Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Transition Report | false | |
Entity File Number | 001-16853 | |
Entity Registrant Name | SBA COMMUNICATIONS CORPORATION | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0716501 | |
Entity Address, Address Line One | 8051 Congress Avenue | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33487 | |
City Area Code | 561 | |
Local Phone Number | 995-7670 | |
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | |
Trading Symbol | SBAC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 107,887,031 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001034054 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 190,545 | $ 143,708 |
Restricted cash | 37,221 | 41,959 |
Accounts receivable, net | 158,333 | 184,368 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 28,334 | 79,549 |
Prepaid expenses and other current assets | 45,550 | 33,149 |
Total current assets | 459,983 | 482,733 |
Property and equipment, net | 2,700,717 | 2,713,727 |
Intangible assets, net | 2,523,620 | 2,776,472 |
Operating lease right-of-use assets, net | 2,315,868 | 2,381,955 |
Acquired and other right-of-use assets, net | 1,488,762 | 1,507,781 |
Other assets | 845,231 | 722,373 |
Total assets | 10,334,181 | 10,585,041 |
Current Liabilities: | ||
Accounts payable | 46,613 | 51,427 |
Accrued expenses | 92,700 | 101,484 |
Current maturities of long-term debt | 24,000 | 24,000 |
Deferred revenue | 175,804 | 154,553 |
Accrued interest | 30,106 | 54,173 |
Current lease liabilities | 272,435 | 262,365 |
Other current liabilities | 21,490 | 48,762 |
Total current liabilities | 663,148 | 696,764 |
Long-term liabilities: | ||
Long-term debt, net | 12,491,102 | 12,844,162 |
Long-term lease liabilities | 1,979,150 | 2,040,628 |
Other long-term liabilities | 332,220 | 248,067 |
Total long-term liabilities | 14,802,472 | 15,132,857 |
Redeemable noncontrolling interests | 35,047 | 31,735 |
Shareholders' deficit: | ||
Preferred stock - par value $0.01, 30,000 shares authorized, no shares issued or outstanding | ||
Common stock - Class A, par value $0.01, 400,000 shares authorized, 108,120 shares and 107,997 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 1,081 | 1,080 |
Additional paid-in capital | 2,848,463 | 2,795,176 |
Accumulated deficit | (7,421,725) | (7,482,061) |
Accumulated other comprehensive loss, net | (594,305) | (590,510) |
Total shareholders' deficit | (5,166,486) | (5,276,315) |
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit | $ 10,334,181 | $ 10,585,041 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheets [Abstract] | ||
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 - 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 | 108,120,000 | 107,997,000 |
Common stock - Class A, shares outstanding | 108,120,000 | 107,997,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues: | |||||
Site leasing | $ 637,440 | $ 587,302 | $ 1,880,851 | $ 1,726,967 | |
Site development | 45,104 | 88,282 | 155,709 | 220,393 | |
Total revenues | 682,544 | 675,584 | 2,036,560 | 1,947,360 | |
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below): | |||||
Cost of site leasing | 118,277 | 112,013 | 353,411 | 330,682 | |
Cost of site development | 31,493 | 65,540 | 114,914 | 165,809 | |
Selling, general, and administrative expenses | [1] | 64,821 | 65,843 | 200,412 | 191,241 |
Acquisition and new business initiatives related adjustments and expenses | 5,612 | 6,844 | 16,622 | 18,776 | |
Asset impairment and decommission costs | 33,063 | 8,532 | 92,320 | 25,565 | |
Depreciation, accretion, and amortization | 180,674 | 173,825 | 544,909 | 524,541 | |
Total operating expenses | 433,940 | 432,597 | 1,322,588 | 1,256,614 | |
Operating income | 248,604 | 242,987 | 713,972 | 690,746 | |
Other income (expense): | |||||
Interest income | 5,266 | 2,858 | 12,765 | 6,878 | |
Interest expense | (99,322) | (86,961) | (301,835) | (253,528) | |
Non-cash interest expense | (7,898) | (11,528) | (29,655) | (34,582) | |
Amortization of deferred financing fees | (5,097) | (4,955) | (15,129) | (14,758) | |
Other (expense) income, net | (48,330) | (39,756) | 29,961 | 2,262 | |
Total other expense, net | (155,381) | (140,342) | (303,893) | (293,728) | |
Income before income taxes | 93,223 | 102,645 | 410,079 | 397,018 | |
Provision for income taxes | (7,861) | (2,883) | (22,192) | (39,797) | |
Net income | 85,362 | 99,762 | 387,887 | 357,221 | |
Net loss attributable to noncontrolling interests | 2,057 | 247 | 4,397 | 929 | |
Net income attributable to SBA Communications Corporation | $ 87,419 | $ 100,009 | $ 392,284 | $ 358,150 | |
Net income per common share attributable to SBA Communications Corporation: | |||||
Basic | $ 0.81 | $ 0.93 | $ 3.62 | $ 3.32 | |
Diluted | $ 0.80 | $ 0.91 | $ 3.60 | $ 3.27 | |
Weighted-average number of common shares | |||||
Basic | 108,373 | 107,916 | 108,288 | 107,950 | |
Diluted | 108,891 | 109,358 | 109,017 | 109,416 | |
[1] Includes non-cash compensation of $ 20,615 and $ 24,945 for the three months ended September 30, 2023 and 2022, respectively, and $ 63,709 and $ 72,309 for the nine months ended September 30, 2023 and 2022, respectively. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Non-cash compensation expense | $ 65,830 | $ 74,140 | ||
Selling, General And Administrative [Member] | ||||
Non-cash compensation expense | $ 20,615 | $ 24,945 | $ 63,709 | $ 72,309 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 85,362 | $ 99,762 | $ 387,887 | $ 357,221 |
Adjustments related to interest rate swaps | (9,489) | 53,336 | (16,561) | 162,491 |
Foreign currency translation adjustments | (29,688) | (40,757) | 11,867 | (14,277) |
Comprehensive income | 46,185 | 112,341 | 383,193 | 505,435 |
Comprehensive loss attributable to noncontrolling interests | 2,499 | 247 | 5,296 | 1,130 |
Comprehensive income attributable to SBA Communications Corporation | $ 48,684 | $ 112,588 | $ 388,489 | $ 506,565 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] Class A Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss, Net [Member] | Total |
BALANCE at Dec. 31, 2021 | $ 1,089 | $ 2,681,347 | $ (7,203,531) | $ (762,309) | $ (5,283,404) |
BALANCE, Shares at Dec. 31, 2021 | 108,956 | ||||
Net income attributable to SBA Communications Corporation | 358,150 | 358,150 | |||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 3 | 23,797 | 23,800 | ||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 308 | ||||
Non-cash stock compensation | 75,566 | 75,566 | |||
Adjustments related to interest rate swaps | 162,491 | 162,491 | |||
Repurchase and retirement of common stock | $ (12) | (431,654) | (431,666) | ||
Repurchase and retirement of common stock, Shares | (1,300) | ||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (14,076) | (14,076) | |||
Dividends and dividend equivalents on common stock | (231,196) | (231,196) | |||
Adjustment to redemption amount related to noncontrolling interests | (24,495) | (24,495) | |||
BALANCE at Sep. 30, 2022 | $ 1,080 | 2,756,215 | (7,508,231) | (613,894) | (5,364,830) |
BALANCE, Shares at Sep. 30, 2022 | 107,964 | ||||
BALANCE at Jun. 30, 2022 | $ 1,079 | 2,717,963 | (7,531,180) | (626,473) | (5,438,611) |
BALANCE, Shares at Jun. 30, 2022 | 107,872 | ||||
Net income attributable to SBA Communications Corporation | 100,009 | 100,009 | |||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 1 | 13,221 | 13,222 | ||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 92 | ||||
Non-cash stock compensation | 26,017 | 26,017 | |||
Adjustments related to interest rate swaps | 53,336 | 53,336 | |||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (40,757) | (40,757) | |||
Dividends and dividend equivalents on common stock | (77,060) | (77,060) | |||
Adjustment to redemption amount related to noncontrolling interests | (986) | (986) | |||
BALANCE at Sep. 30, 2022 | $ 1,080 | 2,756,215 | (7,508,231) | (613,894) | (5,364,830) |
BALANCE, Shares at Sep. 30, 2022 | 107,964 | ||||
BALANCE at Dec. 31, 2022 | $ 1,080 | 2,795,176 | (7,482,061) | (590,510) | $ (5,276,315) |
BALANCE, Shares at Dec. 31, 2022 | 107,997 | 107,997 | |||
Net income attributable to SBA Communications Corporation | 392,284 | $ 392,284 | |||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | $ 4 | (6,418) | (6,414) | ||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 395 | ||||
Non-cash stock compensation | 67,113 | 67,113 | |||
Adjustments related to interest rate swaps | (16,561) | (16,561) | |||
Repurchase and retirement of common stock | $ (3) | (53,649) | (53,652) | ||
Repurchase and retirement of common stock, Shares | (272) | ||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | 12,766 | 12,766 | |||
Dividends and dividend equivalents on common stock | (278,299) | (278,299) | |||
Adjustment to redemption amount related to noncontrolling interests | (7,408) | (7,408) | |||
BALANCE at Sep. 30, 2023 | $ 1,081 | 2,848,463 | (7,421,725) | (594,305) | $ (5,166,486) |
BALANCE, Shares at Sep. 30, 2023 | 108,120 | 108,120 | |||
BALANCE at Jun. 30, 2023 | $ 1,084 | 2,824,994 | (7,362,838) | (555,570) | $ (5,092,330) |
BALANCE, Shares at Jun. 30, 2023 | 108,381 | ||||
Net income attributable to SBA Communications Corporation | 87,419 | 87,419 | |||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements | 1,655 | 1,655 | |||
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares | 11 | ||||
Non-cash stock compensation | 21,787 | 21,787 | |||
Adjustments related to interest rate swaps | (9,489) | (9,489) | |||
Repurchase and retirement of common stock | $ (3) | (53,649) | (53,652) | ||
Repurchase and retirement of common stock, Shares | (272) | ||||
Foreign currency translation adjustments attributable to SBA Communications Corporation | (29,246) | (29,246) | |||
Dividends and dividend equivalents on common stock | (92,657) | (92,657) | |||
Adjustment to redemption amount related to noncontrolling interests | 27 | 27 | |||
BALANCE at Sep. 30, 2023 | $ 1,081 | $ 2,848,463 | $ (7,421,725) | $ (594,305) | $ (5,166,486) |
BALANCE, Shares at Sep. 30, 2023 | 108,120 | 108,120 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 387,887 | $ 357,221 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, accretion, and amortization | 544,909 | 524,541 |
Gain on remeasurement of U.S. denominated intercompany loans | (38,752) | (8,501) |
Non-cash compensation expense | 65,830 | 74,140 |
Non-cash asset impairment and decommission costs | 81,067 | 25,202 |
Deferred and non-cash income tax (benefit) provision | (1,462) | 15,532 |
Other non-cash items reflected in the Statements of Operations | 61,331 | 55,013 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net | 58,673 | (33,895) |
Prepaid expenses and other assets | (23,501) | (31,446) |
Operating lease right-of-use assets, net | 111,310 | 104,771 |
Accounts payable and accrued expenses | (18,257) | 13,062 |
Accrued interest | (23,767) | (23,982) |
Long-term lease liabilities | (103,815) | (96,092) |
Other liabilities | 10,329 | 21,500 |
Net cash provided by operating activities | 1,111,782 | 997,066 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions | (92,851) | (418,721) |
Capital expenditures | (173,976) | (148,348) |
Purchase of investments | (1,005,143) | (506,581) |
Proceeds from sale of investments | 1,005,003 | 482,835 |
Other investing activities | (94,909) | (496) |
Net cash used in investing activities | (361,876) | (591,311) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under Revolving Credit Facility | 190,000 | 330,000 |
Repayments under Revolving Credit Facility | (540,000) | (270,000) |
Repurchase and retirement of common stock | (53,652) | (431,666) |
Payment of dividends on common stock | (278,201) | (230,102) |
