Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | AMERICAN TOWER CORP /MA/ | ||
Entity Central Index Key | 1,053,507 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 427,195,037 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 47.9 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 787,161 | $ 320,686 |
Restricted cash | 149,281 | 142,193 |
Short-term investments | 4,026 | 0 |
Accounts receivable, net | 308,369 | 227,354 |
Prepaid and other current assets | 441,033 | 306,235 |
Total current assets | 1,689,870 | 996,468 |
PROPERTY AND EQUIPMENT, net | 10,517,258 | 9,866,424 |
GOODWILL | 5,070,680 | 4,091,805 |
OTHER INTANGIBLE ASSETS, net | 11,274,611 | 9,837,876 |
DEFERRED TAX ASSET | 195,678 | 212,041 |
DEFERRED RENT ASSET | 1,289,530 | 1,166,755 |
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 841,523 | 732,903 |
TOTAL | 30,879,150 | 26,904,272 |
CURRENT LIABILITIES: | ||
Accounts payable | 118,666 | 96,714 |
Accrued expenses | 620,563 | 516,413 |
Distributions payable | 250,550 | 210,027 |
Accrued interest | 157,297 | 115,672 |
Current portion of long-term obligations | 238,806 | 50,202 |
Unearned revenue | 245,387 | 211,001 |
Total current liabilities | 1,631,269 | 1,200,029 |
LONG-TERM OBLIGATIONS | 18,294,659 | 17,068,807 |
ASSET RETIREMENT OBLIGATIONS | 965,507 | 856,936 |
DEFERRED TAX LIABILITY | 777,572 | 106,333 |
OTHER NON-CURRENT LIABILITIES | 1,142,723 | 959,349 |
Total liabilities | 22,811,730 | 20,191,454 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTERESTS | 1,091,220 | 0 |
EQUITY: | ||
Common stock: $.01 par value; 1,000,000,000 shares authorized; 429,912,536 and 426,695,279 shares issued; and 427,102,510 and 423,885,253 shares outstanding, respectively | 4,299 | 4,267 |
Additional paid-in capital | 10,043,559 | 9,690,609 |
Distributions in excess of earnings | (1,076,965) | (998,535) |
Accumulated other comprehensive loss | (1,999,332) | (1,836,996) |
Treasury stock (2,810,026 shares at cost) | (207,740) | (207,740) |
Total American Tower Corporation equity | 6,763,895 | 6,651,679 |
Noncontrolling interests | 212,305 | 61,139 |
Total equity | 6,976,200 | 6,712,818 |
TOTAL | 30,879,150 | 26,904,272 |
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | ||
EQUITY: | ||
Preferred stock: $.01 par value: 20,000,000 authorized: 5.25%, Series A, 6,000,000 shares issued and outstanding; aggregate liquidation value of $600,000 - 5.50% Series B, 1,375,000 shares issued and outstanding, respectively; aggregate liquidation value of $1,375,000 | 60 | 60 |
Total equity | 60 | 60 |
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | ||
EQUITY: | ||
Preferred stock: $.01 par value: 20,000,000 authorized: 5.25%, Series A, 6,000,000 shares issued and outstanding; aggregate liquidation value of $600,000 - 5.50% Series B, 1,375,000 shares issued and outstanding, respectively; aggregate liquidation value of $1,375,000 | 14 | 14 |
Total equity | $ 14 | $ 14 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 429,912,536 | 426,695,279 |
Common stock, shares outstanding | 427,102,510 | 423,885,253 |
Treasury stock, shares | 2,810,026 | 2,810,026 |
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock | Series A Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, dividend rate, percentage | 5.25% | 5.25% |
Preferred stock, shares issued | 6,000,000 | 6,000,000 |
Preferred stock, shares outstanding | 6,000,000 | 6,000,000 |
Preferred stock, aggregate liquidation value | $ 600,000 | $ 600,000 |
Preferred stock | Series B Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, dividend rate, percentage | 5.50% | |
Preferred stock, shares issued | 1,375,000 | |
Preferred stock, shares outstanding | 1,375,000 | |
Preferred stock, aggregate liquidation value | $ 1,375,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Property | $ 5,713,126 | $ 4,680,388 | $ 4,006,854 |
Services | 72,542 | 91,128 | 93,194 |
Total operating revenues | 5,785,668 | 4,771,516 | 4,100,048 |
OPERATING EXPENSES: | |||
Property (including stock-based compensation expense of $1,750, $1,614 and $1,397, respectively) | 1,762,694 | 1,275,436 | 1,056,177 |
Services (including stock-based compensation expense of $688, $439 and $440, respectively) | 27,695 | 33,432 | 38,088 |
Depreciation, amortization and accretion | 1,525,635 | 1,285,328 | 1,003,802 |
Selling, general, administrative and development expense (including stock-based compensation expense of $87,460, $88,484 and $78,316, respectively) | 543,395 | 497,835 | 446,542 |
Other operating expenses | 73,220 | 66,696 | 68,517 |
Total operating expenses | 3,932,639 | 3,158,727 | 2,613,126 |
OPERATING INCOME | 1,853,029 | 1,612,789 | 1,486,922 |
OTHER INCOME (EXPENSE): | |||
Gain (loss) on retirement of long-term obligations | 1,168 | (79,606) | (3,473) |
Other expense (including unrealized foreign currency losses of $23,439, $71,473 and $49,319, respectively) | (47,790) | (134,960) | (62,060) |
Total other expense | (727,169) | (782,827) | (621,218) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,125,860 | 829,962 | 865,704 |
Income tax provision | (155,501) | (157,955) | (62,505) |
NET INCOME | 970,359 | 672,007 | 803,199 |
Net (income) loss attributable to noncontrolling interests | (13,934) | 13,067 | 21,711 |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS | 956,425 | 685,074 | 824,910 |
Dividends on preferred stock | (107,125) | (90,163) | (23,888) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ 849,300 | $ 594,911 | $ 801,022 |
NET INCOME PER COMMON SHARE AMOUNTS: | |||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 2 | $ 1.42 | $ 2.02 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 1.98 | $ 1.41 | $ 2 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
BASIC (in shares) | 425,143 | 419 | 395,958 |
DILUTED (in shares) | 429,283 | 423 | 400,086 |
TV Azteca | |||
OTHER INCOME (EXPENSE): | |||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | $ 10,960 | $ 11,209 | $ 10,547 |
Interest expense | (1,163) | (820) | (1,482) |
Excluding TV Azteca | |||
OTHER INCOME (EXPENSE): | |||
Interest income | 25,618 | 16,479 | 14,002 |
Interest expense | $ (717,125) | $ (595,949) | $ (580,234) |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-based compensation expense | $ 89,898,000 | $ 90,537,000 | $ 80,153,000 |
TV Azteca | |||
Interest expense | 1,163,000 | 820,000 | 1,482,000 |
Property | |||
Stock-based compensation expense | 1,750,000 | 1,614,000 | 1,397,000 |
Services | |||
Stock-based compensation expense | 688,000 | 439,000 | 440,000 |
Selling General Administrative And Development Expense | |||
Stock-based compensation expense | 87,460,000 | 88,484,000 | 78,316,000 |
Other Expense [Member] | |||
Foreign currency gain (loss) | $ (23,439,000) | $ (71,473,000) | $ (49,319,000) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 970,359 | $ 672,007 | $ 803,199 |
Other comprehensive (loss) income: | |||
Changes in fair value of cash flow hedges, net of tax expense (benefit) of $0, $73 and $(151), respectively | (449) | 948 | (1,931) |
Reclassification of unrealized losses on cash flow hedges to net income, net of tax expense (benefit) of $0, $84 and $(158), respectively | (291) | 2,440 | 3,448 |
Foreign currency translation adjustments, net of tax expense (benefit) of $3,782, $(24,857) and $(14,247), respectively | (202,819) | (1,078,950) | (526,890) |
Other comprehensive loss | (203,559) | (1,075,562) | (525,373) |
Comprehensive income (loss) | 766,800 | (403,555) | 277,826 |
Comprehensive loss attributable to noncontrolling interest | 18,218 | 45,854 | 64,083 |
Comprehensive income (loss) attributable to American Tower Corporation stockholders | $ 785,018 | $ (357,701) | $ 341,909 |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Reclassification of unrealized losses on cash flow hedges to net income, tax | $ 0 | $ 84,000 | $ (158,000) |
Foreign currency translation adjustments, tax | 3,782,000 | (24,857,000) | (14,247,000) |
Net change in fair value of cash flow hedges, tax | $ 0 | $ 73,000 | $ (151,000) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Earnings (Distributions) in Excess of Distributions (Earnings) | Noncontrolling Interest | Convertible Preferred Stock Subject to Mandatory Redemption | Convertible Preferred Stock Subject to Mandatory RedemptionAccumulated Other Comprehensive (Loss) Income | Convertible Preferred Stock Subject to Mandatory RedemptionNoncontrolling Interest | Series A Preferred Stock | Series A Preferred StockAdditional Paid-in Capital | Series A Preferred StockConvertible Preferred Stock Subject to Mandatory RedemptionPreferred Stock | Series B Preferred StockConvertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred StockConvertible Preferred Stock Subject to Mandatory RedemptionPreferred Stock | Series B Preferred StockConvertible Preferred Stock Subject to Mandatory RedemptionAdditional Paid-in Capital | Common Class A | Common Class ACommon Stock | Common Class AAdditional Paid-in Capital |
BALANCE at Dec. 31, 2013 | $ 3,590,040 | $ 3,976 | $ (207,740) | $ 5,130,616 | $ (311,220) | $ (1,081,467) | $ 55,875 | $ 0 | $ 0 | ||||||||||
BALANCE (shares) at Dec. 31, 2013 | (397,674,350) | (2,810,026) | 0 | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation related activity | 119,734 | $ 18 | 119,716 | ||||||||||||||||
Stock based compensation related activity (shares) | 1,753,286 | ||||||||||||||||||
Issuance of common stock—stock purchase plan | 5,718 | $ 1 | 5,717 | ||||||||||||||||
Issuance of common stock - stock purchase plan (shares) | 81,115 | ||||||||||||||||||
Issuance of stock | $ 582,659 | $ 582,599 | $ 60 | ||||||||||||||||
Issuance of stock (shares) | 6,000,000 | ||||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | (1,931) | $ (1,931) | $ (1,966) | $ 35 | |||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income | 3,448 | 3,288 | 160 | ||||||||||||||||
Foreign currency translation adjustment, net of tax | (526,890) | (484,323) | (42,567) | ||||||||||||||||
Contributions from noncontrolling interest | 123,526 | 123,526 | |||||||||||||||||
Distributions to noncontrolling interest | (566) | (566) | |||||||||||||||||
Purchase of noncontrolling interest | (64,822) | (49,862) | (14,960) | ||||||||||||||||
Common stock distributions declared | (556,875) | (556,875) | |||||||||||||||||
Preferred stock dividends declared | (23,888) | (23,888) | |||||||||||||||||
Net income | 803,199 | 824,910 | (21,711) | ||||||||||||||||
Net income (loss) | 803,199 | ||||||||||||||||||
BALANCE at Dec. 31, 2014 | 4,053,352 | $ 3,995 | $ (207,740) | 5,788,786 | (794,221) | (837,320) | 99,792 | $ 60 | $ 0 | ||||||||||
BALANCE (shares) at Dec. 31, 2014 | (399,508,751) | (2,810,026) | (6,000,000) | 0 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation related activity | 117,218 | $ 12 | 117,206 | ||||||||||||||||
Stock based compensation related activity (shares) | 1,253,236 | ||||||||||||||||||
Issuance of common stock—stock purchase plan | 6,618 | $ 1 | 6,617 | ||||||||||||||||
Issuance of common stock - stock purchase plan (shares) | 83,292 | ||||||||||||||||||
Issuance of stock | $ 1,337,946 | $ 14 | $ 1,337,932 | $ 2,440,327 | $ 259 | $ 2,440,068 | |||||||||||||
Issuance of stock (shares) | 1,375,000 | 25,850,000 | |||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | 948 | 901 | 47 | ||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income | 2,440 | 2,494 | (54) | ||||||||||||||||
Foreign currency translation adjustment, net of tax | (1,078,950) | (1,046,170) | (32,780) | ||||||||||||||||
Contributions from noncontrolling interest | 8,073 | 8,073 | |||||||||||||||||
Distributions to noncontrolling interest | (872) | (872) | |||||||||||||||||
Common stock distributions declared | (769,517) | (769,517) | |||||||||||||||||
Preferred stock dividends declared | (76,772) | (76,772) | |||||||||||||||||
Net income | 672,007 | 685,074 | (13,067) | ||||||||||||||||
Net income (loss) | 672,007 | ||||||||||||||||||
BALANCE at Dec. 31, 2015 | 6,712,818 | $ 4,267 | $ (207,740) | 9,690,609 | (1,836,996) | (998,535) | 61,139 | $ 60 | $ 14 | ||||||||||
BALANCE (shares) at Dec. 31, 2015 | (426,695,279) | (2,810,026) | (6,000,000) | (1,375,000) | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation related activity | 155,071 | $ 19 | 155,052 | ||||||||||||||||
Stock based compensation related activity (shares) | 1,959,123 | ||||||||||||||||||
Issuance of common stock—stock purchase plan | 7,517 | $ 1 | 7,516 | ||||||||||||||||
Issuance of common stock - stock purchase plan (shares) | 86,947 | ||||||||||||||||||
Issuance of stock | $ 120,785 | $ 12 | $ 120,773 | ||||||||||||||||
Issuance of stock (shares) | 1,171,187 | ||||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | (449) | (449) | |||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income | (291) | (291) | |||||||||||||||||
Foreign currency translation adjustments, net of tax, less amounts reclassified to APIC | (179,384) | (170,667) | (8,717) | ||||||||||||||||
Foreign currency translation adjustment, net of tax | (202,819) | ||||||||||||||||||
Contributions from noncontrolling interest | 239,484 | 69,609 | 9,071 | 160,804 | |||||||||||||||
Distributions to noncontrolling interest | (1,004) | (1,004) | |||||||||||||||||
Common stock distributions declared | (927,730) | (927,730) | |||||||||||||||||
Preferred stock dividends declared | (107,125) | (107,125) | |||||||||||||||||
Net income | 970,359 | 956,425 | 83 | ||||||||||||||||
Net income (loss) | 956,508 | ||||||||||||||||||
BALANCE at Dec. 31, 2016 | $ 6,976,200 | $ 4,299 | $ (207,740) | $ 10,043,559 | $ (1,999,332) | $ (1,076,965) | $ 212,305 | $ 60 | $ 14 | ||||||||||
BALANCE (shares) at Dec. 31, 2016 | (429,912,536) | (2,810,026) | (6,000,000) | (1,375,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 970,359,000 | $ 672,007,000 | $ 803,199,000 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, amortization and accretion | 1,525,635,000 | 1,285,328,000 | 1,003,802,000 |
Stock-based compensation expense | 89,898,000 | 90,537,000 | 80,153,000 |
Decrease in restricted cash | 5,256,000 | 16,112,000 | 7,522,000 |
Loss on investments, unrealized foreign currency loss and other non-cash expense | 127,377,000 | 146,170,000 | 64,133,000 |
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | 50,653,000 | 29,852,000 | 26,143,000 |
(Gain) loss on early retirement of long-term obligations | (1,168,000) | 79,750,000 | 3,379,000 |
Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest | 17,702,000 | 6,932,000 | (4,870,000) |
Deferred income taxes | 26,957,000 | 7,764,000 | 1,384,000 |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable | 11,352,000 | (56,312,000) | (84,529,000) |
Prepaid and other assets | (83,229,000) | (91,113,000) | (1,437,000) |
Deferred rent asset | (131,660,000) | (154,959,000) | (122,230,000) |
Accounts payable and accrued expenses | (42,862,000) | 95,858,000 | 34,711,000 |
Accrued interest | 34,386,000 | (15,641,000) | 45,514,000 |
Unearned revenue | 16,557,000 | 12,945,000 | 218,393,000 |
Deferred rent liability | 67,764,000 | 56,076,000 | 38,378,000 |
Other non-current liabilities | 18,627,000 | 1,746,000 | 20,944,000 |
Cash provided by operating activities | 2,703,604,000 | 2,183,052,000 | 2,134,589,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for purchase of property and equipment and construction activities | (682,505,000) | (728,753,000) | (974,404,000) |
Payments for acquisitions, net of cash acquired | (1,416,373,000) | (1,961,056,000) | (1,010,637,000) |
Payment for Verizon transaction | (4,748,000) | (5,059,462,000) | 0 |
Proceeds from sale of assets, net of cash | 0 | 0 | 15,464,000 |
Proceeds from sales of short-term investments and other non-current assets | 13,056,000 | 1,032,320,000 | 1,434,831,000 |
Payments for short-term investments | (750,000) | (1,022,816,000) | (1,395,316,000) |
Deposits, restricted cash and other | (16,126,000) | (1,968,000) | (19,486,000) |
Cash used for investing activities | (2,107,446,000) | (7,741,735,000) | (1,949,548,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from short-term borrowings, net | 0 | 9,043,000 | 0 |
Borrowings under credit facilities | 2,446,845,000 | 6,126,618,000 | 2,187,000,000 |
Proceeds from issuance of senior notes, net | 3,236,383,000 | 1,492,298,000 | 1,415,844,000 |
Proceeds from term loan | 0 | 500,000,000 | 0 |
Proceeds from other borrowings | 0 | 54,549,000 | 102,070,000 |
Proceeds from issuance of securities in securitization transaction | 0 | 875,000,000 | 0 |
Repayments of notes payable, credit facilities, term loan, senior notes and capital leases | (5,093,747,000) | (6,393,405,000) | (3,903,144,000) |
Contributions from noncontrolling interest holders, net | 238,480,000 | 7,201,000 | 9,098,000 |
Proceeds from stock options and stock purchase plan | 92,473,000 | 50,716,000 | 62,276,000 |
Distributions paid on common stock | (886,116,000) | (710,852,000) | (404,631,000) |
Distributions paid on preferred stock | (107,125,000) | (84,647,000) | (16,013,000) |
Proceeds from the issuance of common stock, net | 0 | 2,440,327,000 | 0 |
Proceeds from the issuance of preferred stock, net | 0 | 1,337,946,000 | 583,105,000 |
Purchase of preferred stock assumed in acquisition | 0 | 0 | (59,111,000) |
Payment for early retirement of long-term obligations | (86,000) | (85,672,000) | (11,593,000) |
Deferred financing costs and other financing activities | (26,401,000) | (30,021,000) | (34,670,000) |
Purchase of noncontrolling interest | 0 | 0 | (64,822,000) |
Cash (used for) provided by financing activities | (99,294,000) | 5,589,101,000 | (134,591,000) |
Net effect of changes in foreign currency exchange rates on cash and cash equivalents | (30,389,000) | (23,224,000) | (30,534,000) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 466,475,000 | 7,194,000 | 19,916,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 320,686,000 | 313,492,000 | 293,576,000 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 787,161,000 | $ 320,686,000 | $ 313,492,000 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Significant Accounting Policies | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business —American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The Company’s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries, which the Company refers to as its property operations. Additionally, the Company offers tower-related services in the United States, including site acquisition, zoning and permitting and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites, which the Company refers to as its services operations. The Company’s portfolio primarily consists of towers it owns and towers it operates pursuant to long-term lease arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in its portfolio, the Company manages rooftop and tower sites for property owners under various contractual arrangements. The Company also holds other telecommunications infrastructure and property interests that it leases to communications service providers and third-party tower operators. ATC is a holding company that conducts its operations through its directly and indirectly owned subsidiaries and its joint ventures. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations primarily through its subsidiary, American Tower International, Inc., which in turn conducts operations through its various international holding and operating subsidiaries and joint ventures. The Company operates as a real estate investment trust for U.S. federal income tax purposes (“REIT”). Accordingly, the Company generally is not subject to U.S. federal income taxes on income generated by its REIT operations, including the income derived from leasing space on its towers, as the Company receives a dividends paid deduction for distributions to stockholders that generally offsets its income and gains. However, the Company remains obligated to pay U.S. federal income taxes on earnings from its domestic taxable REIT subsidiaries (“TRSs”). In addition, the Company’s international assets and operations, regardless of their designation for U.S. tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. The use of TRSs enables the Company to continue to engage in certain businesses while complying with REIT qualification requirements. The Company may, from time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2016 , the Company’s REIT qualified businesses included its U.S. tower leasing business, most of its operations in Costa Rica, Germany and Mexico and a majority of its services segment and indoor DAS networks business. Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity or cost method, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. As of December 31, 2016, the Company has a controlling interest in two joint ventures in Ghana and Uganda with MTN Group Limited (“MTN Group”). The joint ventures are controlled by a holding company of which a wholly owned subsidiary of the Company holds a 51% controlling interest and a wholly owned subsidiary of MTN Group holds a 49% noncontrolling interest. In 2016, the Company established a joint venture (“ATC Europe”) with PGGM in which the Company holds a 51% controlling interest and PGGM holds a 49% noncontrolling interest. This transaction resulted in a reclassification of $9.1 million of foreign currency translation adjustment from Accumulated other comprehensive loss (“AOCI”) to additional paid-in capital. In addition, the Company holds an approximate 75% controlling interest, and South African investors hold an approximate 25% noncontrolling interest, in a subsidiary of the Company in South Africa. The Company holds a 51% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly known as Viom Networks Limited (“Viom”), and the Remaining Shareholders (as defined in note 6) hold a 49% noncontrolling interest. Significant Accounting Policies and Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying consolidated financial statements. The significant estimates in the accompanying consolidated financial statements include impairment of long-lived assets (including goodwill), asset retirement obligations, revenue recognition, rent expense, stock-based compensation, income taxes and accounting for business combinations and acquisitions of assets. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure. Accounts Receivable and Deferred Rent Asset —The Company derives the largest portion of its revenues, corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 56% of its current year revenues are derived from four tenants. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance as of January 1 $ 23,096 $ 17,306 $ 19,895 Current year increases 49,966 19,878 8,243 Write-offs, recoveries and other (1) (27,174 ) (14,088 ) (10,832 ) Balance as of December 31, $ 45,888 $ 23,096 $ 17,306 _______________ (1) Recoveries includes recognition of revenue resulting from collections of previously reserved amounts. Functional Currency —The functional currency of each of the Company’s foreign operating subsidiaries is the respective local currency, except for Costa Rica, where the functional currency is the U.S. Dollar. All foreign currency assets and liabilities held by the subsidiaries are translated into U.S. Dollars at the exchange rate in effect at the end of the applicable fiscal reporting period and all foreign currency revenues and expenses are translated at the average monthly exchange rates. Translation adjustments are reflected in equity as a component of AOCI in the consolidated balance sheets and included as a component of Comprehensive income (loss) in the consolidated statements of comprehensive income (loss). Transactional gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt that is considered to be permanently reinvested is reflected in AOCI in the consolidated balance sheets and included as a component of comprehensive income (loss). During the year ended December 31, 2016 , the Company recorded net foreign currency losses of $153.9 million , of which $105.0 million was recorded in AOCI and $48.9 million was recorded in Other expense. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high quality financial institutions and monitors the credit ratings of those institutions. Restricted Cash— Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions. Short-Term Investments— Short-term investments consists of highly liquid investments with original maturities in excess of three months. Property and Equipment —Property and equipment is recorded at cost or, in the case of acquired properties at estimated fair value on the date acquired. Cost for self-constructed towers includes direct materials and labor, capitalized interest and certain indirect costs associated with construction of the tower, such as transportation costs, employee benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction period, which is the period during which costs are incurred to evaluate the site, and continues to capitalize costs until the tower is substantially completed and ready for occupancy by a tenant. Labor costs capitalized for the years ended December 31, 2016 , 2015 and 2014 were $47.7 million , $44.7 million and $48.5 million , respectively. Interest costs capitalized for the years ended December 31, 2016 , 2015 and 2014 were $1.5 million , $1.8 million and $2.8 million , respectively. Expenditures for repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s useful life or enhance capacity are capitalized. Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives. Towers and related assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease, taking into consideration lease renewal options and residual value. Towers or assets acquired through capital leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease. Property and equipment and assets held under capital leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years. The Company reviews its tower portfolio for indicators of impairment on an individual tower basis. Impairments primarily result from a tower not having current tenant leases or from having expenses in excess of revenues. The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company records impairment charges in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. Goodwill and Other Intangible Assets —The Company reviews goodwill for impairment at least annually (as of December 31) or whenever events or circumstances indicate the carrying value of an asset may not be recoverable. Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. The Company utilizes the two-step impairment test when testing goodwill for impairment and employs a discounted cash flow analysis. The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal sales growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate. Under the first step of this test, the Company compares the fair value of the reporting unit, as calculated under an income approach using future discounted cash flows, to the carrying amount of the applicable reporting unit. If the carrying amount exceeds the fair value, the Company conducts the second step of this test, in which the implied fair value of the applicable reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss would be recognized for the amount of the excess. During the years ended December 31, 2016 , 2015 and 2014 , no potential impairment was identified under the first step of the test, as the fair value of each of the reporting units was in excess of its carrying amount. Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from three to twenty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company reviews its network location intangible assets for indicators of impairment on an individual tower basis. Impairments primarily result from a tower not having current tenant leases or from having expenses in excess of revenues. The Company monitors its tenant-related intangible assets (formerly referred to as customer-related intangible assets) on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, non-renewal of a significant number of contracts or the cancellation or termination of a relationship. The Company assesses recoverability by determining whether the carrying amount of the related assets will be recovered primarily through projected undiscounted future cash flows. If the Company determines that the carrying amount of an asset may not be recoverable, the Company measures any impairment loss based on the projected future discounted cash flows to be provided from the asset or available market information relative to the asset’s fair value, as compared to the asset’s carrying amount. The Company records impairment charges in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. Derivative Financial Instruments —Derivatives are recorded on the consolidated balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in AOCI, as well as a component of comprehensive income (loss), and are recognized in the results of operations when the hedged item affects earnings. Changes in fair value of the ineffective portions of cash flow hedges are recognized in the results of operations. For derivative instruments that are designated and qualify as fair value hedges, changes in value of the derivatives are recorded in Other expense in the consolidated statements of operations in the current period, along with the offsetting gain or loss on the hedged item attributable to the hedged risk. For derivative instruments not designated as hedging instruments, changes in fair value are recognized in the results of operations in the period that the change occurs. The primary risks managed through the use of derivative instruments is interest rate risk, exposure to changes in the fair value of debt attributable to interest rate risk and currency risk. From time to time, the Company enters into interest rate swap agreements or foreign currency contracts to manage exposure to these risks. Under these agreements, 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 Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. The Company does not hold derivatives for trading purposes. Fair Value Measurements —The Company determines the fair value 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. Asset Retirement Obligations —When required, the Company recognizes the fair value of obligations to remove its tower assets and remediate the leased land upon which certain of its tower assets are located. Generally, the associated retirement costs are capitalized as part of the carrying amount of the related tower assets and depreciated over their estimated useful lives and the liability is accreted through the obligation’s estimated settlement date. Fair value estimates of asset retirement obligations generally involve discounting of estimated future cash flows. Periodic accretion of such liabilities due to the passage of time is included in Depreciation, amortization and accretion expense in the consolidated statements of operations. Adjustments are also made to the asset retirement obligation liability to reflect changes in the estimates of timing and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of tower removals; cost of tower removals; timing and number of land lease renewals; expected inflation rates; and credit-adjusted, risk-free interest rates that approximate the Company’s incremental borrowing rate. Income Taxes —As a REIT, the Company generally is not subject to U.S. federal income taxes on income generated by its U.S. REIT operations. However, the Company remains obligated to pay U.S. federal income taxes on certain earnings and continues to be subject to taxation in its foreign jurisdictions. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically reviews its deferred tax assets, and provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances would be reversed as a reduction to the provision for income taxes if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability. The Company classifies uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. The Company reports penalties and tax-related interest expense as a component of the income tax provision and interest income from tax refunds as a component of Other expense in the consolidated statements of operations. Other Comprehensive Income (Loss) —Other comprehensive income (loss) refers to items excluded from net income that are recorded as an adjustment to equity, net of tax. The Company’s other comprehensive income (loss) primarily consisted of changes in fair value of effective derivative cash flow hedges, foreign currency translation adjustments and reclassification of unrealized losses on effective derivative cash flow hedges. The AOCI balance included foreign currency translation losses of $2.0 billion , $1.8 billion and $0.8 billion for the years ended December 31, 2016 , 2015 and 2014 , respectively. Distributions —As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). Generally, the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxable income after taking into consideration its utilization of net operating losses (“NOLs”). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will depend upon various factors, a number of which may be beyond the Company’s control, including the Company’s financial condition and operating cash flows, the amount required to maintain its qualification for taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and future debt and preferred equity instruments, the Company’s ability to utilize NOLs to offset the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. Acquisitions —For acquisitions that meet the definition of a business combination, the Company applies the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset taking into consideration such factors as age, condition and the economic useful life of the asset. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future tenant cash flows, including rate and terms of renewal and attrition. Revenue Recognition —The Company’s revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease agreements, is reported on a straight-line basis over the term of the respective leases when collectibility is reasonably assured. Escalation clauses tied to the Consumer Price Index (“CPI”) or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded from the straight-line calculation. Total property straight-line revenues for the years ended December 31, 2016 , 2015 and 2014 were $131.7 million , $155.0 million and $123.7 million , respectively. Amounts billed upfront in connection with the execution of lease agreements are initially deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the applicable leases. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met. Services revenues are derived under contracts or arrangements with customers that provide for billings either on a fixed price basis or a variable price basis, which includes factors such as time and expenses. Revenues are recognized as services are performed, and include estimates for percentage completed. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met. Rent Expense —Many of the leases underlying the Company’s tower sites have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable by the Company over time. In addition, certain of the Company’s tenant leases require the Company to exercise available renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. The Company calculates straight-line ground rent expense for these leases based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to the Company such that renewal appears to be reasonably assured. Total property straight-line ground rent expense for the years ended December 31, 2016 , 2015 and 2014 was $67.8 million , $56.1 million and $38.4 million , respectively. The Company records a liability for straight-line ground rent expense in Other non-current liabilities. The Company records prepaid ground rent in Prepaid and other current assets and Notes receivable and other non-current assets in the accompanying consolidated balance sheets according to the anticipated period of benefit. Selling, General, Administrative and Development Expense —Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corporate overhead costs not specifically allocable to any of the Company’s individual business operations. Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs. Stock-Based Compensation —Stock-based compensation expense is measured at the accounting measurement date based on the fair value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period. The Company provides for accelerated vesting and extended exercise periods of stock options and restricted stock units upon an employee’s death or permanent disability, or upon an employee’s qualified retirement, provided certain eligibility criteria are met. Accordingly, the Company recognizes compensation expense for stock options and time-based restricted stock units (“RSUs”) over the shorter of (i) the four -year vesting period or (ii) the period from the date of grant to the date the employee becomes eligible for such retirement benefits, which may occur upon grant. The expense recognized includes the impact of forfeitures as they occur. In March 2015 and 2016, the Company granted performance-based restricted stock units (“PSUs”) to its executive officers. Threshold, target and maximum parameters were established for the metrics for each year in the three -year performance period for the March 2015 grants, and for a three -year performance period for the March 2016 grants. The metrics will be 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. The Company recognizes compensation expense for PSUs over the three -year vesting period, subject to adjustment based on the date the employee becomes eligible for retirement benefits as well as performance relative to grant parameters. The fair value of stock options is determined using the Black-Scholes option-pricing model and the fair value of restricted stock units is based on the fair value of the Company’s common stock on the date of grant. The Company recognizes all stock-based compensation expense in either Selling, general, administrative and development expense, costs of operations or as part of the costs associated with the construction of the tower assets. In connection with the vesting of RSUs, the Company withholds from issuance a number of shares of common stock to satisfy certain employee tax withholding obligations arising from such vesting. The shares withheld are considered constructively retired. The Company recognizes the fair value of the shares withheld in Additional paid-in capital on the consolidated balance sheets. As of December 31, 2016, the Company has withheld from issuance an aggregate of 1,219,755 shares, including 218,063 shares related to the vesting of RSUs during the year ended December 31, 2016. Litigation Costs —The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. The Company regularly monitors the status of pending legal actions to evaluate both the magnitude and likelihood of any potential loss. The Company accrues for these potential losses when it is probable that a liability has been incurred and the amount of loss, or possible range of loss, can be reasonably estimated. Should the ultimate losses on contingencies or litigation vary from estimates, adjustments to those liabilities may be required. The Company also incurs legal costs in connection with these matters and records estimates of these expenses, which are reflected in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Earnings Per Common Share — Basic and Diluted —Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuable upon (i) the vesting of RSUs, (ii) exercise of stock options, and (iii) conversion of the Company’s mandatory convertible preferred stock and (B) shares earned upon the achievement of the parameters established for the PSUs, each to the extent not anti-dilutive. Dilutive common share equivalents also include the dilutive impact of the shares issuable in the Alltel transaction, which is described in notes 15 and 18. The Company uses the treasury s |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid and Other Current Assets | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the following as of December 31, (in thousands): 2016 2015 Prepaid operating ground leases $ 134,167 128,542 Prepaid income tax 127,142 45,056 Unbilled receivables 57,661 34,173 Prepaid assets 36,300 32,892 Value added tax and other consumption tax receivables 31,570 30,239 Other miscellaneous current assets 54,193 35,333 Prepaids and other current assets $ 441,033 $ 306,235 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment (including assets held under capital leases) consisted of the following as of December 31, (in thousands): Estimated Useful Lives (years) (1) 2016 2015 Towers Up to 20 $ 11,740,479 $ 10,726,656 Equipment 2 - 15 1,176,260 1,095,906 Buildings and improvements 3 - 32 621,874 607,661 Land and improvements (2) Up to 20 1,909,732 1,728,115 Construction-in-progress 203,411 238,960 Total 15,651,756 14,397,298 Less accumulated depreciation (5,134,498 ) (4,530,874 ) Property and equipment, net $ 10,517,258 $ 9,866,424 _______________ (1) Assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease taking into consideration lease renewal options and residual value. (2) Estimated useful lives apply to improvements only. Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $758.9 million , $661.4 million and $551.8 million , respectively. As of December 31, 2016 , property and equipment included $4,735.3 million and $1,198.0 million of capital lease assets and accumulated depreciation, respectively. As of December 31, 2015 , property and equipment included $5,112.4 million and $1,414.6 million of capital lease assets and accumulated depreciation, respectively. The decreases in capital lease assets and accumulated depreciation were primarily due to the Company exercising its option to purchase 1,523 communications towers that were previously subject to capital leases. See note 18 for further discussion of this transaction. As of December 31, 2016 and 2015, capital lease assets were primarily classified as towers and land and improvements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying value of goodwill for the Company’s business segments were as follows (in thousands): Property Services Total U.S. Asia EMEA Latin America Balance as of January 1, 2015 $ 3,356,096 $ 178,521 $ 78,647 $ 416,922 $ 1,988 $ 4,032,174 Additions 23,067 610 68,663 122,345 — 214,685 Effect of foreign currency translation — (8,412 ) (14,740 ) (131,902 ) — (155,054 ) Balance as of December 31, 2015 $ 3,379,163 $ 170,719 $ 132,570 $ 407,365 $ 1,988 $ 4,091,805 Additions (1) — 881,783 (2) 40,386 53,575 — 975,744 Effect of foreign currency translation — (23,189 ) (22,445 ) 48,765 — 3,131 Balance as of December 31, 2016 $ 3,379,163 $ 1,029,313 $ 150,511 $ 509,705 $ 1,988 $ 5,070,680 _______________ (1) Additions consist of $975.6 million resulting from 2016 acquisitions and $0.1 million from revisions to prior year acquisitions resulting from measurement period adjustments. (2) Assumed in the acquisition of Viom (see note 6). The Company’s other intangible assets subject to amortization consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Estimated Useful Lives Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value (years) (in thousands) Acquired network location intangibles (1) Up to 20 $ 4,622,316 $ (1,280,284 ) $ 3,342,032 $ 3,980,281 $ (1,052,393 ) $ 2,927,888 Acquired tenant-related intangibles 15-20 10,130,466 (2,224,119 ) 7,906,347 8,640,554 (1,763,853 ) 6,876,701 Acquired licenses and other intangibles 3-20 28,140 (4,827 ) 23,313 28,293 (5,486 ) 22,807 Economic Rights, TV Azteca 70 13,893 (10,974 ) 2,919 21,688 (11,208 ) 10,480 Total other intangible assets $ 14,794,815 $ (3,520,204 ) $ 11,274,611 $ 12,670,816 $ (2,832,940 ) $ 9,837,876 _______________ (1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease taking into consideration lease renewal options and residual value or up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired communications sites. The acquired tenant-related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals. This item was previously referred to as customer-related intangibles. The Company amortizes its acquired network location intangibles and tenant-related intangibles on a straight-line basis over the estimated useful lives. As of December 31, 2016 , the remaining weighted average amortization period of the Company’s intangible assets, excluding the TV Azteca Economic Rights detailed in note 5, was 16 years. Amortization of intangible assets for the years ended December 31, 2016 , 2015 and 2014 was $699.8 million , $568.3 million and $411.7 million , respectively. Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years (in millions): Year Ending December 31, 2017 $ 710.5 2018 707.8 2019 705.1 2020 686.3 2021 676.8 |
