Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each Class | Trading Symbol(s) | Name of exchange on which registered | ||||||
| ||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | ||||||||
PART I | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 1B. | ||||||||
ITEM 1C. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. |
Page | ||||||||
ITEM 9A. | ||||||||
ITEM 9B. | ||||||||
ITEM 9C. | ||||||||
PART III | ||||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
PART IV | ||||||||
ITEM 15. | ||||||||
ITEM 16. | ||||||||
F-1 |
ITEM 1. | BUSINESS |
2023 | 2022 | 2021 | |||||||||||||||
U.S. & Canada | 48 | % | 47 | % | 52 | % | |||||||||||
Asia-Pacific | 10 | % | 10 | % | 13 | % | |||||||||||
Africa | 11 | % | 11 | % | 11 | % | |||||||||||
Europe | 7 | % | 7 | % | 5 | % | |||||||||||
Latin America | 16 | % | 16 | % | 16 | % | |||||||||||
Data Centers | 7 | % | 7 | % | 0 | % |
ITEM 1A. | RISK FACTORS |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 1C. | CYBERSECURITY |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Cumulative Total Returns | ||||||||||||||||||||||||||||||||||||||
12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | |||||||||||||||||||||||||||||||||
American Tower Corporation | $ | 100.00 | $ | 147.85 | $ | 147.15 | $ | 195.54 | $ | 145.42 | $ | 153.21 | ||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 131.49 | 155.68 | 200.37 | 164.08 | 207.21 | ||||||||||||||||||||||||||||||||
Dow Jones U.S. Telecommunications Equipment Index | 100.00 | 116.24 | 118.93 | 173.48 | 134.21 | 158.08 | ||||||||||||||||||||||||||||||||
FTSE Nareit All Equity REITs Index | 100.00 | 128.66 | 122.07 | 172.49 | 129.45 | 144.16 |
ITEM 6. | [RESERVED] |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Number of Owned Towers | Number of Operated Towers (1) | Number of Owned DAS Sites | ||||||||||||||||||
U.S. & Canada: | ||||||||||||||||||||
Canada | 220 | — | — | |||||||||||||||||
United States | 27,142 | 15,091 | 452 | |||||||||||||||||
U.S. & Canada total | 27,362 | 15,091 | 452 | |||||||||||||||||
Asia-Pacific: (2) | ||||||||||||||||||||
Bangladesh | 579 | — | — | |||||||||||||||||
India (3) | 75,950 | — | 763 | |||||||||||||||||
Philippines | 355 | — | — | |||||||||||||||||
Asia-Pacific total | 76,884 | — | 763 | |||||||||||||||||
Africa: | ||||||||||||||||||||
Burkina Faso | 731 | — | — | |||||||||||||||||
Ghana | 3,486 | — | 37 | |||||||||||||||||
Kenya | 3,855 | — | 11 | |||||||||||||||||
Niger | 916 | — | — | |||||||||||||||||
Nigeria | 8,296 | — | — | |||||||||||||||||
South Africa | 2,692 | — | — | |||||||||||||||||
Uganda | 4,184 | — | 21 | |||||||||||||||||
Africa total | 24,160 | — | 69 | |||||||||||||||||
Europe: (4) | ||||||||||||||||||||
France | 4,096 | 303 | 9 | |||||||||||||||||
Germany | 14,947 | — | — | |||||||||||||||||
Spain | 11,885 | — | 1 | |||||||||||||||||
Europe total | 30,928 | 303 | 10 | |||||||||||||||||
Latin America: | ||||||||||||||||||||
Argentina | 499 | — | 11 | |||||||||||||||||
Brazil | 20,563 | 2,029 | 122 | |||||||||||||||||
Chile | 3,700 | — | 144 | |||||||||||||||||
Colombia | 4,969 | — | 6 | |||||||||||||||||
Costa Rica | 705 | — | 2 | |||||||||||||||||
Mexico | 9,581 | 186 | 92 | |||||||||||||||||
Paraguay | 1,455 | — | — | |||||||||||||||||
Peru | 3,965 | 450 | 1 | |||||||||||||||||
Latin America total | 45,437 | 2,665 | 378 |
Number of Data Centers | Total NRSF (1) | |||||||||||||
(in thousands) | ||||||||||||||
San Francisco Bay, CA | 8 | 939 | ||||||||||||
Los Angeles, CA | 3 | 724 | ||||||||||||
Northern Virginia, VA | 5 | 586 | ||||||||||||
New York, NY | 2 | 285 | ||||||||||||
Chicago, IL | 2 | 216 | ||||||||||||
Boston, MA | 1 | 143 | ||||||||||||
Orlando, FL | 1 | 126 | ||||||||||||
Miami, FL | 2 | 115 | ||||||||||||
Atlanta, GA | 2 | 95 | ||||||||||||
Denver, CO | 2 | 37 | ||||||||||||
Total | 28 | 3,266 |
New Sites (Acquired or Constructed) | 2023 | 2022 | 2021 | ||||||||||||||
U.S. & Canada | 20 | 55 | 170 | ||||||||||||||
Asia-Pacific | 975 | 4,640 | 3,780 | ||||||||||||||
Africa | 1,590 | 1,680 | 2,355 | ||||||||||||||
Europe | 555 | 690 | 24,775 | ||||||||||||||
Latin America | 215 | 340 | 7,870 |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Property | |||||||||||||||||
U.S. & Canada | $ | 5,216.2 | $ | 5,006.3 | 4 | % | |||||||||||
Asia-Pacific | 1,150.8 | 1,077.0 | 7 | ||||||||||||||
Africa | 1,225.6 | 1,192.5 | 3 | ||||||||||||||
Europe | 775.6 | 735.7 | 5 | ||||||||||||||
Latin America | 1,798.3 | 1,691.9 | 6 | ||||||||||||||
Data Centers | 834.7 | 766.6 | 9 | ||||||||||||||
Total property | 11,001.2 | 10,470.0 | 5 | ||||||||||||||
Services | 143.0 | 241.1 | (41) | ||||||||||||||
Total revenues | $ | 11,144.2 | $ | 10,711.1 | 4 | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Property | |||||||||||||||||
U.S. & Canada | $ | 4,366.3 | $ | 4,160.9 | 5 | % | |||||||||||
Asia-Pacific | 446.6 | 379.4 | 18 | ||||||||||||||
Africa | 792.3 | 747.4 | 6 | ||||||||||||||
Europe | 476.1 | 416.1 | 14 | ||||||||||||||
Latin America | 1,232.3 | 1,165.2 | 6 | ||||||||||||||
Data Centers | 487.1 | 444.6 | 10 | ||||||||||||||
Total property | 7,800.7 | 7,313.6 | 7 | ||||||||||||||
Services | 82.9 | 133.7 | (38) | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Property | |||||||||||||||||
U.S. & Canada | $ | 165.1 | $ | 183.2 | (10) | % | |||||||||||
Asia-Pacific | 42.1 | 69.1 | (39) | ||||||||||||||
Africa | 79.3 | 80.0 | (1) | ||||||||||||||
Europe | 65.6 | 52.4 | 25 | ||||||||||||||
Latin America | 107.9 | 107.6 | 0 | ||||||||||||||
Data Centers | 72.4 | 63.9 | 13 | ||||||||||||||
Total property | 532.4 | 556.2 | (4) | ||||||||||||||
Services | 22.9 | 22.3 | 3 | ||||||||||||||
Other | 437.2 | 393.8 | 11 | ||||||||||||||
Total selling, general, administrative and development expense | $ | 992.5 | $ | 972.3 | 2 | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Property | |||||||||||||||||
U.S. & Canada | $ | 4,201.2 | $ | 3,977.7 | 6 | % | |||||||||||
Asia-Pacific | 404.5 | 310.3 | 30 | ||||||||||||||
Africa | 713.0 | 667.4 | 7 | ||||||||||||||
Europe | 410.5 | 363.7 | 13 | ||||||||||||||
Latin America | 1,124.4 | 1,057.6 | 6 | ||||||||||||||
Data Centers | 414.7 | 380.7 | 9 | ||||||||||||||
Total property | 7,268.3 | 6,757.4 | 8 | ||||||||||||||
Services | 60.0 | 111.4 | (46) | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Depreciation, amortization and accretion | $ | 3,086.5 | $ | 3,355.1 | (8) | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Other operating expenses | $ | 377.7 | $ | 767.6 | (51) | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Total other expense | $ | 1,503.6 | $ | 631.6 | 138 | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Income tax provision | $ | 154.2 | $ | 24.0 | 543 | % | |||||||||||||||||
Effective tax rate | 10.1 | % | 1.4 | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Net income | $ | 1,367.1 | $ | 1,696.7 | (19) | % | ||||||||||||||
Income tax provision | 154.2 | 24.0 | 543 | |||||||||||||||||
Other expense (income) | 248.5 | (433.7) | (157) | |||||||||||||||||
Loss on retirement of long-term obligations | 0.3 | 0.4 | (25) | |||||||||||||||||
Interest expense | 1,398.2 | 1,136.5 | 23 | |||||||||||||||||
Interest income | (143.4) | (71.6) | 100 | |||||||||||||||||
Other operating expenses | 377.7 | 767.6 | (51) | |||||||||||||||||
Goodwill impairment | 402.0 | — | 100 | |||||||||||||||||
Depreciation, amortization and accretion | 3,086.5 | 3,355.1 | (8) | |||||||||||||||||
Stock-based compensation expense | 195.7 | 169.3 | 16 | |||||||||||||||||
Adjusted EBITDA | $ | 7,086.8 | $ | 6,644.3 | 7 | % |
Year Ended December 31, | Percent Change 2023 vs 2022 | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Net income | $ | 1,367.1 | $ | 1,696.7 | (19) | % | |||||||||||
Real estate related depreciation, amortization and accretion | 2,834.1 | 3,108.9 | (9) | ||||||||||||||
Losses from sale or disposal of real estate and real estate related impairment charges (1) | 732.8 | 684.3 | 7 | ||||||||||||||
Dividends to noncontrolling interests (2) | (137.8) | (22.2) | 521 | ||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | (186.2) | (188.2) | (1) | ||||||||||||||
Nareit FFO attributable to American Tower Corporation common stockholders | $ | 4,610.0 | $ | 5,279.5 | (13) | % | |||||||||||
Straight-line revenue | (472.0) | (499.8) | (6) | ||||||||||||||
Straight-line expense | 30.2 | 39.6 | (24) | ||||||||||||||
Stock-based compensation expense | 195.7 | 169.3 | 16 | ||||||||||||||
Deferred portion of income tax and other income tax adjustments | (152.3) | (298.3) | (49) | ||||||||||||||
GTP one-time cash tax settlement (3) | — | 48.3 | (100) | ||||||||||||||
Non-real estate related depreciation, amortization and accretion | 252.4 | 246.2 | 3 | ||||||||||||||
Amortization of deferred financing costs, debt discounts and premiums and long-term deferred interest charges | 49.8 | 47.5 | 5 | ||||||||||||||
Other expense (income) (4) | 248.5 | (433.7) | (157) | ||||||||||||||
Loss on retirement of long-term obligations | 0.3 | 0.4 | (25) | ||||||||||||||
Other operating expenses (5) | 46.9 | 83.3 | (44) | ||||||||||||||
Capital improvement capital expenditures | (201.2) | (176.2) | 14 | ||||||||||||||
Corporate capital expenditures | (16.2) | (9.4) | 72 | ||||||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests | 186.2 | 188.2 | (1) | ||||||||||||||
Consolidated AFFO | $ | 4,778.3 | $ | 4,684.9 | 2 | % | |||||||||||
Adjustments for unconsolidated affiliates and noncontrolling interests (6) | (166.8) | (168.2) | (1) | ||||||||||||||
AFFO attributable to American Tower Corporation common stockholders | $ | 4,611.5 | $ | 4,516.7 | 2 | % |
Available under the 2021 Multicurrency Credit Facility | $ | 5,276.6 | |||
Available under the 2021 Credit Facility | 2,396.6 | ||||
Letters of credit | (33.9) | ||||
Total available under credit facilities, net | 7,639.3 | ||||
Cash and cash equivalents | 1,973.3 | ||||
Total liquidity | $ | 9,612.6 |
2023 | 2022 | ||||||||||
Net cash provided by (used for): | |||||||||||
Operating activities | $ | 4,722.4 | $ | 3,696.2 | |||||||
Investing activities | (1,695.5) | (2,355.2) | |||||||||
Financing activities | (3,097.4) | (1,423.2) | |||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | 23.2 | (120.4) | |||||||||
Net decrease in cash and cash equivalents, and restricted cash | $ | (47.3) | $ | (202.6) |
Discretionary capital projects (1) | $ | 849.3 | |||
Ground lease purchases (2) | 154.0 | ||||
Capital improvements and corporate expenditures (3) | 217.4 | ||||
Redevelopment | 481.0 | ||||
Start-up capital projects | 128.1 | ||||
Total capital expenditures (4) | $ | 1,829.8 |
Discretionary capital projects (1) | $ | 790 | to | $ | 820 | ||||||
Ground lease purchases | 70 | to | 90 | ||||||||
Capital improvements and corporate expenditures | 165 | to | 175 | ||||||||
Redevelopment | 455 | to | 485 | ||||||||
Start-up capital projects | 65 | to | 85 | ||||||||
Total capital expenditures | $ | 1,545 | to | $ | 1,655 |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Proceeds from issuance of senior notes, net | $ | 5,678.3 | $ | 1,293.6 | |||||||
Proceeds from issuance of common stock, net | — | 2,291.7 | |||||||||
Repayments of credit facilities, net | (2,563.8) | (860.0) | |||||||||
Repayments of term loans | (1,500.0) | (3,000.0) | |||||||||
Proceeds from issuance of securities in securitization transaction | 1,300.0 | — | |||||||||
Repayments of securitized debt | (1,300.0) | — | |||||||||
Repayments of senior notes (1) | (1,700.0) | (1,555.1) | |||||||||
Contributions from noncontrolling interest holders (2) | 4.1 | 3,120.8 | |||||||||
Distributions to noncontrolling interest holders | (46.5) | (10.9) | |||||||||
Purchases of common stock | — | (18.8) | |||||||||
Distributions paid on common stock | (2,949.3) | (2,630.4) |
Senior Notes | Aggregate Principal Amount (in millions) | Issue Date and Interest Accrual Date | Maturity Date | Contractual Interest Rate | First Interest Payment | Interest Payments Due (1) | Par Call Date (2) | |||||||||||||||||||||||||||||||||||||
5.500% Notes | $ | 700.0 | March 3, 2023 | March 15, 2028 | 5.500 | % | September 15, 2023 | March 15 and September 15 | February 15, 2028 | |||||||||||||||||||||||||||||||||||
5.650% Notes | $ | 800.0 | March 3, 2023 | March 15, 2033 | 5.650 | % | September 15, 2023 | March 15 and September 15 | December 15, 2032 | |||||||||||||||||||||||||||||||||||
4.125% Notes (3) | $ | 652.1 | May 16, 2023 | May 16, 2027 | 4.125 | % | May 16, 2024 | May 16 | March 16, 2027 | |||||||||||||||||||||||||||||||||||
4.625% Notes (3) | $ | 543.4 | May 16, 2023 | May 16, 2031 | 4.625 | % | May 16, 2024 | May 16 | February 16, 2031 | |||||||||||||||||||||||||||||||||||
5.250% Notes | $ | 650.0 | May 25, 2023 | July 15, 2028 | 5.250 | % | January 15, 2024 | January 15 and July 15 | June 15, 2028 | |||||||||||||||||||||||||||||||||||
5.550% Notes | $ | 850.0 | May 25, 2023 | July 15, 2033 | 5.550 | % | January 15, 2024 | January 15 and July 15 | April 15, 2033 | |||||||||||||||||||||||||||||||||||
5.800% Notes | $ | 750.0 | September 15, 2023 | November 15, 2028 | 5.800 | % | May 15, 2024 | May 15 and November 15 | October 15, 2028 | |||||||||||||||||||||||||||||||||||
5.900% Notes | $ | 750.0 | September 15, 2023 | November 15, 2033 | 5.900 | % | May 15, 2024 | May 15 and November 15 | August 15, 2033 |
Bank Facility | Outstanding Principal Balance | Maturity Date | SOFR or EURIBOR borrowing interest rate range (1) | Base rate borrowing interest rate range (1) | Current margin over SOFR or EURIBOR and the base rate, respectively | ||||||||||||||||||
2021 Multicurrency Credit Facility | (2) | $ | 723.4 | July 1, 2026 | (3) | 0.875% - 1.500% | 0.000% - 0.500% | 1.125% and 0.125% | |||||||||||||||
2021 Credit Facility | (4) | 1,603.4 | July 1, 2028 | (3) | 0.875% - 1.500% | 0.000% - 0.500% | 1.125% and 0.125% | ||||||||||||||||
2021 Term Loan | (4) | 1,000.0 | January 31, 2027 | 0.875% - 1.750% | 0.000% - 0.750% | 1.125% and 0.125% | |||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan | (5) | 910.7 | May 28, 2024 | 0.875% - 1.625% | 0.000% - 0.625% | 1.125% and 0.125% |
Amount Outstanding (INR) | Amount Outstanding (USD) | Interest Rate (Range) | Maturity Date (Range) | |||||||||||||||||||||||
Working capital facilities (1) | — | $ | — | 8.33% - 9.30% | February 4, 2024 - October 23, 2024 | |||||||||||||||||||||
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Debt obligations (1) | $ | 3,187.5 | $ | 3,729.9 | $ | 4,077.5 | $ | 5,593.6 | $ | 7,682.2 | $ | 14,911.1 | $ | 39,181.8 | ||||||||||||||||||||||||||||||
Operating lease obligations (2) | 1,204.8 | 1,098.7 | 1,044.2 | 981.5 | 917.8 | 6,029.3 | 11,276.3 |
Compliance Tests For The 12 Months Ended December 31, 2023 ($ in billions) | ||||||||||||||||||||
Ratio (1) | Additional Debt Capacity Under Covenants (2) | Capacity for Adjusted EBITDA Decrease Under Covenants (3) | ||||||||||||||||||
Consolidated Total Leverage Ratio | Total Debt to Adjusted EBITDA ≤ 6.00:1.00 | ~4.2 | ~0.7 | |||||||||||||||||
Consolidated Senior Secured Leverage Ratio | Senior Secured Debt to Adjusted EBITDA ≤ 3.00:1.00 | ~19.1 (4) | ~6.4 (4) | |||||||||||||||||
Issuer or Borrower | Notes/Securities Issued | Conditions Limiting Distributions of Excess Cash | Excess Cash Distributed During Year Ended December 31, 2023 | DSCR as of December 31, 2023 | Capacity for Decrease in Net Cash Flow Before Triggering Cash Trap DSCR (1) | Capacity for Decrease in Net Cash Flow Before Triggering Minimum DSCR (1) | ||||||||||||||||||||
Cash Trap DSCR | Amortization Period | |||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||
2015 Securitization | GTP Acquisition Partners | American Tower Secured Revenue Notes, Series 2015-2 | 1.30x, Tested Quarterly (2) | (3)(4) | $322.1 | 17.42x | $296.6 | $299.3 | ||||||||||||||||||
Trust Securitizations | AMT Asset Subs | Secured Tower Revenue Securities, Series 2023-1, Subclass A, Secured Tower Revenue Securities, Series 2023-1, Subclass R, Secured Tower Revenue Securities, Series 2018-1, Subclass A and Secured Tower Revenue Securities, Series 2018-1, Subclass R | 1.30x, Tested Quarterly (2) | (3)(5) | $547.2 | 6.87x | $502.0 | $515.5 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Long-Term Debt | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed Rate Debt (a) | $ | 2,273.3 | $ | 3,729.9 | $ | 3,354.1 | $ | 4,593.6 | $ | 6,078.8 | $ | 14,911.1 | $ | 34,940.8 | $ | 32,454.3 | |||||||||||||||||||||||||||||||
Weighted-Average Interest Rate (a) | 3.78 | % | 2.67 | % | 2.58 | % | 2.54 | % | 4.03 | % | 3.19 | % | |||||||||||||||||||||||||||||||||||
Variable Rate Debt (b) | $ | 914.2 | $ | — | $ | 723.4 | $ | 1,000.0 | $ | 1,603.4 | $ | — | $ | 4,241.0 | $ | 4,241.1 | |||||||||||||||||||||||||||||||
Weighted-Average Interest Rate (b)(c) | 4.99 | % | — | % | 6.09 | % | 6.58 | % | 6.57 | % | — | % | |||||||||||||||||||||||||||||||||||
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION. |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
Steven O. Vondran | 53 | President and Chief Executive Officer | ||||||||||||
Rodney M. Smith | 58 | Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||
Thomas A. Bartlett | 65 | Advisor to the Chief Executive Officer (until May 1, 2024) | ||||||||||||
Ruth T. Dowling | 54 | Executive Vice President, Chief Administrative Officer, General Counsel and Secretary | ||||||||||||
Sanjay Goel | 56 | Executive Vice President and President, Asia-Pacific | ||||||||||||
Robert J. Meyer | 60 | Senior Vice President and Chief Accounting Officer | ||||||||||||
Eugene M. Noel | 55 | Executive Vice President and President, U.S. Tower Division | ||||||||||||
Olivier Puech | 56 | Executive Vice President and President, Latin America and EMEA |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
2.1 | 8-K | 001-14195 | August 25, 2011 | 2.1 | ||||||||||||||||||||||||||||
3.1 | 8-K | 001-14195 | January 3, 2012 | 3.1 | ||||||||||||||||||||||||||||
3.2 | 8-K | 001-14195 | January 3, 2012 | 3.2 | ||||||||||||||||||||||||||||
3.3 | 8-K | 001-14195 | December 14, 2023 | 3.1 | ||||||||||||||||||||||||||||
3.4 | 8-K | 001-14195 | May 12, 2014 | 3.1 | ||||||||||||||||||||||||||||
3.5 | 8-K | 001-14195 | March 3, 2015 | 3.1 | ||||||||||||||||||||||||||||
4.1 | S-3ASR | 333-188812 | May 23, 2013 | 4.12 | ||||||||||||||||||||||||||||
4.2 | 8-K | 001-14195 | August 19, 2013 | 4.1 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
4.3 | 8-K | 001-14195 | May 7, 2015 | 4.1 | ||||||||||||||||||||||||||||
4.4 | 8-K | 001-14195 | January 12, 2016 | 4.1 | ||||||||||||||||||||||||||||
4.5 | 8-K | 001-14195 | May 13, 2016 | 4.1 | ||||||||||||||||||||||||||||
4.6 | 8-K | 001-14195 | September 30, 2016 | 4.1 | ||||||||||||||||||||||||||||
4.7 | 8-K | 001-14195 | April 6, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.8 | 8-K | 001-14195 | June 30, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.9 | 8-K | 001-14195 | December 8, 2017 | 4.1 | ||||||||||||||||||||||||||||
4.10 | 8-K | 001-14195 | May 22, 2018 | 4.1 | ||||||||||||||||||||||||||||
4.11 | 8-K | 001-14195 | March 15, 2019 | 4.1 | ||||||||||||||||||||||||||||
4.12 | S-3ASR | 333-231931 | June 4, 2019 | 4.22 | ||||||||||||||||||||||||||||
4.13 | 8-K | 001-14195 | June 13, 2019 | 4.1 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
4.14 | 8-K | 001-14195 | October 3, 2019 | 4.1 | ||||||||||||||||||||||||||||
4.15 | 8-K | 001-14195 | January 10, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.16 | 8-K | 001-14195 | June 3, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.17 | 8-K | 001-14195 | September 10, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.18 | 8-K | 001-14195 | September 28, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.19 | 8-K | 001-14195 | November 20, 2020 | 4.1 | ||||||||||||||||||||||||||||
4.20 | 8-K | 001-14195 | March 29, 2021 | 4.1 | ||||||||||||||||||||||||||||
4.21 | 8-K | 001-14195 | May 21, 2021 | 4.1 | ||||||||||||||||||||||||||||
4.22 | 8-K | 001-14195 | September 27, 2021 | 4.1 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
4.23 | 8-K | 001-14195 | October 5, 2021 | 4.1 | ||||||||||||||||||||||||||||
4.24 | 8-K | 001-14195 | April 1, 2022 | 4.1 | ||||||||||||||||||||||||||||
4.25 | S-3ASR | 333-265348 | June 1, 2022 | 4.32 | ||||||||||||||||||||||||||||
4.26 | 8-K | 001-14195 | March 3, 2023 | 4.1 | ||||||||||||||||||||||||||||
4.27 | 8-K | 001-14195 | May 16, 2023 | 4.1 | ||||||||||||||||||||||||||||
4.28 | 8-K | 001-14195 | May 25, 2023 | 4.1 | ||||||||||||||||||||||||||||
4.29 | 8-K | 001-14195 | September 15, 2023 | 4.1 | ||||||||||||||||||||||||||||
4.30 | 10-Q | 001-14195 | July 29, 2015 | 4.2 | ||||||||||||||||||||||||||||
4.31 | 10-Q | 001-14195 | July 29, 2015 | 4.4 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
4.32 | Filed herewith as Exhibit 4.32 | — | — | — | ||||||||||||||||||||||||||||
10.1 | 10-Q | 001-14195 | October 28, 2021 | 10.1 | ||||||||||||||||||||||||||||
10.2* | DEF 14A | 001-14195 | March 22, 2017 | Annex A | ||||||||||||||||||||||||||||
10.3* | 8-K | 001-14195 | March 14, 2017 | 10.1 | ||||||||||||||||||||||||||||
10.4* | 10-K | 001-14195 | February 27, 2019 | 10.10 | ||||||||||||||||||||||||||||
10.5* | 10-K | 001-14195 | February 27, 2019 | 10.11 | ||||||||||||||||||||||||||||
10.6* | 8-K/A | 001-14195 | April 16, 2020 | 10.1 | ||||||||||||||||||||||||||||
10.7* | 10-Q | 001-14195 | July 29, 2021 | 10.1 | ||||||||||||||||||||||||||||
10.8* | 10-K | 001-14195 | February 23, 2023 | 10.9 | ||||||||||||||||||||||||||||
10.9* | 10-Q | 001-14195 | October 26, 2023 | 10.1 | ||||||||||||||||||||||||||||
10.10* | 10-Q | 001-14195 | October 26, 2023 | 10.2 | ||||||||||||||||||||||||||||
10.11* | 10-Q | 001-14195 | October 26, 2023 | 10.3 | ||||||||||||||||||||||||||||
10.12* | 10-Q | 001-14195 | October 26, 2023 | 10.4 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
10.13* | 10-Q | 001-14195 | October 26, 2023 | 10.5 | ||||||||||||||||||||||||||||
10.14* | Filed herewith as Exhibit 10.14 | — | — | — | ||||||||||||||||||||||||||||
10.15* | Filed herewith as Exhibit 10.15 | — | — | — | ||||||||||||||||||||||||||||
10.16 | 10-Q | 001-14195 | May 2, 2018 | 10.2 | ||||||||||||||||||||||||||||
10.17 | 10-Q | 001-14195 | April 26, 2023 | 10.1 | ||||||||||||||||||||||||||||
10.18 | 10-Q | 001-14195 | May 1, 2013 | 10.2 | ||||||||||||||||||||||||||||
10.19 | 10-Q | 001-14195 | May 2, 2018 | 10.3 | ||||||||||||||||||||||||||||
10.20 | 10-Q | 001-14195 | April 26, 2023 | 10.3 | ||||||||||||||||||||||||||||
10.21 | 10-Q | 001-14195 | May 2, 2018 | 10.4 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
10.22 | 10-Q | 001-14195 | April 26, 2023 | 10.2 | ||||||||||||||||||||||||||||
10.23 | 10-K | 001-14195 | April 2, 2001 | 2.2 | ||||||||||||||||||||||||||||
10.24 | SpectraSite Holdings, Inc. Quarterly Report on Form 10-Q | 000-27217 | May 11, 2001 | 10.2 | ||||||||||||||||||||||||||||
10.25** | 10-Q | 001-14195 | May 8, 2009 | 10.7 | ||||||||||||||||||||||||||||
10.26* | 8-K | 001-14195 | March 1, 2022 | Item 5.02(e) | ||||||||||||||||||||||||||||
10.27 | 8-K | 001-14195 | March 5, 2009 | 10.4 | ||||||||||||||||||||||||||||
10.28* | Filed herewith as Exhibit 10.28 | — | — | — | ||||||||||||||||||||||||||||
10.29* | Filed herewith as Exhibit 10.29 | — | — | — | ||||||||||||||||||||||||||||
10.30* | Filed herewith as Exhibit 10.30 | — | — | — | ||||||||||||||||||||||||||||
10.31* | Filed herewith as Exhibit 10.31 | — | — | — | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
10.32 | 10-K | 001-14195 | February 25, 2021 | 10.45 | ||||||||||||||||||||||||||||
10.33 | 10-K | 001-14195 | February 25, 2022 | 10.28 | ||||||||||||||||||||||||||||
10.34 | 10-K | 001-14195 | February 25, 2022 | 10.29 | ||||||||||||||||||||||||||||
10.35 | 10-Q | 001-14195 | July 27, 2023 | 10.2 | ||||||||||||||||||||||||||||
10.36 | Fourth Amended and Restated Revolving Credit Agreement, dated as of December 8, 2021, among the Company, as Borrowers, Toronto Dominion (Texas) LLC, as Administrative Agent and Swingline Lender, BofA Securities, Inc., TD Securities (USA) LLC, Mizuho Bank, Ltd., Barclays Bank PLC, Citibank, N.A., JPMorgan Chase Bank, N.A., RBC Capital Markets and Morgan Stanley MUFG Loan Partners, LLC, as Joint Lead Arrangers and Joint Bookrunners, Mizuho Bank, Ltd., as Syndication Agent, and BofA Securities, Inc., Barclays Bank PLC, Citibank, N.A, JPMorgan Chase Bank, N.A., Royal Bank of Canada and Morgan Stanley MUFG Loan Partners, LLC, as Co-Documentation Agents | 10-K | 001-14195 | February 25, 2022 | 10.30 | |||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
10.37 | 10-Q | 001-14195 | July 27, 2023 | 10.3 | ||||||||||||||||||||||||||||
10.38 | 10-K | 001-14195 | February 25, 2022 | 10.31 | ||||||||||||||||||||||||||||
10.39 | 10-Q | 001-14195 | July 27, 2023 | 10.1 | ||||||||||||||||||||||||||||
10.40 | 10-K | 001-14195 | February 24, 2015 | 10.45 | ||||||||||||||||||||||||||||
10.41 | 10-Q | 001-14195 | April 30, 2015 | 10.8 | ||||||||||||||||||||||||||||
10.42 | 10-Q | 001-14195 | April 30, 2015 | 10.9 | ||||||||||||||||||||||||||||
10.43 | 10-Q | 001-14195 | April 30, 2015 | 10.10 | ||||||||||||||||||||||||||||
10.44 | 10-Q | 001-14195 | April 30, 2015 | 10.11 | ||||||||||||||||||||||||||||
10.45 | 10-K | 001-14195 | February 25, 2021 | 10.41 | ||||||||||||||||||||||||||||
10.46 | 10-K | 001-14195 | February 25, 2021 | 10.42 | ||||||||||||||||||||||||||||
Incorporated By Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description of Document | Form | File No. | Date of Filing | Exhibit No. | |||||||||||||||||||||||||||
21 | Filed herewith as Exhibit 21 | — | — | — | ||||||||||||||||||||||||||||
23 | Filed herewith as Exhibit 23 | — | — | — | ||||||||||||||||||||||||||||
31.1 | Filed herewith as Exhibit 31.1 | — | — | — | ||||||||||||||||||||||||||||
31.2 | Filed herewith as Exhibit 31.2 | — | — | — | ||||||||||||||||||||||||||||
32 | Filed herewith as Exhibit 32 | — | — | — | ||||||||||||||||||||||||||||
97 | Filed herewith as Exhibit 97 | — | — | — | ||||||||||||||||||||||||||||
101 | The following materials from American Tower Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language): 101.SCH—Inline XBRL Taxonomy Extension Schema Document 101.CAL—Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB—Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE—Inline XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF—Inline XBRL Taxonomy Extension Definition | Filed herewith as Exhibit 101 | — | — | — | |||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | — | — | — | — |
* | Management contracts and compensatory plans and arrangements required to be filed as exhibits to this Form 10-K pursuant to Item 15(a)(3). |
** | The exhibit has been filed separately with the Commission pursuant to an application for confidential treatment. The confidential portions of the exhibit have been omitted and are marked by an asterisk. |
ITEM 16. | FORM 10-K SUMMARY |
AMERICAN TOWER CORPORATION | ||||||||||||||
By: | /S/ STEVEN O. VONDRAN | |||||||||||||
Steven O. Vondran President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/S/ STEVEN O. VONDRAN | President and Chief Executive Officer (Principal Executive Officer), Director | February 27, 2024 | ||||||||||||
Steven O. Vondran | ||||||||||||||
/S/ RODNEY M. SMITH | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | February 27, 2024 | ||||||||||||
Rodney M. Smith | ||||||||||||||
/S/ ROBERT J. MEYER | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 27, 2024 | ||||||||||||
Robert J. Meyer | ||||||||||||||
/S/ KELLY C. CHAMBLISS | Director | February 27, 2024 | ||||||||||||
Kelly C. Chambliss | ||||||||||||||
/S/ TERESA H. CLARKE | Director | February 27, 2024 | ||||||||||||
Teresa H. Clarke | ||||||||||||||
/S/ RAYMOND P. DOLAN | Director | February 27, 2024 | ||||||||||||
Raymond P. Dolan | ||||||||||||||
/S/ KENNETH R. FRANK | Director | February 27, 2024 | ||||||||||||
Kenneth R. Frank | ||||||||||||||
/S/ ROBERT D. HORMATS | Director | February 27, 2024 | ||||||||||||
Robert D. Hormats | ||||||||||||||
/S/ GRACE D. LIEBLEIN | Director | February 27, 2024 | ||||||||||||
Grace D. Lieblein | ||||||||||||||
/S/ CRAIG MACNAB | Director | February 27, 2024 | ||||||||||||
Craig Macnab | ||||||||||||||
/S/ JOANN A. REED | Director | February 27, 2024 | ||||||||||||
JoAnn A. Reed | ||||||||||||||
/S/ PAMELA D. A. REEVE | Chair of the Board, Director | February 27, 2024 | ||||||||||||
Pamela D. A. Reeve | ||||||||||||||
/S/ BRUCE L. TANNER | Director | February 27, 2024 | ||||||||||||
Bruce L. Tanner | ||||||||||||||
/S/ SAMME L. THOMPSON | Director | February 27, 2024 | ||||||||||||
Samme L. Thompson |
Page | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | ||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Prepaid and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
PROPERTY AND EQUIPMENT, net | ||||||||||||||
GOODWILL | ||||||||||||||
OTHER INTANGIBLE ASSETS, net | ||||||||||||||
DEFERRED TAX ASSET | ||||||||||||||
DEFERRED RENT ASSET | ||||||||||||||
RIGHT-OF-USE ASSET | ||||||||||||||
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | ||||||||||||||
TOTAL | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses | ||||||||||||||
Distributions payable | ||||||||||||||
Accrued interest | ||||||||||||||
Current portion of operating lease liability | ||||||||||||||
Current portion of long-term obligations | ||||||||||||||
Unearned revenue | ||||||||||||||
Total current liabilities | ||||||||||||||
LONG-TERM OBLIGATIONS | ||||||||||||||
OPERATING LEASE LIABILITY | ||||||||||||||
ASSET RETIREMENT OBLIGATIONS | ||||||||||||||
DEFERRED TAX LIABILITY | ||||||||||||||
OTHER NON-CURRENT LIABILITIES | ||||||||||||||
Total liabilities | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
EQUITY (shares in thousands): | ||||||||||||||
Common stock: $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Distributions in excess of earnings | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Treasury stock ( | ( | ( | ||||||||||||
Total American Tower Corporation equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
TOTAL | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
REVENUES: | |||||||||||||||||
Property | $ | $ | $ | ||||||||||||||
Services | |||||||||||||||||
Total operating revenues | |||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||
Costs of operations (exclusive of items shown separately below): | |||||||||||||||||
Property | |||||||||||||||||
Services | |||||||||||||||||
Depreciation, amortization and accretion | |||||||||||||||||
Selling, general, administrative and development expense | |||||||||||||||||
Other operating expenses | |||||||||||||||||
Goodwill impairment | |||||||||||||||||
Total operating expenses | |||||||||||||||||
OPERATING INCOME | |||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||
Interest income | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Loss on retirement of long-term obligations | ( | ( | ( | ||||||||||||||
Other (expense) income (including foreign currency (losses) gains of $( | ( | ||||||||||||||||
Total other expense | ( | ( | ( | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | |||||||||||||||||
Income tax provision | ( | ( | ( | ||||||||||||||
NET INCOME | |||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS | $ | $ | $ | ||||||||||||||
NET INCOME PER COMMON SHARE AMOUNTS: | |||||||||||||||||
Basic net income attributable to American Tower Corporation common stockholders | $ | $ | $ | ||||||||||||||
Diluted net income attributable to American Tower Corporation common stockholders | $ | $ | $ | ||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands): | |||||||||||||||||
BASIC | |||||||||||||||||
DILUTED |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||
Changes in fair value of cash flow hedges, each net of tax expense of $ | ( | |||||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $ | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax expense (benefit) of $ | ( | ( | ||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interests | ||||||||||||||||||||
Allocation of accumulated other comprehensive income resulting from purchases of noncontrolling interest and redeemable noncontrolling interests | ||||||||||||||||||||
Comprehensive income attributable to American Tower Corporation stockholders | $ | $ | $ |
Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Earnings | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Issued Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock—stock purchase plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges, net of tax | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification of unrealized losses on cash flow hedges to net income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment to noncontrolling interest | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of noncontrolling interest | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of redeemable noncontrolling interests | — | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock—stock purchase plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock activity | — | — | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation related activity | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock—stock purchase plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment, net of tax | — | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest holders | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest holders | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions declared | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2023 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||
Loss on investments, unrealized foreign currency (gain) loss and other non-cash expense | ( | ( | ||||||||||||||||||
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | ||||||||||||||||||||
Loss on early retirement of long-term obligations | ||||||||||||||||||||
Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest | ||||||||||||||||||||
Deferred income taxes | ( | ( | ( | |||||||||||||||||
Changes in assets and liabilities, net of acquisitions: | ||||||||||||||||||||
Accounts receivable | ( | ( | ( | |||||||||||||||||
Prepaid and other assets | ( | ( | ( | |||||||||||||||||
Deferred rent asset | ( | ( | ( | |||||||||||||||||
Right-of-use asset and Operating lease liability, net | ( | ( | ( | |||||||||||||||||
Accounts payable and accrued expenses | ( | ( | ||||||||||||||||||
Accrued interest | ||||||||||||||||||||
Unearned revenue | ( | ( | ||||||||||||||||||
Other non-current liabilities | ||||||||||||||||||||
Cash provided by operating activities | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Payments for purchase of property and equipment and construction activities | ( | ( | ( | |||||||||||||||||
Payments for acquisitions, net of cash acquired | ( | ( | ( | |||||||||||||||||
Proceeds from sales of short-term investments and other non-current assets | ||||||||||||||||||||
Payment for investments in equity securities | ( | |||||||||||||||||||
Deposits and other | ( | |||||||||||||||||||
Cash used for investing activities | ( | ( | ( | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from short-term borrowings, net | ||||||||||||||||||||
Borrowings under credit facilities | ||||||||||||||||||||
Proceeds from issuance of senior notes, net | ||||||||||||||||||||
Proceeds from term loans | ||||||||||||||||||||
Proceeds from issuance of securities in securitization transaction | ||||||||||||||||||||
Repayments of notes payable, credit facilities, senior notes, secured debt, short-term borrowings, term loans and finance leases | ( | ( | ( | |||||||||||||||||
Contributions from noncontrolling interest holders | ||||||||||||||||||||
Distributions to noncontrolling interest holders | ( | ( | ( | |||||||||||||||||
Purchases of common stock | ( | |||||||||||||||||||
Proceeds from stock options and employee stock purchase plan | ||||||||||||||||||||
Distributions paid on common stock | ( | ( | ( | |||||||||||||||||
Proceeds from the issuance of common stock, net | ||||||||||||||||||||
Payment for early retirement of long-term obligations | ( | |||||||||||||||||||
Deferred financing costs and other financing activities | ( | ( | ( | |||||||||||||||||
Purchases of redeemable noncontrolling interests | ( | |||||||||||||||||||
Cash (used for) provided by financing activities | ( | ( | ||||||||||||||||||
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | ( | ( | ||||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | ( | ( | ||||||||||||||||||
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Balance as of January 1, | $ | $ | $ | ||||||||||||||
Current year increases | |||||||||||||||||
Write-offs, recoveries and other | ( | ( | ( | ||||||||||||||
Balance as of December 31, | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Foreign currency (gains) losses recorded in AOCL | $ | ( | $ | $ | |||||||||||||
Foreign currency losses (gains) recorded in Other expense | ( | ( | |||||||||||||||
Total foreign currency losses (gains) | $ | $ | ( | $ | ( |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash | |||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ |
Year Ended December 31, 2023 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | Total | |||||||||||||||||||||||||||||||||||||
Non-lease property revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Services revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total non-lease revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Property lease revenue | ||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | December 31, 2022 | |||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Prepaids and other current assets | ||||||||||||||
Notes receivable and other non-current assets | ||||||||||||||
Unearned revenue (1) | ||||||||||||||
Other non-current liabilities (1) |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Prepaid assets | $ | $ | |||||||||
Prepaid income tax | |||||||||||
Unbilled receivables | |||||||||||
Value added tax and other consumption tax receivables | |||||||||||
Other miscellaneous current assets (1) | |||||||||||
Prepaid and other current assets | $ | $ |
Estimated Useful Lives (years) (1) | As of | ||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Towers | Up to | $ | $ | ||||||||||||||
Equipment (2) | |||||||||||||||||
Buildings and improvements | Up to | ||||||||||||||||
Land and improvements (3) | Up to | ||||||||||||||||
Construction-in-progress | |||||||||||||||||
Total | |||||||||||||||||
Less accumulated depreciation | ( | ( | |||||||||||||||
Property and equipment, net | $ | $ |
As of December 31, | ||||||||||||||||||||
Finance leases: | Classification | 2023 | 2022 | |||||||||||||||||
Property and equipment | Towers | $ | $ | |||||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||||||||
Property and equipment, net | $ | $ | ||||||||||||||||||
Property and equipment | Buildings and improvements | $ | $ | |||||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||||||||
Property and equipment, net | $ | $ | ||||||||||||||||||
Property and equipment | Land | $ | $ | |||||||||||||||||
Accumulated depreciation | ( | |||||||||||||||||||
Property and equipment, net | $ | $ | ||||||||||||||||||
Property and equipment | Equipment | $ | $ | |||||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||||||||
Property and equipment, net (1) | $ | $ |
Fiscal Year | Amount (1) (2) | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total | $ |
As of | ||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
Operating leases: | ||||||||||||||
Right-of-use asset | $ | $ | ||||||||||||
Current portion of lease liability | $ | $ | ||||||||||||
Lease liability | ||||||||||||||
Total operating lease liability | $ | $ | ||||||||||||
Finance leases: | ||||||||||||||
Current portion of lease liability | $ | $ | ||||||||||||
Lease liability | ||||||||||||||
$ | $ |
As of | ||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
Operating leases: | ||||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average incremental borrowing rate | % | % | ||||||||||||
Finance leases: | ||||||||||||||
Weighted-average remaining lease term (years) | ||||||||||||||
Weighted-average incremental borrowing rate | % | % |
2023 | 2022 | 2021 | ||||||||||||||||||
Operating lease cost | $ | $ | $ | |||||||||||||||||
Variable lease costs not included in lease liability (1) |
2023 | 2022 | 2021 | ||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | $ | ( | ||||||||||||||
Operating cash flows from finance leases | $ | ( | $ | ( | $ | ( | ||||||||||||||
Financing cash flows from finance leases | $ | ( | $ | ( | $ | ( | ||||||||||||||
Non-cash items: | ||||||||||||||||||||
New operating leases (1) | $ | $ | $ | |||||||||||||||||
Operating lease modifications and reassessments | $ | $ | $ |
Fiscal Year | Operating Lease (1) | Finance Lease (1) | ||||||||||||
2024 | $ | $ | ||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
2027 | ||||||||||||||
2028 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | ||||||||||||||
Less amounts representing interest | ( | ( | ||||||||||||
Total lease liability | ||||||||||||||
Less current portion of lease liability | ||||||||||||||
Non-current lease liability | $ | $ |
Property | Services | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Adjustments (1) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other (2) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Other (3) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairments (4) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Effect of foreign currency translation | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Estimated Useful Lives (years) | Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||||||||||
Acquired network location intangibles (1) | Up to | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Acquired tenant-related intangibles | Up to | ( | ( | ||||||||||||||||||||||||||||||||||||||
Acquired licenses and other intangibles | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Fiscal Year | Amount | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 |
Year Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Acquisition, disposition and merger related expenses | $ | $ | $ | |||||||||||||||||
Integration costs | $ | $ | $ |
Other | ||||||||
Current assets | $ | |||||||
Property and equipment | ||||||||
Intangible assets (1): | ||||||||
Tenant-related intangible assets | ||||||||
Network location intangible assets | ||||||||
Other non-current assets | ||||||||
Current liabilities | ( | |||||||
Other non-current liabilities | ( | |||||||
Net assets acquired | ||||||||
Fair value of net assets acquired | ||||||||
Purchase price | $ |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Accrued construction costs | $ | $ | |||||||||
Accrued income tax payable | |||||||||||
Accrued pass-through costs | |||||||||||
Amounts payable for acquisitions | |||||||||||
Amounts payable to tenants | |||||||||||
Accrued property and real estate taxes | |||||||||||
Accrued rent | |||||||||||
Payroll and related withholdings | |||||||||||
Other accrued expenses | |||||||||||
Accrued expenses | $ | $ |
As of | |||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Contractual Interest Rate (1) | Maturity Date (1) | ||||||||||||||||||||
2021 Multicurrency Credit Facility (2) (3) | % | July 1, 2026 | |||||||||||||||||||||
2021 Term Loan (2) | % | January 31, 2027 | |||||||||||||||||||||
2021 Credit Facility (2) | % | July 1, 2028 | |||||||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan (2) (3) | % | May 28, 2024 | |||||||||||||||||||||
2021 USD Two Year Delayed Draw Term Loan (2) (4) | N/A | N/A | |||||||||||||||||||||
N/A | N/A | ||||||||||||||||||||||
N/A | N/A | ||||||||||||||||||||||
% | January 15, 2024 | ||||||||||||||||||||||
% | February 15, 2024 | ||||||||||||||||||||||
% | May 15, 2024 | ||||||||||||||||||||||
% | January 15, 2025 | ||||||||||||||||||||||
% | March 15, 2025 | ||||||||||||||||||||||
% | April 4, 2025 | ||||||||||||||||||||||
% | June 1, 2025 | ||||||||||||||||||||||
% | September 15, 2025 | ||||||||||||||||||||||
% | February 15, 2026 | ||||||||||||||||||||||
% | April 15, 2026 | ||||||||||||||||||||||
% | May 22, 2026 | ||||||||||||||||||||||
% | September 15, 2026 | ||||||||||||||||||||||
% | October 15, 2026 | ||||||||||||||||||||||
% | January 15, 2027 | ||||||||||||||||||||||
% | January 15, 2027 | ||||||||||||||||||||||
% | January 15, 2027 | ||||||||||||||||||||||
% | February 15, 2027 | ||||||||||||||||||||||
% | March 15, 2027 | ||||||||||||||||||||||
% | May 16, 2027 | ||||||||||||||||||||||
% | July 15, 2027 | ||||||||||||||||||||||
% | January 15, 2028 | ||||||||||||||||||||||
% | January 15, 2028 | ||||||||||||||||||||||
% | January 31, 2028 | ||||||||||||||||||||||
% | March 15, 2028 | ||||||||||||||||||||||
% | July 15, 2028 | ||||||||||||||||||||||
% | November 15, 2028 | ||||||||||||||||||||||
% | March 15, 2029 | ||||||||||||||||||||||
% | May 21, 2029 | ||||||||||||||||||||||
% | August 15, 2029 | ||||||||||||||||||||||
% | January 15, 2030 | ||||||||||||||||||||||
% | June 15, 2030 | ||||||||||||||||||||||
% | October 5, 2030 | ||||||||||||||||||||||
% | October 15, 2030 | ||||||||||||||||||||||
% | April 15, 2031 | ||||||||||||||||||||||
% | May 16, 2031 | ||||||||||||||||||||||
% | September 15, 2031 | ||||||||||||||||||||||
% | January 15, 2032 | ||||||||||||||||||||||
% | March 15, 2032 | ||||||||||||||||||||||
% | March 15, 2033 |
% | May 21, 2033 | ||||||||||||||||||||||
% | July 15, 2033 | ||||||||||||||||||||||
% | November 15, 2033 | ||||||||||||||||||||||
% | October 15, 2049 | ||||||||||||||||||||||
% | June 15, 2050 | ||||||||||||||||||||||
% | January 15, 2051 | ||||||||||||||||||||||
Total American Tower Corporation debt | |||||||||||||||||||||||
Series 2013-2A Securities (10) | N/A | N/A | |||||||||||||||||||||
Series 2018-1A Securities (11) | % | March 15, 2028 | |||||||||||||||||||||
Series 2023-1A Securities (12) | % | March 15, 2028 | |||||||||||||||||||||
Series 2015-2 Notes (13) | % | June 16, 2025 | |||||||||||||||||||||
Other subsidiary debt (14) | Various | Various | |||||||||||||||||||||
Total American Tower subsidiary debt | |||||||||||||||||||||||
Finance lease obligations | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Less current portion of long-term obligations | ( | ( | |||||||||||||||||||||
Long-term obligations | $ | $ |
Outstanding Principal Balance | Undrawn letters of credit | Maturity Date | Current margin over SOFR or EURIBOR (1) | Current commitment fee (2) | |||||||||||||||||||||||||
2021 Multicurrency Credit Facility | $ | $ | July 1, 2026 | (3) | % | % | |||||||||||||||||||||||
2021 Credit Facility | July 1, 2028 | (3) | % | % | |||||||||||||||||||||||||
2021 Term Loan | N/A | January 31, 2027 | % | N/A | |||||||||||||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan | N/A | May 28, 2024 | % | N/A | |||||||||||||||||||||||||
Adjustments to Principal Amount (1) | |||||||||||||||||||||||||||||||||||
Aggregate Principal Amount | 2023 | 2022 | Interest payments due (2) | Issue Date | Par Call Date (3) | ||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | November 20, 2020 | N/A | |||||||||||||||||||||||||||||||
February 15 and August 15 | August 19, 2013 | N/A | |||||||||||||||||||||||||||||||||
( | ( | May 15 and November 15 | March 15, 2019 | April 15, 2024 | |||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | June 13, 2019 | December 15, 2024 | |||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | January 10, 2020 | February 15, 2025 | |||||||||||||||||||||||||||||||
( | ( | April 4 | April 6, 2017 | January 4, 2025 | |||||||||||||||||||||||||||||||
( | ( | June 1 and December 1 | May 7, 2015 | March 1, 2025 | |||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | June 3, 2020 | August 15, 2025 | |||||||||||||||||||||||||||||||
( | ( | February 15 and August 15 | January 12, 2016 | November 15, 2025 | |||||||||||||||||||||||||||||||
( | ( | April 15 and October 15 | March 29, 2021 | March 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | May 22 | May 22, 2018 | February 22, 2026 | |||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | September 27, 2021 | August 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | April 15 and October 15 | May 13, 2016 | July 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | September 30, 2016 | October 15, 2026 |
( | ( | January 15 and July 15 | October 3, 2019 | November 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | January 15 | May 21, 2021 | November 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | February 15 | October 5, 2021 | December 15, 2026 | |||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | April 1, 2022 | February 15, 2027 | |||||||||||||||||||||||||||||||
( | May 16 | May 16, 2023 | March 16, 2027 | ||||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | June 30, 2017 | April 15, 2027 | |||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | December 8, 2017 | October 15, 2027 | |||||||||||||||||||||||||||||||
( | ( | January 15 | September 10, 2020 | October 15, 2027 | |||||||||||||||||||||||||||||||
( | ( | January 31 and July 31 | November 20, 2020 | November 30, 2027 | |||||||||||||||||||||||||||||||
( | March 15 and September 15 | March 3, 2023 | February 15, 2028 | ||||||||||||||||||||||||||||||||
( | January 15 and July 15 | May 25, 2023 | June 15, 2028 | ||||||||||||||||||||||||||||||||
( | May 15 and November 15 | September 15, 2023 | October 15, 2028 | ||||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | March 15, 2019 | December 15, 2028 | |||||||||||||||||||||||||||||||
( | ( | May 21 | May 21, 2021 | February 21, 2029 | |||||||||||||||||||||||||||||||
( | ( | February 15 and August 15 | June 13, 2019 | May 15, 2029 | |||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | January 10, 2020 | October 15, 2029 | |||||||||||||||||||||||||||||||
( | ( | June 15 and December 15 | June 3, 2020 | March 15, 2030 | |||||||||||||||||||||||||||||||
( | ( | October 5 | October 5, 2021 | July 5, 2030 | |||||||||||||||||||||||||||||||
( | ( | April 15 and October 15 | September 28, 2020 | July 15, 2030 | |||||||||||||||||||||||||||||||
( | ( | April 15 and October 15 | March 29, 2021 | January 15, 2031 | |||||||||||||||||||||||||||||||
( | May 16 | May 16, 2023 | February 16, 2031 | ||||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | September 27, 2021 | June 15, 2031 | |||||||||||||||||||||||||||||||
( | ( | January 15 | September 10, 2020 | October 15, 2031 | |||||||||||||||||||||||||||||||
( | ( | March 15 and September 15 | April 1, 2022 | December 15, 2031 | |||||||||||||||||||||||||||||||
( | March 15 and September 15 | March 3, 2023 | December 15, 2032 | ||||||||||||||||||||||||||||||||
( | ( | May 21 | May 21, 2021 | February 21, 2033 | |||||||||||||||||||||||||||||||
( | January 15 and July 15 | May 25, 2023 | April 15, 2033 | ||||||||||||||||||||||||||||||||
( | May 15 and November 15 | September 15, 2023 | August 15, 2033 | ||||||||||||||||||||||||||||||||
( | ( | April 15 and October 15 | October 3, 2019 | April 15, 2049 | |||||||||||||||||||||||||||||||
( | ( | June 15 and December 15 | June 3, 2020 | December 15, 2049 | |||||||||||||||||||||||||||||||
( | ( | January 15 and July 15 | November 20, 2020 | July 15, 2050 |
Amount Outstanding (INR) | Amount Outstanding (USD) | Interest Rate (Range) | Maturity Date (Range) | |||||||||||||||||||||||
Working capital facilities (1) | $ | February 4, 2024 - October 23, 2024 | ||||||||||||||||||||||||
Carrying Value (Denominated Currency) | Carrying Value (USD) | Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Nigeria Letters of Credit (1) | $ | $ | Various | Various | ||||||||||||||||||||||||||||||||||
India Term Loan (2) | $ | $ | % | February 16, 2024 | ||||||||||||||||||||||||||||||||||
Fiscal Year | Amount | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total cash obligations | ||||||||
Unamortized discounts, premiums and debt issuance costs, net | ( | |||||||
Balance as of December 31, 2023 | $ |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Unearned revenue | $ | $ | |||||||||
Other miscellaneous liabilities | |||||||||||
Other non-current liabilities | $ | $ |
2023 | 2022 | ||||||||||
Beginning balance as of January 1, | $ | $ | |||||||||
Additions | |||||||||||
Accretion expense | |||||||||||
Revisions in estimates (1) | ( | ( | |||||||||
Settlements | ( | ( | |||||||||
Balance as of December 31, | $ | $ |
Level 1 | Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Investments in equity securities (1) | $ | $ | $ | |||||||||||||||||||||||||||||
