Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 | 116,507,867 | ||
Entity Public Float | $ 16.2 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | SBAC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 68,783 | $ 146,109 |
Restricted cash | 32,924 | 36,786 |
Accounts receivable, net | 90,673 | 78,344 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 17,437 | 11,127 |
Prepaid expenses and other current assets | 49,716 | 52,205 |
Total current assets | 259,533 | 324,571 |
Property and equipment, net | 2,812,346 | 2,792,076 |
Intangible assets, net | 3,598,131 | 3,656,924 |
Other assets | 650,195 | 587,374 |
Total assets | 7,320,205 | 7,360,945 |
Current liabilities: | ||
Accounts payable | 33,334 | 28,320 |
Accrued expenses | 69,862 | 61,129 |
Current maturities of long-term debt | 20,000 | 627,157 |
Deferred revenue | 97,969 | 101,098 |
Accrued interest | 48,899 | 44,503 |
Other current liabilities | 8,841 | 11,240 |
Total current liabilities | 278,905 | 873,447 |
Long-term liabilities: | ||
Long-term debt, net | 9,290,686 | 8,148,426 |
Other long-term liabilities | 349,728 | 334,993 |
Total long-term liabilities | 9,640,414 | 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, 116,446 and 121,004 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 1,164 | 1,210 |
Additional paid-in capital | 2,167,470 | 2,010,520 |
Accumulated deficit | (4,388,288) | (3,637,467) |
Accumulated other comprehensive loss, net | (379,460) | (370,184) |
Total shareholders' deficit | (2,599,114) | (1,995,921) |
Total liabilities and shareholders' deficit | $ 7,320,205 | $ 7,360,945 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ||
Common stock - Class A, par value | $ 0.01 | $ 0.01 |
Common stock - Class A, shares authorized | 400,000,000 | 400,000,000 |
Common stock - Class A, shares issued | 116,446,000 | 121,004,000 |
Common stock - Class A, shares outstanding | 116,446,000 | 121,004,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Site leasing | $ 1,623,173 | $ 1,538,070 | $ 1,480,634 |
Site development | 104,501 | 95,055 | 157,840 |
Total revenues | 1,727,674 | 1,633,125 | 1,638,474 |
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): | |||
Cost of site leasing | 359,527 | 342,215 | 324,655 |
Cost of site development | 86,785 | 78,682 | 119,744 |
Selling, general, and administrative | 130,697 | 143,349 | 114,951 |
Acquisition related adjustments and expenses | 12,367 | 13,140 | 11,864 |
Asset impairment and decommission costs | 36,697 | 30,242 | 94,783 |
Depreciation, accretion, and amortization | 643,100 | 638,189 | 660,021 |
Total operating expenses | 1,269,173 | 1,245,817 | 1,326,018 |
Operating income | 458,501 | 387,308 | 312,456 |
Other income (expense): | |||
Interest income | 11,337 | 10,928 | 3,894 |
Interest expense | (323,749) | (329,171) | (322,366) |
Non-cash interest expense | (2,879) | (2,203) | (1,505) |
Amortization of deferred financing fees | (21,940) | (21,136) | (19,154) |
Loss from extinguishment of debt, net | (1,961) | (52,701) | (783) |
Other income (expense), net | (2,418) | 94,278 | (139,137) |
Total other expense, net | (341,610) | (300,005) | (479,051) |
Income (loss) before provision for income taxes | 116,891 | 87,303 | (166,595) |
Provision for income taxes | (13,237) | (11,065) | (9,061) |
Net income (loss) | $ 103,654 | $ 76,238 | $ (175,656) |
Net income (loss) per common share: | |||
Basic | $ 0.86 | $ 0.61 | $ (1.37) |
Diluted | $ 0.86 | $ 0.61 | $ (1.37) |
Weighted average common shares outstanding: | |||
Basic | 119,860 | 124,448 | 127,794 |
Diluted | 121,022 | 125,144 | 127,794 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Net income (loss) | $ 103,654 | $ 76,238 | $ (175,656) |
Foreign currency translation adjustments | (9,276) | 131,861 | (319,559) |
Comprehensive income (loss) | $ 94,378 | $ 208,099 | $ (495,215) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Deficit - USD ($) $ in Thousands | Common Stock [Member]Class A Common Stock [Member] | Additional Paid-In Capital [Member]Shares - Warrant [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income, Net [Member] | Shares - Warrant [Member] | Total |
BALANCE at Dec. 31, 2014 | $ 1,291 | $ 2,062,775 | $ (2,542,380) | $ (182,486) | $ (660,800) | ||
BALANCE, Shares at Dec. 31, 2014 | 129,134,000 | ||||||
Net income (loss) | (175,656) | (175,656) | |||||
Common stock issued in connection with stock purchase/option plans | $ 6 | 21,604 | 21,610 | ||||
Common stock issued in connection with stock purchase/option plans, Shares | 591,000 | ||||||
Non-cash stock compensation | 29,208 | 29,208 | |||||
Settlement of common stock warrants | $ (150,874) | $ (150,874) | |||||
Repurchase and retirement of common stock | $ (40) | (450,033) | (450,073) | ||||
Repurchase and retirement of common stock, Shares | (3,982,000) | ||||||
Foreign currency translation adjustments | (319,559) | (319,559) | |||||
BALANCE at Dec. 31, 2015 | $ 1,257 | 1,962,713 | (3,168,069) | (502,045) | (1,706,144) | ||
BALANCE, Shares at Dec. 31, 2015 | 125,743,000 | ||||||
Net income (loss) | 76,238 | 76,238 | |||||
Common stock issued in connection with stock purchase/option plans | $ 6 | 14,404 | 14,410 | ||||
Common stock issued in connection with stock purchase/option plans, Shares | 602,000 | ||||||
Non-cash stock compensation | 33,403 | 33,403 | |||||
Repurchase and retirement of common stock | $ (53) | (545,636) | (545,689) | ||||
Repurchase and retirement of common stock, Shares | (5,341,000) | ||||||
Foreign currency translation adjustments | 131,861 | 131,861 | |||||
BALANCE at Dec. 31, 2016 | $ 1,210 | 2,010,520 | (3,637,467) | (370,184) | (1,995,921) | ||
BALANCE, Shares at Dec. 31, 2016 | 121,004,000 | ||||||
Net income (loss) | 103,654 | 103,654 | |||||
Common stock issued in connection with stock purchase/option plans | $ 8 | 54,798 | 54,806 | ||||
Common stock issued in connection with stock purchase/option plans, Shares | 812,000 | ||||||
Non-cash stock compensation | 38,844 | 38,844 | |||||
Common stock issued in connection with acquisitions | $ 5 | 63,308 | 63,313 | ||||
Common stock issued in connection with acquisitions, Shares | 488,000 | ||||||
Repurchase and retirement of common stock | $ (59) | (854,475) | (854,534) | ||||
Repurchase and retirement of common stock, Shares | (5,858,000) | ||||||
Foreign currency translation adjustments | (9,276) | (9,276) | |||||
BALANCE at Dec. 31, 2017 | $ 1,164 | $ 2,167,470 | $ (4,388,288) | $ (379,460) | $ (2,599,114) | ||
BALANCE, Shares at Dec. 31, 2017 | 116,446,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 103,654 | $ 76,238 | $ (175,656) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, accretion, and amortization | 643,100 | 638,189 | 660,021 |
Non-cash asset impairment and decommission costs | 32,423 | 25,693 | 89,406 |
Non-cash compensation expense | 38,249 | 32,915 | 28,747 |
Amortization of deferred financing fees | 21,940 | 21,136 | 19,154 |
(Gain) loss on remeasurement of U.S. denominated intercompany loan | 8,754 | (90,030) | 178,854 |
Gain on sale of cost method investments | 0 | 0 | (38,326) |
Loss from extinguishment of debt, net | 1,961 | 52,701 | 783 |
Provision for doubtful accounts | 2,909 | 22,516 | 896 |
Other non-cash items reflected in the Statements of Operations | (4,850) | (1,225) | (5,255) |
Changes in operating assets and liabilities, net of acquisitions: | |||
AR and costs and est. earnings in excess of billings on uncompleted contracts, net | (20,893) | (7,270) | 15,975 |
Prepaid expenses and other assets | (16,888) | (40,289) | (62,934) |
Accounts payable and accrued expenses | 3,555 | (10,516) | 7,366 |
Other liabilities | 4,556 | 22,467 | 3,999 |
Net cash provided by operating activities | 818,470 | 742,525 | 723,030 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (441,547) | (276,835) | (609,530) |
Capital expenditures | (147,044) | (139,982) | (208,707) |
Proceeds from sale of investments | 231 | 712 | 89,728 |
Other investing activities | (16,747) | (12,130) | (8,556) |
Net cash used in investing activities | (605,107) | (428,235) | (737,065) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings under Revolving Credit Facility | 525,000 | 580,000 | 770,000 |
Repayments under Revolving Credit Facility | (875,000) | (190,000) | (895,000) |
Repayment of Term Loans | (20,000) | (20,000) | (190,000) |
Proceeds from issuance of Term Loans, net of fees | 489,884 | ||
Payments for settlement of common stock warrants | (150,874) | ||
Proceeds from issuance of Senior Notes, net of fees | 741,108 | 1,078,123 | |
Proceeds from issuance of Tower Securities, net of fees | 749,764 | 690,475 | 489,100 |
Repayment of Tower Securities | (610,000) | (550,000) | |
Repurchase and retirement of common stock, inclusive of fees | (854,534) | (545,689) | (450,073) |
Other financing activities | 49,088 | 8,394 | 12,714 |
Net cash provided by (used in) financing activities | (294,574) | (288,557) | 75,751 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (464) | 13,618 | (12,993) |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (81,675) | 39,351 | 48,723 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | |||
Beginning of year | 185,970 | 146,619 | 97,896 |
End of year | 104,295 | 185,970 | 146,619 |
Cash paid during the period for: | |||
Interest | 319,562 | 338,409 | 322,396 |
Income taxes | 14,653 | 9,655 | 9,431 |
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: | |||
Assets acquired through capital leases | $ 254 | 1,386 | $ 2,627 |
Common stock issued in connection with acquisitions | 63,313 | ||
5.625% Senior Notes [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment for the redemption of Senior Notes | (514,065) | ||
5.75% Senior Notes [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment for the redemption of Senior Notes | $ (825,795) |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows (Parenthetical) | Dec. 31, 2017 | Sep. 28, 2012 | Jul. 13, 2012 |
5.625% Senior Notes [Member] | |||
Debt instrument stated percentage | 5.625% | 5.625% | |
5.75% Senior Notes [Member] | |||
Debt instrument stated percentage | 5.75% | 5.75% |
General
General | 12 Months Ended |
Dec. 31, 2017 | |
General [Abstract] | |
General | 1. GENERAL SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 12) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers. As of December 31, 2017 , the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama , and Peru . Space on these towers is leased primarily to wireless service providers. As of December 31, 2017 , the Company owned and operated 27,909 towers of which 15,979 are domestic and 11,930 are international. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows: Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper , highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value. Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business , as well as collateral associated with workers’ compensation plans (see Note 4). Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments primarily consist of U.S. Treasuries, mutual funds, and preferred securities. Gross purchases and sales of the Company’s investments are presented within “Cash flows from investing activities” on the Company’s Consolidated Statements of Cash Flows. The Company accounts for its investments in privatel y held companies under the cost and equity method. The Company evaluates its investments for impairment at least annually. The Company determines the fair value of its investments by considering available evidence, including general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The Company measures and records its investments at fair value when they are deemed to be other-than-temporarily impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2017 , 2016 , and 2015 . During the years ended December 31, 2017 and 2016 , the Company received proceeds related to the sale or maturity of investments of $0.2 million and $0.7 million, respectively. During the year ended December 31, 2017 and 2016, no gain or loss was recorded related to the sale or maturity of investments. The proceeds are reflected in Net cash used in investing activities on the Consolidated Statements of Cash Flows, and the related gain or loss on sale or maturity is reflected in Other income (expense), net in the accompanying Consolidated Statement of Operations. The aggregate carrying value of the Company’s investments was approximately $8.6 million and $8.1 million as of December 31, 2017 and 2016 , respectively, and is classified within short-term investments and other assets on the Company’s consolidated balance sheets. Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $1.1 million, $1.0 million, and $0.8 million of interest cost was capitalized in 2017 , 2016 and 2015 , respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. The Company defines the minimum lease term as the shorter of the period from lease inception through the end of the term of all tenant lease obligations in existence at ground lease inception, including renewal periods, or the ground lease term, including renewal periods. If no tenant lease obligation exists at the date of ground lease inception, the initial term of the ground lease is considered the minimum lease term. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Buildings and improvements 10 - 30 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented. Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 12). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompan ying Consolidated Balance Sheet, d ebt issuance costs are presented on the balance sheet as a direct deduction from the related debt lia bility rather than as an asset. Deferred Lease Costs The Company defers certain initial direct costs associated with the origination of tenant leases and lease amendments and amortizes these costs over the initial lease term or over the lease term remaining if related to a lease amendment. Such deferred costs were approximately $11.0 million, $10.2 million, and $10.9 million in 2017 , 2016 , and 2015 , respectively. Amortization expense was $13.1 million, $11.3 million, and $9.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in cost of site leasing on the accompanying Consolidated Statements of Operations. As of December 31, 2017 and 2016 , unamortized deferred lease costs were $27.7 million and $29.7 million, respectively, and are included in other assets on the accompanying Consolidated Balance Sheets. Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset. Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually evaluate its tower assets and Current contract intangibles for impairment. The Company records an impairment charge when the Company believes an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $36.7 million, $30.2 million, and $94.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Refer to Note 3 for further detail of these amounts. Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Revenue Recognition Revenue from site leasing is recorded monthly and recognized on a straight-line basis over the current term of the related lease agreements, which are generally five to ten years. Receivables recorded related to the straight-lining of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Site development projects in which the Company performs consulting services include contracts on a time and materials basis or a fixed price basis. Time and materials based contracts are billed at contractual rates and revenue is recognized as the services are rendered. For those site development contracts in which the Company performs work on a fixed price basis, site development billing (and revenue recognition) is based on the completion of agreed upon phases of the project on a per site basis. Upon the completion of each phase on a per site basis, the Company recognizes the revenue related to that phase. Site development projects generally take from 3 to 12 months to complete. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue from construction projects is recognized on the percentage-of-completion method of accounting, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. The asset “costs and estimated earnings in excess of billings on uncompleted contracts” represents costs incurred and revenues recognized in excess of amounts billed. The liability “billings in excess of costs and estimated earnings on uncompleted contracts,” included within other current liabilities on the Company’s Consolidated Balance Sheets, represents billings in excess of costs incurred and revenues recognized. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. Allowance for Doubtful Accounts The Company performs periodic credit evaluations of its customers. The Company monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience, specific customer collection issues identified, and past due balances as determined based on contractual terms. Interest is charged on outstanding receivables from customers on a case by case basis in accordance with the terms of the respective contracts or agreements with those customers. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts in the period in which uncollectibility is determined to be probable. The following is a rollforward of the allowance for doubtful accounts: For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 24,518 $ 1,681 $ 889 Provision for doubtful accounts 2,909 22,516 896 Write-offs, net of recoveries (647) (614) (72) Currency translation adjustment (299) 935 (32) Ending balance $ 26,481 $ 24,518 $ 1,681 On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Prior to the filing of the reorganization petition, Oi was current in all payment obligations to the Company. These obligations related to periods ending on or before April 30, 2016. As a result of the relief provisions available in a judicial reorganization proceeding, obligations of Oi to the Company arising from the periods from May 1, 2016 to June 20, 2016 remain unpaid. Due to the uncertainty surrounding the recoverability of amounts owed by Oi relating to services provided prior to the date of Oi’s petition, the Company has recorded a $16.5 million bad debt provision (the “Oi reserve”) which covers amounts owed or potentially owed by Oi as of the filing date. Under Brazilian law governing judicial reorganizations, the contracts governing post-petition obligations such as tower rents remain unchanged, and debtors do not have the ability to reject or terminate the contracts other than pursuant to their original terms. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. The Oi reserve was recorded in Selling, general, and administrative expense on the consolidated statement of o perations for the year ended December 31, 2016 . On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan. Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. All ground lease rental obligations due to be paid out over the lease term, including fixed escalations, are recorded on a straight-line basis over the minimum lease term. Liabilities recorded related to the straight-lining of ground leases are reflected in other long-term liabilities on the Consolidated Balance Sheets. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred. Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company's recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit SBA to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Internal Revenue Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2017 . The REIT had taxable income and utilized net operating losses (“NOLs”) to offset its distribution requirement. The TRS generated a NOL which will be carried forward to use in future years. The NOLs generated by the TRS are fully reserved by a valuation allowance. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations. Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units and employee stock purchases under employee stock purchase plans. The Company records compensation expense, for stock options and restricted stock units on a straight-line basis over the vesting period. Compensation expense for employee stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for restricted stock units is based on the fair market value of the units awarded at the date of the grant. Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made, and accretes such liability through the obligation’s estimated settlement date. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. The asset retirement obligation is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in the Consolidated Statements of Operations. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations. The following summarizes the activity of the asset retirement obligation liability: For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 6,442 $ 6,309 $ 5,856 Additions 818 1,091 781 Currency translation adjustment (10) 121 (57) Accretion expense 665 318 373 Removal (280) (290) (50) Revision in estimates (421) (1,107) (594) Ending balance $ 7,214 $ 6,442 $ 6,309 Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss) and other foreign currency adjustments. Foreign Currency Translation 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 year. 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. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollar s , 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. A cquisitions In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or when the acquisition should be accounted for as an asset acquisition. The Company adopted this standard effective January 1, 2017 and all changes are be ing accounted for prospectively. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures. Under the new standard, the Company’s acquisitions will 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. