(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 |
September 30, 2022 | December 31, 2021 | |||||||||||||
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 | ||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
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 (including foreign currency gains of $ | ||||||||||||||||||||||||||
Total other income (expense) | ( | ( | ||||||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ||||||||||||||||||||||||||
Income tax provision | ( | ( | ( | ( | ||||||||||||||||||||||
NET INCOME | ||||||||||||||||||||||||||
Net loss (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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
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, net of tax (benefit) expense of $( | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive (loss) income | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive (loss) income | ( | |||||||||||||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests | ||||||||||||||||||||||||||
Allocation of accumulated other comprehensive income resulting from purchases of noncontrolling interest and redeemable noncontrolling interests | ||||||||||||||||||||||||||
Comprehensive (loss) income attributable to American Tower Corporation stockholders | $ | ( | $ | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
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 | ||||||||||||||
Changes in unearned revenue | ( | |||||||||||||
Increase in assets | ( | ( | ||||||||||||
(Decrease) 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 | ||||||||||||||
Payment for investments in equity securities | ( | |||||||||||||
Deposits and other | ( | |||||||||||||
Cash used for investing activities | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Proceeds from short-term borrowings, net | ||||||||||||||
Borrowings under credit facilities | ||||||||||||||
Proceeds from issuance of senior notes, net | ||||||||||||||
Proceeds from term loans | ||||||||||||||
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases | ( | ( | ||||||||||||
Distributions to noncontrolling interest holders | ( | ( | ||||||||||||
Contributions from noncontrolling interest holders | ||||||||||||||
Proceeds from stock options and employee stock purchase plan | ||||||||||||||
Distributions paid on common stock | ( | ( | ||||||||||||
Proceeds from the issuance of common stock, net | ||||||||||||||
Payment for early retirement of long-term obligations | ( | |||||||||||||
Deferred financing costs and other financing activities | ( | ( | ||||||||||||
Purchase of redeemable noncontrolling interest | ( | |||||||||||||
Cash (used for) provided by financing activities | ( | |||||||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | ( | ( | ||||||||||||
NET (DECREASE) INCREASE 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 September 30, 2021 and 2022 | Issued Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JULY 1, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JULY 1, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 and 2022 | Issued Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock- stock purchase plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to noncontrolling interest | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | ( | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interest | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of redeemable noncontrolling interest | — | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock- stock purchase plan | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ |
Three Months Ended September 30, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers (1) | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers (1) | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers (1) | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers (1) | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
As of | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
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 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ |
As of | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Operating leases: | ||||||||||||||
Right-of-use asset | $ | $ | ||||||||||||
Current portion of lease liability | $ | $ | ||||||||||||
Lease liability | ||||||||||||||
Total operating lease liability | $ | $ | ||||||||||||
As of | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Operating leases: | ||||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average incremental borrowing rate | % | % | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease costs not included in lease liability (1) |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
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 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
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 | Data Centers | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Adjustments (1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other (2) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | $ | $ | $ | $ | $ |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
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 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 |
As of | ||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
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 | |||||||||||||||||
September 30, 2022 | December 31, 2021 | Maturity Date | |||||||||||||||
2021 Multicurrency Credit Facility (1) (2) | $ | $ | June 30, 2025 | ||||||||||||||
2021 Term Loan (1) | January 31, 2027 | ||||||||||||||||
2021 Credit Facility (1) | January 31, 2027 | ||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan (1) (2) | May 28, 2024 | ||||||||||||||||
2021 USD 364-Day Delayed Draw Term Loan (3) | N/A | ||||||||||||||||
2021 USD Two Year Delayed Draw Term Loan (1) | December 28, 2023 | ||||||||||||||||
N/A | |||||||||||||||||
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 | |||||||||||||||||
September 15, 2026 | |||||||||||||||||
October 15, 2026 |
January 15, 2027 | |||||||||||||||||
January 15, 2027 | |||||||||||||||||
January 15, 2027 | |||||||||||||||||
February 15, 2027 | |||||||||||||||||
March 15, 2027 | |||||||||||||||||
July 15, 2027 | |||||||||||||||||
January 15, 2028 | |||||||||||||||||
January 15, 2028 | |||||||||||||||||
January 31, 2028 | |||||||||||||||||
March 15, 2029 | |||||||||||||||||
May 21, 2029 | |||||||||||||||||
August 15, 2029 | |||||||||||||||||
January 15, 2030 | |||||||||||||||||
June 15, 2030 | |||||||||||||||||
October 5, 2030 | |||||||||||||||||
October 15, 2030 | |||||||||||||||||
April 15, 2031 | |||||||||||||||||
September 15, 2031 | |||||||||||||||||
January 15, 2032 | |||||||||||||||||
March 15, 2032 | |||||||||||||||||
May 21, 2033 | |||||||||||||||||
October 15, 2049 | |||||||||||||||||
June 15, 2050 | |||||||||||||||||
January 15, 2051 | |||||||||||||||||
Total American Tower Corporation debt | |||||||||||||||||
Series 2013-2A securities (6) | March 15, 2023 | ||||||||||||||||
Series 2018-1A securities (6) | March 15, 2028 | ||||||||||||||||
Series 2015-2 notes (7) | June 16, 2025 | ||||||||||||||||
CoreSite Debt (8) | N/A | ||||||||||||||||
Other subsidiary debt (9) | 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) | |||||||||||||||||||||||||||||||||||||
$ | April 1, 2022 | March 15, 2027 | September 15, 2022 | March 15 and September 15 | February 15, 2027 | |||||||||||||||||||||||||||||||||||||||
$ | April 1, 2022 | March 15, 2032 | September 15, 2022 | March 15 and September 15 | December 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 30, 2025 | (3) | % | % | |||||||||||||||||||||||
2021 Credit Facility | January 31, 2027 | (3) | % | % | |||||||||||||||||||||||||
2021 Term Loan | N/A | January 31, 2027 | % | N/A | |||||||||||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan | N/A | May 28, 2024 | % | N/A | |||||||||||||||||||||||||
2021 USD Two Year Delayed Draw Term Loan | N/A | December 28, 2023 | % | N/A | |||||||||||||||||||||||||
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. |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
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 | $ | $ | ||||||||||||||||||||||||||||||||||||
Investments in equity securities (1) | $ | $ | ||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | |||||||||||||||||||||||||||||||||||||
Fair value of debt related to interest rate swap agreements (2) | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Penalties and income tax-related interest expense (1) | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Stock-based compensation expense | $ | $ | $ | $ | ||||||||||||||||||||||
Number of Options | ||||||||
Outstanding as of January 1, 2022 | ||||||||
Exercised | ( | |||||||
Forfeited | ||||||||
Expired | ||||||||
Outstanding as of September 30, 2022 |
RSUs | PSUs | ||||||||||
Outstanding as of January 1, 2022 (1) (2) | |||||||||||
Granted (3) | |||||||||||
Vested and Released (4) | ( | ( | |||||||||
Forfeited | ( | ||||||||||
Outstanding as of September 30, 2022 | |||||||||||
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (1) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
September 21, 2022 | October 26, 2022 | October 11, 2022 | $ | $ | ||||||||||||||||||||||
May 18, 2022 | July 8, 2022 | June 17, 2022 | $ | $ | ||||||||||||||||||||||
March 10, 2022 | April 29, 2022 | April 13, 2022 | $ | $ | ||||||||||||||||||||||
December 15, 2021 | January 14, 2022 | December 27, 2021 | $ | $ | ||||||||||||||||||||||
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (1) | ||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
September 16, 2021 | October 15, 2021 | September 28, 2021 | $ | $ | ||||||||||||||||||||||
May 27, 2021 | July 9, 2021 | June 18, 2021 | $ | $ | ||||||||||||||||||||||
March 4, 2021 | April 29, 2021 | April 13, 2021 | $ | $ | ||||||||||||||||||||||
December 3, 2020 | February 2, 2021 | December 28, 2020 | $ | $ | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Balance as of January 1, | $ | $ | ||||||||||||
ATC Europe Transactions (1) | ||||||||||||||
Bangladesh partnership (2) | ||||||||||||||
Stonepeak Transaction (3) | ||||||||||||||
Adjustment to noncontrolling interest due to reorganization (4) | ||||||||||||||
Redemption of noncontrolling interest (5) | ( | |||||||||||||
Net (loss) income attributable to noncontrolling interests (6) | ( | |||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax | ( | ( | ||||||||||||
Contributions from noncontrolling interest holders | ||||||||||||||
Distributions to noncontrolling interest holders (6) | ( | ( | ||||||||||||
Balance as of September 30, | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Restricted stock units | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Acquisition and merger related expenses | $ | $ | $ | $ | ||||||||||||||||||||||
Integration costs | $ | $ | $ | $ |
Other | ||||||||
Current assets | $ | |||||||
Property and equipment | ||||||||
Intangible assets (1): | ||||||||
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 | ||||||||
Purchase price | $ |
Preliminary Allocation (1) | Updated Allocation | |||||||||||||
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 | ||||||||||||||
Purchase price | $ | $ |
Preliminary Allocation | Updated Allocation | |||||||||||||
Current assets | $ | $ | ||||||||||||
Property and equipment | ||||||||||||||
Intangible assets (1): | ||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
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 September 30, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (2) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 income (2) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 222 | — | — | |||||||||||||||||
United States | 27,275 | 15,339 | 454 | |||||||||||||||||
U.S. & Canada total | 27,497 | 15,339 | 454 | |||||||||||||||||
Asia-Pacific: (2) | ||||||||||||||||||||
Bangladesh | 412 | — | — | |||||||||||||||||
India | 75,581 | — | 836 | |||||||||||||||||
