(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each Class | Trading Symbol(s) | Name of exchange on which registered | ||||||
| ||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page Nos. | |||||||||||
PART I. FINANCIAL INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 6. | |||||||||||
PART I. | FINANCIAL INFORMATION |
ITEM 1. | UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Prepaid and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
PROPERTY AND EQUIPMENT, net | ||||||||||||||
GOODWILL | ||||||||||||||
OTHER INTANGIBLE ASSETS, net | ||||||||||||||
DEFERRED TAX ASSET | ||||||||||||||
DEFERRED RENT ASSET | ||||||||||||||
RIGHT-OF-USE ASSET | ||||||||||||||
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | ||||||||||||||
TOTAL | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Distributions payable | ||||||||||||||
Accrued interest | ||||||||||||||
Current portion of operating lease liability | ||||||||||||||
Current portion of long-term obligations | ||||||||||||||
Unearned revenue | ||||||||||||||
Total current liabilities | ||||||||||||||
LONG-TERM OBLIGATIONS | ||||||||||||||
OPERATING LEASE LIABILITY | ||||||||||||||
ASSET RETIREMENT OBLIGATIONS | ||||||||||||||
DEFERRED TAX LIABILITY | ||||||||||||||
OTHER NON-CURRENT LIABILITIES | ||||||||||||||
Total liabilities | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS | ||||||||||||||
EQUITY (shares in thousands): | ||||||||||||||
Common stock: $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Distributions in excess of earnings | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury stock ( | ( | ( | ||||||||||||
Total American Tower Corporation equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
TOTAL | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
REVENUES: | ||||||||||||||
Property | $ | $ | ||||||||||||
Services | ||||||||||||||
Total operating revenues | ||||||||||||||
OPERATING EXPENSES: | ||||||||||||||
Costs of operations (exclusive of items shown separately below): | ||||||||||||||
Property | ||||||||||||||
Services | ||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||
Selling, general, administrative and development expense | ||||||||||||||
Other operating expenses | ||||||||||||||
Total operating expenses | ||||||||||||||
OPERATING INCOME | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||
Interest income | ||||||||||||||
Interest expense | ( | ( | ||||||||||||
Loss on retirement of long-term obligations | ( | ( | ||||||||||||
Other income (expense) (including foreign currency gains (losses) of $ | ( | |||||||||||||
Total other expense | ( | ( | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ||||||||||||||
Income tax provision | ( | ( | ||||||||||||
NET INCOME | ||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ | $ | ||||||||||||
NET INCOME PER COMMON SHARE AMOUNTS: | ||||||||||||||
Basic net income attributable to American Tower Corporation common stockholders | $ | $ | ||||||||||||
Diluted net income attributable to American Tower Corporation common stockholders | $ | $ | ||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands): | ||||||||||||||
BASIC | ||||||||||||||
DILUTED |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Changes in fair value of cash flow hedges, each net of tax expense of $ | ( | ( | ||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $ | ||||||||||||||
Foreign currency translation adjustments, each net of tax benefit of $( | ( | ( | ||||||||||||
Other comprehensive loss | ( | ( | ||||||||||||
Comprehensive income (loss) | ( | |||||||||||||
Allocation of accumulated other comprehensive income (loss) resulting from purchases of redeemable noncontrolling interests | ( | |||||||||||||
Comprehensive loss attributable to noncontrolling interests | ||||||||||||||
Comprehensive income (loss) attributable to American Tower Corporation stockholders | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Loss on early retirement of long-term obligations | ||||||||||||||
Other non-cash items reflected in statements of operations | ( | |||||||||||||
Increase in net deferred rent balances | ( | ( | ||||||||||||
Right-of-use asset and Operating lease liability, net | ||||||||||||||
Decrease (increase) in assets | ( | |||||||||||||
Increase in liabilities | ||||||||||||||
Cash provided by operating activities | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Payments for purchase of property and equipment and construction activities | ( | ( | ||||||||||||
Payments for acquisitions, net of cash acquired | ( | ( | ||||||||||||
Proceeds from sale of short-term investments and other non-current assets | ||||||||||||||
Deposits and other | ( | |||||||||||||
Cash used for investing activities | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Borrowings under credit facilities | ||||||||||||||
Proceeds from issuance of senior notes, net | ||||||||||||||
Proceeds from term loan | ||||||||||||||
Repayments of notes payable, credit facilities, senior notes, secured debt, term loan and finance leases | ( | ( | ||||||||||||
Distributions to noncontrolling interest holders, net | ( | ( | ||||||||||||
Purchases of common stock | ( | |||||||||||||
Proceeds from stock options | ||||||||||||||
Distributions paid on common stock | ( | ( | ||||||||||||
Payment for early retirement of long-term obligations | ( | ( | ||||||||||||
Deferred financing costs and other financing activities | ( | ( | ||||||||||||
Purchase of redeemable noncontrolling interest | ( | ( | ||||||||||||
Cash used for financing activities | ( | ( | ||||||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | ( | ( | ||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | ( | |||||||||||||
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | ||||||||||||||
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ | $ | ||||||||||||
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $ | $ | $ | ||||||||||||
CASH PAID FOR INTEREST | $ | $ | ||||||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||
Purchases of property and equipment under finance leases and perpetual easements | $ | $ | ||||||||||||
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities | $ | ( | $ | ( | ||||||||||
Settlement of third-party debt | $ | $ | ( | |||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 and 2021 | Issued Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2020 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock activity | — | — | ( | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2020 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interest | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, MARCH 31, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Three Months Ended March 31, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Total | ||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2020 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Total | ||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ |
As of | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Prepaid assets | $ | $ | ||||||||||||
Prepaid income tax | ||||||||||||||
Unbilled receivables | ||||||||||||||
Value added tax and other consumption tax receivables | ||||||||||||||
Other miscellaneous current assets | ||||||||||||||
Prepaid and other current assets | $ | $ |
Fiscal Year | Amount (1) | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ |
As of | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Operating leases: | ||||||||||||||
Right-of-use asset | $ | $ | ||||||||||||
Current portion of lease liability | $ | $ | ||||||||||||
Lease liability | ||||||||||||||
Total operating lease liability | $ | $ | ||||||||||||
As of | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Operating leases: | ||||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average incremental borrowing rate | % | % | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating lease cost | $ | $ | ||||||||||||
Variable lease costs not included in lease liability (1) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | ||||||||||
Non-cash items: | ||||||||||||||
New operating leases (1) | $ | $ | ||||||||||||
Operating lease modifications and reassessments | $ | $ |
Fiscal Year | Operating Lease (1) | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less amounts representing interest | ( | |||||||
Total lease liability | ||||||||
Less current portion of lease liability | ||||||||
Non-current lease liability | $ |
Property | Services | Total | ||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | ||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Additions and adjustments (1) | ( | |||||||||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | $ | $ | $ |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives (years) | Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||||||||||
Acquired network location intangibles (1) | Up to | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Acquired tenant-related intangibles | Up to | ( | ( | ||||||||||||||||||||||||||||||||||||||
Acquired licenses and other intangibles | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Fiscal Year | Amount | |||||||
Remainder of 2021 | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 |
As of | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Accrued construction costs | $ | $ | ||||||||||||
Accrued income tax payable | ||||||||||||||
Accrued pass-through costs | ||||||||||||||
Amounts payable for acquisitions | ||||||||||||||
Amounts payable to tenants | ||||||||||||||
Accrued property and real estate taxes | ||||||||||||||
Accrued rent | ||||||||||||||
Payroll and related withholdings | ||||||||||||||
Other accrued expenses | ||||||||||||||
Total accrued expenses | $ | $ |
As of | |||||||||||||||||
March 31, 2021 | December 31, 2020 | Maturity Date | |||||||||||||||
2020 Term Loan (1) (2) | $ | $ | N/A | ||||||||||||||
2021 Multicurrency Credit Facility (1) | June 28, 2024 | ||||||||||||||||
2019 Term Loan (1) | January 31, 2025 | ||||||||||||||||
2021 Credit Facility (1) | January 31, 2026 | ||||||||||||||||
January 15, 2022 | |||||||||||||||||
March 15, 2022 | |||||||||||||||||
January 31, 2023 | |||||||||||||||||
June 15, 2023 | |||||||||||||||||
January 15, 2024 | |||||||||||||||||
February 15, 2024 | |||||||||||||||||
May 15, 2024 | |||||||||||||||||
January 15, 2025 | |||||||||||||||||
March 15, 2025 | |||||||||||||||||
April 4, 2025 | |||||||||||||||||
June 1, 2025 | |||||||||||||||||
September 15, 2025 | |||||||||||||||||
February 15, 2026 | |||||||||||||||||
April 15, 2026 | |||||||||||||||||
May 22, 2026 | |||||||||||||||||
October 15, 2026 | |||||||||||||||||
January 15, 2027 | |||||||||||||||||
January 15, 2027 | |||||||||||||||||
July 15, 2027 | |||||||||||||||||
January 15, 2028 | |||||||||||||||||
January 15, 2028 | |||||||||||||||||
January 31, 2028 | |||||||||||||||||
March 15, 2029 | |||||||||||||||||
August 15, 2029 | |||||||||||||||||
January 15, 2030 | |||||||||||||||||
June 15, 2030 | |||||||||||||||||
October 15, 2030 | |||||||||||||||||
April 15, 2031 | |||||||||||||||||
January 15, 2032 | |||||||||||||||||
October 15, 2049 | |||||||||||||||||
June 15, 2050 | |||||||||||||||||
January 15, 2051 | |||||||||||||||||
Total American Tower Corporation debt | |||||||||||||||||
Series 2013-2A securities (4) | March 15, 2023 | ||||||||||||||||
Series 2018-1A securities (4) | March 15, 2028 | ||||||||||||||||
Series 2015-2 notes (5) | June 16, 2025 | ||||||||||||||||
InSite Debt (6) | N/A | ||||||||||||||||
Other subsidiary debt (7) | Various | ||||||||||||||||
Total American Tower subsidiary debt | |||||||||||||||||
Finance lease obligations | |||||||||||||||||
Total | |||||||||||||||||
Less current portion of long-term obligations | ( | ( | |||||||||||||||
Long-term obligations | $ | $ |
Senior Notes | Aggregate Principal Amount (in millions) | Issue Date and Interest Accrual Date | Maturity Date | Contractual Interest Rate | First Interest Payment | Interest Payments Due (1) | Par Call Date (2) | |||||||||||||||||||||||||||||||||||||
