 |
Non-cash compensation | 20,128 | 19,198 |
Operating lease liabliity | 232,329 | 276,824 |
Deferred revenue | 2,846 | 2,527 |
Allowance for doubtful accounts | 3,017 | 4,190 |
Currency translation | 99,344 | 47,468 |
Other | 5,808 | 2,657 |
Valuation allowance | (63,239) | (54,610) |
Total deferred tax assets, net | 372,264 | 375,935 |
Deferred tax liabilities: | ||
Property, equipment and intangible basis differences | (145,328) | (158,419) |
Right of use asset | (223,366) | (269,586) |
Straight-line rents | (20,809) | (25,535) |
Deferred foreign withholding taxes | (9,796) | (7,706) |
Deferred lease costs | (34) | |
Other | (1,532) | (783) |
Total deferred tax liabilities, net | (28,567) | (86,128) |
Other Assets [Member] | ||
Deferred tax assets: | ||
Total deferred tax assets, net | 53,722 | 4,342 |
Other Current Liabilities [Member] | ||
Deferred tax liabilities: | ||
Total deferred tax liabilities, net | (1,650) | |
Other Long-Term Liabilities [Member] | ||
Deferred tax liabilities: | ||
Total deferred tax liabilities, net | $ (82,290) | $ (88,820) |
Segment Data (Narrative) (Detai
Segment Data (Narrative) (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
Site leasing | $ 1,954,472 | $ 1,860,858 | $ 1,740,434 | |
Total assets | 9,158,018 | 9,759,941 | $ 9,158,018 | |
Brazil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Site leasing | 222,600 | 226,700 | $ 221,500 | |
Total assets | $ 1,000 | $ 1,400 | $ 1,000 | |
Revenue [Member] | Foreign Countries, Other than Brazil [Member] | Maximum [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage of revenue | 4.00% |
Segment Data (Schedule of Segme
Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 535,905 | $ 522,940 | $ 507,226 | $ 517,067 | $ 513,659 | $ 507,547 | $ 500,147 | $ 493,292 | $ 2,083,138 | $ 2,014,645 | $ 1,865,695 |
Cost of revenues | 476,528 | 493,031 | 468,795 | ||||||||
Operating profit | 1,606,610 | 1,521,614 | 1,396,900 | ||||||||
Selling, general, and administrative expenses | 194,267 | 192,717 | 142,526 | ||||||||
Acquisition and new business initiatives related adjustments and expenses | 16,582 | 15,228 | 10,961 | ||||||||
Asset impairment and decommission costs | 40,097 | 33,103 | 27,134 | ||||||||
Depreciation, amortization and accretion | 180,383 | 180,302 | 178,706 | 182,579 | 179,487 | 174,987 | 171,564 | 171,040 | 721,970 | 697,078 | 672,113 |
Operating income | 165,100 | $ 160,337 | $ 157,054 | $ 151,203 | 153,920 | $ 153,847 | $ 136,452 | $ 139,269 | 633,694 | 583,488 | 544,166 |
Other expense (principally interest expense and other expense) | (651,443) | (396,599) | (492,482) | ||||||||
(Loss) income before income taxes | (17,749) | 186,889 | 51,684 | ||||||||
Cash capital expenditures | 401,071 | 931,692 | 602,680 | ||||||||
Assets | 9,158,018 | 9,759,941 | 9,158,018 | 9,759,941 | |||||||
Domestic Site Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,558,311 | 1,487,108 | 1,400,095 | ||||||||
Cost of revenues | 256,673 | 258,413 | 266,131 | ||||||||
Operating profit | 1,301,638 | 1,228,695 | 1,133,964 | ||||||||
Selling, general, and administrative expenses | 102,889 | 99,707 | 72,879 | ||||||||
Acquisition and new business initiatives related adjustments and expenses | 10,331 | 7,933 | 5,268 | ||||||||
Asset impairment and decommission costs | 28,887 | 24,202 | 18,857 | ||||||||
Depreciation, amortization and accretion | 539,399 | 527,718 | 511,823 | ||||||||
Operating income | 620,132 | 569,135 | 525,137 | ||||||||
Cash capital expenditures | 303,366 | 287,793 | 338,610 | ||||||||
Assets | 5,893,636 | 6,157,511 | 5,893,636 | 6,157,511 | |||||||
International Site Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 396,161 | 373,750 | 340,339 | ||||||||
Cost of revenues | 117,105 | 115,538 | 106,165 | ||||||||
Operating profit | 279,056 | 258,212 | 234,174 | ||||||||
Selling, general, and administrative expenses | 34,905 | 32,411 | 27,082 | ||||||||