Philippines | 303 | — | — | |||||||||||||||||
Asia-Pacific total | 76,296 | — | 836 | |||||||||||||||||
Africa: | ||||||||||||||||||||
Burkina Faso | 707 | — | — | |||||||||||||||||
Ghana | 3,537 | 657 | 29 | |||||||||||||||||
Kenya | 3,327 | — | 9 | |||||||||||||||||
Niger | 839 | — | — | |||||||||||||||||
Nigeria | 7,411 | — | — | |||||||||||||||||
South Africa | 2,969 | — | — | |||||||||||||||||
Uganda | 3,930 | — | 12 | |||||||||||||||||
Africa total | 22,720 | 657 | 50 | |||||||||||||||||
Europe: | ||||||||||||||||||||
France | 3,686 | 303 | 8 | |||||||||||||||||
Germany | 14,759 | — | — | |||||||||||||||||
Poland | 51 | — | — | |||||||||||||||||
Spain | 11,578 | — | 1 | |||||||||||||||||
Europe total | 30,074 | 303 | 9 | |||||||||||||||||
Latin America: | ||||||||||||||||||||
Argentina | 495 | — | 11 | |||||||||||||||||
Brazil | 20,643 | 2,052 | 121 | |||||||||||||||||
Chile | 3,738 | — | 138 | |||||||||||||||||
Colombia | 4,977 | — | 6 | |||||||||||||||||
Costa Rica | 695 | — | 2 | |||||||||||||||||
Mexico | 9,627 | 186 | 92 | |||||||||||||||||
Paraguay | 1,445 | — | — | |||||||||||||||||
Peru | 3,938 | 450 | 1 | |||||||||||||||||
Latin America total | 45,558 | 2,688 | 371 | |||||||||||||||||
Number of Data Centers | Total NRSF (1) | |||||||||||||
(in thousands) | ||||||||||||||
San Francisco Bay, CA | 8 | 940 | ||||||||||||
Los Angeles, CA | 3 | 670 | ||||||||||||
Northern Virginia, VA | 5 | 536 | ||||||||||||
New York, NY | 2 | 237 | ||||||||||||
Chicago, IL | 2 | 216 | ||||||||||||
Boston, MA | 1 | 143 | ||||||||||||
Denver, CO | 2 | 35 | ||||||||||||
Miami, FL | 2 | 47 | ||||||||||||
Orlando, FL | 1 | 129 | ||||||||||||
Atlanta, GA | 2 | 128 | ||||||||||||
Total | 28 | 3,081 |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 1,259.2 | $ | 1,228.5 | 2 | % | $ | 3,727.5 | $ | 3,688.2 | 1 | % | ||||||||||||||||||||||||||
Asia-Pacific | 249.2 | 313.5 | (21) | 845.7 | 893.1 | (5) | ||||||||||||||||||||||||||||||||
Africa | 303.4 | 257.4 | 18 | 856.7 | 741.1 | 16 | ||||||||||||||||||||||||||||||||
Europe | 184.0 | 175.8 | 5 | 561.3 | 308.2 | 82 | ||||||||||||||||||||||||||||||||
Latin America | 420.4 | 391.0 | 8 | 1,264.9 | 1,093.3 | 16 | ||||||||||||||||||||||||||||||||
Data Centers | 193.7 | 2.7 | 7,074 | 569.1 | 7.7 | 7,291 | ||||||||||||||||||||||||||||||||
Total property | 2,609.9 | 2,368.9 | 10 | 7,825.2 | 6,731.6 | 16 | ||||||||||||||||||||||||||||||||
Services | 61.6 | 85.4 | (28) | 180.9 | 180.1 | 0 | ||||||||||||||||||||||||||||||||
Total revenues | $ | 2,671.5 | $ | 2,454.3 | 9 | % | $ | 8,006.1 | $ | 6,911.7 | 16 | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 1,040.2 | $ | 1,008.3 | 3 | % | $ | 3,096.1 | $ | 3,060.2 | 1 | % | ||||||||||||||||||||||||||
Asia-Pacific | 77.4 | 126.4 | (39) | 317.1 | 346.7 | (9) | ||||||||||||||||||||||||||||||||
Africa | 183.6 | 169.2 | 9 | 527.3 | 486.3 | 8 | ||||||||||||||||||||||||||||||||
Europe | 101.0 | 102.8 | (2) | 310.7 | 197.5 | 57 | ||||||||||||||||||||||||||||||||
Latin America | 288.9 | 267.3 | 8 | 869.9 | 756.3 | 15 | ||||||||||||||||||||||||||||||||
Data Centers | 110.0 | 1.5 | 7,233 | 329.8 | 4.6 | 7,070 | ||||||||||||||||||||||||||||||||
Total property | 1,801.1 | 1,675.5 | 7 | 5,450.9 | 4,851.6 | 12 | ||||||||||||||||||||||||||||||||
Services | 33.9 | 54.5 | (38) | % | 96.4 | 113.6 | (15) | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 48.0 | $ | 47.0 | 2 | % | $ | 134.3 | $ | 126.4 | 6 | % | ||||||||||||||||||||||||||
Asia-Pacific | 10.9 | 21.5 | (49) | 64.9 | 52.7 | 23 | ||||||||||||||||||||||||||||||||
Africa | 19.4 | 16.5 | 18 | 63.9 | 52.9 | 21 | ||||||||||||||||||||||||||||||||
Europe | 12.4 | 12.8 | (3) | 41.4 | 26.3 | 57 | ||||||||||||||||||||||||||||||||
Latin America | 26.7 | 26.3 | 2 | 81.4 | 79.6 | 2 | ||||||||||||||||||||||||||||||||
Data Centers | 15.8 | 1.1 | 1,336 | 47.7 | 3.4 | 1,303 | ||||||||||||||||||||||||||||||||
Total property | 133.2 | 125.2 | 6 | 433.6 | 341.3 | 27 | ||||||||||||||||||||||||||||||||
Services | 5.5 | 3.8 | 45 | 16.6 | 12.1 | 37 | ||||||||||||||||||||||||||||||||
Other | 92.5 | 76.9 | 20 | 297.8 | 242.3 | 23 | ||||||||||||||||||||||||||||||||
Total selling, general, administrative and development expense | $ | 231.2 | $ | 205.9 | 12 | % | $ | 748.0 | $ | 595.7 | 26 | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Property | ||||||||||||||||||||||||||||||||||||||
U.S. & Canada | $ | 992.2 | $ | 961.3 | 3 | % | $ | 2,961.8 | $ | 2,933.8 | 1 | % | ||||||||||||||||||||||||||
Asia-Pacific | 66.5 | 104.9 | (37) | 252.2 | 294.0 | (14) | ||||||||||||||||||||||||||||||||
Africa | 164.2 | 152.7 | 8 | 463.4 | 433.4 | 7 | ||||||||||||||||||||||||||||||||
Europe | 88.6 | 90.0 | (2) | 269.3 | 171.2 | 57 | ||||||||||||||||||||||||||||||||
Latin America | 262.2 | 241.0 | 9 | 788.5 | 676.7 | 17 | ||||||||||||||||||||||||||||||||
Data Centers | 94.2 | 0.4 | 23,450 | 282.1 | 1.2 | 23,408 | ||||||||||||||||||||||||||||||||
Total property | 1,667.9 | 1,550.3 | 8 | 5,017.3 | 4,510.3 | 11 | ||||||||||||||||||||||||||||||||
Services | 28.4 | 50.7 | (44) | % | 79.8 | 101.5 | (21) | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | $ | 898.1 | $ | 611.4 | 47 | % | $ | 2,540.4 | $ | 1,688.7 | 50 | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Other operating expenses | $ | 52.8 | $ | 85.2 | (38) | % | $ | 98.6 | $ | 175.4 | (44) | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Total other (income) expense | $ | (202.9) | $ | 49.9 | (507) | % | $ | (319.0) | $ | 204.5 | (256) | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Income tax provision | $ | 36.1 | $ | 51.4 | (30) | % | $ | 66.0 | $ | 174.5 | (62) | % | ||||||||||||||||||||||||||
Effective tax rate | 4.2 | % | 6.6 | % | 2.7 | % | 7.6 | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Net income | $ | 819.7 | $ | 726.2 | 13 | % | $ | 2,413.3 | $ | 2,126.4 | 13 | % | ||||||||||||||||||||||||||
Income tax provision | 36.1 | 51.4 | (30) | 66.0 | 174.5 | (62) | ||||||||||||||||||||||||||||||||
Other income | (478.5) | (166.8) | 187 | (1,109.4) | (439.6) | 152 | ||||||||||||||||||||||||||||||||
Loss on retirement of long-term obligations | 0.4 | — | 100 | 0.4 | 25.7 | (98) | ||||||||||||||||||||||||||||||||
Interest expense | 294.0 | 226.1 | 30 | 833.0 | 646.8 | 29 | ||||||||||||||||||||||||||||||||
Interest income | (18.8) | (9.4) | 100 | (43.0) | (28.4) | 51 | ||||||||||||||||||||||||||||||||
Other operating expenses | 52.8 | 85.2 | (38) | 98.6 | 175.4 | (44) | ||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 898.1 | 611.4 | 47 | 2,540.4 | 1,688.7 | 50 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 39.2 | 28.1 | 40 | 138.1 | 98.0 | 41 | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,643.0 | $ | 1,552.2 | 6 | % | $ | 4,937.4 | $ | 4,467.5 | 11 | % |
Three Months Ended September 30, | Percent Increase (Decrease) | Nine Months Ended September 30, | Percent Increase (Decrease) | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Net income | $ | 819.7 | $ | 726.2 | 13 | % | $ | 2,413.3 | $ | 2,126.4 | 13 | % | ||||||||||||||||||||||||||
Real estate related depreciation, amortization and accretion | 834.6 | 550.2 | 52 | 2,356.1 | 1,516.7 | 55 | ||||||||||||||||||||||||||||||||
Losses from sale or disposal of real estate and real estate related impairment charges (1) | 14.8 | 55.4 | (73) | 32.9 | 64.9 | (49) | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests (2) | (8.7) | — | 100 | (8.7) | — | 100 | ||||||||||||||||||||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | (43.0) | (23.5) | 83 | (127.1) | (59.7) | 113 | ||||||||||||||||||||||||||||||||
Nareit FFO attributable to American Tower Corporation common stockholders | $ | 1,617.4 | $ | 1,308.3 | 24 | % | $ | 4,666.5 | $ | 3,648.3 | 28 | % | ||||||||||||||||||||||||||
Straight-line revenue | (127.7) | (99.6) | 28 | (350.4) | (324.3) | 8 | ||||||||||||||||||||||||||||||||
Straight-line expense | 9.4 | 13.0 | (28) | 30.7 | 43.4 | (29) | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | 39.2 | 28.1 | 40 | 138.1 | 98.0 | 41 | ||||||||||||||||||||||||||||||||
Deferred portion of income tax and other income tax adjustments | (27.0) | (7.5) | 260 | (178.5) | 53.4 | (434) | ||||||||||||||||||||||||||||||||
GTP one-time cash tax settlement (3) | — | — | — | 46.6 | — | 100 | ||||||||||||||||||||||||||||||||
Non-real estate related depreciation, amortization and accretion | 63.5 | 61.2 | 4 | 184.3 | 172.0 | 7 | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges | 12.2 | 9.7 | 26 | 35.7 | 27.4 | 30 | ||||||||||||||||||||||||||||||||
Other income (4) | (478.5) | (166.8) | 187 | (1,109.4) | (439.6) | 152 | ||||||||||||||||||||||||||||||||
Loss on retirement of long-term obligations | 0.4 | — | 100 | 0.4 | 25.7 | (98) | ||||||||||||||||||||||||||||||||
Other operating expense (5) | 38.0 | 29.8 | 28 | 65.7 | 110.5 | (41) | ||||||||||||||||||||||||||||||||
Capital improvement capital expenditures | (43.1) | (40.4) | 7 | (111.5) | (93.8) | 19 | ||||||||||||||||||||||||||||||||
Corporate capital expenditures | (3.3) | (1.5) | 120 | (7.3) | (3.7) | 97 | ||||||||||||||||||||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | 43.0 | 23.5 | 83 | 127.1 | 59.7 | 113 | ||||||||||||||||||||||||||||||||
Consolidated AFFO | $ | 1,143.5 | $ | 1,157.8 | (1) | % | $ | 3,538.0 | $ | 3,377.0 | 5 | % | ||||||||||||||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests (6) | (41.9) | (18.7) | 124 | % | (114.1) | (58.6) | 95 | % | ||||||||||||||||||||||||||||||
AFFO attributable to American Tower Corporation common stockholders | $ | 1,101.6 | $ | 1,139.1 | (3) | % | $ | 3,423.9 | $ | 3,318.4 | 3 | % |
As of September 30, 2022 | |||||
Available under the 2021 Multicurrency Credit Facility | $ | 1,605.7 | |||
Available under the 2021 Credit Facility | 3,295.0 | ||||
Letters of credit | (28.2) | ||||
Total available under credit facilities, net | $ | 4,872.5 | |||
Cash and cash equivalents | 2,121.8 | ||||
Total liquidity | $ | 6,994.3 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 2,511.2 | $ | 4,141.0 | |||||||
Investing activities | (1,506.2) | (10,524.5) | |||||||||
Financing activities | (960.5) | 8,282.8 | |||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | (138.2) | (61.4) | |||||||||
Net (decrease) increase in cash and cash equivalents, and restricted cash | $ | (93.7) | $ | 1,837.9 |
Discretionary capital projects (1) | $ | 545.9 | |||
Ground lease purchases (2) | 146.3 | ||||
Capital improvements and corporate expenditures (3) | 118.8 | ||||
Redevelopment | 277.5 | ||||
Start-up capital projects | 147.8 | ||||
Total capital expenditures (4) | $ | 1,236.3 |
Discretionary capital projects (1) | $ | 835 | to | $ | 865 | ||||||
Ground lease purchases | $ | 180 | to | $ | 200 | ||||||
Capital improvements and corporate expenditures | $ | 170 | to | $ | 180 | ||||||
Redevelopment | $ | 440 | to | $ | 460 | ||||||
Start-up capital projects | $ | 270 | to | $ | 290 | ||||||
Total capital expenditures | $ | 1,895 | to | $ | 1,995 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Proceeds from issuance of senior notes, net | $ | 1,293.6 | $ | 5,609.4 | |||||||
Proceeds from issuance of common stock, net | 2,291.7 | 2,361.8 | |||||||||
Repayments of credit facilities, net | (535.0) | (559.0) | |||||||||
Proceeds from term loans | — | 2,347.0 | |||||||||
Repayments of term loan | (3,000.0) | (1,744.2) | |||||||||
Repayment of securitized debt (1) | — | (763.5) | |||||||||
Repayments of senior notes (2) | (1,555.1) | — | |||||||||
Contributions from noncontrolling interest holders (3) | 2,548.5 | 3,078.2 | |||||||||
Distributions to noncontrolling interest holders (4) | (3.2) | (223.1) | |||||||||
Purchase of redeemable noncontrolling interest (5) | — | (2.5) | |||||||||
Distributions paid on common stock | (1,945.9) | (1,674.4) | |||||||||
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) | |||||||||||||||||||||||||||||||||||||
3.650% Notes | $ | 650.0 | April 1, 2022 | March 15, 2027 | 3.650 | % | September 15, 2022 | March 15 and September 15 | February 15, 2027 | |||||||||||||||||||||||||||||||||||
