10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-16853

SBA COMMUNICATIONS CORPORATION

(Exact name of Registrant as specified in its charter)

Florida	65-0716501
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

8051 Congress Avenue
Boca Raton, Florida	33487
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (561) 995-7670

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value per share	The NASDAQ Stock Market LLC
	(NASDAQ Global Select Market)

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”  and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-Accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Indicate the number of shares outstanding of each issuer’s classes of common stock, as of the latest practicable date:121,301,176  sharesof Class A common stock as of April 30, 2017.

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016	1
	Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2017 and 2016	2
	Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2017 and 2016	3
	Consolidated Statement of Shareholders’ Deficit (unaudited) for the three months ended March 31, 2017	4
	Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2017 and 2016	5
	Condensed Notes to Consolidated Financial Statements (unaudited)	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
Item3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	38
PART II – OTHER INFORMATION
Item2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item6.	Exhibits	39
SIGNATURES		40

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except par values)

	March 31,		December 31,
	2017		2016
ASSETS	(unaudited)
Current assets:
Cash and cash equivalents	$	132,222	$	146,109
Restricted cash		30,674		36,786
Accounts receivable, net		74,214		78,344
Costs and estimated earnings in excess of billings on uncompleted contracts		13,108		11,127
Prepaid expenses and other current assets		51,049		52,205
Total current assets		301,267		324,571
Property and equipment, net		2,785,944		2,792,076
Intangible assets, net		3,605,548		3,656,924
Other assets		604,691		587,374
Total assets	$	7,297,450	$	7,360,945
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable	$	29,628	$	28,320
Accrued expenses		53,956		61,129
Current maturities of long-term debt		20,000		627,157
Deferred revenue		96,039		101,098
Accrued interest		19,214		44,503
Other current liabilities		9,756		11,240
Total current liabilities		228,593		873,447
Long-term liabilities:
Long-term debt, net		8,646,174		8,148,426
Other long-term liabilities		339,177		334,993
Total long-term liabilities		8,985,351		8,483,419
Shareholders' deficit:
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outst.		—		—
Common stock - Class A, par value $.01, 400,000 shares authorized, 121,256
and 121,004 shares issued and outstanding at March 31, 2017
and December 31, 2016, respectively		1,213		1,210
Additional paid-in capital		2,029,480		2,010,520
Accumulated deficit		(3,604,288)		(3,637,467)
Accumulated other comprehensive loss, net		(342,899)		(370,184)
Total shareholders' deficit		(1,916,494)		(1,995,921)
Total liabilities and shareholders' deficit	$	7,297,450	$	7,360,945

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited) (in thousands, except per share amounts)

	For the three months
	ended March 31,
	2017		2016
Revenues:
Site leasing	$	397,550	$	374,450
Site development		25,813		25,319
Total revenues		423,363		399,769
Operating expenses:
Cost of revenues (exclusive of depreciation, accretion,
and amortization shown below):
Cost of site leasing		89,382		82,762
Cost of site development		21,588		19,833
Selling, general, and administrative (1)		34,223		30,406
Acquisition related adjustments and expenses		2,969		3,182
Asset impairment and decommission costs		8,351		6,183
Depreciation, accretion, and amortization		159,031		159,801
Total operating expenses		315,544		302,167
Operating income		107,819		97,602
Other income (expense):
Interest income		3,234		1,866
Interest expense		(77,602)		(83,804)
Non-cash interest expense		(705)		(455)
Amortization of deferred financing fees		(6,698)		(5,265)
Other income (expense), net		14,948		45,900
Total other expense		(66,823)		(41,758)
Income before provision for income taxes		40,996		55,844
Provision for income taxes		(3,398)		(2,205)
Net income	$	37,598	$	53,639
Net income per common share
Basic	$	0.31	$	0.43
Diluted	$	0.31	$	0.43
Weighted average number of common shares
Basic		121,049		125,398
Diluted		121,734		126,124

(1) Includes non-cash compensation of $8,826 and $7,686 for the three months ended March 31, 2017 and 2016, respectively.

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) (in thousands)

	For the three months
	ended March 31,
	2017		2016
Net income	$	37,598	$	53,639
Foreign currency translation adjustments		27,285		60,693
Comprehensive income	$	64,883	$	114,332

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ DEFICIT

(unaudited) (in thousands)

								Accumulated
	Class A			Additional				Other
	Common Stock			Paid-In		Accumulated		Comprehensive
	Shares	Amount		Capital		Deficit		Loss		Total
BALANCE, December 31, 2016	121,004	$	1,210	$	2,010,520	$	(3,637,467)	$	(370,184)	$	(1,995,921)
Net income	—		—		—		37,598		—		37,598
Common stock issued in connection with
stock purchase/option plans	294		3		9,490		—		—		9,493
Non-cash compensation	—		—		9,470		—		—		9,470
Repurchase and retirement of common stock	(42)		—		—		(4,419)		—		(4,419)
Foreign currency translation adjustments	—		—		—		—		27,285		27,285
BALANCE, March 31, 2017	121,256	$	1,213	$	2,029,480	$	(3,604,288)	$	(342,899)	$	(1,916,494)

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) (in thousands)

	For the three months
	ended March 31,
	2017		2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	37,598	$	53,639
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization		159,031		159,801
Non-cash asset impairment and decommission costs		7,047		4,196
Non-cash compensation expense		9,277		7,785
Amortization of deferred financing fees		6,698		5,265
Gain on remeasurement of U.S. dollar denominated intercompany loan		(13,659)		(44,765)
Other non-cash items reflected in the Statements of Operations		35		(121)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of
billings on uncompleted contracts, net		1,444		90
Prepaid expenses and other assets		(4,777)		(12,266)
Accounts payable and accrued expenses		(3,899)		(8,277)
Accrued interest		(25,290)		(14,552)
Other liabilities		(1,199)		(6,151)
Net cash provided by operating activities		172,306		144,644
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions		(42,651)		(91,832)
Capital expenditures		(35,747)		(36,060)
Other investing activities		(5,879)		(4,447)
Net cash used in investing activities		(84,277)		(132,339)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		—		70,000
Repayments under Revolving Credit Facility		(110,000)		(50,000)
Repayment of Term Loans		(5,000)		(5,000)
Repurchase and retirement of common stock, inclusive of fees		(4,419)		(50,012)
Other financing activities		7,147		1,689
Net cash used in financing activities		(112,272)		(33,323)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		3,744		6,032
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(20,499)		(14,986)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period		185,970		146,619
End of period	$	165,471	$	131,633

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	For the three months
	ended March 31,
	2017		2016
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	102,875	$	98,434
Income taxes	$	2,806	$	2,359
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Assets acquired through capital leases	$	—	$	273

The accompanying condensed notes are an integral part of these consolidated financial statements.

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SBA COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation 

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statement of Operations.

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future.  For the three months ended March 31, 2017 and 2016,  the Company recorded a $13.7 million gain and a $44.8 million gain, respectively, on the remeasurement of intercompany loans. As of March 31, 2017, the outstanding balance under this agreement was$433.3 million.

Accounting Pronouncements Recently Adopted

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. The Company adopted this standard prospectively effective January 1, 2017. Under this update, substantially all of the Company’s acquisitions are expected to qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired, while internal costs related to the asset acquisition will continue to be expensed as incurred. Additionally, earnout liabilities will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects

7

to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect being recognized at the date of initial application. The Company is evaluating the standard and does not expect a material financial statement impact upon adoption since the standard only affects the Company’s site development segment which represents approximately 6% of the Company’s total revenues.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This standard is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted. The Company has established a cross functional project plan to assess the impact of the standard, expects this guidance to have a material impact on its consolidated balance sheet due to the addition of right-of-use assets and lease liabilities for all leases with a term greater than 12 months, and continues to assess additional impacts to its consolidated financial statements, including the consolidated statement of operations.

2.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to business combinations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The Company determines the fair value of earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation contained in various acquisitions prior to January 1, 2017 was $3.7 million and $4.1 million as of March 31, 2017 and December 31, 2016, respectively. The maximum potential obligation related to the performance targets prior to January 1, 2017 was $5.0 million and $5.8 million as of March 31, 2017 and December 31, 2016, respectively.

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands):

	For the three months
	ended March 31,
	2017		2016
Asset impairment (1)	$	3,014	$	—
Write-off of carrying value of decommissioned towers		3,971		4,196
Other third party decommission costs		1,366		1,987
Total asset impairment and decommission costs	$	8,351	$	6,183

(1) Represents impairment charges resulting from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments.

8

Short-term investments consistedof$0.2 million in Treasury securities as of March 31, 2017 and December 31, 2016. The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of March 31, 2017and December 31, 2016,  the carrying value and fair value of the held-to-maturity investments were $0.7 million. These amounts are recorded in Other assets in the accompanying Consolidated Balance Sheets.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset weekly or monthly. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate plus 137.5 to 200.0 basis points was set for the Revolving Credit Facility. Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

3.RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the consolidated statement of cash flows consists of the following:

	As of		As of
	March 31, 2017		December 31, 2016		Included on Balance Sheet
		(in thousands)
Cash and cash equivalents	$	132,222	$	146,109
Securitization escrow accounts		30,487		36,607	Restricted cash - current asset
Payment and performance bonds		187		179	Restricted cash - current asset
Surety bonds and workers compensation		2,575		3,075	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	165,471	$	185,970

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of March 31, 2017 and December 31, 2016, the Company had $38.8 million and $39.2 million in surety, payment and performance bonds, respectively, for which it was only required to post $0.0 million and$0.5 million in collateral as ofMarch 31, 2017 and December 31, 2016,  respectively. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of March 31, 2017 and December 31, 2016, the Company had also pledged $2.5million as collateral related to its workers compensation policy.

9

4.OTHER ASSETS

The Company’s other assets are comprised of the following:

	As of		As of
	March 31, 2017		December 31, 2016
		(in thousands)
Long-term investments	$	8,379	$	7,884
Prepaid land rent		194,819		191,615
Straight-line rent receivable		307,535		302,893
Deferred lease costs, net		29,172		29,660
Other		64,786		55,322
Total other assets	$	604,691	$	587,374

5.ACQUISITIONS

The following table summarizes the Company’s cash acquisition capital expenditures:

	For the three months
	ended March 31,
	2017		2016
	(in thousands)
Towers and related intangible assets	$	31,147	$	74,844
Land buyouts and other assets (1)		11,504		16,988
Total cash acquisition capital expenditures	$	42,651	$	91,832

(1) In addition, the Company paid $2.7 million and $3.6 million for ground lease extensions during the three months ended March 31, 2017 and 2016, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to non-current, non-financial assets.

The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods.

For Business Combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration and any related tax impact.

The maximum potential obligation related to performance targets for business combinations and asset acquisitionswas $8.6 million and $5.8 million as of March 31, 2017 and December 31, 2016, respectively.

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During the three months ended March 31, 2017, the Company acquired 90 completed towers and related assets and liabilities for $31.1 million in cash consisting of $12.1 million of property and equipment, $17.6 million of intangible assets, and $1.4 million of working capital adjustments.

Subsequent to March 31, 2017, the Company acquired 9 towers and related assets for $5.6 million in cash.

6.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

	As of March 31, 2017						As of December 31, 2016
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,179,583	$	(1,473,948)	$	2,705,635	$	4,141,968	$	(1,401,025)	$	2,740,943
Network location intangibles		1,525,534		(625,621)		899,913		1,515,348		(599,367)		915,981
Intangible assets, net	$	5,705,117	$	(2,099,569)	$	3,605,548	$	5,657,316	$	(2,000,392)	$	3,656,924

All intangible assets noted above are included in the Company’s site leasing segment. The Company amortizes its intangible assets using the straight-line method over 15 years. Amortization expense relating to the intangible assets above was $94.9 million and $90.2 million for the three months ended March 31, 2017 and 2016,  respectively. 

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net (including assets held under capital leases) consists of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Towers and related components	$	4,601,648	$	4,563,756
Construction-in-process		42,266		38,926
Furniture, equipment, and vehicles		51,004		50,671
Land, buildings, and improvements		590,869		578,680
Total property and equipment		5,285,787		5,232,033
Less: accumulated depreciation		(2,499,843)		(2,439,957)
Property and equipment, net	$	2,785,944	$	2,792,076

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s operations. Depreciation expense was $64.1 million and $69.5 million for the three months ended March 31, 2017 and 2016, respectively. At March 31, 2017 and December 31, 2016, non-cash capital expenditures that are included in accounts payable and accrued expenses were $4.7 million and $7.0 million, respectively.

11

8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings on uncompleted contracts consist of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs incurred on uncompleted contracts	$	29,946	$	34,577
Estimated earnings		10,592		11,185
Billings to date		(27,721)		(36,027)
	$	12,817	$	9,735

These amounts are included in the accompanying Consolidated Balance Sheets under the following captions:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	13,108	$	11,127
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(291)		(1,392)
	$	12,817	$	9,735

Eight significant customers comprised 88.2% and 81.6% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings at March 31, 2017 and December 31, 2016, respectively.

9.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Accrued earnouts	$	3,667	$	4,128
Salaries and benefits		8,115		11,910
Real estate and property taxes		7,077		7,644
Other		35,097		37,447
Total accrued expenses	$	53,956	$	61,129

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10.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

		As of						As of
		March 31, 2017						December 31, 2016
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
2014 Senior Notes	July 15, 2022	$	750,000	$	759,375	$	737,505	$	750,000	$	763,125	$	736,992
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,083,500		1,079,520		1,100,000		1,083,500		1,078,954
2012-1C Tower Securities	Dec. 11, 2017		610,000		610,171		607,905		610,000		610,165		607,157
2013-1C Tower Securities	April 10, 2018		425,000		423,827		423,192		425,000		423,381		422,768
2013-2C Tower Securities	April 11, 2023		575,000		576,777		567,807		575,000		563,322		567,545
2013-1D Tower Securities	April 10, 2018		330,000		330,281		328,560		330,000		334,521		328,225
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,183		912,889		920,000		922,199		912,219
2014-2C Tower Securities	Oct. 8, 2024		620,000		619,932		612,843		620,000		608,921		612,641
2015-1C Tower Securities	Oct. 8, 2020		500,000		502,555		491,828		500,000		495,145		491,289
2016-1C Tower Securities	July 9, 2021		700,000		695,877		691,752		700,000		688,072		691,322
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		390,000		390,000		390,000
2014 Term Loan	Mar. 24, 2021		1,458,750		1,460,573		1,448,858		1,462,500		1,467,984		1,452,039
2015 Term Loan	June 10, 2022		491,250		491,250		483,515		492,500		494,347		484,432
Total debt		$	8,760,000	$	8,757,301	$	8,666,174	$	8,875,000	$	8,844,682	$	8,775,583
Less: current maturities of long-term debt							(20,000)						(627,157)
Total long-term debt, net of current maturities						$	8,646,174					$	8,148,426

13

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	For the three months ended March 31,
	2017				2016
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
5.625% Senior Notes	$	—	$	—	$	7,031		—
5.75% Senior Notes		—		—		11,500		—
2014 Senior Notes		9,141		178		9,141		169
2016 Senior Notes		13,406		234		—		—
2010-2C Tower Securities		—		—		7,058		—
2012-1C Tower Securities		4,524		—		4,534		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		12,785		—
2015-1C Tower Securities		3,985		—		3,985		—
2016-1C Tower Securities		5,090		—		—		—
Revolving Credit Facility		2,770		—		833		—
2014 Term Loan		11,284		128		12,138		125
2015 Term Loan		3,800		165		4,087		161
Capitalized interest and other		13		—		(92)		—
Total	$	77,602	$	705	$	83,804	$	455

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement.The Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period.

During the three months ended March 31, 2017, the Company repaid $110.0 millionof the outstanding balance under the Revolving Credit Facility. As of March 31, 2017, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to March 31, 2017, the Company repaid $190.0 million of the outstanding balance under the Revolving Credit Facility.