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. The Company accounts for business combinations under the acquisition method of accounting. The assets and liabilities acquired are recorded at fair market value at the date of each acquisition and the results of operations of the acquired assets are included with those from the dates of the respective acquisitions. The Company continues to evaluate all acquisitions for a period not to exceed one year after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed as a result of information available at the acquisition date. The fair values of net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one to three years after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. Intercompany Loans Subject to Remeasurement The Company has two wholly owned subsidiaries, Brazil Shareholder I, LLC, a Florida limited liability company, and SBA Torres Brasil, Limitada, a limitada existing under the laws of the Republic of Brazil, which have entered into intercompany loan agreement s pursuant to which the entities may from time to time agree to lend/borrow amounts under the terms of each agreement . The first agreement entered into in November 2014 was for $750.0 million and was created to fund the acquisition of 1,641 towers in Brazil. The second agreement entered into in December 2017 was for $500.0 million and was created to fund the acquisition of 941 towers in Brazil. In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being re corded in Other income (expense ), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future . For the years ended December 31, 2017 , 2016 , and 2015 , the Company recorded a $8.8 million loss , a $90.0 million gain , and a $178.9 million loss , respectively, on the remeasurement of intercompany loans due to changes in foreign exchange rates . As of December 31, 2017 , the aggregate amount outstanding under the two intercompany loan agreements with the Company’s Brazilian subsidiary was $560.9 million. 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. This standard is required to be applied retrospectively to each prior reporting period presented (full retrospective) or with the cumulative effect being recognized at the date of in itial application (modified retrospective). The Company will apply the modified retrospective transition method upon adoption. The Company has finalized its review of the impact of adopting this new guidance, and there will not be any material changes to the timing or measurement of revenue recognition. 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. Early adoption is permitted ; however, the Company does not currently plan to early adopt . The Company has established a c ross functional project plan and is assessing the impact of the standard on its consolidated financial statements. The Company expects this guidance 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 significant impact on its lease classification or to have a material impact on its consolidated statement of operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis — The Company’s earnout liabilities related to business combinations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Accrued expenses in the accompanying Consolidated Balance Sheets. Changes in estimate 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 $2.5 million and $4.1 million as of December 31, 2017 and 2016 , respectively. The maximum potential obligation related to the performance targets for these various acquisitions was $3.1 million and $5.8 million as of December 31, 2017 and 2016 , respectively. The maximum potential obligation related to the performance targets for acquisitions after January 1, 2017, which have not been recorded on the Company’s Consolidated Balance Sheet, was $11.1 million as of December 31, 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 year ended December 31, 2017 2016 2015 Asset impairment (1) $ 15,389 $ 19,217 $ 10,287 Impairment of fiber assets (2) — — 56,733 Write-off of carrying value of decommissioned towers 16,861 12,967 21,231 Write-off and disposal of former corporate headquarters — 2,345 1,154 Gain on sale of fiber assets (2) — (8,919) — Other third party decommission costs 4,447 4,632 5,378 Total asset impairment and decommission costs $ 36,697 $ 30,242 $ 94,783 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. (2) The impairment review of the fiber assets acquired in the 2012 Mobilitie transaction was triggered by a strategic decision made by the Company in 2015. The gain on sale in 2016 related to the sale of these fiber assets. 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 December 31, 2017 and 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 December 31, 2017 , the carrying value and fair value of the held-to-maturity investments, including current portion, was $0.5 million. As of December 31, 2016 , the carrying value and fair value of the held-to-maturity investments, including current portion, was $0.7 million. The current portion is recorded in Prepaid and Other Current Assets in the accompanying Consolidated Balance Sheets, while the held-to-maturity investments are recorded in Other Assets. 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 monthly 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 12 for the fair values, principal balances, and carrying values of the Company’s debt instruments. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Restricted Cash [Abstract] | |
Restricted Cash | 4. RESTRICTED CASH The cash, cash equivalents, and restricted cash balances on the consolidated statement of cash flows consists of the following: As of As of As of December 31, 2017 December 31, 2016 December 31, 2015 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 68,783 $ 146,109 $ 118,039 Securitization escrow accounts 32,699 36,607 25,135 Restricted cash - current asset Payment and performance bonds 225 179 218 Restricted cash - current asset Surety bonds and workers compensation 2,588 3,075 3,227 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 104,295 $ 185,970 $ 146,619 Pursuant to the terms of the Tower Securities (see Note 12), 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 12) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31, 2017 and 2016, the Company had $39.5 million and $39.2 million in surety, payment and performance bonds , respectively, for which it is only required to post $0.5 million in collateral as of December 31, 2016 . As of December 31, 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 December 31, 2017 and 2016 , the Company had also pledged $2.5 million as collateral related to its workers compensation policy. |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS The Company’s prepaid expenses and other current assets are comprised of the following : As of As of December 31, 2017 December 31, 2016 (in thousands) Prepaid ground rent $ 32,505 $ 33,975 Other 17,211 18,230 Total prepaid expenses and other current assets $ 49,716 $ 52,205 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 6. ACQUISITIONS The following table summarizes the Company’s acquisition activity: For the year ended December 31, 2017 2016 2015 Tower acquisitions (number of towers) 1,425 531 893 The following table summarizes the Company’s cash acquisition capital expenditures: For the year ended December 31, 2017 2016 2015 (in thousands) Acquisitions of towers and related intangible assets (1) $ 392,902 $ 214,686 $ 525,802 Land buyouts and other assets (2) 48,645 62,149 83,728 Total cash acquisition capital expenditures $ 441,547 $ 276,835 $ 609,530 (1) The year ended December 31, 2017 excludes $63.3 million of acquisition costs funded through the issuance of 487,963 shares of Class A common stock. (2) In addition, the Company paid $18.8 million, $14.1 million, and $16.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2017 , 2016 , and 2015 , respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. 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 combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration and any related tax impact. During the year ended December 31, 2017 , the Company acquired 1,425 completed towers and related assets and liabilities consisting of $114.7 million of property and equipment, $345.3 million of intangible assets, and $3.8 million of working capital adjustments. During the year ended December 31 , 2016 , the Company acquired 531 completed towers and related assets and liabilities for $214.7 million in cash consisting of $72.8 million of property and equipment, $144.4 million of intangible assets, and $2.5 million of working capital adjustments. During the year ended December 31, 2015, the Company acquired 893 completed towers and related assets and liabilities for $525.8 million in cash consisting of $176.3 million of property and equipment, $351.0 million of intangible assets, and $1.5 million of working capital adjustments. Subsequent to December 31, 2017 , the Company acquired 308 towers and related assets for $79.5 million in cash. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of December 31, 2017 As of December 31, 2016 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,355,171 $ (1,673,270) $ 2,681,901 $ 4,141,968 $ (1,401,025) $ 2,740,943 Network location intangibles 1,617,441 (701,211) 916,230 1,515,348 (599,367) 915,981 Intangible assets, net $ 5,972,612 $ (2,374,481) $ 3,598,131 $ 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 $384.1 million, $369.9 million, and $363.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Estimated amortization expense on the Company’s intangibles assets is as follows: For the year ended December 31, (in thousands) 2018 $ 397,596 2019 397,302 2020 396,445 2021 363,988 2022 343,536 |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment, Net [Abstract] | |
Property And Equipment, Net | 8. PROPERTY AND EQUIPMENT, NET Property and equipment, net (including vehicle s held under capital leases) consists of the following: As of As of December 31, 2017 December 31, 2016 (in thousands) Towers and related components $ 4,772,807 $ 4,563,756 Construction-in-process 34,689 38,926 Furniture, equipment, and vehicles 53,260 50,671 Land, buildings, and improvements 630,370 578,680 Total property and equipment 5,491,126 5,232,033 Less: accumulated depreciation (2,678,780) (2,439,957) Property and equipment, net $ 2,812,346 $ 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 $258.4 million, $268.1 million, and $296.5 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. At December 31, 2017 and 2016 , non-cash capital expenditures that are included in accounts payable and accrued expenses were $12.4 million and $7.0 million, respectively. |
Costs And Estimated Earnings On
Costs And Estimated Earnings On Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2017 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |
Costs And Estimated Earnings On Uncompleted Contracts | 9. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS Costs and estimated earnings on uncompleted contracts consist of the following: As of As of December 31, 2017 December 31, 2016 (in thousands) Costs incurred on uncompleted contracts $ 31,404 $ 34,577 Estimated earnings 10,541 11,185 Billings to date (24,771) (36,027) $ 17,174 $ 9,735 These amounts are included in the accompanying Consolidated Balance Sheets under the following captions: As of As of December 31, 2017 December 31, 2016 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 17,437 $ 11,127 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (263) (1,392) $ 17,174 $ 9,735 At December 31, 2017 and 2016 , eight customers comprised 87.9% and 81.6% , respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings . |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | 10. CONCENTRATION OF CREDIT RISK The Company’s credit risks consist primarily of accounts receivable with national, regional, and local wireless service providers and federal and state government agencies. The Company performs periodic credit evaluations of its customers’ financial condition and provides allowances for doubtful accounts, as required, based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The Company generally does not require collateral. The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2017 2016 2015 AT&T Wireless 25.0% 25.7% 24.2% T-Mobile 16.5% 17.0% 16.0% Verizon Wireless 15.2% 15.2% 13.8% Sprint 15.1% 16.1% 19.6% The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2017 2016 2015 AT&T Wireless 32.7% 32.7% 31.9% T-Mobile 19.7% 19.6% 19.0% Verizon Wireless 19.0% 18.2% 16.3% Sprint 18.9% 19.8% 22.3% For the year ended December 31, Percentage of International Site Leasing Revenue 2017 2016 2015 Oi S.A. 42.2% 43.9% 48.8% Telefonica 25.7% 26.4% 24.7% Claro 10.0% 9.4% 8.0% For the year ended December 31, Percentage of Site Development Revenue 2017 2016 2015 T-Mobile 26.9% 28.4% 17.6% Sprint 12.9% 11.7% 28.5% Verizon Wireless 12.8% 16.5% 14.8% Nokia, Inc. 10.1% 7.1% 6.3% Ericsson, Inc. 7.4% 5.0% 15.3% Five customers comprised 66.9% of total gross accounts receivable at December 31, 2017 compared to five customers which comprised 59.3% of total gross accounts receivable at December 31, 2016 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11. EARNINGS PER SHARE Basic earnings per share was computed by dividing net income 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 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 years ended December 31, 2017 , 2016 , and 2015 (in thousands, except per share data): For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 103,654 $ 76,238 $ (175,656) Denominator: Basic weighted-average shares outstanding 119,860 124,448 127,794 Dilutive impact of stock options and restricted shares 1,162 696 — Diluted weighted-average shares outstanding 121,022 125,144 127,794 Net income (loss) per common share: Basic $ 0.86 $ 0.61 $ (1.37) Diluted $ 0.86 $ 0.61 $ (1.37) For the year ended December 31, 2017 , the diluted weighted average number of common shares outstanding excluded an additional 1.0 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the year ended December 31, 2016 , the diluted weighted average number of common shares outstanding excluded an additional 2.2 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. For the year ended December 31, 2015 , all potential common stock equivalents, including 3.8 million shares of stock options outstanding and 0.3 million shares of restricted stock units outstanding, were excluded as the effect would be anti-dilutive. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | 12. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of December 31, 2017 December 31, 2016 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value 2014 Senior Notes July 15, 2022 $ 750,000 $ 770,625 $ 739,079 $ 750,000 $ 763,125 $ 736,992 2016 Senior Notes Sep. 1, 2024 1,100,000 1,127,500 1,081,262 1,100,000 1,083,500 1,078,954 2017 Senior Notes Oct. 1, 2022 750,000 750,938 741,437 — — — 2012 -1C Tower Securities Dec. 11, 2017 — — — 610,000 610,165 607,157 2013 -1C Tower Securities April 10, 2018 425,000 423,853 424,482 425,000 423,381 422,768 2013 -2C Tower Securities April 11, 2023 575,000 578,433 568,609 575,000 563,322 567,545 2013 -1D Tower Securities April 10, 2018 330,000 330,145 329,585 330,000 334,521 328,225 2014 -1C Tower Securities Oct. 8, 2019 920,000 915,216 914,929 920,000 922,199 912,219 2014 -2C Tower Securities Oct. 8, 2024 620,000 620,942 613,461 620,000 608,921 612,641 2015-1C Tower Securities Oct. 8, 2020 500,000 496,840 493,474 500,000 495,145 491,289 2016-1C Tower Securities July 9, 2021 700,000 691,166 693,118 700,000 688,072 691,322 2017-1C Tower Securities April 11, 2022 760,000 751,404 751,076 — — — Revolving Credit Facility Feb. 5, 2020 40,000 40,000 40,000 390,000 390,000 390,000 2014 Term Loan Mar. 24, 2021 1,447,500 1,451,119 1,439,373 1,462,500 1,467,984 1,452,039 2015 Term Loan June 10, 2022 487,500 488,109 480,801 492,500 494,347 484,432 Total debt $ 9,405,000 $ 9,436,290 $ 9,310,686 $ 8,875,000 $ 8,844,682 $ 8,775,583 Less: current maturities of long-term debt (20,000) (627,157) Total long-term debt, net of current maturities $ 9,290,686 $ 8,148,426 The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2017 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows: For the year ended December 31, (in thousands) 2018 $ 775,000 2019 940,000 2020 560,000 2021 2,107,500 2022 2,727,500 The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: For the year ended December 31, 2017 2016 2015 Cash Non-cash Cash Non-cash Cash Non-cash Interest Interest Interest Interest Interest Interest (in thousands) 5.625% Senior Notes — — 21,094 — 28,125 — 5.75% Senior Notes — — 28,494 — 46,000 — 2014 Senior Notes 36,563 724 36,563 689 36,563 655 2016 Senior Notes 53,625 954 20,258 348 — — 2017 Senior Notes 6,500 — — — — — 2010 Tower Securities — — 15,213 — 28,230 — 2012-1C Tower Securities 5,330 — 18,107 — 18,111 — 2013 Tower Securities 43,217 — 43,217 — 43,217 — 2014 Tower Securities 51,138 — 51,138 — 51,138 — 2015-1C Tower Securities 15,939 — 15,939 — 3,453 — 2016-1C Tower Securities 20,361 — 9,898 — — — 2017-1C Tower Securities 17,182 — — — — — Revolving Credit Facility 8,046 — 4,167 — 5,552 — 2012-1 Term Loan — — — — 3,959 — 2014 Term Loan 49,414 525 48,962 510 48,992 492 2015 Term Loan 16,641 676 16,487 656 9,243 358 Capitalized interest and other (207) — (366) — (217) — Total $ 323,749 $ 2,879 $ 329,171 $ 2,203 $ 322,366 $ 1,505 Senior Credit Agreement On February 7, 2014, SBA Senior Finance II entered into a Second Amended and Restated Credit Agreement with several banks and other financial institutions or entities from time to time parties to the Second Amended and Restated Credit Agreement to, among other things, incur the 2014 Term Loan and amend certain terms of the existing senior credit agreement (as amended, the “Senior Credit Agreement”). Terms of the Senior Credit Agreement The Senior Credit Agreement, as amended, requires SBA Senior Finance II to maintain specific financial ratios, including (1) a ratio of Consolidated Total Debt to Annualized Borrower EBITDA not to exceed 6.5 times for any fiscal quarter, (2) a ratio of Consolidated Total Debt and Net Hedge Exposure (calculated in accordance with the Senior Credit Agreement) to Annualized Borrower EBITDA for the most recently ended fiscal quarter not to exceed 6.5 times for 30 consecutive days and (3) a ratio of Annualized Borrower EBITDA to Annualized Cash Interest Expense (calculated in accordance with the Senior Credit Agreement) of not less than 2.0 times for any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the ability of SBA Senior Finance II and its subsidiaries to incur indebtedness, grant certain liens, make certain investments, enter into sale leaseback transactions, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset dispositions, including a sale of all or substantially all of their property. The Senior Credit Agreement is also subject to customary events of default. Pursuant to the Second Amended and Restated Guarantee and Collateral Agreement, amounts borrowed under the Revolving Credit Facility, the Term Loans and certain hedging transactions that may be entered into by SBA Senior Finance II or the Subsidiary Guarantors (as defined in the Senior Credit Agreement) with lenders or their affiliates are secured by a first lien on the membership interests of SBA Telecommunications, LLC, SBA Senior Finance, LLC and SBA Senior Finance II and on substantially all of the assets (other than leasehold, easement and fee interests in real property) of SBA Senior Finance II and the Subsidiary Guarantors. The Senior Credit Agreement, as amended, permits SBA Senior Finance II, without the consent of the other lenders, to request that one or more lenders provide SBA Senior Finance II with increases in the Revolving Credit Facility or additional term loans provided that after giving effect to the proposed increase in Revolving Credit Facility commitments or incremental term loans the ratio of Consolidated Total Debt to Annualized Borrower EBITDA would not exceed 6.5 times. SBA Senior Finance II’s ability to request such increases in the Revolving Credit Facility or additional term loans is subject to its compliance with customary conditions set forth in the Senior Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein and, with respect to any additional term loan, an increase in the margin on existing term loans to the extent required by the terms of the Senior Credit Agreement. Upon SBA Senior Finance II’s request, each lender may decide, in its sole discretion, whether to increase all or a portion of its Revolving Credit Facility commitment or whether to provide SBA Senior Finance II with additional term loans and, if so, upon what terms. Revolving Credit Facility under the Senior Credit Agreement T he Revolving Credit Facility is governed by the Senior Credit Agreement. The Revolving Credit Facility consists of a revolving loan under which up to $1.0 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (i) the Eurodollar Rate plus a margin that ranges from 137.5 basis points to 200.0 basis points or (ii) the Base Rate plus a margin that ranges from 37.5 basis points to 100.0 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. As of December 31, 2017, the balance outstanding under the Revolving Credit Facility was accruing interest at 3.48% per annum. In addition, SBA Senior Finance II is required to pay a commitment fee of 0.25% per annum on t he 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 year ended December 31, 2017 , the Company borrowed $525.0 million and repaid $875.0 million of the outstanding balance under the Revolving Credit Facility. As of December 31, 2017 , $40.0 million was outstanding under the Revolving Credit Facility. As of December 31, 2017 , SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement. Subsequent to December 31, 2017 , the Company borrowed an additional $55.0 million and repaid $20.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $75.0 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). 2012-1 Term Loan The 2012-1 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $200.0 million that was to mature on May 9, 2017 . The 2012-1 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus a margin that ranged from 100 to 150 basis points or the Eurodollar Rate plus a margin that ranged from 200 to 250 basis points, in each case based on the ratio of Consolidated Total Debt to Annualized Borrower EBITDA (calculated in accordance with the Senior Credit Agreement). The 2012-1 Term Loan was issued at par. The Company incurred deferred financing fees of $2.7 million in relation to this transaction which were being amortized through the maturity date. During the year ended December 31, 2015, the Company repaid the entire outstanding balance of $172.5 million on the 2012-1 Term Loan. Included in this amount was a prepayment of $160.0 million made on November 18, 2015. In connection with the prepayment, the Company expensed $0.8 million of net deferred financing fees. 2014 Term Loan The 2014 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that matures on March 24, 2021 . Prior to the reduction in the term loan interest rates as discussed above, 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 December 31, 2017 , the 2014 Term Loan was accruing interest at 3.82% per annum. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2014 Term Loan. The Company incurred deferred financing fees of approximately $14.1 million in relation to this transaction which are being amortized through the maturity date. During the year ended December 31, 2017 , the Company repaid $15.0 million of principal on the 2014 Term Loan. As of December 31, 2017 , the 2014 Term Loan had a principal balance of $1,447.5 m illion. 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, t he 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 December 31, 2017 , the 2015 Term Loan was accruing interest at 3.82% per annum. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. SBA Senior Finance II has the ability to prepay any or all amounts under the 2015 Term Loan. The Company incurred deferred financing fees of approximately $5.5 million in relation to this transaction which are being amortized through the maturity date. During the year ended December 31, 2017 , the Company repaid $5.0 million of principal on the 2015 Term Loan. As of December 31, 2017 , the 2015 Term Loan had a principal balance of $487.5 million. Secured Tower Revenue Securities Tower Revenue Securities Terms T he mortgage loan underlying the 2013 Tower Securities, 2014 Tower Securities, 2015 -1C Tower Securities, 2016 -1C Tower Securitie s, and 2017-1C Tower Securities ( together the “Tower Securities”) will be paid from the operating cash flows from the aggregate 10,442 tower sites owned by the Borrowers. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (“the Borrowers”). The mortgage loan is secured by (i) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (ii) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (iii) the Borrowers’ rights under certain tenant leases, and (iv) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month. The Borrowers may prepay any of the mortgage loan components, in whole or in part, with no prepayment consideration, (i) within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2013 -1C, Secured Tower Revenue Securities Series 2013 -1D, Secured Tower Revenue Securities Series 2014 -1C, Secured Tower Revenue Securities Series 2015-1C, Secured Tower Revenue Securities Series 2016 -1C , and Secured Tower Revenue Securities Series 201 7 -1C ) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C and Secured Tower Revenue Securities Series 2014 -2C ) of the anticipated repayment date of such mortgage loan component, (ii) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (iii) during an amortization period. In all other circumstances, the Borrowers may prepay the mortgage loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment consideration is determined based on the class of the Tower Securities to which the prepaid mortgage loan component corresponds and consists of an amount equal to the excess, if any, of (1) the present value associated with the portion of the principal balance being prepaid, calculated in accordance with the formula set forth in the mortgage loan agreement, on the date of prepayment of all future installments of principal and interest required to be paid from the date of prepayment to and including the first due date within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2013-1C, Secured Tower Revenue Securities Series 2013-1D, Secured Tower Revenue Securities Series 2014-1C, Secured Tower Revenue Securities Series 2015-1C, Secured Tower Revenue Securities Series 2016-1C, and Secured Tower Revenue Securities Series 2017-1C ) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C and Secured Tower Revenue Securities Series 2014-2C ) of the anticipated repayment date of such mortgage loan component over (2) that portion of the principal balance of such class prepaid on the date of such prepayment. To the extent that the mortgage loan components corresponding to the Tower Securities are not fully repaid by their respective anticipated repayment dates, the interest rate of each such component will increase by the greater of (i) 5% and (ii) the amount, if any, by which the sum of (x) the ten -year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the mortgage loan agreement) plus (z) 5% , exceeds the original interest rate for such component. Pursuant to the terms of the Tower Securities, all rents and other sums due on any of the towers owned by the Borrowers are directly deposited by the lessees into a controlled deposit account and are held by the indenture trustee. The monies held by the indenture trustee after the release date are classified as short-term restricted cash on the Consolidated Balance Sheets (see Note 4). However, if the Debt Service Coverage Ratio, defined as the net cash flow (as defined in the mortgage loan agreement) divided by the amount of interest on the mortgage loan, servicing fees and trustee fees that the Borrowers are required to pay over the succeeding twelve months, as of the end of any calendar quarter, falls to 1.30x or lower, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as “excess cash flow,” will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the Debt Service Coverage Ratio exceeds 1.30x for two consecutive calendar quarters. If the Debt Service Coverage Ratio falls below 1.15x as of the end of any calendar quarter, then an “amortization period” will commence and all funds on deposit in the reserve account will be applied to prepay the mortgage loan until such time that the Debt Service Coverage Ratio exceeds 1.15x for a calendar quarter. In addition, if any of the Tower Securities are not fully repaid by their respective anticipated repayment dates, the cash flow from the towers owned by the Borrowers will be trapped by the trustee for the Tower Securities and applied first to repay the interest, at the original interest rates, on the mortgage loan components underlying the Tower Securities, second to fund all reserve accounts and operating expenses associated with those towers, third to pay the management fees due to Network Management, fourth to repay principal of the Tower Securities and fifth to repay the additional interest discussed above. Furthermore, the advance rents reserve requirement states that the Borrowers are required to maintain an advance rents reserve at any time the monthly tenant D ebt S ervice C overage R atio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1. The mortgage loan agreement, as amended, also includes covenants customary for mortgage loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets. As of December 31, 2017 , the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement. 2010 Tower Securities On April 16, 2010, the Company, through a New York common law trust (the “Trust”), issued $550.0 million of 2010-2C Tower Securities (the “2010-2C Tower Securities”) (together the “2010 Tower Securities”). The 2010-2C Tower Securities had an annual interest rate of 5.101% . The anticipated repayment date and the final maturity date for the 2010–2 C Tower Securities we re April 11, 2017 and April 9, 2042 , respectively. The Company incurred deferred financing fees of $8.1 million in relation to this transaction which we re being amortized through the anticipated repayment date of each of the 2010 Tower Securities. On July 15, 2016, the Company repaid in full the 2010-2C Tower Securities with proceeds from the 2016-1C Tower Securities. Additionally, the Company expensed $1.0 million of deferred financing fees related to the redemption of the 2010-2C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. 2012 -1C Tower Securities On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012 -1C Tower Securities”) , which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042 . The fixed interest rate of the 2012 -1C Tower Securities was 2.933% per annum, payable monthly. The Company 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. 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- 2 C 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 “2013-1 D 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 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. The Company expects to repay the entire aggregate principal amount of the 2013-1C Tower Securities and 2013-1D Tower Securities in connection with the issuance of the 2018-1C Tower Securities (as discussed below). 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 “201 4 -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 “201 4 - 2 C 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 incurred deferred financing fees of $22.5 million in relation to this transaction , which are being amortized through the anticipated repayment date of each of the 2014 Tower Securities. 2015 -1C Tower Securities On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C , which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015 -1C Tower Securities”). The fixed interest rate of the 2015 -1C Tower Securities is 3.156% per annum, payable monthly. The Company incurred deferred financing fees of $11.2 million in relation to this transaction , which are being amortized through the anticipated repayment date of the 2015 -1C Tower Securities . 2016-1C Tower Securities On July 7, 2016, the Company , through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C , which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”) . The fixed interest rate of the 2016-1C Tower Securities is 2.877% per annum, payable monthly. Net proceeds from this offering were used to prepay the full $550.0 million outstanding on the 2010-2C Tower Securities and for general corporate purposes. The Company 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 fo r general corporate purposes. The Company incurred deferred financing fees of $10.2 million 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, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “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 terms of the existing mortgage loan, including collateral and interest rate after the anticipated repayment date. In connection with the issuance of the 2017-1C Tower Securities, SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA Towers VII, LLC, SBA GC Towers, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (collectively, the “Borrowers”), each an indirect subsidiary of SBAC, and Midland Loan Services, a division of PNC Bank, National Association, as servicer, on behalf of the Trustee entered into the Second Loan and Security Agreement Supplement and Amendment pursuant to which, among other things, (i) the outstanding principal amount of the mortgage loan was increased by $760.0 million and (ii) the Borrowers became jointly and severally liable for the aggregate $4.8 billion borrowed under the mortgage loan corresponding to the 2012-1C Tower Securities, 2013 Tower Securities, 2014 Tower Securities, 2015-1C Tower Securities, 2016-1C Tower Securities, and the newly issued 2017-1C Tower Securities. 2018 -1C Tower Securities On February 16, 2018, the Company agreed to issue, through a Trust, $640.0 million of Secured Tower Revenue Securities Series 2018-1C (the “2018-1C Tower Securities”), which offering is expected to close March 9, 2018. These securities are expected to have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 . The fixed interest rate on the 2018-1C Tower Securities will be 3.448% per annum, payable monthly, and the proceeds of this offering, in combination with borrowings under the Revolving Credit Facility, will be used to repay the entire aggregate principal amount of the 2013-1C Tower Securities ( $425.0 million) and 2013-1D Tower Securities ( $330.0 million), as well as accrued and unpaid interest. Management has classified $755.0 million of the combined 2013-1 C Tower Securities and 2013-1D Tower S ecurities as a long-term obligation, as the Company intends to repay these s ecurities with the net p roceeds from the offering of the 2018-1C Tower Securities, in combination with borrowings under the Revolving Credit Facility. In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act , SBA Guarantor, LLC, a wholly owned subsidiary, agreed to purchase $33.7 million of Secured Tower Revenue Securities Series 2018-1R to be issued by the Trust. These securities are expected to have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 (the “2018-1R Tower Securities”). The fixed interest rate on the 2018 -1R Tower Securities will be 4.949% per annum, payable monthly. Principal and interest payments made on the 2018-1R Tower Securities eliminate in consolidation. 4.0% Convertible Senior Notes due 2014 On April 24, 2009 , the Company issued $500.0 million of its 4.0% Convertible Senior Notes (“4.0% Notes”). Interest was payable semi-annually on April 1 and October 1 . As of December 31, 2014, the Company settled its conversion obligations and associated convertible note hedges. During the year ended December 31, 2015, the Company settled the remaining outstanding warrants for $150.9 million, representing approximately 2.1 million underlying shares. Senior Notes 5.75% Senior Notes On July 13, 2012, Telecommunications issued $800.0 million of unsecured senior notes due July 15, 2020 (the “5.75% Senior Notes”). The 5.75% Senior Notes accrued interest at a rate of 5.75% and were issued at par. The Company incurred deferred financing fees of $14.0 million in relation to this transaction , which were being amortized through the maturity date. On August 15, 2016, the Company used proceeds from the 2016 Senior Notes to redeem the full $800.0 million in aggregate principal amount of the 5.75% Senior Notes and to pay $25.8 million for the call premium and accrued interest on the redemption of the notes. Additionally, the Company expensed $7.7 million of deferred financing fees related to the redemption of the notes. The call premium and the write-off of deferred financing fees are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations. SBAC is a holding company with no business operations of its own and its only significant asset is the outstanding capital stock of Telecommunications. Telecommunications is 100% owned by SBAC. SBAC ha d fully and unconditionally guaranteed the Senior Notes issued by Telecommunications. 5.625% Senior Notes On September 28, 2012, the Company issued $500.0 million of unsecured senior n otes due October 1, 2019 (the “5.625% Senior Notes”). The 5.625% Senior Notes accrued interest at a rate of 5.625% per annum and were issued at par. Interest on the 5.625% Senior Notes was due semi-annually on April 1 and October 1 of each year. The Company incurred deferred financing fees of $8.6 million in relation to this transaction, which we re being amortized through the maturity date. On October 1, 2016, the Company redeemed the 5.625% Senior Notes in full. On October 3, 2016, the Company repaid $500.0 million in outstanding principal, $14.1 million related to the call premium on the early redemption of the notes, and $14.1 million in accrued inte |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 13. SHAREHOLDERS’ EQUITY Common Stock Equivalents The Company has potential common stock equivalents (see Note 14) 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 11). Stock Repurchases On April 27, 2011, t he Company’s Board of Directors authorized a stock repurchase p lan . This p lan authorized the Company to purchase, from time to time, up to $300.0 million of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. During the year ended December 31, 2015, the Company repurchased 1.3 million shares of its Class A common stock at an average price of $114.96 with the remaining $150.0 million authorized under the $300.0 million stock repurchase plan, comple ting this plan. Shares repurchased were retired. O n June 4, 2015, t he Company’s Board of Directors authorized a new stock repurchase p lan . This p lan authorized the Company to purchase, from time to time, up to $1.0 b illion of the Company’s outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act , and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. During the year ended December 31, 2015, the Company repurchased an additional 2.7 million shares of its Class A common stock under th is stock repurchase p lan for $300.0 million at a weighted average price per share of $112.04 . During the year ended December 31, 2016 , the Company repurchased an additional 5.3 million shares of its Class A common stock under th is stock repurchase program for $545.7 million at a weighted average price per share of $102.14 . As of December 31, 2016 , the Company had a remaining authorization to repurchase $154.4 million of Class A common stock under the $1.0 billion stock repurchase plan dated June 4, 2015 . During the year ended December 31, 2017 , the Company repurchased 42,163 shares of its Class A common stock under the stock repurchase p lan dated June 4, 2015 for $4.4 million at a weighted average price per share of $104.81 . Shares repurchased were retired. On January 12, 2017, the Company’s Board of Directors authoriz ed a new stock repurchase plan , replacing the plan authorized on June 4, 2015 which had a remaining authorization of $150.0 million. 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 Exchange Act , and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors . During the year ended December 31, 2017 , the Company repurchased 5.8 million shares of its Class A common stock under this plan for $850.0 million, at an average price per share of $146.17 . Shares repurchased were retired. On February 16, 2018, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on January 12, 2017 which had a remaining authorization of $150.0 million. This new plan authorizes the Company to purchase, from time to time, up to $1.0 billion of our outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act 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. As of the date of this filing, the Company had the full $1.0 billion authorization remaining under the new plan. Registration of Additional Shares On May 20, 2010, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 15.0 million shares of the Company’s Class A common stock issuable under the 2010 Performance and Equity Incentive Plan (see Note 14). 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 years ended December 31, 2016 and 2015 , the Company did not issue any shares of its Class A common stock pursuant to this registration statement in connection with acquisitions. During the year ended December 31, 2017 , the company issued 487,963 shares of Class A common stock under this registration statement. As of December 31, 2017 , the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement. On March 3, 2015, the Company filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR. This registration statement enables the Company to issue shares of its Class A common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing automatic shelf registration statements, the Company will file a prospectus supplement and advise the Commission of the amount and type of securities each time it issue s securities under this registration statement. For the year s ended December 31, 2017 , 2016, and 2015, the Company did not issue any securities under this automatic shelf registration statement. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 14. STOCK-BASED COMPENSATION The Company has two equity participation plans (the 2001 Equity Participation Plan and the 2010 Performance and Equity Incentive Plan, the “2010 Plan”) whereby options (both non-qualified and incentive stock options), restricted stock units, stock appreciation rights, and other equity and performance based instruments may be granted to directors, employees, and consultants. The options and restricted stock units generally vest from the date of grant on a straight-line basis over the vesting term and generally have a seven -year or a ten -year contractual life. Upon the adoption of the 2010 Plan by the Company’s shareholders on May 6, 2010, the 2001 Equity Participation Plan was terminated and the Company is no longer eligible to issue shares pursuant to th at plan . The 2010 Plan provides for the issuance of a maximum of 15.0 million shares of the Company’s Class A common stock , of which 7.5 million shares remain available for future issuance a s of December 31, 2017 . H owever, the aggregate number of shares that may be issued pursuant to restricted stock awards, restricted stock unit awards, stock bonus awards, performance awards, other stock-based awards, or other awards granted under the 2010 Plan will not exceed 7.5 million shares, of which 6.6 million shares remain available for future issuance as of December 31, 2017 . 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 est ablish 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 year ended December 31, 2017 2016 2015 Risk free interest rate 1.70% - 1.97% 1.11% - 1.43% 1.21% - 1.46% Dividend yield 0.0% 0.0% 0.0% Expected volatility 20.0% 20.0% 20.0% Expected lives 4.6 years 4.7 years 4.6 years The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2017 , 2016 and 2015 as follows (dollars and number of shares in thousands, except for per share data): Weighted- Weighted- Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2014 3,276 $ 66.85 Granted 1,076 $ 124.24 Exercised (495) $ 51.58 Canceled (63) $ 93.74 Outstanding at December 31, 2015 3,794 $ 84.66 Granted 1,357 $ 96.64 Exercised (603) $ 46.03 Canceled (101) $ 105.37 Outstanding at December 31, 2016 4,447 $ 93.09 Granted 1,171 $ 115.41 Exercised (709) $ 80.73 Canceled (67) $ 105.81 Outstanding at December 31, 2017 4,842 $ 100.12 4.3 $ 306,100 Exercisable at December 31, 2017 1,982 $ 87.42 3.0 $ 150,501 Unvested at December 31, 2017 2,860 $ 108.93 5.3 $ 155,599 The weighted-average per share fair value of options granted during the years ended December 31, 2017 , 2016 and 2015 was $23.88 , $19.19 , and $24.75 , respectively. The total intrinsic value for options exercised during the years ended December 31, 2017 , 2016 and 2015 was $37.2 million, $36.8 million and $33.0 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2017 , 2016 and 2015 was approximately $56.5 million, $27.4 million, and $25.4 million, respectively. No tax benefit was realized for the tax deductions from option exercises under all plans for the years ended December 31, 2017 , 2016 and 2015 , respectively. The aggregate intrinsic value for stock options in the preceding table represents the total intrinsic value based on the Company’s closing stock price of $163.36 as of December 31, 2017 . The amount represents the total intrinsic value that would have been received by the holders of the stock-based awards had these awards been exercised and sold as of that date. Additional information regarding options outstanding and exercisable at December 31, 2017 is as follows: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $0.00 - $45.00 99 0.4 $ 40.39 99 $ 40.39 $45.01 - $90.00 731 1.9 $ 64.76 730 $ 64.71 $90.01 - $115.00 1,973 4.4 96.39 760 96.16 $115.01 - $145.00 2,039 5.3 $ 119.32 393 $ 124.48 4,842 1,982 The following table summarizes the activity of options outstanding that had not yet vested: Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2016 2,814 $ 20.62 Shares granted 1,171 $ 23.88 Vesting during period (1,058) $ 20.25 Forfeited (67) $ 21.23 Unvested as of December 31, 2017 2,860 $ 22.08 As of December 31, 2017 , the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $39.8 million. That cost is expected to be recognized over a weighted average period of 2.5 years. The total fair value of options vested during 2017 , 2016 , and 2015 was $21.4 million, $18.5 million, and $15.1 million, respectively. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity for the year ended December 31, 2017 : Weighted- Average Grant Date Number of Fair Value per Shares Share (in thousands) Outstanding at December 31, 2016 291 $ 101.74 Granted 171 $ 116.52 Vested (122) $ 98.75 Forfeited/canceled (12) $ 111.67 Outstanding at December 31, 2017 328 $ 110.20 As of December 31, 2017 , total unrecognized compensation expense related to unvested restricted stock units granted under the 2010 Plan was $24.4 million and is expected to be recognized over a weighted-average period of 2.6 years. Employee Stock Purchase Plan In 2008, the Board of Directors of the Company adopted the 2008 Employee Stock Purchase Plan (“2008 Purchase Plan”) which reserved 500,000 shares of Class A common stock for purchase. The 2008 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85% of the fair market value of Class A common stock on the last day of an offering period. For the year ended December 31, 2017 , 28,232 shares of Class A common stock were issued under the 2008 Purchase Plan, which resulted in cash proceeds to the Company of approximately $3.3 million, compared to the year ended December 31, 2016 when 31,165 shares of Class A common stock were issued under the 2008 Purchase Plan which resulted in cash proceeds to the Company of $2.7 million. At December 31, 2017 , 244,942 shares remained available for issuance under the 2008 Purchase Plan. In addition, the Company recorded $0.6 million, $0.5 million, and $0.5 million of non-cash compensation expense relating to the shares issued under the 2008 Purchase Plans for each of the years ended December 31, 2017 , 2016 , and 2015 . Non-Cash Compensation Expense The table below reflects a break out by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2017 , 2016 , and 2015 , respectively: For the year ended December 31, 2017 2016 2015 (in thousands) Cost of revenues $ 1,013 $ 418 $ 405 Selling, general and administrative 37,236 32,497 28,342 Total cost of non-cash compensation included in loss before provision for income taxes 38,249 32,915 28,747 Amount of income tax recognized in earnings — — — Amount charged against loss $ 38,249 $ 32,915 $ 28,747 In addition, the Company capitalized $0.6 million, $0.5 million and $0.5 million of non-cash compensation for the years ended December 31, 2017 , 2016 and 2015 , respectively, to fixed assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES As discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where SBA operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit SBA to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT are included in its consolidated financial statements. Income (loss) before provision for income taxes by geographic area is as follows: For the year ended December 31, 2017 2016 2015 (in thousands) Domestic $ 73,405 $ (28,671) $ (22,698) Foreign 43,486 115,974 (143,897) Total $ 116,891 $ 87,303 $ (166,595) The provision for income taxes consists of the following components: For the year ended December 31, 2017 2016 2015 (in thousands) Current provision: State $ 5,513 $ 1,535 $ 2,752 Foreign 11,681 8,121 6,314 Total current 17,194 9,656 9,066 Deferred provision (benefit) for taxes: Federal 18,736 170,177 (3,023) State (241) 22,992 (3,106) Foreign 9,155 30,425 (40,636) Change in valuation allowance (31,607) (222,185) 46,760 Total deferred (3,957) 1,409 (5) Total provision for income taxes $ 13,237 $ 11,065 $ 9,061 A reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate ( 35% ) and the effective income tax rate is as follows: For the year ended December 31, 2017 2016 2015 (in thousands) Statutory federal expense (benefit) $ 40,912 $ 30,555 $ (58,307) Foreign tax rate differential 3,745 1,083 3,534 State and local tax expense (benefit) 5,415 3,941 (230) REIT adjustment (34,346) 205,317 — Permanent differences (1,365) (3,577) 4,892 Tax Act impact on deferred taxes 31,547 — — Foreign exchange rate changes (55) (5,822) 9,212 Other (1,009) 1,753 3,200 Valuation allowance (31,607) (222,185) 46,760 Provision for income taxes $ 13,237 $ 11,065 $ 9,061 The components of the net deferred income tax asset (liability) accounts are as follows: As of December 31, 2017 2016 (in thousands) Noncurrent deferred tax assets: Net operating losses $ 65,257 $ 50,143 Property, equipment, and intangible basis differences 3,038 2,583 Accrued liabilities 11,933 12,264 Non-cash compensation 7,500 19,908 Deferred revenue 2,110 3,904 Allowance for doubtful accounts 5,978 6,187 Currency translation 34,895 33,088 Other 2,698 1,032 Valuation allowance (38,802) (70,233) Total noncurrent deferred tax assets, net (1) 94,607 58,876 Noncurrent deferred tax liabilities: Property, equipment, and intangible basis differences (98,589) (65,459) Straight-line rents (22,740) (18,081) Deferred lease costs (2,242) (1,087) Other (136) (922) Total noncurrent deferred tax liabilities, net (1) $ (29,100) $ (26,673) (1) Of these amounts, $1,670 and $30,770 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2017 . As of December 31, 2016 , $774 and $27,447 are included in Other assets and Other long-term liabilities on the accompanying Consolidated Balance Sheet. A deferred tax asset is reduced by a valuation allowance if based on the weight of all available evidence, including both positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that the value of such assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxable income of the same character during the carryback or carryforward period. All sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies, should be considered. The Company has recorded a valuation allowance for the majority of its deferred tax assets as management believes that it is not “more-likely-than-not” that the Company will generate sufficient taxable income in future periods to recognize the assets. Valuation allowances of $38.8 million and $70.2 million were being carried to offset net deferred income tax assets as of December 31, 2017 and 2016 , respectively. The net change in the valuation allowance for the years ended December 31, 2017 and 2016 was $31.4 million and $222.6 million, respectively. The Company has available at December 31, 2017 , a federal NOL carry-forward of approximately $1.1 billion. These NOL carry-forwards will expire between 2022 and 2036 . As of December 31, 2017 , $956.7 million of the federal NOLs are attributes of the REIT. 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. The Internal Revenue Code places limitations upon the future availability of NOLs based upon changes in the equity of the Company. If these occur, the ability of the Company to offset future income with existing NOLs may be limited. In addition, the Company has available at December 31, 2017 , a foreign NOL carry-forward of $79.5 million and a net state operating tax loss carry-forward of approximately $456.1 million. These net operating tax loss carry-forwards begin to expire in 2018 . The U.S. tax losses generated in tax years 1999 through 2014 remain subject to adjustment, and tax years 2014 through 2017 are op en to examination by the major jurisdictions in which the Company operates. On December 22, 2017, the U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (the “Tax Act”) that significantly revises the U.S. tax code effective January 1, 2018 by, among other things, lowering the corporate income tax rate from a top marginal rate of 35% to a flat 21% , imposing a mandatory one-time deemed repatriation of foreign earnings (commonly referred to as the “transition tax”), limiting deductibility of interest expense and certain executive compensation and implementing a territorial tax system. The full impact of this change in tax law is provisional and subject to further analysis. The Company does not expect to remit earnings from its foreign subsidiaries. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $102.2 million at December 31, 2017 . Those earnings are considered to be permanently reinvested and the Company could be subject to withholding taxes payable to various foreign countries. The Tax Act passed December 22, 2017 caused the Company to record a one-time income inclusion of unremitted earnings in the amount of $52.4 million. The Company's provisional calculation of its remaining outside basis difference is not considered material. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities (i.e., basis difference other than those subject to the one-time transition tax) is not practicable due to the complexities of the hypothetical calculation in determining residual taxes on undistributed earnings, including the availability of foreign tax credits, applicability of any additional local withholding tax, and other indirect tax consequence that may arise due to the distribution of these earnings. The global intangible low-taxed income (“GILTI”) provisions of the Tax Act impose a tax on the income of certain foreign subsidiaries in excess of a specified return on tangible assets used by the foreign companies. FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the GILTI provisions and has not yet determined the new accounting policy. At December 31, 2017 , the Company is still evaluating the GILTI provisions and the analysis of future taxable income that is subject to GILTI, the Company is still unable to make a reasonable estimate and has not reflected any adjustments related to GILTI in the Company's consolidated financial statements. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. COMMITMENTS AND CONTINGENCIES Leases The Company is obligated under various non-cancelable operating leases for land, office space, equipment and site leases that expire at various times through December 2152 . In addition, the Company is obligated under various non-cancelable capital leases for vehicles that expire at various times through September 2021 . The annual minimum lease payments under non-cancelable operating (primarily ground or land leases) and capital leases for the next five years as of December 31, 2017 are as follows (in thousands): For the year ended December 31, Capital Leases Operating Leases 2018 $ 1,199 $ 220,190 2019 654 222,489 2020 226 224,148 2021 31 226,528 2022 — 228,093 Total minimum lease payments 2,110 Less: amount representing interest (113) Present value of future payments 1,997 Less: current obligations (1,147) Long-term obligations $ 850 Future minimum rental payments under noncancelable ground leases include payments for certain renewal periods at the Company’s option because failure to renew could result in a loss of the applicable tower and related revenue from tenant leases, thereby making it reasonably assured that the Company will renew the lease. The majority of operating leases provide for renewal at varying escalations. Fixed rate escalations have been included in the table disclosed above. Rent expense for operating leases was $266.4 million, $253.7 million and $239.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In addition, certain of the Company’s leases include contingent rent provisions which provide for the lessor to receive additional rent upon the attainment of certain tower operating results and/or lease-up. Contingent rent expense for the years ended December 31, 2017 , 2016 and 2015 was $26.6 million, $25.0 million and $24.4 million, respectively. Tenant Leases The annual minimum tower lease income to be received for tower space and antenna rental under non-cancelable operating leases for the next five years as of December 31, 2017 are as follows: For the year ended December 31, (in thousands) 2018 $ 1,437,107 2019 1,267,458 2020 1,060,017 2021 803,351 2022 536,685 The Company’s tenant leases provide for annual escalations and multiple renewal periods, at the tenant’s option. The tenant rental payments disclosed in the table above do not assume exercise of any tenant renewal options, however, fixed rate escalations have been included for the current term . Litigation The Company is involved in various claims, lawsuits and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. Contingent Purchase Obligations From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one to three years after they have been acquired. Please refer to Note 3 . |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 17. DEFINED CONTRIBUTION PLAN The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan. The Company makes a discretionary matching contribution of 75% of an employee’s contributions up to a maximum of $4,000 annually. Company matching contributions were approximately $2.0 million, $2.0 million and $2.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2017 | |
Segment Data [Abstract] | |
Segment Data | 18. 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 includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below. Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment Total For the year ended December 31, 2017 (in thousands) Revenues $ 1,308,389 $ 314,784 $ 104,501 $ — $ 1,727,674 Cost of revenues (2) 260,826 98,701 86,785 — 446,312 Operating profit 1,047,563 216,083 17,716 — 1,281,362 Selling, general, and administrative 67,263 24,320 15,433 23,681 130,697 Acquisition related adjustments and expenses 8,171 4,196 — — 12,367 Asset impairment and decommission costs 29,523 6,994 180 — 36,697 Depreciation, amortization and accretion 498,842 135,155 2,580 6,523 643,100 Operating income (loss) 443,764 45,418 (477) (30,204) 458,501 Other expense (principally interest expense and other expense) (341,610) (341,610) Income before provision for income taxes 116,891 Cash capital expenditures (3) 225,074 358,691 1,221 3,859 588,845 For the year ended December 31, 2016 Revenues $ 1,273,866 $ 264,204 $ 95,055 $ — $ 1,633,125 Cost of revenues (2) 260,941 81,274 78,682 — 420,897 Operating profit 1,012,925 182,930 16,373 — 1,212,228 Selling, general, and administrative (4) 72,701 35,897 13,039 21,712 143,349 Acquisition related adjustments and expenses 6,233 6,907 — — 13,140 Asset impairment and decommission costs 26,073 1,824 — 2,345 30,242 Depreciation, amortization and accretion 509,108 119,466 3,402 6,213 638,189 Operating income (loss) 398,810 18,836 (68) (30,270) 387,308 Other expense (principally interest expense and other expense) (300,005) (300,005) Income before provision for income taxes 87,303 Cash capital expenditures (3) 310,256 102,282 1,955 3,710 418,203 For the year ended December 31, 2015 Revenues $ 1,236,758 $ 243,876 $ 157,840 $ — $ 1,638,474 Cost of revenues (2) 252,493 72,162 119,744 — 444,399 Operating profit 984,265 171,714 38,096 — 1,194,075 Selling, general, and administrative 67,413 16,196 12,247 19,095 114,951 Acquisition related adjustments and expenses 9,975 1,889 — — 11,864 Asset impairment and decommission costs 93,977 806 — — 94,783 Depreciation, amortization and accretion 534,436 118,886 3,662 3,037 660,021 Operating income (loss) 278,464 33,937 22,187 (22,132) 312,456 Other expense (principally interest expense and other expense) (479,051) (479,051) Loss before provision for income taxes (166,595) Cash capital expenditures (3) 709,337 94,693 3,495 13,339 820,864 Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment (1) Total Assets (in thousands) As of December 31, 2017 $ 5,171,190 $ 2,028,479 $ 49,487 $ 71,049 $ 7,320,205 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 includes the impact of the $16,498 Oi reserve for the year ended December 31, 2016. Other than Brazil, no foreign country represented a material amount of our total revenues in any of the periods presented. Site leasing revenue in Brazil was $217.4 million for 2017, $178.3 million for 2016, and $169.6 million for 2015. Total long-lived assets in Brazil was $1,278.9 million as of December 31, 2017, $1,096.4 million as of December 31, 2016, and $923.6 million as of December 31, 2015. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 19. QUARTERLY FINANCIAL DATA (unaudited) Quarter Ended December 31, September 30, June 30, March 31, 2017 2017 2017 2017 (in thousands, except per share amounts) Revenues $ 443,073 $ 433,945 $ 427,294 $ 423,362 Operating income 119,081 117,011 114,590 107,819 Depreciation, accretion, and amortization (162,643) (161,907) (159,520) (159,030) Loss from extinguishment of debt, net — — (1,961) — Net income 7,660 49,161 9,233 37,600 Net income per common share - basic (1) $ 0.07 $ 0.41 $ 0.08 $ 0.31 Net income per common share - diluted 0.06 0.41 0.08 0.31 Quarter Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 (in thousands, except per share amounts) Revenues $ 416,505 $ 411,319 $ 405,532 $ 399,769 Operating income 107,430 108,210 74,066 97,602 Depreciation, accretion, and amortization (158,554) (160,111) (159,723) (159,801) Loss from extinguishment of debt, net (18,189) (34,512) — — Net income (loss) 5,256 (15,370) 32,711 53,641 Net income per common share - basic $ 0.04 $ (0.12) $ 0.26 $ 0.43 Net income per common share - diluted 0.04 (0.12) 0.26 0.43 (1) The sums of quarterly earnings per share data may not equal annual data due to rounding. Basic and diluted net income ( loss ) per share is computed by dividing net income by the weighted average number of shares for the period. Potentially dilutive instruments have been excluded from the computation of diluted loss per share as their impact would have been anti-dilutive. Because net income ( loss ) per share amounts are calculated using the weighted average number of common and dilutive common shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total loss per share amounts for the year. |
Schedule III - Schedule of Real
Schedule III - Schedule of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation | Schedule III—Schedule of Real Estate and Accumulated Depreciation Life on Which Cost Accumulated Depreciation Capitalized Gross Amount Depreciation in Latest Initial Subsequent Carried at Close at Close Income Cost to to of Current of Current Date of Date Statement is Description Encumbrances Company Acquisition Period Period Construction Acquired Computed (in thousands) 27,909 sites (1) $ 6,805,000 (2) (3) (3) $ 5,340,858 (4) $ (2,627,841) Various Various Up to 20 years (1) No single site exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above. (2) As of December 31, 2017 , certain assets secure debt of $6.8 billion. (3) The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis. (4) Does not include those sites under construction. 2017 2016 2015 (in thousands) Gross amount at beginning $ 5,079,660 $ 4,839,874 $ 4,577,296 Additions during period: Acquisitions (1) 112,979 72,456 203,441 Construction and related costs on new builds 70,361 58,143 87,088 Augmentation and tower upgrades 43,288 37,861 52,146 Land buyouts and other assets 41,657 44,574 47,148 Tower maintenance 29,391 28,257 27,123 Other (2) — 45,829 — Total additions 297,676 287,120 416,946 Deductions during period: Cost of real estate sold or disposed (1,027) (12,842) (26,506) Impairment (34,102) (34,491) (34,373) Other (2) (1,350) — (93,489) Total deductions: (36,479) (47,334) (154,368) Balance at end $ 5,340,858 $ 5,079,660 $ 4,839,874 (1) Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations. 2017 2016 2015 (in thousands) Gross amount of accumulated depreciation at beginning $ (2,396,587) $ (2,160,530) $ (1,912,906) Additions during period: Depreciation (248,818) (254,982) (282,831) Other (2) — (5,557) — Total additions (248,818) (260,539) (282,831) Deductions during period: Amount of accumulated depreciation for assets sold or disposed 17,051 24,483 25,909 Other (2) 513 — 9,298 Total deductions 17,564 24,483 35,207 Balance at end $ (2,627,841) $ (2,396,587) $ (2,160,530) (2) Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use Of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper , highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value. |
Restricted Cash | Restricted Cash The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business , as well as collateral associated with workers’ compensation plans (see Note 4). |
Investments | Investments Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments primarily consist of U.S. Treasuries, mutual funds, and preferred securities. Gross purchases and sales of the Company’s investments are presented within “Cash flows from investing activities” on the Company’s Consolidated Statements of Cash Flows. The Company accounts for its investments in privatel y held companies under the cost and equity method. The Company evaluates its investments for impairment at least annually. The Company determines the fair value of its investments by considering available evidence, including general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The Company measures and records its investments at fair value when they are deemed to be other-than-temporarily impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2017 , 2016 , and 2015 . During the years ended December 31, 2017 and 2016 , the Company received proceeds related to the sale or maturity of investments of $0.2 million and $0.7 million, respectively. During the year ended December 31, 2017 and 2016, no gain or loss was recorded related to the sale or maturity of investments. The proceeds are reflected in Net cash used in investing activities on the Consolidated Statements of Cash Flows, and the related gain or loss on sale or maturity is reflected in Other income (expense), net in the accompanying Consolidated Statement of Operations. The aggregate carrying value of the Company’s investments was approximately $8.6 million and $8.1 million as of December 31, 2017 and 2016 , respectively, and is classified within short-term investments and other assets on the Company’s consolidated balance sheets. |
