Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SBA COMMUNICATIONS CORP | |
Entity Central Index Key | 1034054 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 129,454,487 | |
Trading Symbol | SBAC |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $62,371 | $39,443 |
Restricted cash | 41,438 | 52,519 |
Short-term investments | 4,816 | 5,549 |
Accounts receivable, net of allowance of $1,044 and $889 at March 31, 2015 and December 31, 2014, respectively | 91,468 | 104,268 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 29,209 | 30,078 |
Prepaid expenses and other current assets | 95,711 | 95,031 |
Total current assets | 325,013 | 326,888 |
Property and equipment, net | 2,702,188 | 2,762,417 |
Intangible assets, net | 3,925,992 | 4,189,540 |
Deferred financing fees, net | 93,429 | 95,237 |
Other assets | 480,677 | 467,043 |
Total assets | 7,527,299 | 7,841,125 |
Current Liabilities: | ||
Accounts payable | 33,805 | 42,851 |
Accrued expenses | 55,619 | 65,553 |
Current maturities of long-term debt | 33,750 | 32,500 |
Deferred revenue | 108,630 | 120,047 |
Accrued interest | 37,966 | 53,178 |
Other current liabilities | 16,706 | 16,921 |
Total current liabilities | 286,476 | 331,050 |
Long-term liabilities: | ||
Long-term debt | 7,929,829 | 7,828,299 |
Other long-term liabilities | 347,781 | 342,576 |
Total long-term liabilities | 8,277,610 | 8,170,875 |
Shareholders' deficit: | ||
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding | ||
Common stock - Class A, par value $.01, 400,000 shares authorized, 129,428 and 129,134 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 1,294 | 1,291 |
Additional paid-in capital | 1,940,265 | 2,062,775 |
Accumulated deficit | -2,621,410 | -2,542,380 |
Accumulated other comprehensive loss, net | -356,936 | -182,486 |
Total shareholders' deficit | -1,036,787 | -660,800 |
Total liabilities and shareholders' deficit | $7,527,299 | $7,841,125 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $1,044 | $889 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock - Class A, par value | $0.01 | $0.01 |
Common stock - Class A, shares authorized | 400,000,000 | 400,000,000 |
Common stock - Class A, shares issued | 129,428,000 | 129,134,000 |
Common stock - Class A, shares outstanding | 129,428,000 | 129,134,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues: | ||||
Site leasing | $369,727 | $309,320 | ||
Site development | 40,367 | 36,230 | ||
Total revenues | 410,094 | 345,550 | ||
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): | ||||
Cost of site leasing | 80,217 | 69,740 | ||
Cost of site development | 30,893 | 27,427 | ||
Selling, general, and administrative | 29,884 | [1] | 24,676 | [1] |
Acquisition related adjustments and expenses | 1,339 | 8,561 | ||
Asset impairment and decommission costs | 6,822 | 3,568 | ||
Depreciation, accretion, and amortization | 171,853 | 144,442 | ||
Total operating expenses | 321,008 | 278,414 | ||
Operating income | 89,086 | 67,136 | ||
Other income (expense): | ||||
Interest income | 293 | 86 | ||
Interest expense | -77,654 | -66,027 | ||
Non-cash interest expense | -280 | -10,304 | ||
Amortization of deferred financing fees | -4,544 | -4,237 | ||
Loss from extinguishment of debt, net | -1,951 | |||
Other (expense) income, net | -82,968 | 18,390 | ||
Total other expense | -165,153 | -64,043 | ||
(Loss) income before provision for income taxes | -76,067 | 3,093 | ||
Provision for income taxes | -2,963 | -1,686 | ||
Net (loss) income | ($79,030) | $1,407 | ||
Basic and diluted | ($0.61) | $0.01 | ||
Weighted average number of common shares | ||||
Basic | 129,235 | 128,560 | ||
Diluted | 129,235 | 138,356 | ||
[1] | Includes non-cash compensation of $6,884 and $4,541 for the three months ended March 31, 2015 and 2014, respectively. |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Non-cash compensation expense | $6,988 | $4,618 |
Selling, General And Administrative Expenses [Member] | ||
Non-cash compensation expense | $6,884 | $4,541 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net (loss) income | ($79,030) | $1,407 |
Foreign currency translation adjustments | -174,450 | 33,007 |
Comprehensive (loss) income | ($253,480) | $34,414 |
Consolidated_Statement_Of_Shar
Consolidated Statement Of Shareholders' Equity (Deficit) (USD $) | Class A Common Stock [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Shares - Warrant [Member] | Total |
In Thousands, except Share data | Shares - Warrant [Member] | ||||||
BALANCE, Amount at Dec. 31, 2014 | $1,291 | $2,062,775 | ($2,542,380) | ($182,486) | ($660,800) | ||
BALANCE, Shares at Dec. 31, 2014 | 129,134,000 | ||||||
Net loss | -79,030 | -79,030 | |||||
Common stock issued in connection with stock purchase/option plans | 3 | 5,643 | 5,646 | ||||
Common stock issued in connection with stock purchase/option plans, Shares | 294,000 | ||||||
Non-cash compensation | 7,083 | 7,083 | |||||
Settlement of common stock warrants | -135,236 | -135,236 | |||||
Foreign currency translation adjustments | -174,450 | -174,450 | |||||
BALANCE, Amount at Mar. 31, 2015 | $1,294 | $1,940,265 | ($2,621,410) | ($356,936) | ($1,036,787) | ||
BALANCE, Shares at Mar. 31, 2015 | 129,428,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | ($79,030) | $1,407 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation, accretion, and amortization | 171,853 | 144,442 |
Non-cash interest expense | 280 | 10,304 |
Deferred income tax expense | 557 | 474 |
Non-cash asset impairment and decommission costs | 5,027 | 2,858 |
Non-cash compensation expense | 6,988 | 4,618 |
Amortization of deferred financing fees | 4,544 | 4,237 |
Loss from extinguishment of debt, net | 1,951 | |
Non-cash earnout adjustments | 1,552 | -648 |
Loss on remeasurement of U.S. dollar denominated intercompany loan | 83,995 | |
Gain on foreign currency swap contract | -17,891 | |
Other non-cash items reflected in the Statements of Operations | 21 | 220 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | 4,445 | 8,644 |
Prepaid expenses and other assets | -6,286 | 1,196 |
Accounts payable and accrued expenses | 730 | -71 |
Accrued interest | -15,212 | -4,485 |
Other liabilities | -1,056 | 2,959 |
Net cash provided by operating activities | 178,408 | 160,215 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions | -53,279 | -927,653 |
Capital expenditures | -68,100 | -32,238 |
Proceeds from foreign currency swap contract | 17,891 | |
Other investing activities | -175 | 444 |
Net cash used in investing activities | -121,554 | -941,556 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under Revolving Credit Facility | 135,000 | 175,000 |
Repayments under Revolving Credit Facility | -25,000 | -390,000 |
Repayment of Term Loans | -7,500 | -293,000 |
Proceeds from Term Loans, net of fees | 1,483,470 | |
Payments for settlement of common stock warrants | -135,236 | |
Payment for earn-outs | -1,199 | -4,598 |
Payment of deferred financing fees | -2,736 | -676 |
Other financing activities | 5,142 | -6,034 |
Net cash (used in) provided by financing activities | -31,529 | 964,162 |
Effect of exchange rate changes on cash and cash equivalents | -2,397 | 17,981 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 22,928 | 200,802 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 39,443 | 122,112 |
End of period | 62,371 | 322,914 |
Cash paid during the period for: | ||
Interest | 92,911 | 70,324 |
Income taxes | 1,514 | 1,951 |
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: | ||
Assets acquired through capital leases | 1,464 | 115 |
Issuance of stock for settlement of convertible debt and warrants, net of hedges | $34 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1.BASIS OF PRESENTATION |
The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year. | |
The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates. | |
Foreign Currency Translation | |
All assets and liabilities of foreign subsidiaries that do not utilize the United States dollar as its functional currency (Brazil and Canada) are translated at period-end rates of exchange, while revenues and expenses are translated at monthly weighted average rates of exchange for the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss in the accompanying Consolidated Statement of Shareholders’ Deficit. | |
Intercompany Loans | |
In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures intercompany loans not denominated in the functional currency with the corresponding remeasurement adjustment being recorded in Other (expense) income, net in the Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recorded an $84.0 million foreign exchange loss on the remeasurement of an intercompany loan with a Brazilian subsidiary. | |
Recent Accounting Pronouncements Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. In April 2015, the FASB proposed a one-year deferral of the effective date. Under the proposal, the standard would be required to be adopted by public business entities in annual periods beginning on or after December 15, 2017. The FASB also proposed to permit early adoption at the original effective date. This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest. The standard requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early application is permitted. The Company has not elected to early adopt the standard. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Fair Value Measurements [Abstract] | |||||||
Fair Value Measurements | 2.FAIR VALUE MEASUREMENTS | ||||||
Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to acquisitions are measured at fair value on a recurring basis using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company determines the fair value of acquisition-related earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation if the performance targets contained in various acquisition agreements were met was $13.4 million and $15.1 million as of March 31, 2015 and December 31, 2014, respectively, which the Company recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The maximum potential obligation related to the performance targets was $21.4 million as of March 31, 2015. | |||||||
The following summarizes the activity of the accrued earnouts: | |||||||
2015 | 2014 | ||||||
(in thousands) | |||||||
Beginning balance, December 31, 2014 and 2013 , respectively | $ | 15,086 | $ | 30,063 | |||
Additions | 1,372 | 1,048 | |||||
Payments | -1,234 | -5,019 | |||||
Change in estimate | -1,552 | 648 | |||||
Foreign currency translation adjustments | -319 | 2,558 | |||||
Ending balance, March 31, 2015 and March 31, 2014, respectively | $ | 13,353 | $ | 29,298 | |||
Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model. | |||||||