VIL OCDs | $ | |||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swap agreements | $ | |||||||||||||||||||||||||||||||
Fair value of debt related to interest rate swap agreements (2) | $ | ( |
Year Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Range | Weighted Average | Range | Weighted Average | ||||||||||||||||||||
Terminal growth rates on cash flows (1) | |||||||||||||||||||||||
Weighted average cost of capital (2) |
2023 | 2022 | |||||||||||||
Towers and related assets | ||||||||||||||
Acquired network location intangible assets | ||||||||||||||
Acquired tenant-related intangible assets | ||||||||||||||
2023 | |||||
Terminal growth rates on cash flows | |||||
Weighted average cost of capital |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | ( | $ | ( | $ | ( | |||||||||||
State | ( | ( | ( | ||||||||||||||
Foreign | ( | ( | ( | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | ( | ||||||||||||||||
State | ( | ||||||||||||||||
Foreign | |||||||||||||||||
Income tax provision | $ | ( | $ | ( | $ | ( |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Statutory tax rate | % | % | % | ||||||||||||||
Adjustment to reflect REIT status (1) | ( | ( | ( | ||||||||||||||
Foreign taxes | ( | ||||||||||||||||
Foreign withholding taxes | |||||||||||||||||
Uncertain tax positions | |||||||||||||||||
Changes in tax laws | ( | ||||||||||||||||
Changes in valuation allowance | ( | ( | ( | ||||||||||||||
Effective tax rate | % | % | % |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
United States | $ | $ | $ | ||||||||||||||
Foreign | ( | ||||||||||||||||
Total | $ | $ | $ |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Operating lease liability | $ | $ | |||||||||
Net operating loss carryforwards | |||||||||||
Accrued asset retirement obligations | |||||||||||
Stock-based compensation | |||||||||||
Unearned revenue | |||||||||||
Unrealized loss on foreign currency | |||||||||||
Other accruals and allowances | |||||||||||
Nondeductible interest | |||||||||||
Tax credits | |||||||||||
Capital loss carryforwards (1) | |||||||||||
Items not currently deductible and other | |||||||||||
Liabilities: | |||||||||||
Depreciation and amortization | ( | ( | |||||||||
Right-of-use asset | ( | ( | |||||||||
Deferred rent | ( | ( | |||||||||
Other | ( | ( | |||||||||
Subtotal | ( | ( | |||||||||
Valuation allowance | ( | ( | |||||||||
Net deferred tax liabilities | $ | ( | $ | ( |
2023 | 2022 | 2021 | ||||||||||||||||||
Balance as of January 1, | $ | $ | $ | |||||||||||||||||
Additions (1) | ||||||||||||||||||||
Usage, expiration and reversals | ( | ( | ( | |||||||||||||||||
Foreign currency translation | ( | ( | ( | |||||||||||||||||
Balance as of December 31, | $ | $ | $ |
Years ended December 31, | Federal | State | Foreign | ||||||||||||||
2024 to 2028 | $ | $ | $ | ||||||||||||||
2029 to 2033 | |||||||||||||||||
2034 to 2038 | |||||||||||||||||
2039 to 2043 | |||||||||||||||||
Indefinite carryforward | |||||||||||||||||
Total | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Balance at January 1 | $ | $ | $ | ||||||||||||||
Additions based on tax positions related to the current year | |||||||||||||||||
Additions and reductions for tax positions of prior years (1) | ( | ||||||||||||||||
Foreign currency | ( | ( | |||||||||||||||
Reduction as a result of the lapse of statute of limitations | ( | ( | ( | ||||||||||||||
Reduction as a result of effective settlements | ( | ( | ( | ||||||||||||||
Balance at December 31 | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Stock-based compensation expense (1) | $ | $ | $ |
Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding as of January 1, 2023 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ||||||||||||||||||||||||||
Expired | ||||||||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | $ | ||||||||||||||||||||||||
Exercisable as of December 31, 2023 | $ | $ | ||||||||||||||||||||||||
Vested as of December 31, 2023 | $ | $ |
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||
Range of Exercise Price Per Share | Outstanding Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Life (Years) | Options Exercisable | Weighted Average Exercise Price Per Share | |||||||||||||||||||||||||||
$ | $ | $ | ||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||
$ | $ | $ |
RSUs | Weighted Average Grant Date Fair Value | PSUs | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding as of January 1, 2023 (1) | $ | $ | |||||||||||||||||||||
Granted (2) | |||||||||||||||||||||||
Vested and Released (3) | ( | ( | |||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | $ | |||||||||||||||||||||
Expected to vest as of December 31, 2023 | $ | $ | |||||||||||||||||||||
Vested and deferred as of December 31, 2023 (4) | $ | $ |
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Distribution per share | Aggregate Payment Amount | Distribution per share | Aggregate Payment Amount | Distribution per share | Aggregate Payment Amount | |||||||||||||||||||||||||||||||||
Common Stock | $ | $ | $ | $ | $ | $ |
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | |||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Ordinary dividend | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Capital gains distribution | ||||||||||||||||||||||||||||||||||||||
Total | $ | (1) | % | $ | (2) | % | $ | (3) | % |
Year Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Balance as of January 1, | $ | $ | ||||||||||||
Stonepeak Transaction (1) | ||||||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ||||||||||||
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax | ( | |||||||||||||
Contributions from noncontrolling interest holders | ||||||||||||||
Distributions to noncontrolling interest holders (2) | ( | ( | ||||||||||||
Balance as of December 31, | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Impairment charges (1) | $ | $ | $ | ||||||||||||||
Net losses on sales or disposals of assets (2) | |||||||||||||||||
Other operating expenses (3) | |||||||||||||||||
Total Other operating expenses | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Tower and network location intangible assets (1) | $ | $ | $ | ||||||||||||||
Tenant relationships (2) | |||||||||||||||||
Other (3) | |||||||||||||||||
Total impairment charges included in Other operating expense | $ | $ | $ | ||||||||||||||
Goodwill impairment (4) | $ | $ | $ | ||||||||||||||
Total impairment charges | $ | $ | $ | ||||||||||||||
2023 | |||||
U.S. & Canada property | $ | ||||
Africa property | |||||
Europe property | |||||
Latin America property | |||||
Services | |||||
Other (1) | |||||
Total severance and related costs | $ |
2023 | |||||
Beginning balance as of January 1, | $ | ||||
Additions | |||||
Payments | ( | ||||
Balance as of December 31, | $ |
2023 | 2022 | 2021 | |||||||||||||||
Net income attributable to American Tower Corporation common stockholders | $ | $ | $ | ||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||
Dilutive securities | |||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||
Basic net income attributable to American Tower Corporation common stockholders per common share | $ | $ | $ | ||||||||||||||
Diluted net income attributable to American Tower Corporation common stockholders per common share | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Restricted stock awards | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash paid for interest | $ | $ | $ | ||||||||||||||
Cash paid for income taxes (net of refunds of $ | |||||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities | ( | ||||||||||||||||
Purchases of property and equipment under finance leases, perpetual easements and capital leases | |||||||||||||||||
Fair value of debt assumed through acquisitions (1) | |||||||||||||||||
Settlement of third-party debt | ( | ( | |||||||||||||||
Replacement awards (2) |
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general, administrative and development expense (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general, administrative and development expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures (3) (4) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2022 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general, administrative and development expense (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general, administrative and development expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures (3) (4) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Property | Total Property | Services | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | U.S. & Canada | Asia-Pacific | Africa | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment gross margin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment selling, general, administrative and development expense (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment operating profit | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other selling, general, administrative and development expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures (3) (4) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
2023 | 2022 | ||||||||||
Total Assets (1): | |||||||||||
U.S. & Canada property | $ | $ | |||||||||
Asia-Pacific property | |||||||||||
Africa property | |||||||||||
Europe property | |||||||||||
Latin America property | |||||||||||
Data Centers | |||||||||||
Services | |||||||||||
Other (2) | |||||||||||
Total assets | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Operating Revenues: | |||||||||||||||||
U.S. & Canada: | |||||||||||||||||
Canada (1) | $ | $ | $ | ||||||||||||||
United States (2) | |||||||||||||||||
Asia-Pacific (1): | |||||||||||||||||
Australia | |||||||||||||||||
Bangladesh | |||||||||||||||||
India | |||||||||||||||||
New Zealand | |||||||||||||||||
Philippines | |||||||||||||||||
Africa (1): | |||||||||||||||||
Burkina Faso | |||||||||||||||||
Ghana | |||||||||||||||||
Kenya | |||||||||||||||||
Niger | |||||||||||||||||
Nigeria | |||||||||||||||||
South Africa | |||||||||||||||||
Uganda | |||||||||||||||||
Europe (1): | |||||||||||||||||
France | |||||||||||||||||
Germany | |||||||||||||||||
Poland (3) | |||||||||||||||||
Spain | |||||||||||||||||
Latin America (1): | |||||||||||||||||
Argentina | |||||||||||||||||
Brazil | |||||||||||||||||
Chile | |||||||||||||||||
Colombia | |||||||||||||||||
Costa Rica | |||||||||||||||||
Mexico | |||||||||||||||||
Paraguay | |||||||||||||||||
Peru | |||||||||||||||||
Total operating revenues | $ | $ | $ |
2023 | 2022 | ||||||||||
Long-Lived Assets (1): | |||||||||||
U.S. & Canada: | |||||||||||
Canada (2) | $ | $ | |||||||||
United States (3) | |||||||||||
Asia-Pacific (2): | |||||||||||
Australia | |||||||||||
Bangladesh | |||||||||||
India | |||||||||||
New Zealand | |||||||||||
Philippines | |||||||||||
Africa (2): | |||||||||||
Burkina Faso | |||||||||||
Ghana | |||||||||||
Kenya | |||||||||||
Niger | |||||||||||
Nigeria | |||||||||||
South Africa | |||||||||||
Uganda | |||||||||||
Europe (2): | |||||||||||
France | |||||||||||
Germany | |||||||||||
Poland | |||||||||||
Spain | |||||||||||
Latin America (2): | |||||||||||
Argentina | |||||||||||
Brazil | |||||||||||
Chile | |||||||||||
Colombia | |||||||||||
Costa Rica | |||||||||||
Mexico | |||||||||||
Paraguay | |||||||||||
Peru | |||||||||||
Total long-lived assets | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
T-Mobile | % | % | % | ||||||||||||||
AT&T | % | % | % | ||||||||||||||
Verizon Wireless | % | % | % |
Description | Encumbrances | Initial cost to company | Cost capitalized subsequent to acquisition | Gross amount carried at close of current period | Accumulated depreciation at close of current period | Date of construction | Date acquired | Life on which depreciation in latest income statements is computed | |||||||||||||||||||||||||||||||||||||||||||||
Sites (1) | $ | (2) | (3) | (3) | $ | (5) | $ | ( | Various | Various | Up to | ||||||||||||||||||||||||||||||||||||||||||
Data Centers | (4) | (4) | (5) | ( | Various | Various | Up to |
2023 | 2022 | 2021 | |||||||||||||||
Gross amount at beginning | $ | $ | $ | ||||||||||||||
Additions during period: | |||||||||||||||||
Acquisitions (1) | |||||||||||||||||
Discretionary capital projects (2) | |||||||||||||||||
Discretionary ground lease purchases (3) | |||||||||||||||||
Redevelopment capital expenditures (4) | |||||||||||||||||
Capital improvements (5) | |||||||||||||||||
Start-up capital expenditures (6) | |||||||||||||||||
Other (7) | ( | ||||||||||||||||
Total additions | |||||||||||||||||
Deductions during period: | |||||||||||||||||
Cost of real estate sold or disposed | ( | ( | ( | ||||||||||||||
Other (8) | ( | ( | ( | ||||||||||||||
Total deductions: | ( | ( | ( | ||||||||||||||
Balance at end | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
Gross amount of accumulated depreciation at beginning | $ | ( | $ | ( | $ | ( | |||||||||||
Additions during period: | |||||||||||||||||
Depreciation | ( | ( | ( | ||||||||||||||
Other | |||||||||||||||||
Total additions | ( | ( | ( | ||||||||||||||
Deductions during period: | |||||||||||||||||
Amount of accumulated depreciation for assets sold or disposed | |||||||||||||||||
Other (8) | |||||||||||||||||
Total deductions | |||||||||||||||||
Balance at end | $ | ( | $ | ( | $ | ( |
• | refuse to permit the transfer of shares of our common stock and/or preferred stock to such person; |
• | to the fullest extent permitted by law, suspend those rights of stock ownership the exercise of which may cause the FCC Regulatory Limitation; |
• | require the conversion of any or all shares of our preferred stock held by such person into a number of shares of our common stock of equivalent value; |
• | redeem the shares of our common stock and/or our preferred stock held by such person pursuant to the procedures set forth below; and/or |
• | exercise any and all appropriate remedies, at law or in equity, in any court of competent jurisdiction, against any such person, with a view toward obtaining the information or preventing or curing any situation that may cause a FCC Regulatory Limitation. |
• | the redemption price of any redeemed shares of our common stock or preferred stock shall be the fair market value (as defined in our Certificate of Incorporation) of those shares; |
• | the redemption price may be paid in cash or any other of our debt or equity securities or any combination thereof; |
• | the board of directors in its sole discretion may decide to only redeem some (and not all) of such person’s shares, which may include the selection of the most recently purchased or acquired shares, selection by lot or selection by such other manner as the board of directors may determine; |
• | we must provide at least 15 days’ prior written notice of the date on which we plan to effect the redemption (unless waived by such person); provided, that the redemption date may be the date on which written notice is given to such person if the cash (or any other of our debt or equity securities) necessary to effect the redemption has been deposited in trust for the benefit of such person and is subject to immediate withdrawal by such person upon surrender of the stock certificates for the redeemed shares; |
• | from and after the date of the redemption, any and all rights relating to the redeemed shares shall cease and terminate and such person shall only possess the right to obtain cash (or such other of our debt or equity securities) payable upon the redemption; and |
• | such other terms and conditions as the board of directors may determine. |
• | any person from transferring shares of our stock if the transfer would result in our aggregate outstanding stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); and |
• | any person from beneficially or constructively owning shares of our stock if that ownership would result in our failing to qualify as a REIT. |
• | to rescind as void any vote cast by a purported transferee prior to our discovery that the shares have been transferred to the trust; and |
• | to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary of the trust. |
(1) | 100% of the principal amount of the 1.375% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 1.375% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.375% Notes, plus 25 basis points; |
(1) | 100% of the principal amount of the 1.950% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 1.950% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.950% Notes, plus 25 basis points; |
(1) | 100% of the principal amount of the 0.450% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 0.450% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 0.450% Notes, plus 15 basis points; |
(1) | 100% of the principal amount of the 0.400% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 0.400% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 0.400% Notes, plus 20 basis points; |
(1) | 100% of the principal amount of the 0.500% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 0.500% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 0.500% Notes, plus 20 basis points; |
(1) | 100% of the principal amount of the 0.875% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 0.875% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 0.875% Notes, plus 20 basis points; |
(1) | 100% of the principal amount of the 0.950% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 0.950% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 0.950% Notes, plus 25 basis points; |
(1) | 100% of the principal amount of the 1.000% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 1.000% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.000% Notes, plus 25 basis points; |
(1) | 100% of the principal amount of the 1.250% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 1.250% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.250% Notes, plus 25 basis points; |
(1) | 100% of the principal amount of the 4.125% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 4.125% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 4.125% Notes, plus 30 basis points; |
(1) | 100% of the principal amount of the 4.625% Notes to be redeemed then outstanding; and |
(2) | as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 4.625% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 4.625% Notes, plus 40 basis points; |
(1) | if the notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the notes are listed; or |
(2) | if the notes are not so listed, on a pro rata basis (subject to the procedures of Clearstream and Euroclear or, to the extent a pro rata basis is not permitted, by lot or in such other manner as the trustee shall deem to be fair and appropriate. |
• | either we are the resulting, surviving or transferee corporation, or our successor is a corporation organized under the laws of the United States, any state or the District of Columbia and expressly assumes by supplemental indenture all of our obligations under the indenture and all the debt securities; and |
• | immediately after giving effect to the transaction, no default or event of default has occurred and is continuing. |
• | failure by us to pay interest, if any, on the debt securities of that series for 30 days after the date payment is due and payable; |
• | failure by us to pay principal of or premium, if any, on the debt securities of that series when due, at maturity, upon any redemption, by declaration or otherwise; |
• | failure by us to comply with other covenants in the indenture or the debt securities of that series for 90 days after notice that compliance was required; and |
• | certain events of bankruptcy or insolvency of us (and in the case of the 2013 Base Indenture, certain events of bankruptcy or insolvency of us or any of our significant subsidiaries). |
• | the holder has previously given to the trustee written notice of an event of default and the continuance of that event of default; |
• | the holder or holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have requested that the trustee pursue the remedy; |
• | such holder or holders have offered to the trustee security or indemnity reasonably satisfactory to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request; |
• | the trustee has not instituted the action within 60 days of the receipt of such notice, request and offer of indemnity; and |
• | the trustee has not received inconsistent direction by the holders of a majority in principal amount of the outstanding debt securities of that series. |
• | secure the debt securities of any series; |
• | evidence the assumption by a successor corporation of our obligations under the indenture and the debt securities of any series in the case of a merger, amalgamation, consolidation or sale of all or substantially all of our assets; |
• | add covenant(s) or events of default(s) for the protection of the holders of all or any series of debt securities; |
• | cure any ambiguity or correct any defect or inconsistency in the indenture or make any other provisions as we may deem necessary or desirable; provided, however, that no such provisions will materially adversely affect the interests of the holders of any debt securities; |
• | evidence and provide for the acceptance of appointment by a successor trustee in accordance with the indenture; |
• | provide for uncertificated debt securities in addition to, or in place of, certificated debt securities of any series in a manner that does not materially and adversely affect any holders of the debt securities of that series; |
• | conform the text of the indenture or the debt securities of any series to any provision of the “Description of Debt Securities” in the prospectus or “Description of Securities” in the prospectus supplement for that series to the extent that the provision in that description was intended to be a verbatim recitation of a provision of the indenture or the debt securities of that series; |
• | provide for the issuance of additional debt securities of any series in accordance with the limitations set forth in the indenture as of the date of the indenture; |
• | make any change that would provide any additional rights or benefits to the holders of all or any series of debt securities or that does not adversely affect the legal rights under the indenture of any such holder or any holder of a beneficial interest in the debt securities of that series; |
• | comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act; |
• | establish the form or terms of debt securities of any series as permitted by the indenture; |
• | secure our obligations in respect of the debt securities of any series; |
• | in the case of convertible or exchangeable debt securities of any series, subject to the provisions of the supplemental indenture for that series, to provide for conversion rights, exchange rights and/or repurchase rights of holders of that series in connection with any reclassification or change of our common stock or in the event of any amalgamation, consolidation, merger or sale of all or substantially all of the assets of us or our subsidiaries substantially as an entirety occurs; |
• | in the case of convertible or exchangeable debt securities of any series, to reduce the conversion price or exchange price applicable to that series; |
• | in the case of convertible or exchangeable debt securities of any series, to increase the conversion rate or exchange ratio in the manner described in the supplemental indenture for that series, provided that the increase will not adversely affect the interests of the holders of that series in any material respect; or |
• | any other action to amend or supplement the indenture or the debt securities of any series as described in the prospectus supplement with respect to that series of debt securities. |
• | change the final maturity of any debt security; |
• | reduce the aggregate principal amount on any debt security; |
• | reduce the rate or amend or modify the calculation, or time of payment, of interest, including defaulted interest on any debt security; |
• | reduce or alter the method of computation of any amount payable on any debt security upon redemption, prepayment or purchase of any debt security or otherwise alter or waive any of the provisions with respect to the redemption of any debt security, or waive a redemption payment with respect to any debt security; |
• | change the currency in which the principal of, or interest or premium, if any, on any debt security is payable; |
• | impair the right to institute suit for the enforcement of any payment on any debt security when due, or otherwise make any change in the provisions of the indenture relating to waivers of past defaults or the rights of holders of any debt security to receive payments of principal of, or premium, if any, or interest on any debt security; |
• | modify the provisions of the indenture with respect to modification and waiver (including waiver of certain covenants, waiver of a default or event of default in respect of debt securities of any series), except to increase the percentage required for modification or waiver or to provide for the consent of each affected holder; |
• | reduce the percentage of principal amount of outstanding debt securities of any series whose holders must consent to an amendment, supplement or waiver of the indenture or the debt securities of that series; |
• | change the ranking provisions of the Subordinated Indenture in a manner adverse to the holders of debt securities issued thereunder in any material respect; |
• | impair the rights of holders of debt securities of any series that are exchangeable or convertible to receive payment or delivery of any consideration due upon the conversion or exchange of the debt securities of that series; or |
• | any other action to modify or amend the indenture or the debt securities of any series as may be described in the prospectus supplement with respect to that series of debt securities as requiring the consent of each holder affected thereby. |
• | either (a) all debt securities of that series previously authenticated under the indenture have been delivered to the trustee for cancellation or (b) all debt securities of that series not yet delivered to the trustee for cancellation (i) have become due and payable by reason of the mailing of a notice of redemption or otherwise or (ii) will become due and payable within one year, and we have irrevocably deposited or caused to be deposited with the trustee as trust funds in trust solely for the benefit of the holders an amount sufficient to pay and discharge the entire indebtedness on debt securities of that series; |
• | no default or event of default with respect to debt securities of that series has occurred or is continuing on the date of the deposit or will occur as a result of the deposit and the deposit will not result in a breach or violation of any other instrument to which we are bound; |
• | we have paid or caused to be paid all other sums payable by us under the indenture and any applicable supplemental indenture with respect to the debt securities of that series; |
• | we have delivered irrevocable instructions to the trustee to apply the deposited funds toward the payment of securities of that series at the stated maturity date or the redemption date, as applicable; and |
• | we have delivered to the trustee an officers’ certificate and an opinion of counsel stating that all conditions precedent relating to the satisfaction and discharge of the indenture as to that series have been satisfied. |
American Tower Corporation Notice of Grant of Restricted Stock Units and RSU Agreement (U.S. Employee / Time) | American Tower Corporation ID: 65-0723837 116 Huntington Ave Boston, MA 02116 | ||||
Administrator 116 Huntington Avenue 11th Floor Boston MA United States 02116 | Participant Name: RSU Number: Plan: ID: |
Date of Grant: | , 20____ | ||||||||||
Number of Shares: |
on or after _________, 20__, as to _________ shares, | ||
on or after _________, 20__ , as to _________ additional shares, and | ||
on or after _________, 20__ , as to _________ additional shares. |
American Tower Corporation | Date |
Participant | Date |
American Tower Corporation Notice of Grant of Restricted Stock Units and RSU Agreement (Non-U.S. Employee / Time) | American Tower Corporation ID: 65-0723837 116 Huntington Ave Boston, MA 02116 | ||||
Administrator 116 Huntington Avenue 11th Floor Boston MA United States 02116 | Participant Name: RSU Number: Plan: ID: |
Date of Grant: | , 20____ | ||||||||||
Number of Shares: |
on or after _________, 20__, as to _________ shares, | ||
on or after _________, 20__ , as to _________ additional shares, and | ||
on or after _________, 20__ , as to _________ additional shares. |
American Tower Corporation | Date |
Participant | Date |
Exhibit 10.28
AMERICAN TOWER CORPORATION
SEVERANCE PLAN
First Effective as of March 2, 2009
As Amended and Restated January 1, 2024
ARTICLE 1
PURPOSE
1.1. Plan Overview: American Tower Corporation (the Company) first adopted this American Tower Corporation Severance Plan (the Severance Plan or the Plan) effective as of March 2, 2009 (the Original Effective Date) as part of the American Tower Corporation Benefits Plan (the Benefits Plan). The Plan was amended and restated as of January 1, 2024 (the A&R Effective Date). The Severance Plan is a Contract under the Benefits Plan. This document describes the features of the Benefits Plan that are unique to the Severance Plan. Other features of the Severance Plan are located in the Severance Program documents and rules governing the Benefits Plan. Except as explicitly set fourth herein, Plan benefits relating to Qualifying Terminations occurring prior to the A&R Effective Date shall be governed solely by the terms of the Plan as of the date of such Qualifying Termination,
1.2. Purpose: The Severance Plan provides transition assistance in the form of severance benefits for Eligible Employees in the event of a Qualifying Termination.
1.3. Effect of Prior Severance Pay Programs, Plans or Arrangements: The Plan supersedes and replaces any prior severance pay programs, plans and arrangements (whether written or oral) for any Participant other than an individual agreement with an Employer that is still in effect and provides for severance benefits that are different from those provided hereunder.
ARTICLE 2
DEFINITIONS
Whenever used in this Plan, the following words and phrases have the meanings set forth below unless the context plainly requires a different meaning, and when the defined meaning is intended, the term is capitalized. Capitalized terms not defined below have the meanings set forth in the Benefits Plan.
2.1. A&R Effective Date: has the meaning set forth in Section 1.1.
2.2. Acquirer(s): the person(s) or entity(ies) that acquire(s) the stock or assets of the Company in a Change of Control and includes persons or entities (a) that directly or indirectly
control such person(s) or entity(ies) and (b) that are controlled by or are under direct or indirect common control with such person(s) or entity(ies).
2.3. Base Earnings: a Participants weekly rate of pay as of the date of the Qualifying Termination, exclusive of overtime, bonuses, commissions or other forms of premium, equity and/or incentive pay; provided that, if specifically provided for in the Severance Program applicable to the Participant, Base Earnings shall also include, for a Participant who is a sales manager or account manager and who participates in an Employer plan or arrangement that provides for quota-based commissions, the weekly amount that would be payable to such Participant with respect to his or her annualized Commission Target related thereto, calculated as if such Commission Target was paid on a weekly basis.
2.4. Benefits Plan: has the meaning set forth in Section 1.1.
2.5. Cause: (a) gross negligence or material willful misconduct in the performance of a Participants duties and responsibilities; (b) insubordination; (c) conviction of a crime involving moral turpitude or imprisonment for any crime; (d) material violation of any agreement with an Employer to which the Participant is a party; or (e) any act or omission by the Participant resulting or intended to result in personal gain at an Employers expense or harm to an Employer, its interests or its reputation.
2.6. Change of Control: a transaction designated by the Board prior to the Closing Date as a Change of Control for purposes of this Severance Plan, such as a sale of stock, a merger or other reorganization, or a sale of all or substantially all of the assets of the Company, that has the result that the majority ownership of the Company or its assets is thereafter held by persons not shareholders of the Company immediately prior to such transaction.
2.7. Closing Date: the date on which the Change of Control occurs.
2.8. COBRA Coverage: group health continuation coverage required under the Consolidated Omnibus Budget Reconciliation Act of 1985, provided the relevant Participant or beneficiary qualifies for, timely elects and enrolls, and remains eligible for, such coverage in accordance with applicable law and plan documents.
2.9. Commission Target: for a Participant who is a sales manager or account manager under an Employer plan or arrangement that provides for quota-based commissions, the amount of commission that would have been paid to such Participant had the Participant not experienced a Qualifying Termination prior to the payment thereof, assuming 100% achievement of applicable targets or quotas by the Participant under such plan or arrangement.
2.10. Company: has the meaning set forth in Section 1.1.
2.11. Confidentiality and Restrictive Covenants Agreement: an agreement, in a form satisfactory to the Company, that restricts the Participant from using confidential information of the Company and any affiliate, from competing with the Company or any affiliate, from soliciting any employees of the Company or any affiliate, and from disparaging the Company or any affiliate.
2.12. Employer: the Company and any affiliate that is designated by the Company as a participating company. As of the A&R Effective Date, the following affiliates are participating companies: American Towers, Inc., ATC Tower Services, Inc. and CoreSite, LLC.
2.13. Eligible Employee: an individual who is treated by an Employer, for payroll purposes, as an employee working in the United States (or designated as an expatriate employee by the Administrator); provided, however, that the term shall not include: (a) temporary or irregular employees or contractors; (b) independent contractors; (c) leased employees within the meaning of Section 414(n) of the Code; (d) except to the extent specifically bargained for, members of a collective bargaining unit; and (e) employees of any foreign affiliates (other than individuals designated as expatriate employees by the Administrator); and provided, further, that any individual shall remain ineligible to participate in the Plan, notwithstanding any re-characterization of the individual as an employee for any federal, state or local law purpose.
An employee who is not regularly scheduled to work at least 20 hours per week shall not be treated as an Eligible Employee for purposes of this Plan.
2.14. Good Reason: without the written consent of an applicable Participant, (i) a material diminution of an applicable Participants annual Base Earnings; (ii) a material diminution of an applicable Participants authority, duties or responsibilities; or (iii) a relocation of an applicable Participants Worksite of more than 50 miles from his or her existing Worksite; provided, that the Participant has provided Employer written notice of the existence of the condition(s) within 60 days of its initial existence, the Employer has failed to remedy the condition(s) after 30 days of receiving such notice from the Participant and the Participant has actually terminated employment within 30 days following the lapse of the cure period without cure.
2.15. Original Effective Date: has the meaning set forth in Section 1.1.
2.16. Participant: every Eligible Employee other than an employee who, at the time of the Qualifying Termination, is subject to an individual agreement with an Employer that is still in effect and provides for severance benefits that are different from those provided hereunder.
2.17. Performance Reasons: a material violation by a Participant of an applicable Employer policy or procedure or the performance by a Participant of his or her job or position in a manner deemed by an Employer to be unsatisfactory.
2.18. Plan; Severance Plan: this American Tower Corporation Severance Plan, as set forth herein, together with all documents incorporated by reference, including without limitation, the Severance Program documents set forth on Exhibit A hereto and all supplements and amendments hereto or to such incorporated documents that may be in effect.
2.19. Pro-Rated Bonus Payment: the portion of Severance Benefits that are payable based on a pro rata share of a cash bonus and/or commission payment that would have been made to a Participant under an Employer bonus or commission plan or arrangement (but with no double counting of any bonus or commission arrangement in the calculation of the Severance Benefits hereunder) had the Participant not experienced a Qualifying Termination; but in the
case of an annual bonus plan such pro ration shall not be made with respect to the year following the year of termination, even if the Severance Period extends into such subsequent year or extends beyond 12 months. The amount paid will be pro-rated based on the number of days of service in the relevant period completed as of the date of the Qualifying Termination to the total number of days of service in the relevant bonus or commission period and shall be determined assuming all goals and objectives for such bonus or commission plan or arrangement had been 100% achieved.
2.20. Qualifying Termination: the termination of a Participants employment by an Employer solely as a result of the Employers elimination of his or her job or position or for one or more reasons that do not constitute Cause or Performance Reasons; provided that, if specifically provided for in the Severance Program applicable to the Participant, a Qualifying Termination shall also include the termination of such Participants employment by the Participant for Good Reason. Termination of a Participants employment for any other reason, including, by way of illustration and not limitation, (i) a voluntary termination by the Participant on any basis (other than for Good Reason, if applicable), (ii) the termination by an Employer of a Participant for Cause, or (iii) the termination by an Employer of a Participant for Performance Reasons, shall not, in any event, constitute a Qualifying Termination.
2.21. Reporting Person: has the meaning set forth in the American Tower Corporation 2007 Equity Incentive Plan.
2.22. Senior Executive: any Reporting Person or Participant eligible under the Severance ProgramExecutive Vice Presidents and Chief Executive Officer,
2.23. Separation and Release Agreement: an agreement and general release, in a form and with content satisfactory to the Company, that, among other things, releases and forever discharges the Company and its affiliates, officers, employees, and directors from all claims and damages that the Participant may have in connection with or arising out of his or her employment or the termination of employment with the Company or any affiliate.
2.24. Severance Benefits: the benefits provided hereunder, as determined pursuant to Article 3.
2.25. Severance Pay: the portion of Severance Benefits that are payable based on a Participants Base Earnings.
2.26. Severance Period: the period equal to the total number of weeks of Base Earnings to be paid as Severance Pay hereunder.
2.27. Severance Programs: the programs listed on Exhibit A, as amended and in effect from time to time, that provide the specific benefit entitlement available under this Plan to a Participant based on his or her job category at the time of the Qualifying Termination. The terms of each such Severance Program shall be incorporated herein and made a part hereof. No Participant shall be entitled to Severance Benefits under more than one Severance Program and the Administrator shall have sole discretion to determine which Severance Program shall apply to a Participant.
2.28. Worksite: the principal office or base of operations designated by the Employer with respect to a position, job or work assignment, provided that unless a Participant has previously received a written determination from the Employer that they are considered to be permanently and fully remote, remote work locations shall be disregarded for purposes of determining a Participants principal office or base of operations. For the avoidance of doubt, a Participants residence is not the designated Worksite for a participant with a hybrid office or hybrid home status.
2.29. Year of Service: each 12-month period of continuous service as an employee, commencing on a Participants most recent date of hire with an Employer, provided that if such employee has prior service with an Employer and has a rehire date after December 31, 2022, the employee shall receive a Year of Service for each full 12-month period of continuous service as with such Employer. For the avoidance of doubt, the ATC Service Date shall be used when determining the Years of Service for any Participant rehired.
ARTICLE 3
BENEFITS
3.1. Eligibility for Severance Benefits: A Participant shall become entitled to Severance Benefits under this Plan in the event he or she experiences a Qualifying Termination, subject to the following:
(a) For purposes of this Plan and all Severance Programs hereunder, the determination of whether a Participant has experienced a Qualifying Termination, including, by way of illustration and not limitation, whether a termination is for (i) Cause, (ii) Performance Reasons or (iii) Good Reason, will be made by the Administrator, in its sole and absolute discretion, and such determination will be conclusive and binding on the Participant.
(b) A Participant shall not be eligible for Severance Benefits hereunder unless the Participant shall have experienced a Qualifying Termination.
(c) No amount will be payable hereunder if the Participant dies prior to a proposed date of a Qualifying Termination.
(d) A Participant shall not be eligible for Severance Benefits hereunder if the Participant is terminated by an Employer for Cause or for Performance Reasons or if the Participant terminates employment (unless the Participant resigns for Good Reason and the Severance Program applicable to the Participant permits Severance Benefits under such circumstances).
(e) A Participant shall not be eligible for Severance Benefits hereunder if the Participant has been offered other employment by an Employer or by a successor entity (as hereinafter defined) in the same or a similar position as Participants position and that is at the same location or within 50 miles of such Participants Worksite, as of the date he or she was notified of his or her proposed Qualifying Termination. Further, if the Participant secures another position with either the Employer or a successor entity (as hereinafter defined) prior to the payment of Severance Benefits relating to what otherwise
would constitute a Qualifying Termination with respect to a prior position, such unpaid Severance Benefits shall be forfeited. For this purpose, a successor entity to an Employer shall mean a corporation or organization resulting from (i) the merger, consolidation or share exchange involving the Employer in which the Employer is not the surviving corporation or (ii) any corporation or organization succeeding to or acquiring substantially all of the assets and business of the Employer.
(f) A Participant must satisfy each of the following conditions to receive Severance Benefits hereunder:
(i) The Participant must not be on a leave of absence (other a leave of absence protected by law, such as military or family medical leave) or otherwise absent from work and not regularly performing services for the Company and its affiliates as of the date of the Qualifying Termination; and
(ii) The Participant must sign a Separation and Release Agreement and not revoke same within the period specified therein (such period starting on the date of Qualifying Termination and ending on the date the revocation period lapses, the Release Consideration Period), and if provided for under the applicable Severance Program, a Confidentiality and Restrictive Covenants Agreement and any other agreement(s), in each case, in a form and with content satisfactory to the Company.
3.2. Severance Benefits: A Participants Severance Benefits, including Severance Pay and Pro-Rated Bonus Payment, will be the amount determined under the applicable Severance Program for the Participants position in effect as of the date of the Qualifying Termination, plus:
(a) COBRA Coverage. Except with regard to a Senior Executive, COBRA Coverage with the full premium cost and administrative fee, if applicable, borne by the Employer until the later of:
(i) Six months after the Qualifying Termination, and
(ii) The last day of the month in which the Severance Period ends.
(b) Outplacement Services. Outplacement services through a provider selected by the Company for the period time set forth under the applicable Severance Program for the Participants position in effect as of the date of the Qualifying Termination.
(c) RSU Vesting. All outstanding restricted stock units (RSUs) then held by the Covered Employee, other than a Senior Executive, shall be accelerated so that they vest in full and settle within 60 days following the Qualifying Termination.
3.3. Time and Manner of Payment: Payments hereunder will be made as follows:
(a) The Employer shall make payments of Severance Pay and any Pro-Rated Bonus Payment in a lump sum on the first scheduled payroll date following the end of the Release Consideration Period; provided, however, that to the extent any such Release
Consideration Period could span two separate calendar years, payment shall be made on the first scheduled payroll date following the last day of the Release Consideration Period (even if a release is actually signed and become irrevocable in the earlier calendar year). Notwithstanding the foregoing, if the Participant is a specified employee, as defined in Section 409A, Section 4.4 of this Plan shall control.
(b) The Company shall withhold from any payments all federal, state, local or other taxes that are legally required to be withheld.
(c) Any payments due hereunder for Severance Pay and Pro-Rated Bonus Payment shall be reduced by any other severance or termination payment due to a Participant, including, by way of illustration and not limitation, any amounts paid pursuant to federal, state or local government worker notification (e.g., Worker Adjustment and Retraining Notification (W.A.R.N.) Act) or office closing requirements, any amounts owed a Participant pursuant to a contract with an Employer and amounts paid to a Participant placed in a temporary layoff status (often referred to as a furlough), which immediately precedes the commencement of Severance Benefits hereunder. In addition, to the extent any federal, state or local government regulation provides for payments related to accrued wages, bonuses, commissions, reimbursements, flextime or other benefits in an amount or manner different from the Employers policies and programs, including this Plan, any payments hereunder for Severance Pay and Pro-Rated Bonus Payment shall be offset by such amounts.
3.4. Rehire: If after receiving Severance Pay hereunder a Participant is reinstated by either the Employer or a successor entity before the applicable severance period has elapsed, he or she must reimburse the Employer or successor entity a pro-rated portion of the Severance Pay equal to the remaining severance period prior to being rehired.
3.5. Subsequent Employment: A Participant who receives payments hereunder for Severance Pay and Pro-Rated Bonus Payment shall not be required to mitigate the amount of any such payments by seeking other employment or otherwise, and subject to Section 3.4 hereof, no such payment shall be offset or reduced by the amount of any compensation provided to the Participant in any subsequent employment.
3.6. Accrued Wages and Expense Reimbursements: In addition to the Severance Benefits under this Plan, a Participant that experiences a Qualifying Termination shall be entitled to: (1) accrued wages due through the date of the Qualifying Termination in accordance with the Employers normal payroll practices; (2) reimbursement for any unreimbursed business expenses properly incurred by the Participant prior to the date of the Qualifying Termination in accordance with the Employers policy (and for which the Participant has submitted proper documentation as may be required by the Employer); and (3) any accrued but unused flextime pay. In addition, a Participant that is subject to an Employer commission plan or arrangement shall receive all commissions properly earned, but not yet paid, in accordance with the terms of such plan or arrangement. All payments shall be subject to proper tax withholding.
3.7. Settlement of Accounts: The Company may deduct (after all applicable tax withholdings have been deducted) from payments hereunder any indebtedness, obligation or
liability owed by the Participant to an Employer as of his or her date of termination, as and to the extent permitted under applicable law.
ARTICLE 4
MISCELLANEOUS
4.1. Employment Status: This Severance Plan does not constitute a contract of employment or impose on an Employer any obligation to retain any Eligible Employee as an employee or to change any employment policies of an Employer. Upon a Qualifying Termination hereunder, an Eligible Employee will thereafter cease to be an employee for all purposes; provided, however, that any taxable Severance Benefit due hereunder shall continue to be subject to proper tax reporting and withholding.
4.2. Right to Amend or Terminate: The Company, by action of the Board or its duly authorized delegee, reserves the right at any time and from time to time to amend or terminate this Severance Plan; provided, however, that subsequent to any Closing Date, the Plan and each of the Severance Programs, all as in effect at the Closing Date, shall be maintained in substance and effect for at least 24 months following any Closing Date, subject only to administrative, process or other amendments or changes that do not materially affect the rights of Eligible Employees hereunder. In the event a Change of Control is structured as a sale of all or substantially all of the assets of the Company, the Company will negotiate for the Acquirer to assume and perform the obligations of the Company hereunder.
4.3. Large Scale Reduction in Force: In the event of a large-scale reduction in force and except as otherwise limited by Section 4.2, the Company reserves the right, on its behalf and on behalf of all Employers, to reduce, due to economic factors, the benefits set forth in Article 3 of the Severance Plan.
4.4. Section 409A of the Code: This Plan is intended to comply with, or be exempt from, Section 409A and shall be construed and administered in accordance with such intent. Notwithstanding any other provisions, payments provided hereunder may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be exempted from Section 409A, either as separation pay due to an involuntary separation from service or as a short-term deferral. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a separation from service under Section 409A. If any amounts subject to Section 409A become payable hereunder to a person who is a specified employee (as determined in accordance with Section 409A), any payments and benefits provided hereunder will not be paid until the first payroll date to occur following the six-month anniversary of the Executives termination date, with the aggregate amount of any payments that would otherwise have been made during such six-month period shall be paid in a lump sum on such date without interest.
4.5. Section 4999 of the Code: Nothing herein shall require an Employer to provide a Participant with any gross-up for any tax, interest or penalty that may be incurred under Section 4999 of the Code or otherwise with respect to any excess parachute payment.