4.050% Notes | $ | 650.0 | April 1, 2022 | March 15, 2032 | 4.050 | % | September 15, 2022 | March 15 and September 15 | December 15, 2031 | |||||||||||||||||||||||||||||||||||
Bank Facility | Outstanding Principal Balance ($ in millions) | Maturity Date | LIBOR or EURIBOR borrowing interest rate range (1) | Base rate borrowing interest rate range (1) | Current margin over LIBOR or EURIBOR and the base rate, respectively | ||||||||||||||||||
2021 Multicurrency Credit Facility | (2) | $ | 4,394.3 | June 30, 2025 | (3) | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||
2021 Credit Facility | (4) | 705.0 | January 31, 2027 | (3) | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | ||||||||||||||||
2021 Term Loan | (4) | 1,000.0 | January 31, 2027 | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan | (5) | 808.7 | May 28, 2024 | 0.875% - 1.625% | 0.000% - 0.625% | 1.125% and 0.125% | |||||||||||||||||
2021 USD Two Year Delayed Draw Term Loan | (4) | 1,500.0 | December 28, 2023 | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||||
Compliance Tests For The 12 Months Ended September 30, 2022 ($ 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 ≤ 7.50:1.00 | ~ 10.9 | ~ 1.5 | |||||||||||||||||
Consolidated Senior Secured Leverage Ratio | Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 | ~ 17.3 (4) | ~ 5.8 | |||||||||||||||||
Issuer or Borrower | Notes/Securities Issued | Conditions Limiting Distributions of Excess Cash | Excess Cash Distributed During the Nine Months Ended September 30, 2022 | DSCR as of September 30, 2022 | 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) | $294.9 | 16.33x | $276.6 | $279.4 | ||||||||||||||||||
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) | $461.9 | 10.28x | $536.4 | $545.4 |
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 | ||||||||||||||||||||||||||||
31.1 | Filed herewith as Exhibit 31.1 | — | — | — | ||||||||||||||||||||||||||||
31.2 | Filed herewith as Exhibit 31.2 | — | — | — | ||||||||||||||||||||||||||||
32 | Filed herewith as Exhibit 32 | — | — | — | ||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | — | — | — | ||||||||||||||||||||||||||||
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 | Filed herewith as Exhibit 101 | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | — | — | — | — | |||||||||||||||||||||||||||
AMERICAN TOWER CORPORATION | ||||||||||||||
Date: October 27, 2022 | By: | /S/ RODNEY M. SMITH | ||||||||||||
Rodney M. Smith Executive Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) |
Date: October 27, 2022 | By: | /S/ THOMAS A. BARTLETT | |||||||||||||||
Thomas A. Bartlett | |||||||||||||||||
President and Chief Executive Officer |
Date: October 27, 2022 | By: | /S/ RODNEY M. SMITH | |||||||||||||||
Rodney M. Smith | |||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
Date: October 27, 2022 | By: | /S/ THOMAS A. BARTLETT | ||||||||||||||||||
Thomas A. Bartlett | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
Date: October 27, 2022 | By: | /S/ RODNEY M. SMITH | ||||||||||||||||||
Rodney M. Smith | ||||||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 476,517 | 466,687 |
Common stock, shares outstanding (in shares) | 465,602 | 455,772 |
Treasury stock, shares (in shares) | 10,915 | 10,915 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Foreign currency (losses) gains | $ 474.5 | $ 180.5 | $ 1,111.3 | $ 422.1 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Changes in fair value of cash flow hedges, tax | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Reclassification of unrealized gains on cash flow hedges to net income, tax | 0.0 | 0.0 | 0.0 | 0.0 |
Foreign currency translation adjustments, tax expense (benefit) | $ (0.8) | $ 0.0 | $ (1.0) | $ (0.0) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Cash Flows [Abstract] | ||
Income tax refunds | $ 7.1 | $ 35.2 |
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, 2021 (the “2021 Form 10-K”). The results of operations for the three and nine months ended September 30, 2022 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 September 30, 2022, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany, Poland and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defined in note 11) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd. (“Confidence Group”) holds the noncontrolling interest) and (iii) a common equity interest of approximately 77% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 11) holds approximately 23% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of September 30, 2022, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 11 for a discussion of changes to the Company’s noncontrolling interests during the nine months ended September 30, 2022 and 2021. Change in Reportable Segments—During the fourth quarter of 2021, as a result of the Company’s acquisition of CoreSite Realty Corporation (“CoreSite,” and the acquisition, the “CoreSite Acquisition”), the Company updated its reportable segments to add a Data Centers segment. The Data Centers segment is within the Company’s property operations. The Company now reports its results in seven segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 15. The change in reportable segments had no impact on the Company’s consolidated financial statements for any prior periods. Historical financial information included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) has been adjusted to reflect the change in reportable segments. Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2021 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2022. 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 statements of cash flows is as follows:
Restricted cash as of September 30, 2021 includes advance payments from a customer received during the year ended December 31, 2021. Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ 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 customers that are generally not accounted for as leases. Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. 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 customers for the three and nine months ended September 30, 2022. 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:
_______________ (1)Data Centers consists of the Company’s data center facilities located in the United States. For the three and nine months ended September 30, 2021, revenue attributable to the Company’s data center assets previously reported in the U.S. & Canada property segment is now shown in the Data Centers segment. Property revenue for the three months ended September 30, 2022 and 2021 includes straight-line revenue of $127.7 million and $99.6 million, respectively. Property revenue for the nine months ended September 30, 2022 and 2021 includes straight-line revenue of $350.4 million and $324.3 million, respectively. The Company actively monitors the creditworthiness of its customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. During the three months ended September 30, 2022, the Company deferred recognition of revenue of approximately $48 million related to a customer in India. 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 September 30, 2022, 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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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 infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the nine months ended September 30, 2022, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2021 Form 10-K. As of September 30, 2022, 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 applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2022 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 2021 Form 10-K. There were no material impairments recorded related to these assets during the three and nine months ended September 30, 2022 and 2021. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of September 30, 2022, 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 nine months ended September 30, 2022, other than leases acquired in connection with acquisitions, 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 nine months ended September 30, 2022. 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. For the nine months ended September 30, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 14). As of September 30, 2022, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of September 30, 2022 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 infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the nine months ended September 30, 2022, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2021 Form 10-K. As of September 30, 2022, 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 applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2022 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 2021 Form 10-K. There were no material impairments recorded related to these assets during the three and nine months ended September 30, 2022 and 2021. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of September 30, 2022, 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 nine months ended September 30, 2022, other than leases acquired in connection with acquisitions, 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 nine months ended September 30, 2022. 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. For the nine months ended September 30, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 14). As of September 30, 2022, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of September 30, 2022 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 infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. During the nine months ended September 30, 2022, the Company made no changes to the methods described in note 4 to its consolidated financial statements included in the 2021 Form 10-K. As of September 30, 2022, 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 applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2022 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 2021 Form 10-K. There were no material impairments recorded related to these assets during the three and nine months ended September 30, 2022 and 2021. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of September 30, 2022, 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 nine months ended September 30, 2022, other than leases acquired in connection with acquisitions, 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 nine months ended September 30, 2022. 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. For the nine months ended September 30, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 14). As of September 30, 2022, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating lease liabilities as of September 30, 2022 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)Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition. Data Centers consists of measurement period adjustments related to the CoreSite Acquisition. (2)Other represents the goodwill associated with certain operations acquired in connection with the Company’s acquisition of InSite Wireless Group, LLC. These business operations were sold during the nine months ended September 30, 2022. 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 tower communications infrastructure. 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. Other intangibles represent the value of acquired licenses, trade name and in place leases. In place lease value represents the fair value of costs avoided in securing data center customers, including vacancy periods, legal costs and commissions. In place lease value also includes assumptions on similar costs avoided upon the renewal or extension of existing leases on a basis consistent with occupancy assumptions used in the fair value of other assets. The Company amortizes its acquired intangible assets on a straight-line basis over their estimated useful lives. As of September 30, 2022, the remaining weighted average amortization period of the Company’s intangible assets was 15 years. Amortization of intangible assets for the three and nine months ended September 30, 2022 was $378.4 million and $1.3 billion, respectively. Amortization of intangible assets for the three and nine months ended September 30, 2021 was $318.0 million and $846.2 million, respectively. The increase in amortization expense is primarily due to intangible assets acquired since the beginning of the prior-year period, including as a result of the Telxius Acquisition and the CoreSite Acquisition. 