Notes Receivable and Other Non-
Notes Receivable and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable And Other Long Term Assets [Abstract] | |
Notes Receivable and Other Non-Current Assets | NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS Notes receivable and other non-current assets consisted of the following as of December 31, (in thousands): 2016 2015 Long-term prepaid ground rent $ 467,781 $ 388,790 Notes receivable 83,736 83,658 Other miscellaneous assets 290,006 260,455 Notes receivable and other non-current assets $ 841,523 $ 732,903 TV Azteca Note Receivable —In 2000, the Company loaned TV Azteca, S.A. de C.V. (“TV Azteca”), the owner of a major national television network in Mexico, $119.8 million . The loan has an interest rate of 13.11% , payable quarterly, which at the time of issuance was determined to be below market and therefore a corresponding discount was recorded. The term of the loan is 70 years ; however, the loan may be prepaid by TV Azteca without penalty during the last 50 years of the agreement. The discount on the loan is being amortized to Interest income, TV Azteca, net of interest expense on the Company’s consolidated statements of operations, using the effective interest method over the 70 -year term of the loan. Since inception, TV Azteca has repaid $28.0 million of principal on the loan. As of December 31, 2016 and 2015 , the outstanding balance on the loan was $91.8 million , or $82.9 million , net of discount. TV Azteca Economic Rights —Simultaneous with the signing of the loan agreement, the Company also entered into a 70 -year Economic Rights Agreement with TV Azteca regarding space not used by TV Azteca on approximately 190 of its broadcast towers. In exchange for the issuance of the below market interest rate loan and the annual payment of $1.5 million to TV Azteca (under the Economic Rights Agreement), the Company has the right to market and lease the unused tower space on the broadcast towers (the “Economic Rights”). TV Azteca retains title to these towers and is responsible for their operation and maintenance. The Company is entitled to 100% of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants. The term of the Economic Rights Agreement is 70 years ; however, TV Azteca has the right to purchase, at fair market value, the Economic Rights from the Company at any time during the last 50 years of the agreement. Should TV Azteca elect to purchase the Economic Rights, in whole or in part, it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election. The Company’s obligation to pay TV Azteca $1.5 million annually would also be reduced proportionally. The Company accounted for the annual payment of $1.5 million as a capital lease by initially recording an asset and a corresponding liability of $18.6 million . The capital lease asset also included the original discount on the note. The capital lease asset and original discount on the note aggregated $30.2 million at the time of the transaction and represents the cost to acquire the Economic Rights. The Economic Rights asset was recorded as an intangible asset and is being amortized over the 70 -year life of the Economic Rights Agreement. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The estimates of the fair value of the assets or rights acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). The primary areas of the accounting for the acquisitions that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, which may include contingent consideration, residual goodwill and any related tax impact. The fair value 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. While the Company believes that such preliminary estimates provide a reasonable basis for estimating the fair value of assets acquired and liabilities assumed, it evaluates any necessary information prior to finalization of the fair value. During the measurement period, the Company will adjust assets 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 the revised estimated values of those assets or liabilities as of that date. Impact of current year acquisitions —The Company typically acquires communications sites from wireless carriers or other tower operators and subsequently integrates those sites into its existing portfolio of communications sites. The financial results of the Company’s acquisitions have been included in the Company’s consolidated statement of operations for the year ended December 31, 2016 from the date of the respective acquisition. The date of acquisition, and by extension the point at which the Company begins to recognize the results of an acquisition, may depend upon, among other things, the receipt of contractual consents, the commencement and extent of leasing arrangements and the timing of the transfer of title or rights to the assets, which may be accomplished in phases. Sites acquired from communications service providers may never have been operated as a business and may have been utilized solely by the seller as a component of its network infrastructure. An acquisition may or may not involve the transfer of business operations or employees. The estimated aggregate impact of the 2016 acquisitions on the Company’s revenues and gross margin for the year ended December 31, 2016 was approximately $567.9 million and $241.1 million , respectively. The revenues and gross margin amounts also reflect incremental revenues from the addition of new tenants to such sites subsequent to the transaction date. Incremental amounts of segment selling, general, administrative and development expense subsequent to the transaction date have not been reflected. For those acquisitions accounted for as business combinations, the Company recognizes acquisition and merger related expenses in the period in which they are incurred and services are received. Acquisition and merger related expenses may include finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees, fair value adjustments to contingent consideration and general administrative costs directly related to the transaction. Integration costs include incremental and nonrecurring costs necessary to convert data, retain employees and otherwise enable the Company to operate new businesses efficiently. The Company records acquisition and merger related expenses, as well as integration costs in Other operating expenses in the consolidated statements of operations. During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded the following acquisition and merger related expenses and integration costs (in thousands): Year Ended December 31, 2016 2015 2014 Acquisition and merger related expenses $ 15,875 $ 18,799 $ 26,969 Integration costs $ 9,901 $ 18,097 $ 13,057 2016 Transactions Viom Acquisition— On April 21, 2016, the Company, through its wholly owned subsidiary, ATC Asia Pacific Pte. Ltd. (“ATC Asia”), acquired a 51% controlling ownership interest in Viom, a telecommunications infrastructure company that owns and operates approximately 42,000 wireless communications towers and 200 indoor DAS networks in India, from certain Viom shareholders, including the managing shareholder, SREI Infrastructure Finance Limited, several other minority shareholders and Tata Teleservices Limited, pursuant to its previously announced share purchase agreement (the “Viom Acquisition”). Consideration for the acquisition included 76.4 billion INR in cash ( $1.1 billion at the date of the Viom Acquisition), as well as the assumption of approximately 52.3 billion INR ( $0.8 billion at the date of the Viom Acquisition) of existing debt, which included 1.7 billion INR ( $25.1 million at the date of the Viom Acquisition) of mandatorily redeemable preference shares issued by Viom. On April 21, 2016, the closing date of the Viom Acquisition, ATC Asia’s shareholders agreement (the “Shareholders Agreement”) with Viom and the following remaining Viom shareholders - Tata Sons Limited, Tata Teleservices Limited, IDFC Private Equity Fund III, Macquarie SBI Investments Pte Limited and SBI Macquarie Infrastructure Trust (collectively, the “Remaining Shareholders”) - became effective. The Shareholders Agreement provides that, among other things, the Remaining Shareholders will have certain governance, anti-dilution and contractual rights. The Remaining Shareholders have put options, and ATC Asia has a call option, subject to the time periods and conditions outlined in the Shareholders Agreement. Other Acquisitions— During the year ended December 31, 2016, the Company acquired a total of 891 communications sites in the United States, Brazil, Chile, Germany, Mexico, Nigeria and South Africa, and a company holding urban telecommunications assets and fiber in Argentina, for an aggregate purchase price of $304.4 million (including contingent consideration of $8.8 million ). Of the total purchase price, $12.1 million is reflected in Accounts payable in the consolidated balance sheet as of December 31, 2016 . The purchase prices of certain transactions are subject to post-closing adjustments. The following table summarizes the preliminary allocation of the purchase prices for fiscal year 2016 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Asia Other Viom Current assets $ 276,560 $ 25,477 Non-current assets 57,645 2,336 Property and equipment 701,988 81,521 Intangible assets (1): Tenant-related intangible assets 1,369,580 105,557 Network location intangible assets 666,364 83,645 Current liabilities (195,900 ) (14,782 ) Deferred tax liability (619,070 ) (43,756 ) Other non-current liabilities (102,751 ) (29,472 ) Net assets acquired 2,154,416 210,526 Goodwill (2) 881,783 93,856 Fair value of net assets acquired 3,036,199 304,382 Debt assumed (786,889 ) — Redeemable noncontrolling interests (1,100,804 ) — Purchase Price $ 1,148,506 $ 304,382 _______________ (1) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years . (2) Primarily results from purchase accounting adjustments, which are at least partially deductible for tax purposes in certain foreign jurisdictions. 2015 Transactions Verizon Transaction— On March 27, 2015, the Company completed its acquisition of the exclusive right to lease, acquire or otherwise operate and manage 11,449 wireless communications sites from Verizon Communications Inc. (“Verizon”) in the United States (the “Verizon Transaction”) pursuant to the Master Agreement entered into on February 5, 2015 and the related Master Prepaid Lease, Management Agreement, Sale Site Master Lease Agreement and MPL Site Master Lease Agreement. The Company, through its wholly-owned subsidiary, leased or subleased from certain Verizon subsidiaries 11,286 communications sites, including the interest in the land, the tower and certain related improvements and tower related assets pursuant to the Master Prepaid Lease. Under the Master Prepaid Lease, the Company has the exclusive right to lease and operate the Verizon communications sites for a weighted average term of approximately 28 years and the Company will have the option to purchase the communications sites in various tranches at the end of the respective lease or sublease terms at a fixed amount stated in the sublease for such tranche plus the fair market value of certain alterations made to the related towers. The Company accounted for the payment with respect to the leased sites as a capital lease and the respective lease and non-lease elements related to tower assets and intangible assets, as described below. In addition, the Company, through its wholly-owned subsidiary, acquired 163 communications sites. The Company accounted for these sites as a business combination and the purchase price is reflected below in “Other Acquisitions.” Upon closing, the Company agreed to lease, sublease or otherwise make available collocation space at each of the communications sites to Verizon for an initial non-cancellable term of ten years , subject to automatic extension for eight additional five -year renewal terms. The initial collocation rent is $1,900 per month for each communications site, with annual increases of 2% . The total consideration for the Verizon Transaction was $5.066 billion , which includes consideration for the sites under the Master Prepaid Lease as well as cash consideration for the 163 acquired sites. The allocation of the consideration transfered for the 11,286 communication sites under the Master Prepaid Lease was finalized during the year ended December 31, 2015. Airtel Acquisition —During the year ended December 31, 2015, the Company acquired 4,716 communications sites in Nigeria from certain subsidiaries of Bharti Airtel Limited (“Airtel”) for an aggregate total purchase price of $1.112 billion , including value added tax. During the year ended December 31, 2016 there were no changes to the preliminary allocation of the purchase price and the measurement period expired. The estimates of the fair value of the assets or rights acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the applicable acquisition date). During the year ended December 31, 2016 , the Company adopted new guidance on the accounting for measurement-period adjustments related to business combinations. This guidance requires that an acquirer make adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill in the current period. Additionally, the effects on earnings of all measurement-period adjustments are included in current period earnings. During the year ended December 31, 2016 , post-closing adjustments impacted the following 2015 acquisitions: TIM Acquisition— On April 29, 2015, the Company acquired 4,176 communications sites from TIM Celular S.A. (“TIM”) for an initial aggregate purchase price of $644.3 million , which was subsequently reduced by $0.8 million during the year ended December 31, 2016. On September 30, 2015, the Company acquired an additional 1,125 communications sites from TIM for an initial aggregate purchase price of $130.9 million . On December 16, 2015, the Company acquired an additional 182 communications sites from TIM for an initial aggregate purchase price of $21.7 million . Other Acquisitions —During the year ended December 31, 2015, the Company acquired a total of 439 communications sites and related assets in Brazil, India, Mexico and Uganda for an aggregate purchase price of $22.5 million (including $0.3 million for the estimated fair value of contingent consideration), which was satisfied with cash consideration and by the issuance of credits to be applied against trade accounts receivable. The Company also acquired a total of 210 communications sites and equipment, as well as four property interests, in the United States for an aggregate purchase price of $142.4 million (including $1.3 million for the estimated fair value of contingent consideration), which included the 163 communications sites acquired as part of the Verizon Transaction, described above. The initial aggregate purchase price of other acquisitions was subsequently reduced by $0.2 million during the year ended December 31, 2016. The following table summarizes the preliminary and final allocations of the purchase prices paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2015 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Preliminary Allocation Final Allocation (1) Latin America Other Latin America Other TIM TIM Current assets $ — $ 1,113 $ — $ 1,113 Non-current assets — 995 — 995 Property and equipment 275,630 42,716 274,530 42,716 Intangible assets (2): Tenant-related intangible assets 361,822 63,001 361,765 62,832 Network location intangible assets 115,562 37,691 115,795 37,691 Current liabilities (3,192 ) (624 ) (3,192 ) (624 ) Other non-current liabilities (74,966 ) (4,028 ) (74,966 ) (4,028 ) Net assets acquired 674,856 140,864 673,932 140,695 Goodwill (3) 122,011 24,011 122,116 24,011 Fair value of net assets acquired 796,867 164,875 796,048 164,706 Debt assumed — — — — Purchase Price $ 796,867 $ 164,875 $ 796,048 $ 164,706 _______________ (1) The allocation of the purchase prices was finalized during the year ended December 31, 2016. (2) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years . (3) Goodwill was allocated to the Company’s property segments. The Company expects goodwill recorded in its U.S. and Asia property segments will be deductible for local tax purposes. The Company expects goodwill recorded in its Latin America property segment will be deductible in certain jurisdictions for local tax purposes. Pro Forma Consolidated Results (Unaudited) The following table presents the unaudited pro forma financial results as if the 2016 acquisitions had occurred on January 1, 2015 and the 2015 acquisitions had occurred on January 1, 2014 . The pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company. Year Ended December 31, 2016 2015 Pro forma revenues $ 6,055,187 $ 5,886,691 Pro forma net income attributable to American Tower Corporation common stockholders $ 847,738 $ 544,641 Pro forma net income per common share amounts: Basic net income attributable to American Tower Corporation common stockholders $ 1.99 $ 1.29 Diluted net income attributable to American Tower Corporation common stockholders $ 1.97 $ 1.27 Other Signed Acquisitions Airtel Tanzania— On March 17, 2016, the Company entered into a definitive agreement with Airtel, through its subsidiary company Airtel Tanzania Limited (“Airtel Tanzania”), pursuant to which the Company may acquire approximately 1,350 of Airtel Tanzania’s communications sites in Tanzania, for total consideration of approximately $179.0 million , subject to customary adjustments. Under the definitive agreement, the Company may pay additional consideration to acquire up to approximately 100 additional communications sites currently in development. The closing of this transaction is subject to customary closing conditions. In light of recent legislation in Tanzania, the Company is considering its options, including negotiating potential adjustments to the definitive agreement in the event a waiver of such legislation is not obtained. FPS Towers France— On December 19, 2016, ATC Europe entered into a definitive agreement with Antin Infrastructure Partners and the individuals party thereto to acquire 100% of the outstanding shares of FPS Towers (“FPS”). FPS owns and operates approximately 2,400 wireless tower sites in France. This transaction closed on February 15, 2017 for total consideration of 713.9 million Euros ( $757.1 million at the date of acquisition), a portion of which was funded by PGGM (see note 23). Acquisition-Related Contingent Consideration The Company may be required to pay additional consideration under certain agreements for the acquisition of communications sites if specific conditions are met or events occur. In Colombia and Ghana, the Company may be required to pay additional consideration upon the conversion of certain barter agreements with other wireless carriers to cash-paying lease agreements. In the United States, India and South Africa, the Company may be required to pay additional consideration if certain pre-designated tenant leases commence during a specified period of time. A summary of the value of the Company’s contingent consideration is as follows (in thousands): Year Ended December 31, 2016 Maximum potential value (1) Estimated value at December 31, 2016 (2) Additions (3) Settlements Change in Fair Value Colombia $ 23,557 $ 5,342 $ — $ — $ (4,964 ) Ghana 555 555 — — 47 India — — — — (161 ) South Africa 22,291 9,154 8,692 — — United States 393 393 119 (306 ) (1,294 ) Total $ 46,796 $ 15,444 $ 8,811 $ (306 ) $ (6,372 ) _______________ (1) The maximum potential value is based on exchange rates at December 31, 2016 . The minimum value could be zero. (2) Estimate is determined using a probability weighted average of expected outcomes as of December 31, 2016 . (3) Based on preliminary acquisition accounting upon closing of certain acquisitions during the year ended December 31, 2016 . For more information regarding contingent consideration, see note 11. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses consisted of the following as of December 31, (in thousands): 2016 2015 Accrued property and real estate taxes $ 138,361 $ 75,827 Payroll and related withholdings 76,141 62,334 Accrued rent 50,951 54,732 Amounts payable to tenants 32,326 58,683 Accrued construction costs 28,587 19,857 Accrued income tax payable 11,551 11,704 Other accrued expenses 282,646 233,276 Accrued expenses $ 620,563 $ 516,413 |
Long-Term Obligations
Long-Term Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | LONG-TERM OBLIGATIONS Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following as of December 31, (in thousands): 2016 2015 Contractual Interest Rate (1) Maturity Date (1) Series 2013-1A Securities (2) $ 498,642 $ 497,478 1.551 % March 15, 2018 Series 2013-2A Securities (3) 1,290,267 1,288,689 3.070 % March 15, 2023 Series 2015-1 Notes (4) 347,108 346,262 2.350 % June 15, 2020 Series 2015-2 Notes (5) 519,437 518,776 3.482 % June 16, 2025 2012 GTP Notes (6) (7) 179,459 281,902 4.336% - 7.358% March 15, 2019 Unison Notes (7) (8) 132,960 201,930 6.392% - 9.522% April 15, 2020 India indebtedness (9) 549,528 8,752 8.15% - 11.70% Various Viom preference shares (10) 24,537 — 13.500 % Various Shareholder loans (11) 151,045 145,540 Various Various Other subsidiary debt (12) 286,009 219,902 Various Various Total American Tower subsidiary debt 3,978,992 3,509,231 2013 Credit Facility (13) 539,975 1,225,000 1.963 % June 28, 2020 Term Loan (13) 993,936 1,993,601 2.020 % January 31, 2022 2014 Credit Facility (13) 1,385,000 1,980,000 2.432 % January 31, 2022 4.500% senior notes 998,676 997,693 4.500 % January 15, 2018 3.40% senior notes 999,716 999,769 3.400 % February 15, 2019 7.25% senior notes (7) 297,032 296,242 7.250 % May 15, 2019 2.800% senior notes 744,917 743,557 2.800 % June 1, 2020 5.050% senior notes 697,352 697,216 5.050 % September 1, 2020 3.300% senior notes 744,762 — 3.300 % February 15, 2021 3.450% senior notes 643,848 642,786 3.450 % September 15, 2021 5.900% senior notes 497,343 497,188 5.900 % November 1, 2021 2.250% senior notes 572,764 — 2.250 % January 15, 2022 4.70% senior notes 696,013 695,374 4.700 % March 15, 2022 3.50% senior notes 989,269 987,966 3.500 % January 31, 2023 5.00% senior notes 1,002,742 1,003,453 5.000 % February 15, 2024 4.000% senior notes 739,985 739,057 4.000 % June 1, 2025 4.400% senior notes 495,212 — 4.400 % February 15, 2026 3.375% senior notes 983,369 — 3.375 % October 15, 2026 3.125% senior notes 396,713 — 3.125 % January 15, 2027 Total American Tower Corporation debt 14,418,624 13,498,902 Other debt, including capital lease obligations 135,849 110,876 Total 18,533,465 17,119,009 Less current portion long-term obligations (238,806 ) (50,202 ) Long-term obligations $ 18,294,659 $ 17,068,807 _______________ (1) Represents the interest rate or maturity date as of December 31, 2016; interest rate does not reflect the impact of interest rate swap agreements. (2) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2043. (3) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (4) Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2045. (5) Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (6) Secured debt assumed by the Company in connection with its acquisition of MIP Tower Holdings LLC (“MIPT”). Maturity date represents anticipated repayment date; final legal maturity is March 15, 2042. (7) Debt was repaid in full subsequent to December 31, 2016. For more information see note 23. (8) Secured debt assumed in connection with the acquisition of certain legal entities holding a portfolio of property interests from Unison Holdings, LLC and Unison Site Management II, L.L.C. (together, “Unison”). Maturity date reflects the anticipated repayment date; final legal maturity is April 15, 2040. (9) Denominated in Indian Rupees (“INR”). Debt includes India working capital facility, remaining debt assumed by the Company in connection with the Viom Acquisition and debt that has been entered into by ATC TIPL. (10) Mandatorily redeemable preference shares (the “Preference Shares”) classified as debt, assumed by the Company in connection with the Viom Acquisition. The shares are to be redeemed in equal parts on March 26, 2017 and March 26, 2018. (11) Reflects balances owed to the Company’s joint venture partners in Ghana and Uganda. The Ghana loan is denominated in Ghanaian Cedi (“GHS”) and the Uganda loan was denominated in U.S. Dollars (“USD”). The Uganda loan accrued interest at a variable rate. Effective January 1, 2017, this loan, which had an outstanding balance of $80.0 million , was converted by the holder to a new shareholder note for $31.8 million , bearing interest at 16.6% per annum. The remaining balance of the Uganda loan was converted into equity. (12) Includes the BR Towers Debentures (as defined below), which are denominated in Brazilian Reais (“BRL”) and amortize through October 15, 2023, the South African Credit Facility (as defined below), which is denominated in South African Rand (“ZAR”) and amortizes through December 17, 2020, the Colombian Credit Facility (as defined below), which is denominated in Colombian Pesos (“COP”) and amortizes through April 24, 2021 and the Brazil Credit Facility (as defined below), which is denominated in BRL and matures on January 15, 2022. (13) Debt accrues interest at a variable rate. American Tower Subsidiary Debt Subsidiary Debt The Company has several securitizations in place. Cash flows generated by the sites that secure the securitized debt are only available for payment of such debt and are not available to pay the Company’s other obligations or the claims of its creditors. However, subject to certain restrictions, the Company holds the right to the excess cash flows not needed to pay the securitized debt and other obligations arising out of the securitizations. The securitized debt is the obligation of the issuers thereof or borrowers thereunder, as applicable, and their subsidiaries, and not of the Company or its other subsidiaries. Secured Tower Revenue Securities, Series 2013-1A and Series 2013-2A —In March 2013, the Company completed a private issuance (the “2013 Securitization”) of $1.8 billion of Secured Tower Revenue Securities, Series 2013-1A and Series 2013-2A (the “2013 Securities”) issued by American Tower Trust I (the “Trust”), a trust established by American Tower Depositor Sub, LLC, a wholly owned special purpose subsidiary of the Company. The net proceeds of the transaction were $1.78 billion . The assets of the Trust consist of a nonrecourse loan (the “Loan”) to American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (the “AMT Asset Subs”), pursuant to a First Amended and Restated Loan and Security Agreement dated as of March 15, 2013 (the “Loan Agreement”). The Loan is secured by (i) mortgages, deeds of trust and deeds to secure debt on substantially all of the 5,181 wireless and broadcast communications towers owned by the AMT Asset Subs (the “2013 Secured Towers”), (ii) a pledge of the AMT Asset Subs’ operating cash flows from the 2013 Secured Towers, (iii) a security interest in substantially all of the AMT Asset Subs’ personal property and fixtures and (iv) the AMT Asset Subs’ rights under the tenant leases and the management agreement entered into in connection with the 2013 Securitization. American Tower Holding Sub, LLC, whose only material assets are its equity interests in each of the AMT Asset Subs, and American Tower Guarantor Sub, LLC, whose only material asset are its equity interests in American Tower Holding Sub, LLC, each have guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiary or subsidiaries as security for such payment obligations. The 2013 Securities were issued in two separate series of the same class pursuant to a First Amended and Restated Trust and Servicing Agreement, with terms identical to the Loan. The effective weighted average life and interest rate of the 2013 Securities was 8.6 years and 2.648% , respectively, as of the date of issuance. American Tower Secured Revenue Notes, Series 2015-1, Class A and Series 2015-2, Class A —In May 2015, GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”), one of the Company’s wholly owned subsidiaries, refinanced existing debt with cash on hand and proceeds from a private issuance (the “2015 Securitization”) of $350.0 million of American Tower Secured Revenue Notes, Series 2015-1, Class A (the “Series 2015-1 Notes”) and $525.0 million of American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes,” and together with the Series 2015-1 Notes, the “2015 Notes”). The 2015 Notes are secured by (i) mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,596 communications sites (the “2015 Secured Sites”) owned by GTP Acquisition Partners and its subsidiaries (the “GTP Entities”) and their operating cash flows, (ii) a security interest in substantially all of the personal property and fixtures of the GTP Entities, including GTP Acquisition Partners’ equity interests in its subsidiaries and (iii) the rights of the GTP Entities under a management agreement. American Tower Holding Sub II, LLC, whose only material assets are its equity interests in GTP Acquisition Partners, has guaranteed repayment of the 2015 Notes and pledged its equity interests in GTP Acquisition Partners as security for such payment obligations. The 2015 Notes were issued by GTP Acquisition Partners pursuant to a Third Amended and Restated Indenture and related series supplements, each dated as of May 29, 2015 (collectively, the “2015 Indenture”), between the GTP Entities and The Bank of New York Mellon, as trustee. The effective weighted average life and interest rate of the 2015 Notes was 8.1 years and 3.029% , respectively, as of the date of issuance. Under the terms of the Loan Agreement and 2015 Indenture, amounts due will be paid from the cash flows generated by the 2013 Secured Towers or the 2015 Secured Sites, respectively, which must be deposited into certain reserve accounts, and thereafter distributed solely pursuant to the terms of the Loan Agreement or 2015 Indenture, as applicable. On a monthly basis, after payment of all required amounts under the Loan Agreement or 2015 Indenture, as applicable, including interest payments, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, and can then be distributed to, and used by, the Company. In order to distribute any excess cash flow to the Company, the AMT Asset Subs and GTP Acquisition Partners must each maintain a specified debt service coverage ratio (the “DSCR”), generally defined as the net cash flow divided by the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Loan or the 2015 Notes, as applicable, that will be outstanding on the payment date following such date of determination. If the DSCR were equal to or below 1.30 x (the “Cash Trap DSCR”) for any quarter, 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 applicable transaction documents, referred to as excess cash flow, will be deposited into a reserve account (the “Cash Trap Reserve Account”) instead of being released to the AMT Asset Subs or GTP Acquisition Partners, as applicable. The funds in the Cash Trap Reserve Account will not be released to the AMT Asset Subs or GTP Acquisition Partners unless the DSCR, as applicable, exceeds the Cash Trap DSCR for two consecutive calendar quarters. Additionally, an “amortization period” commences if, as of the end of any calendar quarter, the DSCR falls below 1.15 x (the “Minimum DSCR”) and will continue to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters. With respect to the 2013 Securities, an “amortization period” also commences if, on the anticipated repayment date the component of the Loan corresponding to the applicable subclass of the 2013 Securities has not been repaid in full, provided that such amortization period shall apply with respect to such component that has not been repaid in full. If either series of the 2015 Notes have not been repaid in full on the applicable anticipated repayment date, additional interest will accrue on the unpaid principal balance of the applicable series of the 2015 Notes, and such series will begin to amortize on a monthly basis from excess cash flow. During an amortization period, all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to payment of the principal on the Loan or the 2015 Notes, as applicable. The Loan and the 2015 Notes may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration. If the prepayment occurs within 12 months of the anticipated repayment date with respect to the Series 2013-1A Securities or the Series 2015-1 Notes, or 18 months of the anticipated repayment date with respect to the Series 2013-2A Securities or the Series 2015-2 Notes, no prepayment consideration is due. The Loan may be defeased in whole at any time prior to the anticipated repayment date for any component of the Loan then outstanding. The Loan Agreement and the 2015 Indenture include operating covenants and other restrictions customary for transactions subject to rated securitizations. Among other things, the AMT Asset Subs and the GTP Entities, as applicable, are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the Loan Agreement or the 2015 Indenture, as applicable). The organizational documents of the AMT Asset Subs and the GTP Entities contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors. The Loan Agreement and the 2015 Indenture also contain certain covenants that require the AMT Asset Subs or GTP Acquisition Partners, as applicable, to provide the respective trustee with regular financial reports and operating budgets, promptly notify such trustee of events of default and material breaches under the Loan Agreement and other agreements related to the 2013 Secured Towers or the 2015 Indenture and other agreements related to the 2015 Secured Sites, as applicable, and allow the applicable trustee reasonable access to the sites, including the right to conduct site investigations. A failure to comply with the covenants in the Loan Agreement or the 2015 Indenture could prevent the AMT Asset Subs or GTP Acquisition Partners from distributing excess cash flow to the Company. Furthermore, if the AMT Asset Subs or GTP Acquisition Partners were to default on the Loan or a series of the 2015 Notes, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the 2013 Secured Towers or the 2015 Secured Sites, respectively, in which case the Company could lose the revenue associated with those assets. With respect to the 2015 Notes, upon occurrence and during an event of default, the trustee may, in its discretion or at direction of holders of more than 50% of the aggregate outstanding principal of any series of the 2015 Notes, declare such series of 2015 Notes immediately due and payable, in which case any excess cash flow would need to be used to pay holders of such notes. Further, under the Loan Agreement and the 2015 Indenture, the AMT Asset Subs or GTP Acquisition Partners, respectively, are required to maintain reserve accounts, including for amounts received or due from tenants related to future periods, property taxes, insurance, ground rents, certain expenses and debt service. Based on the terms of the Loan Agreement and the 2015 Indenture, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the applicable trustee and then released. The $82.7 million held in the reserve accounts with respect to the 2013 Securitization and the $16.8 million held in the reserve accounts with respect to the 2015 Securitization as of December 31, 2016 are classified as Restricted cash on the Company’s accompanying consolidated balance sheets. 2012 GTP Notes —In connection with the acquisition of MIPT, the Company assumed existing indebtedness issued by certain subsidiaries of Global Tower Partners in several securitization transactions. During the year ended December 31, 2016, the Company repaid $94.1 million of these notes and released 472 sites in connection with this repayment. As of December 31, 2016 , the aggregate amount outstanding was $173.7 million plus $5.7 million of unamortized premium. As discussed in note 23, all amounts outstanding under these notes were repaid subsequent to December 31, 2016. Unison Notes —In connection with the acquisition of Unison, the Company assumed $196.0 million of existing securitized indebtedness. In October 2016, the Company repaid $67.0 million of these notes. As of December 31, 2016 , the aggregate amount outstanding was $129.0 million plus $4.0 million of unamortized premium. As discussed in note 23, all amounts outstanding under these notes were repaid subsequent to December 31, 2016. India indebtedness— Amounts outstanding and key terms of the India indebtedness consisted of the following as of December 31, 2016 (in millions, except percentages): Amount Outstanding (INR) Amount Outstanding (USD) Interest Rate (Range) Maturity Date (Range) Term loans 31,326 $ 461.2 8.15% - 11.15% March 31, 2017 - November 30, 2024 Debenture 6,000 $ 88.3 9.90 % April 28, 2020 Working capital facilities 0 $ 0 8.70% - 11.70% January 31, 2017 - October 23, 2017 The India indebtedness includes several term loans, ranging from one to ten years, which are generally secured by the borrower’s short-term and long-term assets. Each of the term loans bear interest at the applicable bank’s Marginal Cost of Funds based Lending Rate (as defined in the applicable agreement) or base rate, plus a spread. Interest rates on the term loans are fixed until certain reset dates. Generally, the term loans can be repaid without penalty on the reset dates; repayments at dates other than the reset dates are subject to prepayment penalties, typically of 1% to 2% . Scheduled repayment terms include either ratable or staggered amortization with repayments typically commencing between six and 36 months after the initial disbursement of funds. The debenture is secured by the borrower’s long-term assets, including property and equipment and intangible assets. The debenture bears interest at a base rate plus a spread of 0.6% . The base rate is set in advance for each quarterly coupon period. Should the actual base rate be between 9.75% and 10.25% , the revised base rate is assumed to be 10.00% for purposes of the reset. Additionally, the spread is subject to reset 36 and 48 months from the issuance date of April 27, 2015. The holders of the debenture must reach a consensus on the revised spread and the borrower must redeem all of the debentures held by holders from whom consensus is not achieved. Additionally, the debenture is required to be redeemed by the borrower if it does not maintain a minimum credit rating. The India indebtedness includes several working capital facilities, most of which are subject to annual renewal, and which are generally secured by the borrower’s short-term and long-term assets. The working capital facilities bear interest at rates that are comprised of the applicable bank’s Marginal Cost of Funds based Lending Rate (as defined in the applicable agreement) or base rate, plus a spread. Generally, the working capital facilities are payable on demand prior to maturity. Viom preference shares— As of December 31, 2016 , ATC TIPL had 166,666,666 Preference Shares outstanding, which are required to be redeemed in cash. Accordingly, the Company recognized debt of 1.67 billion INR ( $24.5 million ) related to the Preference Shares outstanding on the consolidated balance sheet. Unless redeemed earlier, the Preference Shares will be redeemed in two equal installments on March 26, 2017 and March 26, 2018 in an amount equal to ten INR per share along with a redemption premium, as defined in the investment agreement, which equates to a compounded return of 13.5% per annum. ATC TIPL, at its option, may redeem the Preference Shares prior to the aforementioned dates, subject to an additional 2% redemption premium. Other Subsidiary Debt— The Company’s other subsidiary debt includes (i) publicly issued simple debentures in Brazil (the “BR Towers Debentures”) issued by a subsidiary of BR Towers and assumed by the Company in its acquisition of BR Towers, (ii) a credit facility entered into by one of the Company’s South African subsidiaries in December 2015, as amended (the “South African Credit Facility”), (iii) a long-term credit facility entered into by one of the Company’s Colombian subsidiaries in October 2014 (the “Colombian Credit Facility”) and (iv) a credit facility entered into by one of the Company’s Brazilian subsidiaries in December 2014 (the “Brazil Credit Facility”) with Banco Nacional de Desenvolvimento Econômico e Social. Amounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, 2016 (in millions, except percentages): Amount Outstanding (Functional Currency) Amount Outstanding (USD) (1) Interest Rate Maturity Date 2016 2015 2016 2015 BR Towers Debentures (2) 329.3 332.8 $ 101.0 $ 85.2 7.400 % October 15, 2023 South African Credit Facility (3) 1,164.0 830.0 $ 84.3 $ 53.2 9.308 % December 17, 2020 Colombian Credit Facility (4) 170,000.0 190,000.0 $ 56.1 $ 59.6 10.920 % April 24, 2021 Brazil Credit Facility (5) 147.7 85.4 $ 44.6 $ 21.9 Various January 15, 2022 _______________ (1) Includes applicable deferred financing costs. (2) Denominated in BRL, with an original principal amount of 300.0 million BRL. Debt accrues interest at a variable rate. The aggregate principal amount of the BR Towers Debentures may be adjusted periodically relative to changes in the National Extended Consumer Price Index. (3) Denominated in ZAR, with an original principal amount of 830.0 million ZAR. On December 23, 2016, the borrower borrowed an additional 500.0 million ZAR, with the ability to request an additional 330.0 million ZAR. Debt accrues interest at a variable rate. (4) Denominated in COP, with an original principal amount of 200.0 billion COP. Debt accrues interest at a variable rate. The loan agreement for the Colombian Credit Facility requires that the borrower manage exposure to variability in interest rates on certain of the amounts outstanding under the Colombian Credit Facility. (5) Denominated in BRL, with an original principal amount of 271.0 million BRL. Debt accrues interest at a variable rate. As of December 30, 2016, the borrower no longer maintains the ability to draw on the Brazil Credit Facility. Pursuant to the agreements governing the BR Towers Debentures, the South African Credit Facility and the Colombian Credit Facility, payments of principal and interest are payable quarterly in arrears. Outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The BR Towers Debentures may be redeemed beginning on October 15, 2018 at the then outstanding principal amount plus a surcharge and all accrued and unpaid interest thereon. The South African Credit Facility may be prepaid in whole or in part without prepayment consideration. The Colombian Credit Facility may be prepaid in whole or in part at any time, subject to certain limitations and prepayment consideration. The South African Credit Facility, the Colombian Credit Facility and the Brazil Credit Facility are secured by, among other things, liens on towers owned by the applicable borrower. The BR Towers Debentures are secured by (i) 100% of the shares of the issuer thereof and (ii) all proceeds and rights from the issuance of the BR Towers Debentures, including amounts in a Resource Account, as defined in the applicable agreement. Each of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions. Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. Shareholder Loans —In connection with the establishment of certain of the Company’s joint ventures and related acquisitions of communications sites in Ghana and Uganda, the Company’s majority owned subsidiaries entered into shareholder loan agreements, as borrowers, with wholly owned subsidiaries of the Company and of the Company’s joint venture partners, as lenders. The portions of the loans made by the Company’s wholly owned subsidiaries are eliminated in consolidation and the portions of the loans made by each of the Company’s joint venture partner’s wholly owned subsidiaries are reported as outstanding debt of the Company. Outstanding amounts under each of the Company’s shareholder loans consisted of the following as of December 31, (in thousands): 2016 2015 Contractual Interest Rate Maturity Date Ghana loan (1) $ 71,047 $ 70,314 21.87 % December 31, 2019 Uganda loan (2)(3) 79,998 75,226 6.52 % June 29, 2019 _______________ (1) Denominated in GHS. As of December 31, 2016, the aggregate principal amount outstanding under the Ghana loan was 300.9 million GHS. (2) Interest accrues at a variable rate. (3) Includes $4.8 million of interest which was capitalized during the year ended December 31, 2016. American Tower Corporation Debt Bank Facilities —In November 2016, the Company entered into amendment agreements (the “Credit Facility Amendments”) with respect to (i) its multicurrency senior unsecured revolving credit facility entered into in June 2013, as amended (the “2013 Credit Facility”), (ii) its senior unsecured revolving credit facility entered into in January 2012, as amended and restated in September 2014, as further amended (the “2014 Credit Facility”) and (iii) its unsecured term loan entered into in October 2013, as amended (the “Term Loan”), which, among other things, (i) extend the maturity dates by one year to June 28, 2020, January 31, 2022 and January 31, 2022, respectively, (ii) increase the maximum Revolving Loan Commitments, after giving effect to any Incremental Commitments (each as defined in the loan agreements for each of the 2013 Credit Facility and the 2014 Credit Facility) to $4.25 billion and $3.00 billion under the 2013 Credit Facility and the 2014 Credit Facility, respectively, (iii) amend the limitation on indebtedness of, and guaranteed by, the Company’s subsidiaries to the greater of (x) $2.25 billion and (y) 50% of Adjusted EBITDA (as defined in the agreements for each of the 2013 Credit Facility, the 2014 Credit Facility and the Term Loan) of the Company and its subsidiaries on a consolidated basis and (iv) amend the limitation of the Company's permitted ratio of Total Debt to Adjusted EBITDA (each as defined in the agreements for each of the 2013 Credit Facility, the 2014 Credit Facility and the Term Loan) to be no greater than (x) 6.00 to 1.00 as of the end of each fiscal quarter or (y) 7.00 to 1.00 as of the specified time periods after the occurrence of a Qualified Acquisition (as defined in each of the Credit Facility Amendments). 2013 Credit Facility— The Company has the ability to borrow up to $2.75 billion under the 2013 Credit Facility, which includes a $1.0 billion sublimit for multicurrency borrowings, a $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans. During the year ended December 31, 2016 , the Company borrowed an aggregate of $1.9 billion and repaid an aggregate of $2.6 billion of revolving indebtedness under the 2013 Credit Facility. The Company primarily used the borrowings to fund the Viom Acquisition and general corporate purposes. 2014 Credit Facility— The Company has the ability to borrow up to $2.0 billion under the 2014 Credit Facility, which includes a $200.0 million sublimit for letters of credit and a $50.0 million sublimit for swingline loans. During the year ended December 31, 2016 , the Company borrowed an aggregate of $245.0 million and repaid an aggregate of $840.0 million of revolving indebtedness under the 2014 Credit Facility. Term Loan— During the year ended December 31, 2016 , the Company repaid $1.0 billion of indebtedness under the Term Loan. The Term Loan, the 2013 Credit Facility and the 2014 Credit Facility do not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium. The Company has the option of choosing either a defined base rate or the London Interbank Offered Rate (“LIBOR”) as the applicable base rate for borrowings under the Term Loan, the 2013 Credit Facility and the 2014 Credit Facility. The interest rates range between 1.000% to 2.000% above LIBOR for LIBOR based borrowings or up to 1.000% above the defined base rate for base rate borrowings, in each case based upon our debt ratings. As of December 31, 2016 , the key terms under the 2013 Credit Facility, the 2014 Credit Facility and the Term Loan were as follows: Outstanding Principal Balance (in millions) Undrawn letters of credit (in millions) Maturity Date Current margin over LIBOR and base rate Current commitment fee (1) 2013 Credit Facility $ 540.0 (2) $ 3.2 June 28, 2020 (3) 1.250% and 0.250% 0.150 % 2014 Credit Facility $ 1,385.0 (4) $ 7.3 January 31, 2022 (3) 1.250% and 0.250% 0.150 % Term Loan $ 1,000.0 (2) $ — January 31, 2022 1.250% and 0.250% N/A _______________ (1) Fee on undrawn portion of each credit facility. (2) Borrowed at LIBOR. (3) Subject to two optional renewal periods. (4) Includes $1,095.0 million borrowed at LIBOR and $290.0 million borrowed at the base rate. Senior Notes 3.300% Notes and 4.400% Notes Offerings— On January 12, 2016, the Company completed registered public offerings of $750.0 million aggregate principal amount of 3.300% senior unsecured notes due 2021 (the “ 3.300% Notes”) and $500.0 million aggregate principal amount of 4.400% senior unsecured notes due 2026 (the “ 4.400% Notes”). The net proceeds from these offerings were approximately $1,237.2 million , after deducting commissions and estimated expenses. The Company used the proceeds to repay existing indebtedness under the 2013 Credit Facility and for general corporate purposes. 3.375% Notes Offering— On May 13, 2016, the Company completed a registered public offering of $1.0 billion aggregate principal amount of 3.375% senior unsecured notes due 2026 (the “ 3.375% Notes”). The net proceeds from this offering were approximately $981.5 million , after deducting commissions and estimated expenses. The Company used the proceeds to repay existing indebtedness under the 2013 Credit Facility. 2.250% Notes and 3.125% Notes Offerings— On September 30, 2016, the Company completed registered public offerings of $600.0 million aggregate principal amount of 2.250% senior unsecured notes due 2022 (the “ 2.250% Notes”) and $400.0 million aggregate principal amount of 3.125% senior unsecured notes due 2027 (the “ 3.125% Notes”). The net proceeds from these offerings were approximately $990.6 million , after deducting commissions and estimated expenses. The Company used the proceeds to repay existing indebtedness under the Term Loan. The Company entered into interest rate swap agreements, which were designated as fair value hedges at inception, to hedge against changes in fair value of the 2.250% Notes resulting from changes in interest rates. As of December 31, 2016 , the interest rate on the 2.250% Notes, after giving effect to the interest rate swap agreements, was 1.97% . The following table outlines key terms related to the Company ’ s outstanding senior notes as of December 31, 2016 : Adjustments to Principal Amount (1) Aggregate Principal Amount 2016 2015 Semi-annual interest payments due Issue Date Par Call Date (2) (in thousands) 4.500% Notes $ 1,000,000 $ (1,324 ) $ (2,307 ) January 15 and July 15 December 7, 2010 N/A 3.40% Notes (3) 1,000,000 (284 ) (231 ) February 15 and August 15 August 19, 2013 N/A 7.25% Notes 300,000 (2,968 ) (3,758 ) May 15 and November 15 June 10, 2009 N/A 2.800% Notes 7 |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Non-Current Liabilities | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following as of December 31, (in thousands): 2016 2015 Unearned revenue $ 457,272 $ 451,844 Deferred rent liability 407,157 348,532 Other miscellaneous liabilities 278,294 158,973 Other non-current liabilities $ 1,142,723 $ 959,349 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS The changes in the carrying amount of the Company’s asset retirement obligations were as follows (in thousands): 2016 2015 Beginning balance as of January 1, $ 856,936 $ 609,035 Additions 64,092 277,982 Accretion expense 67,010 55,592 Revisions in estimates (1) (21,130 ) (83,636 ) Settlements (1,401 ) (2,037 ) Balance as of December 31, $ 965,507 $ 856,936 _______________ (1) Revisions in estimates include an increase in the liability of $9.6 million for the year ended December 31, 2016 and a decrease in the liability of $81.7 million for the year ended December 31, 2015 related to foreign currency translation. As of December 31, 2016 , the estimated undiscounted future cash outlay for asset retirement obligations was $2.5 billion . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company determines the fair value 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. Below are the three levels of inputs that 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. Items Measured at Fair Value on a Recurring Basis —The fair value of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value was as follows (in thousands): December 31, 2016 December 31, 2015 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Short-term investments (1) $ 4,026 — — — — — Interest rate swap agreements — $ 3 — — $ 692 — Embedded derivative in lease agreement — — $ 13,290 — — $ 14,176 Liabilities: Interest rate swap agreements — $ 24,682 — — — — Acquisition-related contingent consideration — — $ 15,444 — — $ 12,436 _______________ (1) Consists of highly liquid investments with original maturities in excess of three months. Interest Rate Swap Agreements The fair value of the Company’s interest rate swap agreements is determined using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. For derivative instruments that are designated and qualify as fair value hedges, changes in value of the derivatives are recognized in the consolidated statement of operations in the current period, along with the offsetting gain or loss on the hedged item attributable to the hedged risk. For derivative instruments that are designated and qualify as a cash flow hedges, the Company records the change in fair value for the effective portion of the cash flow hedges in AOCI in the consolidated balance sheets and reclassifies a portion of the value from AOCI into Interest expense on a quarterly basis as the cash flows from the hedged item affects earnings. The Company records the settlement of interest rate swap agreements in Gain (loss) on retirement of long-term obligations in the consolidated statements of operations in the period in which the settlement occurs. The Company entered into three interest rate swap agreements with an aggregate notional value of $600.0 million related to the 2.250% Notes. These interest rate swaps, which were designated as fair value hedges at inception, were entered into to hedge against changes in fair value of the 2.250% Notes resulting from changes in interest rates. The interest rate swap agreements require the Company to pay interest at a variable interest rate of one-month LIBOR plus applicable spreads and to receive fixed interest at a rate of 2.250% through January 15, 2022. During the year ended December 31, 2016, the Company recorded a $2.4 million fair value adjustment which was recorded in Other expense in the consolidated statement of operations. As of December 31, 2016, the interest rate swap agreements in the U.S. were included in Other non-current liabilities on the consolidated balance sheet. One of the Company’s Colombian subsidiaries entered into an interest rate swap agreement with an aggregate notional value of 100.0 billion COP ( $33.3 million ) with certain of the lenders under the Colombian Credit Facility. The interest rate swap agreement, which was designated as a cash flow hedge at inception, was entered into to manage exposure to variability in interest rates on debt. The interest rate swap agreement requires the payment of a fixed interest rate of 5.74% and pays variable interest at the three-month Inter-bank Rate (IBR) through the earlier of termination of the underlying debt or April 24, 2021. The notional value is reduced in accordance with the repayment schedule under the Colombian Credit Facility. The notional amount and fair value of the Colombian interest rate swap agreements were as follows as of December 31, (in thousands): 2016 2015 Local USD Local USD Colombia (COP) (1) Notional 85,000,000 $ 28,327 95,000,000 $ 30,164 Fair Value 8,763 3 2,179,374 692 _______________ (1) As of December 31, 2016 and 2015, the interest rate swap agreement in Colombia was included in Notes receivable and other non-current assets on the consolidated balance sheet. Embedded Derivative in Lease Agreement In connection with the acquisition of communications sites in Nigeria, the Company entered into a site lease agreement where a portion of the monthly rent to be received is escalated based on an index outside the lessor’s economic environment. The fair value of the portion of the lease tied to the U.S. CPI was $14.6 million at the date of acquisition and was recorded in Notes receivable and other non-current assets on the consolidated balance sheet. The fair value of the Company’s embedded derivative is determined using a discounted cash flow approach, which takes into consideration Level 3 unobservable inputs, including expected future cash flows over the period in which the associated payment is expected to be received and applies a discount factor that captures uncertainties in the future periods associated with the expected payment. During the year ended December 31, 2016, the Company recorded $0.9 million of a fair value adjustment, which was recorded in Other expense in the consolidated statement of operations. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration is initially measured and recorded at fair value as an element of consideration paid in connection with an acquisition with subsequent adjustments recognized in Other operating expenses in the consolidated statements of operations. The fair value of acquisition-related contingent consideration, and any subsequent changes in fair value, is determined by using a discounted probability-weighted approach, which takes into consideration Level 3 unobservable inputs, including assessments of expected future cash flows over the period in which the obligation is expected to be settled, and applies a discount factor that captures the uncertainties associated with the obligation. Changes in the unobservable inputs of Level 3 assets or liabilities could significantly impact the fair value of these assets or liabilities recorded in the accompanying consolidated balance sheets, with the adjustments being recorded in the consolidated statements of operations. As of December 31, 2016 , the Company estimates that the value of all potential acquisition-related contingent consideration required payments to be between zero and $46.8 million . The changes in fair value of the contingent consideration were as follows during the years ended December 31, (in thousands): 2016 2015 Balance as of January 1 $ 12,436 $ 28,524 Additions 8,811 1,626 Settlements (306 ) (7,943 ) Change in fair value (6,372 ) (4,781 ) Foreign currency translation adjustment 875 (4,990 ) Balance as of December 31 $ 15,444 $ 12,436 Items Measured at Fair Value on a Nonrecurring Basis Assets Held and Used —The Company’s long-lived assets are recorded at amortized cost and, if impaired, are adjusted to fair value using Level 3 inputs. During the year ended December 31, 2016 , certain long-lived assets held and used with a carrying value of $12.7 billion were written down to their net realizable value as a result of an asset impairment charge of $ 28.5 million . During the year ended December 31, 2015 , certain long-lived assets held and used with a carrying value of $12.6 billion were written down to their net realizable value as a result of an asset impairment charge of $15.1 million . The asset impairment charges are recorded in Other operating expenses in the accompanying consolidated statements of operations. These adjustments were determined by comparing the estimated fair value utilizing projected future discounted cash flows to be provided from the long-lived assets to the asset’s carrying value. There were no other items measured at fair value on a nonrecurring basis during the year ended December 31, 2016 . Fair Value of Financial Instruments —The Company’s financial instruments for which the carrying value reasonably approximates fair value at December 31, 2016 and 2015 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, fair value is estimated using either indicative price quotes or a discounted cash flow analysis using rates for debt with similar terms and maturities. As of December 31, 2016 , the carrying value and fair value of long-term obligations, including the current portion, were $18.5 billion and $18.8 billion , respectively, of which $11.8 billion was measured using Level 1 inputs and $7.0 billion was measured using Level 2 inputs. As of December 31, 2015 , the carrying value and fair value of long-term obligations, including the current portion, were $17.1 billion and $17.4 billion , respectively, of which $8.7 billion was measured using Level 1 inputs and $8.7 billion was measured using Level 2 inputs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company has filed, for prior taxable years through its taxable year ended December 31, 2011, consolidated U.S. federal tax returns, which included all of its then wholly owned domestic subsidiaries. For its taxable year commencing January 1, 2012, the Company filed, and intends to continue to file, as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization. The following information pertains to the Company’s income taxes on a consolidated basis. The income tax provision from continuing operations consisted of the following for the years ended December 31, (in thousands): 2016 2015 2014 Current: Federal $ (26,494 ) $ (73,930 ) $ (2,390 ) State (1,976 ) (21,216 ) (797 ) Foreign (100,074 ) (55,045 ) (57,934 ) Deferred: Federal (616 ) 9,131 (4,180 ) State (259 ) 8 (973 ) Foreign (26,082 ) (16,903 ) 3,769 Income tax provision $ (155,501 ) $ (157,955 ) $ (62,505 ) The effective tax rate (“ETR”) on income from continuing operations for the years ended December 31, 2016, 2015 and 2014 differs from the federal statutory rate primarily due to the Company’s qualification for taxation as a REIT, as well as adjustments for foreign items. As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations. In addition, the Company is able to offset certain income by utilizing its NOLs, subject to specified limitations. Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows for the years ended December 31: 2016 2015 2014 Statutory tax rate 35 % 35 % 35 % Adjustment to reflect REIT status (1) (35 ) (35 ) (35 ) Foreign taxes 5 3 2 Foreign withholding taxes 4 3 3 Uncertain tax positions 5 — — Change in tax law — 2 — MIPT tax election (2) — 11 — Other — — 2 Effective tax rate 14 % 19 % 7 % _______________ (1) Includes 29% , 36% and 24% from dividend paid deductions in 2016, 2015 and 2014, respectively. (2) Includes federal and state taxes, net of federal benefit. The domestic and foreign components of income from continuing operations before income taxes are as follows for the years ended December 31, (in thousands): 2016 2015 2014 United States $ 882,552 $ 785,201 $ 857,457 Foreign 243,308 44,761 8,247 Total $ 1,125,860 $ 829,962 $ 865,704 The components of the net deferred tax asset and liability and related valuation allowance were as follows as of December 31, (in thousands): 2016 2015 Assets: Net operating loss carryforwards $ 278,674 $ 277,977 Accrued asset retirement obligations 130,014 92,295 Stock-based compensation 4,267 3,889 Unearned revenue 29,003 25,654 Unrealized loss on foreign currency 26,883 37,440 Other accruals and allowances 45,578 13,824 Items not currently deductible and other 26,886 17,608 Liabilities: Depreciation and amortization (942,409 ) (194,230 ) Deferred rent (27,099 ) (20,720 ) Other (9,294 ) (11,077 ) Subtotal (437,497 ) 242,660 Valuation allowance (144,397 ) (136,952 ) Net deferred tax (liabilities) assets $ (581,894 ) $ 105,708 As described in note 1, effective January 1, 2016, the Company adopted new guidance on the accounting for share-based payment transactions. As part of this new guidance, excess windfall tax benefits and tax deficiencies related to the Company’s stock option exercises and restricted stock unit vestings are recognized as an income tax benefit or expense in the consolidated statement of operations in the period in which the deduction occurs. Excess windfall tax benefits and tax deficiencies are therefore not anticipated when determining the annual ETR and are instead recognized in the interim period in which those items occur. At December 31, 2016 and 2015, the Company has provided a valuation allowance of $144.4 million and $137.0 million , respectively, which primarily relates to foreign items. During 2016 , the Company increased the amounts recorded as valuation allowances due to the uncertainty as to the timing of, and the Company’s ability to recover, net deferred tax assets in certain foreign operations in the foreseeable future. The increase in the valuation allowance for the year ending December 31, 2016, is offset by fluctuations in foreign currency exchange rates and by a removal of previously reserved deferred tax assets resulting from a restructuring in Germany. The amount of deferred tax assets considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth. A summary of the activity in the valuation allowance is as follows (in thousands): 2016 2015 2014 Balance as of January 1, $ 136,952 $ 141,241 $ 136,006 Additions (1) 14,118 19,512 40,124 Reversals — — (10,769 ) Foreign currency translation (6,673 ) (23,801 ) (24,120 ) Balance as of December 31, $ 144,397 $ 136,952 $ 141,241 _______________ (1) Includes net charges to expense and allowances established through goodwill at acquisition. The recoverability of the Company’s deferred tax assets has been assessed utilizing projections based on its current operations. Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine transactions. Based on its current outlook of future taxable income during the carryforward period, the Company believes that deferred tax assets, other than those for which a valuation allowance has been recorded, will be realized. The Company considers the earnings of certain non-U.S. subsidiaries to be indefinitely invested outside of the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs. The Company has not recorded a deferred tax liability related to the U.S. federal and state income taxes and foreign withholding taxes on $648.7 million of undistributed earnings of foreign subsidiaries indefinitely invested outside of the United States. Should the Company decide to repatriate the foreign earnings, it may have to adjust the income tax provision in the period it determined that the earnings will no longer be indefinitely invested outside of the United States. At December 31, 2016 , the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows (in thousands): Years ended December 31, Federal State Foreign 2017 to 2021 $ — $ 59,213 $ 8,950 2022 to 2026 — 388,695 184,611 2027 to 2031 146,763 98,538 — 2032 to 2036 16,604 32,345 — Indefinite carryforward — — 831,185 Total $ 163,367 $ 578,791 $ 1,024,746 In addition, the Company has Mexican tax credits of $0.9 million , which if not utilized will expire in 2017. As of December 31, 2016 and 2015 , the total amount of unrecognized tax benefits that would impact the ETR, if recognized, is $102.9 million and $28.1 million , respectively. The amount of unrecognized tax benefits for the year ended December 31, 2016, includes additions to the Company’s existing tax positions of $82.9 million , which includes $23.8 million assumed through acquisition. The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $10.8 million . A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows for the years ended December 31, (in thousands): 2016 2015 2014 Balance at January 1 $ 28,114 $ 31,947 $ 32,545 Additions based on tax positions related to the current year 82,912 5,042 4,187 Additions for tax positions of prior years — — 3,780 Foreign currency (307 ) (5,371 ) (3,216 ) Reduction as a result of the lapse of statute of limitations and effective settlements (3,168 ) (3,504 ) (5,349 ) Balance at December 31 $ 107,551 $ 28,114 $ 31,947 During the years ended December 31, 2016 , 2015 and 2014 , the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, which resulted in a decrease of $3.2 million , $3.5 million and $5.3 million , respectively, in the liability for uncertain tax benefits, all of which reduced the income tax provision. The Company recorded penalties and tax-related interest expense to the tax provision of $9.2 million , $3.2 million and $6.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. In addition, due to the expiration of the statute of limitations in certain jurisdictions, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions during the years ended December 31, 2016, 2015 and 2014 by $3.4 million , $3.1 million and $9.9 million , respectively. As of December 31, 2016 and 2015 , the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $24.3 million and $20.2 million , respectively. The Company has filed for prior taxable years, and for its taxable year ended December 31, 2016 will file, numerous consolidated and separate income tax returns, including U.S. federal and state tax returns and foreign tax returns. The Company is subject to examination in the U.S. and various state and foreign jurisdictions for certain tax years. As a result of the Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION Summary of Stock-Based Compensation Plans —The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The 2007 Equity Incentive Plan (the “2007 Plan”) provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices in the case of non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably, generally over four years for RSUs and stock options and three years for PSUs. Stock options generally expire 10 years from the date of grant. As of December 31, 2016 , the Company had the ability to grant stock-based awards with respect to an aggregate of 9.5 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a discount of the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year. During the years ended December 31, 2016, 2015 and 2014, the Company recorded and capitalized the following stock-based compensation expenses (in thousands): 2016 2015 2014 Stock-based compensation expense $ 89,898 $ 90,537 $ 80,153 Stock-based compensation expense capitalized as property and equipment 1,443 2,052 1,589 Stock Options —The fair value of each option granted during the period was estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions noted in the table below. The expected life of stock options (estimated period of time outstanding) was estimated using the vesting term and historical exercise behavior of the Company’s employees. The risk-free interest rate was based on the U.S. Treasury yield with a term that approximated the estimated life in effect at the accounting measurement date. The expected volatility of the underlying stock price was based on historical volatility for a period equal to the expected life of the stock options. The expected annual dividend yield was the Company’s best estimate of expected future dividend yield. Key assumptions used to apply this pricing model were as follows: 2016 2015 2014 Range of risk-free interest rate 1.00% - 1.73% 1.32% - 1.62% 1.46% - 1.74% Weighted average risk-free interest rate 1.44% 1.61% 1.64% Range of expected life of stock options 4.5 - 5.2 years 4.5 years 4.5 years Range of expected volatility of the underlying stock price 20.59% - 21.45% 21.09% - 21.24% 21.94% - 23.35% Weighted average expected volatility of underlying stock price 21.43% 21.09% 23.08% Range of expected annual dividend yield 1.85% - 2.40% 1.50% - 1.85% 1.50% The weighted average grant date fair value per share during the years ended December 31, 2016 , 2015 and 2014 was $14.60 , $15.06 and $14.86 , respectively. The intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 and 2014 was $77.6 million , $32.1 million and $58.0 million , respectively. As of December 31, 2016 , total unrecognized compensation expense related to unvested stock options was $25.6 million and is expected to be recognized over a weighted average period of approximately two years. The amount of cash received from the exercise of stock options was $84.9 million during the year ended December 31, 2016 . The Company’s option activity for the year ended December 31, 2016 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value (in millions) Outstanding as of January 1, 2016 7,680,819 $71.10 Granted 1,161,370 95.16 Exercised (1,520,541 ) 55.86 Forfeited (51,472 ) 90.10 Expired (800 ) 33.96 Outstanding as of December 31, 2016 7,269,376 $78.00 6.73 $201.4 Exercisable as of December 31, 2016 3,519,976 $64.93 5.24 $143.4 Vested or expected to vest as of December 31, 2016 7,269,376 $78.00 6.73 $201.4 The following table sets forth information regarding options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Outstanding Number of Options Range of Exercise Price Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Life (Years) Options Exercisable Weighted Average Exercise Price Per Share 733,732 $28.39 - $43.11 $ 37.01 2.35 733,732 $ 37.01 1,130,308 44.92 - 62.00 56.55 4.55 1,130,308 56.55 916,991 64.01 - 76.90 76.74 6.18 621,338 76.69 1,428,834 77.42- 81.18 81.12 7.14 589,547 81.13 1,900,077 81.46 - 94.57 94.35 8.15 441,405 94.34 1,159,434 94.71 - 113.60 95.21 9.19 3,646 99.14 7,269,376 $28.39 - $113.60 $ 78.00 6.73 3,519,976 $ 64.93 Restricted Stock Units and Performance-Based Restricted Stock Units —The Company’s RSU and PSU activity for the year ended December 31, 2016 was as follows: RSUs Weighted Average Grant Date Fair Value PSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2016 (1) 1,656,993 $ 84.12 33,377 $ 94.57 Granted (2) 784,178 95.15 209,380 93.81 Vested (656,645 ) 79.36 — — Forfeited (120,783 ) 90.18 — — Outstanding as of December 31, 2016 1,663,743 $ 90.76 242,757 $ 93.92 Expected to vest as of December 31, 2016 1,663,743 $ 90.76 242,757 $ 93.92 _______________ (1) PSUs represent the shares issuable for the 2015 PSUs (as defined below) at the end of the three -year performance cycle based on exceeding the performance metric for the first year’s performance period. (2) PSUs represent the shares issuable for the 2015 PSUs at the end of the three -year performance cycle based on exceeding the performance metric for the second year’s performance period and the target number of shares issuable at the end of the three-year performance cycle for the 2016 PSUs (as defined below). Restricted Stock Units— The total fair value of RSUs that vested during the year ended December 31, 2016 was $63.8 million . As of December 31, 2016 , total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $86.1 million and is expected to be recognized over a weighted average period of approximately two years . Performance-Based Restricted Stock Units— During the year ended December 31, 2016 , the Company’s Compensation Committee granted an aggregate of 169,340 PSUs to its executive officers (the “2016 PSUs”) and established the performance metrics for this award. During the year ended December 31, 2015 , the Company’s Compensation Committee granted an aggregate of 70,135 PSUs to its executive officers (the “2015 PSUs”) and established the performance metric for this award. Threshold, target and maximum parameters were established for the metrics for a three -year performance period with respect to the 2016 PSUs and for each year in the three -year performance period with respect to the 2015 PSUs and will be used to calculate the number of shares that will be issuable when the award vests, which may range from 0% to 200% of the target amounts. At the end of the three -year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established performance goals. PSUs will be paid out in common stock at the end of the performance period, subject to the executive’s continued employment. In the event of the executive’s death, disability or qualifying retirement, PSUs will be paid out pro rata in accordance with the terms of the applicable award agreement. PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares actually vested. The performance metric related to the 2015 PSUs is tied to year-over-year growth, and actual results for the metric cannot be determined until the end of each respective fiscal year. As a result, as of December 31, 2016 , the Company was unable to determine the annual target for the third year of the performance period for this award. Accordingly, an aggregate of 23,377 PSUs was not included in the table above. During the year ended December 31, 2016 , the Company recorded $8.4 million in stock-based compensation expense for equity awards in which the performance goals have been established and were probable of being achieved. The remaining unrecognized compensation expense related to these awards at December 31, 2016 , was $12.0 million based on the Company’s current assessment of the probability of achieving the performance goals. The weighted-average period over which the cost will be recognized is approximately two years . |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests —In connection with the Viom Acquisition, ATC Asia entered into the Shareholders Agreement with Viom and the Remaining Shareholders. The Shareholders Agreement provides for, among other things, put options held by certain of the Remaining Shareholders, which allow the Remaining Shareholders to sell outstanding shares of ATC TIPL, and a call option held by the Company, which allows the Company to buy the noncontrolling shares of ATC TIPL. The put options, which are not under the Company’s control, cannot be separated from the noncontrolling interests. As a result, the combination of the noncontrolling interests and the redemption feature require classification as redeemable noncontrolling interests in the consolidated balance sheet, separate from equity. Given the provisions governing the put rights, the redeemable noncontrolling interests are recorded outside of permanent equity at their redemption value. The noncontrolling interests become redeemable after the passage of time, and therefore, the Company records the carrying amount of the noncontrolling interests at the greater of (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and foreign currency translation adjustments, or (ii) the redemption value. If required, the Company will adjust the redeemable noncontrolling interests to redemption value on each balance sheet date with changes in redemption value recognized as an adjustment to Distributions in excess of earnings. The put options may be exercised, requiring the Company to purchase the Remaining Shareholders’ equity interests, on specified dates beginning April 1, 2018 through March 31, 2021. The price of the put options will be based on the fair market value of the exercising Remaining Shareholder’s interest in the Company’s India operations at the time the option is exercised. Put options held by certain of the Remaining Shareholders are subject to a floor price of 216 INR per share. The following is a reconciliation of the changes in the Redeemable noncontrolling interests (in thousands): Balance as of January 1, 2016 $ — Fair value at acquisition 1,100,804 Net income attributable to noncontrolling interests 13,851 Foreign currency translation adjustment attributable to noncontrolling interests (23,435 ) Balance as of December 31, 2016 $ 1,091,220 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Equity | EQUITY Common Stock Issuance —On December 8, 2016, the Company issued 1,171,187 shares of its common stock directly to ALLTEL Communications, LLC (“Alltel”), a subsidiary of Verizon Wireless, in consideration of the Company's exercise of its purchase option related to 1,523 communications towers pursuant to its agreement with Alltel (see note 18). Series A Preferred Stock —The Company has 6,000,000 shares outstanding of its 5.25% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), which was originally issued on May 12, 2014. Unless converted earlier, each share of the Series A Preferred Stock will automatically convert on May 15, 2017, into between 0.9272 and 1.1591 shares of the Company’s common stock, depending on the applicable market value of the Company’s common stock and subject to anti-dilution adjustments. Subject to certain restrictions, at any time prior to May 15, 2017, holders of the Series A Preferred Stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect. Dividends on shares of the Series A Preferred Stock are payable on a cumulative basis when, as, and if declared by the Company’s Board of Directors at an annual rate of 5.25% on the liquidation preference of $100.00 per share, on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2014 to, and including, May 15, 2017. Series B Preferred Stock —The Company has 13,750,000 depositary shares, each representing a 1/10th interest in a share of its 5.50% Mandatory Convertible Preferred Stock, Series B, par value $0.01 per share (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, the “Mandatory Convertible Preferred Stock”), which was originally issued on March 3, 2015. Unless converted or redeemed earlier, each share of the Series B Preferred Stock will convert automatically on February 15, 2018, into between 8.5911 and 10.3093 shares of common stock, depending on the applicable market value of the Company’s common stock and subject to anti-dilution adjustments. Subject to certain restrictions, at any time prior to February 15, 2018, holders of the Series B Preferred Stock may elect to convert all or a portion of their shares into common stock at the minimum conversion rate then in effect. Dividends on shares of the Series B Preferred Stock are payable on a cumulative basis when, as, and if declared by the Company’s Board of Directors at an annual rate of 5.50% on the liquidation preference of $1,000.00 per share (and, correspondingly, $100.00 per share with respect to the depositary shares) on February 15, May 15, August 15 and November 15 of each year, commencing on May 15, 2015 to, and including, February 15, 2018. The Company may pay dividends on its Mandatory Convertible Preferred Stock in cash or, subject to certain limitations, in shares of common stock or any combination of cash and shares of common stock. The terms of the Mandatory Convertible Preferred Stock provide that, unless full cumulative dividends have been paid or set aside for payment on all outstanding Mandatory Convertible Preferred Stock for all prior dividend periods, no dividends may be declared or paid on common stock. Stock Repurchase Program —In March 2011, the Board of Directors approved a $1.5 billion stock repurchase program, pursuant to which the Company is authorized to purchase up to an additional $1.1 billion of the Company’s common stock. The Company temporarily suspended repurchases under the program in September 2013. However, the Company may, at any time, elect to resume repurchases under the program. Sales of Equity Securities —The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under its equity incentive plans. Distributions —During the years ended December 31, 2016 , 2015 and 2014, the Company declared the following cash distributions: For the year ended December 31, 2016 2015 2014 Distribution Aggregate Distribution Aggregate Distribution Aggregate Common Stock $ 2.17 $ 923.7 $ 1.81 $ 766.4 $ 1.40 $ 554.6 Series A Preferred Stock $ 5.25 $ 31.5 $ 3.94 $ 23.7 $ 3.98 $ 23.9 Series B Preferred Stock $ 55.00 $ 75.6 $ 38.65 $ 53.1 $ — $ — The following table characterizes the tax treatment of distributions declared per share of common stock and Mandatory Convertible Preferred Stock. For the year ended December 31, 2016 2015 2014 (1) Per Share % Per Share % Per Share % Common Stock Ordinary dividend $ 2.1700 (2) 100.00 % $ 1.2694 70.13 % $ 1.4000 100.00 % Capital gains distribution — — 0.5406 29.87 — — Total $ 2.1700 100.00 % $ 1.8100 100.00 % $ 1.4000 100.00 % Series A Preferred Stock Ordinary dividend $ 6.4578 (3) 100.00 % $ 3.6818 (4) 70.13 % $ 2.6688 100.00 % Capital gains distribution — — 1.5682 29.87 — — Total $ 6.4578 100.00 % $ 5.2500 100.00 % $ 2.6688 100.00 % Series B Preferred Stock (5) Ordinary dividend $ 5.5000 100.00 % $ 2.7107 70.13 % $ — — % Capital gains distribution — — 1.1546 29.87 — — Total $ 5.5000 100.00 % $ 3.8653 100.00 % $ — — % _______________ (1) The Company had no Series B Preferred Stock outstanding during the year ended December 31, 2014. (2) Includes dividend declared on December 14, 2016 of $0.58 per share, which was paid on January 13, 2017 to common stockholders of record at the close of business on December 28, 2016. (3) Includes a deemed distribution as a result of a conversion rate adjustment triggered on June 17, 2016. (4) Includes dividend declared on December 2, 2014 of $1.3125 per share, which was paid on February 16, 2015 to preferred stockholders of record at the close of business on February 1, 2015. (5) Represents the tax treatment on dividends per depositary share, each of which represents a 1/10th interest in a share of Series B Preferred Stock. The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of December 31, 2016 , the amount accrued for distributions payable related to unvested restricted stock units was $6.7 million . During the year ended December 31, 2016 , the Company paid $2.4 million of distributions payable upon the vesting of restricted stock units. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined and subject to adjustment by the Company’s Board of Directors. |
