Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 24, 2017 | |
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-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 428,856,376 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 799,467 | $ 787,161 |
Restricted cash | 155,208 | 149,281 |
Short-term investments | 1,032 | 4,026 |
Accounts receivable, net | 508,626 | 308,369 |
Prepaid and other current assets | 499,241 | 441,033 |
Total current assets | 1,963,574 | 1,689,870 |
PROPERTY AND EQUIPMENT, net | 10,795,057 | 10,517,258 |
GOODWILL | 5,371,679 | 5,070,680 |
OTHER INTANGIBLE ASSETS, net | 11,580,994 | 11,274,611 |
DEFERRED TAX ASSET | 221,759 | 195,678 |
DEFERRED RENT ASSET | 1,454,780 | 1,289,530 |
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 931,483 | 841,523 |
TOTAL | 32,319,326 | 30,879,150 |
CURRENT LIABILITIES: | ||
Accounts payable | 119,745 | 118,666 |
Accrued expenses | 774,072 | 620,563 |
Distributions payable | 286,911 | 250,550 |
Accrued interest | 103,242 | 157,297 |
Current portion of long-term obligations | 687,382 | 238,806 |
Unearned revenue | 288,884 | 245,387 |
Total current liabilities | 2,260,236 | 1,631,269 |
NONCURRENT LIABILITIES | ||
LONG-TERM OBLIGATIONS | 18,581,381 | 18,294,659 |
ASSET RETIREMENT OBLIGATIONS | 1,054,092 | 965,507 |
DEFERRED TAX LIABILITY | 976,725 | 777,572 |
OTHER NON-CURRENT LIABILITIES | 1,190,486 | 1,142,723 |
Total liabilities | 24,062,920 | 22,811,730 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTERESTS | 1,146,773 | 1,091,220 |
EQUITY: | ||
Common stock: $.01 par value; 1,000,000,000 shares authorized; 437,510,284 and 429,912,536 shares issued; and 429,243,720 and 427,102,510 shares outstanding, respectively | 4,375 | 4,299 |
Additional paid-in capital | 10,212,535 | 10,043,559 |
Distributions in excess of earnings | (975,158) | (1,076,965) |
Accumulated other comprehensive loss | (1,839,029) | (1,999,332) |
Treasury stock (8,266,564 and 2,810,026 shares at cost, respectively) | (884,610) | (207,740) |
Total American Tower Corporation equity | 6,518,127 | 6,763,895 |
Noncontrolling interests | 591,506 | 212,305 |
Total equity | 7,109,633 | 6,976,200 |
TOTAL | 32,319,326 | 30,879,150 |
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series A | ||
EQUITY: | ||
Preferred stock: $.01 par value: 20,000,000 shares authorized | 0 | 60 |
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | ||
EQUITY: | ||
Preferred stock: $.01 par value: 20,000,000 shares authorized | $ 14 | $ 14 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
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 | 437,510,284 | 429,912,536 |
Common stock, shares outstanding | 429,243,720 | 427,102,510 |
Treasury stock, shares | 8,266,564 | 2,810,026 |
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 |
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series A | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate percentage | 5.25% | 5.25% |
Preferred stock, shares issued | 6,000,000 | 6,000,000 |
Preferred stock, shares outstanding | 0 | 6,000,000 |
Preferred stock, aggregate liquidation value | $ 0 | $ 600,000 |
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | ||
Class of Stock [Line Items] | ||
Preferred stock, dividend rate percentage | 5.50% | 5.50% |
Preferred stock, shares issued | 1,375,000 | 1,375,000 |
Preferred stock, shares outstanding | 1,374,986 | 1,375,000 |
Preferred stock, aggregate liquidation value | $ 1,374,986 | $ 1,375,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
REVENUES: | ||||
Property | $ 1,655,349 | $ 1,497,936 | $ 4,887,588 | $ 4,191,779 |
Services | 25,417 | 16,909 | 71,850 | 54,340 |
Total operating revenues | 1,680,766 | 1,514,845 | 4,959,438 | 4,246,119 |
Costs of operations (exclusive of items shown separately below): | ||||
Property (including stock-based compensation expense of $476, $426, $1,776 and $1,325, respectively) | 511,151 | 485,525 | 1,504,552 | 1,280,386 |
Services (including stock-based compensation expense of $189, $172, $613 and $578, respectively) | 8,608 | 5,712 | 25,098 | 22,007 |
Depreciation, amortization and accretion | 432,354 | 397,999 | 1,249,849 | 1,137,398 |
Selling, general, administrative and development expense (including stock-based compensation expense of $23,798, $19,628, $84,034 and $68,309, respectively) | 147,961 | 131,537 | 465,905 | 405,086 |
Other operating expenses | 19,541 | 14,998 | 44,595 | 37,509 |
Total operating expenses | 1,119,615 | 1,035,771 | 3,289,999 | 2,882,386 |
OPERATING INCOME | 561,151 | 479,074 | 1,669,439 | 1,363,733 |
OTHER INCOME (EXPENSE): | ||||
Interest income, TV Azteca, net of interest expense of $292, $279, $874 and $846, respectively | 2,713 | 2,742 | 8,183 | 8,206 |
Interest income | 8,313 | 6,376 | 26,551 | 16,378 |
Interest expense | (188,784) | (190,160) | (559,507) | (531,076) |
(Loss) gain on retirement of long-term obligations | (14,183) | 0 | (69,897) | 830 |
Other (expense) income (including unrealized foreign currency (losses) gains of ($5,344), ($8,321), $30,392 and ($3,544), respectively) | (1,114) | (12,260) | 39,970 | (25,894) |
Total other expense | (193,055) | (193,302) | (554,700) | (531,556) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 368,096 | 285,772 | 1,114,739 | 832,177 |
Income tax provision | (33,412) | (22,037) | (84,155) | (94,671) |
NET INCOME | 334,684 | 263,735 | 1,030,584 | 737,506 |
Net (income) loss attributable to noncontrolling interests | (17,416) | 774 | (30,185) | (10,288) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS | 317,268 | 264,509 | 1,000,399 | 727,218 |
Dividends on preferred stock | (18,907) | (26,781) | (68,531) | (80,344) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ 298,361 | $ 237,728 | $ 931,868 | $ 646,874 |
NET INCOME PER COMMON SHARE AMOUNTS: | ||||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.70 | $ 0.56 | $ 2.18 | $ 1.52 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.69 | $ 0.55 | $ 2.16 | $ 1.51 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC (in shares) | 429,281 | 425,517 | 427,960 | 424,831 |
DILUTED (in shares) | 432,831 | 429,925 | 431,319 | 429,019 |
DISTRIBUTIONS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.66 | $ 0.55 | $ 1.92 | $ 1.59 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-based compensation expense | $ 24,463 | $ 20,226 | $ 86,423 | $ 70,212 |
Interest expense | 188,784 | 190,160 | 559,507 | 531,076 |
Unrealized foreign currency gains (losses) | (5,344) | (8,321) | 30,392 | (3,544) |
TV Azteca | ||||
Interest expense | 292 | 279 | 874 | 846 |
Property | ||||
Stock-based compensation expense | 476 | 426 | 1,776 | 1,325 |
Services | ||||
Stock-based compensation expense | 189 | 172 | 613 | 578 |
Selling General Administrative And Development Expense | ||||
Stock-based compensation expense | $ 23,798 | $ 19,628 | $ 84,034 | $ 68,309 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 334,684 | $ 263,735 | $ 1,030,584 | $ 737,506 |
Other comprehensive income (loss): | ||||
Changes in fair value of cash flow hedges, net of tax of $0 | 14 | (432) | (286) | (367) |
Reclassification of unrealized losses (gains) on cash flow hedges to net income, net of tax of $0 | 19 | (108) | (99) | (173) |
Foreign currency translation adjustments, net of tax expense (benefit) of $2,292, ($1,495), $4,714 and $5,388, respectively | 12,581 | (91,608) | 252,016 | (43,282) |
Other comprehensive income (loss) | 12,614 | (92,148) | 251,631 | (43,822) |
Comprehensive income | 347,298 | 171,587 | 1,282,215 | 693,684 |
Comprehensive income attributable to noncontrolling interests | (20,256) | (12,454) | (121,513) | (5,844) |
Comprehensive income attributable to American Tower Corporation stockholders | $ 327,042 | $ 159,133 | $ 1,160,702 | $ 687,840 |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Changes in fair value of cash flow hedges, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Reclassification of unrealized gains on cash flow hedges to net income, tax | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments, tax expense (benefit) | $ 2,292 | $ (1,495) | $ 4,714 | $ 5,388 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,030,584 | $ 737,506 |
Adjustments to reconcile net income to cash provided by operating activities | ||
Depreciation, amortization and accretion | 1,249,849 | 1,137,398 |
Stock-based compensation expense | 86,423 | 70,212 |
Loss (gain) on early retirement of long-term obligations | 69,897 | (830) |
Other non-cash items reflected in statements of operations | (6,574) | 120,170 |
(Increase) decrease in restricted cash | (4,822) | 4,126 |
Increase in net deferred rent balances | (106,048) | (51,762) |
Increase in assets | (265,641) | (8,863) |
Increase (decrease) in liabilities | 78,084 | (29,526) |
Cash provided by operating activities | 2,131,752 | 1,978,431 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for purchase of property and equipment and construction activities | (554,967) | (475,174) |
Payments for acquisitions, net of cash acquired | (956,943) | (1,309,915) |
Payment for Verizon transaction | 0 | (4,748) |
Proceeds from sale of short-term investments and other non-current assets | 10,144 | 4,459 |
Deposits, restricted cash, investments and other | (8,730) | (824) |
Cash used for investing activities | (1,510,496) | (1,786,202) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Repayments of short-term borrowings, net | 0 | (7,337) |
Borrowings under credit facilities | 3,667,020 | 1,600,283 |
Proceeds from issuance of senior notes, net | 1,279,435 | 3,236,383 |
Repayments of notes payable, credit facilities, senior notes, term loan and capital leases | (4,295,715) | (4,116,645) |
Contributions from (distributions to) noncontrolling interest holders, net | 264,685 | (700) |
Purchases of common stock | (669,690) | 0 |
Proceeds from stock options and ESPP | 105,717 | 76,601 |
Distributions paid on common stock | (789,522) | (651,966) |
Distributions paid on preferred stock | (72,468) | (80,344) |
Payment for early retirement of long-term obligations | (75,274) | (125) |
Deferred financing costs and other financing activities | (28,114) | (29,423) |
Cash (used for) provided by financing activities | (613,926) | 26,727 |
Net effect of changes in foreign currency exchange rates on cash and cash equivalents | 4,976 | (9,284) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 12,306 | 209,672 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 787,161 | 320,686 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 799,467 | 530,358 |
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $19,832 AND $16,219, RESPECTIVELY) | 87,672 | 71,868 |
CASH PAID FOR INTEREST | 584,310 | 516,382 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Increase (decrease) in accounts payable and accrued expenses for purchases of property and equipment and construction activities | 21,019 | (36,609) |
Purchases of property and equipment under capital leases | $ 33,713 | $ 37,049 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Income tax refunds | $ 19,832 | $ 16,219 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Preferred StockPreferred Stock - Series AConvertible Preferred Stock Subject to Mandatory Redemption | Preferred StockPreferred Stock - Series BConvertible Preferred Stock Subject to Mandatory Redemption | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Noncontrolling Interest |
BALANCE at Dec. 31, 2015 | $ 6,712,818 | $ 60 | $ 14 | $ 4,267 | $ (207,740) | $ 9,690,609 | $ (1,836,996) | $ (998,535) | $ 61,139 |
BALANCE (shares) at Dec. 31, 2015 | 6,000,000 | 1,375,000 | 426,695,279 | (2,810,026) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation related activity | 123,376 | $ 17 | 123,359 | ||||||
Stock-based compensation related activity (shares) | 1,691,546 | ||||||||
Issuance of common stock-stock purchase plan | 3,847 | 3,847 | |||||||
Issuance of common stock-stock purchase plan (in shares) | 44,733 | ||||||||
Changes in fair value of cash flow hedges, net of tax | (367) | (367) | |||||||
Reclassification of unrealized gains on cash flow hedges to net income | (173) | (173) | |||||||
Foreign currency translation adjustment, net of tax | (43,282) | (38,838) | (2,306) | ||||||
Foreign currency translation adjustment, net of tax | (41,144) | ||||||||
Contributions from noncontrolling interest holders | 47 | 47 | |||||||
Distributions to noncontrolling interest holders | (747) | (747) | |||||||
Common stock distributions declared | (679,002) | (679,002) | |||||||
Preferred stock dividends declared | (80,344) | (80,344) | |||||||
Net income | 735,970 | 727,218 | 8,752 | ||||||
BALANCE at Sep. 30, 2016 | 6,774,281 | $ 60 | $ 14 | $ 4,284 | $ (207,740) | 9,817,815 | (1,876,374) | (1,030,663) | 66,885 |
BALANCE (shares) at Sep. 30, 2016 | 6,000,000 | 1,375,000 | 428,431,558 | (2,810,026) | |||||
BALANCE at Dec. 31, 2016 | 6,976,200 | $ 60 | $ 14 | $ 4,299 | $ (207,740) | 10,043,559 | (1,999,332) | (1,076,965) | 212,305 |
BALANCE (shares) at Dec. 31, 2016 | 6,000,000 | 1,375,000 | 429,912,536 | (2,810,026) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock-based compensation related activity | 164,443 | $ 19 | 164,424 | ||||||
Stock-based compensation related activity (shares) | 1,942,412 | ||||||||
Issuance of common stock-stock purchase plan | 4,555 | $ 1 | 4,554 | ||||||
Issuance of common stock-stock purchase plan (in shares) | 53,062 | ||||||||
Conversion of preferred stock | (6) | $ (60) | $ 0 | $ 56 | (2) | ||||
Conversion of preferred stock (shares) | (6,000,000) | (14) | 5,602,274 | ||||||
Treasury stock activity | (676,870) | $ (676,870) | |||||||
Treasury stock activity (in shares) | (5,456,538) | ||||||||
Changes in fair value of cash flow hedges, net of tax | (286) | (286) | |||||||
Reclassification of unrealized gains on cash flow hedges to net income | (99) | (99) | |||||||
Foreign currency translation adjustment, net of tax | 252,016 | 160,688 | 47,933 | ||||||
Foreign currency translation adjustment, net of tax | 208,621 | ||||||||
Contributions from noncontrolling interest holders | 314,059 | 314,059 | |||||||
Distributions to noncontrolling interest holders | (818) | (818) | |||||||
Common stock distributions declared | (826,124) | (826,124) | |||||||
Preferred stock dividends declared | (72,468) | (72,468) | |||||||
Net income | 1,018,426 | 1,000,399 | 18,027 | ||||||
BALANCE at Sep. 30, 2017 | $ 7,109,633 | $ 0 | $ 14 | $ 4,375 | $ (884,610) | $ 10,212,535 | $ (1,839,029) | $ (975,158) | $ 591,506 |
BALANCE (shares) at Sep. 30, 2017 | 0 | 1,374,986 | 437,510,284 | (8,266,564) |
DESCRIPTION OF BUSINESS, BASIS
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 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. The Company refers to this business as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site acquisition, zoning and permitting and structural analysis, which primarily support the Company’s site leasing business, including the addition of new tenants and equipment on its sites. 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 certain 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. American Tower Corporation 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 it receives a dividends paid deduction for distributions to stockholders that generally offsets its REIT 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 September 30, 2017 , 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 indoor DAS networks business and services segment. The accompanying consolidated and condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included herein. The consolidated and condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “ 2016 Form 10-K”). The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire year. Principles of Consolidation and Basis of Presentation —The accompanying consolidated and condensed 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 September 30, 2017 , the Company holds (i) a 51% controlling interest, and MTN Group Limited holds a 49% noncontrolling interest, in each of two joint ventures, one in Ghana and one in Uganda, (ii) a 51% controlling interest, and PGGM holds a 49% noncontrolling interest, in a joint venture (“ATC Europe”) in Europe, (iii) an approximate 75% controlling interest, and the South African investors hold an approximate 25% noncontrolling interest, in a subsidiary of the Company in South Africa and (iv) a 51% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly Viom Networks Limited (“Viom”), in India. Significant Accounting Policies —The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2016 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2017 . Accounting Standards Updates —In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new guidance on revenue recognition, 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 and other fees charged to tenants. As of September 30, 2017, this revenue was approximately 13% of total revenue. Although the Company is finalizing its analysis of the impact of this standard on its financial statements, it does not expect changes in the timing of revenue recognition to have a material effect on its financial statements. The Company intends to adopt this standard using a modified retrospective approach. 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 right of use assets and lease 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 (i) has established a multidisciplinary team to assess and implement the new guidance, (ii) expects the guidance to have a material impact on its consolidated balance sheets due to the recording of right of use assets and lease liabilities for leases in which it is a lessee and which it currently treats as operating leases and (iii) continues to evaluate the impact of the new guidance. In November 2016, the FASB issued new guidance on amounts described as restricted cash or restricted cash equivalents within the statement of cash flows. The guidance requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The standard is required to be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. In January 2017, the FASB issued new guidance that clarifies the definition of a business that an entity uses to determine whether a transaction should be accounted for as an asset acquisition (or disposal) or a business combination. The Company early adopted this guidance during the first quarter of 2017. As a result, the Company expects that more transactions will be accounted for as asset acquisitions instead of business combinations. In January 2017, the FASB issued new guidance on accounting for goodwill impairments. The guidance eliminates Step 2 from the goodwill impairment test and requires, among other things, recognition of an impairment loss when the carrying value of a reporting unit exceeds its fair value. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. In May 2017, the FASB issued new guidance on accounting for stock-based compensation. The guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The Company early adopted this guidance during the second quarter of 2017. The adoption of this guidance did not have a material effect on the Company’s financial statements. In August 2017, the FASB issued new guidance on hedge and derivative accounting. The guidance simplifies accounting rules around hedge accounting and the disclosures of hedging arrangements. Among other things, the guidance eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. |