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 |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accrued Liabilities, Current [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 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)Reflects borrowings denominated in Euro (“EUR”) and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S. Dollars (“USD”). (3)Repaid in full during the nine months ended September 30, 2022 using proceeds from (i) the issuance of the 3.650% Notes and the 4.050% Notes (each as defined below), (ii) the June 2022 common stock offering (as further discussed in note 10), (iii) the Stonepeak Transaction (as defined and further discussed in note 11) and (iv) cash on hand. (4)Repaid in full on January 14, 2022 using borrowings under the 2021 Credit Facility (as defined below). (5)Notes are denominated in EUR. (6)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (7)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (8)Debt entered into by CoreSite assumed in connection with the CoreSite Acquisition (the “CoreSite Debt”). On January 7, 2022, all amounts outstanding under the CoreSite Debt were repaid using borrowings under the 2021 Multicurrency Credit Facility and cash on hand. (9)Includes (a) debt entered into by the Company’s Kenyan subsidiary in connection with an acquisition of communications sites in Kenya, which is denominated in USD and is payable either (i) in future installments subject to the satisfaction of specified conditions or (ii) five years from the note origination date, including the exercise of the optional two year extension, subject to the satisfaction of specified conditions, and (b) amounts due under drawn letters of credit in Nigeria (as discussed below), which are denominated in USD. As of December 31, 2021 also included 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) $1.3 billion aggregate principal amount of the Company’s Secured Tower Revenue Securities, Series 2013-2A due March 15, 2023, (ii) $1.0 billion aggregate principal amount of the Company’s 3.50% senior unsecured notes due January 31, 2023 and (iii) $700.0 million aggregate principal amount of the Company’s 3.000% senior unsecured notes due June 15, 2023. Securitized Debt—Cash flows generated by the communications 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 CoreSite Debt—On January 7, 2022, the Company repaid the entire amount outstanding under the CoreSite Debt, plus accrued and unpaid interest up to, but excluding, January 7, 2022, for an aggregate redemption price of $962.9 million, including $80.1 million of prepayment consideration and $7.8 million in accrued and unpaid interest. The repayment of the CoreSite Debt was funded with borrowings under the 2021 Multicurrency Credit Facility and cash on hand. Repayment of 2.250% Senior Notes—On January 14, 2022, the Company repaid $600.0 million aggregate principal amount of the Company’s 2.250% senior unsecured notes due January 15, 2022 (the “2.250% Notes”) upon their maturity. The 2.250% Notes were repaid using borrowings under the 2021 Credit Facility. Upon completion of the repayment, none of the 2.250% Notes remained outstanding. Offering of Senior Notes 3.650% Senior Notes and 4.050% Senior Notes Offering—On April 1, 2022, the Company completed a registered public offering of $650.0 million aggregate principal amount of 3.650% senior unsecured notes due 2027 (the “3.650% Notes”) and $650.0 million aggregate principal amount of 4.050% senior unsecured notes due 2032 (the “4.050% Notes” and, together with the 3.650% Notes, the “Notes”). The net proceeds from this offering were approximately $1,282.6 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 USD 364-Day Delayed Draw Term Loan. The key terms of the Notes are as follows:
(1)Accrued and unpaid interest on USD denominated notes 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 supplemental indenture. Bank Facilities 2021 Multicurrency Credit Facility—During the nine months ended September 30, 2022, the Company borrowed an aggregate of $850.0 million and repaid an aggregate of $680.0 million of revolving indebtedness under the Company’s $6.0 billion senior unsecured multicurrency revolving credit facility, as amended and restated in December 2021 (the “2021 Multicurrency Credit Facility”). The Company used the borrowings to repay outstanding indebtedness, including the CoreSite Debt, and for general corporate purposes. 2021 Credit Facility—During the nine months ended September 30, 2022, the Company borrowed an aggregate of $2.7 billion and repaid an aggregate of $3.4 billion of revolving indebtedness under the Company’s $4.0 billion senior unsecured revolving credit facility, as amended and restated in December 2021 (the “2021 Credit Facility”). The Company used the borrowings to repay outstanding indebtedness, including the 2.250% Notes, and for general corporate purposes. Repayments under the 2021 USD 364-Day Delayed Draw Term Loan—On April 6, 2022, the Company repaid $100.0 million of indebtedness under the Company’s $3.0 billion unsecured term loan entered into in December 2021 (the “2021 USD 364-Day Delayed Draw Term Loan”) using proceeds from the issuance of the 3.650% Notes and the 4.050% Notes and cash on hand. On June 10, 2022, the Company repaid $2.3 billion of indebtedness under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds from the June 2022 common stock offering (as further discussed in note 10) and cash on hand. On August 11, 2022, the Company repaid all remaining amounts outstanding under the 2021 USD 364-Day Delayed Draw Term Loan using proceeds from the Stonepeak Transaction (as defined and further discussed in note 11). As of September 30, 2022, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the Company’s $1.0 billion unsecured term loan, as amended and restated in December 2021 (the “2021 Term Loan”), the Company’s 825.0 million EUR unsecured term loan, as amended and restated in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) and the Company’s $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”) were as follows:
_______________ (1)LIBOR applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 USD Two Year Delayed Draw Term Loan. Euro Interbank Offer Rate (“EURIBOR”) applies to the EUR denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan. (2)Fee on undrawn portion of each credit facility. (3)Subject to two optional renewal periods. Nigeria Letters of Credit—During the nine months ended September 30, 2022, the Company drew on letters of credit in Nigeria. The drawn amounts bear interest at a rate equal to the Secured Overnight Financing Rate at the time of drawing plus a spread. Amounts are due 270 days from the date of drawing. As of September 30, 2022, the Company had $13.0 million outstanding under the drawn letters of credit.
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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)Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheet at fair value. Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the three and nine months ended September 30, 2022, the Company recognized unrealized gains (losses) of $4.4 million and $(3.4) million, respectively, for equity securities held as of September 30, 2022. (2)Included in the carrying values of the corresponding debt obligations. During the nine months ended September 30, 2022, the Company made no changes to the methods described in note 11 to its consolidated financial statements included in the 2021 Form 10-K that it used to measure the fair value of its interest rate swap agreements. In January 2022, the interest rate swap agreements with certain lenders under the 2.250% Notes expired upon maturity of the underlying debt. As of September 30, 2022, there were no amounts outstanding under the interest rate swap agreements under the 2.250% Notes. 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. There were no material impairments during the three and nine months ended September 30, 2022 and 2021. There were no other items measured at fair value on a nonrecurring basis during the three and nine months ended September 30, 2022 or 2021. Fair Value of Financial Instruments—The Company’s financial instruments for which the carrying value reasonably approximates fair value at September 30, 2022 and December 31, 2021 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, fair value is estimated using either indicative price quotes or a discounted cash flow analysis using rates for debt with similar terms and maturities. As of September 30, 2022 and December 31, 2021, the carrying value of long-term obligations, including the current portion, was $38.3 billion and $43.3 billion, respectively. As of September 30, 2022, the fair value of long-term obligations, including the current portion, was $34.3 billion, of which $23.6 billion was measured using Level 1 inputs and $10.7 billion was measured using Level 2 inputs. As of December 31, 2021, the fair value of long-term obligations, including the current portion, was $44.1 billion, of which $28.5 billion was measured using Level 1 inputs and $15.6 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 decreases in the income tax provision during the three and nine months ended September 30, 2022 were primarily attributable to fewer additions to reserves for the Company’s existing tax positions and reduced earnings in certain foreign jurisdictions. The decrease in the income tax provision during the nine months ended September 30, 2022 also included the reversal of valuation allowances of $79.7 million in certain jurisdictions, as compared to a reversal of $8.8 million during the nine months ended September 30, 2021. These valuation allowance reversals were recognized as a reduction to the income tax provision as the net related deferred tax assets were deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability. As of September 30, 2022 and December 31, 2021, the total unrecognized tax benefits that would impact the ETR, if recognized, were approximately $99.7 million and $94.8 million, respectively. The amount of unrecognized tax benefits during the three and nine months ended September 30, 2022 includes (i) additions to the Company’s existing tax positions of $2.2 million and $11.8 million, respectively, including remeasurements of acquired liabilities of $3.5 million for the nine months ended September 30, 2022, (ii) reductions due to foreign currency exchange rate fluctuations of $3.9 million and $6.3 million, respectively, and (iii) reductions due to settlements of $1.6 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 12 to the Company’s consolidated financial statements included in the 2021 Form 10-K. The impact of the amount of these changes to previously recorded uncertain tax positions could range from zero to $23.3 million. The Company recorded the following penalties and income tax-related interest expense during the three and nine months ended September 30, 2022 and 2021:
(1)Nine months ended September 30, 2021 reflects an increase of $16.6 million due to a reclassification of unrecognized tax benefits to penalties and income tax-related interest expense. As of September 30, 2022 and December 31, 2021, the total amount of accrued income tax related interest and penalties included in the consolidated balance sheets were $52.8 million and $42.3 million, respectively.