$ | March 29, 2021 | April 15, 2026 | % | October 15, 2021 | April 15 and October 15 | March 15, 2026 | ||||||||||||||||||||||||||||||||||||||
$ | March 29, 2021 | April 15, 2031 | % | October 15, 2021 | April 15 and October 15 | January 15, 2031 |
Outstanding Principal Balance (in millions) | Undrawn letters of credit (in millions) | Maturity Date | Current margin over LIBOR or EURIBOR (1) | Current commitment fee (2) | |||||||||||||||||||||||||
2021 Multicurrency Credit Facility | $ | $ | June 28, 2024 | (3) | % | % | |||||||||||||||||||||||
2021 Credit Facility | $ | $ | January 31, 2026 | (3) | % | % | |||||||||||||||||||||||
2019 Term Loan | $ | N/A | January 31, 2025 | % | N/A | ||||||||||||||||||||||||
2021 364-Day Delayed Draw Term Loan | N/A | N/A | (4) | % | % | ||||||||||||||||||||||||
2021 Three Year Delayed Draw Term Loan | N/A | N/A | (4) | % | % | ||||||||||||||||||||||||
Bridge Loan Commitment (5) | N/A | N/A | (5) | % | % |
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. |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | $ | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | $ | ||||||||||||||||||||||||||||||||||||
Fair value of debt related to interest rate swap agreements (1) | $ | $ | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Penalties and income tax-related interest expense | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 (1) | 2020 (2) | |||||||||||||
Stock-based compensation expense | $ | $ | ||||||||||||
Total stock-based compensation expense | $ | $ | ||||||||||||
Number of Options | ||||||||
Outstanding as of January 1, 2021 | ||||||||
Exercised | ( | |||||||
Forfeited | ||||||||
Expired | ||||||||
Outstanding as of March 31, 2021 |
RSUs | PSUs | ||||||||||
Outstanding as of January 1, 2021 (1) | |||||||||||
Granted (2) | |||||||||||
Vested and Released (3) | ( | ( | |||||||||
Forfeited | ( | ||||||||||
Outstanding as of March 31, 2021 | |||||||||||
Vested and deferred as of March 31, 2021 (4) |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Balance as of January 1, | $ | $ | ||||||||||||
Net income attributable to noncontrolling interests | ||||||||||||||
Adjustment to noncontrolling interest redemption value | ( | |||||||||||||
Purchase of redeemable noncontrolling interest | ( | ( | ||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interests | ( | ( | ||||||||||||
Balance as of March 31, | $ | $ |
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (1) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
March 4, 2021 | April 29, 2021 | April 13, 2021 | $ | $ | ||||||||||||||||||||||
December 3, 2020 | February 2, 2021 | December 28, 2020 | $ | $ | ||||||||||||||||||||||
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (1) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
March 12, 2020 | April 29, 2020 | April 14, 2020 | $ | $ | ||||||||||||||||||||||
December 11, 2019 | January 14, 2020 | December 27, 2019 | $ | $ | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income attributable to American Tower Corporation common stockholders | $ | $ | ||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||
Dilutive securities | ||||||||||||||
Diluted weighted average common shares outstanding | ||||||||||||||
Basic net income attributable to American Tower Corporation common stockholders per common share | $ | $ | ||||||||||||
Diluted net income attributable to American Tower Corporation common stockholders per common share | $ | $ | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Restricted stock units | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Acquisition and merger related expenses | $ | $ | ||||||||||||
Integration costs | $ | $ |
Allocation (1) | ||||||||
Current assets | $ | |||||||
Property and equipment | ||||||||
Intangible assets (2): | ||||||||
Tenant-related intangible assets | ||||||||
Network location intangible assets | ||||||||
Other intangible assets | ||||||||
Other non-current assets | ||||||||
Current liabilities | ( | |||||||
Deferred tax liability | ||||||||
Other non-current liabilities | ( | |||||||
Net assets acquired | ||||||||
Goodwill | ||||||||
Fair value of net assets acquired | ||||||||
Debt assumed | ||||||||
Purchase price | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Pro forma revenues | $ | $ | |||||||||
Pro forma net income attributable to American Tower Corporation common stockholders | $ | $ | |||||||||
Pro forma net income per common share amounts: | |||||||||||
Basic net income attributable to American Tower Corporation common stockholders | $ | $ | |||||||||
Diluted net income attributable to American Tower Corporation common stockholders | $ | $ |
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | |||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general, administrative and development expense (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general, administrative and development expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | |||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general, administrative and development expense (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general, administrative and development expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Number of Owned Towers | Number of Operated Towers (1) | Number of Owned DAS Sites | ||||||||||||||||||
U.S. & Canada: | ||||||||||||||||||||
Canada | 211 | — | — | |||||||||||||||||
United States | 27,140 | 15,430 | 441 | |||||||||||||||||
U.S. & Canada total | 27,351 | 15,430 | 441 | |||||||||||||||||
Asia-Pacific: (2) | ||||||||||||||||||||
India | 75,258 | — | 1,018 | |||||||||||||||||
Asia-Pacific total | 75,258 | — | 1,018 | |||||||||||||||||
Africa: | ||||||||||||||||||||
Burkina Faso | 707 | — | — | |||||||||||||||||
Ghana | 3,323 | 663 | 28 | |||||||||||||||||
Kenya | 2,590 | — | 9 | |||||||||||||||||
Niger | 719 | — | — | |||||||||||||||||
Nigeria | 6,030 | — | — | |||||||||||||||||
South Africa | 2,837 | — | — | |||||||||||||||||
Uganda | 3,454 | — | 12 | |||||||||||||||||
Africa total | 19,660 | 663 | 49 | |||||||||||||||||
Europe: | ||||||||||||||||||||
France | 2,776 | 309 | 9 | |||||||||||||||||
Germany | 2,221 | — | — | |||||||||||||||||
Poland | 27 | — | — | |||||||||||||||||
Europe total | 5,024 | 309 | 9 | |||||||||||||||||
Latin America: | ||||||||||||||||||||
Argentina | 125 | — | 10 | |||||||||||||||||
Brazil | 16,793 | 2,167 | 104 | |||||||||||||||||
Chile | 3,054 | — | 23 | |||||||||||||||||
Colombia | 4,986 | — | 4 | |||||||||||||||||
Costa Rica | 669 | — | 2 | |||||||||||||||||
Mexico | 9,535 | 186 | 92 | |||||||||||||||||
Paraguay | 1,431 | — | — | |||||||||||||||||
Peru | 1,943 | 441 | — | |||||||||||||||||
Latin America total | 38,536 | 2,794 | 235 | |||||||||||||||||
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Property | ||||||||||||||||||||
U.S. & Canada | $ | 1,231.3 | $ | 1,089.9 | 13 | % | ||||||||||||||
Asia-Pacific | 281.4 | 286.6 | (2) | |||||||||||||||||
Africa | 235.7 | 225.5 | 5 | |||||||||||||||||
Europe | 44.6 | 34.5 | 29 | |||||||||||||||||
Latin America | 336.7 | 336.7 | 0 | |||||||||||||||||
Total property | 2,129.7 | 1,973.2 | 8 | |||||||||||||||||
Services | 28.8 | 19.9 | 45 | |||||||||||||||||
Total revenues | $ | 2,158.5 | $ | 1,993.1 | 8 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Property | ||||||||||||||||||||
U.S. & Canada | $ | 1,033.4 | $ | 899.9 | 15 | % | ||||||||||||||
Asia-Pacific | 105.9 | 122.6 | (14) | |||||||||||||||||
Africa | 154.8 | 147.8 | 5 | |||||||||||||||||
Europe | 36.8 | 27.9 | 32 | |||||||||||||||||
Latin America | 235.5 | 231.5 | 2 | |||||||||||||||||
Total property | 1,566.4 | 1,429.7 | 10 | |||||||||||||||||
Services | 17.8 | 12.3 | 45 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Property | ||||||||||||||||||||
U.S. & Canada | $ | 39.3 | $ | 42.0 | (6) | % | ||||||||||||||
Asia-Pacific | 7.1 | 32.6 | (78) | |||||||||||||||||
Africa | 18.9 | 17.1 | 11 | |||||||||||||||||
Europe | 5.6 | 5.5 | 2 | |||||||||||||||||
Latin America | 23.3 | 26.6 | (12) | |||||||||||||||||
Total property | 94.2 | 123.8 | (24) | |||||||||||||||||
Services | 4.2 | 3.5 | 20 | |||||||||||||||||
Other | 84.2 | 90.5 | (7) | |||||||||||||||||
Total selling, general, administrative and development expense | $ | 182.6 | $ | 217.8 | (16) | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Property | ||||||||||||||||||||
U.S. & Canada | $ | 994.1 | $ | 857.9 | 16 | % | ||||||||||||||
Asia-Pacific | 98.8 | 90.0 | 10 | |||||||||||||||||
Africa | 135.9 | 130.7 | 4 | |||||||||||||||||
Europe | 31.2 | 22.4 | 39 | |||||||||||||||||
Latin America | 212.2 | 204.9 | 4 | |||||||||||||||||
Total property | 1,472.2 | 1,305.9 | 13 | |||||||||||||||||
Services | 13.6 | 8.8 | 55 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Depreciation, amortization and accretion | $ | 522.5 | $ | 472.3 | 11 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Other operating expenses | $ | 50.4 | $ | 14.2 | 255 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Total other expense | $ | 126.1 | $ | 297.1 | (58) | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Income tax provision | $ | 50.3 | $ | 21.1 | 138 | % | ||||||||||||||
Effective tax rate | 7.2 | % | 4.8 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net income | $ | 652.3 | $ | 418.6 | 56 | % | ||||||||||||||
Income tax provision | 50.3 | 21.1 | 138 | |||||||||||||||||
Other (income) expense | (95.2) | 63.8 | (249) | |||||||||||||||||
Loss on retirement of long-term obligations | 25.7 | 34.6 | (26) | |||||||||||||||||
Interest expense | 207.0 | 208.8 | (1) | |||||||||||||||||
Interest income | (11.4) | (10.1) | 13 | |||||||||||||||||
Other operating expenses | 50.4 | 14.2 | 255 | |||||||||||||||||
Depreciation, amortization and accretion | 522.5 | 472.3 | 11 | |||||||||||||||||
Stock-based compensation expense | 38.0 | 47.7 | (20) | |||||||||||||||||
Adjusted EBITDA | $ | 1,439.6 | $ | 1,271.0 | 13 | % |
Three Months Ended March 31, | Percent Increase (Decrease) | |||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Net income | $ | 652.3 | $ | 418.6 | 56 | % | ||||||||||||||
Real estate related depreciation, amortization and accretion | 467.0 | 419.5 | 11 | |||||||||||||||||
Losses from sale or disposal of real estate and real estate related impairment charges (1) | 6.2 | 7.5 | (17) | |||||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | (20.1) | (26.4) | (24) | |||||||||||||||||
Nareit FFO attributable to American Tower Corporation common stockholders | $ | 1,105.4 | $ | 819.2 | 35 | % | ||||||||||||||
Straight-line revenue | (119.9) | (56.2) | 113 | |||||||||||||||||
Straight-line expense | 15.0 | 12.7 | 18 | |||||||||||||||||
Stock-based compensation expense | 38.0 | 47.7 | (20) | |||||||||||||||||
Deferred portion of income tax | 44.5 | (14.0) | (418) | |||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 55.5 | 52.8 | 5 | |||||||||||||||||
Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges | 8.6 | 7.9 | 9 | |||||||||||||||||
Payment of shareholder loan interest (2) | — | (63.3) | (100) | |||||||||||||||||
Other (income) expense (3) | (95.2) | 63.8 | (249) | |||||||||||||||||
Loss on retirement of long-term obligations | 25.7 | 34.6 | (26) | |||||||||||||||||
Other operating expense (4) | 44.2 | 6.7 | 560 | |||||||||||||||||
Capital improvement capital expenditures | (18.4) | (30.3) | (39) | |||||||||||||||||
Corporate capital expenditures | (0.9) | (1.4) | (36) | |||||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | 20.1 | 26.4 | (24) | |||||||||||||||||
Consolidated AFFO | $ | 1,122.6 | $ | 906.6 | 24 | % | ||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests (5) | (22.8) | 38.8 | (159) | % | ||||||||||||||||
AFFO attributable to American Tower Corporation common stockholders | $ | 1,099.8 | $ | 945.4 | 16 | % |
As of March 31, 2021 | |||||
Available under the 2021 Multicurrency Credit Facility | $ | 3,830.0 | |||
Available under the 2021 Credit Facility | 555.0 | ||||
Letters of credit | (4.6) | ||||
Total available under credit facilities, net | $ | 4,380.4 | |||
Cash and cash equivalents | 1,913.6 | ||||