Impairments, Net Loss on Sale o
Impairments, Net Loss on Sale of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
Impairments, Net Loss on Sale of Long-lived Assets | IMPAIRMENTS, NET LOSS ON SALES OF LONG-LIVED ASSETS During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded impairment charges and net losses on sales or disposals of long-lived assets of $53.6 million , $29.8 million and $28.5 million , respectively. These charges were primarily related to assets included in the Company’s U.S. property segment and are included in Other operating expenses in the consolidated statements of operations. Included in these amounts were impairment charges of $28.5 million , $15.1 million and $15.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, to write down certain assets to net realizable value after an indicator of impairment was identified. These assets consisted primarily of towers, which are assessed on an individual basis, and network location intangibles, which relate directly to towers. For the year ended December 31, 2016 , impairment charges also included amounts related to land easements. Also included in these amounts were net losses associated with the sale or disposal of certain non-core towers, other assets and other miscellaneous items of $25.1 million , $14.7 million and $13.2 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (in thousands, except per share data): 2016 2015 2014 Net income attributable to American Tower Corporation stockholders $ 956,425 $ 685,074 $ 824,910 Dividends on preferred stock (107,125 ) (90,163 ) (23,888 ) Net income attributable to American Tower Corporation common stockholders 849,300 594,911 801,022 Basic weighted average common shares outstanding 425,143 418,907 395,958 Dilutive securities 4,140 4,108 4,128 Diluted weighted average common shares outstanding 429,283 423,015 400,086 Basic net income attributable to American Tower Corporation common stockholders per common share $ 2.00 $ 1.42 $ 2.02 Diluted net income attributable to American Tower Corporation common stockholders per common share $ 1.98 $ 1.41 $ 2.00 Shares Excluded From Dilutive Effect The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive for the years ended December 31, (in thousands, on a weighted average basis): 2016 2015 2014 Restricted stock awards 6 — 5 Stock options 817 1,606 1,290 Preferred stock 17,509 15,408 4,303 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation —The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business. In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity. Verizon Transaction —On March 27, 2015, the Company entered into an agreement with various operating entities of Verizon that provides for the lease, sublease or management of 11,286 wireless communications sites from Verizon commencing March 27, 2015. The average term of the lease or sublease for all sites at the inception of the agreement was approximately 28 years , assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management right upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in each tranche. The purchase price for each tranche is a fixed amount stated in the lease for such tranche plus the fair market value of certain alterations made to the related towers. The aggregate purchase option price for the towers leased and subleased is approximately $5.0 billion . Verizon will occupy the sites as a tenant for an initial term of ten years with eight optional successive five -year terms; each such term shall be governed by standard master lease agreement terms established as a part of the transaction. AT&T Transaction —The Company has an agreement with SBC Communications Inc., a predecessor entity to AT&T Inc. (“AT&T”), that currently provides for the lease or sublease of approximately 2,350 towers from AT&T with the lease commencing between December 2000 and August 2004. Substantially all of the towers are part of the 2013 Securitization. The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years , assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration. Each tower is assigned to an annual tranche, ranging from 2013 to 2032, which represents the outside expiration date for the sublease rights to that tower. The purchase price for each site is a fixed amount stated in the lease for that site plus the fair market value of certain alterations made to the related tower by AT&T. As of December 31, 2016 , the Company has purchased an aggregate of 77 of the subleased towers upon expiration of the applicable agreement. The aggregate purchase option price for the remaining towers leased and subleased is $760.1 million and will accrete at a rate of 10% per annum through the applicable expiration of the lease or sublease of a site. For all such sites purchased by the Company prior to June 30, 2020, AT&T will continue to lease the reserved space at the then-current monthly fee which shall escalate in accordance with the standard master lease agreement for the remainder of AT&T’s tenancy. Thereafter, AT&T shall have the right to renew such lease for up to four successive five -year terms. For all such sites purchased by the Company subsequent to June 30, 2020, AT&T has the right to continue to lease the reserved space for successive one -year terms at a rent equal to the lesser of the agreed upon market rate and the then-current monthly fee, which is subject to an annual increase based on changes in the U.S. Consumer Price Index. Alltel Transaction —In December 2000, the Company entered into an agreement with Alltel, to acquire towers through a 15 -year sublease agreement. Pursuant to the agreement, as amended, with Verizon Wireless, the Company acquired rights to approximately 1,800 towers in tranches between April 2001 and March 2002. The Company has the option to purchase each tower at the expiration of the applicable sublease. The Company exercised the purchase options for 1,523 towers in a single closing which occurred on December 8, 2016. The Company has provided notice to the tower owner of its intent to exercise the purchase options related to the 243 remaining towers. As of December 31, 2016 , the purchase price per tower was $42,844 payable in cash or, at the tower owner’s option, with 769 shares of the Company’s common stock per tower. The aggregate cash purchase option price for the remaining subleased towers was $10.4 million as of December 31, 2016 . Other Contingencies —The Company is subject to income tax and other taxes in the geographic areas where it operates, and periodically receives notifications of audits, assessments or other actions by taxing authorities. The Company evaluates the circumstances of each notification based on the information available and records a liability for any potential outcome that is probable or more likely than not unfavorable if the liability is also reasonably estimable. On December 5, 2016, the Company received an income tax assessment of Essar Telecom Infrastructure Private Limited (“ETIPL”) for the fiscal year ending 2008 in the amount of 4.75 billion INR ( $69.8 million on the date of assessment) related to capital contributions. The Company is challenging the assessment before India’s tax authority Commissioner of Income Tax (Appeals) and estimates that there is a more likely than not probability that the Company’s position will be sustained. Accordingly, no such liability has been recorded. Additionally, the assessment was made with respect to transactions that took place in the tax year commencing in 2007, prior to the Company’s acquisition of ETIPL. Under the Company’s definitive acquisition agreement of ETIPL, the seller is obligated to indemnify and defend the Company with respect to any tax-related liability that may arise from activities prior to March 31, 2010. Lease Obligations —The Company leases certain land, office and tower space under operating leases that expire over various terms. Many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option. Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the non-cancellable term of the leases. Future minimum rental payments under non-cancellable operating leases include payments for certain renewal periods at the Company’s option because failure to renew could result in a loss of the applicable communications sites and related revenues from tenant leases, thereby making it reasonably assured that the Company will renew the leases. Such payments at December 31, 2016 are as follows (in millions): Year Ending December 31, 2017 $ 869 2018 846 2019 816 2020 776 2021 737 Thereafter 6,638 Total $ 10,682 Aggregate rent expense (including the effect of straight-line rent expense) under operating leases for the years ended December 31, 2016 , 2015 and 2014 approximated $986.2 million , $804.8 million and $655.0 million , respectively. Future minimum payments under capital leases in effect at December 31, 2016 were as follows (in millions): Year Ending December 31, 2017 $ 28 2018 24 2019 22 2020 18 2021 14 Thereafter 163 Total minimum lease payments 269 Less amounts representing interest (132 ) Present value of capital lease obligations $ 137 Tenant Leases —The Company’s lease agreements with its tenants vary depending upon the region and the industry of the tenant, and generally have initial terms of ten years with multiple renewal terms at the option of the tenant. Future minimum rental receipts expected from tenants under non-cancellable operating lease agreements in effect at December 31, 2016 were as follows (in millions): Year Ending December 31, 2017 $ 4,646 2018 4,502 2019 4,240 2020 3,905 2021 3,372 Thereafter 10,477 Total $ 31,142 Guaranties and Indemnifications —The Company enters into agreements from time to time in the ordinary course of business pursuant to which it agrees to guarantee or indemnify third parties for certain claims. The Company has also entered into purchase and sale agreements relating to the sale or acquisition of assets containing customary indemnification provisions. The Company’s indemnification obligations under these agreements generally are limited solely to damages resulting from breaches of representations and warranties or covenants under the applicable agreements, but do not guarantee future performance. In addition, payments under such indemnification clauses are generally conditioned on the other party making a claim that is subject to whatever defenses the Company may have and are governed by dispute resolution procedures specified in the particular agreement. Further, the Company’s obligations under these agreements may be limited in duration and amount, and in some instances, the Company may have recourse against third parties for payments made by the Company. The Company has not historically made any material payments under these agreements and, as of December 31, 2016 , is not aware of any agreements that could result in a material payment. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31, (in thousands): 2016 2015 2014 Supplemental cash flow information: Cash paid for interest $ 645,092 $ 577,952 $ 548,089 Cash paid for income taxes (net of refunds of $19,554, $7,053 and $8,476, respectively) 96,241 157,058 69,212 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (18,973 ) 2,780 1,121 Purchases of property and equipment under capital leases 55,635 36,851 36,486 Fair value of debt assumed through acquisitions 786,889 — 463,135 Exercise of purchase option for property and equipment for common shares issued 120,785 — — Settlement of accounts receivable related to acquisitions — 899 31,849 Conversion of third-party debt to equity — — 111,181 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Business Segments | BUSINESS SEGMENTS The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s property operations, which as of December 31, 2016, consisted of the following: • U.S.: property operations in the United States; • Asia: property operations in India; • EMEA: property operations in Germany, Ghana, Nigeria, South Africa and Uganda; and • Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico and Peru. The Company has applied the aggregation criteria to operations within the EMEA and Latin America property operating segments on a basis that is consistent with management’s review of information and performance evaluations of these regions. The Company’s services segment offers tower-related services in the United States, including site acquisition, zoning and permitting services and structural analysis services, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites. The services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the Latin America property segment gross margin and segment operating profit also include Interest income, TV Azteca, net. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other expense, Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets. Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2016 , 2015 and 2014 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other expense, as the amounts are not utilized in assessing each segment’s performance, and (ii) reconciles segment operating profit to Income from continuing operations before income taxes. Property Total Property Services Other Total Year ended December 31, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 3,370,033 $ 827,627 $ 529,531 $ 985,935 $ 5,713,126 $ 72,542 $ 5,785,668 Segment operating expenses (1) 733,403 465,938 223,716 337,887 1,760,944 27,007 1,787,951 Interest income, TV Azteca, net — — — 10,960 10,960 — 10,960 Segment gross margin 2,636,630 361,689 305,815 659,008 3,963,142 45,535 4,008,677 Segment selling, general, administrative and development expense (1) 147,559 48,238 60,903 60,690 317,390 12,510 329,900 Segment operating profit $ 2,489,071 $ 313,451 $ 244,912 $ 598,318 $ 3,645,752 $ 33,025 $ 3,678,777 Stock-based compensation expense $ 89,898 89,898 Other selling, general, administrative and development expense 126,035 126,035 Depreciation, amortization and accretion 1,525,635 1,525,635 Other expense (2) 811,349 811,349 Income from continuing operations before income taxes $ 1,125,860 Capital expenditures (3) $ 310,744 $ 115,508 $ 86,128 $ 172,568 $ 684,948 $ — $ 16,439 $ 701,387 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.4 million and $87.5 million , respectively. (2) Primarily includes interest expense. (3) Includes $18.9 million of capital lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes and capital leases in the cash flow from financing activities in our consolidated statement of cash flows. Property Total Property Services Other Total Year ended December 31, 2015 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 3,157,501 $ 242,223 $ 395,092 $ 885,572 $ 4,680,388 $ 91,128 $ 4,771,516 Segment operating expenses (1) 678,499 126,874 163,820 304,629 1,273,822 32,993 1,306,815 Interest income, TV Azteca, net — — — 11,209 11,209 — 11,209 Segment gross margin 2,479,002 115,349 231,272 592,152 3,417,775 58,135 3,475,910 Segment selling, general, administrative and development expense (1) 138,617 22,771 48,672 62,111 272,171 15,724 287,895 Segment operating profit $ 2,340,385 $ 92,578 $ 182,600 $ 530,041 $ 3,145,604 $ 42,411 $ 3,188,015 Stock-based compensation expense $ 90,537 90,537 Other selling, general, administrative and development expense 121,456 121,456 Depreciation, amortization and accretion 1,285,328 1,285,328 Other expense (2) 860,732 860,732 Income from continuing operations before income taxes $ 829,962 Capital expenditures $ 367,663 $ 75,407 $ 66,625 $ 201,806 $ 711,501 $ — $ 17,252 $ 728,753 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.1 million and $88.5 million , respectively. (2) Primarily includes interest expense. Property Total Property Other Total Year ended December 31, 2014 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,639,790 $ 219,566 $ 315,053 $ 832,445 $ 4,006,854 $ 93,194 $ 4,100,048 Segment operating expenses (1) 515,742 121,797 126,714 290,527 1,054,780 37,648 1,092,428 Interest income, TV Azteca, net — — — 10,547 10,547 — 10,547 Segment gross margin 2,124,048 97,769 188,339 552,465 2,962,621 55,546 3,018,167 Segment selling, general, administrative and development expense (1) 124,944 19,632 39,553 66,890 251,019 12,469 263,488 Segment operating profit $ 1,999,104 $ 78,137 $ 148,786 $ 485,575 $ 2,711,602 $ 43,077 $ 2,754,679 Stock-based compensation expense $ 80,153 80,153 Other selling, general, administrative and development expense (2) 104,738 104,738 Depreciation, amortization and accretion 1,003,802 1,003,802 Other expense (3) 700,282 700,282 Income from continuing operations before income taxes $ 865,704 Capital expenditures $ 576,153 $ 74,334 $ 70,126 $ 229,645 $ 950,258 $ — $ 24,146 $ 974,404 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.8 million and $78.3 million , respectively. (2) Includes $7.9 million of expense previously recorded as segment selling, general, administrative and development expense. (3) Primarily includes interest expense. Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31, (in thousands): 2016 2015 2014 U.S. property $ 18,846,941 $ 19,286,465 $ 14,335,731 Asia property (1) 4,535,293 736,149 738,290 EMEA property (1) 2,062,399 2,249,634 1,275,253 Latin America property (1) 4,938,064 4,401,258 4,700,357 Services 48,327 68,388 57,367 Other (2) 448,126 162,378 156,567 Total assets $ 30,879,150 $ 26,904,272 $ 21,263,565 _______________ (1) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (2) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments. Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2016 , 2015 and 2014 and long-lived assets as of December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 2014 Operating Revenues: United States $ 3,442,575 $ 3,248,629 $ 2,732,984 Asia (1): India 827,627 242,223 219,566 EMEA (1): Germany 60,163 55,965 64,946 Ghana 116,219 94,549 95,486 Nigeria 215,402 109,701 — South Africa 80,006 80,510 98,334 Uganda 57,741 54,367 56,287 Latin America (1): Argentina 1,065 — — Brazil 506,182 408,644 331,089 Chile 33,831 29,650 31,756 Colombia 79,755 78,351 89,421 Costa Rica 18,968 17,244 16,742 Mexico 331,173 340,461 354,116 Panama (2) — — 1,243 Peru 14,961 11,222 8,078 Total International 2,343,093 1,522,887 1,367,064 Total operating revenues $ 5,785,668 $ 4,771,516 $ 4,100,048 _______________ (1) Balances are translated at the applicable exchange rate, which may impact comparability between periods. (2) In September 2014, the Company completed the sale of its operations in Panama. 2016 2015 Long-Lived Assets (1): United States $ 16,969,558 $ 17,516,535 Asia (2): India 4,094,190 619,370 EMEA (2): Germany 397,317 388,727 Ghana 192,158 217,530 Nigeria 640,634 1,018,980 South Africa 271,760 133,088 Uganda 141,533 162,346 Latin America (2): Argentina 137,588 — Brazil 2,626,431 2,204,494 Chile 137,170 121,938 Colombia 272,338 256,892 Costa Rica 117,481 120,292 Mexico 797,798 976,707 Peru 66,593 59,206 Total International 9,892,991 6,279,570 Total long-lived assets $ 26,862,549 $ 23,796,105 _______________ (1) Includes Property and equipment, net, Goodwill and Other intangible assets, net. (2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. The following tenants within the property segments and services segment individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31, is as follows: 2016 2015 2014 AT&T 21 % 24 % 20 % Verizon Wireless 15 % 16 % 11 % Sprint 11 % 13 % 15 % T-Mobile 9 % 10 % 10 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS During the years ended December 31, 2016 , 2015 and 2014 , the Company had no significant related party transactions. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data for the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data): Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, 2016: Operating revenues $ 1,289,047 $ 1,442,227 $ 1,514,845 $ 1,539,549 $ 5,785,668 Costs of operations (1) 351,445 459,711 491,237 487,996 1,790,389 Operating income 451,853 432,806 479,074 489,296 1,853,029 Net income 281,307 192,464 263,735 232,853 970,359 Net income attributable to American Tower Corporation stockholders 275,159 187,550 264,509 229,207 956,425 Dividends on preferred stock (26,781 ) (26,782 ) (26,781 ) (26,781 ) (107,125 ) Net income attributable to American Tower Corporation common stockholders 248,378 160,768 237,728 202,426 849,300 Basic net income per share attributable to American Tower Corporation common stockholders 0.59 0.38 0.56 0.48 2.00 Diluted net income per share attributable to American Tower Corporation common stockholders 0.58 0.37 0.55 0.47 1.98 Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, 2015: Operating revenues $ 1,079,190 $ 1,174,375 $ 1,237,910 $ 1,280,041 $ 4,771,516 Costs of operations (1) 264,640 322,458 365,389 356,381 1,308,868 Operating income 419,966 389,774 400,925 402,124 1,612,789 Net income 195,492 157,180 97,740 221,595 672,007 Net income attributable to American Tower Corporation stockholders 193,317 156,056 102,999 232,702 685,074 Dividends on preferred stock (9,819 ) (26,782 ) (26,781 ) (26,781 ) (90,163 ) Net income attributable to American Tower Corporation common stockholders 183,498 129,274 76,218 205,921 594,911 Basic net income per share attributable to American Tower Corporation common stockholders 0.45 0.31 0.18 0.49 1.42 Diluted net income per share attributable to American Tower Corporation common stockholders 0.45 0.30 0.18 0.48 1.41 _______________ (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Redemption of 7.25% Senior Notes —On February 10, 2017, the Company redeemed all of the outstanding 7.25% senior unsecured notes due 2019 (the “ 7.25% Notes”) at a price equal to 112.0854% of the principal amount, plus accrued and unpaid interest up to, but excluding, February 10, 2017, for an aggregate redemption price of $341.4 million , including $5.1 million in accrued and unpaid interest. The Company expects to record a loss on retirement of long-term obligations of approximately $39.1 million , which includes prepayment consideration of $36.3 million , and the remaining portion of the unamortized discount and deferred financing costs. The redemption was funded with borrowings under the 2013 Credit Facility and cash on hand. Upon completion of the redemption, none of the 7.25% Notes remained outstanding. Repayment of 2012 GTP Notes —On February 15, 2017, the Company repaid the $173.5 million remaining principal amount outstanding under the Secured Cellular Site Revenue Notes, Series 2012-2 Class A, Series 2012-2 Class B and Series 2012-2 Class C issued by GTP Cellular Sites, LLC, plus prepayment consideration and accrued and unpaid interest. The Company expects to record a loss on retirement of long-term obligations of approximately $1.8 million , which includes prepayment consideration of $7.2 million offset by the remaining portion of the unamortized premium. The repayment was funded with borrowings under the 2013 Credit Facility and cash on hand. Repayment of Unison Notes —On February 15, 2017, the Company repaid the $129.0 million principal amount outstanding under the Secured Cellular Site Revenue Notes, Series 2010-2, Class C and Series 2010-2, Class F issued by Unison Ground Lease Funding, LLC, plus prepayment consideration and accrued and unpaid interest. The Company expects to record a loss on retirement of long-term obligations of approximately $14.5 million , which includes prepayment consideration of $18.3 million offset by the remaining portion of the unamortized premium. The repayment was funded with borrowings under the 2013 Credit Facility and cash on hand. FPS Towers Acquisition —On February 15, 2017, ATC Europe acquired 100% of the outstanding shares of FPS for total consideration of 713.9 million Euros ( $757.1 million at the date of acquisition). The acquisition was funded by the Company and its equity partner, PGGM. The Company made a loan to ATC Europe to fund 225.0 million Euros ( $238.6 million at the date of acquisition) of the total consideration. The remainder of the purchase price was funded by the Company and PGGM in proportion to their respective interests in ATC Europe. The Company funded its portion of the purchase price with borrowings under the 2013 Credit Facility and cash on hand. The acquisition is consistent with the Company’s strategy to expand in selected geographic areas. A preliminary purchase price allocation is not available due to the timing of the closing. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Disclosure | AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in thousands) Description Encumbrances Initial cost to company Cost capitalized subsequent to acquisition Gross amount carried at close of current period Accumulated depreciation at close of current period Date of construction Date acquired Life on which depreciation in latest income statements is computed 144,119 sites (1) $ 3,815,002 (2) (3) (3) $ 14,276,973 (4) $ (4,548,096 ) Various Various Up to 20 years _______________ (1) No single site exceeds 5% of the total amounts indicated in the table above. (2) Certain assets secure debt of $3.8 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. 2016 2015 2014 Gross amount at beginning $ 13,046,291 $ 10,434,326 (1) $ 9,921,276 (1) Additions during period: Acquisitions 787,206 2,620,778 397,837 Discretionary capital projects (2) 105,279 210,421 437,720 Discretionary ground lease purchases (3) 168,133 144,695 159,637 Redevelopment capital expenditures (4) 136,821 114,089 96,782 Capital improvements (5) 81,790 42,417 41,967 Start-up capital expenditures (6) 128,707 35,561 21,173 Other (7) 139,356 201,118 22,069 Total additions 1,547,292 3,369,079 1,177,185 Deductions during period: Cost of real estate sold or disposed (85,789 ) (60,975 ) (60,147 ) Other (8) (230,821 ) (696,139 ) (569,107 ) Total deductions: (316,610 ) (757,114 ) (629,254 ) Balance at end $ 14,276,973 $ 13,046,291 $ 10,469,207 2016 2015 2014 Gross amount of accumulated depreciation at beginning $ (3,994,874 ) $ (3,613,078 ) $ (3,297,033 ) Additions during period: Depreciation (647,910 ) (557,052 ) (457,135 ) Other — — (761 ) Total additions (647,910 ) (557,052 ) (457,896 ) Deductions during period: Amount of accumulated depreciation for assets sold or disposed 24,911 30,083 20,953 Other (8) 69,777 145,173 120,898 Total deductions 94,688 175,256 141,851 Balance at end $ (4,548,096 ) $ (3,994,874 ) $ (3,613,078 ) _______________ (1) Beginning balance has been revised to reflect purchase accounting measurement period adjustments. (2) Includes amounts incurred primarily for the construction of new sites. (3) Includes amounts incurred to purchase or otherwise secure the land under communications sites. (4) Includes amounts incurred to increase the capacity of existing sites, which results in new incremental tenant revenue. (5) Includes amounts incurred to enhance existing sites by adding additional functionality, capacity or general asset improvements. (6) Includes amounts incurred in connection with acquisitions or new market launches. Start-up capital expenditures includes non-recurring expenditures contemplated in acquisitions or new market launch business cases. (7) Primarily includes regional improvements and other additions. (8) Primarily includes foreign currency exchange rate fluctuations and other deductions. |
Business and Summary of Signi34
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business —American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The Company’s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries, which the Company refers to as its property operations. Additionally, the Company offers tower-related services in the United States, including site acquisition, zoning and permitting and structural analysis, which primarily support its site leasing business, including the addition of new tenants and equipment on its sites, which the Company refers to as its services operations. The Company’s portfolio primarily consists of towers it owns and towers it operates pursuant to long-term lease arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in its portfolio, the Company manages rooftop and tower sites for property owners under various contractual arrangements. The Company also holds other telecommunications infrastructure and property interests that it leases to communications service providers and third-party tower operators. ATC is a holding company that conducts its operations through its directly and indirectly owned subsidiaries and its joint ventures. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations primarily through its subsidiary, American Tower International, Inc., which in turn conducts operations through its various international holding and operating subsidiaries and joint ventures. The Company operates as a real estate investment trust for U.S. federal income tax purposes (“REIT”). Accordingly, the Company generally is not subject to U.S. federal income taxes on income generated by its REIT operations, including the income derived from leasing space on its towers, as the Company receives a dividends paid deduction for distributions to stockholders that generally offsets its income and gains. However, the Company remains obligated to pay U.S. federal income taxes on earnings from its domestic taxable REIT subsidiaries (“TRSs”). In addition, the Company’s international assets and operations, regardless of their designation for U.S. tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. The use of TRSs enables the Company to continue to engage in certain businesses while complying with REIT qualification requirements. The Company may, from time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2016 , the Company’s REIT qualified businesses included its U.S. tower leasing business, most of its operations in Costa Rica, Germany and Mexico and a majority of its services segment and indoor DAS networks business. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation —The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity or cost method, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. As of December 31, 2016, the Company has a controlling interest in two joint ventures in Ghana and Uganda with MTN Group Limited (“MTN Group”). The joint ventures are controlled by a holding company of which a wholly owned subsidiary of the Company holds a 51% controlling interest and a wholly owned subsidiary of MTN Group holds a 49% noncontrolling interest. In 2016, the Company established a joint venture (“ATC Europe”) with PGGM in which the Company holds a 51% controlling interest and PGGM holds a 49% noncontrolling interest. This transaction resulted in a reclassification of $9.1 million of foreign currency translation adjustment from Accumulated other comprehensive loss (“AOCI”) to additional paid-in capital. In addition, the Company holds an approximate 75% controlling interest, and South African investors hold an approximate 25% noncontrolling interest, in a subsidiary of the Company in South Africa. The Company holds a 51% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly known as Viom Networks Limited (“Viom”), and the Remaining Shareholders (as defined in note 6) hold a 49% noncontrolling interest. |
Significant Accounting Policies and Use of Estimates | Significant Accounting Policies and Use of Estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying consolidated financial statements. The significant estimates in the accompanying consolidated financial statements include impairment of long-lived assets (including goodwill), asset retirement obligations, revenue recognition, rent expense, stock-based compensation, income taxes and accounting for business combinations and acquisitions of assets. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure. |
Accounts Receivable and Deferred Rent Asset | Accounts Receivable and Deferred Rent Asset —The Company derives the largest portion of its revenues, corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 56% of its current year revenues are derived from four tenants. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. |
Functional Currency | Functional Currency —The functional currency of each of the Company’s foreign operating subsidiaries is the respective local currency, except for Costa Rica, where the functional currency is the U.S. Dollar. All foreign currency assets and liabilities held by the subsidiaries are translated into U.S. Dollars at the exchange rate in effect at the end of the applicable fiscal reporting period and all foreign currency revenues and expenses are translated at the average monthly exchange rates. Translation adjustments are reflected in equity as a component of AOCI in the consolidated balance sheets and included as a component of Comprehensive income (loss) in the consolidated statements of comprehensive income (loss). Transactional gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt that is considered to be permanently reinvested is reflected in AOCI in the consolidated balance sheets and included as a component of comprehensive income (loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high quality financial institutions and monitors the credit ratings of those institutions. |
Restricted Cash | Restricted Cash— Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions. |
Short-Term Investments | Short-Term Investments— Short-term investments consists of highly liquid investments with original maturities in excess of three months. |
Property and Equipment | Property and Equipment —Property and equipment is recorded at cost or, in the case of acquired properties at estimated fair value on the date acquired. Cost for self-constructed towers includes direct materials and labor, capitalized interest and certain indirect costs associated with construction of the tower, such as transportation costs, employee benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction period, which is the period during which costs are incurred to evaluate the site, and continues to capitalize costs until the tower is substantially completed and ready for occupancy by a tenant. Labor costs capitalized for the years ended December 31, 2016 , 2015 and 2014 were $47.7 million , $44.7 million and $48.5 million , respectively. Interest costs capitalized for the years ended December 31, 2016 , 2015 and 2014 were $1.5 million , $1.8 million and $2.8 million , respectively. Expenditures for repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s useful life or enhance capacity are capitalized. Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives. Towers and related assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease, taking into consideration lease renewal options and residual value. Towers or assets acquired through capital leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease. Property and equipment and assets held under capital leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years. The Company reviews its tower portfolio for indicators of impairment on an individual tower basis. Impairments primarily result from a tower not having current tenant leases or from having expenses in excess of revenues. The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company records impairment charges in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets —The Company reviews goodwill for impairment at least annually (as of December 31) or whenever events or circumstances indicate the carrying value of an asset may not be recoverable. Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. The Company utilizes the two-step impairment test when testing goodwill for impairment and employs a discounted cash flow analysis. The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal sales growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate. Under the first step of this test, the Company compares the fair value of the reporting unit, as calculated under an income approach using future discounted cash flows, to the carrying amount of the applicable reporting unit. If the carrying amount exceeds the fair value, the Company conducts the second step of this test, in which the implied fair value of the applicable reporting unit’s goodwill is compared to the carrying amount of that goodwill. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss would be recognized for the amount of the excess. During the years ended December 31, 2016 , 2015 and 2014 , no potential impairment was identified under the first step of the test, as the fair value of each of the reporting units was in excess of its carrying amount. Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from three to twenty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company reviews its network location intangible assets for indicators of impairment on an individual tower basis. Impairments primarily result from a tower not having current tenant leases or from having expenses in excess of revenues. The Company monitors its tenant-related intangible assets (formerly referred to as customer-related intangible assets) on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, non-renewal of a significant number of contracts or the cancellation or termination of a relationship. The Company assesses recoverability by determining whether the carrying amount of the related assets will be recovered primarily through projected undiscounted future cash flows. If the Company determines that the carrying amount of an asset may not be recoverable, the Company measures any impairment loss based on the projected future discounted cash flows to be provided from the asset or available market information relative to the asset’s fair value, as compared to the asset’s carrying amount. The Company records impairment charges in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. |
Derivatives Financial Instruments | Derivative Financial Instruments —Derivatives are recorded on the consolidated balance sheet at fair value. If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in AOCI, as well as a component of comprehensive income (loss), and are recognized in the results of operations when the hedged item affects earnings. Changes in fair value of the ineffective portions of cash flow hedges are recognized in the results of operations. For derivative instruments that are designated and qualify as fair value hedges, changes in value of the derivatives are recorded in Other expense in the consolidated statements of operations in the current period, along with the offsetting gain or loss on the hedged item attributable to the hedged risk. For derivative instruments not designated as hedging instruments, changes in fair value are recognized in the results of operations in the period that the change occurs. The primary risks managed through the use of derivative instruments is interest rate risk, exposure to changes in the fair value of debt attributable to interest rate risk and currency risk. From time to time, the Company enters into interest rate swap agreements or foreign currency contracts to manage exposure to these risks. Under these agreements, 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 Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. The Company does not hold derivatives for trading purposes. |
Fair Value Measurements | Fair Value Measurements —The Company determines the fair value 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. |