During the three months ended March 31, 2015, the Company recognized an impairment charge of $6.8 million. The impairment charge includes the write off of $3.9 million in carrying value of decommissioned towers and $1.8 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three months ended March 31, 2015. In addition, the impairment charge includes $1.1 million in disposal costs related to the Company’s former corporate headquarters building for the three months ended March 31, 2015. During the three months ended March 31, 2014, the Company recognized an impairment charge of $3.6 million. The impairment charge includes the write off of $2.9 million in carrying value of decommissioned towers and $0.7 million of other third party decommission costs incurred related to the Company’s long-lived assets and intangibles for the three months ended March 31, 2014. These write offs result from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers. Asset impairment and decommission costs and the related impaired assets relate to the Company’s site leasing operating segment. | |||||||
Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. Short-term investments consisted of $4.6 million and $5.3 million in certificate of deposits, as of March 31, 2015 and December 31, 2014, respectively. The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of March 31, 2015 and December 31, 2014, the carrying value and fair value of the held-to-maturity investments, including current portion, were $1.0 million and $1.1 million, respectively. | |||||||
The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset every month. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate plus 137.5 to 200.0 basis points was set for the Revolving Credit Facility. Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments. | |||||||
Restricted_Cash
Restricted Cash | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Restricted Cash [Abstract] | |||||||||
Restricted Cash | |||||||||
3.RESTRICTED CASH | |||||||||
Restricted cash consists of the following: | |||||||||
As of | As of | ||||||||
31-Mar-15 | 31-Dec-14 | Included on Balance Sheet | |||||||
(in thousands) | |||||||||
Securitization escrow accounts | $ | 41,038 | $ | 52,117 | Restricted cash - current asset | ||||
Payment and performance bonds | 400 | 402 | Restricted cash - current asset | ||||||
Surety bonds and workers compensation | 5,934 | 5,934 | Other assets - noncurrent | ||||||
Total restricted cash | $ | 47,372 | $ | 58,453 | |||||
Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by an indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees and to reserve a portion of advance rents from tenants. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as Restricted cash on the Company’s Consolidated Balance Sheets. | |||||||||
Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily relates to the Company’s tower removal obligations. As of March 31, 2015 and December 31, 2014, the Company had $38.9 million and $38.3 million in surety bonds and payment and performance bonds, respectively, for which it was only required to post $1.7 million in collateral. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of March 31, 2015 and December 31, 2014, the Company had also pledged $2.6 million as collateral related to its workers compensation policy. | |||||||||
Other_Assets
Other Assets | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Assets [Abstract] | |||||||
Other Assets | 4.OTHER ASSETS | ||||||
The Company’s other assets are comprised of the following: | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Restricted cash | $ | 5,934 | $ | 5,934 | |||
Long-term investments | 44,105 | 44,095 | |||||
Prepaid land rent | 136,073 | 134,148 | |||||
Straight-line rent receivable | 240,450 | 230,384 | |||||
Other | 54,115 | 52,482 | |||||
Total other assets | $ | 480,677 | $ | 467,043 | |||
Acquisitions
Acquisitions | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Acquisitions [Abstract] | |||||||
Acquisitions | 5.ACQUISITIONS | ||||||
The Company acquired 59 communication sites during the three months ended March 31, 2015. These acquisitions were not significant to the Company and, accordingly, a preliminary estimate of the fair value of the assets acquired and liabilities assumed has not been presented. The Company evaluates all acquisitions after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed by major balance sheet caption, as well as the separate recognition of intangible assets from goodwill if certain criteria are met. | |||||||
The following table summarizes all of the Company’s cash acquisition capital expenditures: | |||||||
For the three months | |||||||
ended March 31, | |||||||
2015 | 2014 | ||||||
(in thousands) | |||||||
Towers and related intangible assets | $ | 42,630 | $ | 918,071 | |||
Ground lease buyouts (1) | 10,649 | 9,582 | |||||
Total cash acquisition capital expenditures | $ | 53,279 | $ | 927,653 | |||
-1 | In addition, the Company paid $3.3 million and $1.3 million for ground lease extensions and term easements during the three months ended March 31, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. | ||||||
Subsequent to March 31, 2015 and through April 23, 2015, the date of the Company’s most recent public earnings press release, the Company acquired 20 towers for $17.6 million in cash. Subsequent to April 23, 2015 and through the date of this filing, the Company did not complete any material acquisitions. | |||||||
Intangible_Assets_Net
Intangible Assets, Net | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Intangible Assets, Net [Abstract] | |||||||||||||||||||
Intangible Assets, Net | 6.INTANGIBLE ASSETS, NET | ||||||||||||||||||
The following table provides the gross and net carrying amounts for each major class of intangible assets: | |||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||
Gross carrying | Accumulated | Net book | Gross carrying | Accumulated | Net book | ||||||||||||||
amount | amortization | value | amount | amortization | value | ||||||||||||||
(in thousands) | |||||||||||||||||||
Current contract intangibles | $ | 3,926,022 | $ | -946,412 | $ | 2,979,610 | $ | 4,090,129 | $ | -891,374 | $ | 3,198,755 | |||||||
Network location intangibles | 1,379,832 | -433,450 | 946,382 | 1,402,704 | -411,919 | 990,785 | |||||||||||||
Intangible assets, net | $ | 5,305,854 | $ | -1,379,862 | $ | 3,925,992 | $ | 5,492,833 | $ | -1,303,293 | $ | 4,189,540 | |||||||
All intangible assets noted above are included in the Company’s site leasing segments. The Company amortizes its intangible assets using the straight-line method over an estimated economic life of 15 years. Amortization expense relating to the intangible assets was $91.4 million and $74.8 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||
Property_And_Equipment_Net
Property And Equipment, Net | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Property And Equipment, Net [Abstract] | |||||||
Property And Equipment, Net | 7.PROPERTY AND EQUIPMENT, NET | ||||||
Property and equipment, net (including assets held under capital leases) consists of the following: | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Towers and related components | $ | 4,188,307 | $ | 4,194,375 | |||
Construction-in-process | 30,111 | 35,855 | |||||
Furniture, equipment, and vehicles | 55,562 | 51,832 | |||||
Land, buildings, and improvements | 443,118 | 426,974 | |||||
Total property and equipment | 4,717,098 | 4,709,036 | |||||
Less: accumulated depreciation | -2,014,910 | -1,946,619 | |||||
Property and equipment, net | $ | 2,702,188 | $ | 2,762,417 | |||
Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $80.4 million and $69.0 million for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015 and December 31, 2014, non-cash capital expenditures that are included in accounts payable and accrued expenses were $12.7 million and $29.0 million, respectively. | |||||||
Costs_And_Estimated_Earnings_O
Costs And Estimated Earnings On Uncompleted Contracts | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |||||||
Costs And Estimated Earnings On Uncompleted Contracts | 8.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS | ||||||
Costs and estimated earnings on uncompleted contracts consist of the following: | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Costs incurred on uncompleted contracts | $ | 90,204 | $ | 113,654 | |||
Estimated earnings | 38,647 | 48,949 | |||||
Billings to date | -107,364 | -143,323 | |||||
$ | 21,487 | $ | 19,280 | ||||
These amounts are included in the accompanying Consolidated Balance Sheets under the following captions: | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Costs and estimated earnings in excess of billings on | |||||||
uncompleted contracts | $ | 29,209 | $ | 30,078 | |||
Billings in excess of costs and estimated earnings on | |||||||
uncompleted contracts (included in Other current liabilities) | -7,722 | -10,798 | |||||
$ | 21,487 | $ | 19,280 | ||||
Eight significant customers comprised 97.0% and 92.7% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts at March 31, 2015 and December 31, 2014, respectively. | |||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accrued Expenses [Abstract] | |||||||
Accrued Expenses | 9.ACCRUED EXPENSES | ||||||
The Company’s accrued expenses are comprised of the following: | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Accrued earnouts | $ | 13,353 | $ | 15,086 | |||
Salaries and benefits | 8,879 | 13,440 | |||||
Real estate and property taxes | 5,794 | 5,331 | |||||
Other | 27,593 | 31,696 | |||||
Total accrued expenses | $ | 55,619 | $ | 65,553 | |||
Debt
Debt | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt [Abstract] | |||||||||||||||||||||
Debt | |||||||||||||||||||||
10. DEBT | |||||||||||||||||||||
The carrying and principal values of debt consist of the following (in thousands): | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
Maturity Date | Principal Balance | Fair Value | Carrying Value | Principal Balance | Fair Value | Carrying Value | |||||||||||||||
5.625% Senior Notes | Oct. 1, 2019 | $ | 500,000 | $ | 526,250 | $ | 500,000 | $ | 500,000 | $ | 511,250 | $ | 500,000 | ||||||||
5.750% Senior Notes | 15-Jul-20 | 800,000 | 839,000 | 800,000 | 800,000 | 816,000 | 800,000 | ||||||||||||||
4.875% Senior Notes | 15-Jul-22 | 750,000 | 731,250 | 744,311 | 750,000 | 721,875 | 744,150 | ||||||||||||||
2010 Tower Securities | 17-Apr-17 | 550,000 | 573,359 | 550,000 | 550,000 | 576,901 | 550,000 | ||||||||||||||
2012 Tower Securities | Dec. 15, 2017 | 610,000 | 620,547 | 610,000 | 610,000 | 620,175 | 610,000 | ||||||||||||||
2013-1C Tower Securities | 17-Apr-18 | 425,000 | 424,681 | 425,000 | 425,000 | 420,776 | 425,000 | ||||||||||||||
2013-2C Tower Securities | 17-Apr-23 | 575,000 | 593,941 | 575,000 | 575,000 | 584,344 | 575,000 | ||||||||||||||
2013-1D Tower Securities | 17-Apr-18 | 330,000 | 329,987 | 330,000 | 330,000 | 330,551 | 330,000 | ||||||||||||||
2014-1C Tower Securities | Oct. 15, 2019 | 920,000 | 933,349 | 920,000 | 920,000 | 920,515 | 920,000 | ||||||||||||||