4.6. Enforceability/Automatic Modification of Application of Severance Benefits: Should there be, in the performance of this Severance Plan or any Severance Program with respect to one or more Participants, any provision or option or action that is or becomes contrary in whole or in part to any state, federal or local law or regulation promulgated with respect thereto, or determinative judicial or regulatory decision, that is now in effect or comes into force or is or has come into force with respect to such performance, and same is not subject to a federal pre-emption limitation (a Countervailing Law), the terms and conditions of this Severance Plan or a Severance Program shall be deemed modified or blue penciled as to the application to such Participants, such that such provisions conform to such countervailing law, while adhering to the maximum extent permissible without violating same, to the original intent of the Severance Plan or Severance program. Further, to the extent that a Severance Program requires a Confidentiality and Restrictive Covenants Agreement be signed and delivered to the Company as a condition of a Participant receiving Severance Benefits, and there is a Countervailing Law that is invoked by the Participant and acts to limit the extent of the protections or benefits to the Company or the Employer of the Confidentiality and Restrictive Covenants Agreement, or the Participant acts in contravention of such agreements, then notwithstanding any other provision of this Severance Plan or any Severance Program, to the full extent permitted by law, where the Severance Benefits to be provided to the Participant shall not have been paid, such Severance Benefits shall be deemed not to constitute an obligation of the Company or the Employer to the Participant and any prior Severance Benefits as may have been paid to the Participant engaged in such invocation or contravention, shall thereupon constitute amounts due and owing to the Company, in addition to any other remediation as may be appropriate with respect to any such contravention.
EXHIBIT A
List of Severance Programs
Severance Program - Executive Vice Presidents and Chief Executive Officer
Severance Program - Level 4 and Level 5 Employees
Severance Program - Level 2 and Level 3 Employees
Severance Program - Level 1 Employees
Exhibit 10.29
AMERICAN TOWER CORPORATION SEVERANCE PLAN PROGRAM
FOR EXECUTIVE VICE PRESIDENTS AND CHIEF EXECUTIVE OFFICERS
AS OF JANUARY 1, 2024
1. | PURPOSE |
This Program specifies the benefits available to certain employees of American Tower Corporation and its affiliates in the event their job or position is eliminated.
This document is a part of the American Tower Corporation Severance Plan, which itself is part of the American Tower Corporation Benefits Plan, and is part of the summary plan description for the Benefits Plan. This document provides an overview of the benefits available and must be read in conjunction with the Severance Plan where, for example, certain terms are fully defined. Except as explicitly set forth in this document, in the event of an inconsistency or conflict between this document and the Severance Plan or the Benefits Plan, the language of the Severance Plan or the Benefits Plan, as the case may be, shall govern.
2. | SCOPE |
This Program applies to Eligible Employees who are Participants (each as defined in the Severance Plan, but basically consisting of U.S. employees regularly scheduled to work at least 20 hours a week other than temporary or irregular employees or contractors) who are Executive Vice Presidents or a Chief Executive Officer at the time of their termination, as determined by the Administrator of the Benefits Plan. Employees meeting these requirements are referred to below as Covered Employees.
A Covered Employee is eligible for Severance Benefits under the Severance Plan if he or she experiences a Qualifying Termination (defined in the Severance Plan but basically limited to American Tower Corporations termination of an individuals employment due to the elimination of that persons job or position or for one or more reasons that do not constitute Cause or Performance Reasons (each as defined in the Severance Plan)). A Qualifying Termination also includes a termination by the Covered Employee of his or her employment for Good Reason. Good Reason is defined in the Severance Plan, but generally means that American Tower Corporation has, without the Covered Employees written consent (and after notice and opportunity for correction), materially diminished his or her annual Base Earnings (as defined below) or authority, duties or responsibilities or relocated his or her Worksite (as defined in the Severance Plan) more than 50 miles from his or her existing Worksite. Note that if a Covered Employee voluntarily quits (other than for Good Reason) or is terminated for Cause or Performance Reasons (each as defined in the Severance Plan) or leaves for any other reason, Severance Benefits are not available under the Severance Plan.
3. | SEVERANCE BENEFITS |
3.1. Severance Pay and Outplacement Services. The amount of Severance Pay is based on Base Earnings and Years of Service. Base Earnings are generally defined in the
Severance Plan as a Covered Employees weekly rate of pay as of the date of termination without regard to other forms of compensation, such as overtime, bonuses or equity compensation. A Covered Employee is credited with a Year of Service for each full 12-month period of continuous service with American Tower Corporation, beginning with the individuals most recent hire date.
A Covered Employee who experiences a Qualifying Termination will receive Severance Pay and Outplacement Services, as shown below.
Covered Employees |
Severance Pay Formula |
Outplacement Services | ||
Executive Vice Presidents | Seventy-eight weeks of Base Earnings | Nine months following the Qualifying Termination | ||
Chief Executive Officer | One-hundred-four weeks of Base Earnings | Nine months following the Qualifying Termination |
The total number of weeks used to calculate your Severance Pay is referred to as the Severance Period.
3.2. Pro-Rated Bonus Payment. A Covered Employee who experiences a Qualifying Termination will receive a Pro-Rated Bonus Payment equal to the amount of bonus that would have been paid had he or she remained employed for the applicable bonus period (e.g., annual or quarterly), in effect on the date of termination, and assuming all goals and objectives for such bonus had been 100% achieved, multiplied by the number of completed days of service prior to termination divided by the number of days in the bonus period.
Example: Sarah is eligible for an annual bonus for 2024 equal to 60% of Sarahs annual salary, which is currently $300,000. Sarah, a Covered Employee, is terminated October 19, 2024. Sarah is entitled to a bonus of $144,000 ($300,000 [salary] times 60% [bonus amount] times 292 [completed days prior to termination] divided by 365 [total days in bonus period]).
3.3. Health, Welfare and Fringe Benefits. If a Covered Employee has not breached any agreement referred to in Section 3.5(a), the following additional health, welfare and fringe benefits will be available.
(a) The Employee Assistance Program will remain available to Covered Employees (and their family members) who experience a Qualifying Termination during the applicable Severance Period.
(b) A Covered Employee who experiences a Qualifying Termination is eligible to submit reimbursement for any eligible expenses under the Wellness Program, provided that the expenses were incurred prior to termination. All reimbursements must be received by the Benefits department within 30 days of the termination date and are
subject to the guidelines of the Wellness Program. Requests for reimbursement received beyond the 30-day timeframe will not be processed.
(c) A Covered Employee who experiences a Qualifying Termination will be reimbursed for any pre-approved courses under the Educational Assistance Plan prior to termination if he or she satisfies the conditions for reimbursement under that Plan (such as the satisfactory grade requirement). To be eligible for reimbursement, the former employee must submit a request for reimbursement within 60 days of receipt of the final grade.
(d) A Covered Employee who is eligible to receive Severance Pay under this Program and who elects COBRA Coverage, will continue to have the employer share of the cost of coverage paid by the Company in accordance with its standard payment practices until the earlier of (i) the end of the applicable Severance Period and (ii) the date on which COBRA coverage ends. For the avoidance of doubt, a Senior Executive must continue to pay the employee share of the cost of coverage during this period, and, if he or she remains COBRA-eligible after the end of the Severance Period, must pay for the entire cost of COBRA coverage for the remainder of the enrollment.
3.4. Accelerated Vesting of Certain Equity Compensation. Notwithstanding anything to the contrary in any equity compensation plan or agreement, if within 14 days before, or two years following, a Change of Control, as defined in the Severance Plan, a Covered Employee who is eligible to receive Severance Pay under this Program experiences a Qualifying Termination, all outstanding equity-based awards then held by him or her, including but not limited to all stock options and restricted stock units, shall be accelerated so that they vest in full as follows: (a) if the Qualifying Termination occurs prior to a Change of Control, all such outstanding equity-based awards shall vest in full effective as of the date of the Change of Control; and (b) if the Qualifying Termination occurs after the Change of Control, such outstanding equity-based awards shall vest in full effective as of the date of termination. In the event the Covered Employee quits for Good Reason, this Section 3.4 shall only apply if the Good Reason condition occurs within 14 days before or two years following the Change of Control (and the notice and remedy provisions relating to the Good Reason set forth in the Severance Plan are, or are not, as applicable, satisfied).
3.5. Time and Manner of Benefits.
(a) No Severance Benefits will be paid or provided under the Severance Plan unless the Covered Employee has signed and timely returned, and not revoked, if applicable, a Separation and Release Agreement and a Confidentiality and Restrictive Covenants Agreement, each as defined in the Severance Plan and each in a form and with content satisfactory to American Tower Corporation. These agreements will, among other things, provide American Tower Corporation with a release from all claims and damages that the Covered Employee may have in connection with or arising out of his or her employment or the termination of employment with American Tower Corporation.
(b) Severance Pay and any Pro-Rated Bonus Payment will be paid a lump sum at the time set forth in with Section 3.3(a) of the Severance Plan (except for certain
amounts that must be delayed under Section 409A that are described in Section 4.4) and are subject to applicable tax withholding.
(c) Severance Pay and any Pro-Rated Bonus Payment will be reduced by any other severance or termination payments due to a Covered Employee (such as a payment required pursuant to W.A.R.N.), any amounts owed a Covered Employee pursuant to a contract with American Tower Corporation, and amounts paid to a Covered Employee placed in a temporary layoff status (often referred to as a furlough). Severance Pay and any Pro-Rated Bonus Payment will also be reduced to the extent any law provides for payments related to accrued wages, bonuses, commissions, reimbursements, flextime or other benefits in an amount or manner different from American Tower Corporations policies and programs, including the Severance Plan.
(d) If applicable under the agreements referred to in Section 3.5(a) above, a portion of the after-tax payments made under this Program shall be deposited and maintained in a restricted account to serve as security for the Covered Employees compliance with the ongoing covenants, restrictions and obligations contained in the Separation and Release Agreement and Confidentiality and Restrictive Covenants Agreement, with restrictions on distribution up to and including forfeiture in the event of non-compliance.
(e) If a Covered Employee is later rehired by American Tower Corporation or a successor entity (as that term is defined in the American Tower Corporation Severance Plan), he or she must reimburse American Tower Corporation or the successor entity a pro-rated portion of the Severance Pay equal to the remaining severance period prior to being reinstated.
/s/ Eugene “Bud” Noel | 10/25/2023 | ||||
Eugene “Bud” Noel | Date |
/s/ Steven O. Vondran | 2/5/2024 | ||||
Steven O. Vondran | Date |
Subsidiary | Jurisdiction of Incorporation or Organization | |||||||
10 Presidential Way Associates, LLC | Delaware | ||||
52 Eighty Partners, LLC | Delaware | ||||
52 Eighty Tower Partners I, LLC | Delaware | ||||
ACC Tower Sub, LLC | Delaware | ||||
ActiveX Telebroadband Services Private Limited | India | ||||
Adquisiciones y Proyectos Inalámbricos, S. de R. L. de C.V. | Mexico | ||||
Alternative Networking LLC | Florida | ||||
American Tower Asset Sub II, LLC | Delaware | ||||
American Tower Asset Sub, LLC | Delaware | ||||
American Tower Charitable Foundation, Inc. | Delaware | ||||
American Tower Delaware Corporation | Delaware | ||||
American Tower Depositor Sub, LLC | Delaware | ||||
American Tower do Brasil – Cessão de Infraestruturas S.A. | Brazil | ||||
American Tower do Brasil – Comunicação Multimídia Ltda. | Brazil | ||||
American Tower España, S.L.U. | Spain | ||||
American Tower Guarantor Sub, LLC | Delaware | ||||
American Tower Holding Sub II, LLC | Delaware | ||||
American Tower Holding Sub, LLC | Delaware | ||||
American Tower Inmosites, S.L.U. | Spain | ||||
American Tower International Holding I LLC | Delaware | ||||
American Tower International Holding II LLC | Delaware | ||||
American Tower International, Inc. | Delaware | ||||
American Tower Investments LLC | California | ||||
American Tower Latam, SLU | Spain | ||||
American Tower LLC | Delaware | ||||
American Tower Management, LLC | Delaware | ||||
American Towers LLC | Delaware | ||||
AppleCore GP LLC (5) | Delaware | ||||
AppleCore LP (1) | Delaware | ||||
Appleseed Holdco REIT LLC (3) | Delaware | ||||
AT Atlantic Holding LLC (1) | Delaware | ||||
AT Australia Operations Pty Ltd | Australia | ||||
AT Australia Pty Ltd | Australia | ||||
AT Iberia C.V. (2) | Netherlands | ||||
AT Kenya C.V. | Netherlands | ||||
AT Netherlands C.V. | Netherlands | ||||
AT Netherlands Coöperatief U.A | Netherlands | ||||
AT Rhine C.V. (2) | Netherlands | ||||
AT Sher Netherlands Coöperatief U.A. | Netherlands | ||||
AT South America C.V. | Netherlands | ||||
ATC Africa Holding B.V. | Netherlands |
ATC Africa Shared Services (Pty) Ltd | South Africa | ||||
ATC Antennas Holding LLC | Delaware | ||||
ATC Antennas LLC | Delaware | ||||
ATC Argentina Coöperatief U.A. | Netherlands | ||||
ATC Argentina Holding LLC | Delaware | ||||
ATC Asia Pacific Pte. Ltd. | Singapore | ||||
ATC Atlantic C.V. (2) | Netherlands | ||||
ATC Atlantic I B.V. (2) | Netherlands | ||||
ATC Atlantic II B.V. (3) | Netherlands | ||||
ATC Atlantic IV B.V. (2) | Netherlands | ||||
ATC Backhaul LLC | Delaware | ||||
ATC Brasil – Serviços de Conectividades Ltda. | Brazil | ||||
ATC Brazil Holding LLC | Delaware | ||||
ATC Brazil I LLC | Delaware | ||||
ATC Brazil II LLC | Delaware | ||||
ATC Burkina Faso S.A. | Burkina Faso | ||||
ATC Canada ULC | Canada | ||||
ATC Chile Holding LLC | Delaware | ||||
ATC Colombia B.V. | Netherlands | ||||
ATC Colombia Holding I LLC | Delaware | ||||
ATC Colombia Holding LLC | Delaware | ||||
ATC Colombia I LLC | Delaware | ||||
ATC CSR Foundation India | India | ||||
ATC Edge LLC | Delaware | ||||
ATC EH GmbH & Co KG | Germany | ||||
ATC Ethiopia Infrastructure Development Private Limited Company | Ethiopia | ||||
ATC Europe C.V. (1) | Netherlands | ||||
ATC Europe Coöperatief U.A. | Netherlands | ||||
ATC Europe LLC | Delaware | ||||
ATC European Holdings LLC (3) | Delaware | ||||
ATC Fibra de Colombia, S.A.S. | Colombia | ||||
ATC France Holding II SAS | France | ||||
ATC France Holding SAS | France | ||||
ATC France Réseaux SAS | France | ||||
ATC France Services SAS | France | ||||
ATC France SNC | France | ||||
ATC Germany Holding I B.V. (3) | Netherlands | ||||
ATC Germany Holding II B.V. | Netherlands | ||||
ATC Germany Holdings GmbH | Germany | ||||
ATC Germany Services GmbH | Germany | ||||
ATC Ghana ServiceCo Limited | Ghana | ||||
ATC Global Employment B.V. | Netherlands | ||||
ATC GP GmbH | Germany | ||||
ATC Green Grass LLC | Delaware | ||||
ATC Heston B.V. | Netherlands | ||||
ATC Iberia Holding LLC (3) | Delaware | ||||
ATC India Infrastructure Private Limited (1) | India | ||||
ATC Indoor DAS Holding LLC | Delaware | ||||
ATC Indoor DAS LLC | Delaware |
ATC International Coöperatief U.A. | Netherlands | ||||
ATC International Financing B.V. | Netherlands | ||||
ATC International Financing II B.V. | Netherlands | ||||
ATC International Holding Corp. | Delaware | ||||
ATC Iris I LLC | Delaware | ||||
ATC Kenya Operations Limited | Kenya | ||||
ATC Kenya Services Limited | Kenya | ||||
ATC Managed Sites Holding LLC | Delaware | ||||
ATC Managed Sites LLC | Delaware | ||||
ATC MexHold LLC | Delaware | ||||
ATC Mexico Holding LLC | Delaware | ||||
ATC MIP III REIT Iron Holdings LLC | Delaware | ||||
ATC New Zealand Limited | New Zealand | ||||
ATC Niger Wireless Infrastructure S.A. | Niger | ||||
ATC Nigeria Coöperatief U.A. | Netherlands | ||||
ATC Nigeria Foundation Limited by Guarantee | Nigeria | ||||
ATC Nigeria Holding LLC | Delaware | ||||
ATC Nigeria Wireless Infrastructure Limited | Nigeria | ||||
ATC On Air + LLC | Delaware | ||||
ATC Operations LLC | Delaware | ||||
ATC Outdoor DAS, LLC | Delaware | ||||
ATC Paraguay Holding LLC | Delaware | ||||
ATC Paraguay S.R.L. | Paraguay | ||||
ATC Peru Holding LLC | Delaware | ||||
ATC Ponderosa B-I LLC | Delaware | ||||
ATC Ponderosa B-II LLC | Delaware | ||||
ATC Ponderosa K LLC | Delaware | ||||
ATC Ponderosa K-R LLC | Delaware | ||||
ATC Rhine Holding LLC (3) | Delaware | ||||
ATC Scala Operations, S.L. (3) | Spain | ||||
ATC Scala Spain Holding S.L. (2) | Spain | ||||
ATC Sequoia LLC | Delaware | ||||
ATC Sitios de Chile S.A. | Chile | ||||
ATC Sitios de Colombia S.A.S. | Colombia | ||||
ATC Sitios del Peru S.R.L. | Peru | ||||
ATC Sitios Infraco S.A.S. | Colombia | ||||
ATC South Africa Investment Holdings (Proprietary) Limited | South Africa | ||||
ATC South Africa Services Pty Ltd | South Africa | ||||
ATC South Africa Wireless Infrastructure (Pty) Ltd | South Africa | ||||
ATC South America Holding LLC | Delaware | ||||
ATC South LLC | Delaware | ||||
ATC Telecom Infrastructure Private Limited | India | ||||
ATC Tower (Ghana) LTD | Republic of Ghana | ||||
ATC Tower Services LLC | Delaware | ||||
ATC TRS I LLC | Delaware | ||||
ATC TRS II LLC | Delaware | ||||
ATC TRS III LLC | Delaware | ||||
ATC TRS IV LLC | Delaware | ||||
ATC TRS V LLC | Delaware |
ATC Uganda Limited | Uganda | ||||
ATC Uganda ServiceCo - SMC Limited | Uganda | ||||
ATC Watertown LLC | Delaware | ||||
ATC WiFi LLC | Delaware | ||||
ATS-Needham LLC | Massachusetts | ||||
Blue Sky Towers Pty Ltd | South Africa | ||||
Blue Transfer Sociedad Anonima | Paraguay | ||||
Broadcast Towers, LLC | Delaware | ||||
California Tower, Inc. | Delaware | ||||
Cell Site NewCo II, LLC | Delaware | ||||
Cell Tower Lease Acquisition LLC | Delaware | ||||
Central States Tower Holdings, LLC | Delaware | ||||
Clearspan Property Assets Limited | New Zealand | ||||
Clearspan Property Limited | New Zealand | ||||
CNC2 Associates, LLC | Delaware | ||||
Comfluent Acquisition, L.L.C. | Delaware | ||||
Communications Properties, Inc. | Delaware | ||||
Comunicaciones y Consumos S.R.L. | Argentina | ||||
Connectivity Infrastructure Services Limited | Nigeria | ||||
CoreSite 1099 14th Street NW, L.L.C. | Delaware | ||||
CoreSite 1275 K Street, L.L.C. | Delaware | ||||
CoreSite 32 Avenue of the Americas, L.L.C. | Delaware | ||||
CoreSite AT1 LLC | Georgia | ||||
CoreSite Data Center Services, Inc. | Delaware | ||||
CoreSite Denver, L.L.C. | Colorado | ||||
CoreSite GP LLC | Delaware | ||||
CoreSite One Wilshire, L.L.C. | Delaware | ||||
CoreSite Real Estate 12100 Sunrise Valley Drive L.L.C. | Delaware | ||||
CoreSite Real Estate 1656 McCarthy GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 1656 McCarthy, L.P. | Delaware | ||||
CoreSite Real Estate 2 Emerson Lane, L.L.C. | Delaware | ||||
CoreSite Real Estate 2115 NW 22nd Street, L.L.C. | Delaware | ||||
CoreSite Real Estate 2901 Coronado GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 2901 Coronado, L.P. | Delaware | ||||
CoreSite Real Estate 2950 Stender GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 2950 Stender, L.P. | Delaware | ||||
CoreSite Real Estate 2972 Stender GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 2972 Stender, L.P. | Delaware | ||||
CoreSite Real Estate 3001 Coronado GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 3001 Coronado, L.P. | Delaware | ||||
CoreSite Real Estate 3032 Coronado GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 3032 Coronado, L.P. | Delaware | ||||
CoreSite Real Estate 3045 Stender GP, L.L.C. | Delaware | ||||
CoreSite Real Estate 3045 Stender, L.P. | Delaware | ||||
CoreSite Real Estate 427 S. LaSalle, L.L.C. | Delaware | ||||
CoreSite Real Estate 55 S. Market Street, L.L.C. | Delaware | ||||
CoreSite Real Estate 70 Innerbelt, L.L.C. | Delaware | ||||
CoreSite Real Estate 900 N. Alameda GP, L.L.C. | Delaware | ||||
CoreSite Real Estate AT2 LLC | Delaware |
CoreSite Real Estate CH1 Annex, L.L.C. | Delaware | ||||
CoreSite Real Estate CH2, L.L.C. | Delaware | ||||
CoreSite Real Estate DE3 LLC | Delaware | ||||
CoreSite Real Estate LA2 & LA3, L.P. | Delaware | ||||
CoreSite Real Estate MI2 LLC | Delaware | ||||
CoreSite Real Estate NY4 LLC | Delaware | ||||
CoreSite Real Estate OR1 LLC | Delaware | ||||
CoreSite Real Estate Sunrise Technology Park, L.L.C. | Delaware | ||||
CoreSite Real Estate SV9 GP, L.L.C. | Delaware | ||||
CoreSite Real Estate SV9, L.P. | Delaware | ||||
CoreSite, L.L.C. | Delaware | ||||
CoreSite, L.P. | Delaware | ||||
DCS Tower Sub, LLC | Delaware | ||||
Eaton Towers Ghana Limited | Ghana | ||||
Eaton Towers Holdings Limited | Jersey | ||||
Eaton Towers Kenya Limited | Kenya | ||||
Eaton Towers Limited | United Kingdom | ||||
Ghana Tower InterCo B.V. | Netherlands | ||||
Global Tower Assets III, LLC | Delaware | ||||
Global Tower Assets, LLC | Delaware | ||||
Global Tower Holdings, LLC | Delaware | ||||
Global Tower Services, LLC | Delaware | ||||
Global Tower, LLC | Delaware | ||||
Gondola Tower Holdings LLC | Delaware | ||||
Grain HoldCo Parent, LLC | Delaware | ||||
Grain HoldCo, LLC | Delaware | ||||
GrainComm I, LLC | Delaware | ||||
GrainComm II, LLC | Delaware | ||||
GrainComm III, LLC | Delaware | ||||
GrainComm LLC | Delaware | ||||
GrainComm Marketing, LLC | Delaware | ||||
GrainComm V, LLC | Delaware | ||||
GTP Acquisition Partners I, LLC | Delaware | ||||
GTP Acquisition Partners II, LLC | Delaware | ||||
GTP Acquisition Partners III, LLC | Delaware | ||||
GTP Costa Rica Finance, LLC | Delaware | ||||
GTP Infrastructure I, LLC | Delaware | ||||
GTP Infrastructure II, LLC | Delaware | ||||
GTP Infrastructure III, LLC | Delaware | ||||
GTP Investments LLC | Delaware | ||||
GTP LATAM Holdings B.V. | Netherlands | ||||
GTP LatAm Holdings Coöperatieve U.A. | Netherlands | ||||
GTP Operations CR, S.R.L. | Costa Rica | ||||
GTP South Acquisitions II, LLC | Delaware | ||||
GTP Structures I, LLC | Delaware | ||||
GTP Structures II, LLC | Delaware | ||||
GTP Torres CR, S.R.L. | Costa Rica | ||||
GTP Towers I, LLC | Delaware | ||||
GTP Towers II, LLC | Delaware |
GTP Towers III, LLC | Delaware | ||||
GTP Towers IV, LLC | Delaware | ||||
GTP Towers IX, LLC | Delaware | ||||
GTP Towers V, LLC | Delaware | ||||
GTP Towers VII, LLC | Delaware | ||||
GTP Towers VIII, LLC | Delaware | ||||
GTP TRS I LLC | Delaware | ||||
GTPI HoldCo, LLC | Delaware | ||||
Haysville Towers, LLC (1) | Kansas | ||||
InSite (BCEC) LLC | Delaware | ||||
InSite (MBTA) LLC | Delaware | ||||
InSite Borrower, LLC | Delaware | ||||
InSite Guarantor, LLC | Delaware | ||||
InSite Hawaii, LLC | Delaware | ||||
InSite Issuer, LLC | Delaware | ||||
InSite Licensing, LLC | Delaware | ||||
InSite Tower Services LLC | Delaware | ||||
InSite Towers Development 2, LLC | Delaware | ||||
InSite Towers Development LLC | Delaware | ||||
InSite Towers International 2, LLC | Delaware | ||||
InSite Towers International Development LLC | Delaware | ||||
InSite Towers International, LLC | Delaware | ||||
InSite Towers of Puerto Rico, LLC | Puerto Rico | ||||
InSite Towers, LLC | Delaware | ||||
InSite Wireless Development LLC | Delaware | ||||
InSite Wireless Group, LLC | Delaware | ||||
Invisible IWG Holdings, LLC | Delaware | ||||
Invisible Towers LLC | Delaware | ||||
IW Equipment, LLC | Delaware | ||||
IWD Equipment, LLC | Delaware | ||||
IWG Holdings, LLC | Delaware | ||||
IWG II Holdings, LLC | Delaware | ||||
IWG II, LLC | Delaware | ||||
IWG Towers Assets I, LLC | Delaware | ||||
IWG Towers Assets II, LLC | Delaware | ||||
IWG-TLA Encanto 1, LLC | Delaware | ||||
IWG-TLA Encanto 3, LLC | Delaware | ||||
IWG-TLA Holdings, LLC | Delaware | ||||
IWG-TLA Media 2, LLC | Delaware | ||||
IWG-TLA Media, LLC | Delaware | ||||
IWG-TLA Telecom, LLC | Delaware | ||||
Kirtonkhola Tower Bangladesh Limited (1) | Bangladesh | ||||
Lap do Brasil Empreendimentos Imobiliários Ltda | Brazil | ||||
LAP Inmobiliaria Limitada | Chile | ||||
LAP Inmobiliaria S.R.L. | Peru | ||||
LL B Sheet 1, LLC | Delaware | ||||
Loxel SAS | France | ||||
MATC Digital, S. de R.L. de C.V. | Mexico | ||||
MATC Infraestructura, S. de R.L. de C.V. | Mexico |
MATC Servicios, S. de R.L. de C.V. | Mexico | ||||
MC New Macland Properties, LLC | Georgia | ||||
MCSU Properties, LLC | Georgia | ||||
MHB Tower Rentals of America, LLC | Mississippi | ||||
Microwave, Inc. | Delaware | ||||
MIP III Iron Holdings LLC | Delaware | ||||
Mountain Communications, LLC | California | ||||
Municipal Bay, LLC | Delaware | ||||
Municipal-Bay Holdings, LLC | Delaware | ||||
New Towers LLC | Delaware | ||||
PCS Structures Towers, LLC | Delaware | ||||
PT. Transcend Tower Infrastructure Indonesia (1) | Indonesia | ||||
R-CAL I, LLC | Delaware | ||||
Repeater Communications Group I, LLC | New York | ||||
Repeater Communications Group II, LLC | New York | ||||
Repeater Communications Group III, LLC | New York | ||||
Repeater Communications Group IV, LLC | New York | ||||
Repeater Communications Group of New York, LLC | New York | ||||
Repeater Communications Group V, LLC | New York | ||||
Repeater Communications Group VI, LLC | New York | ||||
Repeater Communications Group, LLC | New York | ||||
Repeater IWG Holdings, LLC | Delaware | ||||
Richland Towers, LLC | Delaware | ||||
RSA Media LLC | Massachusetts | ||||
SpectraSite Communications, LLC | Delaware | ||||
SpectraSite, LLC | Delaware | ||||
T8 Ulysses Site Management LLC | Delaware | ||||
Telecom Lease Advisors Management 2, LLC | Delaware | ||||
TLA PR-2, LLC | Delaware | ||||
Tower Management, Inc. (4) | Indiana | ||||
Towers of America, L.L.L.P. | Delaware | ||||
Transcend Infrastructure Holdings Pte. Ltd. | Singapore | ||||
Transcend Towers Infrastructure (Philippines), Inc. | Philippines | ||||
Tysons II DAS, LLC | Delaware | ||||
Uganda Tower Interco B.V. | Netherlands | ||||
Ulysses Asset Sub I, LLC | Delaware | ||||
Ulysses Asset Sub II, LLC | Delaware | ||||
UniSite, LLC | Delaware | ||||
UniSite/Omnipoint FL Tower Venture, LLC (1) | Delaware | ||||
UniSite/Omnipoint NE Tower Venture, LLC (1) | Delaware | ||||
UniSite/Omnipoint PA Tower Venture LLC (1) | Delaware | ||||
U.S. Colo, LLC | California | ||||
U.S. Colo. LLC | Nevada | ||||
US Colo Holding Company, L.L.C. | Delaware | ||||
US Colo @ 800 Hope LLC | Nevada | ||||
Vangard Wireless, LLC | Delaware | ||||
Verus Management One, LLC | Delaware | ||||
Viridi IWG Holdings, LLC | Delaware |
Date: February 27, 2024 | By: | /S/ STEVEN O. VONDRAN | |||||||||||||||
Steven O. Vondran | |||||||||||||||||
President and Chief Executive Officer |
Date: February 27, 2024 | By: | /S/ RODNEY M. SMITH | |||||||||||||||
Rodney M. Smith | |||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
Date: February 27, 2024 | By: | /S/ STEVEN O. VONDRAN | ||||||||||||||||||
Steven O. Vondran | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
Date: February 27, 2024 | By: | /S/ RODNEY M. SMITH | ||||||||||||||||||
Rodney M. Smith | ||||||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit 97
AMERICAN TOWER CORPORATION COMPENSATION RECOVERY POLICY
1. Purpose. This Policy (defined in Section 3) describes the circumstances in which each Executive Officer (defined in Section 3) must repay or return Erroneously Awarded Compensation (defined in Section 3) to members of the Company Group (defined in Section 3) in accordance with the Clawback Rules (defined in Section 3). Each Executive Officer will be required to sign and return to the Company the Acknowledgement Form attached as Exhibit A pursuant to which that Executive Officer will acknowledge that they are bound by the terms of this Policy; provided, however, that this Policy will apply to, and be enforceable against, any Executive Officer and their successors (as specified in Section 11) regardless of whether that Executive Officer (a) properly signs and returns to the Company the Acknowledgement Form or (b) is aware of their status as an Executive Officer. This Policy is designed to comply with the Clawback Rules.
2. Administration. Except as specifically set forth herein, this Policy will be administered by the Committee (defined in Section 3) unless the Board determines to administer this Policy itself. Any determinations made by the Board and/or the Committee will be final and binding on all affected individuals and need not be uniform with respect to each individual covered by this Policy. Subject to any limitation under applicable law, the Board and/or the Committee may authorize and empower any officer or employee of the Company to take any and all actions necessary or appropriate to carry out the purpose and intent of this Policy (other than with respect to any recovery under this Policy involving such officer or employee).
3. Definitions. For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.
(a) Accounting Restatement shall mean an accounting restatement (i) due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including (i) any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a Big R restatement); or (ii) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a little r restatement).
(b) Board shall mean the Board of Directors of the Company.
(c) Clawback Eligible Incentive Compensation shall mean, with respect to each individual who served as an Executive Officer at any time during the applicable performance period for any Incentive-based Compensation (whether or not such individual is serving as an Executive Officer at the time the Erroneously Awarded Compensation is required to be repaid to the Company Group), all Incentive-based Compensation Received by such individual: (i) on or after the Effective Date; (ii) after beginning service as an Executive Officer; (iii) while the Company has a class of securities listed on the NYSE (or any other U.S. national securities exchange or a national securities association); and (iv) during the applicable Clawback Period.
(d) Clawback Period shall mean, with respect to any Accounting Restatement, the three (3) completed fiscal years of the Company immediately preceding the Restatement Date and any transition period (that results from a change in the Companys fiscal year) of fewer than nine (9) months within or immediately following those three (3) completed fiscal years.
(e) Clawback Rules shall mean Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC thereunder (including Rule 10D-1 under the Exchange Act), the NYSE (including Section 303A.14 of the NYSE Listed Company Manual) or the rules of any other U.S. national securities exchange or national securities association on which the Companys securities are listed, in each case as may periodically be in effect.
(f) Committee shall mean the Compensation Committee of the Board, or any other committee designated by the Board to administer the Policy, and in the absence of such a committee, a majority of the independent directors serving on the Board.
(g) Company shall mean American Tower Corporation.
(h) Company Group shall mean the Company, together with each of its direct and indirect subsidiaries.
(i) Effective Date shall mean the effective date of the applicable NYSE listing standard issued pursuant to Rule 10D-1 under the Exchange Act.
(j) Erroneously Awarded Compensation shall mean, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Clawback Eligible Incentive Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.
(k) Executive Officer shall mean any individual who is (or was at any time during the applicable Clawback Period) an officer of the Company within the meaning of Rule 16a-1(f) under the Exchange Act and an executive officer of the Company within the meaning of Rule 3b-7 under the Exchange Act as determined annually by the Board.
(l) Exchange Act shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
(m) Financial Reporting Measures shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Companys financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return shall for purposes of this Policy be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented within the Companys financial statements or included in a filing with the SEC.
(n) Incentive-based Compensation shall mean any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.
(o) Impracticable shall mean, in accordance with the good faith determination of the Committee that either: (i) the direct expenses paid to a third party to assist in enforcing the Policy against an Executive Officer would exceed the amount to be recovered, after the Company has made a reasonable attempt to recover the applicable Erroneously Awarded Compensation, documented such reasonable attempt(s) and provided such documentation to the NYSE (or another U.S. national securities exchange or national securities association on which the Companys securities are listed); (ii) recovery would violate the Companys home country law where that law was adopted prior to November 28, 2022, provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company has obtained an opinion of home country counsel, acceptable to the NYSE (or another U.S. national securities exchange or national securities association on which the Companys securities are listed), that recovery would result in such a violation and a copy of the opinion is provided to the NYSE (or another U.S. national securities exchange or national securities association on which the Companys securities are listed); or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company Group, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.
(p) Method of Recovery shall include, but is not limited to: (i) requiring reimbursement of Erroneously Awarded Compensation; (ii) seeking recovery of any gain realized
on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards; (iii) offsetting the Erroneously Awarded Compensation from any compensation otherwise owed by the Company to the Executive Officer; (iv) cancelling outstanding vested or unvested equity awards; and (v) taking any other remedial and recovery action permitted by applicable law, as determined by the Committee.
(q) NYSE shall mean the New York Stock Exchange.
(r) Policy shall mean this Compensation Recovery Policy, as the same may be periodically amended or restated.
(s) Received shall, with respect to any Incentive-based Compensation, mean deemed receipt and Incentive-based Compensation shall be deemed received in the Companys fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation occurs after the end of that period. For the avoidance of doubt, Incentive-Based Compensation that is subject to both a Financial Reporting Measure vesting condition and a service-based vesting condition shall be considered received when the Financial Reporting Measure is achieved, even if the Incentive-Based Compensation continues to be subject to the service-based vesting condition.
(t) Restatement Date shall mean the earlier to occur of: (i) the date the Board, a committee of the Board or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement; or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.
(u) SEC shall mean the U.S. Securities and Exchange Commission.
4. Repayment of Erroneously Awarded Compensation.
(a) In the event the Company is required to prepare an Accounting Restatement, the Committee shall reasonably promptly (in accordance with the applicable Clawback Rules) determine the amount of any Erroneously Awarded Compensation for each Executive Officer in connection with such Accounting Restatement and shall reasonably promptly thereafter provide each Executive Officer with written notice containing the amount of Erroneously Awarded Compensation and a demand for repayment or return, as applicable. For Clawback Eligible Incentive Compensation based on stock price or total shareholder return where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement, the amount shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Clawback Eligible Incentive Compensation was Received (in which case, the Company shall maintain documentation of such determination of that reasonable estimate and provide such documentation to the NYSE (or another U.S. national securities exchange or national securities association on which the Companys securities are listed)). The Committee is authorized to engage, on behalf of the Company, any third-party advisors it deems advisable in order to perform any calculations contemplated by this Policy. For the avoidance of doubt, recovery under this Policy with respect to an Executive Officer shall not require the finding of any misconduct by such Executive Officer or such Executive Officer being found responsible for the accounting error leading to an Accounting Restatement.
(b) In the event that any repayment of Erroneously Awarded Compensation is owed to the Company, the Committee shall, or shall cause one or more other members of the Company Group to, recover reasonably promptly the Erroneously Awarded Compensation through any Method of Recovery it deems appropriate through its broad discretion based on all applicable facts and circumstances and taking into account the time value of money and the cost to shareholders of delaying recovery. For the avoidance of doubt, except to the extent permitted pursuant to the Clawback Rules, in no event may the Company Group accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction
of an Executive Officers obligations hereunder. Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated in this Section 4(b) if the Committee determines in good faith that recovery would be Impracticable. In implementing the actions contemplated in this Section 4(b), the Committee will act in accordance with the listing standards and requirements of the NYSE (or the rules of another U.S. national securities exchange or national securities association on which the Companys securities are listed) and with the applicable Clawback Rules. Subject to the discretion of the Committee, an applicable Executive Officer may be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering Erroneously Awarded Compensation in accordance with this Section 4(b).
5. Reporting and Disclosure. The Company shall file all disclosures with respect to this Policy in accordance with the requirements of U.S. federal securities laws, including any disclosure required by applicable SEC rules.
6. Indemnification Prohibition. No member of the Company Group shall be permitted to indemnify any Executive Officer against the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy and/or pursuant to the Clawback Rules, including any payment or reimbursement for the cost of third-party insurance purchased by any Executive Officer to cover any such loss under this Policy and/or pursuant to the Clawback Rules. Further, no member of the Company Group shall enter into any agreement that exempts any Incentive-based Compensation from the application of this Policy or that waives the Company Groups right to recovery of any Erroneously Awarded Compensation and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date). Any such purported indemnification (whether oral or in writing) shall be null and void.
7. Interpretation. The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of the Clawback Rules. The terms of this Policy shall also be construed and enforced in such a manner as to comply with applicable law, including the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and any other law or regulation that the Committee determines is applicable. In the event any provision of this Policy is determined to be unenforceable or invalid under applicable law, such provision shall be applied to the maximum extent permitted by applicable law and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required by applicable law.
8. Effective Date. This Policy shall be effective as of the Effective Date.
9. Amendment; Termination. The Committee shall review this Policy no less frequently than annually, and may modify or amend this Policy, in whole or in part, from time to time in its discretion and shall amend any or all of the provisions of this Policy as it deems necessary, including as and when it determines that it is legally required by the Clawback Rules or any federal securities law, SEC rule, NYSE rule or the rule of any other U.S. national securities exchange or national securities association on which the Companys securities are listed. The Committee may terminate this Policy at any time. Notwithstanding anything in this Section 9 to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate the Clawback Rules, or any federal securities law, SEC rule, NYSE rule or the rule of any other U.S. national securities exchange or national securities association on which the Companys securities are listed. Furthermore, unless otherwise determined by the Committee or as otherwise amended, this Policy shall automatically be deemed amended in a manner necessary to comply with any change in the Clawback Rules.
10. Other Recoupment Rights; No Additional Payments. The Committee intends that this Policy will be applied to the fullest extent permitted by applicable law. The Committee may require that any employment agreement, equity award agreement, or any other agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require an Executive Officer to agree to abide
by the terms of this Policy. Executive Officers shall be deemed to have accepted continuing employment on terms that include compliance with the Policy, to the extent of its otherwise applicable provisions, and to be contractually bound by its enforcement provisions. Executive Officers who cease employment or service with the Company Group shall continue to be bound by the terms of the Policy with respect to Clawback Eligible Incentive Compensation. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company Group under applicable law, regulation or rule or pursuant to the terms of any similar policy in any employment agreement, cash-based bonus plan, equity award agreement or similar agreement and any other legal remedies available to the Company Group. To the extent that an Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy, as determined by the Administrator in its sole discretion. Nothing in this Policy precludes the Company from implementing any additional clawback or recoupment policies with respect to Executive Officers or any other service provider to the Company Group. Application of this Policy does not preclude the Company Group from taking any other action to enforce any Executive Officers obligations to the Company or the Company Group, including termination of employment or institution of civil or criminal proceedings or any other remedies that may be available to the Company or Company Group with respect to any Executive Officer.
11. Successors. This Policy shall be binding and enforceable against all Executive Officers and their beneficiaries, estates, heirs, executors, administrators or other legal representatives to the extent required by the Clawback Rules or as otherwise determined by the Committee.
Exhibit A
AMERICAN TOWER CORPORATION COMPENSATION RECOVERY POLICY
ACKNOWLEDGEMENT FORM
By signing below, the undersigned executive officer (the Executive Officer) acknowledges and confirms receipt and review of the American Tower Corporation Compensation Recovery Policy (the Policy). Capitalized terms used but not otherwise defined in this Acknowledgement Form (this Acknowledgement Form) shall have the meanings ascribed to such terms in the Policy.
By signing this Acknowledgement Form, the Executive Officer acknowledges and agrees as follows:
(a) the Executive Officer is and will continue to be subject to the Policy and that the Policy will apply both during and after the Executive Officers employment with the Company Group;
(b) to the extent necessary to comply with the Policy, the Policy hereby amends any employment agreement, equity award agreement or similar agreement that the Executive Officer is a party to with the Company Group;
(c) the Executive Officer shall abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation to the Company Group to the extent required by, and in a manner permitted by, the Policy;
(d) any amounts payable to the Executive Officer, including any Incentive-based Compensation shall be subject to the Policy as may be in effect and modified from time to time in the sole discretion of the Company or as required by applicable law or the requirements of an exchange on which the Companys shares are listed for trading, and that such modification will be deemed to amend this acknowledgment;
(e) the Company Group may recover compensation paid to the Executive Officer through any Method of Recovery the Committee deems appropriate, and the Executive Officer agrees to comply with any request or demand for repayment by the Company Group in order to comply with the Policy; and
(f) the Company Group may, to the greatest extent permitted by applicable law, reduce any amount that may become payable to the Executive Officer by any amount to be recovered by the Company Group pursuant to the Policy to the extent such amount has not been returned by the Executive Officer to the Company Group prior to the date that any subsequent amount becomes payable to the Executive Officer.
**Remainder of Page Intentionally Left Blank Signature Page Follows**
|
Signature |
|
Print Name |
|
Date |
Signature page to American Tower Corporation Compensation Recovery Policy Acknowledgement Form
,=0\8? C
M4M/\8:[X?^'^O0W>K>'98K^(32-;/86Q>,LDDP>*XD2'DC#<8DPW-Z;\2;;P
MS)XD\5>!?'?B#QM\)O!ESH&KW&JSZ_ #+S4K;3K?Q?H5QJ%Q)Y,-K%J4#2RO@G:J!LDX!X SQ5;QQ\7O"_P .