PREPAID AND OTHER CURRENT ASSET
PREPAID AND OTHER CURRENT ASSETS | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID AND OTHER CURRENT ASSETS | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the following (in thousands): As of September 30, 2017 December 31, 2016 Prepaid operating ground leases $ 133,534 $ 134,167 Prepaid income tax 123,239 127,142 Unbilled receivables 109,143 57,661 Prepaid assets 50,029 36,300 Value added tax and other consumption tax receivables 27,188 31,570 Other miscellaneous current assets 56,108 54,193 Prepaids and other current assets $ 499,241 $ 441,033 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2017 | |
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 each of the Company’s business segments were as follows (in thousands): Property Services Total U.S. Asia EMEA Latin America Balance as of January 1, 2017 $ 3,379,163 $ 1,029,313 $ 150,511 $ 509,705 $ 1,988 $ 5,070,680 Additions and adjustments (1) — 400 220,172 642 — 221,214 Effect of foreign currency translation — 41,694 23,048 15,043 — 79,785 Balance as of September 30, 2017 $ 3,379,163 $ 1,071,407 $ 393,731 $ 525,390 $ 1,988 $ 5,371,679 _______________ (1) Balances have been revised to reflect purchase accounting measurement period adjustments. The Company’s other intangible assets subject to amortization consisted of the following: As of September 30, 2017 As of December 31, 2016 Estimated Useful 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 $ 4,860,063 $ (1,468,966 ) $ 3,391,097 $ 4,622,316 $ (1,280,284 ) $ 3,342,032 Acquired tenant-related intangibles 15-20 10,796,003 (2,641,297 ) 8,154,706 10,130,466 (2,224,119 ) 7,906,347 Acquired licenses and other intangibles 3-20 39,286 (7,355 ) 31,931 28,140 (4,827 ) 23,313 Economic Rights, TV Azteca 70 15,776 (12,516 ) 3,260 13,893 (10,974 ) 2,919 Total other intangible assets $ 15,711,128 $ (4,130,134 ) $ 11,580,994 $ 14,794,815 $ (3,520,204 ) $ 11,274,611 _______________ (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. The Company amortizes its acquired network location intangibles and tenant-related intangibles on a straight-line basis over their estimated useful lives. As of September 30, 2017 , the remaining weighted average amortization period of the Company’s intangible assets, excluding the TV Azteca Economic Rights detailed in note 5 to the Company’s consolidated financial statements included in the 2016 Form 10-K, was 15 years. Amortization of intangible assets for the three and nine months ended September 30, 2017 was $203.6 million and $579.0 million , respectively, and amortization of intangible assets for the three and nine months ended September 30, 2016 was $183.9 million and $521.0 million , respectively. Based on current exchange rates, the Company expects to record amortization expense as follows over the remaining current year and the five subsequent years (in millions): Fiscal Year Remainder of 2017 $ 190.1 2018 764.5 2019 761.3 2020 742.9 2021 732.1 2022 727.6 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): As of September 30, 2017 December 31, 2016 Accrued property and real estate taxes $ 149,563 $ 138,361 Accrued pass-through costs 79,631 68,584 Payroll and related withholdings 68,552 76,141 Accrued rent 53,855 50,951 Amounts payable to tenants 47,376 32,326 Accrued income tax payable 45,887 11,551 Accrued construction costs 38,740 28,587 Accrued treasury stock purchases 7,180 — Other accrued expenses 283,288 214,062 Total accrued expenses $ 774,072 $ 620,563 |
LONG-TERM OBLIGATIONS
LONG-TERM OBLIGATIONS | 9 Months Ended |
Sep. 30, 2017 | |
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 (in thousands): As of September 30, 2017 December 31, 2016 Maturity Date 2013 Credit Facility (1) $ 1,959,896 $ 539,975 June 28, 2020 Term Loan (1) 995,143 993,936 January 31, 2022 2014 Credit Facility (1) 1,055,000 1,385,000 January 31, 2022 4.500% senior notes — 998,676 N/A 3.40% senior notes 999,813 999,716 February 15, 2019 7.25% senior notes — 297,032 N/A 2.800% senior notes 745,988 744,917 June 1, 2020 5.050% senior notes 697,853 697,352 September 1, 2020 3.300% senior notes 745,660 744,762 February 15, 2021 3.450% senior notes 644,761 643,848 September 15, 2021 5.900% senior notes 497,707 497,343 November 1, 2021 2.250% senior notes 576,984 572,764 January 15, 2022 4.70% senior notes 696,529 696,013 March 15, 2022 3.50% senior notes 990,470 989,269 January 31, 2023 5.00% senior notes 1,002,499 1,002,742 February 15, 2024 1.375% senior notes 579,406 — April 4, 2025 4.000% senior notes 740,748 739,985 June 1, 2025 4.400% senior notes 495,538 495,212 February 15, 2026 3.375% senior notes 984,460 983,369 October 15, 2026 3.125% senior notes 396,980 396,713 January 15, 2027 3.55% senior notes 742,661 — July 15, 2027 Total American Tower Corporation debt 15,548,096 14,418,624 Series 2013-1A securities (2) 499,524 498,642 March 15, 2018 Series 2013-2A securities (3) 1,291,451 1,290,267 March 15, 2023 Series 2015-1 notes (4) 347,743 347,108 June 15, 2020 Series 2015-2 notes (5) 519,932 519,437 June 16, 2025 2012 GTP notes — 179,459 N/A Unison notes — 132,960 N/A India indebtedness (6) 528,768 549,528 Various India preference shares (7) 25,532 24,537 March 2, 2020 Shareholder loans (8) 102,804 151,045 Various Other subsidiary debt (1) (9) 258,338 286,009 Various Total American Tower subsidiary debt 3,574,092 3,978,992 Other debt, including capital lease obligations 146,575 135,849 Total 19,268,763 18,533,465 Less current portion of long-term obligations (687,382 ) (238,806 ) Long-term obligations $ 18,581,381 $ 18,294,659 _______________ (1) Accrues interest at a variable rate. (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) Denominated in Indian Rupees (“INR”). Includes India working capital facility, remaining debt assumed by the Company in connection with the Viom Acquisition (as defined in note 9) and debt that has been entered into by ATC TIPL. (7) Mandatorily redeemable preference shares (the “Preference Shares”) classified as debt. On March 2, 2017, ATC TIPL issued the Preference Shares and used the proceeds to redeem the preference shares previously issued by Viom (the “Viom Preference Shares”). The Preference Shares are to be redeemed on March 2, 2020 and have a dividend rate of 10.25% per annum. (8) Reflects balances owed to the Company’s joint venture partners in Ghana and Uganda. The Ghana loan is denominated in Ghanaian Cedi and the Uganda loan is denominated in Ugandan Shillings (“UGX”). Effective January 1, 2017, the Uganda loan, which had an outstanding balance of $80.0 million and accrued interest at a variable rate, was converted by the holder to a new shareholder note for 114.5 billion UGX ( $31.8 million at the time of conversion), bearing interest at a fixed rate of 16.8% per annum. The remaining balance of the Uganda loan was converted into equity. (9) Includes the BR Towers debentures, which are denominated in Brazilian Reais (“BRL”) and amortize through October 15, 2023, the South African credit facility, which is denominated in South African Rand and amortizes through December 17, 2020, the Colombian credit facility, which is denominated in Colombian Pesos and amortizes through April 24, 2021 and the Brazil credit facility, which is denominated in BRL and matures on January 15, 2022. Current portion of long-term obligations— The Company’s current portion of long-term obligations primarily includes (i) $499.5 million under the Secured Tower Revenue Securities, Series 2013-1A and (ii) 7.6 billion INR ( $116.5 million ) of India indebtedness. Securitized Debt— Cash flows generated by the sites that secure the securitized debt of the Company 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 receive 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. Senior Notes 1.375% Senior Notes Offering— On April 6, 2017, the Company completed a registered public offering of 500.0 million Euros ( $532.2 million at the date of issuance) aggregate principal amount of 1.375% senior unsecured notes due 2025 (the “ 1.375% Notes”). The net proceeds from this offering were approximately 489.8 million Euros (approximately $521.4 million at the date of issuance), after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under its multicurrency senior unsecured revolving credit facility entered into in June 2013, as amended (the “2013 Credit Facility”), and for general corporate purposes. The 1.375% Notes will mature on April 4, 2025 and bear interest at a rate of 1.375% per annum. Accrued and unpaid interest on the 1.375% Notes will be payable in Euros in arrears on April 4 of each year, beginning on April 4, 2018. Interest on the 1.375% Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the 1.375% Notes and commenced accruing on April 6, 2017. 3.55% Senior Notes Offering— On June 30, 2017, the Company completed a registered public offering of $750.0 million aggregate principal amount of 3.55% senior unsecured notes due 2027 (the “ 3.55% Notes”). The net proceeds from this offering were approximately $741.8 million , after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2013 Credit Facility. The 3.55% Notes will mature on July 15, 2027 and bear interest at a rate of 3.55% per annum. Accrued and unpaid interest on the 3.55% Notes will be payable in U.S. Dollars semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2018. Interest on the 3.55% Notes is computed on the basis of a 360-day year comprised of twelve 30-day months and commenced accruing on June 30, 2017. The Company may redeem each series of senior notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems the 1.375% Notes on or after January 4, 2025 or the 3.55% Notes on or after April 15, 2027, it will not be required to pay a make-whole premium. In addition, if the Company undergoes a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture, it may be required to repurchase all of the applicable notes at a purchase price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The notes rank equally with all of the Company’s other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries. The supplemental indentures contain certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of such liens does not exceed 3.5 x Adjusted EBITDA, as defined in the applicable supplemental indenture. Bank Facilities 2013 Credit Facility— During the nine months ended September 30, 2017 , the Company borrowed an aggregate of $3.4 billion and repaid an aggregate of $2.0 billion of revolving indebtedness under the 2013 Credit Facility. The Company used the borrowings to fund acquisitions, repay existing indebtedness and for general corporate purposes. 2014 Credit Facility— During the nine months ended September 30, 2017 , the Company borrowed an aggregate of $200.0 million and repaid an aggregate of $530.0 million of revolving indebtedness under its senior unsecured revolving credit facility entered into in January 2012 and amended and restated in September 2014, as further amended (the “2014 Credit Facility”). As of September 30, 2017 , the key terms under the 2013 Credit Facility, the 2014 Credit Facility and the Company’s unsecured term loan entered into in October 2013, as amended (the “Term Loan”), were as follows: Outstanding Principal Balance (in millions) Undrawn letters of credit (in millions) Maturity Date Current margin over LIBOR (1) Current commitment fee (2) 2013 Credit Facility $ 1,959.9 $ 4.6 June 28, 2020 (3) 1.250 % 0.150 % 2014 Credit Facility $ 1,055.0 $ 6.4 January 31, 2022 (3) 1.250 % 0.150 % Term Loan $ 1,000.0 $ — January 31, 2022 1.250 % N/A _______________ (1) LIBOR means the London Interbank Offered Rate. (2) Fee on undrawn portion of each credit facility. (3) Subject to two optional renewal periods. Repayment of 2012 GTP Notes and Unison Notes and Redemption of Senior 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 recorded a loss on retirement of long-term obligations of $1.8 million , which includes prepayment consideration of $7.2 million offset by the remaining portion of the unamortized premium. 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 recorded a loss on retirement of long-term obligations of $14.5 million , which includes prepayment consideration of $18.3 million offset by the remaining portion of the unamortized premium. 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 recorded a loss on retirement of long-term obligations of $39.2 million , which includes prepayment consideration of $ 36.3 million and the remaining portion of the unamortized discount and deferred financing costs. Upon completion of the redemption, none of the 7.25% Notes remained outstanding. On July 31, 2017, the Company redeemed all of the outstanding 4.500% senior unsecured notes due 2018 (the “ 4.500% Notes”) at a price equal to 101.3510% of the principal amount, plus accrued and unpaid interest up to, but excluding, July 31, 2017, for an aggregate redemption price of $1.0 billion , including $2.0 million in accrued and unpaid interest. The Company recorded a loss on retirement of long-term obligations of $14.1 million which includes prepayment consideration of $13.5 million and the remaining portion of the unamortized discount and deferred financing costs. Upon completion of the redemption, none of the 4.500% Notes remained outstanding. The repayments and the redemptions described above were funded with borrowings under the 2013 Credit Facility and cash on hand. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2017 | |
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 values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows (in thousands): September 30, 2017 December 31, 2016 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) $ 1,032 — — $ 4,026 — — Interest rate swap agreements — — — — $ 3 — Embedded derivative in lease agreement — — $ 12,623 — — $ 13,290 Liabilities: Interest rate swap agreements — $ 22,409 — — $ 24,682 — Acquisition-related contingent consideration — — $ 16,045 — — $ 15,444 _______________ (1) Consists of highly liquid investments with original maturities in excess of three months. During the nine months ended September 30, 2017 , the Company has made no changes to the methods described in note 11 to its consolidated financial statements included in the 2016 Form 10-K that it used to measure the fair value of its interest rate swap agreements, the embedded derivative in one of its lease agreements and acquisition-related contingent consideration. The changes in fair value during the nine months ended September 30, 2017 and 2016 were not material to the consolidated financial statements. As of September 30, 2017 , the Company estimated the value of all potential acquisition-related contingent consideration payments to be between zero and $47.6 million . 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 three and nine months ended September 30, 2017 and 2016, the Company did not record any material asset impairment charges. There were no other items measured at fair value on a nonrecurring basis during the nine months ended September 30, 2017 or 2016. In October 2017, one of the Company’s tenants in Asia, Tata Teleservices Limited (“Tata Teleservices”), informed the Department of Telecommunications in India of its intent to exit the wireless telecommunications business and announced plans to transfer its business to another telecommunications provider. The Company will continue to monitor the status of these developments, as it is possible that the estimated future cash flows may differ from original estimates. Changes in estimated cash flows from Tata Teleservices could have an impact on previously recorded tangible and intangible assets, including amounts originally recorded as tenant-related intangibles, which have a current net book value of $445.0 million . Fair Value of Financial Instruments —The Company’s financial instruments for which the carrying value reasonably approximates fair value at September 30, 2017 and December 31, 2016 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 September 30, 2017 and December 31, 2016 , the carrying value of long-term obligations, including the current portion, was $19.3 billion and $18.5 billion , respectively. As of September 30, 2017 , the fair value of long-term obligations, including the current portion, was $19.8 billion , of which $12.0 billion was measured using Level 1 inputs and $7.8 billion was measured using Level 2 inputs. As of December 31, 2016 , the fair value of long-term obligations, including the current portion, was $18.8 billion , of which $11.8 billion was measured using Level 1 inputs and $7.0 billion was measured using Level 2 inputs. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate (“ETR”) for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual ETR is determined. Under the provisions of the Internal Revenue Code of 1986, as amended, the Company may deduct amounts distributed to stockholders against the income generated by its REIT operations. The Company continues to be subject to income taxes on the income of its TRSs and income taxes in foreign jurisdictions where it conducts operations. In addition, the Company is able to offset certain income by utilizing its net operating losses, subject to specified limitations. The Company 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. As of September 30, 2017 and December 31, 2016 , the total unrecognized tax benefits that would impact the ETR, if recognized, were approximately $107.4 million and $102.9 million , respectively. The amount of unrecognized tax benefits during the three and nine months ended September 30, 2017 includes additions to the Company’s existing tax positions of $1.9 million and $5.7 million , respectively, foreign currency fluctuations of $1.0 million and $3.7 million , respectively, and reductions due to the expiration of the statute of limitations in certain jurisdictions of $0.4 million during each of the three and nine months ended September 30, 2017. Unrecognized tax benefits are expected to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this time frame, as described in note 12 to the Company’s consolidated financial statements included in the 2016 Form 10-K. The impact of the amount of these changes to previously recorded uncertain tax positions could range from zero to $11.5 million . The Company recorded the following penalties and income tax-related interest expense during the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Penalties and income tax-related interest expense $ 1,045 $ 1,806 $ 3,392 $ 7,023 As of September 30, 2017 and December 31, 2016 , the total amount of accrued income tax related interest and penalties included in the consolidated balance sheets was $28.9 million and $24.3 million , respectively. During the nine months ended September 30, 2017 , the Ghana Revenue Authority issued a clarification to its income tax law, which resulted in a benefit to income tax expense of $11.6 million . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2017 | |