14

Term Loans under the Senior Credit Agreement

Repricing Amendment to the Senior Credit Agreement

On January 20, 2017, SBA Senior Finance II amended its Senior Credit Agreement, primarily to reduce the stated rate of interest applicable to its senior secured term loans.  As amended, the senior secured term loans accrue interest, at SBA Senior Finance II’s election, at either the Base Rate plus 125 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor).

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021.  Prior to the reduction in the term loan interest rates as discussed above, the 2014 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2017, the 2014 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. To the extent not previously repaid, the 2014 Term Loan will be due and payable on the maturity date. However, to the extent the 2014 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. The Company incurred deferred financing fees of approximately $14.1 million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2017,  the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2017, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

The 2015 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022.  Prior to the reduction in the term loan interest rates as discussed above, the 2015 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2015 Term Loan was issued at 99.0% of par value. As of March 31, 2017, the 2015 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. To the extent not previously repaid, the 2015 Term Loan will be due and payable on the maturity date. However, to the extent the 2015 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. The Company incurred deferred financing fees of approximately $5.5million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2017,  the Company repaid$1.3 million of principal on the 2015 Term Loan. As ofMarch 31, 2017, the 2015 Term Loan had a principal balance of $491.3 million.

Secured Tower Revenue Securities

2012-1C Tower Securities

On August 9, 2012, the Company, through a New York common law trust (the “Trust”),  issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C Tower Securities”) which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042. The fixed interest rate of the 2012-1C Tower Securities was  2.933% per annum, payable monthly. The Company had incurred deferred financing fees of $14.9 million in relation to this transaction which were being amortized through the anticipated repayment date of the 2012-1C Tower Securities.

On April 17, 2017, the Company repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. In connection with the prepayment, the Company expensed $2.0 million of net deferred financing fees.

15

The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”).

2013 Tower Securities

On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1C Tower Securities”),  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 (the “2013-2C Tower Securities”), and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043(the “2013-1D Tower Securities”) (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218%per annum, payable monthly. The Company has incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049(the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289%per annum, payable monthly. The Company has incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015-1C Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156%per annum, payable monthly. The Company has incurred deferred financing fees of $11.2 millionin relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, the Company, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.5 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

2017-1C Tower Securities

On April 17, 2017, the Company, through the Trust, issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. Net proceeds from this offering were used to prepay the entire $610.0 million aggregate principal amount, as well as accrued and unpaid interest, of the 2012-1C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, SBA Guarantor, LLC, a wholly owned subsidiary of the Company, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459% per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation.

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Debt Covenants

As of March 31, 2017, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

2014 Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014 Senior Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.

2016 Senior Notes

On August 15, 2016, the Company issued $1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company incurred deferred financing fees of $12.8 million in relation to this transaction which are being amortized through the maturity date. Net proceeds from this offering and cash on hand were used to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’5.75%Senior Notes and $250.0 million of the Company’s 5.625% Senior Notes and pay the associated call premiums.

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents (see Note 12)related to its outstanding stock options and restricted stock units.  These potential common stock equivalents were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

On June 4, 2015, the Company’s Board of Directors authorized a stock repurchase plan. This plan authorized the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. During the three months ended March 31, 2017, the Company repurchased 42,163shares of its Class A common stock for $4.4 million, at an average price per share of $104.81 under this plan.Shares purchased were retired.

On January 12, 2017, the Company’s Board of Directors authorized a new stock repurchase plan, replacing the plan authorized on June 4, 2015 which had a remaining authorization of $150.0 million. This plan authorizes the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretionbased on market and business conditions, applicable legal requirements and other factors. Shares purchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion.  As of the date of this filing, the Company had the full $1.0 billion authorization remaining under the current stock repurchase program.

17

12.STOCK-BASED COMPENSATION

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility. Historical data is used to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	For the three months ended
	March 31,
	2017	2016
Risk free interest rate	1.91%	1.33% - 1.43%
Dividend yield	0.0%	0.0%
Expected volatility	20%	20%
Expected lives	4.6 years	4.7 years

The following table summarizes the Company’s activities with respect to its stock option plans for the threemonths ended March 31, 2017 as follows (dollars and number of shares in thousands, except for per share data):

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2016	4,447	$	93.09
Granted	1,149	$	115.17
Exercised	(213)	$	62.99
Canceled	(20)	$	102.89
Outstanding at March 31, 2017	5,363	$	98.98	5.0	$	118,838
Exercisable at March 31, 2017	2,451	$	87.48	3.8	$	82,673
Unvested at March 31, 2017	2,912	$	108.66	6.0	$	36,165

The weighted-average per share fair value of options granted during the threemonths ended March 31, 2017 was $23.84. The total intrinsic value for options exercised during the threemonths ended March 31, 2017 was $11.0 million.

18

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the threemonths ended March 31, 2017:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Shares	Share
	(in thousands)
Outstanding at December 31, 2016	291	$	101.74
Granted	161	$	115.17
Vested	(115)	$	98.50
Forfeited/canceled	(2)	$	105.21
Outstanding at March 31, 2017	335	$	109.29

13.INCOME TAXES

The primary reason for the difference in the Company’s effective tax rate and the U.S. statutory rate is a result of the Company’s REIT election and the Company having a full valuation allowance on the U.S. net deferred tax assets of the taxable REIT subsidiary. The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.

The Company elected to be taxed as a REIT commencing with its taxable year ending December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays and therefore not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its taxable REIT subsidiaries (“TRSs”). These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local and foreign income, property and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $1.1 billion as of December 31, 2016, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds.  The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development.The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services.They are managed separately based on the fundamental differences in their operations. Thesite leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level.

19

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended March 31, 2017	(in thousands)
Revenues	$	321,130	$	76,420	$	25,813	$	—	$	423,363
Cost of revenues (2)		65,427		23,955		21,588		—		110,970
Operating profit		255,703		52,465		4,225		—		312,393
Selling, general, and administrative		19,356		5,959		3,617		5,291		34,223
Acquisition related adjustments and expenses		1,901		1,068		—		—		2,969
Asset impairment and decommission costs		7,430		816		105		—		8,351
Depreciation, amortization and accretion		123,896		32,825		711		1,599		159,031
Operating income (loss)		103,120		11,797		(208)		(6,890)		107,819
Other expense (principally interest expense
and other income (expense))								(66,823)		(66,823)
Income before provision for income taxes										40,996
Cash capital expenditures (3)		50,433		26,890		133		942		78,398
For the three months ended March 31, 2016
Revenues	$	315,230	$	59,220	$	25,319	$	—	$	399,769
Cost of revenues (2)		64,475		18,287		19,833		—		102,595
Operating profit		250,755		40,933		5,486		—		297,174
Selling, general, and administrative		17,998		4,385		3,537		4,486		30,406
Acquisition related adjustments and expenses		1,842		1,340		—		—		3,182
Asset impairment and decommission costs		6,021		162		—		—		6,183
Depreciation, amortization and accretion		131,393		26,877		1,025		506		159,801
Operating income (loss)		93,501		8,169		924		(4,992)		97,602
Other expense (principally interest expense
and other income (expense))								(41,758)		(41,758)
Income before provision for income taxes										55,844
Cash capital expenditures (3)		105,353		21,380		556		876		128,165

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2017	$	5,313,286	$	1,856,435	$	37,787	$	89,942	$	7,297,450
As of December 31, 2016	$	5,396,394	$	1,839,703	$	43,769	$	81,079	$	7,360,945

20

(1) Assets not identified by segment consist primarily of general corporate assets.

(2) Excludes depreciation, amortization, and accretion.

(3) Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share for the three months ended March 31, 2017 and 2016 (in thousands, except per share data):

	For the three months
	ended March 31,
	2017		2016
Numerator:
Net income	$	37,598	$	53,639
Denominator:
Basic weighted-average shares outstanding		121,049		125,398
Dilutive impact of stock options and restricted shares		685		726
Diluted weighted-average shares outstanding		121,734		126,124
Net income per common share:
Basic	$	0.31	$	0.43
Diluted	$	0.31	$	0.43

For the threemonths ended March 31, 2017and 2016,  the diluted weighted average number of common shares outstanding excluded an additional2.4 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications, which we collectively refer to as “towers” or “sites.” Our principal operations are in the United States and its territories. In addition, we own and operate towers inSouth America, Central America, and Canada. Our primary business line is our site leasing business, which contributed 98.6% of our total segment operating profit for the threemonths ended March 31, 2017. In our site leasing business, we (1) lease antenna space to wireless service providers on towers that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of March 31, 2017, we owned 26,284 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. We also managed or leased approximately 5,000 actual or potential towers, approximately 500 of which were revenue producing as of March 31, 2017. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

REIT Conversion

We believe that our business has been operated in a manner that complies with the REIT rules since January 1, 2016, and as a result, we made the election to be subject to tax as a REIT commencing with our taxable year ending December 31, 2016. A REIT is a

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corporation that qualifies for special treatment for U.S. federal income tax purposes because, among other things, it derives most of its income from real estate-based sources and makes a special election under the Code.  We operate as a REIT that principally invests in, and derives most of its income from the ownership, operation and leasing of, towers.  As a REIT, we generally will be entitled to a deduction for dividends that we pay and therefore not subject to U.S. federal corporate income tax on that portion of our net income that we distribute to our shareholders.  However, we will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through TRSs. These assets and operations currently consist primarily of our site development services and our international operations. Our international operations will continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. We may also be subject to a variety of taxes, including payroll taxes and state, local and foreign income, property and other taxes on our assets and operations. 

As a REIT, we will generally be required to distribute at least 90% of our REIT taxable income after the utilization of any available NOLs (determined without regard to the dividends paid deduction and excluding net capital gain) each year to our shareholders.  In addition to the REIT distribution requirements, our determination as to the timing and amount of future dividend distributions will be based on a number of factors, including investment opportunities around our core business, the availability of our existing federal NOLs of approximately $1.1 billion as of December 31, 2016 that are attributes of the REIT, our financial condition, earnings, debt covenants, and other possible uses of such funds.  We may use these NOLs to offset our REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

Site Leasing Services

Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, Canada, Central America, and South America.  As of March 31, 2017, (1) no U.S. state or territory included more than 10% of our total tower portfolio by tower count, and (2) no U.S. state or territory accounted for more than 10% of our total revenues for the three months ended March 31, 2017. In addition, as of March 31, 2017, approximately 27.7% of our total towers are located in Brazil and less than 3% of our total towers are located in each of our other international markets (each country is considered a market). We derive site leasing revenues primarily from wireless service provider tenants, including AT&T, Sprint, T-Mobile, Verizon Wireless, Oi S.A., Telefonica, Claro,and TIM.  Wireless service providers enter into tenant leases with us, each of which relates to the lease or use of space at an individual site. In the United States and Canada, our tenant leases are generally for an initial term of five to ten years with five 5-year renewal periods at the option of the tenant. These tenant leases typically contain specific rent escalators, which average 3-4% per year, including the renewal option periods. Tenant leases in our Central American and South American markets typically have an initial term of ten years with multiple five year renewal periods. In Central America, we have similar rent escalators to that of leases in the United States and Canada while our leases in South America escalate in accordance with a standard cost of living index. Site leases in South America typically provide for a fixed rental amount and a pass through charge for the underlying ground lease rent.

In our Central Americanmarketsand Ecuador, significantly all of our revenue,expenses, and capital expenditures arising from our new build activities are denominated in U.S. dollars. Specifically, most of our ground leases, tenant leases, and tower-related expenses are due and paid in U.S. dollars. In our Central American markets, our local currency obligations are principally limited to (1) permitting and other local fees, (2) utilities, and (3) taxes. In our Brazilian, Canadian, and Chileanoperations, significantly all of ourrevenue, expenses, and capital expenditures, including tenant leases, ground leases, and other tower-related expenses are denominated in local currency.

Cost of site leasing revenue primarily consists of:

· Rental payments on ground leases and other underlying property interests;

· Straight-line rent adjustment for the difference between rental payments made and the expense recorded as if the payments had been made evenly throughout the lease term (which may include renewal terms) of the underlying property interests;

· Property taxes;

· Site maintenance and monitoring costs (exclusive of employee related costs);

· Utilities;

· Property insurance; and

· Deferred lease origination cost amortization.

Ground leases are generally for an initial term of five years or more with multiple renewal terms of five-year periods at our option and provide for rent escalators which typically average 2-3% annually, or in our South American markets, adjust in accordance

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with a standard cost of living index. As of March 31, 2017, approximately 72% of our tower structures were located on parcels of land that we own, land subject to perpetual easements, or parcels of land in which we have a leasehold interest that extends beyond 20 years. For any given tower, costs are relatively fixed over a monthly or an annual time period. As such, operating costs for owned towers do not generally increase as a result of adding additional customers to the tower. The amount of direct costs associated with operating a tower varies from site to site depending on the taxing jurisdiction and the height and age of the tower. The ongoing maintenance requirements are typically minimal and include replacing lighting systems, painting a tower, or upgrading or repairing an access road or fencing.

As indicated in the table below, our site leasing business generates substantially all of our total segment operating profit. For information regarding our operating segments, see Note 14 of our Condensed Notes to Consolidated Financial Statements included in this quarterly report.

	For the three months ended
	March 31,
Segment operating profit as a percentage of total	2017		2016
Domestic site leasing		81.9%		84.4%
International site leasing		16.7%		13.8%
Total site leasing		98.6%		98.2%

We believe that over the long-term, site leasing revenues will continue to grow as wireless service providers lease additional antenna space on our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements. During 2017, we expect organic site leasing revenue in both our domestic and international segments to be consistent with our growth in 2016.We believe our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs and minimal non-discretionary capital expenditures. Due to the relatively young age and mix of our tower portfolio, we expect future expenditures required to maintain these towers to be minimal. Consequently, we expect to grow our cash flows by (1) adding tenants to our towers at minimal incremental costs by using existing tower capacity or requiring wireless service providers to bear all or a portion of the cost of tower modifications and (2) executing monetary amendments as wireless service providers add or upgrade their equipment. Furthermore, because our towers are strategically positioned and our customers typically do not relocate, we have historically experienced low tenant lease terminations as a percentage of revenue other than in connection with customer consolidation or cessations of specific technology (e.g. iDEN, MetroPCS, Clearwire, and Cricket).  

Site Development Services

Our site development business, which is conducted in the United States only, is complementary to our site leasing business and provides us the ability to keep in close contact with the wireless service providers who generate substantially all of our site leasing revenue and to capture ancillary revenues that are generated by our site leasing activities, such as antenna and equipment installation at our tower locations. Site development services revenues are earned primarily from providing a full range of end to end services to wireless service providers or companies providing development or project management services to wireless service providers. Our services include: (1) network pre-design; (2) site audits; (3) identification of potential locations for towers and antennas on existing infrastructure; (4) support in leasing of the location; (5) assistance in obtaining zoning approvals and permits; (6) tower and related site construction; (7) antenna installation; and (8) radio equipment installation, commissioning, and maintenance. We provide site development services at our towers and at towers owned by others on a local basis, through regional, market, and project offices. The market offices are responsible for all site development operations.  

Capital Allocation Strategy

Our capital allocation strategy is to prioritize investment in quality assets that meet our return criteria and then stock repurchases when we believe our stock price is below its intrinsic value. A primary goal of our capital allocation strategy is to increase our Adjusted Funds From Operations per share. To achieve this, we expect we would continue to deploy capital between portfolio growth and stock repurchases, subject to compliance with REIT distribution requirements, available funds and market conditions, while maintaining our target leverage levels. Key elements of our capital allocation strategy include:

Portfolio Growth. We intend to continue to grow our tower portfolio, domestically and internationally, through tower acquisitions and the construction of new towers.

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Stock repurchase program. We currently utilize stock repurchases as part of our capital allocation policy when we believe our share price is below intrinsic value. We believe that share repurchases, when purchased at the right price, will facilitate our goal of increasing our Adjusted Funds From Operations per share.

