Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SBA COMMUNICATIONS CORP | |
Entity Central Index Key | 1,034,054 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 120,357,721 | |
Trading Symbol | SBAC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 164,521 | $ 146,109 |
Restricted cash | 30,093 | 36,786 |
Accounts receivable, net | 75,739 | 78,344 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 12,304 | 11,127 |
Prepaid expenses and other current assets | 53,807 | 52,205 |
Total current assets | 336,464 | 324,571 |
Property and equipment, net | 2,774,398 | 2,792,076 |
Intangible assets, net | 3,569,045 | 3,656,924 |
Other assets | 628,946 | 587,374 |
Total assets | 7,308,853 | 7,360,945 |
Current liabilities: | ||
Accounts payable | 29,155 | 28,320 |
Accrued expenses | 96,193 | 61,129 |
Current maturities of long-term debt | 772,517 | 627,157 |
Deferred revenue | 98,793 | 101,098 |
Accrued interest | 42,042 | 44,503 |
Other current liabilities | 7,719 | 11,240 |
Total current liabilities | 1,046,419 | 873,447 |
Long-term liabilities: | ||
Long-term debt, net | 7,906,188 | 8,148,426 |
Other long-term liabilities | 341,927 | 334,993 |
Total long-term liabilities | 8,248,115 | 8,483,419 |
Shareholders' deficit: | ||
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding | ||
Common stock - Class A, par value $.01, 400,000 shares authorized, 120,981 and 121,004 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1,210 | 1,210 |
Additional paid-in capital | 2,127,093 | 2,010,520 |
Accumulated deficit | (3,735,062) | (3,637,467) |
Accumulated other comprehensive loss, net | (378,922) | (370,184) |
Total shareholders' deficit | (1,985,681) | (1,995,921) |
Total liabilities and shareholders' deficit | $ 7,308,853 | $ 7,360,945 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Common stock - Class A, par value | $ 0.01 | $ 0.01 |
Common stock - Class A, shares authorized | 400,000,000 | 400,000,000 |
Common stock - Class A, shares issued | 120,981,000 | 121,004,000 |
Common stock - Class A, shares outstanding | 120,981,000 | 121,004,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenues: | |||||
Site leasing | $ 403,001 | $ 381,843 | $ 800,551 | $ 756,293 | |
Site development | 24,293 | 23,689 | 50,106 | 49,008 | |
Total revenues | 427,294 | 405,532 | 850,657 | 805,301 | |
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): | |||||
Cost of site leasing | 89,337 | 86,493 | 178,719 | 169,255 | |
Cost of site development | 20,007 | 20,074 | 41,595 | 39,907 | |
Selling, general, and administrative | [1],[2] | 33,394 | 47,664 | 67,618 | 78,071 |
Acquisition related adjustments and expenses | 2,306 | 2,821 | 5,274 | 6,003 | |
Asset impairment and decommission costs | 8,140 | 14,691 | 16,491 | 20,874 | |
Depreciation, accretion, and amortization | 159,520 | 159,723 | 318,551 | 319,524 | |
Total operating expenses | 312,704 | 331,466 | 628,248 | 633,634 | |
Operating income | 114,590 | 74,066 | 222,409 | 171,667 | |
Other income (expense): | |||||
Interest income | 2,909 | 2,737 | 6,143 | 4,603 | |
Interest expense | (78,456) | (83,682) | (156,058) | (167,486) | |
Non-cash interest expense | (717) | (460) | (1,421) | (915) | |
Amortization of deferred financing fees | (4,949) | (5,325) | (11,647) | (10,590) | |
Loss from extinguishment of debt, net | (1,961) | (1,961) | |||
Other (expense) income, net | (18,793) | 47,376 | (3,844) | 93,275 | |
Total other expense | (101,967) | (39,354) | (168,788) | (81,113) | |
Income before provision for income taxes | 12,623 | 34,712 | 53,621 | 90,554 | |
Provision for income taxes | (3,390) | (2,001) | (6,789) | (4,206) | |
Net income | $ 9,233 | $ 32,711 | $ 46,832 | $ 86,348 | |
Net income per common share | |||||
Basic | $ 0.08 | $ 0.26 | $ 0.39 | $ 0.69 | |
Diluted | $ 0.08 | $ 0.26 | $ 0.38 | $ 0.69 | |
Weighted average number of common shares | |||||
Basic | 121,455 | 125,125 | 121,253 | 125,261 | |
Diluted | 122,437 | 125,783 | 122,087 | 125,921 | |
[1] | Includes non-cash compensation of $10,030 and $8,785 for the three months ended June 30, 2017 and 2016, respectively, and $18,856 and $16,471 for the six months ended June 30, 2017 and 2016, respectively. | ||||
[2] | Includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016. |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Non-cash compensation expense | $ 19,471 | $ 16,677 | |||
Provision for doubtful accounts | [1] | 1,012 | 17,504 | ||
Oi S.A. [Member] | |||||
Provision for doubtful accounts | 16,498 | ||||
Selling, General And Administrative [Member] | |||||
Non-cash compensation expense | $ 10,030 | $ 8,785 | $ 18,856 | 16,471 | |
Selling, General And Administrative [Member] | Oi S.A. [Member] | |||||
Provision for doubtful accounts | $ 16,498 | $ 16,498 | |||
[1] | Includes the impact of the $16,498 Oi reserve for the six months ended June 30, 2016. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ||||
Net income | $ 9,233 | $ 32,711 | $ 46,832 | $ 86,348 |
Foreign currency translation adjustments | (36,023) | 76,491 | (8,738) | 137,184 |
Comprehensive (loss) income | $ (26,790) | $ 109,202 | $ 38,094 | $ 223,532 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Deficit - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
BALANCE at Dec. 31, 2016 | $ 1,210 | $ 2,010,520 | $ (3,637,467) | $ (370,184) | $ (1,995,921) |
BALANCE, Shares at Dec. 31, 2016 | 121,004 | ||||
Net income | 46,832 | 46,832 | |||
Common stock issued in connection with stock purchase/option plans | $ 6 | 33,462 | 33,468 | ||
Common stock issued in connection with stock purchase/option plans, Shares | 573 | ||||
Non-cash compensation | 19,803 | 19,803 | |||
Common stock issued in connection with acquisitions | $ 5 | 63,308 | 63,313 | ||
Common stock issued in connection with acquisitions, Shares | 488 | ||||
Repurchase and retirement of common stock | $ (11) | (144,427) | (144,438) | ||
Repurchase and retirement of common stock, Shares | (1,084) | ||||
Foreign currency translation adjustments | (8,738) | (8,738) | |||
BALANCE at Jun. 30, 2017 | $ 1,210 | $ 2,127,093 | $ (3,735,062) | $ (378,922) | $ (1,985,681) |
BALANCE, Shares at Jun. 30, 2017 | 120,981 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 46,832 | $ 86,348 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, accretion, and amortization | 318,551 | 319,524 | |
Non-cash asset impairment and decommission costs | 13,719 | 17,752 | |
Non-cash compensation expense | 19,471 | 16,677 | |
Amortization of deferred financing fees | 11,647 | 10,590 | |
Loss (gain) on remeasurement of U.S. dollar denominated intercompany loan | 6,758 | (92,132) | |
Provision for doubtful accounts | [1] | 1,012 | 17,504 |
Other non-cash items reflected in the Statements of Operations | 497 | (648) | |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | (1,079) | 8,769 | |
Prepaid expenses and other assets | (11,075) | (25,842) | |
Accounts payable and accrued expenses | 581 | (5,310) | |
Accrued interest | (2,461) | (924) | |
Other liabilities | (254) | 2,427 | |
Net cash provided by operating activities | 404,199 | 354,735 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (82,181) | (148,704) | |
Capital expenditures | (69,435) | (70,661) | |
Other investing activities | (17,025) | (10,062) | |
Net cash used in investing activities | (168,641) | (229,427) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under Revolving Credit Facility | 100,000 | 140,000 | |
Repayments under Revolving Credit Facility | (340,000) | (110,000) | |
Repayment of 2012-1C Tower Securities | (610,000) | ||
Proceeds from issuance of Tower Securities, net of fees | 750,153 | ||
Repurchase and retirement of common stock, inclusive of fees | (144,438) | (150,029) | |
Other financing activities | 20,175 | (4,271) | |
Net cash used in financing activities | (224,110) | (124,300) | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (225) | 15,009 | |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 11,223 | 16,017 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||
Beginning of period | 185,970 | 146,619 | |
End of period | 197,193 | 162,636 | |
Cash paid during the period for: | |||
Interest | 158,569 | 168,583 | |
Income taxes | $ 8,561 | 5,861 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | |||
Assets acquired through capital leases | $ 1,073 | ||
Common stock issued in connection with acquisitions | 63,313 | ||
[1] | Includes the impact of the $16,498 Oi reserve for the six months ended June 30, 2016. |
Consolidated Statements Of Cas9
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Provision for doubtful accounts | [1] | $ 1,012 | $ 17,504 |
Oi S.A. [Member] | |||
Provision for doubtful accounts | $ 16,498 | ||
[1] | Includes the impact of the $16,498 Oi reserve for the six months ended June 30, 2016. |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year. The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. While the Company believes that such estimates are fair when considered in conjunction with the consolidated financial statements and accompanying notes, the actual amounts, when known, may vary from these estimates. Foreign Currency Translation The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statement of Operations. All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit. Intercompany Loans In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in O ther income (expense), ne t in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future . The Company recorded a $20.4 million loss and a $47.4 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2017 and 2016 , respectively, and a $6.8 million loss and a $92.1 million gain on the remeasurement of intercompany loans for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , the outstanding balance under this agreement was $433.3 million. Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. The Company adopted this standard prospectively effective January 1, 2017. Under this update, substantially all of the Company’s acquisitions are expected to qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired, while internal costs related to the asset acquisition will continue to be expensed as incurred. Additionally, earnout liabilities will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This standard is effective for the Company in the first quarter of 2018. Early adoption is permitted. This standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect being recognized at the date of initial application. The Company is evaluating the standard and does not expect a material financial statement impact upon adoption since the standard only affects the Company’s site development segment , which represents approximately 6% of the Company’s total revenues. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This standard is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted ; however, the Company does not currently plan to early adopt . The Company has established a cross functional project plan and is currently as sess ing the impact of the standard on its consolidated financial statements. The Company expects this g uidance to have a material impact on its consolidated balance sheet due to the recognition of right-of-use assets and lease liabilities for its ground leases. The Company does not expect adoption to have a material impact on its consolidated statement of operations, nor does it expect accounting for capital leases to change substantially . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 2. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis — The Company’s earnout liabilities related to business combinat ions are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate s are recorded in Acquisition related adjustments and expenses in the accompanying Consolidated Statement of Operations. The Company determines the fair value of earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The Company’s estimate of the fair value of its obligation contained in various acquisitions prior to January 1, 2017 (adoption of ASU 2017-01) was $3.3 million and $4.1 million as of June 30, 2017 and December 31, 2016 , respectively. The maximum potential obligation related to the performance targets for business combinations and asset acquisitions prior to January 1, 2017 was $4.7 million and $5.8 million as of June 30, 2017 and December 31, 2016 , respectively. The maximum potential obligation related to the performance targets after January 1, 2017 was $6.7 million as of June 30, 2017 . Items Measured at Fair Value on a Nonrecurring Basis — The Company’s long-lived assets, intangibles, and asset retirement obligations are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived assets, intangibles, and asset retirement obligations is calculated using a discounted cash flow model. Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands): For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 Asset impairment (1) $ 3,020 $ 7,464 $ 6,033 $ 7,464 Write-off of carrying value of decommissioned towers 3,675 3,665 7,648 7,862 Write-off and disposal of former corporate headquarters — 2,345 — 2,345 Other third party decommission costs 1,445 1,217 2,810 3,203 Total asset impairment and decommission costs $ 8,140 $ 14,691 $ 16,491 $ 20,874 (1) Represents impairment charges resulting from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers. Fair Value of Financial Instruments — The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. Short-term investments consisted of $0.2 million in Treasury securities as of June 30, 2017 and December 31, 2016 . The Company’s estimate of the fair value of its held-to-maturity investments in treasury and corporate bonds, including current portion, are based primarily upon Level 1 reported market values. As of June 30, 2017 and December 31, 2016 , the carrying value and fair value of the held-to-maturity investments, including current portion, were $0.7 million. These amounts are recorded in Other assets in the accompanying Consolidated Balance Sheets. The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset month ly or more frequently . 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 | 6 Months Ended |
Jun. 30, 2017 | |
Restricted Cash [Abstract] | |
Restricted Cash | 3. RESTRICTED CASH The cash, cash equivalents, and r estricted cash balances on the consolidated statement of cash flows consists of the following: As of As of June 30, 2017 December 31, 2016 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 164,521 $ 146,109 Securitization escrow accounts 29,916 36,607 Restricted cash - current asset Payment and performance bonds 177 179 Restricted cash - current asset Surety bonds and workers compensation 2,579 3,075 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 197,193 $ 185,970 Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily relate d to the Company’s tower removal obligations. As of June 30, 2017 and December 31, 2016 , the Company had $38.9 million and $39.2 million in surety , payment and performance bonds, respectively, for which it was only required to post $0.5 million in collateral as of December 31, 2016 . As of June 30, 2017 , no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of June 30, 2017 and December 31, 2016 , the Company had also pledged $2.5 million as collateral related to its workers compensation policy. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2017 | |
Other Assets [Abstract] | |
Other Assets | 4. OTHER ASSETS The Company’s other assets are comprised of the following: As of As of June 30, 2017 December 31, 2016 (in thousands) Long-term investments $ 8,632 $ 7,884 Prepaid land rent 205,149 191,615 Straight-line rent receivable 308,492 302,893 Deferred lease costs, net 28,619 29,660 Other 78,054 55,322 Total other assets $ 628,946 $ 587,374 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 5. ACQUISITIONS The fo llowing table summarizes the Company’s cash acquisition capital expenditures: For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 (in thousands) Towers and related intangible assets (1) (2) $ 26,991 $ 38,668 $ 58,138 $ 113,512 Land buyouts and other assets (3) 12,539 18,204 24,043 35,192 Total cash acquisition capital expenditures $ 39,530 $ 56,872 $ 82,181 $ 148,704 (1) 2017 excludes $63.3 million of acquisition costs paid through the issuance of 487,963 shares of Class A common stock. (2) Excludes $39.6 million of acquisitions completed during the second quarter of 2017 which were not funded as of June 30, 2017. (3) In addition, the Company paid $5.0 million and $2.9 million for ground lease extensions during the three months ended June 30, 2017 and 2016 , respectively, and paid $8.1 million and $6.6 million for ground lease extensions during the six months ended June 30, 2017 and 2016 , respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. The Company’s acquisitions generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions which qualify as asset acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets . The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. For business c ombinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration and any related tax impact. During the six months ended June 30, 2017 , the Company acquired 318 completed towers and related assets and liabilities consisting of $36.0 million of property and equipment, $116.1 million of intangible assets, and $9.0 million of working capital adjustments. |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 6. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of June 30, 2017 As of December 31, 2016 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,214,705 $ (1,533,599) $ 2,681,106 $ 4,141,968 $ (1,401,025) $ 2,740,943 Network location intangibles 1,537,629 (649,690) 887,939 1,515,348 (599,367) 915,981 Intangible assets, net $ 5,752,334 $ (2,183,289) $ 3,569,045 $ 5,657,316 $ (2,000,392) $ 3,656,924 All intangible assets noted above are included in the Company’s site leasing segment. The Company amortizes its intangible assets using the straight-line method over 15 years. Amortization expense relating to the intangible assets above was $95.1 million and $92.7 million for the three months ended June 30, 2017 and 2016 , respectively , and $190.0 million and $182.8 million for the six months ended June 30, 2017 and 2016 , respectively . |
Property And Equipment, Net
Property And Equipment, Net | 6 Months Ended |
Jun. 30, 2017 | |
Property And Equipment, Net [Abstract] | |
Property And Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net (including assets held under capital leases) consists of the following: As of As of June 30, 2017 December 31, 2016 (in thousands) Towers and related components $ 4,635,431 $ 4,563,756 Construction-in-process 41,294 38,926 Furniture, equipment, and vehicles 51,380 50,671 Land, buildings, and improvements 603,353 578,680 Total property and equipment 5,331,458 5,232,033 Less: accumulated depreciation (2,557,060) (2,439,957) Property and equipment, net $ 2,774,398 $ 2,792,076 Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s operations. Depreciation expense was $64.2 million and $66.9 million for the three months ended June 30, 2017 and 2016 , respectively , and $128.3 million and $136.4 million for the six months ended June 30, 2017 and 2016 , respectivel y. At June 30, 2017 and December 31, 2016 , non-cash capital expenditures that are included in accounts payable and accrued expenses were $6.1 million and $7.0 million, respectively. |
Costs And Estimated Earnings On
Costs And Estimated Earnings On Uncompleted Contracts | 6 Months Ended |
Jun. 30, 2017 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |
Costs And Estimated Earnings On Uncompleted Contracts | 8. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS Costs and estimated earnings on uncompleted contracts consist of the following: As of As of June 30, 2017 December 31, 2016 (in thousands) Costs incurred on uncompleted contracts $ 31,230 $ 34,577 Estimated earnings 10,922 11,185 Billings to date (30,207) (36,027) $ 11,945 $ 9,735 These amounts are included in the accompanying Consolidated Balance Sheets under the following captions: As of As of June 30, 2017 December 31, 2016 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 12,304 $ 11,127 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (359) (1,392) $ 11,945 $ 9,735 Eight significant customers comprised 87.8% and 81.6% of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings at June 30, 2017 and December 31, 2016 , respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Expenses [Abstract] | |
Accrued Expenses | 9. ACCRUED EXPENSES The Company’s accrued expenses are comprised of the following: As of As of June 30, 2017 December 31, 2016 (in thousands) Accrued earnouts $ 3,265 $ 4,128 Salaries and benefits 11,367 11,910 Real estate and property taxes 8,285 7,644 Acquisitions (1) 39,631 — Non-cash capital expenditures 6,059 6,970 Other 27,586 30,477 Total accrued expenses $ 96,193 $ 61,129 (1) A cquisitions completed during the second quarter of 2017 which were not funded as of June 30, 2017. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Debt | 10. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of June 30, 2017 December 31, 2016 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value 2014 Senior Notes July 15, 2022 $ 750,000 $ 771,563 $ 738,023 $ 750,000 $ 763,125 $ 736,992 2016 Senior Notes Sep. 1, 2024 1,100,000 1,117,875 1,080,093 1,100,000 1,083,500 1,078,954 2012-1C Tower Securities Dec. 11, 2017 — — — 610,000 610,165 607,157 2013-1C Tower Securities April 10, 2018 425,000 423,763 423,618 425,000 423,381 422,768 2013-2C Tower Securities April 11, 2023 575,000 587,386 568,072 575,000 563,322 567,545 2013-1D Tower Securities April 10, 2018 330,000 330,234 328,898 330,000 334,521 328,225 2014-1C Tower Securities Oct. 8, 2019 920,000 922,456 913,563 920,000 922,199 912,219 2014-2C Tower Securities Oct. 8, 2024 620,000 623,813 613,047 620,000 608,921 612,641 2015-1C Tower Securities Oct. 8, 2020 500,000 502,830 492,372 500,000 495,145 491,289 2016-1C Tower Securities July 9, 2021 700,000 697,620 692,201 700,000 688,072 691,322 2017-1C Tower Securities April 11, 2022 760,000 760,129 750,520 — — — Revolving Credit Facility Feb. 5, 2020 150,000 150,000 150,000 390,000 390,000 390,000 2014 Term Loan Mar. 24, 2021 1,455,000 1,456,819 1,445,690 1,462,500 1,467,984 1,452,039 2015 Term Loan June 10, 2022 490,000 489,388 482,608 492,500 494,347 484,432 Total debt $ 8,775,000 $ 8,833,876 $ 8,678,705 $ 8,875,000 $ 8,844,682 $ 8,775,583 Less: current maturities of long-term debt (772,517) (627,157) Total long-term debt, net of current maturities $ 7,906,188 $ 8,148,426 The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash Interest Interest Interest Interest Interest Interest Interest Interest (in thousands) 5.625% Senior Notes $ — $ — $ 7,031 $ — $ — $ — $ 14,063 — 5.75% Senior Notes — — 11,500 — — — 23,000 — 2014 Senior Notes 9,141 180 9,141 171 18,281 357 18,281 340 2016 Senior Notes 13,406 237 — — 26,813 471 — — 2010-2C Tower Securities — — 7,058 — — — 14,115 — 2012-1C Tower Securities 806 — 4,533 — 5,331 — 9,067 — 2013 Tower Securities 10,804 — 10,804 — 21,609 — 21,609 — 2014 Tower Securities 12,785 — 12,785 — 25,569 — 25,569 — 2015-1C Tower Securities 3,985 — 3,985 — 7,969 — 7,969 — 2016-1C Tower Securities 5,090 — — — 10,181 — — — 2017-1C Tower Securities 5,001 — — — 5,001 — — — Revolving Credit Facility 1,406 — 744 — 4,176 — 1,578 — 2014 Term Loan 12,043 131 12,107 126 23,327 259 24,245 251 2015 Term Loan 4,056 169 4,077 163 7,855 334 8,164 324 Other (67) — (83) — (54) — (174) — Total $ 78,456 $ 717 $ 83,682 $ 460 $ 156,058 $ 1,421 $ 167,486 $ 915 Revolving Credit Facility under the Senior Credit Agreement The Revolving Credit Facility is governed by the Senior Credit Agreement. T he Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, February 5, 2020 . The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of a period may not be reflective of the total amounts outstanding during such period. During the six months ended June 30, 2017 , the Company borrowed $100.0 million and repaid $340.0 million of the outstanding balance under the Revolving Credit Facility. As of June 30, 2017 , SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Subsequent to June 30, 2017 , the Company borrowed an additional $65.0 million under the Revolving Credit Facility. As of the date of this filing, $215.0 million was outstanding under the Revolving Credit Facility. Term Loans under the Senior Credit Agreement Repricing Amendment to the Senior Credit Agreement On January 20, 2017, SBA Senior Finance II amended its Senior Credit Agreement, primarily to reduce the stated rate of interest applicable to its senior secured term loans. As amended, the senior secured term loans accrue interest, at SBA Senior Finance II’s election, at either the Base Rate plus 125 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor). 2014 Term Loan The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that mature s on March 24, 2021 . Prior to the reduction in the term loan interest rates as discussed above, t he 2014 Term Loan accrue d 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 June 30, 2017 , the 2014 Term Loan was accruing interest at 3.48% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are be ing 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 $14.1 million in relation to this transaction , which are being amort ized through the maturity date. During the three and six months ended June 30, 2017 , the Company repaid $3.8 million and $ 7.5 million of principal on the 2014 Term Loan. As of June 30, 2017 , the 2014 Term Loan had a principal balance of $1.5 billion. 2015 Term Loan The 2015 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $500.0 million that matures on June 10, 2022 . Prior to the reduction in the term loan interest rates as discussed above, th e 2015 Term Loan accrue d interest, at SBA Senior Finance II’s election, at either the Base Rate plus 150 basis points (with a Base Rate floor of 1.75% ) or the Eurodollar Rate plus 250 basis points (with a Eurodollar Rate floor of 0.75% ). The 2015 Term Loan was issued at 99.0% of par value. As of June 30, 2017 , the 2015 Term Loan was accruing interest at 3.48% per annum. Principal payments on the 2015 Term Loan commence d on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. The Company incurred deferred financing fees of approximately $5.5 million in relation to this transaction , which are being amort ized through the maturity date. During the three and six months ended June 30, 2017 , the Company repaid $1.3 million and $2.5 million of principal on the 2015 Term Loan. As of June 30, 2017 , the 2015 Term Loan had a principal balance of $490.0 million. Secured Tower Revenue Securities 2012 -1C Tower Securities On August 9, 2012, the Company, through a New York common law trust (the “Trust”), issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C Tower Securities”) , which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042 . The fixed interest rate of the 2012-1C Tower Securities was 2.933% per annum, payable monthly. The Company had incurred deferred financing fees of $14.9 million in relation to this transaction , which were being amortized through the anticipated repayment date of the 2012-1C Tower Securities. On April 17, 2017, the Company repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. In connection with the prepayment, the Company expensed $2.0 million of net deferred financing fees. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). 2013 Tower Securities On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C , which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1C Tower Securities”) , $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C , which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 (the “ 2013-2C Tower Securities”) , and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D , which have an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1D Tower Securities”) (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities have a blended interest rate of 3.218% per annum, payable monthly. The Company has incurred deferred financing fees of $25.5 million in relation to this transaction , which are being amortized through the anticipated repayment date of each of the 2013 Tower Securities. 2014 Tower Securities On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C , which have an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C , which have an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The aggregate $1.54 billion of 2014 Tower Securities have a blended interest rate of 3.289% per annum, payable monthly . The Company has incurred deferred financing fees of $22.5 million in relation to this transaction , which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities. 201 5-1C Tower Securities On October 1 4 , 201 5 , the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 201 5 -1C , which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “201 5-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156% per annum, payable monthly. The Company incurred deferred financing fees of $11.2 million in relation to this transaction , which are being amortized through the anticipated repayment date of the 201 5-1C Tower Securities. 201 6-1C Tower Securities On July 7, 2016, the Company, through the Trust , issued $700.0 million of Secured Tower R evenue Securities Series 2016-1 C, which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016 -1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877% per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010 -2C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.5 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities. 2017-1C Tower Securities On April 17, 2017, the Company, through the Trust, issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. Net proceeds from this offering were used to prepay the entire $610.0 million aggregate principal amount, as well as accrued and unpaid interest, of the 2012-1C Tower Securities and for general corporate purposes. The Company has incurred deferred financing fees of $9.8 million to date in relation to this transaction, which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, SBA Guarantor, LLC, a wholly owned subsidiary of the Company, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459% per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation. In connection with the issuance of the 2017-1C Tower Securities, the non-recourse mortgage loan was increased by $800 .0 million (or by a net of $190 .0 million after giving effect to prepayment of the loan components relating to the 2012-1C Tower Securities). The new loan accrues interest at the same rate as the 2017-1C Tower Securities; however , it is subject to all other material term s of the existing mortgage loan, including collateral and interest rate after the anticipated repayment date. Debt Covenants As of June 30, 2017 , the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. Senior Notes 2014 Senior Notes On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014 Senior Notes is due semi-annually on January 15 and July 15 of each year. The Company incurred deferred financing fees of $11.6 million in relation to this transaction , which are being amortized through the maturity date. 2016 S enior Notes On August 15, 2016, the Company issued $1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company incurred deferred financing fees of $12.8 million in relation to this transaction , which are being amortized through the maturity date. Net proceeds from this offering and cash on hand were used to redeem $800.0 million, the aggregate principal amount outstanding, of Telecommunications’ 5.75% Senior Notes and $250.0 million of the Compan y’s 5.625% Senior Notes and pay the associated call premiums. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Common Stock equivalents The Company has potential common stock equivalents (see Note 12) related to its outstanding stock options and restricted stock units . These potential common stock equivalents were considered in the Company’s diluted earnings per share calculation (see Note 15). Stock Repurchases On June 4, 2015, the Company’s Board of Directors authorized a stock repurchase plan. This plan authorized the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. On January 12, 2017, the Company’s Board of Directors authorized a new stock repurchase plan, replacing the plan authorized on June 4, 2015, which had a remaining authorization of $150.0 million. This plan authorizes the Company to purchase, from time to time, up to $1.0 billion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. During the three and six months ended June 30, 2017 , the Company repurchased 1.2 million shares of its Class A common stock under this plan for $155.0 million, at an average price per share of $134.41 . Shares repurchased were retired. Subsequent to June 30, 2017 , the Company repurchased 0.7 million shares of its Class A common stock for $95.0 million, at an average price per share of $135.92 . Shares re purchased were retired. As of the date of this filing, the Company had $750.0 million of authorization remaining under the current stock repurchase plan. Registration of Additional Shares The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the year ended December 31, 2016, the Company did not issue any shares of its Class A common stock pursuant to this registration statement in connection with acquisitions. During the six months ended June 30, 2017 , the Company issued 487,963 shares of Class A common stock under this registration statement. As of June 30, 2017 , the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility , as well as, to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: For the six months ended June 30, 2017 2016 Risk free interest rate 1.70% - 1.97% 1.18% - 1.43% Dividend yield 0.0% 0.0% Expected volatility 20% 20% Expected lives 4.6 years 4.7 years The following table summarizes the Company’s activities with respect to its stock option plans for the six months ended June 30, 2017 as follows (dollars and number of shares in thousands, except for per share data): Weighted- Weighted- Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2016 4,447 $ 93.09 Granted 1,170 $ 115.38 Exercised (480) $ 77.18 Canceled (55) $ 105.04 Outstanding at June 30, 2017 5,082 $ 99.60 4.8 $ 179,390 Exercisable at June 30, 2017 2,208 $ 87.49 3.5 $ 104,656 Unvested at June 30, 2017 2,874 $ 108.90 5.8 $ 74,734 The weighted-average per share fair value of options granted during the six months ended June 30, 2017 was $23.88 . The total intrinsic value for options exercised during the six months ended June 30, 2017 was $22.6 million. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity for the six months ended June 30, 2017 : Weighted- Average Grant Date Number of Fair Value per Shares Share (in thousands) Outstanding at December 31, 2016 291 $ 101.74 Granted 168 $ 115.75 Vested (121) $ 98.63 Forfeited/canceled (8) $ 108.50 Outstanding at June 30, 2017 330 $ 109.85 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INC OME TAXES The primary reason for the difference in the Company’s effective tax rate and the U.S. statutory rate is a result of the Company’s REIT election and the Company having a full valuation allowance on the U.S. net deferred tax assets of the taxable REIT subsidiaries (“TRSs”) . The Company has concluded that it is not more likely than not that its deferred tax assets will be realized and has recorded a full valuation allowance. A foreign tax provision is recognized because certain international subsidiaries of the Company have profitable operations or are in a net deferred tax liability position. The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays and therefore not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its TRSs. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local and foreign income, property and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $1.1 billion as of December 31, 2016, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized . |
Segment Data
Segment Data | 6 Months Ended |
Jun. 30, 2017 | |
Segment Data [Abstract] | |
Segment Data | 14. SEGMENT DATA The Company operates principally in two business segments : site leasing and site development . The Company’s site leasing business includes two reportable segments , domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services . They are managed separately based on the fundamental differences in their operations. The site leasing segment include s results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment Total For the three months ended June 30, 2017 (in thousands) Revenues $ 325,324 $ 77,677 $ 24,293 $ — $ 427,294 Cost of revenues (2) 65,251 24,086 20,007 — 109,344 Operating profit 260,073 53,591 4,286 — 317,950 Selling, general, and administrative 16,845 6,390 4,052 6,107 33,394 Acquisition related adjustments and expenses 1,438 868 — — 2,306 Asset impairment and decommission costs 7,418 586 136 — 8,140 Depreciation, amortization and accretion 124,225 33,015 652 1,628 159,520 Operating income (loss) 110,147 12,732 (554) (7,735) 114,590 Other expense (principally interest expense and other income (expense)) (101,967) (101,967) Income before provision for income taxes 12,623 Cash capital expenditures (3) 53,029 19,212 187 790 73,218 For the three months ended June 30, 2016 Revenues $ 316,842 $ 65,001 $ 23,689 $ — $ 405,532 Cost of revenues (2) 66,199 20,294 20,074 — 106,567 Operating profit 250,643 44,707 3,615 — 298,965 Selling, general, and administrative (4) 17,936 21,065 3,295 5,368 47,664 Acquisition related adjustments and expenses 1,355 1,466 — — 2,821 Asset impairment and decommission costs 11,363 983 — 2,345 14,691 Depreciation, amortization and accretion 126,756 29,781 639 2,547 159,723 Operating income (loss) 93,233 (8,588) (319) (10,260) 74,066 Other expense (principally interest expense and other income (expense)) (39,354) (39,354) Income before provision for income taxes 34,712 Cash capital expenditures (3) 74,616 15,688 916 1,053 92,273 Not Domestic Site Int'l Site Site Identified by Leasing Leasing Development Segment Total For the six months ended June 30, 2017 (in thousands) Revenues $ 646,454 $ 154,097 $ 50,106 $ — $ 850,657 Cost of revenues (2) 130,678 48,041 41,595 — 220,314 Operating profit 515,776 106,056 8,511 — 630,343 Selling, general, and administrative 36,202 12,349 7,669 11,398 67,618 Acquisition related adjustments and expenses 3,338 1,936 — — 5,274 Asset impairment and decommission costs 14,848 1,402 241 — 16,491 Depreciation, amortization and accretion 248,121 65,840 1,363 3,227 318,551 Operating income (loss) 213,267 24,529 (762) (14,625) 222,409 Other expense (principally interest expense and other income (expense)) (168,788) (168,788) Income before provision for income taxes 53,621 Cash capital expenditures (3) 103,462 46,102 320 1,732 151,616 For the six months ended June 30, 2016 Revenues $ 632,072 $ 124,221 $ 49,008 $ — $ 805,301 Cost of revenues (2) 130,674 38,581 39,907 — 209,162 Operating profit 501,398 85,640 9,101 — 596,139 Selling, general, and administrative (4) 35,935 25,450 6,832 9,854 78,071 Acquisition related adjustments and expenses 3,197 2,806 — — 6,003 Asset impairment and decommission costs 17,384 1,145 — 2,345 20,874 Depreciation, amortization and accretion 258,149 56,658 1,664 3,053 319,524 Operating income (loss) 186,733 (419) 605 (15,252) 171,667 Other expense (principally interest expense and other income (expense)) (81,113) (81,113) Income before provision for income taxes 90,554 Cash capital expenditures (3) 179,969 37,068 1,472 1,929 220,438 Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment (1) Total (in thousands) Assets As of June 30, 2017 $ 5,312,780 $ 1,860,273 $ 44,177 $ 91,623 $ 7,308,853 As of December 31, 2016 $ 5,396,394 $ 1,839,703 $ 43,769 $ 81,079 $ 7,360,945 (1) Assets not identified by segment consist primarily of general corporate assets. (2) Excludes depreciation, amortization, and accretion. (3) Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions. (4) International site leasing i ncludes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. EARNINGS PER SHARE Basic earnings per share was computed by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income from continuing operations attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “If-Converted” method and also Common Stock warrants as determined under the “Treasury Stock” method. The following table sets forth basic and diluted net income per common share for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share data): For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 Numerator: Net income $ 9,233 $ 32,711 $ 46,832 $ 86,348 Denominator: Basic weighted-average shares outstanding 121,455 125,125 121,253 125,261 Dilutive impact of stock options and restricted shares 982 658 834 660 Diluted weighted-average shares outstanding 122,437 125,783 122,087 125,921 Net income per common share: Basic $ 0.08 $ 0.26 $ 0.39 $ 0.69 Diluted $ 0.08 $ 0.26 $ 0.38 $ 0.69 For the three and six months ended June 30, 2017 , the diluted weighted average number of common shares outstanding excluded an additional 2.1 million a nd 1.7 million shares, respectively, issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the thre e and six months ended June 30, 2016 , the diluted weighted average number of common shares outstanding excluded an additional 0.7 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation [Abstract] | |
Foreign Currency Translation | Foreign Currency Translation The functional currency for the Company’s Central American subsidiaries is the U.S. dollar. Monetary assets and liabilities of such subsidiaries which are not denominated in U.S. dollars are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statement of Operations. All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end rates of exchange, while revenues and expenses are translated at monthly average rates of exchange prevailing during the period. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the accompanying Consolidated Statement of Shareholders’ Deficit. |
Intercompany Loans | Intercompany Loans In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in O ther income (expense), ne t in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future . The Company recorded a $20.4 million loss and a $47.4 million gain on the remeasurement of intercompany loans for the three months ended June 30, 2017 and 2016 , respectively, and a $6.8 million loss and a $92.1 million gain on the remeasurement of intercompany loans for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , the outstanding balance under this agreement was $433.3 million. |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. The standard provides guidance to help entities determine whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or should be accounted for as an asset acquisition, likely resulting in more acquisitions being accounted for as asset acquisitions as opposed to business combinations. The Company adopted this standard prospectively effective January 1, 2017. Under this update, substantially all of the Company’s acquisitions are expected to qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired, while internal costs related to the asset acquisition will continue to be expensed as incurred. Additionally, earnout liabilities will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB released an updated standard regarding the recognition of revenue from contracts with customers, exclusive of those contracts within lease accounting. The core principle of the standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contracts with the customer; (2) identify the performance obligations in the contract; (3) determine the contract price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This standard is effective for the Company in the first quarter of 2018. Early adoption is permitted. This standard is required to be applied retrospectively to each prior reporting period presented or with the cumulative effect being recognized at the date of initial application. The Company is evaluating the standard and does not expect a material financial statement impact upon adoption since the standard only affects the Company’s site development segment , which represents approximately 6% of the Company’s total revenues. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments for all leases with a term greater than 12 months. The accounting for lessors remains largely unchanged from existing guidance. This standard is effective for annual and interim periods beginning after December 15, 2018 and requires a modified retrospective transition approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented. Early adoption is permitted ; however, the Company does not currently plan to early adopt . The Company has established a cross functional project plan and is currently as sess ing the impact of the standard on its consolidated financial statements. The Company expects this g uidance to have a material impact on its consolidated balance sheet due to the recognition of right-of-use assets and lease liabilities for its ground leases. The Company does not expect adoption to have a material impact on its consolidated statement of operations, nor does it expect accounting for capital leases to change substantially . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Summary Of Asset Impairment And Decommission Costs | For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 Asset impairment (1) $ 3,020 $ 7,464 $ 6,033 $ 7,464 Write-off of carrying value of decommissioned towers 3,675 3,665 7,648 7,862 Write-off and disposal of former corporate headquarters — 2,345 — 2,345 Other third party decommission costs 1,445 1,217 2,810 3,203 Total asset impairment and decommission costs $ 8,140 $ 14,691 $ 16,491 $ 20,874 (1) Represents impairment charges resulting from the Company’s analysis that the future cash flows from certain towers would not recover the carrying value of the investment in those towers. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restricted Cash [Abstract] | |
Schedule Of Cash, Cash Equivalents And Restricted Cash | As of As of June 30, 2017 December 31, 2016 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 164,521 $ 146,109 Securitization escrow accounts 29,916 36,607 Restricted cash - current asset Payment and performance bonds 177 179 Restricted cash - current asset Surety bonds and workers compensation 2,579 3,075 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 197,193 $ 185,970 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Assets [Abstract] | |
Schedule Of Other Assets | As of As of June 30, 2017 December 31, 2016 (in thousands) Long-term investments $ 8,632 $ 7,884 Prepaid land rent 205,149 191,615 Straight-line rent receivable 308,492 302,893 Deferred lease costs, net 28,619 29,660 Other 78,054 55,322 Total other assets $ 628,946 $ 587,374 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions [Abstract] | |
Schedule Of Acquisition Capital Expenditures | For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 (in thousands) Towers and related intangible assets (1) (2) $ 26,991 $ 38,668 $ 58,138 $ 113,512 Land buyouts and other assets (3) 12,539 18,204 24,043 35,192 Total cash acquisition capital expenditures $ 39,530 $ 56,872 $ 82,181 $ 148,704 (1) 2017 excludes $63.3 million of acquisition costs paid through the issuance of 487,963 shares of Class A common stock. (2) Excludes $39.6 million of acquisitions completed during the second quarter of 2017 which were not funded as of June 30, 2017. (3) In addition, the Company paid $5.0 million and $2.9 million for ground lease extensions during the three months ended June 30, 2017 and 2016 , respectively, and paid $8.1 million and $6.6 million for ground lease extensions during the six months ended June 30, 2017 and 2016 , respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets, Net [Abstract] | |
Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets | As of June 30, 2017 As of December 31, 2016 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,214,705 $ (1,533,599) $ 2,681,106 $ 4,141,968 $ (1,401,025) $ 2,740,943 Network location intangibles 1,537,629 (649,690) 887,939 1,515,348 (599,367) 915,981 Intangible assets, net $ 5,752,334 $ (2,183,289) $ 3,569,045 $ 5,657,316 $ (2,000,392) $ 3,656,924 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property And Equipment, Net [Abstract] | |
Property And Equipment, Net (Including Assets Held Under Capital Leases) | As of As of June 30, 2017 December 31, 2016 (in thousands) Towers and related components $ 4,635,431 $ 4,563,756 Construction-in-process 41,294 38,926 Furniture, equipment, and vehicles 51,380 50,671 Land, buildings, and improvements 603,353 578,680 Total property and equipment 5,331,458 5,232,033 Less: accumulated depreciation (2,557,060) (2,439,957) Property and equipment, net $ 2,774,398 $ 2,792,076 |
Costs And Estimated Earnings 32
Costs And Estimated Earnings On Uncompleted Contracts (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |
Summary Of Costs And Estimated Earnings On Uncompleted Contracts | As of As of June 30, 2017 December 31, 2016 (in thousands) Costs incurred on uncompleted contracts $ 31,230 $ 34,577 Estimated earnings 10,922 11,185 Billings to date (30,207) (36,027) $ 11,945 $ 9,735 |
Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets | As of As of June 30, 2017 December 31, 2016 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 12,304 $ 11,127 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (359) (1,392) $ 11,945 $ 9,735 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Expenses [Abstract] | |
Schedule Of Accrued Expenses | As of As of June 30, 2017 December 31, 2016 (in thousands) Accrued earnouts $ 3,265 $ 4,128 Salaries and benefits 11,367 11,910 Real estate and property taxes 8,285 7,644 Acquisitions (1) 39,631 — Non-cash capital expenditures 6,059 6,970 Other 27,586 30,477 Total accrued expenses $ 96,193 $ 61,129 (1) A cquisitions completed during the second quarter of 2017 which were not funded as of June 30, 2017. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Schedule Of Carrying And Principal Values Of Debt | As of As of June 30, 2017 December 31, 2016 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value 2014 Senior Notes July 15, 2022 $ 750,000 $ 771,563 $ 738,023 $ 750,000 $ 763,125 $ 736,992 2016 Senior Notes Sep. 1, 2024 1,100,000 1,117,875 1,080,093 1,100,000 1,083,500 1,078,954 2012-1C Tower Securities Dec. 11, 2017 — — — 610,000 610,165 607,157 2013-1C Tower Securities April 10, 2018 425,000 423,763 423,618 425,000 423,381 422,768 2013-2C Tower Securities April 11, 2023 575,000 587,386 568,072 575,000 563,322 567,545 2013-1D Tower Securities April 10, 2018 330,000 330,234 328,898 330,000 334,521 328,225 2014-1C Tower Securities Oct. 8, 2019 920,000 922,456 913,563 920,000 922,199 912,219 2014-2C Tower Securities Oct. 8, 2024 620,000 623,813 613,047 620,000 608,921 612,641 2015-1C Tower Securities Oct. 8, 2020 500,000 502,830 492,372 500,000 495,145 491,289 2016-1C Tower Securities July 9, 2021 700,000 697,620 692,201 700,000 688,072 691,322 2017-1C Tower Securities April 11, 2022 760,000 760,129 750,520 — — — Revolving Credit Facility Feb. 5, 2020 150,000 150,000 150,000 390,000 390,000 390,000 2014 Term Loan Mar. 24, 2021 1,455,000 1,456,819 1,445,690 1,462,500 1,467,984 1,452,039 2015 Term Loan June 10, 2022 490,000 489,388 482,608 492,500 494,347 484,432 Total debt $ 8,775,000 $ 8,833,876 $ 8,678,705 $ 8,875,000 $ 8,844,682 $ 8,775,583 Less: current maturities of long-term debt (772,517) (627,157) Total long-term debt, net of current maturities $ 7,906,188 $ 8,148,426 |
Schedule Of Cash And Non-Cash Interest Expense | For the three months ended June 30, For the six months ended June 30, 2017 2016 2017 2016 Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash Interest Interest Interest Interest Interest Interest Interest Interest (in thousands) 5.625% Senior Notes $ — $ — $ 7,031 $ — $ — $ — $ 14,063 — 5.75% Senior Notes — — 11,500 — — — 23,000 — 2014 Senior Notes 9,141 180 9,141 171 18,281 357 18,281 340 2016 Senior Notes 13,406 237 — — 26,813 471 — — 2010-2C Tower Securities — — 7,058 — — — 14,115 — 2012-1C Tower Securities 806 — 4,533 — 5,331 — 9,067 — 2013 Tower Securities 10,804 — 10,804 — 21,609 — 21,609 — 2014 Tower Securities 12,785 — 12,785 — 25,569 — 25,569 — 2015-1C Tower Securities 3,985 — 3,985 — 7,969 — 7,969 — 2016-1C Tower Securities 5,090 — — — 10,181 — — — 2017-1C Tower Securities 5,001 — — — 5,001 — — — Revolving Credit Facility 1,406 — 744 — 4,176 — 1,578 — 2014 Term Loan 12,043 131 12,107 126 23,327 259 24,245 251 2015 Term Loan 4,056 169 4,077 163 7,855 334 8,164 324 Other (67) — (83) — (54) — (174) — Total $ 78,456 $ 717 $ 83,682 $ 460 $ 156,058 $ 1,421 $ 167,486 $ 915 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options | For the six months ended June 30, 2017 2016 Risk free interest rate 1.70% - 1.97% 1.18% - 1.43% Dividend yield 0.0% 0.0% Expected volatility 20% 20% Expected lives 4.6 years 4.7 years |
Company's Activities With Respect To Its Stock Options | Weighted- Weighted- Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2016 4,447 $ 93.09 Granted 1,170 $ 115.38 Exercised (480) $ 77.18 Canceled (55) $ 105.04 Outstanding at June 30, 2017 5,082 $ 99.60 4.8 $ 179,390 Exercisable at June 30, 2017 2,208 $ 87.49 3.5 $ 104,656 Unvested at June 30, 2017 2,874 $ 108.90 5.8 $ 74,734 |
Company's Restricted Stock Unit Activity | Weighted- Average Grant Date Number of Fair Value per Shares Share (in thousands) Outstanding at December 31, 2016 291 $ 101.74 Granted 168 $ 115.75 Vested (121) $ 98.63 Forfeited/canceled (8) $ 108.50 Outstanding at June 30, 2017 330 $ 109.85 |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Data [Abstract] | |