Property And Equipment | Property and Equipment Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $1.1 million, $1.0 million, and $0.8 million of interest cost was capitalized in 2017 , 2016 and 2015 , respectively. Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. The Company defines the minimum lease term as the shorter of the period from lease inception through the end of the term of all tenant lease obligations in existence at ground lease inception, including renewal periods, or the ground lease term, including renewal periods. If no tenant lease obligation exists at the date of ground lease inception, the initial term of the ground lease is considered the minimum lease term. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives. The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred. Asset classes and related estimated useful lives are as follows: Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Buildings and improvements 10 - 30 years Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented. |
Deferred Financing Fees | Deferred Financing Fees Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 12). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompan ying Consolidated Balance Sheet, d ebt issuance costs are presented on the balance sheet as a direct deduction from the related debt lia bility rather than as an asset. |
Deferred Lease Costs | Deferred Lease Costs The Company defers certain initial direct costs associated with the origination of tenant leases and lease amendments and amortizes these costs over the initial lease term or over the lease term remaining if related to a lease amendment. Such deferred costs were approximately $11.0 million, $10.2 million, and $10.9 million in 2017 , 2016 , and 2015 , respectively. Amortization expense was $13.1 million, $11.3 million, and $9.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is included in cost of site leasing on the accompanying Consolidated Statements of Operations. As of December 31, 2017 and 2016 , unamortized deferred lease costs were $27.7 million and $29.7 million, respectively, and are included in other assets on the accompanying Consolidated Balance Sheets. |
Intangible Assets | Intangible Assets The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually evaluate its tower assets and Current contract intangibles for impairment. The Company records an impairment charge when the Company believes an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge. The Company recognized impairment charges of $36.7 million, $30.2 million, and $94.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Refer to Note 3 for further detail of these amounts. |
Fair Value Measurements | Fair Value Measurements The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Revenue Recognition | Revenue Recognition Revenue from site leasing is recorded monthly and recognized on a straight-line basis over the current term of the related lease agreements, which are generally five to ten years. Receivables recorded related to the straight-lining of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Site development projects in which the Company performs consulting services include contracts on a time and materials basis or a fixed price basis. Time and materials based contracts are billed at contractual rates and revenue is recognized as the services are rendered. For those site development contracts in which the Company performs work on a fixed price basis, site development billing (and revenue recognition) is based on the completion of agreed upon phases of the project on a per site basis. Upon the completion of each phase on a per site basis, the Company recognizes the revenue related to that phase. Site development projects generally take from 3 to 12 months to complete. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue from construction projects is recognized on the percentage-of-completion method of accounting, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. The asset “costs and estimated earnings in excess of billings on uncompleted contracts” represents costs incurred and revenues recognized in excess of amounts billed. The liability “billings in excess of costs and estimated earnings on uncompleted contracts,” included within other current liabilities on the Company’s Consolidated Balance Sheets, represents billings in excess of costs incurred and revenues recognized. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company performs periodic credit evaluations of its customers. The Company monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience, specific customer collection issues identified, and past due balances as determined based on contractual terms. Interest is charged on outstanding receivables from customers on a case by case basis in accordance with the terms of the respective contracts or agreements with those customers. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts in the period in which uncollectibility is determined to be probable. The following is a rollforward of the allowance for doubtful accounts: For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 24,518 $ 1,681 $ 889 Provision for doubtful accounts 2,909 22,516 896 Write-offs, net of recoveries (647) (614) (72) Currency translation adjustment (299) 935 (32) Ending balance $ 26,481 $ 24,518 $ 1,681 On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Prior to the filing of the reorganization petition, Oi was current in all payment obligations to the Company. These obligations related to periods ending on or before April 30, 2016. As a result of the relief provisions available in a judicial reorganization proceeding, obligations of Oi to the Company arising from the periods from May 1, 2016 to June 20, 2016 remain unpaid. Due to the uncertainty surrounding the recoverability of amounts owed by Oi relating to services provided prior to the date of Oi’s petition, the Company has recorded a $16.5 million bad debt provision (the “Oi reserve”) which covers amounts owed or potentially owed by Oi as of the filing date. Under Brazilian law governing judicial reorganizations, the contracts governing post-petition obligations such as tower rents remain unchanged, and debtors do not have the ability to reject or terminate the contracts other than pursuant to their original terms. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. The Oi reserve was recorded in Selling, general, and administrative expense on the consolidated statement of o perations for the year ended December 31, 2016 . On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan. |
Cost Of Revenue | Cost of Revenue Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. All ground lease rental obligations due to be paid out over the lease term, including fixed escalations, are recorded on a straight-line basis over the minimum lease term. Liabilities recorded related to the straight-lining of ground leases are reflected in other long-term liabilities on the Consolidated Balance Sheets. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site development projects are recognized as incurred. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company's recent cumulative earnings experience by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors. The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit SBA to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Internal Revenue Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS. The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2017 . The REIT had taxable income and utilized net operating losses (“NOLs”) to offset its distribution requirement. The TRS generated a NOL which will be carried forward to use in future years. The NOLs generated by the TRS are fully reserved by a valuation allowance. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units and employee stock purchases under employee stock purchase plans. The Company records compensation expense, for stock options and restricted stock units on a straight-line basis over the vesting period. Compensation expense for employee stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for restricted stock units is based on the fair market value of the units awarded at the date of the grant. |
Asset Retirement Obligations | Asset Retirement Obligations The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease. The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made, and accretes such liability through the obligation’s estimated settlement date. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. The asset retirement obligation is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any difference between the cost to retire an asset and the recorded liability is recorded in the Consolidated Statements of Operations. In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations. The following summarizes the activity of the asset retirement obligation liability: For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 6,442 $ 6,309 $ 5,856 Additions 818 1,091 781 Currency translation adjustment (10) 121 (57) Accretion expense 665 318 373 Removal (280) (290) (50) Revision in estimates (421) (1,107) (594) Ending balance $ 7,214 $ 6,442 $ 6,309 |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss) and other foreign currency adjustments. |
Foreign Currency Translation | Foreign Currency Translation 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 year. 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. For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollar s , 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. |
Acquisitions | A cquisitions In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business. ASU 2017-01 provides revised guidance to determine when an acquisition meets the definition of a business or when the acquisition should be accounted for as an asset acquisition. The Company adopted this standard effective January 1, 2017 and all changes are be ing accounted for prospectively. The adoption of ASU 2017-01 did not have a material impact on the Company’s unaudited consolidated financial statements and related disclosures. Under the new standard, the Company’s acquisitions will 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. For asset acquisitions, external, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. The Company accounts for business combinations under the acquisition method of accounting. The assets and liabilities acquired are recorded at fair market value at the date of each acquisition and the results of operations of the acquired assets are included with those from the dates of the respective acquisitions. The Company continues to evaluate all acquisitions for a period not to exceed one year after the applicable closing date of each transaction to determine whether any additional adjustments are needed to the allocation of the purchase price paid for the assets acquired and liabilities assumed as a result of information available at the acquisition date. The fair values of net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one to three years after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired. |
Intercompany Loans Subject To Remeasurement | Intercompany Loans Subject to Remeasurement The Company has two wholly owned subsidiaries, Brazil Shareholder I, LLC, a Florida limited liability company, and SBA Torres Brasil, Limitada, a limitada existing under the laws of the Republic of Brazil, which have entered into intercompany loan agreement s pursuant to which the entities may from time to time agree to lend/borrow amounts under the terms of each agreement . The first agreement entered into in November 2014 was for $750.0 million and was created to fund the acquisition of 1,641 towers in Brazil. The second agreement entered into in December 2017 was for $500.0 million and was created to fund the acquisition of 941 towers in Brazil. In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being re corded in Other income (expense ), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future . For the years ended December 31, 2017 , 2016 , and 2015 , the Company recorded a $8.8 million loss , a $90.0 million gain , and a $178.9 million loss , respectively, on the remeasurement of intercompany loans due to changes in foreign exchange rates . As of December 31, 2017 , the aggregate amount outstanding under the two intercompany loan agreements with the Company’s Brazilian subsidiary was $560.9 million. |
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. This standard is required to be applied retrospectively to each prior reporting period presented (full retrospective) or with the cumulative effect being recognized at the date of in itial application (modified retrospective). The Company will apply the modified retrospective transition method upon adoption. The Company has finalized its review of the impact of adopting this new guidance, and there will not be any material changes to the timing or measurement of revenue recognition. 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. Early adoption is permitted ; however, the Company does not currently plan to early adopt . The Company has established a c ross functional project plan and is assessing the impact of the standard on its consolidated financial statements. The Company expects this guidance 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 significant impact on its lease classification or to have a material impact on its consolidated statement of operations. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Asset Classes And Related Estimated Useful Lives | Towers and related components 3 - 15 years Furniture, equipment and vehicles 2 - 7 years Buildings and improvements 10 - 30 years |
Allowance For Doubtful Accounts | For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 24,518 $ 1,681 $ 889 Provision for doubtful accounts 2,909 22,516 896 Write-offs, net of recoveries (647) (614) (72) Currency translation adjustment (299) 935 (32) Ending balance $ 26,481 $ 24,518 $ 1,681 |
Summary Of Asset Retirement Obligation Liability | For the year ended December 31, 2017 2016 2015 (in thousands) Beginning balance $ 6,442 $ 6,309 $ 5,856 Additions 818 1,091 781 Currency translation adjustment (10) 121 (57) Accretion expense 665 318 373 Removal (280) (290) (50) Revision in estimates (421) (1,107) (594) Ending balance $ 7,214 $ 6,442 $ 6,309 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Summary Of Asset Impairment And Decommission Costs | For the year ended December 31, 2017 2016 2015 Asset impairment (1) $ 15,389 $ 19,217 $ 10,287 Impairment of fiber assets (2) — — 56,733 Write-off of carrying value of decommissioned towers 16,861 12,967 21,231 Write-off and disposal of former corporate headquarters — 2,345 1,154 Gain on sale of fiber assets (2) — (8,919) — Other third party decommission costs 4,447 4,632 5,378 Total asset impairment and decommission costs $ 36,697 $ 30,242 $ 94,783 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers. (2) The impairment review of the fiber assets acquired in the 2012 Mobilitie transaction was triggered by a strategic decision made by the Company in 2015. The gain on sale in 2016 related to the sale of these fiber assets. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restricted Cash [Abstract] | |
Schedule Of Cash, Cash Equivalents And Restricted Cash | As of As of As of December 31, 2017 December 31, 2016 December 31, 2015 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 68,783 $ 146,109 $ 118,039 Securitization escrow accounts 32,699 36,607 25,135 Restricted cash - current asset Payment and performance bonds 225 179 218 Restricted cash - current asset Surety bonds and workers compensation 2,588 3,075 3,227 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 104,295 $ 185,970 $ 146,619 |
Prepaid Expenses And Other Cu33
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expense And Other Current Assets | As of As of December 31, 2017 December 31, 2016 (in thousands) Prepaid ground rent $ 32,505 $ 33,975 Other 17,211 18,230 Total prepaid expenses and other current assets $ 49,716 $ 52,205 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Schedule Of Acquisition Activity | For the year ended December 31, 2017 2016 2015 Tower acquisitions (number of towers) 1,425 531 893 |
Schedule Of Acquisition Capital Expenditures | For the year ended December 31, 2017 2016 2015 (in thousands) Acquisitions of towers and related intangible assets (1) $ 392,902 $ 214,686 $ 525,802 Land buyouts and other assets (2) 48,645 62,149 83,728 Total cash acquisition capital expenditures $ 441,547 $ 276,835 $ 609,530 (1) The year ended December 31, 2017 excludes $63.3 million of acquisition costs funded through the issuance of 487,963 shares of Class A common stock. (2) In addition, the Company paid $18.8 million, $14.1 million, and $16.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2017 , 2016 , and 2015 , respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net [Abstract] | |
Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets | As of December 31, 2017 As of December 31, 2016 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 4,355,171 $ (1,673,270) $ 2,681,901 $ 4,141,968 $ (1,401,025) $ 2,740,943 Network location intangibles 1,617,441 (701,211) 916,230 1,515,348 (599,367) 915,981 Intangible assets, net $ 5,972,612 $ (2,374,481) $ 3,598,131 $ 5,657,316 $ (2,000,392) $ 3,656,924 |
Estimated Future Amortization Expense | For the year ended December 31, (in thousands) 2018 $ 397,596 2019 397,302 2020 396,445 2021 363,988 2022 343,536 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment, Net [Abstract] | |
Property And Equipment, Net (Including Assets Held Under Capital Leases) | As of As of December 31, 2017 December 31, 2016 (in thousands) Towers and related components $ 4,772,807 $ 4,563,756 Construction-in-process 34,689 38,926 Furniture, equipment, and vehicles 53,260 50,671 Land, buildings, and improvements 630,370 578,680 Total property and equipment 5,491,126 5,232,033 Less: accumulated depreciation (2,678,780) (2,439,957) Property and equipment, net $ 2,812,346 $ 2,792,076 |
Costs And Estimated Earnings 37
Costs And Estimated Earnings On Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | |
Summary Of Costs And Estimated Earnings On Uncompleted Contracts | As of As of December 31, 2017 December 31, 2016 (in thousands) Costs incurred on uncompleted contracts $ 31,404 $ 34,577 Estimated earnings 10,541 11,185 Billings to date (24,771) (36,027) $ 17,174 $ 9,735 |
Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets | As of As of December 31, 2017 December 31, 2016 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 17,437 $ 11,127 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (263) (1,392) $ 17,174 $ 9,735 |
Concentration Of Credit Risk (T
Concentration Of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Concentration Of Credit Risk [Abstract] | |
Summary Of Significant Customers And Percentage Of Total Revenue For Specified Time Periods Derived From Such Customers | The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers: For the year ended December 31, Percentage of Total Revenues 2017 2016 2015 AT&T Wireless 25.0% 25.7% 24.2% T-Mobile 16.5% 17.0% 16.0% Verizon Wireless 15.2% 15.2% 13.8% Sprint 15.1% 16.1% 19.6% The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows: For the year ended December 31, Percentage of Domestic Site Leasing Revenue 2017 2016 2015 AT&T Wireless 32.7% 32.7% 31.9% T-Mobile 19.7% 19.6% 19.0% Verizon Wireless 19.0% 18.2% 16.3% Sprint 18.9% 19.8% 22.3% For the year ended December 31, Percentage of International Site Leasing Revenue 2017 2016 2015 Oi S.A. 42.2% 43.9% 48.8% Telefonica 25.7% 26.4% 24.7% Claro 10.0% 9.4% 8.0% For the year ended December 31, Percentage of Site Development Revenue 2017 2016 2015 T-Mobile 26.9% 28.4% 17.6% Sprint 12.9% 11.7% 28.5% Verizon Wireless 12.8% 16.5% 14.8% Nokia, Inc. 10.1% 7.1% 6.3% Ericsson, Inc. 7.4% 5.0% 15.3% |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares Of Common Stock Outstanding Used In Calculation Of Basic And Diluted Earnings Per Share | For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) $ 103,654 $ 76,238 $ (175,656) Denominator: Basic weighted-average shares outstanding 119,860 124,448 127,794 Dilutive impact of stock options and restricted shares 1,162 696 — Diluted weighted-average shares outstanding 121,022 125,144 127,794 Net income (loss) per common share: Basic $ 0.86 $ 0.61 $ (1.37) Diluted $ 0.86 $ 0.61 $ (1.37) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Schedule Of Carrying And Principal Values Of Debt | As of As of December 31, 2017 December 31, 2016 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value 2014 Senior Notes July 15, 2022 $ 750,000 $ 770,625 $ 739,079 $ 750,000 $ 763,125 $ 736,992 2016 Senior Notes Sep. 1, 2024 1,100,000 1,127,500 1,081,262 1,100,000 1,083,500 1,078,954 2017 Senior Notes Oct. 1, 2022 750,000 750,938 741,437 — — — 2012 -1C Tower Securities Dec. 11, 2017 — — — 610,000 610,165 607,157 2013 -1C Tower Securities April 10, 2018 425,000 423,853 424,482 425,000 423,381 422,768 2013 -2C Tower Securities April 11, 2023 575,000 578,433 568,609 575,000 563,322 567,545 2013 -1D Tower Securities April 10, 2018 330,000 330,145 329,585 330,000 334,521 328,225 2014 -1C Tower Securities Oct. 8, 2019 920,000 915,216 914,929 920,000 922,199 912,219 2014 -2C Tower Securities Oct. 8, 2024 620,000 620,942 613,461 620,000 608,921 612,641 2015-1C Tower Securities Oct. 8, 2020 500,000 496,840 493,474 500,000 495,145 491,289 2016-1C Tower Securities July 9, 2021 700,000 691,166 693,118 700,000 688,072 691,322 2017-1C Tower Securities April 11, 2022 760,000 751,404 751,076 — — — Revolving Credit Facility Feb. 5, 2020 40,000 40,000 40,000 390,000 390,000 390,000 2014 Term Loan Mar. 24, 2021 1,447,500 1,451,119 1,439,373 1,462,500 1,467,984 1,452,039 2015 Term Loan June 10, 2022 487,500 488,109 480,801 492,500 494,347 484,432 Total debt $ 9,405,000 $ 9,436,290 $ 9,310,686 $ 8,875,000 $ 8,844,682 $ 8,775,583 Less: current maturities of long-term debt (20,000) (627,157) Total long-term debt, net of current maturities $ 9,290,686 $ 8,148,426 |