Proceeds from employee stock purchase/stock option plans | 21,058 | 33,745 |
Payments related to taxes on stock options and restricted stock units | (27,472) | (9,905) |
Other financing activities | (17,397) | 11,860 |
Net cash used in financing activities | (705,664) | (566,068) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,441) | 4,561 |
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 42,801 | (155,752) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: | ||
Beginning of period | 189,283 | 435,626 |
End of period | 232,084 | 279,874 |
Cash paid during the period for: | ||
Interest | 325,799 | 277,219 |
Income taxes | 20,290 | 18,848 |
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES: | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 46,909 | 137,126 |
Operating lease modifications and reassessments | 15,680 | 36,181 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 1,954 | $ 3,701 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year. 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, incremental borrowing rate for lease accounting, 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. The Company is in the process of reviewing the remaining estimated useful lives of its towers and intangible assets and is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist in completing this review and analysis. If the Company concludes that a revision in the estimated useful lives of its towers and intangible assets is appropriate based on its review and analysis, the Company will account for any changes in the useful lives as a change in accounting estimate under Accounting Standards Codification (ASC) 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. The Company expects to conclude its analysis in 2024. 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 exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the 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. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income (expense), net in the Consolidated Statements of Operations. Intercompany Loans Subject to Remeasurement In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 31.2 million loss and a $ 25.5 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2023 and 2022, respectively, and a $ 24.1 million gain and a $ 4.3 million gain, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, the Company funded $ 4.2 million and repaid $ 148.4 million under its intercompany loan agreements. As of September 30, 2023 and December 31, 2022, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.4 billion and $ 1.5 billion, respectively. Reference Rate Reform On June 21, 2023, the Company amended its interest rate swap to change from LIBOR as an interest rate benchmark to the replacement benchmark of Term SOFR effective on August 1, 2023. The Company has elected the optional expedient which allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship, allowing the Company to continue applying hedge accounting to its cash flow hedge. On July 3, 2023, the Company amended its 2018 Term Loan and its Revolving Credit Facility to use Term SOFR as the benchmark rate. The transition from LIBOR to Term SOFR did not have a material impact on the consolidated financial statements. Refer to Notes 10 and 17 for further discussion of the 2018 Term Loan, Revolving Credit Facility, and the Company’s interest rate swap. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 2. FAIR VALUE MEASUREMENTS Items Measured at Fair Value on a Recurring Basis — The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model. Refer to Note 16 for discussion of the Company’s redeemable noncontrolling interests. Items Measured at Fair Value on a Nonrecurring Basis — The Company estimates the fair value of assets subject to impairment using a discounted cash flow (“DCF”) (Level 3 input) analysis. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable earnings and trading multiples. The cash flows employed in the DCF analysis are based on estimates of future revenues, earnings, and cash flows after considering factors such as tower location demographics, timing of additions of new tenants, lease rates, rate and term of renewal, attrition, ongoing cash requirements, and market multiples. Each of the assumptions are applied based on the specific facts and circumstances of the identified assets at the lowest level of identifiable cash flows. The DCF analysis used discount rates ranging from 6.5 % - 8.8 %. 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 : For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 (in thousands) Towers and related assets (1) $ 19,520 $ 4,056 $ 50,761 $ 12,475 Operating lease right-of-use assets (1)(2) 8,156 2,896 23,611 9,151 Write-off of carrying value of decommissioned towers 1,613 1,275 4,414 3,599 Other (including tower and equipment decommission costs) 3,774 305 13,534 340 Total asset impairment and decommission costs $ 33,063 $ 8,532 $ 92,320 $ 25,565 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers . As a result of increased churn, the Company experienced increased asset impairment charges for the three and nine months ended September 30, 2023. (2) Amounts relate to the recognition of impairment charges on our right-of-use assets recorded in accordance with ASC 842. The Company’s long-term investments were $ 31.6 million and $ 40.7 million as of September 30, 2023 and December 31, 2022, respectively, and are recorded in Other assets on the Consolidated Balance Sheets. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded. 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. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of September 30, 2023 and December 31, 2022, the Company had $ 1.1 million and $ 1.3 million of short-term investments, respectively. For the nine months ended September 30, 2023, the Company purchased and sold $ 1.0 billion of short-term investments. For the nine months ended September 30, 2022, the Company purchased $ 501.6 million and sold $ 481.6 million of short-term investments. 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 Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate (or Term SOFR as amended July 3, 2023) was set for the Revolving Credit Facility ( 112.5 to 150.0 basis points). Refer to Note 10 for the fair values, principal balances, and carrying values of the Company’s debt instruments. For discussion of the Company’s derivatives and hedging activities, refer to Note 17. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | 3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following: As of As of September 30, 2023 December 31, 2022 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 190,545 $ 143,708 Cash and cash equivalents Securitization escrow accounts 31,277 35,820 Restricted cash - current asset Payment, performance bonds, and other 5,944 6,139 Restricted cash - current asset Surety bonds and workers compensation 4,318 3,616 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 232,084 $ 189,283 Pursuant to the terms of the Tower Securities (see Note 10), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 10) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets. Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Other restricted cash includes $ 5.7 million and $ 6.0 million held in escrow as of September 30, 2023 and December 31, 2022, respectively, related to the Company’s acquisition activities. 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 September 30, 2023 and December 31, 2022, the Company had $ 42.0 million and $ 42.3 million in surety and payment and performance bonds, respectively, for which 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 September 30, 2023 and December 31, 2022, the Company had pledged $ 2.4 million and $ 2.3 million, respectively, as collateral related to its workers’ compensation policy. |
Costs and Estimated Earnings on
Costs and Estimated Earnings on Uncompleted Contracts | 9 Months Ended |
Sep. 30, 2023 | |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Costs and Estimated Earnings on Uncompleted Contracts | 4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Costs incurred on uncompleted contracts $ 137,716 $ 137,736 Estimated earnings 78,578 51,287 Billings to date ( 197,947 ) ( 134,665 ) $ 18,347 $ 54,358 These amounts are included in the Consolidated Balance Sheets under the following captions: As of As of September 30, 2023 December 31, 2022 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 28,334 $ 79,549 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 9,987 ) ( 25,191 ) $ 18,347 $ 54,358 At September 30, 2023 and December 31, 2022, the two largest customers comprised 92.8 % and 96.7 %, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets and Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets and Other Assets | 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS The Company’s prepaid expenses and other current assets are comprised of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Short-term investments $ 1,141 $ 1,331 Prepaid real estate taxes 4,707 3,333 Interest receivable 4,213 529 Prepaid taxes 10,426 10,639 Prepaid ground rent 4,213 3,867 Other current assets 20,850 13,450 Total prepaid expenses and other current assets $ 45,550 $ 33,149 The Company’s other assets are comprised of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Straight-line rent receivable $ 410,611 $ 388,638 Interest rate swap asset (1) 143,252 182,860 Loans receivable (2) 135,845 39,922 Deferred lease costs, net 8,262 7,747 Deferred tax asset - long term 68,248 16,173 Long-term investments 31,569 40,696 Other 47,444 46,337 Total other assets $ 845,231 $ 722,373 (1) Refer to Note 17 for more information on the Company’s interest rate swaps. (2) On March 17, 2023 (and as amended on August 25, 2023), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $ 120.0 million in aggregate principal amount, consisting of a $ 73.0 million initial term loan and $ 47.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2027. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. Interest on the loans is received monthly. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of September 30, 2023, the outstanding principal balance of the loan was $ 93.0 million and was accruing interest at 10.067 %. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Acquisitions [Abstract] | |