Total liquidity (1) | $ | 6,294.0 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 1,092.7 | $ | 800.0 | |||||||
Investing activities | (438.7) | (253.4) | |||||||||
Financing activities | (480.0) | (606.0) | |||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | (42.1) | (118.3) | |||||||||
Net increase in cash and cash equivalents, and restricted cash | $ | 131.9 | $ | (177.7) |
Discretionary capital projects (1) | $ | 175.7 | |||
Ground lease purchases (2) | 48.8 | ||||
Capital improvements and corporate expenditures (3) | 19.3 | ||||
Redevelopment | 41.3 | ||||
Start-up capital projects | 49.4 | ||||
Total capital expenditures (4) | $ | 334.5 |
Discretionary capital projects (1) | $ | 475 | to | $ | 505 | ||||||
Ground lease purchases | $ | 245 | to | $ | 265 | ||||||
Capital improvements and corporate expenditures | $ | 165 | to | $ | 175 | ||||||
Redevelopment | $ | 290 | to | $ | 310 | ||||||
Start-up capital projects | $ | 200 | to | $ | 220 | ||||||
Total capital expenditures | $ | 1,375 | to | $ | 1,475 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Proceeds from issuance of senior notes, net | $ | 1,398.1 | $ | 1,496.0 | |||||||
Proceeds from credit facilities, net | 320.0 | 86.8 | |||||||||
Proceeds from term loan | — | 750.0 | |||||||||
Repayments of term loan | (750.0) | (1,000.0) | |||||||||
Repayments of securitized debt (1) | (763.5) | — | |||||||||
Repayments of senior notes | — | (500.0) | |||||||||
Distributions to noncontrolling interest holders, net | (8.1) | (13.5) | |||||||||
Purchase of redeemable noncontrolling interest (2) | (2.5) | (524.4) | |||||||||
Distributions paid on common stock | (544.9) | (454.9) | |||||||||
Purchases of common stock | — | (39.7) |
Senior Notes | Aggregate Principal Amount (in millions) | Issue Date and Interest Accrual Date | Maturity Date | Contractual Interest Rate | First Interest Payment | Interest Payments Due (1) | Par Call Date (2) | |||||||||||||||||||||||||||||||||||||
1.600% Notes | $ | 700.0 | March 29, 2021 | April 15, 2026 | 1.600 | % | October 15, 2021 | April 15 and October 15 | March 15, 2026 | |||||||||||||||||||||||||||||||||||
2.700% Notes | $ | 700.0 | March 29, 2021 | April 15, 2031 | 2.700 | % | October 15, 2021 | April 15 and October 15 | January 15, 2031 | |||||||||||||||||||||||||||||||||||
Bank Facility | Outstanding Principal Balance ($ in millions) | Maturity Date | LIBOR or EURIBOR borrowing interest rate range (3) | Base rate borrowing interest rate range (3) | Current margin over LIBOR or EURIBOR and the base rate, respectively | ||||||||||||||||||
2021 Multicurrency Credit Facility | (1) | $ | 270.0 | June 28, 2024 | (4) | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||
2021 Credit Facility | (1) | $ | 2,345.0 | January 31, 2026 | (4) | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||
2019 Term Loan | (1) | $ | 1,000.0 | January 31, 2025 | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | ||||||||||||||||
2021 364-Day Delayed Draw Term Loan | (2) | — | N/A | (5) | 0.750% - 1.500% | 0.000% - 0.500% | 1.000% and 0.000% | ||||||||||||||||
2021 Three Year Delayed Draw Term Loan | (2) | — | N/A | (5) | 0.875% - 1.625% | 0.000% - 0.625% | 1.125% and 0.125% | ||||||||||||||||
Bridge Loan Commitment | (2) (6) | — | N/A | (6) | 0.875% - 1.750% | N/A | 1.125% and N/A | ||||||||||||||||
Compliance Tests For The 12 Months Ended March 31, 2021 ($ in billions) | ||||||||||||||||||||
Ratio (1) | Additional Debt Capacity Under Covenants (2) | Capacity for Adjusted EBITDA Decrease Under Covenants (3) | ||||||||||||||||||
Consolidated Total Leverage Ratio | Total Debt to Adjusted EBITDA ≤ 6.00:1.00 | ~ $3.5 | ~ $0.6 | |||||||||||||||||
Consolidated Senior Secured Leverage Ratio | Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 | ~ $13.9 (4) | ~ $4.6 | |||||||||||||||||
Issuer or Borrower | Notes/Securities Issued | Conditions Limiting Distributions of Excess Cash | Excess Cash Distributed During the Three Months Ended March, 31, 2021 | DSCR as of March 31, 2021 | Capacity for Decrease in Net Cash Flow Before Triggering Cash Trap DSCR (1) | Capacity for Decrease in Net Cash Flow Before Triggering Minimum DSCR (1) | ||||||||||||||||||||
Cash Trap DSCR | Amortization Period | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||
2015 Securitization | GTP Acquisition Partners | American Tower Secured Revenue Notes, Series 2015-2 | 1.30x, Tested Quarterly (2) | (3)(4) | $74.0 | 16.70x | $283.4 | $286.2 | ||||||||||||||||||
Trust Securitizations | AMT Asset Subs | Secured Tower Revenue Securities, Series 2013-2A, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R | 1.30x, Tested Quarterly (2) | (3)(5) | $107.6 | 10.85x | $570.9 | $579.8 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 6. | EXHIBITS |
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
3.1 | 8-K | 001-14195 | January 3, 2012 | 3.1 | ||||||||||||||||||||||||||||
3.2 | 8-K | 001-14195 | January 3, 2012 | 3.2 | ||||||||||||||||||||||||||||
3.3 | 8-K | 001-14195 | February 16, 2016 | 3.1 | ||||||||||||||||||||||||||||
4.1 | 8-K | 001-14195 | March 29, 2021 | 4.1 | ||||||||||||||||||||||||||||
10.1 | 10-K | 001-14195 | February 25, 2021 | 10.29 | ||||||||||||||||||||||||||||
10.2 | 10-K | 001-14195 | February 25, 2021 | 10.30 | ||||||||||||||||||||||||||||
10.3 | 10-K | 001-14195 | February 25, 2021 | 10.32 | ||||||||||||||||||||||||||||
10.4 | 10-K | 001-14195 | February 25, 2021 | 10.41 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
10.5 | 10-K | 001-14195 | February 25, 2021 | 10.42 | ||||||||||||||||||||||||||||
10.6 | 10-K | 001-14195 | February 25, 2021 | 10.43 | ||||||||||||||||||||||||||||
10.7 | 10-K | 001-14195 | February 25, 2021 | 10.44 | ||||||||||||||||||||||||||||
10.8 | 10-K | 001-14195 | February 25, 2021 | 10.45 | ||||||||||||||||||||||||||||
31.1 | Filed herewith as Exhibit 31.1 | — | — | — | ||||||||||||||||||||||||||||
31.2 | Filed herewith as Exhibit 31.2 | — | — | — | ||||||||||||||||||||||||||||
32 | Filed herewith as Exhibit 32 | — | — | — | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith as Exhibit 101 | — | — | — | |||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition | |||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | — | — | — | — |
AMERICAN TOWER CORPORATION | ||||||||||||||
Date: April 29, 2021 | By: | /S/ RODNEY M. SMITH | ||||||||||||
Rodney M. Smith Executive Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) |
Date: April 29, 2021 | By: | /S/ THOMAS A. BARTLETT | |||||||||||||||
Thomas A. Bartlett | |||||||||||||||||
President and Chief Executive Officer |
Date: April 29, 2021 | By: | /S/ RODNEY M. SMITH | |||||||||||||||
Rodney M. Smith | |||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
Date: April 29, 2021 | By: | /S/ THOMAS A. BARTLETT | ||||||||||||||||||
Thomas A. Bartlett | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
Date: April 29, 2021 | By: | /S/ RODNEY M. SMITH | ||||||||||||||||||
Rodney M. Smith | ||||||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 455,708,000 | 455,245,000 |
Common stock, shares outstanding (in shares) | 444,793,000 | 444,330,000 |
Treasury stock, shares (in shares) | 10,915,000 | 10,915,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Income Statement [Abstract] | ||
Foreign currency (losses) gains | $ 94.7 | $ (65.5) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 652.3 | $ 418.6 |
Other comprehensive income (loss): | ||
Changes in fair value of cash flow hedges, each net of tax expense of $0 | (0.0) | (0.0) |
Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $0 | 0.0 | 0.0 |
Foreign currency translation adjustments, each net of tax benefit of $(0.0) | (323.7) | (1,343.5) |
Other comprehensive loss | (323.7) | (1,343.5) |
Comprehensive income (loss) | 328.6 | (924.9) |
Allocation of accumulated other comprehensive income (loss) resulting from purchases of redeemable noncontrolling interests | 0.1 | (142.2) |
Comprehensive loss attributable to noncontrolling interests | 14.1 | 34.0 |
Comprehensive income (loss) attributable to American Tower Corporation stockholders | $ 342.8 | $ (1,033.1) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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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) | $ (0.0) | $ (0.0) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Statement of Cash Flows [Abstract] | ||
Income tax refunds | $ 24.8 | $ 0.1 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated and condensed consolidated financial statements have been prepared by American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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, 2020 (the “2020 Form 10-K”). The results of operations for the three months ended March 31, 2021 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 method or as investments in equity securities, 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 March 31, 2021, the Company holds (i) a 51% controlling interest in ATC Europe B.V. (“ATC Europe”), a joint venture that primarily consists of the Company’s operations in France, Germany and Poland (PGGM holds a 49% noncontrolling interest) and (ii) a 92% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly Viom Networks Limited (“Viom”), in India. Reportable Segments— During the fourth quarter of 2020, as a result of the Company’s acquisition of InSite Wireless Group, LLC (“InSite,” and the acquisition, the “InSite Acquisition”), the Company updated its reportable segments to rename U.S. property and Asia property to U.S. & Canada property and Asia-Pacific property, respectively. The Company continues to report its results in six segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property and services, which are discussed further in note 15. The change in reportable segment names is solely reflective of the inclusion of Canada and Australia in the Company’s business operations, as a result of the InSite Acquisition, and had no impact on the Company’s consolidated financial statements or historical segment financial information for any prior periods. Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2020 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2021. Cash and Cash Equivalents and Restricted Cash—The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statement of cash flows is as follows:
Revenue—The Company’s revenue is derived from leasing the right to use its communications sites and the land on which the sites are located (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and supporting the tenants’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to distributed antenna system (“DAS”) networks and fiber and other related assets results from agreements with tenants that are not leases. Non-lease revenue—Non-lease revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements require that the Company provide the tenant the right to use the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. There were no material changes in the receivables, contract assets and contract liabilities from contracts with tenants for the three months ended March 31, 2021. Services revenue—The Company offers tower-related services in the United States. These services include site application, zoning and permitting (“AZP”) and structural analysis. There is a single performance obligation related to AZP and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural analysis services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed. A summary of revenue disaggregated by source and geography is as follows:
Accounting Standards Updates In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance to provide optional expedients and exceptions for applying accounting principles generally accepted in the United States to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. In January 2021, the FASB issued additional guidance that clarifies that certain practical expedients and exceptions for contract modifications and hedge accounting apply to derivatives that are affected by reference rate reform. As of March 31, 2021, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements.