Critical Accounting Policies and Estimates

We have identified the policies and significant estimation processes listed in the Annual Report on Form 10-K as critical to our business operations and the understanding of our results of operations. The listing is not intended to be a comprehensive list. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. In other cases, management is required to exercise judgment in the application of accounting principles with respect to particular transactions. The impact and any associated risks related to these policies on our business operations is discussed throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” where such policies affect reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see Note 2 of our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2016. Our preparation of our financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates and such differences could be significant.

Acquisitions

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition. We adopted this standard effective January 1, 2017 and all changes will be accounted for prospectively. The adoption of ASU 2017-01 did not have a material impact on our unaudited consolidated financial statements and related disclosures.

Our acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to non-current, non-financial assets. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired.

Weaccount for business combinations under the acquisition method of accounting. The assets and liabilities acquired are recorded at fair market value at the date of each acquisition and the results of operations of the acquired assets are included with those from the dates of the respective acquisitions. We continue to evaluate all acquisitions for a period not to exceed one year after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed as a result of information available at the acquisition date.

The fair values of net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods.

The intangible assets represent the value associated with the current leases at the acquisition date (“Current contract intangibles”) and future tenant leases anticipated to be added to the towers (“Network location intangibles”) and were calculated using the discounted values of the current or future expected cash flows. The intangible assets are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years.

In connection with certain acquisitions, we may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one to three years after they have been acquired. We accrue for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.

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RESULTS OF OPERATIONS

This report presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates.  We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations.  We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period.

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

Revenues and Segment Operating Profit:

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
Revenues	(in thousands)
Domestic site leasing	$	321,130	$	315,230	$	—	$	5,900		1.9%
International site leasing		76,420		59,220		10,398		6,802		11.5%
Site development		25,813		25,319		—		494		2.0%
Total	$	423,363	$	399,769	$	10,398	$	13,196		3.3%
Cost of Revenues
Domestic site leasing	$	65,427	$	64,475	$	—	$	952		1.5%
International site leasing		23,955		18,287		3,667		2,001		10.9%
Site development		21,588		19,833		—		1,755		8.8%
Total	$	110,970	$	102,595	$	3,667	$	4,708		4.6%
Operating Profit
Domestic site leasing	$	255,703	$	250,755	$	—	$	4,948		2.0%
International site leasing		52,465		40,933		6,731		4,801		11.7%
Site development		4,225		5,486		—		(1,261)		(23.0%)

Revenues

Domestic site leasing revenues increased  $5.9 million for the three months ended March 31, 2017, as compared to the prior year, due to (i) revenues from 302 towers acquired and 56 towers built since January 1, 2016 and (ii) organic site leasing growth, primarily from monetary lease amendments for additional equipment added to our towers as well as new leases and contractual rent escalators, partially offset by lease non-renewals primarily by MetroPCS, Clearwire, and Cricket.

International site leasing revenuesincreased  $17.2 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis, international site leasing revenues increased  $6.8 million. These changes were primarily due to (i) revenues from 319 towers acquired and 374 towers built since January 1, 2016, (ii) organic site leasing growth from new leases and contractual escalators, and (iii) an increase in reimbursable pass-through expenses. Site leasing revenue in Brazil represented 13.4% of total site leasing revenue for the period.  No other individual international market represented more than 3% of our total site leasing revenue.

Site development revenues increased $0.5 million for the three months ended March 31, 2017, as compared to the prior year, as a result of increased carrier activity.

Operating Profit

Domestic site leasing segment operating profit increased  $4.9 million for the three months ended March 31, 2017, as compared to the prior year, primarily due to additional profit generated by (i) towers acquired and built since January 1, 2016 and organic site

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leasing growth as noted above, (ii) continued control of our site leasing cost of revenue, and (iii) the positive impact of our ground lease purchase program.

International site leasing segment operating profit increased  $11.5 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis,  international site leasing segment operating profit increased$4.8 million. These changes were primarily due to towers acquired and built since January 1, 2016 and organic site leasing growth as noted above, partially offset by increases in cost of revenues.

Site development segment operating profitdecreased  $1.3million for the threemonths ended March 31, 2017, as compared to the prior year, primarily due to a change in the mix of work performed.

Selling, General, and Administrative Expenses:

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	19,356	$	17,998	$	—	$	1,358		7.5%
International site leasing		5,959		4,385		603		971		22.1%
Total site leasing	$	25,315	$	22,383	$	603	$	2,329		10.4%
Site development		3,617		3,537		—		80		2.3%
Not identified by segment		5,291		4,486		—		805		17.9%
Total	$	34,223	$	30,406	$	603	$	3,214		10.6%

Selling, general, and administrative expensesincreased  $3.8 million for the three months ended March 31, 2017, as compared to the prior year.  On a constant currency basis, selling, general, and administrative expenses increased  $3.2 million. Theseincreases  were primarily as a result ofincreases  innon-cash compensation, legal fees, personnel, salaries, benefits, and other support costs.

Acquisition Related Adjustments and Expenses:

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	1,901	$	1,842	$	—	$	59		3.2%
International site leasing		1,068		1,340		202		(474)		(35.4%)
Total	$	2,969	$	3,182	$	202	$	(415)		(13.0%)

Acquisition related adjustments and expensesdecreased  $0.2 million for the three months ended March 31, 2017, as compared to the prior year.On a constant currency basis, acquisition related adjustments and expenses decreased  $0.4 million. These changeswereprimarily as a result ofchanges in our estimated pre-acquisition contingencies as compared to the prior year period and our adoption of ASU 2017-01 which now requires capitalization of third party costs rather than expensing in the period in which the costs were incurred,  partially offset by an increase in the number of towers we acquired.

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Asset Impairment and Decommission Costs:  

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	7,430	$	6,021	$	—	$	1,409		23.4%
International site leasing		816		162		103		551		340.1%
Total site leasing	$	8,246	$	6,183	$	103	$	1,960		31.7%
Site development		105		—		—		105		—%
Total	$	8,351	$	6,183	$	103	$	2,065		33.4%

Asset impairment and decommission costs increased  $2.2 million for the three months ended March 31, 2017, as compared to the prior year.  On a constant currency basis, asset impairment and decommission costsincreased  $2.1  million. These changes were primarily as a result of  a  $3.0 million increase in impairment charges resulting from our analysis that the future cash flows would not recover the carrying value of the investment, partially offset by a  $0.8 million decrease in the impairment charge recorded on decommissioned towers for the three months ended March 31, 2017.

Depreciation, Accretion, and Amortization Expenses:  

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	123,896	$	131,393	$	—	$	(7,497)		(5.7%)
International site leasing		32,825		26,877		4,456		1,492		5.6%
Total site leasing	$	156,721	$	158,270	$	4,456	$	(6,005)		(3.8%)
Site development		711		1,025		—		(314)		(30.6%)
Not identified by segment		1,599		506		—		1,093		216.0%
Total	$	159,031	$	159,801	$	4,456	$	(5,226)		(3.3%)

Depreciation, accretion, and amortization expensedecreased$0.8 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis, depreciation, accretion, and amortization expense decreased$5.2 million. These changes were primarily due to a decrease in depreciation associated with assets that became fully depreciated since the prior year period, partially offset byadditional depreciation associated with the increase in the number of towers we acquired and built since January 1, 2016.

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Operating Income (Expense):

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Domestic site leasing	$	103,120	$	93,501	$	—	$	9,619		10.3%
International site leasing		11,797		8,169		1,367		2,261		27.7%
Total site leasing	$	114,917	$	101,670	$	1,367	$	11,880		11.7%
Site development		(208)		924		—		(1,132)		(122.5%)
Not identified by segment		(6,890)		(4,992)		—		(1,898)		38.0%
Total	$	107,819	$	97,602	$	1,367	$	8,850		9.1%

Domestic site leasing operating income increased  $9.6 million for the three months ended March 31, 2017, as compared to the prior year, primarily due to higher segment operating profit and a  decrease in depreciation, accretion, and amortization expense, partially offset by increases in selling, general, and administrative expenses and asset impairment and decommission costs.

International site leasing operating income increased$3.6 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis, international site leasing operating income increased  $2.3 million. These changes were primarily due tohigher segment operating profit and a decrease in acquisition related adjustments and expenses, partially offset by increases in selling, general, and administrative expenses and depreciation, accretion, and amortization.

Site development operating incomedecreased  $1.1 million for the three months ended March 31, 2017, as compared to the prior year, primarily due to lower segment operating profit and an increase in selling, general, and administrative expenses, partially offset by a decrease in depreciation, accretion, and amortization expense.

Other Income (Expense):

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Interest income	$	3,234	$	1,866	$	481	$	887		47.5%
Interest expense		(77,602)		(83,804)		(5)		6,207		(7.4%)
Non-cash interest expense		(705)		(455)		—		(250)		54.9%
Amortization of deferred financing fees		(6,698)		(5,265)		—		(1,433)		27.2%
Other income (expense), net		14,948		45,900		(31,892)		940		2.0%
Total	$	(66,823)	$	(41,758)	$	(31,416)	$	6,351		(15.2%)

Interest incomeincreased  $1.4 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis, interest income increased  $0.9 million. Thesechanges were primarily due to a higher amount of interest bearing deposits held as compared to the prior year period, partially offset by lower average interest rate earned on deposits.

Interest expensedecreased$6.2 million, on an actual and constant currency basis, for thethree months ended March 31, 2017, as compared to the prior year, due to alower weighted average interest rate on debt, partially offset by ahigher average principal amount of cash-interest bearing debt outstanding as compared to the prior year. The decrease primarily resulted from the repayment of the 2010-2C Tower Securities in July 2016,the 5.75% Senior Notes in August 2016, and the 5.625% Senior Notes in October 2016, partially offset by the issuance of the 2016-1C Tower Securities in July 2016 and the 2016 Senior Notes in August 2016 and a higher average balance outstanding on the Revolving Credit Facility in the current year period.

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Amortization of deferred financing fees increased  $1.4 million for the three months ended March 31, 2017, as compared to the prior year, primarily resulting from the issuance of the 2016-1C Tower Securities in July 2016 and the 2016 Senior Notes in August 2016, partially offset by the repayment of the 2010-2C Tower Securities in July 2016, the 5.75% Senior Notes in August 2016, and the 5.625% Senior Notes in October 2016.

Other income (expense), net includes a  $13.7 million gainon the foreign currency-related remeasurement of intercompany loans for the three months ended March 31, 2017, while the prior year period included a  $44.8 million gain.

Net Income:

	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	37,598	$	53,639	$	(30,054)	$	14,013		26.1%

Net incomedecreased$16.0 million for the three months ended March 31, 2017, as compared to the prior year. On a constant currency basis, net incomeincreased$14.0 million. These changes were primarily due toa  decrease in the gain recorded on the remeasurement of an intercompany loan, partially offset byan increase in operating income and a decrease in interest expense.

 

NON-GAAP FINANCIAL MEASURES

This report contains information regarding a non-GAAP measure, Adjusted EBITDA. We have provided below a description of Adjusted EBITDA, a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure and an explanation as to why management utilizes this measure. This report also presents our financial results and other financial metrics after eliminating the impact of changes in foreign currency exchange rates. We believe that providing these financial results and metrics on a constant currency basis, which are non-GAAP measures, gives management and investors the ability to evaluate the performance of our business without the impact of foreign currency exchange rate fluctuations. We eliminate the impact of changes in foreign currency exchange rates by dividing the current period’s financial results by the average monthly exchange rates of the prior year period.

Adjusted EBITDA

We define Adjusted EBITDA as net income excluding the impact of non-cash straight-line leasing revenue, non-cash straight-line ground lease expense, non-cash compensation, net loss from extinguishment of debt, other income and expenses, acquisition related adjustments and expenses, asset impairment and decommission costs, interest income, interest expenses, depreciation, accretion, and amortization, and provision for or benefit from taxes.

We believe that Adjusted EBITDA is useful to investors or other interested parties in evaluating our financial performance. Adjusted EBITDA is the primary measure used by management (1) to evaluate the economic productivity of our operations and (2) for purposes of making decisions about allocating resources to, and assessing the performance of, our operations. Management believes that Adjusted EBITDA helps investors or other interested parties meaningfully evaluate and compare the results of our operations (1) from period to period and (2) to our competitors, by excluding the impact of our capital structure (primarily interest charges from our outstanding debt) and asset base (primarily depreciation, amortization and accretion) from our financial results. Management also believes Adjusted EBITDA is frequently used by investors or other interested parties in the evaluation of REITs. In addition, Adjusted EBITDA is a component of the calculation that has been used by our lenders to determine compliance with certain covenants under our Senior Credit Agreement and the indentures relating to the 2014 Senior Notes and 2016 Senior Notes (defined below). Adjusted EBITDA should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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	For the three months ended								Constant
	March 31,				Foreign		Constant		Currency
	2017		2016		Currency Impact		Currency Change		% Change
	(in thousands)
Net income	$	37,598	$	53,639	$	(30,054)	$	14,013		26.1%
Non-cash straight-line leasing revenue		(3,939)		(8,847)		(709)		4,908		(55.5%)
Non-cash straight-line ground lease expense		8,070		8,494		86		(424)		(5.0%)
Non-cash compensation		9,277		7,785		60		1,492		19.2%
Other income (expense), net		(14,948)		(45,900)		31,892		(940)		2.0%
Acquisition related adjustments and expenses		2,969		3,182		202		(415)		(13.0%)
Asset impairment and decommission costs		8,351		6,183		103		2,065		33.4%
Interest income		(3,234)		(1,866)		(481)		(887)		47.5%
Interest expense (1)		85,005		89,524		5		(4,524)		(5.1%)
Depreciation, accretion, and amortization		159,031		159,801		4,456		(5,226)		(3.3%)
Provision for taxes (2)		3,986		2,660		35		1,326		49.8%
Adjusted EBITDA	$	292,166	$	274,655	$	5,595	$	11,388

(1) Interest expense includes interest expense, non-cash interest expense, and amortization of deferred financing fees.

(2) Provision for taxes includes $588 and $455 of franchisetaxes reflected in selling, general, and administrative expenses on the Consolidated Statement of Operationsfor the threemonths ended March 31, 2017 and 2016, respectively.

Adjusted EBITDA increased  $17.5 million for the three months ended March 31, 2017, as compared to the prior year period. On a constant currency basis, adjusted EBITDAincreased  $11.4 million. These changes were primarily due to increases in domestic and international site leasing segment operating profit, partially offset by an increase in selling, general, and administrative expenses and a decrease in site development segment operating profit.

LIQUIDITY AND CAPITAL RESOURCES

SBAC is a holding company with no business operations of its own. SBAC’s only significant asset is 100% of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”), which is also a holding company that owns equity interests in entities that directly or indirectly own all of our domestic and international towers and assets. We conduct all of our business operations through Telecommunications’ subsidiaries. Accordingly, our only source of cash to pay our obligations, other than financings, is distributions with respect to our ownership interest in our subsidiaries from the net earnings and cash flow generated by these subsidiaries.

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A summary of our cash flows is as follows:

	For the three months ended
	March 31, 2017		March 31, 2016
	(in thousands)
Cash provided by operating activities	$	172,306	$	144,644
Cash used in investing activities		(84,277)		(132,339)
Cash used in financing activities		(112,272)		(33,323)
Decrease in cash and cash equivalents		(24,243)		(21,018)
Effect of exchange rate changes on cash, cash equiv., and restricted cash		3,744		6,032
Cash, cash equivalents, and restricted cash, beginning of period		185,970		146,619
Cash, cash equivalents, and restricted cash, end of period	$	165,471	$	131,633

Operating Activities

Cash provided by operating activities was $172.3 million for the threemonths ended March 31, 2017 as compared to $144.6 million for the threemonths ended March 31, 2016. Theincrease was primarily due to increases in segment operating profit from domestic site leasing and international site leasing operating segments, partially offset by decreased site development segment operating profit, increased selling, general, and administrative expenses, and increased interest payments.