Acquisitions | 6. ACQUISITIONS The following table summarizes the Company’s acquisition activity: For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 (in thousands) Acquisitions of towers and related intangible assets (1) $ 39,852 $ 57,439 $ 59,457 $ 343,967 Acquisition of right-of-use assets 1,208 — 3,954 2,220 Land buyouts and other assets (2)(3) 12,054 7,704 29,440 72,534 Total cash acquisition capital expenditures $ 53,114 $ 65,143 $ 92,851 $ 418,721 (1) The nine months ended September 30, 2022 includes $ 176.1 million of acquisitions related to the Company’s purchase of sites from Airtel Tanzania. (2) Excludes $ 6.7 million and $ 4.3 million spent to extend ground lease terms for the three months ended September 30, 2023 and 2022, respectively, and excludes $ 15.0 million and $ 10.6 million spent to extend ground lease terms for the nine months ended September 30, 2023 and 2022, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets. (3) The nine months ended September 30, 2022 includes amounts paid related to the acquisition of a data center. During the nine months ended September 30, 2023, the Company acquired 68 towers and related assets and liabilities consisting of $ 11.0 million of property and equipment, net, $ 49.0 million of intangible assets, net, $ 13.4 million of operating lease right-of-use assets, net, $ 2.8 million of acquired and other right-of-use assets, net, $ 2.4 million of acquisition related holdbacks, $ 11.3 million of long-term lease liabilities, and $ 0.9 million of other net assets assumed. During the nine months ended September 30, 2023 , the Company concluded that for all of its acquisitions substantially all of the value of its tower acquisition is concentrated in a group of similar identifiable assets . Additionally, subsequent to September 30, 2023, the Company purchased or is under contract to purchase 215 communication sites for an aggregate consideration of $ 74.0 million in cash. The Company anticipates that these acquisitions will be consummated by the end of the second quarter of 2024. The maximum potential obligation related to contingent consideration for acquisitions was $ 18.4 million and $ 10.1 million as of September 30, 2023 and December 31, 2022, respectively. No such amounts have been recorded on the Company’s Consolidated Balance Sheets. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Towers and related assets (1) $ 5,793,604 $ 5,650,902 Construction-in-process (2) 96,656 77,564 Furniture, equipment, and vehicles 72,801 67,403 Land, buildings, and improvements 915,444 889,293 Total property and equipment 6,878,505 6,685,162 Less: accumulated depreciation ( 4,177,788 ) ( 3,971,435 ) Property and equipment, net $ 2,700,717 $ 2,713,727 (1) Includes amounts related to the Company’s data centers. (2) Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations. Depreciation expense was $ 68.2 million and $ 68.3 million for the three months ended September 30, 2023 and 2022, respectively, and $ 206.6 million and $ 205.0 million for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023 and December 31, 2022, unpaid capital expenditures that are included in accounts payable and accrued expenses were $ 7.1 million and $ 7.5 million, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Intangible Assets, Net [Abstract] | |
Intangible Assets, Net | 8. INTANGIBLE ASSETS, NET The following table provides the gross and net carrying amounts for each major class of intangible assets: As of September 30, 2023 As of December 31, 2022 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 5,219,410 $ ( 3,304,831 ) $ 1,914,579 $ 5,170,187 $ ( 3,060,494 ) $ 2,109,693 Network location intangibles 1,914,158 ( 1,305,117 ) 609,041 1,893,048 ( 1,226,269 ) 666,779 Intangible assets, net $ 7,133,568 $ ( 4,609,948 ) $ 2,523,620 $ 7,063,235 $ ( 4,286,763 ) $ 2,776,472 All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $ 100.4 million for the three months ended September 30, 2023 and 2022, and $ 303.5 million and $ 303.0 million for the nine months ended September 30, 2023 and 2022, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The Company’s accrued expenses are comprised of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Salaries and benefits $ 24,114 $ 27,727 Real estate and property taxes 9,836 8,422 Unpaid capital expenditures 7,071 7,476 Acquisition related holdbacks 15,605 25,681 Other 36,074 32,178 Total accrued expenses $ 92,700 $ 101,484 The Company’s other current liabilities are comprised of the following: As of As of September 30, 2023 December 31, 2022 (in thousands) Billings in excess of costs and estimated earnings on uncompleted contracts $ 9,987 $ 25,191 Taxes payable 8,369 10,641 Other 3,134 12,930 Total other current liabilities $ 21,490 $ 48,762 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt [Abstract] | |
Debt | 10. DEBT The principal values, fair values, and carrying values of debt consist of the following (in thousands): As of As of September 30, 2023 December 31, 2022 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Jul. 7, 2026 $ 370,000 $ 370,000 $ 370,000 $ 720,000 $ 720,000 $ 720,000 2018 Term Loan Apr. 11, 2025 2,274,000 2,271,158 2,268,489 2,292,000 2,280,540 2,284,007 2014-2C Tower Securities (1) Oct. 8, 2024 620,000 602,454 618,880 620,000 598,480 618,099 2019-1C Tower Securities (1) Jan. 12, 2025 1,165,000 1,107,799 1,161,718 1,165,000 1,095,776 1,159,860 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 677,753 746,570 750,000 665,633 745,480 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 510,414 596,209 600,000 506,574 595,586 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,008,599 1,157,471 1,165,000 991,705 1,155,724 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 766,926 888,721 895,000 756,302 887,443 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 681,954 887,146 895,000 686,134 886,495 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 844,492 840,973 850,000 855,899 840,053 2020 Senior Notes Feb. 15, 2027 1,500,000 1,374,180 1,489,215 1,500,000 1,375,815 1,487,013 2021 Senior Notes Feb. 1, 2029 1,500,000 1,245,000 1,489,710 1,500,000 1,286,250 1,488,402 Total debt $ 12,584,000 $ 11,460,729 $ 12,515,102 $ 12,952,000 $ 11,819,108 $ 12,868,162 Less: current maturities of long-term debt ( 24,000 ) ( 24,000 ) Total long-term debt, net of current maturities $ 12,491,102 $ 12,844,162 (1) The maturity date represents the anticipated repayment date for each issuance. The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented: Interest For the three months ended September 30, For the nine months ended September 30, Rates as of 2023 2022 2023 2022 September 30, Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash 2023 Interest Interest Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 6.520 % $ 6,219 $ — $ 4,896 $ — $ 24,287 $ — $ 10,778 $ — 2018 Term Loan (1) 2.651 % 15,615 6,803 13,038 11,440 44,898 23,701 35,565 34,318 2014-2C Tower Securities 3.869 % 6,046 — 6,046 — 18,138 — 18,138 — 2018-1C Tower Securities 3.448 % — — 5,570 — — — 16,711 — 2019-1C Tower Securities 2.836 % 8,357 — 8,357 — 25,072 — 25,072 — 2020-1C Tower Securities 1.884 % 3,598 — 3,598 — 10,793 — 10,793 — 2020-2C Tower Securities 2.328 % 3,540 — 3,540 — 10,619 — 10,619 — 2021-1C Tower Securities 1.631 % 4,870 — 4,870 — 14,567 — 14,567 — 2021-2C Tower Securities 1.840 % 4,196 — 4,196 — 12,587 — 12,587 — 2021-3C Tower Securities 2.593 % 5,873 — 5,873 — 17,619 — 17,619 — 2022-1C Tower Securities 6.599 % 14,094 — — — 42,281 — — — 2020 Senior Notes 3.875 % 14,531 92 14,531 88 43,594 274 43,594 264 2021 Senior Notes 3.125 % 11,719 — 11,719 — 35,156 — 35,156 — Other 664 1,003 727 — 2,224 5,680 2,329 — Total $ 99,322 $ 7,898 $ 86,961 $ 11,528 $ 301,835 $ 29,655 $ 253,528 $ 34,582 (1) The 2018 Term Loan has a blended rate of 2.651 %, which includes the impact of the interest rate swaps entered into on August 4, 2020, and amended on June 21, 2023, which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through July 31, 2023 and then at Term SOFR plus 185 basis points (inclusive of a credit spread adjustment (“CSA”) of 0.10 %) for an all-in fixed rate of 1.900 % per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 7.170 % as of September 30, 2023. Refer to Note 17 for more information on the Company’s interest rate swap . Terms of the Senior Credit Agreement On July 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC (“SBA Senior Finance II”), amended its Revolving Credit Facility to replace LIBOR with Term SOFR as the benchmark interest rate and make related changes. Revolving Credit Facility under the Senior Credit Agreement The Revolving Credit Facility consists of a revolving loan under which up to $ 1.5 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 (1) the Eurodollar Rate (or Term SOFR as amended July 3, 2023) plus a margin that ranges from 112.5 basis points to 150.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 50.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.15 % and 0.25 % per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, July 7, 2026. Furthermore, the Revolving Credit Facility incorporates sustainability-linked targets which will adjust the Revolving Credit Facility’s applicable interest and commitment fee rates upward or downward based on how the Company performs against those targets. Borrowings 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 the period may not be reflective of the total amounts outstanding during such period . The key terms of the Revolving Credit Facility are as follows: Unused Financial Covenant Interest Rate Commitment Compliance as of Fee as of Status as of September 30, 2023 (1) September 30, 2023 (2) September 30, 2023 Revolving Credit Facility 6.520 % 0.140 % In Compliance (1) The rate reflected includes a 0.050 % reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2022. (2) The rate reflected includes a 0.010 % reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022. The table below summarizes the Company’s Revolving Credit Facility activity during the three and nine months ended September 30, 2023 and 2022 (in thousands): For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Beginning outstanding balance $ 450,000 $ 530,000 $ 720,000 $ 350,000 Borrowings 50,000 — 190,000 330,000 Repayments ( 130,000 ) ( 120,000 ) ( 540,000 ) ( 270,000 ) Ending outstanding balance $ 370,000 $ 410,000 $ 370,000 $ 410,000 Subsequent to September 30, 2023, the Company repaid $ 85.0 million under the Revolving Credit Facility, and as of the date of this filing, $ 285.0 million was outstanding. Term Loan under the Senior Credit Agreement On July 3, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its 2018 Term Loan to replace LIBOR with Term SOFR as the benchmark interest rate. As amended, the 2018 Term Loan accrues interest at Term SOFR plus 185 basis points (inclusive of a CSA of 0.10 %). On June 21, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its interest rate swap agreement which swapped $ 1.95 billion of notional value accruing interest at Term SOFR plus 185 basis points (inclusive of a CSA of 0.10 %) for an all-in fixed rate of 1.900 % from August 1, 2023 through the maturity date of the 2018 Term Loan. During the three and nine months ended September 30, 2023, the Company repaid an aggregate of $ 6.0 million and $ 18.0 million, respectively, of principal on the 2018 Term Loan. As of September 30, 2023, the 2018 Term Loan had a principal balance of $ 2.3 billion. Secured Tower Revenue Securities As of September 30, 2023, the entities that are borrowers on the mortgage loan (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. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of the Borrowers . |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Common Stock Equivalents The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 15). Stock Repurchases The Company’s Board of Directors authorizes the Company to purchase, from time to time, 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. Once authorized, the repurchase 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. Shares repurchased are retired. On October 28, 2021, the Company’s Board of Directors authorized a $ 1.0 billion stock repurchase plan, replacing the prior plan. As of the date of this filing, the Company had $ 404.7 million of authorization remaining under the new plan. The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Total number of shares purchased (in millions) (1) 0.4 — 0.4 1.3 Average price per share (1) $ 197.75 $ — $ 197.75 $ 332.00 Total purchase price (in millions) (1) $ 87.3 $ — $ 87.3 $ 431.6 Subsequent to September 30, 2023, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.1 Average price per share (1) $ 198.84 Total purchase price (in millions) (1) $ 12.7 (1) Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date. Dividends For the nine months ended September 30, 2023, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 20, 2023 March 10, 2023 $ 0.85 $ 93.9 million March 24, 2023 April 30, 2023 May 26, 2023 $ 0.85 $ 92.1 million June 21, 2023 July 30, 2023 August 24, 2023 $ 0.85 $ 92.1 million September 20, 2023 Dividends paid in 2023 were ordinary taxable dividends. Subsequent to September 30, 2023, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 1, 2023 November 16, 2023 $ 0.85 December 14, 2023 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION Stock Options The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model: For the nine months ended September 30, 2023 Risk free interest rate 3.96 % Dividend yield 1.5 % Expected volatility 30 % Expected lives 4.4 years The following table summarizes the Company’s activities with respect to its stock option plans for the nine months ended September 30, 2023 as follows (dollars and 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, 2022 1,673 $ 161.02 Granted 20 $ 224.24 Exercised ( 181 ) $ 128.11 Forfeited/canceled ( 14 ) $ 238.10 Outstanding at September 30, 2023 1,498 $ 165.11 1.9 $ 54,436 Exercisable at September 30, 2023 1,469 $ 163.42 1.8 $ 54,436 Unvested at September 30, 2023 29 $ 254.17 9.3 $ — The weighted-average per share fair value of options granted during the nine months ended September 30, 2023 was $ 58.95 . The total intrinsic value for options exercised during the nine months ended September 30, 2023 was $ 24.2 million. Restricted Stock Units and Performance-Based Restricted Stock Units The following table summarizes the Company’s RSU and PSU activity for the nine months ended September 30, 2023: RSUs PSUs (1) Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2022 222 $ 280.66 429 $ 332.18 Granted 175 $ 254.60 97 $ 263.17 PSU adjustment (2) — $ — 65 $ 302.96 Vested ( 118 ) $ 264.39 ( 207 ) $ 345.08 Forfeited/canceled ( 13 ) $ 276.96 ( 15 ) $ 298.42 Outstanding at September 30, 2023 266 $ 270.40 369 $ 298.50 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. (2) PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The primary reasons for the difference between the Company’s effective tax rate and the U.S. statutory rate are the Company’s REIT election and the Company’s release of the full valuation allowance on the net deferred tax assets of the U.S. taxable REIT subsidiary (“TRS”). The TRS concluded that it was appropriate to release the full valuation allowance of $ 66.3 million during the second quarter of 2023. A foreign tax provision is recognized because certain foreign subsidiaries of the Company have profitable operations or are in a net deferred tax liability position. The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2016. As a REIT, the Company generally will be entitled to a deduction for dividends that it pays, and therefore, not subject to U.S. federal corporate income tax on that portion of its net income that it distributes to its shareholders. As a REIT, the Company will continue to pay U.S. federal income tax on earnings, if any, from assets and operations held through its TRS. These assets and operations currently consist primarily of the Company’s site development services and its international operations. The Company’s international operations would continue to be subject, as applicable, to foreign taxes in the jurisdictions in which those operations are located. The Company may also be subject to a variety of taxes, including payroll taxes and state, local, and foreign income, property, and other taxes on its assets and operations. The Company’s determination as to the timing and amount of future dividend distributions will be based on a number of factors, including REIT distribution requirements, its existing federal net operating losses (“NOLs”) of approximately $ 545.2 million as of December 31, 2022, the Company’s financial condition, earnings, debt covenants, and other possible uses of such funds. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized . The Company is subject to income tax and other taxes in the geographic areas where it holds assets or operates, and the Company periodically receives notifications of audits, assessments, or other actions by taxing authorities. In certain jurisdictions, taxing authorities may issue notices and assessments that may not be reflective of the actual tax liability for which the Company will ultimately be liable. In the process of responding to assessments of taxes that the Company believes are not reflective of the Company’s actual tax liability, the Company avails itself of both administrative and judicial remedies. The Company evaluates the circumstances of each notification or assessment based on the information available and, in those instances in which the Company does not anticipate a successful defense of positions taken in its tax filings, a liability is recorded in the appropriate amount based on the underlying assessment. In connection with a current assessment in Brazil, the taxing authorities have issued income tax deficiencies related to purchase accounting adjustments for tax years 2016 through 2019. The Company strongly disagrees with the assessment and has filed an appeal with the higher appellate taxing authorities as the Company believes the proposed adjustments are without merit. The Company estimates that there is a more likely than not probability that the Company’s position will be sustained upon appeal. Accordingly, no liability has been recorded. The Company will continue to vigorously contest the adjustments and expects to exhaust all administrative and judicial remedies necessary to resolve the matters, which could be a lengthy process. There can be no assurance that these matters will be resolved in the Company’s favor, and an adverse outcome, or any future tax examinations involving similar assertions, could have a material effect on the Company’s results of operations or cash flows in any one period. As of September 30, 2023, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued to be between zero and $ 94.3 million. This range excludes penalties and interest, which as of such date would have been $ 95.5 million. |
Segment Data
Segment Data | 9 Months Ended |
Sep. 30, 2023 | |
Segment Data [Abstract] | |
Segment Data | 14. SEGMENT DATA The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment 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. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region. 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 Leasing Leasing Development Other Total For the three months ended September 30, 2023 (in thousands) Revenues (1) $ 468,371 $ 169,069 $ 45,104 $ — $ 682,544 Cost of revenues (2) 66,768 51,509 31,493 — 149,770 Operating profit 401,603 117,560 13,611 — 532,774 Selling, general, and administrative expenses 30,759 15,925 4,993 13,144 64,821 Acquisition and new business initiatives related adjustments and expenses 2,369 3,243 — — 5,612 Asset impairment and decommission costs 25,560 7,503 — — 33,063 Depreciation, amortization and accretion 114,849 63,218 915 1,692 180,674 Operating income (loss) 228,066 27,671 7,703 ( 14,836 ) 248,604 Other expense, net (principally interest expense and other income) ( 155,381 ) ( 155,381 ) Income before income taxes 93,223 Cash capital expenditures (3) 81,886 31,583 1,280 681 115,430 For the three months ended September 30, 2022 Revenues (1) $ 449,595 $ 137,707 $ 88,282 $ — $ 675,584 Cost of revenues (2) 66,423 45,590 65,540 — 177,553 Operating profit 383,172 92,117 22,742 — 498,031 Selling, general, and administrative expenses 31,380 14,952 5,711 13,800 65,843 Acquisition and new business initiatives related adjustments and expenses 4,318 2,526 — — 6,844 Asset impairment and decommission costs 7,835 697 — — 8,532 Depreciation, amortization and accretion 122,149 49,530 624 1,522 173,825 Operating income (loss) 217,490 24,412 16,407 ( 15,322 ) 242,987 Other expense, net (principally interest expense and other income) ( 140,342 ) ( 140,342 ) Income before income taxes 102,645 Cash capital expenditures (3) 48,522 73,007 1,367 933 123,829 Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the nine months ended September 30, 2023 (in thousands) Revenues (1) $ 1,379,959 $ 500,892 $ 155,709 $ — $ 2,036,560 Cost of revenues (2) 200,952 152,459 114,914 — 468,325 Operating profit 1,179,007 348,433 40,795 — 1,568,235 Selling, general, and administrative expenses 90,946 51,068 15,541 42,857 200,412 Acquisition and new business initiatives related adjustments and expenses 8,174 8,448 — — 16,622 Asset impairment and decommission costs 75,460 14,633 — 2,227 92,320 Depreciation, amortization and accretion 351,689 185,522 2,767 4,931 544,909 Operating income (loss) 652,738 88,762 22,487 ( 50,015 ) 713,972 Other expense, net (principally interest expense and other income) ( 303,893 ) ( 303,893 ) Income before income taxes 410,079 Cash capital expenditures (3) 177,464 86,695 2,350 2,272 268,781 For the nine months ended September 30, 2022 Revenues (1) $ 1,324,666 $ 402,301 $ 220,393 $ — $ 1,947,360 Cost of revenues (2) 197,995 132,687 165,809 — 496,491 Operating profit 1,126,671 269,614 54,584 — 1,450,869 Selling, general, and administrative expenses 90,541 45,519 16,445 38,736 191,241 Acquisition and new business initiatives related adjustments and expenses 10,705 8,071 — — 18,776 Asset impairment and decommission costs 20,407 5,158 — — 25,565 Depreciation, amortization and accretion 367,853 150,008 1,831 4,849 524,541 Operating income (loss) 637,165 60,858 36,308 ( 43,585 ) 690,746 Other expense, net (principally interest expense and other income) ( 293,728 ) ( 293,728 ) Income before income taxes 397,018 Cash capital expenditures (3) 182,494 380,072 4,061 4,143 570,770 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of September 30, 2023 $ 6,061,251 $ 3,775,452 $ 74,763 $ 422,715 $ 10,334,181 As of December 31, 2022 $ 6,308,204 $ 3,808,699 $ 158,137 $ 310,001 $ 10,585,041 (1) For the three months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $ 100.0 million and $ 70.7 million, respectively. For the nine months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $ 293.6 million and $ 209.8 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total revenues in any of the periods presented. (2) Excludes depreciation, amortization, and accretion. (3) Includes cash paid for capital expenditures, acquisitions, and right-of-use assets. (4) Assets in Other consist primarily of general corporate assets and short-term investments. Total domestic long-lived assets were $ 5.6 billion and $ 5.9 billion as of September 30, 2023 and December 31, 2022, respectively. Total international long-lived assets were $ 3.4 billion and $ 3.5 billion as of September 30, 2023 and December 31, 2022. Total long-lived assets in Brazil were $ 2.1 billion and $ 2.0 billion as of September 30, 2023 and December 31, 2022, respectively. Long-lived assets include property and equipment, net, intangible assets, net, operating lease right-of-use assets, net, and acquired and other right-of-use assets, net. Other than Brazil, no foreign country represented more than 5 % of the Company’s total long-lived assets in any of the periods presented. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. EARNINGS PER SHARE B asic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Class A common stock outstanding adjusted for any dilutive Class A common stock equivalents, including unvested RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method . The following table sets forth basic and diluted net income per common share attributable to common shareholders for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share data): For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Numerator: Net income attributable to SBA Communications Corporation $ 87,419 $ 100,009 $ 392,284 $ 358,150 Denominator: Basic weighted-average shares outstanding 108,373 107,916 108,288 107,950 Dilutive impact of stock options, RSUs, and PSUs 518 1,442 729 1,466 Diluted weighted-average shares outstanding 108,891 109,358 109,017 109,416 Net income per common share attributable to SBA Communications Corporation: Basic $ 0.81 $ 0.93 $ 3.62 $ 3.32 Diluted $ 0.80 $ 0.91 $ 3.60 $ 3.27 For the three and nine months ended September 30, 2023 and 2022, the diluted weighted-average number of common shares outstanding excluded an immaterial number of shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2023 | |