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STOCK-BASED COMPENSATION |
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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 Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably, generally over four years for time-based restricted stock units (“RSUs”) and stock options and three years for performance-based restricted stock units (“PSUs”). Stock options generally expire ten years from the date of grant. As of September 30, 2022, the Company had the ability to grant stock-based awards with respect to an aggregate of 5.2 million shares of common stock under the 2007 Plan. In connection with the CoreSite Acquisition, the Company assumed the remaining shares previously available for issuance under a plan approved by the CoreSite shareholders, which converted into 1.4 million shares of the Company’s common stock. These shares will be available for issuance under the 2007 Plan, however, will only be available for grants to certain employees and will not be available for issuance beyond the period when they would have been available under the CoreSite plan, or March 20, 2023, at which time they will no longer be available for grant. 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 and nine months ended September 30, 2022 and 2021, the Company recorded the following stock-based compensation expense in selling, general, administrative and development expense:
Stock Options—As of September 30, 2022, there was no unrecognized compensation expense related to unvested stock options. The Company’s option activity for the nine months ended September 30, 2022 was as follows (shares disclosed in full amounts):
Restricted Stock Units—As of September 30, 2022, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan, including the CoreSite Replacement Awards (as defined below), was $199.7 million and is expected to be recognized over a weighted average period of approximately two 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). In December 2021, in connection with the CoreSite Acquisition, the Company assumed and converted certain equity awards previously granted by CoreSite under its equity plan into corresponding equity awards with respect to shares of the Company’s common stock (the “CoreSite Replacement Awards”). As of September 30, 2022, total unrecognized compensation expense related to the CoreSite Replacement Awards was $9.8 million and is expected to be recognized over a weighted average period of approximately one year. Performance-Based Restricted Stock Units—During the nine months ended September 30, 2022, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 98,542 PSUs (the “2022 PSUs”) to its executive officers and established the performance metrics for these awards. During the years ended December 31, 2021 and 2020, the Compensation Committee granted an aggregate of 98,694 PSUs (the “2021 PSUs”) and 110,925 PSUs (the “2020 PSUs”), respectively, to its executive officers and established the performance metrics for these awards. During the year ended December 31, 2020, in connection with the retirement of the Company’s former Chief Executive Officer, an aggregate of 40,186 shares underlying the 2020 PSUs were forfeited, which included the target number of shares issuable at the end of the three-year performance period for such executive’s 2020 PSUs. Threshold, target and maximum parameters were established for the metrics for a three-year performance period with respect to each of the 2022 PSUs, the 2021 PSUs and the 2020 PSUs and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200% of the target amounts. At the end of each three-year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established performance goals. PSUs will be paid out in common stock at the end of each performance period, subject generally to the executive’s continued employment 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 nine months ended September 30, 2022 was as follows (shares disclosed in full amounts):
_______________ (1)RSUs include 125,841 shares of the CoreSite Replacement Awards. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2021 PSUs and the outstanding 2020 PSUs, or 98,694 shares and 70,739 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2019 (the “2019 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 98,188 shares. (3)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2022 PSUs, or 98,542 shares. (4)Includes 17,121 shares of previously vested and deferred RSUs. PSUs consist of shares vested pursuant to the 2019 PSUs. There are no additional shares to be earned related to the 2019 PSUs. During the three and nine months ended September 30, 2022, the Company recorded $8.3 million and $26.6 million, respectively, 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 September 30, 2022 was $8.6 million based on the Company’s current assessment of the probability of achieving the performance goals. The weighted average period over which the cost will be recognized is approximately two years.
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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 nine months ended September 30, 2022, the Company received an aggregate of $21.0 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. 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 September 30, 2022, the Company has not sold any shares of common stock under the 2020 ATM Program. Common Stock Offering—On June 7, 2022, the Company completed a registered public offering of 9,185,000 shares of its common stock, par value $0.01 per share, (which includes the full exercise of the underwriters’ over-allotment option) at $256.00 per share. Aggregate net proceeds from this offering were approximately $2.3 billion after deducting underwriting discounts and estimated offering expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 USD 364-Day Delayed Draw Term Loan. 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”). 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. During the nine months ended September 30, 2022, there were no repurchases under either of the Buyback Programs. As of September 30, 2022, 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 September 30, 2022, the Company has not made any repurchases under the 2017 Buyback. 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 nine months ended September 30, 2022, 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 nine months ended September 30, 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. The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. As of September 30, 2022, the amount accrued for distributions payable related to unvested restricted stock units was $13.5 million. During the nine months ended September 30, 2022 and 2021, the Company paid $6.8 million and $7.5 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.
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NONCONTROLLING INTERESTS |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Purchase of Interests—In March 2021, the Company purchased the remaining minority interests held in a subsidiary in the United States for total consideration of $6.0 million. The purchase price was settled with unregistered shares of the Company’s common stock, in lieu of cash. The Company now owns 100% of the subsidiary as a result of the purchase. Reorganization of European Interests—In June 2021, in connection with the funding of the Telxius Acquisition, the Company completed a reorganization of its subsidiaries in Europe. As part of the reorganization, PGGM converted its previously held 49% noncontrolling interest in Former ATC Europe into noncontrolling interests in new subsidiaries, consisting of the Company's operations in Germany and Spain, inclusive of the assets acquired pursuant to the Telxius Acquisition. The reorganization included cash consideration paid to PGGM of 178.0 million EUR (approximately $214.9 million). The reorganization is reflected in the consolidated statements of equity as (i) a reduction in Additional Paid-in Capital of $648.4 million and (ii) an increase in Noncontrolling Interests of $601.0 million, and in the consolidated statements of comprehensive income (loss) as an increase in Comprehensive income attributable to American Tower Corporation stockholders of $47.4 million. CDPQ and Allianz Partnerships—In May and June 2021, the Company entered into agreements with Caisse de dépôt et placement du Québec (“CDPQ”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”), for CDPQ and Allianz to acquire 30% and 18% noncontrolling interests, respectively, in ATC Europe (the “ATC Europe Transactions”). The Company completed the ATC Europe Transactions in September 2021 for total aggregate consideration of 2.6 billion EUR (approximately $3.1 billion at the date of closing). After the completion of the ATC Europe Transactions, the Company holds a 52% controlling ownership interest in ATC Europe. As of September 30, 2022, ATC Europe consists of the Company’s operations in France, Germany, Poland and Spain. The Company currently holds a 52% controlling interest in ATC Europe, with CDPQ and Allianz holding 30% and 18% noncontrolling interests, respectively. ATC Europe holds a 100% interest in the subsidiaries that consist of the Company’s operations in France and Poland and an 87% and an 83% controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13% and a 17% noncontrolling interest in each respective subsidiary. Bangladesh Partnership—In August 2021, the Company acquired a 51% controlling interest in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for 900 million Bangladeshi Taka (“BDT”) (approximately $10.6 million at the date of closing). Confidence Group holds a 49% noncontrolling interest in KTBL. Stonepeak Transaction—In July 2022, the Company entered into an agreement with certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) for Stonepeak to acquire a 29% noncontrolling ownership interest in the Company’s U.S. data center business. The transaction was completed in August 2022 for total aggregate consideration of $2.5 billion, through an investment in common equity of $1,750.0 million and mandatorily convertible preferred equity of $750.0 million (the “Stonepeak Transaction”). As of September 30, 2022, the Company holds a common equity interest of approximately 77% in its U.S. data center business, with Stonepeak holding approximately 23% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity. On a fully converted basis, which is expected to occur four years from the date of closing in August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of approximately 71%, with Stonepeak holding approximately 29%. The mandatorily convertible preferred equity, which accrues dividends at 5.0%, will convert into common equity on a one for one basis, subject to adjustment that will be measured on the conversion date. Subsequent to September 30, 2022, Stonepeak acquired additional noncontrolling ownership interests in the Company’s U.S. data center business, as further discussed in note 16. Dividends to noncontrolling interests— Certain of the Company’s subsidiaries may, from time to time, declare dividends. In December 2021, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared a dividend of 14.0 million EUR (approximately $15.9 million) payable, pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V. In August 2022, AT Rhine C.V., one of the Company’s subsidiaries in Germany, declared and paid a dividend of 25.0 million EUR (approximately $25.1 million at the date of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Rhine C.V. As of September 30, 2022, the amount accrued for distributions payable related to the outstanding Stonepeak mandatorily convertible preferred equity was $5.5 million. The changes in noncontrolling interests were as follows:
(1)Represents the impact of contributions received from CDPQ and Allianz described above on Noncontrolling interests as of September 30, 2021. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (2)Represents the impact of contributions made by the Company to establish the joint venture in Bangladesh described above on Noncontrolling interests as of September 30, 2021. Reflected within Purchase of noncontrolling interest in the consolidated statements of equity. (3)Represents the impact of contributions received from Stonepeak described above on Noncontrolling interests as of September 30, 2022. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (4)Represents the impact of the reorganization of European interests described above on Noncontrolling interests. (5)Represents the impact of the purchase of interests described above on Noncontrolling interests. (6)For the nine months ended September 30, 2022, primarily includes $5.5 million of distributions payable related to the outstanding Stonepeak mandatorily convertible preferred equity and a dividend of $3.2 million paid to PGGM.