Investing Activities

A detail of our cash capital expenditures is as follows:

	For the three months
	ended March 31,
	2017		2016
	(in thousands)
Acquisitions	$	31,147	$	74,844
Construction and related costs on new tower builds		16,816		18,944
Augmentation and tower upgrades		11,115		9,292
Land buyouts and other assets (1)		11,504		16,988
Tower maintenance		6,647		6,662
General corporate		1,169		1,162
Total cash capital expenditures	$	78,398	$	127,892

(1) Excludes $2.7 million and $3.6 million spent on ground lease extensions and term easements on landunderlying our towers for the three months ended March 31, 2017 and 2016, respectively.

Subsequent to March 31, 2017,  we acquired 9 towers and related assets for $5.6 million in cash.

During all of 2017, inclusive of the capital expenditures made during the three months ended March 31, 2017, we expect to incur non-discretionary cash capital expenditures associated with tower maintenance and general corporate expenditures of $31.0 million to $41.0 million and discretionary cash capital expenditures, based on current acquisition obligations, planned new tower construction, forecasted tower augmentations, and forecasted ground lease purchases, of $310.0 million to $330.0 million as well as potential, additional tower acquisitions not yet under contract. We expect to fund these cash capital expenditures from cash on hand, cash flow from operations, and borrowings under the Revolving Credit Facility or new financings. The exact amount of our future cash capital expenditures will depend on a number of factors, including amounts necessary to support our tower portfolio, our new tower build and acquisition programs, and our ground lease purchase program.

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Financing Activities

During the threemonths ended March 31, 2017, we repaid $110.0 million under the Revolving Credit Facility. As of March 31, 2017, we had $280.0 million outstanding under the $1.0 billion Revolving Credit Facility. Subsequent to March 31, 2017, we repaid $190.0 million of the outstanding balance under the Revolving Credit Facility.

During the three months ended March 31, 2017, we repurchased 42,163 shares of its Class A common stock for $4.4 million, at an average price per share of $104.81 under the stock repurchase plan authorized on June 4, 2015. Shares purchased were retired.

On January 12, 2017, the Board of Directors approved the authorization of a new $1.0 billion stock repurchase plan replacing the prior plan which had a remaining authorization of $150.0 million. As of the date of this filing,  we  had the full $1.0 billion authorization remaining under the new plan.

On January 20, 2017, SBA Senior Finance II repriced its senior secured term loans from a Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%) to a Eurodollar Rate plus 225 basis points (with a zero Eurodollar floor).

On April 17, 2017, we, through a New York common law trust (the“Trust”), issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. Net proceeds from this offering were used to prepay the entire $610.0 million aggregate principal amount, as well as accrued and unpaid interest, of the 2012-1C Tower Securities and for general corporate purposes.

Registration Statements

We have on file with the Commission a shelf registration statement on Form S-4 registering shares of Class A common stock that we may issue in connection with the acquisition of wireless communication towers or antenna sites and related assets or companies who own wireless communication towers, antenna sites, or related assets. During the threemonths ended March 31, 2017, we did not issue any shares of Class A common stock under this registration statement. As of March 31, 2017, we had approximately 1.7 million shares of Class A common stock remaining under this shelf registration statement.

On March 3, 2015, we filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR. This registration statement enables us to issue shares of our Class A common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing automatic shelf registration statements, we will file a prospectus supplement and advise the Commission of the amount and type of securities each time we issue securities under this registration statement. No shares were issued under this registration statementthrough the date of this filing.

Debt Instruments and Debt Service Requirements

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement. The Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period.

During thethree months ended March 31, 2017, we repaid $110.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2017, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

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Subsequent to March 31, 2017, werepaid $190.0 million of the outstanding balance under the Revolving Credit Facility.As of the date of this filing,$90.0 million was outstanding under the Revolving Credit Facility.

Term Loans under the Senior Credit Agreement

Repricing Amendment to the Senior Credit Agreement

On January 20, 2017, SBA Senior Finance II amended its Senior Credit Agreement, primarily to reduce the stated rate of interest applicable to its senior secured term loans.  As amended, the senior secured term loans accrue interest, at SBA Senior Finance II’s election, at either the Base Rate plus 125 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor).

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021. Prior to the reduction in the term loan interest rates as discussed above, the 2014 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2017, the 2014 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. To the extent not previously repaid, the 2014 Term Loan will be due and payable on the maturity date. However, to the extent the 2014 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. We incurred deferred financing fees of approximately $14.1 million in relation to this transaction which are being amortized through the maturity date.

During thethreemonths ended March 31, 2017,  we repaid$3.8 million of principal on the 2014 Term Loan. As of March 31, 2017, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

The 2015 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022.  Prior to the reduction in the term loan interest rates as discussed above, the 2015 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2015 Term Loan was issued at 99.0% of par value. As of March 31, 2017, the 2015 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan.To the extent not previously repaid, the 2015 Term Loan will be due and payable on the maturity date. However, to the extent the 2015 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. We incurred deferred financing fees of approximately $5.5 million in relation to this transaction which are being amortized through the maturity date.

During thethreemonths ended March 31, 2017,  we repaid $1.3 millionof principal on the 2015 Term Loan. As of March 31, 2017, the 2015 Term Loan had a principal balance of $491.3 million.

Secured Tower Revenue Securities

2012-1C Tower Securities

On August 9, 2012, we, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C Tower Securities”) which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042. The fixed interest rate of the 2012-1C Tower Securities was 2.933% per annum, payable monthly. We had incurred deferred financing fees of $14.9 million in relation to this transaction which were being amortized through the anticipated repayment date of the 2012-1C Tower Securities.

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On April 17, 2017, we repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. In connection with the prepayment, we expensed $2.0 million of net deferred financing fees.

The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”).

2013 Tower Securities

On April 18, 2013, we, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1C Tower Securities”), $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023and a final maturity date of April 9, 2048 (the “2013-2C Tower Securities”), and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1D Tower Securities”) (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% per annum, payable monthly. We incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, we, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% per annum, payable monthly.  We incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015-1C Tower Securities

On October 14, 2015, we, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156% per annum, payable monthly. We incurred deferred financing fees of $11.2 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, we, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”).  The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. We incurred deferred financing fees of $9.5 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

2017-1C Tower Securities

On April 17, 2017, we, through the Trust, issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. Net proceeds from this offering were used to prepay the entire $610.0 million aggregate principal amount, as well as accrued and unpaid interest, of the 2012-1C Tower Securities and for general corporate purposes. We incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the

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“2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459% per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation.

Debt Covenants

As of March 31, 2017, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

2014 Senior Notes

On July 1, 2014, we issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014 Senior Notes is due semi-annually on January 15 and July 15 of each year. We incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.

2016 Senior Notes

On August 15, 2016, we issued $1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. We incurred deferred financing fees of $12.8 million in relation to this transaction which are being amortized through the maturity date. Net proceeds from this offering and cash on hand were used to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75% Senior Notes and $250.0 million of our 5.625% Senior Notes and pay the associated call premiums.

Debt Service

As of March 31, 2017, we believe that our cash on hand, capacity available under our Revolving Credit Facility and our cash flows from operations for the next twelve monthswill be sufficient to service our outstanding debt during the next twelve months.

The following table illustrates our estimate of our debt service requirement over the twelve months ended March 31, 2018based on the amounts outstanding as of March 31, 2017 and the interest rates accruing on those amounts on such date (in thousands):

2014 Senior Notes	$	36,563
2016 Senior Notes		53,625
2012-1C Tower Securities (1)		622,112
2013-1C Tower Securities		9,655
2013-2C Tower Securities		21,585
2013-1D Tower Securities		11,978
2014-1C Tower Securities		26,954
2014-2C Tower Securities		24,185
2015-1C Tower Securities		15,939
2016-1C Tower Securities		20,361
Revolving Credit Facility		10,060
2014 Term Loan		62,081
2015 Term Loan		20,856
Total debt service for the next 12 months (2)	$	935,954

(1) The anticipated repayment date and the final maturity date for the 2012-1C Tower Securities was December 11, 2017 and December 9, 2042, respectively.On April 17, 2017, we repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities.  

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(2) Our total debt service does not include any amounts for the 2017-1C Tower Securities issued onApril 17, 2017. Total debt service for the next twelve months related to the 2017-1C Tower Securities is $23.0 million.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks that are inherent in our financial instruments. These instruments arise from transactions entered into in the normal course of business.

The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of March 31, 2017:

	2017		2018		2019		2020		2021		Thereafter		Total		Fair Value
Debt:	(in thousands)
2014 Senior Notes	$	—	$	—	$	—	$	—	$	—	$	750,000	$	750,000	$	759,375
2016 Senior Notes		—		—		—		—		—		1,100,000		1,100,000		1,083,500
2012-1C Tower Securities (1)		610,000		—		—		—		—		—		610,000		610,171
2013-1C Tower Securities (2)		—		425,000		—		—		—		—		425,000		423,827
2013-2C Tower Securities (2)		—		—		—		—		—		575,000		575,000		576,777
2013-1D Tower Securities (2)		—		330,000		—		—		—		—		330,000		330,281
2014-1C Tower Securities (2)		—		—		920,000		—		—		—		920,000		923,183
2014-2C Tower Securities (2)		—		—		—		—		—		620,000		620,000		619,932
2015-1C Tower Securities (2)		—		—		—		500,000		—		—		500,000		502,555
2016-1C Tower Securities (2)		—		—		—		—		700,000		—		700,000		695,877
Revolving Credit Facility		—		—		—		280,000		—		—		280,000		280,000
2014 Term Loan		11,250		15,000		15,000		15,000		1,402,500		—		1,458,750		1,460,573
2015 Term Loan		3,750		5,000		5,000		5,000		5,000		467,500		491,250		491,250
Total debt obligation	$	625,000	$	775,000	$	940,000	$	800,000	$	2,107,500	$	3,512,500	$	8,760,000	$	8,757,301

(1) The anticipated repayment date and the final maturity date for the 2012-1C Tower Securities is December 11, 2017 and December 9, 2042, respectively.On April 17, 2017, we repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. The anticipated repayment date and final maturity date for the 2017-1C Tower Securities is April 11, 2022 and April 9, 2047, respectively.

(2) The anticipated repayment date and the final maturity date for the 2013-1C Tower Securities is April 10, 2018 and April 9, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2013-2C Tower Securities is April 11, 2023 and April 9, 2048, respectively.

The anticipated repayment date and the final maturity date for the 2013-1D Tower Securities are April 10, 2018 and April 9, 2043, respectively.

The anticipated repayment date and the final maturity date for the 2014-1C Tower Securities is October 8, 2019 and October 11, 2044, respectively.

The anticipated repayment date and the final maturity date for the 2014-2C Tower Securities is October 8, 2024 and October 8, 2049, respectively.

The anticipated repayment date and the final maturity date for the 2015-1C Tower Securities is October 8, 2020 and October 10, 2045, respectively.

The anticipated repayment date and the final maturity date for the 2016-1C Tower Securities is July 9, 2021 and July 10, 2046, respectively.

Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2)interest rate risk relating to the impact of interest rate movements on our 2014 Term Loan and 2015 Term Loan and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates. We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt. While we cannot predict our ability to

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refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.

We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil,  Canada, and Chile,  and to a lesser extent, our markets in Central America. In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency. In addition, in Brazil, Canada, and Chile, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency. All transactions denominated in currencies other than the U.S. Dollar are reported in U.S. Dollars at the applicable exchange rate. All assets and liabilities are translated into U.S. Dollars at exchange rates in effect at the end of the applicable fiscal reporting period and all revenues and expenses are translated at average rates for the period. The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss).For the threemonths ended March 31, 2017, approximately13.4% of our revenues and approximately15.7%of our total operating expenses were denominated in foreign currencies.

We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at March 31, 2017. As of March 31, 2017, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 2.9%, respectively, for the threemonths ended March 31, 2017.

As of March 31, 2017, wehad intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded. As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income. A change of 10% in the underlying exchange rates of our unsettled intercompany debt at March 31, 2017would have resulted in approximately $43.7 million of unrealized gains or losses that would have been included in Otherincome (expense), net in our Consolidated Statement of Operations for thethreemonths ended March 31, 2017.

Special Note Regarding Forward-Looking Statements

This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Specifically, this quarterly report contains forward-looking statements regarding:

· our expectations on the future growth and financial health of the wireless industry and the industry participants, the drivers of such growth, the demand for our towers, and the trends developing in our industry;

· our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results;

· our intent to grow our tower portfolio domestically and internationally and our expectations regarding specific growth levels;

· our belief that over the long-term, site leasing revenues will continue to grow as wireless service providers increase their use of our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements;

· our expectation regarding site leasing revenue growth, on an organic basis, in our domestic and international segments;

· our belief that our site leasing business is characterized by stable and long-term recurring revenues, predictable operating costs, and minimal non-discretionary capital expenditures;

· our expectation that, due to the relatively young age and mix of our tower portfolio, future expenditures required to maintain these towers will be minimal;

· our expectation that we will grow our cash flows by adding tenants to our towers at minimal incremental costs and executing monetary amendments;

· our ability to qualify and to remain qualified as a REIT and the timing of such qualification and our election to be subject to a tax as a REIT;

· our belief that our business is currently operated in a manner that complies with the REIT rules and our intent to continue to do so;

· our plans regarding our distribution policy, and the amount and timing of, and source of funds for, any such distributions;

· our expectations regarding the use of NOLs to reduce REIT taxable income;

· our expectations regarding our capital allocation strategy,  the impact of the REIT conversion on that strategy, and our goal of increasing our Adjusted Funds From Operations per share;

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· our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;

· our intended use of our liquidity;

· our expectations regarding our debt service and our belief that our cash on hand, capacity under our Revolving Credit Facility, and our cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months;

· our belief regarding our credit risk; and

· our estimates regarding certain accounting and tax matters.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:

· the impact of consolidation among wireless service providers on our leasing revenue;

· our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;

· our ability to successfully manage the risks associated with international operations, including risks relating to political or economic conditions, tax laws, currency restrictions and exchange rate fluctuations, legal or judicial systems, and land ownership;

· our ability to successfully manage the risks associated with our acquisition initiatives, including our ability to effectively integrate acquired towers into our business and to achieve the financial results projected in our valuation models for the acquired towers;

· developments in the wireless communications industry in general, and for wireless communications infrastructure providers in particular, that may slow growth or affect the willingness or ability of the wireless service providers to expend capital to fund network expansion or enhancements;

· our ability to secure as many site leasing tenants as anticipated, recognize our expected economies of scale with respect to new tenants on our towers, and retain current leases on towers;

· our ability to secure and deliver anticipated services business at contemplated margins;

· our ability to build new towers, including our ability to identify and acquire land that would be attractive for our customers and to successfully and timely address zoning, permitting, weather, availability of labor and supplies and other issues that arise in connection with the building of new towers;

· competition for the acquisition of towers and other factors that may adversely affect our ability to purchase towers that meet our investment criteria and are available at prices which we believe will be accretive to our shareholders and allow us to maintain our long-term target leverage ratios while achieving our expected portfolio growth levels;

· our capital allocation decisions and the impact on our ability to achieve our expected tower portfolio growth levels;

· our ability to protect our rights to the land under our towers, and our ability to acquire land underneath our towers on terms that are accretive;

· our ability to sufficiently increase our revenues and maintain expenses and cash capital expenditures at appropriate levels to permit us to meet our anticipated uses of liquidity for operations, debt service and estimated portfolio growth;

· our ability to successfully estimate the impact of regulatory and litigation matters;

· natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage;

· a decrease in demand for our towers;

· the introduction of new technologies or changes in a tenant’s business model that may make our tower leasing business less desirable to potential tenants;

· our ability to qualify for treatment as a REIT for U.S. federal income tax purposes and to comply with and conduct our business in accordance with such rules;

· our ability to utilize available NOLs to reduce REIT taxable income; and

· our ability to successfully estimate the impact of certain accounting and tax matters, including the effect on our company of adopting certain accounting pronouncements and the availability of sufficient NOLs to offset future REIT taxable income.