M[^VL-9NKTZA<1^;#9Z;I=WJ$[IDC<([>*1L9![=J .='[27A6;BTT;QU?M_T
MP\":T%_[[:T5?UI3\>9KCC3_ (9_$#4'/W5_LB.US^-S-$!^)%;G@CXG-X\U
M*2.U\(^*=+TU83(NK:YIPL(G8,!Y8AF=;@,0TKM8J"1@\C!]:X^'
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MCQY>V5D+#;@;<'C Q0!\D_&SQCJFL^#8+O1?$_C:Z^)OC?6=8M_ GA?P_K*5TSP+J'B#[!/HEBKQS7TQL[R1VN9=V&B41Q[(@,%F9FR53'
MTU65JGAW2M
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 477,300,000 | 476,623,000 |
Common stock, shares outstanding (in shares) | 466,296,000 | 465,619,000 |
Treasury stock, shares (in shares) | 11,004,000 | 11,004,000 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Statement [Abstract] | |||
Foreign currency (losses) gains | $ (330.8) | $ 449.4 | $ 557.9 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Changes in fair value of cash flow hedges, tax | $ 0.0 | $ 0.0 | $ 0.0 |
Reclassification of unrealized losses on cash flow hedges to net income, tax | 0.0 | 0.0 | 0.0 |
Foreign currency translation adjustments, tax expense (benefit) | $ 0.3 | $ (0.8) | $ (0.0) |
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021
USD ($)
| ||||
Stock-based compensation related activity | $ 167.9 | [1] | ||
Additional Paid-in Capital | ||||
Stock-based compensation related activity | 167.9 | [1] | ||
CoreSite Acquisition | Additional Paid-in Capital | ||||
Stock-based compensation related activity | $ 17.1 | |||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 1,367.1 | $ 1,696.7 | $ 2,567.6 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, amortization and accretion | 3,086.5 | 3,355.1 | 2,332.6 |
Stock-based compensation expense | 195.7 | 169.3 | 119.5 |
Loss on investments, unrealized foreign currency (gain) loss and other non-cash expense | 279.0 | (401.2) | (535.2) |
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | 739.9 | 684.3 | 196.4 |
Loss on early retirement of long-term obligations | 0.3 | 0.4 | 38.2 |
Amortization of deferred financing costs, debt discounts and premiums and other non-cash interest | 49.8 | 47.5 | 39.9 |
Deferred income taxes | (182.0) | (236.7) | (41.2) |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable | (34.5) | (78.6) | (191.7) |
Prepaid and other assets | (342.6) | (196.1) | (33.2) |
Deferred rent asset | (472.0) | (499.8) | (465.6) |
Right-of-use asset and Operating lease liability, net | (103.7) | (9.3) | (32.7) |
Accounts payable and accrued expenses | (11.9) | (48.2) | 33.2 |
Accrued interest | 128.6 | 6.6 | 42.9 |
Unearned revenue | (43.4) | (818.9) | 743.8 |
Other non-current liabilities | 65.6 | 25.1 | 5.4 |
Cash provided by operating activities | 4,722.4 | 3,696.2 | 4,819.9 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for purchase of property and equipment and construction activities | (1,798.1) | (1,873.6) | (1,376.7) |
Payments for acquisitions, net of cash acquired | (168.0) | (549.0) | (19,303.9) |
Proceeds from sales of short-term investments and other non-current assets | 17.3 | 19.6 | 14.3 |
Payment for investments in equity securities | 0.0 | 0.0 | (25.0) |
Deposits and other | 253.3 | 47.8 | (0.9) |
Cash used for investing activities | (1,695.5) | (2,355.2) | (20,692.2) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from short-term borrowings, net | 148.7 | 28.8 | 0.0 |
Borrowings under credit facilities | 6,120.0 | 4,190.0 | 12,856.9 |
Proceeds from issuance of senior notes, net | 5,678.3 | 1,293.6 | 6,761.6 |
Proceeds from term loans | 0.0 | 0.0 | 7,347.0 |
Proceeds from issuance of securities in securitization transaction | 1,300.0 | 0.0 | 0.0 |
Repayments of notes payable, credit facilities, senior notes, secured debt, short-term borrowings, term loans and finance leases | (13,230.3) | (9,625.5) | (13,178.1) |
Contributions from noncontrolling interest holders | 4.1 | 3,120.8 | 3,078.2 |
Distributions to noncontrolling interest holders | (46.5) | (10.9) | (223.2) |
Purchases of common stock | 0.0 | (18.8) | 0.0 |
Proceeds from stock options and employee stock purchase plan | 22.1 | 32.4 | 96.8 |
Distributions paid on common stock | (2,949.3) | (2,630.4) | (2,271.0) |
Proceeds from the issuance of common stock, net | 0.0 | 2,291.7 | 2,361.8 |
Payment for early retirement of long-term obligations | 0.0 | 0.0 | (74.0) |
Deferred financing costs and other financing activities | (144.5) | (94.9) | (155.8) |
Purchases of redeemable noncontrolling interests | 0.0 | 0.0 | (175.7) |
Cash (used for) provided by financing activities | (3,097.4) | (1,423.2) | 16,424.5 |
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | 23.2 | (120.4) | (70.3) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH | (47.3) | (202.6) | 481.9 |
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 2,140.7 | 2,343.3 | 1,861.4 |
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | $ 2,093.4 | $ 2,140.7 | $ 2,343.3 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business—American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The Company’s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting (“AZP”), structural and mount analyses and construction management, which primarily support the Company’s site leasing business, including the addition of new tenants and equipment on its sites. The Company’s customers include its tenants, licensees and other payers. The Company’s portfolio primarily consists of towers that it owns and towers that it operates pursuant to long-term lease arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in its portfolio, the Company manages rooftop and tower sites for property owners under various contractual arrangements. The Company also holds other telecommunications infrastructure, fiber and property interests that it leases primarily to communications service providers and third-party tower operators and holds a portfolio of highly interconnected data center facilities and related assets in the United States that the Company provides for the leasing of space primarily to enterprises, network operators, cloud providers and supporting service providers. American Tower Corporation is a holding company that conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations primarily through its subsidiary, American Tower International, Inc., which in turn conducts operations through its various international holding and operating subsidiaries and joint ventures. The Company operates as a real estate investment trust for U.S. federal income tax purposes (“REIT”). Accordingly, the Company generally is not required to pay U.S. federal income taxes on income generated by its REIT operations, including the income derived from leasing space on its towers and in its data centers, as it receives a dividends paid deduction for distributions to stockholders that offsets its REIT taxable income and gains. However, the Company remains obligated to pay U.S. federal income taxes on earnings from its domestic taxable REIT subsidiaries (“TRSs”). In addition, the Company’s international assets and operations, regardless of their classification for U.S. tax purposes, continue to be subject to taxation in the jurisdictions where those assets are held or those operations are conducted. The use of TRSs enables the Company to continue to engage in certain businesses and jurisdictions while complying with REIT qualification requirements. The Company may, from time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2023, the Company’s REIT-qualified businesses included its U.S. tower leasing business, a majority of its U.S. indoor DAS networks business, its Services and Data Centers segments, as well as most of its operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa and Uganda. Principles of Consolidation and Basis of Presentation—The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. As of December 31, 2023, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defined in note 15) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd. (“Confidence Group”) holds the noncontrolling interest) and (iii) a common equity interest of approximately 72% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 15) holds approximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of December 31, 2023, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 15 for a discussion of changes to the Company’s noncontrolling interests during the years ended December 31, 2023 and 2022. Sale of Mexico Fiber— On March 29, 2023, the Company completed the sale of one of its subsidiaries in Mexico that held fiber assets (“Mexico Fiber”) for total consideration of $252.5 million, resulting in a loss on the sale of $80.0 million, which was included in in the accompanying consolidated statements of operations. As a result of the transaction, the Company disposed of $20.7 million of goodwill based on the relative fair value of Mexico Fiber and the portion of the applicable goodwill reporting unit that was retained. Prior to the divestiture, Mexico Fiber’s operating results were included within the Latin America property segment. The divestiture did not qualify for presentation as a discontinued operation. Sale of Poland Subsidiary—On May 31, 2023, the Company completed the sale of its subsidiary in Poland (“ATC Poland”) for total consideration of 6.7 million EUR (approximately $7.2 million at the date of closing), resulting in a gain on the sale of $1.1 million, which was included in Other operating expenses in the accompanying consolidated statements of operations. Prior to the divestiture, ATC Poland’s operating results were included within the Europe property segment. The divestiture did not qualify for presentation as a discontinued operation. Reportable Segments—The Company reports its results in seven segments – U.S. & Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 20. Significant Accounting Policies and Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying consolidated financial statements. The significant estimates in the accompanying consolidated financial statements include impairment of long-lived assets (including goodwill), revenue recognition, rent expense and lease accounting, income taxes and accounting for business combinations and acquisitions of assets. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure. Accounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of customers in the telecommunications industry, and 45% of its current-year revenues are derived from three customers. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease for which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of collection are reserved as bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a customer’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances or reserves when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows:
Functional Currency—The functional currency of each of the Company’s foreign operating subsidiaries is normally the respective local currency, except for Costa Rica and Argentina, where the functional currency is the U.S. Dollar. All foreign currency assets and liabilities held by the subsidiaries are translated into U.S. Dollars at the exchange rate in effect at the end of the applicable fiscal reporting period and all foreign currency revenues and expenses are translated at the average monthly exchange rates. Translation adjustments are reflected in equity as a component of Accumulated other comprehensive loss (“AOCL”) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated statements of comprehensive income. Gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income. The Company recorded the following net foreign currency (gains) losses:
Adoption of Highly Inflationary Accounting in Ghana—The Ghanaian economy was deemed to be highly inflationary and, as a result, the Company will adopt highly inflationary accounting as of January 1, 2024 for its subsidiary in Ghana. Under highly inflationary accounting, the functional currency of its subsidiary in Ghana will become the U.S. Dollar. All monetary and non-monetary assets and liabilities will be remeasured at the U.S. Dollar to Ghanaian Cedis exchange rate of 1 to 11.95 as of December 31, 2023. These amounts will become the new basis for those assets and liabilities as of January 1, 2024. Non-monetary assets and liabilities, as well as the corresponding income statement activities such as depreciation, amortization and equity, will continue to be measured at the historical exchange rate on December 31, 2023. Gains and losses on foreign currency arising in connection with the remeasurement of local currency denominated monetary assets and liabilities for foreign operating subsidiaries in economies that are deemed to be highly inflationary are reflected in Other expense in the consolidated statements of operations. This change is not expected to have a material impact on the Company’s financial statements, as Ghana’s assets and revenue are approximately 1% and 1% of consolidated assets and revenue, respectively. Cash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high-quality financial institutions and monitors the credit ratings of those institutions. Restricted Cash—Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions. The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
Restricted cash as of December 31, 2021 included advance payments from a customer. Property and Equipment—Property and equipment is recorded at cost or, in the case of acquired properties, at estimated fair value on the date acquired. Cost for self-constructed sites includes direct materials and labor and certain indirect costs associated with construction of the site, such as transportation costs, employee benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction period, which is the period during which costs are incurred to evaluate the site, and continues to capitalize costs until the site is substantially completed and ready for occupancy by a customer. Labor and related costs capitalized for the years ended December 31, 2023, 2022 and 2021 were $64.4 million, $65.2 million and $59.4 million, respectively. Expenditures for repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s useful life or enhance capacity are capitalized. Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives. Towers and assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the term of the corresponding ground lease and residual value. Towers or assets acquired through finance leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease. Property and equipment and assets held under finance leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years. The Company reviews its asset portfolio for indicators of impairment on an individual site basis. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. The Company is in the process of finalizing its review of the estimated useful lives of its tower assets. The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist the Company in completing this review and analysis. The Company currently depreciates its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company has historically estimated to be 20 years. Additionally, certain of the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. If the Company concludes that a revision in the estimated useful lives of its tower assets is appropriate based on its review and analysis, which the Company expects to conclude in 2024, the Company will account for any changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in an estimated (i) $700 million to $800 million decrease in depreciation and amortization for the year ended December 31, 2024 and (ii) $450 million to $550 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability. Goodwill and Other Intangible Assets—The Company reviews goodwill for impairment at least annually (as of December 31) or whenever events or circumstances indicate the carrying value of an asset may not be recoverable. Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. The Company employs a discounted cash flow analysis when testing goodwill for impairment. The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal revenue growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate. The Company compares the fair value of the reporting unit, as calculated under an income approach using future discounted cash flows, to the carrying amount of the applicable reporting unit. If the carrying amount exceeds the fair value, an impairment loss would be recognized for the amount of the excess. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. During the year ended December 31, 2023, the Company concluded that a triggering event occurred with respect to its India reporting unit. As a result, the Company performed a goodwill impairment test based on information observed during its review of strategic alternatives for this reporting unit. The result of the Company’s goodwill impairment test indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value. As a result, the Company recorded a goodwill impairment charge of $322.0 million during the quarter ended September 30, 2023. The Company also performed its annual goodwill impairment test as of December 31, 2023. The results of the annual goodwill impairment test indicated that the carrying amount of the Company’s Spain reporting unit exceeded its estimated fair value. As a result, the Company recorded a goodwill impairment charge of $80.0 million. The goodwill impairment charges are recorded in Goodwill impairment in the accompanying consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, no other goodwill impairment was identified, as the fair value of each of the reporting units was in excess of its carrying amount. Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from to twenty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company reviews its network location intangible assets for indicators of impairment on an individual tower basis. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company monitors its tenant-related intangible assets on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, the customer’s ability to meet its contractual obligations, non-renewal of a significant number of contracts or the cancellation or termination of a relationship. The Company assesses recoverability by determining whether the carrying amount of the related assets will be recovered primarily through projected undiscounted future cash flows. If the Company determines that the carrying amount of an asset may not be recoverable, the Company measures any impairment loss based on the projected future discounted cash flows to be provided from the asset or available market information relative to the asset’s fair value, as compared to the asset’s carrying amount. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. Fair Value Measurements—The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Asset Retirement Obligations—When required, the Company recognizes the fair value of obligations to remove its assets and remediate the leased space upon which certain of its assets are located. Generally, the associated retirement costs are capitalized as part of the carrying amount of the related assets and depreciated over their estimated useful lives and the liability is accreted through the obligation’s estimated settlement date. Fair value estimates of asset retirement obligations generally involve discounting of estimated future cash flows associated with remediation costs. Periodic accretion of such liabilities due to the passage of time is included in Depreciation, amortization and accretion expense in the consolidated statements of operations. Adjustments are also made to the asset retirement obligation liability to reflect changes in the estimates of timing and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of asset removals; cost of asset removals; timing and number of site lease renewals; expected inflation rates; and credit-adjusted, risk-free interest rates that approximate the Company’s incremental borrowing rate. The Company is in the process of finalizing its review of the estimated settlement dates for its asset retirement obligations. The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimated settlement dates based on its historical operating experience, management’s intent with respect to the assets, and the assets’ estimated useful lives. The Company expects to complete its review of estimated settlement dates in the first quarter of 2024. If the Company concludes that a revision in the estimated settlement dates for its asset retirement obligations is appropriate based on its review and analysis, the Company will account for any changes in the estimated settlement dates as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated settlement dates may be extended. The extension in the estimated settlement dates would result in an estimated (i) $400 million to $500 million increase in the asset retirement obligation liability, with an offsetting adjustment made to the related long-lived tangible asset, (ii) $800 million to $900 million increase in the estimated undiscounted future cash outlay for asset retirement obligations, and (iii) $50 million to $100 million decrease in estimated accretion expense for the year ended December 31, 2024. Income Taxes—As a REIT, the Company generally is not subject to U.S. federal income taxes on income generated by its REIT operations as it receives a dividends paid deduction for distributions to stockholders that generally offsets its REIT income and gains. However, the Company remains obligated to pay U.S. federal income taxes on certain earnings and continues to be subject to taxation in its foreign jurisdictions. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically reviews its deferred tax assets, and provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances would be reversed as a reduction to the provision for income taxes if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability. The Company estimates the liabilities from uncertain tax positions, which are recorded in Other non-current liabilities in the consolidated balance sheet, unless expected to be paid within one year. The Company reports penalties and tax-related interest expense as a component of the income tax provision and interest income from tax refunds as a component of Interest income in the consolidated statements of operations. Other Comprehensive Income (Loss)—Other comprehensive income (loss) refers to items excluded from net income that are recorded as an adjustment to equity, net of tax. The Company’s other comprehensive income (loss) primarily consisted of changes in fair value of effective derivative cash flow hedges, foreign currency translation adjustments, reclassification of unrealized losses on effective derivative cash flow hedges and other items. The AOCL balance included accumulated foreign currency translation losses of $5.7 billion, $5.7 billion and $4.7 billion as of December 31, 2023, 2022 and 2021, respectively. Distributions—As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). Generally, the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxable income after taking into consideration its utilization of net operating losses (“NOLs”). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will depend upon various factors, a number of which may be beyond the Company’s control, including the Company’s financial condition and operating cash flows, the amount required to maintain its qualification for taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and future debt and preferred equity instruments, the Company’s ability to utilize NOLs to offset the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant. Acquisitions—For acquisitions that meet the definition of a business combination, the Company applies the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. All other acquisitions are accounted for as asset acquisitions and the purchase price is allocated to the net assets acquired with no recognition of goodwill. The purchase price is not subsequently adjusted. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset taking into consideration such factors as age, condition and the economic useful life and productive capacity of the asset. When determining the fair value of intangible assets acquired and liabilities assumed, the Company must estimate the timing and amount of future cash flows, including rate and terms of renewal and attrition, and apply the applicable discount rate. Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located, land underlying our customers’ sites and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to DAS networks and fiber and other related assets results from agreements with customers that are generally not accounted for as leases. The Company’s revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease arrangements, is reported on a straight-line basis over the term of the respective leases when collectibility is probable. Escalation clauses tied to a consumer price index (“CPI”), or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded from the straight-line calculation. Total property straight-line revenues for the years ended December 31, 2023, 2022 and 2021 were $472.0 million, $499.8 million and $465.6 million, respectively. Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. Services revenue—The Company offers tower-related services in the United States. These services include AZP, structural and mount analyses, and construction management. There is a single performance obligation related to AZP and construction management, and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural and mount analyses services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed. Some of the Company’s contracts with customers contain multiple performance obligations. For these arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is typically based on the price charged to customers. Since most of the Company’s contracts are leases, costs to enter into lease arrangements are capitalized under the applicable lease accounting guidance. Costs incurred to obtain non-lease contracts that are capitalized primarily relate to DAS networks and are not material to the consolidated financial statements. The Company has excluded sales tax, value added tax and similar taxes from non-lease revenue. Revenue is disaggregated by geography in a manner consistent with the Company’s business segments, which are discussed further in note 20. A summary of revenue disaggregated by source and geography is as follows:
Information about non-lease receivables, contract assets and contract liabilities from contracts with customers is as follows:
_______________ (1) Includes capital contributions related to DAS networks. The Company records unearned revenue when payments are received from customers in advance of the completion of the Company’s performance obligations. Long-term unearned revenue is included in Other non-current liabilities. During the year ended December 31, 2023, the Company recognized $143.6 million of revenue that was previously included in the contract liabilities balances, primarily arising from balances as of December 31, 2022. The Company records unbilled receivables, which are included in Prepaids and other current assets, when it has completed a performance obligation prior to its ability to bill under the customer arrangement. Other contract assets are included in Notes receivable and other non-current assets. The Company recorded an immaterial change in unbilled receivables attributable to non-lease property revenue recognized during each of the years ended December 31, 2023 and 2022. The change in contract assets attributable to revenue recognized during the years ended December 31, 2023 and 2022 was $0.6 million and $(0.3) million, respectively. The Company does not disclose the value of unsatisfied performance obligations for agreements (i) with an original expected length of one year or less or (ii) for which it recognizes revenue at the amount to which it has the right to invoice for services performed. Lease Accounting and Rent Expense—The Company accounts for leases using a right-of-use model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. The lessee also recognizes a corresponding right-of-use asset related to this right. The Company recognizes a right-of-use lease asset and lease liability for operating and finance leases. The right-of-use asset is measured as the sum of the lease liability, prepaid or accrued lease payments, any initial direct costs incurred and any other applicable amounts. The Company reviews its right-of-use assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company reviews its right-of-use assets for indicators of impairment at the lowest level of identifiable cash flows, as part of its asset portfolio. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. The calculation of the lease liability requires the Company to make certain assumptions for each lease, including lease term and discount rate implicit in each lease, which could significantly impact the gross lease obligation, the duration and the present value of the lease liability. When calculating the lease term, the Company considers the renewal, cancellation and termination rights available to the Company and the lessor. The Company determines the discount rate by calculating the incremental borrowing rate on a collateralized basis at the commencement of a lease or upon a change in the lease term. Many of the leases underlying the Company’s sites have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable by the Company over time. In addition, certain of the Company’s tenant leases require the Company to exercise available renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. The Company’s calculation of the lease liability includes the term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to the Company such that renewal appears to be reasonably assured. The straight-line component of ground rent expense for the years ended December 31, 2023, 2022 and 2021 was $30.2 million, $39.6 million and $52.7 million, respectively. Selling, General, Administrative and Development Expense—Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corporate overhead costs not specifically allocable to any of the Company’s individual business operations. Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs. Stock-Based Compensation—Stock-based compensation expense is measured at the accounting measurement date based on the fair value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period. The Company provides for accelerated vesting and extended exercise periods of stock options and restricted stock units upon an employee’s death or permanent disability, or upon an employee’s qualified retirement, provided certain eligibility criteria are met. Accordingly, the Company recognizes compensation expense for stock options and time-based restricted stock units (“RSUs”) over the shorter of (i) the vesting period or (ii) the period from the date of grant to the date the employee becomes eligible for such benefits due to death, disability or qualified retirement, which may occur upon grant. The expense recognized includes the impact of forfeitures as they occur. Equity awards typically vest ratably. Awards of RSUs and stock options granted prior to March 10, 2023 generally vest over four years. In December 2022, the Company’s Compensation Committee changed the terms of its awards to generally vest over three years. The change in vesting terms is applicable for new awards granted beginning on March 10, 2023 and does not change the vesting terms applicable to grants awarded prior to March 10, 2023. The Company grants performance-based restricted stock units (“PSUs”) to its executive officers. Threshold, target and maximum parameters are established for a three-year performance period at the time of grant. The metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200% of the target amounts. The Company recognizes compensation expense for PSUs over the three-year vesting period, subject to adjustment based on the date the employee becomes eligible for retirement benefits as well as performance relative to grant parameters. The fair value of stock options is determined using the Black-Scholes option-pricing model and the fair value of RSUs and PSUs is based on the fair value of the Company’s common stock on the date of grant. The Company recognizes all stock-based compensation expense in Selling, general, administrative and development expense. In connection with the vesting of restricted stock units, the Company withholds from issuance a number of shares of common stock to satisfy certain employee tax withholding obligations arising from such vesting. The shares withheld are considered constructively retired. The Company recognizes the fair value of the shares withheld in Additional paid-in capital on the consolidated balance sheets. As of December 31, 2023, the Company has withheld from issuance an aggregate of 3.0 million shares, including 0.2 million shares related to the vesting of restricted stock units during the year ended December 31, 2023. Litigation Costs—The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. The Company regularly monitors the status of pending legal actions to evaluate both the magnitude and likelihood of any potential loss. The Company accrues for these potential losses when it is probable that a liability has been incurred and the amount of loss, or possible range of loss, can be reasonably estimated. Should the ultimate losses on contingencies or litigation vary from estimates, adjustments to those liabilities may be required. The Company also incurs legal costs in connection with these matters and records estimates of these expenses, which are reflected in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Earnings Per Common Share—Basic and Diluted—Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuable upon the vesting of RSUs and exercise of stock options and (B) shares expected to be earned upon the achievement of the parameters established for PSUs, each to the extent not anti-dilutive. The Company uses the treasury stock method to calculate the effect of its outstanding RSUs, PSUs and stock options. Retirement Plan—The Company has a 401(k) plan covering nearly all eligible employees who meet certain age and employment requirements. For the years ended December 31, 2023, 2022 and 2021, the Company matched 100% of the first 5% of a participant's contributions. For the years ended December 31, 2023, 2022 and 2021, the Company contributed $16.4 million, $16.9 million and $14.9 million to the plan, respectively. Accounting Standards Updates—In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued guidance which requires public entities to provide enhanced income tax disclosures on an annual basis. The new guidance requires an expanded rate reconciliation and the disaggregation of cash taxes paid by U.S. federal, U.S. state and foreign jurisdictions. The updated guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
|
PREPAID AND OTHER CURRENT ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREPAID AND OTHER CURRENT ASSETS | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets consisted of the following:
(1) Includes the VIL OCDs (as defined and further discussed in note 11).
|
PROPERTY AND EQUIPMENT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment (including assets held under finance leases) consisted of the following:
_______________ (1) Assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the corresponding ground lease term and residual value. (2) Includes fiber, DAS and data center related assets. (3) Estimated useful lives apply to improvements only. Total depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $1.5 billion, $1.6 billion and $1.0 billion, respectively. Depreciation expense includes amounts related to finance lease assets for the years ended December 31, 2023, 2022 and 2021 of $138.5 million, $145.4 million and $146.8 million, respectively. Information about finance lease-related balances is as follows:
(1) As of December 31, 2022, included $23.1 million of finance lease-related equipment assets associated with Mexico Fiber, which was sold during the year ended December 31, 2023.
|
LEASES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor—The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on or in the Company’s communications real estate assets. The Company’s lease arrangements with its tenants for its communications sites vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the United States may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. In addition, the Company provides power to its data center customers, which is passed through, or otherwise charged, to customers pursuant to the terms of the customer power arrangement. Customer power arrangements are coterminous with such customer’s underlying lease and have the same pattern of transfer over the lease term. This performance obligation is generally satisfied over time for the duration of the lease. Fixed power revenue is recognized each month over the term of the lease. For variable power arrangements, the Company recognizes revenue each month as the uncertainty related to the consideration is resolved. The Company typically has more than one tenant on a site and, by performing ordinary course repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications infrastructure assets are depreciated over their estimated useful lives, which generally do not exceed twenty years. As of December 31, 2023, the Company does not have any material related party leases as a lessor. To the extent there are any intercompany leases, these are eliminated in consolidation. The Company generally does not enter into sales-type leases or direct financing leases. If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of December 31, 2023, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of December 31, 2023, Other current assets and Other non-current assets include $31.8 million and $345.7 million, respectively, for lease incentives. In addition, the Company’s leases do not include any lessee purchase options. Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of December 31, 2023, were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2) Balances represent contractual amounts owned with no adjustments made for expected collectibility. Lessee—The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on or in its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease as a component of rent expense. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the United States, in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 18. The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally twenty years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $6.7 million, $8.1 million and $3.3 million, respectively, of impairment expense related to these assets. As of December 31, 2023, the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of December 31, 2023, operating lease assets were included in Right-of-use asset and were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances is as follows:
As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain of being exercised taking into consideration the economic and other factors noted above. The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost for the years ended December 31,:
_______________ (1) Primarily includes property tax paid on behalf of the landlord. The interest expense on finance lease liabilities was $1.1 million, $1.1 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Assets held under finance leases are recorded in property and equipment and are depreciated over the lesser of the remaining lease term or the remaining useful life. Supplemental cash flow information is as follows for the years ended December 31,:
_______________ (1) Amount includes new operating leases and leases acquired in connection with acquisitions. For the year ended December 31, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 6). As of December 31, 2023, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor—The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on or in the Company’s communications real estate assets. The Company’s lease arrangements with its tenants for its communications sites vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the United States may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. In addition, the Company provides power to its data center customers, which is passed through, or otherwise charged, to customers pursuant to the terms of the customer power arrangement. Customer power arrangements are coterminous with such customer’s underlying lease and have the same pattern of transfer over the lease term. This performance obligation is generally satisfied over time for the duration of the lease. Fixed power revenue is recognized each month over the term of the lease. For variable power arrangements, the Company recognizes revenue each month as the uncertainty related to the consideration is resolved. The Company typically has more than one tenant on a site and, by performing ordinary course repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications infrastructure assets are depreciated over their estimated useful lives, which generally do not exceed twenty years. As of December 31, 2023, the Company does not have any material related party leases as a lessor. To the extent there are any intercompany leases, these are eliminated in consolidation. The Company generally does not enter into sales-type leases or direct financing leases. If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of December 31, 2023, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of December 31, 2023, Other current assets and Other non-current assets include $31.8 million and $345.7 million, respectively, for lease incentives. In addition, the Company’s leases do not include any lessee purchase options. Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of December 31, 2023, were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2) Balances represent contractual amounts owned with no adjustments made for expected collectibility. Lessee—The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on or in its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease as a component of rent expense. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the United States, in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 18. The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally twenty years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $6.7 million, $8.1 million and $3.3 million, respectively, of impairment expense related to these assets. As of December 31, 2023, the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of December 31, 2023, operating lease assets were included in Right-of-use asset and were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances is as follows:
As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain of being exercised taking into consideration the economic and other factors noted above. The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost for the years ended December 31,:
_______________ (1) Primarily includes property tax paid on behalf of the landlord. The interest expense on finance lease liabilities was $1.1 million, $1.1 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Assets held under finance leases are recorded in property and equipment and are depreciated over the lesser of the remaining lease term or the remaining useful life. Supplemental cash flow information is as follows for the years ended December 31,:
_______________ (1) Amount includes new operating leases and leases acquired in connection with acquisitions. For the year ended December 31, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 6). As of December 31, 2023, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company determines if an arrangement is a lease at the inception of the agreement. The Company considers an arrangement to be a lease if it conveys the right to control the use of the communications infrastructure or ground space underneath communications infrastructure for a period of time in exchange for consideration. The Company is both a lessor and a lessee. Lessor—The Company is a lessor in most of its revenue arrangements, as property revenue is derived from tenant leases of specifically-identified, physically distinct space on or in the Company’s communications real estate assets. The Company’s lease arrangements with its tenants for its communications sites vary depending upon the region and the industry of the tenant and generally have initial non-cancellable terms of to ten years with multiple renewal terms. The leases also contain provisions that periodically increase the rent due, typically annually, based on a fixed escalation percentage or an inflationary index, or a combination of both. The Company structures its leases to include financial penalties if a tenant terminates the lease, which serve to disincentivize tenants from terminating the lease prior to the expiration of the lease term. The Company’s leasing arrangements outside of the United States may require that the Company provide power to the communications site through an electrical grid connection, diesel fuel generators or other sources and permit the Company to pass through the costs of, or otherwise charge for, these services. Many arrangements require that the communications site has power for a specified percentage of time. In most cases, if delivery of power falls below the specified service level, a corresponding reduction in revenue is recorded. The Company has determined that this performance obligation is satisfied over time for the duration of the lease. In addition, the Company provides power to its data center customers, which is passed through, or otherwise charged, to customers pursuant to the terms of the customer power arrangement. Customer power arrangements are coterminous with such customer’s underlying lease and have the same pattern of transfer over the lease term. This performance obligation is generally satisfied over time for the duration of the lease. Fixed power revenue is recognized each month over the term of the lease. For variable power arrangements, the Company recognizes revenue each month as the uncertainty related to the consideration is resolved. The Company typically has more than one tenant on a site and, by performing ordinary course repair and maintenance work, can often lease a site, either through renewing existing agreements or leasing to new tenants, for periods beyond the existing tenant lease term. Accordingly, the Company has minimal risk with respect to the residual value of its leased assets. Communications infrastructure assets are depreciated over their estimated useful lives, which generally do not exceed twenty years. As of December 31, 2023, the Company does not have any material related party leases as a lessor. To the extent there are any intercompany leases, these are eliminated in consolidation. The Company generally does not enter into sales-type leases or direct financing leases. If incentives are present in the Company’s leases, they are evaluated to determine proper treatment and, to the extent present, are recorded in Other current assets and Other non-current assets in the consolidated balance sheets and amortized on a straight line basis over the corresponding lease term as a non-cash reduction to revenue. As of December 31, 2023, the remaining weighted average amortization period of the Company’s lease incentives was 10 years. As of December 31, 2023, Other current assets and Other non-current assets include $31.8 million and $345.7 million, respectively, for lease incentives. In addition, the Company’s leases do not include any lessee purchase options. Historically, the Company has been able to successfully renew its applicable leases as needed to ensure continuation of its revenue. Accordingly, the Company assumes that it will have access to the communications infrastructure or ground space underlying its sites when calculating future minimum rental receipts through the end of the respective terms. Future minimum rental receipts expected under non-cancellable operating lease agreements as of December 31, 2023, were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2) Balances represent contractual amounts owned with no adjustments made for expected collectibility. Lessee—The Company enters into arrangements as a lessee primarily for ground space underneath its communications sites. These arrangements are typically long-term lease agreements with initial non-cancellable terms of approximately to ten years with one or more automatic or exercisable renewal periods and specified increases in lease payments upon exercise of the renewal options. The Company typically exercises its ground lease renewal options in order to provide ongoing tenant space on or in its communications sites through the end of the tenant lease term. Escalation clauses present in operating leases, excluding those tied to CPI or other inflation-based indices, are recognized on a straight-line basis over the estimated lease term of the applicable lease as a component of rent expense. Additionally, the escalations tied to CPI or another inflation-based index are considered variable lease payments. In certain circumstances, the Company enters into revenue sharing arrangements with the ground space owner, which results in variability in lease payments. In most markets outside of the United States, in the event there are no tenants on the communications site, the Company generally has unilateral termination rights and in certain situations, the lease is structured to allow for termination by the Company with minimal or no penalties. Ground lease arrangements usually include annual escalations and do not contain any residual value guarantees or restrictions on dividends, other financial obligations or other similar terms. The Company has entered into certain transactions whereby at the end of a lease, sublease or similar arrangement, the Company has the option to purchase the corresponding communications sites. These transactions are further described in note 18. The Company’s lease liability is the present value of the remaining minimum rental payments to be made over the remaining lease term, including renewal options reasonably certain to be exercised. The Company also considers termination options and factors those into the determination of lease payments when appropriate. To determine the lease term, the Company considers all renewal periods that are reasonably certain to be exercised, taking into consideration all economic factors, including the communications site’s estimated economic life (generally twenty years) and the respective lease terms of the Company’s tenants under the existing lease arrangements on such site. The Company assesses its right-of-use asset and other lease-related assets for impairment, as described in note 1. During the years ended December 31, 2023, 2022 and 2021, the Company recorded $6.7 million, $8.1 million and $3.3 million, respectively, of impairment expense related to these assets. As of December 31, 2023, the Company does not have any material related party leases as a lessee. The Company does not have any sale-leaseback arrangements as lessee and typically does not enter into leveraged leases. The Company leases certain land, buildings, equipment and office space under operating leases and land and improvements, towers, equipment and vehicles under finance leases. As of December 31, 2023, operating lease assets were included in Right-of-use asset and were included in Property and equipment, net in the consolidated balance sheet. Information about other lease-related balances is as follows:
As most of the Company’s leases do not specifically state an implicit rate, the Company uses a market-specific incremental borrowing rate consistent with the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain of being exercised taking into consideration the economic and other factors noted above. The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost for the years ended December 31,:
_______________ (1) Primarily includes property tax paid on behalf of the landlord. The interest expense on finance lease liabilities was $1.1 million, $1.1 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Assets held under finance leases are recorded in property and equipment and are depreciated over the lesser of the remaining lease term or the remaining useful life. Supplemental cash flow information is as follows for the years ended December 31,:
_______________ (1) Amount includes new operating leases and leases acquired in connection with acquisitions. For the year ended December 31, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 6). As of December 31, 2023, the Company does not have material operating or financing leases that have not yet commenced. Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
|
GOODWILL AND OTHER INTANGIBLE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying value of goodwill for each of the Company’s business segments were as follows:
_______________ (1) Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition (as defined in note 6) . Data Centers consists of measurement period adjustments related to the CoreSite Acquisition (as defined in note 6). (2) Other represents the goodwill associated with certain operations acquired in connection with the acquisition of InSite Wireless Group, LLC (the “InSite Acquisition”). These business operations were sold during the year ended December 31, 2022. (3) Other represents the goodwill associated with Mexico Fiber, which was sold during the year ended December 31, 2023. (4) Includes $322.0 million and $80.0 million of goodwill impairments associated with the India and Spain reporting units, respectively. Goodwill Impairments The Company reviews goodwill for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable, as further discussed in note 1. The Company concluded that a triggering event occurred during the year ended December 31, 2023 with respect to its India reporting unit primarily due to indications of value received from third parties in connection with the Company’s review of various strategic alternatives for its India operations, which concluded in the Pending ATC TIPL Transaction (as defined in note 22) in January 2024. As a result, the Company performed a goodwill impairment test using, among other things, the information obtained from third parties to compare the estimated fair value of the India reporting unit to its carrying amount, including goodwill. The result of the Company’s goodwill impairment test indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value. As a result, the Company recorded a goodwill impairment charge of $322.0 million. The Company also performed its annual goodwill impairment test as of December 31, 2023. The results of the annual goodwill impairment test indicated that the carrying amount of the Company’s Spain reporting unit exceeded its estimated fair value, as calculated under an income approach using future discounted cash flows. As a result, the Company recorded a goodwill impairment charge of $80.0 million. The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal revenue growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate. The reduction in the fair value of the Spain reporting unit was primarily due to an increase in the weighted average cost of capital. The goodwill impairment charges are recorded in Goodwill impairment in the accompanying consolidated statements of operations. The Company’s other intangible assets subject to amortization consisted of the following:
_______________ (1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, generally up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired tower communications infrastructure. The acquired tenant-related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals. Other intangibles represent the value of acquired licenses, trade name and in place leases. In place lease value represents the fair value of costs avoided in securing data center customers, including vacancy periods, legal costs and commissions. In place lease value also includes assumptions on similar costs avoided upon the renewal or extension of existing leases on a basis consistent with occupancy assumptions used in the fair value of other assets. The Company amortizes its acquired intangible assets on a straight-line basis over their estimated useful lives. As of December 31, 2023, the remaining weighted average amortization period of the Company’s intangible assets was 15 years. Amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021 was $1.4 billion, $1.7 billion and $1.2 billion, respectively. Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years:
|
ACQUISITIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS The Company evaluates each of its acquisitions under the accounting guidance framework to determine whether to treat an acquisition as an asset acquisition or a business combination. For those transactions treated as asset acquisitions, the purchase price is allocated to the assets or rights acquired and liabilities assumed, with no recognition of goodwill. For those transactions treated as business combinations, the estimates of the fair value of the assets or rights acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). The fair value of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. While the Company believes that such preliminary estimates provide a reasonable basis for estimating the fair value of assets acquired and liabilities assumed, it evaluates any necessary information prior to finalization of the fair value. During the measurement period for those acquisitions accounted for as business combinations, the Company will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the revised estimated values of those assets or liabilities as of that date. Impact of current year acquisitions—The Company typically acquires communications sites and other communications infrastructure assets from wireless carriers or other tower operators and subsequently integrates those sites and related assets into its existing portfolio of communications sites and related assets. In the United States, acquisitions may also include data center facilities and related assets. The financial results of the Company’s acquisitions have been included in the Company’s consolidated statements of operations for the year ended December 31, 2023 from the date of the respective acquisition. The date of acquisition, and by extension the point at which the Company begins to recognize the results of an acquisition, may depend on, among other things, the receipt of contractual consents, the commencement and extent of leasing arrangements and the timing of the transfer of title or rights to the assets, which may be accomplished in phases. Communications sites acquired from communications service providers may never have been operated as a business and may instead have been utilized solely by the seller as a component of its network infrastructure. An acquisition may or may not involve the transfer of business operations or employees. For those acquisitions accounted for as business combinations, the Company recognizes acquisition and merger related expenses in the period in which they are incurred and services are received; for transactions accounted for as asset acquisitions, these costs are capitalized as part of the purchase price. Acquisition, disposition and merger related costs may include finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees and general administrative costs directly related to completing the transaction. Integration costs include incremental and non-recurring costs necessary to convert data and systems, retain employees and otherwise enable the Company to operate acquired businesses or assets efficiently. The Company records acquisition, disposition and merger related expenses not subject to capitalization, as well as integration costs for all transactions, in Other operating expenses in the consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company recorded acquisition, disposition and merger related expenses for business combinations, dispositions and non-capitalized asset acquisition costs and integration costs as follows:
During the years ended December 31, 2023, 2022 and 2021, the Company recorded net benefits of $10.3 million, $15.1 million and $17.6 million related to pre-acquisition contingencies and settlements, respectively. The year ended December 31, 2022 included acquisition and merger related costs associated with the Stonepeak Transaction (as defined in note 15). The year ended December 31, 2021 included acquisition and merger related costs associated with the Telxius Acquisition and the CoreSite Acquisition (each as defined below). 2023 Transactions The estimated aggregate impact of the acquisitions completed in 2023 on the Company’s revenues and gross margin for the year ended December 31, 2023 was not material to the Company’s operating results. Acquisitions completed in 2023 were included in the applicable Company property segments. Other Acquisitions—During the year ended December 31, 2023, the Company acquired a total of 159 communications sites, as well as other communications infrastructure assets, in the United States, Canada, France, Poland and Spain for an aggregate purchase price of $109.4 million. Of the aggregate purchase price, $30.8 million, inclusive of value-added tax, is reflected as a payable in the consolidated balance sheet as of December 31, 2023. These acquisitions were accounted for as asset acquisitions and are included in the table below in “Other.” The following table summarizes the allocations of the purchase prices for the fiscal year 2023 acquisitions based upon their estimated fair value at the date of acquisition:
(1) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets. In addition to the acquisitions discussed above, during the year ended December 31, 2023, the Company purchased 59 towers in connection with the AT&T transaction described in note 18 for an aggregate purchase price of $40.9 million. Telxius and CoreSite Acquisitions Telxius Acquisition—On January 13, 2021, the Company entered into two agreements with Telxius Telecom, S.A. (“Telxius”), a subsidiary of Telefónica, S.A., pursuant to which the Company agreed to acquire Telxius’ European and Latin American tower divisions, comprising approximately 31,000 communications sites in Argentina, Brazil, Chile, Germany, Peru and Spain, for approximately 7.7 billion EUR (approximately $9.4 billion at the date of signing) (the “Telxius Acquisition”), subject to certain adjustments. In June 2021, the Company completed the acquisition of nearly 20,000 communications sites in Germany and Spain, for total consideration of approximately 6.3 billion EUR (approximately $7.7 billion at the date of closing), subject to certain post-closing adjustments and over 7,000 communications sites in Brazil, Peru, Chile and Argentina, for total consideration of approximately 0.9 billion EUR (approximately $1.1 billion at the date of closing), subject to certain post-closing adjustments. On August 2, 2021, the Company completed the acquisition of the approximately 4,000 remaining communications sites in Germany pursuant to the Telxius Acquisition for 0.6 billion EUR (approximately $0.7 billion at the date of closing), subject to certain post-closing adjustments. The acquired operations in Germany and Spain are included in the Europe property segment and the acquired operations in Brazil, Peru, Chile and Argentina are included in the Latin America property segment. CoreSite Acquisition—On November 14, 2021, the Company entered into an agreement with CoreSite Realty Corporation (“CoreSite”) to acquire all issued and outstanding shares of CoreSite common stock at $170.00 per share (the “CoreSite Acquisition”). CoreSite’s portfolio consisted of 24 data center facilities and related assets in eight United States markets. On December 28, 2021, the Company completed the CoreSite Acquisition for total consideration of approximately $10.4 billion, including the assumption and repayment of CoreSite’s existing debt. The acquired assets and operations are included in the Data Centers segment. The CoreSite Acquisition was accounted for as a business combination.