Segment Reporting Information Disclosure | Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment Total For the three months ended June 30, 2017 (in thousands) Revenues $ 325,324 $ 77,677 $ 24,293 $ — $ 427,294 Cost of revenues (2) 65,251 24,086 20,007 — 109,344 Operating profit 260,073 53,591 4,286 — 317,950 Selling, general, and administrative 16,845 6,390 4,052 6,107 33,394 Acquisition related adjustments and expenses 1,438 868 — — 2,306 Asset impairment and decommission costs 7,418 586 136 — 8,140 Depreciation, amortization and accretion 124,225 33,015 652 1,628 159,520 Operating income (loss) 110,147 12,732 (554) (7,735) 114,590 Other expense (principally interest expense and other income (expense)) (101,967) (101,967) Income before provision for income taxes 12,623 Cash capital expenditures (3) 53,029 19,212 187 790 73,218 For the three months ended June 30, 2016 Revenues $ 316,842 $ 65,001 $ 23,689 $ — $ 405,532 Cost of revenues (2) 66,199 20,294 20,074 — 106,567 Operating profit 250,643 44,707 3,615 — 298,965 Selling, general, and administrative (4) 17,936 21,065 3,295 5,368 47,664 Acquisition related adjustments and expenses 1,355 1,466 — — 2,821 Asset impairment and decommission costs 11,363 983 — 2,345 14,691 Depreciation, amortization and accretion 126,756 29,781 639 2,547 159,723 Operating income (loss) 93,233 (8,588) (319) (10,260) 74,066 Other expense (principally interest expense and other income (expense)) (39,354) (39,354) Income before provision for income taxes 34,712 Cash capital expenditures (3) 74,616 15,688 916 1,053 92,273 Not Domestic Site Int'l Site Site Identified by Leasing Leasing Development Segment Total For the six months ended June 30, 2017 (in thousands) Revenues $ 646,454 $ 154,097 $ 50,106 $ — $ 850,657 Cost of revenues (2) 130,678 48,041 41,595 — 220,314 Operating profit 515,776 106,056 8,511 — 630,343 Selling, general, and administrative 36,202 12,349 7,669 11,398 67,618 Acquisition related adjustments and expenses 3,338 1,936 — — 5,274 Asset impairment and decommission costs 14,848 1,402 241 — 16,491 Depreciation, amortization and accretion 248,121 65,840 1,363 3,227 318,551 Operating income (loss) 213,267 24,529 (762) (14,625) 222,409 Other expense (principally interest expense and other income (expense)) (168,788) (168,788) Income before provision for income taxes 53,621 Cash capital expenditures (3) 103,462 46,102 320 1,732 151,616 For the six months ended June 30, 2016 Revenues $ 632,072 $ 124,221 $ 49,008 $ — $ 805,301 Cost of revenues (2) 130,674 38,581 39,907 — 209,162 Operating profit 501,398 85,640 9,101 — 596,139 Selling, general, and administrative (4) 35,935 25,450 6,832 9,854 78,071 Acquisition related adjustments and expenses 3,197 2,806 — — 6,003 Asset impairment and decommission costs 17,384 1,145 — 2,345 20,874 Depreciation, amortization and accretion 258,149 56,658 1,664 3,053 319,524 Operating income (loss) 186,733 (419) 605 (15,252) 171,667 Other expense (principally interest expense and other income (expense)) (81,113) (81,113) Income before provision for income taxes 90,554 Cash capital expenditures (3) 179,969 37,068 1,472 1,929 220,438 Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment (1) Total (in thousands) Assets As of June 30, 2017 $ 5,312,780 $ 1,860,273 $ 44,177 $ 91,623 $ 7,308,853 As of December 31, 2016 $ 5,396,394 $ 1,839,703 $ 43,769 $ 81,079 $ 7,360,945 (1) Assets not identified by segment consist primarily of general corporate assets. (2) Excludes depreciation, amortization, and accretion. (3) Includes cash paid for capital expenditures and acquisitions and vehicle capital lease additions. (4) International site leasing i ncludes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares Of Common Stock Outstanding Used In Calculation Of Basic And Diluted Earnings Per Share | For the three months For the six months ended June 30, ended June 30, 2017 2016 2017 2016 Numerator: Net income $ 9,233 $ 32,711 $ 46,832 $ 86,348 Denominator: Basic weighted-average shares outstanding 121,455 125,125 121,253 125,261 Dilutive impact of stock options and restricted shares 982 658 834 660 Diluted weighted-average shares outstanding 122,437 125,783 122,087 125,921 Net income per common share: Basic $ 0.08 $ 0.26 $ 0.39 $ 0.69 Diluted $ 0.08 $ 0.26 $ 0.38 $ 0.69 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Basis Of Presentation [Line Items] | |||||
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan | $ (20,400) | $ 47,400 | $ (6,758) | $ 92,132 | |
Debt instrument, carrying value | 8,678,705 | 8,678,705 | $ 8,775,583 | ||
Subsidiaries [Member] | Intercompany Loan with Brazil Shareholder I, LLC. [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, carrying value | $ 433,300 | $ 433,300 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accrued earnouts | $ 3.3 | $ 4.1 |
Performance targets, maximum potential obligation | 6.7 | |
Treasury securities | 0.2 | 0.2 |
Held-to-maturity investments, carrying value | 0.7 | 0.7 |
Held-to-maturity investments, fair value | 0.7 | 0.7 |
Business Combinations and Asset Acquisitions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Performance targets, maximum potential obligation | $ 4.7 | $ 5.8 |
Revolving Credit Facility [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Basis spread on variable interest rate | 1.375% | |
Revolving Credit Facility [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Basis spread on variable interest rate | 2.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Asset Impairment And Decommission Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Asset impairment | $ 3,020 | $ 7,464 | $ 6,033 | $ 7,464 |
Total asset impairment and decommission costs | 8,140 | 14,691 | 16,491 | 20,874 |
Former Corporate Headquarters Building [Member] | ||||
Write-offs relating to long-lived assets and intangibles | 2,345 | 2,345 | ||
Not Identified by Segment [Member] | ||||
Write-offs relating to long-lived assets and intangibles | 1,445 | 1,217 | 2,810 | 3,203 |
Total asset impairment and decommission costs | 2,345 | 2,345 | ||
Decommissioned Towers [Member] | ||||
Write-offs relating to long-lived assets and intangibles | $ 3,675 | $ 3,665 | $ 7,648 | $ 7,862 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||
Surety, payment and performance bonds | $ 38,900,000 | $ 39,200,000 |
Collateral payment for performance bonds | 0 | 500,000 |
Collateral related to workers compensation policy | $ 2,500,000 | $ 2,500,000 |
Restricted Cash (Schedule Of Ca
Restricted Cash (Schedule Of Cash, Cash Equivalents And Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 164,521 | $ 146,109 | ||
Restricted cash - short term | 30,093 | 36,786 | ||
Total cash, cash equivalents, and restricted cash | 197,193 | 185,970 | $ 162,636 | $ 146,619 |
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - short term | 29,916 | 36,607 | ||
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - short term | 177 | 179 | ||
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - long term | $ 2,579 | $ 3,075 |
Other Assets (Schedule Of Other
Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Long-term investments | $ 8,632 | $ 7,884 |
Prepaid land rent | 205,149 | 191,615 |
Straight-line rent receivable | 308,492 | 302,893 |
Deferred lease costs, net | 28,619 | 29,660 |
Other | 78,054 | 55,322 |
Total other assets | $ 628,946 | $ 587,374 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Other Acquisitions [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)item | |
Business Acquisition [Line Items] | |
Number of towers acquired | item | 318 |
Property and equipment | $ 36 |
Intangible assets | 116.1 |
Working capital adjustments | $ 9 |
Acquisitions (Schedule Of Acqui
Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Acquisitions [Abstract] | ||||
Towers and related intangible assets | $ 26,991 | $ 38,668 | $ 58,138 | $ 113,512 |
Land buyouts and other assets | 12,539 | 18,204 | 24,043 | 35,192 |
Total cash acquisition capital expenditures | 39,530 | 56,872 | 82,181 | 148,704 |
Acquisition costs paid through the issuance of common stock | $ 63,300 | |||
Common stock issued for acquisition costs | 487,963 | |||
Acquisitions | 39,631 | $ 39,631 | ||
Ground lease extensions | $ 5,000 | $ 2,900 | $ 8,100 | $ 6,600 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Intangible Assets, Net [Abstract] | ||||
Intangible assets, useful life | 15 years | |||
Amortization expense | $ 95.1 | $ 92.7 | $ 190 | $ 182.8 |
Intangible Assets, Net (Gross A
Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,752,334 | $ 5,657,316 |
Accumulated amortization | (2,183,289) | (2,000,392) |
Net book value | 3,569,045 | 3,656,924 |
Current Contract Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,214,705 | 4,141,968 |
Accumulated amortization | (1,533,599) | (1,401,025) |
Net book value | 2,681,106 | 2,740,943 |
Network Location Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,537,629 | 1,515,348 |
Accumulated amortization | (649,690) | (599,367) |
Net book value | $ 887,939 | $ 915,981 |
Property And Equipment, Net (Na
Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Property And Equipment, Net [Abstract] | |||||
Depreciation expense | $ 64.2 | $ 66.9 | $ 128.3 | $ 136.4 | |
Non-cash capital expenditures | $ 6.1 | $ 7 |
Property And Equipment, Net (Pr
Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 5,331,458 | $ 5,232,033 |
Less: accumulated depreciation | (2,557,060) | (2,439,957) |
Property and equipment, net | 2,774,398 | 2,792,076 |
Towers And Related Components [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,635,431 | 4,563,756 |
Construction-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 41,294 | 38,926 |
Furniture, Equipment And Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 51,380 | 50,671 |
Land, Buildings, and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 603,353 | $ 578,680 |
Costs And Estimated Earnings 50
Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) - customer | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings on uncompleted contracts, percentage comprised by significant customers | 87.80% | 81.60% |
Number of significant customers | 8 | 8 |
Costs And Estimated Earnings 51
Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $ 31,230 | $ 34,577 |
Estimated earnings | 10,922 | 11,185 |
Billings to date | (30,207) | (36,027) |
Costs and estimated earnings on uncompleted contracts | $ 11,945 | $ 9,735 |
Costs And Estimated Earnings 52
Costs And Estimated Earnings On Uncompleted Contracts (Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 12,304 | $ 11,127 |
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) | (359) | (1,392) |
Costs and estimated earnings on uncompleted contracts | $ 11,945 | $ 9,735 |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses [Abstract] | ||
Accrued earnouts | $ 3,265 | $ 4,128 |
Salaries and benefits | 11,367 | 11,910 |
Real estate and property taxes | 8,285 | 7,644 |
Acquisitions | 39,631 | |
Non-cash capital expenditures | 6,059 | 6,970 |
Other | 27,586 | 30,477 |
Total accrued expenses | $ 96,193 | $ 61,129 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 04, 2017 | |
Line of Credit Facility [Line Items] | ||||
Repayments of revolving credit facility | $ 340,000 | $ 110,000 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | |||
Line of credit facility, commitment fee | 0.25% | |||
Revolving credit facility, maturity date | Feb. 5, 2020 | |||
Borrowings on the revolving credit facility | $ 100,000 | |||
Repayments of revolving credit facility | $ 340,000 | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Borrowings on the revolving credit facility | $ 65,000 | |||
Line of credit facility, outstanding | $ 215,000 | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.375% | |||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 0.375% | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 2.00% | |||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 1.00% |
Debt (Term Loans Under The Seni
Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) | Jan. 20, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Repayment of term loans | $ 610,000,000 | |||
Debt instrument, principal balance | $ 8,775,000,000 | 8,775,000,000 | $ 8,875,000,000 | |
2014 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 1,500,000,000 | $ 1,500,000,000 | ||
Debt instrument, maturity date | Mar. 24, 2021 | |||
Term Loan, percentage of par value | 99.75% | 99.75% | ||
Coupon rate of notes | 3.48% | 3.48% | ||
Deferred financing fees | $ 14,100,000 | $ 14,100,000 | ||
Quarterly payments | 3,800,000 | |||
Repayment of term loans | 3,800,000 | 7,500,000 | ||
Debt instrument, principal balance | 1,455,000,000 | 1,455,000,000 | 1,462,500,000 | |
2015 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument, maturity date | Jun. 10, 2022 | |||