ITEM 4. CONTROLS AND PROCEDURES

In order to ensure that the information we must disclose in our filings with the Commission is recorded, processed, summarized and reported on a timely basis, we have formalized our disclosure controls and procedures. Our principal executive officer and principal financial officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, as defined in

38

Securities and Exchange Act Rule 13a-15(e) as of March 31, 2017. Based on such evaluation, such officers have concluded that, as of March 31, 2017, our disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of Class A common stock during the first quarter of 2017.

	Total			Total Number of Shares	Approximate Dollar Value
	Number	Average		Purchased as Part of	of Shares that May Yet Be
	of Shares	Price Paid		Publicly Announced	Purchased Under the
Period	Purchased	Per Share		Plans or Programs (1)	Plans or Programs
1/1/2017 - 1/31/2017	42,163	$	104.81	42,163	$	1,000,000,000
2/1/2017 - 2/28/2017	—	$	—	—	$	1,000,000,000
3/1/2017 - 3/31/2017	—	$	—	—	$	1,000,000,000
Total	42,163	$	104.81	42,163	$	1,000,000,000

(1) On June 4, 2015, we announced a $1.0 billion stock repurchase plan.  This plan authorized us to purchase from time to time our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion. Shares purchased were retired. This plan had no time deadline.

On January 12, 2017, our Board of Directors authorized a new stock repurchase plan, replacing the plan authorized on June 4, 2015 which had a remaining authorization of $150.0 million. This plan authorizes us to purchase, from time to time, up to $1.0 billion of our outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares purchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by our Board of Directors at any time in its sole discretion.  As of the date of this filing, we had the full $1.0 billion authorization remaining under the current stock repurchase program.

ITEM 6. EXHIBITS

Exhibit No.	Description of Exhibits
31.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SBA COMMUNICATIONS CORPORATION
May 8, 2017	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer
	(Duly Authorized Officer)
May 8, 2017	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer
	(Principal Financial Officer)

40

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeffrey A. Stoops, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2017	By:	/s/ Jeffrey A. Stoops
	Name:	Jeffrey A. Stoops
	Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brendan T. Cavanagh, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of SBA Communications Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

ren
Date: May 8, 2017	By:	/s/ Brendan T. Cavanagh
	Name:	Brendan T. Cavanagh
	Title:	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffrey A. Stoops, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2017	/s/ Jeffrey A. Stoops
	Jeffrey A. Stoops
	Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Required by 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the Quarterly Report of SBA Communications Corporation (the “Company”), on Form 10-Q for the period ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brendan T. Cavanagh, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act, that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2017	/s/ Brendan T. Cavanagh
	Brendan T. Cavanagh
	Chief Financial Officer

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Registrant Name	SBA COMMUNICATIONS CORP
Entity Central Index Key	0001034054
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		121,301,176
Trading Symbol	SBAC

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 132,222	$ 146,109
Restricted cash	30,674	36,786
Accounts receivable, net	74,214	78,344
Costs and estimated earnings in excess of billings on uncompleted contracts	13,108	11,127
Prepaid expenses and other current assets	51,049	52,205
Total current assets	301,267	324,571
Property and equipment, net	2,785,944	2,792,076
Intangible assets, net	3,605,548	3,656,924
Other assets	604,691	587,374
Total assets	7,297,450	7,360,945
Current liabilities:
Accounts payable	29,628	28,320
Accrued expenses	53,956	61,129
Current maturities of long-term debt	20,000	627,157
Deferred revenue	96,039	101,098
Accrued interest	19,214	44,503
Other current liabilities	9,756	11,240
Total current liabilities	228,593	873,447
Long-term liabilities:
Long-term debt, net	8,646,174	8,148,426
Other long-term liabilities	339,177	334,993
Total long-term liabilities	8,985,351	8,483,419
Shareholders' deficit:
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $.01, 400,000 shares authorized, 121,256 and 121,004 shares issued and outstanding at March 31, 2017and December 31, 2016, respectively	1,213	1,210
Additional paid-in capital	2,029,480	2,010,520
Accumulated deficit	(3,604,288)	(3,637,467)
Accumulated other comprehensive loss, net	(342,899)	(370,184)
Total shareholders' deficit	(1,916,494)	(1,995,921)
Total liabilities and shareholders' deficit	$ 7,297,450	$ 7,360,945

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock [Member]
Common stock - Class A, par value	$ 0.01	$ 0.01
Common stock - Class A, shares authorized	400,000,000	400,000,000
Common stock - Class A, shares issued	121,256,000	121,004,000
Common stock - Class A, shares outstanding	121,256,000	121,004,000

XML

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues:
Site leasing		$ 397,550	$ 374,450
Site development		25,813	25,319
Total revenues		423,363	399,769
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):
Cost of site leasing		89,382	82,762
Cost of site development		21,588	19,833
Selling, general, and administrative	[1]	34,223	30,406
Acquisition related adjustments and expenses		2,969	3,182
Asset impairment and decommission costs		8,351	6,183
Depreciation, accretion, and amortization		159,031	159,801
Total operating expenses		315,544	302,167
Operating income		107,819	97,602
Other income (expense):
Interest income		3,234	1,866
Interest expense		(77,602)	(83,804)
Non-cash interest expense		(705)	(455)
Amortization of deferred financing fees		(6,698)	(5,265)
Other income (expense), net		14,948	45,900
Total other expense, net		(66,823)	(41,758)
Income before provision for income taxes		40,996	55,844
Provision for income taxes		(3,398)	(2,205)
Net income		$ 37,598	$ 53,639
Net income per common share
Basic		$ 0.31	$ 0.43
Diluted		$ 0.31	$ 0.43
Weighted average common shares
Basic		121,049	125,398
Diluted		121,734	126,124

[1] Includes non-cash compensation of $8,826 and $7,686 for the three months ended March 31, 2017 and 2016, respectively.

XML

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash compensation expense	$ 9,277	$ 7,785
Selling, General And Administrative [Member]
Non-cash compensation expense	$ 8,826	$ 7,686

XML

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 37,598	$ 53,639
Foreign currency translation adjustments	27,285	60,693
Comprehensive income	$ 64,883	$ 114,332

XML

Consolidated Statements Of Shareholders' Deficit - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member] Class A Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
BALANCE at Dec. 31, 2016	$ 1,210	$ 2,010,520	$ (3,637,467)	$ (370,184)	$ (1,995,921)
BALANCE, Shares at Dec. 31, 2016	121,004
Net income			37,598		37,598
Common stock issued in connection with stock purchase/option plans	$ 3	9,490			9,493
Common stock issued in connection with stock purchase/option plans, Shares	294
Non-cash compensation		9,470			9,470
Repurchase and retirement of common stock			(4,419)		(4,419)
Repurchase and retirement of common stock, Shares	(42)
Foreign currency translation adjustments				27,285	27,285
BALANCE at Mar. 31, 2017	$ 1,213	$ 2,029,480	$ (3,604,288)	$ (342,899)	$ (1,916,494)
BALANCE, Shares at Mar. 31, 2017	121,256

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 37,598	$ 53,639
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, accretion, and amortization	159,031	159,801
Non-cash asset impairment and decommission costs	7,047	4,196
Non-cash compensation expense	9,277	7,785
Amortization of deferred financing fees	6,698	5,265
Gain on remeasurement of U.S. dollar denominated intercompany loan	(13,659)	(44,765)
Other non-cash items reflected in the Statements of Operations	35	(121)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net	1,444	90
Prepaid expenses and other assets	(4,777)	(12,266)
Accounts payable and accrued expenses	(3,899)	(8,277)
Accrued interest	(25,290)	(14,552)
Other liabilities	(1,199)	(6,151)
Net cash provided by operating activities	172,306	144,644
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions	(42,651)	(91,832)
Capital expenditures	(35,747)	(36,060)
Other investing activities	(5,879)	(4,447)
Net cash used in investing activities	(84,277)	(132,339)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Revolving Credit Facility		70,000
Repayments under Revolving Credit Facility	(110,000)	(50,000)
Repayment of Term Loans	(5,000)	(5,000)
Repurchase and retirement of common stock, inclusive of fees	(4,419)	(50,012)
Other financing activities	7,147	1,689
Net cash used in financing activities	(112,272)	(33,323)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	3,744	6,032
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(20,499)	(14,986)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Beginning of period	185,970	146,619
End of period	165,471	131,633
Cash paid during the period for:
Interest	102,875	98,434
Income taxes	$ 2,806	2,359
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Assets acquired through capital leases		$ 273

XML

Consolidated Statements Of Cash Flows (Parenthetical)	Mar. 31, 2017	Aug. 15, 2016
5.625% Senior Notes [Member]
Debt instrument, interest rate, stated percentage	5.625%	5.625%
5.75% Senior Notes [Member]
Debt instrument, interest rate, stated percentage	5.75%	5.75%

XML

Basis Of Presentation

3 Months Ended

Mar. 31, 2017

Basis Of Presentation [Abstract]

Basis Of Presentation

1.BASIS OF PRESENTATION

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation 

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statement of Operations.

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future.  For the three months ended March 31, 2017 and 2016,  the Company recorded a $13.7 million gain and a $44.8 million gain, respectively, on the remeasurement of intercompany loans. As of March 31, 2017, the outstanding balance under this agreement was $433.3 million.

Accounting Pronouncements Recently Adopted

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. The Company adopted this standard prospectively effective January 1, 2017. Under this update, substantially all of the Company’s acquisitions are expected to qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired, while internal costs related to the asset acquisition will continue to be expensed as incurred. Additionally, earnout liabilities will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect being recognized at the date of initial application. The Company is evaluating the standard and does not expect a material financial statement impact upon adoption since the standard only affects the Company’s site development segment which represents approximately 6% of the Company’s total revenues.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This standard is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted. The Company has established a cross functional project plan to assess the impact of the standard, expects this guidance to have a material impact on its consolidated balance sheet due to the addition of right-of-use assets and lease liabilities for all leases with a term greater than 12 months, and continues to assess additional impacts to its consolidated financial statements, including the consolidated statement of operations.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Measurements [Abstract]

Fair Value Measurements

2.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to business combinations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The Company determines the fair value of earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation contained in various acquisitions prior to January 1, 2017 was $3.7 million and $4.1 million as of March 31, 2017 and December 31, 2016, respectively. The maximum potential obligation related to the performance targets prior to January 1, 2017 was $5.0 million and $5.8 million as of March 31, 2017 and December 31, 2016, respectively.

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands):

	For the three months
	ended March 31,
	2017		2016
Asset impairment (1)	$	3,014	$	—
Write-off of carrying value of decommissioned towers		3,971		4,196
Other third party decommission costs		1,366		1,987
Total asset impairment and decommission costs	$	8,351	$	6,183

(1) Represents impairment charges resulting from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. Short-term investments consistedof $0.2 million in Treasury securities as of March 31, 2017 and December 31, 2016. The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of March 31, 2017and December 31, 2016,  the carrying value and fair value of the held-to-maturity investments were $0.7 million. These amounts are recorded in Other assets in the accompanying Consolidated Balance Sheets.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset weekly or monthly. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate plus 137.5 to 200.0 basis points was set for the Revolving Credit Facility. Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

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Restricted Cash

3 Months Ended

Mar. 31, 2017

Restricted Cash [Abstract]

Restricted Cash

3.RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the consolidated statement of cash flows consists of the following:

	As of		As of
	March 31, 2017		December 31, 2016		Included on Balance Sheet
		(in thousands)
Cash and cash equivalents	$	132,222	$	146,109
Securitization escrow accounts		30,487		36,607	Restricted cash - current asset
Payment and performance bonds		187		179	Restricted cash - current asset
Surety bonds and workers compensation		2,575		3,075	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	165,471	$	185,970

Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of March 31, 2017 and December 31, 2016, the Company had $38.8 million and $39.2 million in surety, payment and performance bonds, respectively, for which it was only required to post$0.0 million and$0.5 million in collateral as of March 31, 2017 and December 31, 2016, respectively. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of March 31, 2017 and December 31, 2016, the Company had also pledged $2.5million as collateral related to its workers compensation policy.

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Other Assets

3 Months Ended

Mar. 31, 2017

Other Assets [Abstract]

Other Assets

4.OTHER ASSETS

The Company’s other assets are comprised of the following:

	As of		As of
	March 31, 2017		December 31, 2016
		(in thousands)
Long-term investments	$	8,379	$	7,884
Prepaid land rent		194,819		191,615
Straight-line rent receivable		307,535		302,893
Deferred lease costs, net		29,172		29,660
Other		64,786		55,322
Total other assets	$	604,691	$	587,374

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Acquisitions

3 Months Ended

Mar. 31, 2017

Acquisitions [Abstract]

Acquisitions

5.ACQUISITIONS

The following table summarizes the Company’s cash acquisition capital expenditures:

	For the three months
	ended March 31,
	2017		2016
	(in thousands)
Towers and related intangible assets	$	31,147	$	74,844
Land buyouts and other assets (1)		11,504		16,988
Total cash acquisition capital expenditures	$	42,651	$	91,832

(1) In addition, the Company paid $2.7 million and $3.6 million for ground lease extensions during the three months ended March 31, 2017 and 2016, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to non-current, non-financial assets.

The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods.

For Business Combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration and any related tax impact.

The maximum potential obligation related to performance targets for business combinations and asset acquisitions was $8.6 million and $5.8 million as of March 31, 2017 and December 31, 2016, respectively.

During the three months ended March 31, 2017, the Company acquired 90 completed towers and related assets and liabilities for $31.1 million in cash consisting of $12.1 million of property and equipment, $17.6 million of intangible assets, and $1.4 million of working capital adjustments.

Subsequent to March 31, 2017, the Company acquired 9 towers and related assets for $5.6 million in cash.

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Intangible Assets, Net

3 Months Ended

Mar. 31, 2017

Intangible Assets, Net [Abstract]

Intangible Assets, Net

6.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

	As of March 31, 2017						As of December 31, 2016
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,179,583	$	(1,473,948)	$	2,705,635	$	4,141,968	$	(1,401,025)	$	2,740,943
Network location intangibles		1,525,534		(625,621)		899,913		1,515,348		(599,367)		915,981
Intangible assets, net	$	5,705,117	$	(2,099,569)	$	3,605,548	$	5,657,316	$	(2,000,392)	$	3,656,924

All intangible assets noted above are included in the Company’s site leasing segment. The Company amortizes its intangible assets using the straight-line method over 15 years. Amortization expense relating to the intangible assets above was $94.9 million and $90.2 million for the three months ended March 31, 2017 and 2016,  respectively. 

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Property And Equipment, Net

3 Months Ended

Mar. 31, 2017

Property And Equipment, Net [Abstract]

Property And Equipment, Net

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net (including assets held under capital leases) consists of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Towers and related components	$	4,601,648	$	4,563,756
Construction-in-process		42,266		38,926
Furniture, equipment, and vehicles		51,004		50,671
Land, buildings, and improvements		590,869		578,680
Total property and equipment		5,285,787		5,232,033
Less: accumulated depreciation		(2,499,843)		(2,439,957)
Property and equipment, net	$	2,785,944	$	2,792,076

Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s operations. Depreciation expense was $64.1 million and $69.5 million for the three months ended March 31, 2017 and 2016, respectively. At March 31, 2017 and December 31, 2016, non-cash capital expenditures that are included in accounts payable and accrued expenses were $4.7 million and $7.0 million, respectively.

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Costs And Estimated Earnings On Uncompleted Contracts

3 Months Ended

Mar. 31, 2017

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Costs And Estimated Earnings On Uncompleted Contracts

8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Costs and estimated earnings on uncompleted contracts consist of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs incurred on uncompleted contracts	$	29,946	$	34,577
Estimated earnings		10,592		11,185
Billings to date		(27,721)		(36,027)
	$	12,817	$	9,735

These amounts are included in the accompanying Consolidated Balance Sheets under the following captions:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	13,108	$	11,127
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(291)		(1,392)
	$	12,817	$	9,735

Eight significant customers comprised 88.2% and 81.6% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings at March 31, 2017 and December 31, 2016, respectively.