|
ACCRUED EXPENSES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following:
|
LONG-TERM OBLIGATIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM OBLIGATIONS | LONG-TERM OBLIGATIONS Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following:
(1)Reflects interest rate or maturity date as of December 31, 2023. (2)Accrues interest at a variable rate. (3)Reflects borrowings denominated in EUR and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S. Dollars (“USD”). (4)Repaid in full on June 27, 2023 using borrowings under the 2021 Multicurrency Credit Facility. (5)Repaid in full on January 31, 2023 using borrowings under the 2021 Credit Facility (as defined below). (6)Repaid in full on June 15, 2023 using borrowings under the 2021 Credit Facility. (7)Repaid in full on January 12, 2024 using borrowings under the 2021 Multicurrency Credit Facility. (8)Repaid in full on February 14, 2024 using borrowings under the 2021 Multicurrency Credit Facility. (9)Notes are denominated in EUR. (10)Repaid in full on the March 2023 repayment date using proceeds from the 2023 Securitization (as defined below). (11)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (12)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2053. (13)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (14)Includes amounts drawn under letters of credit in Nigeria, which are denominated in USD, and the India Term Loan (as defined below), which is denominated in Indian Rupee (“INR”). Current portion of long-term obligations—The Company’s current portion of long-term obligations primarily includes (i) $500.0 million aggregate principal amount of the Company’s 0.600% senior unsecured notes due January 15, 2024, (ii) $1.0 billion aggregate principal amount of the Company’s 5.00% senior unsecured notes due February 15, 2024, (iii) $650.0 million aggregate principal amount of the Company’s 3.375% senior unsecured notes due May 15, 2024 and (iv) 825.0 million EUR in borrowings under the 2021 EUR Three Year Delayed Draw Term Loan (as defined below). American Tower Corporation Debt Bank Facilities Amendments to Bank Facilities—On June 29, 2023, the Company amended its (i) $6.0 billion senior unsecured multicurrency revolving credit facility, as previously amended and restated on December 8, 2021 (the “2021 Multicurrency Credit Facility”), (ii) $4.0 billion senior unsecured revolving credit facility, as previously amended and restated on December 8, 2021, (the “2021 Credit Facility”) and (iii) $1.0 billion unsecured term loan, as previously amended and restated on December 8, 2021, (the “2021 Term Loan”). These amendments, among other things, i.extend the maturity dates of the 2021 Multicurrency Credit Facility and the 2021 Credit Facility to July 1, 2026 and July 1, 2028, respectively; ii.commemorate commitments under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility of $6.0 billion and $4.0 billion, respectively; and iii.replace the London Interbank Offered Rate (“LIBOR”) pricing benchmark with an Adjusted Term Secured Overnight Financing Reserve (“SOFR”) pricing benchmark. 2021 Multicurrency Credit Facility—During the year ended December 31, 2023, the Company borrowed an aggregate of $3.0 billion and repaid an aggregate of $6.1 billion, including 842.6 million EUR ($919.1 million as of the repayment date), of revolving indebtedness under the Company’s 2021 Multicurrency Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 2021 USD Two Year Delayed Draw Term Loan (as defined below), and for general corporate purposes. 2021 Credit Facility—During the year ended December 31, 2023, the Company borrowed an aggregate of $3.1 billion and repaid an aggregate of $2.6 billion of revolving indebtedness under the Company’s 2021 Credit Facility. The Company used the borrowings to repay outstanding indebtedness, including the 3.50% Notes and the 3.000% Notes (each as defined below), and for general corporate purposes. Repayment of 2021 USD Two Year Delayed Draw Term Loan—On June 27, 2023, the Company repaid all amounts outstanding under its $1.5 billion unsecured term loan entered into in December 2021 (the “2021 USD Two Year Delayed Draw Term Loan”) with borrowings under the 2021 Multicurrency Credit Facility. As of December 31, 2023, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the Company’s 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) were as follows:
(1) SOFR applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan. Euro Interbank Offer Rate (“EURIBOR”) applies to the EUR denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan. (2) Fee on undrawn portion of each credit facility. (3) Subject to two optional renewal periods. The loan agreements for each of the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the 2021 EUR Three Year Delayed Draw Term Loan contain certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Failure to comply with the financial and operating covenants of the loan agreements could not only prevent the Company from being able to borrow additional funds under the revolving credit facilities, but may constitute a default, which could result in, among other things, the amounts outstanding under the applicable agreement, including all accrued interest and unpaid fees, becoming immediately due and payable. Senior Notes Repayments of Senior Notes Repayment of 3.50% Senior Notes—On January 31, 2023, the Company repaid $1.0 billion aggregate principal amount of the Company’s 3.50% senior unsecured notes due 2023 (the “3.50% Notes”) upon their maturity. The 3.50% Notes were repaid using borrowings under the 2021 Credit Facility. Upon completion of the repayment, none of the 3.50% Notes remained outstanding. Repayment of 3.000% Senior Notes—On June 15, 2023, the Company repaid $700.0 million aggregate principal amount of the Company’s 3.000% senior unsecured notes due 2023 (the “3.000% Notes”) upon their maturity. The 3.000% Notes were repaid using borrowings under the 2021 Credit Facility. Upon completion of the repayment, none of the 3.000% Notes remained outstanding. Offerings of Senior Notes 5.500% Senior Notes and 5.650% Senior Notes Offering—On March 3, 2023, the Company completed a registered public offering of $700.0 million aggregate principal amount of 5.500% senior unsecured notes due 2028 (the “5.500% Notes”) and $800.0 million aggregate principal amount of 5.650% senior unsecured notes due 2033 (the “5.650% Notes”). The net proceeds from this offering were approximately $1,480.9 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility. 4.125% Senior Notes and 4.625% Senior Notes Offering—On May 16, 2023, the Company completed a registered public offering of 600.0 million EUR ($652.1 million at the date of issuance) aggregate principal amount of 4.125% senior unsecured notes due 2027 (the “4.125% Notes”) and 500.0 million EUR ($543.4 million at the date of issuance) aggregate principal amount of 4.625% senior unsecured notes due 2031 (the “4.625% Notes”). The net proceeds from this offering were approximately 1,089.5 million EUR (approximately $1,184.1 million at the date of issuance), after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility and the 2021 Credit Facility. 5.250% Senior Notes and 5.550% Senior Notes Offering—On May 25, 2023, the Company completed a registered public offering of $650.0 million aggregate principal amount of 5.250% senior unsecured notes due 2028 (the “5.250% Notes”) and $850.0 million aggregate principal amount of 5.550% senior unsecured notes due 2033 (the “5.550% Notes”). The net proceeds from this offering were approximately $1,481.9 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility. 5.800% Senior Notes and 5.900% Senior Notes Offering—On September 15, 2023, the Company completed a registered public offering of $750.0 million aggregate principal amount of 5.800% senior unsecured notes due 2028 (the “5.800% Notes”) and $750.0 million aggregate principal amount of 5.900% senior unsecured notes due 2033 (the “5.900% Notes”). The net proceeds from this offering were approximately $1,482.8 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2021 Multicurrency Credit Facility. The following table outlines key terms related to the Company’s outstanding senior notes as of December 31, 2023:
(1) Includes unamortized discounts, premiums and debt issuance costs. (2) Accrued and unpaid interest on USD denominated notes is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. Interest on EUR denominated notes is payable in EUR annually in arrears and will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes, beginning on the issue date. (3) The Company may redeem the notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems the notes on or after the par call date, the Company will not be required to pay a make-whole premium. (4) The original issue date for the initial 5.00% Notes was August 19, 2013. The issue date for the reopened 5.00% Notes was January 10, 2014. (5) Notes are denominated in EUR. (6) The original issue date for the initial 3.100% Notes was June 3, 2020. The issue date for the reopened 3.100% Notes was September 28, 2020. (7) The original issue date for the initial 2.950% Notes was November 20, 2020. The issue date for the reopened 2.950% Notes was September 27, 2021. The Company may redeem each series of senior notes at any time, subject to the terms of the applicable supplemental indenture, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, as applicable, together with accrued interest to the redemption date. In addition, if the Company undergoes a change of control and corresponding ratings decline, each as defined in the applicable supplemental indenture for the notes, the Company may be required to repurchase all of the applicable notes at a purchase price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The notes rank equally with all of the Company’s other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries. Each applicable supplemental indenture for the notes contains certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness if the aggregate amount of indebtedness secured by such liens does not exceed 3.5x Adjusted EBITDA, as defined in the applicable supplemental indenture. As of December 31, 2023, the Company was in compliance with each of these covenants. American Tower Subsidiary Debt Securitizations The Company has several securitizations in place. Cash flows generated by the communications sites that secure the securitized debt of the Company are only available for payment of such debt and are not available to pay the Company’s other obligations or the claims of its creditors. However, subject to certain restrictions, the Company holds the right to receive the excess cash flows not needed to service the securitized debt and other obligations arising out of the securitizations. The securitized debt is the obligation of the issuers thereof or borrowers thereunder, as applicable, and their subsidiaries, and not of the Company or its other subsidiaries. American Tower Secured Revenue Notes, Series 2015-1, Class A and Series 2015-2, Class A—In May 2015, GTP Acquisition Partners I, LLC (“GTP Acquisition Partners”), one of the Company’s wholly owned subsidiaries, refinanced existing debt with cash on hand and proceeds from a private issuance (the “2015 Securitization”) of $350.0 million of American Tower Secured Revenue Notes, Series 2015-1, Class A, which were subsequently repaid on the June 2020 payment date, and $525.0 million of American Tower Secured Revenue Notes, Series 2015-2, Class A (the “Series 2015-2 Notes”). The Series 2015-2 Notes were issued by GTP Acquisition Partners pursuant to a Third Amended and Restated Indenture and related series supplements, each dated as of May 29, 2015 (collectively, the “2015 Indenture”), between GTP Acquisition Partners and its subsidiaries (the “GTP Entities”) and The Bank of New York Mellon, as trustee. The effective weighted average life and interest rate of the 2015 Notes was 8.1 years and 3.029%, respectively, as of the date of issuance. The outstanding Series 2015-2 Notes are secured by (i) mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,343 communications sites (the “2015 Secured Sites”) owned by the GTP Entities and their operating cash flows, (ii) a security interest in substantially all of the personal property and fixtures of the GTP Entities, including GTP Acquisition Partners’ equity interests in its subsidiaries and (iii) the rights of the GTP Entities under a management agreement. American Tower Holding Sub II, LLC, whose only material assets are its equity interests in GTP Acquisition Partners, has guaranteed repayment of the Series 2015-2 Notes and pledged its equity interests in GTP Acquisition Partners as security for such payment obligations. Repayment of Series 2013-2A Securities—On the March 2023 repayment date, the Company repaid the entire $1.3 billion aggregate principal amount outstanding under the Company’s Secured Tower Revenue Securities, Series 2013-2A due 2023 (the “Series 2013-2A Notes”), pursuant to the terms of the agreements governing such securities. The repayment was funded with proceeds from the 2023 Securitization (as defined below). Secured Tower Revenue Securities, Series 2023-1, Subclass A and Series 2023-1, Subclass R, Series 2018-1, Subclass A and Series 2018-1, Subclass R—On March 13, 2023, the Company completed a securitization transaction (the “2023 Securitization”), in which American Tower Trust I (the “Trust”) issued $1.3 billion aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass A (the “Series 2023-1A Securities”). To satisfy the applicable risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act” and, such requirements, the “Risk Retention Rules”), the Trust issued, and one of the Company’s affiliates purchased, $68.5 million aggregate principal amount of Secured Tower Revenue Securities, Series 2023-1, Subclass R (the “Series 2023-1R Securities” and, together with the Series 2023-1A Securities, the “2023 Securities”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2023 Securities. On March 29, 2018, the Company completed a securitization transaction (the “2018 Securitization,” and, together with the 2023 Securitization, the “Trust Securitizations”), in which the Trust issued $500.0 million aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass A (the “Series 2018-1A Securities”). To satisfy the Risk Retention Rules, the Trust issued, and one of the Company’s affiliates purchased, $26.4 million aggregate principal amount of Secured Tower Revenue Securities, Series 2018-1, Subclass R (the “Series 2018-1R Securities” and, together with the Series 2018-1A Securities, the “2018 Securities”) to retain an “eligible horizontal residual interest” (as defined in the Risk Retention Rules) in an amount equal to at least 5% of the fair value of the 2018 Securities. The assets of the Trust consist of a nonrecourse loan broken into components or “componentized” (the “Loan”), which secures each of the 2018 Securities and the 2023 Securities. The AMT Asset Subs are jointly and severally liable under the Loan, which is secured primarily by mortgages on the AMT Asset Subs’ interests in 5,034 broadcast and wireless communications towers and related assets (the “Trust Sites”). The 2023 Securities correspond to components of the Loan made to the AMT Asset Subs pursuant to the Second Supplement and Amendment dated as of March 13, 2023 (the “2023 Supplement”) to the Second Amended and Restated Loan and Security Agreement dated as of March 29, 2018 (the “Loan Agreement,” which continues to govern the 2018 Securities, and collectively, the “Trust Loan Agreement”). The 2023 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2023 Securities and (b) have an expected life of approximately five years with a final repayment date in March 2053. The Series 2023-1A Securities and the Series 2023-1R Securities have interest rates of 5.490% and 5.735%, respectively. Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2023 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date for those components. The 2018 Securities (a) represent a pass-through interest in the components of the Loan corresponding to the 2018 Securities and (b) have an expected life of approximately ten years with a final repayment date in March 2048. The Series 2018-1A Securities have an interest rate of 3.652% and the Series 2018-1R Securities have an interest rate of 4.459%. Subject to certain limited exceptions described below, no payments of principal will be required to be made on the components of the Loan corresponding to the 2018 Securities prior to the monthly payment date in March 2028, which is the anticipated repayment date for such components. The AMT Asset Subs are required to make monthly payments of interest on the Loan. The debt service on the Loan will be paid solely from the cash flows generated from the operation of the Trust Sites held by the AMT Asset Subs. The Loan is secured by (1) mortgages, deeds of trust and deeds to secure debt on substantially all of the Trust Sites and their operating cash flows, (2) a security interest in substantially all of the AMT Asset Subs’ personal property and fixtures and (3) the AMT Asset Subs’ rights under that certain management agreement among the AMT Asset Subs and SpectraSite Communications, LLC entered into in March 2013. American Tower Holding Sub, LLC (the “Guarantor”), whose only material assets are its equity interests in each of the AMT Asset Subs, and American Tower Guarantor Sub, LLC whose only material asset is its equity interests in the Guarantor, have each guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiary or subsidiaries as security for such payment obligations. Under the terms of the Loan Agreement and the 2015 Indenture, amounts due will be paid from the cash flows generated by the Trust Sites or the 2015 Secured Sites, respectively, which must be deposited into certain reserve accounts, and thereafter distributed, solely pursuant to the terms of the Loan Agreement or 2015 Indenture, as applicable. On a monthly basis, after payment of all required amounts under the Loan Agreement or 2015 Indenture, as applicable, including interest payments, subject to the conditions described below, the excess cash flows generated from the operation of such assets are released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, which can then be distributed to, and used by, the Company. In order to distribute any excess cash flow to the Company, the AMT Asset Subs and GTP Acquisition Partners must each maintain a specified debt service coverage ratio (the “DSCR”), which is generally calculated as the ratio of the net cash flow (as defined in the applicable agreement) to the amount of interest, servicing fees and trustee fees required to be paid over the succeeding 12 months on the principal amount of the Loan or the 2015 Notes, as applicable, that will be outstanding on the payment date following such date of determination. If the DSCR were equal to or below 1.30x (the “Cash Trap DSCR”) for any quarter, then all cash flow in excess of amounts required to make debt service payments, fund required reserves, pay management fees and budgeted operating expenses and make other payments required under the applicable transaction documents, referred to as excess cash flow, will be deposited into a reserve account (the “Cash Trap Reserve Account”) instead of being released to the AMT Asset Subs or GTP Acquisition Partners, as applicable. The funds in the Cash Trap Reserve Account will not be released to the AMT Asset Subs or GTP Acquisition Partners, as applicable, unless the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters. Additionally, if the borrower under the 2023 Securitization does not meet certain title insurance policy requirements within the specified time period under the agreements, excess cash flow will also be deposited into the Cash Trap Reserve Account. Additionally, an “amortization period” commences if, as of the end of any calendar quarter, the DSCR is equal to or below 1.15x (the “Minimum DSCR”) and will continue to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters. With respect to the Trust Securities, an “amortization period” also commences if, on the anticipated repayment date the component of the Loan corresponding to the applicable subclass of the Trust Securities has not been repaid in full, provided that such amortization period shall apply with respect to such component that has not been repaid in full. If the Series 2015-2 Notes have not been repaid in full on the applicable anticipated repayment date, additional interest will accrue on the unpaid principal balance of the Series 2015-2 Notes, and such notes will begin to amortize on a monthly basis from excess cash flow. During an amortization period, all excess cash flow and any amounts then in the applicable Cash Trap Reserve Account would be applied to pay the principal of the Loan or the Series 2015-2 Notes, as applicable, on each monthly payment date. The Loan and the Series 2015-2 Notes may be prepaid in whole or in part at any time, provided such payment is accompanied by the applicable prepayment consideration. If the prepayment occurs within (i) 18 months of the anticipated repayment date with respect to the Series 2015-2 Notes, (ii) 36 months of the anticipated repayment date with respect to the Series 2018 Securities, and (iii) 12 months of the anticipated repayment date for the 2023 Securities, no prepayment consideration is due. The Loan Agreement and the 2015 Indenture include operating covenants and other restrictions customary for transactions subject to rated securitizations. Among other things, the AMT Asset Subs and the GTP Entities, as applicable, are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets subject to customary carve-outs for ordinary course trade payables and permitted encumbrances (as defined in the Loan Agreement or the 2015 Indenture, as applicable). The organizational documents of the AMT Asset Subs and the GTP Entities contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that they maintain independent directors. The Loan Agreement and the 2015 Indenture also contain certain covenants that require the AMT Asset Subs or GTP Acquisition Partners, as applicable, to provide the respective trustee with regular financial reports and operating budgets, promptly notify such trustee of events of default and material breaches under the Loan Agreement and other agreements related to the Trust Sites or the 2015 Indenture and other agreements related to the 2015 Secured Sites, as applicable, and allow the applicable trustee reasonable access to the sites, including the right to conduct site investigations. A failure to comply with the covenants in the Loan Agreement or the 2015 Indenture could prevent the AMT Asset Subs or GTP Acquisition Partners, as applicable, from distributing excess cash flow to the Company. Furthermore, if the AMT Asset Subs or GTP Acquisition Partners were to default on the Loan or the Series 2015-2 Notes, the applicable trustee may seek to foreclose upon or otherwise convert the ownership of all or any portion of the Trust Sites or the 2015 Secured Sites, respectively, in which case the Company could lose the revenue and cash flows associated with those assets. With respect to the Series 2015-2 Notes, upon the occurrence of, and during, an event of default, the applicable trustee may, in its discretion or at the direction of holders of more than 50% of the aggregate outstanding principal of the Series 2015-2 Notes, declare such notes immediately due and payable, in which case any excess cash flow would need to be used to pay holders of such notes. Further, under the Loan Agreement and the 2015 Indenture, the AMT Asset Subs or GTP Acquisition Partners, respectively, are required to maintain reserve accounts, including for ground rents, real estate and personal property taxes and insurance premiums, and, under the 2015 Indenture and in certain circumstances under the Loan Agreement, to reserve a portion of advance rents from tenants on the Trust Sites. Based on the terms of the Loan Agreement and the 2015 Indenture, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the applicable trustee and then released. The $69.4 million held in the reserve accounts with respect to the Trust Securitizations and the $6.9 million held in the reserve accounts with respect to the 2015 Securitization as of December 31, 2023 are classified as Restricted cash on the Company’s accompanying consolidated balance sheets. India Credit Facilities—The India credit facilities include several working capital facilities, most of which are subject to annual renewal. The working capital facilities bear interest at rates that consist of the applicable bank’s Marginal Cost of Funds based Lending Rate or Market Benchmark (as defined in the applicable agreement), plus a spread. Generally, the working capital facilities are payable on demand prior to maturity. During the year ended December 31, 2023, the Company increased the borrowing capacity of its working capital facilities in India by 2.8 billion INR (approximately $33.7 million). As of December 31, 2023, the Company has not borrowed under these facilities. Amounts outstanding and key terms of the India credit facilities consisted of the following as of December 31, 2023 (in millions, except percentages):
_______________ (1) 10.7 billion Indian Rupees (“INR”) ($128.7 million) of borrowing capacity as of December 31, 2023. The Company has 0.2 billion INR (approximately $2.7 million) of bank guarantees outstanding included within the overall borrowing capacity. Other Subsidiary Debt—The Company’s other subsidiary debt as of December 31, 2023 includes (i) drawn letters of credit in Nigeria (the “Nigeria Letters of Credit”) and (ii) the India Term Loan (as defined below). India Term Loan—On February 16, 2023, the Company entered into an unsecured term loan with the ability to borrow up to 12.0 billion INR (approximately $145.1 million at the date of signing) with a maturity date that is one year from the date of the first draw thereunder (the “India Term Loan”). On February 17, 2023, the Company borrowed 10.0 billion INR (approximately $120.7 million at the date of borrowing) under the India Term Loan. The India Term Loan bears interest at the three month treasury bill rate as announced by the Financial Benchmarks India Private Limited plus a margin of 1.95%. Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The India Term Loan does not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium. Amounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, (in millions, except percentages):
_______________ (1) Denominated in USD. During the year ended December 31, 2023, we drew on letters of credit in Nigeria. The drawn amounts bear interest at a rate equal to the SOFR at the time of drawing plus a spread. Amounts are due 270 days from the date of drawing. (2) Denominated in INR. Subsequent to December 31, 2023, the Company amended the India Term Loan to extend the maturity date to December 31, 2024. Each of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions. Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. Finance Lease Obligations—The Company’s finance lease obligations approximated $20.6 million and $27.8 million as of December 31, 2023 and 2022, respectively. Finance lease obligations are described further in note 4. Maturities—Aggregate principal maturities of long-term debt, including finance leases, for the next five years and thereafter are expected to be:
|
OTHER NON-CURRENT LIABILITIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | OTHER NON-CURRENT LIABILITIES Other non-current liabilities consisted of the following:
|
ASSET RETIREMENT OBLIGATIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS The changes in the carrying amount of the Company’s asset retirement obligations were as follows:
(1)Revisions in estimates include an increase to the liability of $22.3 million and a decrease to the liability of $24.6 million related to foreign currency translation for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the estimated undiscounted future cash outlay for asset retirement obligations was $4.0 billion.
|
FAIR VALUE MEASUREMENTS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value:
Items Measured at Fair Value on a Recurring Basis—The fair values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows:
_______________ (1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheet at fair value. Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the years ended December 31, 2023 and 2022, the Company recognized unrealized gains (losses) of $4.3 million and $(16.7) million, respectively, for equity securities held as of December 31, 2023. (2) Included in the carrying values of the corresponding debt obligations as of December 31, 2022. As of December 31, 2023, the interest rate swap agreements under the 3.000% Notes were settled. Interest Rate Swap Agreements The fair value of the Company’s interest rate swap agreements is determined using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. For derivative instruments that are designated and qualify as fair value hedges, changes in the value of the derivatives are recognized in the consolidated statements of operations in the current period, along with the offsetting gain or loss on the hedged item attributable to the hedged risk. For derivative instruments that are designated and qualify as cash flow hedges, the Company records the change in fair value for the effective portion of the cash flow hedges in AOCL in the consolidated balance sheets and reclassifies a portion of the value from AOCL into Interest expense on a quarterly basis as the cash flows from the hedged item affects earnings. The Company records the settlement of interest rate swap agreements in (Loss) gain on retirement of long-term obligations in the consolidated statements of operations in the period in which the settlement occurs. The Company entered into three interest rate swap agreements with an aggregate notional value of $500.0 million related to the 3.000% Notes. These interest rate swaps, which were designated as fair value hedges at inception, were entered into to hedge against changes in fair value of the 3.000% Notes resulting from changes in interest rates. The interest rate swap agreements required the Company to pay interest at a variable interest rate of one-month LIBOR plus applicable spreads and to receive fixed interest at a rate of 3.000% through June 15, 2023. The interest rate swap agreements expired upon repayment of the 3.000% Notes in full on June 15, 2023 upon maturity. As of December 31, 2023, there were no amounts outstanding under the interest rate swap agreements under the 3.000% Notes. During the year ended December 31, 2023, there were no material fair value adjustments related to interest rate swaps. VIL Optionally Convertible Debentures—In February 2023, one of the Company’s customers in India, Vodafone Idea Limited (“VIL”), issued optionally convertible debentures (the “VIL OCDs”) to the Company’s subsidiary, ATC Telecom Infrastructure Private Limited (“ATC TIPL”), in exchange for VIL’s payment of certain amounts towards accounts receivables. The VIL OCDs are (a) to be repaid by VIL with interest or (b) convertible into equity of VIL. If converted, such equity shall be free to trade in the open market beginning on the one year anniversary of the date of issuance of the VIL OCDs. The VIL OCDs were issued for an aggregate face value of 16.0 billion INR (approximately $193.2 million on the date of issuance). The VIL OCDs were to mature in tranches with 8.0 billion INR (approximately $96.6 million on the date of issuance) maturing on August 27, 2023 and 8.0 billion INR (approximately $96.6 million on the date of issuance) maturing on August 27, 2024. In August 2023, the Company amended the agreements governing the VIL OCDs to, among other items, extend the maturity of the first tranche of the VIL OCDs to August 27, 2024. The fair value of the VIL OCDs at issuance was approximately $116.5 million. The VIL OCDs accrue interest at a rate of 11.2% annually. Interest is payable to ATC TIPL semi-annually, with the first payment received in September 2023. The VIL OCDs are recorded in Prepaid and other current assets in the consolidated balance sheet at fair value. The significant input to the fair value of the VIL OCDs is the lesser of the (i) VIL equity share price underlying the instruments, less a liquidity discount, and (ii) redemption value. Unrealized holding gains and losses for the VIL OCDs are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the year ended December 31, 2023, the Company recognized unrealized gains of $76.7 million for the VIL OCDs held as of December 31, 2023. Items Measured at Fair Value on a Nonrecurring Basis Assets Held and Used—The Company’s long-lived assets are recorded at amortized cost and, if impaired, are adjusted to fair value using Level 3 inputs. During the year ended December 31, 2023, long-lived assets held and used with a carrying value of $35.2 billion, included assets of approximately $0.2 billion that were written down to their net realizable value of less than $0.1 billion as a result of an asset impairment charge of $202.4 million. During the year ended December 31, 2022, long-lived assets held and used with a carrying value of $46.1 billion, included assets of approximately $0.8 billion that were written down to their net realizable value of approximately $0.2 billion as a result of an asset impairment charge of $655.9 million. The asset impairment charges are recorded in Other operating expenses in the accompanying . These adjustments were determined by comparing the estimated fair value of the subject assets utilizing projected future discounted cash flows to be provided from the long-lived assets to the asset’s carrying value. The significant unobservable inputs used to determine the fair value of the individual tower and acquired network location intangible assets subject to impairment in 2023 and 2022 included the following:
(1)On a local currency basis. (2)Specific to the country of each impaired asset. Due to the underlying economic characteristics of the markets the Company operates in, the weighted average cost of capital may vary significantly from market to market. The majority of the tenant relationships measured at fair value for impairment purposes in 2022 utilized a weighted average cost of capital of 11%; however, terminal growth rates are not used in the valuation of acquired tenant-related intangible assets. The table below indicates the percentages of the asset class that were subject to fair value measurement and subsequently impaired for the years ended December 31, 2023 and 2022:
The Company believes any reasonable change in the significant unobservable inputs utilized would not have a material impact on the fair value of the assets used in connection with the impairment recorded. During the year ended December 31, 2023, the Company undertook a process to evaluate various strategic alternatives with respect to its India operations, which resulted in the Pending ATC TIPL Transaction (as defined in note 22) in January 2024. As part of this process, the Company received indications of value from third parties, which were less than the carrying value of the India reporting unit. The Company incorporated this information as a significant input used to determine the fair value of the India reporting unit. The Company performed its annual goodwill impairment test as of December 31, 2023. The Company determined that the carrying amount of the Spain reporting unit exceeded its fair value, as calculated under an income approach using future discounted cash flows. The significant unobservable inputs used to determine the fair value of the Spain reporting until as of December 31, 2023 included the following:
During the year ended December 31, 2023, the Company recorded goodwill impairments of $322.0 million related to India and $80.0 million related to Spain, for a total of $402.0 million, as discussed further in note 5. There were no other items measured at fair value on a nonrecurring basis during the year ended December 31, 2023. Fair Value of Financial Instruments—The Company’s financial instruments for which the carrying value reasonably approximates fair value at December 31, 2023 and 2022 include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, fair value is estimated using either indicative price quotes or a discounted cash flow analysis using rates for debt with similar terms and maturities. As of December 31, 2023, the carrying value and fair value of long-term obligations, including the current portion, were $38.9 billion and $36.7 billion, respectively, of which $30.0 billion was measured using Level 1 inputs and $6.7 billion was measured using Level 2 inputs. As of December 31, 2022, the carrying value and fair value of long-term obligations, including the current portion, were $38.7 billion and $35.1 billion, respectively, of which $24.5 billion was measured using Level 1 inputs and $10.6 billion was measured using Level 2 inputs.
|
INCOME TAXES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Beginning in the taxable year ended December 31, 2012, the Company has filed, and intends to continue to file, U.S. federal income tax returns as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required. The Company also files tax returns in various states and countries. The Company’s state tax returns reflect different combinations of the Company’s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization. The following information pertains to the Company’s income taxes on a consolidated basis. The income tax provision from continuing operations consisted of the following:
The effective tax rate (“ETR”) on income from continuing operations for the years ended December 31, 2023, 2022 and 2021 differs from the federal statutory rate primarily due to the Company’s qualification for taxation as a REIT, as well as adjustments for state and foreign items. As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations. For the year ended December 31, 2023, the increase in the income tax provision was primarily attributable to increased earnings in certain foreign jurisdictions in the current year after adjusting for non-deductible amounts, partially offset by a benefit in the current year from the application of a tax law change in Kenya. The income tax provision for the year ended December 31, 2022 included a reduction in income due to intangible asset impairment charges in India. The income tax provision for the year ended December 31, 2023 included the reversal of valuation allowances of $87.2 million in certain foreign jurisdictions as compared to the reversal of valuation allowances of $76.5 million for the year ended December 31, 2022. Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows:
_______________ (1) As a result of the ability to utilize the dividends paid deduction to offset the Company’s REIT income and gains. The domestic and foreign components of income from continuing operations before income taxes are as follows:
The components of the net deferred tax asset and liability and related valuation allowance were as follows:
_______________ (1) As of December 31, 2023 includes amounts related to the sale of Mexico Fiber. The Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances may be reversed if, based on changes in facts and circumstances, the net deferred tax assets have been determined to be realizable. At December 31, 2023 and 2022, the Company has provided a valuation allowance of $433.5 million and $335.7 million, respectively, which primarily relates to foreign items. The increase in the valuation allowance for the year ending December 31, 2023 is due to uncertainty as to the timing of, and the Company’s ability to recover, net deferred tax assets in certain foreign operations in the foreseeable future, offset by reversals and fluctuations in foreign currency exchange rates. The amount of deferred tax assets considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth. A summary of the activity in the valuation allowance is as follows:
_______________ (1) Includes net charges to expense and allowances established due to acquisition. The recoverability of the Company’s deferred tax assets has been assessed utilizing projections based on its current operations. Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine transactions. Based on its current outlook of future taxable income during the carryforward period, the Company believes that deferred tax assets, other than those for which a valuation allowance has been recorded, will be realized. The Company intends to reinvest foreign earnings indefinitely outside of the U.S., except for earnings in certain entities in Brazil, Burkina Faso, Costa Rica, Jersey, Mexico, Netherlands, Singapore, South Africa and the United Kingdom. Any tax consequences for future distributions have been recorded as deferred tax liabilities. At December 31, 2023, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:
As of December 31, 2023 and 2022, the total amount of unrecognized tax benefits that would impact the ETR, if recognized, is $130.7 million and $103.6 million, respectively. The amount of unrecognized tax benefits for the year ended December 31, 2023 includes additions to the Company’s existing tax positions of $50.5 million. The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $13.9 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:
_______________ (1) Year ended December 31, 2021 includes adjustments of $(16.6) million due to a reclassification of unrecognized tax benefits to penalties and income tax-related interest expense. During the year ended December 31, 2023, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $15.5 million in the liability for unrecognized tax benefits. During the year ended December 31, 2022, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions, which resulted in a decrease of $23.1 million in the liability for unrecognized tax benefits. During the year ended December 31, 2021, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, including effective settlements and revisions of prior year positions related to the Eaton Towers Acquisition, which resulted in a decrease in the liability for unrecognized tax benefits of $54.2 million. The Company recorded penalties and tax-related interest expense to the tax provision of $26.2 million, $20.6 million and $69.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. During the year ended December 31, 2023, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions by $9.7 million due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled. During the years ended December 31, 2022 and 2021, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions by $19.9 million and $14.6 million, respectively, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled. In addition, as a result of a settlement in the United States, $45.8 million was reclassified to Accrued income tax payable as of December 31, 2021. As of December 31, 2023 and 2022, the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $62.8 million and $43.3 million, respectively. The Company has filed for prior taxable years, and for its taxable year ended December 31, 2023 will file, numerous consolidated and separate income tax returns, including U.S. federal and state tax returns and foreign tax returns. The Company is subject to examination in the United States and various state and foreign jurisdictions for certain tax years. As a result of the Company’s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2023.
|
STOCK-BASED COMPENSATION |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Summary of Stock-Based Compensation Plans—The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The Company’s 2007 Equity Incentive Plan, as amended (the “2007 Plan”), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Awards of RSUs and stock options granted prior to March 10, 2023 generally vest over four years. In December 2022, the Company’s Compensation Committee changed the terms of its awards to generally vest over three years. The change in vesting terms is applicable for new awards granted beginning on March 10, 2023 and does not change the vesting terms applicable to grants awarded prior to March 10, 2023. The impact of the change in vesting terms was $7.9 million for the year ended December 31, 2023. Performance-based restricted stock units (“PSUs”) generally vest over three years. Stock options generally expire ten years from the date of grant. As of December 31, 2023, the Company had the ability to grant stock-based awards with respect to an aggregate of 4.1 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the “ESPP”) pursuant to which eligible employees may purchase shares of the Company’s common stock on the last day of each bi-annual offering period at a 15% discount from the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year. During the years ended December 31, 2023, 2022 and 2021, the Company recorded the following stock-based compensation expenses in selling, general, administrative and development expense:
_______________ (1)For the year ended December 31, 2023, excludes $7.6 million of stock-based compensation expenses related to severance recorded in Other operating expense in the accompanying consolidated statements of operations. Stock Options—There were no options granted during the years ended December 31, 2023, 2022 and 2021. The fair values of previously granted stock options were estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions at the date of grant. The intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $9.3 million, $34.3 million and $176.7 million, respectively. As of December 31, 2023, there was no unrecognized compensation expense related to unvested stock options. The amount of cash received from the exercise of stock options was $7.7 million during the year ended December 31, 2023. The Company’s option activity for the year ended December 31, 2023 was as follows (share and per share data disclosed in full amounts):
The following table sets forth information regarding options outstanding at December 31, 2023 (share and per share data disclosed in full amounts):
Restricted Stock Units and Performance-Based Restricted Stock Units—The Company’s RSU and PSU activity for the year ended December 31, 2023 was as follows (share and per share data disclosed in full amounts):
_______________ (1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2022 PSUs and the 2021 PSUs (each as defined below), or 98,542 shares and 98,694 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2020 (the “2020 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 79,232 shares. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2023 PSUs (as defined below), or 118,684 shares, and target number of shares issuable at the end of the one-year performance period for the Retention PSUs (as defined below), or 19,132 shares. PSUs also includes the shares above target that are issuable for the 2021 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 28,624 shares. (3)PSUs consist of shares vested pursuant to the 2020 PSUs. There are no additional shares to be earned related to the 2020 PSUs. (4)Vested and deferred RSUs are related to deferred compensation for certain former employees. The total fair value of RSUs and PSUs that vested during the year ended December 31, 2023 was $137.2 million. Restricted Stock Units—As of December 31, 2023, total unrecognized compensation expense related to unvested RSUs granted under the 2007 Plan was $172.4 million and is expected to be recognized over a weighted average period of approximately two years. Vesting of RSUs is subject generally to the employee’s continued employment or death, disability or qualified retirement (each as defined in the applicable RSU award agreement). Performance-Based Restricted Stock Units—During the year ended December 31, 2023, the Company’s Compensation Committee (the “Compensation Committee”) granted an aggregate of 118,684 PSUs (the “2023 PSUs”) to its executive officers and established the performance metrics for these awards. During the years ended December 31, 2022 and 2021, the Company’s Compensation Committee granted an aggregate of 98,542 PSUs (the “2022 PSUs”), 98,694 PSUs (the “2021 PSUs”), respectively, to its executive officers and established the performance metrics for these awards. Threshold, target and maximum parameters were established for the metrics for a three-year performance period with respect to each of the 2023 PSUs, the 2022 PSUs and the 2021 PSUs and will be used to calculate the number of shares that will be issuable when each award vests, which may range from zero to 200% of the target amounts. At the end of each three-year performance period, the number of shares that vest will depend on the degree of achievement against the pre-established performance goals. PSUs will be paid out in common stock at the end of each performance period, subject generally to the executive’s continued employment or death, disability or qualified retirement (each as defined in the applicable PSU award agreement). PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest. During the year ended December 31, 2023, the Company’s Compensation Committee granted an aggregate of 19,132 PSUs to certain non-executive employees (the “Retention PSUs”) and established the performance metrics for these awards. Target parameters were established for a one-year performance period and will be used to calculate the number of shares that will be issuable when the awards vest, which may be either zero or 100% of the target amount. At the end of the one-year performance period, the number of shares that vest will depend on the achievement against the pre-established performance goals. The Retention PSUs will be paid out in common stock at the end of performance period, subject generally to the employee’s continued employment, death or disability (each as defined in the applicable award agreement). The Retention PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect of shares that actually vest. The Company recognized $3.5 million in stock-based compensation expense related to the Retention PSUs. As of December 31, 2023, there was no unrecognized compensation expense related to the Retention PSUs. During the year ended December 31, 2023, the Company recorded $34.0 million in stock-based compensation expense for equity awards in which the performance goals have been established and were probable of being achieved. The remaining unrecognized compensation expense related to these awards at December 31, 2023 was $5.9 million based on the Company’s current assessment of the probability of achieving the performance goals. The weighted-average period over which the cost will be recognized is approximately two years.
|
EQUITY |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY | EQUITY Dividends—The Company may pay dividends in cash or, subject to certain limitations, in shares of common stock or any combination of cash and shares of common stock. Sales of Equity Securities—The Company receives proceeds from sales of its equity securities pursuant to the ESPP and upon exercise of stock options granted under the 2007 Plan. During the year ended December 31, 2023, the Company received an aggregate of $22.1 million in proceeds upon exercises of stock options and sales pursuant to the ESPP. Stock Repurchase Programs—In March 2011, the Company’s Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to repurchase up to $1.5 billion of its common stock (the “2011 Buyback”). In December 2017, the Board of Directors approved an additional stock repurchase program, pursuant to which the Company is authorized to repurchase up to $2.0 billion of its common stock (the “2017 Buyback,” and, together with the 2011 Buyback, the “Buyback Programs”). During the year ended December 31, 2023, there were no repurchases under either of the Buyback Programs. As of December 31, 2023, the Company has repurchased a total of 14,451,325 shares of its common stock under the 2011 Buyback for an aggregate of $1.5 billion, including commissions and fees. As of December 31, 2023, the Company has not made any repurchases under the 2017 Buyback. Under the Buyback Programs, the Company is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors. With respect to open market purchases, the Company may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows the Company to repurchase shares during periods when it may otherwise be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Repurchases under the Buyback Programs are subject to, among other things, the Company having available cash to fund the repurchases. Distributions—During the years ended December 31, 2023, 2022 and 2021, the Company declared the following cash distributions (per share data reflects actual amounts):
The following table characterizes the tax treatment of distributions declared per share of common stock.
_______________ (1) Excludes dividend declared on December 13, 2023 of $1.70 per share, which was paid on February 1, 2024 to common stockholders of record at the close of business on December 28, 2023 and which will apply to the 2024 tax year. Includes dividend declared on December 7, 2022 of $1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year. (2) Excludes dividend declared on December 7, 2022 of $1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year. (3) Includes dividend declared on December 15, 2021 of $1.39 per share, which was paid on January 14, 2022 to common stockholders of record at the close of business on December 27, 2021. Also includes dividend declared on December 3, 2020 of $1.21 per share, which was paid on February 2, 2021 to common stockholders of record at the close of business on December 28, 2020 and which applied to the 2021 tax year. The Company accrues distributions on unvested restricted stock units, which are payable upon vesting. The amount accrued for distributions payable related to unvested restricted stock units was $21.5 million and $17.0 million as of December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company paid $9.0 million of distributions upon the vesting of restricted stock units. To maintain its qualification for taxation as a REIT, the Company expects to continue paying distributions, the amount, timing and frequency of which will be determined, and subject to adjustment, by the Company’s Board of Directors.
|
NONCONTROLLING INTERESTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS European Interests—In 2021, PGGM converted its previously held noncontrolling interest in a subsidiary that primarily consisted of the Company’s operations in France, Germany and Poland (“Former ATC Europe”) into noncontrolling interests in subsidiaries, consisting of the Company's operations in Germany and Spain. In 2021, Caisse de dépôt et placement du Québec (“CDPQ”) and Allianz insurance companies and funds managed by Allianz Capital Partners GmbH, including the Allianz European Infrastructure Fund (collectively, “Allianz”) acquired 30% and 18% noncontrolling interests, respectively, in ATC Europe (the “ATC Europe Transactions”) for total aggregate consideration of 2.6 billion EUR (approximately $3.1 billion at the date of closing). As of December 31, 2023, ATC Europe consists of the Company’s operations in France, Germany and Spain. The Company currently holds a 52% controlling interest in ATC Europe, with CDPQ and Allianz holding 30% and 18% noncontrolling interests, respectively. ATC Europe holds a 100% interest in the subsidiaries that consist of the Company’s operations in France and an 87% and an 83% controlling interest in the subsidiaries that consist of the Company’s operations in Germany and Spain, respectively, with PGGM holding a 13% and a 17% noncontrolling interest in each respective subsidiary. Bangladesh Partnership—In August 2021, the Company acquired a 51% controlling interest in in Kirtonkhola Tower Bangladesh Limited (“KTBL”) for 900 million BDT (approximately $10.6 million at the date of closing). Confidence Group holds a 49% noncontrolling interest in KTBL. Stonepeak Transaction—In July 2022, the Company entered into an agreement pursuant to which certain investment vehicles affiliated with Stonepeak Partners LP (such investment vehicles, collectively, “Stonepeak”) acquired a noncontrolling ownership interest in the Company’s U.S. data center business. The transaction was completed in August 2022 for total aggregate consideration of $2.5 billion, through an investment in common equity of $1,750.0 million and mandatorily convertible preferred equity of $750.0 million. In October 2022, the Company entered into an agreement with Stonepeak for Stonepeak to acquire additional common equity and mandatorily preferred equity interests in the Company’s U.S. data center business for total aggregate consideration of $570.0 million (together with the August 2022 closing, the “Stonepeak Transaction”). As of December 31, 2023, the Company holds a common equity interest of approximately 72% in its U.S. data center business, with Stonepeak holding approximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity. On a fully converted basis, which is expected to occur four years from the date of the initial closing in August 2022, and on the basis of the currently outstanding equity, the Company will hold a controlling ownership interest of approximately 64%, with Stonepeak holding approximately 36%. The mandatorily convertible preferred equity, which accrues dividends at 5.0%, will convert into common equity on a one for one basis, subject to adjustment that will be measured on the conversion date. Dividends to noncontrolling interests—Certain of the Company’s subsidiaries may, from time to time, declare dividends. During the year ended December 31, 2023, the Company’s U.S. data center business had distributions of $46.1 million related to the outstanding Stonepeak mandatorily convertible preferred equity (the “Stonepeak Preferred Distributions”). As of December 31, 2023, the amount accrued for Stonepeak Preferred Distributions was $11.6 million. Beginning in January 2024, pursuant to the terms of the ownership agreement with Stonepeak, on a quarterly basis, the Company’s U.S. data center business will distribute common dividends to the Company and to Stonepeak in proportion to their respective equity interests in the Company’s U.S. data center business (the “Stonepeak Common Dividend”). As of December 31, 2023, the amount accrued for the Stonepeak Common Dividend was $91.7 million. During the year ended December 31, 2023, AT Iberia C.V., one of the Company’s subsidiaries in Spain, declared and paid a dividend of 48.0 million EUR (approximately $53.0 million at the date of payment), pursuant to the terms of the ownership agreements, to ATC Europe and PGGM in proportion to their respective equity interests in AT Iberia C.V. The changes in noncontrolling interests were as follows:
_______________ (1) Represents the impact of contributions received from Stonepeak described above on Noncontrolling interests. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (2) For the year ended December 31, 2023, primarily includes the Stonepeak Common Dividend and the Stonepeak Preferred Distributions. For the year ended December 31, 2022, includes $16.7 million of Stonepeak Preferred Distributions and dividends of $5.5 million paid to PGGM.
|
OTHER OPERATING EXPENSE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER OPERATING EXPENSE | OTHER OPERATING EXPENSE Other operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consist primarily of those related to the Company’s tower locations, and included towers and related assets included in property and equipment, network location intangible assets and right-of-use assets, all of which are typically assessed on an individual location or site basis. The assets subject to impairment also include tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition- and disposition-related costs and integration costs. Other operating expenses included the following for the years ended December 31,:
_______________ (1) For the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) For the year ended December 31, 2023, includes a net loss of $78.9 million on the sales of Mexico Fiber and ATC Poland. (3) For the year ended December 31, 2023, includes severance and related costs as discussed below. For the year ended December 31, 2021, includes acquisition and merger related expenses associated with the Telxius Acquisition and the CoreSite Acquisition. Impairment charges included the following for the years ended December 31,:
_______________ (1) During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) During the year ended December 31, 2023, impairment charges relate to impaired tenant relationships in Africa. During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below, and impaired tenant relationships related to fiber in Mexico. During the year ended December 31, 2021, impairment charges relate to a fully impaired tenant relationship in Africa. (3) Includes impairment charges related to right-of-use assets. (4) During the year ended December 31, 2023, includes goodwill impairment associated with the India and Spain reporting units (as discussed in note 5). India Impairments The Company reviews long-lived assets for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an assets may not be recoverable, as further discussed in note 1. In the third quarter of 2022, VIL, communicated that it would make partial payments of its contractual amounts owed to the Company and indicated that it would continue to make partial payments for the remainder of 2022. In late 2022, VIL had communicated its intent to resume payments in full under its contractual obligations owed to the Company beginning on January 1, 2023. However, in early 2023, VIL communicated that it would not be able to resume payments in full of its contractual obligations owed to the Company, and that it would instead continue to make partial payments. In the second half of 2023, VIL began making payments in full of its monthly contractual obligations owed to the Company. The Company considered these developments and the uncertainty with respect to amounts owed under its tenant leases when conducting its 2022 annual impairment assessments for long-lived assets in India. A probability weighted assessment was performed, incorporating current and expected industry and market conditions and trends and, as a result, the Company determined that certain fixed and intangible assets had been impaired during the year ended December 31, 2022. •An impairment of $97.0 million was taken on tower and network location intangible assets in India. •The Company also impaired the tenant-related intangible assets for VIL, which resulted in an impairment of $411.6 million. The Company recorded a goodwill impairment charge of $322.0 million in India during the year ended December 31, 2023 as discussed in note 5. The goodwill impairment charge is recorded in Goodwill impairment in the accompanying consolidated statements of operations for the year ended December 31, 2023. Severance During the year ended December 31, 2023, the Company approved a plan for restructuring its workforce, which was communicated to its employees. As a result of these actions, severance and related costs of $21.8 million were recorded in Other operating expense in the accompanying consolidated statements of operations for the year ended December 31, 2023. Additional information relating to the severance and related costs by operating segments is as follows for the year ended December 31,:
_______________ (1)Includes corporate expenses. Unpaid obligations for severance and related costs as of December 31, 2023, are included in Payroll and related withholdings within Accrued expenses in the consolidated balance sheet as of December 31, 2023: The changes in the unpaid obligations for severance and related costs for the year ended December 31, 2023 were as follows:
|
EARNINGS PER COMMON SHARE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (shares in thousands, except per share data):
Shares Excluded From Dilutive Effect The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive for the years ended December 31, (in thousands, on a weighted average basis):
|
COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation—The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business. In the opinion of Company management, after consultation with counsel, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity. Verizon Transaction—In March 2015, the Company entered into an agreement with various operating entities of Verizon Communications Inc. (“Verizon”) that currently provides for the lease, sublease or management of approximately 11,200 wireless communications sites, which commenced on March 27, 2015. The average term of the lease or sublease for all communications sites at the inception of the agreement was approximately 28 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the leased sites in tranches, subject to the applicable lease, sublease or management rights upon its scheduled expiration. Each tower is assigned to an annual tranche, ranging from 2034 to 2047, which represents the outside expiration date for the sublease rights to the towers in that tranche. The purchase price for each tranche is a fixed amount stated in the lease for such tranche plus the fair market value of certain alterations made to the related towers. The aggregate purchase option price for the towers leased and subleased is approximately $5.0 billion. Verizon will occupy the sites as a tenant for an initial term of ten years with eight optional successive five-year terms; each such term shall be governed by standard master lease agreement terms established as a part of the transaction. AT&T Transaction—The Company has an agreement with SBC Communications Inc., a predecessor entity to AT&T Inc. (“AT&T”), that currently provides for the lease or sublease of approximately 1,800 towers, which commenced between December 2000 and August 2004. Substantially all of the towers are part of the Trust Securitizations. The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration. Each tower is assigned to an annual tranche, ranging from 2013 to 2032, which represents the outside expiration date for the sublease rights to that tower. The purchase price for each site is a fixed amount stated in the lease for that site plus the fair market value of certain alterations made to the related tower by AT&T. As of December 31, 2023, the Company has purchased an aggregate of approximately 600 of the subleased towers which are subject to the applicable agreement, including 59 towers purchased during the year ended December 31, 2023 for an aggregate purchase price of $40.9 million. The aggregate purchase option price for the remaining towers leased and subleased is $1.1 billion and includes per annum accretion through the applicable expiration of the lease or sublease of a site. For all such sites, AT&T has the right to continue to lease the reserved space through June 30, 2025 at the then-current monthly fee, which shall escalate in accordance with the standard master lease agreement for the remainder of AT&T’s tenancy. Thereafter, AT&T shall have the right to renew such lease for up to five successive five-year terms. Other Contingencies—The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and periodically receives notifications of audits, assessments or other actions by taxing authorities. Taxing authorities may issue notices or assessments while audits are being conducted. In certain jurisdictions, taxing authorities may issue assessments with minimal examination. These notices and assessments do not represent amounts that the Company is obligated to pay and are often not reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not enforceable, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment. Guaranties and Indemnifications—The Company enters into agreements from time to time in the ordinary course of business pursuant to which it agrees to guarantee or indemnify third parties for certain claims. The Company has also entered into purchase and sale agreements relating to the sale or acquisition of assets containing customary indemnification provisions. The Company’s indemnification obligations under these agreements generally are limited solely to damages resulting from breaches of representations and warranties or covenants under the applicable agreements. In addition, payments under such indemnification clauses are generally conditioned on the other party making a claim that is subject to whatever defenses the Company may have and are governed by dispute resolution procedures specified in the particular agreement. Further, the Company’s obligations under these agreements may be limited in duration and amount, and in some instances, the Company may have recourse against third parties for payments made by the Company. The Company has not historically made any material payments under these agreements and, as of December 31, 2023, is not aware of any agreements that could result in a material payment.
|
SUPPLEMENTAL CASH FLOW INFORMATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,:
_______________ (1) For the year ended December 31, 2021, consists of repayment of debt assumed in connection with the CoreSite Acquisition, including senior unsecured notes previously entered into by CoreSite. (2) For the year ended December 31, 2021, consists of CoreSite Acquisition purchase consideration related to CoreSite Replacement Awards.
|
BUSINESS SEGMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENTS | BUSINESS SEGMENTS Property Communications Sites and Related Communications Infrastructure—The Company’s primary business is leasing space on multitenant communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company has historically reported these operations on a geographic basis. Data Centers— In December 2021, the Company completed the CoreSite Acquisition, through which it acquired over 20 data center facilities and related assets in eight United States markets. As a result of the CoreSite Acquisition, the Company established the Data Centers segment as a reportable segment in the fourth quarter of 2021. The Company’s Data Centers segment relates to data center facilities and related assets that the Company owns and operates in the United States. The Data Centers segment offers different types of leased land and related services from, and requires different resources, skill sets and marketing strategies than the existing property operating segment in the U.S. & Canada. As of December 31, 2023, the Company’s property operations consisted of the following: •U.S. & Canada: property operations in Canada and the United States; •Asia-Pacific: property operations in Australia, Bangladesh, India, New Zealand and the Philippines; •Africa: property operations in Burkina Faso, Ghana, Kenya, Niger, Nigeria, South Africa and Uganda; •Europe: property operations in France, Germany and Spain; •Latin America: property operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Paraguay and Peru; and •Data Centers: data center property operations in the United States. Services—The Company’s Services segment offers tower-related services in the United States, including AZP, structural and mount analyses, and construction management, which primarily support its site leasing business, including the addition of new tenants and equipment on its communications sites. The Services segment is a strategic business unit that offers different services from, and requires different resources, skill sets and marketing strategies than, the property operating segments. The accounting policies applied in compiling segment information below are similar to those described in note 1. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding Depreciation, amortization and accretion; Selling, general, administrative and development expense; and Other operating expenses. The Company defines segment operating profit as segment gross margin less Selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Gain (loss) on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interests and Income tax benefit (provision). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the consolidated statements of operations and consolidated balance sheets. Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $195.7 million. (2)Primarily includes interest expense, $202.4 million in impairment charges, $402.0 million of goodwill impairment charges in India and Spain, as further discussed in note 5, and losses from foreign currency exchange rate fluctuations. The year ended December 31, 2023 also includes a net loss of $78.9 million on the sales of Mexico Fiber and ATC Poland. (3)Includes $6.2 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4)Includes $38.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
_______________ (1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $169.3 million. (2) Primarily includes interest expense and $655.9 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations. (3) Includes $6.7 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4) Includes $36.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $119.5 million. (2)Primarily includes interest expense and $173.7 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations. (3)Includes $5.4 million of finance lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4)Includes $35.2 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows. Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,:
_______________ (1)Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (2)Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments. Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2023, 2022 and 2021 and long-lived assets as of December 31, 2023 and 2022 is as follows:
_______________ (1) Balances are translated at the applicable exchange rate, which may impact comparability between periods. (2) Balances include revenue from the Company’s Services and Data Centers segments. (3) During the year ended December 31, 2023, the Company completed the sale of ATC Poland.
_______________ (1) Includes Property and equipment, net, Goodwill and Other intangible assets, net. (2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (3) Balances include the Company’s data centers assets located in the United States. The following customers within the property and services segments individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31,:
|
RELATED PARTY TRANSACTIONS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSDuring the years ended December 31, 2023, 2022 and 2021, the Company had no significant related party transactions. |
SUBSEQUENT EVENTS |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Pending ATC TIPL Transaction—On January 4, 2024, the Company, through its subsidiaries, ATC Asia Pacific Pte. Ltd. and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT will acquire a 100% ownership interest in ATC TIPL (the “Pending ATC TIPL Transaction”) for total aggregate consideration of up to 210 billion INR (approximately $2.5 billion), including the value of the VIL OCDs, payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of our existing term loan in India, by DIT. The Company will retain the full economic benefit associated with the VIL OCDs, and rights to payments on certain existing customer receivables. The Pending ATC TIPL Transaction is expected to close in the second half of 2024, subject to customary closing conditions, including government and regulatory approval. Repayment of 0.600% Senior Notes—On January 12, 2024, the Company repaid $500.0 million aggregate principal amount of the Company’s 0.600% senior unsecured notes due 2024 (the “0.600% Notes”) upon their maturity. The 0.600% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 0.600% Notes remained outstanding. Repayment of 5.00% Senior Notes—On February 14, 2024, the Company repaid $1.0 billion aggregate principal amount of the Company’s 5.00% senior unsecured notes due 2024 (the “5.00% Notes”) upon their maturity. The 5.00% Notes were repaid using borrowings under the 2021 Multicurrency Credit Facility. Upon completion of the repayment, none of the 5.00% Notes remained outstanding.
|
Schedule III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)
_______________ (1) No single site exceeds 5% of the total amounts indicated in the table above. (2) Certain assets secure debt of $2.3 billion. (3) The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis. (4) The Company has aggregated data center information on a basis consistent with its tower portfolio. (5) Does not include those sites under construction.