2014-2C Tower Securities | Oct. 15, 2024 | 620,000 | 646,034 | 620,000 | 620,000 | 629,474 | 620,000 | ||||||||||||||
Revolving Credit Facility | Feb. 5, 2020 | 235,000 | 235,000 | 235,000 | 125,000 | 125,000 | 125,000 | ||||||||||||||
2012-1 Term Loan | 9-May-17 | 168,750 | 168,539 | 168,750 | 172,500 | 171,422 | 172,500 | ||||||||||||||
2014 Term Loan | Mar. 24, 2021 | 1,488,750 | 1,481,306 | 1,485,518 | 1,492,500 | 1,458,919 | 1,489,149 | ||||||||||||||
Total debt | $ | 7,972,500 | $ | 8,103,243 | $ | 7,963,579 | $ | 7,870,000 | $ | 7,887,202 | $ | 7,860,799 | |||||||||
Less: current maturities of long-term debt | -33,750 | -32,500 | |||||||||||||||||||
Total long-term debt, net of current maturities | $ | 7,929,829 | $ | 7,828,299 | |||||||||||||||||
The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Cash | Non-cash | Cash | Non-cash | ||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
4.0% Convertible Senior Notes | $ | — | $ | — | $ | 4,998 | $ | 10,202 | |||||||||||||
8.25% Senior Notes | — | — | 5,027 | 48 | |||||||||||||||||
5.625% Senior Notes | 7,031 | — | 7,031 | — | |||||||||||||||||
5.75% Senior Notes | 11,500 | — | 11,500 | — | |||||||||||||||||
4.875% Senior Notes | 9,141 | 161 | — | — | |||||||||||||||||
2010 Tower Securities | 7,058 | — | 14,345 | — | |||||||||||||||||
2012 Tower Securities | 4,531 | — | 4,521 | — | |||||||||||||||||
2013 Tower Securities | 10,804 | — | 10,804 | — | |||||||||||||||||
2014 Tower Securities | 12,785 | — | — | — | |||||||||||||||||
Revolving Credit Facility | 1,571 | — | 1,332 | — | |||||||||||||||||
2011 Term Loan | — | — | 696 | 7 | |||||||||||||||||
2012-1 Term Loan | 1,153 | — | 1,000 | — | |||||||||||||||||
2012-2 Term Loan | — | — | 424 | 4 | |||||||||||||||||
2014 Term Loan | 12,125 | 119 | 4,130 | 43 | |||||||||||||||||
Other | -45 | — | 219 | — | |||||||||||||||||
Total | $ | 77,654 | $ | 280 | $ | 66,027 | $ | 10,304 | |||||||||||||
Revolving Credit Facility under the Senior Credit Agreement | |||||||||||||||||||||
The Revolving Credit Facility is governed by the Senior Credit Agreement. On February 5, 2015, SBA Senior Finance II entered into the 2015 Revolving Refinancing Amendment with several banks and other financial institutions or entities from time to time parties to the Senior Credit Agreement to, among other things, (i) increase the availability under the Company’s Revolving Credit Facility from $770.0 million to $1.0 billion, (ii) extend the maturity date of the Revolving Credit Facility to February 5, 2020, (iii) provide for the ability to borrow in U.S. dollars and certain designated foreign currencies, and (iv) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility. | |||||||||||||||||||||
As amended February 2015, the Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, subject to compliance with specific financial ratios and the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. As of March 31, 2015, the Revolving Credit Facility was accruing interest at 1.93% per annum. | |||||||||||||||||||||
During the three months ended March 31, 2015, the Company borrowed $135.0 million and repaid $25.0 million of the outstanding balance under the Revolving Credit Facility. As of March 31, 2015, $235.0 million was outstanding under the Revolving Credit Facility. | |||||||||||||||||||||
Subsequent to March 31, 2015, there have been no borrowings or repayments under the Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility, and the amount available based on specified covenants under the facility was $765.0 million. | |||||||||||||||||||||
As of March 31, 2015, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. | |||||||||||||||||||||
Term Loans under the Senior Credit Agreement | |||||||||||||||||||||
2012-1 Term Loan | |||||||||||||||||||||
The 2012-1 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $200.0 million that matures on May 9, 2017. The 2012-1 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranges from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranges from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). As of March 31, 2015, the 2012-1 Term Loan was accruing interest at 2.43% per annum. Principal payments on the 2012-1 Term Loan commenced on September 30, 2012 and are being made in quarterly installments on the last day of each March, June, September, and December, in an amount equal to $2.5 million for each of the first eight quarters, $3.8 million for the next four quarters and $5.0 million for each quarter thereafter. SBA Senior Finance II has the ability to prepay any or all amounts under the 2012-1 Term Loan without premium or penalty. To the extent not previously repaid, the 2012-1 Term Loan will be due and payable on the maturity date. The 2012-1 Term Loan was issued at par. The Company incurred deferred financing fees of $2.7 million in relation to this transaction which are being amortized through the maturity date. | |||||||||||||||||||||
During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2012-1 Term Loan. As of March 31, 2015, the 2012-1 Term Loan had a principal balance of $168.8 million. | |||||||||||||||||||||
2014 Term Loan | |||||||||||||||||||||
The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021. The 2014 Term Loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75%) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75%). The 2014 Term Loan was issued at 99.75% of par value. As of March 31, 2015, the 2014 Term Loan was accruing interest at 3.25% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and will be made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. The Company incurred deferred financing fees of approximately $12.9 million to date in relation to this transaction which are being amortized through the maturity date. | |||||||||||||||||||||
During the three months ended March 31, 2015, the Company repaid $3.8 million of principal on the 2014 Term Loan. As of March 31, 2015, the 2014 Term Loan had a principal balance of $1.5 billion. | |||||||||||||||||||||
Secured Tower Revenue Securities | |||||||||||||||||||||
2010 Tower Securities | |||||||||||||||||||||
On April 16, 2010, the Company, through a New York common law trust (the “Trust”), issued $550.0 million of Secured Tower Revenue Securities Series 2010-2 (the “2010 Tower Securities”). The 2010 Tower Securities have an annual interest rate of 5.101%. The anticipated repayment date and the final maturity date for the 2010 Tower Securities are April 17, 2017 and April 15, 2042, respectively. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The Company incurred deferred financing fees of $8.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2010 Tower Securities. | |||||||||||||||||||||
2012 Tower Securities | |||||||||||||||||||||
On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012 (the “2012 Tower Securities”) which have an anticipated repayment date of December 15, 2017 and a final maturity date of December 15, 2042. The fixed interest rate of the 2012 Tower Securities is 2.933% per annum, payable monthly. The Company incurred deferred financing fees of $14.9 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2012 Tower Securities. | |||||||||||||||||||||
2013 Tower Securities | |||||||||||||||||||||
On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043, $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C which have an anticipated repayment date of April 17, 2023 and a final maturity date of April 17, 2048, and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D which have an anticipated repayment date of April 17, 2018 and a final maturity date of April 17, 2043 (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% and a weighted average life through the anticipated repayment date of 7.2 years. The Company incurred deferred financing fees of $25.5 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities. | |||||||||||||||||||||
2014 Tower Securities | |||||||||||||||||||||
On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C which have an anticipated repayment date of October 15, 2019 and a final maturity date of October 17, 2044, and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C which have an anticipated repayment date of October 15, 2024 and a final maturity date of October 15, 2049 (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% and a weighted average life through the anticipated repayment date of 7.0 years. The Company incurred deferred financing fees of $22.4 million in relation to this transaction which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities. | |||||||||||||||||||||
As of March 31, 2015, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. | |||||||||||||||||||||
4.0% Convertible Senior Notes due 2014 | |||||||||||||||||||||
The 4.0% Convertible Senior Notes (the “4.0% Notes”) matured and were repaid on October 1, 2014. During the three months ended March 31, 2015, the Company settled the remaining outstanding warrants originally sold in connection with its 4.0% Notes. The warrants represented approximately 2.1 million underlying shares of Class A common stock, and the Company satisfied its obligations by paying $150.9 million in cash, of which $15.6 million was paid in the second quarter of 2015. | |||||||||||||||||||||
Senior Notes | |||||||||||||||||||||
5.75% Senior Notes | |||||||||||||||||||||
On July 13, 2012, SBA Telecommunications, LLC (“Telecommunications”) issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Notes”). The 5.75% Notes accrue interest at a rate of 5.75% and were issued at par. Interest on the 5.75% Notes is due semi-annually on July 15 and January 15 of each year. The Company incurred deferred financing fees of $14.0 million in relation to this transaction which are being amortized through the maturity date. | |||||||||||||||||||||
SBA Communications Corporation (“SBAC”) is a holding company with no business operations of its own and its only significant asset is the outstanding capital stock of Telecommunications. Telecommunications is 100% owned by SBAC. SBAC has fully and unconditionally guaranteed the Senior Notes issued by Telecommunications. | |||||||||||||||||||||
5.625% Senior Notes | |||||||||||||||||||||
On September 28, 2012, the Company issued $500.0 million of unsecured senior notes due October 1, 2019 (the “5.625% Notes”). The 5.625% Notes accrue interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Notes is due semi-annually on April 1 and October 1 of each year. The Company incurred deferred financing fees of $8.6 million in relation to this transaction which are being amortized through the maturity date. | |||||||||||||||||||||
4.875% Senior Notes | |||||||||||||||||||||