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Accrued Expenses

3 Months Ended

Mar. 31, 2017

Accrued Expenses [Abstract]

Accrued Expenses

9.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Accrued earnouts	$	3,667	$	4,128
Salaries and benefits		8,115		11,910
Real estate and property taxes		7,077		7,644
Other		35,097		37,447
Total accrued expenses	$	53,956	$	61,129

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Debt

3 Months Ended

Mar. 31, 2017

Debt [Abstract]

Debt

10.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

		As of						As of
		March 31, 2017						December 31, 2016
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
2014 Senior Notes	July 15, 2022	$	750,000	$	759,375	$	737,505	$	750,000	$	763,125	$	736,992
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,083,500		1,079,520		1,100,000		1,083,500		1,078,954
2012-1C Tower Securities	Dec. 11, 2017		610,000		610,171		607,905		610,000		610,165		607,157
2013-1C Tower Securities	April 10, 2018		425,000		423,827		423,192		425,000		423,381		422,768
2013-2C Tower Securities	April 11, 2023		575,000		576,777		567,807		575,000		563,322		567,545
2013-1D Tower Securities	April 10, 2018		330,000		330,281		328,560		330,000		334,521		328,225
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,183		912,889		920,000		922,199		912,219
2014-2C Tower Securities	Oct. 8, 2024		620,000		619,932		612,843		620,000		608,921		612,641
2015-1C Tower Securities	Oct. 8, 2020		500,000		502,555		491,828		500,000		495,145		491,289
2016-1C Tower Securities	July 9, 2021		700,000		695,877		691,752		700,000		688,072		691,322
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		390,000		390,000		390,000
2014 Term Loan	Mar. 24, 2021		1,458,750		1,460,573		1,448,858		1,462,500		1,467,984		1,452,039
2015 Term Loan	June 10, 2022		491,250		491,250		483,515		492,500		494,347		484,432
Total debt		$	8,760,000	$	8,757,301	$	8,666,174	$	8,875,000	$	8,844,682	$	8,775,583
Less: current maturities of long-term debt							(20,000)						(627,157)
Total long-term debt, net of current maturities						$	8,646,174					$	8,148,426

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

	For the three months ended March 31,
	2017				2016
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
5.625% Senior Notes	$	—	$	—	$	7,031		—
5.75% Senior Notes		—		—		11,500		—
2014 Senior Notes		9,141		178		9,141		169
2016 Senior Notes		13,406		234		—		—
2010-2C Tower Securities		—		—		7,058		—
2012-1C Tower Securities		4,524		—		4,534		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		12,785		—
2015-1C Tower Securities		3,985		—		3,985		—
2016-1C Tower Securities		5,090		—		—		—
Revolving Credit Facility		2,770		—		833		—
2014 Term Loan		11,284		128		12,138		125
2015 Term Loan		3,800		165		4,087		161
Capitalized interest and other		13		—		(92)		—
Total	$	77,602	$	705	$	83,804	$	455

Revolving Credit Facility under the Senior Credit Agreement

The Revolving Credit Facility is governed by the Senior Credit Agreement.The Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period.

During the three months ended March 31, 2017, the Company repaid $110.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2017, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to March 31, 2017, the Company repaid $190.0 million of the outstanding balance under the Revolving Credit Facility.

Term Loans under the Senior Credit Agreement

Repricing Amendment to the Senior Credit Agreement

On January 20, 2017, SBA Senior Finance II amended its Senior Credit Agreement, primarily to reduce the stated rate of interest applicable to its senior secured term loans.  As amended, the senior secured term loans accrue interest, at SBA Senior Finance II’s election, at either the Base Rate plus 125 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor).

2014 Term Loan

The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021.  Prior to the reduction in the term loan interest rates as discussed above, the 2014 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2017, the 2014 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. To the extent not previously repaid, the 2014 Term Loan will be due and payable on the maturity date. However, to the extent the 2014 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. The Company incurred deferred financing fees of approximately $14.1 million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2017,  the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2017, the 2014 Term Loan had a principal balance of $1.5 billion.

2015 Term Loan

The 2015 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022.  Prior to the reduction in the term loan interest rates as discussed above, the 2015 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2015 Term Loan was issued at 99.0% of par value. As of March 31, 2017, the 2015 Term Loan was accruing interest at 3.24% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. To the extent not previously repaid, the 2015 Term Loan will be due and payable on the maturity date. However, to the extent the 2015 Term Loan is prepaid prior to July 20, 2017 from proceeds of certain refinancing or repricing transactions, a prepayment fee equal to 1.0% of the aggregate principal amount of such prepayment will apply. The Company incurred deferred financing fees of approximately $5.5million in relation to this transaction which are being amortized through the maturity date.

During the three months ended March 31, 2017,  the Company repaid$1.3 million of principal on the 2015 Term Loan. As ofMarch 31, 2017, the 2015 Term Loan had a principal balance of $491.3 million.

Secured Tower Revenue Securities

2012-1C Tower Securities

On August 9, 2012, the Company, through a New York common law trust (the “Trust”),  issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C Tower Securities”) which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042. The fixed interest rate of the 2012-1C Tower Securities was  2.933% per annum, payable monthly. The Company had incurred deferred financing fees of $14.9 million in relation to this transaction which were being amortized through the anticipated repayment date of the 2012-1C Tower Securities.

On April 17, 2017, the Company repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. In connection with the prepayment, the Company expensed $2.0 million of net deferred financing fees.

The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”).

2013 Tower Securities

On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1C Tower Securities”),  $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 (the “2013-2C Tower Securities”), and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043(the “2013-1D Tower Securities”) (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218%per annum, payable monthly. The Company has incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

2014 Tower Securities

On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049(the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289%per annum, payable monthly. The Company has incurred deferred financing fees of $22.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

2015-1C Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156%per annum, payable monthly. The Company has incurred deferred financing fees of $11.2 millionin relation to this transaction which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, the Company, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877%per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.5 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

2017-1C Tower Securities

On April 17, 2017, the Company, through the Trust, issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. Net proceeds from this offering were used to prepay the entire $610.0 million aggregate principal amount, as well as accrued and unpaid interest, of the 2012-1C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.7 million to date in relation to this transaction which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, SBA Guarantor, LLC, a wholly owned subsidiary of the Company, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459% per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation.

Debt Covenants

As of March 31, 2017, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

2014 Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014 Senior Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date.

2016 Senior Notes

On August 15, 2016, the Company issued $1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company incurred deferred financing fees of $12.8 million in relation to this transaction which are being amortized through the maturity date. Net proceeds from this offering and cash on hand were used to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’5.75%Senior Notes and $250.0 million of the Company’s 5.625% Senior Notes and pay the associated call premiums.

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Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Shareholders' Equity [Abstract]

Shareholders' Equity

11.SHAREHOLDERS’ EQUITY

Common Stock equivalents

The Company has potential common stock equivalents (see Note 12)related to its outstanding stock options and restricted stock units.  These potential common stock equivalents were considered in the Company’s diluted earnings per share calculation (see Note 15).

Stock Repurchases

On June 4, 2015, the Company’s Board of Directors authorized a stock repurchase plan. This plan authorized the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. During the three months ended March 31, 2017, the Company repurchased 42,163shares of its Class A common stock for $4.4 million, at an average price per share of $104.81 under this plan.Shares purchased were retired.

On January 12, 2017, the Company’s Board of Directors authorized a new stock repurchase plan, replacing the plan authorized on June 4, 2015 which had a remaining authorization of $150.0 million. This plan authorizes the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretionbased on market and business conditions, applicable legal requirements and other factors. Shares purchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion.  As of the date of this filing, the Company had the full $1.0 billion authorization remaining under the current stock repurchase program.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation [Abstract]

Stock-Based Compensation

12.STOCK-BASED COMPENSATION

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility. Historical data is used to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	For the three months ended
	March 31,
	2017	2016
Risk free interest rate	1.91%	1.33% - 1.43%
Dividend yield	0.0%	0.0%
Expected volatility	20%	20%
Expected lives	4.6 years	4.7 years

The following table summarizes the Company’s activities with respect to its stock option plans for the threemonths ended March 31, 2017 as follows (dollars and number of shares in thousands, except for per share data):

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2016	4,447	$	93.09
Granted	1,149	$	115.17
Exercised	(213)	$	62.99
Canceled	(20)	$	102.89
Outstanding at March 31, 2017	5,363	$	98.98	5.0	$	118,838
Exercisable at March 31, 2017	2,451	$	87.48	3.8	$	82,673
Unvested at March 31, 2017	2,912	$	108.66	6.0	$	36,165

The weighted-average per share fair value of options granted during the threemonths ended March 31, 2017 was $23.84. The total intrinsic value for options exercised during the threemonths ended March 31, 2017 was $11.0 million.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the threemonths ended March 31, 2017:  

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Shares	Share
	(in thousands)
Outstanding at December 31, 2016	291	$	101.74
Granted	161	$	115.17
Vested	(115)	$	98.50
Forfeited/canceled	(2)	$	105.21
Outstanding at March 31, 2017	335	$	109.29

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Income Taxes

3 Months Ended

Mar. 31, 2017

Income Taxes [Abstract]

Income Taxes

13.INCOME TAXES

The primary reason for the difference in the Company’s effective tax rate and the U.S. statutory rate is a result of the Company’s REIT election and the Company having a full valuation allowance on the U.S. net deferred tax assets of the taxable REIT subsidiary. The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or are in a net deferred tax liability position.

The Company elected to be taxed as a REIT commencing with its taxable year ending December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays and therefore not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its taxable REIT subsidiaries (“TRSs”). These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local and foreign income, property and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $1.1 billion as of December 31, 2016, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds.  The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized.

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Segment Data

3 Months Ended

Mar. 31, 2017

Segment Data [Abstract]

Segment Data

14.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development.The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services.They are managed separately based on the fundamental differences in their operations. Thesite leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level.

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended March 31, 2017	(in thousands)
Revenues	$	321,130	$	76,420	$	25,813	$	—	$	423,363
Cost of revenues (2)		65,427		23,955		21,588		—		110,970
Operating profit		255,703		52,465		4,225		—		312,393
Selling, general, and administrative		19,356		5,959		3,617		5,291		34,223
Acquisition related adjustments and expenses		1,901		1,068		—		—		2,969
Asset impairment and decommission costs		7,430		816		105		—		8,351
Depreciation, amortization and accretion		123,896		32,825		711		1,599		159,031
Operating income (loss)		103,120		11,797		(208)		(6,890)		107,819
Other expense (principally interest expense
and other income (expense))								(66,823)		(66,823)
Income before provision for income taxes										40,996
Cash capital expenditures (3)		50,433		26,890		133		942		78,398
For the three months ended March 31, 2016
Revenues	$	315,230	$	59,220	$	25,319	$	—	$	399,769
Cost of revenues (2)		64,475		18,287		19,833		—		102,595
Operating profit		250,755		40,933		5,486		—		297,174
Selling, general, and administrative		17,998		4,385		3,537		4,486		30,406
Acquisition related adjustments and expenses		1,842		1,340		—		—		3,182
Asset impairment and decommission costs		6,021		162		—		—		6,183
Depreciation, amortization and accretion		131,393		26,877		1,025		506		159,801
Operating income (loss)		93,501		8,169		924		(4,992)		97,602
Other expense (principally interest expense
and other income (expense))								(41,758)		(41,758)
Income before provision for income taxes										55,844
Cash capital expenditures (3)		105,353		21,380		556		876		128,165

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2017	$	5,313,286	$	1,856,435	$	37,787	$	89,942	$	7,297,450
As of December 31, 2016	$	5,396,394	$	1,839,703	$	43,769	$	81,079	$	7,360,945

(1) Assets not identified by segment consist primarily of general corporate assets.

(2) Excludes depreciation, amortization, and accretion.

(3) Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

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Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

15.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share for the three months ended March 31, 2017 and 2016 (in thousands, except per share data):

	For the three months
	ended March 31,
	2017		2016
Numerator:
Net income	$	37,598	$	53,639
Denominator:
Basic weighted-average shares outstanding		121,049		125,398
Dilutive impact of stock options and restricted shares		685		726
Diluted weighted-average shares outstanding		121,734		126,124
Net income per common share:
Basic	$	0.31	$	0.43
Diluted	$	0.31	$	0.43

For the threemonths ended March 31, 2017and 2016,  the diluted weighted average number of common shares outstanding excluded an additional 2.4 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

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Basis Of Presentation (Policy)

3 Months Ended

Mar. 31, 2017

Basis Of Presentation [Abstract]

Basis Of Presentation

The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates.

Foreign Currency Translation

Foreign Currency Translation 

The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statement of Operations.

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit.

Intercompany Loans

Intercompany Loans

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future.  For the three months ended March 31, 2017 and 2016,  the Company recorded a $13.7 million gain and a $44.8 million gain, respectively, on the remeasurement of intercompany loans. As of March 31, 2017, the outstanding balance under this agreement was $433.3 million.

Accounting Pronouncements Recently Adopted

Accounting Pronouncements Recently Adopted

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. The Company adopted this standard prospectively effective January 1, 2017. Under this update, substantially all of the Company’s acquisitions are expected to qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired, while internal costs related to the asset acquisition will continue to be expensed as incurred. Additionally, earnout liabilities will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This standard is effective for the Company in the first quarter of 2018. Early adoption is permitted but not before the first quarter of 2017. This standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect being recognized at the date of initial application. The Company is evaluating the standard and does not expect a material financial statement impact upon adoption since the standard only affects the Company’s site development segment which represents approximately 6% of the Company’s total revenues.

In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This standard is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted. The Company has established a cross functional project plan to assess the impact of the standard, expects this guidance to have a material impact on its consolidated balance sheet due to the addition of right-of-use assets and lease liabilities for all leases with a term greater than 12 months, and continues to assess additional impacts to its consolidated financial statements, including the consolidated statement of operations.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Measurements [Abstract]

Summary Of Asset Impairment And Decommission Costs

	For the three months
	ended March 31,
	2017		2016
Asset impairment (1)	$	3,014	$	—
Write-off of carrying value of decommissioned towers		3,971		4,196
Other third party decommission costs		1,366		1,987
Total asset impairment and decommission costs	$	8,351	$	6,183

(1) Represents impairment charges resulting from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers.

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Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2017

Restricted Cash [Abstract]

Schedule Of Cash, Cash Equivalents And Restricted Cash

	As of		As of
	March 31, 2017		December 31, 2016		Included on Balance Sheet
		(in thousands)
Cash and cash equivalents	$	132,222	$	146,109
Securitization escrow accounts		30,487		36,607	Restricted cash - current asset
Payment and performance bonds		187		179	Restricted cash - current asset
Surety bonds and workers compensation		2,575		3,075	Other assets - noncurrent
Total cash, cash equivalents, and restricted cash	$	165,471	$	185,970

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Other Assets (Tables)

3 Months Ended

Mar. 31, 2017

Other Assets [Abstract]

Schedule Of Other Assets

	As of		As of
	March 31, 2017		December 31, 2016
		(in thousands)
Long-term investments	$	8,379	$	7,884
Prepaid land rent		194,819		191,615
Straight-line rent receivable		307,535		302,893
Deferred lease costs, net		29,172		29,660
Other		64,786		55,322
Total other assets	$	604,691	$	587,374

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2017

Acquisitions [Abstract]

Schedule Of Acquisition Capital Expenditures

	For the three months
	ended March 31,
	2017		2016
	(in thousands)
Towers and related intangible assets	$	31,147	$	74,844
Land buyouts and other assets (1)		11,504		16,988
Total cash acquisition capital expenditures	$	42,651	$	91,832

(1) In addition, the Company paid $2.7 million and $3.6 million for ground lease extensions during the three months ended March 31, 2017 and 2016, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to non-current, non-financial assets.