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PREPAID AND OTHER CURRENT ASSETS |
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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:
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LEASES |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the three months ended March 31, 2021, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2020 Form 10-K. As of March 31, 2021, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor— Historically, the Company has been able to successfully renew its ground leases as needed to ensure continuation of its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2020 Form 10-K. There were no material impairments recorded related to these assets during the three months ended March 31, 2021 and 2020. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2021, operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the three months ended March 31, 2021, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee. There were no material changes in finance lease assets and liabilities during the three months ended March 31, 2021. Information about other lease-related balances is as follows:
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost:
_______________ (1)Includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
_______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions. As of March 31, 2021, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
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LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the three months ended March 31, 2021, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2020 Form 10-K. As of March 31, 2021, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor— Historically, the Company has been able to successfully renew its ground leases as needed to ensure continuation of its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2020 Form 10-K. There were no material impairments recorded related to these assets during the three months ended March 31, 2021 and 2020. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2021, operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the three months ended March 31, 2021, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee. There were no material changes in finance lease assets and liabilities during the three months ended March 31, 2021. Information about other lease-related balances is as follows:
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost:
_______________ (1)Includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
_______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions. As of March 31, 2021, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
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LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications site or ground space underneath a communications site for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the three months ended March 31, 2021, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2020 Form 10-K. As of March 31, 2021, the Company does not have any material related party leases as either a lessor or a lessee. To the extent there are any intercompany leases, these are eliminated in consolidation. Lessor— Historically, the Company has been able to successfully renew its ground leases as needed to ensure continuation of its tower revenue. Accordingly, the Company assumes that it will have access to the land underneath its tower sites when calculating future minimum rental receipts. Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. Lessee—The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1 to the Company’s consolidated financial statements included in the 2020 Form 10-K. There were no material impairments recorded related to these assets during the three months ended March 31, 2021 and 2020. The Company leases certain land and office space under operating leases and land and improvements, towers and vehicles under finance leases. As of March 31, 2021, operating lease assets were included in Right-of-use asset and finance lease assets were included in Property and equipment, net in the consolidated balance sheet. During the three months ended March 31, 2021, there were no material changes in the terms and provisions of the Company’s operating leases in which the Company is a lessee. There were no material changes in finance lease assets and liabilities during the three months ended March 31, 2021. Information about other lease-related balances is as follows:
The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost:
_______________ (1)Includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
_______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions. As of March 31, 2021, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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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:
_______________ (1)Consists of an aggregate of $21.3 million of measurement period adjustments related to the InSite Acquisition. The Company’s other intangible assets subject to amortization consisted of the following:
_______________ (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, generally 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 March 31, 2021, the remaining weighted average amortization period of the Company’s intangible assets was 15 years. Amortization of intangible assets for the three months ended March 31, 2021 and 2020 was $253.4 million and $217.5 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:
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ACCRUED EXPENSES |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following:
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LONG-TERM OBLIGATIONS |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT 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:
_______________ (1)Accrues interest at a variable rate. (2)Repaid in full on February 5, 2021 using borrowings from the 2021 Multicurrency Credit Facility (as defined below) and cash on hand. (3)Notes are denominated in Euros (“EUR”). (4)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (5)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (6)Debt entered into by certain InSite subsidiaries acquired in connection with the InSite Acquisition (the “InSite Debt”). On January 15, 2021, all amounts outstanding under the InSite Debt were repaid. (7)Includes (a) the Colombian credit facility, which is denominated in Colombian Pesos (“COP”) and amortizes through April 24, 2021, (b) debt entered into by the Company’s Kenyan subsidiary in connection with an acquisition of sites in Kenya, which is denominated in U.S. Dollars (“USD”) and is payable either (i) in future installments subject to the satisfaction of specified conditions or (ii) three years from the note origination date, and (c) U.S. subsidiary debt related to a seller-financed acquisition. Current portion of long-term obligations—The Company’s current portion of long-term obligations primarily includes (i) $600.0 million aggregate principal amount of 2.250% senior unsecured notes due January 15, 2022 and (ii) $700.0 million aggregate principal amount of 4.70% senior unsecured notes due March 15, 2022. 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 service 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. Repayment of InSite Debt—The InSite Debt included securitizations entered into by certain InSite subsidiaries. The Company acquired this debt in connection with the InSite Acquisition. The InSite Debt was recorded at fair value upon acquisition. On January 15, 2021, the Company repaid the entire amount outstanding under the InSite Debt, plus accrued and unpaid interest up to, but excluding, January 15, 2021, for an aggregate redemption price of $826.4 million, including $2.3 million in accrued and unpaid interest. The Company recorded a loss on retirement of long-term obligations of approximately $25.7 million, which includes prepayment consideration partially offset by the unamortized fair value adjustment recorded upon acquisition. The repayment of the InSite Debt was funded with borrowings under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility (as defined below) and cash on hand. Offerings of Senior Notes 1.600% Senior Notes and 2.700% Senior Notes Offering—On March 29, 2021, the Company completed a registered public offering of $700.0 million aggregate principal amount of 1.600% senior unsecured notes due 2026 (the “1.600% Notes”) and $700.0 million aggregate principal amount of 2.700% senior unsecured notes due 2031 (the “2.700% Notes” and, together with the 1.600% Notes, the “Notes”). The net proceeds from this offering were approximately $1,386.3 million, after deducting commissions and estimated expenses. The Company used all of the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility. The key terms of the Notes are as follows:
___________ (1)Accrued and unpaid interest is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. (2)The Company may redeem the 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 Notes on or after the par call date, the Company will not be required to pay a make-whole premium. If the Company undergoes a change of control and corresponding ratings decline, each as defined in the supplemental indenture for the Notes, the Company may be required to repurchase all of the 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 indenture contains 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 indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA, as defined in the applicable supplemental indenture. Bank Facilities Amendments to Bank Facilities—On February 10, 2021, the Company amended and restated its senior unsecured multicurrency revolving credit facility (as amended, the “2021 Multicurrency Credit Facility”) and its senior unsecured revolving credit facility (as amended, the “2021 Credit Facility”) and entered into an amendment agreement with respect to its $1.0 billion unsecured term loan, as amended and restated in December 2019 (as amended, the “2019 Term Loan”). These amendments, among other things, i.extend the maturity dates by one year to June 28, 2024 and January 31, 2026 for the 2021 Multicurrency Credit Facility and the 2021 Credit Facility, respectively, ii.increase the commitments under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility to $4.1 billion and $2.9 billion, respectively, of which 1.3 billion EUR borrowed under the 2021 Multicurrency Credit Facility is to be reserved to finance the Pending Telxius Acquisition (as defined in note 14), iii.increase the maximum Revolving Loan Commitments, after giving effect to any Incremental Commitments (each as defined in the loan agreements for each of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility) to $6.1 billion and $4.4 billion under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility, respectively, iv.expand the sublimit for multicurrency borrowings under the 2021 Multicurrency Credit Facility from $1.0 billion to $3.0 billion and add a EUR borrowing option for the 2021 Credit Facility with a $1.5 billion sublimit, v.amend the limitation of the Company’s permitted ratio of Total Debt to Adjusted EBITDA (each as defined in each of the loan agreements for each of the facilities) to be no greater than 7.50 to 1.00 for the four fiscal quarters following the consummation of the Pending Telxius Acquisition, stepping down to 6.00 to 1.00 thereafter (with a further step up to 7.00 to 1.00 if the Company consummates a Qualified Acquisition (as defined in each of the loan agreements for the facilities)), vi.amend the limitation on indebtedness of, and guaranteed by, the Company’s subsidiaries to the greater of (a) $3.0 billion and (b) 50% of Adjusted EBITDA (as defined in each of the loan agreements for the facilities) of the Company and its subsidiaries on a consolidated basis and vii.increase the threshold for certain defaults with respect to judgments, attachments or acceleration of indebtedness from $400.0 million to $500.0 million. 2021 Multicurrency Credit Facility—During the three months ended March 31, 2021, the Company borrowed an aggregate of $1.8 billion and repaid an aggregate of $1.6 billion of revolving indebtedness under the 2021 Multicurrency Credit Facility. The Company used the borrowings to repay existing indebtedness, including the InSite Debt and its $750.0 million unsecured term loan due February 12, 2021 (the “2020 Term Loan”), and for general corporate purposes. 2021 Credit Facility—During the three months ended March 31, 2021, the Company borrowed an aggregate of $50.0 million and made no repayments of revolving indebtedness under the 2021 Credit Facility. The Company used the borrowings for general corporate purposes. Repayment of the 2020 Term Loan—On February 5, 2021, the Company repaid all amounts outstanding under the 2020 Term Loan with borrowings from the 2021 Multicurrency Credit Facility and cash on hand. 2021 Delayed Draw Term Loans—On February 10, 2021, the Company entered into (i) a 1.1 billion EUR (approximately $1.3 billion at the date of signing) unsecured term loan, the proceeds of which are to be used to fund the Pending Telxius Acquisition, with a maturity date that is 364 days from the date of the first draw thereunder and that bears interest at a rate based on the senior unsecured debt rating of the Company, which, based on the Company’s current debt ratings, is 1.000% above the Euro Interbank Offered Rate (“EURIBOR”) (the “2021 364-Day Delayed Draw Term Loan”) and (ii) an 825.0 million EUR (approximately $1.0 billion at the date of signing) unsecured term loan, the proceeds of which are to be used to fund the Pending Telxius Acquisition, with a maturity date that is three years from the date of the first draw thereunder and that bears interest at a rate based on the senior unsecured debt rating of the Company, which, based on the Company’s current debt ratings, is 1.125% above EURIBOR (the “2021 Three Year Delayed Draw Term Loan,” and, together with the 2021 364-Day Delayed Draw Term Loan, the “2021 Delayed Draw Term Loans”). The loan agreements for the 2021 Delayed Draw Term Loans contain certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Failure to comply with the financial and operating covenants of the loan agreements could not only prevent the Company from being able to borrow additional funds under the revolving credit facilities, but may constitute a default, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. Bridge Facility—In connection with entering into the Pending Telxius Acquisition, the Company entered into a commitment letter (the “Commitment Letter”), dated January 13, 2021, with Bank of America, N.A. and BofA Securities, Inc. (together, “BofA”) pursuant to which BofA has, with respect to bridge financing, committed to provide up to 7.5 billion EUR (approximately $9.1 billion at the date of signing) in bridge loans (the “Bridge Loan Commitment”) to ensure financing for the Pending Telxius Acquisition. Effective February 10, 2021, the Bridge Loan Commitment was reduced to 4.275 billion EUR (approximately $5.2 billion at the date of signing) as a result of an aggregate of 3.225 billion EUR (approximately $3.9 billion at the date of signing) of additional committed amounts under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Delayed Draw Term Loans, as described above. The Commitment Letter contains, and the credit agreement in respect of the Bridge Loan Commitment, if any, will contain, certain customary conditions to funding, including, without limitation, (i) the execution and delivery of definitive financing agreements for the Bridge Loan Commitment and (ii) other customary closing conditions set forth in the Commitment Letter. The Company will pay certain customary commitment fees and, in the event it makes any borrowings in connection with the Bridge Loan Commitment, funding and other fees. India Credit Facility—During the three months ended March 31, 2021, the Company entered into a working capital facility in India with a borrowing capacity of 1.0 billion Indian Rupees (“INR”) (approximately $13.7 million). The working capital facility is subject to annual renewal and bears interest at a rate equal to the one-month India Treasury Bill rate at the time of borrowing plus a spread. As of March 31, 2021, the Company has not borrowed under this facility. As of March 31, 2021, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2019 Term Loan, the 2021 364-Day Delayed Draw Term Loan, the 2021 Three Year Delayed Draw Term Loan and the Bridge Loan Commitment were as follows:
_______________ (1)LIBOR, which means the London Interbank Offered Rate, applies to the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2019 Term Loan. EURIBOR, which means the Euro Interbank Offered Rate, applies to the 2021 Delayed Draw Term Loans and the Bridge Loan Commitment. (2)Fee on undrawn portion of each credit facility. (3)Subject to two optional renewal periods. (4)The maturity dates for the 2021 364-Day Delayed Draw Term Loan and the 2021 Three Year Delayed Draw Term Loan are 364 days and three years, respectively, from the date of the first borrowing under each facility. As of March 31, 2021, no borrowings were made under these facilities, and as such, no maturity dates have been set. The Company’s ability to borrow thereunder is subject to the occurrence of certain conditions related to the Pending Telxius Acquisition, as set forth in the agreements for the 2021 Delayed Draw Term Loans. (5)The Bridge Loan Commitment includes subfacilities relating to the various tranches of closings under the Pending Telxius Acquisition. The maturity dates of the subfacilities are 364 days from the first closing date pursuant to such tranche. Each subfacility is subject to a duration fee that applies to the outstanding principal balance beginning 90 days after the related acquisition closing date. As of March 31, 2021, there have been no closings related to the Pending Telxius Acquisition, and as such, no maturity dates have been set and no duration fees apply.