Term Loan, percentage of par value | 99.00% | 99.00% | ||
Coupon rate of notes | 3.48% | 3.48% | ||
Deferred financing fees | $ 5,500,000 | $ 5,500,000 | ||
Quarterly payments | 1,300,000 | |||
Repayment of term loans | 1,300,000 | 2,500,000 | ||
Debt instrument, principal balance | $ 490,000,000 | $ 490,000,000 | $ 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% | |||
Base Rate [Member] | 2015 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 1.50% | |||
Base rate floor | 1.75% | |||
Base Rate [Member] | Term Loan under the Senior Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 1.25% | |||
Base rate floor | 0.00% | |||
Eurodollar [Member] | 2014 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 2.50% | |||
Eurodollar rate floor | 0.75% | |||
Eurodollar [Member] | 2015 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 2.50% | |||
Eurodollar rate floor | 0.75% | |||
Eurodollar [Member] | Term Loan under the Senior Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 2.25% | |||
Eurodollar rate floor | 0.00% |
Debt (Secured Tower Revenue Sec
Debt (Secured Tower Revenue Securities) (Narrative) (Details) - USD ($) | Apr. 17, 2017 | Jul. 07, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Apr. 18, 2013 | Aug. 09, 2012 | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 8,678,705,000 | $ 8,775,583,000 | ||||||
2012-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 610,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.933% | |||||||
Repayment date of debt instrument | Dec. 11, 2017 | |||||||
Debt instrument, maturity date | Dec. 9, 2042 | Dec. 11, 2017 | ||||||
Deferred financing fees | $ 2,000,000 | $ 14,900,000 | ||||||
Repayments of long-term debt | 610,000,000 | |||||||
Long-term debt | 607,157,000 | |||||||
2013 Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing fees | $ 25,500,000 | |||||||
Debt instrument, weighted average interest rate | 3.218% | |||||||
Long-term debt | $ 1,330,000,000 | |||||||
2013-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 425,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.24% | |||||||
Repayment date of debt instrument | Apr. 10, 2018 | |||||||
Debt instrument, maturity date | Apr. 9, 2043 | Apr. 10, 2018 | ||||||
Long-term debt | $ 423,618,000 | 422,768,000 | ||||||
2013-2C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 575,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.722% | |||||||
Repayment date of debt instrument | Apr. 11, 2023 | |||||||
Debt instrument, maturity date | Apr. 9, 2048 | Apr. 11, 2023 | ||||||
Long-term debt | $ 568,072,000 | 567,545,000 | ||||||
2013-1D Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 330,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.598% | |||||||
Repayment date of debt instrument | Apr. 10, 2018 | |||||||
Debt instrument, maturity date | Apr. 9, 2043 | Apr. 10, 2018 | ||||||
Long-term debt | $ 328,898,000 | 328,225,000 | ||||||
2014 Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing fees | $ 22,500,000 | |||||||
Debt instrument, weighted average interest rate | 3.289% | |||||||
Long-term debt | $ 1,540,000,000 | |||||||
2014-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 920,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.898% | |||||||
Repayment date of debt instrument | Oct. 8, 2019 | |||||||
Debt instrument, maturity date | Oct. 11, 2044 | Oct. 8, 2019 | ||||||
Long-term debt | $ 913,563,000 | 912,219,000 | ||||||
2014-2C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 620,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.869% | |||||||
Repayment date of debt instrument | Oct. 8, 2024 | |||||||
Debt instrument, maturity date | Oct. 8, 2049 | Oct. 8, 2024 | ||||||
Long-term debt | $ 613,047,000 | 612,641,000 | ||||||
2015-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.156% | |||||||
Repayment date of debt instrument | Oct. 8, 2020 | |||||||
Debt instrument, maturity date | Oct. 10, 2045 | Oct. 8, 2020 | ||||||
Deferred financing fees | $ 11,200,000 | |||||||
Long-term debt | $ 492,372,000 | 491,289,000 | ||||||
2016-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 700,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 2.877% | |||||||
Repayment date of debt instrument | Jul. 9, 2021 | |||||||
Debt instrument, maturity date | Jul. 10, 2046 | Jul. 9, 2021 | ||||||
Deferred financing fees | $ 9,500,000 | |||||||
Long-term debt | $ 692,201,000 | $ 691,322,000 | ||||||
2017-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 760,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 3.168% | |||||||
Repayment date of debt instrument | Apr. 11, 2022 | |||||||
Debt instrument, maturity date | Apr. 9, 2047 | Apr. 11, 2022 | ||||||
Deferred financing fees | $ 9,800,000 | |||||||
Long-term debt | $ 750,520,000 | |||||||
2017-1R Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 40,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 4.459% | |||||||
Repayment date of debt instrument | Apr. 11, 2022 | |||||||
Debt instrument, maturity date | Apr. 9, 2047 | |||||||
2017 Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 800,000,000 | |||||||
Debt instrument, unused amount | $ 190,000,000 |
Debt (Senior Notes) (Narrative)
Debt (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | Aug. 15, 2016 | Jul. 01, 2014 | Jun. 30, 2017 |
5.75% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |
Repayments of unsecured debt | $ 800 | ||
5.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 5.625% | 5.625% | |
Repayments of unsecured debt | $ 250 | ||
2014 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes | $ 750 | ||
Debt instrument, maturity date | Jul. 15, 2022 | ||
Debt instrument, interest rate, stated percentage | 4.875% | ||
Percentage of face value price for issuance of senior notes | 99.178% | ||
Interest payable dates | January 15 and July 15 | ||
Deferred financing fees | $ 11.6 | ||
2016 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured senior notes | $ 1,100 | ||
Debt instrument, maturity date | Sep. 1, 2024 | ||
Debt instrument, interest rate, stated percentage | 4.875% | ||
Percentage of face value price for issuance of senior notes | 99.178% | ||
Interest payable dates | March 1 and September 1 | ||
Deferred financing fees | $ 12.8 |
Debt (Schedule Of Carrying And
Debt (Schedule Of Carrying And Principal Values Of Debt) (Details) - USD ($) | Apr. 17, 2017 | Jul. 07, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Apr. 18, 2013 | Aug. 09, 2012 | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 8,775,000,000 | $ 8,875,000,000 | ||||||
Fair Value | 8,833,876,000 | 8,844,682,000 | ||||||
Carrying Value | 8,678,705,000 | 8,775,583,000 | ||||||
Less: current maturities of long-term debt | (772,517,000) | (627,157,000) | ||||||
Total long-term debt, net of current maturities | 7,906,188,000 | 8,148,426,000 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | 150,000,000 | 390,000,000 | ||||||
Fair Value | 150,000,000 | 390,000,000 | ||||||
Carrying Value | $ 150,000,000 | 390,000,000 | ||||||
Debt instrument, maturity date | Feb. 5, 2020 | |||||||
2014 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 750,000,000 | 750,000,000 | ||||||
Fair Value | 771,563,000 | 763,125,000 | ||||||
Carrying Value | $ 738,023,000 | 736,992,000 | ||||||
Debt instrument, maturity date | Jul. 15, 2022 | |||||||
2016 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 1,100,000,000 | 1,100,000,000 | ||||||
Fair Value | 1,117,875,000 | 1,083,500,000 | ||||||
Carrying Value | $ 1,080,093,000 | 1,078,954,000 | ||||||
Debt instrument, maturity date | Sep. 1, 2024 | |||||||
2012-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | 610,000,000 | |||||||
Fair Value | 610,165,000 | |||||||
Carrying Value | 607,157,000 | |||||||
Debt instrument, maturity date | Dec. 9, 2042 | Dec. 11, 2017 | ||||||
2013-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 425,000,000 | 425,000,000 | ||||||
Fair Value | 423,763,000 | 423,381,000 | ||||||
Carrying Value | $ 423,618,000 | 422,768,000 | ||||||
Debt instrument, maturity date | Apr. 9, 2043 | Apr. 10, 2018 | ||||||
2013-2C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 575,000,000 | 575,000,000 | ||||||
Fair Value | 587,386,000 | 563,322,000 | ||||||
Carrying Value | $ 568,072,000 | 567,545,000 | ||||||
Debt instrument, maturity date | Apr. 9, 2048 | Apr. 11, 2023 | ||||||
2013-1D Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 330,000,000 | 330,000,000 | ||||||
Fair Value | 330,234,000 | 334,521,000 | ||||||
Carrying Value | $ 328,898,000 | 328,225,000 | ||||||
Debt instrument, maturity date | Apr. 9, 2043 | Apr. 10, 2018 | ||||||
2014-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 920,000,000 | 920,000,000 | ||||||
Fair Value | 922,456,000 | 922,199,000 | ||||||
Carrying Value | $ 913,563,000 | 912,219,000 | ||||||
Debt instrument, maturity date | Oct. 11, 2044 | Oct. 8, 2019 | ||||||
2014-2C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 620,000,000 | 620,000,000 | ||||||
Fair Value | 623,813,000 | 608,921,000 | ||||||
Carrying Value | $ 613,047,000 | 612,641,000 | ||||||
Debt instrument, maturity date | Oct. 8, 2049 | Oct. 8, 2024 | ||||||
2015-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 500,000,000 | 500,000,000 | ||||||
Fair Value | 502,830,000 | 495,145,000 | ||||||
Carrying Value | $ 492,372,000 | 491,289,000 | ||||||
Debt instrument, maturity date | Oct. 10, 2045 | Oct. 8, 2020 | ||||||
2016-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 700,000,000 | 700,000,000 | ||||||
Fair Value | 697,620,000 | 688,072,000 | ||||||
Carrying Value | $ 692,201,000 | 691,322,000 | ||||||
Debt instrument, maturity date | Jul. 10, 2046 | Jul. 9, 2021 | ||||||
2017-1C Tower Securities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 760,000,000 | |||||||
Fair Value | 760,129,000 | |||||||
Carrying Value | $ 750,520,000 | |||||||
Debt instrument, maturity date | Apr. 9, 2047 | Apr. 11, 2022 | ||||||
2014 Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 1,455,000,000 | 1,462,500,000 | ||||||
Fair Value | 1,456,819,000 | 1,467,984,000 | ||||||
Carrying Value | $ 1,445,690,000 | 1,452,039,000 | ||||||
Debt instrument, maturity date | Mar. 24, 2021 | |||||||
2015 Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal Balance | $ 490,000,000 | 492,500,000 | ||||||
Fair Value | 489,388,000 | 494,347,000 | ||||||
Carrying Value | $ 482,608,000 | $ 484,432,000 | ||||||
Debt instrument, maturity date | Jun. 10, 2022 |
Debt (Schedule Of Cash And Non-
Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Apr. 17, 2017 | Aug. 15, 2016 | Jul. 07, 2016 | Oct. 14, 2015 | Jul. 01, 2014 | Aug. 09, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Cash Interest | $ 78,456 | $ 83,682 | $ 156,058 | $ 167,486 | ||||||
Non-cash Interest | 717 | 460 | 1,421 | 915 | ||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | $ 1,406 | 744 | $ 4,176 | 1,578 | ||||||
5.625% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 7,031 | 14,063 | ||||||||
Debt instrument, interest rate, stated percentage | 5.625% | 5.625% | 5.625% | |||||||