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Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2017

Intangible Assets, Net [Abstract]

Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets

	As of March 31, 2017						As of December 31, 2016
	Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	amount		amortization		value		amount		amortization		value
	(in thousands)
Current contract intangibles	$	4,179,583	$	(1,473,948)	$	2,705,635	$	4,141,968	$	(1,401,025)	$	2,740,943
Network location intangibles		1,525,534		(625,621)		899,913		1,515,348		(599,367)		915,981
Intangible assets, net	$	5,705,117	$	(2,099,569)	$	3,605,548	$	5,657,316	$	(2,000,392)	$	3,656,924

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Property And Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2017

Property And Equipment, Net [Abstract]

Property And Equipment, Net (Including Assets Held Under Capital Leases)

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Towers and related components	$	4,601,648	$	4,563,756
Construction-in-process		42,266		38,926
Furniture, equipment, and vehicles		51,004		50,671
Land, buildings, and improvements		590,869		578,680
Total property and equipment		5,285,787		5,232,033
Less: accumulated depreciation		(2,499,843)		(2,439,957)
Property and equipment, net	$	2,785,944	$	2,792,076

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Costs And Estimated Earnings On Uncompleted Contracts (Tables)

3 Months Ended

Mar. 31, 2017

Costs And Estimated Earnings On Uncompleted Contracts [Abstract]

Summary Of Costs And Estimated Earnings On Uncompleted Contracts

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs incurred on uncompleted contracts	$	29,946	$	34,577
Estimated earnings		10,592		11,185
Billings to date		(27,721)		(36,027)
	$	12,817	$	9,735

Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	13,108	$	11,127
Billings in excess of costs and estimated earnings on
uncompleted contracts (included in Other current liabilities)		(291)		(1,392)
	$	12,817	$	9,735

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Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2017

Accrued Expenses [Abstract]

Schedule Of Accrued Expenses

	As of		As of
	March 31, 2017		December 31, 2016
	(in thousands)
Accrued earnouts	$	3,667	$	4,128
Salaries and benefits		8,115		11,910
Real estate and property taxes		7,077		7,644
Other		35,097		37,447
Total accrued expenses	$	53,956	$	61,129

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Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt [Abstract]

Schedule Of Carrying And Principal Values Of Debt

		As of						As of
		March 31, 2017						December 31, 2016
	Maturity Date	Principal Balance		Fair Value		Carrying Value		Principal Balance		Fair Value		Carrying Value
2014 Senior Notes	July 15, 2022	$	750,000	$	759,375	$	737,505	$	750,000	$	763,125	$	736,992
2016 Senior Notes	Sep. 1, 2024		1,100,000		1,083,500		1,079,520		1,100,000		1,083,500		1,078,954
2012-1C Tower Securities	Dec. 11, 2017		610,000		610,171		607,905		610,000		610,165		607,157
2013-1C Tower Securities	April 10, 2018		425,000		423,827		423,192		425,000		423,381		422,768
2013-2C Tower Securities	April 11, 2023		575,000		576,777		567,807		575,000		563,322		567,545
2013-1D Tower Securities	April 10, 2018		330,000		330,281		328,560		330,000		334,521		328,225
2014-1C Tower Securities	Oct. 8, 2019		920,000		923,183		912,889		920,000		922,199		912,219
2014-2C Tower Securities	Oct. 8, 2024		620,000		619,932		612,843		620,000		608,921		612,641
2015-1C Tower Securities	Oct. 8, 2020		500,000		502,555		491,828		500,000		495,145		491,289
2016-1C Tower Securities	July 9, 2021		700,000		695,877		691,752		700,000		688,072		691,322
Revolving Credit Facility	Feb. 5, 2020		280,000		280,000		280,000		390,000		390,000		390,000
2014 Term Loan	Mar. 24, 2021		1,458,750		1,460,573		1,448,858		1,462,500		1,467,984		1,452,039
2015 Term Loan	June 10, 2022		491,250		491,250		483,515		492,500		494,347		484,432
Total debt		$	8,760,000	$	8,757,301	$	8,666,174	$	8,875,000	$	8,844,682	$	8,775,583
Less: current maturities of long-term debt							(20,000)						(627,157)
Total long-term debt, net of current maturities						$	8,646,174					$	8,148,426

Schedule Of Cash And Non-Cash Interest Expense

	For the three months ended March 31,
	2017				2016
	Cash		Non-cash		Cash		Non-cash
	Interest		Interest		Interest		Interest
5.625% Senior Notes	$	—	$	—	$	7,031		—
5.75% Senior Notes		—		—		11,500		—
2014 Senior Notes		9,141		178		9,141		169
2016 Senior Notes		13,406		234		—		—
2010-2C Tower Securities		—		—		7,058		—
2012-1C Tower Securities		4,524		—		4,534		—
2013 Tower Securities		10,804		—		10,804		—
2014 Tower Securities		12,785		—		12,785		—
2015-1C Tower Securities		3,985		—		3,985		—
2016-1C Tower Securities		5,090		—		—		—
Revolving Credit Facility		2,770		—		833		—
2014 Term Loan		11,284		128		12,138		125
2015 Term Loan		3,800		165		4,087		161
Capitalized interest and other		13		—		(92)		—
Total	$	77,602	$	705	$	83,804	$	455

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation [Abstract]

Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options

	For the three months ended
	March 31,
	2017	2016
Risk free interest rate	1.91%	1.33% - 1.43%
Dividend yield	0.0%	0.0%
Expected volatility	20%	20%
Expected lives	4.6 years	4.7 years

Company's Activities With Respect To Its Stock Options

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2016	4,447	$	93.09
Granted	1,149	$	115.17
Exercised	(213)	$	62.99
Canceled	(20)	$	102.89
Outstanding at March 31, 2017	5,363	$	98.98	5.0	$	118,838
Exercisable at March 31, 2017	2,451	$	87.48	3.8	$	82,673
Unvested at March 31, 2017	2,912	$	108.66	6.0	$	36,165

Company's Restricted Stock Unit Activity

		Weighted-
		Average
		Grant Date
	Number of	Fair Value per
	Shares	Share
	(in thousands)
Outstanding at December 31, 2016	291	$	101.74
Granted	161	$	115.17
Vested	(115)	$	98.50
Forfeited/canceled	(2)	$	105.21
Outstanding at March 31, 2017	335	$	109.29

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Segment Data (Tables)

3 Months Ended

Mar. 31, 2017

Segment Data [Abstract]

Segment Reporting Information Disclosure

							Not
	Domestic Site		Int'l Site		Site		Identified by
	Leasing		Leasing		Development		Segment		Total
For the three months ended March 31, 2017	(in thousands)
Revenues	$	321,130	$	76,420	$	25,813	$	—	$	423,363
Cost of revenues (2)		65,427		23,955		21,588		—		110,970
Operating profit		255,703		52,465		4,225		—		312,393
Selling, general, and administrative		19,356		5,959		3,617		5,291		34,223
Acquisition related adjustments and expenses		1,901		1,068		—		—		2,969
Asset impairment and decommission costs		7,430		816		105		—		8,351
Depreciation, amortization and accretion		123,896		32,825		711		1,599		159,031
Operating income (loss)		103,120		11,797		(208)		(6,890)		107,819
Other expense (principally interest expense
and other income (expense))								(66,823)		(66,823)
Income before provision for income taxes										40,996
Cash capital expenditures (3)		50,433		26,890		133		942		78,398
For the three months ended March 31, 2016
Revenues	$	315,230	$	59,220	$	25,319	$	—	$	399,769
Cost of revenues (2)		64,475		18,287		19,833		—		102,595
Operating profit		250,755		40,933		5,486		—		297,174
Selling, general, and administrative		17,998		4,385		3,537		4,486		30,406
Acquisition related adjustments and expenses		1,842		1,340		—		—		3,182
Asset impairment and decommission costs		6,021		162		—		—		6,183
Depreciation, amortization and accretion		131,393		26,877		1,025		506		159,801
Operating income (loss)		93,501		8,169		924		(4,992)		97,602
Other expense (principally interest expense
and other income (expense))								(41,758)		(41,758)
Income before provision for income taxes										55,844
Cash capital expenditures (3)		105,353		21,380		556		876		128,165

	Domestic Site		Int'l Site		Site		Not Identified
	Leasing		Leasing		Development		by Segment (1)		Total
	(in thousands)
Assets
As of March 31, 2017	$	5,313,286	$	1,856,435	$	37,787	$	89,942	$	7,297,450
As of December 31, 2016	$	5,396,394	$	1,839,703	$	43,769	$	81,079	$	7,360,945

(1) Assets not identified by segment consist primarily of general corporate assets.

(2) Excludes depreciation, amortization, and accretion.

(3) Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Weighted-Average Shares Of Common Stock Outstanding Used In Calculation Of Basic And Diluted Earnings Per Share

	For the three months
	ended March 31,
	2017		2016
Numerator:
Net income	$	37,598	$	53,639
Denominator:
Basic weighted-average shares outstanding		121,049		125,398
Dilutive impact of stock options and restricted shares		685		726
Diluted weighted-average shares outstanding		121,734		126,124
Net income per common share:
Basic	$	0.31	$	0.43
Diluted	$	0.31	$	0.43

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Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Basis Of Presentation [Line Items]
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan	$ 13,659	$ 44,765
Debt instrument, carrying value	8,666,174		$ 8,775,583
Subsidiaries [Member] | Intercompany Loan with Brazil Shareholder I, LLC. [Member]
Basis Of Presentation [Line Items]
Debt instrument, carrying value	$ 433,300
Site Development [Member] | Revenue [Member]
Basis Of Presentation [Line Items]
Concentration risk percentage of revenue	6.00%

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Performance targets, maximum potential obligation	$ 5.0	$ 5.8
Treasury securities	0.2	0.2
Held-to-maturity investments, carrying value	0.7	0.7
Held-to-maturity investments, fair value	$ 0.7	$ 0.7
Revolving Credit Facility [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable interest rate	1.375%
Revolving Credit Facility [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis spread on variable interest rate	2.00%

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Fair Value Measurements (Summary Of Asset Impairment And Decommission Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset impairment	$ 3,014
Total asset impairment and decommission costs	8,351	$ 6,183
Not Identified by Segment [Member]
Write-offs relating to long-lived assets and intangibles	1,366	1,987
Decommissioned Towers [Member]
Write-offs relating to long-lived assets and intangibles	$ 3,971	$ 4,196

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Restricted Cash (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Restricted Cash [Abstract]
Surety, payment and performance bonds	$ 38.8	$ 39.2
Collateral payment for performance bonds	0.0	0.5
Collateral related to workers compensation policy	$ 2.5	$ 2.5

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Restricted Cash (Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Restricted Cash And Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 132,222	$ 146,109
Restricted cash - short term	30,674	36,786
Total cash, cash equivalents, and restricted cash	165,471	185,970	$ 131,633	$ 146,619
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - short term	30,487	36,607
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - short term	187	179
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member]
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash - long term	$ 2,575	$ 3,075

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Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Abstract]
Long-term investments	$ 8,379	$ 7,884
Prepaid land rent	194,819	191,615
Straight-line rent receivable	307,535	302,893
Deferred lease costs, net	29,172	29,660
Other	64,786	55,322
Total other assets	$ 604,691	$ 587,374

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Acquisitions (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2017 USD ($) item	Mar. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Potential obligation recorded in accrued expenses		$ 8.6	$ 5.8
Other Acquisitions [Member]
Business Acquisition [Line Items]
Number of towers acquired | item		90
Cash paid for acquisition		$ 31.1
Property and equipment		12.1
Intangible assets		17.6
Working capital adjustments		$ 1.4
Subsequent Event [Member]
Business Acquisition [Line Items]
Number of towers acquired | item	9
Cash paid for acquisition	$ 5.6

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Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Acquisitions [Abstract]
Towers and related intangible assets	$ 31,147	$ 74,844
Land buyouts and other assets	11,504	16,988
Total cash acquisition capital expenditures	42,651	91,832
Ground lease extensions	$ 2,700	$ 3,600

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Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Intangible Assets, Net [Abstract]
Intangible assets, useful life	15 years
Amortization expense	$ 94.9	$ 90.2

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Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 5,705,117	$ 5,657,316
Accumulated amortization	(2,099,569)	(2,000,392)
Net book value	3,605,548	3,656,924
Current Contract Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	4,179,583	4,141,968
Accumulated amortization	(1,473,948)	(1,401,025)
Net book value	2,705,635	2,740,943
Network Location Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,525,534	1,515,348
Accumulated amortization	(625,621)	(599,367)
Net book value	$ 899,913	$ 915,981

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Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property And Equipment, Net [Abstract]
Depreciation expense	$ 64.1	$ 69.5
Non-cash capital expenditures	$ 4.7		$ 7.0

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Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,285,787	$ 5,232,033
Less: accumulated depreciation	(2,499,843)	(2,439,957)
Property and equipment, net	2,785,944	2,792,076
Towers And Related Components [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,601,648	4,563,756
Construction-In-Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	42,266	38,926
Furniture, Equipment And Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	51,004	50,671
Land, Buildings, and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 590,869	$ 578,680

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Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) - customer	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts, percentage comprised by significant customers	88.20%	81.60%
Number of significant customers	8	8

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Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs incurred on uncompleted contracts	$ 29,946	$ 34,577
Estimated earnings	10,592	11,185
Billings to date	(27,721)	(36,027)
Costs and estimated earnings on uncompleted contracts	$ 12,817	$ 9,735

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Costs And Estimated Earnings On Uncompleted Contracts (Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Costs And Estimated Earnings On Uncompleted Contracts [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 13,108	$ 11,127
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities)	(291)	(1,392)
Costs and estimated earnings on uncompleted contracts	$ 12,817	$ 9,735

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Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued earnouts	$ 3,667	$ 4,128
Salaries and benefits	8,115	11,910
Real estate and property taxes	7,077	7,644
Other	35,097	37,447
Total accrued expenses	$ 53,956	$ 61,129

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Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016
Line of Credit Facility [Line Items]
Repayments of revolving credit facility		$ 110,000	$ 50,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,000,000
Line of credit facility, commitment fee		0.25%
Revolving credit facility, maturity date		Feb. 05, 2020
Repayments of revolving credit facility		$ 110,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Repayments of revolving credit facility	$ 190,000
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		1.375%
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		0.375%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		1.00%

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Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) - USD ($)		3 Months Ended
	Jan. 20, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Repayment of term loans		$ 5,000,000	$ 5,000,000
Debt instrument, principal balance		8,760,000,000		$ 8,875,000,000
2014 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Debt instrument, maturity date		Mar. 24, 2021
Term Loan, percentage of par value		99.75%
Coupon rate of notes		3.24%
Deferred financing fees		$ 14,100,000
Quarterly payments		3,800,000
Repayment of term loans		3,800,000
Debt instrument, principal balance		$ 1,458,750,000		1,462,500,000
Date after which no prepayment fee will be assessed		Jul. 20, 2017
Percentage fee charged for prepayment equal to aggregate principal amount		1.00%
2015 Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Debt instrument, maturity date		Jun. 10, 2022
Term Loan, percentage of par value		99.00%
Coupon rate of notes		3.24%
Deferred financing fees		$ 5,500,000
Quarterly payments		1,300,000
Repayment of term loans		1,300,000
Debt instrument, principal balance		$ 491,250,000		$ 492,500,000
Date after which no prepayment fee will be assessed		Jul. 20, 2017
Percentage fee charged for prepayment equal to aggregate principal amount		1.00%
Base Rate [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.50%
Base rate floor		1.75%
Base Rate [Member] | 2015 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		1.50%
Base rate floor		1.75%
Base Rate [Member] | Term Loan under the Senior Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.25%
Base rate floor	0.00%
Eurodollar [Member] | 2014 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.50%
Eurodollar rate floor		0.75%
Eurodollar [Member] | 2015 Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate		2.50%
Eurodollar rate floor		0.75%
Eurodollar [Member] | Term Loan under the Senior Credit Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.25%
Eurodollar rate floor	0.00%