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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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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 2,000 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 communications sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration. Each tower is assigned to an annual tranche, ranging from 2013 to 2032, which represents the outside expiration date for the sublease rights to that tower. The purchase price for each site is a fixed amount stated in the lease for that site plus the fair market value of certain alterations made to the related tower by AT&T. As of September 30, 2022, the Company has purchased an aggregate of approximately 400 of the subleased towers which are subject to the applicable agreement. The aggregate purchase option price for the remaining towers leased and subleased is $1.1 billion 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.
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ACQUISITIONS |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. In the United States, the Company has also acquired data center facilities and related assets, including through the CoreSite Acquisition, as discussed below. The financial results of the Company’s acquisitions have been included in the Company’s consolidated statements of operations for the nine months ended September 30, 2022 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. Communications 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 and systems, 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 and nine months ended September 30, 2022 and 2021, the Company recorded acquisition and merger related expenses for business combinations and non-capitalized asset acquisition costs and integration costs as follows:
During the nine months ended September 30, 2022 and 2021, the Company also recorded benefits of $8.5 million and $4.4 million, respectively, related to pre-acquisition contingencies and settlements. The three and nine months ended September 30, 2022 included acquisition and merger related costs associated with the Stonepeak Transaction. The three and nine months ended September 30, 2021 included acquisition and merger related costs associated with the Telxius Acquisition. 2022 Transactions The estimated aggregate impact of the acquisitions completed in 2022 on the Company’s revenues and gross margin for the three and nine months ended September 30, 2022 was not material to the Company’s operating results. The revenues and gross margin amounts also reflect incremental revenues from the addition of new customers to communications infrastructure assets subsequent to the transaction date. Spain Fiber Acquisition—During the nine months ended September 30, 2022, the Company acquired fiber connected to the Company’s communications sites in Spain from Telefónica de España S.A.U. for an aggregate total purchase price of 120.1 million EUR (approximately $128.8 million at the dates of closing), including value added tax. This acquisition is being accounted for as an asset acquisition and is included in the table below in “Other.” Other Acquisitions—During the nine months ended September 30, 2022, the Company acquired a total of 258 communications sites, as well as other communications infrastructure assets, in the United States, Canada, France, Mexico, Nigeria and Poland, including 208 communications sites in connection with the Company’s agreement with Orange S.A. (“Orange”), as further described below, for an aggregate purchase price of $174.2 million. Of the aggregate purchase price, $11.6 million is reflected as a payable in the consolidated balance sheet as of September 30, 2022. These acquisitions were accounted for as asset acquisitions. The following table summarizes the allocations of the purchase prices for the fiscal year 2022 acquisitions based upon their estimated fair value at the date of acquisition:
_______________ (1)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Other Signed Acquisitions Orange Acquisition—On November 28, 2019, the Company entered into definitive agreements with Orange 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. In addition to the 208 communications sites acquired during the nine months ended September 30, 2022, the Company acquired 1,197 of these communications sites during the years ended December 31, 2020 and 2021. Subsequent to September 30, 2022, the Company completed the acquisition of an additional 75 of these communications sites. The remaining communications sites are expected to continue to close in tranches, subject to customary closing conditions. 2021 Transactions 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 agreed 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 “Telxius Acquisition”), subject to certain adjustments. In June 2021, the Company completed the acquisition of nearly 20,000 communications sites in Germany and Spain, for total consideration of approximately 6.3 billion EUR (approximately $7.7 billion at the date of closing), subject to certain post-closing adjustments and over 7,000 communications sites in Brazil, Peru, Chile and Argentina, for total consideration of approximately 0.9 billion EUR (approximately $1.1 billion at the date of closing), subject to certain post-closing adjustments. On August 2, 2021, the Company completed the acquisition of the approximately 4,000 remaining communications sites in Germany pursuant to the Telxius Acquisition for 0.6 billion EUR (approximately $0.7 billion at the date of closing). Of the aggregate purchase price, 255.5 million EUR (approximately $250.5 million), including post-closing adjustments, of deferred payments are due in September 2025 and are reflected in Other non-current liabilities in the consolidated balance sheet as of September 30, 2022. The acquired operations in Germany and Spain are included in the Europe property segment and the acquired operations in Brazil, Peru, Chile and Argentina are included in the Latin America property segment. The Telxius Acquisition was accounted for as a business combination. The following table summarizes the preliminary and updated allocations of the purchase price paid and the amounts of assets acquired and liabilities assumed for the Telxius Acquisition based upon its estimated fair value at the date of acquisition. Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2022.
(1)Balances reflect the preliminary allocation as of September 30, 2021 following the August 2, 2021 closing of the second tranche of the Telxius Acquisition in Germany. (2)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. CoreSite Acquisition—On November 14, 2021, the Company entered into an agreement with CoreSite to acquire all issued and outstanding shares of CoreSite common stock at $170.00 per share. CoreSite’s portfolio consisted of 24 data center facilities and related assets in eight United States markets. On December 28, 2021, the Company completed the CoreSite Acquisition for total consideration of approximately $10.4 billion, including the assumption and repayment of CoreSite’s existing debt. The acquired assets and operations are included in the Data Centers segment. The CoreSite Acquisition was accounted for as a business combination and is subject to 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. The following table summarizes the preliminary and updated allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the CoreSite Acquisition based upon its estimated fair value at the date of acquisition. Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2022.
(1)Tenant-related intangible assets are amortized on a straight-line basis over a 10 year period. Other intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. Pro Forma Consolidated Results (Unaudited) The following table presents the unaudited pro forma financial results as if the 2022 acquisitions had occurred on January 1, 2021 and the 2021 acquisitions had occurred on January 1, 2020. The pro forma results, to the extent available, are based on historical information, and accordingly may not fully reflect the current operations of the acquired business. In addition, the pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.
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BUSINESS SEGMENTS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS Property Communications Sites and Related Communications Infrastructure—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. The Company has historically reported these operations on a geographic basis. Data Centers—During the fourth quarter of 2021, as a result of the CoreSite Acquisition, the Company established the Data Centers segment as a reportable segment. The Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. Prior to this revision, the Company operated in five property business segments: (i) U.S. & Canada property, (ii) Asia-Pacific property, (iii) Africa property, (iv) Europe property and (v) Latin America property. The change in reportable segments had no impact on the Company’s consolidated financial statements for any prior periods. Historical financial information included in this Quarterly Report has been adjusted to reflect the change in reportable segments. As of September 30, 2022, 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, Bangladesh, India and the Philippines; •Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; •Europe: property operations in France, Germany, Poland and Spain; •Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and •Data Centers: data center property operations in the United States. Services—The Company’s Services segment offers tower-related services in the United States, including AZP and structural analysis, which primarily support its communications site leasing business, including the addition of new tenants and equipment on its communications 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 2021 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 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 and nine months ended September 30, 2022 and 2021 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 $39.2 million. (2)Primarily includes gains from foreign currency exchange rate fluctuations, partially offset by interest expense.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $28.1 million. (2)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $138.1 million. (2)Primarily includes gains from foreign currency exchange rate fluctuations, partially offset by interest expense.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $98.0 million. (2)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations.
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SUBSEQUENT EVENTS |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Stonepeak Additional Investment—In October 2022, the Company entered into an agreement with Stonepeak for Stonepeak to acquire additional common equity and mandatorily preferred equity interests in the Company’s U.S. data center business for total aggregate consideration of $570.0 million. The transaction was completed on October 20, 2022. The Company used the proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility. After the completion of the transaction, the Company holds a common equity interest of approximately 72% in its U.S. data center business, with Stonepeak holding approximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity. On a fully converted basis, which is expected to occur four years from the date of the initial closing in August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of approximately 64%, with Stonepeak holding approximately 36%. Vodafone Idea—On October 21, 2022, a subsidiary of the Company, ATC Telecom Infrastructure Private Limited (“ATC TIPL”), and Vodafone Idea Limited (“VIL”) notified the stock exchange of India that both parties have board approvals in relation to an issuance of convertible debentures pursuant to which, in exchange for VIL’s payment of certain amounts towards accounts receivables, ATC TIPL shall pay equivalent amounts towards subscription to convertible debentures issued by VIL. The convertible debentures are to be repaid by VIL with interest and ATC TIPL has the option to convert the debentures into equity of VIL. The issuance of the debentures is subject to certain conditions precedent. New Zealand Acquisition—On October 25, 2022, the Company, through its recently formed New Zealand subsidiary, acquired land under carrier or other third-party communications sites in New Zealand from Clearspan Pty Ltd for total consideration of approximately 50 million New Zealand Dollars (approximately $29 million at the date of closing).
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Sep. 30, 2022 | |
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. |
Reportable Segments | Change in Reportable Segments—During the fourth quarter of 2021, as a result of the Company’s acquisition of CoreSite Realty Corporation (“CoreSite,” and the acquisition, the “CoreSite Acquisition”), the Company updated its reportable segments to add a Data Centers segment. The Data Centers segment is within the Company’s property operations. The Company now reports its results in seven segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 15. The change in reportable segments had no impact on the Company’s consolidated financial statements for any prior periods. Historical financial information included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) has been adjusted to reflect the change in reportable segments. |
Revenue | Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ 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 customers that are generally not accounted for as leases. Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. 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 customers for the three and nine months ended September 30, 2022. 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.
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Accounting Standards Updates | Accounting Standards UpdatesIn 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. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, 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 statements of cash flows is as follows:
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Schedule of Revenue Disaggregated by Source and Geography | A summary of revenue disaggregated by source and geography is as follows:
_______________ (1)Data Centers consists of the Company’s data center facilities located in the United States. For the three and nine months ended September 30, 2021, revenue attributable to the Company’s data center assets previously reported in the U.S. & Canada property segment is now shown in the Data Centers segment.
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PREPAID AND OTHER CURRENT ASSETS (Tables) |
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Prepaid Expense and Other Assets, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consisted of the following:
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LEASES (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Receipts Expected Under Operating Leases | Future minimum rental receipts expected under non-cancellable operating lease agreements as of September 30, 2022 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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Schedule of 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. For the nine months ended September 30, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 14).
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Schedule of Maturity of Operating Lease Liabilities | Maturities of operating lease liabilities as of September 30, 2022 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) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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)Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition. Data Centers consists of measurement period adjustments related to the CoreSite Acquisition. (2)Other represents the goodwill associated with certain operations acquired in connection with the Company’s acquisition of InSite Wireless Group, LLC. These business operations were sold during the nine months ended September 30, 2022.