Redeemable Noncontrolling Interests [Abstract] | |
Redeemable Noncontrolling Interests | 16. REDEEMABLE NONCONTROLLING INTERESTS The Company allocates income and losses to its redeemable noncontrolling interest holders based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the greater of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder or (2) the redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings ). The fair value of the redeemable noncontrolling interest is estimated using Level 3 inputs. The components of redeemable noncontrolling interests as of September 30, 2023 and December 31, 2022 are as follows (in thousands): September 30, December 31, 2023 2022 Beginning balance $ 31,735 $ 17,250 Net loss attributable to noncontrolling interests ( 4,397 ) ( 1,630 ) Foreign currency translation adjustments ( 899 ) ( 204 ) Contribution from joint venture partner 1,200 — Adjustment to redemption amount 7,408 16,319 Ending balance $ 35,047 $ 31,735 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | 17. DERIVATIVES AND HEDGING ACTIVITIES The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated an existing $ 1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $ 176.2 million. On the same date, the Company entered into an interest rate swap which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates, which range from 2023 to 2025 . On June 21, 2023, the Company, through its wholly owned subsidiary, SBA Senior Finance II, amended its interest rate swap agreement which swapped $ 1.95 billion of notional value accruing interest at Term SOFR plus 185 basis points (inclusive of a CSA of 0.10 %) for an all-in fixed rate of 1.900 % from August 1, 2023 through the maturity date of the 2018 Term Loan. The Company concluded that the amendment to the interest rate swap qualifies for the relief provided by ASU 2021-01 and ASU 2022-06 and as such, has not de-designated its cash flow hedge. Refer to Note 1 for further discussion of the expedient adopted under ASU 2021-01 and ASU 2022-06. As of September 30, 2023, the hedge remains highly effective; therefore, changes in fair value are recorded in Accumulated other comprehensive loss, net. As of September 30, 2023 and December 31, 2022, the interest rate swap had a fair value of $ 143.3 million and $ 182.9 million, respectively, and is recorded in Other assets on the Consolidated Balance Sheets. Accumulated other comprehensive loss, net includes an aggregate $ 103.0 million gain and a $ 119.6 million gain as of September 30, 2023 and December 31, 2022, respectively. The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform. The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows except for the termination of interest rate swaps, which are recorded in Net cash used in financing activities . The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations and Consolidated Statements of Shareholders’ Deficit for the three and nine months ended September 30, 2023 and 2022. For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 16,068 ) $ 42,114 $ ( 39,608 ) $ 128,826 Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 6,579 $ 11,222 $ 23,047 $ 33,665 |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying consolidated financial statements should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for SBA Communications Corporation and its subsidiaries (the “Company”). These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States. In the opinion of the Company’s management, all adjustments (consisting of normal recurring accruals and deferrals) considered necessary for fair financial statement presentation have been made. The results of operations for an interim period may not give a true indication of the results for the year. Certain reclassifications have been made to prior year amounts or balances to conform to the presentation adopted in the current year. |
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, incremental borrowing rate for lease accounting, 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. The Company is in the process of reviewing the remaining estimated useful lives of its towers and intangible assets and is considering whether it should modify its current estimates for asset lives based on its historical operating experience. The Company has retained an independent consultant to assist in completing this review and analysis. If the Company concludes that a revision in the estimated useful lives of its towers and intangible assets is appropriate based on its review and analysis, the Company will account for any changes in the useful lives as a change in accounting estimate under Accounting Standards Codification (ASC) 250 Accounting Changes and Error Corrections, which will be recorded prospectively beginning in the period of change. The Company expects to conclude its analysis in 2024. |
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 exchange rates, while revenues and expenses are translated at monthly average exchange rates during the period. Unrealized translation gains and losses are reported as foreign currency translation adjustments through Accumulated other comprehensive loss, net in the 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. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Remeasurement gains and losses are reported as Other income (expense), net in the Consolidated Statements of Operations. |
Intercompany Loans Subject to Remeasurement | Intercompany Loans Subject to Remeasurement In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $ 31.2 million loss and a $ 25.5 million loss, net of taxes, on the remeasurement of intercompany loans for the three months ended September 30, 2023 and 2022, respectively, and a $ 24.1 million gain and a $ 4.3 million gain, net of taxes, on the remeasurement of intercompany loans for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, the Company funded $ 4.2 million and repaid $ 148.4 million under its intercompany loan agreements. As of September 30, 2023 and December 31, 2022, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $ 1.4 billion and $ 1.5 billion, respectively. |
Reference Rate Reform | Reference Rate Reform On June 21, 2023, the Company amended its interest rate swap to change from LIBOR as an interest rate benchmark to the replacement benchmark of Term SOFR effective on August 1, 2023. The Company has elected the optional expedient which allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship, allowing the Company to continue applying hedge accounting to its cash flow hedge. On July 3, 2023, the Company amended its 2018 Term Loan and its Revolving Credit Facility to use Term SOFR as the benchmark rate. The transition from LIBOR to Term SOFR did not have a material impact on the consolidated financial statements. Refer to Notes 10 and 17 for further discussion of the 2018 Term Loan, Revolving Credit Facility, and the Company’s interest rate swap. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Summary of Asset Impairment and Decommission Costs | : For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 (in thousands) Towers and related assets (1) $ 19,520 $ 4,056 $ 50,761 $ 12,475 Operating lease right-of-use assets (1)(2) 8,156 2,896 23,611 9,151 Write-off of carrying value of decommissioned towers 1,613 1,275 4,414 3,599 Other (including tower and equipment decommission costs) 3,774 305 13,534 340 Total asset impairment and decommission costs $ 33,063 $ 8,532 $ 92,320 $ 25,565 (1) Represents impairment charges resulting from the Company’s regular analysis of whether the anticipated future cash flows from certain towers are sufficient to recover the carrying value of the investment in those towers . As a result of increased churn, the Company experienced increased asset impairment charges for the three and nine months ended September 30, 2023. (2) Amounts relate to the recognition of impairment charges on our right-of-use assets recorded in accordance with ASC 842. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | As of As of September 30, 2023 December 31, 2022 Included on Balance Sheet (in thousands) Cash and cash equivalents $ 190,545 $ 143,708 Cash and cash equivalents Securitization escrow accounts 31,277 35,820 Restricted cash - current asset Payment, performance bonds, and other 5,944 6,139 Restricted cash - current asset Surety bonds and workers compensation 4,318 3,616 Other assets - noncurrent Total cash, cash equivalents, and restricted cash $ 232,084 $ 189,283 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | |
Summary of Costs and Estimated Earnings on Uncompleted Contracts | As of As of September 30, 2023 December 31, 2022 (in thousands) Costs incurred on uncompleted contracts $ 137,716 $ 137,736 Estimated earnings 78,578 51,287 Billings to date ( 197,947 ) ( 134,665 ) $ 18,347 $ 54,358 |
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets | As of As of September 30, 2023 December 31, 2022 (in thousands) Costs and estimated earnings in excess of billings on uncompleted contracts $ 28,334 $ 79,549 Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) ( 9,987 ) ( 25,191 ) $ 18,347 $ 54,358 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | |
Schedule of Prepaid Expense and Other Current Assets | As of As of September 30, 2023 December 31, 2022 (in thousands) Short-term investments $ 1,141 $ 1,331 Prepaid real estate taxes 4,707 3,333 Interest receivable 4,213 529 Prepaid taxes 10,426 10,639 Prepaid ground rent 4,213 3,867 Other current assets 20,850 13,450 Total prepaid expenses and other current assets $ 45,550 $ 33,149 |
Schedule of Other Assets | As of As of September 30, 2023 December 31, 2022 (in thousands) Straight-line rent receivable $ 410,611 $ 388,638 Interest rate swap asset (1) 143,252 182,860 Loans receivable (2) 135,845 39,922 Deferred lease costs, net 8,262 7,747 Deferred tax asset - long term 68,248 16,173 Long-term investments 31,569 40,696 Other 47,444 46,337 Total other assets $ 845,231 $ 722,373 (1) Refer to Note 17 for more information on the Company’s interest rate swaps. (2) On March 17, 2023 (and as amended on August 25, 2023), the Company entered into a loan with one of its unconsolidated joint ventures (“the Investee”). As part of the loan agreement, the Investee may borrow up to $ 120.0 million in aggregate principal amount, consisting of a $ 73.0 million initial term loan and $ 47.0 million of delayed draw term loans. The final maturity date of the loans is January 31, 2027. The loans accrue interest at a variable rate, adjusting monthly, plus the applicable margin. Interest on the loans is received monthly. The funding of the loans is recorded in Other investing activities on the Consolidated Statements of Cash Flows. As of September 30, 2023, the outstanding principal balance of the loan was $ 93.0 million and was accruing interest at 10.067 %. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Acquisitions [Abstract] | |