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, as amended (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 for 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 time-based restricted stock units (“RSUs”) and stock options and three years for performance-based restricted stock units (“PSUs”). Stock options generally expire ten years from the date of grant. As of September 30, 2017 , the Company had the ability to grant stock-based awards with respect to an aggregate of 8.5 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (“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 15% discount from 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 three and nine months ended September 30, 2017 and 2016 , the Company recorded and capitalized the following stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stock-based compensation expense $ 24,463 $ 20,226 $ 86,423 $ 70,212 Stock-based compensation expense capitalized as property and equipment $ 368 $ 353 $ 1,338 $ 1,115 Stock Options —As of September 30, 2017 , total unrecognized compensation expense related to unvested stock options was $15.2 million , which is expected to be recognized over a weighted average period of approximately two years . The Company’s option activity for the nine months ended September 30, 2017 was as follows: Number of Options Outstanding as of January 1, 2017 7,269,376 Granted 6,534 Exercised (1,501,905 ) Forfeited (42,247 ) Expired — Outstanding as of September 30, 2017 5,731,758 Restricted Stock Units— As of September 30, 2017 , total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $115.8 million and is expected to be recognized over a weighted average period of approximately two years . Performance-Based Restricted Stock Units— During the nine months ended September 30, 2017 and 2016, the Company’s Compensation Committee granted an aggregate of 154,520 PSUs (the “2017 PSUs”) and 169,340 PSUs (the “2016 PSUs”), respectively, to its executive officers and established the performance metrics for these awards. Threshold, target and maximum parameters were established for the metrics for a three -year performance period with respect to the 2017 PSUs and the 2016 PSUs, and for each year in the three -year performance period with respect to PSUs granted to executive officers in 2015 (the “2015 PSUs”), and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200% of the target amounts. At the end of each three -year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established performance goals. PSUs will be paid out in common stock at the end of each performance period, subject generally 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 that actually vest. Restricted Stock Units and Performance-Based Restricted Stock Units —The Company’s RSU and PSU activity for the nine months ended September 30, 2017 was as follows: RSUs PSUs Outstanding as of January 1, 2017 (1) 1,663,743 242,757 Granted (2) 828,532 177,897 Vested (652,797 ) — Forfeited (62,979 ) — Outstanding as of September 30, 2017 1,776,499 420,654 _______________ (1) PSUs consist of the shares issuable for the 2015 PSUs at the end of the three -year performance cycle based on achievement against the performance metric for the first and second year’s performance periods, or 73,417 shares, and the target number of shares issuable at the end of the three -year performance period for the 2016 PSUs, or 169,340 shares. (2) PSUs consist of the target number of shares issuable at the end of the three -year performance cycle attributable to the third year’s performance period for the 2015 PSUs, or 23,377 shares, and the target number of shares issuable at the end of the three -year performance cycle for the 2017 PSUs, or 154,520 shares. During the three and nine months ended September 30, 2017 , the Company recorded $6.5 million and $18.0 million , respectively, in stock-based compensation expense for equity awards in which the performance goals had been established and were probable of being achieved. The remaining unrecognized compensation expense related to these awards at September 30, 2017 was $27.9 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 | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests —On April 21, 2016, the Company, through its wholly owned subsidiary, ATC Asia Pacific Pte. Ltd., acquired a 51% controlling ownership interest in Viom, a telecommunications infrastructure company that owns and operates wireless communications towers and indoor DAS networks in India (the “Viom Acquisition”). In connection with the Viom Acquisition, the Company, through one of its subsidiaries, entered into a shareholders agreement (the “Shareholders Agreement”) with Viom and the following remaining Viom shareholders: Tata Sons Limited, Tata Teleservices, IDFC Private Equity Fund III, Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust (collectively, 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 call options held by the Company, which allow 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, and (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 changes in Redeemable noncontrolling interests for the nine months ended September 30, 2017 were as follows (in thousands): Balance as of January 1, 2017 $ 1,091,220 Net income attributable to noncontrolling interests 12,158 Foreign currency translation adjustment attributable to noncontrolling interests 43,395 Balance as of September 30, 2017 $ 1,146,773 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
EQUITY | EQUITY Series A Preferred Stock —In May 2014, the Company issued 6,000,000 shares of its 5.25% Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”). During the nine months ended September 30, 2017, all outstanding shares of the Series A Preferred Stock converted at a rate of 0.9337 per share into an aggregate of 5,602,153 shares of the Company’s common stock pursuant to the provisions of the Certificate of Designations governing the Series A Preferred Stock. The Company paid cash in lieu of fractional shares of the Company’s common stock. These payments were recorded as a reduction to Additional paid-in capital. On May 15, 2017, the Company paid the final dividend of $7.9 million to holders of record of the Series A Preferred Stock at the close of business on May 1, 2017. Series B Preferred Stock —The Company has 13,749,860 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”) outstanding, after giving effect to the early conversion of 140 depositary shares at the option of the holder at a conversion rate of 0.8687 per depositary share in May 2017. The Company paid cash in lieu of fractional shares of the Company’s common stock. This payment was recorded as a reduction to Additional paid-in capital. The Series B Preferred Stock was issued in March 2015. Unless converted or redeemed earlier, each share of the Series B Preferred Stock will automatically convert on February 15, 2018, into between 8.6870 and 10.4244 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 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 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 Series B Preferred Stock provide that, unless full cumulative dividends have been paid or set aside for payment on all outstanding Series B Preferred Stock for all prior dividend periods, no dividends may be declared or paid on common stock. Sales of Equity Securities —The Company receives proceeds from the sale of its equity securities pursuant to the ESPP and upon exercise of stock options granted under its equity incentive plan. During the nine months ended September 30, 2017 , the Company received an aggregate of $105.7 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. Stock Repurchase Program —In March 2011, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the “2011 Buyback”). During the nine months ended September 30, 2017 , the Company resumed the 2011 Buyback and repurchased 5,456,538 shares of its common stock thereunder for an aggregate of $676.9 million (of which $7.2 million was accrued as of September 30, 2017), including commissions and fees. As of September 30, 2017, the Company had repurchased a total of 11,713,442 shares of its common stock under the 2011 Buyback for an aggregate of $1.1 billion , including commissions and fees. Under the 2011 Buyback, the Company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements, and subject to market conditions and other factors. To facilitate repurchases, the Company makes purchases pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, which allows the Company to repurchase shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Purchases under the 2011 Buyback are subject to the Company having available cash to fund repurchases. Distributions —During the nine months ended September 30, 2017 , the Company declared or paid the following cash distributions: Declaration Date Payment Date Record Date Distribution per share Aggregate Payment Amount (in millions) Common Stock December 14, 2016 January 13, 2017 December 28, 2016 $ 0.58 $ 247.7 March 9, 2017 April 28, 2017 April 12, 2017 $ 0.62 $ 264.3 June 1, 2017 July 14, 2017 June 19, 2017 $ 0.64 $ 274.7 September 11, 2017 October 17, 2017 September 29, 2017 $ 0.66 $ 283.3 Series A Preferred Stock January 13, 2017 February 15, 2017 February 1, 2017 $ 1.3125 $ 7.9 April 13, 2017 May 15, 2017 May 1, 2017 $ 1.3125 $ 7.9 Series B Preferred Stock January 13, 2017 February 15, 2017 February 1, 2017 $ 13.75 $ 18.9 April 13, 2017 May 15, 2017 May 1, 2017 $ 13.75 $ 18.9 July 14, 2017 August 15, 2017 August 1, 2017 $ 13.75 $ 18.9 The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of September 30, 2017 , the amount accrued for distributions payable related to unvested restricted stock units was $8.0 million . During the nine months ended September 30, 2017 , the Company paid $2.9 million of distributions 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. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2017 | |
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 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income attributable to American Tower Corporation stockholders $ 317,268 $ 264,509 $ 1,000,399 $ 727,218 Dividends on preferred stock (18,907 ) (26,781 ) (68,531 ) (80,344 ) Net income attributable to American Tower Corporation common stockholders 298,361 237,728 931,868 646,874 Basic weighted average common shares outstanding 429,281 425,517 427,960 424,831 Dilutive securities 3,550 4,408 3,359 4,188 Diluted weighted average common shares outstanding 432,831 429,925 431,319 429,019 Basic net income attributable to American Tower Corporation common stockholders per common share $ 0.70 $ 0.56 $ 2.18 $ 1.52 Diluted net income attributable to American Tower Corporation common stockholders per common share $ 0.69 $ 0.55 $ 2.16 $ 1.51 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 (in thousands, on a weighted average basis): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Restricted stock units — — 3 2 Stock options — 8 11 1,619 Preferred stock 11,993 17,473 14,693 17,473 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2017 | |
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 —In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (“Verizon”) that provides for the lease, sublease or management of 11,286 wireless communications sites 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 rights 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 that 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 commencing between December 2000 and August 2004. Substantially all of the towers are part of the Company’s 2013 securitization transaction. 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 September 30, 2017 , 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 $816.0 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 or 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 Communications, LLC, a predecessor entity to Verizon Wireless, 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 approximately 1,523 towers in a single closing, which occurred on December 8, 2016. The Company has provided notice to the tower owner, Verizon’s assignee, of its intent to exercise the purchase options related to the 243 remaining towers. As of September 30, 2017 , 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 subleased towers was $10.4 million as of September 30, 2017 . 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. In certain jurisdictions, taxing authorities may issue preliminary notices or assessments while audits are being conducted. These preliminary notices or assessments do not represent amounts that the Company is obligated to pay and are often not reflective of the actual tax liability for which the Company will ultimately be liable. The Company evaluates the circumstances of each notification or assessment 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 authorities 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. 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 September 30, 2017 were as follows (in millions): Remainder of 2017 $ 1,302 2018 5,029 2019 4,782 2020 4,492 2021 4,030 Thereafter 14,066 Total $ 33,701 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 a consumer price index 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 September 30, 2017 are as follows (in millions): Remainder of 2017 $ 233 2018 908 2019 872 2020 829 2021 788 Thereafter 6,833 Total $ 10,463 |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 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 statements of operations for the three and nine months ended September 30, 2017 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 on, 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 instead 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 Company evaluates each of its acquisitions under the accounting guidance framework to determine whether to treat an acquisition as an asset acquisition or a business combination. For those transactions treated as asset acquisitions, the purchase price is allocated to the assets acquired, with no recognition of goodwill. 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; for transactions accounted for as asset acquisitions, these costs are capitalized as part of the purchase price. Acquisition and merger related costs may include finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees and general administrative costs directly related to the transaction. Integration costs include incremental and non-recurring costs necessary to convert data, retain employees and otherwise enable the Company to operate new businesses or assets efficiently. The Company records acquisition and merger related expenses for business combinations, as well as integration costs for all acquisitions, in Other operating expenses in the consolidated statements of operations. During the three and nine months ended September 30, 2017 and 2016 , the Company recorded acquisition and merger related expenses for business combinations and integration costs as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Acquisition and merger related expenses $ 4,231 $ 1,124 $ 12,313 $ 7,844 Integration costs $ 2,803 $ 1,846 $ 11,181 $ 8,351 The Company also recorded aggregate purchase price refunds of $22.2 million during the nine months ended September 30, 2017. The refunds were primarily related to an acquisition in Brazil in 2014 for which the measurement period has closed. 