Schedule Of Future Principal Payment Obligations | For the year ended December 31, (in thousands) 2018 $ 775,000 2019 940,000 2020 560,000 2021 2,107,500 2022 2,727,500 |
Schedule Of Cash And Non-Cash Interest Expense | For the year ended December 31, 2017 2016 2015 Cash Non-cash Cash Non-cash Cash Non-cash Interest Interest Interest Interest Interest Interest (in thousands) 5.625% Senior Notes — — 21,094 — 28,125 — 5.75% Senior Notes — — 28,494 — 46,000 — 2014 Senior Notes 36,563 724 36,563 689 36,563 655 2016 Senior Notes 53,625 954 20,258 348 — — 2017 Senior Notes 6,500 — — — — — 2010 Tower Securities — — 15,213 — 28,230 — 2012-1C Tower Securities 5,330 — 18,107 — 18,111 — 2013 Tower Securities 43,217 — 43,217 — 43,217 — 2014 Tower Securities 51,138 — 51,138 — 51,138 — 2015-1C Tower Securities 15,939 — 15,939 — 3,453 — 2016-1C Tower Securities 20,361 — 9,898 — — — 2017-1C Tower Securities 17,182 — — — — — Revolving Credit Facility 8,046 — 4,167 — 5,552 — 2012-1 Term Loan — — — — 3,959 — 2014 Term Loan 49,414 525 48,962 510 48,992 492 2015 Term Loan 16,641 676 16,487 656 9,243 358 Capitalized interest and other (207) — (366) — (217) — Total $ 323,749 $ 2,879 $ 329,171 $ 2,203 $ 322,366 $ 1,505 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options | For the year ended December 31, 2017 2016 2015 Risk free interest rate 1.70% - 1.97% 1.11% - 1.43% 1.21% - 1.46% Dividend yield 0.0% 0.0% 0.0% Expected volatility 20.0% 20.0% 20.0% Expected lives 4.6 years 4.7 years 4.6 years |
Summary Of Activities With Respect To Its Stock Options | Weighted- Weighted- Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2014 3,276 $ 66.85 Granted 1,076 $ 124.24 Exercised (495) $ 51.58 Canceled (63) $ 93.74 Outstanding at December 31, 2015 3,794 $ 84.66 Granted 1,357 $ 96.64 Exercised (603) $ 46.03 Canceled (101) $ 105.37 Outstanding at December 31, 2016 4,447 $ 93.09 Granted 1,171 $ 115.41 Exercised (709) $ 80.73 Canceled (67) $ 105.81 Outstanding at December 31, 2017 4,842 $ 100.12 4.3 $ 306,100 Exercisable at December 31, 2017 1,982 $ 87.42 3.0 $ 150,501 Unvested at December 31, 2017 2,860 $ 108.93 5.3 $ 155,599 |
Additional Information Regarding Options Outstanding And Exercisable | Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Average Range Outstanding Contractual Life Exercise Price Exercisable Exercise Price (in thousands) (in years) (in thousands) $0.00 - $45.00 99 0.4 $ 40.39 99 $ 40.39 $45.01 - $90.00 731 1.9 $ 64.76 730 $ 64.71 $90.01 - $115.00 1,973 4.4 96.39 760 96.16 $115.01 - $145.00 2,039 5.3 $ 119.32 393 $ 124.48 4,842 1,982 |
Activity Of Options Outstanding Not Yet Vested | Weighted- Average Number Fair Value of Shares Per Share (in thousands) Unvested as of December 31, 2016 2,814 $ 20.62 Shares granted 1,171 $ 23.88 Vesting during period (1,058) $ 20.25 Forfeited (67) $ 21.23 Unvested as of December 31, 2017 2,860 $ 22.08 |
Summary Of 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 171 $ 116.52 Vested (122) $ 98.75 Forfeited/canceled (12) $ 111.67 Outstanding at December 31, 2017 328 $ 110.20 |
Schedule Of Non-Cash Compensation Expense | For the year ended December 31, 2017 2016 2015 (in thousands) Cost of revenues $ 1,013 $ 418 $ 405 Selling, general and administrative 37,236 32,497 28,342 Total cost of non-cash compensation included in loss before provision for income taxes 38,249 32,915 28,747 Amount of income tax recognized in earnings — — — Amount charged against loss $ 38,249 $ 32,915 $ 28,747 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income (Loss) Before Provision for Income Taxes from Continuing Operations by Geographic Area | For the year ended December 31, 2017 2016 2015 (in thousands) Domestic $ 73,405 $ (28,671) $ (22,698) Foreign 43,486 115,974 (143,897) Total $ 116,891 $ 87,303 $ (166,595) |
Components Of Provision For Income Taxes | For the year ended December 31, 2017 2016 2015 (in thousands) Current provision: State $ 5,513 $ 1,535 $ 2,752 Foreign 11,681 8,121 6,314 Total current 17,194 9,656 9,066 Deferred provision (benefit) for taxes: Federal 18,736 170,177 (3,023) State (241) 22,992 (3,106) Foreign 9,155 30,425 (40,636) Change in valuation allowance (31,607) (222,185) 46,760 Total deferred (3,957) 1,409 (5) Total provision for income taxes $ 13,237 $ 11,065 $ 9,061 |
Income Tax Rate Reconciliation | For the year ended December 31, 2017 2016 2015 (in thousands) Statutory federal expense (benefit) $ 40,912 $ 30,555 $ (58,307) Foreign tax rate differential 3,745 1,083 3,534 State and local tax expense (benefit) 5,415 3,941 (230) REIT adjustment (34,346) 205,317 — Permanent differences (1,365) (3,577) 4,892 Tax Act impact on deferred taxes 31,547 — — Foreign exchange rate changes (55) (5,822) 9,212 Other (1,009) 1,753 3,200 Valuation allowance (31,607) (222,185) 46,760 Provision for income taxes $ 13,237 $ 11,065 $ 9,061 |
Components Of Net Deferred Income Tax Asset And Liability | As of December 31, 2017 2016 (in thousands) Noncurrent deferred tax assets: Net operating losses $ 65,257 $ 50,143 Property, equipment, and intangible basis differences 3,038 2,583 Accrued liabilities 11,933 12,264 Non-cash compensation 7,500 19,908 Deferred revenue 2,110 3,904 Allowance for doubtful accounts 5,978 6,187 Currency translation 34,895 33,088 Other 2,698 1,032 Valuation allowance (38,802) (70,233) Total noncurrent deferred tax assets, net (1) 94,607 58,876 Noncurrent deferred tax liabilities: Property, equipment, and intangible basis differences (98,589) (65,459) Straight-line rents (22,740) (18,081) Deferred lease costs (2,242) (1,087) Other (136) (922) Total noncurrent deferred tax liabilities, net (1) $ (29,100) $ (26,673) (1) Of these amounts, $1,670 and $30,770 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2017 . As of December 31, 2016 , $774 and $27,447 are included in Other assets and Other long-term liabilities on the accompanying Consolidated Balance Sheet. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Annual Minimum Lease Payments | For the year ended December 31, Capital Leases Operating Leases 2018 $ 1,199 $ 220,190 2019 654 222,489 2020 226 224,148 2021 31 226,528 2022 — 228,093 Total minimum lease payments 2,110 Less: amount representing interest (113) Present value of future payments 1,997 Less: current obligations (1,147) Long-term obligations $ 850 |
Annual Minimum Tower Lease Income | For the year ended December 31, (in thousands) 2018 $ 1,437,107 2019 1,267,458 2020 1,060,017 2021 803,351 2022 536,685 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Data [Abstract] | |
Segment Reporting Information Disclosure | Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment Total For the year ended December 31, 2017 (in thousands) Revenues $ 1,308,389 $ 314,784 $ 104,501 $ — $ 1,727,674 Cost of revenues (2) 260,826 98,701 86,785 — 446,312 Operating profit 1,047,563 216,083 17,716 — 1,281,362 Selling, general, and administrative 67,263 24,320 15,433 23,681 130,697 Acquisition related adjustments and expenses 8,171 4,196 — — 12,367 Asset impairment and decommission costs 29,523 6,994 180 — 36,697 Depreciation, amortization and accretion 498,842 135,155 2,580 6,523 643,100 Operating income (loss) 443,764 45,418 (477) (30,204) 458,501 Other expense (principally interest expense and other expense) (341,610) (341,610) Income before provision for income taxes 116,891 Cash capital expenditures (3) 225,074 358,691 1,221 3,859 588,845 For the year ended December 31, 2016 Revenues $ 1,273,866 $ 264,204 $ 95,055 $ — $ 1,633,125 Cost of revenues (2) 260,941 81,274 78,682 — 420,897 Operating profit 1,012,925 182,930 16,373 — 1,212,228 Selling, general, and administrative (4) 72,701 35,897 13,039 21,712 143,349 Acquisition related adjustments and expenses 6,233 6,907 — — 13,140 Asset impairment and decommission costs 26,073 1,824 — 2,345 30,242 Depreciation, amortization and accretion 509,108 119,466 3,402 6,213 638,189 Operating income (loss) 398,810 18,836 (68) (30,270) 387,308 Other expense (principally interest expense and other expense) (300,005) (300,005) Income before provision for income taxes 87,303 Cash capital expenditures (3) 310,256 102,282 1,955 3,710 418,203 For the year ended December 31, 2015 Revenues $ 1,236,758 $ 243,876 $ 157,840 $ — $ 1,638,474 Cost of revenues (2) 252,493 72,162 119,744 — 444,399 Operating profit 984,265 171,714 38,096 — 1,194,075 Selling, general, and administrative 67,413 16,196 12,247 19,095 114,951 Acquisition related adjustments and expenses 9,975 1,889 — — 11,864 Asset impairment and decommission costs 93,977 806 — — 94,783 Depreciation, amortization and accretion 534,436 118,886 3,662 3,037 660,021 Operating income (loss) 278,464 33,937 22,187 (22,132) 312,456 Other expense (principally interest expense and other expense) (479,051) (479,051) Loss before provision for income taxes (166,595) Cash capital expenditures (3) 709,337 94,693 3,495 13,339 820,864 Domestic Site Int'l Site Site Not Identified Leasing Leasing Development by Segment (1) Total Assets (in thousands) As of December 31, 2017 $ 5,171,190 $ 2,028,479 $ 49,487 $ 71,049 $ 7,320,205 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 includes the impact of the $16,498 Oi reserve for the year ended December 31, 2016. Other than Brazil, no foreign country represented a material amount of our total revenues in any of the periods presented. Site leasing revenue in Brazil was $217.4 million for 2017, $178.3 million for 2016, and $169.6 million for 2015. Total long-lived assets in Brazil was $1,278.9 million as of December 31, 2017, $1,096.4 million as of December 31, 2016, and $923.6 million as of December 31, 2015. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | Quarter Ended December 31, September 30, June 30, March 31, 2017 2017 2017 2017 (in thousands, except per share amounts) Revenues $ 443,073 $ 433,945 $ 427,294 $ 423,362 Operating income 119,081 117,011 114,590 107,819 Depreciation, accretion, and amortization (162,643) (161,907) (159,520) (159,030) Loss from extinguishment of debt, net — — (1,961) — Net income 7,660 49,161 9,233 37,600 Net income per common share - basic (1) $ 0.07 $ 0.41 $ 0.08 $ 0.31 Net income per common share - diluted 0.06 0.41 0.08 0.31 Quarter Ended December 31, September 30, June 30, March 31, 2016 2016 2016 2016 (in thousands, except per share amounts) Revenues $ 416,505 $ 411,319 $ 405,532 $ 399,769 Operating income 107,430 108,210 74,066 97,602 Depreciation, accretion, and amortization (158,554) (160,111) (159,723) (159,801) Loss from extinguishment of debt, net (18,189) (34,512) — — Net income (loss) 5,256 (15,370) 32,711 53,641 Net income per common share - basic $ 0.04 $ (0.12) $ 0.26 $ 0.43 Net income per common share - diluted 0.04 (0.12) 0.26 0.43 (1) The sums of quarterly earnings per share data may not equal annual data due to rounding. |
General (Narrative) (Details)
General (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017item | |
Company owned tower sites | 27,909 |
Domestic [Member] | |
Company owned tower sites | 15,979 |
International [Member] | |
Company owned tower sites | 11,930 |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)item | Nov. 30, 2014USD ($)item | Dec. 31, 2017USD ($)itementity | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Summary of Significant Accounting Policies [Line Items] | |||||
Proceeds from sale of other investments | $ 200 | $ 700 | |||
Gain on sale of investments | 0 | 0 | $ 38,326 | ||
Cost-method investments, carrying value | $ 8,600 | 8,600 | 8,100 | ||
Cost-method investments, impairment loss | 0 | 0 | 0 | ||
Interest cost capitalized | 1,100 | 1,000 | 800 | ||
Deferred lease costs | 11,000 | 11,000 | 10,200 | 10,900 | |
Amortization expense | 13,100 | 13,100 | 11,300 | 9,000 | |
Unamortized deferred lease costs | 27,700 | $ 27,700 | 29,700 | ||
Intangible assets, useful life | 15 years | ||||
Impairment charge recognized, related to long-lived assets | $ 36,700 | 30,200 | 94,800 | ||
Provision for doubtful accounts | $ 2,909 | $ 22,516 | $ 896 | ||
Number of wholly owned subsidiaries that entered into intercompany loan agreement | entity | 2 | ||||
Intercompany loan maximum lend/borrow amount | $ 500,000 | $ 750,000 | |||
Number of towers acquired | item | 941 | 1,641 | 1,425 | 531 | 893 |
Gain (loss) on remeasurement of U.S. denominated intercompany loan | $ (8,754) | $ 90,030 | $ (178,854) | ||
Intercompany foreign currency outstanding balance | $ 560,900 | $ 560,900 | |||
Oi S.A. [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Provision for doubtful accounts | $ 16,498 | ||||
Minimum [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Lease term | 5 years | ||||
Duration of site development projects | 3 months | ||||
Business acquisitions performance target period | 1 year | ||||
Maximum [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Lease term | 10 years | ||||
Duration of site development projects | 12 months | ||||
Business acquisitions performance target period | 3 years | ||||
Site Development Revenue [Member] | Revenue [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage of revenue | 6.00% |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Schedule Of Asset Classes And Related Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Towers and Related Components [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Towers and Related Components [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture, equipment and vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 2 years |
Furniture, equipment and vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Buildings and improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings and improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 30 years |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Beginning balance | $ 24,518 | $ 1,681 | $ 889 |
Provision for doubtful accounts | 2,909 | 22,516 | 896 |
Write-offs, net of recoveries | (647) | (614) | (72) |
Currency translation adjustment | (299) | 935 | (32) |
Ending balance | $ 26,481 | $ 24,518 | $ 1,681 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Summary Of Asset Retirement Obligation Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Beginning balance | $ 6,442 | $ 6,309 | $ 5,856 |
Additions | 818 | 1,091 | 781 |
Currency translation adjustment | (10) | 121 | (57) |
Accretion expense | 665 | 318 | 373 |
Removal | (280) | (290) | (50) |
Revision in estimates | (421) | (1,107) | (594) |
Ending balance | $ 7,214 | $ 6,442 | $ 6,309 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accrued earnouts | $ 2.5 | $ 4.1 |
Performance targets, maximum potential obligation | 11.1 | |
Treasury securities | 0.2 | 0.2 |
Held-to-maturity investments, carrying value | 0.5 | 0.7 |
Held-to-maturity investments, fair value | 0.5 | 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 | $ 3.1 | $ 5.8 |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate under Revolving Credit Facility | 1.375% | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate under Revolving Credit Facility | 2.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Asset Impairment And Decommission Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset impairment | $ 15,389 | $ 19,217 | $ 10,287 |
Gain on sale of fiber assets | (8,919) | ||
Other third party decommission costs | 4,447 | 4,632 | 5,378 |
Total asset impairment and decommission costs | 36,697 | 30,242 | 94,783 |
Former Corporate Headquarters Building [Member] | |||
Write-offs relating to long-lived assets and intangibles | 2,345 | 1,154 | |
Fiber Assets [Member] | |||
Write-offs relating to long-lived assets and intangibles | 56,733 | ||
Decommissioned Towers [Member] | |||
Write-offs relating to long-lived assets and intangibles | $ 16,861 | $ 12,967 | $ 21,231 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||
Surety, payment and performance bonds | $ 39,500,000 | $ 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 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 68,783 | $ 146,109 | $ 118,039 | |
Restricted cash - short term | 32,924 | 36,786 | ||
Total cash, cash equivalents, and restricted cash | 104,295 | 185,970 | 146,619 | $ 97,896 |
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - short term | 32,699 | 36,607 | 25,135 | |
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | 225 | 179 | 218 | |
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - long term | $ 2,588 | $ 3,075 | $ 3,227 |
Prepaid Expenses And Other Cu55
Prepaid Expenses And Other Current Assets (Schedule Of Prepaid Expense And Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid ground rent | $ 32,505 | $ 33,975 |
Other | 17,211 | 18,230 |
Total prepaid expenses and other current assets | $ 49,716 | $ 52,205 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | Nov. 30, 2014item | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 941 | 1,641 | 1,425 | 531 | 893 | |
Cash paid for acquisition | $ 525.8 | |||||
Property and equipment | 176.3 | |||||
Intangible assets | 351 | |||||
Working capital adjustments | $ 1.5 | |||||
Other Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 1,425 | 531 | ||||
Cash paid for acquisition | $ 214.7 | |||||
Property and equipment | $ 114.7 | $ 114.7 | 72.8 | |||
Intangible assets | 345.3 | 345.3 | 144.4 | |||
Working capital adjustments | $ 3.8 | $ 3.8 | $ 2.5 | |||
Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of towers acquired | item | 308 | |||||
Cash paid for acquisition | $ 79.5 |
Acquisitions (Schedule Of Acqui
Acquisitions (Schedule Of Acquisition Activity) (Details) - item | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Nov. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisitions [Abstract] | |||||
Tower acquisitions (number of towers) | 941 | 1,641 | 1,425 | 531 | 893 |
Acquisitions (Schedule Of Acq58
Acquisitions (Schedule Of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisitions [Abstract] | |||
Acquisitions of towers and related intangible assets | $ 392,902 | $ 214,686 | $ 525,802 |
Land buyouts and other assets | 48,645 | 62,149 | 83,728 |
Total cash acquisition capital expenditures | 441,547 | 276,835 | 609,530 |
Acquisition costs paid through the issuance of common stock | $ 63,300 | ||
Common stock issued for acquisition costs | 487,963 | ||
Ground lease extensions | $ 18,800 | $ 14,100 | $ 16,300 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets, Net [Abstract] | |||
Intangible assets, useful life | 15 years | ||
Amortization expense | $ 384.1 | $ 369.9 | $ 363.1 |
Intangible Assets, Net (Gross A
Intangible Assets, Net (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,972,612 | $ 5,657,316 |
Accumulated amortization | (2,374,481) | (2,000,392) |
Net book value | 3,598,131 | 3,656,924 |
Current Contract Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,355,171 | 4,141,968 |
Accumulated amortization | (1,673,270) | (1,401,025) |
Net book value | 2,681,901 | 2,740,943 |
Network Location Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,617,441 | 1,515,348 |
Accumulated amortization | (701,211) | (599,367) |
Net book value | $ 916,230 | $ 915,981 |
Intangible Assets, Net (Estimat
Intangible Assets, Net (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Intangible Assets, Net [Abstract] | |
2,018 | $ 397,596 |
2,019 | 397,302 |
2,020 | 396,445 |
2,021 | 363,988 |
2,022 | $ 343,536 |
Property And Equipment, Net (Na
Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property And Equipment, Net [Abstract] | |||
Depreciation expense | $ 258.4 | $ 268.1 | $ 296.5 |
Non-cash capital expenditures | $ 12.4 | $ 7 |
Property And Equipment, Net (Pr
Property And Equipment, Net (Property And Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 5,491,126 | $ 5,232,033 |
Less: accumulated depreciation | (2,678,780) | (2,439,957) |
Property and equipment, net | 2,812,346 | 2,792,076 |
Towers and Related Components [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,772,807 | 4,563,756 |
Construction-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 34,689 | 38,926 |
Furniture, equipment and vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 53,260 | 50,671 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 630,370 | $ 578,680 |
Costs And Estimated Earnings 64
Costs And Estimated Earnings On Uncompleted Contracts (Narrative) (Details) - customer | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings, percentage comprised by significant customers | 87.90% | 81.60% |
Number of significant customers | 8 | 8 |
Costs And Estimated Earnings 65
Costs And Estimated Earnings On Uncompleted Contracts (Summary Of Costs And Estimated Earnings On Uncompleted Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $ 31,404 | $ 34,577 |
Estimated earnings | 10,541 | 11,185 |
Billings to date | (24,771) | (36,027) |
Costs and estimated earnings on uncompleted contracts | $ 17,174 | $ 9,735 |
Costs And Estimated Earnings 66
Costs And Estimated Earnings On Uncompleted Contracts (Costs And Estimated Earnings On Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Costs And Estimated Earnings On Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 17,437 | $ 11,127 |
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) | (263) | (1,392) |
Costs and estimated earnings on uncompleted contracts | $ 17,174 | $ 9,735 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) - customer | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Number of significant customers | 8 | 8 |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Number of significant customers | 5 | |
Concentration risk percentage of accounts receivable | 66.90% | 59.30% |
Concentration Of Credit Risk (S
Concentration Of Credit Risk (Summary Of Significant Customers And Percentage Of Total Revenue For Specified Time Periods Derived From Such Customers) (Details) - Revenue [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AT&T [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 25.00% | 25.70% | 24.20% |
T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 16.50% | 17.00% | 16.00% |
Verizon Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 15.20% | 15.20% | 13.80% |
Sprint [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 15.10% | 16.10% | 19.60% |