Schedule of Acquisition Capital Expenditures | For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 (in thousands) Acquisitions of towers and related intangible assets (1) $ 39,852 $ 57,439 $ 59,457 $ 343,967 Acquisition of right-of-use assets 1,208 — 3,954 2,220 Land buyouts and other assets (2)(3) 12,054 7,704 29,440 72,534 Total cash acquisition capital expenditures $ 53,114 $ 65,143 $ 92,851 $ 418,721 (1) The nine months ended September 30, 2022 includes $ 176.1 million of acquisitions related to the Company’s purchase of sites from Airtel Tanzania. (2) Excludes $ 6.7 million and $ 4.3 million spent to extend ground lease terms for the three months ended September 30, 2023 and 2022, respectively, and excludes $ 15.0 million and $ 10.6 million spent to extend ground lease terms for the nine months ended September 30, 2023 and 2022, respectively. The Company recorded these amounts in prepaid ground rent within prepaid expenses and other current assets on its Consolidated Balance Sheets. (3) The nine months ended September 30, 2022 includes amounts paid related to the acquisition of a data center. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net (Including Assets Held Under Capital Leases) | As of As of September 30, 2023 December 31, 2022 (in thousands) Towers and related assets (1) $ 5,793,604 $ 5,650,902 Construction-in-process (2) 96,656 77,564 Furniture, equipment, and vehicles 72,801 67,403 Land, buildings, and improvements 915,444 889,293 Total property and equipment 6,878,505 6,685,162 Less: accumulated depreciation ( 4,177,788 ) ( 3,971,435 ) Property and equipment, net $ 2,700,717 $ 2,713,727 (1) Includes amounts related to the Company’s data centers. (2) Construction-in-process represents costs incurred related to towers and other assets that are under development and will be used in the Company’s site leasing operations. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Intangible Assets, Net [Abstract] | |
Gross and Net Carrying Amounts for each Major Class of Intangible Assets | As of September 30, 2023 As of December 31, 2022 Gross carrying Accumulated Net book Gross carrying Accumulated Net book amount amortization value amount amortization value (in thousands) Current contract intangibles $ 5,219,410 $ ( 3,304,831 ) $ 1,914,579 $ 5,170,187 $ ( 3,060,494 ) $ 2,109,693 Network location intangibles 1,914,158 ( 1,305,117 ) 609,041 1,893,048 ( 1,226,269 ) 666,779 Intangible assets, net $ 7,133,568 $ ( 4,609,948 ) $ 2,523,620 $ 7,063,235 $ ( 4,286,763 ) $ 2,776,472 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Schedule of Accrued Expenses | As of As of September 30, 2023 December 31, 2022 (in thousands) Salaries and benefits $ 24,114 $ 27,727 Real estate and property taxes 9,836 8,422 Unpaid capital expenditures 7,071 7,476 Acquisition related holdbacks 15,605 25,681 Other 36,074 32,178 Total accrued expenses $ 92,700 $ 101,484 |
Schedule of Other Current Liabilities | As of As of September 30, 2023 December 31, 2022 (in thousands) Billings in excess of costs and estimated earnings on uncompleted contracts $ 9,987 $ 25,191 Taxes payable 8,369 10,641 Other 3,134 12,930 Total other current liabilities $ 21,490 $ 48,762 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt [Abstract] | |
Schedule of Principal Values, Fair Values, and Carrying Values of Debt | As of As of September 30, 2023 December 31, 2022 Maturity Date Principal Balance Fair Value Carrying Value Principal Balance Fair Value Carrying Value Revolving Credit Facility Jul. 7, 2026 $ 370,000 $ 370,000 $ 370,000 $ 720,000 $ 720,000 $ 720,000 2018 Term Loan Apr. 11, 2025 2,274,000 2,271,158 2,268,489 2,292,000 2,280,540 2,284,007 2014-2C Tower Securities (1) Oct. 8, 2024 620,000 602,454 618,880 620,000 598,480 618,099 2019-1C Tower Securities (1) Jan. 12, 2025 1,165,000 1,107,799 1,161,718 1,165,000 1,095,776 1,159,860 2020-1C Tower Securities (1) Jan. 9, 2026 750,000 677,753 746,570 750,000 665,633 745,480 2020-2C Tower Securities (1) Jan. 11, 2028 600,000 510,414 596,209 600,000 506,574 595,586 2021-1C Tower Securities (1) Nov. 9, 2026 1,165,000 1,008,599 1,157,471 1,165,000 991,705 1,155,724 2021-2C Tower Securities (1) Apr. 9, 2027 895,000 766,926 888,721 895,000 756,302 887,443 2021-3C Tower Securities (1) Oct. 9, 2031 895,000 681,954 887,146 895,000 686,134 886,495 2022-1C Tower Securities (1) Jan. 11, 2028 850,000 844,492 840,973 850,000 855,899 840,053 2020 Senior Notes Feb. 15, 2027 1,500,000 1,374,180 1,489,215 1,500,000 1,375,815 1,487,013 2021 Senior Notes Feb. 1, 2029 1,500,000 1,245,000 1,489,710 1,500,000 1,286,250 1,488,402 Total debt $ 12,584,000 $ 11,460,729 $ 12,515,102 $ 12,952,000 $ 11,819,108 $ 12,868,162 Less: current maturities of long-term debt ( 24,000 ) ( 24,000 ) Total long-term debt, net of current maturities $ 12,491,102 $ 12,844,162 (1) The maturity date represents the anticipated repayment date for each issuance. |
Schedule of Cash and Non-Cash Interest Expense | Interest For the three months ended September 30, For the nine months ended September 30, Rates as of 2023 2022 2023 2022 September 30, Cash Non-cash Cash Non-cash Cash Non-cash Cash Non-cash 2023 Interest Interest Interest Interest Interest Interest Interest Interest (in thousands) Revolving Credit Facility 6.520 % $ 6,219 $ — $ 4,896 $ — $ 24,287 $ — $ 10,778 $ — 2018 Term Loan (1) 2.651 % 15,615 6,803 13,038 11,440 44,898 23,701 35,565 34,318 2014-2C Tower Securities 3.869 % 6,046 — 6,046 — 18,138 — 18,138 — 2018-1C Tower Securities 3.448 % — — 5,570 — — — 16,711 — 2019-1C Tower Securities 2.836 % 8,357 — 8,357 — 25,072 — 25,072 — 2020-1C Tower Securities 1.884 % 3,598 — 3,598 — 10,793 — 10,793 — 2020-2C Tower Securities 2.328 % 3,540 — 3,540 — 10,619 — 10,619 — 2021-1C Tower Securities 1.631 % 4,870 — 4,870 — 14,567 — 14,567 — 2021-2C Tower Securities 1.840 % 4,196 — 4,196 — 12,587 — 12,587 — 2021-3C Tower Securities 2.593 % 5,873 — 5,873 — 17,619 — 17,619 — 2022-1C Tower Securities 6.599 % 14,094 — — — 42,281 — — — 2020 Senior Notes 3.875 % 14,531 92 14,531 88 43,594 274 43,594 264 2021 Senior Notes 3.125 % 11,719 — 11,719 — 35,156 — 35,156 — Other 664 1,003 727 — 2,224 5,680 2,329 — Total $ 99,322 $ 7,898 $ 86,961 $ 11,528 $ 301,835 $ 29,655 $ 253,528 $ 34,582 (1) The 2018 Term Loan has a blended rate of 2.651 %, which includes the impact of the interest rate swaps entered into on August 4, 2020, and amended on June 21, 2023, which swapped $ 1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874 % per annum through July 31, 2023 and then at Term SOFR plus 185 basis points (inclusive of a credit spread adjustment (“CSA”) of 0.10 %) for an all-in fixed rate of 1.900 % per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 7.170 % as of September 30, 2023. Refer to Note 17 for more information on the Company’s interest rate swap . |
Schedule of Revolving Credit Facility Key Terms | Unused Financial Covenant Interest Rate Commitment Compliance as of Fee as of Status as of September 30, 2023 (1) September 30, 2023 (2) September 30, 2023 Revolving Credit Facility 6.520 % 0.140 % In Compliance (1) The rate reflected includes a 0.050 % reduction in the applicable spread as a result of meeting certain sustainability-linked targets as of December 31, 2022. (2) The rate reflected includes a 0.010 % reduction in the applicable commitment fee as a result of meeting certain sustainability-linked targets as of December 31, 2022. |
Summary of Revolving Credit Facility Activity | For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Beginning outstanding balance $ 450,000 $ 530,000 $ 720,000 $ 350,000 Borrowings 50,000 — 190,000 330,000 Repayments ( 130,000 ) ( 120,000 ) ( 540,000 ) ( 270,000 ) Ending outstanding balance $ 370,000 $ 410,000 $ 370,000 $ 410,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders' Equity [Abstract] | |
Summary of Share Repurchases | The following is a summary of the Company’s share repurchases: For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Total number of shares purchased (in millions) (1) 0.4 — 0.4 1.3 Average price per share (1) $ 197.75 $ — $ 197.75 $ 332.00 Total purchase price (in millions) (1) $ 87.3 $ — $ 87.3 $ 431.6 Subsequent to September 30, 2023, the Company made the following share repurchases: Total number of shares purchased (in millions) (1) 0.1 Average price per share (1) $ 198.84 Total purchase price (in millions) (1) $ 12.7 (1) Amounts reflected are based on the trade date and differ from the Consolidated Statements of Cash Flows which reflects share repurchases based on the settlement date. |
Schedule of Dividends Paid and Dividends Declared | For the nine months ended September 30, 2023, the Company paid the following cash dividends: Payable to Shareholders of Record at the Close Cash Paid Aggregate Amount Date Declared of Business on Per Share Paid Date Paid February 20, 2023 March 10, 2023 $ 0.85 $ 93.9 million March 24, 2023 April 30, 2023 May 26, 2023 $ 0.85 $ 92.1 million June 21, 2023 July 30, 2023 August 24, 2023 $ 0.85 $ 92.1 million September 20, 2023 Dividends paid in 2023 were ordinary taxable dividends. Subsequent to September 30, 2023, the Company declared the following cash dividends: Payable to Shareholders Cash to of Record at the Close be Paid Date Declared of Business on Per Share Date to be Paid November 1, 2023 November 16, 2023 $ 0.85 December 14, 2023 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options | For the nine months ended September 30, 2023 Risk free interest rate 3.96 % Dividend yield 1.5 % Expected volatility 30 % Expected lives 4.4 years |
Summary of Stock Option Activity | Weighted- Weighted-Average Average Remaining Number Exercise Price Contractual Aggregate of Shares Per Share Life (in years) Intrinsic Value Outstanding at December 31, 2022 1,673 $ 161.02 Granted 20 $ 224.24 Exercised ( 181 ) $ 128.11 Forfeited/canceled ( 14 ) $ 238.10 Outstanding at September 30, 2023 1,498 $ 165.11 1.9 $ 54,436 Exercisable at September 30, 2023 1,469 $ 163.42 1.8 $ 54,436 Unvested at September 30, 2023 29 $ 254.17 9.3 $ — |
Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity | RSUs PSUs (1) Weighted-Average Weighted-Average Number of Grant Date Fair Number of Grant Date Fair Shares Value per Share Shares Value per Share (in thousands) (in thousands) Outstanding at December 31, 2022 222 $ 280.66 429 $ 332.18 Granted 175 $ 254.60 97 $ 263.17 PSU adjustment (2) — $ — 65 $ 302.96 Vested ( 118 ) $ 264.39 ( 207 ) $ 345.08 Forfeited/canceled ( 13 ) $ 276.96 ( 15 ) $ 298.42 Outstanding at September 30, 2023 266 $ 270.40 369 $ 298.50 (1) PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model. (2) PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date. |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Data [Abstract] | |