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Schedule of Other 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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Schedule of 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) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses consisted of the following:
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LONG-TERM OBLIGATIONS (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following:
_______________ (1)Accrues interest at a variable rate. (2)Reflects borrowings denominated in Euro (“EUR”) and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S. Dollars (“USD”). (3)Repaid in full during the nine months ended September 30, 2022 using proceeds from (i) the issuance of the 3.650% Notes and the 4.050% Notes (each as defined below), (ii) the June 2022 common stock offering (as further discussed in note 10), (iii) the Stonepeak Transaction (as defined and further discussed in note 11) and (iv) cash on hand. (4)Repaid in full on January 14, 2022 using borrowings under the 2021 Credit Facility (as defined below). (5)Notes are denominated in EUR. (6)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (7)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (8)Debt entered into by CoreSite assumed in connection with the CoreSite Acquisition (the “CoreSite Debt”). On January 7, 2022, all amounts outstanding under the CoreSite Debt were repaid using borrowings under the 2021 Multicurrency Credit Facility and cash on hand. (9)Includes (a) debt entered into by the Company’s Kenyan subsidiary in connection with an acquisition of communications sites in Kenya, which is denominated in USD and is payable either (i) in future installments subject to the satisfaction of specified conditions or (ii) five years from the note origination date, including the exercise of the optional two year extension, subject to the satisfaction of specified conditions, and (b) amounts due under drawn letters of credit in Nigeria (as discussed below), which are denominated in USD. As of December 31, 2021 also included U.S. subsidiary debt related to a seller-financed acquisition. The key terms of the Notes are as follows:
(1)Accrued and unpaid interest on USD denominated notes 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 Maturities of Long-term Debt | As of September 30, 2022, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the Company’s $1.0 billion unsecured term loan, as amended and restated in December 2021 (the “2021 Term Loan”), the Company’s 825.0 million EUR unsecured term loan, as amended and restated in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) and the Company’s $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”) were as follows:
_______________ (1)LIBOR applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 USD Two Year Delayed Draw Term Loan. Euro Interbank Offer Rate (“EURIBOR”) applies to the EUR denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan. (2)Fee on undrawn portion of each credit facility. (3)Subject to two optional renewal periods.
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Level of Inputs | 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 Measured 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)Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheet at fair value. Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the three and nine months ended September 30, 2022, the Company recognized unrealized gains (losses) of $4.4 million and $(3.4) million, respectively, for equity securities held as of September 30, 2022. (2)Included in the carrying values of the corresponding debt obligations.
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INCOME TAXES (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Penalties and Income Tax-Related Interest Expense | The Company recorded the following penalties and income tax-related interest expense during the three and nine months ended September 30, 2022 and 2021:
(1)Nine months ended September 30, 2021 reflects an increase of $16.6 million due to a reclassification of unrecognized tax benefits to penalties and income tax-related interest expense.
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STOCK-BASED COMPENSATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expenses | During the three and nine months ended September 30, 2022 and 2021, the Company recorded the following stock-based compensation expense in selling, general, administrative and development expense:
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Schedule of Option Activity | The Company’s option activity for the nine months ended September 30, 2022 was as follows (shares disclosed in full amounts):
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Schedule of RSU and PSU Activity | The Company’s RSU and PSU activity for the nine months ended September 30, 2022 was as follows (shares disclosed in full amounts):
_______________ (1)RSUs include 125,841 shares of the CoreSite Replacement Awards. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the outstanding 2021 PSUs and the outstanding 2020 PSUs, or 98,694 shares and 70,739 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2019 (the “2019 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 98,188 shares. (3)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2022 PSUs, or 98,542 shares. (4)Includes 17,121 shares of previously vested and deferred RSUs. PSUs consist of shares vested pursuant to the 2019 PSUs. There are no additional shares to be earned related to the 2019 PSUs.
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EQUITY (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | During the nine months ended September 30, 2022, 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 nine months ended September 30, 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.
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NONCONTROLLING INTERESTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Noncontrolling Interests | The changes in noncontrolling interests were as follows:
(1)Represents the impact of contributions received from CDPQ and Allianz described above on Noncontrolling interests as of September 30, 2021. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (2)Represents the impact of contributions made by the Company to establish the joint venture in Bangladesh described above on Noncontrolling interests as of September 30, 2021. Reflected within Purchase of noncontrolling interest in the consolidated statements of equity. (3)Represents the impact of contributions received from Stonepeak described above on Noncontrolling interests as of September 30, 2022. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (4)Represents the impact of the reorganization of European interests described above on Noncontrolling interests. (5)Represents the impact of the purchase of interests described above on Noncontrolling interests. (6)For the nine months ended September 30, 2022, primarily includes $5.5 million of distributions payable related to the outstanding Stonepeak mandatorily convertible preferred equity and a dividend of $3.2 million paid to PGGM.
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EARNINGS PER COMMON SHARE (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Merger and Acquisition Related Costs | During the three and nine months ended September 30, 2022 and 2021, 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 2022 acquisitions based upon their estimated fair value at the date of acquisition:
_______________ (1)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. The following table summarizes the preliminary and updated allocations of the purchase price paid and the amounts of assets acquired and liabilities assumed for the Telxius Acquisition based upon its estimated fair value at the date of acquisition. Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2022.
(1)Balances reflect the preliminary allocation as of September 30, 2021 following the August 2, 2021 closing of the second tranche of the Telxius Acquisition in Germany. (2)Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. The following table summarizes the preliminary and updated allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the CoreSite Acquisition based upon its estimated fair value at the date of acquisition. Balances are reflected in the accompanying consolidated balance sheet as of September 30, 2022.
(1)Tenant-related intangible assets are amortized on a straight-line basis over a 10 year period. Other intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets.
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Schedule of Pro Forma Information | The following table presents the unaudited pro forma financial results as if the 2022 acquisitions had occurred on January 1, 2021 and the 2021 acquisitions had occurred on January 1, 2020. The pro forma results, to the extent available, are based on historical information, and accordingly may not fully reflect the current operations of the acquired business. In addition, the pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.
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BUSINESS SEGMENTS (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summarized Financial Information Concerning the Company's Reportable Segments | Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2022 and 2021 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 $39.2 million. (2)Primarily includes gains from foreign currency exchange rate fluctuations, partially offset by interest expense.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $28.1 million. (2)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $138.1 million. (2)Primarily includes gains from foreign currency exchange rate fluctuations, partially offset by interest expense.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $98.0 million. (2)Primarily includes interest expense, partially offset by gains from foreign currency exchange rate fluctuations.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
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Sep. 30, 2022
USD ($)
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Sep. 30, 2021
USD ($)
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Sep. 30, 2022
USD ($)
reportableSegment
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Sep. 30, 2022
USD ($)
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Sep. 30, 2022
USD ($)
segment
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Sep. 30, 2021
USD ($)
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Concentration Risk [Line Items] | ||||||
Number of reportable segments | 7 | 5 | ||||
Straight-line revenue | $ 127.7 | $ 99.6 | $ 350.4 | $ 324.3 | ||
Indian Customer | ||||||
Concentration Risk [Line Items] | ||||||
Deferred recognition of revenue | $ 48.0 | $ 48.0 | $ 48.0 | $ 48.0 | ||
ATC Europe | ||||||
Concentration Risk [Line Items] | ||||||
Ownership percentage | 52.00% | 52.00% | 52.00% | 52.00% | ||
Joint Venture - Bangladesh Operations | ||||||
Concentration Risk [Line Items] | ||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | 51.00% | ||
Germany | ATC Europe | ||||||
Concentration Risk [Line Items] | ||||||
Ownership percentage | 87.00% | 87.00% | 87.00% | 87.00% | ||
Spain | ATC Europe | ||||||
Concentration Risk [Line Items] | ||||||
Ownership percentage | 83.00% | 83.00% | 83.00% | 83.00% |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, And Restricted Cash (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Dec. 31, 2020 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 2,121.8 | $ 1,949.9 | $ 3,277.2 | |
Restricted cash | 127.8 | 393.4 | 422.1 | |
Total cash, cash equivalents and restricted cash | $ 2,249.6 | $ 2,343.3 | $ 3,699.3 | $ 1,861.4 |
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid assets | $ 129.4 | $ 94.5 |
Prepaid income tax | 157.5 | 128.6 |
Unbilled receivables | 304.4 | 269.6 |