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FAIR VALUE MEASUREMENTS |
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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:
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:
_______________ (1)Included in the carrying values of the corresponding debt obligations. During the three months ended March 31, 2021, the Company made no changes to the methods described in note 12 to its consolidated financial statements included in the 2020 Form 10-K that it used to measure the fair value of its interest rate swap agreements. 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 months ended March 31, 2021 and 2020, the Company recorded $0.6 million and $3.7 million of impairments, respectively. There were no other items measured at fair value on a nonrecurring basis during the three months ended March 31, 2021 or 2020. Fair Value of Financial Instruments—The Company’s financial instruments for which the carrying value reasonably approximates fair value at March 31, 2021 and December 31, 2020 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 March 31, 2021 and December 31, 2020, the carrying value of long-term obligations, including the current portion, was $29.3 billion. As of March 31, 2021, the fair value of long-term obligations, including the current portion, was $30.4 billion, of which $24.3 billion was measured using Level 1 inputs and $6.1 billion was measured using Level 2 inputs. As of December 31, 2020, the fair value of long-term obligations, including the current portion, was $31.4 billion, of which $24.0 billion was measured using Level 1 inputs and $7.4 billion was measured using Level 2 inputs.
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INCOME TAXES |
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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 real estate investment trust (“REIT”) operations. The Company continues to be subject to income taxes on the income of its domestic taxable REIT subsidiaries 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 evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The increase in the income tax provision during the three months ended March 31, 2021 as compared to the three months ended March 31, 2020 was primarily attributable to an increase in foreign earnings in the current period and higher benefits related to foreign exchange losses during the three months ended March 31, 2020. As of March 31, 2021 and December 31, 2020, the total unrecognized tax benefits that would impact the ETR, if recognized, were approximately $104.7 million and $105.9 million, respectively. The amount of unrecognized tax benefits during the three months ended March 31, 2021 includes (i) reductions due to foreign currency exchange rate fluctuations of $2.2 million, (ii) reductions to the Company’s prior year tax positions of $1.5 million and (iii) additions to the Company’s existing tax positions of $1.2 million. 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 13 to the Company’s consolidated financial statements included in the 2020 Form 10-K. The impact of the amount of these changes to previously recorded uncertain tax positions could range from zero to $34.2 million. The Company recorded the following penalties and income tax-related interest expense during the three months ended March 31, 2021 and 2020:
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STOCK-BASED COMPENSATION |
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Share-based Payment Arrangement [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 March 31, 2021, the Company had the ability to grant stock-based awards with respect to an aggregate of 5.9 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 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 months ended March 31, 2021 and 2020, the Company recorded and capitalized the following stock-based compensation expense:
_______________ (1)For the three months ended March 31, 2021, stock-based compensation expense consisted of $38.0 million included in selling, general, administrative and development expense. (2)For the three months ended March 31, 2020, stock-based compensation expense consisted of (i) $0.6 million included in Property costs of operations, (ii) $0.3 million included in Services costs of operations and (iii) $46.8 million included in selling, general, administrative and development expense. For the three months ended March 31, 2020, stock-based compensation expense capitalized as property and equipment was $0.5 million. Stock Options—As of March 31, 2021, total unrecognized compensation expense related to unvested stock options was less than $0.1 million, which is expected to be recognized over a weighted average period of less than one year. The Company’s option activity for the three months ended March 31, 2021 was as follows (shares disclosed in full amounts):
Restricted Stock Units—As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $197.7 million and is expected to be recognized over a weighted average period of approximately three years. Vesting of RSUs is subject generally to the employee’s continued employment or death, disability or qualified retirement (each as defined in the applicable RSU award agreement). Performance-Based Restricted Stock Units—During the three months ended March 31, 2021, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 92,312 PSUs (the “2021 PSUs”) to its executive officers and established the performance metrics for these awards. During the years ended December 31, 2020 and 2019, the Compensation Committee granted an aggregate of 110,925 PSUs (the “2020 PSUs”) and 114,823 PSUs (the “2019 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 -year performance period with respect to each of the 2021 PSUs, the 2020 PSUs and the 2019 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 -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 or death, disability or qualified retirement (each as defined in the applicable PSU 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 three months ended March 31, 2021 was as follows (shares disclosed in full amounts):
_______________ (1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2020 PSUs and the outstanding 2019 PSUs, or 70,739 and 86,889 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2018 (the “2018 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 162,882 shares. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2021 PSUs, or 92,312 shares. (3)This includes 58,204 of previously vested and deferred RSUs. PSUs consist of shares vested pursuant to the 2018 PSUs. There are no additional shares to be earned related to the 2018 PSUs. (4)Vested and deferred PSUs are related to deferred compensation for certain former employees. During the three months ended March 31, 2021, the Company recorded $1.5 million in stock-based compensation expense for equity awards in which the performance goals have been established and were probable of being achieved. The remaining unrecognized compensation expense related to these awards at March 31, 2021 was $20.8 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 three years.
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REDEEMABLE NONCONTROLLING INTERESTS |
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS India 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 ATC TIPL (formerly Viom), a telecommunications infrastructure company that owns and operates wireless communications towers and indoor DAS networks in India (the “Viom Acquisition”), which was subsequently merged with the Company’s existing India property operations. 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 Sons”), Tata Teleservices Limited (“Tata Teleservices”), IDFC Private Equity Fund III (“IDFC”), Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust (together, “Macquarie,” and, collectively with Tata Sons, Tata Teleservices and IDFC, the “Remaining Shareholders”). The Shareholders Agreement also provides the Remaining Shareholders with put options, which allow them to sell outstanding shares of ATC TIPL to the Company, and the Company with call options, which allow it 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 requires classification as redeemable noncontrolling interests in the consolidated balance sheet, separate from equity. During the three months ended March 31, 2021, the Company made no changes to the methods of determining redemption value described in note 15 to its consolidated financial statements included in the 2020 Form 10-K. During the year ended December 31, 2020, the Company redeemed 100% of Tata Teleservices and Tata Sons’ remaining combined holdings of ATC TIPL for total consideration of INR 24.8 billion ($337.3 million at the date of redemption). As a result of the redemption, the Company’s controlling interest in ATC TIPL increased from 79% to 92% and the noncontrolling interest decreased from 21% to 8%. During the three months ended March 31, 2021, the Company entered into an agreement with Macquarie to redeem 100% of their combined holdings in ATC TIPL at a price of INR 175 per share, subject to certain adjustments. Accordingly, the Company expects to pay an amount equivalent to INR 12.9 billion (approximately $176.5 million) to redeem the shares in 2021, subject to regulatory approval. After the completion of the redemption, the Company will hold a 100% ownership interest in ATC TIPL. Other Redeemable Noncontrolling Interests—During the year ended December 31, 2020, the Company completed the acquisition of MTN Group Limited’s noncontrolling interests in each of the Company’s joint ventures in Ghana and Uganda for total consideration of approximately $524.4 million, including a net adjustment of $1.4 million made during the three months ended March 31, 2020, which resulted in an increase in the Company’s controlling interests in such joint ventures from 51% to 100%. In 2019, the Company, through a subsidiary of ATC Europe, entered into an agreement with its local partners in France to form Eure-et-Loir Réseaux Mobiles SAS (“Eure-et-Loir”), a telecommunications infrastructure company that owned and operated wireless communications towers in France. During the three months ended March 31, 2021, the Company liquidated its interests in Eure-et-Loir for total consideration of 2.2 million EUR (approximately $2.5 million at the date of redemption). The changes in Redeemable noncontrolling interests were as follows:
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EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Sales of Equity Securities—The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the three months ended March 31, 2021, the Company received an aggregate of $1.9 million in proceeds upon exercises of stock options. 2020 “At the Market” Stock Offering Program—In August 2020, the Company established an “at the market” stock offering program through which it may issue and sell shares of its common stock having an aggregate gross sales price of up to $1.0 billion (the “2020 ATM Program”). Sales under the 2020 ATM Program may be made by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to specific instructions of the Company, at negotiated prices. The Company intends to use the net proceeds from any issuances under the 2020 ATM Program for general corporate purposes, which may include, among other things, the funding of acquisitions, additions to working capital and repayment or refinancing of existing indebtedness. As of March 31, 2021, the Company has not sold any shares of common stock under the 2020 ATM Program. Stock Repurchase Programs—In March 2011, the Company’s 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”). In December 2017, the Board of Directors approved an additional stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). During the three months ended March 31, 2021, there were no repurchases under either of the Buyback Programs. As of March 31, 2021, the Company has repurchased a total of 14,361,283 shares of its common stock under the 2011 Buyback for an aggregate of $1.5 billion, including commissions and fees. As of March 31, 2021, the Company has not made any repurchases under the 2017 Buyback. Under the Buyback Programs, the Company is authorized to purchase shares from time to time through open market purchases, in privately negotiated transactions not to exceed market prices, and (with respect to such open market purchases) pursuant to plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with securities laws and other legal requirements and subject to market conditions and other factors. 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. Repurchases under the Buyback Programs are subject to, among other things, the Company having available cash to fund the repurchases. Distributions—During the three months ended March 31, 2021, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units. During the three months ended March 31, 2020, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units. The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of March 31, 2021, the amount accrued for distributions payable related to unvested restricted stock units was $7.6 million. During the three months ended March 31, 2021 and 2020, the Company paid $7.3 million and $7.6 million of distributions upon the vesting of restricted stock units, respectively. 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. Dividend to noncontrolling interest— The Company’s joint ventures may, from time to time, declare dividends. During the year ended December 31, 2020, ATC Europe declared a dividend of 13.2 million EUR (approximately $16.2 million accrued as of December 31, 2020) payable in cash to the Company and PGGM in proportion to their respective equity interests in the joint venture. The dividend was paid on January 6, 2021. Purchase of Interests—During the three months ended March 31, 2021, the Company purchased the remaining minority interests held in a subsidiary for an aggregate purchase price of $6.0 million of unregistered shares of the Company’s common stock, in lieu of cash.