Schedule of Segment Reporting Information | Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the three months ended September 30, 2023 (in thousands) Revenues (1) $ 468,371 $ 169,069 $ 45,104 $ — $ 682,544 Cost of revenues (2) 66,768 51,509 31,493 — 149,770 Operating profit 401,603 117,560 13,611 — 532,774 Selling, general, and administrative expenses 30,759 15,925 4,993 13,144 64,821 Acquisition and new business initiatives related adjustments and expenses 2,369 3,243 — — 5,612 Asset impairment and decommission costs 25,560 7,503 — — 33,063 Depreciation, amortization and accretion 114,849 63,218 915 1,692 180,674 Operating income (loss) 228,066 27,671 7,703 ( 14,836 ) 248,604 Other expense, net (principally interest expense and other income) ( 155,381 ) ( 155,381 ) Income before income taxes 93,223 Cash capital expenditures (3) 81,886 31,583 1,280 681 115,430 For the three months ended September 30, 2022 Revenues (1) $ 449,595 $ 137,707 $ 88,282 $ — $ 675,584 Cost of revenues (2) 66,423 45,590 65,540 — 177,553 Operating profit 383,172 92,117 22,742 — 498,031 Selling, general, and administrative expenses 31,380 14,952 5,711 13,800 65,843 Acquisition and new business initiatives related adjustments and expenses 4,318 2,526 — — 6,844 Asset impairment and decommission costs 7,835 697 — — 8,532 Depreciation, amortization and accretion 122,149 49,530 624 1,522 173,825 Operating income (loss) 217,490 24,412 16,407 ( 15,322 ) 242,987 Other expense, net (principally interest expense and other income) ( 140,342 ) ( 140,342 ) Income before income taxes 102,645 Cash capital expenditures (3) 48,522 73,007 1,367 933 123,829 Domestic Site Int'l Site Site Leasing Leasing Development Other Total For the nine months ended September 30, 2023 (in thousands) Revenues (1) $ 1,379,959 $ 500,892 $ 155,709 $ — $ 2,036,560 Cost of revenues (2) 200,952 152,459 114,914 — 468,325 Operating profit 1,179,007 348,433 40,795 — 1,568,235 Selling, general, and administrative expenses 90,946 51,068 15,541 42,857 200,412 Acquisition and new business initiatives related adjustments and expenses 8,174 8,448 — — 16,622 Asset impairment and decommission costs 75,460 14,633 — 2,227 92,320 Depreciation, amortization and accretion 351,689 185,522 2,767 4,931 544,909 Operating income (loss) 652,738 88,762 22,487 ( 50,015 ) 713,972 Other expense, net (principally interest expense and other income) ( 303,893 ) ( 303,893 ) Income before income taxes 410,079 Cash capital expenditures (3) 177,464 86,695 2,350 2,272 268,781 For the nine months ended September 30, 2022 Revenues (1) $ 1,324,666 $ 402,301 $ 220,393 $ — $ 1,947,360 Cost of revenues (2) 197,995 132,687 165,809 — 496,491 Operating profit 1,126,671 269,614 54,584 — 1,450,869 Selling, general, and administrative expenses 90,541 45,519 16,445 38,736 191,241 Acquisition and new business initiatives related adjustments and expenses 10,705 8,071 — — 18,776 Asset impairment and decommission costs 20,407 5,158 — — 25,565 Depreciation, amortization and accretion 367,853 150,008 1,831 4,849 524,541 Operating income (loss) 637,165 60,858 36,308 ( 43,585 ) 690,746 Other expense, net (principally interest expense and other income) ( 293,728 ) ( 293,728 ) Income before income taxes 397,018 Cash capital expenditures (3) 182,494 380,072 4,061 4,143 570,770 Domestic Site Int'l Site Site Leasing Leasing Development Other (4) Total Assets (in thousands) As of September 30, 2023 $ 6,061,251 $ 3,775,452 $ 74,763 $ 422,715 $ 10,334,181 As of December 31, 2022 $ 6,308,204 $ 3,808,699 $ 158,137 $ 310,001 $ 10,585,041 (1) For the three months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $ 100.0 million and $ 70.7 million, respectively. For the nine months ended September 30, 2023 and 2022, site leasing revenue in Brazil was $ 293.6 million and $ 209.8 million, respectively. Other than Brazil, no foreign country represented more than 5 % of the Company’s total revenues in any of the periods presented. (2) Excludes depreciation, amortization, and accretion. (3) Includes cash paid for capital expenditures, acquisitions, and right-of-use assets. (4) Assets in Other consist primarily of general corporate assets and short-term investments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share | For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Numerator: Net income attributable to SBA Communications Corporation $ 87,419 $ 100,009 $ 392,284 $ 358,150 Denominator: Basic weighted-average shares outstanding 108,373 107,916 108,288 107,950 Dilutive impact of stock options, RSUs, and PSUs 518 1,442 729 1,466 Diluted weighted-average shares outstanding 108,891 109,358 109,017 109,416 Net income per common share attributable to SBA Communications Corporation: Basic $ 0.81 $ 0.93 $ 3.62 $ 3.32 Diluted $ 0.80 $ 0.91 $ 3.60 $ 3.27 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Redeemable Noncontrolling Interests [Abstract] | |
Components of Redeemable Noncontrolling Interest | September 30, December 31, 2023 2022 Beginning balance $ 31,735 $ 17,250 Net loss attributable to noncontrolling interests ( 4,397 ) ( 1,630 ) Foreign currency translation adjustments ( 899 ) ( 204 ) Contribution from joint venture partner 1,200 — Adjustment to redemption amount 7,408 16,319 Ending balance $ 35,047 $ 31,735 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of Effect of Derivatives on the Consolidated Statements of Operations | For the three months For the nine months ended September 30, ended September 30, 2023 2022 2023 2022 Cash Flow Hedge - Interest Rate Swap Agreement (in thousands) Change in fair value recorded in Accumulated other comprehensive loss, net $ ( 16,068 ) $ 42,114 $ ( 39,608 ) $ 128,826 Derivatives Not Designated as Hedges - Interest Rate Swap Agreements Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense $ 6,579 $ 11,222 $ 23,047 $ 33,665 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Basis of Presentation [Line Items] | |||||
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan | $ 31.2 | $ (25.5) | $ 24.1 | $ 4.3 | |
Repayment of debt | 148.4 | ||||
Intercompany foreign currency outstanding balance | 1,400 | 1,400 | $ 1,500 | ||
Related Party [Member] | |||||
Basis of Presentation [Line Items] | |||||
Intercompany loans funded | $ 4.2 | $ 4.2 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) item | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investments | $ 31,569 | $ 40,696 | |
Short-term investments | 1,141 | $ 1,331 | |
Purchase of short-term investments | 1,000,000 | $ 501,600 | |
Proceeds from sale of short-term investments | $ 1,000,000 | $ 481,600 | |
Minimum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Average discount rate | item | 0.065 | ||
Maximum [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Average discount rate | item | 0.088 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Basis spread on variable interest rate | 1.125% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Basis spread on variable interest rate | 1.50% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Measurements [Abstract] | ||||
Towers and related assets | $ 19,520 | $ 4,056 | $ 50,761 | $ 12,475 |
Operating lease right-of-use assets | 8,156 | 2,896 | 23,611 | 9,151 |
Write-off of carrying value of decommissioned towers | 1,613 | 1,275 | 4,414 | 3,599 |
Other (including tower and equipment decommission costs) | 3,774 | 305 | 13,534 | 340 |
Total asset impairment and decommission costs | $ 33,063 | $ 8,532 | $ 92,320 | $ 25,565 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Surety, payment and performance bonds | $ 42,000,000 | $ 42,300,000 |
Collateral payment for performance bonds | 0 | 0 |
Workers Compensation Policy [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Collateral | 2,400,000 | 2,300,000 |
Payment and Performance Bonds [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Collateral | $ 5,700,000 | $ 6,000,000 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 190,545 | $ 143,708 | ||
Restricted cash - current asset | 37,221 | 41,959 | ||
Total cash, cash equivalents, and restricted cash | 232,084 | 189,283 | $ 279,874 | $ 435,626 |
Securitization Escrow Accounts [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - current asset | 31,277 | 35,820 | ||
Payment, Performance Bonds, and Other [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - current asset | 5,944 | 6,139 | ||
Surety Bonds and Workers Compensation [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Restricted cash - noncurrent asset | $ 4,318 | $ 3,616 | ||
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets Noncurrent |
Costs and Estimated Earnings _3
Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Number of significant customers | 2 | 2 |
Two Largest Customers [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 92.80% | 96.70% |
Costs and Estimated Earnings _4
Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs incurred on uncompleted contracts | $ 137,716 | $ 137,736 |
Estimated earnings | 78,578 | 51,287 |
Billings to date | (197,947) | (134,665) |
Costs and estimated earnings on uncompleted contracts | $ 18,347 | $ 54,358 |
Costs and Estimated Earnings _5
Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Costs and Estimated Earnings on Uncompleted Contracts [Abstract] | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ 28,334 | $ 79,549 |
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) | (9,987) | (25,191) |
Costs and estimated earnings on uncompleted contracts | $ 18,347 | $ 54,358 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid Expenses and Other Current Assets and Other Assets [Abstract] | ||
Short-term investments | $ 1,141 | $ 1,331 |
Prepaid real estate taxes | 4,707 | 3,333 |
Interest receivable | 4,213 | 529 |
Prepaid taxes | 10,426 | 10,639 |
Prepaid ground rent | 4,213 | 3,867 |
Other current assets | 20,850 | 13,450 |
Total prepaid expenses and other current assets | $ 45,550 | $ 33,149 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Mar. 17, 2023 | Dec. 31, 2022 | |
Other Assets, Noncurrent [Line Items] | |||
Straight-line rent receivable | $ 410,611 | $ 388,638 | |
Interest rate swap asset | 143,252 | 182,860 | |
Loans receivable | 135,845 | 39,922 | |
Deferred lease costs, net | 8,262 | 7,747 | |
Deferred tax asset - long term | 68,248 | 16,173 | |
Long-term investments | 31,569 | 40,696 | |
Other | 47,444 | 46,337 | |
Total other assets | $ 845,231 | $ 722,373 | |
Unconsolidated Joint Venture [Member] | |||
Other Assets, Noncurrent [Line Items] | |||
Loan agreement, maximum borrowing capacity | $ 120,000 | ||
Interest rate | 10.067% | ||
Unconsolidated Joint Venture [Member] | Initial Term Loans [Member] | |||
Other Assets, Noncurrent [Line Items] | |||
Loan agreement, maximum borrowing capacity | 73,000 | ||
Unconsolidated Joint Venture [Member] | Delayed Draw Term Loans [Member] | |||
Other Assets, Noncurrent [Line Items] | |||
Loan agreement, maximum borrowing capacity | $ 47,000 | ||
Unconsolidated Joint Venture [Member] | Related Party [Member] | |||
Other Assets, Noncurrent [Line Items] | |||
Outstanding principal | $ 93,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Nov. 07, 2023 USD ($) item | Sep. 30, 2023 USD ($) item | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||
Performance targets, maximum potential obligation | $ 18.4 | $ 10.1 | ||
Airtel Tanzania [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 176.1 | |||
Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of towers acquired | item | 68 | |||
Property and equipment | $ 11 | |||
Intangible assets | 49 | |||
Operating leases right-of-use assets, net | 13.4 | |||
Acquired and other right-of-use assets, net | 2.8 | |||
Acquisition related holdbacks | 2.4 | |||
Long-term lease liabilities assumed | 11.3 | |||
Other net assets assumed | $ 0.9 | |||
Subsequent Event [Member] | Other Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of communication sites acquired | item | 215 | |||
Cash paid for acquisition | $ 74 |
Acquisitions (Schedule of Acqui
Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Acquisitions of towers and related intangible assets | $ 39,852 | $ 57,439 | $ 59,457 | $ 343,967 |
Acquisition of right-of-use assets | 1,208 | 3,954 | 2,220 | |
Land buyouts and other assets | 12,054 | 7,704 | 29,440 | 72,534 |
Total cash acquisition capital expenditures | 53,114 | 65,143 | 92,851 | 418,721 |
Ground lease extensions | $ 6,700 | $ 4,300 | $ 15,000 | 10,600 |
Airtel Tanzania [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 176,100 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |||||
Depreciation expense | $ 68,200 | $ 68,300 | $ 206,600 | $ 205,000 | |
Unpaid capital expenditures | $ 7,071 | $ 7,071 | $ 7,476 |
Property and Equipment, Net (Pr
Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 6,878,505 | $ 6,685,162 |
Less: accumulated depreciation | (4,177,788) | (3,971,435) |
Property and equipment, net | 2,700,717 | 2,713,727 |
Towers and Related Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,793,604 | 5,650,902 |
Construction-In-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 96,656 | 77,564 |