Domestic Site Leasing [Member] | AT&T [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 32.70% | 32.70% | 31.90% |
Domestic Site Leasing [Member] | T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 19.70% | 19.60% | 19.00% |
Domestic Site Leasing [Member] | Verizon Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 19.00% | 18.20% | 16.30% |
Domestic Site Leasing [Member] | Sprint [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 18.90% | 19.80% | 22.30% |
International Site Leasing [Member] | Oi S.A. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 42.20% | 43.90% | 48.80% |
International Site Leasing [Member] | Telefonica [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 25.70% | 26.40% | 24.70% |
International Site Leasing [Member] | Claro [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 10.00% | 9.40% | 8.00% |
Site Development Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 6.00% | ||
Site Development Revenue [Member] | T-Mobile [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 26.90% | 28.40% | 17.60% |
Site Development Revenue [Member] | Verizon Wireless [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 12.80% | 16.50% | 14.80% |
Site Development Revenue [Member] | Sprint [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 12.90% | 11.70% | 28.50% |
Site Development Revenue [Member] | Nokia, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 10.10% | 7.10% | 6.30% |
Site Development Revenue [Member] | Ericsson, Inc. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of revenue | 7.40% | 5.00% | 15.30% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from earnings per share calculation | 1 | 2.2 | 3.8 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from earnings per share calculation | 0.3 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 7,660 | $ 49,161 | $ 9,233 | $ 37,600 | $ 5,256 | $ (15,370) | $ 32,711 | $ 53,641 | $ 103,654 | $ 76,238 | $ (175,656) |
Basic weighted-average shares outstanding | 119,860 | 124,448 | 127,794 | ||||||||
Dilutive impact of stock options and restricted shares | 1,162 | 696 | |||||||||
Diluted weighted-average shares outstanding | 121,022 | 125,144 | 127,794 | ||||||||
Net income (loss) per common share: | |||||||||||
Basic | $ 0.86 | $ 0.61 | $ (1.37) | ||||||||
Diluted | $ 0.86 | $ 0.61 | $ (1.37) |
Debt (Terms Of The Senior Credi
Debt (Terms Of The Senior Credit Agreement) (Narrative) (Details) - Senior Credit Agreement [Member] | 12 Months Ended |
Dec. 31, 2017item | |
Debt Instrument [Line Items] | |
Debt to annualized borrower EBITDA ratio | 6.5 |
Debt and net hedge exposure to annualized borrower EBITDA | 6.5 |
Consecutive trading days | 30 |
Annualized borrower EBITDA to annualized cash interest expense | 2 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 13, 2017 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 01, 2018 |
Line of Credit Facility [Line Items] | ||||||
Repayments of revolving credit facility | $ 875,000 | $ 190,000 | $ 895,000 | |||
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 | $ 525,000 | |||||
Repayments of revolving credit facility | $ 460,000 | 875,000 | ||||
Line of credit facility, outstanding | $ 40,000 | |||||
Revolving credit facility, effective interest rate | 3.48% | |||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings on the revolving credit facility | $ 55,000 | |||||
Repayments of revolving credit facility | $ 20,000 | |||||
Line of credit facility, outstanding | $ 75,000 | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 0.375% | |||||
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.375% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 1.00% | |||||
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable interest rate | 2.00% |
Debt (Term Loans Under The Seni
Debt (Term Loans Under The Senior Credit Agreement) (Narrative) (Details) - USD ($) | Jan. 20, 2017 | Nov. 18, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Repayment of term loans | $ 20,000,000 | $ 20,000,000 | $ 190,000,000 | ||
Debt instrument, principal balance | 9,405,000,000 | 8,875,000,000 | |||
2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 200,000,000 | ||||
Debt instrument, maturity date | May 9, 2017 | ||||
Deferred financing fees | $ 2,700,000 | ||||
Repayment of term loans | $ 160,000,000 | $ 172,500,000 | |||
Write-off of deferred financing fees | $ 800,000 | ||||
2014 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 1,500,000,000 | ||||
Debt instrument, maturity date | Mar. 24, 2021 | ||||
Coupon rate of notes | 3.82% | ||||
Percentage of par value price for issuance of term loan | 99.75% | ||||
Deferred financing fees | $ 14,100,000 | ||||
Quarterly payments | 3,800,000 | ||||
Repayment of term loans | 15,000,000 | ||||
Debt instrument, principal balance | 1,447,500,000 | 1,462,500,000 | |||
2015 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 500,000,000 | ||||
Debt instrument, maturity date | Jun. 10, 2022 | ||||
Term Loan, percentage of par value | 99.00% | ||||
Coupon rate of notes | 3.82% | ||||
Deferred financing fees | $ 5,500,000 | ||||
Quarterly payments | 1,300,000 | ||||
Repayment of term loans | 5,000,000 | ||||
Debt instrument, principal balance | $ 487,500,000 | $ 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% | ||||
Minimum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 1.00% | ||||
Minimum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 2.00% | ||||
Maximum [Member] | Base Rate [Member] | 2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 1.50% | ||||
Maximum [Member] | Eurodollar [Member] | 2012-1 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 2.50% |
Debt (Secured Tower Revenue Sec
Debt (Secured Tower Revenue Securities) (Narrative) (Details) | Feb. 16, 2018USD ($) | Apr. 17, 2017USD ($) | Jul. 15, 2016USD ($) | Jul. 07, 2016USD ($) | Oct. 14, 2015USD ($) | Oct. 15, 2014USD ($) | Apr. 18, 2013USD ($) | Aug. 09, 2012USD ($) | Apr. 16, 2010USD ($) | Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 9,310,686,000 | $ 8,775,583,000 | |||||||||
Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate number of tower sites owned by Borrowers | site | 10,442 | ||||||||||
Property management fee percentage | 4.50% | ||||||||||
U.S. Treasury rate term | 10 years | ||||||||||
Interest added to Treasury rate and credit-based spread for non-compliance | 5.00% | ||||||||||
Debt instrument, additional borrowings | $ 760,000,000 | ||||||||||
Long-term debt | $ 4,800,000,000 | ||||||||||
2010 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Deferred financing fees | $ 8,100,000 | ||||||||||
2010-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 550,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 5.101% | ||||||||||
Repayment date of debt instrument | Apr. 11, 2017 | ||||||||||
Debt instrument, maturity date | Apr. 9, 2042 | ||||||||||
Write-off of deferred financing fees | $ 1,000,000 | ||||||||||
Repayments of long-term debt | $ 550,000,000 | ||||||||||
2012 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 12 months | ||||||||||
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 | $ 14,900,000 | ||||||||||
Write-off of deferred financing fees | $ 2,000,000 | ||||||||||
Repayments of long-term debt | 610,000,000 | ||||||||||
Long-term debt | 607,157,000 | ||||||||||
2013 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,330,000,000 | ||||||||||
Deferred financing fees | $ 25,500,000 | ||||||||||
Debt instrument, weighted average interest rate | 3.218% | ||||||||||
2013-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 12 months | ||||||||||
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 | $ 424,482,000 | 422,768,000 | |||||||||
2013-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 18 months | ||||||||||
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 | $ 568,609,000 | 567,545,000 | |||||||||
2013-1D Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 12 months | ||||||||||
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 | $ 329,585,000 | 328,225,000 | |||||||||
2014 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 1,540,000,000 | ||||||||||
Deferred financing fees | $ 22,500,000 | ||||||||||
Debt instrument, weighted average interest rate | 3.289% | ||||||||||
2014-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 12 months | ||||||||||
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 | $ 914,929,000 | 912,219,000 | |||||||||
2014-2C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 18 months | ||||||||||
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 | $ 613,461,000 | 612,641,000 | |||||||||
2015-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
No prepayment consideration period | 12 months | ||||||||||
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 | ||||||||||
Debt service coverage ratio | 2 | ||||||||||
Long-term debt | $ 493,474,000 | 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 | $ 693,118,000 | $ 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 | $ 10,200,000 | ||||||||||
Long-term debt | $ 751,076,000 | ||||||||||
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 | ||||||||||
2013 1-C and 2013 1-D Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 755,000,000 | ||||||||||
Minimum [Member] | Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Additional interest rate for non-compliance | 5.00% | ||||||||||
Subsequent Event [Member] | 2018-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 640,000,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 3.448% | ||||||||||
Repayment date of debt instrument | Mar. 9, 2023 | ||||||||||
Debt instrument, maturity date | Mar. 9, 2048 | ||||||||||
Subsequent Event [Member] | 2018-1R Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 33,700,000 | ||||||||||
Debt instrument, interest rate, stated percentage | 4.949% | ||||||||||
Repayment date of debt instrument | Mar. 9, 2023 | ||||||||||
Debt instrument, maturity date | Mar. 9, 2048 | ||||||||||
Excess Cash Flow Reserve [Member] | Minimum [Member] | Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt service coverage ratio | 1.30 | ||||||||||
Amortization Period Prepay [Member] | Maximum [Member] | Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt service coverage ratio | 1.15 |
Debt (4.0% Convertible Senior N
Debt (4.0% Convertible Senior Notes Due 2014) (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | Apr. 24, 2009 | Dec. 31, 2017 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Company paid in cash to settle warrants | $ 150,874 | ||
4.0% Convertible Senior Notes due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, issuance date | Apr. 24, 2009 | ||
Convertible senior notes issued | $ 500,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | ||
Interest payable dates | April 1 and October 1 | ||
4.0% Convertible Senior Notes due 2014 [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Company paid in cash to settle warrants | $ 150,900 | ||
Common stock received from conversion settlement | 2.1 |
Debt (Senior Notes) (Narrative)
Debt (Senior Notes) (Narrative) (Details) $ in Thousands | Oct. 13, 2017USD ($) | Oct. 03, 2016USD ($) | Oct. 01, 2016USD ($) | Aug. 15, 2016USD ($) | Jul. 01, 2014USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 28, 2012USD ($) | Jul. 13, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||||
Repayments of revolving credit facility | $ 875,000 | $ 190,000 | $ 895,000 | ||||||||
5.75% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured senior notes | $ 800,000 | ||||||||||
Debt instrument, maturity date | Jul. 15, 2020 | ||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||||||||
Deferred financing fees | $ 14,000 | ||||||||||
Repayments of unsecured debt | $ 800,000 | ||||||||||
Debt call premium | 25,800 | ||||||||||
Write-off of deferred financing fees | 7,700 | ||||||||||
5.75% Senior Notes [Member] | Telecommunications [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Ownership interest | 100.00% | ||||||||||
5.625% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured senior notes | $ 500,000 | ||||||||||
Debt instrument, maturity date | Oct. 1, 2019 | ||||||||||
Debt instrument, interest rate, stated percentage | 5.625% | 5.625% | |||||||||
Interest payable dates | April 1 and October 1 | ||||||||||
Accrued interest | $ 14,100 | ||||||||||
Deferred financing fees | $ 8,600 | ||||||||||
Repayments of unsecured debt | 500,000 | 250,000 | |||||||||
Debt call premium | $ 14,100 | ||||||||||
Write-off of deferred financing fees | $ 4,100 | ||||||||||
2014 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured senior notes | $ 750,000 | ||||||||||
Debt instrument, maturity date | Jul. 15, 2022 | ||||||||||
Percentage of face value price for issuance of senior notes | 99.178% | ||||||||||
Interest payable dates | January 15 and July 15 | ||||||||||
Deferred financing fees | $ 11,600 | ||||||||||
2014 Senior Notes [Member] | Redemption, Period One [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 103.656% | ||||||||||
2014 Senior Notes [Member] | Redemption, Period Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 102.438% | ||||||||||
2014 Senior Notes [Member] | Redemption, Period Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 101.219% | ||||||||||
2014 Senior Notes [Member] | Redemption, Period Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 100.00% | ||||||||||
2016 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured senior notes | $ 1,100,000 | ||||||||||
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 | $ 12,800 | ||||||||||
Redemption price, percentage | 104.875% | ||||||||||
Aggregate redemption price, percentage | 35.00% | ||||||||||
2016 Senior Notes [Member] | Redemption, Period One [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 103.656% | ||||||||||
2016 Senior Notes [Member] | Redemption, Period Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 102.438% | ||||||||||
2016 Senior Notes [Member] | Redemption, Period Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 101.219% | ||||||||||
2016 Senior Notes [Member] | Redemption, Period Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 100.00% | ||||||||||
2017 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unsecured senior notes | $ 750,000 | ||||||||||
Debt instrument, maturity date | Oct. 1, 2022 | Oct. 1, 2022 | |||||||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||||||||
Interest payable dates | April 1 and October 1 | ||||||||||
Deferred financing fees | $ 8,900 | ||||||||||
Redemption price, percentage | 104.00% | ||||||||||
Aggregate redemption price, percentage | 35.00% | ||||||||||
2017 Senior Notes [Member] | Redemption, Period Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 102.00% | ||||||||||
2017 Senior Notes [Member] | Redemption, Period Three [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 100.00% | ||||||||||
2017 Senior Notes [Member] | Redemption, Period Four [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 101.00% | ||||||||||
Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Ratio of indebtedness to annualized consolidated adjusted EBITDA | 9.5 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, maturity date | Feb. 5, 2020 | ||||||||||
Repayments of revolving credit facility | $ 460,000 | $ 875,000 | |||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of revolving credit facility | $ 20,000 |
Debt (Schedule Of Carrying And
Debt (Schedule Of Carrying And Principal Values Of Debt) (Details) - USD ($) | Oct. 13, 2017 | Apr. 17, 2017 | Jul. 07, 2016 | Oct. 14, 2015 | Oct. 15, 2014 | Apr. 18, 2013 | Aug. 09, 2012 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||||
Principal Balance | $ 9,405,000,000 | $ 8,875,000,000 | |||||||
Fair Value | 9,436,290,000 | 8,844,682,000 | |||||||
Carrying Value | 9,310,686,000 | 8,775,583,000 | |||||||
Less: current maturities of long-term debt | (20,000,000) | (627,157,000) | |||||||
Total long-term debt, net of current maturities | 9,290,686,000 | 8,148,426,000 | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | 40,000,000 | 390,000,000 | |||||||
Fair Value | 40,000,000 | 390,000,000 | |||||||
Carrying Value | $ 40,000,000 | 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 | 770,625,000 | 763,125,000 | |||||||
Carrying Value | $ 739,079,000 | 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 | 1,127,500,000 | 1,083,500,000 | |||||||
Carrying Value | $ 1,081,262,000 | 1,078,954,000 | |||||||
Debt instrument, maturity date | Sep. 1, 2024 | ||||||||
2017 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | $ 750,000,000 | ||||||||
Fair Value | 750,938,000 | ||||||||
Carrying Value | $ 741,437,000 | ||||||||
Debt instrument, maturity date | Oct. 1, 2022 | Oct. 1, 2022 | |||||||
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 | 423,853,000 | 423,381,000 | |||||||
Carrying Value | $ 424,482,000 | 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 | 578,433,000 | 563,322,000 | |||||||
Carrying Value | $ 568,609,000 | 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 | 330,145,000 | 334,521,000 | |||||||
Carrying Value | $ 329,585,000 | 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 | 915,216,000 | 922,199,000 | |||||||
Carrying Value | $ 914,929,000 | 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 | 620,942,000 | 608,921,000 | |||||||
Carrying Value | $ 613,461,000 | 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 | 496,840,000 | 495,145,000 | |||||||
Carrying Value | $ 493,474,000 | 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 | 691,166,000 | 688,072,000 | |||||||
Carrying Value | $ 693,118,000 | 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 | 751,404,000 | ||||||||
Carrying Value | $ 751,076,000 | ||||||||
Debt instrument, maturity date | Apr. 9, 2047 | Apr. 11, 2022 | |||||||
2014 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | $ 1,447,500,000 | 1,462,500,000 | |||||||
Fair Value | 1,451,119,000 | 1,467,984,000 | |||||||
Carrying Value | $ 1,439,373,000 | 1,452,039,000 | |||||||
Debt instrument, maturity date | Mar. 24, 2021 | ||||||||
2015 Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal Balance | $ 487,500,000 | 492,500,000 | |||||||
Fair Value | 488,109,000 | 494,347,000 | |||||||
Carrying Value | $ 480,801,000 | $ 484,432,000 | |||||||
Debt instrument, maturity date | Jun. 10, 2022 |
Debt (Schedule Of Future Princi
Debt (Schedule Of Future Principal Payment Obligations) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt [Abstract] | |
2,018 | $ 775,000 |
2,019 | 940,000 |
2,020 | 560,000 |
2,021 | 2,107,500 |
2,022 | $ 2,727,500 |
Debt (Schedule Of Cash And Non-
Debt (Schedule Of Cash And Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 13, 2017 | Apr. 17, 2017 | Aug. 15, 2016 | Jul. 07, 2016 | Oct. 14, 2015 | Sep. 28, 2012 | Aug. 09, 2012 | Jul. 13, 2012 | |
Debt Instrument [Line Items] | |||||||||||
Cash Interest | $ 323,749 | $ 329,171 | $ 322,366 | ||||||||
Non-cash Interest | 2,879 | 2,203 | 1,505 | ||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | $ 8,046 | 4,167 | 5,552 | ||||||||
5.625% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 21,094 | 28,125 | |||||||||
Debt instrument, interest rate, stated percentage | 5.625% | 5.625% | |||||||||
5.75% Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 28,494 | 46,000 | |||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||||||||
2014 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | $ 36,563 | 36,563 | 36,563 | ||||||||
Non-cash Interest | 724 | 689 | 655 | ||||||||
2016 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 53,625 | 20,258 | |||||||||
Non-cash Interest | 954 | 348 | |||||||||
Debt instrument, interest rate, stated percentage | 4.875% | ||||||||||
2017 Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 6,500 | ||||||||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||||||||
2010 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 15,213 | 28,230 | |||||||||
2012-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 5,330 | 18,107 | 18,111 | ||||||||
Debt instrument, interest rate, stated percentage | 2.933% | ||||||||||
2013 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 43,217 | 43,217 | 43,217 | ||||||||
2014 Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 51,138 | 51,138 | 51,138 | ||||||||
2015-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 15,939 | 15,939 | 3,453 | ||||||||
Debt instrument, interest rate, stated percentage | 3.156% | ||||||||||
2016-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 20,361 | 9,898 | |||||||||
Debt instrument, interest rate, stated percentage | 2.877% | ||||||||||
2017-1C Tower Securities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 17,182 | ||||||||||
Debt instrument, interest rate, stated percentage | 3.168% | ||||||||||
2012-1 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 3,959 | ||||||||||
2014 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 49,414 | 48,962 | 48,992 | ||||||||
Non-cash Interest | 525 | 510 | 492 | ||||||||
2015 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | 16,641 | 16,487 | 9,243 | ||||||||
Non-cash Interest | 676 | 656 | 358 | ||||||||
Capitalized Interest And Other [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Interest | $ (207) | $ (366) | $ (217) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - Class A Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 01, 2018 | Feb. 16, 2018 | Jan. 12, 2017 | Jun. 04, 2015 | Apr. 27, 2011 | May 20, 2010 | Dec. 31, 2007 | |
Class of Stock [Line Items] | ||||||||||
Shares registered | 4,000,000 | |||||||||
Shares reclassified as authorized and unissued | 1,200,000 | |||||||||
Stock Repurchase Program One [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized | $ 300 | |||||||||
Stock repurchased, shares | 1,300,000 | |||||||||
Weighted average price per share | $ 114.96 | |||||||||
Stock repurchase program, remaining authorization | $ 150 | |||||||||
Stock Repurchase Program Two [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized | $ 1,000 | |||||||||
Stock repurchased, shares | 42,163 | 5,300,000 | 2,700,000 | |||||||
Stock repurchased, value | $ 4.4 | $ 545.7 | $ 300 | |||||||
Weighted average price per share | $ 104.81 | $ 102.14 | $ 112.04 | |||||||
Stock repurchase program, remaining authorization | $ 154.4 | $ 150 | ||||||||
Stock Repurchase Program Three [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized | $ 1,000 | |||||||||
Stock repurchased, shares | 5,800,000 | |||||||||
Stock repurchased, value | $ 850 | |||||||||