Asset Retirement Obligations | Asset Retirement Obligations —When required, the Company recognizes the fair value of obligations to remove its tower assets and remediate the leased land upon which certain of its tower assets are located. Generally, the associated retirement costs are capitalized as part of the carrying amount of the related tower assets and depreciated over their estimated useful lives and the liability is accreted through the obligation’s estimated settlement date. Fair value estimates of asset retirement obligations generally involve discounting of estimated future cash flows. Periodic accretion of such liabilities due to the passage of time is included in Depreciation, amortization and accretion expense in the consolidated statements of operations. Adjustments are also made to the asset retirement obligation liability to reflect changes in the estimates of timing and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of tower removals; cost of tower removals; timing and number of land lease renewals; expected inflation rates; and credit-adjusted, risk-free interest rates that approximate the Company’s incremental borrowing rate. |
Income Taxes | Income Taxes —As a REIT, the Company generally is not subject to U.S. federal income taxes on income generated by its U.S. REIT operations. However, the Company remains obligated to pay U.S. federal income taxes on certain earnings and continues to be subject to taxation in its foreign jurisdictions. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically reviews its deferred tax assets, and provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances would be reversed as a reduction to the provision for income taxes if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability. The Company classifies uncertain tax positions as non-current income tax liabilities unless expected to be paid within one year. The Company reports penalties and tax-related interest expense as a component of the income tax provision and interest income from tax refunds as a component of Other expense in the consolidated statements of operations. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) —Other comprehensive income (loss) refers to items excluded from net income that are recorded as an adjustment to equity, net of tax. The Company’s other comprehensive income (loss) primarily consisted of changes in fair value of effective derivative cash flow hedges, foreign currency translation adjustments and reclassification of unrealized losses on effective derivative cash flow hedges. |
Distributions | Distributions —As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). Generally, the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxable income after taking into consideration its utilization of net operating losses (“NOLs”). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will depend upon various factors, a number of which may be beyond the Company’s control, including the Company’s financial condition and operating cash flows, the amount required to maintain its qualification for taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and future debt and preferred equity instruments, the Company’s ability to utilize NOLs to offset the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. |
Acquisitions | Acquisitions —For acquisitions that meet the definition of a business combination, the Company applies the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset taking into consideration such factors as age, condition and the economic useful life of the asset. When determining the fair value of intangible assets acquired, the Company must estimate the applicable discount rate and the timing and amount of future tenant cash flows, including rate and terms of renewal and attrition. |
Revenue Recognition | Revenue Recognition —The Company’s revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease agreements, is reported on a straight-line basis over the term of the respective leases when collectibility is reasonably assured. Escalation clauses tied to the Consumer Price Index (“CPI”) or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded from the straight-line calculation. Total property straight-line revenues for the years ended December 31, 2016 , 2015 and 2014 were $131.7 million , $155.0 million and $123.7 million , respectively. Amounts billed upfront in connection with the execution of lease agreements are initially deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets and recognized as revenue over the terms of the applicable leases. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met. Services revenues are derived under contracts or arrangements with customers that provide for billings either on a fixed price basis or a variable price basis, which includes factors such as time and expenses. Revenues are recognized as services are performed, and include estimates for percentage completed. Amounts billed or received for services prior to being earned are deferred and reflected in Unearned revenue in the accompanying consolidated balance sheets until the criteria for recognition have been met. |
Rent Expense | Rent Expense —Many of the leases underlying the Company’s tower sites have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable by the Company over time. In addition, certain of the Company’s tenant leases require the Company to exercise available renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. The Company calculates straight-line ground rent expense for these leases based on the fixed non-cancellable term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to the Company such that renewal appears to be reasonably assured. Total property straight-line ground rent expense for the years ended December 31, 2016 , 2015 and 2014 was $67.8 million , $56.1 million and $38.4 million , respectively. The Company records a liability for straight-line ground rent expense in Other non-current liabilities. The Company records prepaid ground rent in Prepaid and other current assets and Notes receivable and other non-current assets in the accompanying consolidated balance sheets according to the anticipated period of benefit. |
Selling, General, Administrative and Development Expense | Selling, General, Administrative and Development Expense —Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corporate overhead costs not specifically allocable to any of the Company’s individual business operations. Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs. |
Stock-based Compensation | Stock-Based Compensation —Stock-based compensation expense is measured at the accounting measurement date based on the fair value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period. The Company provides for accelerated vesting and extended exercise periods of stock options and restricted stock units upon an employee’s death or permanent disability, or upon an employee’s qualified retirement, provided certain eligibility criteria are met. Accordingly, the Company recognizes compensation expense for stock options and time-based restricted stock units (“RSUs”) over the shorter of (i) the four -year vesting period or (ii) the period from the date of grant to the date the employee becomes eligible for such retirement benefits, which may occur upon grant. The expense recognized includes the impact of forfeitures as they occur. In March 2015 and 2016, the Company granted performance-based restricted stock units (“PSUs”) to its executive officers. Threshold, target and maximum parameters were established for the metrics for each year in the three -year performance period for the March 2015 grants, and for a three -year performance period for the March 2016 grants. The metrics will be 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. The Company recognizes compensation expense for PSUs over the three -year vesting period, subject to adjustment based on the date the employee becomes eligible for retirement benefits as well as performance relative to grant parameters. The fair value of stock options is determined using the Black-Scholes option-pricing model and the fair value of restricted stock units is based on the fair value of the Company’s common stock on the date of grant. The Company recognizes all stock-based compensation expense in either Selling, general, administrative and development expense, costs of operations or as part of the costs associated with the construction of the tower assets. |
Litigation Costs | Litigation Costs —The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. The Company regularly monitors the status of pending legal actions to evaluate both the magnitude and likelihood of any potential loss. The Company accrues for these potential losses when it is probable that a liability has been incurred and the amount of loss, or possible range of loss, can be reasonably estimated. Should the ultimate losses on contingencies or litigation vary from estimates, adjustments to those liabilities may be required. The Company also incurs legal costs in connection with these matters and records estimates of these expenses, which are reflected in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. |
Earnings Per Common Share-Basic and Diluted | Earnings Per Common Share — Basic and Diluted —Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuable upon (i) the vesting of RSUs, (ii) exercise of stock options, and (iii) conversion of the Company’s mandatory convertible preferred stock and (B) shares earned upon the achievement of the parameters established for the PSUs, each to the extent not anti-dilutive. Dilutive common share equivalents also include the dilutive impact of the shares issuable in the Alltel transaction, which is described in notes 15 and 18. The Company uses the treasury stock method to calculate the effect of its outstanding RSUs, PSUs and stock options and uses the if-converted method to calculate the effect of its outstanding mandatory convertible preferred stock. |
Retirement Plan | Retirement Plan —The Company has a 401(k) plan covering substantially all employees who meet certain age and employment requirements. For the years ended December 31, 2016 , 2015 and 2014 , the Company matched 75% of the first 6% of a participant’s contributions. |
Accounting Standards Updates | Accounting Standards Updates —In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new revenue recognition guidance, which requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance and will become effective for the Company on January 1, 2018. Early adoption is permitted for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. Leases are not included in the scope of this standard. The revenue to which the Company must apply this standard is generally limited to services revenue, certain power and fuel charges not covered by lease agreements and other fees charged to customers. As of December 31, 2016, this revenue was approximately 12% of total revenue. Although the Company is still assessing the impact of this standard on its financial statements, it does not expect changes in the timing of revenue recognition to be material to its financial statements. In January 2016, the FASB issued new guidance on the recognition and measurement of financial assets and financial liabilities. The guidance amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. In February 2016, the FASB issued new guidance on the accounting for leases. The guidance amends the existing accounting standards for lease accounting, including the requirement that lessees recognize assets and liabilities for leases with terms greater than twelve months in the statement of financial position. Under the new guidance, lessor accounting is largely unchanged. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018. The standard is required to be applied using a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. The Company is evaluating the impact this standard will have on its financial statements. In March 2016, the FASB issued new guidance on the accounting for share-based payment transactions. The guidance amends the accounting for taxes related to stock-based compensation, including how excess tax benefits and a company’s payments for tax withholdings should be classified. This guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company early adopted this standard in the second quarter of 2016 and elected to account for forfeitures as they occur, effective January 1, 2016. The adoption of this guidance was not material to the Company’s consolidated financial statements. Additionally, the Company elected to apply the prospective transition method to the amendments related to the presentation of excess tax benefits in the statements of cash flows. In August 2016, the FASB issued new guidance on certain classifications within the statement of cash flows. The guidance addresses, among other things, how cash receipts and cash payments are presented and classified in the statement of cash flows, including payments for costs related to debt prepayments or extinguishment, as well as payments of contingent consideration after an acquisition. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has early adopted this guidance for the year ended December 31, 2016, and it did not have a material effect on the Company’s financial statements. Prior periods were not retrospectively adjusted. |
Business and Summary of Signi35
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in allowances | Changes in the allowances were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance as of January 1 $ 23,096 $ 17,306 $ 19,895 Current year increases 49,966 19,878 8,243 Write-offs, recoveries and other (1) (27,174 ) (14,088 ) (10,832 ) Balance as of December 31, $ 45,888 $ 23,096 $ 17,306 _______________ (1) Recoveries includes recognition of revenue resulting from collections of previously reserved amounts. |
Prepaid And Other Current Ass36
Prepaid And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid and other current assets | Prepaid and other current assets consisted of the following as of December 31, (in thousands): 2016 2015 Prepaid operating ground leases $ 134,167 128,542 Prepaid income tax 127,142 45,056 Unbilled receivables 57,661 34,173 Prepaid assets 36,300 32,892 Value added tax and other consumption tax receivables 31,570 30,239 Other miscellaneous current assets 54,193 35,333 Prepaids and other current assets $ 441,033 $ 306,235 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment (including assets held under capital leases) consisted of the following as of December 31, (in thousands): Estimated Useful Lives (years) (1) 2016 2015 Towers Up to 20 $ 11,740,479 $ 10,726,656 Equipment 2 - 15 1,176,260 1,095,906 Buildings and improvements 3 - 32 621,874 607,661 Land and improvements (2) Up to 20 1,909,732 1,728,115 Construction-in-progress 203,411 238,960 Total 15,651,756 14,397,298 Less accumulated depreciation (5,134,498 ) (4,530,874 ) Property and equipment, net $ 10,517,258 $ 9,866,424 _______________ (1) Assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease taking into consideration lease renewal options and residual value. (2) Estimated useful lives apply to improvements only. |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying value of goodwill | The changes in the carrying value of goodwill for the Company’s business segments were as follows (in thousands): Property Services Total U.S. Asia EMEA Latin America Balance as of January 1, 2015 $ 3,356,096 $ 178,521 $ 78,647 $ 416,922 $ 1,988 $ 4,032,174 Additions 23,067 610 68,663 122,345 — 214,685 Effect of foreign currency translation — (8,412 ) (14,740 ) (131,902 ) — (155,054 ) Balance as of December 31, 2015 $ 3,379,163 $ 170,719 $ 132,570 $ 407,365 $ 1,988 $ 4,091,805 Additions (1) — 881,783 (2) 40,386 53,575 — 975,744 Effect of foreign currency translation — (23,189 ) (22,445 ) 48,765 — 3,131 Balance as of December 31, 2016 $ 3,379,163 $ 1,029,313 $ 150,511 $ 509,705 $ 1,988 $ 5,070,680 _______________ (1) Additions consist of $975.6 million resulting from 2016 acquisitions and $0.1 million from revisions to prior year acquisitions resulting from measurement period adjustments. (2) Assumed in the acquisition of Viom (see note 6). |
Finite Intangible Assets | The Company’s other intangible assets subject to amortization consisted of the following (in thousands): As of December 31, 2016 As of December 31, 2015 Estimated Useful Lives Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value (years) (in thousands) Acquired network location intangibles (1) Up to 20 $ 4,622,316 $ (1,280,284 ) $ 3,342,032 $ 3,980,281 $ (1,052,393 ) $ 2,927,888 Acquired tenant-related intangibles 15-20 10,130,466 (2,224,119 ) 7,906,347 8,640,554 (1,763,853 ) 6,876,701 Acquired licenses and other intangibles 3-20 28,140 (4,827 ) 23,313 28,293 (5,486 ) 22,807 Economic Rights, TV Azteca 70 13,893 (10,974 ) 2,919 21,688 (11,208 ) 10,480 Total other intangible assets $ 14,794,815 $ (3,520,204 ) $ 11,274,611 $ 12,670,816 $ (2,832,940 ) $ 9,837,876 _______________ (1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease taking into consideration lease renewal options and residual value or up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. |
Expected future amortization expenses | Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years (in millions): Year Ending December 31, 2017 $ 710.5 2018 707.8 2019 705.1 2020 686.3 2021 676.8 |
Notes Receivable and Other No39
Notes Receivable and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Receivable And Other Long Term Assets [Abstract] | |
Notes receivable and other non-current assets | Notes receivable and other non-current assets consisted of the following as of December 31, (in thousands): 2016 2015 Long-term prepaid ground rent $ 467,781 $ 388,790 Notes receivable 83,736 83,658 Other miscellaneous assets 290,006 260,455 Notes receivable and other non-current assets $ 841,523 $ 732,903 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of merger and acquisition related costs | During the years ended December 31, 2016 , 2015 and 2014 , the Company recorded the following acquisition and merger related expenses and integration costs (in thousands): Year Ended December 31, 2016 2015 2014 Acquisition and merger related expenses $ 15,875 $ 18,799 $ 26,969 Integration costs $ 9,901 $ 18,097 $ 13,057 |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary allocation of the purchase prices for fiscal year 2016 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Asia Other Viom Current assets $ 276,560 $ 25,477 Non-current assets 57,645 2,336 Property and equipment 701,988 81,521 Intangible assets (1): Tenant-related intangible assets 1,369,580 105,557 Network location intangible assets 666,364 83,645 Current liabilities (195,900 ) (14,782 ) Deferred tax liability (619,070 ) (43,756 ) Other non-current liabilities (102,751 ) (29,472 ) Net assets acquired 2,154,416 210,526 Goodwill (2) 881,783 93,856 Fair value of net assets acquired 3,036,199 304,382 Debt assumed (786,889 ) — Redeemable noncontrolling interests (1,100,804 ) — Purchase Price $ 1,148,506 $ 304,382 _______________ (1) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years . (2) Primarily results from purchase accounting adjustments, which are at least partially deductible for tax purposes in certain foreign jurisdictions. |
Schedule of contingent consideration changes | The changes in fair value of the contingent consideration were as follows during the years ended December 31, (in thousands): 2016 2015 Balance as of January 1 $ 12,436 $ 28,524 Additions 8,811 1,626 Settlements (306 ) (7,943 ) Change in fair value (6,372 ) (4,781 ) Foreign currency translation adjustment 875 (4,990 ) Balance as of December 31 $ 15,444 $ 12,436 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following as of December 31, (in thousands): 2016 2015 Accrued property and real estate taxes $ 138,361 $ 75,827 Payroll and related withholdings 76,141 62,334 Accrued rent 50,951 54,732 Amounts payable to tenants 32,326 58,683 Accrued construction costs 28,587 19,857 Accrued income tax payable 11,551 11,704 Other accrued expenses 282,646 233,276 Accrued expenses $ 620,563 $ 516,413 |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following as of December 31, (in thousands): 2016 2015 Contractual Interest Rate (1) Maturity Date (1) Series 2013-1A Securities (2) $ 498,642 $ 497,478 1.551 % March 15, 2018 Series 2013-2A Securities (3) 1,290,267 1,288,689 3.070 % March 15, 2023 Series 2015-1 Notes (4) 347,108 346,262 2.350 % June 15, 2020 Series 2015-2 Notes (5) 519,437 518,776 3.482 % June 16, 2025 2012 GTP Notes (6) (7) 179,459 281,902 4.336% - 7.358% March 15, 2019 Unison Notes (7) (8) 132,960 201,930 6.392% - 9.522% April 15, 2020 India indebtedness (9) 549,528 8,752 8.15% - 11.70% Various Viom preference shares (10) 24,537 — 13.500 % Various Shareholder loans (11) 151,045 145,540 Various Various Other subsidiary debt (12) 286,009 219,902 Various Various Total American Tower subsidiary debt 3,978,992 3,509,231 2013 Credit Facility (13) 539,975 1,225,000 1.963 % June 28, 2020 Term Loan (13) 993,936 1,993,601 2.020 % January 31, 2022 2014 Credit Facility (13) 1,385,000 1,980,000 2.432 % January 31, 2022 4.500% senior notes 998,676 997,693 4.500 % January 15, 2018 3.40% senior notes 999,716 999,769 3.400 % February 15, 2019 7.25% senior notes (7) 297,032 296,242 7.250 % May 15, 2019 2.800% senior notes 744,917 743,557 2.800 % June 1, 2020 5.050% senior notes 697,352 697,216 5.050 % September 1, 2020 3.300% senior notes 744,762 — 3.300 % February 15, 2021 3.450% senior notes 643,848 642,786 3.450 % September 15, 2021 5.900% senior notes 497,343 497,188 5.900 % November 1, 2021 2.250% senior notes 572,764 — 2.250 % January 15, 2022 4.70% senior notes 696,013 695,374 4.700 % March 15, 2022 3.50% senior notes 989,269 987,966 3.500 % January 31, 2023 5.00% senior notes 1,002,742 1,003,453 5.000 % February 15, 2024 4.000% senior notes 739,985 739,057 4.000 % June 1, 2025 4.400% senior notes 495,212 — 4.400 % February 15, 2026 3.375% senior notes 983,369 — 3.375 % October 15, 2026 3.125% senior notes 396,713 — 3.125 % January 15, 2027 Total American Tower Corporation debt 14,418,624 13,498,902 Other debt, including capital lease obligations 135,849 110,876 Total 18,533,465 17,119,009 Less current portion long-term obligations (238,806 ) (50,202 ) Long-term obligations $ 18,294,659 $ 17,068,807 _______________ (1) Represents the interest rate or maturity date as of December 31, 2016; interest rate does not reflect the impact of interest rate swap agreements. (2) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2043. (3) Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (4) Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2045. (5) Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (6) Secured debt assumed by the Company in connection with its acquisition of MIP Tower Holdings LLC (“MIPT”). Maturity date represents anticipated repayment date; final legal maturity is March 15, 2042. (7) Debt was repaid in full subsequent to December 31, 2016. For more information see note 23. (8) Secured debt assumed in connection with the acquisition of certain legal entities holding a portfolio of property interests from Unison Holdings, LLC and Unison Site Management II, L.L.C. (together, “Unison”). Maturity date reflects the anticipated repayment date; final legal maturity is April 15, 2040. (9) Denominated in Indian Rupees (“INR”). Debt includes India working capital facility, remaining debt assumed by the Company in connection with the Viom Acquisition and debt that has been entered into by ATC TIPL. (10) Mandatorily redeemable preference shares (the “Preference Shares”) classified as debt, assumed by the Company in connection with the Viom Acquisition. The shares are to be redeemed in equal parts on March 26, 2017 and March 26, 2018. (11) Reflects balances owed to the Company’s joint venture partners in Ghana and Uganda. The Ghana loan is denominated in Ghanaian Cedi (“GHS”) and the Uganda loan was denominated in U.S. Dollars (“USD”). The Uganda loan accrued interest at a variable rate. Effective January 1, 2017, this loan, which had an outstanding balance of $80.0 million , was converted by the holder to a new shareholder note for $31.8 million , bearing interest at 16.6% per annum. The remaining balance of the Uganda loan was converted into equity. (12) Includes the BR Towers Debentures (as defined below), which are denominated in Brazilian Reais (“BRL”) and amortize through October 15, 2023, the South African Credit Facility (as defined below), which is denominated in South African Rand (“ZAR”) and amortizes through December 17, 2020, the Colombian Credit Facility (as defined below), which is denominated in Colombian Pesos (“COP”) and amortizes through April 24, 2021 and the Brazil Credit Facility (as defined below), which is denominated in BRL and matures on January 15, 2022. (13) Debt accrues interest at a variable rate. Amounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, 2016 (in millions, except percentages): Amount Outstanding (Functional Currency) Amount Outstanding (USD) (1) Interest Rate Maturity Date 2016 2015 2016 2015 BR Towers Debentures (2) 329.3 332.8 $ 101.0 $ 85.2 7.400 % October 15, 2023 South African Credit Facility (3) 1,164.0 830.0 $ 84.3 $ 53.2 9.308 % December 17, 2020 Colombian Credit Facility (4) 170,000.0 190,000.0 $ 56.1 $ 59.6 10.920 % April 24, 2021 Brazil Credit Facility (5) 147.7 85.4 $ 44.6 $ 21.9 Various January 15, 2022 _______________ (1) Includes applicable deferred financing costs. (2) Denominated in BRL, with an original principal amount of 300.0 million BRL. Debt accrues interest at a variable rate. The aggregate principal amount of the BR Towers Debentures may be adjusted periodically relative to changes in the National Extended Consumer Price Index. (3) Denominated in ZAR, with an original principal amount of 830.0 million ZAR. On December 23, 2016, the borrower borrowed an additional 500.0 million ZAR, with the ability to request an additional 330.0 million ZAR. Debt accrues interest at a variable rate. (4) Denominated in COP, with an original principal amount of 200.0 billion COP. Debt accrues interest at a variable rate. The loan agreement for the Colombian Credit Facility requires that the borrower manage exposure to variability in interest rates on certain of the amounts outstanding under the Colombian Credit Facility. (5) Denominated in BRL, with an original principal amount of 271.0 million BRL. Debt accrues interest at a variable rate. As of December 30, 2016, the borrower no longer maintains the ability to draw on the Brazil Credit Facility. |
Schedule of India Indebtedness | indebtedness— Amounts outstanding and key terms of the India indebtedness consisted of the following as of December 31, 2016 (in millions, except percentages): Amount Outstanding (INR) Amount Outstanding (USD) Interest Rate (Range) Maturity Date (Range) Term loans 31,326 $ 461.2 8.15% - 11.15% March 31, 2017 - November 30, 2024 Debenture 6,000 $ 88.3 9.90 % April 28, 2020 Working capital facilities 0 $ 0 8.70% - 11.70% January 31, 2017 - October 23, 2017 |
Schedule of Shareholder Loans | Outstanding amounts under each of the Company’s shareholder loans consisted of the following as of December 31, (in thousands): 2016 2015 Contractual Interest Rate Maturity Date Ghana loan (1) $ 71,047 $ 70,314 21.87 % December 31, 2019 Uganda loan (2)(3) 79,998 75,226 6.52 % June 29, 2019 _______________ (1) Denominated in GHS. As of December 31, 2016, the aggregate principal amount outstanding under the Ghana loan was 300.9 million GHS. (2) Interest accrues at a variable rate. (3) Includes $4.8 million of interest which was capitalized during the year ended December 31, 2016. |
Schedule of Line of Credit Facilities | As of December 31, 2016 , the key terms under the 2013 Credit Facility, the 2014 Credit Facility and the Term Loan were as follows: Outstanding Principal Balance (in millions) Undrawn letters of credit (in millions) Maturity Date Current margin over LIBOR and base rate Current commitment fee (1) 2013 Credit Facility $ 540.0 (2) $ 3.2 June 28, 2020 (3) 1.250% and 0.250% 0.150 % 2014 Credit Facility $ 1,385.0 (4) $ 7.3 January 31, 2022 (3) 1.250% and 0.250% 0.150 % Term Loan $ 1,000.0 (2) $ — January 31, 2022 1.250% and 0.250% N/A _______________ (1) Fee on undrawn portion of each credit facility. (2) |
Schedule of Debt Discounts | The following table outlines key terms related to the Company ’ s outstanding senior notes as of December 31, 2016 : Adjustments to Principal Amount (1) Aggregate Principal Amount 2016 2015 Semi-annual interest payments due Issue Date Par Call Date (2) (in thousands) 4.500% Notes $ 1,000,000 $ (1,324 ) $ (2,307 ) January 15 and July 15 December 7, 2010 N/A 3.40% Notes (3) 1,000,000 (284 ) (231 ) February 15 and August 15 August 19, 2013 N/A 7.25% Notes 300,000 (2,968 ) (3,758 ) May 15 and November 15 June 10, 2009 N/A 2.800% Notes 750,000 (5,083 ) (6,443 ) June 1 and December 1 May 7, 2015 May 1, 2020 5.050% Notes 700,000 (2,648 ) (2,784 ) March 1 and September 1 August 16, 2010 N/A 3.300% Notes 750,000 (5,238 ) — February 15 and August 15 January 12, 2016 January 15, 2021 3.450% Notes 650,000 (6,152 ) (7,214 ) March 15 and September 15 August 7, 2014 N/A 5.900% Notes 500,000 (2,657 ) (2,812 ) May 1 and November 1 October 6, 2011 N/A 2.250% Notes (4) 600,000 (27,236 ) — January 15 and July 15 September 30, 2016 N/A 4.70% Notes 700,000 (3,987 ) (4,626 ) March 15 and September 15 March 12, 2012 N/A 3.50% Notes 1,000,000 (10,731 ) (12,034 ) January 31 and July 31 January 8, 2013 N/A 5.00% Notes (3) 1,000,000 2,742 3,453 February 15 and August 15 August 19, 2013 N/A 4.000% Notes 750,000 (10,015 ) (10,943 ) June 1 and December 1 May 7, 2015 March 1, 2025 4.400% Notes 500,000 (4,788 ) — February 15 and August 15 January 12, 2016 November 15, 2025 3.375% Notes 1,000,000 (16,631 ) — April 15 and October 15 May 13, 2016 July 15, 2026 3.125% Notes 400,000 (3,287 ) — January 15 and July 15 September 30, 2016 October 15, 2026 _______________ (1) Includes unamortized discounts, premiums and debt issuance costs and fair value adjustments due to interest rate swaps. (2) The Company will not be required to pay a make-whole premium if redeemed on or after the par call date. (3) The original issue date for the 3.40% Notes and the 5.00% Notes was August 19, 2013. The issue date for the reopened 3.40% Notes and the reopened 5.00% Notes was January 10, 2014. (4) Includes $22.3 million fair value adjustment due to interest rate swaps. |
Schedule of Maturities of Long-term Debt | ggregate principal maturities of long-term debt, including capital leases, for the next five years and thereafter are expected to be (in thousands): Year Ending December 31, 2017 $ 238,806 2018 1,649,137 2019 1,759,808 2020 2,677,594 2021 1,976,976 Thereafter 10,350,583 Total cash obligations 18,652,904 Unamortized discounts, premiums and debt issuance costs and fair value adjustments, net (119,439 ) Balance as of December 31, 2016 $ 18,533,465 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |
Other non-current liabilities | Other non-current liabilities consisted of the following as of December 31, (in thousands): 2016 2015 Unearned revenue $ 457,272 $ 451,844 Deferred rent liability 407,157 348,532 Other miscellaneous liabilities 278,294 158,973 Other non-current liabilities $ 1,142,723 $ 959,349 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation [Abstract] | |
Carrying value of asset retirement obligations | The changes in the carrying amount of the Company’s asset retirement obligations were as follows (in thousands): 2016 2015 Beginning balance as of January 1, $ 856,936 $ 609,035 Additions 64,092 277,982 Accretion expense 67,010 55,592 Revisions in estimates (1) (21,130 ) (83,636 ) Settlements (1,401 ) (2,037 ) Balance as of December 31, $ 965,507 $ 856,936 _______________ (1) Revisions in estimates include an increase in the liability of $9.6 million for the year ended December 31, 2016 and a decrease in the liability of $81.7 million for the year ended December 31, 2015 related to foreign currency translation. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value | The fair value of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value was as follows (in thousands): December 31, 2016 December 31, 2015 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Short-term investments (1) $ 4,026 — — — — — Interest rate swap agreements — $ 3 — — $ 692 — Embedded derivative in lease agreement — — $ 13,290 — — $ 14,176 Liabilities: Interest rate swap agreements — $ 24,682 — — — — Acquisition-related contingent consideration — — $ 15,444 — — $ 12,436 _______________ (1) Consists of highly liquid investments with original maturities in excess of three months. |
Schedule of derivative financial instruments | The notional amount and fair value of the Colombian interest rate swap agreements were as follows as of December 31, (in thousands): 2016 2015 Local USD Local USD Colombia (COP) (1) Notional 85,000,000 $ 28,327 95,000,000 $ 30,164 Fair Value 8,763 3 2,179,374 692 _______________ (1) As of December 31, 2016 and 2015, the interest rate swap agreement in Colombia was included in Notes receivable and other non-current assets on the consolidated balance sheet. |
Schedule of contingent consideration changes | The changes in fair value of the contingent consideration were as follows during the years ended December 31, (in thousands): 2016 2015 Balance as of January 1 $ 12,436 $ 28,524 Additions 8,811 1,626 Settlements (306 ) (7,943 ) Change in fair value (6,372 ) (4,781 ) Foreign currency translation adjustment 875 (4,990 ) Balance as of December 31 $ 15,444 $ 12,436 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income tax provision from continuing operations | The income tax provision from continuing operations consisted of the following for the years ended December 31, (in thousands): 2016 2015 2014 Current: Federal $ (26,494 ) $ (73,930 ) $ (2,390 ) State (1,976 ) (21,216 ) (797 ) Foreign (100,074 ) (55,045 ) (57,934 ) Deferred: Federal (616 ) 9,131 (4,180 ) State (259 ) 8 (973 ) Foreign (26,082 ) (16,903 ) 3,769 Income tax provision $ (155,501 ) $ (157,955 ) $ (62,505 ) |
Reconciliation between the U.S. statutory rate and the effective rate from continuing operations | Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows for the years ended December 31: 2016 2015 2014 Statutory tax rate 35 % 35 % 35 % Adjustment to reflect REIT status (1) (35 ) (35 ) (35 ) Foreign taxes 5 3 2 Foreign withholding taxes 4 3 3 Uncertain tax positions 5 — — Change in tax law — 2 — MIPT tax election (2) — 11 — Other — — 2 Effective tax rate 14 % 19 % 7 % _______________ (1) Includes 29% , 36% and 24% from dividend paid deductions in 2016, 2015 and 2014, respectively. (2) Includes federal and state taxes, net of federal benefit. |
Components of income from continuing operations before income taxes and income on equity method investments | The domestic and foreign components of income from continuing operations before income taxes are as follows for the years ended December 31, (in thousands): 2016 2015 2014 United States $ 882,552 $ 785,201 $ 857,457 Foreign 243,308 44,761 8,247 Total $ 1,125,860 $ 829,962 $ 865,704 |
Components of the net deferred tax asset and related valuation allowance | The components of the net deferred tax asset and liability and related valuation allowance were as follows as of December 31, (in thousands): 2016 2015 Assets: Net operating loss carryforwards $ 278,674 $ 277,977 Accrued asset retirement obligations 130,014 92,295 Stock-based compensation 4,267 3,889 Unearned revenue 29,003 25,654 Unrealized loss on foreign currency 26,883 37,440 Other accruals and allowances 45,578 13,824 Items not currently deductible and other 26,886 17,608 Liabilities: Depreciation and amortization (942,409 ) (194,230 ) Deferred rent (27,099 ) (20,720 ) Other (9,294 ) (11,077 ) Subtotal (437,497 ) 242,660 Valuation allowance (144,397 ) (136,952 ) Net deferred tax (liabilities) assets $ (581,894 ) $ 105,708 |
Summary of valuation allowance | A summary of the activity in the valuation allowance is as follows (in thousands): 2016 2015 2014 Balance as of January 1, $ 136,952 $ 141,241 $ 136,006 Additions (1) 14,118 19,512 40,124 Reversals — — (10,769 ) Foreign currency translation (6,673 ) (23,801 ) (24,120 ) Balance as of December 31, $ 144,397 $ 136,952 $ 141,241 _______________ (1) Includes net charges to expense and allowances established through goodwill at acquisition. |
Net operating loss carryforwards expire | At December 31, 2016 , the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows (in thousands): Years ended December 31, Federal State Foreign 2017 to 2021 $ — $ 59,213 $ 8,950 2022 to 2026 — 388,695 184,611 2027 to 2031 146,763 98,538 — 2032 to 2036 16,604 32,345 — Indefinite carryforward — — 831,185 Total $ 163,367 $ 578,791 $ 1,024,746 |
Change in unrecognized tax benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows for the years ended December 31, (in thousands): 2016 2015 2014 Balance at January 1 $ 28,114 $ 31,947 $ 32,545 Additions based on tax positions related to the current year 82,912 5,042 4,187 Additions for tax positions of prior years — — 3,780 Foreign currency (307 ) (5,371 ) (3,216 ) Reduction as a result of the lapse of statute of limitations and effective settlements (3,168 ) (3,504 ) (5,349 ) Balance at December 31 $ 107,551 $ 28,114 $ 31,947 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation expenses | During the years ended December 31, 2016, 2015 and 2014, the Company recorded and capitalized the following stock-based compensation expenses (in thousands): 2016 2015 2014 Stock-based compensation expense $ 89,898 $ 90,537 $ 80,153 Stock-based compensation expense capitalized as property and equipment 1,443 2,052 1,589 |
Assumptions used to determine the grant date fair value for options granted | Key assumptions used to apply this pricing model were as follows: 2016 2015 2014 Range of risk-free interest rate 1.00% - 1.73% 1.32% - 1.62% 1.46% - 1.74% Weighted average risk-free interest rate 1.44% 1.61% 1.64% Range of expected life of stock options 4.5 - 5.2 years 4.5 years 4.5 years Range of expected volatility of the underlying stock price 20.59% - 21.45% 21.09% - 21.24% 21.94% - 23.35% Weighted average expected volatility of underlying stock price 21.43% 21.09% 23.08% Range of expected annual dividend yield 1.85% - 2.40% 1.50% - 1.85% 1.50% |
Summary of the company's option activity | The Company’s option activity for the year ended December 31, 2016 was as follows: Options Weighted Average Exercise Price Weighted Average Remaining Life (Years) Aggregate Intrinsic Value (in millions) Outstanding as of January 1, 2016 7,680,819 $71.10 Granted 1,161,370 95.16 Exercised (1,520,541 ) 55.86 Forfeited (51,472 ) 90.10 Expired (800 ) 33.96 Outstanding as of December 31, 2016 7,269,376 $78.00 6.73 $201.4 Exercisable as of December 31, 2016 3,519,976 $64.93 5.24 $143.4 Vested or expected to vest as of December 31, 2016 7,269,376 $78.00 6.73 $201.4 |
Schedule of options outstanding | The following table sets forth information regarding options outstanding at December 31, 2016 : Options Outstanding Options Exercisable Outstanding Number of Options Range of Exercise Price Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Life (Years) Options Exercisable Weighted Average Exercise Price Per Share 733,732 $28.39 - $43.11 $ 37.01 2.35 733,732 $ 37.01 1,130,308 44.92 - 62.00 56.55 4.55 1,130,308 56.55 916,991 64.01 - 76.90 76.74 6.18 621,338 76.69 1,428,834 77.42- 81.18 81.12 7.14 589,547 81.13 1,900,077 81.46 - 94.57 94.35 8.15 441,405 94.34 1,159,434 94.71 - 113.60 95.21 9.19 3,646 99.14 7,269,376 $28.39 - $113.60 $ 78.00 6.73 3,519,976 $ 64.93 |
Summary of the company's restricted stock unit activity | The Company’s RSU and PSU activity for the year ended December 31, 2016 was as follows: RSUs Weighted Average Grant Date Fair Value PSUs Weighted Average Grant Date Fair Value Outstanding as of January 1, 2016 (1) 1,656,993 $ 84.12 33,377 $ 94.57 Granted (2) 784,178 95.15 209,380 93.81 Vested (656,645 ) 79.36 — — Forfeited (120,783 ) 90.18 — — Outstanding as of December 31, 2016 1,663,743 $ 90.76 242,757 $ 93.92 Expected to vest as of December 31, 2016 1,663,743 $ 90.76 242,757 $ 93.92 _______________ (1) PSUs represent the shares issuable for the 2015 PSUs (as defined below) at the end of the three -year performance cycle based on exceeding the performance metric for the first year’s performance period. (2) PSUs represent the shares issuable for the 2015 PSUs at the end of the three -year performance cycle based on exceeding the performance metric for the second year’s performance period and the target number of shares issuable at the end of the three-year performance cycle for the 2016 PSUs (as defined below). |
Redeemable Noncontrolling Int48
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Noncontrolling Interests | The following is a reconciliation of the changes in the Redeemable noncontrolling interests (in thousands): Balance as of January 1, 2016 $ — Fair value at acquisition 1,100,804 Net income attributable to noncontrolling interests 13,851 Foreign currency translation adjustment attributable to noncontrolling interests (23,435 ) Balance as of December 31, 2016 $ 1,091,220 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | Distributions —During the years ended December 31, 2016 , 2015 and 2014, the Company declared the following cash distributions: For the year ended December 31, 2016 2015 2014 Distribution Aggregate Distribution Aggregate Distribution Aggregate Common Stock $ 2.17 $ 923.7 $ 1.81 $ 766.4 $ 1.40 $ 554.6 Series A Preferred Stock $ 5.25 $ 31.5 $ 3.94 $ 23.7 $ 3.98 $ 23.9 Series B Preferred Stock $ 55.00 $ 75.6 $ 38.65 $ 53.1 $ — $ — |