On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “4.875% Notes”). The 4.875% Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 4.875% Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction which are being amortized through the maturity date. | |||||||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11.SHAREHOLDERS’ EQUITY |
Common Stock equivalents | |
The Company has potential common stock equivalents related to its outstanding stock options (see Note 12), restricted stock units, the warrants related to the 4.0% Notes (see Note 10), and for the first quarter of 2014, the 4.0% Notes. These potential common stock equivalents were considered in the Company’s diluted earnings (loss) per share calculation (see Note 15). | |
Stock Repurchases | |
The Company’s Board of Directors authorized a stock repurchase program on April 27, 2011. This program authorizes the Company to purchase, from time to time, up to $300.0 million of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. This program became effective on April 28, 2011 and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in the Company’s sole discretion. | |
During the three months ended March 31, 2015, the Company did not repurchase any shares in conjunction with the stock repurchase program. As of March 31, 2015, the Company had a remaining authorization to repurchase an additional $150.0 million of its common stock under its current $300.0 million stock repurchase program. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stock-Based Compensation [Abstract] | |||||||||||
Stock-Based Compensation | |||||||||||
12.STOCK-BASED COMPENSATION | |||||||||||
Stock Options | |||||||||||
The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility. Historical data is used to estimate the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: | |||||||||||
For the three months ended | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
Risk free interest rate | 1.31% - 1.45% | 1.15% | |||||||||
Dividend yield | 0.00% | 0.00% | |||||||||
Expected volatility | 20.00% | 22.00% | |||||||||
Expected lives | 4.6 years | 4.4 years | |||||||||
The following table summarizes the Company’s activities with respect to its stock option plans for the three months ended March 31, 2015 as follows (dollars and number of shares in thousands, except for per share data): | |||||||||||
Weighted- | |||||||||||
Weighted- | Average | ||||||||||
Average | Remaining | ||||||||||
Number | Exercise Price | Contractual | Aggregate | ||||||||
of Shares | Per Share | Life (in years) | Intrinsic Value | ||||||||
Outstanding at December 31, 2014 | 3,276 | $ | 66.85 | ||||||||
Granted | 1,038 | $ | 124.56 | ||||||||
Exercised | -217 | $ | 46.91 | ||||||||
Canceled | -12 | $ | 102.71 | ||||||||
Outstanding at March 31, 2015 | 4,085 | $ | 82.53 | 5.1 | $ | 148,878 | |||||
Exercisable at March 31, 2015 | 1,591 | $ | 54.58 | 3.7 | $ | 99,482 | |||||
Unvested at March 31, 2015 | 2,494 | $ | 100.38 | 6.0 | $ | 49,396 | |||||
The weighted-average fair value of options granted during the three months ended March 31, 2015 and 2014 was $24.76 and $19.48, respectively. The total intrinsic value for options exercised during the three months ended March 31, 2015 and 2014 was $16.2 million and $23.0 million, respectively. | |||||||||||
Restricted Stock Units | |||||||||||
The following table summarizes the Company’s restricted stock unit activity for the three months ended March 31, 2015: | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
Number of | Fair Value per | ||||||||||
Units | Share | ||||||||||
(in thousands) | |||||||||||
Outstanding at December 31, 2014 | 295 | $ | 73.55 | ||||||||
Granted | 104 | $ | 124.56 | ||||||||
Vested | -112 | $ | 64.01 | ||||||||
Forfeited/canceled | -1 | $ | 102.59 | ||||||||
Outstanding at March 31, 2015 | 286 | $ | 95.60 | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 13.INCOME TAXES |
The primary reason for the difference in the Company’s effective tax rate and the US statutory rate is a result of the Company having a full valuation allowance on its US net deferred tax assets. The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or a net deferred tax liability position. | |
Segment_Data
Segment Data | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Data [Abstract] | ||||||||||||||||
Segment Data | 14.SEGMENT DATA | |||||||||||||||
The Company operates in two business segments (site leasing and site development) and has three reportable segments (domestic site leasing, international site leasing, and site development). The Company’s site leasing segments offer different services than its site development segment, and each are strategic business units. They are managed separately based on the fundamental differences in their operations. The domestic and international site leasing segments include results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. | ||||||||||||||||
Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. | ||||||||||||||||
Commencing in the second quarter of 2014, the Company revised the presentation of its site leasing business into two reportable segments, domestic site leasing and international site leasing as a result of its international site leasing revenues exceeding 10% of total revenues. All prior periods have been recast to conform to the current year presentation. | ||||||||||||||||
Not | ||||||||||||||||
Domestic Site | Int'l Site | Site | Identified by | |||||||||||||
Leasing | Leasing | Development | Segment (1) | Total | ||||||||||||
For the three months ended March 31, 2015 | (in thousands) | |||||||||||||||
Revenues | $ | 305,950 | $ | 63,777 | $ | 40,367 | $ | — | $ | 410,094 | ||||||
Cost of revenues (2) | 61,686 | 18,531 | 30,893 | — | 111,110 | |||||||||||
Operating profit | 244,264 | 45,246 | 9,474 | — | 298,984 | |||||||||||
Selling, general, and administrative | 17,655 | 3,893 | 2,122 | 6,214 | 29,884 | |||||||||||
Acquisition related adjustments and expenses | 476 | 863 | — | — | 1,339 | |||||||||||
Asset impairment and decommission costs | 6,594 | 228 | — | — | 6,822 | |||||||||||
Depreciation, amortization and accretion | 137,460 | 32,426 | 707 | 1,260 | 171,853 | |||||||||||
Operating income (loss) | 82,079 | 7,836 | 6,645 | -7,474 | 89,086 | |||||||||||
Other expense (principally interest expense | ||||||||||||||||
and other expense) | -165,153 | -165,153 | ||||||||||||||
Loss before provision for income taxes | -76,067 | |||||||||||||||
Cash capital expenditures (3) | 91,402 | 21,775 | 1,831 | 7,835 | 122,843 | |||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||
Revenues | $ | 275,061 | $ | 34,259 | $ | 36,230 | $ | — | $ | 345,550 | ||||||
Cost of revenues (2) | 62,214 | 7,526 | 27,427 | — | 97,167 | |||||||||||
Operating profit | 212,847 | 26,733 | 8,803 | — | 248,383 | |||||||||||
Selling, general, and administrative | 16,852 | 3,725 | 1,956 | 2,143 | 24,676 | |||||||||||
Acquisition related adjustments and expenses | 4,513 | 4,048 | — | — | 8,561 | |||||||||||
Asset impairment and decommission costs | 2,777 | 791 | — | — | 3,568 | |||||||||||
Depreciation, amortization and accretion | 125,418 | 17,017 | 519 | 1,488 | 144,442 | |||||||||||
Operating income (loss) | 63,287 | 1,152 | 6,328 | -3,631 | 67,136 | |||||||||||
Other expense (principally interest expense | ||||||||||||||||
and other expense) | -64,043 | -64,043 | ||||||||||||||
Income before provision for income taxes | 3,093 | |||||||||||||||
Cash capital expenditures (3) | 274,140 | 683,559 | 759 | 1,548 | 960,006 | |||||||||||
Not | ||||||||||||||||
Domestic Site | Int'l Site | Site | Identified by | |||||||||||||
Leasing | Leasing | Development | Segment (1) | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
As of March 31, 2015 | $ | 5,485,484 | $ | 1,735,673 | $ | 68,195 | $ | 237,947 | $ | 7,527,299 | ||||||
As of December 31, 2014 | $ | 5,554,753 | $ | 1,989,571 | $ | 78,633 | $ | 218,168 | $ | 7,841,125 | ||||||
(1)Assets not identified by segment consist primarily of general corporate assets. | ||||||||||||||||
(2)Excludes depreciation, amortization, and accretion. | ||||||||||||||||
(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions. | ||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share | 15.EARNINGS PER SHARE | ||||||
Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding and any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method. | |||||||
The following table sets forth basic and diluted income from continuing operations per common share for the three months ended March 31, 2015 and 2014 (in thousands, except per share data): | |||||||
For the three months | |||||||
ended March 31, | |||||||
2015 | 2014 | ||||||
Numerator: | |||||||
Net (loss) income | $ | -79,030 | $ | 1,407 | |||
Denominator: | |||||||
Basic weighted-average shares outstanding | 129,235 | 128,560 | |||||
Dilutive impact of stock options and restricted shares | — | 1,262 | |||||
Dilutive impact of common stock warrants | — | 8,534 | |||||
Diluted weighted-average shares outstanding | 129,235 | 138,356 | |||||
Earnings (loss) per share attributable to continuing operations: | |||||||
Basic | $ | -0.61 | $ | 0.01 | |||
Diluted | $ | -0.61 | $ | 0.01 | |||
For the three months ended March 31, 2015, all potential common stock equivalents, including 4.1 million shares of stock options outstanding and 0.3 million shares of restricted stock outstanding, were excluded as the effect would be anti-dilutive. For the three months ended March 31, 2014, the diluted weighted average number of common shares outstanding excluded 0.3 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the three months ended March 31, 2014, 16.5 million common share equivalents related to the 4.0% Notes were excluded from the dilutive common shares because the impact would be anti-dilutive. | |||||||
Basis_Of_Presentation_Policy
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Foreign Currency Translation | Foreign Currency Translation |
All assets and liabilities of foreign subsidiaries that do not utilize the United States dollar as its functional currency (Brazil and Canada) are translated at period-end rates of exchange, while revenues and expenses are translated at monthly weighted average rates of exchange for the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss in the accompanying Consolidated Statement of Shareholders’ Deficit. | |
Intercompany Loans | Intercompany Loans |
In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures intercompany loans not denominated in the functional currency with the corresponding remeasurement adjustment being recorded in Other (expense) income, net in the Consolidated Statements of Operations. For the three months ended March 31, 2015, the Company recorded an $84.0 million foreign exchange loss on the remeasurement of an intercompany loan with a Brazilian subsidiary. | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted |
In May 2014, the Financial Accounting Standards Board ("FASB") released updated guidance regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance is effective for the Company as of January 1, 2017. In April 2015, the FASB proposed a one-year deferral of the effective date. Under the proposal, the standard would be required to be adopted by public business entities in annual periods beginning on or after December 15, 2017. The FASB also proposed to permit early adoption at the original effective date. This guidance is required to be applied (1) retrospectively to each prior reporting period presented, or (2) with the cumulative effect being recognized at the date of initial application. The Company is evaluating the guidance including the impact on its consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest. The standard requires debt issuance costs to be presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015 and early application is permitted. The Company has not elected to early adopt the standard. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Fair Value Measurements [Abstract] | |||||||
Summary Of Accrued Earnout Activity | |||||||
2015 | 2014 | ||||||
(in thousands) | |||||||
Beginning balance, December 31, 2014 and 2013 , respectively | $ | 15,086 | $ | 30,063 | |||
Additions | 1,372 | 1,048 | |||||
Payments | -1,234 | -5,019 | |||||
Change in estimate | -1,552 | 648 | |||||
Foreign currency translation adjustments | -319 | 2,558 | |||||
Ending balance, March 31, 2015 and March 31, 2014, respectively | $ | 13,353 | $ | 29,298 | |||
Restricted_Cash_Tables
Restricted Cash (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Restricted Cash [Abstract] | |||||||||
Schedule Of Restricted Cash | |||||||||
As of | As of | ||||||||
31-Mar-15 | 31-Dec-14 | Included on Balance Sheet | |||||||
(in thousands) | |||||||||
Securitization escrow accounts | $ | 41,038 | $ | 52,117 | Restricted cash - current asset | ||||
Payment and performance bonds | 400 | 402 | Restricted cash - current asset | ||||||
Surety bonds and workers compensation | 5,934 | 5,934 | Other assets - noncurrent | ||||||
Total restricted cash | $ | 47,372 | $ | 58,453 | |||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Assets [Abstract] | |||||||
Schedule Of Other Assets | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Restricted cash | $ | 5,934 | $ | 5,934 | |||
Long-term investments | 44,105 | 44,095 | |||||
Prepaid land rent | 136,073 | 134,148 | |||||
Straight-line rent receivable | 240,450 | 230,384 | |||||
Other | 54,115 | 52,482 | |||||
Total other assets | $ | 480,677 | $ | 467,043 | |||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Acquisitions [Abstract] | |||||||
Schedule Of Acquisition Capital Expenditures | |||||||
For the three months | |||||||
ended March 31, | |||||||
2015 | 2014 | ||||||
(in thousands) | |||||||
Towers and related intangible assets | $ | 42,630 | $ | 918,071 | |||
Ground lease buyouts (1) | 10,649 | 9,582 | |||||
Total cash acquisition capital expenditures | $ | 53,279 | $ | 927,653 | |||
-1 | In addition, the Company paid $3.3 million and $1.3 million for ground lease extensions and term easements during the three months ended March 31, 2015 and 2014, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. | ||||||
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Intangible Assets, Net [Abstract] | |||||||||||||||||||
Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets | |||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||
Gross carrying | Accumulated | Net book | Gross carrying | Accumulated | Net book | ||||||||||||||
amount | amortization | value | amount | amortization | value | ||||||||||||||
(in thousands) | |||||||||||||||||||
Current contract intangibles | $ | 3,926,022 | $ | -946,412 | $ | 2,979,610 | $ | 4,090,129 | $ | -891,374 | $ | 3,198,755 | |||||||
Network location intangibles | 1,379,832 | -433,450 | 946,382 | 1,402,704 | -411,919 | 990,785 | |||||||||||||
Intangible assets, net | $ | 5,305,854 | $ | -1,379,862 | $ | 3,925,992 | $ | 5,492,833 | $ | -1,303,293 | $ | 4,189,540 | |||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Property And Equipment, Net [Abstract] | |||||||
Property And Equipment, Net (Including Assets Held Under Capital Leases) | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Towers and related components | $ | 4,188,307 | $ | 4,194,375 | |||
Construction-in-process | 30,111 | 35,855 | |||||
Furniture, equipment, and vehicles | 55,562 | 51,832 | |||||
Land, buildings, and improvements | 443,118 | 426,974 | |||||
Total property and equipment | 4,717,098 | 4,709,036 | |||||
Less: accumulated depreciation | -2,014,910 | -1,946,619 | |||||
Property and equipment, net | $ | 2,702,188 | $ | 2,762,417 | |||
Costs_And_Estimated_Earnings_O1
Costs And Estimated Earnings On Uncompleted Contracts (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |||||||
Summary Of Costs And Estimated Earnings On Uncompleted Contracts | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Costs incurred on uncompleted contracts | $ | 90,204 | $ | 113,654 | |||
Estimated earnings | 38,647 | 48,949 | |||||
Billings to date | -107,364 | -143,323 | |||||
$ | 21,487 | $ | 19,280 | ||||
Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Costs and estimated earnings in excess of billings on | |||||||
uncompleted contracts | $ | 29,209 | $ | 30,078 | |||
Billings in excess of costs and estimated earnings on | |||||||
uncompleted contracts (included in Other current liabilities) | -7,722 | -10,798 | |||||
$ | 21,487 | $ | 19,280 | ||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Accrued Expenses [Abstract] | |||||||
Schedule Of Accrued Expenses | |||||||
As of | As of | ||||||
31-Mar-15 | 31-Dec-14 | ||||||
(in thousands) | |||||||
Accrued earnouts | $ | 13,353 | $ | 15,086 | |||
Salaries and benefits | 8,879 | 13,440 | |||||
Real estate and property taxes | 5,794 | 5,331 | |||||
Other | 27,593 | 31,696 | |||||
Total accrued expenses | $ | 55,619 | $ | 65,553 | |||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Debt [Abstract] | |||||||||||||||||||||
Carrying And Principal Values Of Debt | |||||||||||||||||||||
As of | As of | ||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||
Maturity Date | Principal Balance | Fair Value | Carrying Value | Principal Balance | Fair Value | Carrying Value | |||||||||||||||
5.625% Senior Notes | Oct. 1, 2019 | $ | 500,000 | $ | 526,250 | $ | 500,000 | $ | 500,000 | $ | 511,250 | $ | 500,000 | ||||||||
5.750% Senior Notes | 15-Jul-20 | 800,000 | 839,000 | 800,000 | 800,000 | 816,000 | 800,000 | ||||||||||||||
4.875% Senior Notes | 15-Jul-22 | 750,000 | 731,250 | 744,311 | 750,000 | 721,875 | 744,150 | ||||||||||||||
2010 Tower Securities | 17-Apr-17 | 550,000 | 573,359 | 550,000 | 550,000 | 576,901 | 550,000 | ||||||||||||||
2012 Tower Securities | Dec. 15, 2017 | 610,000 | 620,547 | 610,000 | 610,000 | 620,175 | 610,000 | ||||||||||||||
2013-1C Tower Securities | 17-Apr-18 | 425,000 | 424,681 | 425,000 | 425,000 | 420,776 | 425,000 | ||||||||||||||
2013-2C Tower Securities | 17-Apr-23 | 575,000 | 593,941 | 575,000 | 575,000 | 584,344 | 575,000 | ||||||||||||||
2013-1D Tower Securities | 17-Apr-18 | 330,000 | 329,987 | 330,000 | 330,000 | 330,551 | 330,000 | ||||||||||||||
2014-1C Tower Securities | Oct. 15, 2019 | 920,000 | 933,349 | 920,000 | 920,000 | 920,515 | 920,000 | ||||||||||||||
2014-2C Tower Securities | Oct. 15, 2024 | 620,000 | 646,034 | 620,000 | 620,000 | 629,474 | 620,000 | ||||||||||||||
Revolving Credit Facility | Feb. 5, 2020 | 235,000 | 235,000 | 235,000 | 125,000 | 125,000 | 125,000 | ||||||||||||||
2012-1 Term Loan | 9-May-17 | 168,750 | 168,539 | 168,750 | 172,500 | 171,422 | 172,500 | ||||||||||||||
2014 Term Loan | Mar. 24, 2021 | 1,488,750 | 1,481,306 | 1,485,518 | 1,492,500 | 1,458,919 | 1,489,149 | ||||||||||||||
Total debt | $ | 7,972,500 | $ | 8,103,243 | $ | 7,963,579 | $ | 7,870,000 | $ | 7,887,202 | $ | 7,860,799 | |||||||||
Less: current maturities of long-term debt | -33,750 | -32,500 | |||||||||||||||||||
Total long-term debt, net of current maturities | $ | 7,929,829 | $ | 7,828,299 | |||||||||||||||||
Schedule Of Cash And Non-Cash Interest Expense | |||||||||||||||||||||
For the three months ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Cash | Non-cash | Cash | Non-cash | ||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
4.0% Convertible Senior Notes | $ | — | $ | — | $ | 4,998 | $ | 10,202 | |||||||||||||
8.25% Senior Notes | — | — | 5,027 | 48 | |||||||||||||||||
5.625% Senior Notes | 7,031 | — | 7,031 | — | |||||||||||||||||
5.75% Senior Notes | 11,500 | — | 11,500 | — | |||||||||||||||||
4.875% Senior Notes | 9,141 | 161 | — | — | |||||||||||||||||
2010 Tower Securities | 7,058 | — | 14,345 | — | |||||||||||||||||
2012 Tower Securities | 4,531 | — | 4,521 | — | |||||||||||||||||
2013 Tower Securities | 10,804 | — | 10,804 | — | |||||||||||||||||
2014 Tower Securities | 12,785 | — | — | — | |||||||||||||||||
Revolving Credit Facility | 1,571 | — | 1,332 | — | |||||||||||||||||
2011 Term Loan | — | — | 696 | 7 | |||||||||||||||||
2012-1 Term Loan | 1,153 | — | 1,000 | — | |||||||||||||||||
2012-2 Term Loan | — | — | 424 | 4 | |||||||||||||||||
2014 Term Loan | 12,125 | 119 | 4,130 | 43 | |||||||||||||||||
Other | -45 | — | 219 | — | |||||||||||||||||
Total | $ | 77,654 | $ | 280 | $ | 66,027 | $ | 10,304 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Stock-Based Compensation [Abstract] | |||||||||||
Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options | |||||||||||
For the three months ended | |||||||||||
March 31, | |||||||||||
2015 | 2014 | ||||||||||
Risk free interest rate | 1.31% - 1.45% | 1.15% | |||||||||
Dividend yield | 0.00% | 0.00% | |||||||||
Expected volatility | 20.00% | 22.00% | |||||||||
Expected lives | 4.6 years | 4.4 years | |||||||||
Company's Activities With Respect To Its Stock Options | |||||||||||
Weighted- | |||||||||||
Weighted- | Average | ||||||||||
Average | Remaining | ||||||||||
Number | Exercise Price | Contractual | Aggregate | ||||||||
of Shares | Per Share | Life (in years) | Intrinsic Value | ||||||||
Outstanding at December 31, 2014 | 3,276 | $ | 66.85 | ||||||||
Granted | 1,038 | $ | 124.56 | ||||||||
Exercised | -217 | $ | 46.91 | ||||||||
Canceled | -12 | $ | 102.71 | ||||||||
Outstanding at March 31, 2015 | 4,085 | $ | 82.53 | 5.1 | $ | 148,878 | |||||
Exercisable at March 31, 2015 | 1,591 | $ | 54.58 | 3.7 | $ | 99,482 | |||||
Unvested at March 31, 2015 | 2,494 | $ | 100.38 | 6.0 | $ | 49,396 | |||||
Company's Restricted Stock Unit Activity | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Grant Date | |||||||||||
Number of | Fair Value per | ||||||||||
Units | Share | ||||||||||
(in thousands) | |||||||||||
Outstanding at December 31, 2014 | 295 | $ | 73.55 | ||||||||
Granted | 104 | $ | 124.56 | ||||||||
Vested | -112 | $ | 64.01 | ||||||||
Forfeited/canceled | -1 | $ | 102.59 | ||||||||