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EARNINGS PER COMMON SHARE |
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EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table sets forth basic and diluted net income per common share computational data (shares in thousands, except per share data):
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):
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COMMITMENTS AND CONTINGENCIES |
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Mar. 31, 2021 | |
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 currently provides for the lease, sublease or management of approximately 11,250 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 2,100 towers commencing between December 2000 and August 2004. Substantially all of the towers are part of the securitization transactions completed in March 2013 and March 2018. 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 March 31, 2021, the Company has purchased an aggregate of 331 of the subleased towers which are subject to the applicable agreement. The aggregate purchase option price for the remaining towers leased and subleased is $997.0 million and includes per annum accretion through the applicable expiration of the lease or sublease of a site. For all such sites, AT&T has the right to continue to lease the reserved space through June 30, 2025 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 five successive five-year terms. Other Contingencies—The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and periodically receives notifications of audits, assessments or other actions by taxing authorities. Taxing authorities may issue notices or assessments while audits are being conducted. In certain jurisdictions, taxing authorities may issue assessments with minimal examination. These notices and 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. In the process of responding to assessments of taxes that the Company believes are not enforceable, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment. On December 5, 2016, the Company received an income tax assessment of Essar Telecom Infrastructure Private Limited (“ETIPL”) from the India Income Tax Department (the “Tax Department”) for the fiscal year ending 2008 in the amount of INR 4.75 billion ($69.8 million on the date of assessment) related to capital contributions. The Company challenged the assessment before the Office of Commissioner of Income Tax - Appeals, which ruled in the Company’s favor in January 2018. However, the Tax Department has appealed this ruling at a higher appellate authority. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no 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 with 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. Guaranties and Indemnifications— If the Company is unable to close the Pending Telxius Acquisition, the Company would be liable under the terms of the agreements to make certain payments to Telxius (each as defined below), which could be material.
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ACQUISITIONS |
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ACQUISITIONS | ACQUISITIONS Impact of current year acquisitions—The Company typically acquires communications sites and other communications infrastructure assets from wireless carriers or other tower operators and subsequently integrates those sites and related assets into its existing portfolio of communications sites and related assets. The financial results of the Company’s acquisitions have been included in the Company’s consolidated statements of operations for the three months ended March 31, 2021 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 completing the transaction. Integration costs include incremental and non-recurring costs necessary to convert data, retain employees and otherwise enable the Company to operate acquired 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 months ended March 31, 2021 and 2020, the Company recorded acquisition and merger related expenses for business combinations and non-capitalized asset acquisition costs and integration costs as follows:
During the three months ended March 31, 2021, the Company also recorded benefits of $4.0 million related to pre-acquisition contingencies and settlements. The increase in acquisition and merger related costs during the three months ended March 31, 2021 was primarily associated with the Pending Telxius Acquisition (as defined below). 2021 Transactions The estimated aggregate impact of the acquisitions completed in 2021 on the Company’s revenues and gross margin for the three months ended March 31, 2021 was approximately $0.5 million and $0.4 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. Entel Acquisition—On December 19, 2019, the Company entered into a definitive agreement to acquire approximately 3,200 communications sites in Chile and Peru from Entel PCS Telecomunicaciones S.A. and Entel Peru S.A. for total consideration of approximately $0.8 billion (as of the date of signing). The Company completed the acquisition of approximately 2,400 communications sites in December 2019 and an additional 530 communications sites pursuant to this agreement during the year ended December 31, 2020. During the three months ended March 31, 2021, the Company completed the acquisition of an additional 50 communications sites pursuant to this agreement for an aggregate total purchase price of $14.7 million (as of the dates of acquisition), including value added tax, which are being accounted for as an acquisition of assets and are included in the table below. The remaining communications sites are expected to continue to close in tranches, subject to certain closing conditions. Other Acquisitions—During the three months ended March 31, 2021, the Company acquired a total of 66 communications sites as well as other communications infrastructure assets in the United States, Mexico and Peru, for an aggregate purchase price of $62.5 million. Of the aggregate purchase price, $4.0 million is reflected as a payable in the consolidated balance sheet as of March 31, 2021. These acquisitions were accounted for as asset acquisitions. The following table summarizes the allocations of the purchase prices for the fiscal year 2021 acquisitions based upon their estimated fair value at the date of acquisition:
_______________ (1)Includes 12 sites in Peru held pursuant to long-term finance leases. (2)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis generally over a 20 year period. Other Signed Acquisitions Orange Acquisition—On November 28, 2019, ATC France, a majority-owned subsidiary of the Company, entered into definitive agreements with Orange S.A. for the acquisition of up to approximately 2,000 communications sites in France over a period of up to five years for total consideration in the range of approximately 500.0 million EUR to 600.0 million EUR (approximately $550.5 million to $660.5 million at the date of signing) to be paid over the five-year term. The Company completed the acquisition of 564 of these sites during the year ended December 31, 2020. Subsequent to March 31, 2021, the Company completed the acquisition of an additional 81 communications sites. The remaining communications sites are expected to close in tranches, subject to customary closing conditions. Pending Telxius Acquisition—On January 13, 2021, the Company entered into two agreements with Telxius Telecom, S.A. (“Telxius”), a subsidiary of Telefónica, S.A., pursuant to which the Company expects to acquire Telxius’ European and Latin American tower divisions, comprising approximately 31,000 communications sites in Argentina, Brazil, Chile, Germany, Peru and Spain, for approximately 7.7 billion EUR (approximately $9.4 billion at the date of signing) (the “Pending Telxius Acquisition”), subject to certain adjustments. As of April 28, 2021, the Company has received all required government and regulatory approvals in Germany and Spain and expects to close on the majority of the European sites in the second quarter of 2021, with approximately 4,000 sites in Germany expected to close in the third quarter of 2021. The Latin American sites are expected to close either late in the second quarter or in the third quarter of 2021, subject to customary closing conditions, including government and regulatory approval. 2020 Transactions InSite Acquisition—On December 23, 2020, the Company acquired 100% of the outstanding units of IWG Holdings, LLC, the parent company of InSite, which owned, operated and managed approximately 3,000 communications sites in the U.S. and Canada. The portfolio included approximately 1,400 owned towers in the United States, over 200 owned towers in Canada and approximately 40 DAS networks in the United States. In addition, the portfolio included more than 600 land parcels under communications sites in the United States, Canada and Australia, as well as approximately 400 rooftop sites. The total consideration for the InSite Acquisition, including cash acquired, the repayment and assumption of certain debt held by InSite, was approximately $3.5 billion, subject to certain post-closing adjustments. The InSite Acquisition was accounted for as a business combination and is subject to post-closing adjustments. During the three months ended March 31, 2021, certain adjustments were made to reduce assets by $3.1 million and increase liabilities by $18.2 million with a corresponding increase in goodwill of $21.3 million and there were no other material post-closing adjustments. The full reconciliation and finalization of the assets acquired and liabilities assumed, including those subject to valuation, have not been completed and, as a result, there may be additional post-closing adjustments. Pro Forma Consolidated Results (Unaudited) The following table presents the unaudited pro forma financial results as if the 2021 acquisitions had occurred on January 1, 2020 and the 2020 acquisitions had occurred on January 1, 2019. 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.
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BUSINESS SEGMENTS |
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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. During the fourth quarter of 2020, as a result of the InSite Acquisition, the Company updated its reportable segments to rename U.S. property and Asia property to U.S. & Canada property and Asia-Pacific property, respectively. The Company continues to report its results in six segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property and services. The change in reportable segment names is solely reflective of the inclusion of Canada and Australia in the Company’s business operations, as a result of the InSite Acquisition, and had no impact on the Company’s consolidated financial statements or historical segment financial information for any prior periods. As of March 31, 2021, the Company’s property operations consisted of the following: •U.S. & Canada: property operations in Canada and the United States; •Asia-Pacific: property operations in Australia and India; •Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; •Europe: property operations in France, Germany and Poland; and •Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru. The Company’s services segment offers tower-related services in the United States, including AZP 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 2020 Form 10-K and as updated in note 1 above. 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. 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 months ended March 31, 2021 and 2020 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.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $38.0 million. (2)Primarily includes interest expense.
_______________ (1)Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.9 million and $46.8 million, respectively. (2)Primarily includes interest expense.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. |
Change in Reportable Segments | Reportable Segments— During the fourth quarter of 2020, as a result of the Company’s acquisition of InSite Wireless Group, LLC (“InSite,” and the acquisition, the “InSite Acquisition”), the Company updated its reportable segments to rename U.S. property and Asia property to U.S. & Canada property and Asia-Pacific property, respectively. The Company continues to report its results in six segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property and services, which are discussed further in note 15. The change in reportable segment names is solely reflective of the inclusion of Canada and Australia in the Company’s business operations, as a result of the InSite Acquisition, and had no impact on the Company’s consolidated financial statements or historical segment financial information for any prior periods. |
Revenue | Revenue—The Company’s revenue is derived from leasing the right to use its communications sites and the land on which the sites are located (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and supporting the tenants’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to distributed antenna system (“DAS”) networks and fiber and other related assets results from agreements with tenants that are not leases. Non-lease revenue—Non-lease revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements require that the Company provide the tenant the right to use the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. There were no material changes in the receivables, contract assets and contract liabilities from contracts with tenants for the three months ended March 31, 2021.Services revenue—The Company offers tower-related services in the United States. These services include site application, zoning and permitting (“AZP”) and structural analysis. There is a single performance obligation related to AZP and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural analysis services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed. |
Accounting Standards Updates | Accounting Standards Updates In March 2020, the Financial Accounting Standards Board (the “FASB”) issued guidance to provide optional expedients and exceptions for applying accounting principles generally accepted in the United States to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The guidance applies only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. In January 2021, the FASB issued additional guidance that clarifies that certain practical expedients and exceptions for contract modifications and hedge accounting apply to derivatives that are affected by reference rate reform. As of March 31, 2021, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its financial statements.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash | The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statement of cash flows is as follows:
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Summary of Revenue Disaggregated by Source and Geography | A summary of revenue disaggregated by source and geography is as follows:
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PREPAID AND OTHER CURRENT ASSETS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets | Prepaid and other current assets consisted of the following:
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Receipts Expected Under Non-Cancellable Operating Lease Agreements | Future minimum rental receipts expected under non-cancellable operating lease agreements as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
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Schedule of Information About Other Lease-related Balances | Information about other lease-related balances is as follows:
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Components of Operating Lease Cost | The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost:
_______________ (1)Includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows:
_______________ (1)Amount includes new operating leases and leases acquired in connection with acquisitions.
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Maturity of Operating Lease Liabilities | Maturities of operating lease liabilities as of March 31, 2021 were as follows:
_______________ (1)Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
_______________ (1)Consists of an aggregate of $21.3 million of measurement period adjustments related to the InSite Acquisition.