_______________ (1)Includes amounts related to the acquisition of data centers. (2)Includes amounts incurred primarily for the construction of new sites. (3)Includes amounts incurred to purchase or otherwise secure the land under communications sites. (4)Includes amounts incurred to increase the capacity of existing sites, which results in new incremental tenant revenue. (5)Includes amounts incurred to enhance existing sites by adding additional functionality, capacity or general asset improvements. (6)Includes amounts incurred in connection with acquisitions or new market launches. Start-up capital expenditures includes non-recurring expenditures contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or platform expansion initiatives that lead to an increase in site-level cash flow generation. (7)Primarily includes regional improvements, other additions, and net adjustments related to the Company’s asset retirement obligations. For the year ended December 31, 2022, includes $1.6 billion of data center equipment acquired in 2021 not previously classified as an investment in real estate. The Company determined that the inclusion of data center equipment in this schedule would provide better information and be more consistent with others in the data center industry. (8)Primarily includes foreign currency exchange rate fluctuations and other deductions. For the year ended December 31, 2023, includes the impact of the sales of Mexico Fiber and ATC Poland.
|
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2023
shares
|
Dec. 31, 2023
shares
|
|
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Rodney M. Smith [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Rodney M. Smith, our Executive Vice President, Chief Financial Officer and Treasurer, entered into a pre-arranged stock trading plan on November 9, 2023. Mr. Smith’s plan provides for the potential exercise of vested stock options and associated sale of up to 23,019 shares of our common stock between March 1, 2024 and March 8, 2024.
|
|
Name | Rodney M. Smith | |
Title | Executive Vice President, Chief Financial Officer and Treasurer | |
Adoption Date | November 9, 2023 | |
Arrangement Duration | 120 days | |
Aggregate Available | 23,019 | 23,019 |
Samme Thompson [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Samme Thompson, one of our Directors, entered into a pre-arranged stock trading plan on October 27, 2023. Mr. Thompson’s plan provides for the potential exercise of vested stock options and associated sale of up to 5,054 shares of our common stock between February 26, 2024 and March 8, 2024.
|
|
Name | Samme Thompson | |
Title | Director | |
Adoption Date | October 27, 2023 | |
Arrangement Duration | 133 days | |
Aggregate Available | 5,054 | 5,054 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business—American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) is one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. The Company’s primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting (“AZP”), structural and mount analyses and construction management, which primarily support the Company’s site leasing business, including the addition of new tenants and equipment on its sites. The Company’s customers include its tenants, licensees and other payers. The Company’s portfolio primarily consists of towers that it owns and towers that it operates pursuant to long-term lease arrangements, as well as distributed antenna system (“DAS”) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in its portfolio, the Company manages rooftop and tower sites for property owners under various contractual arrangements. The Company also holds other telecommunications infrastructure, fiber and property interests that it leases primarily to communications service providers and third-party tower operators and holds a portfolio of highly interconnected data center facilities and related assets in the United States that the Company provides for the leasing of space primarily to enterprises, network operators, cloud providers and supporting service providers. American Tower Corporation is a holding company that conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations primarily through its subsidiary, American Tower International, Inc., which in turn conducts operations through its various international holding and operating subsidiaries and joint ventures. The Company operates as a real estate investment trust for U.S. federal income tax purposes (“REIT”). Accordingly, the Company generally is not required to pay U.S. federal income taxes on income generated by its REIT operations, including the income derived from leasing space on its towers and in its data centers, as it receives a dividends paid deduction for distributions to stockholders that offsets its REIT taxable income and gains. However, the Company remains obligated to pay U.S. federal income taxes on earnings from its domestic taxable REIT subsidiaries (“TRSs”). In addition, the Company’s international assets and operations, regardless of their classification for U.S. tax purposes, continue to be subject to taxation in the jurisdictions where those assets are held or those operations are conducted. The use of TRSs enables the Company to continue to engage in certain businesses and jurisdictions while complying with REIT qualification requirements. The Company may, from time to time, change the election of previously designated TRSs to be included as part of the REIT. As of December 31, 2023, the Company’s REIT-qualified businesses included its U.S. tower leasing business, a majority of its U.S. indoor DAS networks business, its Services and Data Centers segments, as well as most of its operations in Canada, Costa Rica, France, Germany, Ghana, Kenya, Mexico, Nigeria, South Africa and Uganda.
|
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation—The accompanying consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. |
Reportable Segments | Reportable Segments—The Company reports its results in seven segments – U.S. & Canada property (which includes all assets in the United States and Canada, other than the Company’s data center facilities and related assets), Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 20.
|
Significant Accounting Policies and Use of Estimates | Significant Accounting Policies and Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying consolidated financial statements. The significant estimates in the accompanying consolidated financial statements include impairment of long-lived assets (including goodwill), revenue recognition, rent expense and lease accounting, income taxes and accounting for business combinations and acquisitions of assets. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure.
|
Accounts Receivable and Deferred Rent Asset | Accounts Receivable and Deferred Rent Asset—The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of customers in the telecommunications industry, and 45% of its current-year revenues are derived from three customers. The Company’s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease for which revenue is recognized on a straight-line basis over the lease term. The Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and customers. In recognizing customer revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management’s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and are subsequently determined to present a risk of collection are reserved as bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations. Accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a customer’s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances or reserves when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account.
|
Functional Currency | Functional Currency—The functional currency of each of the Company’s foreign operating subsidiaries is normally the respective local currency, except for Costa Rica and Argentina, where the functional currency is the U.S. Dollar. All foreign currency assets and liabilities held by the subsidiaries are translated into U.S. Dollars at the exchange rate in effect at the end of the applicable fiscal reporting period and all foreign currency revenues and expenses are translated at the average monthly exchange rates. Translation adjustments are reflected in equity as a component of Accumulated other comprehensive loss (“AOCL”) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated statements of comprehensive income. Gains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income.
|
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high-quality financial institutions and monitors the credit ratings of those institutions.
|
Restricted Cash | Restricted Cash—Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions.
|
Property and Equipment | Property and Equipment—Property and equipment is recorded at cost or, in the case of acquired properties, at estimated fair value on the date acquired. Cost for self-constructed sites includes direct materials and labor and certain indirect costs associated with construction of the site, such as transportation costs, employee benefits and payroll taxes. The Company begins the capitalization of costs during the pre-construction period, which is the period during which costs are incurred to evaluate the site, and continues to capitalize costs until the site is substantially completed and ready for occupancy by a customer. Labor and related costs capitalized for the years ended December 31, 2023, 2022 and 2021 were $64.4 million, $65.2 million and $59.4 million, respectively. Expenditures for repairs and maintenance are expensed as incurred. Augmentation and improvements that extend an asset’s useful life or enhance capacity are capitalized. Depreciation expense is recorded using the straight-line method over the assets’ estimated useful lives. Towers and assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the term of the corresponding ground lease and residual value. Towers or assets acquired through finance leases are recorded net at the present value of future minimum lease payments or the fair value of the leased asset at the inception of the lease. Property and equipment and assets held under finance leases are amortized over the shorter of the applicable lease term or the estimated useful life of the respective assets for periods generally not exceeding twenty years. The Company reviews its asset portfolio for indicators of impairment on an individual site basis. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company reviews other long-lived assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. The Company is in the process of finalizing its review of the estimated useful lives of its tower assets. The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist the Company in completing this review and analysis. The Company currently depreciates its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company has historically estimated to be 20 years. Additionally, certain of the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. If the Company concludes that a revision in the estimated useful lives of its tower assets is appropriate based on its review and analysis, which the Company expects to conclude in 2024, the Company will account for any changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated asset lives may be extended, which would result in an estimated (i) $700 million to $800 million decrease in depreciation and amortization for the year ended December 31, 2024 and (ii) $450 million to $550 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability.
|
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets—The Company reviews goodwill for impairment at least annually (as of December 31) or whenever events or circumstances indicate the carrying value of an asset may not be recoverable. Goodwill is recorded in the applicable segment and assessed for impairment at the reporting unit level. The Company employs a discounted cash flow analysis when testing goodwill for impairment. The key assumptions utilized in the discounted cash flow analysis include current operating performance, terminal revenue growth rate, management’s expectations of future operating results and cash requirements, the current weighted average cost of capital and an expected tax rate. The Company compares the fair value of the reporting unit, as calculated under an income approach using future discounted cash flows, to the carrying amount of the applicable reporting unit. If the carrying amount exceeds the fair value, an impairment loss would be recognized for the amount of the excess. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. During the year ended December 31, 2023, the Company concluded that a triggering event occurred with respect to its India reporting unit. As a result, the Company performed a goodwill impairment test based on information observed during its review of strategic alternatives for this reporting unit. The result of the Company’s goodwill impairment test indicated that the carrying amount of the Company's India reporting unit exceeded its estimated fair value. As a result, the Company recorded a goodwill impairment charge of $322.0 million during the quarter ended September 30, 2023. The Company also performed its annual goodwill impairment test as of December 31, 2023. The results of the annual goodwill impairment test indicated that the carrying amount of the Company’s Spain reporting unit exceeded its estimated fair value. As a result, the Company recorded a goodwill impairment charge of $80.0 million. The goodwill impairment charges are recorded in Goodwill impairment in the accompanying consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, no other goodwill impairment was identified, as the fair value of each of the reporting units was in excess of its carrying amount. Intangible assets that are separable from goodwill and are deemed to have a definite life are amortized over their useful lives, generally ranging from to twenty years and are evaluated separately for impairment at least annually or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company reviews its network location intangible assets for indicators of impairment on an individual tower basis. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company monitors its tenant-related intangible assets on a tenant by tenant basis for indicators of impairment, such as high levels of turnover or attrition, the customer’s ability to meet its contractual obligations, non-renewal of a significant number of contracts or the cancellation or termination of a relationship. The Company assesses recoverability by determining whether the carrying amount of the related assets will be recovered primarily through projected undiscounted future cash flows. If the Company determines that the carrying amount of an asset may not be recoverable, the Company measures any impairment loss based on the projected future discounted cash flows to be provided from the asset or available market information relative to the asset’s fair value, as compared to the asset’s carrying amount. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment.
|
Fair Value Measurements | Fair Value Measurements—The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Asset Retirement Obligations | Asset Retirement Obligations—When required, the Company recognizes the fair value of obligations to remove its assets and remediate the leased space upon which certain of its assets are located. Generally, the associated retirement costs are capitalized as part of the carrying amount of the related assets and depreciated over their estimated useful lives and the liability is accreted through the obligation’s estimated settlement date. Fair value estimates of asset retirement obligations generally involve discounting of estimated future cash flows associated with remediation costs. Periodic accretion of such liabilities due to the passage of time is included in Depreciation, amortization and accretion expense in the consolidated statements of operations. Adjustments are also made to the asset retirement obligation liability to reflect changes in the estimates of timing and amount of expected cash flows, with an offsetting adjustment made to the related long-lived tangible asset. The significant assumptions used in estimating the Company’s aggregate asset retirement obligation are: timing of asset removals; cost of asset removals; timing and number of site lease renewals; expected inflation rates; and credit-adjusted, risk-free interest rates that approximate the Company’s incremental borrowing rate. The Company is in the process of finalizing its review of the estimated settlement dates for its asset retirement obligations. The Company now has over 20 years of operating history, and it is considering whether it should modify its current estimated settlement dates based on its historical operating experience, management’s intent with respect to the assets, and the assets’ estimated useful lives. The Company expects to complete its review of estimated settlement dates in the first quarter of 2024. If the Company concludes that a revision in the estimated settlement dates for its asset retirement obligations is appropriate based on its review and analysis, the Company will account for any changes in the estimated settlement dates as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. Based on preliminary information obtained to date, the Company expects that its estimated settlement dates may be extended. The extension in the estimated settlement dates would result in an estimated (i) $400 million to $500 million increase in the asset retirement obligation liability, with an offsetting adjustment made to the related long-lived tangible asset, (ii) $800 million to $900 million increase in the estimated undiscounted future cash outlay for asset retirement obligations, and (iii) $50 million to $100 million decrease in estimated accretion expense for the year ended December 31, 2024.
|
Income Taxes | Income Taxes—As a REIT, the Company generally is not subject to U.S. federal income taxes on income generated by its REIT operations as it receives a dividends paid deduction for distributions to stockholders that generally offsets its REIT income and gains. However, the Company remains obligated to pay U.S. federal income taxes on certain earnings and continues to be subject to taxation in its foreign jurisdictions. Accordingly, the consolidated financial statements reflect provisions for federal, state, local and foreign income taxes. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities as a result of a change in tax rates is recognized in income in the period that includes the enactment date. The Company periodically reviews its deferred tax assets, and provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Valuation allowances would be reversed as a reduction to the provision for income taxes if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets’ recoverability. The Company estimates the liabilities from uncertain tax positions, which are recorded in Other non-current liabilities in the consolidated balance sheet, unless expected to be paid within one year. The Company reports penalties and tax-related interest expense as a component of the income tax provision and interest income from tax refunds as a component of Interest income in the consolidated statements of operations.
|
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss)—Other comprehensive income (loss) refers to items excluded from net income that are recorded as an adjustment to equity, net of tax. The Company’s other comprehensive income (loss) primarily consisted of changes in fair value of effective derivative cash flow hedges, foreign currency translation adjustments, reclassification of unrealized losses on effective derivative cash flow hedges and other items. |
Distributions | Distributions—As a REIT, the Company must annually distribute to its stockholders an amount equal to at least 90% of its REIT taxable income (determined before the deduction for distributed earnings and excluding any net capital gain). Generally, the Company has distributed, and expects to continue to distribute, all or substantially all of its REIT taxable income after taking into consideration its utilization of net operating losses (“NOLs”). The amount, timing and frequency of future distributions will be at the sole discretion of the Board of Directors and will depend upon various factors, a number of which may be beyond the Company’s control, including the Company’s financial condition and operating cash flows, the amount required to maintain its qualification for taxation as a REIT and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company’s existing and future debt and preferred equity instruments, the Company’s ability to utilize NOLs to offset the Company’s distribution requirements, limitations on its ability to fund distributions using cash generated through its TRSs and other factors that the Board of Directors may deem relevant.
|
Acquisitions | Acquisitions—For acquisitions that meet the definition of a business combination, the Company applies the acquisition method of accounting where assets acquired and liabilities assumed are recorded at fair value at the date of each acquisition, and the results of operations are included with those of the Company from the dates of the respective acquisitions. Any excess of the purchase price paid by the Company over the amounts recognized for assets acquired and liabilities assumed is recorded as goodwill. The Company continues to evaluate acquisitions for a period not to exceed one year after the applicable acquisition date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed. All other acquisitions are accounted for as asset acquisitions and the purchase price is allocated to the net assets acquired with no recognition of goodwill. The purchase price is not subsequently adjusted. The fair value of the assets acquired and liabilities assumed is typically determined by using either estimates of replacement costs or discounted cash flow valuation methods. When determining the fair value of tangible assets acquired, the Company must estimate the cost to replace the asset with a new asset taking into consideration such factors as age, condition and the economic useful life and productive capacity of the asset. When determining the fair value of intangible assets acquired and liabilities assumed, the Company must estimate the timing and amount of future cash flows, including rate and terms of renewal and attrition, and apply the applicable discount rate.
|
Revenue | Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located, land underlying our customers’ sites and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to DAS networks and fiber and other related assets results from agreements with customers that are generally not accounted for as leases. The Company’s revenue from leasing arrangements, including fixed escalation clauses present in non-cancellable lease arrangements, is reported on a straight-line basis over the term of the respective leases when collectibility is probable. Escalation clauses tied to a consumer price index (“CPI”), or other inflation-based indices, and other incentives present in lease agreements with the Company’s tenants are excluded from the straight-line calculation. Total property straight-line revenues for the years ended December 31, 2023, 2022 and 2021 were $472.0 million, $499.8 million and $465.6 million, respectively. Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. Services revenue—The Company offers tower-related services in the United States. These services include AZP, structural and mount analyses, and construction management. There is a single performance obligation related to AZP and construction management, and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural and mount analyses services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed. Some of the Company’s contracts with customers contain multiple performance obligations. For these arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is typically based on the price charged to customers. Since most of the Company’s contracts are leases, costs to enter into lease arrangements are capitalized under the applicable lease accounting guidance. Costs incurred to obtain non-lease contracts that are capitalized primarily relate to DAS networks and are not material to the consolidated financial statements. The Company has excluded sales tax, value added tax and similar taxes from non-lease revenue. The Company records unearned revenue when payments are received from customers in advance of the completion of the Company’s performance obligations. Long-term unearned revenue is included in Other non-current liabilities. During the year ended December 31, 2023, the Company recognized $143.6 million of revenue that was previously included in the contract liabilities balances, primarily arising from balances as of December 31, 2022. The Company records unbilled receivables, which are included in Prepaids and other current assets, when it has completed a performance obligation prior to its ability to bill under the customer arrangement. Other contract assets are included in Notes receivable and other non-current assets. The Company recorded an immaterial change in unbilled receivables attributable to non-lease property revenue recognized during each of the years ended December 31, 2023 and 2022. The change in contract assets attributable to revenue recognized during the years ended December 31, 2023 and 2022 was $0.6 million and $(0.3) million, respectively. The Company does not disclose the value of unsatisfied performance obligations for agreements (i) with an original expected length of one year or less or (ii) for which it recognizes revenue at the amount to which it has the right to invoice for services performed.
|
Lease Accounting and Rent Expense | Lease Accounting and Rent Expense—The Company accounts for leases using a right-of-use model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. The lessee also recognizes a corresponding right-of-use asset related to this right. The Company recognizes a right-of-use lease asset and lease liability for operating and finance leases. The right-of-use asset is measured as the sum of the lease liability, prepaid or accrued lease payments, any initial direct costs incurred and any other applicable amounts. The Company reviews its right-of-use assets for impairment whenever events, changes in circumstances or other evidence indicate that the carrying amount of the Company’s assets may not be recoverable. The Company reviews its right-of-use assets for indicators of impairment at the lowest level of identifiable cash flows, as part of its asset portfolio. Impairments primarily result from a site not having current tenant leases or from having expenses in excess of revenues. The Company records impairment charges, which are discussed in note 16, in Other operating expenses in the consolidated statements of operations in the period in which the Company identifies such impairment. The calculation of the lease liability requires the Company to make certain assumptions for each lease, including lease term and discount rate implicit in each lease, which could significantly impact the gross lease obligation, the duration and the present value of the lease liability. When calculating the lease term, the Company considers the renewal, cancellation and termination rights available to the Company and the lessor. The Company determines the discount rate by calculating the incremental borrowing rate on a collateralized basis at the commencement of a lease or upon a change in the lease term. Many of the leases underlying the Company’s sites have fixed rent escalations, which provide for periodic increases in the amount of ground rent payable by the Company over time. In addition, certain of the Company’s tenant leases require the Company to exercise available renewal options pursuant to the underlying ground lease if the tenant exercises its renewal option. The Company’s calculation of the lease liability includes the term of the underlying ground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to the Company such that renewal appears to be reasonably assured.
|
Selling, General, Administrative and Development Expense | Selling, General, Administrative and Development Expense—Selling, general and administrative expense consists of overhead expenses related to the Company’s property and services operations and corporate overhead costs not specifically allocable to any of the Company’s individual business operations. Development expense consists of costs related to the Company’s acquisition efforts, costs associated with new business initiatives and project cancellation costs.
|
Stock-Based Compensation | Stock-Based Compensation—Stock-based compensation expense is measured at the accounting measurement date based on the fair value of the award and is generally recognized as an expense over the service period, which typically represents the vesting period. The Company provides for accelerated vesting and extended exercise periods of stock options and restricted stock units upon an employee’s death or permanent disability, or upon an employee’s qualified retirement, provided certain eligibility criteria are met. Accordingly, the Company recognizes compensation expense for stock options and time-based restricted stock units (“RSUs”) over the shorter of (i) the vesting period or (ii) the period from the date of grant to the date the employee becomes eligible for such benefits due to death, disability or qualified retirement, which may occur upon grant. The expense recognized includes the impact of forfeitures as they occur. Equity awards typically vest ratably. Awards of RSUs and stock options granted prior to March 10, 2023 generally vest over four years. In December 2022, the Company’s Compensation Committee changed the terms of its awards to generally vest over three years. The change in vesting terms is applicable for new awards granted beginning on March 10, 2023 and does not change the vesting terms applicable to grants awarded prior to March 10, 2023. The Company grants performance-based restricted stock units (“PSUs”) to its executive officers. Threshold, target and maximum parameters are established for a three-year performance period at the time of grant. The metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200% of the target amounts. The Company recognizes compensation expense for PSUs over the three-year vesting period, subject to adjustment based on the date the employee becomes eligible for retirement benefits as well as performance relative to grant parameters. The fair value of stock options is determined using the Black-Scholes option-pricing model and the fair value of RSUs and PSUs is based on the fair value of the Company’s common stock on the date of grant. The Company recognizes all stock-based compensation expense in Selling, general, administrative and development expense. In connection with the vesting of restricted stock units, the Company withholds from issuance a number of shares of common stock to satisfy certain employee tax withholding obligations arising from such vesting. The shares withheld are considered constructively retired. The Company recognizes the fair value of the shares withheld in Additional paid-in capital on the consolidated balance sheets.
|
Litigation Costs | Litigation Costs—The Company periodically becomes involved in various claims and lawsuits that are incidental to its business. The Company regularly monitors the status of pending legal actions to evaluate both the magnitude and likelihood of any potential loss. The Company accrues for these potential losses when it is probable that a liability has been incurred and the amount of loss, or possible range of loss, can be reasonably estimated. Should the ultimate losses on contingencies or litigation vary from estimates, adjustments to those liabilities may be required. The Company also incurs legal costs in connection with these matters and records estimates of these expenses, which are reflected in Selling, general, administrative and development expense in the accompanying consolidated statements of operations.
|
Earnings Per Common Share-Basic and Diluted | Earnings Per Common Share—Basic and Diluted—Basic net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net income per common share represents net income attributable to American Tower Corporation common stockholders divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including (A) shares issuable upon the vesting of RSUs and exercise of stock options and (B) shares expected to be earned upon the achievement of the parameters established for PSUs, each to the extent not anti-dilutive. The Company uses the treasury stock method to calculate the effect of its outstanding RSUs, PSUs and stock options. |
Retirement Plan | Retirement Plan—The Company has a 401(k) plan covering nearly all eligible employees who meet certain age and employment requirements. |
Accounting Standards Updates | Accounting Standards Updates—In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued guidance which requires public entities to provide enhanced income tax disclosures on an annual basis. The new guidance requires an expanded rate reconciliation and the disaggregation of cash taxes paid by U.S. federal, U.S. state and foreign jurisdictions. The updated guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
|
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Allowances | Changes in the allowances were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Foreign Currency (Gains) Losses | The Company recorded the following net foreign currency (gains) losses:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, cash Equivalents, and Restricted Cash | The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue Disaggregated by Source and Geography | Revenue is disaggregated by geography in a manner consistent with the Company’s business segments, which are discussed further in note 20. A summary of revenue disaggregated by source and geography is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information About Non-Lease Receivables, Contract Assets and Contract Liabilities From Contracts With Tenants | Information about non-lease receivables, contract assets and contract liabilities from contracts with customers is as follows:
_______________ (1) Includes capital contributions related to DAS networks.
|
PREPAID AND OTHER CURRENT ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expense and Other Assets, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consisted of the following:
(1) Includes the VIL OCDs (as defined and further discussed in note 11).
|
PROPERTY AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment (including assets held under finance leases) consisted of the following:
_______________ (1) Assets on leased land are depreciated over the estimated useful life of the asset taking into consideration the corresponding ground lease term and residual value. (2) Includes fiber, DAS and data center related assets. (3) Estimated useful lives apply to improvements only.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finance Lease Assets Included in Property Plant and Equipment | Information about finance lease-related balances is as follows:
(1) As of December 31, 2022, included $23.1 million of finance lease-related equipment assets associated with Mexico Fiber, which was sold during the year ended December 31, 2023.
|
LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Receipts Expected Under Operating Leases | Future minimum rental receipts expected under non-cancellable operating lease agreements as of December 31, 2023, were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods. (2) Balances represent contractual amounts owned with no adjustments made for expected collectibility.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information About Other Lease-related Balances | Information about other lease-related balances is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Operating Lease Cost | The weighted-average remaining lease terms and incremental borrowing rates are as follows:
The following table sets forth the components of lease cost for the years ended December 31,:
_______________ (1) Primarily includes property tax paid on behalf of the landlord. Supplemental cash flow information is as follows for the years ended December 31,:
_______________ (1) Amount includes new operating leases and leases acquired in connection with acquisitions. For the year ended December 31, 2021, includes $1.4 billion related to the Telxius Acquisition (as defined in note 6).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Finance Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were as follows:
_______________ (1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Carrying Value of Goodwill | The changes in the carrying value of goodwill for each of the Company’s business segments were as follows:
_______________ (1) Europe and Latin America consist of measurement period adjustments related to the Telxius Acquisition (as defined in note 6) . Data Centers consists of measurement period adjustments related to the CoreSite Acquisition (as defined in note 6). (2) Other represents the goodwill associated with certain operations acquired in connection with the acquisition of InSite Wireless Group, LLC (the “InSite Acquisition”). These business operations were sold during the year ended December 31, 2022. (3) Other represents the goodwill associated with Mexico Fiber, which was sold during the year ended December 31, 2023. (4) Includes $322.0 million and $80.0 million of goodwill impairments associated with the India and Spain reporting units, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Intangible Assets Subject to Amortization | The Company’s other intangible assets subject to amortization consisted of the following:
_______________ (1) Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease, taking into consideration lease renewal options and residual value, generally up to 20 years, as the Company considers these intangibles to be directly related to the tower assets.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Future Amortization Expenses | Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years:
|
ACQUISITIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Merger and Acquisition Related Costs | During the years ended December 31, 2023, 2022 and 2021, the Company recorded acquisition, disposition and merger related expenses for business combinations, dispositions and non-capitalized asset acquisition costs and integration costs as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocations of the purchase prices for the fiscal year 2023 acquisitions based upon their estimated fair value at the date of acquisition:
(1) Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets.
|
ACCRUED EXPENSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses consisted of the following:
|
LONG-TERM OBLIGATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Outstanding amounts under the Company’s long-term obligations, reflecting discounts, premiums, debt issuance costs and fair value adjustments due to interest rate swaps consisted of the following:
(1)Reflects interest rate or maturity date as of December 31, 2023. (2)Accrues interest at a variable rate. (3)Reflects borrowings denominated in EUR and, for the 2021 Multicurrency Credit Facility (as defined below), reflects borrowings denominated in both EUR and U.S. Dollars (“USD”). (4)Repaid in full on June 27, 2023 using borrowings under the 2021 Multicurrency Credit Facility. (5)Repaid in full on January 31, 2023 using borrowings under the 2021 Credit Facility (as defined below). (6)Repaid in full on June 15, 2023 using borrowings under the 2021 Credit Facility. (7)Repaid in full on January 12, 2024 using borrowings under the 2021 Multicurrency Credit Facility. (8)Repaid in full on February 14, 2024 using borrowings under the 2021 Multicurrency Credit Facility. (9)Notes are denominated in EUR. (10)Repaid in full on the March 2023 repayment date using proceeds from the 2023 Securitization (as defined below). (11)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2048. (12)Maturity date reflects the anticipated repayment date; final legal maturity is March 15, 2053. (13)Maturity date reflects the anticipated repayment date; final legal maturity is June 15, 2050. (14)Includes amounts drawn under letters of credit in Nigeria, which are denominated in USD, and the India Term Loan (as defined below), which is denominated in Indian Rupee (“INR”). As of December 31, 2023, the key terms under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility, the 2021 Term Loan and the Company’s 825.0 million EUR unsecured term loan, as amended in December 2021 (the “2021 EUR Three Year Delayed Draw Term Loan”) were as follows:
(1) SOFR applies to the USD denominated borrowings under the 2021 Multicurrency Credit Facility, the 2021 Credit Facility and the 2021 Term Loan. Euro Interbank Offer Rate (“EURIBOR”) applies to the EUR denominated borrowings under the 2021 Multicurrency Credit Facility and all of the borrowings under the 2021 EUR Three Year Delayed Draw Term Loan. (2) Fee on undrawn portion of each credit facility. (3) Subject to two optional renewal periods. The following table outlines key terms related to the Company’s outstanding senior notes as of December 31, 2023:
(1) Includes unamortized discounts, premiums and debt issuance costs. (2) Accrued and unpaid interest on USD denominated notes is payable in USD semi-annually in arrears and will be computed from the issue date on the basis of a 360-day year comprised of twelve 30-day months. Interest on EUR denominated notes is payable in EUR annually in arrears and will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes, beginning on the issue date. (3) The Company may redeem the notes at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes plus a make-whole premium, together with accrued interest to the redemption date. If the Company redeems the notes on or after the par call date, the Company will not be required to pay a make-whole premium. (4) The original issue date for the initial 5.00% Notes was August 19, 2013. The issue date for the reopened 5.00% Notes was January 10, 2014. (5) Notes are denominated in EUR. (6) The original issue date for the initial 3.100% Notes was June 3, 2020. The issue date for the reopened 3.100% Notes was September 28, 2020. (7) The original issue date for the initial 2.950% Notes was November 20, 2020. The issue date for the reopened 2.950% Notes was September 27, 2021. Amounts outstanding and key terms of the India credit facilities consisted of the following as of December 31, 2023 (in millions, except percentages):
_______________ (1) 10.7 billion Indian Rupees (“INR”) ($128.7 million) of borrowing capacity as of December 31, 2023. The Company has 0.2 billion INR (approximately $2.7 million) of bank guarantees outstanding included within the overall borrowing capacity. Amounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, (in millions, except percentages):
_______________ (1) Denominated in USD. During the year ended December 31, 2023, we drew on letters of credit in Nigeria. The drawn amounts bear interest at a rate equal to the SOFR at the time of drawing plus a spread. Amounts are due 270 days from the date of drawing. (2) Denominated in INR. Subsequent to December 31, 2023, the Company amended the India Term Loan to extend the maturity date to December 31, 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Aggregate principal maturities of long-term debt, including finance leases, for the next five years and thereafter are expected to be:
|
OTHER NON-CURRENT LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities, Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Liabilities | Other non-current liabilities consisted of the following:
|
ASSET RETIREMENT OBLIGATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value of Asset Retirement Obligations | The changes in the carrying amount of the Company’s asset retirement obligations were as follows:
(1)Revisions in estimates include an increase to the liability of $22.3 million and a decrease to the liability of $24.6 million related to foreign currency translation for the years ended December 31, 2023 and 2022, respectively.
|
FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Level of Inputs | Below are the three levels of inputs that may be used to measure fair value:
The significant unobservable inputs used to determine the fair value of the individual tower and acquired network location intangible assets subject to impairment in 2023 and 2022 included the following:
(1)On a local currency basis. (2)Specific to the country of each impaired asset. Due to the underlying economic characteristics of the markets the Company operates in, the weighted average cost of capital may vary significantly from market to market. The significant unobservable inputs used to determine the fair value of the Spain reporting until as of December 31, 2023 included the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | The fair values of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value were as follows:
_______________ (1) Investments in equity securities are recorded in Notes receivable and other non-current assets in the consolidated balance sheet at fair value. Unrealized holding gains and losses for equity securities are recorded in Other income (expense) in the consolidated statements of operations in the current period. During the years ended December 31, 2023 and 2022, the Company recognized unrealized gains (losses) of $4.3 million and $(16.7) million, respectively, for equity securities held as of December 31, 2023. (2) Included in the carrying values of the corresponding debt obligations as of December 31, 2022. As of December 31, 2023, the interest rate swap agreements under the 3.000% Notes were settled.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Percentages of the Asset Class that were Subject to Fair Value Measurement and Subsequently Impaired | The table below indicates the percentages of the asset class that were subject to fair value measurement and subsequently impaired for the years ended December 31, 2023 and 2022:
|
INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Provision from Continuing Operations | The income tax provision from continuing operations consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation Between The U.S. Statutory Rate and The Effective Rate from Continuing Operations | Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows:
_______________ (1) As a result of the ability to utilize the dividends paid deduction to offset the Company’s REIT income and gains.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Domestic and Foreign Components of Income from Continuing Operations Before Income Taxes | The domestic and foreign components of income from continuing operations before income taxes are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of The Net Deferred Tax Asset and Related Valuation Allowance | The components of the net deferred tax asset and liability and related valuation allowance were as follows:
_______________ (1) As of December 31, 2023 includes amounts related to the sale of Mexico Fiber.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation Allowance | A summary of the activity in the valuation allowance is as follows:
_______________ (1) Includes net charges to expense and allowances established due to acquisition.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Operating Loss Carryforwards | At December 31, 2023, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Unrecognized Tax Benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:
_______________ (1) Year ended December 31, 2021 includes adjustments of $(16.6) million due to a reclassification of unrecognized tax benefits to penalties and income tax-related interest expense.
|
STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expenses | During the years ended December 31, 2023, 2022 and 2021, the Company recorded the following stock-based compensation expenses in selling, general, administrative and development expense:
_______________ (1)For the year ended December 31, 2023, excludes $7.6 million of stock-based compensation expenses related to severance recorded in Other operating expense in the accompanying consolidated statements of operations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Option Activity | The Company’s option activity for the year ended December 31, 2023 was as follows (share and per share data disclosed in full amounts):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Options Outstanding | The following table sets forth information regarding options outstanding at December 31, 2023 (share and per share data disclosed in full amounts):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of RSU and PSU Activity | The Company’s RSU and PSU activity for the year ended December 31, 2023 was as follows (share and per share data disclosed in full amounts):
_______________ (1)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2022 PSUs and the 2021 PSUs (each as defined below), or 98,542 shares and 98,694 shares, respectively, and the shares issuable at the end of the three-year performance period for the PSUs granted in 2020 (the “2020 PSUs”) based on achievement against the performance metrics for the three-year performance period, or 79,232 shares. (2)PSUs consist of the target number of shares issuable at the end of the three-year performance period for the 2023 PSUs (as defined below), or 118,684 shares, and target number of shares issuable at the end of the one-year performance period for the Retention PSUs (as defined below), or 19,132 shares. PSUs also includes the shares above target that are issuable for the 2021 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the three-year performance period, or 28,624 shares. (3)PSUs consist of shares vested pursuant to the 2020 PSUs. There are no additional shares to be earned related to the 2020 PSUs. (4)Vested and deferred RSUs are related to deferred compensation for certain former employees.
|
EQUITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | During the years ended December 31, 2023, 2022 and 2021, the Company declared the following cash distributions (per share data reflects actual amounts):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The following table characterizes the tax treatment of distributions declared per share of common stock.
_______________ (1) Excludes dividend declared on December 13, 2023 of $1.70 per share, which was paid on February 1, 2024 to common stockholders of record at the close of business on December 28, 2023 and which will apply to the 2024 tax year. Includes dividend declared on December 7, 2022 of $1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year. (2) Excludes dividend declared on December 7, 2022 of $1.56 per share, which was paid on February 2, 2023 to common stockholders of record at the close of business on December 28, 2022 and which applied to the 2023 tax year. (3) Includes dividend declared on December 15, 2021 of $1.39 per share, which was paid on January 14, 2022 to common stockholders of record at the close of business on December 27, 2021. Also includes dividend declared on December 3, 2020 of $1.21 per share, which was paid on February 2, 2021 to common stockholders of record at the close of business on December 28, 2020 and which applied to the 2021 tax year.
|
NONCONTROLLING INTERESTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Noncontrolling Interests | The changes in noncontrolling interests were as follows:
_______________ (1) Represents the impact of contributions received from Stonepeak described above on Noncontrolling interests. Reflected within Contributions from noncontrolling interest holders in the consolidated statements of equity. (2) For the year ended December 31, 2023, primarily includes the Stonepeak Common Dividend and the Stonepeak Preferred Distributions. For the year ended December 31, 2022, includes $16.7 million of Stonepeak Preferred Distributions and dividends of $5.5 million paid to PGGM.
|
OTHER OPERATING EXPENSE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Expenses | Other operating expenses included the following for the years ended December 31,:
_______________ (1) For the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) For the year ended December 31, 2023, includes a net loss of $78.9 million on the sales of Mexico Fiber and ATC Poland. (3) For the year ended December 31, 2023, includes severance and related costs as discussed below. For the year ended December 31, 2021, includes acquisition and merger related expenses associated with the Telxius Acquisition and the CoreSite Acquisition.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impairment Charges | Impairment charges included the following for the years ended December 31,:
_______________ (1) During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below. (2) During the year ended December 31, 2023, impairment charges relate to impaired tenant relationships in Africa. During the year ended December 31, 2022, impairment charges primarily relate to India, as discussed below, and impaired tenant relationships related to fiber in Mexico. During the year ended December 31, 2021, impairment charges relate to a fully impaired tenant relationship in Africa. (3) Includes impairment charges related to right-of-use assets. (4) During the year ended December 31, 2023, includes goodwill impairment associated with the India and Spain reporting units (as discussed in note 5).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Severance and Related Costs | Additional information relating to the severance and related costs by operating segments is as follows for the year ended December 31,:
_______________ (1)Includes corporate expenses
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The changes in the unpaid obligations for severance and related costs for the year ended December 31, 2023 were as follows:
|
EARNINGS PER COMMON SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Basic and Diluted by Common Class | The following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (shares in thousands, except per share data):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares were not included in the computation of diluted earnings per share because the effect would be anti-dilutive for the years ended December 31, (in thousands, on a weighted average basis):
|
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information and Non-Cash Investing and Financing Activities | Supplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,:
_______________ (1) For the year ended December 31, 2021, consists of repayment of debt assumed in connection with the CoreSite Acquisition, including senior unsecured notes previously entered into by CoreSite. (2) For the year ended December 31, 2021, consists of CoreSite Acquisition purchase consideration related to CoreSite Replacement Awards.
|
BUSINESS SEGMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summarized Financial Information Concerning the Company's Reportable Segments | Summarized financial information concerning the Company’s reportable segments for the years ended December 31, 2023, 2022 and 2021 is shown in the following tables. The “Other” column (i) represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in Selling, general, administrative and development expense; Other operating expenses; Interest income; Interest expense; Gain (loss) on retirement of long-term obligations; and Other income (expense), and (ii) reconciles segment operating profit to Income from continuing operations before income taxes.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $195.7 million. (2)Primarily includes interest expense, $202.4 million in impairment charges, $402.0 million of goodwill impairment charges in India and Spain, as further discussed in note 5, and losses from foreign currency exchange rate fluctuations. The year ended December 31, 2023 also includes a net loss of $78.9 million on the sales of Mexico Fiber and ATC Poland. (3)Includes $6.2 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4)Includes $38.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
_______________ (1) Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $169.3 million. (2) Primarily includes interest expense and $655.9 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations. (3) Includes $6.7 million of finance lease payments included in Repayments of notes payable, credit facilities, term loans, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4) Includes $36.7 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
_______________ (1)Segment selling, general, administrative and development expenses exclude stock-based compensation expense of $119.5 million. (2)Primarily includes interest expense and $173.7 million in impairment charges, partially offset by gains from foreign currency exchange rate fluctuations. (3)Includes $5.4 million of finance lease payments included in Repayments of notes payable, credit facilities, term loan, senior notes, secured debt and finance leases in the cash flows from financing activities in the Company’s consolidated statements of cash flows. (4)Includes $35.2 million of perpetual land easement payments reported in Deferred financing costs and other financing activities in the cash flows from financing activities in the Company’s consolidated statements of cash flows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Assets from Segments to Consolidated | Additional information relating to the total assets of the Company’s operating segments is as follows for the years ended December 31,:
_______________ (1)Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (2)Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets | Summarized geographic information related to the Company’s operating revenues for the years ended December 31, 2023, 2022 and 2021 and long-lived assets as of December 31, 2023 and 2022 is as follows:
_______________ (1) Balances are translated at the applicable exchange rate, which may impact comparability between periods. (2) Balances include revenue from the Company’s Services and Data Centers segments. (3) During the year ended December 31, 2023, the Company completed the sale of ATC Poland.