Acquisition and new business initiatives related adjustments and expenses | 6,251 | 7,295 | 5,693 | ||||||||
Asset impairment and decommission costs | 11,210 | 8,899 | 7,932 | ||||||||
Depreciation, amortization and accretion | 174,073 | 161,183 | 151,570 | ||||||||
Operating income | 52,617 | 48,424 | 41,897 | ||||||||
Cash capital expenditures | 89,762 | 635,728 | 258,785 | ||||||||
Assets | 2,955,563 | 3,381,448 | 2,955,563 | 3,381,448 | |||||||
Site Development [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 128,666 | 153,787 | 125,261 | ||||||||
Cost of revenues | 102,750 | 119,080 | 96,499 | ||||||||
Operating profit | 25,916 | 34,707 | 28,762 | ||||||||
Selling, general, and administrative expenses | 17,663 | 21,525 | 16,215 | ||||||||
Asset impairment and decommission costs | 2 | 345 | |||||||||
Depreciation, amortization and accretion | 2,356 | 2,341 | 2,556 | ||||||||
Operating income | 5,897 | 10,839 | 9,646 | ||||||||
Cash capital expenditures | 1,752 | 3,900 | 1,561 | ||||||||
Assets | 61,729 | 81,772 | 61,729 | 81,772 | |||||||
Not Identified by Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general, and administrative expenses | 38,810 | 39,074 | 26,350 | ||||||||
Depreciation, amortization and accretion | 6,142 | 5,836 | 6,164 | ||||||||
Operating income | (44,952) | (44,910) | (32,514) | ||||||||
Other expense (principally interest expense and other expense) | (651,443) | (396,599) | (492,482) | ||||||||
Cash capital expenditures | 6,191 | 4,271 | $ 3,724 | ||||||||
Assets | $ 247,090 | $ 139,210 | $ 247,090 | $ 139,210 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from earnings per share calculation | 56,351 | 19,533 | 800,000 |
Earnings Per Share (Weighted-Av
Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to SBA Communications Corporation | $ 105,781 | $ 22,568 | $ 22,813 | $ (127,058) | $ 67,350 | $ 21,679 | $ 31,973 | $ 25,989 | $ 24,104 | $ 146,991 | $ 47,451 |
Basic weighted-average shares outstanding | 111,532 | 112,809 | 114,909 | ||||||||
Dilutive impact of stock options, RSUs, and PSUs | 1,933 | 1,884 | 1,606 | ||||||||
Diluted weighted-average shares outstanding | 113,465 | 114,693 | 116,515 | ||||||||
Net income per common share attributable to SBA Communications Corporation: | |||||||||||
Basic | $ 0.22 | $ 1.30 | $ 0.41 | ||||||||
Diluted | $ 0.21 | $ 1.28 | $ 0.41 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Schedule Of Commitments And Contingencies [Line Items] | |
Business acquisitions performance target period | 1 year |
Maximum [Member] | |
Schedule Of Commitments And Contingencies [Line Items] | |
Business acquisitions performance target period | 3 years |
Commitments and Contingencies_3
Commitments and Contingencies (Annual Minimum Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finance Leases | ||
2021 | $ 1,461 | |
2022 | 1,243 | |
2023 | 814 | |
2024 | 78 | |
Total minimum lease payments | 3,596 | |
Less: amount representing interest | (154) | |
Present value of future payments | 3,442 | |
Less: current obligations | (1,432) | $ (1,350) |
Long-term obligations | 2,010 | 2,542 |
Operating Leases | ||
2021 | 242,581 | |
2022 | 244,547 | |
2023 | 245,453 | |
2024 | 245,204 | |
2025 | 242,767 | |
Thereafter | 2,737,820 | |
Total minimum lease payments | 3,958,372 | |
Less: amount representing interest | (1,631,414) | |
Present value of future payments | 2,326,958 | |
Less: current obligations | (234,605) | (245,665) |
Long-term obligations | $ 2,092,353 | $ 2,276,858 |
Commitments and Contingencies_4
Commitments and Contingencies (Annual Minimum Lease Income) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments and Contingencies [Abstract] | |
2021 | $ 1,701,608 |
2022 | 1,463,893 |
2023 | 1,272,287 |
2024 | 1,035,425 |
2025 | 680,907 |
Thereafter | 1,441,966 |
Total | $ 7,596,086 |
Concentration of Credit Risk (N
Concentration of Credit Risk (Narrative) (Details) - Accounts Receivable [Member] - customer | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Number of significant customers | 5 | 5 |