Schedule of Stock by Class | The following table characterizes the tax treatment of distributions declared per share of common stock and Mandatory Convertible Preferred Stock. For the year ended December 31, 2016 2015 2014 (1) Per Share % Per Share % Per Share % Common Stock Ordinary dividend $ 2.1700 (2) 100.00 % $ 1.2694 70.13 % $ 1.4000 100.00 % Capital gains distribution — — 0.5406 29.87 — — Total $ 2.1700 100.00 % $ 1.8100 100.00 % $ 1.4000 100.00 % Series A Preferred Stock Ordinary dividend $ 6.4578 (3) 100.00 % $ 3.6818 (4) 70.13 % $ 2.6688 100.00 % Capital gains distribution — — 1.5682 29.87 — — Total $ 6.4578 100.00 % $ 5.2500 100.00 % $ 2.6688 100.00 % Series B Preferred Stock (5) Ordinary dividend $ 5.5000 100.00 % $ 2.7107 70.13 % $ — — % Capital gains distribution — — 1.1546 29.87 — — Total $ 5.5000 100.00 % $ 3.8653 100.00 % $ — — % _______________ (1) The Company had no Series B Preferred Stock outstanding during the year ended December 31, 2014. (2) Includes dividend declared on December 14, 2016 of $0.58 per share, which was paid on January 13, 2017 to common stockholders of record at the close of business on December 28, 2016. (3) Includes a deemed distribution as a result of a conversion rate adjustment triggered on June 17, 2016. (4) Includes dividend declared on December 2, 2014 of $1.3125 per share, which was paid on February 16, 2015 to preferred stockholders of record at the close of business on February 1, 2015. (5) Represents the tax treatment on dividends per depositary share, each of which represents a 1/10th interest in a share of Series B Preferred Stock. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per basic and diluted by common class | The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (in thousands, except per share data): 2016 2015 2014 Net income attributable to American Tower Corporation stockholders $ 956,425 $ 685,074 $ 824,910 Dividends on preferred stock (107,125 ) (90,163 ) (23,888 ) Net income attributable to American Tower Corporation common stockholders 849,300 594,911 801,022 Basic weighted average common shares outstanding 425,143 418,907 395,958 Dilutive securities 4,140 4,108 4,128 Diluted weighted average common shares outstanding 429,283 423,015 400,086 Basic net income attributable to American Tower Corporation common stockholders per common share $ 2.00 $ 1.42 $ 2.02 Diluted net income attributable to American Tower Corporation common stockholders per common share $ 1.98 $ 1.41 $ 2.00 |
Schedule of antidilutive securities excluded from computation of earnings per share | The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive for the years ended December 31, (in thousands, on a weighted average basis): 2016 2015 2014 Restricted stock awards 6 — 5 Stock options 817 1,606 1,290 Preferred stock 17,509 15,408 4,303 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments under non-cancelable operating leases | Future minimum rental payments under non-cancellable operating leases include payments for certain renewal periods at the Company’s option because failure to renew could result in a loss of the applicable communications sites and related revenues from tenant leases, thereby making it reasonably assured that the Company will renew the leases. Such payments at December 31, 2016 are as follows (in millions): Year Ending December 31, 2017 $ 869 2018 846 2019 816 2020 776 2021 737 Thereafter 6,638 Total $ 10,682 |
Future minimum payments under capital leases | Future minimum payments under capital leases in effect at December 31, 2016 were as follows (in millions): Year Ending December 31, 2017 $ 28 2018 24 2019 22 2020 18 2021 14 Thereafter 163 Total minimum lease payments 269 Less amounts representing interest (132 ) Present value of capital lease obligations $ 137 |
Future minimum rental receipts under operating lease agreements | Future minimum rental receipts expected from tenants under non-cancellable operating lease agreements in effect at December 31, 2016 were as follows (in millions): Year Ending December 31, 2017 $ 4,646 2018 4,502 2019 4,240 2020 3,905 2021 3,372 Thereafter 10,477 Total $ 31,142 |
Supplemental Cash Flow Inform52
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information and non-cash investing and financing activities | Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31, (in thousands): 2016 2015 2014 Supplemental cash flow information: Cash paid for interest $ 645,092 $ 577,952 $ 548,089 Cash paid for income taxes (net of refunds of $19,554, $7,053 and $8,476, respectively) 96,241 157,058 69,212 Non-cash investing and financing activities: (Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities (18,973 ) 2,780 1,121 Purchases of property and equipment under capital leases 55,635 36,851 36,486 Fair value of debt assumed through acquisitions 786,889 — 463,135 Exercise of purchase option for property and equipment for common shares issued 120,785 — — Settlement of accounts receivable related to acquisitions — 899 31,849 Conversion of third-party debt to equity — — 111,181 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Summarized financial information concerning the company's reportable segments | Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2016 , 2015 and 2014 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other expense, as the amounts are not utilized in assessing each segment’s performance, and (ii) reconciles segment operating profit to Income from continuing operations before income taxes. Property Total Property Services Other Total Year ended December 31, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 3,370,033 $ 827,627 $ 529,531 $ 985,935 $ 5,713,126 $ 72,542 $ 5,785,668 Segment operating expenses (1) 733,403 465,938 223,716 337,887 1,760,944 27,007 1,787,951 Interest income, TV Azteca, net — — — 10,960 10,960 — 10,960 Segment gross margin 2,636,630 361,689 305,815 659,008 3,963,142 45,535 4,008,677 Segment selling, general, administrative and development expense (1) 147,559 48,238 60,903 60,690 317,390 12,510 329,900 Segment operating profit $ 2,489,071 $ 313,451 $ 244,912 $ 598,318 $ 3,645,752 $ 33,025 $ 3,678,777 Stock-based compensation expense $ 89,898 89,898 Other selling, general, administrative and development expense 126,035 126,035 Depreciation, amortization and accretion 1,525,635 1,525,635 Other expense (2) 811,349 811,349 Income from continuing operations before income taxes $ 1,125,860 Capital expenditures (3) $ 310,744 $ 115,508 $ 86,128 $ 172,568 $ 684,948 $ — $ 16,439 $ 701,387 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.4 million and $87.5 million , respectively. (2) Primarily includes interest expense. (3) Includes $18.9 million of capital lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes and capital leases in the cash flow from financing activities in our consolidated statement of cash flows. Property Total Property Services Other Total Year ended December 31, 2015 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 3,157,501 $ 242,223 $ 395,092 $ 885,572 $ 4,680,388 $ 91,128 $ 4,771,516 Segment operating expenses (1) 678,499 126,874 163,820 304,629 1,273,822 32,993 1,306,815 Interest income, TV Azteca, net — — — 11,209 11,209 — 11,209 Segment gross margin 2,479,002 115,349 231,272 592,152 3,417,775 58,135 3,475,910 Segment selling, general, administrative and development expense (1) 138,617 22,771 48,672 62,111 272,171 15,724 287,895 Segment operating profit $ 2,340,385 $ 92,578 $ 182,600 $ 530,041 $ 3,145,604 $ 42,411 $ 3,188,015 Stock-based compensation expense $ 90,537 90,537 Other selling, general, administrative and development expense 121,456 121,456 Depreciation, amortization and accretion 1,285,328 1,285,328 Other expense (2) 860,732 860,732 Income from continuing operations before income taxes $ 829,962 Capital expenditures $ 367,663 $ 75,407 $ 66,625 $ 201,806 $ 711,501 $ — $ 17,252 $ 728,753 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.1 million and $88.5 million , respectively. (2) Primarily includes interest expense. Property Total Property Other Total Year ended December 31, 2014 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,639,790 $ 219,566 $ 315,053 $ 832,445 $ 4,006,854 $ 93,194 $ 4,100,048 Segment operating expenses (1) 515,742 121,797 126,714 290,527 1,054,780 37,648 1,092,428 Interest income, TV Azteca, net — — — 10,547 10,547 — 10,547 Segment gross margin 2,124,048 97,769 188,339 552,465 2,962,621 55,546 3,018,167 Segment selling, general, administrative and development expense (1) 124,944 19,632 39,553 66,890 251,019 12,469 263,488 Segment operating profit $ 1,999,104 $ 78,137 $ 148,786 $ 485,575 $ 2,711,602 $ 43,077 $ 2,754,679 Stock-based compensation expense $ 80,153 80,153 Other selling, general, administrative and development expense (2) 104,738 104,738 Depreciation, amortization and accretion 1,003,802 1,003,802 Other expense (3) 700,282 700,282 Income from continuing operations before income taxes $ 865,704 Capital expenditures $ 576,153 $ 74,334 $ 70,126 $ 229,645 $ 950,258 $ — $ 24,146 $ 974,404 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.8 million and $78.3 million , respectively. (2) Includes $7.9 million of expense previously recorded as segment selling, general, administrative and development expense. (3) Primarily includes interest expense. |
Reconciliation of assets from segments to consolidated | Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31, (in thousands): 2016 2015 2014 U.S. property $ 18,846,941 $ 19,286,465 $ 14,335,731 Asia property (1) 4,535,293 736,149 738,290 EMEA property (1) 2,062,399 2,249,634 1,275,253 Latin America property (1) 4,938,064 4,401,258 4,700,357 Services 48,327 68,388 57,367 Other (2) 448,126 162,378 156,567 Total assets $ 30,879,150 $ 26,904,272 $ 21,263,565 _______________ (1) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (2) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments. |
Schedule of disclosure on geographic areas, long-lived assets | Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2016 , 2015 and 2014 and long-lived assets as of December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 2014 Operating Revenues: United States $ 3,442,575 $ 3,248,629 $ 2,732,984 Asia (1): India 827,627 242,223 219,566 EMEA (1): Germany 60,163 55,965 64,946 Ghana 116,219 94,549 95,486 Nigeria 215,402 109,701 — South Africa 80,006 80,510 98,334 Uganda 57,741 54,367 56,287 Latin America (1): Argentina 1,065 — — Brazil 506,182 408,644 331,089 Chile 33,831 29,650 31,756 Colombia 79,755 78,351 89,421 Costa Rica 18,968 17,244 16,742 Mexico 331,173 340,461 354,116 Panama (2) — — 1,243 Peru 14,961 11,222 8,078 Total International 2,343,093 1,522,887 1,367,064 Total operating revenues $ 5,785,668 $ 4,771,516 $ 4,100,048 _______________ (1) Balances are translated at the applicable exchange rate, which may impact comparability between periods. (2) In September 2014, the Company completed the sale of its operations in Panama. 2016 2015 Long-Lived Assets (1): United States $ 16,969,558 $ 17,516,535 Asia (2): India 4,094,190 619,370 EMEA (2): Germany 397,317 388,727 Ghana 192,158 217,530 Nigeria 640,634 1,018,980 South Africa 271,760 133,088 Uganda 141,533 162,346 Latin America (2): Argentina 137,588 — Brazil 2,626,431 2,204,494 Chile 137,170 121,938 Colombia 272,338 256,892 Costa Rica 117,481 120,292 Mexico 797,798 976,707 Peru 66,593 59,206 Total International 9,892,991 6,279,570 Total long-lived assets $ 26,862,549 $ 23,796,105 _______________ (1) Includes Property and equipment, net, Goodwill and Other intangible assets, net. (2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. |
Schedule of revenue by major customers | The following tenants within the property segments and services segment individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31, is as follows: 2016 2015 2014 AT&T 21 % 24 % 20 % Verizon Wireless 15 % 16 % 11 % Sprint 11 % 13 % 15 % T-Mobile 9 % 10 % 10 % |
Selected Quarterly Financial 54
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of quarterly financial information | Selected quarterly financial data for the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data): Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, 2016: Operating revenues $ 1,289,047 $ 1,442,227 $ 1,514,845 $ 1,539,549 $ 5,785,668 Costs of operations (1) 351,445 459,711 491,237 487,996 1,790,389 Operating income 451,853 432,806 479,074 489,296 1,853,029 Net income 281,307 192,464 263,735 232,853 970,359 Net income attributable to American Tower Corporation stockholders 275,159 187,550 264,509 229,207 956,425 Dividends on preferred stock (26,781 ) (26,782 ) (26,781 ) (26,781 ) (107,125 ) Net income attributable to American Tower Corporation common stockholders 248,378 160,768 237,728 202,426 849,300 Basic net income per share attributable to American Tower Corporation common stockholders 0.59 0.38 0.56 0.48 2.00 Diluted net income per share attributable to American Tower Corporation common stockholders 0.58 0.37 0.55 0.47 1.98 Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, 2015: Operating revenues $ 1,079,190 $ 1,174,375 $ 1,237,910 $ 1,280,041 $ 4,771,516 Costs of operations (1) 264,640 322,458 365,389 356,381 1,308,868 Operating income 419,966 389,774 400,925 402,124 1,612,789 Net income 195,492 157,180 97,740 221,595 672,007 Net income attributable to American Tower Corporation stockholders 193,317 156,056 102,999 232,702 685,074 Dividends on preferred stock (9,819 ) (26,782 ) (26,781 ) (26,781 ) (90,163 ) Net income attributable to American Tower Corporation common stockholders 183,498 129,274 76,218 205,921 594,911 Basic net income per share attributable to American Tower Corporation common stockholders 0.45 0.31 0.18 0.49 1.42 Diluted net income per share attributable to American Tower Corporation common stockholders 0.45 0.30 0.18 0.48 1.41 _______________ (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. |
Business and Summary of Signi55
Business and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)customersjoint_ventureshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Principles of Consolidation and Basis of Presentation: | |||
Number of joint ventures with controlling interests | joint_venture | 2 | ||
Accounts Receivable and Deferred Rent Asset: | |||
Number of customers, concentration of credit risk | customers | 4 | ||
Functional Currency: | |||
Foreign currency transaction gain (loss), in AOCI and Income Statement | $ (153,900) | ||
Foreign currency transaction gain (loss), reclassified as AOCI | 105,000 | ||
Foreign currency transaction loss | (48,900) | ||
Property and Equipment: | |||
Labor costs capitalized | 47,700 | $ 44,700 | $ 48,500 |
Interest costs capitalized | 1,500 | 1,800 | 2,800 |
Other Comprehensive Income (Loss): | |||
Accumulated other comprehensive loss | (1,999,332) | (1,836,996) | |
Revenue Recognition: | |||
Straight line revenue | 131,700 | 155,000 | 123,700 |
Rent Expense: | |||
Straight-line ground rent expense | $ 67,800 | $ 56,100 | $ 38,400 |
Share-based Compensation: | |||
Shares paid for tax withholding for share based compensation | shares | 1,219,755 | ||
Retirement Plan: | |||
Employers percentage of employees first 6 percent | 75.00% | 75.00% | 75.00% |
Employee maximum annual contribution eligible for match | 6.00% | 6.00% | 6.00% |
Company's contribution | $ 9,100 | $ 7,400 | $ 6,500 |
New accounting pronouncement, percent of revenues effected | 12.00% | ||
Performance Shares | |||
Share-based Compensation: | |||
Vesting period | 3 years | ||
Performance Shares | 2007 Plan | |||
Share-based Compensation: | |||
Vesting period | 3 years | ||
Restricted Stock | |||
Share-based Compensation: | |||
Shares paid for tax withholding for share based compensation | shares | 218,063 | ||
Restricted Stock | 2007 Plan | |||
Share-based Compensation: | |||
Vesting period | 4 years | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Principles of Consolidation and Basis of Presentation: | |||
Reclassification from accumulated other comprehensive income | $ (9,100) | ||
Foreign Currency Items | |||
Other Comprehensive Income (Loss): | |||
Accumulated other comprehensive loss | $ 2,000,000 | $ 1,800,000 | $ 800,000 |
Maximum | |||
Goodwill and Other Intangible Assets: | |||
Estimated useful life of respective assets | 20 years | ||
Maximum | Performance Shares | |||
Share-based Compensation: | |||
Percentage of potential target shares | 200.00% | ||
Minimum | |||
Goodwill and Other Intangible Assets: | |||
Estimated useful life of respective assets | 3 years | ||
Minimum | Performance Shares | |||
Share-based Compensation: | |||
Percentage of potential target shares | 0.00% | ||
Sales Revenue, Net | Customer Concentration Risk | |||
Accounts Receivable and Deferred Rent Asset: | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Uganda | Corporate Joint Venture | |||
Principles of Consolidation and Basis of Presentation: | |||
Company's ownership percentage | 51.00% | ||
Noncontrolling owners, ownership percentage | 49.00% | ||
Ghana | Corporate Joint Venture | |||
Principles of Consolidation and Basis of Presentation: | |||
Company's ownership percentage | 51.00% | ||
Noncontrolling owners, ownership percentage | 49.00% | ||
South Africa | Corporate Joint Venture | |||
Principles of Consolidation and Basis of Presentation: | |||
Company's ownership percentage | 75.00% | ||
Noncontrolling owners, ownership percentage | 25.00% | ||
ATC Europe | |||
Principles of Consolidation and Basis of Presentation: | |||
Noncontrolling owners, ownership percentage | 49.00% | ||
Company's ownership percentage | 51.00% | ||
ATC, TIPL | |||
Principles of Consolidation and Basis of Presentation: | |||
Company's ownership percentage | 51.00% | ||
Other Acquisition 2016 | |||
Principles of Consolidation and Basis of Presentation: | |||
Company's ownership percentage | 49.00% | ||
Four Customers | Sales Revenue, Net | Customer Concentration Risk | |||
Accounts Receivable and Deferred Rent Asset: | |||
Concentration risk, percentage | 56.00% |
Business and Summary of Signi56
Business and Summary of Significant Accounting Policies (Changes in Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance as of January 1 | $ 23,096 | $ 17,306 | $ 19,895 |
Current year increases | 49,966 | 19,878 | 8,243 |
Write-offs, net of recoveries and other | (27,174) | (14,088) | (10,832) |
Balance as of December 31 | $ 45,888 | $ 23,096 | $ 17,306 |
Prepaid and Other Current Ass57
Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid operating ground leases | $ 134,167 | $ 128,542 |
Prepaid income tax | 127,142 | 45,056 |
Unbilled receivables | 57,661 | 34,173 |
Prepaid assets | 36,300 | 32,892 |
Value added tax and other consumption tax receivables | 31,570 | 30,239 |
Other miscellaneous current assets | 54,193 | 35,333 |
Prepaids and other current assets | $ 441,033 | $ 306,235 |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Towers | $ 11,740,479 | $ 10,726,656 |
Equipment | 1,176,260 | 1,095,906 |
Buildings and improvements | 621,874 | 607,661 |
Land and improvements | 1,909,732 | 1,728,115 |
Construction-in-progress | 203,411 | 238,960 |
Total | 15,651,756 | 14,397,298 |
Less accumulated depreciation | (5,134,498) | (4,530,874) |
Property and equipment, net | $ 10,517,258 | $ 9,866,424 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Tower | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Buildings and Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Buildings and Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 32 years | |
Land and Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) $ in Millions | Dec. 08, 2016tower | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 758.9 | $ 661.4 | $ 551.8 | |
Capital Leased Assets, Number of Units Acquired Through Purchase Option | tower | 1,523 | |||
Assets Held under Capital Leases | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital leases, which are primarily classified as towers or land and improvements | 4,735.3 | 5,112.4 | ||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 1,198 | $ 1,414.6 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 699.8 | $ 568.3 | $ 411.7 |
Weighted Average | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, remaining amortization period | 16 years |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets (Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 4,091,805 | $ 4,032,174 |
Additions | 975,744 | 214,685 |
Effect of foreign currency translation | 3,131 | (155,054) |
Goodwill, ending balance | 5,070,680 | 4,091,805 |
Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,988 | 1,988 |
Additions | 0 | 0 |
Effect of foreign currency translation | 0 | 0 |
Goodwill, ending balance | 1,988 | 1,988 |
United States | Property | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 3,379,163 | 3,356,096 |
Additions | 0 | 23,067 |
Effect of foreign currency translation | 0 | 0 |
Goodwill, ending balance | 3,379,163 | 3,379,163 |
Asia | Property | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 170,719 | 178,521 |
Additions | 881,783 | 610 |
Effect of foreign currency translation | (23,189) | (8,412) |
Goodwill, ending balance | 1,029,313 | 170,719 |
EMEA | Property | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 132,570 | 78,647 |
Additions | 40,386 | 68,663 |
Effect of foreign currency translation | (22,445) | (14,740) |
Goodwill, ending balance | 150,511 | 132,570 |
Latin America | Property | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 407,365 | 416,922 |
Additions | 53,575 | 122,345 |
Effect of foreign currency translation | 48,765 | (131,902) |
Goodwill, ending balance | 509,705 | $ 407,365 |
Additions 2,016 | ||
Goodwill [Roll Forward] | ||
Additions | 975,600 | |
Goodwill, Impaired, Adjustment to Initial Estimate Amount | $ 100 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Changes in the Carrying Value of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 14,794,815 | $ 12,670,816 |
Accumulated Amortization | (3,520,204) | (2,832,940) |
Net Book Value | 11,274,611 | 9,837,876 |
Acquired network location intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,622,316 | 3,980,281 |
Accumulated Amortization | (1,280,284) | (1,052,393) |
Net Book Value | $ 3,342,032 | $ 2,927,888 |
Acquired network location intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years | 20 years |
Acquired tenant-related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 10,130,466 | $ 8,640,554 |
Accumulated Amortization | (2,224,119) | (1,763,853) |
Net Book Value | $ 7,906,347 | 6,876,701 |
Acquired tenant-related intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 15 years | |
Acquired tenant-related intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years | |
Acquired licenses and other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 28,140 | 28,293 |
Accumulated Amortization | (4,827) | (5,486) |
Net Book Value | $ 23,313 | 22,807 |
Acquired licenses and other intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 3 years | |
Acquired licenses and other intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 20 years | |
Economic Rights, TV Azteca | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 13,893 | 21,688 |
Accumulated Amortization | (10,974) | (11,208) |
Net Book Value | $ 2,919 | $ 10,480 |
Finite-lived intangible asset, useful life | 70 years |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Expected Future Amortization Expenses) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 710.5 |
2,018 | 707.8 |
2,019 | 705.1 |
2,020 | 686.3 |
2,021 | $ 676.8 |
Notes Receivable and Other No64
Notes Receivable and Other Non-Current Assets (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2000USD ($) | Dec. 31, 2000USD ($)communications_site | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Economic Rights, TV Azteca | ||||
Notes Receivable And Other NonCurrent Assets [Line Items] | ||||
Term of the loan, years | 70 years | |||
Loan prepayment without penalty, period, years | 50 years | |||
Number of broadcast towers | communications_site | 190 | |||
Commercial rights, annual payment | $ 1,500,000 | $ 1,500,000 | ||
Percentage of the revenues from leasing of towers | 100.00% | |||
Capital lease, liability | 18,600,000 | $ 18,600,000 | ||
Capital lease, asset | 18,600,000 | 18,600,000 | ||
Capital lease asset and discount on note | 30,200,000 | 30,200,000 | ||
TV Azteca | ||||
Notes Receivable And Other NonCurrent Assets [Line Items] | ||||
Loans receivable | $ 119,800,000 | $ 119,800,000 | $ 91,800,000 | $ 91,800,000 |
Loan interest rate | 13.11% | |||
Term of the loan, years | 70 years | |||
Loan prepayment without penalty, period, years | 50 years | |||
Loans receivable, net of discount | 82,900,000 | $ 82,900,000 | ||
Repayment of Principal | TV Azteca | ||||
Notes Receivable And Other NonCurrent Assets [Line Items] | ||||
Loans receivable | $ 28,000,000 |
Notes Receivable and Other No65
Notes Receivable and Other Non-Current Assets (Notes Receivable and Other Non-Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Notes Receivable And Other Long Term Assets [Abstract] | ||
Long-term prepaid ground rent | $ 467,781 | $ 388,790 |
Notes receivable | 83,736 | 83,658 |
Other miscellaneous assets | 290,006 | 260,455 |
Notes receivable and other non-current assets | $ 841,523 | $ 732,903 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, ₨ in Billions | Feb. 15, 2017USD ($)communications_site | Feb. 15, 2017EUR (€)communications_site | Apr. 21, 2016USD ($)sitesystem | Apr. 21, 2016INR (₨) | Mar. 17, 2016USD ($)site | Dec. 16, 2015USD ($)communications_site | Sep. 30, 2015USD ($)communications_site | Jul. 01, 2015USD ($) | Apr. 29, 2015USD ($)communications_site | Mar. 27, 2015USD ($)yr | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)site | Dec. 31, 2015USD ($)communications_site | Dec. 31, 2014USD ($) | Apr. 21, 2016INR (₨)sitesystem | Mar. 27, 2015communications_site | Mar. 27, 2015site | Mar. 27, 2015Rate |
Business Acquisition [Line Items] | ||||||||||||||||||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | $ 567,900,000 | |||||||||||||||||
Business combination pro forma information gross margin of acquiree since acquisition date actual | 241,100,000 | |||||||||||||||||
Initial lease term | 10 years | |||||||||||||||||
Contingent consideration | $ 15,444,000 | $ 12,436,000 | $ 28,524,000 | |||||||||||||||
Value added tax and other consumption tax receivables | 31,570,000 | 30,239,000 | ||||||||||||||||
Fair value of debt assumed through acquisitions | 786,889,000 | 0 | 463,135,000 | |||||||||||||||
Redeemable noncontrolling interest | 1,091,220,000 | 0 | ||||||||||||||||
Accounts payable | 118,666,000 | $ 96,714,000 | ||||||||||||||||
Verizon Transaction | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | 11,449 | 163 | ||||||||||||||||
Aggregate purchase price | $ 5,066,000,000 | |||||||||||||||||
Verizon Transaction | Leased Sites | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Capital leased assets, number of units | communications_site | 11,286 | |||||||||||||||||
Right to lease, weighted average term | 28 years | |||||||||||||||||
Initial lease term | 10 years | |||||||||||||||||
Successive terms to renew lease | yr | 8 | |||||||||||||||||
Renewal term | 5 years | |||||||||||||||||
Future monthly sublease rent per tower | $ 1,900 | |||||||||||||||||
Fixed annual rent escalation percentage | Rate | 2.00% | |||||||||||||||||
Verizon Transaction | Owned Sites | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | communications_site | 163 | |||||||||||||||||
Airtel Acquisition | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | communications_site | 4,716 | |||||||||||||||||
Airtel Acquisition | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | $ 1,112,000,000 | |||||||||||||||||
TIM Acquisition | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | communications_site | 182 | 1,125 | 4,176 | |||||||||||||||
Adjustment, consideration transferred | $ (800,000) | |||||||||||||||||
Preferred stock assumed through acquisitions | 796,048,000 | |||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | $ 0 | |||||||||||||||||
TIM Acquisition | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | $ 21,700,000 | $ 130,900,000 | $ 644,300,000 | |||||||||||||||
Preferred stock assumed through acquisitions | 796,867,000 | |||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | $ 0 | |||||||||||||||||
Other International Acquisitions 2015 | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | communications_site | 439 | |||||||||||||||||
Contingent consideration | $ 300,000 | |||||||||||||||||
Other Acquisition 2015 | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | 22,500,000 | |||||||||||||||||
Preferred stock assumed through acquisitions | $ 164,875,000 | |||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 0 | |||||||||||||||||
Other Acquisition 2015 | Adjusted Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Adjustment, consideration transferred | (200,000) | |||||||||||||||||
Preferred stock assumed through acquisitions | 164,706,000 | |||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | $ 0 | |||||||||||||||||
Other Us Acquisition 2015 | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | communications_site | 210 | |||||||||||||||||
Aggregate purchase price | $ 142,400,000 | |||||||||||||||||
Contingent consideration | $ 1,300,000 | |||||||||||||||||
Number of property interests acquired | communications_site | 4 | |||||||||||||||||
Viom Transaction | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | site | 42,000 | 42,000 | ||||||||||||||||
Distributed antenna systems acquired | system | 200 | 200 | ||||||||||||||||
Percentage of voting interest acquired | 51.00% | 51.00% | ||||||||||||||||
Fair value of debt assumed through acquisitions | $ 800,000,000 | ₨ 52.3 | ||||||||||||||||
Viom Transaction | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | 1,100,000,000 | ₨ 76.4 | ||||||||||||||||
Fair value of debt assumed through acquisitions | $ 786,889,000 | |||||||||||||||||
Viom Transaction | Mandatorily Redeemable Preferred Stock | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Redeemable noncontrolling interest | $ 25,100,000 | ₨ 1.7 | ||||||||||||||||
Other Acquisition 2016 | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | site | 891 | |||||||||||||||||
Aggregate purchase price | $ 304,400,000 | |||||||||||||||||
Contingent consideration, liability, noncurrent | 8,800,000 | |||||||||||||||||
Accounts payable | 12,100,000 | |||||||||||||||||
Other Acquisition 2016 | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Fair value of debt assumed through acquisitions | $ 0 | |||||||||||||||||
Airtel Tanzania | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of communications sites acquired | site | 1,350 | |||||||||||||||||
Airtel Tanzania | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | $ 179,000,000 | |||||||||||||||||
Additional sites to be acquired | site | 100 | |||||||||||||||||
Acquired Network Location | Maximum | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Finite-lived intangible asset, useful life | 20 years | 20 years | ||||||||||||||||
Subsequent Event | FPS Towers [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Percentage of voting interest acquired | 100.00% | 100.00% | ||||||||||||||||
Subsequent Event | FPS Towers [Member] | Preliminary Purchase Price Allocation | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Aggregate purchase price | $ 757,100,000 | € 713.9 | ||||||||||||||||
Additional sites to be acquired | communications_site | 2,400 | 2,400 |
Acquisitions (Merger and Integr
Acquisitions (Merger and Integration Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Acquisition and merger related expenses | $ 15,875 | $ 18,799 | $ 26,969 |
Integration costs | $ 9,901 | $ 18,097 | $ 13,057 |
Acquisitions (Schedule of Aggre
Acquisitions (Schedule of Aggregate Purchase Consideration Paid and the Amount of Assets Acquired) (Details) $ in Thousands, ₨ in Billions | Apr. 21, 2016USD ($) | Apr. 21, 2016INR (₨) | Dec. 16, 2015USD ($) | Sep. 30, 2015USD ($) | Jul. 01, 2015USD ($) | Apr. 29, 2015USD ($) | Mar. 27, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 5,070,680 | $ 4,091,805 | $ 4,032,174 | |||||||
Debt assumed | $ (786,889) | $ 0 | (463,135) | |||||||
Maximum | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 20 years | 20 years | ||||||||
Maximum | Customer Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Finite-lived intangible asset, useful life | 20 years | |||||||||
Viom Transaction | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt assumed | $ (800,000) | ₨ (52.3) | ||||||||
Viom Transaction | Preliminary Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | $ 1,100,000 | ₨ 76.4 | ||||||||
Current assets | $ 276,560 | |||||||||
Non-current assets | 57,645 | |||||||||
Property and equipment | 701,988 | |||||||||
Current liabilities | (195,900) | |||||||||
Deferred tax liability | (619,070) | |||||||||
Other non-current liabilities | (102,751) | |||||||||
Net assets acquired | 2,154,416 | |||||||||
Goodwill | 881,783 | |||||||||
Fair value of net assets acquired | 3,036,199 | |||||||||
Debt assumed | (786,889) | |||||||||
Redeemable noncontrolling interests | (1,100,804) | |||||||||
Purchase Price | 1,148,506 | |||||||||
Viom Transaction | Preliminary Purchase Price Allocation | Tenant-related intangible assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 1,369,580 | |||||||||
Viom Transaction | Preliminary Purchase Price Allocation | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 666,364 | |||||||||
Verizon Transaction | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | $ 5,066,000 | |||||||||
Airtel Acquisition | Preliminary Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | $ 1,112,000 | |||||||||
TIM Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | 0 | |||||||||
Non-current assets | 0 | |||||||||
Property and equipment | 274,530 | |||||||||
Current liabilities | (3,192) | |||||||||
Other non-current liabilities | (74,966) | |||||||||
Net assets acquired | 673,932 | |||||||||
Goodwill | 122,116 | |||||||||
Fair value of net assets acquired | 796,048 | |||||||||
Noncash or part noncash acquisition, value of liabilities assumed | $ 0 | |||||||||
Preferred stock assumed through acquisitions | (796,048) | |||||||||
TIM Acquisition | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 115,795 | |||||||||
TIM Acquisition | Customer Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 361,765 | |||||||||
TIM Acquisition | Preliminary Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | $ 21,700 | $ 130,900 | $ 644,300 | |||||||
Current assets | 0 | |||||||||
Non-current assets | 0 | |||||||||
Property and equipment | 275,630 | |||||||||
Current liabilities | (3,192) | |||||||||
Other non-current liabilities | (74,966) | |||||||||
Net assets acquired | 674,856 | |||||||||
Goodwill | 122,011 | |||||||||
Fair value of net assets acquired | 796,867 | |||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 0 | |||||||||
Preferred stock assumed through acquisitions | (796,867) | |||||||||
TIM Acquisition | Preliminary Purchase Price Allocation | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 115,562 | |||||||||
TIM Acquisition | Preliminary Purchase Price Allocation | Customer Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 361,822 | |||||||||
Other Acquisition 2016 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | 304,400 | |||||||||
Other Acquisition 2016 | Preliminary Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | 25,477 | |||||||||
Non-current assets | 2,336 | |||||||||
Property and equipment | 81,521 | |||||||||
Current liabilities | (14,782) | |||||||||
Deferred tax liability | (43,756) | |||||||||
Other non-current liabilities | (29,472) | |||||||||
Net assets acquired | 210,526 | |||||||||
Goodwill | 93,856 | |||||||||
Fair value of net assets acquired | 304,382 | |||||||||
Debt assumed | 0 | |||||||||
Redeemable noncontrolling interests | 0 | |||||||||
Purchase Price | 304,382 | |||||||||
Other Acquisition 2016 | Preliminary Purchase Price Allocation | Tenant-related intangible assets | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 105,557 | |||||||||
Other Acquisition 2016 | Preliminary Purchase Price Allocation | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | $ 83,645 | |||||||||
Other Acquisition 2015 | Preliminary Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price | 22,500 | |||||||||
Current assets | 1,113 | |||||||||
Non-current assets | 995 | |||||||||
Property and equipment | 42,716 | |||||||||
Current liabilities | (624) | |||||||||
Other non-current liabilities | (4,028) | |||||||||
Net assets acquired | 140,864 | |||||||||
Goodwill | 24,011 | |||||||||
Fair value of net assets acquired | 164,875 | |||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 0 | |||||||||
Preferred stock assumed through acquisitions | (164,875) | |||||||||
Other Acquisition 2015 | Preliminary Purchase Price Allocation | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 37,691 | |||||||||
Other Acquisition 2015 | Preliminary Purchase Price Allocation | Customer Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | $ 63,001 | |||||||||
Other Acquisition 2015 | Adjusted Purchase Price Allocation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Current assets | 1,113 | |||||||||
Non-current assets | 995 | |||||||||
Property and equipment | 42,716 | |||||||||
Current liabilities | (624) | |||||||||
Other non-current liabilities | (4,028) | |||||||||
Net assets acquired | 140,695 | |||||||||
Goodwill | 24,011 | |||||||||
Fair value of net assets acquired | 164,706 | |||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 0 | |||||||||
Preferred stock assumed through acquisitions | (164,706) | |||||||||
Other Acquisition 2015 | Adjusted Purchase Price Allocation | Acquired Network Location | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | 37,691 | |||||||||
Other Acquisition 2015 | Adjusted Purchase Price Allocation | Customer Relationships | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Customer-related intangible assets | $ 62,832 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $ 6,055,187 | $ 5,886,691 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 847,738 | $ 544,641 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Basic net income attributable to American Tower Corporation (in dollars per share) | $ 1.99 | $ 1.29 |
Diluted net income attributable to American Tower Corporation (in dollars per share) | $ 1.97 | $ 1.27 |
Acquisitions - Schedule Of Busi
Acquisitions - Schedule Of Business Acquisitions By Acquisition Contingent Consideration (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Fair value of debt assumed through acquisitions | $ 786,889,000 | $ 0 | $ 463,135,000 |
Contingent consideration, maximum potential value | 46,795,987 | ||
Contingent consideration | 15,444,000 | 12,436,000 | $ 28,524,000 |
Contingent consideration, additions | 8,811,000 | ||
Contingent consideration, settlements | (306,000) | ||
Change in fair value | (6,372,000) | $ (4,781,000) | |
Colombia | |||
Business Acquisition [Line Items] | |||
Contingent consideration, maximum potential value | 23,557,000 | ||
Contingent consideration | 5,342,000 | ||
Contingent consideration, additions | 0 | ||
Contingent consideration, settlements | 0 | ||
Change in fair value | (4,964,000) | ||
Ghana | |||
Business Acquisition [Line Items] | |||
Contingent consideration, maximum potential value | 555,000 | ||
Contingent consideration | 555,000 | ||
Contingent consideration, additions | 0 | ||
Contingent consideration, settlements | 0 | ||
Change in fair value | 47,000 | ||
India | |||
Business Acquisition [Line Items] | |||
Contingent consideration, maximum potential value | 0 | ||
Contingent consideration | 0 | ||
Contingent consideration, additions | 0 | ||
Contingent consideration, settlements | 0 | ||
Change in fair value | (161,000) | ||
Costa Rica | |||
Business Acquisition [Line Items] | |||
Contingent consideration, maximum potential value | 22,291,000 | ||
Contingent consideration | 9,154,000 | ||
Contingent consideration, settlements | 0 | ||
South Africa | |||
Business Acquisition [Line Items] | |||
Contingent consideration, additions | 8,692,000 | ||
United States | |||
Business Acquisition [Line Items] | |||
Contingent consideration, maximum potential value | 393,000 | ||
Contingent consideration | 393,000 | ||
Contingent consideration, additions | 119,000 | ||
Contingent consideration, settlements | (306,000) | ||
Change in fair value | $ (1,294,000) |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Accrued property and real estate taxes | $ 138,361 | $ 75,827 |
Payroll and related withholdings | 76,141 | 62,334 |
Accrued rent | 50,951 | 54,732 |
Amounts payable to tenants | 32,326 | 58,683 |
Accrued construction costs | 28,587 | 19,857 |
Accrued income tax payable | 11,551 | 11,704 |
Other accrued expenses | 282,646 | 233,276 |
Accrued expenses | $ 620,563 | $ 516,413 |
Long-Term Obligations (Narrativ
Long-Term Obligations (Narrative) (Details) ₨ / shares in Units, ₨ in Millions, BRL in Millions, COP in Billions | Feb. 15, 2017USD ($) | Dec. 23, 2016ZAR | Sep. 30, 2016USD ($) | May 13, 2016USD ($) | Jan. 12, 2016USD ($) | May 29, 2015USD ($)tower | Oct. 28, 2016USD ($) | Mar. 31, 2013USD ($)tower | Dec. 31, 2016USD ($)installmentquarterrenewal_periodClassshares | Dec. 31, 2015USD ($)quarterrenewal_period | Dec. 31, 2014USD ($) | Jan. 01, 2017USD ($) | Dec. 31, 2016INR (₨)quarter₨ / sharesshares | Dec. 31, 2016COPquartershares | Dec. 31, 2016BRLquartershares | Dec. 31, 2016ZARquartershares | Dec. 31, 2015BRLquarter | Dec. 31, 2015ZARquarter | Jan. 23, 2015ZAR | Nov. 30, 2014BRL | Jan. 10, 2014 | Dec. 31, 2013USD ($) | Aug. 19, 2013 |
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 18,533,465,000 | ||||||||||||||||||||||
Valuation allowance | 144,397,000 | $ 136,952,000 | $ 141,241,000 | $ 136,006,000 | |||||||||||||||||||
Proceeds from issuance of senior notes, net | 3,236,383,000 | 1,492,298,000 | 1,415,844,000 | ||||||||||||||||||||
Fair value of debt assumed through acquisitions | 786,889,000 | 0 | 463,135,000 | ||||||||||||||||||||
Interest costs capitalized | 1,500,000 | 1,800,000 | 2,800,000 | ||||||||||||||||||||
Borrowings under credit facilities | $ 2,446,845,000 | 6,126,618,000 | 2,187,000,000 | ||||||||||||||||||||
Annual renewal periods, number | renewal_period | 2 | ||||||||||||||||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ 1,168,000 | (79,750,000) | (3,379,000) | ||||||||||||||||||||
Accrued interest | 157,297,000 | 115,672,000 | |||||||||||||||||||||
Gain (loss) on retirement of long-term obligations | $ 1,168,000 | (79,606,000) | $ (3,473,000) | ||||||||||||||||||||
Capital lease obligation and notes payable, interest rate, maximum | 9.50% | 9.50% | 9.50% | 9.50% | 9.50% | ||||||||||||||||||
Capital Lease Obligation And Notes Payable Interest Mature In Periods Minimum | 1 year | ||||||||||||||||||||||
Capital lease obligation and notes payable, maturity, maximum | 70 years | ||||||||||||||||||||||
Capital Lease Obligations | $ 135,800,000 | 110,900,000 | |||||||||||||||||||||
Capital Lease Obligation And Notes Payable Interest Rates Ranging Minimum | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% | ||||||||||||||||||