_______________ (1) Includes Property and equipment, net, Goodwill and Other intangible assets, net. (2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods. (3) Balances include the Company’s data centers assets located in the United States.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue by Major Customers | The following customers within the property and services segments individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31,:
|
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation and Sale of Mexico Fiber and Poland Subsidiary (Details) € in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
May 31, 2023
USD ($)
|
Mar. 29, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
May 31, 2023
EUR (€)
|
|
Concentration Risk [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other operating expenses | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mexico Fiber | ||||
Concentration Risk [Line Items] | ||||
Total consideration | $ 252.5 | |||
Gain (loss) on sale | (80.0) | $ (78.9) | ||
Goodwill | $ 20.7 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Poland Unit | ||||
Concentration Risk [Line Items] | ||||
Total consideration | $ 7.2 | € 6.7 | ||
Gain (loss) on sale | $ 1.1 | |||
United States | Data Centers | Common Stock | ||||
Concentration Risk [Line Items] | ||||
Controlling ownership interest percentage | 0.72 | |||
ATC Europe | ||||
Concentration Risk [Line Items] | ||||
Noncontrolling ownership interest percentage | 52.00% | |||
Joint Venture - Bangladesh Operations | ||||
Concentration Risk [Line Items] | ||||
Ownership percentage | 51.00% | |||
Stonepeak Partners LP | United States | Data Centers | Common Stock | ||||
Concentration Risk [Line Items] | ||||
Ownership percentage by noncontrolling owners | 28.00% | |||
Stonepeak Partners LP | United States | Data Centers | Preferred Stock | ||||
Concentration Risk [Line Items] | ||||
Ownership percentage by noncontrolling owners | 100.00% | |||
Germany | ||||
Concentration Risk [Line Items] | ||||
Ownership percentage by noncontrolling owners | 13.00% | |||
Germany | ATC Europe | ||||
Concentration Risk [Line Items] | ||||
Noncontrolling ownership interest percentage | 87.00% | |||
Spain | ||||
Concentration Risk [Line Items] | ||||
Ownership percentage by noncontrolling owners | 17.00% | |||
Spain | ATC Europe | ||||
Concentration Risk [Line Items] | ||||
Noncontrolling ownership interest percentage | 83.00% |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segments (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
reportableSegment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 7 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable and Deferred Rent Asset (Details) - Customer Concentration Risk - Sales Revenue, Net |
12 Months Ended |
---|---|
Dec. 31, 2023
tenant
| |
Concentration Risk [Line Items] | |
Number of customers | 3 |
Three Customers | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 45.00% |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Allowances (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance as of January 1, | $ 438.7 | $ 355.9 | $ 247.6 |
Current year increases | 120.6 | 168.2 | 130.9 |
Write-offs, recoveries and other | (73.2) | (85.4) | (22.6) |
Balance as of December 31, | $ 486.1 | $ 438.7 | $ 355.9 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Foreign Currency Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency (gains) losses recorded in AOCL | $ (103.9) | $ 336.7 | $ 466.5 |
Foreign currency losses (gains) recorded in Other expense | 330.8 | (449.4) | (557.9) |
Total foreign currency losses (gains) | $ 226.9 | $ (112.7) | $ (91.4) |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Adoption of Highly Inflationary Accounting in Ghana (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Foreign currency exchange rate, remeasurement | 11.95 |
Geographic Concentration Risk | Asset | Ghana | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 1.00% |
Geographic Concentration Risk | Revenue | Ghana | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 1.00% |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, And Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 1,973.3 | $ 2,028.4 | $ 1,949.9 | |
Restricted cash | 120.1 | 112.3 | 393.4 | |
Total cash, cash equivalents and restricted cash | $ 2,093.4 | $ 2,140.7 | $ 2,343.3 | $ 1,861.4 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | ||||
Labor costs capitalized | $ 64.4 | $ 65.2 | $ 59.4 | |
Depreciation, amortization and accretion | (3,086.5) | (3,355.1) | $ (2,332.6) | |
Right-of-use asset | $ 8,878.8 | $ 8,918.9 | ||
Tower | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of respective assets | 20 years | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of respective assets | 20 years | |||
Maximum | Service Life | Scenario, Forecast | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, amortization and accretion | $ 800.0 | |||
Right-of-use asset | 550.0 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Operating history, period | 20 years | |||
Minimum | Service Life | Scenario, Forecast | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, amortization and accretion | 700.0 | |||
Right-of-use asset | $ 450.0 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Impairments | $ 322.0 | $ 402.0 | $ 0.0 | $ 0.0 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives (years) | 2 years | |||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives (years) | 20 years | |||
Spain | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairments | $ 80.0 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Retirement Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Asset Retirement Obligation [Line Items] | |||
Accretion expense | $ (118.8) | $ (114.8) | |
Minimum | |||
Asset Retirement Obligation [Line Items] | |||
Operating history, period | 20 years | ||
Change in Settlement Dates | Minimum | Scenario, Forecast | |||
Asset Retirement Obligation [Line Items] | |||
Change in asset retirement obligations | $ 400.0 | ||
Future cash outlay | 800.0 | ||
Accretion expense | 50.0 | ||
Change in Settlement Dates | Maximum | Scenario, Forecast | |||
Asset Retirement Obligation [Line Items] | |||
Change in asset retirement obligations | 500.0 | ||
Future cash outlay | 900.0 | ||
Accretion expense | $ 100.0 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated foreign currency translation losses | $ 5,739.5 | $ 5,718.3 | |
Accumulated Foreign Currency Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated foreign currency translation losses | $ 5,700.0 | $ 5,700.0 | $ 4,700.0 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Line Items] | |||
Property straight-line revenues | $ 472.0 | $ 499.8 | $ 465.6 |
Revenue recognized | 143.6 | ||
Other Noncurrent Assets | |||
Property, Plant and Equipment [Line Items] | |||
Change in contract asset | $ 0.6 | $ (0.3) |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | $ 756.7 | $ 855.0 | $ 717.2 |
Property lease revenue | 10,387.5 | 9,856.1 | 8,639.7 |
Total revenue | 11,144.2 | 10,711.1 | 9,356.9 |
U.S. & Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 465.4 | 536.5 | 539.2 |
Property lease revenue | 4,893.8 | 4,710.9 | 4,628.3 |
Total revenue | 5,359.2 | 5,247.4 | 5,167.5 |
Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 9.4 | 14.3 | 8.8 |
Property lease revenue | 1,141.4 | 1,062.7 | 1,190.3 |
Total revenue | 1,150.8 | 1,077.0 | 1,199.1 |
Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 24.4 | 27.4 | 24.4 |
Property lease revenue | 1,201.2 | 1,165.1 | 981.1 |
Total revenue | 1,225.6 | 1,192.5 | 1,005.5 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 13.5 | 16.3 | 7.6 |
Property lease revenue | 762.1 | 719.4 | 488.6 |
Total revenue | 775.6 | 735.7 | 496.2 |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 127.5 | 154.5 | 135.9 |
Property lease revenue | 1,670.8 | 1,537.4 | 1,329.5 |
Total revenue | 1,798.3 | 1,691.9 | 1,465.4 |
Data Centers | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 116.5 | 106.0 | 1.3 |
Property lease revenue | 718.2 | 660.6 | 21.9 |
Total revenue | 834.7 | 766.6 | 23.2 |
Non-lease property revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 613.7 | 613.9 | 469.9 |
Non-lease property revenue | U.S. & Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 322.4 | 295.4 | 291.9 |
Non-lease property revenue | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 9.4 | 14.3 | 8.8 |
Non-lease property revenue | Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 24.4 | 27.4 | 24.4 |
Non-lease property revenue | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 13.5 | 16.3 | 7.6 |
Non-lease property revenue | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 127.5 | 154.5 | 135.9 |
Non-lease property revenue | Data Centers | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 116.5 | 106.0 | 1.3 |
Services revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 143.0 | 241.1 | 247.3 |
Services revenue | U.S. & Canada | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 143.0 | 241.1 | 247.3 |
Services revenue | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 0.0 | 0.0 | 0.0 |
Services revenue | Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 0.0 | 0.0 | 0.0 |
Services revenue | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 0.0 | 0.0 | 0.0 |
Services revenue | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | 0.0 | 0.0 | 0.0 |
Services revenue | Data Centers | |||
Disaggregation of Revenue [Line Items] | |||
Total non-lease revenue | $ 0.0 | $ 0.0 | $ 0.0 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Non-Lease Receivables Contract Assets and Liabilities From Contracts with Tenants (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Contract Assets And Liabilities From Contracts With Customers [Line Items] | ||
Prepaids and other current assets | $ 946.9 | $ 723.3 |
Notes receivable and other non-current assets | 789.4 | 546.7 |
Other non-current liabilities | 1,220.6 | 1,186.8 |
Total non-lease revenue | ||
Schedule of Contract Assets And Liabilities From Contracts With Customers [Line Items] | ||
Accounts receivable | 75.9 | 96.9 |
Prepaids and other current assets | 19.7 | 39.9 |
Notes receivable and other non-current assets | 30.3 | 27.1 |
Unearned revenue | 90.7 | 106.3 |
Other non-current liabilities | $ 257.1 | $ 321.6 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rent Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Straight-line ground rent expense | $ 30.2 | $ 39.6 | $ 52.7 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details) - shares shares in Millions |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 09, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding for share based compensation (in shares) | 3.0 | ||
RSUs and Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | 3 years | |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
PSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential target shares | 0.00% | ||
PSUs | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential target shares | 200.00% | ||
PSUs | 2021 PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding for share based compensation (in shares) | 0.2 |
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Retirement Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Employers matching percentage | 100.00% | 100.00% | 100.00% |
Employee maximum annual contribution eligible for match | 5.00% | 5.00% | 5.00% |
Company's contribution | $ 16.4 | $ 16.9 | $ 14.9 |
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid assets | $ 93.4 | $ 100.7 |
Prepaid income tax | 102.9 | 139.3 |
Unbilled receivables | 323.2 | 283.8 |
Value added tax and other consumption tax receivables | 79.8 | 83.6 |
Other miscellaneous current assets | 347.6 | 115.9 |
Prepaid and other current assets | $ 946.9 | $ 723.3 |
PROPERTY AND EQUIPMENT- Summary of Property and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 30,908.3 | $ 29,877.2 |
Less accumulated depreciation | (11,119.5) | (9,878.9) |
Property and equipment, net | $ 19,788.8 | 19,998.3 |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Towers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 17,014.5 | 16,288.4 |
Towers | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,490.4 | 4,409.6 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,775.8 | 3,593.6 |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 40 years | |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,265.4 | 4,153.7 |
Land and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,362.2 | $ 1,431.9 |
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,500.0 | $ 1,600.0 | $ 1,000.0 |
Amortization of right-of-use asset | $ 138.5 | $ 145.4 | $ 146.8 |
PROPERTY AND EQUIPMENT - Schedule of Finance Lease Assets Included in Property Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Towers | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,776.8 | $ 2,742.2 |
Accumulated depreciation | (1,581.3) | (1,464.5) |
Property and equipment, net | 1,195.5 | 1,277.7 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 192.6 | 189.6 |
Accumulated depreciation | (102.9) | (94.0) |
Property and equipment, net | 89.7 | 95.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 131.9 | 129.3 |
Accumulated depreciation | (0.1) | 0.0 |
Property and equipment, net | 131.8 | 129.3 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 41.6 | 80.1 |
Accumulated depreciation | (13.3) | (25.6) |
Property and equipment, net | $ 28.3 | 54.5 |
Equipment | Mexico Fiber | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 23.1 |
LEASES - Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023
USD ($)
tenant
renewalOption
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Lessor, Lease, Description [Line Items] | |||
Number of tenants | tenant | 1 | ||
Amortization of lease incentive, period | 10 years | ||
Operating lease, number of renewal options | renewalOption | 1 | ||
Asset impairment charges | $ 604.4 | $ 655.9 | $ 173.7 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | ||
Interest expense on finance lease liabilities | $ 1.1 | 1.1 | 1.2 |
Other Current Assets | |||
Lessor, Lease, Description [Line Items] | |||
Lease incentives | 31.8 | ||
Other Noncurrent Assets | |||
Lessor, Lease, Description [Line Items] | |||
Lease incentives | 345.7 | ||
Lease Agreements | |||
Lessor, Lease, Description [Line Items] | |||
Asset impairment charges | $ 6.7 | $ 8.1 | $ 3.3 |
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Lessor, term of lease | 5 years | ||
Operating lease, term of contract | 5 years | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Lessor, term of lease | 10 years | ||
Estimated useful lives | 20 years | ||
Operating lease, term of contract | 10 years | ||
Maximum | Towers | |||
Lessor, Lease, Description [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum | Communication Sites | |||
Lessor, Lease, Description [Line Items] | |||
Estimated useful lives | 20 years |
LEASES - Future Minimum Rental Receipts Expected Under Operating Leases (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Leases [Abstract] | |
2024 | $ 8,233.1 |
2025 | 7,643.1 |
2026 | 7,191.7 |
2027 | 6,995.2 |
2028 | 5,686.7 |
Thereafter | 24,525.6 |
Total | $ 60,275.4 |
LEASES - Information About Other Lease-related Balances (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating leases: | ||
RIGHT-OF-USE ASSET | $ 8,878.8 | $ 8,918.9 |
Current portion of lease liability | 794.6 | 788.9 |
Lease liability | 7,438.7 | 7,591.9 |
Total operating lease liability | 8,233.3 | 8,380.8 |
Finance leases: | ||
Current portion of lease liability | 3.4 | 4.7 |
Lease liability | 17.2 | 23.1 |
Total finance lease liability | $ 20.6 | $ 27.8 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term obligations | Long-term obligations |
LEASES - Schedule of Weighted Average Lease Terms And Discount Rates (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating leases: | ||
Weighted-average remaining lease term (years) | 11 years 7 months 6 days | 12 years 2 months 12 days |
Weighted-average incremental borrowing rate | 5.80% | 5.30% |
Finance leases: | ||
Weighted-average remaining lease term (years) | 16 years 2 months 12 days | 13 years 4 months 24 days |
Weighted-average incremental borrowing rate | 7.40% | 6.90% |
LEASES - Lease Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||
Operating lease cost | $ 1,249.7 | $ 1,222.8 | $ 1,115.1 |
Variable lease costs not included in lease liability | $ 447.2 | $ 388.2 | $ 339.6 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ (1,264.8) | $ (1,228.1) | $ (1,144.8) |
Operating cash flows from finance leases | (1.1) | (1.1) | (1.2) |
Financing cash flows from finance leases | (6.2) | (6.7) | (7.9) |
Non-cash items: | |||
New operating leases | 245.7 | 402.4 | 2,063.8 |
Operating lease modifications and reassessments | $ 405.9 | $ 80.5 | 96.0 |
Telxius Acquisition | |||
Non-cash items: | |||
New operating leases | $ 1,400.0 |
LEASES -Maturities Of Operating And Finance Leases (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Operating Lease | ||
2024 | $ 1,204.8 | |
2025 | 1,098.7 | |
2026 | 1,044.2 | |
2027 | 981.5 | |
2028 | 917.8 | |
Thereafter | 6,029.3 | |
Total lease payments | 11,276.3 | |
Less amounts representing interest | (3,043.0) | |
Total operating lease liability | 8,233.3 | $ 8,380.8 |
Less current portion of lease liability | 794.6 | 788.9 |
Non-current lease liability | 7,438.7 | 7,591.9 |
Finance Lease | ||
2024 | 4.9 | |
2025 | 4.0 | |
2026 | 3.0 | |
2027 | 2.2 | |
2028 | 1.7 | |
Thereafter | 21.4 | |
Total lease payments | 37.2 | |
Less amounts representing interest | (16.6) | |
Total finance lease liability | 20.6 | 27.8 |
Less current portion of lease liability | 3.4 | 4.7 |
Non-current lease liability | $ 17.2 | $ 23.1 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 12,956.7 | $ 13,350.1 | ||
Adjustments | (71.7) | |||
Other | (20.7) | (7.4) | ||
Impairments | $ (322.0) | (402.0) | 0.0 | $ 0.0 |
Effect of foreign currency translation | 105.0 | (314.3) | ||
Goodwill, ending balance | 12,639.0 | 12,956.7 | 13,350.1 | |
India | ||||
Goodwill [Roll Forward] | ||||
Impairments | (322.0) | |||
Spain | ||||
Goodwill [Roll Forward] | ||||
Impairments | (80.0) | |||
U.S. & Canada | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 4,637.5 | 4,648.4 | ||
Adjustments | 0.0 | |||
Other | 0.0 | (7.4) | ||
Impairments | 0.0 | |||
Effect of foreign currency translation | 1.1 | (3.5) | ||
Goodwill, ending balance | 4,638.6 | 4,637.5 | 4,648.4 | |
Asia-Pacific | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 889.2 | 990.1 | ||
Adjustments | 0.0 | |||
Other | 0.0 | 0.0 | ||
Impairments | (322.0) | |||
Effect of foreign currency translation | (4.5) | (100.9) | ||
Goodwill, ending balance | 562.7 | 889.2 | 990.1 | |
Africa | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 548.5 | 612.2 | ||
Adjustments | 0.0 | |||
Other | 0.0 | 0.0 | ||
Impairments | 0.0 | |||
Effect of foreign currency translation | (50.8) | (63.7) | ||
Goodwill, ending balance | 497.7 | 548.5 | 612.2 | |
Europe | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 3,044.0 | 3,230.4 | ||
Adjustments | 3.6 | |||
Other | 0.0 | 0.0 | ||
Impairments | (80.0) | |||
Effect of foreign currency translation | 87.9 | (190.0) | ||
Goodwill, ending balance | 3,051.9 | 3,044.0 | 3,230.4 | |
Latin America | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 915.5 | 888.6 | ||
Adjustments | (16.9) | |||
Other | (20.7) | 0.0 | ||
Impairments | 0.0 | |||
Effect of foreign currency translation | 71.3 | 43.8 | ||
Goodwill, ending balance | 966.1 | 915.5 | 888.6 | |
Data Centers | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 2,920.0 | 2,978.4 | ||
Adjustments | (58.4) | |||
Other | 0.0 | 0.0 | ||
Impairments | 0.0 | |||
Effect of foreign currency translation | 0.0 | 0.0 | ||
Goodwill, ending balance | 2,920.0 | 2,920.0 | 2,978.4 | |
Services | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 2.0 | 2.0 | ||
Adjustments | 0.0 | |||
Other | 0.0 | 0.0 | ||
Impairments | 0.0 | |||
Effect of foreign currency translation | 0.0 | 0.0 | ||
Goodwill, ending balance | $ 2.0 | $ 2.0 | $ 2.0 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairments | $ 322.0 | $ 402.0 | $ 0.0 | $ 0.0 |
Amortization of intangible assets | 1,400.0 | $ 1,700.0 | $ 1,200.0 | |
India | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairments | 322.0 | |||
Spain | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairments | $ 80.0 | |||
Weighted Average | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, remaining amortization period | 15 years |
GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 26,437.1 | $ 26,772.3 |
Accumulated Amortization | (9,916.4) | (8,789.0) |
Net Book Value | $ 16,520.7 | 17,983.3 |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 2 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 20 years | |
Acquired network location intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 5,981.5 | 6,058.2 |
Accumulated Amortization | (2,775.8) | (2,537.9) |
Net Book Value | $ 3,205.7 | 3,520.3 |
Acquired network location intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 20 years | |
Acquired tenant-related intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 18,894.5 | 18,941.2 |
Accumulated Amortization | (6,698.6) | (5,827.7) |
Net Book Value | $ 12,195.9 | 13,113.5 |
Acquired tenant-related intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 20 years | |
Acquired licenses and other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,561.1 | 1,772.9 |
Accumulated Amortization | (442.0) | (423.4) |
Net Book Value | $ 1,119.1 | $ 1,349.5 |
Acquired licenses and other intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 2 years | |
Acquired licenses and other intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (years) | 20 years |
GOODWILL AND OTHER INTANGIBLE ASSETS - Expected Future Amortization Expenses (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 1,334.1 |
2025 | 1,275.1 |
2026 | 1,231.7 |
2027 | 1,216.2 |
2028 | $ 1,204.9 |
ACQUISITIONS - Schedule of Merger and Acquisition Related Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Business Combinations [Abstract] | |||
Acquisition, disposition and merger related expenses | $ 17.6 | $ 57.0 | $ 177.0 |
Integration costs | $ 16.4 | $ 45.0 | $ 50.4 |
ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Millions, € in Billions |
1 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2021
USD ($)
|
Aug. 02, 2021
USD ($)
communicationSite
|
Aug. 02, 2021
EUR (€)
communicationSite
|
Jan. 13, 2021
USD ($)
communicationSite
|
Jan. 13, 2021
EUR (€)
communicationSite
|
Jun. 30, 2021
USD ($)
communicationSite
|
Jun. 30, 2021
EUR (€)
communicationSite
|
Dec. 31, 2023
USD ($)
tower
communicationSite
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
dataCenter
market
|
Nov. 14, 2021
dataCenter
market
$ / shares
|
|
Business Acquisition [Line Items] | |||||||||||
Proceeds from previous acquisition | $ | $ 10.3 | $ 15.1 | $ 17.6 | ||||||||
Telxius Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | communicationSite | 31,000 | 31,000 | |||||||||
Total considerations | $ 700.0 | € 0.6 | $ 9,400.0 | € 7.7 | |||||||
Telxius Acquisition | Germany | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | communicationSite | 4,000 | 4,000 | |||||||||
Telxius Acquisition | Telxius European Tower Division | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | communicationSite | 20,000 | 20,000 | |||||||||
Total considerations | $ 7,700.0 | € 6.3 | |||||||||
Telxius Acquisition | Telxius Latin America Tower Division | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | communicationSite | 7,000 | 7,000 | |||||||||
Total considerations | $ 1,100.0 | € 0.9 | |||||||||
CoreSite Acquisition | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | dataCenter | 20 | 24 | |||||||||
Total considerations | $ | $ 10,400.0 | ||||||||||
Price per share of shares acquired (in dollars per share) | $ / shares | $ 170.00 | ||||||||||
CoreSite Acquisition | United States | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of operating markets related to acquired sites | market | 8 | 8 | |||||||||
2022 Other Acquisitions | Communication Sites | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | communicationSite | 159 | ||||||||||
Aggregate purchase price | $ | $ 109.4 | ||||||||||
Remaining payable on asset acquisition | $ | $ 30.8 | ||||||||||
AT&T Transaction | Tower | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of sites acquired | tower | 59 | ||||||||||
Aggregate purchase price | $ | $ 40.9 |
ACQUISITIONS - Schedule of Allocation of Purchase Price for Asset Acquisitions (Details) - Acquisitions 2022 $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Other | |
Current assets | $ 11.0 |
Property and equipment | 57.5 |
Other non-current assets | 3.4 |
Current liabilities | (0.8) |
Other non-current liabilities | (4.9) |
Net assets acquired | 109.4 |
Fair value of net assets acquired | 109.4 |
Purchase price | 109.4 |
Tenant-related intangible assets | |
Other | |
Intangible assets | 35.3 |
Network location intangible assets | |
Other | |
Intangible assets | $ 7.9 |
ACCRUED EXPENSES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Liabilities, Current [Abstract] | ||
Accrued construction costs | $ 183.8 | $ 230.8 |
Accrued income tax payable | 21.0 | 29.8 |
Accrued pass-through costs | 77.4 | 85.1 |
Amounts payable for acquisitions | 27.7 | 55.2 |
Amounts payable to tenants | 103.3 | 95.2 |
Accrued property and real estate taxes | 295.5 | 270.1 |
Accrued rent | 75.1 | 77.3 |
Payroll and related withholdings | 147.4 | 140.4 |
Other accrued expenses | 349.4 | 360.3 |
Accrued expenses | $ 1,280.6 | $ 1,344.2 |
LONG-TERM OBLIGATIONS - Schedule of Long-Term Debt Obligations (Details) € in Millions, $ in Millions |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Sep. 15, 2023 |
Jun. 27, 2023
USD ($)
|
May 25, 2023 |
May 16, 2023 |
Mar. 03, 2023 |
Dec. 31, 2022
USD ($)
|
Dec. 08, 2021
USD ($)
|
Sep. 27, 2021 |
Nov. 20, 2020 |
Sep. 28, 2020 |
Jun. 03, 2020 |
May 31, 2015
USD ($)
|
Jan. 10, 2014 |
Aug. 19, 2013 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||||||||
Finance lease obligations | $ 20.6 | $ 27.8 | ||||||||||||||
Total | 38,921.5 | 38,670.2 | ||||||||||||||
Less current portion of long-term obligations | (3,187.5) | (4,514.2) | ||||||||||||||
Long-term obligations | 35,734.0 | 34,156.0 | ||||||||||||||
American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | 36,472.0 | 36,307.0 | ||||||||||||||
American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 2,428.9 | 2,335.4 | ||||||||||||||
2021 Multicurrency Credit Facility | Revolving Credit Facility | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 6.088% | 6.088% | ||||||||||||||
Long-term debt | $ 723.4 | 3,788.7 | ||||||||||||||
2021 Term Loan | Unsecured Debt | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 6.581% | 6.581% | ||||||||||||||
Long-term debt | $ 997.0 | 996.3 | $ 1,000.0 | |||||||||||||
2021 Credit Facility | Revolving Credit Facility | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 6.573% | 6.573% | ||||||||||||||
Long-term debt | $ 1,603.4 | 1,080.0 | ||||||||||||||
2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.985% | 4.985% | ||||||||||||||
Long-term debt | $ 910.7 | € 825.0 | 882.9 | |||||||||||||
2021 USD Two Year Delayed Draw Term Loan | Unsecured Debt | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 0.0 | $ 1,500.0 | 1,499.3 | |||||||||||||
3.50% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.50% | 3.50% | ||||||||||||||
Long-term debt | $ 0.0 | 999.8 | ||||||||||||||
3.000% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.00% | 3.00% | ||||||||||||||
Long-term debt | $ 0.0 | 694.5 | ||||||||||||||
0.600% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.60% | 0.60% | ||||||||||||||
Long-term debt | $ 500.0 | 498.9 | ||||||||||||||
5.00% senior notes | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.00% | |||||||||||||||
5.00% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.00% | 5.00% | 5.00% | |||||||||||||
Long-term debt | $ 1,000.1 | 1,000.5 | ||||||||||||||
3.375% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.375% | 3.375% | ||||||||||||||
Long-term debt | $ 649.7 | 648.3 | ||||||||||||||
2.950% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.95% | 2.95% | ||||||||||||||
Long-term debt | $ 648.2 | 646.4 | ||||||||||||||
2.400% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.40% | 2.40% | ||||||||||||||
Long-term debt | $ 748.5 | 747.3 | ||||||||||||||
1.375% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.375% | 1.375% | ||||||||||||||
Long-term debt | $ 550.0 | 532.1 | ||||||||||||||
4.000% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.00% | 4.00% | ||||||||||||||
Long-term debt | $ 748.1 | 746.8 | ||||||||||||||
1.300% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.30% | 1.30% | ||||||||||||||
Long-term debt | $ 498.3 | 497.3 | ||||||||||||||
4.400% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.40% | 4.40% | ||||||||||||||
Long-term debt | $ 498.7 | 498.1 | ||||||||||||||
1.600% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.60% | 1.60% | ||||||||||||||
Long-term debt | $ 697.4 | 696.3 | ||||||||||||||
1.950% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.95% | 1.95% | ||||||||||||||
Long-term debt | $ 549.6 | 532.1 | ||||||||||||||
1.450% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.45% | 1.45% | ||||||||||||||
Long-term debt | $ 595.9 | 594.5 | ||||||||||||||
3.375% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.375% | 3.375% | ||||||||||||||
Long-term debt | $ 994.7 | 992.9 | ||||||||||||||
3.125% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.125% | 3.125% | ||||||||||||||
Long-term debt | $ 398.9 | 398.6 | ||||||||||||||
2.750% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.75% | 2.75% | ||||||||||||||
Long-term debt | $ 747.0 | 746.1 | ||||||||||||||
0.450% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.45% | 0.45% | ||||||||||||||
Long-term debt | $ 824.3 | 798.2 | ||||||||||||||
0.400% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.40% | 0.40% | ||||||||||||||
Long-term debt | $ 548.2 | 530.4 | ||||||||||||||
3.650% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.65% | 3.65% | ||||||||||||||
Long-term debt | $ 644.8 | 643.3 | ||||||||||||||
4.125% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.125% | 4.125% | 4.125% | |||||||||||||
Long-term debt | $ 658.6 | 0.0 | ||||||||||||||
3.55% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.55% | 3.55% | ||||||||||||||
Long-term debt | $ 747.1 | 746.3 | ||||||||||||||
3.600% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.60% | 3.60% | ||||||||||||||
Long-term debt | $ 696.0 | 695.1 | ||||||||||||||
0.500% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.50% | 0.50% | ||||||||||||||
Long-term debt | $ 822.8 | 796.6 | ||||||||||||||
1.500% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.50% | 1.50% | ||||||||||||||
Long-term debt | $ 647.1 | 646.5 | ||||||||||||||
5.500% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.50% | 5.50% | 5.50% | |||||||||||||
Long-term debt | $ 693.6 | 0.0 | ||||||||||||||
5.250% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.25% | 5.25% | 5.25% | |||||||||||||
Long-term debt | $ 643.9 | 0.0 | ||||||||||||||
5.800% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.80% | 5.80% | 5.80% | |||||||||||||
Long-term debt | $ 743.4 | 0.0 | ||||||||||||||
3.950% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.95% | 3.95% | ||||||||||||||
Long-term debt | $ 593.7 | 592.6 | ||||||||||||||
0.875% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.875% | 0.875% | ||||||||||||||
Long-term debt | $ 823.7 | 797.8 | ||||||||||||||
3.800% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.80% | 3.80% | ||||||||||||||
Long-term debt | $ 1,638.6 | 1,636.8 | ||||||||||||||
2.900% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.90% | 2.90% | ||||||||||||||
Long-term debt | $ 744.2 | 743.4 | ||||||||||||||
2.100% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.10% | 2.10% | ||||||||||||||
Long-term debt | $ 743.1 | 742.2 | ||||||||||||||
0.950% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 0.95% | 0.95% | ||||||||||||||
Long-term debt | $ 546.0 | 528.5 | ||||||||||||||
1.875% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.875% | 1.875% | ||||||||||||||
Long-term debt | $ 793.3 | 792.5 | ||||||||||||||
2.700% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.70% | 2.70% | ||||||||||||||
Long-term debt | $ 695.0 | 694.4 | ||||||||||||||
4.625% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.625% | 4.625% | 4.625% | |||||||||||||
Long-term debt | $ 545.2 | 0.0 | ||||||||||||||
2.300% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.30% | 2.30% | ||||||||||||||
Long-term debt | $ 692.7 | 691.9 | ||||||||||||||
1.000% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.00% | 1.00% | ||||||||||||||
Long-term debt | $ 711.5 | 689.1 | ||||||||||||||
4.050% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 4.05% | 4.05% | ||||||||||||||
Long-term debt | $ 642.9 | 642.2 | ||||||||||||||
5.650% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.65% | 5.65% | ||||||||||||||
Long-term debt | $ 790.6 | 0.0 | ||||||||||||||
1.250% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 1.25% | 1.25% | ||||||||||||||
Long-term debt | $ 545.8 | 528.5 | ||||||||||||||
5.550% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.55% | 5.55% | 5.55% | |||||||||||||
Long-term debt | $ 840.6 | 0.0 | ||||||||||||||
5.900% Notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.90% | 5.90% | 5.90% | |||||||||||||
Long-term debt | $ 741.5 | 0.0 | ||||||||||||||
3.700% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.70% | 3.70% | ||||||||||||||
Long-term debt | $ 592.4 | 592.2 | ||||||||||||||
3.100% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.10% | 3.10% | 3.10% | 3.10% | ||||||||||||
Long-term debt | $ 1,038.6 | 1,038.3 | ||||||||||||||
2.950% senior notes | Senior Notes | American Tower Corporation | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 2.95% | 2.95% | 2.95% | 2.95% | ||||||||||||
Long-term debt | $ 1,023.2 | 1,022.5 | ||||||||||||||
Series 2013-2A Securities | Secured Debt | American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 0.0 | 1,299.7 | ||||||||||||||
Series 2018-1A Securities | Secured Debt | American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.652% | 3.652% | ||||||||||||||
Long-term debt | $ 496.8 | 496.1 | ||||||||||||||
Series 2023-1A Securities | Secured Debt | American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 5.49% | 5.49% | ||||||||||||||
Long-term debt | $ 1,284.4 | 0.0 | ||||||||||||||
Series 2015-2 Notes | Secured Debt | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 525.0 | |||||||||||||||
Series 2015-2 Notes | Secured Debt | American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt interest rate (as a percent) | 3.482% | 3.482% | ||||||||||||||
Long-term debt | $ 524.1 | 523.4 | ||||||||||||||
Other subsidiary debt | Unsecured Debt | American Tower Subsidiary | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term debt | $ 123.6 | $ 16.2 |
LONG-TERM OBLIGATIONS - Current Portion of Long-Term Obligations and Bank Facilities (Details) € in Millions, $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 27, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Jun. 29, 2023
USD ($)
|
Dec. 08, 2021
USD ($)
|
Jan. 10, 2014 |
Aug. 19, 2013 |
|
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term obligations | $ 3,187.5 | $ 4,514.2 | ||||||||
Borrowings under credit facilities | $ 6,120.0 | 4,190.0 | $ 12,856.9 | |||||||
5.00% senior notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt interest rate (as a percent) | 5.00% | |||||||||
2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 3 years | 3 years | ||||||||
2021 Multicurrency Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 6,000.0 | |||||||||
2021 Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 4,000.0 | |||||||||
2021 USD Two Year Delayed Draw Term Loan | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 2 years | 2 years | ||||||||
American Tower Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 36,472.0 | 36,307.0 | ||||||||
American Tower Corporation | 0.600% senior notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term obligations | $ 500.0 | |||||||||
Debt interest rate (as a percent) | 0.60% | 0.60% | ||||||||
Long-term debt | $ 500.0 | 498.9 | ||||||||
American Tower Corporation | 5.00% senior notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term obligations | $ 1,000.0 | |||||||||
Debt interest rate (as a percent) | 5.00% | 5.00% | 5.00% | |||||||
Long-term debt | $ 1,000.1 | 1,000.5 | ||||||||
American Tower Corporation | 3.375% senior notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term obligations | $ 650.0 | |||||||||
Debt interest rate (as a percent) | 3.375% | 3.375% | ||||||||
Long-term debt | $ 649.7 | 648.3 | ||||||||
American Tower Corporation | 2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term obligations | € | € 825.0 | |||||||||
Debt interest rate (as a percent) | 4.985% | 4.985% | ||||||||
Debt instrument, term | 3 years | 3 years | ||||||||
Long-term debt | $ 910.7 | 882.9 | € 825.0 | |||||||
American Tower Corporation | 2021 Multicurrency Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt interest rate (as a percent) | 6.088% | 6.088% | ||||||||
Long-term debt | $ 723.4 | 3,788.7 | ||||||||
Borrowings under credit facilities | 3,000.0 | |||||||||
Repayments of lines of credit | 6,100.0 | |||||||||
American Tower Corporation | 2021 Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings under credit facilities | 3,100.0 | |||||||||
Repayments of lines of credit | $ 2,600.0 | |||||||||
American Tower Corporation | 2021 Term Loan | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt interest rate (as a percent) | 6.581% | 6.581% | ||||||||
Long-term debt | $ 997.0 | 996.3 | $ 1,000.0 | |||||||
American Tower Corporation | 2021 Multicurrency Credit Facility In Euros | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of lines of credit | 919.1 | € 842.6 | ||||||||
American Tower Corporation | 2021 USD Two Year Delayed Draw Term Loan | Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 2 years | |||||||||
Long-term debt | $ 1,500.0 | 0.0 | $ 1,499.3 | |||||||
American Tower Corporation | 3.50% Senior Notes Due 2022 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 0.0 |
LONG-TERM OBLIGATIONS - Schedule of Credit Facilities and Term Loans (Details) € in Millions, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
USD ($)
renewalPeriod
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 08, 2021
USD ($)
|
|
2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, term | 3 years | |||
American Tower Corporation | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 36,472.0 | $ 36,307.0 | ||
American Tower Corporation | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Number of optional renewal periods | renewalPeriod | 2 | |||
American Tower Corporation | 2021 Multicurrency Credit Facility | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 723.4 | 3,788.7 | ||
Debt outstanding | 723.4 | |||
Undrawn letters of credit | $ 3.5 | |||
Current commitment fee, percentage | 0.11% | |||
American Tower Corporation | 2021 Multicurrency Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Line of Credit Facility [Line Items] | ||||
Current margin over LIBOR or EURIBOR (as a percent) | 1.125% | |||
American Tower Corporation | 2021 Credit Facility | Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 1,603.4 | 1,080.0 | ||
Debt outstanding | 1,603.4 | |||
Undrawn letters of credit | $ 30.4 | |||
Current commitment fee, percentage | 0.11% | |||
American Tower Corporation | 2021 Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Line of Credit Facility [Line Items] | ||||
Current margin over LIBOR or EURIBOR (as a percent) | 1.125% | |||
American Tower Corporation | 2021 Term Loan | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 997.0 | 996.3 | $ 1,000.0 | |
Debt outstanding | $ 1,000.0 | |||
American Tower Corporation | 2021 Term Loan | Unsecured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Line of Credit Facility [Line Items] | ||||
Current margin over LIBOR or EURIBOR (as a percent) | 1.125% | |||
American Tower Corporation | 2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Long-term debt | $ 910.7 | € 825.0 | $ 882.9 | |
Debt instrument, term | 3 years | |||
Debt outstanding | $ 910.7 | |||
American Tower Corporation | 2021 EUR Three Year Delayed Draw Term Loan | Unsecured Debt | Euro Interbank Offered Rate (EURIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Current margin over LIBOR or EURIBOR (as a percent) | 1.125% |
LONG-TERM OBLIGATIONS - Senior Notes (Details) € in Millions, $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 15, 2023
USD ($)
|
May 25, 2023
USD ($)
|
May 16, 2023
USD ($)
|
May 16, 2023
EUR (€)
|
Mar. 03, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 15, 2023
USD ($)
|
May 16, 2023
EUR (€)
|
Jan. 31, 2023
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of senior notes | $ 5,678.3 | $ 1,293.6 | $ 6,761.6 | ||||||||
Redemption price percentage | 101.00% | ||||||||||
Maximum adjusted EBITDA | 3.5 | ||||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price percentage | 100.00% | ||||||||||
American Tower Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 36,472.0 | 36,307.0 | |||||||||
American Tower Corporation | 3.50% Senior Notes Due 2022 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 3.50% | ||||||||||
Debt instrument, face amount | $ 1,000.0 | ||||||||||
American Tower Corporation | 3.50% Senior Notes Due 2022 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 0.0 | ||||||||||
American Tower Corporation | 3.000% Senior Notes Due 2022 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 3.00% | 3.00% | |||||||||
Debt instrument, face amount | $ 700.0 | ||||||||||
American Tower Corporation | 3.000% Senior Notes Due 2022 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 0.0 | ||||||||||
American Tower Corporation | 5.500% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.50% | 5.50% | |||||||||
Debt instrument, face amount | $ 700.0 | $ 700.0 | |||||||||
Long-term debt | $ 693.6 | 0.0 | |||||||||
American Tower Corporation | 5.650% Senior Notes, Due 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.65% | ||||||||||
Debt instrument, face amount | $ 800.0 | ||||||||||
American Tower Corporation | 5.500% Senior Notes Due 2028 And 5.650% Senior Notes Due 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of senior notes | $ 1,480.9 | ||||||||||
American Tower Corporation | 4.125% Senior Notes Due 2027 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 4.125% | 4.125% | 4.125% | ||||||||
Debt instrument, face amount | $ 652.1 | € 600.0 | |||||||||
Long-term debt | $ 658.6 | 0.0 | |||||||||
American Tower Corporation | 4.625% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||||||
Debt instrument, face amount | $ 543.4 | $ 551.9 | € 500.0 | ||||||||
Long-term debt | $ 545.2 | 0.0 | |||||||||
American Tower Corporation | A4125% Senior Notes Due 2027 and 4625% Senior Notes Due 2031 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of senior notes | $ 1,184.1 | € 1,089.5 | |||||||||
American Tower Corporation | 5.250% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.25% | 5.25% | |||||||||
Debt instrument, face amount | $ 650.0 | $ 650.0 | |||||||||
Long-term debt | $ 643.9 | 0.0 | |||||||||
American Tower Corporation | 5.550% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.55% | 5.55% | |||||||||
Debt instrument, face amount | $ 850.0 | $ 850.0 | |||||||||
Long-term debt | $ 840.6 | 0.0 | |||||||||
American Tower Corporation | A5250 Senior Notes Due 2028 and 5550 Senior Notes Due 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of senior notes | $ 1,481.9 | ||||||||||
American Tower Corporation | 5.800% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.80% | 5.80% | |||||||||
Debt instrument, face amount | $ 750.0 | $ 750.0 | |||||||||
Long-term debt | $ 743.4 | 0.0 | |||||||||
American Tower Corporation | 5.900% Notes | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate (as a percent) | 5.90% | 5.90% | |||||||||
Debt instrument, face amount | $ 750.0 | $ 750.0 | |||||||||
Long-term debt | $ 741.5 | $ 0.0 | |||||||||
American Tower Corporation | 5.800% Senior Notes Due 2028 And 5.900% Senior Notes Due 2033 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of senior notes | $ 1,482.8 |
LONG-TERM OBLIGATIONS - Key Terms Related to Outstanding Senior Notes (Details) € in Millions, $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
|
Sep. 15, 2023
USD ($)
|
May 25, 2023
USD ($)
|
May 16, 2023
USD ($)
|
May 16, 2023
EUR (€)
|
Mar. 03, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 27, 2021 |
Nov. 20, 2020 |
Sep. 28, 2020 |
Jun. 03, 2020 |
Jan. 10, 2014 |
Aug. 19, 2013 |
|
Debt Instrument [Line Items] | |||||||||||||
Adjustments to principal amount | $ (260.3) | ||||||||||||
Redemption price percentage | 101.00% | ||||||||||||
Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price percentage | 100.00% | ||||||||||||
Senior Notes | 5.00% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.00% | ||||||||||||
Senior Notes | American Tower Corporation | 0.600% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.60% | ||||||||||||
Aggregate Principal Amount | $ 500.0 | ||||||||||||
Adjustments to principal amount | $ (0.0) | $ (1.1) | |||||||||||
Senior Notes | American Tower Corporation | 5.00% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.00% | 5.00% | |||||||||||
Aggregate Principal Amount | $ 1,000.0 | ||||||||||||
Adjustments to principal amount | $ 0.1 | 0.5 | |||||||||||
Senior Notes | American Tower Corporation | 3.375% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.375% | ||||||||||||
Aggregate Principal Amount | $ 650.0 | ||||||||||||
Adjustments to principal amount | $ (0.3) | (1.7) | |||||||||||
Senior Notes | American Tower Corporation | 2.950% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.95% | ||||||||||||
Aggregate Principal Amount | $ 650.0 | ||||||||||||
Adjustments to principal amount | $ (1.8) | (3.6) | |||||||||||
Senior Notes | American Tower Corporation | 2.400% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.40% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (1.5) | (2.7) | |||||||||||
Senior Notes | American Tower Corporation | 1.375% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.375% | ||||||||||||
Aggregate Principal Amount | $ 551.9 | ||||||||||||
Adjustments to principal amount | $ (1.9) | (3.2) | |||||||||||
Senior Notes | American Tower Corporation | 4.000% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 4.00% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (1.9) | (3.2) | |||||||||||
Senior Notes | American Tower Corporation | 1.300% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.30% | ||||||||||||
Aggregate Principal Amount | $ 500.0 | ||||||||||||
Adjustments to principal amount | $ (1.7) | (2.7) | |||||||||||
Senior Notes | American Tower Corporation | 4.400% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 4.40% | ||||||||||||
Aggregate Principal Amount | $ 500.0 | ||||||||||||
Adjustments to principal amount | $ (1.3) | (1.9) | |||||||||||
Senior Notes | American Tower Corporation | 1.600% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.60% | ||||||||||||
Aggregate Principal Amount | $ 700.0 | ||||||||||||
Adjustments to principal amount | $ (2.6) | (3.7) | |||||||||||
Senior Notes | American Tower Corporation | 1.950% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.95% | ||||||||||||
Aggregate Principal Amount | $ 551.9 | ||||||||||||
Adjustments to principal amount | $ (2.3) | (3.2) | |||||||||||
Senior Notes | American Tower Corporation | 1.450% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.45% | ||||||||||||
Aggregate Principal Amount | $ 600.0 | ||||||||||||
Adjustments to principal amount | $ (4.1) | (5.5) | |||||||||||
Senior Notes | American Tower Corporation | 3.375% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.375% | ||||||||||||
Aggregate Principal Amount | $ 1,000.0 | ||||||||||||
Adjustments to principal amount | $ (5.3) | (7.1) | |||||||||||
Senior Notes | American Tower Corporation | 3.125% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.125% | ||||||||||||
Aggregate Principal Amount | $ 400.0 | ||||||||||||
Adjustments to principal amount | $ (1.1) | (1.4) | |||||||||||
Senior Notes | American Tower Corporation | 2.750% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.75% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (3.0) | (3.9) | |||||||||||
Senior Notes | American Tower Corporation | 0.450% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.45% | ||||||||||||
Aggregate Principal Amount | $ 827.9 | ||||||||||||
Adjustments to principal amount | $ (3.6) | (4.7) | |||||||||||
Senior Notes | American Tower Corporation | 0.400% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.40% | ||||||||||||
Aggregate Principal Amount | $ 551.9 | ||||||||||||
Adjustments to principal amount | $ (3.7) | (4.9) | |||||||||||
Senior Notes | American Tower Corporation | 3.650% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.65% | ||||||||||||
Aggregate Principal Amount | $ 650.0 | ||||||||||||
Adjustments to principal amount | $ (5.2) | (6.7) | |||||||||||
Senior Notes | American Tower Corporation | 4.125% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 4.125% | ||||||||||||
Aggregate Principal Amount | $ 662.3 | ||||||||||||
Adjustments to principal amount | $ (3.7) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 3.55% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.55% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (2.9) | (3.7) | |||||||||||
Senior Notes | American Tower Corporation | 3.600% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.60% | ||||||||||||
Aggregate Principal Amount | $ 700.0 | ||||||||||||
Adjustments to principal amount | $ (4.0) | (4.9) | |||||||||||
Senior Notes | American Tower Corporation | 0.500% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.50% | ||||||||||||
Aggregate Principal Amount | $ 827.9 | ||||||||||||
Adjustments to principal amount | $ (5.1) | (6.3) | |||||||||||
Senior Notes | American Tower Corporation | 1.500% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.50% | ||||||||||||
Aggregate Principal Amount | $ 650.0 | ||||||||||||
Adjustments to principal amount | $ (2.9) | (3.5) | |||||||||||
Senior Notes | American Tower Corporation | 5.500% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.50% | 5.50% | |||||||||||
Aggregate Principal Amount | $ 700.0 | $ 700.0 | |||||||||||
Adjustments to principal amount | $ (6.4) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 5.250% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.25% | 5.25% | |||||||||||
Aggregate Principal Amount | $ 650.0 | $ 650.0 | |||||||||||
Adjustments to principal amount | $ (6.1) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 5.800% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.80% | 5.80% | |||||||||||
Aggregate Principal Amount | $ 750.0 | $ 750.0 | |||||||||||
Adjustments to principal amount | $ (6.6) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 3.950% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.95% | ||||||||||||
Aggregate Principal Amount | $ 600.0 | ||||||||||||
Adjustments to principal amount | $ (6.3) | (7.4) | |||||||||||
Senior Notes | American Tower Corporation | 0.875% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.875% | ||||||||||||
Aggregate Principal Amount | $ 827.9 | ||||||||||||
Adjustments to principal amount | $ (4.2) | (5.1) | |||||||||||
Senior Notes | American Tower Corporation | 3.800% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.80% | ||||||||||||
Aggregate Principal Amount | $ 1,650.0 | ||||||||||||
Adjustments to principal amount | $ (11.4) | (13.2) | |||||||||||
Senior Notes | American Tower Corporation | 2.900% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.90% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (5.8) | (6.6) | |||||||||||
Senior Notes | American Tower Corporation | 2.100% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.10% | ||||||||||||
Aggregate Principal Amount | $ 750.0 | ||||||||||||
Adjustments to principal amount | $ (6.9) | (7.8) | |||||||||||
Senior Notes | American Tower Corporation | 0.950% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 0.95% | ||||||||||||
Aggregate Principal Amount | $ 551.9 | ||||||||||||
Adjustments to principal amount | $ (5.9) | (6.8) | |||||||||||
Senior Notes | American Tower Corporation | 1.875% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.875% | ||||||||||||
Aggregate Principal Amount | $ 800.0 | ||||||||||||
Adjustments to principal amount | $ (6.7) | (7.5) | |||||||||||
Senior Notes | American Tower Corporation | 2.700% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.70% | ||||||||||||
Aggregate Principal Amount | $ 700.0 | ||||||||||||
Adjustments to principal amount | $ (5.0) | (5.6) | |||||||||||
Senior Notes | American Tower Corporation | 4.625% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||||||||
Aggregate Principal Amount | $ 551.9 | $ 543.4 | € 500.0 | ||||||||||
Adjustments to principal amount | $ (6.7) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 2.300% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.30% | ||||||||||||
Aggregate Principal Amount | $ 700.0 | ||||||||||||
Adjustments to principal amount | $ (7.3) | (8.1) | |||||||||||
Senior Notes | American Tower Corporation | 1.000% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.00% | ||||||||||||
Aggregate Principal Amount | $ 717.5 | ||||||||||||
Adjustments to principal amount | $ (6.0) | (6.8) | |||||||||||
Senior Notes | American Tower Corporation | 4.050% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 4.05% | ||||||||||||
Aggregate Principal Amount | $ 650.0 | ||||||||||||
Adjustments to principal amount | $ (7.1) | (7.8) | |||||||||||
Senior Notes | American Tower Corporation | 5.650% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.65% | ||||||||||||
Aggregate Principal Amount | $ 800.0 | ||||||||||||
Adjustments to principal amount | $ (9.4) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 1.250% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 1.25% | ||||||||||||
Aggregate Principal Amount | $ 551.9 | ||||||||||||
Adjustments to principal amount | $ (6.1) | (6.8) | |||||||||||
Senior Notes | American Tower Corporation | 5.550% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.55% | 5.55% | |||||||||||
Aggregate Principal Amount | $ 850.0 | $ 850.0 | |||||||||||
Adjustments to principal amount | $ (9.4) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 5.900% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 5.90% | 5.90% | |||||||||||
Aggregate Principal Amount | $ 750.0 | $ 750.0 | |||||||||||
Adjustments to principal amount | $ (8.5) | 0.0 | |||||||||||
Senior Notes | American Tower Corporation | 3.700% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.70% | ||||||||||||
Aggregate Principal Amount | $ 600.0 | ||||||||||||
Adjustments to principal amount | $ (7.6) | (7.8) | |||||||||||
Senior Notes | American Tower Corporation | 3.100% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 3.10% | 3.10% | 3.10% | ||||||||||
Aggregate Principal Amount | $ 1,050.0 | ||||||||||||
Adjustments to principal amount | $ (11.4) | (11.7) | |||||||||||
Senior Notes | American Tower Corporation | 2.950% Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt interest rate (as a percent) | 2.95% | 2.95% | 2.95% | ||||||||||
Aggregate Principal Amount | $ 1,050.0 | ||||||||||||
Adjustments to principal amount | $ (26.8) | $ (27.5) |
LONG-TERM OBLIGATIONS - Subsidiary Debt Narrative (Details) ₨ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 17, 2023
USD ($)
|
Feb. 17, 2023
INR (₨)
|
Feb. 16, 2023
USD ($)
|
Mar. 29, 2018
USD ($)
numberOfQuarter
|
May 29, 2015
communicationSite
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2023
INR (₨)
|
Mar. 13, 2023
USD ($)
site
|
Feb. 16, 2023
INR (₨)
|
Dec. 31, 2022
INR (₨)
|
May 31, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||||||
Number of trust sites assets | site | 5,034 | |||||||||||||
Debt repayment period | 12 months | |||||||||||||
Proceeds from term loans | $ 0.0 | $ 0.0 | $ 7,347.0 | |||||||||||
American Tower Subsidiary | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | 2,428.9 | 2,335.4 | ||||||||||||
Series 2015-1 Class | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 350.0 | |||||||||||||
Series 2015-2 Notes | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 525.0 | |||||||||||||
Series 2015-2 Notes | Secured Debt | American Tower Subsidiary | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 524.1 | 523.4 | ||||||||||||
Debt interest rate (as a percent) | 3.482% | 3.482% | ||||||||||||
Commercial Mortgage Pass Through Certificates Series 2015 | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Weighted average life | 8 years 1 month 6 days | |||||||||||||
Weighted average interest rate | 3.029% | |||||||||||||
Number of broadcast and wireless communications towers | communicationSite | 3,343 | |||||||||||||
Restricted cash and cash equivalents | $ 6.9 | |||||||||||||
Series 2013-2A Securities | Secured Debt | American Tower Subsidiary | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 0.0 | 1,299.7 | ||||||||||||
Repayments of long-term debt | $ 1,300.0 | |||||||||||||
Series 2023 Securities | Secured Debt | American Tower Trust I | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Series 2023-1A Securities | Secured Debt | American Tower Trust I | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 1,300.0 | |||||||||||||
Debt interest rate (as a percent) | 5.49% | |||||||||||||
Series 2023-1A Securities | Secured Debt | American Tower Subsidiary | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 1,284.4 | 0.0 | ||||||||||||
Debt interest rate (as a percent) | 5.49% | 5.49% | ||||||||||||
Series 2023-1R Securities | Secured Debt | Affiliated Entity | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, face amount | $ 68.5 | |||||||||||||
Debt interest rate (as a percent) | 5.735% | |||||||||||||