2017 Transactions The estimated aggregate impact of the acquisitions completed in 2017 on the Company’s revenues and gross margin for the three months ended September 30, 2017 was approximately $21.2 million and $13.2 million , respectively, and for the nine months ended September 30, 2017 was approximately $47.5 million and $35.2 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. FPS Towers France— On February 15, 2017, ATC Europe acquired 100% of the outstanding shares of FPS Towers (“FPS”) from Antin Infrastructure Partners and the individuals party to the purchase agreement (the “FPS Acquisition”), for total consideration of 727.2 million Euros ( $771.2 million at the date of acquisition). FPS owns and operates nearly 2,500 wireless tower sites in France. The Company made a loan to fund 225.0 million Euros ( $238.6 million at the date of acquisition) of the total consideration. The remainder of the purchase price of 502.2 million Euros ( $532.6 million at the date of acquisition) 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. The acquisition was accounted for as a business combination and is subject to post-closing adjustments. Other Acquisitions— During the nine months ended September 30, 2017, the Company acquired a total of 1,112 communications sites in the United States, Brazil, Chile, Germany, Mexico, Nigeria, Paraguay and Peru for an aggregate purchase price of $214.6 million . Of the aggregate purchase price, $3.0 million is reflected in Accounts payable in the consolidated balance sheet as of September 30, 2017. These acquisitions were accounted for as asset acquisitions. The following table summarizes the allocations of the purchase prices for the fiscal year 2017 acquisitions based upon their estimated fair value at the date of acquisition (in thousands): EMEA FPS Towers France (1) Other (2) Preliminary Allocation Updated Allocation Current assets $ 31,048 $ 33,809 $ 6,322 Non-current assets 9,142 16,615 10,470 Property and equipment (3) 113,981 113,982 100,728 Intangible assets (4): Tenant-related intangible assets 400,901 399,766 76,827 Network location intangible assets 164,441 165,989 25,416 Other intangible assets 7,954 7,826 Current liabilities (29,326 ) (30,855 ) (1,611 ) Deferred tax liability (134,488 ) (136,022 ) — Other non-current liabilities (16,703 ) (20,062 ) (3,589 ) Net assets acquired 546,950 551,048 214,563 Goodwill (5) 224,270 220,172 — Fair value of net assets acquired 771,220 771,220 214,563 Debt assumed — — — Purchase price $ 771,220 $ 771,220 $ 214,563 _______________ (1) Accounted for as a business combination. (2) Accounted for as asset acquisitions. (3) Other includes 60 sites in Peru held pursuant to long-term capital leases. (4) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. (5) Primarily results from purchase accounting adjustments, which are not deductible for tax purposes. 2016 Transactions During the nine months ended September 30, 2017 , post-closing adjustments impacted the 2016 acquisitions as follows: Viom Acquisition— On April 21, 2016, the Company acquired a 51% controlling ownership interest in Viom. Consideration for the acquisition included 76.4 billion INR in cash ( $1.1 billion at the date of acquisition), as well as the assumption of approximately 52.3 billion INR ( $0.8 billion at the date of the acquisition) of existing debt, which included 1.7 billion INR ( $25.1 million at the date of the acquisition) of the Viom Preference Shares. 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 ). The following table summarizes the preliminary and updated allocations of the purchase prices paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2016 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2017 . Preliminary Allocation (1) Updated Allocation Asia Other (2) Asia Other Viom Viom (3) Current assets $ 276,560 $ 25,477 $ 281,930 $ 24,538 Non-current assets 57,645 2,336 52,275 2,336 Property and equipment 701,988 81,521 705,849 81,472 Intangible assets (4): Tenant-related intangible assets 1,369,580 105,557 1,369,580 105,557 Network location intangible assets 666,364 83,645 666,364 83,645 Current liabilities (195,900 ) (14,782 ) (201,142 ) (14,782 ) Deferred tax liability (619,070 ) (43,756 ) (619,074 ) (43,410 ) Other non-current liabilities (102,751 ) (29,472 ) (101,766 ) (29,472 ) Net assets acquired 2,154,416 210,526 2,154,016 209,884 Goodwill (5) 881,783 93,856 882,183 94,498 Fair value of net assets acquired 3,036,199 304,382 3,036,199 304,382 Debt assumed (786,889 ) — (786,889 ) — Redeemable noncontrolling interests (1,100,804 ) — (1,100,804 ) — Purchase price $ 1,148,506 $ 304,382 $ 1,148,506 $ 304,382 _______________ (1) As reported for the year ended December 31, 2016. (2) Of the total purchase price, $12.1 million was reflected in Accounts payable in the consolidated balance sheet as of December 31, 2016. (3) The allocation of the purchase price for the Viom Acquisition was finalized during the nine months ended September 30, 2017. (4) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. (5) Primarily results from purchase accounting adjustments, which are at least partially deductible for tax purposes. Pro Forma Consolidated Results (Unaudited) The following table presents the unaudited pro forma financial results as if the 2017 acquisitions had occurred on January 1, 2016 and the 2016 acquisitions had occurred on January 1, 2015. 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 date indicated, nor are they indicative of the future operating results of the Company. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma revenues $ 1,681,743 $ 1,542,483 $ 4,975,028 $ 4,574,135 Pro forma net income attributable to American Tower Corporation common stockholders $ 298,134 $ 236,909 $ 931,432 $ 638,249 Pro forma net income per common share amounts: Basic net income attributable to American Tower Corporation common stockholders $ 0.69 $ 0.56 $ 2.18 $ 1.50 Diluted net income attributable to American Tower Corporation common stockholders $ 0.69 $ 0.55 $ 2.16 $ 1.49 Other Signed Acquisitions UST Acquisition— On September 14, 2017, the Company entered into a definitive agreement to acquire over 500 sites in the United States. The transaction closed on October 2, 2017 (see note 15). Tigo Colombia— On July 17, 2017, the Company entered into a definitive agreement to acquire approximately 1,200 sites in Colombia from Colombia Movil S.A., for a total consideration of approximately 448.3 billion Colombian Pesos ( $147.9 million at the date of signing). The transaction is expected to close during the fourth quarter of 2017, subject to customary closing conditions. Airtel Tanzania— On March 17, 2016, the Company entered into a definitive agreement with Bharti Airtel Limited, through its subsidiary company Airtel Tanzania Limited (“Airtel Tanzania”), pursuant to which the Company could, subject to a number of conditions, acquire certain of Airtel Tanzania’s communications sites in Tanzania. In light of recent legislation in Tanzania, the Company did not extend the agreement beyond the expiration date therein. Accordingly, on March 17, 2017, the agreement expired pursuant to its terms and is no longer in effect. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [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 September 30, 2017 , consisted of the following: • U.S.: property operations in the United States; • Asia: property operations in India; • Europe, Middle East and Africa (“EMEA”): property operations in France, Germany, Ghana, Nigeria, South Africa and Uganda; and • Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay 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 and structural analysis, 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 to the Company’s consolidated financial statements included in the 2016 Form 10-K. 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 income (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 three and nine months ended September 30, 2017 and 2016 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 income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes. Property Total Property Services Other Total Three Months Ended September 30, 2017 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 904,181 $ 297,545 $ 155,438 $ 298,185 $ 1,655,349 $ 25,417 $ 1,680,766 Segment operating expenses (1) 187,686 164,908 59,805 98,276 510,675 8,419 519,094 Interest income, TV Azteca, net — — — 2,713 2,713 — 2,713 Segment gross margin 716,495 132,637 95,633 202,622 1,147,387 16,998 1,164,385 Segment selling, general, administrative and development expense (1) 41,402 12,408 15,225 18,579 87,614 3,631 91,245 Segment operating profit $ 675,093 $ 120,229 $ 80,408 $ 184,043 $ 1,059,773 $ 13,367 $ 1,073,140 Stock-based compensation expense $ 24,463 24,463 Other selling, general, administrative and development expense 32,918 32,918 Depreciation, amortization and accretion 432,354 432,354 Other expense (2) 215,309 215,309 Income from continuing operations before income taxes $ 368,096 Total assets $ 18,638,997 $ 4,851,455 $ 3,137,629 $ 5,391,283 $ 32,019,364 $ 47,867 $ 252,095 $ 32,319,326 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.7 million and $23.8 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Three Months Ended September 30, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 837,002 $ 269,907 $ 130,664 $ 260,363 $ 1,497,936 $ 16,909 $ 1,514,845 Segment operating expenses (1) 188,777 154,139 53,787 88,396 485,099 5,540 490,639 Interest income, TV Azteca, net — — — 2,742 2,742 — 2,742 Segment gross margin 648,225 115,768 76,877 174,709 1,015,579 11,369 1,026,948 Segment selling, general, administrative and development expense (1) 35,526 15,030 12,958 15,454 78,968 2,726 81,694 Segment operating profit $ 612,699 $ 100,738 $ 63,919 $ 159,255 $ 936,611 $ 8,643 $ 945,254 Stock-based compensation expense $ 20,226 20,226 Other selling, general, administrative and development expense 30,215 30,215 Depreciation, amortization and accretion 397,999 397,999 Other expense (2) 211,042 211,042 Income from continuing operations before income taxes $ 285,772 Total assets $ 18,837,629 $ 4,612,766 $ 2,120,592 $ 4,885,066 $ 30,456,053 $ 60,810 $ 138,664 $ 30,655,527 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.6 million and $19.6 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Nine Months Ended September 30, 2017 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,693,361 $ 867,632 $ 465,473 $ 861,122 $ 4,887,588 $ 71,850 $ 4,959,438 Segment operating expenses (1) 552,646 482,302 180,369 287,459 1,502,776 24,485 1,527,261 Interest income, TV Azteca, net — — — 8,183 8,183 — 8,183 Segment gross margin 2,140,715 385,330 285,104 581,846 3,392,995 47,365 3,440,360 Segment selling, general, administrative and development expense (1) 112,273 49,474 49,627 56,622 267,996 10,224 278,220 Segment operating profit $ 2,028,442 $ 335,856 $ 235,477 $ 525,224 $ 3,124,999 $ 37,141 $ 3,162,140 Stock-based compensation expense $ 86,423 86,423 Other selling, general, administrative and development expense 103,651 103,651 Depreciation, amortization and accretion 1,249,849 1,249,849 Other expense (2) 607,478 607,478 Income from continuing operations before income taxes $ 1,114,739 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.4 million and $84.0 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Nine Months Ended September 30, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,518,426 $ 557,734 $ 395,066 $ 720,553 $ 4,191,779 $ 54,340 $ 4,246,119 Segment operating expenses (1) 548,875 315,074 167,908 247,204 1,279,061 21,429 1,300,490 Interest income, TV Azteca, net — — — 8,206 8,206 — 8,206 Segment gross margin 1,969,551 242,660 227,158 481,555 2,920,924 32,911 2,953,835 Segment selling, general, administrative and development expense (1) 107,533 36,376 45,795 45,069 234,773 8,988 243,761 Segment operating profit $ 1,862,018 $ 206,284 $ 181,363 $ 436,486 $ 2,686,151 $ 23,923 $ 2,710,074 Stock-based compensation expense $ 70,212 70,212 Other selling, general, administrative and development expense 93,016 93,016 Depreciation, amortization and accretion 1,137,398 1,137,398 Other expense (2) 577,271 577,271 Income from continuing operations before income taxes $ 832,177 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.9 million and $68.3 million , respectively. (2) Primarily includes interest expense. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS UST Acquisitions— In October 2017, the Company acquired over 500 sites in the United States for total consideration of approximately $465.0 million . The Company borrowed $445.0 million under the 2013 Credit Facility, which it used to partially fund the purchase price. A preliminary purchase price allocation is not available due to the timing of the closing. Mexico Acquisition —On October 20, 2017, the Company entered into an agreement pursuant to which it will acquire 100% of the outstanding shares of entities holding urban telecommunications assets in Mexico, including more than 50,000 concrete poles and approximately 2,100 route miles of fiber, for total consideration of approximately $500.0 million , subject to certain adjustments. The Company expects this transaction to close by the end of 2017, subject to certain closing conditions. |
DESCRIPTION OF BUSINESS, BASI26
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 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. The Company refers to this business as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site acquisition, zoning and permitting and structural analysis, which primarily support the Company’s site leasing business, including the addition of new tenants and equipment on its sites. 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 certain 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. American Tower Corporation 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 it receives a dividends paid deduction for distributions to stockholders that generally offsets its REIT 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 September 30, 2017 , 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 indoor DAS networks business and services segment. The accompanying consolidated and condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included herein. The consolidated and condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “ 2016 Form 10-K”). The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire year. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation —The accompanying consolidated and condensed 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 September 30, 2017 , the Company holds (i) a 51% controlling interest, and MTN Group Limited holds a 49% noncontrolling interest, in each of two joint ventures, one in Ghana and one in Uganda, (ii) a 51% controlling interest, and PGGM holds a 49% noncontrolling interest, in a joint venture (“ATC Europe”) in Europe, (iii) an approximate 75% controlling interest, and the South African investors hold an approximate 25% noncontrolling interest, in a subsidiary of the Company in South Africa and (iv) a 51% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly Viom Networks Limited (“Viom”), in India. |
Significant Accounting Policies | Significant Accounting Policies —The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2016 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2017 . |
Accounting Standards Updates | Accounting Standards Updates —In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new guidance on revenue recognition, 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 and other fees charged to tenants. As of September 30, 2017, this revenue was approximately 13% of total revenue. Although the Company is finalizing its analysis of the impact of this standard on its financial statements, it does not expect changes in the timing of revenue recognition to have a material effect on its financial statements. The Company intends to adopt this standard using a modified retrospective approach. 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 right of use assets and lease 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 (i) has established a multidisciplinary team to assess and implement the new guidance, (ii) expects the guidance to have a material impact on its consolidated balance sheets due to the recording of right of use assets and lease liabilities for leases in which it is a lessee and which it currently treats as operating leases and (iii) continues to evaluate the impact of the new guidance. In November 2016, the FASB issued new guidance on amounts described as restricted cash or restricted cash equivalents within the statement of cash flows. The guidance requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period balances on the statement of cash flows. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The standard is required to be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. In January 2017, the FASB issued new guidance that clarifies the definition of a business that an entity uses to determine whether a transaction should be accounted for as an asset acquisition (or disposal) or a business combination. The Company early adopted this guidance during the first quarter of 2017. As a result, the Company expects that more transactions will be accounted for as asset acquisitions instead of business combinations. In January 2017, the FASB issued new guidance on accounting for goodwill impairments. The guidance eliminates Step 2 from the goodwill impairment test and requires, among other things, recognition of an impairment loss when the carrying value of a reporting unit exceeds its fair value. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. In May 2017, the FASB issued new guidance on accounting for stock-based compensation. The guidance clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The Company early adopted this guidance during the second quarter of 2017. The adoption of this guidance did not have a material effect on the Company’s financial statements. In August 2017, the FASB issued new guidance on hedge and derivative accounting. The guidance simplifies accounting rules around hedge accounting and the disclosures of hedging arrangements. Among other things, the guidance eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on its financial statements. |
PREPAID AND OTHER CURRENT ASS27
PREPAID AND OTHER CURRENT ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid and other current assets | Prepaid and other current assets consisted of the following (in thousands): As of September 30, 2017 December 31, 2016 Prepaid operating ground leases $ 133,534 $ 134,167 Prepaid income tax 123,239 127,142 Unbilled receivables 109,143 57,661 Prepaid assets 50,029 36,300 Value added tax and other consumption tax receivables 27,188 31,570 Other miscellaneous current assets 56,108 54,193 Prepaids and other current assets $ 499,241 $ 441,033 |