Concentration risk percentage of revenue | 63.80% | 66.60% |
Concentration of Credit Risk (S
Concentration of Credit Risk (Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from Such Customers) (Details) - Revenue [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 34.50% | 35.10% | 34.30% |
AT&T Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 24.10% | 23.80% | 24.00% |
Verizon Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.10% | 14.00% | 14.70% |
Domestic Site Leasing [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 94.00% | ||
Domestic Site Leasing [Member] | T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 40.50% | 40.60% | 39.90% |
Domestic Site Leasing [Member] | AT&T Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 32.20% | 32.10% | 31.90% |
Domestic Site Leasing [Member] | Verizon Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.50% | 18.60% | 19.00% |
International Site Leasing [Member] | Oi S.A. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 28.70% | 31.30% | 35.50% |
International Site Leasing [Member] | Telefonica [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.10% | 26.90% | 26.70% |
International Site Leasing [Member] | Claro [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 14.50% | 11.60% | 11.40% |
Site Development Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 6.00% | ||
Site Development Revenue [Member] | T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 66.80% | 67.50% | 63.50% |
Defined Contribution Plan (Narr
Defined Contribution Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan [Abstract] | |||
Condition to participate in defined contribution plan | Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. | ||
Discretionary matching contribution company percentage | 75.00% | ||
Discretionary matching contribution, employee's contribution, maximum | $ 4,000 | ||
Company matching contributions | $ 2,700,000 | $ 2,400,000 | $ 2,100,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Noncontrolling Interest [Line Items] | |
Fair market value | $ 15.2 |
Atlas Tower South Africa [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest ownership percentage | 6.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Redeemable Noncontrolling Interests [Abstract] | ||
Beginning balance | $ 16,052 | |
Purchase of noncontrolling interests | 13,990 | |
Additional investment | 179 | |
Foreign currency translation adjustments | (52) | 460 |
Adjustment to fair value | (749) | 1,130 |
Net (loss) income attributable to noncontrolling interests | (57) | 293 |
Ending balance | $ 15,194 | $ 16,052 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 535,905 | $ 522,940 | $ 507,226 | $ 517,067 | $ 513,659 | $ 507,547 | $ 500,147 | $ 493,292 | $ 2,083,138 | $ 2,014,645 | $ 1,865,695 |
Operating income | 165,100 | 160,337 | 157,054 | 151,203 | 153,920 | 153,847 | 136,452 | 139,269 | 633,694 | 583,488 | 544,166 |
Depreciation, accretion, and amortization | (180,383) | (180,302) | (178,706) | (182,579) | (179,487) | (174,987) | (171,564) | (171,040) | (721,970) | (697,078) | (672,113) |
Net income attributable to SBA Communications Corporation | $ 105,781 | $ 22,568 | $ 22,813 | $ (127,058) | $ 67,350 | $ 21,679 | $ 31,973 | $ 25,989 | $ 24,104 | $ 146,991 | $ 47,451 |
Net income (loss) per common share - basic | $ 0.96 | $ 0.20 | $ 0.20 | $ (1.14) | $ 0.60 | $ 0.19 | $ 0.28 | $ 0.23 | $ 0.22 | $ 1.30 | $ 0.41 |
Net income (loss) per common share - diluted | $ 0.94 | $ 0.20 | $ 0.20 | $ (1.14) | $ 0.59 | $ 0.19 | $ 0.28 | $ 0.23 | $ 0.21 | $ 1.28 | $ 0.41 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | Aug. 04, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Accumulated derivative losses | $ 140.9 | $ 42.1 | |
Interest Rate Swap [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Remaining maturity year | 2023 | ||