Series 2013-1A Securities | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Period during which no prepayment consideration is due | 18 months | |||||||||||||
Series 2018-1A Securities | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Period during which no prepayment consideration is due | 36 months | |||||||||||||
Series 2018-1A Securities | Secured Debt | Series 2018-1A Securities | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal amount | $ 500.0 | |||||||||||||
Debt interest rate (as a percent) | 3.652% | |||||||||||||
Series 2018-1A Securities | Secured Debt | Secured Tower Revenue Securities, Series 2018-1R | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt interest rate (as a percent) | 4.459% | |||||||||||||
Series 2018-1A Securities | Secured Debt | Secured Tower Revenue Securities, Series 2018 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 10 years | |||||||||||||
Series 2018-1A Securities | Secured Debt | Affiliated Entity | Secured Tower Revenue Securities, Series 2018-1R | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal amount | $ 26.4 | |||||||||||||
Series 2013-1A and Series 2013-2A Securities | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Cash trap debt service credit ratio | 1.30 | |||||||||||||
Debt covenant, number of consecutive quarters required for release of funds | numberOfQuarter | 2 | |||||||||||||
Minimum debt service credit ratio | 1.15 | |||||||||||||
Debt covenant, threshold for majority of holders in event of default | 50.00% | |||||||||||||
Restricted cash and cash equivalents | $ 69.4 | |||||||||||||
India Term Loan | Unsecured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt | $ 120.2 | $ 0.0 | ₨ 10,000.0 | ₨ 0.0 | ||||||||||
Debt instrument, face amount | $ 145.1 | ₨ 12,000.0 | ||||||||||||
Debt instrument, term | 1 year | |||||||||||||
Proceeds from term loans | $ 120.7 | ₨ 10,000.0 | ||||||||||||
India Term Loan | Unsecured Debt | India Treasury Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as a percent) | 1.95% | 1.95% |
LONG-TERM OBLIGATIONS - Schedule of India Indebtedness (Details) ₨ in Millions, $ in Millions |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
INR (₨)
|
---|---|---|
Working capital facilities | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, remaining borrowing capacity | $ 2.7 | ₨ 200 |
India Credit Facility | Working Capital Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 33.7 | 2,800 |
Line of Credit | Working capital facilities | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0.0 | 0 |
Line of credit facility, remaining borrowing capacity | $ 128.7 | ₨ 10,700 |
Line of Credit | Working capital facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt interest rate (as a percent) | 8.33% | 8.33% |
Line of Credit | Working capital facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt interest rate (as a percent) | 9.30% | 9.30% |
LONG-TERM OBLIGATIONS - Schedule of Other Subsidiary Debt (Details) ₨ in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 16, 2023 |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
INR (₨)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
INR (₨)
|
|
Unsecured Debt | India Term Loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 120.2 | ₨ 10,000.0 | $ 0.0 | ₨ 0.0 | |
Interest rate (as a percent) | 8.89% | ||||
Debt instrument, term | 1 year | ||||
Revolving Credit Facility | Nigeria Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit | $ 3.4 | $ 16.2 | |||
Letter of Credit | Nigeria | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 270 days |
LONG-TERM OBLIGATIONS - Finance Lease Obligations Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Finance lease obligations | $ 20.6 | $ 27.8 |
LONG-TERM OBLIGATIONS - Maturities of Long Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
2024 | $ 3,187.5 | |
2025 | 3,729.9 | |
2026 | 4,077.5 | |
2027 | 5,593.6 | |
2028 | 7,682.2 | |
Thereafter | 14,911.1 | |
Total cash obligations | 39,181.8 | |
Unamortized discounts, premiums and debt issuance costs, net | (260.3) | |
Total | $ 38,921.5 | $ 38,670.2 |
OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities, Noncurrent [Abstract] | ||
Unearned revenue | $ 475.3 | $ 489.5 |
Other miscellaneous liabilities | 745.3 | 697.3 |
Other non-current liabilities | $ 1,220.6 | $ 1,186.8 |
ASSET RETIREMENT OBLIGATIONS - Schedule of Carrying Value Of Asset Retirement Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance as of January 1, | $ 2,047.4 | $ 2,003.0 |
Additions | 12.8 | 32.9 |
Accretion expense | 118.8 | 114.8 |
Revisions in estimates | (3.1) | (91.2) |
Settlements | (17.7) | (12.1) |
Balance as of December 31, | 2,158.2 | 2,047.4 |
Asset retirement obligation, foreign currency translation gain (loss) | $ 22.3 | $ (24.6) |
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) $ in Billions |
Dec. 31, 2023
USD ($)
|
---|---|
Asset Retirement Obligation [Abstract] | |
Estimated undiscounted future cash outlay for asset retirement obligations | $ 4.0 |
FAIR VALUE MEASUREMENTS - Assets And Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Liabilities: | ||
Unrealized (losses) gains for equity securities | $ 4.3 | $ (16.7) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Assets: | ||
Investments in equity securities | 28.2 | 29.2 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Convertible Debt Securities | ||
Assets: | ||
VIL OCDs | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Interest Rate Swap | ||
Liabilities: | ||
Interest rate swap agreements | 0.0 | 0.0 |
Fair value of debt related to interest rate swap agreements | 0.0 | (4.9) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Assets: | ||
Investments in equity securities | 5.3 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Convertible Debt Securities | ||
Assets: | ||
VIL OCDs | 192.3 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest Rate Swap | ||
Liabilities: | ||
Interest rate swap agreements | 0.0 | 6.2 |
Fair value of debt related to interest rate swap agreements | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Assets: | ||
Investments in equity securities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Convertible Debt Securities | ||
Assets: | ||
VIL OCDs | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Interest Rate Swap | ||
Liabilities: | ||
Interest rate swap agreements | 0.0 | 0.0 |
Fair value of debt related to interest rate swap agreements | $ 0.0 | $ 0.0 |
FAIR VALUE MEASUREMENTS - Narrative (Details) ₨ in Billions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
interestRateSwap
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jun. 15, 2023 |
Feb. 28, 2023
USD ($)
|
Feb. 28, 2023
INR (₨)
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Assets held and used, original carrying value | $ 35,200,000,000 | $ 46,100,000,000 | |||||
Long-lived asset held and used, written down | 200,000,000 | 800,000,000 | |||||
Long-lived asset held and used, net realizable value (less than in 2023) | 100,000,000 | 200,000,000 | |||||
Impairment of long-lived assets held for use | 202,400,000 | 655,900,000 | |||||
Impairments | $ 322,000,000 | 402,000,000.0 | 0 | $ 0 | |||
Total debt and capital lease obligations | 38,921,500,000 | $ 38,670,200,000 | |||||
Long-term debt, fair value | 36,700,000,000 | ||||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other operating expenses | ||||||
Weighted Average Cost of Capital | Tenant Relationships | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Intangible assets, measurement input | 0.11 | ||||||
India | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Impairments | 322,000,000 | ||||||
Spain | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Impairments | 80,000,000 | ||||||
Estimate of Fair Value Measurement | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-term debt, fair value | $ 35,100,000,000 | ||||||
Fair Value, Inputs, Level 1 | Estimate of Fair Value Measurement | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-term debt, fair value | 30,000,000,000 | 24,500,000,000 | |||||
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Long-term debt, fair value | 6,700,000,000 | $ 10,600,000,000 | |||||
Convertible Debt Securities | Vodafone Idea Limited | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
VIL OCDs, face value | $ 193,200,000 | ₨ 16.0 | |||||
VIL OCDs | $ 116,500,000 | ||||||
Debt securities, interest rate | 11.20% | 11.20% | |||||
Debt securities, unrealized gain (loss) | $ 76,700,000 | ||||||
Convertible Debt Securities | Vodafone Idea Limited | Maturing on August 27, 2023 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
VIL OCDs, face value | $ 96,600,000 | ₨ 8.0 | |||||
Convertible Debt Securities | Vodafone Idea Limited | Maturing on August 27, 2024 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
VIL OCDs, face value | $ 96,600,000 | ₨ 8.0 | |||||
3.000% senior notes | Senior Notes | American Tower Corporation | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Debt interest rate (as a percent) | 3.00% | ||||||
3.000% senior notes | Interest Rate Swap | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Notional amount | $ 500,000,000 | ||||||
Derivative liability | $ 0 | ||||||
3.000% senior notes | Interest Rate Swap | Senior Notes | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Interest rate swaps entered into | interestRateSwap | 3 | ||||||
3.000% Senior Notes Due 2022 | Senior Notes | American Tower Corporation | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Debt interest rate (as a percent) | 3.00% | 3.00% |
FAIR VALUE MEASUREMENTS - Fair Value of the Individual Tower and Acquired Network Location Intangible Assets Subject to Impairment (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Minimum | Terminal Growth Rates on Cash Flows | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 20,000 | 30,000 |
Minimum | Weighted Average Cost of Capital | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 0.06 | 0.06 |
Maximum | Terminal Growth Rates on Cash Flows | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 70,000 | 70,000 |
Maximum | Weighted Average Cost of Capital | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 0.46 | 0.35 |
Weighted Average | Terminal Growth Rates on Cash Flows | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 0.03 | 0.03 |
Weighted Average | Weighted Average Cost of Capital | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Intangible assets, measurement input | 0.10 | 0.13 |
FAIR VALUE MEASUREMENTS - Percentages of the Asset Class that were Subject to Fair Value Measurement and Subsequently Impaired (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Towers and related assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Percentage of assets subject to fair value measurement and subsequently impaired | 1.00% | 1.00% |
Acquired network location intangible assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Percentage of assets subject to fair value measurement and subsequently impaired | 1.00% | 2.00% |
Acquired tenant-related intangible assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Percentage of assets subject to fair value measurement and subsequently impaired | 1.00% | 5.00% |
FAIR VALUE MEASUREMENTS - Fair Value of Goodwill (Details) - Spain - Valuation, Income Approach |
Dec. 31, 2023 |
---|---|
Terminal Growth Rates on Cash Flows | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, measurement input | 0.02 |
Weighted Average Cost of Capital | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, measurement input | 0.07 |
INCOME TAXES - Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Current: | |||
Federal | $ (1.0) | $ (6.5) | $ (26.0) |
State | (4.9) | (5.8) | (9.3) |
Foreign | (330.3) | (248.4) | (267.7) |
Deferred: | |||
Federal | 1.8 | (2.8) | 0.0 |
State | 0.8 | 0.8 | (2.5) |
Foreign | 179.4 | 238.7 | 43.7 |
Income tax provision | $ (154.2) | $ (24.0) | $ (261.8) |
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Contingency [Line Items] | ||||
Reversal of valuation allowances | $ 87.2 | $ 76.5 | ||
Valuation allowance | 433.5 | 335.7 | $ 329.3 | $ 228.5 |
Unrecognized tax benefits that would impact the ETR | 130.7 | 103.6 | ||
Increase (decrease) in unrecognized tax benefit | 50.5 | |||
Decrease in unrecognized tax benefits, from lapse of statue of limitations and effective settlements | 15.5 | 23.1 | 54.2 | |
Unrecognized tax benefits, income tax penalties and interest | 26.2 | 20.6 | 69.5 | |
Decrease in income tax penalties and interest expense | 9.7 | 19.9 | 14.6 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 62.8 | $ 43.3 | ||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | 0.0 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | $ 13.9 | |||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits, reclassified to accrued income tax payable | $ 45.8 |
INCOME TAXES - Reconciliation Between The U.S. Statutory Rate And The Effective Rate From Continuing Operations (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Adjustment to reflect REIT status | (21.00%) | (21.00%) | (21.00%) |
Foreign taxes | 9.00% | (1.00%) | 3.00% |
Foreign withholding taxes | 4.00% | 4.00% | 2.00% |
Uncertain tax positions | 4.00% | 2.00% | 4.00% |
Changes in tax laws | (2.00%) | 0.00% | 0.00% |
Changes in valuation allowance | (5.00%) | (4.00%) | 0.00% |
Effective tax rate | 10.00% | 1.00% | 9.00% |
INCOME TAXES - Domestic and Foreign Components Of Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 1,371.4 | $ 1,973.2 | $ 2,517.4 |
Foreign | 149.9 | (252.5) | 312.0 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ 1,521.3 | $ 1,720.7 | $ 2,829.4 |
INCOME TAXES - Components of the Net Deferred Tax Asset and Related Valuation Allowance (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Assets: | ||||
Operating lease liability | $ 1,147.3 | $ 1,117.4 | ||
Net operating loss carryforwards | 276.4 | 265.5 | ||
Accrued asset retirement obligations | 245.9 | 238.5 | ||
Stock-based compensation | 8.5 | 8.1 | ||
Unearned revenue | 35.8 | 32.7 | ||
Unrealized loss on foreign currency | 20.8 | 24.4 | ||
Other accruals and allowances | 89.1 | 84.1 | ||
Nondeductible interest | 67.1 | 93.4 | ||
Tax credits | 158.8 | 106.8 | ||
Capital loss carryforwards | 175.0 | 5.8 | ||
Items not currently deductible and other | 84.5 | 44.3 | ||
Liabilities: | ||||
Depreciation and amortization | (1,718.1) | (1,792.6) | ||
Right-of-use asset | (1,147.2) | (1,118.5) | ||
Deferred rent | (133.9) | (113.0) | ||
Other | (58.8) | (24.0) | ||
Subtotal | (748.8) | (1,027.1) | ||
Valuation allowance | (433.5) | (335.7) | $ (329.3) | $ (228.5) |
Net deferred tax liabilities | $ (1,182.3) | $ (1,362.8) |
INCOME TAXES - Valuation Allowance Activity (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance as of January 1, | $ 335.7 | $ 329.3 | $ 228.5 |
Additions | 249.1 | 93.9 | 146.3 |
Usage, expiration and reversals | (87.2) | (76.5) | (26.2) |
Foreign currency translation | (64.1) | (11.0) | (19.3) |
Balance as of December 31, | $ 433.5 | $ 335.7 | $ 329.3 |
INCOME TAXES - Net Operating Loss Carryforwards Expire (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Federal | |
Operating Loss Carryforwards [Line Items] | |
2024 to 2028 | $ 0.0 |
2029 to 2033 | 0.7 |
2034 to 2038 | 66.9 |
2039 to 2043 | 0.0 |
Indefinite carryforward | 283.0 |
Total | 350.6 |
State | |
Operating Loss Carryforwards [Line Items] | |
2024 to 2028 | 217.1 |
2029 to 2033 | 47.1 |
2034 to 2038 | 150.9 |
2039 to 2043 | 97.2 |
Indefinite carryforward | 60.4 |
Total | 572.7 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
2024 to 2028 | 3.7 |
2029 to 2033 | 4.0 |
2034 to 2038 | 1.1 |
2039 to 2043 | 9.3 |
Indefinite carryforward | 928.7 |
Total | $ 946.8 |
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 115.5 | $ 108.8 | $ 136.2 |
Additions based on tax positions related to the current year | 42.5 | 13.3 | 7.5 |
Additions for tax positions of prior years | 0.4 | 18.2 | |
Reductions for tax positions of prior years | (17.5) | ||
Foreign currency | 3.7 | ||
Foreign currency | (5.3) | (3.7) | |
Reduction as a result of the lapse of statute of limitations | (2.1) | (0.6) | (4.9) |
Reduction as a result of effective settlements | (5.9) | (18.9) | (8.8) |
Balance at December 31 | $ 154.1 | $ 115.5 | 108.8 |
Adjustments due to reclassification of unrecognized tax benefits to penalties and income tax-related interest expense | $ (16.6) |
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 09, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Discount from market price | 15.00% | ||||
Options granted (in shares) | 0 | 0 | 0 | ||
Intrinsic value of stock options | $ 9,300,000 | $ 34,300,000 | $ 176,700,000 | ||
Cash received from exercise of stock options | 7,700,000 | ||||
Stock-based compensation expense | 195,700,000 | $ 169,300,000 | $ 119,500,000 | ||
2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Impact of change in vesting terms | $ 7,900,000 | ||||
Number of shares issuable under stock incentive plan (in shares) | 4,100,000 | ||||
RSUs and Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | 3 years | |||
RSUs and Stock Options | 2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Stock Options And Time Based Restricted Stock Units | 2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Total unrecognized compensation expense | $ 5,900,000 | ||||
Expected recognition of stock award compensation expense weighted average period in years | 2 years | ||||
Units granted (in shares) | 166,440 | ||||
Stock-based compensation expense | $ 34,000,000 | ||||
PSUs | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of potential target shares | 0.00% | ||||
PSUs | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of potential target shares | 200.00% | ||||
PSUs | 2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
PSUs | 2023 PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units granted (in shares) | 118,684 | ||||
PSUs | 2022 PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units granted (in shares) | 98,542 | ||||
PSUs | 2021 PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Units granted (in shares) | 28,624 | 98,694 | |||
PSUs | Retention PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Total unrecognized compensation expense | $ 0 | ||||
Units granted (in shares) | 19,132 | ||||
Stock-based compensation expense | $ 3,500,000 | ||||
PSUs | Retention PSUs | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of potential target shares | 0.00% | ||||
PSUs | Retention PSUs | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of potential target shares | 100.00% | ||||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation expense | $ 0 | ||||
Employee Stock Option | 2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
RSUs and PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total fair value of restricted stock units vested during period | $ 137,200,000 | ||||
Restricted stock awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units granted (in shares) | 960,583 | ||||
Restricted stock awards | 2007 Plan | CoreSite Acquisition | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation expense | $ 172,400,000 | ||||
Restricted stock awards | 2007 Plan | CoreSite Acquisition | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected recognition of stock award compensation expense weighted average period in years | 2 years |
STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 195.7 | $ 169.3 | $ 119.5 |
Other operating expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 7.6 |
STOCK-BASED COMPENSATION - Summary of the Company's Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Options | |||
Options outstanding at beginning of period (in shares) | 855,154 | ||
Options granted (in shares) | 0 | 0 | 0 |
Options exercised (in shares) | (88,199) | ||
Options forfeited (in shares) | 0 | ||
Options expired (in shares) | 0 | ||
Options outstanding at end of period (in shares) | 766,955 | 855,154 | |
Options exercisable (in shares) | 766,955 | ||
Options vested (in shares) | 766,955 | ||
Weighted Average Exercise Price Per Share | |||
Weighted average exercise price per share of options outstanding at beginning of period (in dollars per share) | $ 91.82 | ||
Weighted average exercise price per share of options granted (in dollars per share) | 0 | ||
Weighted average exercise price per share of options exercised (in dollars per share) | 87.40 | ||
Weighted average exercise price per share of options forfeited (in dollars per share) | 0 | ||
Weighted average exercise price per share of options expired (in dollars per share) | 0 | ||
Weighted average exercise price per share of options outstanding at end of period (in dollars per share) | 92.33 | $ 91.82 | |
Weighted average exercise price per share of options exercisable (in dollars per share) | 92.33 | ||
Weighted average exercise price per share of options vested (in dollars per share) | $ 92.33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average remaining life, outstanding | 1 year 4 months 2 days | ||
Weighted average remaining life, exercisable | 1 year 4 months 2 days | ||
Weighted average remaining life, vested | 1 year 4 months 2 days | ||
Aggregate intrinsic value, outstanding | $ 94.8 | ||
Aggregate intrinsic value, exercisable | 94.8 | ||
Aggregate intrinsic value, vested | $ 94.8 |
STOCK-BASED COMPENSATION - Schedule of Options Outstanding (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
$ / shares
shares
| |
$81.18 - $94.23 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price per share, minimum (in dollars per share) | $ 81.18 |
Exercise price per share, maximum (in dollars per share) | $ 94.23 |
Outstanding number of options (in shares) | shares | 148,033 |
Weighted average exercise price per share (in dollars per share) | $ 81.55 |
Weighted average remaining life | 2 months 26 days |
Options exercisable (in shares) | shares | 148,033 |
Weighted average exercise price per share (in dollars per share) | $ 81.55 |
$94.57 - $94.71 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price per share, minimum (in dollars per share) | 94.57 |
Exercise price per share, maximum (in dollars per share) | $ 94.71 |
Outstanding number of options (in shares) | shares | 608,683 |
Weighted average exercise price per share (in dollars per share) | $ 94.64 |
Weighted average remaining life | 1 year 7 months 2 days |
Options exercisable (in shares) | shares | 608,683 |
Weighted average exercise price per share (in dollars per share) | $ 94.64 |
$99.67 - $113.60 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price per share, minimum (in dollars per share) | 99.67 |
Exercise price per share, maximum (in dollars per share) | $ 113.60 |
Outstanding number of options (in shares) | shares | 10,239 |
Weighted average exercise price per share (in dollars per share) | $ 110.75 |
Weighted average remaining life | 2 years 5 months 12 days |
Options exercisable (in shares) | shares | 10,239 |
Weighted average exercise price per share (in dollars per share) | $ 110.75 |
$81.18 - $113.60 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price per share, minimum (in dollars per share) | 81.18 |
Exercise price per share, maximum (in dollars per share) | $ 113.60 |
Outstanding number of options (in shares) | shares | 766,955 |
Weighted average exercise price per share (in dollars per share) | $ 92.33 |
Weighted average remaining life | 1 year 4 months 2 days |
Options exercisable (in shares) | shares | 766,955 |
Weighted average exercise price per share (in dollars per share) | $ 92.33 |
STOCK-BASED COMPENSATION - Summary of RSUs and PSUs (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
RSUs | |||
Number of Units | |||
Units outstanding at beginning of period (in shares) | 1,382,879 | ||
Units granted (in shares) | 960,583 | ||
Units vested and released (in shares) | (630,025) | ||
Units forfeited (in shares) | (74,726) | ||
Units outstanding at end of period (in shares) | 1,638,711 | 1,382,879 | |
Units expected to vest (in shares) | 1,638,711 | ||
Units vested and deferred (in shares) | 30,259 | ||
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value of units outstanding at beginning of period (in dollars per share) | $ 230.80 | ||
Weighted average grant date fair value of units granted (in dollars per share) | 191.33 | ||
Weighted average grant date fair value of units vested and released (in dollars per share) | 224.41 | ||
Weighted average grant date fair value of units forfeited (in dollars per share) | 211.65 | ||
Weighted average grant date fair value of units outstanding at end of period (in dollars per share) | 210.94 | $ 230.80 | |
Weighted average grant date fair value of units expected to vest (in dollars per share) | 210.94 | ||
Weighted average grant date fair value of units vested and deferred (in dollars per share) | $ 220.03 | ||
PSUs | |||
Number of Units | |||
Units outstanding at beginning of period (in shares) | 276,468 | ||
Units granted (in shares) | 166,440 | ||
Units vested and released (in shares) | (79,232) | ||
Units forfeited (in shares) | (188) | ||
Units outstanding at end of period (in shares) | 363,488 | 276,468 | |
Units expected to vest (in shares) | 363,488 | ||
Units vested and deferred (in shares) | 0 | ||
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value of units outstanding at beginning of period (in dollars per share) | $ 226.40 | ||
Weighted average grant date fair value of units granted (in dollars per share) | 193.64 | ||
Weighted average grant date fair value of units vested and released (in dollars per share) | 241.47 | ||
Weighted average grant date fair value of units forfeited (in dollars per share) | 187.01 | ||
Weighted average grant date fair value of units outstanding at end of period (in dollars per share) | 208.14 | $ 226.40 | |
Weighted average grant date fair value of units expected to vest (in dollars per share) | 208.14 | ||
Weighted average grant date fair value of units vested and deferred (in dollars per share) | $ 0 | ||
PSUs | 2020 PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Number of Units | |||
Units outstanding at beginning of period (in shares) | 79,232 | ||
Units outstanding at end of period (in shares) | 79,232 | ||
PSUs | 2021 PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | 3 years | |
Number of Units | |||
Units outstanding at beginning of period (in shares) | 98,694 | ||
Units granted (in shares) | 28,624 | 98,694 | |
Units outstanding at end of period (in shares) | 98,694 | ||
PSUs | 2022 PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Number of Units | |||
Units outstanding at beginning of period (in shares) | 98,542 | ||
Units granted (in shares) | 98,542 | ||
Units outstanding at end of period (in shares) | 98,542 | ||
PSUs | 2023 PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Number of Units | |||
Units granted (in shares) | 118,684 | ||
PSUs | Retention PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 1 year | ||
Number of Units | |||
Units granted (in shares) | 19,132 |
EQUITY - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2017 |
Mar. 31, 2011 |
|
Class of Stock [Line Items] | ||||
Proceeds from stock options and employee stock purchase plan | $ 22.1 | |||
Number of shares repurchased | 0 | |||
Treasury stock, shares (in shares) | 11,004,000 | 11,004,000 | ||
Treasury stock repurchased amount | $ 1,301.2 | $ 1,301.2 | ||
Accrued dividend RSU | 21.5 | $ 17.0 | ||
Paid dividend RSU | $ 9.0 | |||
2011 Buyback | ||||
Class of Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 1,500.0 | |||
Treasury stock, shares (in shares) | 14,451,325 | |||
Treasury stock repurchased amount | $ 1,500.0 | |||
2017 Buyback | ||||
Class of Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 2,000.0 | |||
Treasury stock activity (in shares) | 0 |
EQUITY - Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2024 |
Dec. 13, 2023 |
Feb. 02, 2023 |
Dec. 07, 2022 |
Jan. 14, 2022 |
Dec. 15, 2021 |
Feb. 02, 2021 |
Dec. 03, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Dividends Payable [Line Items] | |||||||||||
Distribution per share, common stock (in dollars per share) | $ 1.70 | $ 1.56 | $ 1.39 | $ 1.21 | |||||||
Aggregate payment amount on common stock | $ 2,949.3 | $ 2,630.4 | $ 2,271.0 | ||||||||
Dividends paid (in dollars per share) | $ 1.56 | $ 1.39 | $ 1.21 | ||||||||
Subsequent Event | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Dividends paid (in dollars per share) | $ 1.70 | ||||||||||
Common Stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distribution per share, common stock (in dollars per share) | $ 6.3100 | $ 4.3000 | $ 6.4200 | ||||||||
Dividends declared, common stock, percent of total | 100.00% | 100.00% | 100.00% | ||||||||
Common Stock | Ordinary Income | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distribution per share, common stock (in dollars per share) | $ 6.3100 | $ 4.3000 | $ 6.1980 | ||||||||
Dividends declared, common stock, percent of total | 100.00% | 100.00% | 96.54% | ||||||||
Common Stock | Capital gains distribution | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distribution per share, common stock (in dollars per share) | $ 0 | $ 0 | $ 0.2220 | ||||||||
Dividends declared, common stock, percent of total | 0.00% | 0.00% | 3.46% | ||||||||
Common Stock | Dividends Declared and Paid | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Distribution per share, common stock (in dollars per share) | $ 6.45 | $ 5.86 | $ 5.21 | ||||||||
Aggregate payment amount on common stock | $ 3,006.7 | $ 2,715.3 | $ 2,359.4 |
NONCONTROLLING INTERESTS - Narrative (Details) € in Millions, ৳ in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | 48 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2022
USD ($)
|
Aug. 31, 2022
USD ($)
|
Aug. 31, 2021
USD ($)
|
Aug. 31, 2021
BDT (৳)
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2021
EUR (€)
|
Dec. 31, 2021
USD ($)
|
Aug. 31, 2026 |
|
United States | Data Centers | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stock conversion period | 4 years | 4 years | |||||||
United States | Data Centers | Common Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Controlling ownership interest percentage | 72.00% | 72.00% | |||||||
United States | Data Centers | Common Stock | Scenario, Forecast | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Controlling ownership interest percentage | 64.00% | ||||||||
Kirtonkhola Tower Bangladesh Limited | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Percentage of interests acquired | 51.00% | 51.00% | |||||||
Total considerations | $ 10.6 | ৳ 900 | |||||||
Stonepeak Partners LP | Common Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Dividends payable | $ 91.7 | ||||||||
Stonepeak Partners LP | Preferred Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Dividends declared | 46.1 | ||||||||
Dividends payable | 11.6 | ||||||||
Stonepeak Partners LP | United States | Data Centers | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Payments to acquire noncontrolling interest | $ 570.0 | $ 2,500.0 | |||||||
Stonepeak Partners LP | United States | Data Centers | Common Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Payments to acquire noncontrolling interest | 1,750.0 | ||||||||
Stonepeak Partners LP | United States | Data Centers | Preferred Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Payments to acquire noncontrolling interest | $ 750.0 | ||||||||
AT Iberia Cv | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Dividends declared | € 48.0 | $ 53.0 | |||||||
ATC Europe | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling ownership interest percentage | 52.00% | ||||||||
ATC Europe | CDPQ | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership interest acquired | 30.00% | 30.00% | |||||||
Ownership percentage by noncontrolling owners | 30.00% | ||||||||
ATC Europe | Allianz | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership interest acquired | 18.00% | 18.00% | |||||||
Ownership percentage by noncontrolling owners | 18.00% | ||||||||
ATC Europe | CDPQ & Allianz | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Payments to acquire noncontrolling interest | € 2,600.0 | $ 3,100.0 | |||||||
Subsidiaries Operating In France | ATC Europe | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling ownership interest percentage | 100.00% | ||||||||
Germany | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 13.00% | ||||||||
Germany | ATC Europe | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling ownership interest percentage | 87.00% | ||||||||
Spain | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 17.00% | ||||||||
Spain | ATC Europe | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling ownership interest percentage | 83.00% | ||||||||
Kirtonkhola Tower Bangladesh Limited | Confidence Group | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 49.00% | 49.00% | |||||||
Stonepeak Partners LP | United States | Data Centers | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Preferred stock, dividend rate (as a percent) | 5.00% | 5.00% | |||||||
Preferred stock, conversion ratio | 1 | ||||||||
Stonepeak Partners LP | United States | Data Centers | Common Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 28.00% | ||||||||
Stonepeak Partners LP | United States | Data Centers | Common Stock | Scenario, Forecast | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 36.00% | ||||||||
Stonepeak Partners LP | United States | Data Centers | Preferred Stock | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 100.00% |
NONCONTROLLING INTERESTS - Schedule of Changes in Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at beginning of period | $ 12,408.5 | $ 9,069.6 | $ 4,568.4 |
Contributions from noncontrolling interest holders | 12.7 | 3,125.4 | 3,078.2 |
Net loss attributable to noncontrolling interests | 1,367.1 | 1,696.7 | 2,560.0 |
Distributions to noncontrolling interest holders | 146.8 | 23.0 | 218.0 |
Balance at end of period | 10,865.4 | 12,408.5 | 9,069.6 |
PGGM | Preferred Stock | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Distributions to noncontrolling interest holders | 5.5 | ||
Stonepeak Partners LP | Preferred Stock | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Distributions to noncontrolling interest holders | 16.7 | ||
Noncontrolling Interests | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at beginning of period | 6,836.1 | 3,988.4 | 474.9 |
Contributions from noncontrolling interest holders | 12.7 | 3,125.4 | 3,078.2 |
Net loss attributable to noncontrolling interests | (116.2) | (69.1) | (7.7) |
Foreign currency translation adjustment attributable to noncontrolling interests, net of tax | 81.4 | (185.6) | |
Distributions to noncontrolling interest holders | 146.8 | 23.0 | 3.1 |
Balance at end of period | 6,667.2 | 6,836.1 | $ 3,988.4 |
Noncontrolling Interests | Stonepeak Partnership | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Contributions from noncontrolling interest holders | 0.0 | 3,070.0 | |
Noncontrolling Interests | All Other Entities | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Contributions from noncontrolling interest holders | $ 12.7 | $ 55.4 |
OTHER OPERATING EXPENSE - Schedule of Other Operating Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Schedule of intangible asset impairment [Line Items] | |||
Impairment charges | $ 202.4 | $ 655.9 | $ 173.7 |
Net losses on sales or disposals of assets | 125.4 | 28.4 | 22.7 |
Other operating expenses | 49.9 | 83.3 | 202.3 |
Total Other operating expenses | 377.7 | $ 767.6 | $ 398.7 |
Mexico Fiber and ATC Poland | |||
Schedule of intangible asset impairment [Line Items] | |||
Net losses on sales or disposals of assets | $ 78.9 |
OTHER OPERATING EXPENSE - Impairment Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Schedule of intangible asset impairment [Line Items] | ||||
Other | $ 16.5 | $ 15.2 | $ 10.5 | |
Total impairment charges included in Other operating expense | 202.4 | 655.9 | 173.7 | |
Goodwill impairment | $ 322.0 | 402.0 | 0.0 | 0.0 |
Total impairment charges | 604.4 | 655.9 | 173.7 | |
Tower and network location intangible assets | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | 95.7 | 149.6 | 121.0 | |
Tenant relationships | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | $ 90.2 | $ 491.1 | $ 42.2 |
OTHER OPERATING EXPENSE - India Impairments (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Schedule of intangible asset impairment [Line Items] | ||||
Impairments | $ 322.0 | $ 402.0 | $ 0.0 | $ 0.0 |
Tower and network location intangible assets | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | 95.7 | 149.6 | 121.0 | |
Acquired tenant-related intangibles | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | 90.2 | $ 491.1 | $ 42.2 | |
India | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairments | 322.0 | |||
India | Tower and network location intangible assets | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | 97.0 | |||
India | Acquired tenant-related intangibles | Vodafone Idea Limted | ||||
Schedule of intangible asset impairment [Line Items] | ||||
Impairment of intangible assets | $ 411.6 |
OTHER OPERATING EXPENSE - Severance and Related Costs by Operating Segments (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Other Expenses Table [Line Items] | |
Severance costs | $ 21.8 |
Other | |
Other Expenses Table [Line Items] | |
Severance costs | 7.8 |
U.S. & Canada | Operating Segments | |
Other Expenses Table [Line Items] | |
Severance costs | 2.4 |
Africa | Operating Segments | |
Other Expenses Table [Line Items] | |
Severance costs | 0.7 |
Europe | Operating Segments | |
Other Expenses Table [Line Items] | |
Severance costs | 2.8 |
Latin America | Operating Segments | |
Other Expenses Table [Line Items] | |
Severance costs | 4.7 |
Services | Operating Segments | |
Other Expenses Table [Line Items] | |
Severance costs | $ 3.4 |
OTHER OPERATING EXPENSE - Unpaid Obligations for Severance and Related Costs (Details) - Severance and Related Costs $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Beginning balance as of January 1, | $ 0.0 |
Additions | 21.8 |
Payments | (19.9) |
Balance as of December 31, | $ 1.9 |
EARNINGS PER COMMON SHARE - Schedule Of Earnings Per Basic And Diluted By Common Class (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Net income attributable to American Tower Corporation common stockholders | $ 1,483.3 | $ 1,765.8 | $ 2,567.7 |
Basic weighted average common shares outstanding (in shares) | 466,063 | 461,519 | 451,498 |
Dilutive securities (in shares) | 1,099 | 1,231 | 1,796 |
Diluted weighted average common shares outstanding (in shares) | 467,162 | 462,750 | 453,294 |
Basic net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 3.18 | $ 3.83 | $ 5.69 |
Diluted net income attributable to American Tower Corporation common stockholders per common share (in dollars per share) | $ 3.18 | $ 3.82 | $ 5.66 |
EARNINGS PER COMMON SHARE - Schedule Of Shares Excluded From Computation Of Earnings Per Share (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Restricted stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from dilutive effect (in shares) | 5 | 86 | 0 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Mar. 27, 2015
USD ($)
renewalPeriod
communicationsSite
|
Dec. 31, 2023
USD ($)
tower
renewalPeriod
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2000
tower
|
|
Loss Contingencies [Line Items] | |||||
Aggregate purchase price | $ 1,798.1 | $ 1,873.6 | $ 1,376.7 | ||
Verizon Transaction | |||||
Loss Contingencies [Line Items] | |||||
Leased assets, number of communication sites | communicationsSite | 11,200 | ||||
Right to lease, weighted average term | 28 years | ||||
Aggregate purchase option price for towers | $ 5,000.0 | ||||
Customer lease, initial term | 10 years | ||||
Successive terms to renew lease | renewalPeriod | 8 | ||||
Lease renewal term | 5 years | ||||
AT&T Transaction | |||||
Loss Contingencies [Line Items] | |||||
Leased assets, number of communication sites | tower | 600 | 1,800 | |||
Aggregate purchase option price for towers | $ 1,100.0 | ||||
Successive terms to renew lease | renewalPeriod | 5 | ||||
Lease renewal term | 5 years | ||||
Operating lease, term of contract | 27 years | ||||
Number of sites acquired | tower | 59 | ||||
Aggregate purchase price | $ 40.9 |
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Supplemental cash flow information: | |||
Cash paid for interest | $ 1,260.0 | $ 1,088.6 | $ 791.2 |
Cash paid for income taxes (net of refunds of $31.5, $33.9 and $46.7, respectively) | 306.5 | 322.3 | 225.2 |
Non-cash investing and financing activities: | |||
(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities | (14.7) | 27.2 | 57.9 |
Purchases of property and equipment under finance leases, perpetual easements and capital leases | 31.5 | 33.6 | 58.8 |
Fair value of debt assumed through acquisitions | 0.0 | 0.0 | 955.1 |
Settlement of third-party debt | 0.0 | (7.4) | (12.7) |
Replacement awards | 0.0 | 0.0 | 17.1 |
Tax refunds | $ 31.5 | $ 33.9 | $ 46.7 |
BUSINESS SEGMENTS - Narrative (Details) - CoreSite Acquisition |
Dec. 31, 2021
dataCenter
market
|
Nov. 14, 2021
dataCenter
market
|
---|---|---|
Business Acquisition [Line Items] | ||
Number of sites acquired | dataCenter | 20 | 24 |
United States | ||
Business Acquisition [Line Items] | ||
Number of operating markets related to acquired sites | market | 8 | 8 |
BUSINESS SEGMENTS - Summarized Segment Financial Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 29, 2023 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||||
Segment revenues | $ 11,144.2 | $ 10,711.1 | $ 9,356.9 | ||
Segment selling, general, administrative and development expense | 992.5 | 972.3 | 811.6 | ||
OPERATING INCOME | 3,024.9 | 2,352.3 | 3,132.0 | ||
Stock-based compensation expense | 195.7 | 169.3 | 119.5 | ||
Other selling, general, administrative and development expense | 241.5 | 224.5 | 201.5 | ||
Depreciation, amortization and accretion | 3,086.5 | 3,355.1 | 2,332.6 | ||
Other expense | 2,283.3 | 1,399.2 | 701.3 | ||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,521.3 | 1,720.7 | 2,829.4 | ||
Capital expenditures | 1,829.8 | 1,902.5 | 1,407.8 | ||
Total impairment charges included in Other operating expense | 202.4 | 655.9 | 173.7 | ||
Impairments | $ 322.0 | 402.0 | 0.0 | 0.0 | |
Finance lease payments | 6.2 | 6.7 | 5.4 | ||
Payments for perpetual land easements | 38.7 | 36.7 | 35.2 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mexico Fiber | |||||
Segment Reporting Information [Line Items] | |||||
Gain (loss) on sale | $ (80.0) | (78.9) | |||
U.S. & Canada | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 5,359.2 | 5,247.4 | 5,167.5 | ||
Impairments | 0.0 | ||||
Asia-Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,150.8 | 1,077.0 | 1,199.1 | ||
Impairments | 322.0 | ||||
Africa | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,225.6 | 1,192.5 | 1,005.5 | ||
Impairments | 0.0 | ||||
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 775.6 | 735.7 | 496.2 | ||
Impairments | 80.0 | ||||
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,798.3 | 1,691.9 | 1,465.4 | ||
Impairments | 0.0 | ||||
Data Centers | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 834.7 | 766.6 | 23.2 | ||
Impairments | 0.0 | ||||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Impairments | 0.0 | ||||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 11,144.2 | 10,711.1 | 9,356.9 | ||
Segment operating expenses | 3,260.6 | 3,263.8 | 2,682.0 | ||
Segment gross margin | 7,883.6 | 7,447.3 | 6,674.9 | ||
Segment selling, general, administrative and development expense | 555.3 | 578.5 | 490.6 | ||
OPERATING INCOME | 7,328.3 | 6,868.8 | 6,184.3 | ||
Operating Segments | Property | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 11,001.2 | 10,470.0 | 9,109.6 | ||
Segment operating expenses | 3,200.5 | 3,156.4 | 2,585.3 | ||
Segment gross margin | 7,800.7 | 7,313.6 | 6,524.3 | ||
Segment selling, general, administrative and development expense | 532.4 | 556.2 | 474.4 | ||
OPERATING INCOME | 7,268.3 | 6,757.4 | 6,049.9 | ||
Capital expenditures | 1,809.5 | 1,889.6 | 1,398.2 | ||
Operating Segments | U.S. & Canada | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 5,216.2 | 5,006.3 | 4,920.2 | ||
Segment operating expenses | 849.9 | 845.4 | 853.5 | ||
Segment gross margin | 4,366.3 | 4,160.9 | 4,066.7 | ||
Segment selling, general, administrative and development expense | 165.1 | 183.2 | 176.9 | ||
OPERATING INCOME | 4,201.2 | 3,977.7 | 3,889.8 | ||
Capital expenditures | 410.6 | 481.7 | 440.1 | ||
Operating Segments | Asia-Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,150.8 | 1,077.0 | 1,199.1 | ||
Segment operating expenses | 704.2 | 697.6 | 724.3 | ||
Segment gross margin | 446.6 | 379.4 | 474.8 | ||
Segment selling, general, administrative and development expense | 42.1 | 69.1 | 73.1 | ||
OPERATING INCOME | 404.5 | 310.3 | 401.7 | ||
Capital expenditures | 122.0 | 151.8 | 175.1 | ||
Operating Segments | Africa | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,225.6 | 1,192.5 | 1,005.5 | ||
Segment operating expenses | 433.3 | 445.1 | 346.1 | ||
Segment gross margin | 792.3 | 747.4 | 659.4 | ||
Segment selling, general, administrative and development expense | 79.3 | 80.0 | 72.3 | ||
OPERATING INCOME | 713.0 | 667.4 | 587.1 | ||
Capital expenditures | 425.6 | 507.3 | 460.7 | ||
Operating Segments | Europe | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 775.6 | 735.7 | 496.2 | ||
Segment operating expenses | 299.5 | 319.6 | 194.0 | ||
Segment gross margin | 476.1 | 416.1 | 302.2 | ||
Segment selling, general, administrative and development expense | 65.6 | 52.4 | 42.1 | ||
OPERATING INCOME | 410.5 | 363.7 | 260.1 | ||
Capital expenditures | 218.0 | 165.7 | 58.9 | ||
Operating Segments | Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 1,798.3 | 1,691.9 | 1,465.4 | ||
Segment operating expenses | 566.0 | 526.7 | 458.3 | ||
Segment gross margin | 1,232.3 | 1,165.2 | 1,007.1 | ||
Segment selling, general, administrative and development expense | 107.9 | 107.6 | 104.1 | ||
OPERATING INCOME | 1,124.4 | 1,057.6 | 903.0 | ||
Capital expenditures | 205.2 | 229.4 | 260.9 | ||
Operating Segments | Data Centers | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 834.7 | 766.6 | 23.2 | ||
Segment operating expenses | 347.6 | 322.0 | 9.1 | ||
Segment gross margin | 487.1 | 444.6 | 14.1 | ||
Segment selling, general, administrative and development expense | 72.4 | 63.9 | 5.9 | ||
OPERATING INCOME | 414.7 | 380.7 | 8.2 | ||
Capital expenditures | 428.1 | 353.7 | 2.5 | ||
Operating Segments | Services | |||||
Segment Reporting Information [Line Items] | |||||
Segment revenues | 143.0 | 241.1 | 247.3 | ||
Segment operating expenses | 60.1 | 107.4 | 96.7 | ||
Segment gross margin | 82.9 | 133.7 | 150.6 | ||
Segment selling, general, administrative and development expense | 22.9 | 22.3 | 16.2 | ||
OPERATING INCOME | 60.0 | 111.4 | 134.4 | ||
Capital expenditures | 0.0 | 0.0 | 0.0 | ||
Other | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation expense | 195.7 | 169.3 | 119.5 | ||
Other selling, general, administrative and development expense | 241.5 | 224.5 | 201.5 | ||
Depreciation, amortization and accretion | 3,086.5 | 3,355.1 | 2,332.6 | ||
Other expense | 2,283.3 | 1,399.2 | 701.3 | ||
Capital expenditures | 20.3 | 12.9 | 9.6 | ||
Other | Selling, General and Administrative | |||||
Segment Reporting Information [Line Items] | |||||
Stock-based compensation expense | $ 195.7 | $ 169.3 | $ 119.5 |
BUSINESS SEGMENTS - Additional Information Relating to the Company's Operating Segments (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 66,027.6 | $ 67,194.5 |
Operating Segments | U.S. & Canada property | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 26,325.1 | 26,739.9 |
Operating Segments | Asia-Pacific property | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 3,758.1 | 4,276.9 |
Operating Segments | Africa property | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 4,031.2 | 4,759.4 |
Operating Segments | Europe property | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 11,769.3 | 11,464.6 |
Operating Segments | Latin America property | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 9,025.3 | 8,666.3 |
Operating Segments | Data Centers | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 10,482.9 | 10,702.8 |
Operating Segments | Services | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 54.8 | 119.3 |
Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 580.9 | $ 465.3 |
BUSINESS SEGMENTS - Summary of Geographic Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | $ 11,144.2 | $ 10,711.1 | $ 9,356.9 |
Long-lived assets held | 48,948.5 | 50,938.3 | |
U.S. & Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 5,359.2 | 5,247.4 | 5,167.5 |
U.S. & Canada | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 11.7 | 12.5 | 11.4 |
Long-lived assets held | 214.8 | 207.6 | |
U.S. & Canada | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 6,182.2 | 6,001.5 | 5,179.3 |
Long-lived assets held | 28,337.4 | 29,275.1 | |
Asia-Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 1,150.8 | 1,077.0 | 1,199.1 |
Asia-Pacific | Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 2.6 | 1.8 | 1.8 |
Long-lived assets held | 10.6 | 7.5 | |
Asia-Pacific | Bangladesh | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 5.7 | 3.9 | 0.4 |
Long-lived assets held | 25.3 | 24.6 | |
Asia-Pacific | India | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 1,132.0 | 1,065.7 | 1,196.6 |
Long-lived assets held | 2,069.6 | 2,452.2 | |
Asia-Pacific | New Zealand | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 1.6 | 0.3 | 0.0 |
Long-lived assets held | 37.5 | 37.6 | |
Asia-Pacific | Philippines | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 8.9 | 5.3 | 0.3 |
Long-lived assets held | 31.9 | 30.9 | |
Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 1,225.6 | 1,192.5 | 1,005.5 |
Africa | Burkina Faso | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 38.1 | 41.2 | 44.7 |
Long-lived assets held | 257.4 | 272.0 | |
Africa | Ghana | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 128.6 | 144.4 | 170.5 |
Long-lived assets held | 269.2 | 393.3 | |
Africa | Kenya | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 120.0 | 123.1 | 107.4 |
Long-lived assets held | 557.2 | 783.8 | |
Africa | Niger | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 48.4 | 42.1 | 41.6 |
Long-lived assets held | 203.1 | 211.3 | |
Africa | Nigeria | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 495.4 | 477.2 | 296.5 |
Long-lived assets held | 456.5 | 747.8 | |
Africa | South Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 157.9 | 164.8 | 164.0 |
Long-lived assets held | 337.0 | 345.5 | |
Africa | Uganda | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 237.2 | 199.7 | 180.8 |
Long-lived assets held | 925.1 | 935.2 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 775.6 | 735.7 | 496.2 |
Europe | France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 113.4 | 99.6 | 98.9 |
Long-lived assets held | 1,338.8 | 1,306.9 | |
Europe | Germany | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 363.6 | 320.0 | 213.5 |
Long-lived assets held | 5,721.2 | 5,642.5 | |
Europe | Poland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 0.6 | 1.0 | 0.5 |
Long-lived assets held | 0.0 | 4.9 | |
Europe | Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 298.0 | 315.1 | 183.3 |
Long-lived assets held | 3,031.6 | 3,027.8 | |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 1,798.3 | 1,691.9 | 1,465.4 |
Latin America | Argentina | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 43.8 | 39.2 | 31.6 |
Long-lived assets held | 190.1 | 194.1 | |
Latin America | Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 787.3 | 741.9 | 614.6 |
Long-lived assets held | 1,996.5 | 1,908.7 | |
Latin America | Chile | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 106.3 | 91.8 | 88.0 |
Long-lived assets held | 575.7 | 606.6 | |
Latin America | Colombia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 117.0 | 106.1 | 107.7 |
Long-lived assets held | 286.8 | 238.0 | |
Latin America | Costa Rica | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 24.7 | 23.9 | 22.8 |
Long-lived assets held | 105.6 | 111.3 | |
Latin America | Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 611.8 | 588.9 | 524.6 |
Long-lived assets held | 1,044.4 | 1,243.2 | |
Latin America | Paraguay | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 16.3 | 15.4 | 13.5 |
Long-lived assets held | 92.3 | 93.7 | |
Latin America | Peru | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total operating revenues | 91.1 | 84.7 | $ 62.6 |
Long-lived assets held | $ 832.9 | $ 836.2 |
BUSINESS SEGMENTS - Major Customers (Details) - Customer Concentration Risk - Sales Revenue, Net |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
T-Mobile | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 17.00% | 18.00% | 20.00% |
AT&T | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 16.00% | 17.00% | 19.00% |
Verizon Wireless | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 12.00% | 11.00% | 13.00% |
SUBSEQUENT EVENTS (Details) ₨ in Billions |
Feb. 14, 2024
USD ($)
|
Jan. 12, 2024
USD ($)
|
Jan. 04, 2024
USD ($)
|
Jan. 04, 2024
INR (₨)
|
Feb. 27, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jan. 10, 2014 |
Aug. 19, 2013 |
---|---|---|---|---|---|---|---|---|---|
5.00% senior notes | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 5.00% | ||||||||
American Tower Corporation | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term debt | $ 36,472,000,000 | $ 36,307,000,000 | |||||||
American Tower Corporation | 0.600% senior notes | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 0.60% | ||||||||
Long-term debt | $ 500,000,000.0 | 498,900,000 | |||||||
American Tower Corporation | 5.00% senior notes | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 5.00% | 5.00% | |||||||
Long-term debt | $ 1,000,100,000 | $ 1,000,500,000 | |||||||
Subsequent Event | American Tower Corporation | 0.600% senior notes | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 0.60% | ||||||||
Long-term debt | $ 0 | ||||||||
Subsequent Event | American Tower Corporation | 5.00% senior notes | Senior Notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 5.00% | ||||||||
Long-term debt | $ 0 | ||||||||
Subsequent Event | American Tower Corporation | Senior Notes | 0.600% senior notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 0.60% | ||||||||
Debt repaid | $ 500,000,000 | ||||||||
Subsequent Event | American Tower Corporation | Senior Notes | 5.00% senior notes | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt interest rate (as a percent) | 5.00% | ||||||||
Debt repaid | $ 1,000,000,000 | ||||||||
Subsequent Event | ATC TIPL | DIT | |||||||||
Subsequent Event [Line Items] | |||||||||
Total considerations | $ 2,500,000,000 | ₨ 210 | |||||||
Subsequent Event | ATC TIPL | DIT | ATC TIPL | |||||||||
Subsequent Event [Line Items] | |||||||||
Ownership percentage | 100.00% | 100.00% |
Schedule III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
USD ($)
communicationSite
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross amount carried at close of current period | $ 28,239.2 | $ 27,060.9 | $ 23,948.9 | $ 18,492.9 |
Accumulated depreciation at close of current period | $ (9,820.6) | $ (8,669.5) | $ (7,548.1) | $ (6,921.0) |
Sites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of units | communicationSite | 222,830 | |||
Encumbrances | $ 2,325.0 | |||
Gross amount carried at close of current period | 21,929.3 | |||
Accumulated depreciation at close of current period | $ (8,986.9) | |||
Data Centers | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of units | communicationSite | 28 | |||
Encumbrances | $ 0.0 | |||
Gross amount carried at close of current period | 6,309.9 | |||
Accumulated depreciation at close of current period | (833.7) | |||
Secured Debt | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,300.0 | |||
Maximum | Sites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statements is computed | 20 years | |||
Maximum | Data Centers | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on which depreciation in latest income statements is computed | 40 years |
Schedule III - SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION - Activity of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Gross amount at beginning | $ 27,060.9 | $ 23,948.9 | $ 18,492.9 |
Additions during period: | |||
Acquisitions | 105.2 | 288.1 | 5,017.6 |
Discretionary capital projects | 860.2 | 398.0 | 391.2 |
Discretionary ground lease purchases | 126.0 | 502.0 | 242.7 |
Redevelopment capital expenditures | 451.5 | 335.9 | 203.6 |
Capital improvements | 192.7 | 155.4 | 92.5 |
Start-up capital expenditures | 136.7 | 227.0 | 184.6 |
Other | (11.6) | 1,672.6 | 51.2 |
Total additions | 1,860.7 | 3,579.0 | 6,183.4 |
Deductions during period: | |||
Cost of real estate sold or disposed | (202.8) | (257.6) | (263.7) |
Other | (479.6) | (209.4) | (463.7) |
Total deductions | (682.4) | (467.0) | (727.4) |
Balance at end | 28,239.2 | 27,060.9 | 23,948.9 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Gross amount of accumulated depreciation at beginning | (8,669.5) | (7,548.1) | (6,921.0) |
Additions during period: | |||
Depreciation | (1,353.5) | (1,373.3) | (863.8) |
Other | 0.0 | 0.0 | 0.0 |
Total additions | (1,353.5) | (1,373.3) | (863.8) |
Deductions during period: | |||
Amount of accumulated depreciation for assets sold or disposed | 89.0 | 128.9 | 142.4 |
Other | 113.4 | 123.0 | 94.3 |
Total deductions | 202.4 | 251.9 | 236.7 |
Balance at end | (9,820.6) | (8,669.5) | $ (7,548.1) |
Data Centers | |||
Additions during period: | |||
Acquisitions | $ 1,600.0 | ||
Deductions during period: | |||
Balance at end | 6,309.9 | ||
Deductions during period: | |||
Balance at end | $ (833.7) |
VK%U(/R@*QFG'
M.(173+E73-_J%0I TR[D.:%J!19-S(EKQ11+*Q2@SG:!JA58M%U:DZ.[CM:?
M&]S 9I7%A#M)67A66%), ??/BQ+=:6PJ;%VM>U0\Z8P_[DW[6W#S4$HRPK8
M4VB_]Y$NT#0MHS%0E[Y,=QJIZ/TTIRX+QCG0_EYK/!GN@+9O)W\!4$L#!!0
M ( *6"6U@?>]5WW0< /$? 8 >&PO=V]R:W-H965T W;-DI ,F"2<(0&SGM5W+P:AB2\#?A!8RHTV
M,DZFG#^9SDW2LQPC""C$RC!@_5C "@U1%K&GQ6G52]I@)OM-?M5Z5U[F6()
M TY_DD2E/>O,0@G,<$'5 U]>P\I/Q_#%G,KR'RVKV$YHH;B0BFDAM\@M?G=W202:W59
M*O?1?"9V6S@;:?)J]J?6A$ E+C_ 43OFF@FQN;4I&A31#_"YV,3