Third measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 6 | 6 | 6 | 6 | 6 | ||||||||||||||||||
Fourth measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 7 | 7 | 7 | 7 | 7 | ||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Borrowing Capacity of EBITDA | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 286,009,000 | 219,902,000 | |||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||
Maximum Adjusted EBITDA | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | ||||||||||||||||||
Repurchase price as a percentage of principal | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | ||||||||||||||||||
BR Towers Debentures | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Issuer Shares Used In Securitization, Percent | 100.00% | ||||||||||||||||||||||
BR Towers Debentures | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 101,000,000 | 85,200,000 | BRL 329.3 | BRL 332.8 | |||||||||||||||||||
Long-term debt, stated interest rate | 7.40% | 7.40% | 7.40% | 7.40% | 7.40% | ||||||||||||||||||
BR Towers Debentures | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | BRL | BRL 300 | ||||||||||||||||||||||
Uganda Loan | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 79,998,000 | $ 75,226,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 16.60% | 16.60% | 16.60% | 16.60% | 16.60% | ||||||||||||||||||
Interest costs capitalized | $ 4,800,000 | ||||||||||||||||||||||
Debt instrument, interest rate, effective Percentage | 6.52% | 6.52% | 6.52% | 6.52% | 6.52% | ||||||||||||||||||
Viom Debenture | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 88,300,000 | ₨ 6,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 9.90% | 9.90% | 9.90% | 9.90% | 9.90% | ||||||||||||||||||
Viom Debenture | Secured Debt | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.60% | ||||||||||||||||||||||
Debt Instrument, Basis Spread On Variable Rate, Reset Rate | 10.00% | ||||||||||||||||||||||
Debt Instrument, Basis Spread On Variable Rate, Reset Period One | 36 months | ||||||||||||||||||||||
Debt Instrument, Basis Spread On Variable Rate, Reset Period Two | 48 months | ||||||||||||||||||||||
Viom Debenture | Secured Debt | Minimum | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Basis Spread On Variable Rate, Reset Threshold | 9.75% | ||||||||||||||||||||||
Viom Debenture | Secured Debt | Maximum | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Basis Spread On Variable Rate, Reset Threshold | 10.25% | ||||||||||||||||||||||
Commercial Mortgage Pass Through Certificates Series 2013 | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 1,800,000,000 | ||||||||||||||||||||||
Number of broadcast and wireless communications towers | tower | 5,181 | ||||||||||||||||||||||
Weighted average life, years | 8 years 7 months 6 days | ||||||||||||||||||||||
Debt, weighted average interest rate | 2.648% | ||||||||||||||||||||||
Cash trap debt service credit ratio | 1.30 | 1.3 | 1.30 | 1.30 | 1.30 | 1.30 | 1.3 | 1.3 | |||||||||||||||
Number of consecutive quarters required for release of funds | quarter | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||||
Minimum, DSCR | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | |||||||||||||||
Threshold for majority of holders in event of default | 50.00% | ||||||||||||||||||||||
Restricted cash | $ 82,700,000 | ||||||||||||||||||||||
Proceeds from issuance of senior notes, net | $ 1,780,000,000 | ||||||||||||||||||||||
Secured Tower Revenue Securities, Series 2013-1A | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Period during which no prepayment consideration is due, period | 12 months | ||||||||||||||||||||||
Secured Tower Revenue Securities, Series 2013-2A | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Period during which no prepayment consideration is due, period | 18 months | ||||||||||||||||||||||
Series 2015-1 Class A | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 350,000,000 | $ 347,108,000 | $ 346,262,000 | ||||||||||||||||||||
Long-term debt, stated interest rate | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% | ||||||||||||||||||
Series 2015-2 Class A | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 525,000,000 | $ 519,437,000 | 518,776,000 | ||||||||||||||||||||
Long-term debt, stated interest rate | 3.482% | 3.482% | 3.482% | 3.482% | 3.482% | ||||||||||||||||||
Commercial Mortgage Pass Through Certificates Series 2015 | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number of broadcast and wireless communications towers | tower | 3,596 | ||||||||||||||||||||||
Weighted average life, years | 8 years 1 month 6 days | ||||||||||||||||||||||
Debt, weighted average interest rate | 3.029% | ||||||||||||||||||||||
Restricted cash | $ 16,800,000 | ||||||||||||||||||||||
Series 2012-1 Class A Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of secured debt | $ 94,100,000 | ||||||||||||||||||||||
GTP Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Debt, Repayment Terms, Number of Site Released Upon Repayment | Class | 472 | ||||||||||||||||||||||
GTP Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 179,459,000 | 281,902,000 | |||||||||||||||||||||
Principal amount | 173,700,000 | ||||||||||||||||||||||
Debt instrument, unamortized premium | $ 5,700,000 | ||||||||||||||||||||||
GTP Notes | Secured Debt | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 4.336% | 4.336% | 4.336% | 4.336% | 4.336% | ||||||||||||||||||
GTP Notes | Secured Debt | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 7.358% | 7.358% | 7.358% | 7.358% | 7.358% | ||||||||||||||||||
Secured Cellular Site Revenue Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 132,960,000 | 201,930,000 | |||||||||||||||||||||
Principal amount | 129,000,000 | ||||||||||||||||||||||
Debt instrument, unamortized premium | $ 4,000,000 | ||||||||||||||||||||||
Secured Cellular Site Revenue Notes | Secured Debt | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 6.392% | 6.392% | 6.392% | 6.392% | 6.392% | ||||||||||||||||||
Secured Cellular Site Revenue Notes | Secured Debt | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 9.522% | 9.522% | 9.522% | 9.522% | 9.522% | ||||||||||||||||||
Viom Term Loan | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 461,200,000 | ₨ 31,326 | |||||||||||||||||||||
Viom Term Loan | Secured Debt | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Term | 1 year | ||||||||||||||||||||||
Long-term debt, stated interest rate | 8.15% | 8.15% | 8.15% | 8.15% | 8.15% | ||||||||||||||||||
Debt Instrument, Prepayment Penalty, Percent Of Principal | 1.00% | ||||||||||||||||||||||
Debt Instrument, Payment Terms, Repayment Period | 6 months | ||||||||||||||||||||||
Viom Term Loan | Secured Debt | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||||||||||
Long-term debt, stated interest rate | 11.15% | 11.15% | 11.15% | 11.15% | 11.15% | ||||||||||||||||||
Debt Instrument, Prepayment Penalty, Percent Of Principal | 2.00% | ||||||||||||||||||||||
Debt Instrument, Payment Terms, Repayment Period | 36 months | ||||||||||||||||||||||
Series 2010-1 Class C | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of senior debt | $ 67,000,000 | ||||||||||||||||||||||
Viom preferred shares | Mandatorily Redeemable Preferred Stock | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 24,537,000 | ||||||||||||||||||||||
Long-term debt, stated interest rate | 13.50% | 13.50% | 13.50% | 13.50% | 13.50% | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 2.00% | ||||||||||||||||||||||
Preferred stock, shares outstanding | shares | 166,666,666 | 166,666,666 | 166,666,666 | 166,666,666 | 166,666,666 | ||||||||||||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Maximum Amount | $ 24,500,000 | ₨ 1,670 | |||||||||||||||||||||
Preferred Stock, Number Of Redemption Installments | installment | 2 | ||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | ₨ / shares | ₨ 10 | ||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 13.50% | ||||||||||||||||||||||
South African Facility | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | ZAR | ZAR 830,000,000 | ||||||||||||||||||||||
Long-term debt, stated interest rate | 9.308% | 9.308% | 9.308% | 9.308% | 9.308% | ||||||||||||||||||
Long-term line of credit | $ 84,300,000 | 53,200,000 | ZAR 1,164,000,000 | ZAR 830,000,000 | |||||||||||||||||||
South African Facility | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Borrowings under credit facilities | ZAR | ZAR 500,000,000 | ||||||||||||||||||||||
South African Facility | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | ZAR | ZAR 330,000,000 | ||||||||||||||||||||||
Ghana Loan | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 71,047,000 | 70,314,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 21.87% | 21.87% | 21.87% | 21.87% | 21.87% | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,900,000 | ||||||||||||||||||||||
2014 Colombian Long Term Credit Facility | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | COP | COP 200 | ||||||||||||||||||||||
Credit Facility 2014 | Swingline Loan | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, remaining borrowing capacity | 50,000,000 | ||||||||||||||||||||||
Credit Facility 2014 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, remaining borrowing capacity | 2,000,000,000 | ||||||||||||||||||||||
Principal amount | 1,385,000,000 | ||||||||||||||||||||||
Long-term line of credit | 1,385,000,000 | $ 1,980,000,000 | |||||||||||||||||||||
Borrowings under credit facilities | 245,000,000 | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 3,000,000,000 | ||||||||||||||||||||||
Repayment of indebtedness under credit facility | 840,000,000 | ||||||||||||||||||||||
Letters of credit, amount outstanding | $ 7,300,000 | ||||||||||||||||||||||
Annual renewal periods, number | renewal_period | 2 | ||||||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.15% | 0.15% | |||||||||||||||||||||
Debt instrument, interest rate, effective Percentage | 2.432% | 2.432% | 2.432% | 2.432% | 2.432% | ||||||||||||||||||
Credit Facility 2014 | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount | $ 1,095,000,000 | ||||||||||||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||||||||||||
Credit Facility 2014 | Revolving Credit Facility | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount | $ 290,000,000 | ||||||||||||||||||||||
Basis spread on variable rate | 0.25% | ||||||||||||||||||||||
Credit Facility 2014 | Revolving Credit Facility | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.10% | ||||||||||||||||||||||
Credit Facility 2014 | Revolving Credit Facility | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.40% | ||||||||||||||||||||||
Credit Facility 2014 | Unsecured Debt | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
Credit Facility 2014 | Unsecured Debt | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||
Credit Facility 2014 | Unsecured Debt | Maximum | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
India Indebtedness | Secured Debt | Minimum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 8.15% | 8.15% | 8.15% | 8.15% | 8.15% | ||||||||||||||||||
India Indebtedness | Secured Debt | Maximum | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term debt, stated interest rate | 11.70% | 11.70% | 11.70% | 11.70% | 11.70% | ||||||||||||||||||
India Indebtedness | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 549,528,000 | $ 8,752,000 | |||||||||||||||||||||
Term Loan 2013 | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||||||||||||
Term Loan 2013 | Revolving Credit Facility | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.25% | ||||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 993,936,000 | $ 1,993,601,000 | |||||||||||||||||||||
Principal amount | 1,000,000,000 | ||||||||||||||||||||||
Letters of credit, amount outstanding | $ 0 | ||||||||||||||||||||||
Debt instrument, interest rate, effective Percentage | 2.02% | 2.02% | 2.02% | 2.02% | 2.02% | ||||||||||||||||||
Repayments of Long-term Debt | $ 1,000,000,000 | ||||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 0.01 | ||||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 0.02 | ||||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | Maximum | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 0.01 | ||||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | Third measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 7 | 7 | 7 | ||||||||||||||||||||
Term Loan 2013 | Unsecured Debt | Fourth measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 6 | 6 | 6 | ||||||||||||||||||||
Credit Facility 2013 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 2,750,000,000 | ||||||||||||||||||||||
Principal amount | 540,000,000 | ||||||||||||||||||||||
Long-term line of credit | 539,975,000 | $ 1,225,000,000 | |||||||||||||||||||||
Borrowings under credit facilities | 1,900,000,000 | ||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 4,250,000,000 | ||||||||||||||||||||||
Repayment of indebtedness under credit facility | 2,600,000,000 | ||||||||||||||||||||||
Letters of credit, amount outstanding | $ 3,200,000 | ||||||||||||||||||||||
Line of credit facility, commitment fee percentage | 0.15% | ||||||||||||||||||||||
Debt instrument, interest rate, effective Percentage | 1.963% | 1.963% | 1.963% | 1.963% | 1.963% | ||||||||||||||||||
Credit Facility 2013 | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.25% | ||||||||||||||||||||||
Credit Facility 2013 | Revolving Credit Facility | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.25% | ||||||||||||||||||||||
Credit Facility 2013 | Revolving Credit Facility | Third measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 7 | 7 | 7 | ||||||||||||||||||||
Credit Facility 2013 | Revolving Credit Facility | Fourth measurement period | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Ratio of total debt to EBITDA | 6 | 6 | 6 | ||||||||||||||||||||
Credit Facility 2013 | Unsecured Debt | Minimum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
Credit Facility 2013 | Unsecured Debt | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||
Credit Facility 2013 | Unsecured Debt | Maximum | Base Rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||
3.300% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 744,762,000 | $ 0 | |||||||||||||||||||||
Long-term debt, stated interest rate | 3.30% | 3.30% | 3.30% | 3.30% | 3.30% | 3.30% | |||||||||||||||||
Principal amount | $ 750,000,000 | 750,000,000 | |||||||||||||||||||||
4.400% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 495,212,000 | 0 | |||||||||||||||||||||
Long-term debt, stated interest rate | 4.40% | 4.40% | 4.40% | 4.40% | 4.40% | 4.40% | |||||||||||||||||
Principal amount | $ 500,000,000 | 750,000,000 | |||||||||||||||||||||
Three point three zero and four point four zero percent senior notes [Member] | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from issuance of senior notes, net | $ 1,237,200,000 | ||||||||||||||||||||||
2.800% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 744,917,000 | 743,557,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 2.80% | 2.80% | 2.80% | 2.80% | 2.80% | ||||||||||||||||||
Principal amount | 750,000,000 | ||||||||||||||||||||||
4.000% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 739,985,000 | 739,057,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||||||||
Principal amount | 500,000,000 | ||||||||||||||||||||||
3.40% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 999,716,000 | 999,769,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% | ||||||||||||||||
Principal amount | 1,000,000,000 | ||||||||||||||||||||||
5.00% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 1,002,742,000 | 1,003,453,000 | |||||||||||||||||||||
Long-term debt, stated interest rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Principal amount | 1,000,000,000 | ||||||||||||||||||||||
3.375% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 983,369,000 | 0 | |||||||||||||||||||||
Long-term debt, stated interest rate | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | |||||||||||||||||
Proceeds from issuance of senior notes, net | $ 981,500,000 | ||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
2.250% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 572,764,000 | 0 | |||||||||||||||||||||
Long-term debt, stated interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||||||||||||||
Interest rate swap agreements | $ 22,300,000 | ||||||||||||||||||||||
Principal amount | $ 600,000,000 | 600,000,000 | |||||||||||||||||||||
Debt instrument, interest rate, effective Percentage | 1.97% | 1.97% | 1.97% | 1.97% | 1.97% | ||||||||||||||||||
3.125% senior notes | Senior Notes | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 396,713,000 | 0 | |||||||||||||||||||||
Long-term debt, stated interest rate | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | |||||||||||||||||
Proceeds from issuance of senior notes, net | $ 990,600,000 | ||||||||||||||||||||||
Principal amount | $ 400,000,000 | 400,000,000 | |||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 3,978,992,000 | $ 3,509,231,000 | |||||||||||||||||||||
Subsidiaries | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 2,250,000,000 | ||||||||||||||||||||||
Multicurrency Borrowings | Credit Facility 2013 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Capacity available for specific purpose other than for trade purchases | 1,000,000,000 | ||||||||||||||||||||||
Letter of Credit | Credit Facility 2014 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Capacity available for specific purpose other than for trade purchases | 200,000,000 | ||||||||||||||||||||||
Letter of Credit | Credit Facility 2013 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Capacity available for specific purpose other than for trade purchases | 200,000,000 | ||||||||||||||||||||||
Swingline Loan | Credit Facility 2013 | Revolving Credit Facility | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Capacity available for specific purpose other than for trade purchases | 50,000,000 | ||||||||||||||||||||||
Unison | Secured Cellular Site Revenue Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Principal amount | $ 196,000,000 | ||||||||||||||||||||||
Subsequent Event | Uganda Loan | Unsecured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Balance as of December 31, 2016 | $ 31,800,000 | ||||||||||||||||||||||
Subsequent Event | GTP Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of secured debt | $ 173,500,000 | ||||||||||||||||||||||
Gain (loss) on retirement of long-term obligations | 1,800,000 | ||||||||||||||||||||||
Subsequent Event | Secured Cellular Site Revenue Notes | Secured Debt | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of secured debt | 129,000,000 | ||||||||||||||||||||||
Gain (loss) on retirement of long-term obligations | $ 14,500,000 |
Long-Term Obligations (Long-Ter
Long-Term Obligations (Long-Term Financing Arrangements) (Details) $ in Thousands | Feb. 15, 2017USD ($) | Feb. 10, 2017USD ($) | Oct. 28, 2016USD ($) | Dec. 31, 2016USD ($)Class | Jan. 01, 2017USD ($) | Sep. 30, 2016 | May 13, 2016 | Jan. 12, 2016 | Dec. 31, 2015USD ($) | May 29, 2015USD ($) | Jan. 10, 2014 | Aug. 19, 2013 | Mar. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Debt, long-term and short-term, combined amount | $ 18,533,465 | $ 17,119,009 | |||||||||||
Less current portion long-term obligations | (238,806) | (50,202) | |||||||||||
Balance as of December 31, 2016 | 18,533,465 | ||||||||||||
Other long-term debt | 135,849 | 110,876 | |||||||||||
Long-term debt, excluding current maturities | 18,294,659 | 17,068,807 | |||||||||||
Parent | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 14,418,624 | 13,498,902 | |||||||||||
Subsidiaries | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 3,978,992 | 3,509,231 | |||||||||||
GTP Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Repayment Terms, Number of Site Released Upon Repayment | Class | 472 | ||||||||||||
Credit Facility 2013 | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term line of credit | $ 539,975 | 1,225,000 | |||||||||||
Debt instrument, interest rate, effective Percentage | 1.963% | ||||||||||||
Credit Facility 2014 | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term line of credit | $ 1,385,000 | 1,980,000 | |||||||||||
Debt instrument, interest rate, effective Percentage | 2.432% | ||||||||||||
Secured Debt | Series 2010-1 Class C | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of senior debt | $ 67,000 | ||||||||||||
Secured Debt | Series 2012-1 Class A Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of secured debt | $ 94,100 | ||||||||||||
Secured Debt | Commercial Mortgage Pass Through Certificates Series 2013 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 1,800,000 | ||||||||||||
Secured Debt | Commercial Mortgage Pass Through Certificates Series 2013 | Secured Tower Revenue Securities, Series 2013-1A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 1.551% | ||||||||||||
Balance as of December 31, 2016 | $ 498,642 | 497,478 | |||||||||||
Secured Debt | Commercial Mortgage Pass Through Certificates Series 2013 | Secured Tower Revenue Securities, Series 2013-2A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.07% | ||||||||||||
Balance as of December 31, 2016 | $ 1,290,267 | 1,288,689 | |||||||||||
Secured Debt | Series 2015-2 Class A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.482% | ||||||||||||
Balance as of December 31, 2016 | $ 519,437 | 518,776 | $ 525,000 | ||||||||||
Secured Debt | GTP Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 179,459 | 281,902 | |||||||||||
Secured Debt | Secured Cellular Site Revenue Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 132,960 | 201,930 | |||||||||||
Secured Debt | Series 2015-1 Class A | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 2.35% | ||||||||||||
Balance as of December 31, 2016 | $ 347,108 | 346,262 | $ 350,000 | ||||||||||
Unsecured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 286,009 | 219,902 | |||||||||||
Unsecured Debt | Uganda Replacement Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 80,000 | ||||||||||||
Unsecured Debt | Uganda Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, effective Percentage | 6.52% | ||||||||||||
Long-term debt, stated interest rate | 16.60% | ||||||||||||
Balance as of December 31, 2016 | $ 79,998 | 75,226 | |||||||||||
Unsecured Debt | India Indebtedness | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 549,528 | 8,752 | |||||||||||
Unsecured Debt | Shareholder Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 151,045 | 145,540 | |||||||||||
Unsecured Debt | Term Loan 2013 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, effective Percentage | 2.02% | ||||||||||||
Balance as of December 31, 2016 | $ 993,936 | 1,993,601 | |||||||||||
Mandatorily Redeemable Preferred Stock | Viom preferred shares | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 13.50% | ||||||||||||
Balance as of December 31, 2016 | $ 24,537 | ||||||||||||
Senior Notes | 4.500% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 4.50% | ||||||||||||
Balance as of December 31, 2016 | $ 998,676 | 997,693 | |||||||||||
Senior Notes | 3.40% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.40% | 3.40% | 3.40% | ||||||||||
Balance as of December 31, 2016 | $ 999,716 | 999,769 | |||||||||||
Senior Notes | 7.25% Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 7.25% | ||||||||||||
Balance as of December 31, 2016 | $ 297,032 | 296,242 | |||||||||||
Senior Notes | 2.800% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 2.80% | ||||||||||||
Balance as of December 31, 2016 | $ 744,917 | 743,557 | |||||||||||
Senior Notes | 5.05% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 5.05% | ||||||||||||
Balance as of December 31, 2016 | $ 697,352 | 697,216 | |||||||||||
Senior Notes | 3.300% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.30% | 3.30% | |||||||||||
Balance as of December 31, 2016 | $ 744,762 | 0 | |||||||||||
Senior Notes | 3.450% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.45% | ||||||||||||
Balance as of December 31, 2016 | $ 643,848 | 642,786 | |||||||||||
Senior Notes | 5.900% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 5.90% | ||||||||||||
Balance as of December 31, 2016 | $ 497,343 | 497,188 | |||||||||||
Senior Notes | 2.250% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, interest rate, effective Percentage | 1.97% | ||||||||||||
Long-term debt, stated interest rate | 2.25% | 2.25% | |||||||||||
Balance as of December 31, 2016 | $ 572,764 | 0 | |||||||||||
Senior Notes | 4.000% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 4.00% | ||||||||||||
Balance as of December 31, 2016 | $ 739,985 | 739,057 | |||||||||||
Senior Notes | 4.400% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 4.40% | 4.40% | |||||||||||
Balance as of December 31, 2016 | $ 495,212 | 0 | |||||||||||
Senior Notes | 3.375% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.375% | 3.375% | |||||||||||
Balance as of December 31, 2016 | $ 983,369 | 0 | |||||||||||
Senior Notes | 3.125% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.125% | 3.125% | |||||||||||
Balance as of December 31, 2016 | $ 396,713 | 0 | |||||||||||
Senior Notes | 4.70% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 4.70% | ||||||||||||
Balance as of December 31, 2016 | $ 696,013 | 695,374 | |||||||||||
Senior Notes | 3.50% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 3.50% | ||||||||||||
Balance as of December 31, 2016 | $ 989,269 | 987,966 | |||||||||||
Senior Notes | 5.00% senior notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 5.00% | 5.00% | 5.00% | ||||||||||
Balance as of December 31, 2016 | $ 1,002,742 | $ 1,003,453 | |||||||||||
Subsequent Event | Secured Debt | GTP Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of secured debt | $ 173,500 | ||||||||||||
Subsequent Event | Secured Debt | Secured Cellular Site Revenue Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of secured debt | $ 129,000 | ||||||||||||
Subsequent Event | Unsecured Debt | Uganda Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 31,800 | ||||||||||||
Subsequent Event | Senior Notes | 7.25% Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 7.25% | ||||||||||||
Repayments of senior debt | $ 341,400 |
Long-Term Obligations Long-Term
Long-Term Obligations Long-Term Obligations (India Indebtedness) (Details) | Dec. 31, 2016USD ($) | Dec. 31, 2016INR (₨) |
Debt Instrument [Line Items] | ||
Balance as of December 31, 2016 | $ 18,533,465,000 | |
Secured Debt | Viom Term Loan | ||
Debt Instrument [Line Items] | ||
Balance as of December 31, 2016 | 461,200,000 | ₨ 31,326,000,000 |
Secured Debt | Viom Debenture | ||
Debt Instrument [Line Items] | ||
Balance as of December 31, 2016 | $ 88,300,000 | ₨ 6,000,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 9.90% | 9.90% |
Line of Credit | Viom Working Capital Facilities | ||
Debt Instrument [Line Items] | ||
Balance as of December 31, 2016 | $ 0 | ₨ 0 |
Minimum | Secured Debt | Viom Term Loan | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.15% | 8.15% |
Minimum | Line of Credit | Viom Working Capital Facilities | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.70% | 8.70% |
Maximum | Secured Debt | Viom Term Loan | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.15% | 11.15% |
Maximum | Line of Credit | Viom Working Capital Facilities | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.70% | 11.70% |
Long-Term Obligations Long-Te75
Long-Term Obligations Long-Term Obligations (Other Subsidiary Debt) (Details) COP in Millions, BRL in Millions | 12 Months Ended | ||||||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016INR (₨) | Dec. 31, 2016COP | Dec. 31, 2016BRL | Dec. 31, 2016ZAR | Dec. 31, 2015COP | Dec. 31, 2015BRL | Dec. 31, 2015ZAR | Jan. 23, 2015ZAR | Dec. 31, 2014BRL | Nov. 30, 2014BRL | |
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 18,533,465,000 | ||||||||||||
Proceeds from Lines of Credit | 2,446,845,000 | $ 6,126,618,000 | $ 2,187,000,000 | ||||||||||
Unsecured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 286,009,000 | 219,902,000 | |||||||||||
Unsecured Debt | BR Towers Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | BRL | BRL 300 | ||||||||||||
Unsecured Debt | South African Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | ZAR | ZAR 330,000,000 | ||||||||||||
Unsecured Debt | Brazil Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | BRL | BRL 271 | ||||||||||||
Secured Debt | Viom Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | 461,200,000 | ₨ 31,326,000,000 | |||||||||||
Secured Debt | BR Towers Debentures | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 101,000,000 | 85,200,000 | BRL 329.3 | BRL 332.8 | |||||||||
Long-term debt, stated interest rate | 7.40% | 7.40% | 7.40% | 7.40% | 7.40% | ||||||||
Secured Debt | Viom Debenture | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 88,300,000 | ₨ 6,000,000,000 | |||||||||||
Long-term debt, stated interest rate | 9.90% | 9.90% | 9.90% | 9.90% | 9.90% | ||||||||
Line of Credit | Viom Working Capital Facilities | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | $ 0 | ₨ 0 | |||||||||||
Revolving Credit Facility | South African Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Balance as of December 31, 2016 | ZAR | ZAR 830,000,000 | ||||||||||||
Long-term debt, stated interest rate | 9.308% | 9.308% | 9.308% | 9.308% | 9.308% | ||||||||
Long-term line of credit | $ 84,300,000 | 53,200,000 | ZAR 1,164,000,000 | ZAR 830,000,000 | |||||||||
Revolving Credit Facility | Colombian Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, stated interest rate | 10.92% | 10.92% | 10.92% | 10.92% | 10.92% | ||||||||
Long-term line of credit | $ 56,100,000 | 59,600,000 | COP 170,000 | COP 190,000 | |||||||||
Revolving Credit Facility | Brazil Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term line of credit | $ 44,600,000 | $ 21,900,000 | BRL 147.7 | BRL 85.4 |
Long-Term Obligations (Schedule
Long-Term Obligations (Schedule of Shareholder Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Interest costs capitalized | $ 1,500 | $ 1,800 | $ 2,800 |
Balance as of December 31, 2016 | 18,533,465 | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Balance as of December 31, 2016 | 286,009 | 219,902 | |
Unsecured Debt | Ghana Loan | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 300,900 | ||
Balance as of December 31, 2016 | $ 71,047 | 70,314 | |
Long-term debt, stated interest rate | 21.87% | ||
Unsecured Debt | Uganda Loan | |||
Debt Instrument [Line Items] | |||
Interest costs capitalized | $ 4,800 | ||
Balance as of December 31, 2016 | $ 79,998 | $ 75,226 | |
Long-term debt, stated interest rate | 16.60% | ||
Debt instrument, interest rate, effective Percentage | 6.52% |
Long-Term Obligations Long-Te77
Long-Term Obligations Long-Term Obligations (Schedule of Term Loans) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Credit Facility 2013 | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 540 | |
Letters of credit, amount outstanding | $ 3.2 | |
Line of credit facility, commitment fee percentage | 0.15% | |
Credit Facility 2014 | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 1,385 | |
Letters of credit, amount outstanding | $ 7.3 | |
Line of credit facility, commitment fee percentage | 0.15% | 0.15% |
London Interbank Offered Rate (LIBOR) | Credit Facility 2013 | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
London Interbank Offered Rate (LIBOR) | Credit Facility 2014 | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 1,095 | |
Basis spread on variable rate | 1.25% | |
London Interbank Offered Rate (LIBOR) | Term Loan 2013 | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Unsecured Debt | Term Loan 2013 | ||
Line of Credit Facility [Line Items] | ||
Principal amount | $ 1,000 | |
Letters of credit, amount outstanding | $ 0 |
Long-Term Obligations (Schedu78
Long-Term Obligations (Schedule of Debt Discounts) (Details) - Senior Notes - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 | May 13, 2016 | Jan. 12, 2016 | Dec. 31, 2015 |
4.500% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 1,000,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | $ (1,324,000) | (2,307,000) | |||
2.250% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 600,000,000 | 600,000,000 | |||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (27,236,000) | 0 | |||
3.125% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 400,000,000 | 400,000,000 | |||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (3,287,000) | 0 | |||
3.40% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 1,000,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (284,000) | (231,000) | |||
7.25% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 300,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (2,968,000) | (3,758,000) | |||
2.800% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 750,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (5,083,000) | (6,443,000) | |||
5.05% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 700,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (2,648,000) | (2,784,000) | |||
3.300% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 750,000,000 | 750,000,000 | |||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (5,238,000) | 0 | |||
3.450% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 650,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (6,152,000) | (7,214,000) | |||
5.900% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 500,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (2,657,000) | (2,812,000) | |||
4.70% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 700,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (3,987,000) | (4,626,000) | |||
3.50% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 1,000,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (10,731,000) | (12,034,000) | |||
5.00% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 1,000,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | 2,742,000 | 3,453,000 | |||
4.000% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 500,000,000 | ||||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (10,015,000) | (10,943,000) | |||
4.400% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 500,000,000 | 750,000,000 | |||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | (4,788,000) | 0 | |||
3.375% senior notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 1,000,000,000 | 1,000,000,000 | |||
Debt Instrument, unamortized discount (premium) and debt issuance costs, net | $ (16,631,000) | $ 0 |
Long-Term Obligations (Aggregat
Long-Term Obligations (Aggregate Carrying Value of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 238,806 |
2,018 | 1,649,137 |
2,019 | 1,759,808 |
2,020 | 2,677,594 |
2,021 | 1,976,976 |
Thereafter | 10,350,583 |
Total cash obligations | 18,652,904 |
Unamortized discounts, premiums and debt issuance costs and fair value adjustments, net | 119,439 |
Balance as of December 31, 2016 | $ 18,533,465 |
Other Non-Current Liabilities80
Other Non-Current Liabilities (Other Non-Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities, Noncurrent [Abstract] | ||
Unearned revenue | $ 457,272 | $ 451,844 |
Deferred rent liability | 407,157 | 348,532 |
Other miscellaneous liabilities | 278,294 | 158,973 |
Other non-current liabilities | $ 1,142,723 | $ 959,349 |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Details) $ in Billions | Dec. 31, 2016USD ($) |
Asset Retirement Obligation [Abstract] | |
Estimated undiscounted future cash outlay for asset retirement obligations | $ 2.5 |
Asset Retirement Obligations (C
Asset Retirement Obligations (Carrying Value of Asset Retirement Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance as of January 1, | $ 856,936 | $ 609,035 |
Asset retirement obligation, foreign currency translation | (9,600) | 81,700 |
Additions | 64,092 | 277,982 |
Accretion expense | 67,010 | 55,592 |
Revisions in estimates | (21,130) | (83,636) |
Settlements | (1,401) | (2,037) |
Balance as of December 31, | $ 965,507 | $ 856,936 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) COP in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($)interest_rate_swap | Dec. 31, 2015USD ($) | Dec. 31, 2016COPinterest_rate_swap | Sep. 30, 2016USD ($) | Dec. 31, 2015COP | Jul. 01, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of embedded derivative asset | $ 14,600,000 | |||||
Business combination, contingent consideration arrangements, range of outcomes, value, low | $ 0 | |||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 46,795,987 | |||||
Impairment of long-lived assets held for use | 28,500,000 | $ 15,100,000 | ||||
Assets held and used, original carrying value | 12,700,000,000 | 12,600,000,000 | ||||
Debt, long-term and short-term, combined amount | 18,533,465,000 | 17,119,009,000 | ||||
Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value gain (loss) recognized in other income | (900,000) | |||||
Estimate of Fair Value Measurement | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | 18,800,000,000 | 17,400,000,000 | ||||
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | 11,800,000,000 | 8,700,000,000 | ||||
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | 7,000,000,000 | 8,700,000,000 | ||||
Interest Rate Swap | Colombian Credit Facility | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset, notional amount | $ 28,327,000 | 30,164,000 | COP 85,000,000 | COP 95,000,000 | ||
Interest Rate Swap | Senior Notes | 2.250% senior notes | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Interest rate swaps entered into | interest_rate_swap | 3 | 3 | ||||
Fair value gain (loss) recognized in other income | $ 2,400,000 | |||||
Derivative, Notional Amount | $ 600,000,000 | |||||
Interest Rate Swap | Revolving Credit Facility | Colombian Credit Facility | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset, notional amount | $ 33,300,000 | COP 100,000,000 | ||||
Derivative, fixed interest rate | 5.74% | 5.74% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) COP in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016COP | Dec. 31, 2015USD ($) | Dec. 31, 2015COP | Jul. 01, 2015USD ($) | Dec. 31, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Short-term investments | $ 4,026 | $ 0 | ||||
Fair value of embedded derivative asset | $ 14,600 | |||||
Acquisition-related contingent consideration | 15,444 | 12,436 | $ 28,524 | |||
Colombian Credit Facility | Interest Rate Swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset, fair value, gross asset | 3 | COP 8,763 | 692 | COP 2,179,374 | ||
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Short-term investments | 4,026 | |||||
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Interest rate swap agreements | 24,682 | |||||
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring [Member] | Colombian Credit Facility | Interest Rate Swap | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative asset, fair value, gross asset | 3 | 692 | ||||
Fair Value, Inputs, Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Acquisition-related contingent consideration | 12,436 | |||||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of embedded derivative asset | 13,290 | 14,176 | ||||
Acquisition-related contingent consideration | $ 15,444 | $ 12,436 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of derivative financial instruments) (Details) - Interest Rate Swap - Colombian Credit Facility COP in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016COP | Dec. 31, 2015USD ($) | Dec. 31, 2015COP |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative asset, notional amount | $ 28,327 | COP 85,000,000 | $ 30,164 | COP 95,000,000 |
Derivative asset, fair value, gross asset | $ 3 | COP 8,763 | $ 692 | COP 2,179,374 |
Fair Value Measurements (Contin
Fair Value Measurements (Contingent Consideration) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance as of January 1 | $ 12,436 | $ 28,524 |
Additions | 8,811 | 1,626 |
Settlements | (306) | (7,943) |
Change in fair value | (6,372) | (4,781) |
Foreign currency translation adjustment | 875 | (4,990) |
Balance as of December 31 | 15,444 | 12,436 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance as of January 1 | $ 12,436 | |
Balance as of December 31 | $ 12,436 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 144,397,000 | $ 136,952,000 | $ 141,241,000 | $ 136,006,000 |
Undistributed earnings of foreign subsidiaries | 648,700,000 | |||
Unrecognized tax benefits that would impact the ETR | 102,900,000 | 28,100,000 | ||
Additions based on tax positions related to the current year | 82,912,000 | 5,042,000 | 4,187,000 | |
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill | 23,800,000 | |||
Decrease in unrecognized tax benefits, lapse of applicable statute of limitations | 3,168,000 | 3,504,000 | 5,349,000 | |
Unrecognized tax benefits, income tax penalties and interest | 9,200,000 | 3,200,000 | 6,500,000 | |
Unrecognized Tax Benefits, Decrease In Income Tax Penalties And Interest Expense Resulting From Expiration Of Applicable Statute Of Limitations | 3,400,000 | 3,100,000 | $ 9,900,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 24,300,000 | $ 20,200,000 | ||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | 0 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | 10,800,000 | |||
Mexican Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Tax credit carryforward | $ 900,000 |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (26,494) | $ (73,930) | $ (2,390) |
State | (1,976) | (21,216) | (797) |
Foreign | (100,074) | (55,045) | (57,934) |
Deferred: | |||
Federal | (616) | 9,131 | (4,180) |
State | (259) | 8 | (973) |
Foreign | (26,082) | (16,903) | 3,769 |
Income tax provision | $ (155,501) | $ (157,955) | $ (62,505) |
Income Taxes (Reconciliation Be
Income Taxes (Reconciliation Between the U.S. Statutory Rate and the Effective Rate from Continuing Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Tax adjustment related to REIT | (35.00%) | (35.00%) | (35.00%) |
Foreign taxes | 5.00% | 3.00% | 2.00% |
Foreign withholding taxes | 4.00% | 3.00% | 3.00% |
Uncertain tax positions | 5.00% | 0.00% | 0.00% |
Change in tax law | 0.00% | 2.00% | 0.00% |
MIPT tax election | 0.00% | 11.00% | 0.00% |
Other | 0.00% | 0.00% | 2.00% |
Effective tax rate | 14.00% | 19.00% | 7.00% |