Weighted average price per share | $ 146.17 | |||||||||
Stock Repurchase Program Three [Member] | Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, remaining authorization | $ 150 | |||||||||
Stock Repurchase Program Four [Member] | Subsequent Event [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized | $ 1 | |||||||||
Stock repurchase program, remaining authorization | $ 1,000 | |||||||||
2010 Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Maximum issuance of shares | 15,000,000 | 15,000,000 | ||||||||
Common stock, shares issued | 487,963 | 0 | 0 | |||||||
2015 Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares issued | 0 | 0 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)ShareBasedCompensationPlan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | May 20, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity participation plans | ShareBasedCompensationPlan | 2 | |||
Weighted-average fair value of options granted | $ / shares | $ 23.88 | $ 19.19 | $ 24.75 | |
Total intrinsic value for options exercised | $ 37,200 | $ 36,800 | $ 33,000 | |
Cash received from option exercises | 56,500 | 27,400 | 25,400 | |
Tax benefit realized from stock option exercises | $ 0 | 0 | 0 | |
Share price | $ / shares | $ 163.36 | |||
Total fair value of shares vested | $ 21,400 | 18,500 | 15,100 | |
Non-cash compensation expense | 38,249 | 32,915 | 28,747 | |
Non-cash compensation capitalized to fixed and intangible assets | 600 | 500 | 500 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost related to unvested stock options | $ 39,800 | |||
Weighted average period to recognize cost | 2 years 6 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period to recognize cost | 2 years 7 months 6 days | |||
Total unrecognized compensation expense related to unvested restricted stock | $ 24,400 | |||
2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum issuance of granted | shares | 7,500,000 | |||
Shares remaining available for future issuance under the plan | shares | 6,600,000 | |||
2010 Plan [Member] | Class A Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum issuance of shares | shares | 15,000,000 | 15,000,000 | ||
Shares remaining available for future issuance under the plan | shares | 7,500,000 | |||
2008 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares remaining available for future issuance under the plan | shares | 244,942 | |||
Percentage of purchase plan price per share equal to the fair market value | 85.00% | |||
Non-cash compensation expense | $ 600 | $ 500 | $ 500 | |
2008 Plan [Member] | Class A Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum issuance of shares | shares | 500,000 | |||
Class A common stock were issued under the purchase plan | shares | 28,232 | 31,165 | ||
Cash proceeds from issuance of shares under the purchase plan | $ 3,300 | $ 2,700 | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual life of options and restricted stock units | 7 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual life of options and restricted stock units | 10 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Assumptions Used To Estimate Fair Value Of Stock Options) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Risk free interest rate, Minimum | 1.70% | 1.11% | 1.21% |
Risk free interest rate, Maximum | 1.97% | 1.43% | 1.46% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 20.00% | 20.00% | 20.00% |
Expected lives | 4 years 7 months 6 days | 4 years 8 months 12 days | 4 years 7 months 6 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Activities With Respect To Its Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares Outstanding, Beginning Balance | 4,447 | 3,794 | 3,276 |
Number of Shares, Granted | 1,171 | 1,357 | 1,076 |
Number of Shares, Exercised | (709) | (603) | (495) |
Number of Shares, Canceled | (67) | (101) | (63) |
Number of Shares Outstanding, Ending Balance | 4,842 | 4,447 | 3,794 |
Number of Shares Exercisable, Ending Balance | 1,982 | ||
Number of Shares Unvested, Ending Balance | 2,860 | ||
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance | $ 93.09 | $ 84.66 | $ 66.85 |
Weighted-Average Exercise Price Per Share, Granted | 115.41 | 96.64 | 124.24 |
Weighted-Average Exercise Price Per Share, Exercised | 80.73 | 46.03 | 51.58 |
Weighted-Average Exercise Price Per Share, Canceled | 105.81 | 105.37 | 93.74 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance | 100.12 | $ 93.09 | $ 84.66 |
Weighted-Average Exercise Price Per Share, Exercisable, Ending Balance | 87.42 | ||
Weighted-Average Exercise Price Per Share, Unvested, Ending Balance | $ 108.93 | ||
Weighted-Average Remaining Contractual Life (in years), Outstanding at December 31, 2017 | 4 years 3 months 18 days | ||
Weighted-Average Remaining Contractual Life (in years), Exercisable at December 31, 2017 | 3 years | ||
Weighted-Average Remaining Contractual Life (in years), Unvested at December 31, 2017 | 5 years 3 months 18 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2017 | $ 306,100 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | 150,501 | ||
Aggregate Intrinsic Value, Unvested at December 31, 2017 | $ 155,599 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Shares | shares | 4,842 |
Options Exercisable, Number of Shares | shares | 1,982 |
$0.00 - $45.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $ 0 |
Exercise price range, upper limit | $ 45 |
Options Outstanding, Number of Shares | shares | 99 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 40.39 |
Options Exercisable, Number of Shares | shares | 99 |
Options Exercisable, Weighted Average Exercise Price | $ 40.39 |
$45.01 - $90.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 45.01 |
Exercise price range, upper limit | $ 90 |
Options Outstanding, Number of Shares | shares | 731 |
Options Outstanding, Weighted Average Remaining Contractual Life | 1 year 10 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 64.76 |
Options Exercisable, Number of Shares | shares | 730 |
Options Exercisable, Weighted Average Exercise Price | $ 64.71 |
$90.01 - $115.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 90.01 |
Exercise price range, upper limit | $ 115 |
Options Outstanding, Number of Shares | shares | 1,973 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 4 months 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 96.39 |
Options Exercisable, Number of Shares | shares | 760 |
Options Exercisable, Weighted Average Exercise Price | $ 96.16 |
$115.01 - $145.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | 115.01 |
Exercise price range, upper limit | $ 145 |
Options Outstanding, Number of Shares | shares | 2,039 |
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price | $ 119.32 |
Options Exercisable, Number of Shares | shares | 393 |
Options Exercisable, Weighted Average Exercise Price | $ 124.48 |
Stock-Based Compensation (Sum85
Stock-Based Compensation (Summary Of Activity Of Options Outstanding Not Yet Vested) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Number of Shares, Unvested as of December 31, 2016 | 2,814 | ||
Number of Shares, Granted | 1,171 | 1,357 | 1,076 |
Number of Shares, Vesting during period | (1,058) | ||
Number of Shares, Forfeited | (67) | ||
Number of Shares, Unvested as of December 31, 2017 | 2,860 | 2,814 | |
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2016 | $ 20.62 | ||
Weighted-Average Fair Value Per Share, Granted | 23.88 | $ 19.19 | $ 24.75 |
Weighted-Average Fair Value Per Share, Vesting during period | 20.25 | ||
Weighted-Average Fair Value Per Share, Forfeited | 21.23 | ||
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2017 | $ 22.08 | $ 20.62 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of Shares, Outstanding, at December 31, 2016 | shares | 291 |
Number of Shares, Granted | shares | 171 |
Number of Shares, Vested | shares | (122) |
Number of Shares, Forfeited/canceled | shares | (12) |
Number of Shares, Outstanding, at December 31, 2017 | shares | 328 |
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 | 116.52 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 98.75 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 111.67 |
Weighted-Average Grant Date Fair Value per Share, Outstanding, at December 31, 2017 | $ / shares | $ 110.20 |
Stock-Based Compensation (Sch87
Stock-Based Compensation (Schedule Of Non-Cash Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in loss before provision for income taxes | $ 38,249 | $ 32,915 | $ 28,747 |
Amount charged against loss | 38,249 | 32,915 | 28,747 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in loss before provision for income taxes | 1,013 | 418 | 405 |
Selling, General And Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total cost of non-cash compensation included in loss before provision for income taxes | $ 37,236 | $ 32,497 | $ 28,342 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Income Taxes [Line Items] | ||||
Effective income tax rate | 35.00% | |||
Valuation allowance recognized | $ 38.8 | $ 70.2 | ||
Net change in valuation allowance | 31.4 | $ 222.6 | ||
Net federal operating tax loss carry-forward | 1,100 | |||
Net foreign operating loss carry-forward | 79.5 | |||
Net state operating tax loss carry-forward | 456.1 | |||
Undistributed earnings of Company's foreign subsidiaries | 102.2 | |||
One-time income inclusion of unremitted earnings as a result of the Tax Act | $ 52.4 | |||
Real Estate Investment Trust [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Net federal operating tax loss carry-forward | $ 956,700 | |||
Scenario, Plan [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Effective income tax rate | 21.00% | |||
Minimum [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Operating loss carry-forward, expiration year | 2,022 | |||
Foreign and state operating tax loss carry forwards expiration date | 2,018 | |||
Maximum [Member] | ||||
Schedule Of Income Taxes [Line Items] | ||||
Operating loss carry-forward, expiration year | 2,036 |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Provision For Income Taxes From Continuing Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Domestic | $ 73,405 | $ (28,671) | $ (22,698) |
Foreign | 43,486 | 115,974 | (143,897) |
Total | $ 116,891 | $ 87,303 | $ (166,595) |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current provision: | |||
State | $ 5,513 | $ 1,535 | $ 2,752 |
Foreign | 11,681 | 8,121 | 6,314 |
Total current | 17,194 | 9,656 | 9,066 |
Deferred provision (benefit) for taxes: | |||
Federal | 18,736 | 170,177 | (3,023) |
State | (241) | 22,992 | (3,106) |
Foreign | 9,155 | 30,425 | (40,636) |
Change in valuation allowance | (31,607) | (222,185) | 46,760 |
Total deferred | (3,957) | 1,409 | (5) |
Total provision for income taxes | $ 13,237 | $ 11,065 | $ 9,061 |
Income Taxes (Income Tax Rate R
Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Statutory federal expense (benefit) | $ 40,912 | $ 30,555 | $ (58,307) |
Foreign tax rate differential | 3,745 | 1,083 | 3,534 |
State and local tax expense (benefit) | 5,415 | 3,941 | (230) |
REIT adjustment | (34,346) | 205,317 | |
Permanent differences | (1,365) | (3,577) | 4,892 |
Tax Act impact on deferred taxes | 31,547 | ||
Foreign exchange rate changes | (55) | (5,822) | 9,212 |
Other | (1,009) | 1,753 | 3,200 |
Valuation allowance | (31,607) | (222,185) | 46,760 |
Total provision for income taxes | $ 13,237 | $ 11,065 | $ 9,061 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Asset And Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noncurrent deferred tax assets: | ||
Net operating losses | $ 65,257 | $ 50,143 |
Property, equipment and intangible basis differences | 3,038 | 2,583 |
Accrued liabilities | 11,933 | 12,264 |
Non-cash compensation | 7,500 | 19,908 |
Deferred revenue | 2,110 | 3,904 |
Allowance for doubtful accounts | 5,978 | 6,187 |
Currency translation | 34,895 | 33,088 |
Other | 2,698 | 1,032 |
Valuation allowance | (38,802) | (70,233) |
Total noncurrent deferred tax assets, net | 94,607 | 58,876 |
Noncurrent deferred tax liabilities: | ||
Property, equipment and intangible basis differences | (98,589) | (65,459) |
Straight-line rents | (22,740) | (18,081) |
Deferred lease costs | (2,242) | (1,087) |
Other | (136) | (922) |
Total noncurrent deferred tax liabilities, net | (29,100) | (26,673) |
Other assets [Member] | ||
Noncurrent deferred tax assets: | ||
Total noncurrent deferred tax assets, net | 1,670 | 774 |
Other Long-Term Liabilities [Member] | ||
Noncurrent deferred tax liabilities: | ||
Total noncurrent deferred tax liabilities, net | $ (30,770) | $ (27,447) |
Commitments And Contingencies93
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Commitments And Contingencies [Line Items] | |||
Rent expense for operating leases | $ 266.4 | $ 253.7 | $ 239.8 |
Contingent rent expense | $ 26.6 | $ 25 | $ 24.4 |
Non-cancelable Operating Leases [Member] | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Lease expiration period | Dec. 1, 2152 | ||
Non-cancelable Capital Leases [Member] | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Lease expiration period | Sep. 1, 2021 | ||
Minimum [Member] | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Business acquisitions performance target period | 1 year | ||
Maximum [Member] | |||
Schedule Of Commitments And Contingencies [Line Items] | |||
Business acquisitions performance target period | 3 years |
Commitments And Contingencies94
Commitments And Contingencies (Annual Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
Capital Leases, due on 2018 | $ 1,199 |
Capital Leases, due on 2019 | 654 |
Capital Leases, due on 2020 | 226 |
Capital Leases, due on 2021 | 31 |
Total minimum lease payments | 2,110 |
Less: amount representing interest | (113) |
Present value of future payments | 1,997 |
Less: current obligations | (1,147) |
Long-term obligations | 850 |
Operating Leases, due on 2018 | 220,190 |
Operating Leases, due on 2019 | 222,489 |
Operating Leases, due on 2020 | 224,148 |
Operating Leases, due on 2021 | 226,528 |
Operating Leases, due on 2022 | $ 228,093 |
Commitments And Contingencies95
Commitments And Contingencies (Annual Minimum Tower Lease Income) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
2,018 | $ 1,437,107 |
2,019 | 1,267,458 |
2,020 | 1,060,017 |
2,021 | 803,351 |
2,022 | $ 536,685 |
Defined Contribution Plan (Narr
Defined Contribution Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan [Abstract] | |||
Condition to participate in defined contribution plan | Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. | ||
Discretionary matching contribution company percentage | 75.00% | ||
Discretionary matching contribution, employee's contribution, maximum | $ 4,000 | ||
Company matching contributions | $ 2,000,000 | $ 2,000,000 | $ 2,100,000 |
Segment Data (Narrative) (Detai
Segment Data (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 2 | ||
Number of reportable segments | segment | 2 | ||
Site leasing | $ 1,623,173 | $ 1,538,070 | $ 1,480,634 |
Total assets | 7,320,205 | 7,360,945 | |
International Site Leasing [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,028,479 | 1,839,703 | |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Site leasing | 217,400 | 178,300 | 169,600 |
Total assets | $ 1,278,900 | $ 1,096,400 | $ 923,600 |
Segment Data (Segment Reporting
Segment Data (Segment Reporting Information Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 443,073 | $ 433,945 | $ 427,294 | $ 423,362 | $ 416,505 | $ 411,319 | $ 405,532 | $ 399,769 | $ 1,727,674 | $ 1,633,125 | $ 1,638,474 |
Cost of revenues | 446,312 | 420,897 | 444,399 | ||||||||
Operating profit | 1,281,362 | 1,212,228 | 1,194,075 | ||||||||
Selling, general, and administrative | 130,697 | 143,349 | 114,951 | ||||||||
Acquisition related adjustments and expenses | 12,367 | 13,140 | 11,864 | ||||||||
Asset impairment and decommission costs | 36,697 | 30,242 | 94,783 | ||||||||
Depreciation, amortization and accretion | 162,643 | 161,907 | 159,520 | 159,030 | 158,554 | 160,111 | 159,723 | 159,801 | 643,100 | 638,189 | 660,021 |
Operating income | 119,081 | $ 117,011 | $ 114,590 | $ 107,819 | 107,430 | $ 108,210 | $ 74,066 | $ 97,602 | 458,501 | 387,308 | 312,456 |
Other expense (principally interest expense and other income (expense)) | (341,610) | (300,005) | (479,051) | ||||||||
Income (loss) before provision for income taxes | 116,891 | 87,303 | (166,595) | ||||||||
Cash capital expenditures | 588,845 | 418,203 | 820,864 | ||||||||
Assets | 7,320,205 | 7,360,945 | 7,320,205 | 7,360,945 | |||||||
Provision for doubtful accounts | 2,909 | 22,516 | 896 | ||||||||
Domestic Site Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,308,389 | 1,273,866 | 1,236,758 | ||||||||
Cost of revenues | 260,826 | 260,941 | 252,493 | ||||||||
Operating profit | 1,047,563 | 1,012,925 | 984,265 | ||||||||
Selling, general, and administrative | 67,263 | 72,701 | 67,413 | ||||||||
Acquisition related adjustments and expenses | 8,171 | 6,233 | 9,975 | ||||||||
Asset impairment and decommission costs | 29,523 | 26,073 | 93,977 | ||||||||
Depreciation, amortization and accretion | 498,842 | 509,108 | 534,436 | ||||||||
Operating income | 443,764 | 398,810 | 278,464 | ||||||||
Cash capital expenditures | 225,074 | 310,256 | 709,337 | ||||||||
Assets | 5,171,190 | 5,396,394 | 5,171,190 | 5,396,394 | |||||||
International Site Leasing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 314,784 | 264,204 | 243,876 | ||||||||
Cost of revenues | 98,701 | 81,274 | 72,162 | ||||||||
Operating profit | 216,083 | 182,930 | 171,714 | ||||||||
Selling, general, and administrative | 24,320 | 35,897 | 16,196 | ||||||||
Acquisition related adjustments and expenses | 4,196 | 6,907 | 1,889 | ||||||||
Asset impairment and decommission costs | 6,994 | 1,824 | 806 | ||||||||
Depreciation, amortization and accretion | 135,155 | 119,466 | 118,886 | ||||||||
Operating income | 45,418 | 18,836 | 33,937 | ||||||||
Cash capital expenditures | 358,691 | 102,282 | 94,693 | ||||||||
Assets | 2,028,479 | 1,839,703 | 2,028,479 | 1,839,703 | |||||||
Site Development [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 104,501 | 95,055 | 157,840 | ||||||||
Cost of revenues | 86,785 | 78,682 | 119,744 | ||||||||
Operating profit | 17,716 | 16,373 | 38,096 | ||||||||
Selling, general, and administrative | 15,433 | 13,039 | 12,247 | ||||||||
Asset impairment and decommission costs | 180 | ||||||||||
Depreciation, amortization and accretion | 2,580 | 3,402 | 3,662 | ||||||||
Operating income | (477) | (68) | 22,187 | ||||||||
Cash capital expenditures | 1,221 | 1,955 | 3,495 | ||||||||
Assets | 49,487 | 43,769 | 49,487 | 43,769 | |||||||
Not Identified by Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general, and administrative | 23,681 | 21,712 | 19,095 | ||||||||
Asset impairment and decommission costs | 2,345 | ||||||||||
Depreciation, amortization and accretion | 6,523 | 6,213 | 3,037 | ||||||||
Operating income | (30,204) | (30,270) | (22,132) | ||||||||
Other expense (principally interest expense and other income (expense)) | (341,610) | (300,005) | (479,051) | ||||||||
Cash capital expenditures | 3,859 | 3,710 | $ 13,339 | ||||||||
Assets | $ 71,049 | $ 81,079 | $ 71,049 | 81,079 | |||||||
Oi S.A. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Provision for doubtful accounts | $ 16,498 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 443,073 | $ 433,945 | $ 427,294 | $ 423,362 | $ 416,505 | $ 411,319 | $ 405,532 | $ 399,769 | $ 1,727,674 | $ 1,633,125 | $ 1,638,474 |
Operating income | 119,081 | 117,011 | 114,590 | 107,819 | 107,430 | 108,210 | 74,066 | 97,602 | 458,501 | 387,308 | 312,456 |
Depreciation, accretion, and amortization | (162,643) | (161,907) | (159,520) | (159,030) | (158,554) | (160,111) | (159,723) | (159,801) | (643,100) | (638,189) | (660,021) |
Loss from extinguishment of debt, net | (1,961) | (18,189) | (34,512) | (1,961) | (52,701) | (783) | |||||
Net income (loss) | $ 7,660 | $ 49,161 | $ 9,233 | $ 37,600 | $ 5,256 | $ (15,370) | $ 32,711 | $ 53,641 | $ 103,654 | $ 76,238 | $ (175,656) |
Net income per common share - basic | $ 0.07 | $ 0.41 | $ 0.08 | $ 0.31 | $ 0.04 | $ (0.12) | $ 0.26 | $ 0.43 | $ 0.86 | $ 0.61 | $ (1.37) |
Net income per common share - diluted | $ 0.06 | $ 0.41 | $ 0.08 | $ 0.31 | $ 0.04 | $ (0.12) | $ 0.26 | $ 0.43 | $ 0.86 | $ 0.61 | $ (1.37) |
Schedule III - Schedule of R100
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation, by Property) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)site | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Description | site | 27,909 | |||
Encumbrances | $ 6,805,000 | |||
Gross Amount Carried at Close of Current Period | 5,340,858 | $ 5,079,660 | $ 4,839,874 | $ 4,577,296 |
Accumulated Depreciation at Close of Current Period | $ (2,627,841) | $ (2,396,587) | $ (2,160,530) | $ (1,912,906) |
Date of Construction | Various | |||
Date Acquired | Various | |||
Secured debt | $ 6,800,000 | |||
Maximum [Member] | ||||
Life on Which Depreciation in Latest Income Statement is Computed | 20 years | |||
Minimum [Member] | Real Estate, Gross [Member] | ||||
Concentration risk percentage of revenue | 5.00% |
Schedule III - Schedule of R101
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |||
Gross amount at beginning | $ 5,079,660 | $ 4,839,874 | $ 4,577,296 |
Acquisitions | 112,979 | 72,456 | 203,441 |
Construction and related costs on new builds | 70,361 | 58,143 | 87,088 |
Augmentation and tower upgrades | 43,288 | 37,861 | 52,146 |
Land buyouts and other assets | 41,657 | 44,574 | 47,148 |
Tower maintenance | 29,391 | 28,257 | 27,123 |
Other | 45,829 | ||
Total additions | 297,676 | 287,120 | 416,946 |
Cost of real estate sold or disposed | (1,027) | (12,842) | (26,506) |
Impairment | (34,102) | (34,491) | (34,373) |
Other | (1,350) | (93,489) | |
Total deductions | (36,479) | (47,334) | (154,368) |
Balance at end | $ 5,340,858 | $ 5,079,660 | $ 4,839,874 |
Schedule III - Schedule of R102
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract] | |||
Gross amount of accumulated depreciation at beginning | $ (2,396,587) | $ (2,160,530) | $ (1,912,906) |
Depreciation | (248,818) | (254,982) | (282,831) |
Other | (5,557) | ||
Total Additions | (248,818) | (260,539) | (282,831) |
Amount of accumulated depreciation for assets sold or disposed | 17,051 | 24,483 | 25,909 |
Other | 513 | 9,298 | |
Total deductions | 17,564 | 24,483 | 35,207 |
Balance at end | $ (2,627,841) | $ (2,396,587) | $ (2,160,530) |