Value added tax and other consumption tax receivables | 92.2 | 83.9 |
Other miscellaneous current assets | 103.5 | 80.6 |
Prepaid and other current assets | $ 787.0 | $ 657.2 |
LEASES - Future Minimum Rental Receipts Expected Under Operating Leases (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2022 | $ 1,675.7 |
2023 | 7,397.6 |
2024 | 7,121.1 |
2025 | 6,715.1 |
2026 | 6,284.5 |
Thereafter | 33,155.8 |
Total | $ 62,349.8 |
LEASES - Information About Other Lease-related Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating leases: | ||
Right-of-use asset | $ 8,857.5 | $ 9,225.1 |
Current portion of lease liability | 766.3 | 712.6 |
Lease liability | 7,566.4 | 8,041.8 |
Total lease liability | $ 8,332.7 | $ 8,754.4 |
LEASES - Schedule of Weighted Average Lease Terms and Discount Rates (Details) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating leases: | ||
Weighted-average remaining lease term (years) | 12 years 3 months 18 days | 13 years |
Weighted-average incremental borrowing rate | 5.20% | 5.10% |
LEASES - Lease Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 309.1 | $ 295.6 | $ 919.8 | $ 815.3 |
Variable lease costs not included in lease liability | $ 92.3 | $ 94.3 | $ 290.0 | $ 248.7 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ (916.0) | $ (798.2) |
Non-cash items: | ||
New operating leases | 289.9 | 1,607.2 |
Operating lease modifications and reassessments | $ 114.2 | 165.3 |
Telxius Telecom S.A. | ||
Non-cash items: | ||
New operating leases | $ 1,400.0 |
LEASES - Maturities of Operating Leases (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Remainder of 2022 | $ 288.8 | |
2023 | 1,085.7 | |
2024 | 1,031.2 | |
2025 | 971.3 | |
2026 | 914.8 | |
Thereafter | 6,980.9 | |
Total lease payments | 11,272.7 | |
Less amounts representing interest | (2,940.0) | |
Total lease liability | 8,332.7 | $ 8,754.4 |
Less current portion of lease liability | 766.3 | 712.6 |
Non-current lease liability | $ 7,566.4 | $ 8,041.8 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 378.4 | $ 318.0 | $ 1,300.0 | $ 846.2 |
Weighted Average | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 15 years |
GOODWILL AND OTHER INTANGIBLE ASSETS - Expected Future Amortization Expenses (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 388.9 |
2023 | 1,434.8 |
2024 | 1,346.2 |
2025 | 1,293.4 |
2026 | 1,240.5 |
2027 | $ 1,227.4 |
ACCRUED EXPENSES (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Accrued construction costs | $ 129.9 | $ 197.3 |
Accrued income tax payable | 15.3 | 84.8 |
Accrued pass-through costs | 83.4 | 91.0 |
Amounts payable for acquisitions | 16.7 | 95.2 |
Amounts payable to tenants | 86.0 | 81.1 |
Accrued property and real estate taxes | 284.3 | 255.3 |
Accrued rent | 77.7 | 78.8 |
Payroll and related withholdings | 126.7 | 124.7 |
Other accrued expenses | 382.7 | 404.6 |
Total accrued expenses | $ 1,202.7 | $ 1,412.8 |
LONG-TERM OBLIGATIONS - Current Portion of Long-Term Obligations (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 3,015.2 | $ 4,568.7 |
American Tower subsidiary | Secured debt | Series 2013-2A securities | ||
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | 1,300.0 | |
American Tower Corporation | Senior notes | 3.50% senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 1,000.0 | |
Debt interest rate | 3.50% | |
American Tower Corporation | Senior notes | 3.000% senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term obligations | $ 700.0 | |
Debt interest rate | 3.00% |
LONG-TERM OBLIGATIONS - Repayment of Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Jan. 14, 2022 |
Jan. 07, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Accrued and unpaid interest | $ 199.5 | $ 254.7 | ||
American Tower Corporation | Senior notes | 2.250% senior notes | ||||
Debt Instrument [Line Items] | ||||
Redemption price | $ 600.0 | |||
Debt interest rate | 2.25% | |||
CoreSite Realty Corporation | ||||
Debt Instrument [Line Items] | ||||
Redemption price | $ 962.9 | |||
Prepayment consideration | 80.1 | |||
Accrued and unpaid interest | $ 7.8 |
LONG-TERM OBLIGATIONS - Offering of Senior Notes (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Apr. 01, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Debt Instrument [Line Items] | |||
Proceeds from term loans | $ 0.0 | $ 2,347.0 | |
Senior notes | |||
Debt Instrument [Line Items] | |||
Redemption price percentage | 100.00% | 101.00% | |
Unsecured debt | 2021 USD 364-Day Delayed Draw Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 364 days | ||
American Tower Corporation | Senior notes | |||
Debt Instrument [Line Items] | |||
Proceeds from term loans | $ 1,282.6 | ||
American Tower Corporation | Senior notes | 3.650% senior notes | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 3.65% | ||
Debt face amount | 650.0 | ||
American Tower Corporation | Senior notes | 4.050% senior notes | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 4.05% | ||
Debt face amount | $ 650.0 |
LONG-TERM OBLIGATIONS - Schedule of Key Terms of Notes (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Apr. 01, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
|
Senior notes | |||
Debt Instrument [Line Items] | |||
Redemption price percentage | 100.00% | 101.00% | |
American Tower Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 35,963.4 | $ 39,943.3 | |
American Tower Corporation | Senior notes | 3.650% senior notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 650.0 | $ 642.9 | 0.0 |
Contractual Interest Rate | 3.65% | ||
American Tower Corporation | Senior notes | 4.050% senior notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 650.0 | $ 642.0 | $ 0.0 |
Contractual Interest Rate | 4.05% |
LONG-TERM OBLIGATIONS - Nigeria Letters of Credit (Details) - Nigeria $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Line of Credit Facility [Line Items] | |
Letters of credit outstanding amount | $ 13.0 |
Letter of Credit | |
Line of Credit Facility [Line Items] | |
Debt instrument term | 270 days |
INCOME TAXES - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Contingency [Line Items] | ||||
Reversal of valuation allowances | $ 79,700,000 | $ 8,800,000 | ||
Unrecognized tax benefits that would impact the ETR | $ 99,700,000 | 99,700,000 | $ 94,800,000 | |
Unrecognized tax benefits, increase resulting from current period tax positions | 2,200,000 | 11,800,000 | ||
Increase from remeasurement of acquired liabilities | 3,500,000 | |||
Unrecognized tax benefits, decrease due to foreign currency translation | 3,900,000 | 6,300,000 | ||
Unrecognized tax benefits, decrease from settlements | 1,600,000 | 1,600,000 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 52,800,000 | 52,800,000 | $ 42,300,000 | |
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | 0 | 0 | ||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | $ 23,300,000 | $ 23,300,000 |
INCOME TAXES - Schedule of Penalties and Income Tax Related Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Penalties and income tax-related interest expense | $ 3.7 | $ 9.6 | $ 15.2 | $ 43.1 |
Increase to penalties and income tax-related interest expense due to reclassifications | $ 16.6 |
STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 39.2 | $ 28.1 | $ 138.1 | $ 98.0 |
STOCK-BASED COMPENSATION - Summary of the Company's Option Activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding at beginning of period (in shares) | 1,067,999 |
Options exercised (in shares) | (157,168) |
Options forfeited (in shares) | 0 |
Options expired (in shares) | 0 |
Options outstanding at end of period (in shares) | 910,831 |
EQUITY - Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 26, 2022 |
Sep. 21, 2022 |
Jul. 08, 2022 |
May 18, 2022 |
Apr. 29, 2022 |
Mar. 10, 2022 |
Jan. 14, 2022 |
Dec. 15, 2021 |
Oct. 15, 2021 |
Sep. 16, 2021 |
Jul. 09, 2021 |
May 27, 2021 |
Apr. 29, 2021 |
Mar. 04, 2021 |
Feb. 02, 2021 |
Dec. 03, 2020 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Dividends Payable [Line Items] | ||||||||||||||||||
Aggregate Payment Amount on common stock | $ 1,945.9 | $ 1,674.4 | ||||||||||||||||
Common Stock | ||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||
Distribution per share, common stock (in dollars per share) | $ 1.47 | $ 1.31 | ||||||||||||||||
Aggregate Payment Amount on common stock | $ 596.6 | |||||||||||||||||
Common Stock | Subsequent Event | ||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||
Aggregate Payment Amount on common stock | $ 684.4 | |||||||||||||||||
Common Stock | Dividends Declared and Paid | ||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||
Distribution per share, common stock (in dollars per share) | $ 1.43 | $ 1.40 | $ 1.39 | $ 1.27 | $ 1.24 | $ 1.21 | ||||||||||||
Aggregate Payment Amount on common stock | $ 665.8 | $ 638.8 | $ 633.5 | $ 577.8 | $ 551.5 | $ 537.6 |
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to American Tower Corporation common stockholders | $ 839.7 | $ 723.0 | $ 2,449.6 | $ 2,114.3 |
Basic weighted average common shares outstanding (in shares) | 465,594 | 455,224 | 460,141 | 450,148 |
Dilutive securities (in shares) | 1,207 | 1,753 | 1,219 | 1,833 |
Diluted weighted average common shares outstanding (in shares) | 466,801 | 456,977 | 461,360 | 451,981 |
Basic net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 1.80 | $ 1.59 | $ 5.32 | $ 4.70 |
Diluted net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 1.80 | $ 1.58 | $ 5.31 | $ 4.68 |
EARNINGS PER COMMON SHARE - Schedule Of Shares Excluded From Computation Of Earnings Per Share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from dilutive effect (in shares) | 0 | 0 | 88 | 0 |
COMMITMENTS AND CONTINGENCIES (Details) ₨ in Millions, $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Dec. 05, 2016
USD ($)
|
Dec. 05, 2016
INR (₨)
|
Mar. 27, 2015
USD ($)
communicationsSite
renewalPeriod
|
Sep. 30, 2022
USD ($)
communicationsSite
renewalPeriod
|
Dec. 31, 2000
communicationsSite
|
|
INDIA | |||||
Loss Contingencies [Line Items] | |||||
Foreign income tax assessment | $ 69.8 | ₨ 4,750 | |||
Verizon Transaction | |||||
Loss Contingencies [Line Items] | |||||
Leased assets, number of communication sites | communicationsSite | 11,250 | ||||
Right to lease, weighted average term | 28 years | ||||
Aggregate purchase option price for towers | $ | $ 5,000.0 | ||||
Customer lease, initial term | 10 years | ||||
Successive terms to renew lease | renewalPeriod | 8 | ||||
Lease renewal term | 5 years | ||||
AT&T Transaction | |||||
Loss Contingencies [Line Items] | |||||
Leased assets, number of communication sites | communicationsSite | 400 | 2,000 | |||
Aggregate purchase option price for towers | $ | $ 1,100.0 | ||||
Successive terms to renew lease | renewalPeriod | 5 | ||||
Lease renewal term | 5 years | ||||
Operating lease, term of contract | 27 years |
ACQUISITIONS - Schedule of Merger and Acquisition Related Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Business Combination and Asset Acquisition [Abstract] | ||||
Acquisition and merger related expenses | $ 29.0 | $ 25.3 | $ 38.2 | $ 88.8 |
Integration costs | $ 14.0 | $ 6.9 | $ 38.8 | $ 32.9 |
ACQUISITIONS - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Business Combination and Asset Acquisition [Abstract] | ||||
Pro forma revenues | $ 2,671.9 | $ 2,638.7 | $ 8,011.7 | $ 7,749.4 |
Pro forma net income attributable to American Tower Corporation common stockholders | $ 839.4 | $ 574.6 | $ 2,449.2 | $ 1,708.9 |
Pro forma net income per common share amounts: | ||||
Basic net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 1.80 | $ 1.24 | $ 5.26 | $ 3.68 |
Diluted net income attributable to American Tower Corporation common stockholders (in dollars per share) | $ 1.80 | $ 1.23 | $ 5.25 | $ 3.67 |
BUSINESS SEGMENTS - Narrative (Details) - 9 months ended Sep. 30, 2022 |
reportableSegment |
segment |
---|---|---|
Segment Reporting [Abstract] | ||
Number of reportable segments | 7 | 5 |