GOODWILL AND OTHER INTANGIBLE28
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying value of goodwill | The changes in the carrying value of goodwill for each of the Company’s business segments were as follows (in thousands): Property Services Total U.S. Asia EMEA Latin America Balance as of January 1, 2017 $ 3,379,163 $ 1,029,313 $ 150,511 $ 509,705 $ 1,988 $ 5,070,680 Additions and adjustments (1) — 400 220,172 642 — 221,214 Effect of foreign currency translation — 41,694 23,048 15,043 — 79,785 Balance as of September 30, 2017 $ 3,379,163 $ 1,071,407 $ 393,731 $ 525,390 $ 1,988 $ 5,371,679 _______________ (1) Balances have been revised to reflect purchase accounting measurement period adjustments. |
Intangible assets subject to amortization | The Company’s other intangible assets subject to amortization consisted of the following: As of September 30, 2017 As of December 31, 2016 Estimated Useful 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 $ 4,860,063 $ (1,468,966 ) $ 3,391,097 $ 4,622,316 $ (1,280,284 ) $ 3,342,032 Acquired tenant-related intangibles 15-20 10,796,003 (2,641,297 ) 8,154,706 10,130,466 (2,224,119 ) 7,906,347 Acquired licenses and other intangibles 3-20 39,286 (7,355 ) 31,931 28,140 (4,827 ) 23,313 Economic Rights, TV Azteca 70 15,776 (12,516 ) 3,260 13,893 (10,974 ) 2,919 Total other intangible assets $ 15,711,128 $ (4,130,134 ) $ 11,580,994 $ 14,794,815 $ (3,520,204 ) $ 11,274,611 _______________ (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 remaining current year and the five subsequent years (in millions): Fiscal Year Remainder of 2017 $ 190.1 2018 764.5 2019 761.3 2020 742.9 2021 732.1 2022 727.6 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following (in thousands): As of September 30, 2017 December 31, 2016 Accrued property and real estate taxes $ 149,563 $ 138,361 Accrued pass-through costs 79,631 68,584 Payroll and related withholdings 68,552 76,141 Accrued rent 53,855 50,951 Amounts payable to tenants 47,376 32,326 Accrued income tax payable 45,887 11,551 Accrued construction costs 38,740 28,587 Accrued treasury stock purchases 7,180 — Other accrued expenses 283,288 214,062 Total accrued expenses $ 774,072 $ 620,563 |
LONG-TERM OBLIGATIONS (Tables)
LONG-TERM OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of 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 (in thousands): As of September 30, 2017 December 31, 2016 Maturity Date 2013 Credit Facility (1) $ 1,959,896 $ 539,975 June 28, 2020 Term Loan (1) 995,143 993,936 January 31, 2022 2014 Credit Facility (1) 1,055,000 1,385,000 January 31, 2022 4.500% senior notes — 998,676 N/A 3.40% senior notes 999,813 999,716 February 15, 2019 7.25% senior notes — 297,032 N/A 2.800% senior notes 745,988 744,917 June 1, 2020 5.050% senior notes 697,853 697,352 September 1, 2020 3.300% senior notes 745,660 744,762 February 15, 2021 3.450% senior notes 644,761 643,848 September 15, 2021 5.900% senior notes 497,707 497,343 November 1, 2021 2.250% senior notes 576,984 572,764 January 15, 2022 4.70% senior notes 696,529 696,013 March 15, 2022 3.50% senior notes 990,470 989,269 January 31, 2023 5.00% senior notes 1,002,499 1,002,742 February 15, 2024 1.375% senior notes 579,406 — April 4, 2025 4.000% senior notes 740,748 739,985 June 1, 2025 4.400% senior notes 495,538 495,212 February 15, 2026 3.375% senior notes 984,460 983,369 October 15, 2026 3.125% senior notes 396,980 396,713 January 15, 2027 3.55% senior notes 742,661 — July 15, 2027 Total American Tower Corporation debt 15,548,096 14,418,624 Series 2013-1A securities (2) 499,524 498,642 March 15, 2018 Series 2013-2A securities (3) 1,291,451 1,290,267 March 15, 2023 Series 2015-1 notes (4) 347,743 347,108 June 15, 2020 Series 2015-2 notes (5) 519,932 519,437 June 16, 2025 2012 GTP notes — 179,459 N/A Unison notes — 132,960 N/A India indebtedness (6) 528,768 549,528 Various India preference shares (7) 25,532 24,537 March 2, 2020 Shareholder loans (8) 102,804 151,045 Various Other subsidiary debt (1) (9) 258,338 286,009 Various Total American Tower subsidiary debt 3,574,092 3,978,992 Other debt, including capital lease obligations 146,575 135,849 Total 19,268,763 18,533,465 Less current portion of long-term obligations (687,382 ) (238,806 ) Long-term obligations $ 18,581,381 $ 18,294,659 _______________ (1) Accrues interest at a variable rate. (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) Denominated in Indian Rupees (“INR”). Includes India working capital facility, remaining debt assumed by the Company in connection with the Viom Acquisition (as defined in note 9) and debt that has been entered into by ATC TIPL. (7) Mandatorily redeemable preference shares (the “Preference Shares”) classified as debt. On March 2, 2017, ATC TIPL issued the Preference Shares and used the proceeds to redeem the preference shares previously issued by Viom (the “Viom Preference Shares”). The Preference Shares are to be redeemed on March 2, 2020 and have a dividend rate of 10.25% per annum. (8) Reflects balances owed to the Company’s joint venture partners in Ghana and Uganda. The Ghana loan is denominated in Ghanaian Cedi and the Uganda loan is denominated in Ugandan Shillings (“UGX”). Effective January 1, 2017, the Uganda loan, which had an outstanding balance of $80.0 million and accrued interest at a variable rate, was converted by the holder to a new shareholder note for 114.5 billion UGX ( $31.8 million at the time of conversion), bearing interest at a fixed rate of 16.8% per annum. The remaining balance of the Uganda loan was converted into equity. (9) Includes the BR Towers debentures, which are denominated in Brazilian Reais (“BRL”) and amortize through October 15, 2023, the South African credit facility, which is denominated in South African Rand and amortizes through December 17, 2020, the Colombian credit facility, which is denominated in Colombian Pesos and amortizes through April 24, 2021 and the Brazil credit facility, which is denominated in BRL and matures on January 15, 2022. |
Schedule of line of credit facilities | As of September 30, 2017 , the key terms under the 2013 Credit Facility, the 2014 Credit Facility and the Company’s unsecured term loan entered into in October 2013, as amended (the “Term Loan”), were as follows: Outstanding Principal Balance (in millions) Undrawn letters of credit (in millions) Maturity Date Current margin over LIBOR (1) Current commitment fee (2) 2013 Credit Facility $ 1,959.9 $ 4.6 June 28, 2020 (3) 1.250 % 0.150 % 2014 Credit Facility $ 1,055.0 $ 6.4 January 31, 2022 (3) 1.250 % 0.150 % Term Loan $ 1,000.0 $ — January 31, 2022 1.250 % N/A _______________ (1) LIBOR means the London Interbank Offered Rate. (2) Fee on undrawn portion of each credit facility. (3) Subject to two optional renewal periods. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value | The fair values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows (in thousands): September 30, 2017 December 31, 2016 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) $ 1,032 — — $ 4,026 — — Interest rate swap agreements — — — — $ 3 — Embedded derivative in lease agreement — — $ 12,623 — — $ 13,290 Liabilities: Interest rate swap agreements — $ 22,409 — — $ 24,682 — Acquisition-related contingent consideration — — $ 16,045 — — $ 15,444 _______________ (1) Consists of highly liquid investments with original maturities in excess of three months. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of penalties and income tax-related interest expense | The Company recorded the following penalties and income tax-related interest expense during the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Penalties and income tax-related interest expense $ 1,045 $ 1,806 $ 3,392 $ 7,023 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation expenses | During the three and nine months ended September 30, 2017 and 2016 , the Company recorded and capitalized the following stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stock-based compensation expense $ 24,463 $ 20,226 $ 86,423 $ 70,212 Stock-based compensation expense capitalized as property and equipment $ 368 $ 353 $ 1,338 $ 1,115 |
Summary of the company's option activity | The Company’s option activity for the nine months ended September 30, 2017 was as follows: Number of Options Outstanding as of January 1, 2017 7,269,376 Granted 6,534 Exercised (1,501,905 ) Forfeited (42,247 ) Expired — Outstanding as of September 30, 2017 5,731,758 |
Summary of the company's restricted stock unit activity | The Company’s RSU and PSU activity for the nine months ended September 30, 2017 was as follows: RSUs PSUs Outstanding as of January 1, 2017 (1) 1,663,743 242,757 Granted (2) 828,532 177,897 Vested (652,797 ) — Forfeited (62,979 ) — Outstanding as of September 30, 2017 1,776,499 420,654 _______________ (1) PSUs consist of the shares issuable for the 2015 PSUs at the end of the three -year performance cycle based on achievement against the performance metric for the first and second year’s performance periods, or 73,417 shares, and the target number of shares issuable at the end of the three -year performance period for the 2016 PSUs, or 169,340 shares. (2) PSUs consist of the target number of shares issuable at the end of the three -year performance cycle attributable to the third year’s performance period for the 2015 PSUs, or 23,377 shares, and the target number of shares issuable at the end of the three -year performance cycle for the 2017 PSUs, or 154,520 shares. |
REDEEMABLE NONCONTROLLING INT34
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of the changes in the redeemable noncontrolling interest | The changes in Redeemable noncontrolling interests for the nine months ended September 30, 2017 were as follows (in thousands): Balance as of January 1, 2017 $ 1,091,220 Net income attributable to noncontrolling interests 12,158 Foreign currency translation adjustment attributable to noncontrolling interests 43,395 Balance as of September 30, 2017 $ 1,146,773 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of declared or paid cash distributions | During the nine months ended September 30, 2017 , the Company declared or paid the following cash distributions: Declaration Date Payment Date Record Date Distribution per share Aggregate Payment Amount (in millions) Common Stock December 14, 2016 January 13, 2017 December 28, 2016 $ 0.58 $ 247.7 March 9, 2017 April 28, 2017 April 12, 2017 $ 0.62 $ 264.3 June 1, 2017 July 14, 2017 June 19, 2017 $ 0.64 $ 274.7 September 11, 2017 October 17, 2017 September 29, 2017 $ 0.66 $ 283.3 Series A Preferred Stock January 13, 2017 February 15, 2017 February 1, 2017 $ 1.3125 $ 7.9 April 13, 2017 May 15, 2017 May 1, 2017 $ 1.3125 $ 7.9 Series B Preferred Stock January 13, 2017 February 15, 2017 February 1, 2017 $ 13.75 $ 18.9 April 13, 2017 May 15, 2017 May 1, 2017 $ 13.75 $ 18.9 July 14, 2017 August 15, 2017 August 1, 2017 $ 13.75 $ 18.9 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net income attributable to American Tower Corporation stockholders $ 317,268 $ 264,509 $ 1,000,399 $ 727,218 Dividends on preferred stock (18,907 ) (26,781 ) (68,531 ) (80,344 ) Net income attributable to American Tower Corporation common stockholders 298,361 237,728 931,868 646,874 Basic weighted average common shares outstanding 429,281 425,517 427,960 424,831 Dilutive securities 3,550 4,408 3,359 4,188 Diluted weighted average common shares outstanding 432,831 429,925 431,319 429,019 Basic net income attributable to American Tower Corporation common stockholders per common share $ 0.70 $ 0.56 $ 2.18 $ 1.52 Diluted net income attributable to American Tower Corporation common stockholders per common share $ 0.69 $ 0.55 $ 2.16 $ 1.51 |
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 (in thousands, on a weighted average basis): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Restricted stock units — — 3 2 Stock options — 8 11 1,619 Preferred stock 11,993 17,473 14,693 17,473 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental receipts under operating lease agreements | Future minimum rental receipts expected from tenants under non-cancellable operating lease agreements in effect at September 30, 2017 were as follows (in millions): Remainder of 2017 $ 1,302 2018 5,029 2019 4,782 2020 4,492 2021 4,030 Thereafter 14,066 Total $ 33,701 |
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 September 30, 2017 are as follows (in millions): Remainder of 2017 $ 233 2018 908 2019 872 2020 829 2021 788 Thereafter 6,833 Total $ 10,463 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of acquisition and merger related costs | During the three and nine months ended September 30, 2017 and 2016 , the Company recorded acquisition and merger related expenses for business combinations and integration costs as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Acquisition and merger related expenses $ 4,231 $ 1,124 $ 12,313 $ 7,844 Integration costs $ 2,803 $ 1,846 $ 11,181 $ 8,351 |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocations of the purchase prices for the fiscal year 2017 acquisitions based upon their estimated fair value at the date of acquisition (in thousands): EMEA FPS Towers France (1) Other (2) Preliminary Allocation Updated Allocation Current assets $ 31,048 $ 33,809 $ 6,322 Non-current assets 9,142 16,615 10,470 Property and equipment (3) 113,981 113,982 100,728 Intangible assets (4): Tenant-related intangible assets 400,901 399,766 76,827 Network location intangible assets 164,441 165,989 25,416 Other intangible assets 7,954 7,826 Current liabilities (29,326 ) (30,855 ) (1,611 ) Deferred tax liability (134,488 ) (136,022 ) — Other non-current liabilities (16,703 ) (20,062 ) (3,589 ) Net assets acquired 546,950 551,048 214,563 Goodwill (5) 224,270 220,172 — Fair value of net assets acquired 771,220 771,220 214,563 Debt assumed — — — Purchase price $ 771,220 $ 771,220 $ 214,563 _______________ (1) Accounted for as a business combination. (2) Accounted for as asset acquisitions. (3) Other includes 60 sites in Peru held pursuant to long-term capital leases. (4) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. (5) Primarily results from purchase accounting adjustments, which are not deductible for tax purposes. The following table summarizes the preliminary and updated allocations of the purchase prices paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2016 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2017 . Preliminary Allocation (1) Updated Allocation Asia Other (2) Asia Other Viom Viom (3) Current assets $ 276,560 $ 25,477 $ 281,930 $ 24,538 Non-current assets 57,645 2,336 52,275 2,336 Property and equipment 701,988 81,521 705,849 81,472 Intangible assets (4): Tenant-related intangible assets 1,369,580 105,557 1,369,580 105,557 Network location intangible assets 666,364 83,645 666,364 83,645 Current liabilities (195,900 ) (14,782 ) (201,142 ) (14,782 ) Deferred tax liability (619,070 ) (43,756 ) (619,074 ) (43,410 ) Other non-current liabilities (102,751 ) (29,472 ) (101,766 ) (29,472 ) Net assets acquired 2,154,416 210,526 2,154,016 209,884 Goodwill (5) 881,783 93,856 882,183 94,498 Fair value of net assets acquired 3,036,199 304,382 3,036,199 304,382 Debt assumed (786,889 ) — (786,889 ) — Redeemable noncontrolling interests (1,100,804 ) — (1,100,804 ) — Purchase price $ 1,148,506 $ 304,382 $ 1,148,506 $ 304,382 _______________ (1) As reported for the year ended December 31, 2016. (2) Of the total purchase price, $12.1 million was reflected in Accounts payable in the consolidated balance sheet as of December 31, 2016. (3) The allocation of the purchase price for the Viom Acquisition was finalized during the nine months ended September 30, 2017. (4) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. (5) Primarily results from purchase accounting adjustments, which are at least partially deductible for tax purposes. |