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Intangible assets subject to amortization | The Company’s other intangible assets subject to amortization consisted of the following:
_______________ (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, generally up to 20 years, as the Company considers these intangibles to be directly related to the tower assets.
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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:
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ACCRUED EXPENSES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued expenses | Accrued expenses consisted of the following:
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LONG-TERM OBLIGATIONS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term obligations and key terms | 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:
_______________ (1)Accrues interest at a variable rate. (2)Repaid in full on February 5, 2021 using borrowings from the 2021 Multicurrency Credit Facility (as defined below) and cash on hand. (3)Notes are denominated in Euros (“EUR”). (4)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (5)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (6)Debt entered into by certain InSite subsidiaries acquired in connection with the InSite Acquisition (the “InSite Debt”). On January 15, 2021, all amounts outstanding under the InSite Debt were repaid. (7)Includes (a) the Colombian credit facility, which is denominated in Colombian Pesos (“COP”) and amortizes through April 24, 2021, (b) debt entered into by the Company’s Kenyan subsidiary in connection with an acquisition of sites in Kenya, which is denominated in U.S. Dollars (“USD”) and is payable either (i) in future installments subject to the satisfaction of specified conditions or (ii) three years from the note origination date, and (c) U.S. subsidiary debt related to a seller-financed acquisition. The key terms of the Notes are as follows:
___________ (1)Accrued and unpaid interest is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. (2)The Company may redeem the 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 Notes on or after the par call date, the Company will not be required to pay a make-whole premium.
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Schedule of line of credit facilities | As of March 31, 2021, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2019 Term Loan, the 2021 364-Day Delayed Draw Term Loan, the 2021 Three Year Delayed Draw Term Loan and the Bridge Loan Commitment were as follows:
_______________ (1)LIBOR, which means the London Interbank Offered Rate, applies to the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2019 Term Loan. EURIBOR, which means the Euro Interbank Offered Rate, applies to the 2021 Delayed Draw Term Loans and the Bridge Loan Commitment. (2)Fee on undrawn portion of each credit facility. (3)Subject to two optional renewal periods. (4)The maturity dates for the 2021 364-Day Delayed Draw Term Loan and the 2021 Three Year Delayed Draw Term Loan are 364 days and three years, respectively, from the date of the first borrowing under each facility. As of March 31, 2021, no borrowings were made under these facilities, and as such, no maturity dates have been set. The Company’s ability to borrow thereunder is subject to the occurrence of certain conditions related to the Pending Telxius Acquisition, as set forth in the agreements for the 2021 Delayed Draw Term Loans. (5)The Bridge Loan Commitment includes subfacilities relating to the various tranches of closings under the Pending Telxius Acquisition. The maturity dates of the subfacilities are 364 days from the first closing date pursuant to such tranche. Each subfacility is subject to a duration fee that applies to the outstanding principal balance beginning 90 days after the related acquisition closing date. As of March 31, 2021, there have been no closings related to the Pending Telxius Acquisition, and as such, no maturity dates have been set and no duration fees apply.
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FAIR VALUE MEASUREMENTS (Tables) |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inputs used to measure fair value | Below are the three levels of inputs that may be used to measure fair value:
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Schedule of fair value of assets and liabilities | 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:
_______________ (1)Included in the carrying values of the corresponding debt obligations.
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INCOME TAXES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 months ended March 31, 2021 and 2020:
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STOCK-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock-based compensation expenses | During the three months ended March 31, 2021 and 2020, the Company recorded and capitalized the following stock-based compensation expense:
_______________ (1)For the three months ended March 31, 2021, stock-based compensation expense consisted of $38.0 million included in selling, general, administrative and development expense. (2)For the three months ended March 31, 2020, stock-based compensation expense consisted of (i) $0.6 million included in Property costs of operations, (ii) $0.3 million included in Services costs of operations and (iii) $46.8 million included in selling, general, administrative and development expense. For the three months ended March 31, 2020, stock-based compensation expense capitalized as property and equipment was $0.5 million.
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Summary of the company's option activity | The Company’s option activity for the three months ended March 31, 2021 was as follows (shares disclosed in full amounts):
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RSU and PSU activity | The Company’s RSU and PSU activity for the three months ended March 31, 2021 was as follows (shares disclosed in full amounts):
_______________ (1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2020 PSUs and the outstanding 2019 PSUs, or 70,739 and 86,889 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2018 (the “2018 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 162,882 shares. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2021 PSUs, or 92,312 shares. (3)This includes 58,204 of previously vested and deferred RSUs. PSUs consist of shares vested pursuant to the 2018 PSUs. There are no additional shares to be earned related to the 2018 PSUs. (4)Vested and deferred PSUs are related to deferred compensation for certain former employees.
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REDEEMABLE NONCONTROLLING INTERESTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Redeemable noncontrolling interest | The changes in Redeemable noncontrolling interests were as follows:
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EQUITY (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of declared or paid cash distributions | During the three months ended March 31, 2021, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units. During the three months ended March 31, 2020, the Company declared or paid the following cash distributions (per share data reflects actual amounts):
_______________ (1)Does not include amounts accrued for distributions payable related to unvested restricted stock units.
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EARNINGS PER COMMON SHARE (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (shares in thousands, except per share data):
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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):
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ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of acquisition and merger related costs | During the three months ended March 31, 2021 and 2020, the Company recorded acquisition and merger related expenses for business combinations and non-capitalized asset acquisition costs and integration costs as follows:
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Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the allocations of the purchase prices for the fiscal year 2021 acquisitions based upon their estimated fair value at the date of acquisition:
_______________ (1)Includes 12 sites in Peru held pursuant to long-term finance leases. (2)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis generally over a 20 year period.
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Schedule of pro forma information | The following table presents the unaudited pro forma financial results as if the 2021 acquisitions had occurred on January 1, 2020 and the 2020 acquisitions had occurred on January 1, 2019. 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.
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BUSINESS SEGMENTS (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized financial information concerning the company's reportable segments | Summarized financial information concerning the Company’s reportable segments for the three months ended March 31, 2021 and 2020 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.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $38.0 million. (2)Primarily includes interest expense.
_______________ (1)Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.9 million and $46.8 million, respectively. (2)Primarily includes interest expense.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - segment |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Concentration Risk [Line Items] | |||
Number of reportable segments | 6 | ||
ATC Europe | |||
Concentration Risk [Line Items] | |||
Ownership interest percentage | 51.00% | ||
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 49.00% | ||
ATC, TIPL | |||
Concentration Risk [Line Items] | |||
Ownership interest percentage | 92.00% | 92.00% | 79.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent) | 8.00% | 21.00% |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 1,913.6 | $ 1,746.3 | $ 1,326.0 | |
Restricted cash | 79.7 | 115.1 | 74.3 | |
Total cash, cash equivalents and restricted cash | $ 1,993.3 | $ 1,861.4 | $ 1,400.3 | $ 1,578.0 |
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid assets | $ 76.2 | $ 66.1 |
Prepaid income tax | 100.3 | 143.7 |
Unbilled receivables | 160.8 | 176.9 |
Value added tax and other consumption tax receivables | 58.1 | 66.3 |
Other miscellaneous current assets | 95.2 | 79.6 |
Prepaid and other current assets | $ 490.6 | $ 532.6 |
LEASES - MATURITIES OF MINIMUM RENTAL RECEIPTS EXPECTED UNDER NON-CANCELLABLE OPERATING LEASES (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 4,632.2 |
2022 | 5,976.8 |
2023 | 5,866.5 |
2024 | 5,755.9 |
2025 | 5,330.3 |
Thereafter | 32,576.0 |
Total | $ 60,137.7 |
LEASES - SCHEDULE OF INFORMATION ABOUT OTHER LEASE RELATED BALANCES (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating leases: | ||
Right-of-use asset | $ 7,719.9 | $ 7,789.2 |
Current portion of lease liability | 555.8 | 539.9 |
Lease liability | 6,812.9 | 6,884.4 |
Total lease liability | $ 7,368.7 | $ 7,424.3 |
LEASES - SCHEDULE OF WEIGHTED AVERAGE LEASE TERMS AND DISCOUNT RATES BY SEGMENT (Details) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating leases: | ||
Weighted-average remaining lease term (years) | 13 years 7 months 6 days | 13 years 8 months 12 days |
Weighted-average incremental borrowing rate | 5.60% | 5.60% |
LEASES - LEASE COSTS (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Leases [Abstract] | ||
Operating lease cost | $ 251.3 | $ 250.7 |
Variable lease costs not included in lease liability | $ 69.3 | $ 61.4 |
LEASES - SUPPLEMENTAL CASH FLOW INFOMATION (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (244.9) | $ (252.0) |
Non-cash items: | ||
New operating leases | 89.2 | 50.1 |
Operating lease modifications and reassessments | $ 85.7 | $ 96.9 |
LEASES - MATURITIES OF OPERATING AND FINANCE LEASE LIABILITIES (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Lease | ||
Remainder of 2021 | $ 678.3 | |
2022 | 874.6 | |
2023 | 842.7 | |
2024 | 805.2 | |
2025 | 759.8 | |
Thereafter | 6,497.9 | |
Total lease payments | 10,458.5 | |
Less amounts representing interest | (3,089.8) | |
Total lease liability | 7,368.7 | $ 7,424.3 |
Less current portion of lease liability | (555.8) | (539.9) |
Non-current lease liability | $ 6,812.9 | $ 6,884.4 |
GOODWILL AND OTHER INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 253.4 | $ 217.5 |
Weighted Average | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remaining amortization period (in years) | 15 years |
GOODWILL AND OTHER INTANGIBLE ASSETS - EXPECTED FUTURE AMORTIZATION EXPENSE (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Fiscal Year | |