Interest Rate Swap [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Remaining maturity year | 2025 | ||
2018 Term Loan [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 1,950 | $ 1,950 | |
Derivative fixed interest rate | 1.874% | 1.874% | |
Derivative asset, fair value | $ 12.1 | ||
Cash Flow Hedges [Member] | 2018 Term Loan [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 1,950 | ||
Payment to terminate | $ 176.2 | ||
London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative basis spread on variable interest rate | 1.75% | 1.75% |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Qualifying Hedges [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements in a fair value asset position | $ 12,123 | |
Qualifying Hedges [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements in a fair value liability position | 42,698 | |
Non-Qualifying Hedging [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements in a fair value asset position | 47,583 | |
Non-Qualifying Hedging [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap agreements in a fair value liability position | $ 47,583 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Schedule of Effect of Derivatives the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recorded in Accumulated other comprehensive loss, net | $ (60,462) | ||
Interest Rate Swap [Member] | Non-Qualifying Hedging [Member] | Non-cash Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense | $ 29,315 | 1,444 | |
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Qualifying Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value recorded in Accumulated other comprehensive loss, net | (128,086) | 16,887 | |
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Qualifying Hedges [Member] | Non-cash Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount recognized in Non-cash interest expense | $ (6,707) | $ (878) |
Schedule III - Schedule of Re_2
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)site | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Description | site | 32,923 | |||
Encumbrances | $ 7,830,000 | |||
Gross Amount Carried at Close of Current Period | 5,963,048 | $ 5,833,338 | $ 5,561,005 | $ 5,340,858 |
Accumulated Depreciation at Close of Current Period | $ (3,383,370) | $ (3,133,061) | $ (2,868,507) | $ (2,627,841) |
Date of Construction | Various | |||
Date Acquired | Various | |||
Secured debt | $ 7,800,000 | |||
Maximum [Member] | ||||
Life on Which Depreciation in Latest Income Statement is Computed | 20 years | |||
Minimum [Member] | Real Estate, Gross [Member] | ||||
Concentration risk percentage | 5.00% |
Schedule III - Schedule of Re_3
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |||
Gross amount at beginning | $ 5,833,338 | $ 5,561,005 | $ 5,340,858 |
Acquisitions | 80,582 | 111,734 | 131,686 |
Construction and related costs on new builds | 40,493 | 48,975 | 54,237 |
Augmentation and tower upgrades | 36,211 | 63,998 | 49,201 |
Land buyouts and other assets | 28,918 | 39,298 | 37,032 |
Tower maintenance | 28,426 | 28,960 | 30,048 |
Other | 19,142 | ||
Total additions | 233,772 | 292,965 | 302,204 |
Cost of real estate sold or disposed | (856) | (1,083) | |
Impairment | (17,064) | (9,587) | (17,130) |
Other | (86,998) | (10,189) | (63,844) |
Total deductions | (104,062) | (20,632) | (82,057) |
Balance at end | $ 5,963,048 | $ 5,833,338 | $ 5,561,005 |
Schedule III - Schedule of Re_4
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |||
Gross amount of accumulated depreciation at beginning | $ (3,133,061) | $ (2,868,507) | $ (2,627,841) |
Depreciation | (275,947) | (269,606) | (257,469) |
Other | (38) | (83) | (25) |
Total additions | (275,985) | (269,689) | (257,494) |
Amount of accumulated depreciation for assets sold or disposed | 4,244 | 2,887 | 4,392 |
Other | 21,432 | 2,248 | 12,436 |
Total deductions | 25,676 | 5,135 | 16,828 |
Balance at end | $ (3,383,370) | $ (3,133,061) | $ (2,868,507) |