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Debt (Secured Tower Revenue Securities) (Narrative) (Details) - USD ($)							3 Months Ended
	Apr. 17, 2017	Jul. 07, 2016	Oct. 14, 2015	Oct. 15, 2014	Apr. 18, 2013	Aug. 09, 2012	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt							$ 8,666,174,000	$ 8,775,583,000
2010-2C Tower Securities [Member]
Debt Instrument [Line Items]
Repayments of long-term debt		$ 550,000,000
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						$ 610,000,000
Debt instrument, interest rate, stated percentage						2.933%
Repayment date of debt instrument						Dec. 11, 2017
Debt instrument, maturity date						Dec. 09, 2042	Dec. 11, 2017
Deferred financing fees						$ 14,900,000
Long-term debt							$ 607,905,000	607,157,000
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees					$ 25,500,000
Debt instrument, weighted average interest rate					3.218%
Long-term debt					$ 1,330,000,000
2013-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 425,000,000
Debt instrument, interest rate, stated percentage					2.24%
Repayment date of debt instrument					Apr. 10, 2018
Debt instrument, maturity date					Apr. 09, 2043		Apr. 10, 2018
Long-term debt							$ 423,192,000	422,768,000
2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 575,000,000
Debt instrument, interest rate, stated percentage					3.722%
Repayment date of debt instrument					Apr. 11, 2023
Debt instrument, maturity date					Apr. 09, 2048		Apr. 11, 2023
Long-term debt							$ 567,807,000	567,545,000
2013-1D Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 330,000,000
Debt instrument, interest rate, stated percentage					3.598%
Repayment date of debt instrument					Apr. 10, 2018
Debt instrument, maturity date					Apr. 09, 2043		Apr. 10, 2018
Long-term debt							$ 328,560,000	328,225,000
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Deferred financing fees				$ 22,500,000
Debt instrument, weighted average interest rate				3.289%
Long-term debt				$ 1,540,000,000
2014-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 920,000,000
Debt instrument, interest rate, stated percentage				2.898%
Repayment date of debt instrument				Oct. 08, 2019
Debt instrument, maturity date				Oct. 11, 2044			Oct. 08, 2019
Long-term debt							$ 912,889,000	912,219,000
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 620,000,000
Debt instrument, interest rate, stated percentage				3.869%
Repayment date of debt instrument				Oct. 08, 2024
Debt instrument, maturity date				Oct. 08, 2049			Oct. 08, 2024
Long-term debt							$ 612,843,000	612,641,000
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000,000
Debt instrument, interest rate, stated percentage			3.156%
Repayment date of debt instrument			Oct. 08, 2020
Debt instrument, maturity date			Oct. 10, 2045				Oct. 08, 2020
Deferred financing fees			$ 11,200,000
Long-term debt							$ 491,828,000	491,289,000
2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 700,000,000
Debt instrument, interest rate, stated percentage		2.877%
Repayment date of debt instrument		Jul. 09, 2021
Debt instrument, maturity date		Jul. 10, 2046					Jul. 09, 2021
Deferred financing fees							$ 9,500,000
Long-term debt							$ 691,752,000	$ 691,322,000
Subsequent Event [Member] | 2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Net deferred finance costs expensed	$ 2,000,000
Repayments of long-term debt	610,000,000
Subsequent Event [Member] | 2017-1C Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 760,000,000
Debt instrument, interest rate, stated percentage	3.168%
Repayment date of debt instrument	Apr. 11, 2022
Debt instrument, maturity date	Apr. 09, 2047
Deferred financing fees	$ 9,700,000
Subsequent Event [Member] | SBA Guarantor, LLC [Member] | 2017-1R Tower Securities [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 40,000,000
Debt instrument, interest rate, stated percentage	4.459%
Repayment date of debt instrument	Apr. 11, 2022
Debt instrument, maturity date	Apr. 09, 2047

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Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended
	Aug. 15, 2016	Jul. 01, 2014	Mar. 31, 2017
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.75%		5.75%
Repayments of unsecured debt	$ 800.0
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.625%		5.625%
Repayments of unsecured debt	$ 250.0
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes		$ 750.0
Debt instrument, maturity date			Jul. 15, 2022
Debt instrument, interest rate, stated percentage		4.875%
Percentage of face value price for issuance of senior notes		99.178%
Interest payable dates			January 15 and July 15
Deferred financing fees		$ 11.6
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Unsecured senior notes	$ 1,100.0
Debt instrument, maturity date			Sep. 01, 2024
Debt instrument, interest rate, stated percentage	4.875%
Percentage of face value price for issuance of senior notes	99.178%
Interest payable dates			March 1 and September 1
Deferred financing fees	$ 12.8

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Debt (Schedule Of Carrying And Principal Values Of Debt) (Details) - USD ($)						3 Months Ended
	Jul. 07, 2016	Oct. 14, 2015	Oct. 15, 2014	Apr. 18, 2013	Aug. 09, 2012	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Principal Balance						$ 8,760,000,000	$ 8,875,000,000
Fair Value						8,757,301,000	8,844,682,000
Carrying Value						8,666,174,000	8,775,583,000
Less: current maturities of long-term debt						(20,000,000)	(627,157,000)
Total long-term debt, net of current maturities						8,646,174,000	8,148,426,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Balance						280,000,000	390,000,000
Fair Value						280,000,000	390,000,000
Carrying Value						$ 280,000,000	390,000,000
Debt instrument, maturity date						Feb. 05, 2020
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance						$ 750,000,000	750,000,000
Fair Value						759,375,000	763,125,000
Carrying Value						$ 737,505,000	736,992,000
Debt instrument, maturity date						Jul. 15, 2022
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Balance						$ 1,100,000,000	1,100,000,000
Fair Value						1,083,500,000	1,083,500,000
Carrying Value						$ 1,079,520,000	1,078,954,000
Debt instrument, maturity date						Sep. 01, 2024
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 610,000,000	610,000,000
Fair Value						610,171,000	610,165,000
Carrying Value						$ 607,905,000	607,157,000
Debt instrument, maturity date					Dec. 09, 2042	Dec. 11, 2017
2013-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 425,000,000	425,000,000
Fair Value						423,827,000	423,381,000
Carrying Value						$ 423,192,000	422,768,000
Debt instrument, maturity date				Apr. 09, 2043		Apr. 10, 2018
2013-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 575,000,000	575,000,000
Fair Value						576,777,000	563,322,000
Carrying Value						$ 567,807,000	567,545,000
Debt instrument, maturity date				Apr. 09, 2048		Apr. 11, 2023
2013-1D Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 330,000,000	330,000,000
Fair Value						330,281,000	334,521,000
Carrying Value						$ 328,560,000	328,225,000
Debt instrument, maturity date				Apr. 09, 2043		Apr. 10, 2018
2014-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 920,000,000	920,000,000
Fair Value						923,183,000	922,199,000
Carrying Value						$ 912,889,000	912,219,000
Debt instrument, maturity date			Oct. 11, 2044			Oct. 08, 2019
2014-2C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 620,000,000	620,000,000
Fair Value						619,932,000	608,921,000
Carrying Value						$ 612,843,000	612,641,000
Debt instrument, maturity date			Oct. 08, 2049			Oct. 08, 2024
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 500,000,000	500,000,000
Fair Value						502,555,000	495,145,000
Carrying Value						$ 491,828,000	491,289,000
Debt instrument, maturity date		Oct. 10, 2045				Oct. 08, 2020
2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Principal Balance						$ 700,000,000	700,000,000
Fair Value						695,877,000	688,072,000
Carrying Value						$ 691,752,000	691,322,000
Debt instrument, maturity date	Jul. 10, 2046					Jul. 09, 2021
2014 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance						$ 1,458,750,000	1,462,500,000
Fair Value						1,460,573,000	1,467,984,000
Carrying Value						$ 1,448,858,000	1,452,039,000
Debt instrument, maturity date						Mar. 24, 2021
2015 Term Loan [Member]
Debt Instrument [Line Items]
Principal Balance						$ 491,250,000	492,500,000
Fair Value						491,250,000	494,347,000
Carrying Value						$ 483,515,000	$ 484,432,000
Debt instrument, maturity date						Jun. 10, 2022

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Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Aug. 15, 2016	Jul. 07, 2016	Oct. 14, 2015	Jul. 01, 2014	Aug. 09, 2012
Debt Instrument [Line Items]
Cash Interest	$ 77,602	$ 83,804
Non-cash Interest	705	455
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Cash Interest	$ 2,770	833
5.625% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		7,031
Debt instrument, interest rate, stated percentage	5.625%		5.625%
5.75% Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest		11,500
Debt instrument, interest rate, stated percentage	5.75%		5.75%
2014 Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	$ 9,141	9,141
Non-cash Interest	178	169
Debt instrument, interest rate, stated percentage						4.875%
2016 Senior Notes [Member]
Debt Instrument [Line Items]
Cash Interest	13,406
Non-cash Interest	234
Debt instrument, interest rate, stated percentage			4.875%
2010-2C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest		7,058
2012-1C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	4,524	4,534
Debt instrument, interest rate, stated percentage							2.933%
2013 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	10,804	10,804
2014 Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	12,785	12,785
2015-1C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	3,985	3,985
Debt instrument, interest rate, stated percentage					3.156%
2016-1C Tower Securities [Member]
Debt Instrument [Line Items]
Cash Interest	5,090
Debt instrument, interest rate, stated percentage				2.877%
2014 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	11,284	12,138
Non-cash Interest	128	125
2015 Term Loan [Member]
Debt Instrument [Line Items]
Cash Interest	3,800	4,087
Non-cash Interest	165	161
Capitalized Interest And Other [Member]
Debt Instrument [Line Items]
Cash Interest	$ 13	$ (92)

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Shareholders' Equity (Narrative) (Details) - Class A Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	May 04, 2017	Jan. 12, 2017	Jun. 04, 2015
Previous Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized				$ 1,000.0
Stock repurchased, shares	42,163
Stock repurchased, value	$ 4.4
Weighted average price per share	$ 104.81
Stock repurchase program, remaining authorization			$ 150.0
New Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase program, authorized			$ 1,000.0
New Stock Repurchase Program [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock repurchase program, remaining authorization		$ 1,000.0

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Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares
Stock-Based Compensation [Abstract]
Weighted-average fair value of options granted | $ / shares	$ 23.84
Total intrinsic value for options exercised | $	$ 11.0

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Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock-Based Compensation [Abstract]
Risk free interest rate	1.91%
Risk free interest rate, Minimum		1.33%
Risk free interest rate, Maximum		1.43%
Dividend yield	0.00%	0.00%
Expected volatility	20.00%	20.00%
Expected lives	4 years 7 months 6 days	4 years 8 months 12 days

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Stock-Based Compensation (Company's Activities With Respect To Its Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	4,447
Number of Shares, Granted | shares	1,149
Number of Shares, Exercised | shares	(213)
Number of Shares, Canceled | shares	(20)
Number of Shares Outstanding, Ending Balance | shares	5,363
Number of Shares Exercisable, Ending Balance | shares	2,451
Number of Shares Unvested, Ending Balance | shares	2,912
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance | $ / shares	$ 93.09
Weighted-Average Exercise Price Per Share, Granted | $ / shares	115.17
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	62.99
Weighted-Average Exercise Price Per Share, Canceled | $ / shares	102.89
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance | $ / shares	98.98
Weighted-Average Exercise Price Per Share, Exercisable, Ending Balance | $ / shares	87.48
Weighted-Average Exercise Price Per Share, Unvested, Ending Balance | $ / shares	$ 108.66
Weighted-Average Remaining Contractual Life (in years), Outstanding at March 31, 2017	5 years
Weighted-Average Remaining Contractual Life (in years), Exercisable at March 31, 2017	3 years 9 months 18 days
Weighted-Average Remaining Contractual Life (in years), Unvested at March 31, 2017	6 years
Aggregate Intrinsic Value, Outstanding at March 31, 2017 | $	$ 118,838
Aggregate Intrinsic Value, Exercisable at March 31, 2017 | $	82,673
Aggregate Intrinsic Value, Unvested at March 31, 2017 | $	$ 36,165

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Stock-Based Compensation (Restricted Stock Unit Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Stock-Based Compensation [Abstract]
Number of Shares, Outstanding, at December 31, 2016 | shares	291
Number of Shares, Granted | shares	161
Number of Shares, Vested | shares	(115)
Number of Shares, Forfeited/canceled | shares	(2)
Number of Shares, Outstanding, at March 31, 2017 | shares	335
Weighted-Average Grant Date Fair Value per Share, Outstanding, at December 31, 2016 | $ / shares	$ 101.74
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares	115.17
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares	98.50
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares	105.21
Weighted-Average Grant Date Fair Value per Share, Outstanding, at March 31, 2017 | $ / shares	$ 109.29

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Income Taxes (Narrative) (Details) $ in Billions	Dec. 31, 2016 USD ($)
Income Taxes [Abstract]
Foreign net operating loss carry-forward	$ 1.1

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Segment Data (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017 segment
Segment Data [Abstract]
Number of business segments	2

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Segment Data (Segment Reporting Information Disclosure) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues		$ 423,363	$ 399,769
Cost of revenues		110,970	102,595
Operating profit		312,393	297,174
Selling, general, and administrative	[1]	34,223	30,406
Acquisition related adjustments and expenses		2,969	3,182
Asset impairment and decommission costs		8,351	6,183
Depreciation, amortization and accretion		159,031	159,801
Operating income		107,819	97,602
Other expense (principally interest expense and other expense)		(66,823)	(41,758)
Income before provision for income taxes		40,996	55,844
Cash capital expenditures		78,398	128,165
Assets		7,297,450		$ 7,360,945
Domestic Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		321,130	315,230
Cost of revenues		65,427	64,475
Operating profit		255,703	250,755
Selling, general, and administrative		19,356	17,998
Acquisition related adjustments and expenses		1,901	1,842
Asset impairment and decommission costs		7,430	6,021
Depreciation, amortization and accretion		123,896	131,393
Operating income		103,120	93,501
Cash capital expenditures		50,433	105,353
Assets		5,313,286		5,396,394
International Site Leasing [Member]
Segment Reporting Information [Line Items]
Revenues		76,420	59,220
Cost of revenues		23,955	18,287
Operating profit		52,465	40,933
Selling, general, and administrative		5,959	4,385
Acquisition related adjustments and expenses		1,068	1,340
Asset impairment and decommission costs		816	162
Depreciation, amortization and accretion		32,825	26,877
Operating income		11,797	8,169
Cash capital expenditures		26,890	21,380
Assets		1,856,435		1,839,703
Site Development [Member]
Segment Reporting Information [Line Items]
Revenues		25,813	25,319
Cost of revenues		21,588	19,833
Operating profit		4,225	5,486
Selling, general, and administrative		3,617	3,537
Asset impairment and decommission costs		105
Depreciation, amortization and accretion		711	1,025
Operating income		(208)	924
Cash capital expenditures		133	556
Assets		37,787		43,769
Not Identified by Segment [Member]
Segment Reporting Information [Line Items]
Selling, general, and administrative		5,291	4,486
Depreciation, amortization and accretion		1,599	506
Operating income		(6,890)	(4,992)
Other expense (principally interest expense and other expense)		(66,823)	(41,758)
Cash capital expenditures		942	$ 876
Assets		$ 89,942		$ 81,079

[1] Includes non-cash compensation of $8,826 and $7,686 for the three months ended March 31, 2017 and 2016, respectively.

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Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from earnings per share calculation	2.4	2.4

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Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 37,598	$ 53,639
Basic weighted-average shares outstanding	121,049	125,398
Dilutive impact of stock options and restricted shares	685	726
Diluted weighted-average shares outstanding	121,734	126,124
Net income per common share:
Basic	$ 0.31	$ 0.43
Diluted	$ 0.31	$ 0.43