Schedule of pro forma information | The following table presents the unaudited pro forma financial results as if the 2017 acquisitions had occurred on January 1, 2016 and the 2016 acquisitions had occurred on January 1, 2015. 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 date indicated, nor are they indicative of the future operating results of the Company. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Pro forma revenues $ 1,681,743 $ 1,542,483 $ 4,975,028 $ 4,574,135 Pro forma net income attributable to American Tower Corporation common stockholders $ 298,134 $ 236,909 $ 931,432 $ 638,249 Pro forma net income per common share amounts: Basic net income attributable to American Tower Corporation common stockholders $ 0.69 $ 0.56 $ 2.18 $ 1.50 Diluted net income attributable to American Tower Corporation common stockholders $ 0.69 $ 0.55 $ 2.16 $ 1.49 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summarized financial information concerning the company's reportable segments | Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2017 and 2016 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 income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes. Property Total Property Services Other Total Three Months Ended September 30, 2017 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 904,181 $ 297,545 $ 155,438 $ 298,185 $ 1,655,349 $ 25,417 $ 1,680,766 Segment operating expenses (1) 187,686 164,908 59,805 98,276 510,675 8,419 519,094 Interest income, TV Azteca, net — — — 2,713 2,713 — 2,713 Segment gross margin 716,495 132,637 95,633 202,622 1,147,387 16,998 1,164,385 Segment selling, general, administrative and development expense (1) 41,402 12,408 15,225 18,579 87,614 3,631 91,245 Segment operating profit $ 675,093 $ 120,229 $ 80,408 $ 184,043 $ 1,059,773 $ 13,367 $ 1,073,140 Stock-based compensation expense $ 24,463 24,463 Other selling, general, administrative and development expense 32,918 32,918 Depreciation, amortization and accretion 432,354 432,354 Other expense (2) 215,309 215,309 Income from continuing operations before income taxes $ 368,096 Total assets $ 18,638,997 $ 4,851,455 $ 3,137,629 $ 5,391,283 $ 32,019,364 $ 47,867 $ 252,095 $ 32,319,326 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.7 million and $23.8 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Three Months Ended September 30, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 837,002 $ 269,907 $ 130,664 $ 260,363 $ 1,497,936 $ 16,909 $ 1,514,845 Segment operating expenses (1) 188,777 154,139 53,787 88,396 485,099 5,540 490,639 Interest income, TV Azteca, net — — — 2,742 2,742 — 2,742 Segment gross margin 648,225 115,768 76,877 174,709 1,015,579 11,369 1,026,948 Segment selling, general, administrative and development expense (1) 35,526 15,030 12,958 15,454 78,968 2,726 81,694 Segment operating profit $ 612,699 $ 100,738 $ 63,919 $ 159,255 $ 936,611 $ 8,643 $ 945,254 Stock-based compensation expense $ 20,226 20,226 Other selling, general, administrative and development expense 30,215 30,215 Depreciation, amortization and accretion 397,999 397,999 Other expense (2) 211,042 211,042 Income from continuing operations before income taxes $ 285,772 Total assets $ 18,837,629 $ 4,612,766 $ 2,120,592 $ 4,885,066 $ 30,456,053 $ 60,810 $ 138,664 $ 30,655,527 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.6 million and $19.6 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Nine Months Ended September 30, 2017 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,693,361 $ 867,632 $ 465,473 $ 861,122 $ 4,887,588 $ 71,850 $ 4,959,438 Segment operating expenses (1) 552,646 482,302 180,369 287,459 1,502,776 24,485 1,527,261 Interest income, TV Azteca, net — — — 8,183 8,183 — 8,183 Segment gross margin 2,140,715 385,330 285,104 581,846 3,392,995 47,365 3,440,360 Segment selling, general, administrative and development expense (1) 112,273 49,474 49,627 56,622 267,996 10,224 278,220 Segment operating profit $ 2,028,442 $ 335,856 $ 235,477 $ 525,224 $ 3,124,999 $ 37,141 $ 3,162,140 Stock-based compensation expense $ 86,423 86,423 Other selling, general, administrative and development expense 103,651 103,651 Depreciation, amortization and accretion 1,249,849 1,249,849 Other expense (2) 607,478 607,478 Income from continuing operations before income taxes $ 1,114,739 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $2.4 million and $84.0 million , respectively. (2) Primarily includes interest expense. Property Total Property Services Other Total Nine Months Ended September 30, 2016 U.S. Asia EMEA Latin America (in thousands) Segment revenues $ 2,518,426 $ 557,734 $ 395,066 $ 720,553 $ 4,191,779 $ 54,340 $ 4,246,119 Segment operating expenses (1) 548,875 315,074 167,908 247,204 1,279,061 21,429 1,300,490 Interest income, TV Azteca, net — — — 8,206 8,206 — 8,206 Segment gross margin 1,969,551 242,660 227,158 481,555 2,920,924 32,911 2,953,835 Segment selling, general, administrative and development expense (1) 107,533 36,376 45,795 45,069 234,773 8,988 243,761 Segment operating profit $ 1,862,018 $ 206,284 $ 181,363 $ 436,486 $ 2,686,151 $ 23,923 $ 2,710,074 Stock-based compensation expense $ 70,212 70,212 Other selling, general, administrative and development expense 93,016 93,016 Depreciation, amortization and accretion 1,137,398 1,137,398 Other expense (2) 577,271 577,271 Income from continuing operations before income taxes $ 832,177 _______________ (1) Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.9 million and $68.3 million , respectively. (2) Primarily includes interest expense. |
DESCRIPTION OF BUSINESS, BASI40
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) | 9 Months Ended |
Sep. 30, 2017joint_venture | |
Concentration Risk [Line Items] | |
Number of joint ventures the Company has a controlling interest in (in joint ventures) | 2 |
Percent of revenues effected | 13.00% |
Ghana | |
Concentration Risk [Line Items] | |
Number of joint ventures the Company has a controlling interest in (in joint ventures) | 1 |
Uganda | |
Concentration Risk [Line Items] | |
Number of joint ventures the Company has a controlling interest in (in joint ventures) | 1 |
Joint Venture, Ghana And Uganda | |
Concentration Risk [Line Items] | |
Ownership interest (as a percent) | 51.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 49.00% |
ATC Europe | |
Concentration Risk [Line Items] | |
Ownership interest (as a percent) | 51.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 49.00% |
Joint Venture, South Africa | |
Concentration Risk [Line Items] | |
Ownership interest (as a percent) | 75.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 25.00% |
ATC, TIPL | |
Concentration Risk [Line Items] | |
Ownership interest (as a percent) | 51.00% |
PREPAID AND OTHER CURRENT ASS41
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid operating ground leases | $ 133,534 | $ 134,167 |
Prepaid income tax | 123,239 | 127,142 |
Unbilled receivables | 109,143 | 57,661 |
Prepaid assets | 50,029 | 36,300 |
Value added tax and other consumption tax receivables | 27,188 | 31,570 |
Other miscellaneous current assets | 56,108 | 54,193 |
Prepaids and other current assets | $ 499,241 | $ 441,033 |
GOODWILL AND OTHER INTANGIBLE42
GOODWILL AND OTHER INTANGIBLE ASSETS - CHANGES IN THE CARRYING VALUE OF GOODWILL (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 5,070,680 |
Additions and adjustments | 221,214 |
Effect of foreign currency translation | 79,785 |
Goodwill, ending balance | 5,371,679 |
Property | U.S. | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,379,163 |
Additions and adjustments | 0 |
Effect of foreign currency translation | 0 |
Goodwill, ending balance | 3,379,163 |
Property | Asia | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,029,313 |
Additions and adjustments | 400 |
Effect of foreign currency translation | 41,694 |
Goodwill, ending balance | 1,071,407 |
Property | EMEA | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 150,511 |
Additions and adjustments | 220,172 |
Effect of foreign currency translation | 23,048 |
Goodwill, ending balance | 393,731 |
Property | Latin America | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 509,705 |
Additions and adjustments | 642 |
Effect of foreign currency translation | 15,043 |
Goodwill, ending balance | 525,390 |
Services | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,988 |
Additions and adjustments | 0 |
Effect of foreign currency translation | 0 |
Goodwill, ending balance | $ 1,988 |
GOODWILL AND OTHER INTANGIBLE43
GOODWILL AND OTHER INTANGIBLE ASSETS - INTANGIBLE ASSETS SUBJECT TO AMORTIZATION (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,711,128 | $ 14,794,815 |
Accumulated Amortization | (4,130,134) | (3,520,204) |
Net Book Value | 11,580,994 | 11,274,611 |
Acquired network location intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,860,063 | 4,622,316 |
Accumulated Amortization | (1,468,966) | (1,280,284) |
Net Book Value | $ 3,391,097 | $ 3,342,032 |
Acquired network location intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 0 years | |
Acquired network location intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 20 years | 20 years |
Acquired tenant-related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 10,796,003 | $ 10,130,466 |
Accumulated Amortization | (2,641,297) | (2,224,119) |
Net Book Value | $ 8,154,706 | 7,906,347 |
Acquired tenant-related intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 15 years | |
Acquired tenant-related intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 20 years | |
Acquired licenses and other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 39,286 | 28,140 |
Accumulated Amortization | (7,355) | (4,827) |
Net Book Value | $ 31,931 | 23,313 |
Acquired licenses and other intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 3 years | |
Acquired licenses and other intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 20 years | |
Economic Rights, TV Azteca | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 15,776 | 13,893 |
Accumulated Amortization | (12,516) | (10,974) |
Net Book Value | $ 3,260 | $ 2,919 |
Estimated Useful Lives | 70 years |
GOODWILL AND OTHER INTANGIBLE44
GOODWILL AND OTHER INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 203.6 | $ 183.9 | $ 579 | $ 521 | |
Weighted Average | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 15 years |
GOODWILL AND OTHER INTANGIBLE45
GOODWILL AND OTHER INTANGIBLE ASSETS - EXPECTED FUTURE AMORTIZATION EXPENSE (Details) $ in Millions | Sep. 30, 2017USD ($) |
Fiscal Year | |
Remainder of 2017 | $ 190.1 |
2,018 | 764.5 |
2,019 | 761.3 |
2,020 | 742.9 |
2,021 | 732.1 |
2,022 | $ 727.6 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued property and real estate taxes | $ 149,563 | $ 138,361 |
Accrued pass-through costs | 79,631 | 68,584 |
Payroll and related withholdings | 68,552 | 76,141 |
Accrued rent | 53,855 | 50,951 |
Amounts payable to tenants | 47,376 | 32,326 |
Accrued construction costs | 38,740 | 28,587 |
Accrued income tax payable | 45,887 | 11,551 |
Accrued treasury stock purchases | 7,180 | 0 |
Other accrued expenses | 283,288 | 214,062 |
Total accrued expenses | $ 774,072 | $ 620,563 |
LONG-TERM OBLIGATIONS - SCHEDUL
LONG-TERM OBLIGATIONS - SCHEDULE OF LONG-TERM OBLIGATIONS (Details) UGX in Billions | Mar. 02, 2017 | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Jun. 30, 2017 | Apr. 06, 2017 | Feb. 17, 2017USD ($) | Feb. 10, 2017 | Jan. 01, 2017UGX | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||
Other debt, including capital lease obligations | $ 146,575,000 | $ 135,849,000 | ||||||||
Total | 19,268,763,000 | 18,533,465,000 | ||||||||
Less current portion long-term obligations | (687,382,000) | (238,806,000) | ||||||||
Long-term obligations | 18,581,381,000 | 18,294,659,000 | ||||||||
American Tower Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 15,548,096,000 | 14,418,624,000 | ||||||||
American Tower subsidiary | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 3,574,092,000 | 3,978,992,000 | ||||||||
Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 258,338,000 | 286,009,000 | ||||||||
2013 Credit Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit | 1,959,896,000 | 539,975,000 | ||||||||
Term Loan | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 995,143,000 | 993,936,000 | ||||||||
2014 Credit Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit | 1,055,000,000 | 1,385,000,000 | ||||||||
4.500% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 0 | $ 0 | $ 998,676,000 | |||||||
Long-term debt, stated interest rate (as a percent) | 4.50% | 4.50% | ||||||||
3.40% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 999,813,000 | $ 999,716,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.40% | |||||||||
7.25% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 0 | $ 0 | $ 297,032,000 | |||||||
Long-term debt, stated interest rate (as a percent) | 7.25% | 7.25% | ||||||||
2.800% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 745,988,000 | $ 744,917,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 2.80% | |||||||||
5.050% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 697,853,000 | 697,352,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 5.05% | |||||||||
3.300% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 745,660,000 | 744,762,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.30% | |||||||||
3.450% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 644,761,000 | 643,848,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.45% | |||||||||
5.900% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 497,707,000 | 497,343,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 5.90% | |||||||||
2.250% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 576,984,000 | 572,764,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 2.25% | |||||||||
4.70% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 696,529,000 | 696,013,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 4.70% | |||||||||
3.50% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 990,470,000 | 989,269,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.50% | |||||||||
5.00% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 1,002,499,000 | 1,002,742,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 5.00% | |||||||||
1.375% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 579,406,000 | 0 | ||||||||
Long-term debt, stated interest rate (as a percent) | 1.375% | 1.375% | ||||||||
4.000% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 740,748,000 | 739,985,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 4.00% | |||||||||
4.400% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 495,538,000 | 495,212,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 4.40% | |||||||||
3.375% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 984,460,000 | 983,369,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.375% | |||||||||
3.125% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 396,980,000 | 396,713,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.125% | |||||||||
3.55% senior notes | Senior notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 742,661,000 | 0 | ||||||||
Long-term debt, stated interest rate (as a percent) | 3.55% | 3.55% | ||||||||
Series 2013-1A and 2A securities | Secured debt | Series 2013-1A securities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 499,524,000 | 498,642,000 | ||||||||
Series 2013-1A and 2A securities | Secured debt | Series 2013-2A securities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 1,291,451,000 | 1,290,267,000 | ||||||||
Series 2015-1 notes | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 347,743,000 | 347,108,000 | ||||||||
Series 2015-2 notes | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 519,932,000 | 519,437,000 | ||||||||
2012 GTP notes | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 0 | 179,459,000 | ||||||||
Unison notes | Secured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 0 | 132,960,000 | ||||||||
India indebtedness | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 528,768,000 | 549,528,000 | ||||||||
India preference shares | Mandatorily redeemable preferred stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | 25,532,000 | 24,537,000 | ||||||||
Preferred stock, dividend rate percentage (in percent) | 10.25% | |||||||||
Shareholder loans | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 102,804,000 | $ 151,045,000 | ||||||||
Uganda replacement loan | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 80,000,000 | |||||||||
Uganda loan | Unsecured debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | UGX 114.5 | $ 31,800,000 | ||||||||
Long-term debt, stated interest rate (as a percent) | 16.80% | 16.80% |
LONG-TERM OBLIGATIONS - NARRATI
LONG-TERM OBLIGATIONS - NARRATIVE (Details) ₨ in Billions | Jul. 31, 2017USD ($) | Jun. 30, 2017EUR (€) | Apr. 06, 2017USD ($) | Apr. 06, 2017EUR (€) | Feb. 15, 2017USD ($) | Feb. 10, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017INR (₨) | Apr. 06, 2017EUR (€) | Feb. 17, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Current portion of long-term obligations | $ 687,382,000 | $ 687,382,000 | $ 238,806,000 | |||||||||||
Borrowings under credit facilities | 3,667,020,000 | $ 1,600,283,000 | ||||||||||||
Loss on retirement of long-term obligations | $ 14,183,000 | $ 0 | 69,897,000 | (830,000) | ||||||||||
Prepayment consideration | 75,274,000 | $ 125,000 | ||||||||||||
2013 Credit Facility | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings under credit facilities | 3,400,000,000 | |||||||||||||
Repayment of indebtedness under credit facility | 2,000,000,000 | |||||||||||||
2014 Credit Facility | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings under credit facilities | 200,000,000 | |||||||||||||
Repayment of indebtedness under credit facility | $ 530,000,000 | |||||||||||||
Senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum adjusted EBITDA | 3.5 | 3.5 | 3.5 | |||||||||||
Senior notes | 4.500% senior unsecured notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, stated interest rate (as a percent) | 4.50% | 4.50% | ||||||||||||
Loss on retirement of long-term obligations | $ 14,100,000 | |||||||||||||
Prepayment consideration | $ 13,500,000 | |||||||||||||
Percentage of principal amount redeemed | 101.351% | |||||||||||||
Repayments of senior debt plus accrued interest | $ 1,000,000,000 | |||||||||||||
Repayment of interest on debt | 2,000,000 | |||||||||||||
Notes outstanding | $ 0 | $ 0 | $ 0 | $ 998,676,000 | ||||||||||
Senior notes | 1.375% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, stated interest rate (as a percent) | 1.375% | 1.375% | 1.375% | 1.375% | 1.375% | |||||||||
Senior note public offering, amount | $ 532,200,000 | € 500,000,000 | ||||||||||||
Proceeds from issuance of unsecured debt | $ 521,400,000 | € 489,800,000 | ||||||||||||
Redemption price (as a percent) | 100.00% | 100.00% | ||||||||||||
Notes outstanding | $ 579,406,000 | $ 579,406,000 | 0 | |||||||||||
Senior notes | 3.55% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, stated interest rate (as a percent) | 3.55% | 3.55% | 3.55% | 3.55% | ||||||||||
Senior note public offering, amount | € | € 750,000,000 | |||||||||||||
Proceeds from issuance of unsecured debt | € | € 741,800,000 | |||||||||||||
Redemption price (as a percent) | 100.00% | |||||||||||||
Redemption price, change in control and corresponding ratings decline (as percent) | 101.00% | |||||||||||||
Notes outstanding | $ 742,661,000 | $ 742,661,000 | $ 0 | |||||||||||
Senior notes | 7.25% senior notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, stated interest rate (as a percent) | 7.25% | 7.25% | ||||||||||||
Loss on retirement of long-term obligations | $ 39,200,000 | |||||||||||||
Prepayment consideration | $ 36,300,000 | |||||||||||||
Percentage of principal amount redeemed | 112.0854% | |||||||||||||
Repayments of senior debt plus accrued interest | $ 341,400,000 | |||||||||||||
Repayment of interest on debt | $ 5,100,000 | |||||||||||||
Notes outstanding | 0 | 0 | $ 0 | $ 297,032,000 | ||||||||||
Secured debt | GTP Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of indebtedness under the Term Loan | $ 173,500,000 | |||||||||||||
Loss on retirement of long-term obligations | 1,800,000 | |||||||||||||
Prepayment consideration | 7,200,000 | |||||||||||||