Remainder of 2021 | $ 735.9 |
2022 | 975.8 |
2023 | 954.5 |
2024 | 944.9 |
2025 | 914.5 |
2026 | $ 873.2 |
ACCRUED EXPENSES (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued construction costs | $ 37.8 | $ 46.5 |
Accrued income tax payable | 22.3 | 20.6 |
Accrued pass-through costs | 78.3 | 67.1 |
Amounts payable for acquisitions | 15.7 | 58.9 |
Amounts payable to tenants | 63.5 | 66.4 |
Accrued property and real estate taxes | 222.0 | 219.1 |
Accrued rent | 81.0 | 82.6 |
Payroll and related withholdings | 67.1 | 104.4 |
Other accrued expenses | 357.1 | 378.1 |
Total accrued expenses | $ 944.8 | $ 1,043.7 |
LONG-TERM OBLIGATIONS - CURRENT PORTION OF LONG TERM DEBT (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 1,336.5 | $ 789.8 |
American Tower Corporation | 2.250% senior notes | Senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 600.0 | |
Debt interest rate | 2.25% | |
American Tower Corporation | 4.70% senior notes | Senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 700.0 | |
Debt interest rate | 4.70% |
LONG-TERM OBLIGATIONS - INSITE DEBT (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jan. 15, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Loss on retirement of long-term obligations | $ (25.7) | $ (34.6) | |
Insite Acquisition | Insite Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, repurchase amount | $ 826.4 | ||
Interest expense | 2.3 | ||
Loss on retirement of long-term obligations | $ 25.7 |
LONG-TERM OBLIGATIONS - OFFERINGS OF SENIOR NOTES (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 29, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
|
Debt Instrument [Line Items] | |||
Proceeds from term loan | $ 0.0 | $ 750.0 | |
Debt redemption price rate (as a percent) | 101.00% | ||
Maximum adjusted EBITDA | 3.5 | ||
American Tower Corporation | 1.600% senior notes | Senior notes | |||
Debt Instrument [Line Items] | |||
Senior note public offering, amount | $ 700.0 | ||
Debt interest rate | 1.60% | ||
Debt redemption price rate (as a percent) | 100.00% | ||
American Tower Corporation | 2.700% senior notes | Senior notes | |||
Debt Instrument [Line Items] | |||
Senior note public offering, amount | $ 700.0 | ||
Debt interest rate | 2.70% | ||
Debt redemption price rate (as a percent) | 100.00% | ||
American Tower Corporation | 2026 and 2031 Notes | Senior notes | |||
Debt Instrument [Line Items] | |||
Proceeds from term loan | $ 1,386.3 |
LONG-TERM DEBT OBLIGATIONS - SCHEDULE OF KEY TERMS (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 29, 2021 |
Mar. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Debt, interest accrual period | 360 days | |
Debt redemption price rate (as a percent) | 101.00% | |
Senior Notes | 1.600% senior notes | American Tower Corporation | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount | $ 700.0 | |
Contractual Interest Rate | 1.60% | |
Debt redemption price rate (as a percent) | 100.00% | |
Senior Notes | 2.700% senior notes | American Tower Corporation | ||
Debt Instrument [Line Items] | ||
Aggregate Principal Amount | $ 700.0 | |
Contractual Interest Rate | 2.70% | |
Debt redemption price rate (as a percent) | 100.00% |
LONG-TERM OBLIGATIONS - CREDIT FACILITIES (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Line of Credit Facility [Line Items] | ||
Borrowings under credit facilities | $ 1,870,000,000.0 | $ 2,642,300,000 |
American Tower Corporation | Credit Facility | 2021 Multicurrency Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Repayment of indebtedness under credit facility | 1,600,000,000 | |
Borrowings under credit facilities | 1,800,000,000 | |
American Tower Corporation | Credit Facility | InSite Debt and 2020 Term Loan | ||
Line of Credit Facility [Line Items] | ||
Repayment of indebtedness under credit facility | 750,000,000.0 | |
American Tower Corporation | Credit Facility | 2021 Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Repayment of indebtedness under credit facility | 0 | |
Borrowings under credit facilities | $ 50,000,000.0 |
LONG-TERM OBLIGATIONS - 2021 DELAYED DRAW TERM LOANS (Details) - Feb. 10, 2021 - Unsecured debt $ in Billions |
USD ($) |
EUR (€) |
---|---|---|
2021 364-Day Delayed Draw Term Loan | ||
Debt Instrument [Line Items] | ||
Senior note public offering, amount | $ 1.3 | € 1,100,000,000 |
Debt Instrument, Term | 364 days | |
2021 364-Day Delayed Draw Term Loan | Euro Interbank Offered Rate (EURIBOR) | ||
Debt Instrument [Line Items] | ||
Current margin over LIBOR (as a percent) | 1.00% | |
2021 Three Year Delayed Draw Term Loan | ||
Debt Instrument [Line Items] | ||
Senior note public offering, amount | $ 1.0 | € 825,000,000.0 |
Debt Instrument, Term | 3 years | |
2021 Three Year Delayed Draw Term Loan | Euro Interbank Offered Rate (EURIBOR) | ||
Debt Instrument [Line Items] | ||
Current margin over LIBOR (as a percent) | 1.125% |
LONG-TERM OBLIGATIONS - BRIDGE FACILITY (Details) - Credit Facility $ in Billions |
Feb. 10, 2021
USD ($)
|
Feb. 10, 2021
EUR (€)
|
Jan. 13, 2021
USD ($)
|
Jan. 13, 2021
EUR (€)
|
---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 3.9 | € 3,225,000,000 | ||
Bridge Loan | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit maximum borrowing capacity | $ 5.2 | € 4,275,000,000 | $ 9.1 | € 7,500,000,000 |
LONG-TERM OBLIGATIONS - INDIA CREDIT FACILITY (Details) - Mar. 31, 2021 |
USD ($) |
INR (₨) |
---|---|---|
India Credit Facility | Working Capital Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit maximum borrowing capacity | $ 13,700,000 | ₨ 1,000,000,000.0 |
FAIR VALUE MEASUREMENTS - ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - Fair Value, Measurements, Recurring - Interest rate swap agreements - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Level 1 | ||
Assets: | ||
Interest rate swap agreements | $ 0.0 | $ 0.0 |
Liabilities: | ||
Interest rate swap agreements | 0.0 | 0.0 |
Fair value of debt related to interest rate swap | 26.3 | 31.4 |
Level 2 | ||
Assets: | ||
Interest rate swap agreements | 24.5 | 29.2 |
Liabilities: | ||
Interest rate swap agreements | 0.0 | 0.1 |
Fair value of debt related to interest rate swap | 0.0 | 0.0 |
Level 3 | ||
Assets: | ||
Interest rate swap agreements | 0.0 | 0.0 |
Liabilities: | ||
Interest rate swap agreements | 0.0 | 0.0 |
Fair value of debt related to interest rate swap | $ 0.0 | $ 0.0 |
FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset impairments | $ 0.6 | $ 3.7 | |
Long-term obligations | 29,326.8 | $ 29,287.5 | |
Estimate of Fair Value Measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | 30,400.0 | 31,400.0 | |
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 | 24,300.0 | 24,000.0 | |
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 | $ 6,100.0 | $ 7,400.0 |
INCOME TAXES - NARRATIVE (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits that would impact the ETR | $ 104,700,000 | $ 105,900,000 |
Unrecognized tax benefits, decrease resulting from prior period tax positions | 1,500,000 | |
Unrecognized tax benefits, increase resulting from current period tax positions | 1,200,000 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 37,100,000 | $ 34,400,000 |
Unrecognized tax benefits, decrease from foreign currency exchange rate fluctuations | 2,200,000 | |
Minimum | ||
Income Tax Contingency [Line Items] | ||
Decrease in unrecognized tax benefits is reasonably possible | 0 | |
Maximum | ||
Income Tax Contingency [Line Items] | ||
Decrease in unrecognized tax benefits is reasonably possible | $ 34,200,000 |
INCOME TAXES - SCHEDULE OF PENALTIES AND INCOME TAX RELATED EXPENSES (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Penalties and income tax-related interest expense | $ 3.7 | $ 1.7 |
STOCK-BASED COMPENSATION - SUMMARY OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 38.0 | $ 47.7 |
Amount capitalized | 0.5 | |
Property costs | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0.6 | |
Services | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0.3 | |
Selling, General and Administrative Expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 38.0 | $ 46.8 |
STOCK-BASED COMPENSATION - SUMMARY OF THE COMPANY'S OPTION ACTIVITY (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding as of January 1, 2020 (in shares) | 2,016,261 |
Exercised (in shares) | (23,958) |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Outstanding as of September 30, 2020 (in shares) | 1,992,303 |
REDEEMABLE NONCONTROLLING INTERESTS - CHANGE IN REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Noncontrolling Interest [Abstract] | |||
Balance as of January 1, | $ 212.1 | $ 1,096.5 | $ 1,096.5 |
Net income attributable to noncontrolling interests | 2.3 | 7.7 | |
Adjustment to noncontrolling interest redemption value | 1.2 | (6.3) | |
Purchase of redeemable noncontrolling interest | (2.5) | (524.4) | |
Foreign currency translation adjustment attributable to noncontrolling interests | (0.2) | (32.1) | |
Balance as of March 31, | $ 212.9 | $ 541.4 | $ 212.1 |
EQUITY - DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 4 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 29, 2021 |
Mar. 04, 2021 |
Feb. 02, 2021 |
Dec. 03, 2020 |
Mar. 12, 2020 |
Jan. 14, 2020 |
Dec. 11, 2019 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Apr. 29, 2020 |
|
Dividends Payable [Line Items] | ||||||||||
Aggregate Payment Amount on common stock | $ 544.9 | $ 454.9 | ||||||||
Common Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Distribution per share, common stock (in dollars per share) | $ 1.24 | $ 1.21 | $ 1.08 | $ 1.01 | ||||||
Aggregate Payment Amount on common stock | $ 537.6 | $ 447.3 | $ 478.8 | |||||||
Common Stock | Subsequent Event | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Aggregate Payment Amount on common stock | $ 551.5 |
EARNINGS PER COMMON SHARE - SCHEDULE OF EARNINGS PER BASIC AND DILUTED BY COMMON CLASS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to American Tower Corporation common stockholders | $ 645.0 | $ 415.0 |
Basic weighted average common shares outstanding (in shares) | 444,486 | 443,055 |
Dilutive securities (in shares) | 1,808 | 2,777 |
Diluted weighted average common shares outstanding (in shares) | 446,294 | 445,832 |
Basic net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 1.45 | $ 0.94 |
Diluted net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 1.45 | $ 0.93 |
EARNINGS PER COMMON SHARE - SCHEDULE OF SHARES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from dilutive effect (in shares) | 0 | 86 |
ACQUISITIONS - SCHEDULE OF MERGER AND ACQUISITION RELATED COSTS (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Combinations [Abstract] | ||
Acquisition and merger related expenses | $ 34.6 | $ 7.6 |
Integration costs | $ 16.6 | $ 6.6 |
ACQUISITIONS - SUMMARY OF ALLOCATION OF THE PURCHASE PRICE (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
site
|
Dec. 31, 2020
USD ($)
|
|
Asset Acquisition: | ||
Goodwill | $ 7,262.4 | $ 7,282.7 |
Acquisitions 2021 | ||
Asset Acquisition: | ||
Current assets | 0.3 | |
Property and equipment | 22.5 | |
Other non-current assets | 5.8 | |
Current liabilities | (1.0) | |
Deferred tax liability | 0.0 | |
Other non-current liabilities | (3.4) | |
Net assets acquired | 77.2 | |
Goodwill | 0.0 | |
Fair value of net assets acquired | 77.2 | |
Debt assumed | 0.0 | |
Purchase price | $ 77.2 | |
Estimated Useful Lives (years) | 20 years | |
Acquisitions 2021 | Peru | ||
Asset Acquisition: | ||
Number of sites acquired | site | 12 | |
Acquisitions 2021 | Tenant-related intangible assets | ||
Asset Acquisition: | ||
Intangible assets | $ 37.3 | |
Acquisitions 2021 | Network location intangible assets | ||
Asset Acquisition: | ||
Intangible assets | 15.7 | |
Acquisitions 2021 | Other intangible assets | ||
Asset Acquisition: | ||
Intangible assets | $ 0.0 |
ACQUISITIONS - PRO FORMA INFORMATION (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Combinations [Abstract] | ||
Pro forma revenues | $ 2,158.9 | $ 2,044.6 |
Pro forma net income attributable to American Tower Corporation common stockholders | $ 644.9 | $ 369.8 |
Pro forma net income per common share amounts: | ||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 1.45 | $ 0.83 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 1.45 | $ 0.83 |
Label | Element | Value |
---|---|---|
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | $ 0 |
AOCI Attributable to Parent [Member] | ||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | 142,200,000 |
Additional Paid-in Capital [Member] | ||
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | us-gaap_AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock | $ (142,200,000) |
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