Outstanding at March 31, 2015 | 286 | $ | 95.60 | ||||||||
Segment_Data_Tables
Segment Data (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Segment Data [Abstract] | ||||||||||||||||
Segment Reporting Information Disclosure | ||||||||||||||||
Not | ||||||||||||||||
Domestic Site | Int'l Site | Site | Identified by | |||||||||||||
Leasing | Leasing | Development | Segment (1) | Total | ||||||||||||
For the three months ended March 31, 2015 | (in thousands) | |||||||||||||||
Revenues | $ | 305,950 | $ | 63,777 | $ | 40,367 | $ | — | $ | 410,094 | ||||||
Cost of revenues (2) | 61,686 | 18,531 | 30,893 | — | 111,110 | |||||||||||
Operating profit | 244,264 | 45,246 | 9,474 | — | 298,984 | |||||||||||
Selling, general, and administrative | 17,655 | 3,893 | 2,122 | 6,214 | 29,884 | |||||||||||
Acquisition related adjustments and expenses | 476 | 863 | — | — | 1,339 | |||||||||||
Asset impairment and decommission costs | 6,594 | 228 | — | — | 6,822 | |||||||||||
Depreciation, amortization and accretion | 137,460 | 32,426 | 707 | 1,260 | 171,853 | |||||||||||
Operating income (loss) | 82,079 | 7,836 | 6,645 | -7,474 | 89,086 | |||||||||||
Other expense (principally interest expense | ||||||||||||||||
and other expense) | -165,153 | -165,153 | ||||||||||||||
Loss before provision for income taxes | -76,067 | |||||||||||||||
Cash capital expenditures (3) | 91,402 | 21,775 | 1,831 | 7,835 | 122,843 | |||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||
Revenues | $ | 275,061 | $ | 34,259 | $ | 36,230 | $ | — | $ | 345,550 | ||||||
Cost of revenues (2) | 62,214 | 7,526 | 27,427 | — | 97,167 | |||||||||||
Operating profit | 212,847 | 26,733 | 8,803 | — | 248,383 | |||||||||||
Selling, general, and administrative | 16,852 | 3,725 | 1,956 | 2,143 | 24,676 | |||||||||||
Acquisition related adjustments and expenses | 4,513 | 4,048 | — | — | 8,561 | |||||||||||
Asset impairment and decommission costs | 2,777 | 791 | — | — | 3,568 | |||||||||||
Depreciation, amortization and accretion | 125,418 | 17,017 | 519 | 1,488 | 144,442 | |||||||||||
Operating income (loss) | 63,287 | 1,152 | 6,328 | -3,631 | 67,136 | |||||||||||
Other expense (principally interest expense | ||||||||||||||||
and other expense) | -64,043 | -64,043 | ||||||||||||||
Income before provision for income taxes | 3,093 | |||||||||||||||
Cash capital expenditures (3) | 274,140 | 683,559 | 759 | 1,548 | 960,006 | |||||||||||
Not | ||||||||||||||||
Domestic Site | Int'l Site | Site | Identified by | |||||||||||||
Leasing | Leasing | Development | Segment (1) | Total | ||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
As of March 31, 2015 | $ | 5,485,484 | $ | 1,735,673 | $ | 68,195 | $ | 237,947 | $ | 7,527,299 | ||||||
As of December 31, 2014 | $ | 5,554,753 | $ | 1,989,571 | $ | 78,633 | $ | 218,168 | $ | 7,841,125 | ||||||
(1)Assets not identified by segment consist primarily of general corporate assets. | ||||||||||||||||
(2)Excludes depreciation, amortization, and accretion. | ||||||||||||||||
(3)Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions. | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share | |||||||
For the three months | |||||||
ended March 31, | |||||||
2015 | 2014 | ||||||
Numerator: | |||||||
Net (loss) income | $ | -79,030 | $ | 1,407 | |||
Denominator: | |||||||
Basic weighted-average shares outstanding | 129,235 | 128,560 | |||||
Dilutive impact of stock options and restricted shares | — | 1,262 | |||||
Dilutive impact of common stock warrants | — | 8,534 | |||||
Diluted weighted-average shares outstanding | 129,235 | 138,356 | |||||
Earnings (loss) per share attributable to continuing operations: | |||||||
Basic | $ | -0.61 | $ | 0.01 | |||
Diluted | $ | -0.61 | $ | 0.01 | |||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Basis Of Presentation [Abstract] | |
Loss on remeasurement of U.S. dollar denominated intercompany loan | $83,995 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 05, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accrued earnouts | $13,353,000 | $29,298,000 | $15,086,000 | $30,063,000 | |
Performance targets, maximum potential obligation | 21,400,000 | ||||
Impairment charge recognized, related to long-lived assets | 6,800,000 | 3,600,000 | |||
Write-offs relating to long-lived assets and intangibles | 3,900,000 | 2,900,000 | |||
Certificate of deposits | 4,600,000 | 5,300,000 | |||
Held-to-maturity investments, carrying value | 1,000,000 | ||||
Held-to-maturity investments, fair value | 1,100,000 | ||||
Not Identified by Segment [Member] | |||||
Write-offs relating to long-lived assets and intangibles | 1,800,000 | ||||
Former Corporate Headquarters Building [Member] | |||||
Write-offs relating to long-lived assets and intangibles | 1,100,000 | ||||
Site Leasing Revenue [Member] | |||||
Write-offs relating to long-lived assets and intangibles | $700,000 | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Basis spread on variable interest rate | 1.38% | 1.38% | |||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Basis spread on variable interest rate | 2.00% | 2.00% |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Accrued Earnout Activity) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Measurements [Abstract] | ||
Beginning balance, December 31, | $15,086 | $30,063 |
Additions | 1,372 | 1,048 |
Payments | -1,234 | -5,019 |
Change in estimate | -1,552 | 648 |
Foreign currency translation adjustments | 319 | -2,558 |
Ending balance, March 31, | $13,353 | $29,298 |
Restricted_Cash_Narrative_Deta
Restricted Cash (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Restricted Cash [Abstract] | ||
Surety, payment and performance bonds | $38.90 | $38.30 |
Collateral payment for performance bonds | 1.7 | 1.7 |
Collateral related to workers compensation policy | $2.60 | $2.60 |
Restricted_Cash_Schedule_Of_Re
Restricted Cash (Schedule Of Restricted Cash) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $47,372 | $58,453 |
Restricted Cash - Current Asset [Member] | Securitization Escrow Accounts [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 41,038 | 52,117 |
Restricted Cash - Current Asset [Member] | Payment and Performance Bonds [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 400 | 402 |
Other Assets - Noncurrent [Member] | Surety Bonds and Workers Compensation [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $5,934 | $5,934 |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Restricted cash | $5,934 | $5,934 |
Long-term investments | 44,105 | 44,095 |
Prepaid land rent | 136,073 | 134,148 |
Straight-line rent receivable | 240,450 | 230,384 |
Other | 54,115 | 52,482 |
Total other assets | $480,677 | $467,043 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 23, 2015 |
item | item | |
Other Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Number of towers acquired | 59 | |
Subsequent Event [Member] | ||
Business Acquisition [Line Items] | ||
Number of towers acquired | 20 | |
Cash paid for acquisition | $17.60 |
Acquisitions_Schedule_Of_Acqui
Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Acquisitions [Abstract] | ||
Towers and related intangible assets | $42,630,000 | $918,071,000 |
Ground lease land purchases | 10,649,000 | 9,582,000 |
Total cash acquisition capital expenditures | 53,279,000 | 927,653,000 |
Ground lease extensions | $3,300,000 | $1,300,000 |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Intangible Assets, Net [Abstract] | ||
Intangible assets, useful life | 15 years | |
Amortization expense | $91.40 | $74.80 |
Intangible_Assets_Net_Gross_An
Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $5,305,854 | $5,492,833 |
Accumulated amortization | -1,379,862 | -1,303,293 |
Net book value | 3,925,992 | 4,189,540 |
Current Contract Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 3,926,022 | 4,090,129 |
Accumulated amortization | -946,412 | -891,374 |
Net book value | 2,979,610 | 3,198,755 |
Network Location Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,379,832 | 1,402,704 |
Accumulated amortization | -433,450 | -411,919 |
Net book value | $946,382 | $990,785 |
Property_And_Equipment_Net_Nar
Property And Equipment, Net (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property And Equipment, Net [Abstract] | |||
Depreciation expense | $80.40 | $69 | |
Non-cash capital expenditures | $12.70 | $29 |
Property_And_Equipment_Net_Pro
Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $4,717,098 | $4,709,036 |
Less: accumulated depreciation | -2,014,910 | -1,946,619 |
Property and equipment, net | 2,702,188 | 2,762,417 |
Towers and Related Components [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,188,307 | 4,194,375 |
Construction-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 30,111 | 35,855 |
Furniture, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 55,562 | 51,832 |
Land, Buildings, and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $443,118 | $426,974 |
Costs_And_Estimated_Earnings_O2
Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
customer | customer | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts net of billings in excess of costs and estimated earnings on uncompleted, percentage comprised by significant customers | 97.00% | 92.70% |
Number of significant customers | 8 | 8 |
Costs_And_Estimated_Earnings_O3
Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $90,204 | $113,654 |
Estimated earnings | 38,647 | 48,949 |
Billings to date | -107,364 | -143,323 |
Costs and estimated earnings on uncompleted contracts | $21,487 | $19,280 |
Costs_And_Estimated_Earnings_O4
Costs And Estimated Earnings On Uncompleted Contracts (Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $29,209 | $30,078 |
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) | -7,722 | -10,798 |
Costs and estimated earnings on uncompleted contracts | $21,487 | $19,280 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Accrued earnouts | $13,353 | $15,086 |
Salaries and benefits | 8,879 | 13,440 |
Real estate and property taxes | 5,794 | 5,331 |
Other | 27,593 | 31,696 |
Total accrued expenses | $55,619 | $65,553 |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 05, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||||
Repayments of revolving credit facility | $25,000,000 | $390,000,000 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 1,000,000,000 | 770,000,000 | |||
Line of credit facility, commitment fee | 0.25% | ||||
Revolving credit facility, maturity date | 5-Feb-20 | ||||
Borrowings on the revolving credit facility | 135,000,000 | ||||
Repayments of revolving credit facility | 25,000,000 | ||||
Line of credit facility, outstanding | 235,000,000 | ||||
Revolving credit facility, effective interest rate | 1.93% | ||||
Line of credit facility, remaining borrowing capacity | 765,000,000 | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Borrowings on the revolving credit facility | 0 | ||||