5.75% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 11,500 | 23,000 | ||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | 5.75% | |||||||
2014 Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | $ 9,141 | 9,141 | $ 18,281 | 18,281 | ||||||
Non-cash Interest | 180 | 171 | 357 | 340 | ||||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||||||
2016 Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 13,406 | 26,813 | ||||||||
Non-cash Interest | 237 | 471 | ||||||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||||||
2010-2C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 7,058 | 14,115 | ||||||||
2012-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 806 | 4,533 | 5,331 | 9,067 | ||||||
Debt instrument, interest rate, stated percentage | 2.933% | |||||||||
2013 Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 10,804 | 10,804 | 21,609 | 21,609 | ||||||
2014 Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 12,785 | 12,785 | 25,569 | 25,569 | ||||||
2015-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 3,985 | 3,985 | 7,969 | 7,969 | ||||||
Debt instrument, interest rate, stated percentage | 3.156% | |||||||||
2016-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 5,090 | 10,181 | ||||||||
Debt instrument, interest rate, stated percentage | 2.877% | |||||||||
2017-1C Tower Securities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 5,001 | 5,001 | ||||||||
Debt instrument, interest rate, stated percentage | 3.168% | |||||||||
2014 Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 12,043 | 12,107 | 23,327 | 24,245 | ||||||
Non-cash Interest | 131 | 126 | 259 | 251 | ||||||
2015 Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | 4,056 | 4,077 | 7,855 | 8,164 | ||||||
Non-cash Interest | 169 | 163 | 334 | 324 | ||||||
Other [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Cash Interest | $ (67) | $ (83) | $ (54) | $ (174) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Aug. 04, 2017 | Jan. 12, 2017 | Dec. 31, 2016 | Jun. 04, 2015 | Dec. 31, 2007 | |
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized | $ 1,000,000,000 | |||||||
Stock repurchase program, remaining authorization | $ 150,000,000 | |||||||
Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, remaining authorization | $ 750,000,000 | |||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchased, shares | 1,200,000 | 1,200,000 | ||||||
Stock repurchased, value | $ 155,000,000 | $ 155,000,000 | ||||||
Weighted average price per share | $ 134.41 | $ 134.41 | ||||||
Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchased, shares | 700,000 | |||||||
Stock repurchased, value | $ 95,000,000 | |||||||
Weighted average price per share | $ 135.92 | |||||||
2007 [Member] | Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares registered | 4,000,000 | |||||||
Common stock, shares issued | 487,963 | 487,963 | 0 | |||||
Shares reclassified as authorized and unissued | 1,200,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)$ / shares | |
Stock-Based Compensation [Abstract] | |
Weighted-average fair value of options granted | $ / shares | $ 23.88 |
Total intrinsic value for options exercised | $ | $ 22.6 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | ||
Risk free interest rate, Minimum | 1.70% | 1.18% |
Risk free interest rate, Maximum | 1.97% | 1.43% |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 20.00% | 20.00% |
Expected lives | 4 years 7 months 6 days | 4 years 8 months 12 days |
Stock-Based Compensation (Compa
Stock-Based Compensation (Company's Activities With Respect To Its Stock Options) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Shares Outstanding, Beginning Balance | shares | 4,447 |
Number of Shares, Granted | shares | 1,170 |
Number of Shares, Exercised | shares | (480) |
Number of Shares, Canceled | shares | (55) |
Number of Shares Outstanding, Ending Balance | shares | 5,082 |
Number of Shares Exercisable, Ending Balance | shares | 2,208 |
Number of Shares Unvested, Ending Balance | shares | 2,874 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance | $ / shares | $ 93.09 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 115.38 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 77.18 |
Weighted-Average Exercise Price Per Share, Canceled | $ / shares | 105.04 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance | $ / shares | 99.60 |
Weighted-Average Exercise Price Per Share, Exercisable, Ending Balance | $ / shares | 87.49 |
Weighted-Average Exercise Price Per Share, Unvested, Ending Balance | $ / shares | $ 108.90 |
Weighted-Average Remaining Contractual Life (in years), Outstanding at March 31, 2017 | 4 years 9 months 18 days |
Weighted-Average Remaining Contractual Life (in years), Exercisable at March 31, 2017 | 3 years 6 months |
Weighted-Average Remaining Contractual Life (in years), Unvested at March 31, 2017 | 5 years 9 months 18 days |
Aggregate Intrinsic Value, Outstanding at June 30, 2017 | $ | $ 179,390 |
Aggregate Intrinsic Value, Exercisable at June 30, 2017 | $ | 104,656 |
Aggregate Intrinsic Value, Unvested at June 30, 2017 | $ | $ 74,734 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Shares, Outstanding, at December 31, 2016 | shares | 291 |
Number of Shares, Granted | shares | 168 |
Number of Shares, Vested | shares | (121) |
Number of Shares, Forfeited/canceled | shares | (8) |
Number of Shares, Outstanding, at June 30, 2017 | shares | 330 |
Weighted-Average Grant Date Fair Value per Share, Outstanding, at December 31, 2016 | $ / shares | $ 101.74 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 115.75 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 98.63 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 108.50 |
Weighted-Average Grant Date Fair Value per Share, Outstanding, at June 30, 2017 | $ / shares | $ 109.85 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Billions | Dec. 31, 2016USD ($) |
Income Taxes [Abstract] | |
Foreign net operating loss carry-forward | $ 1.1 |
Segment Data (Narrative) (Detai
Segment Data (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017segment | |
Segment Data [Abstract] | |
Number of business segments | 2 |
Segment Data (Segment Reporting
Segment Data (Segment Reporting Information Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 427,294 | $ 405,532 | $ 850,657 | $ 805,301 | ||
Cost of revenues | 109,344 | 106,567 | 220,314 | 209,162 | ||
Operating profit | 317,950 | 298,965 | 630,343 | 596,139 | ||
Selling, general, and administrative | [1],[2] | 33,394 | 47,664 | 67,618 | 78,071 | |
Acquisition related adjustments and expenses | 2,306 | 2,821 | 5,274 | 6,003 | ||
Asset impairment and decommission costs | 8,140 | 14,691 | 16,491 | 20,874 | ||
Depreciation, amortization and accretion | 159,520 | 159,723 | 318,551 | 319,524 | ||
Operating income | 114,590 | 74,066 | 222,409 | 171,667 | ||
Other expense (principally interest expense and other income (expense)) | (101,967) | (39,354) | (168,788) | (81,113) | ||
Income before provision for income taxes | 12,623 | 34,712 | 53,621 | 90,554 | ||
Cash capital expenditures | 73,218 | 92,273 | 151,616 | 220,438 | ||
Assets | 7,308,853 | 7,308,853 | $ 7,360,945 | |||
Provision for doubtful accounts | [3] | 1,012 | 17,504 | |||
Domestic Site Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 325,324 | 316,842 | 646,454 | 632,072 | ||
Cost of revenues | 65,251 | 66,199 | 130,678 | 130,674 | ||
Operating profit | 260,073 | 250,643 | 515,776 | 501,398 | ||
Selling, general, and administrative | 16,845 | 17,936 | 36,202 | 35,935 | ||
Acquisition related adjustments and expenses | 1,438 | 1,355 | 3,338 | 3,197 | ||
Asset impairment and decommission costs | 7,418 | 11,363 | 14,848 | 17,384 | ||
Depreciation, amortization and accretion | 124,225 | 126,756 | 248,121 | 258,149 | ||
Operating income | 110,147 | 93,233 | 213,267 | 186,733 | ||
Cash capital expenditures | 53,029 | 74,616 | 103,462 | 179,969 | ||
Assets | 5,312,780 | 5,312,780 | 5,396,394 | |||
International Site Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 77,677 | 65,001 | 154,097 | 124,221 | ||
Cost of revenues | 24,086 | 20,294 | 48,041 | 38,581 | ||
Operating profit | 53,591 | 44,707 | 106,056 | 85,640 | ||
Selling, general, and administrative | 6,390 | 21,065 | 12,349 | 25,450 | ||
Acquisition related adjustments and expenses | 868 | 1,466 | 1,936 | 2,806 | ||
Asset impairment and decommission costs | 586 | 983 | 1,402 | 1,145 | ||
Depreciation, amortization and accretion | 33,015 | 29,781 | 65,840 | 56,658 | ||
Operating income | 12,732 | (8,588) | 24,529 | (419) | ||
Cash capital expenditures | 19,212 | 15,688 | 46,102 | 37,068 | ||
Assets | 1,860,273 | 1,860,273 | 1,839,703 | |||
Site Development [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 24,293 | 23,689 | 50,106 | 49,008 | ||
Cost of revenues | 20,007 | 20,074 | 41,595 | 39,907 | ||
Operating profit | 4,286 | 3,615 | 8,511 | 9,101 | ||
Selling, general, and administrative | 4,052 | 3,295 | 7,669 | 6,832 | ||
Asset impairment and decommission costs | 136 | 241 | ||||
Depreciation, amortization and accretion | 652 | 639 | 1,363 | 1,664 | ||
Operating income | (554) | (319) | (762) | 605 | ||
Cash capital expenditures | 187 | 916 | 320 | 1,472 | ||
Assets | 44,177 | 44,177 | 43,769 | |||
Not Identified by Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Selling, general, and administrative | 6,107 | 5,368 | 11,398 | 9,854 | ||
Asset impairment and decommission costs | 2,345 | 2,345 | ||||
Depreciation, amortization and accretion | 1,628 | 2,547 | 3,227 | 3,053 | ||
Operating income | (7,735) | (10,260) | (14,625) | (15,252) | ||
Other expense (principally interest expense and other income (expense)) | (101,967) | (39,354) | (168,788) | (81,113) | ||
Cash capital expenditures | 790 | 1,053 | 1,732 | 1,929 | ||
Assets | $ 91,623 | $ 91,623 | $ 81,079 | |||
Oi S.A. [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Provision for doubtful accounts | 16,498 | |||||
Selling, General And Administrative [Member] | Oi S.A. [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Provision for doubtful accounts | $ 16,498 | $ 16,498 | ||||
[1] | Includes non-cash compensation of $10,030 and $8,785 for the three months ended June 30, 2017 and 2016, respectively, and $18,856 and $16,471 for the six months ended June 30, 2017 and 2016, respectively. | |||||
[2] | Includes the impact of the $16,498 Oi reserve for the three and six months ended June 30, 2016. | |||||
[3] | Includes the impact of the $16,498 Oi reserve for the six months ended June 30, 2016. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from earnings per share calculation | 2.1 | 0.7 | 1.7 |
Earnings Per Share (Weighted-Av
Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding Used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 9,233 | $ 32,711 | $ 46,832 | $ 86,348 |
Basic weighted-average shares outstanding | 121,455 | 125,125 | 121,253 | 125,261 |
Dilutive impact of stock options and restricted shares | 982 | 658 | 834 | 660 |
Diluted weighted-average shares outstanding | 122,437 | 125,783 | 122,087 | 125,921 |
Net income per common share: | ||||
Basic | $ 0.08 | $ 0.26 | $ 0.39 | $ 0.69 |
Diluted | $ 0.08 | $ 0.26 | $ 0.38 | $ 0.69 |