Dividend paid deduction, percentage | 29.00% | 36.00% | 24.00% |
Income Taxes (Components of Inc
Income Taxes (Components of Income from Continuing Operations Before Income Taxes and Income on Equity Method Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 882,552 | $ 785,201 | $ 857,457 |
Foreign | 243,308 | 44,761 | 8,247 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ 1,125,860 | $ 829,962 | $ 865,704 |
Income Taxes (Components of the
Income Taxes (Components of the Net Deferred Tax Asset and Related Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 278,674 | $ 277,977 |
Accrued asset retirement obligations | 130,014 | 92,295 |
Stock-based compensation | 4,267 | 3,889 |
Unearned revenue | 29,003 | 25,654 |
Unrealized loss on foreign currency | 26,883 | 37,440 |
Other accruals and allowances | 45,578 | 13,824 |
Items not currently deductible and other | 26,886 | 17,608 |
Depreciation and amortization | (942,409) | (194,230) |
Deferred rent | (27,099) | (20,720) |
Other | (9,294) | (11,077) |
Deferred Tax Liabilities, Gross, Noncurrent | 437,497 | |
Subtotal | 242,660 | |
Valuation allowance | (144,397) | (136,952) |
Net deferred tax (liabilities) assets | $ (581,894) | |
Net deferred tax (liabilities) assets | $ 105,708 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance as of January 1, | $ 136,952 | $ 141,241 | $ 136,006 |
Additions | 14,118 | 19,512 | 40,124 |
Reversals | 0 | 0 | (10,769) |
Foreign currency translation | (6,673) | (23,801) | (24,120) |
Balance as of December 31, | $ 144,397 | $ 136,952 | $ 141,241 |
Income Taxes (Net Operating Los
Income Taxes (Net Operating Loss Carryforwards Expire) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Federal | |
Operating Loss Carryforwards [Line Items] | |
2017 to 2021 | $ 0 |
2022 to 2026 | 0 |
2027 to 2031 | 146,763 |
2032 to 2036 | 16,604 |
Indefinite carryforward | 0 |
Total | 163,367 |
State | |
Operating Loss Carryforwards [Line Items] | |
2017 to 2021 | 59,213 |
2022 to 2026 | 388,695 |
2027 to 2031 | 98,538 |
2032 to 2036 | 32,345 |
Indefinite carryforward | 0 |
Total | 578,791 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
2017 to 2021 | 8,950 |
2022 to 2026 | 184,611 |
2027 to 2031 | 0 |
2032 to 2036 | 0 |
Indefinite carryforward | 831,185 |
Total | $ 1,024,746 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 28,114 | $ 31,947 | $ 32,545 |
Additions based on tax positions related to the current year | 82,912 | 5,042 | 4,187 |
Additions for tax positions of prior years | 0 | 0 | 3,780 |
Foreign currency | (307) | (5,371) | (3,216) |
Reduction as a result of the lapse of statute of limitations and effective settlements | (3,168) | (3,504) | (5,349) |
Balance at December 31 | $ 107,551 | $ 28,114 | $ 31,947 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 89,898,000 | $ 90,537,000 | $ 80,153,000 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total unrecognized compensation expense | $ 12,000,000 | ||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||
Three Year Performance Grant, Shares Granted | 169,340 | 70,135 | |
Shares granted, grant date fair value not yet established | 23,377 | ||
Stock-based compensation expense | $ 8,400,000 | ||
Performance Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential target shares | 0.00% | ||
Performance Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential target shares | 200.00% | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 14.60 | $ 15.06 | $ 14.86 |
Intrinsic value of stock options exercised | $ 77,600,000 | $ 32,100,000 | $ 58,000,000 |
Total unrecognized compensation expense | $ 25,600,000 | ||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||
Employee service share-based compensation, cash received from exercise of stock options | $ 84,900,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ 86,100,000 | ||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||
Total fair value of restricted stock units vested during period | $ 63,800,000 | ||
2007 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issuable under stock incentive plan | 9,500,000 | ||
2007 Plan | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2007 Plan | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
2007 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Summary of Stock-Based Compensation Expenses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock-based compensation expense | $ 89,898,000 | $ 90,537,000 | $ 80,153,000 |
Stock-based compensation expense capitalized as property and equipment | $ 1,443,000 | $ 2,052,000,000 | $ 1,589,000,000 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions Used to Determine the Grant Date Fair Value for Options Granted) (Details) - Employee Stock Option | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum range of risk-free interest rate | 1.00% | 1.32% | 1.46% |
Maximum range of risk-free interest rate | 1.73% | 1.62% | 1.74% |
Weighted average risk-free interest rate | 1.44% | 1.61% | 1.64% |
Expected life of stock options | 4 years 4 months 52 days | 4 years 6 months | |
Minimum range of expected volatility of underlying stock price | 20.59% | 21.09% | 21.94% |
Maximum range of expected volatility of underlying stock price | 21.45% | 21.24% | 23.35% |
Weighted average expected volatility of underlying stock price | 21.43% | 21.09% | 23.08% |
Range of expected annual dividend yield | 1.50% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of stock options | 4 years 6 months | ||
Range of expected annual dividend yield | 1.85% | 1.50% | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of stock options | 5 years 2 months 12 days | ||
Range of expected annual dividend yield | 2.40% | 1.85% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of the Company's Option Activity) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months 23 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 2 months 27 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 8 months 23 days |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of January 1, 2016 (in shares) | shares | 7,680,819 |
Granted (in shares) | shares | 1,161,370 |
Exercised (in shares) | shares | (1,520,541) |
Forfeited (in shares) | shares | (51,472) |
Expired (in shares) | shares | (800) |
Outstanding as of December 31, 2016 (in shares) | shares | 7,269,376 |
Exercisable as of December 31, 2016 (in shares) | shares | 3,519,976 |
Vested or expected to vest as of December 31, 2016 (in shares) | shares | 7,269,376 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding as of January 1, 2016 (in dollars per share) | $ / shares | $ 71.10 |
Granted (in dollars per share) | $ / shares | 95.16 |
Exercised (in dollars per share) | $ / shares | 55.86 |
Forfeited (in dollars per share) | $ / shares | 90.10 |
Expired (in dollars per share) | $ / shares | 33.96 |
Outstanding as of December 31, 2016 (in dollars per share) | $ / shares | 78 |
Exercisable as of December 31, 2016 (in dollars per share) | $ / shares | 64.93 |
Vested or expected to vest as of December 31, 2016 (in dollars per share) | $ / shares | $ 78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregate intrinsic value, outstanding | $ | $ 201.4 |
Aggregate intrinsic value, exercisable | $ | 143.4 |
Aggregate intrinsic value, vested or expected to vest | $ | $ 201.4 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 7,269,376 |
Exercise price per share, minimum | $ 28.39 |
Exercise price per share, maximum | $ 113.60 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 8 months 23 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 78 |
Options Exercisable (in shares) | shares | 3,519,976 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 64.93 |
$28.39 - $43.11 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 733,732 |
Exercise price per share, minimum | $ 28.39 |
Exercise price per share, maximum | $ 43.11 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 4 months 6 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 37.01 |
Options Exercisable (in shares) | shares | 733,732 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 37.01 |
44.92 - 62.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 1,130,308 |
Exercise price per share, minimum | $ 44.92 |
Exercise price per share, maximum | $ 62 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 6 months 18 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 56.55 |
Options Exercisable (in shares) | shares | 1,130,308 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 56.55 |
64.01 - 76.90 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 916,991 |
Exercise price per share, minimum | $ 64.01 |
Exercise price per share, maximum | $ 76.90 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 2 months 5 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 76.74 |
Options Exercisable (in shares) | shares | 621,338 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 76.69 |
77.42- 81.18 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 1,428,834 |
Exercise price per share, minimum | $ 77.42 |
Exercise price per share, maximum | $ 81.18 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 1 month 21 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 81.12 |
Options Exercisable (in shares) | shares | 589,547 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 81.13 |
81.46 - 94.57 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 1,900,077 |
Exercise price per share, minimum | $ 81.46 |
Exercise price per share, maximum | $ 94.57 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 1 month 24 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 94.35 |
Options Exercisable (in shares) | shares | 441,405 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 94.34 |
94.71 - 113.60 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Number of Options (in shares) | shares | 1,159,434 |
Exercise price per share, minimum | $ 94.71 |
Exercise price per share, maximum | $ 113.60 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 years 2 months 9 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 95.21 |
Options Exercisable (in shares) | shares | 3,646 |
Weighted Average Exercise Price Per Share (in dollars per share) | $ 99.14 |
Stock-Based Compensation (Su100
Stock-Based Compensation (Summary of the Company's Restricted Stock Unit Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | |
Restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Outstanding as of January 1, 2016 (in shares) | 1,656,993 | |
Granted (in shares) | 784,178 | |
Vested (in shares) | (656,645) | |
Forfeited (in shares) | (120,783) | |
Outstanding as of December 31, 2016 (in shares) | 1,656,993 | 1,663,743 |
Expected to vest, net of estimated forfeitures, as of December 31, 2016 (in shares) | 1,663,743 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Outstanding as of January 1, 2016 (in dollars per share) | $ 84.12 | |
Granted (in dollars per share) | 95.15 | |
Vested (in dollars per share) | 79.36 | |
Forfeitures (in dollars per share) | 90.18 | |
Outstanding as of December 31, 2016 (in dollars per share) | $ 90.76 | |
Expected to vest, net of estimated forfeitures, as of December 31, 2016 (in dollars per share) | $ 90.76 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Outstanding as of January 1, 2016 (in shares) | 33,377 | |
Granted (in shares) | 209,380 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Outstanding as of December 31, 2016 (in shares) | 33,377 | 242,757 |
Expected to vest, net of estimated forfeitures, as of December 31, 2016 (in shares) | 242,757 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Outstanding as of January 1, 2016 (in dollars per share) | $ 94.57 | |
Granted (in dollars per share) | 93.81 | |
Vested (in dollars per share) | 0 | |
Forfeitures (in dollars per share) | 0 | |
Outstanding as of December 31, 2016 (in dollars per share) | $ 93.92 | |
Expected to vest, net of estimated forfeitures, as of December 31, 2016 (in dollars per share) | $ 93.92 |
Redeemable Noncontrolling In101
Redeemable Noncontrolling Interests (Details) - 12 months ended Dec. 31, 2016 $ in Thousands | USD ($) | ₨ / shares |
Temporary Equity Disclosure [Abstract] | ||
Temporary equity redemption price per share (in INR per share) | ₨ / shares | ₨ 216 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance as of January 1, 2016 | $ 0 | |
Fair value at acquisition | 1,100,804 | |
Net income attributable to noncontrolling interests | 13,851 | |
Foreign currency translation adjustment attributable to noncontrolling interests | (23,435) | |
Balance as of December 31, 2016 | $ 1,091,220 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Dec. 14, 2016$ / shares | Dec. 08, 2016towershares | Dec. 02, 2016$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2011USD ($) |
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | shares | 1,171,187 | ||||||
Capital Leased Assets, Number of Units Acquired Through Purchase Option | tower | 1,523 | ||||||
Authorized repurchase of common stock | $ | $ 1,500,000,000 | ||||||
Remaining stock value of buyback | $ | $ 1,100,000,000 | ||||||
Proceeds from stock options and stock purchase plan | $ | 92,473,000 | $ 50,716,000 | $ 62,276,000 | ||||
Distributions paid on common stock | $ | 886,116,000 | 710,852,000 | 404,631,000 | ||||
Preferred stock dividends declared | $ | 107,125,000 | $ 76,772,000 | $ 23,888,000 | ||||
Accrued dividend RSU | $ | $ 6,700,000 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, dividends declared per share (in dollars per share) | $ / shares | $ 0.58 | $ 2.1700 | $ 1.8100 | $ 1.4000 | |||
Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, depositary shares, percentage of preferred shares | shares | 0.1 | ||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, liquidation preference per share | $ / shares | $ 1,000 | ||||||
Shares issued, price per share | $ / shares | 100 | ||||||
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares | $ 5.5000 | 3.8653 | 0 | ||||
Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Conversion factor, preferred stock | shares | 8.5911 | ||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Conversion factor, preferred stock | shares | 10.3093 | ||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares | $ 1.3125 | $ 6.4578 | $ 5.2500 | $ 2.6688 | |||
Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | Minimum | |||||||
Class of Stock [Line Items] | |||||||
Conversion factor, preferred stock | shares | 0.9272 | ||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Conversion factor, preferred stock | shares | 1.1591 | ||||||
Dividends Declared and Paid | |||||||
Class of Stock [Line Items] | |||||||
Paid dividend RSU | $ | $ 2,400,000 | ||||||
Dividends Declared and Paid | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Distributions paid on common stock | $ | 923,700,000 | $ 766,400,000 | $ 554,600,000 | ||||
Dividends Declared and Paid | Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividends declared | $ | $ 75,600,000 | $ 53,100,000 | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares | $ 55 | $ 38.65 | |||||
Dividends Declared and Paid | Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividends declared | $ | $ 31,500,000 | $ 23,700,000 | $ 23,900,000 | ||||
Preferred stock, dividends per share, declared (in dollars per share) | $ / shares | $ 5.25 | $ 3.94 | $ 3.98 | ||||
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | shares | 1,375,000 | ||||||
Preferred stock, shares issued | shares | 1,375,000 | ||||||
Preferred stock, dividend rate, percentage | 5.50% | ||||||
Preferred stock, par value | $ / shares | $ 0.01 | ||||||
Preferred stock, depositary shares | shares | 13,750,000 | ||||||
Preferred stock | Convertible Preferred Stock Subject to Mandatory Redemption | Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Issuance of stock (shares) | shares | 6,000,000 | ||||||
Preferred stock, shares issued | shares | 6,000,000 | 6,000,000 | |||||
Preferred stock, dividend rate, percentage | 5.25% | 5.25% | |||||
Preferred stock, par value | $ / shares | $ 0.01 | ||||||
Preferred stock, liquidation preference per share | $ / shares | $ 100 |
Equity (Distributions) (Detail)
Equity (Distributions) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2016 | Dec. 02, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends Payable [Line Items] | |||||
Payments of ordinary dividends, common Stock | $ 886,116 | $ 710,852 | $ 404,631 | ||
Dividends, Preferred Stock, Cash | $ 107,125 | $ 76,772 | $ 23,888 | ||
Common Stock | |||||
Dividends Payable [Line Items] | |||||
Common stock, dividends declared per share (in dollars per share) | $ 0.58 | $ 2.1700 | $ 1.8100 | $ 1.4000 | |
Dividends declared, common stock, percent of total | 100.00% | 100.00% | 100.00% | ||
Common Stock | Ordinary Income | |||||
Dividends Payable [Line Items] | |||||
Common stock, dividends declared per share (in dollars per share) | $ 2.1700 | $ 1.2694 | $ 1.4000 | ||
Dividends declared, common stock, percent of total | 100.00% | 70.13% | 100.00% | ||
Common Stock | Capital Gain | |||||
Dividends Payable [Line Items] | |||||
Common stock, dividends declared per share (in dollars per share) | $ 0 | $ 0.5406 | $ 0 | ||
Dividends declared, common stock, percent of total | 0.00% | 29.87% | 0.00% | ||
Common Stock | Dividends Declared and Paid | |||||
Dividends Payable [Line Items] | |||||
Payments of ordinary dividends, common Stock | $ 923,700 | $ 766,400 | $ 554,600 | ||
Series A Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 1.3125 | $ 6.4578 | $ 5.2500 | $ 2.6688 | |
Dividends declared, preferred stock, declared | 100.00% | 100.00% | 100.00% | ||
Series A Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | Ordinary Income | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 6.4578 | $ 3.6818 | $ 2.6688 | ||
Dividends declared, preferred stock, declared | 100.00% | 70.13% | 100.00% | ||
Series A Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | Capital Gain | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 0 | $ 1.5682 | $ 0 | ||
Dividends declared, preferred stock, declared | 0.00% | 29.87% | 0.00% | ||
Series A Preferred Stock | Dividends Declared and Paid | Convertible Preferred Stock Subject to Mandatory Redemption | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 5.25 | $ 3.94 | $ 3.98 | ||
Dividends, Preferred Stock, Cash | $ 31,500 | $ 23,700 | $ 23,900 | ||
Series B Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 5.5000 | $ 3.8653 | $ 0 | ||
Dividends declared, preferred stock, declared | 100.00% | 100.00% | 0.00% | ||
Series B Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | Ordinary Income | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 5.5000 | $ 2.7107 | $ 0 | ||
Dividends declared, preferred stock, declared | 100.00% | 70.13% | 0.00% | ||
Series B Preferred Stock | Convertible Preferred Stock Subject to Mandatory Redemption | Capital Gain | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 0 | $ 1.1546 | $ 0 | ||
Dividends declared, preferred stock, declared | 0.00% | 29.87% | 0.00% | ||
Series B Preferred Stock | Dividends Declared and Paid | Convertible Preferred Stock Subject to Mandatory Redemption | |||||
Dividends Payable [Line Items] | |||||
Preferred stock, dividends per share, declared (in dollars per share) | $ 55 | $ 38.65 | |||
Dividends, Preferred Stock, Cash | $ 75,600 | $ 53,100 |
Impairments, Net Loss on Sal104
Impairments, Net Loss on Sale of Long-Lived Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |||
Impairment charges and net losses on sales or disposals of long-lived assets | $ 53.6 | $ 29.8 | $ 28.5 |
Impairment charges | 28.5 | 15.1 | 15.3 |
Losses associated with the sale or disposal of certain non-core towers, other assets and other miscellaneous items | $ 25.1 | $ 14.7 | $ 13.2 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Basic And Diluted by Common Class) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS | $ 229,207 | $ 264,509 | $ 187,550 | $ 275,159 | $ 232,702 | $ 102,999 | $ 156,056 | $ 193,317 | $ 956,425 | $ 685,074 | $ 824,910 |
Dividends on preferred stock | (26,781) | (26,781) | (26,782) | (26,781) | (26,781) | (26,781) | (26,782) | (9,819) | (107,125) | (90,163) | (23,888) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ 202,426 | $ 237,728 | $ 160,768 | $ 248,378 | $ 205,921 | $ 76,218 | $ 129,274 | $ 183,498 | $ 849,300 | $ 594,911 | $ 801,022 |
Basic weighted average common shares outstanding | 425,143 | 419 | 395,958 | ||||||||
Dilutive securities | 4,140 | 4 | 4,128 | ||||||||
Diluted weighted average common shares outstanding | 429,283 | 423 | 400,086 | ||||||||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.48 | $ 0.56 | $ 0.38 | $ 0.59 | $ 0.49 | $ 0.18 | $ 0.31 | $ 0.45 | $ 2 | $ 1.42 | $ 2.02 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.47 | $ 0.55 | $ 0.37 | $ 0.58 | $ 0.48 | $ 0.18 | $ 0.30 | $ 0.45 | $ 1.98 | $ 1.41 | $ 2 |
Earnings Per Common Share (S106
Earnings Per Common Share (Schedule of Shares Excluded From Computation of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion of the stock-based awards and convertible notes | 6 | 0 | 5 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion of the stock-based awards and convertible notes | 817 | 1,606 | 1,290 |
Preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares issuable upon conversion of the stock-based awards and convertible notes | 17,509 | 15,408 | 4,303 |
Commitments And Contingencie107
Commitments And Contingencies (Narrative) (Details) ₨ in Millions | Dec. 08, 2016tower | Dec. 05, 2016USD ($) | Dec. 05, 2016INR (₨) | Mar. 27, 2015USD ($)communications_siterenewal_period | Dec. 31, 2000tower | Dec. 31, 2016USD ($)towerrenewal_periodshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||||
Initial lease term | 10 years | |||||||
Aggregate rent expense | $ | $ 986,200,000 | $ 804,800,000 | $ 655,000,000 | |||||
Capital Leased Assets, Number of Units Acquired Through Purchase Option | 1,523 | |||||||
Loss Contingency, Foreign Income Tax Assessment | $ 69,800,000 | ₨ 4,750 | ||||||
Verizon Transaction | ||||||||
Loss Contingencies [Line Items] | ||||||||
Capital leased assets, number of units | communications_site | 11,286 | |||||||
Right to lease, weighted average term | 28 years | |||||||
Aggregate purchase option price for towers | $ | $ 5,000,000,000 | |||||||
Customer lease, initial term | 10 years | |||||||
Successive terms to renew lease | renewal_period | 8 | |||||||
Renewal term | 5 years | |||||||
At T Transaction | ||||||||
Loss Contingencies [Line Items] | ||||||||
Capital leased assets, number of units | 2,350 | |||||||
Aggregate purchase option price for towers | $ | $ 760,100,000 | |||||||
Successive terms to renew lease | renewal_period | 4 | |||||||
Renewal term | 5 years | |||||||
Operating lease, term of contract | 27 years | |||||||
Number of communications sites acquired | 77 | |||||||
Purchase price accretion rate (per year) | 10.00% | |||||||
At T Transaction | Commitments subsequent to June 30, 2020 | ||||||||
Loss Contingencies [Line Items] | ||||||||
Renewal term | 1 year | |||||||
ALLTEL Transaction | ||||||||
Loss Contingencies [Line Items] | ||||||||
Capital leased assets, number of units | 1,800 | |||||||
Capital Leased Assets, Number of Units Acquired Through Purchase Option | 1,523 | |||||||
Capital Lease Obligation, Number of Unit With Intent to Exercise Purchase Option | 243 | |||||||
Aggregate purchase option price for towers | $ | $ 10,400,000 | |||||||
Average lease term (in years) | 15 years | |||||||
Cash purchase price per tower | $ | $ 42,844 | |||||||
Purchase price of tower in shares of common stock | shares | 769 |
Commitments and Contingencie108
Commitments and Contingencies (Future Minimum Rental Payments Under Non-Cancelable Operating Leases) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 869 |
2,018 | 846 |
2,019 | 816 |
2,020 | 776 |
2,021 | 737 |
Thereafter | 6,638 |
Total | $ 10,682 |
Commitments and Contingencie109
Commitments and Contingencies (Future Minimum Payments Under Capital Leases) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 28 |
2,018 | 24 |
2,019 | 22 |
2,020 | 18 |
2,021 | 14 |
Thereafter | 163 |
Total minimum lease payments | 269 |
Less amounts representing interest | (132) |
Present value of capital lease obligations | $ 137 |
Commitments and Contingencie110
Commitments and Contingencies (Future Minimum Rental Receipts Under Operating Lease Agreements) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 4,646 |
2,018 | 4,502 |
2,019 | 4,240 |
2,020 | 3,905 |
2,021 | 3,372 |
Thereafter | 10,477 |
Total | $ 31,142 |
Supplemental Cash Flow Infor111
Supplemental Cash Flow Information (Supplemental Cash Flow Information and Non-Cash Investing and Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental cash flow information: | |||
Cash paid for interest | $ 645,092 | $ 577,952 | $ 548,089 |
Cash paid for income taxes (net of refunds of $19,554, $7,053 and $8,476, respectively) | 96,241 | 157,058 | 69,212 |
Non-cash investing and financing activities: | |||
(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities | (18,973) | (2,780) | (1,121) |
Purchases of property and equipment under capital leases | 55,635 | 36,851 | 36,486 |
Fair value of debt assumed through acquisitions | 786,889 | 0 | 463,135 |
Exercise of purchase option for property and equipment for common shares issued | 120,785 | 0 | 0 |
Settlement of accounts receivable related to acquisitions | 0 | 899 | 31,849 |
Conversion of third-party debt to equity | 0 | 0 | 111,181 |
Proceeds from income tax refunds | $ 19,554 | $ 7,053 | $ 8,476 |
Business Segments (Summarized F
Business Segments (Summarized Financial Information Concerning the Company's Reportable Segments) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | $ 1,539,549,000 | $ 1,514,845,000 | $ 1,442,227,000 | $ 1,289,047,000 | $ 1,280,041,000 | $ 1,237,910,000 | $ 1,174,375,000 | $ 1,079,190,000 | $ 5,785,668,000 | $ 4,771,516,000 | $ 4,100,048,000 |
Segment operating expenses | 1,787,951,000 | 1,306,815,000 | 1,092,428,000 | ||||||||
Segment gross margin | 4,008,677,000 | 3,475,910,000 | 3,018,167,000 | ||||||||
Segment selling, general, administrative and development expense | 329,900,000 | 287,895,000 | 263,488,000 | ||||||||
Segment operating profit | 3,678,777,000 | 3,188,015,000 | 2,754,679,000 | ||||||||
Stock-based compensation expense | 89,898,000 | 90,537,000 | 80,153,000 | ||||||||
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 5,093,747,000 | 6,393,405,000 | 3,903,144,000 | ||||||||
Other selling, general, administrative and development expense | 126,035,000 | 121,456,000 | 104,738,000 | ||||||||
Depreciation, amortization and accretion | 1,525,635,000 | 1,285,328,000 | 1,003,802,000 | ||||||||
Other expense | 811,349,000 | 860,732,000 | 700,282,000 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,125,860,000 | 829,962,000 | 865,704,000 | ||||||||
Amount previously recorded as segment selling, general and administrative expense | 7,900,000 | ||||||||||
Capital expenditures | 701,387,000 | 728,753,000 | 974,404,000 | ||||||||
Repayment of capital lease for capital expenditures | 18,900,000 | ||||||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 3,442,575,000 | 3,248,629,000 | 2,732,984,000 | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 80,153,000 | ||||||||||
Other selling, general, administrative and development expense | 104,738,000 | ||||||||||
Depreciation, amortization and accretion | 1,003,802,000 | ||||||||||
Other expense | 700,282,000 | ||||||||||
Capital expenditures | 16,439,000 | 17,252,000 | 24,146,000 | ||||||||
Operating Segments | Property | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 5,713,126,000 | 4,680,388,000 | 4,006,854,000 | ||||||||
Segment operating expenses | 1,760,944,000 | 1,273,822,000 | 1,054,780,000 | ||||||||
Segment gross margin | 3,963,142,000 | 3,417,775,000 | 2,962,621,000 | ||||||||
Segment selling, general, administrative and development expense | 317,390,000 | 272,171,000 | 251,019,000 | ||||||||
Segment operating profit | 3,645,752,000 | 3,145,604,000 | 2,711,602,000 | ||||||||
Capital expenditures | 684,948,000 | 711,501,000 | 950,258,000 | ||||||||
Operating Segments | Property | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 3,370,033,000 | 3,157,501,000 | 2,639,790,000 | ||||||||
Segment operating expenses | 733,403,000 | 678,499,000 | 515,742,000 | ||||||||
Segment gross margin | 2,636,630,000 | 2,479,002,000 | 2,124,048,000 | ||||||||
Segment selling, general, administrative and development expense | 147,559,000 | 138,617,000 | 124,944,000 | ||||||||
Segment operating profit | 2,489,071,000 | 2,340,385,000 | 1,999,104,000 | ||||||||
Capital expenditures | 310,744,000 | 367,663,000 | 576,153,000 | ||||||||
Operating Segments | Property | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 827,627,000 | 242,223,000 | 219,566,000 | ||||||||
Segment operating expenses | 465,938,000 | 126,874,000 | 121,797,000 | ||||||||
Segment gross margin | 361,689,000 | 115,349,000 | 97,769,000 | ||||||||
Segment selling, general, administrative and development expense | 48,238,000 | 22,771,000 | 19,632,000 | ||||||||
Segment operating profit | 313,451,000 | 92,578,000 | 78,137,000 | ||||||||
Capital expenditures | 115,508,000 | 75,407,000 | 74,334,000 | ||||||||
Operating Segments | Property | EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 529,531,000 | 395,092,000 | 315,053,000 | ||||||||
Segment operating expenses | 223,716,000 | 163,820,000 | 126,714,000 | ||||||||
Segment gross margin | 305,815,000 | 231,272,000 | 188,339,000 | ||||||||
Segment selling, general, administrative and development expense | 60,903,000 | 48,672,000 | 39,553,000 | ||||||||
Segment operating profit | 244,912,000 | 182,600,000 | 148,786,000 | ||||||||
Capital expenditures | 86,128,000 | 66,625,000 | 70,126,000 | ||||||||
Operating Segments | Property | Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 985,935,000 | 885,572,000 | 832,445,000 | ||||||||
Segment operating expenses | 337,887,000 | 304,629,000 | 290,527,000 | ||||||||
Segment gross margin | 659,008,000 | 592,152,000 | 552,465,000 | ||||||||
Segment selling, general, administrative and development expense | 60,690,000 | 62,111,000 | 66,890,000 | ||||||||
Segment operating profit | 598,318,000 | 530,041,000 | 485,575,000 | ||||||||
Capital expenditures | 172,568,000 | 201,806,000 | 229,645,000 | ||||||||
Operating Segments | Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment revenues | 72,542,000 | 91,128,000 | 93,194,000 | ||||||||
Segment operating expenses | 27,007,000 | 32,993,000 | 37,648,000 | ||||||||
Segment gross margin | 45,535,000 | 58,135,000 | 55,546,000 | ||||||||
Segment selling, general, administrative and development expense | 12,510,000 | 15,724,000 | 12,469,000 | ||||||||
Segment operating profit | 33,025,000 | 42,411,000 | 43,077,000 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 89,898,000 | 90,537,000 | |||||||||
Other selling, general, administrative and development expense | 126,035,000 | 121,456,000 | |||||||||
Depreciation, amortization and accretion | 1,525,635,000 | 1,285,328,000 | |||||||||
Other expense | 811,349,000 | 860,732,000 | |||||||||
Selling General Administrative And Development Expense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 87,460,000 | 88,484,000 | 78,316,000 | ||||||||
Operating Expense | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Stock-based compensation expense | 2,400,000 | 2,100,000 | 1,800,000 | ||||||||
TV Azteca | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 10,960,000 | 11,209,000 | 10,547,000 | ||||||||
TV Azteca | Operating Segments | Property | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 10,960,000 | 11,209,000 | 10,547,000 | ||||||||
TV Azteca | Operating Segments | Property | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 0 | 0 | 0 | ||||||||
TV Azteca | Operating Segments | Property | Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 0 | 0 | 0 | ||||||||
TV Azteca | Operating Segments | Property | EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 0 | 0 | 0 | ||||||||
TV Azteca | Operating Segments | Property | Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | 10,960,000 | 11,209,000 | 10,547,000 | ||||||||
TV Azteca | Operating Segments | Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, TV Azteca, net of interest expense of $1,163, $820 and $1,482, respectively | $ 0 | $ 0 | $ 0 |
Business Segments (Additional I
Business Segments (Additional Information Relating to the Company's Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 30,879,150 | $ 26,904,272 | $ 21,263,565 |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 156,567 | ||
Operating Segments | Property | United States | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 18,846,941 | 19,286,465 | 14,335,731 |
Operating Segments | Property | Asia | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 4,535,293 | 736,149 | 738,290 |
Operating Segments | Property | EMEA | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 2,062,399 | 2,249,634 | 1,275,253 |
Operating Segments | Property | Latin America | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 4,938,064 | 4,401,258 | 4,700,357 |
Operating Segments | Services | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | 48,327 | 68,388 | $ 57,367 |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Assets | $ 448,126 | $ 162,378 |
Business Segments (Summarized G
Business Segments (Summarized Geographic Information Related to the Company's Operating Revenues and Long-Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | $ 1,539,549 | $ 1,514,845 | $ 1,442,227 | $ 1,289,047 | $ 1,280,041 | $ 1,237,910 | $ 1,174,375 | $ 1,079,190 | $ 5,785,668 | $ 4,771,516 | $ 4,100,048 |
Long-Lived Assets | 26,862,549 | 23,796,105 | 26,862,549 | 23,796,105 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 3,442,575 | 3,248,629 | 2,732,984 | ||||||||
Long-Lived Assets | 16,969,558 | 17,516,535 | 16,969,558 | 17,516,535 | |||||||
India | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 827,627 | 242,223 | 219,566 | ||||||||
Long-Lived Assets | 4,094,190 | 619,370 | 4,094,190 | 619,370 | |||||||
Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 60,163 | 55,965 | 64,946 | ||||||||
Long-Lived Assets | 397,317 | 388,727 | 397,317 | 388,727 | |||||||
Ghana | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 116,219 | 94,549 | 95,486 | ||||||||
Long-Lived Assets | 192,158 | 217,530 | 192,158 | 217,530 | |||||||
Nigeria | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 215,402 | 109,701 | 0 | ||||||||
Long-Lived Assets | 640,634 | 1,018,980 | 640,634 | 1,018,980 | |||||||
South Africa | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 80,006 | 80,510 | 98,334 | ||||||||
Long-Lived Assets | 271,760 | 133,088 | 271,760 | 133,088 | |||||||
Uganda | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 57,741 | 54,367 | 56,287 | ||||||||
Long-Lived Assets | 141,533 | 162,346 | 141,533 | 162,346 | |||||||
Argentina | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 1,065 | 0 | 0 | ||||||||
Long-Lived Assets | 137,588 | 0 | 137,588 | 0 | |||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 506,182 | 408,644 | 331,089 | ||||||||
Long-Lived Assets | 2,626,431 | 2,204,494 | 2,626,431 | 2,204,494 | |||||||
Chile | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 33,831 | 29,650 | 31,756 | ||||||||
Long-Lived Assets | 137,170 | 121,938 | 137,170 | 121,938 | |||||||
Colombia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 79,755 | 78,351 | 89,421 | ||||||||
Long-Lived Assets | 272,338 | 256,892 | 272,338 | 256,892 | |||||||
Costa Rica | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 18,968 | 17,244 | 16,742 | ||||||||
Long-Lived Assets | 117,481 | 120,292 | 117,481 | 120,292 | |||||||
Mexico | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 331,173 | 340,461 | 354,116 | ||||||||
Long-Lived Assets | 797,798 | 976,707 | 797,798 | 976,707 | |||||||
Panama | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 0 | 0 | 1,243 | ||||||||
Peru | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 14,961 | 11,222 | 8,078 | ||||||||
Long-Lived Assets | 66,593 | 59,206 | 66,593 | 59,206 | |||||||
Total International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Segment revenues | 2,343,093 | 1,522,887 | $ 1,367,064 | ||||||||
Long-Lived Assets | $ 9,892,991 | $ 6,279,570 | $ 9,892,991 | $ 6,279,570 |
Business Segments (Major Custom
Business Segments (Major Customers) (Details) - Customer Concentration Risk - Sales Revenue, Net | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
AT&T Mobility | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 21.00% | 24.00% | 20.00% |
Verizon Wireless | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 15.00% | 16.00% | 11.00% |
Sprint Nextel | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 11.00% | 13.00% | 15.00% |
T-Mobile | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 9.00% | 10.00% | 10.00% |
Selected Quarterly Financial116
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $ 1,539,549 | $ 1,514,845 | $ 1,442,227 | $ 1,289,047 | $ 1,280,041 | $ 1,237,910 | $ 1,174,375 | $ 1,079,190 | $ 5,785,668 | $ 4,771,516 | $ 4,100,048 |
Cost of operations | 487,996 | 491,237 | 459,711 | 351,445 | 356,381 | 365,389 | 322,458 | 264,640 | 1,790,389 | 1,308,868 | |
Operating income | 489,296 | 479,074 | 432,806 | 451,853 | 402,124 | 400,925 | 389,774 | 419,966 | 1,853,029 | 1,612,789 | 1,486,922 |
Net income | 232,853 | 263,735 | 192,464 | 281,307 | 221,595 | 97,740 | 157,180 | 195,492 | 970,359 | 672,007 | 803,199 |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS | 229,207 | 264,509 | 187,550 | 275,159 | 232,702 | 102,999 | 156,056 | 193,317 | 956,425 | 685,074 | 824,910 |
Dividends on preferred stock | (26,781) | (26,781) | (26,782) | (26,781) | (26,781) | (26,781) | (26,782) | (9,819) | (107,125) | (90,163) | (23,888) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ 202,426 | $ 237,728 | $ 160,768 | $ 248,378 | $ 205,921 | $ 76,218 | $ 129,274 | $ 183,498 | $ 849,300 | $ 594,911 | $ 801,022 |
Basic net income per common share (in dollars per share) | $ 0.48 | $ 0.56 | $ 0.38 | $ 0.59 | $ 0.49 | $ 0.18 | $ 0.31 | $ 0.45 | $ 2 | $ 1.42 | $ 2.02 |
Diluted net income per common share (in dollars per share) | $ 0.47 | $ 0.55 | $ 0.37 | $ 0.58 | $ 0.48 | $ 0.18 | $ 0.30 | $ 0.45 | $ 1.98 | $ 1.41 | $ 2 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, € in Millions | Feb. 15, 2017USD ($) | Feb. 15, 2017EUR (€) | Feb. 10, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 15, 2017EUR (€) |
Subsequent Event [Line Items] | |||||||
Accrued interest | $ 157,297 | $ 115,672 | |||||
Gain (loss) on retirement of long-term obligations | 1,168 | (79,606) | $ (3,473) | ||||
Prepayment consideration | $ 86 | $ 85,672 | $ 11,593 | ||||
Secured Debt | GTP Notes | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of secured debt | $ 173,500 | ||||||
Gain (loss) on retirement of long-term obligations | 1,800 | ||||||
Prepayment consideration | 7,200 | ||||||
Secured Debt | Secured Cellular Site Revenue Notes | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of secured debt | 129,000 | ||||||
Gain (loss) on retirement of long-term obligations | 14,500 | ||||||
Prepayment consideration | $ 18,300 | ||||||
Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Senior Notes | 7.25% Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Senior Notes | 7.25% Senior Notes | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||
Debt Instrument, Redemption Price, Percentage | 112.0854% | ||||||
Repayments of senior debt | $ 341,400 | ||||||
Accrued interest | 5,100 | ||||||
Gain (loss) on retirement of long-term obligations | 39,100 | ||||||
Prepayment consideration | $ 36,300 | ||||||
FPS Towers [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Percentage of voting interest acquired | 100.00% | 100.00% | |||||
FPS Towers [Member] | Preliminary Purchase Price Allocation | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 757,100 | € 713.9 | |||||
Subsidiary of Common Parent [Member] | FPS Towers [Member] | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Loan to an affiliated entity | $ 238,600 | € 225 |
Schedule III - Real Estate A118
Schedule III - Real Estate And Accumulated Depreciation (Schedule Of Real Estate And Accumulated Depreciation) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)site | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of units | site | 144,119 | |||
Encumbrances | $ 3,815,002 | |||
Gross amount carried at close of current period | 14,276,973 | $ 13,046,291 | $ 10,469,207 | |
Accumulated depreciation at close of current period | $ (4,548,096) | $ (3,994,874) | $ (3,613,078) | $ (3,297,033) |
Date of construction | Various | |||
Date acquired | Various | |||
Percentage Of Gross Amounts Maximum | 5.00% | |||
Maximum | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statements is computed | 20 years |
Schedule III - Real Estate A119
Schedule III - Real Estate And Accumulated Depreciation (Activity Of Real Estate And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||
Adjusted Real Estate Gross At Carrying Value | $ 10,434,326 | $ 9,921,276 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross amount at beginning | $ 13,046,291 | $ 10,469,207 | ||
Acquisitions | 787,206 | 2,620,778 | 397,837 | |
Discretionary capital projects | 105,279 | 210,421 | 437,720 | |
Discretionary ground lease purchases | 168,133 | 144,695 | 159,637 | |
Redevelopment capital expenditures | 136,821 | 114,089 | 96,782 | |
Capital improvements | 81,790 | 42,417 | 41,967 | |
Start-up capital expenditures | 128,707 | 35,561 | 21,173 | |
Other additions | 139,356 | 201,118 | 22,069 | |
Total additions | 1,547,292 | 3,369,079 | 1,177,185 | |
Cost of real estate sold or disposed | (85,789) | (60,975) | (60,147) | |
Other deductions | (230,821) | (696,139) | (569,107) | |
Total deductions | (316,610) | (757,114) | (629,254) | |
Balance at end | 14,276,973 | 13,046,291 | 10,469,207 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Gross amount of accumulated depreciation at beginning | (3,994,874) | (3,613,078) | (3,297,033) | |
Depreciation | (647,910) | (557,052) | (457,135) | |
Other additions | 0 | 0 | (761) | |
Total additions | (647,910) | (557,052) | (457,896) | |
Amount of accumulated depreciation for assets sold or disposed | 24,911 | 30,083 | 20,953 | |
Other deductions | 69,777 | 145,173 | 120,898 | |
Total deductions | 94,688 | 175,256 | 141,851 | |
Balance at end | $ (4,548,096) | $ (3,994,874) | $ (3,613,078) |