Repayments of revolving credit facility | $0 | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 1.38% | 1.38% | |||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 0.38% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 2.00% | 2.00% | |||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 1.00% |
Debt_Term_Loans_Under_The_Seni
Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Repayment of term loans | $7,500,000 | $293,000,000 | |
Deferred financing fees | 4,544,000 | 4,237,000 | |
Debt instrument, principal balance | 7,972,500,000 | 7,870,000,000 | |
2012-1 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 200,000,000 | ||
Debt instrument, maturity date | 9-May-17 | ||
Coupon rate of notes | 2.43% | ||
Deferred financing fees | 2,700,000 | ||
Quarterly payments, first eight quarters | 2,500,000 | ||
Quarterly payments, next four quarters | 3,800,000 | ||
Quarterly payments, thereafter | 5,000,000 | ||
Repayment of term loans | 3,800,000 | ||
Debt instrument, principal balance | 168,750,000 | 172,500,000 | |
2014 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 1,500,000,000 | ||
Debt instrument, maturity date | 24-Mar-21 | ||
Term Loan, percentage of par value | 99.75% | ||
Coupon rate of notes | 3.25% | 3.25% | |
Deferred financing fees | 12,900,000 | ||
Quarterly payments | 3,800,000 | ||
Repayment of term loans | 3,800,000 | ||
Debt instrument, principal balance | $1,488,750,000 | $1,492,500,000 | |
Base Rate [Member] | 2014 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.50% | ||
Base rate floor | 1.75% | ||
Eurodollar [Member] | 2014 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.50% | ||
Eurodollar rate floor | 0.75% | ||
Minimum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.00% | ||
Minimum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.00% | ||
Maximum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 1.50% | ||
Maximum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate | 2.50% |
Debt_Secured_Tower_Revenue_Sec
Debt (Secured Tower Revenue Securities) (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 16, 2010 | Aug. 09, 2012 | Apr. 18, 2013 | Oct. 15, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Deferred financing fees | $4,544,000 | $4,237,000 | |||||
Aggregate debt | 7,963,579,000 | 7,860,799,000 | |||||
5.101% 2010-2 Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 550,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 5.10% | ||||||
Repayment date of debt instrument | 17-Apr-17 | ||||||
Debt instrument, maturity date | 15-Apr-42 | ||||||
Deferred financing fees | 8,100,000 | ||||||
2.933% 2012-1 Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 610,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.93% | ||||||
Repayment date of debt instrument | 15-Dec-17 | ||||||
Debt instrument, maturity date | 15-Dec-42 | ||||||
Deferred financing fees | 14,900,000 | ||||||
2013 Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing fees | 25,500,000 | ||||||
Aggregate debt | 1,330,000,000 | ||||||
Debt instrument, weighted average interest rate | 3.22% | ||||||
Weighted average life of debt instrument through the anticipated repayment date | 7 years 2 months 12 days | ||||||
2.240% 2013-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 425,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.24% | ||||||
Repayment date of debt instrument | 17-Apr-18 | ||||||
Debt instrument, maturity date | 17-Apr-43 | ||||||
3.598% 2013-1D Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 330,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.60% | ||||||
Repayment date of debt instrument | 17-Apr-18 | ||||||
Debt instrument, maturity date | 17-Apr-43 | ||||||
3.722% 2013-2C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 575,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.72% | ||||||
Repayment date of debt instrument | 17-Apr-23 | ||||||
Debt instrument, maturity date | 17-Apr-48 | ||||||
2014 Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing fees | 22,400,000 | ||||||
Aggregate debt | 1,540,000,000 | ||||||
Debt instrument, weighted average interest rate | 3.29% | ||||||
Weighted average life of debt instrument through the anticipated repayment date | 7 years | ||||||
2.898% 2014-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 920,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.90% | ||||||
Repayment date of debt instrument | 15-Oct-19 | ||||||
Debt instrument, maturity date | 17-Oct-44 | ||||||
3.869% 2014-2C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $620,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.87% | ||||||
Repayment date of debt instrument | 15-Oct-24 | ||||||
Debt instrument, maturity date | 15-Oct-49 |
Debt_40_Convertible_Senior_Not
Debt (4.0% Convertible Senior Notes Due 2014) (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended |
In Thousands, except Share data in Millions, unless otherwise specified | Mar. 31, 2015 | Apr. 30, 2015 |
Debt Instrument [Line Items] | ||
Company paid in cash to settle warrants | $135,236 | |
4.0% Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.00% | |
Debt instrument, maturity date | 1-Oct-14 | |
4.0% Convertible Senior Notes [Member] | Class A Common Stock [Member] | ||
Debt Instrument [Line Items] | ||
Common stock received from conversion settlement | 2.1 | |
Company paid in cash to settle warrants | 150,900 | |
Subsequent Event [Member] | 4.0% Convertible Senior Notes [Member] | Class A Common Stock [Member] | ||
Debt Instrument [Line Items] | ||
Company paid in cash to settle warrants | $15,600 |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes) (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 13, 2012 | Sep. 28, 2012 | Jul. 01, 2014 | |
Debt Instrument [Line Items] | |||||
Deferred financing fees | $4,544,000 | $4,237,000 | |||
8.25% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.25% | ||||
5.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured senior notes | 800,000,000 | ||||
Debt instrument, maturity date | 15-Jul-20 | 15-Jul-20 | |||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||
Interest payable dates | July 15 and January 15 | ||||
Deferred financing fees | 14,000,000 | ||||
5.75% Senior Notes [Member] | Telecommunications [Member] | |||||
Debt Instrument [Line Items] | |||||
Ownership interest | 100.00% | ||||
5.625% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured senior notes | 500,000,000 | ||||
Debt instrument, maturity date | 1-Oct-19 | 1-Oct-19 | |||
Debt instrument, interest rate, stated percentage | 5.63% | 5.63% | |||
Interest payable dates | April 1 and October 1 | ||||
Deferred financing fees | 8,600,000 | ||||
4.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured senior notes | 750,000,000 | ||||
Debt instrument, maturity date | 15-Jul-22 | 15-Jul-22 | |||
Debt instrument, interest rate, stated percentage | 4.88% | 4.88% | |||
Interest payable dates | January 15 and July 15 | ||||
Deferred financing fees | $11,600,000 | ||||
Percentage of face value price for issuance of senior notes | 99.18% |
Debt_Carrying_And_Principal_Va
Debt (Carrying And Principal Values Of Debt) (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2015 | Sep. 28, 2012 | Jul. 13, 2012 | Jul. 01, 2014 | Apr. 16, 2010 | Aug. 09, 2012 | Apr. 18, 2013 | Oct. 15, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||||
Principal Balance | 7,972,500,000 | $7,870,000,000 | |||||||
Fair Value | 8,103,243,000 | 7,887,202,000 | |||||||
Carrying Value | 7,963,579,000 | 7,860,799,000 | |||||||
Less: current maturities of long-term debt | -33,750,000 | -32,500,000 | |||||||
Total long-term debt, net of current maturities | 7,929,829,000 | 7,828,299,000 | |||||||
4.0% Convertible Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 1-Oct-14 | ||||||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||||||
8.25% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 8.25% | ||||||||
5.625% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 500,000,000 | 500,000,000 | |||||||
Fair Value | 526,250,000 | 511,250,000 | |||||||
Carrying Value | 500,000,000 | 500,000,000 | |||||||
Debt instrument, maturity date | 1-Oct-19 | 1-Oct-19 | |||||||
Debt instrument, interest rate, stated percentage | 5.63% | 5.63% | |||||||
5.75% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 800,000,000 | 800,000,000 | |||||||
Fair Value | 839,000,000 | 816,000,000 | |||||||
Carrying Value | 800,000,000 | 800,000,000 | |||||||
Debt instrument, maturity date | 15-Jul-20 | 15-Jul-20 | |||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||||||
4.875% Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 750,000,000 | 750,000,000 | |||||||
Fair Value | 731,250,000 | 721,875,000 | |||||||
Carrying Value | 744,311,000 | 744,150,000 | |||||||
Debt instrument, maturity date | 15-Jul-22 | 15-Jul-22 | |||||||
Debt instrument, interest rate, stated percentage | 4.88% | 4.88% | |||||||
2010 Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 550,000,000 | 550,000,000 | |||||||
Fair Value | 573,359,000 | 576,901,000 | |||||||
Carrying Value | 550,000,000 | 550,000,000 | |||||||
Debt instrument, maturity date | 17-Apr-17 | ||||||||
2012 Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 610,000,000 | 610,000,000 | |||||||
Fair Value | 620,547,000 | 620,175,000 | |||||||
Carrying Value | 610,000,000 | 610,000,000 | |||||||
Debt instrument, maturity date | 15-Dec-17 | ||||||||
2013-1C Tower Securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 425,000,000 | 425,000,000 | |||||||
Fair Value | 424,681,000 | 420,776,000 | |||||||
Carrying Value | 425,000,000 | 425,000,000 | |||||||
Debt instrument, maturity date | 17-Apr-18 | ||||||||
2013-2C Tower Securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 575,000,000 | 575,000,000 | |||||||
Fair Value | 593,941,000 | 584,344,000 | |||||||
Carrying Value | 575,000,000 | 575,000,000 | |||||||
Debt instrument, maturity date | 17-Apr-23 | ||||||||
2013-1D Tower Securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 330,000,000 | 330,000,000 | |||||||
Fair Value | 329,987,000 | 330,551,000 | |||||||
Carrying Value | 330,000,000 | 330,000,000 | |||||||
Debt instrument, maturity date | 17-Apr-18 | ||||||||
2014-1C Tower Securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 920,000,000 | 920,000,000 | |||||||
Fair Value | 933,349,000 | 920,515,000 | |||||||
Carrying Value | 920,000,000 | 920,000,000 | |||||||
Debt instrument, maturity date | 15-Oct-19 | ||||||||
2014-2C Tower Securities | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 620,000,000 | 620,000,000 | |||||||
Fair Value | 646,034,000 | 629,474,000 | |||||||
Carrying Value | 620,000,000 | 620,000,000 | |||||||
Debt instrument, maturity date | 15-Oct-24 | ||||||||
5.101% 2010-2 Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 15-Apr-42 | ||||||||