Notes outstanding | 0 | 0 | 179,459,000 | |||||||||||
Secured debt | Secured Cellular Site Revenue Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of indebtedness under the Term Loan | 129,000,000 | |||||||||||||
Loss on retirement of long-term obligations | 14,500,000 | |||||||||||||
Prepayment consideration | $ 18,300,000 | |||||||||||||
Notes outstanding | 0 | 0 | 132,960,000 | |||||||||||
Viom Transaction | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current portion of long-term obligations | 116,500,000 | 116,500,000 | ₨ 7.6 | |||||||||||
Secured Tower Revenue Securities, Series 2013-1A | Secured debt | Commercial Mortgage Pass Through Certificates Series 2013 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Senior unsecured notes | 499,500,000 | 499,500,000 | ||||||||||||
Notes outstanding | $ 499,524,000 | $ 499,524,000 | $ 498,642,000 |
LONG-TERM OBLIGATIONS - SCHED49
LONG-TERM OBLIGATIONS - SCHEDULE OF LINES OF CREDIT (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)renewal_period | |
2013 Credit Facility | Credit Facility | |
Line of Credit Facility [Line Items] | |
Outstanding Principal Balance | $ 1,959.9 |
Undrawn letters of credit | $ 4.6 |
Current commitment fee (as a percent) | 0.15% |
2013 Credit Facility | Credit Facility | LIBOR | |
Line of Credit Facility [Line Items] | |
Current margin over LIBOR (as a percent) | 1.25% |
2014 Credit Facility | Credit Facility | |
Line of Credit Facility [Line Items] | |
Outstanding Principal Balance | $ 1,055 |
Undrawn letters of credit | $ 6.4 |
Current commitment fee (as a percent) | 0.15% |
Optional renewal periods | renewal_period | 2 |
2014 Credit Facility | Credit Facility | LIBOR | |
Line of Credit Facility [Line Items] | |
Current margin over LIBOR (as a percent) | 1.25% |
Term Loan | Unsecured debt | |
Line of Credit Facility [Line Items] | |
Outstanding Principal Balance | $ 1,000 |
Undrawn letters of credit | $ 0 |
Term Loan | Unsecured debt | LIBOR | |
Line of Credit Facility [Line Items] | |
Current margin over LIBOR (as a percent) | 1.25% |
FAIR VALUE MEASUREMENTS - ASSET
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Short-term investments | $ 1,032 | $ 4,026 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Short-term investments | 1,032 | 4,026 |
Embedded derivative in lease agreement | 0 | 0 |
Liabilities: | ||
Acquisition-related contingent consideration | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate swap agreements | ||
Liabilities: | ||
Interest rate swap agreements | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Colombian Long Term Credit Facility | Interest rate swap agreements | ||
Assets: | ||
Interest rate swap agreements | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Short-term investments | 0 | 0 |
Embedded derivative in lease agreement | 0 | 0 |
Liabilities: | ||
Acquisition-related contingent consideration | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Interest rate swap agreements | ||
Liabilities: | ||
Interest rate swap agreements | 22,409 | 24,682 |
Fair Value, Measurements, Recurring | Level 2 | Colombian Long Term Credit Facility | Interest rate swap agreements | ||
Assets: | ||
Interest rate swap agreements | 0 | 3 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Short-term investments | 0 | 0 |
Embedded derivative in lease agreement | 12,623 | 13,290 |
Liabilities: | ||
Acquisition-related contingent consideration | 16,045 | 15,444 |
Fair Value, Measurements, Recurring | Level 3 | Interest rate swap agreements | ||
Liabilities: | ||
Interest rate swap agreements | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Colombian Long Term Credit Facility | Interest rate swap agreements | ||
Assets: | ||
Interest rate swap agreements | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - NARRA
FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business combination, contingent consideration arrangements, range of outcomes, value, low | $ 0 | |
Business combination, contingent consideration arrangements, range of outcomes, value, high | 47,600,000 | |
Tenant-related intangibles net book value | 11,580,994,000 | $ 11,274,611,000 |
Debt, long-term and short-term, combined amount | 19,268,763,000 | 18,533,465,000 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 19,800,000,000 | 18,800,000,000 |
Estimate of Fair Value Measurement | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 12,000,000,000 | 11,800,000,000 |
Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 7,800,000,000 | 7,000,000,000 |
Tenant-related intangible assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tenant-related intangibles net book value | 8,154,706,000 | $ 7,906,347,000 |
Tenant-related intangible assets | Tata Teleservices Limited | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tenant-related intangibles net book value | $ 445,000,000 |
INCOME TAXES - NARRATIVE (Detai
INCOME TAXES - NARRATIVE (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits that would impact the ETR | $ 107,400,000 | $ 107,400,000 | $ 102,900,000 |
Unrecognized tax benefits, increase resulting from current period tax positions | 1,900,000 | 5,700,000 | |
Unrecognized tax benefits, from foreign currency fluctuations | 1,000,000 | 3,700,000 | |
Unrecognized tax benefits, reduction due to expirations of statute of limitations | 400,000 | 400,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 28,900,000 | 28,900,000 | $ 24,300,000 |
Ghana Revenue Authority | |||
Income Tax Contingency [Line Items] | |||
Benefit to income tax expense | 11,600,000 | ||
Minimum | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | 0 | 0 | |
Maximum | |||
Income Tax Contingency [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | $ 11,500,000 | $ 11,500,000 |
INCOME TAXES - SCHEDULE OF PEN
INCOME TAXES - SCHEDULE OF PENALTIES AND INCOME TAX RELATED EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Penalties and income tax-related interest expense | $ 1,045 | $ 1,806 | $ 3,392 | $ 7,023 |
STOCK-BASED COMPENSATION - NARR
STOCK-BASED COMPENSATION - NARRATIVE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ESPP, discount rate (as a percent) | 15.00% | ||||
Stock-based compensation expense | $ 24,463 | $ 20,226 | $ 86,423 | $ 70,212 | |
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation expense | 115,800 | $ 115,800 | |||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | 3 years | |||
Total unrecognized compensation expense | 27,900 | $ 27,900 | |||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||||
Performance grant, shares granted | 154,520 | 169,340 | 169,340 | ||
Stock-based compensation expense | 6,500 | $ 18,000 | |||
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] | |||||
Total unrecognized compensation expense | $ 15,200 | $ 15,200 | |||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||||
2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issuable under stock incentive plan | 8,500,000 | 8,500,000 | |||
2007 Plan | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
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] | |||||
Vesting period | 4 years | ||||
Expiration period | 10 years |
STOCK-BASED COMPENSATION - SUMM
STOCK-BASED COMPENSATION - SUMMARY OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-based compensation expense | $ 24,463 | $ 20,226 | $ 86,423 | $ 70,212 |
Stock-based compensation expense capitalized as property and equipment | $ 368 | $ 353 | $ 1,338 | $ 1,115 |
STOCK-BASED COMPENSATION - SU56
STOCK-BASED COMPENSATION - SUMMARY OF THE COMPANY'S OPTION ACTIVITY (Details) - Employee Stock Option | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of January 1, 2017 (in shares) | 7,269,376 |
Granted (in shares) | 6,534 |
Exercised (in shares) | (1,501,905) |
Forfeited (in shares) | (42,247) |
Expired (in shares) | 0 |
Outstanding as of September 30, 2017 (in shares) | 5,731,758 |
STOCK-BASED COMPENSATION - SU57
STOCK-BASED COMPENSATION - SUMMARY OF THE COMPANY'S RESTRICTED STOCK UNIT ACTIVITY (Details) - shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding as of January 1, 2017 (in shares) | 1,663,743 | ||
Granted (in shares) | 828,532 | ||
Vested (in shares) | (652,797) | ||
Forfeited (in shares) | (62,979) | ||
Outstanding as of September 30, 2017 (in shares) | 1,776,499 | 1,663,743 | |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding as of January 1, 2017 (in shares) | 242,757 | ||
Granted (in shares) | 177,897 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Outstanding as of September 30, 2017 (in shares) | 420,654 | 242,757 | |
Vesting period | 3 years | 3 years | |
Three year performance grant, shares granted | 154,520 | 169,340 | 169,340 |
2015 PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Granted (in shares) | 23,377 | 73,417 |
REDEEMABLE NONCONTROLLING INT58
REDEEMABLE NONCONTROLLING INTERESTS (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2017₨ / shares | Apr. 21, 2016 | |
Noncontrolling Interest [Line Items] | |||
Temporary equity, redemption price per share (in dollars per share) | ₨ / shares | ₨ 216 | ||
Changes In Redeemable Noncontrolling Interests [Roll Forward] | |||
Balance as of January 1, 2017 | $ 1,091,220 | ||
Net income attributable to noncontrolling interests | 12,158 | ||
Foreign currency translation adjustment attributable to noncontrolling interests | 43,395 | ||
Balance as of September 30, 2017 | $ 1,146,773 | ||
Viom Transaction | |||
Noncontrolling Interest [Line Items] | |||
Percentage of interests acquired | 51.00% |
EQUITY - NARRATIVE (Details)
EQUITY - NARRATIVE (Details) - USD ($) | Aug. 15, 2017 | May 15, 2017 | Feb. 15, 2017 | May 31, 2017 | May 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2017 | Mar. 31, 2011 |
Class of Stock [Line Items] | ||||||||||
Payment of dividends, preferred stock and Preference Stock | $ 72,468,000 | $ 80,344,000 | ||||||||
Proceeds from stock options and ESPP | $ 105,717,000 | $ 76,601,000 | ||||||||
Stock repurchase program, authorized amount | $ 1,500,000,000 | |||||||||
Stock repurchased (in shares) | 5,456,538 | 11,713,442 | ||||||||
Stock repurchased | $ 676,900,000 | |||||||||
Accrued treasury stock purchases | 7,180,000 | $ 0 | $ 7,180,000 | |||||||
Accrued dividend RSU | 8,000,000 | $ 8,000,000 | ||||||||
Dividends Declared and Paid | ||||||||||
Class of Stock [Line Items] | ||||||||||
Paid dividend RSU | 2,900,000 | |||||||||
Accounts Payable and Accrued Liabilities | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchased | $ 1,100,000,000 | |||||||||
Preferred Stock - Series B | ||||||||||
Class of Stock [Line Items] | ||||||||||
Depository shares, percentage of preferred shares (in shares) | 0.1 | 0.1 | ||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series A | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, dividend rate percentage (in percent) | 5.25% | 5.25% | ||||||||
Preferred stock, conversion rate | 93.37% | |||||||||
Payment of dividends, preferred stock and Preference Stock | $ 7,900,000 | $ 7,900,000 | ||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series A | Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares issued (in shares) | 6,000,000 | |||||||||
Preferred stock, dividend rate percentage (in percent) | 5.25% | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||||||||
Number of shares converted | 5,602,153 | 5,602,153 | ||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, dividend rate percentage (in percent) | 5.50% | 5.50% | ||||||||
Payment of dividends, preferred stock and Preference Stock | $ 18,900,000 | $ 18,900,000 | $ 18,900,000 | |||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | ||||||||
Shares issued, price per share (in dollars per share) | $ 100 | 100 | ||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | Minimum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion factor, preferred stock (in shares) | 8.6870 | |||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | Maximum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Conversion factor, preferred stock (in shares) | 10.4244 | |||||||||
Convertible Preferred Stock Subject to Mandatory Redemption | Preferred Stock - Series B | Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, dividend rate percentage (in percent) | 5.50% | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||
Preferred stock, conversion rate | 86.87% | |||||||||
Depository shares, amount issued (in shares) | 140 | 13,749,860 | 13,749,860 |
EQUITY - DISTRIBUTIONS (Details
EQUITY - DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 17, 2017 | Sep. 11, 2017 | Aug. 15, 2017 | Jul. 14, 2017 | Jun. 01, 2017 | May 15, 2017 | Apr. 28, 2017 | Apr. 13, 2017 | Mar. 09, 2017 | Feb. 15, 2017 | Jan. 13, 2017 | Dec. 14, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Dividends Payable [Line Items] | ||||||||||||||||
Distribution per common share (in dollars per share) | $ 0.66 | $ 0.55 | $ 1.92 | $ 1.59 | ||||||||||||
Aggregate Payment Amount on common stock | $ 789,522 | $ 651,966 | ||||||||||||||
Aggregate Payment Amount on preferred stock | $ 72,468 | $ 80,344 | ||||||||||||||
Common Stock | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distribution per common share (in dollars per share) | $ 0.66 | $ 0.64 | $ 0.62 | $ 0.58 | ||||||||||||
Aggregate Payment Amount on common stock | $ 274,700 | $ 264,300 | $ 247,700 | |||||||||||||
Common Stock | Subsequent Event | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Aggregate Payment Amount on common stock | $ 283,300 | |||||||||||||||
Preferred Stock - Series A | Convertible Preferred Stock Subject to Mandatory Redemption | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distribution per preferred share (in dollars per share) | $ 1.3125 | $ 1.3125 | ||||||||||||||
Aggregate Payment Amount on preferred stock | $ 7,900 | $ 7,900 | ||||||||||||||
Preferred Stock - Series B | Convertible Preferred Stock Subject to Mandatory Redemption | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Distribution per preferred share (in dollars per share) | $ 13.75 | $ 13.75 | $ 13.75 | |||||||||||||
Aggregate Payment Amount on preferred stock | $ 18,900 | $ 18,900 | $ 18,900 |
EARNINGS PER COMMON SHARE - SCH
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to American Tower Corporation stockholders | $ 317,268 | $ 264,509 | $ 1,000,399 | $ 727,218 |
Dividends on preferred stock | (18,907) | (26,781) | (68,531) | (80,344) |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ 298,361 | $ 237,728 | $ 931,868 | $ 646,874 |
Basic weighted average common shares outstanding (in shares) | 429,281 | 425,517 | 427,960 | 424,831 |
Dilutive securities (in shares) | 3,550 | 4,408 | 3,359 | 4,188 |
Diluted weighted average common shares outstanding (in shares) | 432,831 | 429,925 | 431,319 | 429,019 |
Basic net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 0.70 | $ 0.56 | $ 2.18 | $ 1.52 |
Diluted net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 0.69 | $ 0.55 | $ 2.16 | $ 1.51 |
EARNINGS PER COMMON SHARE - S62
EARNINGS PER COMMON SHARE - SCHEDULE OF SHARES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from dilutive effect | 0 | 0 | 3 | 2 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from dilutive effect | 0 | 8 | 11 | 1,619 |
Preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from dilutive effect | 11,993 | 17,473 | 14,693 | 17,473 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) ₨ in Millions | Dec. 05, 2016USD ($) | Dec. 05, 2016INR (₨) | Mar. 27, 2015USD ($)communications_siterenewal_period | Dec. 31, 2000tower | Sep. 30, 2017USD ($)towerrenewal_periodshares | Dec. 08, 2016tower |
Loss Contingencies [Line Items] | ||||||
Foreign income tax assessment | $ 69,800,000 | ₨ 4,750 | ||||
Lessor agreements, term of contract | 10 years | |||||
Verizon Transaction | ||||||
Loss Contingencies [Line Items] | ||||||
Capital leased assets, number of units (in number of communication sites) | 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 (in numbers of terms) | renewal_period | 8 | |||||
Renewal term | 5 years | |||||
AT&T Transaction | ||||||
Loss Contingencies [Line Items] | ||||||
Capital leased assets, number of units (in number of communication sites) | 2,350 | |||||
Aggregate purchase option price for towers | $ | $ 816,000,000 | |||||
Successive terms to renew lease (in numbers of terms) | renewal_period | 4 | |||||
Renewal term | 5 years | |||||
Operating lease, term of contract | 27 years | |||||
Number of communications sites acquired (in number of towers) | 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 (in number of communication sites) | 1,800 | |||||
Aggregate purchase option price for towers | $ | $ 10,400,000 | |||||
Number of communications sites acquired (in number of towers) | 1,523 | |||||
Average lease term (in years) | 15 years | |||||
Number of remaining towers | 243 | |||||
Cash purchase price per tower | $ | $ 42,844 | |||||
Purchase price of tower in shares of common stock (in shares) | shares | 769 |
COMMITMENTS AND CONTINGENCIES64
COMMITMENTS AND CONTINGENCIES - FUTURE MINIMUM RENTAL RECEIPTS UNDER OPERATING LEASE AGREEMENTS (Details) $ in Millions | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2017 | $ 1,302 |
2,018 | 5,029 |
2,019 | 4,782 |
2,020 | 4,492 |
2,021 | 4,030 |
Thereafter | 14,066 |
Total | $ 33,701 |
COMMITMENTS AND CONTINGENCIES65
COMMITMENTS AND CONTINGENCIES - FUTURE MINIMUM RENTAL PAYMENTS UNDER NON-CANCELABLE OPERATING LEASES (Details) $ in Millions | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2017 | $ 233 |
2,018 | 908 |
2,019 | 872 |
2,020 | 829 |
2,021 | 788 |
Thereafter | 6,833 |
Total | $ 10,463 |
ACQUISITIONS - NARRATIVE (Detai
ACQUISITIONS - NARRATIVE (Details) $ in Thousands, € in Millions, ₨ in Billions, COP in Billions | Oct. 02, 2017USD ($)site | Feb. 15, 2017USD ($)tower | Feb. 15, 2017EUR (€)tower | Apr. 21, 2016USD ($) | Apr. 21, 2016INR (₨) | Sep. 30, 2017USD ($)communications_site | Dec. 31, 2017USD ($)site | Dec. 31, 2017COPsite | Sep. 30, 2017USD ($)communications_site | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)site | Apr. 21, 2016INR (₨) |
Business Acquisition [Line Items] | ||||||||||||
Purchase price refund | $ 22,200 | |||||||||||
Revenue of acquiree since acquisition date | $ 21,200 | 47,500 | ||||||||||