Debt instrument, interest rate, stated percentage | 5.10% | ||||||||
2.933% 2012-1 Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 15-Dec-42 | ||||||||
Debt instrument, interest rate, stated percentage | 2.93% | ||||||||
2.240% 2013-1C Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 17-Apr-43 | ||||||||
Debt instrument, interest rate, stated percentage | 2.24% | ||||||||
3.722% 2013-2C Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 17-Apr-48 | ||||||||
Debt instrument, interest rate, stated percentage | 3.72% | ||||||||
3.598% 2013-1D Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 17-Apr-43 | ||||||||
Debt instrument, interest rate, stated percentage | 3.60% | ||||||||
2.898% 2014-1C Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 17-Oct-44 | ||||||||
Debt instrument, interest rate, stated percentage | 2.90% | ||||||||
3.869% 2014-2C Tower Securities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 15-Oct-49 | ||||||||
Debt instrument, interest rate, stated percentage | 3.87% | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 235,000,000 | 125,000,000 | |||||||
Fair Value | 235,000,000 | 125,000,000 | |||||||
Carrying Value | 235,000,000 | 125,000,000 | |||||||
Debt instrument, maturity date | 5-Feb-20 | ||||||||
2012-1 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 168,750,000 | 172,500,000 | |||||||
Fair Value | 168,539,000 | 171,422,000 | |||||||
Carrying Value | 168,750,000 | 172,500,000 | |||||||
Debt instrument, maturity date | 9-May-17 | ||||||||
2014 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 1,488,750,000 | 1,492,500,000 | |||||||
Fair Value | 1,481,306,000 | 1,458,919,000 | |||||||
Carrying Value | 1,485,518,000 | $1,489,149,000 | |||||||
Debt instrument, maturity date | 24-Mar-21 |
Debt_Schedule_Of_Cash_And_NonC
Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 28, 2012 | Jul. 13, 2012 | Jul. 01, 2014 |
Debt Instrument [Line Items] | |||||
Cash Interest | $77,654 | $66,027 | |||
Non-cash Interest | 280 | 10,304 | |||
4.0% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 4,998 | ||||
Non-cash Interest | 10,202 | ||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||
8.25% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 5,027 | ||||
Non-cash Interest | 48 | ||||
Debt instrument, interest rate, stated percentage | 8.25% | ||||
5.625% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 7,031 | 7,031 | |||
Debt instrument, interest rate, stated percentage | 5.63% | 5.63% | |||
5.75% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 11,500 | 11,500 | |||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||
4.875% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 9,141 | ||||
Non-cash Interest | 161 | ||||
Debt instrument, interest rate, stated percentage | 4.88% | 4.88% | |||
2010 Tower Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 7,058 | 14,345 | |||
2012 Tower Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 4,531 | 4,521 | |||
2013 Tower Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 10,804 | 10,804 | |||
2014 Tower Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 12,785 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 1,571 | 1,332 | |||
2011 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 696 | ||||
Non-cash Interest | 7 | ||||
2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 1,153 | 1,000 | |||
2012-2 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 424 | ||||
Non-cash Interest | 4 | ||||
2014 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | 12,125 | 4,130 | |||
Non-cash Interest | 119 | 43 | |||
Other [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash Interest | ($45) | $219 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | Mar. 31, 2015 | Apr. 27, 2011 |
In Millions, unless otherwise specified | ||
4.0% Convertible Senior Notes [Member] | ||
Class of Stock [Line Items] | ||
Debt instrument stated percentage | 4.00% | |
Current Stock Repurchase Program [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock repurchase program, authorized | $300 | $300 |
Stock repurchase program, remaining authorization | $150 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-Based Compensation [Abstract] | ||
Weighted-average fair value of options granted | $24.76 | $19.48 |
Total intrinsic value for options exercised | $16.20 | $23 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock-Based Compensation [Abstract] | ||
Risk free interest rate | 1.15% | |
Risk free interest rate, Minimum | 1.31% | |
Risk free interest rate, Maximum | 1.45% | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 20.00% | 22.00% |
Expected lives | 4 years 7 months 6 days | 4 years 4 months 24 days |
StockBased_Compensation_Activi
Stock-Based Compensation (Activities With Respect To Its Stock Options) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Stock-Based Compensation [Abstract] | |
Number of Shares Outstanding, Beginning Balance | 3,276 |
Number of Shares, Granted | 1,038 |
Number of Shares, Exercised | -217 |
Number of Shares, Canceled | -12 |
Number of Shares Outstanding, Ending Balance | 4,085 |
Number of Shares Exercisable, Ending Balance | 1,591 |
Number of Shares Unvested, Ending Balance | 2,494 |
Weighted-Average Exercise Price Per Share Outstanding, Beginning Balance | $66.85 |
Weighted-Average Exercise Price Per Share, Granted | $124.56 |
Weighted-Average Exercise Price Per Share, Exercised | $46.91 |
Weighted-Average Exercise Price Per Share, Canceled | $102.71 |
Weighted-Average Exercise Price Per Share Outstanding, Ending Balance | $82.53 |
Weighted-Average Exercise Price Per Share Exercisable, Ending Balance | $54.58 |
Weighted-Average Exercise Price Per Share Unvested, Ending Balance | $100.38 |
Weighted-Average Remaining Contractual Life (in years) Outstanding at March 31, 2015 | 5 years 1 month 6 days |
Weighted-Average Remaining Contractual Life (in years) Exercisable at March 31, 2015 | 3 years 8 months 12 days |
Weighted-Average Remaining Contractual Life (in years) Unvested at March 31, 2015 | 6 years |
Aggregate Intrinsic Value Outstanding at March 31, 2015 | $148,878 |
Aggregate Intrinsic Value Exercisable at March 31, 2015 | 99,482 |
Aggregate Intrinsic Value Unvested at March 31, 2015 | $49,396 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Stock-Based Compensation [Abstract] | |
Number of Units Outstanding, at December 31, 2014 | 295 |
Number of Units, Granted | 104 |
Number of Units, Vested | -112 |
Number of Units, Forfeited/Canceled | -1 |
Number of Units Outstanding, at March 31, 2015 | 286 |
Weighted-Average Grant Date Fair Value per Share Outstanding, at December 31, 2014 | $73.55 |
Weighted-Average Grant Date Fair Value per Share, Granted | $124.56 |
Weighted-Average Grant Date Fair Value per Share, Vested | $64.01 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/Canceled | $102.59 |
Weighted-Average Grant Date Fair Value per Share Outstanding, at March 31, 2015 | $95.60 |
Segment_Data_Narrative_Details
Segment Data (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
segment | |
Segment Data [Abstract] | |
Number of business segments | 2 |
Number of reportable segments | 3 |
Segment_Data_Segment_Reporting
Segment Data (Segment Reporting Information Disclosure) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $410,094 | $345,550 | |||
Cost of revenues | 111,110 | 97,167 | |||
Operating profit | 298,984 | 248,383 | |||
Selling, general, and administrative | 29,884 | [1] | 24,676 | [1] | |
Acquisition related adjustments and expenses | 1,339 | 8,561 | |||
Asset impairment and decommission costs | 6,822 | 3,568 | |||
Depreciation, amortization and accretion | 171,853 | 144,442 | |||
Operating income | 89,086 | 67,136 | |||
Other expense (principally interest expense and other expense) | -165,153 | -64,043 | |||
(Loss) income before provision for income taxes | -76,067 | 3,093 | |||
Cash capital expenditures | 122,843 | 960,006 | |||
Assets | 7,527,299 | 7,841,125 | |||
Domestic Site Leasing Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 305,950 | 275,061 | |||
Cost of revenues | 61,686 | 62,214 | |||
Operating profit | 244,264 | 212,847 | |||
Selling, general, and administrative | 17,655 | 16,852 | |||
Acquisition related adjustments and expenses | 476 | 4,513 | |||
Asset impairment and decommission costs | 6,594 | 2,777 | |||
Depreciation, amortization and accretion | 137,460 | 125,418 | |||
Operating income | 82,079 | 63,287 | |||
Cash capital expenditures | 91,402 | 274,140 | |||
Assets | 5,485,484 | 5,554,753 | |||
International Site Leasing Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 63,777 | 34,259 | |||
Cost of revenues | 18,531 | 7,526 | |||
Operating profit | 45,246 | 26,733 | |||
Selling, general, and administrative | 3,893 | 3,725 | |||
Acquisition related adjustments and expenses | 863 | 4,048 | |||
Asset impairment and decommission costs | 228 | 791 | |||
Depreciation, amortization and accretion | 32,426 | 17,017 | |||
Operating income | 7,836 | 1,152 | |||
Cash capital expenditures | 21,775 | 683,559 | |||
Assets | 1,735,673 | 1,989,571 | |||
Site Development [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 40,367 | 36,230 | |||
Cost of revenues | 30,893 | 27,427 | |||
Operating profit | 9,474 | 8,803 | |||
Selling, general, and administrative | 2,122 | 1,956 | |||
Depreciation, amortization and accretion | 707 | 519 | |||
Operating income | 6,645 | 6,328 | |||
Cash capital expenditures | 1,831 | 759 | |||
Assets | 68,195 | 78,633 | |||
Not Identified by Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Selling, general, and administrative | 6,214 | 2,143 | |||
Depreciation, amortization and accretion | 1,260 | 1,488 | |||
Operating income | -7,474 | -3,631 | |||
Other expense (principally interest expense and other expense) | -165,153 | -64,043 | |||
Cash capital expenditures | 7,835 | 1,548 | |||
Assets | $237,947 | $218,168 | |||
[1] | Includes non-cash compensation of $6,884 and $4,541 for the three months ended March 31, 2015 and 2014, respectively. |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from earnings per share calculation | 4.1 | 0.3 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from earnings per share calculation | 0.3 | |
4.0% Convertible Senior Notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from earnings per share calculation | 16.5 | |
Debt instrument, interest rate, stated percentage | 4.00% |
Earnings_Per_Share_WeightedAve
Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net (loss) income | ($79,030) | $1,407 |
Basic weighted-average shares outstanding | 129,235 | 128,560 |
Dilutive impact of stock options and restricted shares | 1,262 | |
Dilutive impact of common stock warrants | 8,534 | |
Diluted weighted-average shares outstanding | 129,235 | 138,356 |
Earnings (loss) per share attributable to continuing operations: | ||
Basic | ($0.61) | $0.01 |
Diluted | ($0.61) | $0.01 |