Business combination pro forma information gross margin of acquiree since acquisition date actual | 13,200 | 35,200 | ||||||||||
Remainder of purchase price | 0 | $ 4,748 | ||||||||||
Accounts payable | 119,745 | 119,745 | $ 118,666 | |||||||||
Mandatory redeemable preference shares, value | 1,146,773 | 1,146,773 | 1,091,220 | |||||||||
Total consideration | 554,967 | $ 475,174 | ||||||||||
Other Acquisitions | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price | 214,563 | |||||||||||
Accounts payable | $ 3,000 | $ 3,000 | ||||||||||
Other Acquisitions | Communication Sites | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of communications sites acquired (in number of towers) | communications_site | 1,112 | 1,112 | ||||||||||
UST Acquisitions | United States | Subsequent Event | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of sites acquired (more than) | site | 500 | |||||||||||
Total consideration | $ 465,000 | |||||||||||
Tigo Columbia | Colombia | Scenario, Forecast | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of sites acquired (more than) | site | 1,200 | 1,200 | ||||||||||
Total consideration | $ 147,900 | COP 448.3 | ||||||||||
FPS Towers | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of interests acquired | 100.00% | 100.00% | ||||||||||
Total consideration | $ 771,200 | € 727.2 | $ 771,220 | |||||||||
Number of communications sites acquired (in number of towers) | tower | 2,500 | 2,500 | ||||||||||
Fair value of debt assumed through acquisitions | 0 | |||||||||||
FPS Towers | Preliminary Allocation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration | $ 771,220 | |||||||||||
Fair value of debt assumed through acquisitions | 0 | |||||||||||
FPS Towers | Affiliated Entity | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration transferred, liabilities incurred | 238,600 | € 225 | ||||||||||
Remainder of purchase price | $ 532,600 | € 502.2 | ||||||||||
Viom Transaction | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of interests acquired | 51.00% | 51.00% | ||||||||||
Total consideration | 1,148,506 | |||||||||||
Fair value of debt assumed through acquisitions | $ 800,000 | ₨ 52.3 | 786,889 | |||||||||
Viom Transaction | Mandatorily redeemable preferred stock | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Mandatory redeemable preference shares, value | 25,100 | ₨ 1.7 | ||||||||||
Viom Transaction | Preliminary Allocation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration | $ 1,100,000 | ₨ 76.4 | 1,148,506 | |||||||||
Fair value of debt assumed through acquisitions | 786,889 | |||||||||||
Other Acquisitions | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration | 304,382 | $ 304,400 | ||||||||||
Number of communications sites acquired (in number of towers) | site | 891 | |||||||||||
Fair value of debt assumed through acquisitions | $ 0 | |||||||||||
Contingent consideration | $ 8,800 | |||||||||||
Other Acquisitions | Preliminary Allocation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total consideration | 304,382 | |||||||||||
Accounts payable | 12,100 | |||||||||||
Fair value of debt assumed through acquisitions | $ 0 |
ACQUISITIONS - SCHEDULE OF MERG
ACQUISITIONS - SCHEDULE OF MERGER AND ACQUISITION RELATED COSTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||||
Acquisition and merger related expenses | $ 4,231 | $ 1,124 | $ 12,313 | $ 7,844 |
Integration costs | $ 2,803 | $ 1,846 | $ 11,181 | $ 8,351 |
ACQUISITIONS - SCHEDULE OF PREL
ACQUISITIONS - SCHEDULE OF PRELIMINARY ALLOCATION OF THE PURCHASE PRICE (Details) $ in Thousands, € in Millions, ₨ in Billions | Feb. 15, 2017USD ($)tower | Feb. 15, 2017EUR (€) | Apr. 21, 2016USD ($) | Apr. 21, 2016INR (₨) | Sep. 30, 2017USD ($)site | Dec. 31, 2016USD ($)site |
Business Combination: | ||||||
Goodwill | $ 5,371,679 | $ 5,070,680 | ||||
Accounts payable | 119,745 | 118,666 | ||||
Asset Acquisition: | ||||||
Current assets | 1,963,574 | 1,689,870 | ||||
Property and equipment | 10,795,057 | 10,517,258 | ||||
Intangible assets | 11,580,994 | 11,274,611 | ||||
Current liabilities | (2,260,236) | (1,631,269) | ||||
Deferred tax liability | (976,725) | (777,572) | ||||
Other non-current liabilities | (1,190,486) | (1,142,723) | ||||
Goodwill | 5,371,679 | 5,070,680 | ||||
Tenant-related intangible assets | ||||||
Asset Acquisition: | ||||||
Intangible assets | $ 8,154,706 | 7,906,347 | ||||
Tenant-related intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Network location intangible assets | ||||||
Asset Acquisition: | ||||||
Intangible assets | $ 3,391,097 | $ 3,342,032 | ||||
Network location intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | 20 years | ||||
Other Acquisitions 2017 | ||||||
Business Combination: | ||||||
Goodwill | $ 0 | |||||
Accounts payable | 3,000 | |||||
Asset Acquisition: | ||||||
Current assets | 6,322 | |||||
Non-current assets | 10,470 | |||||
Property and equipment | 100,728 | |||||
Current liabilities | (1,611) | |||||
Deferred tax liability | 0 | |||||
Other non-current liabilities | (3,589) | |||||
Net assets acquired | 214,563 | |||||
Goodwill | 0 | |||||
Fair value of net assets acquired | 214,563 | |||||
Debt assumed | 0 | |||||
Purchase price | $ 214,563 | |||||
Other Acquisitions 2017 | Peru | ||||||
Asset Acquisition: | ||||||
Number of sites acquired | site | 60 | |||||
Other Acquisitions 2017 | Tenant-related intangible assets | ||||||
Asset Acquisition: | ||||||
Intangible assets | $ 76,827 | |||||
Other Acquisitions 2017 | Tenant-related intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Other Acquisitions 2017 | Network location intangible assets | ||||||
Asset Acquisition: | ||||||
Intangible assets | $ 25,416 | |||||
Other Acquisitions 2017 | Network location intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
FPS Towers France | ||||||
Business Combination: | ||||||
Current assets | $ 33,809 | |||||
Non-current assets | 16,615 | |||||
Property and equipment | 113,982 | |||||
Current liabilities | (30,855) | |||||
Deferred tax liability | (136,022) | |||||
Other non-current liabilities | (20,062) | |||||
Net assets acquired | 551,048 | |||||
Goodwill | 220,172 | |||||
Fair value of net assets acquired | 771,220 | |||||
Debt assumed | 0 | |||||
Purchase price | $ 771,200 | € 727.2 | 771,220 | |||
Asset Acquisition: | ||||||
Goodwill | 220,172 | |||||
Number of sites acquired | tower | 2,500 | |||||
FPS Towers France | Preliminary Allocation | ||||||
Business Combination: | ||||||
Current assets | $ 31,048 | |||||
Non-current assets | 9,142 | |||||
Property and equipment | 113,981 | |||||
Current liabilities | (29,326) | |||||
Deferred tax liability | (134,488) | |||||
Other non-current liabilities | (16,703) | |||||
Net assets acquired | 546,950 | |||||
Goodwill | 224,270 | |||||
Fair value of net assets acquired | 771,220 | |||||
Debt assumed | 0 | |||||
Purchase price | 771,220 | |||||
Asset Acquisition: | ||||||
Goodwill | 224,270 | |||||
FPS Towers France | Tenant-related intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 399,766 | |||||
FPS Towers France | Tenant-related intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 400,901 | |||||
FPS Towers France | Tenant-related intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | 20 years | 20 years | |||
FPS Towers France | Network location intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 165,989 | |||||
FPS Towers France | Network location intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 164,441 | |||||
FPS Towers France | Network location intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | 20 years | 20 years | |||
FPS Towers France | Other intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 7,826 | |||||
FPS Towers France | Other intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 7,954 | |||||
Viom | ||||||
Business Combination: | ||||||
Current assets | 281,930 | |||||
Non-current assets | 52,275 | |||||
Property and equipment | 705,849 | |||||
Current liabilities | (201,142) | |||||
Deferred tax liability | (619,074) | |||||
Other non-current liabilities | (101,766) | |||||
Net assets acquired | 2,154,016 | |||||
Goodwill | 882,183 | |||||
Fair value of net assets acquired | 3,036,199 | |||||
Debt assumed | $ (800,000) | ₨ (52.3) | (786,889) | |||
Redeemable noncontrolling interests | (1,100,804) | |||||
Purchase price | 1,148,506 | |||||
Asset Acquisition: | ||||||
Goodwill | 882,183 | |||||
Viom | Preliminary Allocation | ||||||
Business Combination: | ||||||
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 | $ 1,100,000 | ₨ 76.4 | 1,148,506 | |||
Asset Acquisition: | ||||||
Goodwill | 881,783 | |||||
Viom | Tenant-related intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 1,369,580 | |||||
Viom | Tenant-related intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 1,369,580 | |||||
Viom | Tenant-related intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Viom | Tenant-related intangible assets | Maximum | Preliminary Allocation | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Viom | Network location intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 666,364 | |||||
Viom | Network location intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 666,364 | |||||
Viom | Network location intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Viom | Network location intangible assets | Maximum | Preliminary Allocation | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Other | ||||||
Business Combination: | ||||||
Current assets | $ 24,538 | |||||
Non-current assets | 2,336 | |||||
Property and equipment | 81,472 | |||||
Current liabilities | (14,782) | |||||
Deferred tax liability | (43,410) | |||||
Other non-current liabilities | (29,472) | |||||
Net assets acquired | 209,884 | |||||
Goodwill | 94,498 | |||||
Fair value of net assets acquired | 304,382 | |||||
Debt assumed | 0 | |||||
Redeemable noncontrolling interests | 0 | |||||
Purchase price | 304,382 | $ 304,400 | ||||
Asset Acquisition: | ||||||
Goodwill | 94,498 | |||||
Number of sites acquired | site | 891 | |||||
Other | Preliminary Allocation | ||||||
Business Combination: | ||||||
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 | |||||
Accounts payable | 12,100 | |||||
Asset Acquisition: | ||||||
Goodwill | 93,856 | |||||
Other | Tenant-related intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 105,557 | |||||
Other | Tenant-related intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 105,557 | |||||
Other | Tenant-related intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Other | Tenant-related intangible assets | Maximum | Preliminary Allocation | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Other | Network location intangible assets | ||||||
Business Combination: | ||||||
Intangibles assets | $ 83,645 | |||||
Other | Network location intangible assets | Preliminary Allocation | ||||||
Business Combination: | ||||||
Intangibles assets | $ 83,645 | |||||
Other | Network location intangible assets | Maximum | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years | |||||
Other | Network location intangible assets | Maximum | Preliminary Allocation | ||||||
Business Combination: | ||||||
Estimated useful lives | 20 years |
ACQUISITIONS - PRO FORMA INFORM
ACQUISITIONS - PRO FORMA INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||||
Pro forma revenues | $ 1,681,743 | $ 1,542,483 | $ 4,975,028 | $ 4,574,135 |
Pro forma net income attributable to American Tower Corporation common stockholders | $ 298,134 | $ 236,909 | $ 931,432 | $ 638,249 |
Pro forma net income per common share amounts: | ||||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.69 | $ 0.56 | $ 2.18 | $ 1.50 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 0.69 | $ 0.55 | $ 2.16 | $ 1.49 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Segment revenues | $ 1,680,766 | $ 1,514,845 | $ 4,959,438 | $ 4,246,119 | |
Segment operating expenses | 519,094 | 490,639 | 1,527,261 | 1,300,490 | |
Interest income, TV Azteca, net | 2,713 | 2,742 | 8,183 | 8,206 | |
Segment gross margin | 1,164,385 | 1,026,948 | 3,440,360 | 2,953,835 | |
Segment selling, general, administrative and development expense | 91,245 | 81,694 | 278,220 | 243,761 | |
Segment operating profit | 1,073,140 | 945,254 | 3,162,140 | 2,710,074 | |
Stock-based compensation expense | 24,463 | 20,226 | 86,423 | 70,212 | |
Other selling, general, administrative and development expense | 32,918 | 30,215 | 103,651 | 93,016 | |
Depreciation, amortization and accretion | 432,354 | 397,999 | 1,249,849 | 1,137,398 | |
Other expense | 215,309 | 211,042 | 607,478 | 577,271 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 368,096 | 285,772 | 1,114,739 | 832,177 | |
Total assets | 32,319,326 | 30,655,527 | 32,319,326 | 30,655,527 | $ 30,879,150 |
Operating Expense | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation expense | 700 | 600 | 2,400 | 1,900 | |
Selling General Administrative And Development Expense | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation expense | 23,798 | 19,628 | 84,034 | 68,309 | |
TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 2,713 | 2,742 | 8,183 | 8,206 | |
Operating Segments | Property | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,655,349 | 1,497,936 | 4,887,588 | 4,191,779 | |
Segment operating expenses | 510,675 | 485,099 | 1,502,776 | 1,279,061 | |
Segment gross margin | 1,147,387 | 1,015,579 | 3,392,995 | 2,920,924 | |
Segment selling, general, administrative and development expense | 87,614 | 78,968 | 267,996 | 234,773 | |
Segment operating profit | 1,059,773 | 936,611 | 3,124,999 | 2,686,151 | |
Total assets | 32,019,364 | 30,456,053 | 32,019,364 | 30,456,053 | |
Operating Segments | Property | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 2,713 | 2,742 | 8,183 | 8,206 | |
Operating Segments | Property | U.S. | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 904,181 | 837,002 | 2,693,361 | 2,518,426 | |
Segment operating expenses | 187,686 | 188,777 | 552,646 | 548,875 | |
Segment gross margin | 716,495 | 648,225 | 2,140,715 | 1,969,551 | |
Segment selling, general, administrative and development expense | 41,402 | 35,526 | 112,273 | 107,533 | |
Segment operating profit | 675,093 | 612,699 | 2,028,442 | 1,862,018 | |
Total assets | 18,638,997 | 18,837,629 | 18,638,997 | 18,837,629 | |
Operating Segments | Property | U.S. | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |
Operating Segments | Property | Asia | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 297,545 | 269,907 | 867,632 | 557,734 | |
Segment operating expenses | 164,908 | 154,139 | 482,302 | 315,074 | |
Segment gross margin | 132,637 | 115,768 | 385,330 | 242,660 | |
Segment selling, general, administrative and development expense | 12,408 | 15,030 | 49,474 | 36,376 | |
Segment operating profit | 120,229 | 100,738 | 335,856 | 206,284 | |
Total assets | 4,851,455 | 4,612,766 | 4,851,455 | 4,612,766 | |
Operating Segments | Property | Asia | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |
Operating Segments | Property | EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 155,438 | 130,664 | 465,473 | 395,066 | |
Segment operating expenses | 59,805 | 53,787 | 180,369 | 167,908 | |
Segment gross margin | 95,633 | 76,877 | 285,104 | 227,158 | |
Segment selling, general, administrative and development expense | 15,225 | 12,958 | 49,627 | 45,795 | |
Segment operating profit | 80,408 | 63,919 | 235,477 | 181,363 | |
Total assets | 3,137,629 | 2,120,592 | 3,137,629 | 2,120,592 | |
Operating Segments | Property | EMEA | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |
Operating Segments | Property | Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 298,185 | 260,363 | 861,122 | 720,553 | |
Segment operating expenses | 98,276 | 88,396 | 287,459 | 247,204 | |
Segment gross margin | 202,622 | 174,709 | 581,846 | 481,555 | |
Segment selling, general, administrative and development expense | 18,579 | 15,454 | 56,622 | 45,069 | |
Segment operating profit | 184,043 | 159,255 | 525,224 | 436,486 | |
Total assets | 5,391,283 | 4,885,066 | 5,391,283 | 4,885,066 | |
Operating Segments | Property | Latin America | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 2,713 | 2,742 | 8,183 | 8,206 | |
Operating Segments | Services | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 25,417 | 16,909 | 71,850 | 54,340 | |
Segment operating expenses | 8,419 | 5,540 | 24,485 | 21,429 | |
Segment gross margin | 16,998 | 11,369 | 47,365 | 32,911 | |
Segment selling, general, administrative and development expense | 3,631 | 2,726 | 10,224 | 8,988 | |
Segment operating profit | 13,367 | 8,643 | 37,141 | 23,923 | |
Total assets | 47,867 | 60,810 | 47,867 | 60,810 | |
Operating Segments | Services | TV Azteca | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |
Other | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation expense | 24,463 | 20,226 | 86,423 | 70,212 | |
Other selling, general, administrative and development expense | 32,918 | 30,215 | 103,651 | 93,016 | |
Depreciation, amortization and accretion | 432,354 | 397,999 | 1,249,849 | 1,137,398 | |
Other expense | 215,309 | 211,042 | 607,478 | 577,271 | |
Total assets | $ 252,095 | $ 138,664 | $ 252,095 | $ 138,664 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) concrete_pole in Thousands, $ in Thousands | Oct. 02, 2017USD ($)site | Dec. 31, 2017USD ($) | Dec. 31, 2017concrete_pole | Dec. 31, 2017route_miles_of_fiber | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Subsequent Event [Line Items] | ||||||
Total consideration | $ 554,967 | $ 475,174 | ||||
Borrowed under Credit Facility | $ 3,667,020 | $ 1,600,283 | ||||
Subsequent Event | 2013 Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Borrowed under Credit Facility | $ 445,000 | |||||
Subsequent Event | Mexico Acquisition | Scenario, Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Number of assets acquired (more than) | 50 | 2,100 | ||||
Percentage of interests acquired | 100.00% | 100.00% | 100.00% | |||
Purchase price | $ 500,000 | |||||
Subsequent Event | UST Acquisitions | United States | ||||||
Subsequent Event [Line Items] | ||||||
Number of assets acquired (more than) | site | 500 | |||||
Total consideration | $ 465,000 |