Furniture, Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 72,801 | 67,403 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 915,444 | $ 889,293 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intangible Assets, Net [Abstract] | ||||
Amortization expense | $ 100.4 | $ 100.4 | $ 303.5 | $ 303 |
Intangible Assets, Net (Gross a
Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 7,133,568 | $ 7,063,235 |
Accumulated amortization | (4,609,948) | (4,286,763) |
Net book value | 2,523,620 | 2,776,472 |
Current Contract Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,219,410 | 5,170,187 |
Accumulated amortization | (3,304,831) | (3,060,494) |
Net book value | 1,914,579 | 2,109,693 |
Network Location Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,914,158 | 1,893,048 |
Accumulated amortization | (1,305,117) | (1,226,269) |
Net book value | $ 609,041 | $ 666,779 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Salaries and benefits | $ 24,114 | $ 27,727 |
Real estate and property taxes | 9,836 | 8,422 |
Unpaid capital expenditures | 7,071 | 7,476 |
Acquisition related holdbacks | 15,605 | 25,681 |
Other | 36,074 | 32,178 |
Total accrued expenses | $ 92,700 | $ 101,484 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities (Schedule of Other Current Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | $ 9,987 | $ 25,191 |
Taxes payable | 8,369 | 10,641 |
Other | 3,134 | 12,930 |
Total other current liabilities | $ 21,490 | $ 48,762 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Nov. 07, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||||||
Repayments of revolving credit facility | $ 540,000 | $ 270,000 | |||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,500,000 | 1,500,000 | |||||||
Repayments of revolving credit facility | 130,000 | $ 120,000 | 540,000 | 270,000 | |||||
Line of credit facility, outstanding | $ 370,000 | $ 410,000 | $ 370,000 | $ 410,000 | $ 450,000 | $ 720,000 | $ 530,000 | $ 350,000 | |
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Repayments of revolving credit facility | $ 85,000 | ||||||||
Line of credit facility, outstanding | $ 285,000 | ||||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment fee | 0.15% | ||||||||
Basis spread on variable interest rate | 1.125% | ||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable interest rate | 1.125% | ||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable interest rate | 0.125% | ||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, commitment fee | 0.25% | ||||||||
Basis spread on variable interest rate | 1.50% | ||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable interest rate | 1.50% | ||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Basis spread on variable interest rate | 0.50% |
Debt (Term Loan under the Senio
Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2023 | Jul. 03, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | Aug. 04, 2020 | |
Debt Instrument [Line Items] | ||||||
Aggregate principal balance | $ 12,584,000,000 | $ 12,584,000,000 | $ 12,952,000,000 | |||
2018 Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal balance | 2,274,000,000 | 2,274,000,000 | $ 2,292,000,000 | |||
Repayment of term loans | 6,000,000 | 18,000,000 | ||||
2018 Term Loan [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount | $ 1,950,000,000 | $ 1,950,000,000 | $ 1,950,000,000 | |||
Derivative basis spread on variable interest rate | 1.75% | |||||
Derivative fixed interest rate | 1.90% | 1.874% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative basis spread on variable interest rate | 1.85% | |||||
Credit spread adjustment | 0.10% | 0.10% | ||||
Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative basis spread on variable interest rate | 1.85% | 1.85% | ||||
Credit spread adjustment | 0.10% |
Debt (Schedule of Principal Val
Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Principal Balance | $ 12,584,000,000 | $ 12,952,000,000 |
Fair Value | 11,460,729,000 | 11,819,108,000 |
Carrying Value | 12,515,102,000 | 12,868,162,000 |
Less: current maturities of long-term debt | (24,000,000) | (24,000,000) |
Total long-term debt, net of current maturities | $ 12,491,102,000 | 12,844,162,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jul. 07, 2026 | |
Principal Balance | $ 370,000,000 | 720,000,000 |
Fair Value | 370,000,000 | 720,000,000 |
Carrying Value | $ 370,000,000 | 720,000,000 |
2018 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Apr. 11, 2025 | |
Principal Balance | $ 2,274,000,000 | 2,292,000,000 |
Fair Value | 2,271,158,000 | 2,280,540,000 |
Carrying Value | $ 2,268,489,000 | 2,284,007,000 |
2014-2C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Oct. 08, 2024 | |
Principal Balance | $ 620,000,000 | 620,000,000 |
Fair Value | 602,454,000 | 598,480,000 |
Carrying Value | $ 618,880,000 | 618,099,000 |
2019-1C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 12, 2025 | |
Principal Balance | $ 1,165,000,000 | 1,165,000,000 |
Fair Value | 1,107,799,000 | 1,095,776,000 |
Carrying Value | $ 1,161,718,000 | 1,159,860,000 |
2020-1C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 09, 2026 | |
Principal Balance | $ 750,000,000 | 750,000,000 |
Fair Value | 677,753,000 | 665,633,000 |
Carrying Value | $ 746,570,000 | 745,480,000 |
2020-2C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 11, 2028 | |
Principal Balance | $ 600,000,000 | 600,000,000 |
Fair Value | 510,414,000 | 506,574,000 |
Carrying Value | $ 596,209,000 | 595,586,000 |
2021-1C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Nov. 09, 2026 | |
Principal Balance | $ 1,165,000,000 | 1,165,000,000 |
Fair Value | 1,008,599,000 | 991,705,000 |
Carrying Value | $ 1,157,471,000 | 1,155,724,000 |
2021-2C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Apr. 09, 2027 | |
Principal Balance | $ 895,000,000 | 895,000,000 |
Fair Value | 766,926,000 | 756,302,000 |
Carrying Value | $ 888,721,000 | 887,443,000 |
2021-3C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Oct. 09, 2031 | |
Principal Balance | $ 895,000,000 | 895,000,000 |
Fair Value | 681,954,000 | 686,134,000 |
Carrying Value | $ 887,146,000 | 886,495,000 |
2022-1C Tower Securities [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 11, 2028 | |
Principal Balance | $ 850,000,000 | 850,000,000 |
Fair Value | 844,492,000 | 855,899,000 |
Carrying Value | $ 840,973,000 | 840,053,000 |
2020 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 15, 2027 | |
Principal Balance | $ 1,500,000,000 | 1,500,000,000 |
Fair Value | 1,374,180,000 | 1,375,815,000 |
Carrying Value | $ 1,489,215,000 | 1,487,013,000 |
2021 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 01, 2029 | |
Principal Balance | $ 1,500,000,000 | 1,500,000,000 |
Fair Value | 1,245,000,000 | 1,286,250,000 |
Carrying Value | $ 1,489,710,000 | $ 1,488,402,000 |
Debt (Schedule of Cash and Non-
Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jul. 03, 2023 | Jun. 21, 2023 | Aug. 04, 2020 | |
Debt Instrument [Line Items] | |||||||
Cash Interest | $ 99,322 | $ 86,961 | $ 301,835 | $ 253,528 | |||
Non-cash Interest | $ 7,898 | 11,528 | $ 29,655 | 34,582 | |||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 6.52% | 6.52% | |||||
Cash Interest | $ 6,219 | 4,896 | $ 24,287 | 10,778 | |||
2018 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 2.651% | 2.651% | |||||
Cash Interest | $ 15,615 | 13,038 | $ 44,898 | 35,565 | |||
Non-cash Interest | $ 6,803 | 11,440 | $ 23,701 | 34,318 | |||
Blended rate | 2.651% | ||||||
Accruing interest rate | 7.17% | 7.17% | |||||
2014-2C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.869% | 3.869% | |||||
Cash Interest | $ 6,046 | 6,046 | $ 18,138 | 18,138 | |||
2018-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.448% | 3.448% | |||||
Cash Interest | 5,570 | 16,711 | |||||
2019-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 2.836% | 2.836% | |||||
Cash Interest | $ 8,357 | 8,357 | $ 25,072 | 25,072 | |||
2020-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.884% | 1.884% | |||||
Cash Interest | $ 3,598 | 3,598 | $ 10,793 | 10,793 | |||
2020-2C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 2.328% | 2.328% | |||||
Cash Interest | $ 3,540 | 3,540 | $ 10,619 | 10,619 | |||
2021-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.631% | 1.631% | |||||
Cash Interest | $ 4,870 | 4,870 | $ 14,567 | 14,567 | |||
2021-2C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 1.84% | 1.84% | |||||
Cash Interest | $ 4,196 | 4,196 | $ 12,587 | 12,587 | |||
2021-3C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 2.593% | 2.593% | |||||
Cash Interest | $ 5,873 | 5,873 | $ 17,619 | 17,619 | |||
2022-1C Tower Securities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 6.599% | 6.599% | |||||
Cash Interest | $ 14,094 | $ 42,281 | |||||
2020 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.875% | 3.875% | |||||
Cash Interest | $ 14,531 | 14,531 | $ 43,594 | 43,594 | |||
Non-cash Interest | $ 92 | 88 | $ 274 | 264 | |||
2021 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest Rate | 3.125% | 3.125% | |||||
Cash Interest | $ 11,719 | 11,719 | $ 35,156 | 35,156 | |||
Other [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Cash Interest | 664 | $ 727 | 2,224 | $ 2,329 | |||
Non-cash Interest | 1,003 | 5,680 | |||||
Interest Rate Swap [Member] | 2018 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Notional amount | $ 1,950,000 | $ 1,950,000 | $ 1,950,000 | ||||
Derivative basis spread on variable interest rate | 1.75% | ||||||
Derivative fixed interest rate | 1.90% | 1.874% | |||||
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative basis spread on variable interest rate | 1.85% | ||||||
Credit spread adjustment | 0.10% | 0.10% | |||||
Interest Rate Swap [Member] | Secured Overnight Financing Rate (SOFR) Inclusive of Credit Spread Adjustment [Member] | 2018 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative basis spread on variable interest rate | 1.85% | 1.85% | |||||
Credit spread adjustment | 0.10% |
Debt (Schedule of Revolving Cre
Debt (Schedule of Revolving Credit Facility Key Terms) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Sustainability Margin Adjustment | 0.05% | |
Sustainability Commitment Fee Adjustment | 0.01% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate | 6.52% | |
Unused Commitment Fee | 0.14% | |
Financial Covenant Compliance Status | In Compliance |
Debt (Summary of Revolving Cred
Debt (Summary of Revolving Credit Facility Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Line of Credit Facility [Line Items] | ||||
Repayments under Revolving Credit Facility | $ (540,000) | $ (270,000) | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Beginning outstanding balance | $ 450,000 | $ 530,000 | 720,000 | 350,000 |
Borrowings | 50,000 | 190,000 | 330,000 | |
Repayments under Revolving Credit Facility | (130,000) | (120,000) | (540,000) | (270,000) |
Ending outstanding balance | $ 370,000 | $ 410,000 | $ 370,000 | $ 410,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | Oct. 25, 2023 | Oct. 28, 2021 |
Subsequent Event [Member] | ||
Class of Stock [Line Items] | ||
Stock repurchase program, remaining authorization | $ 404.7 | |
New Plan [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock repurchase program, authorized | $ 1,000 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Nov. 07, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total number of shares purchased (in millions) | 0.4 | 0.4 | 1.3 | |
Average price per share | $ 197.75 | $ 197.75 | $ 332 | |
Total purchase price (in millions) | $ 87.3 | $ 87.3 | $ 431.6 | |
Subsequent Event [Member] | ||||
Total number of shares purchased (in millions) | 0.1 | |||
Average price per share | $ 198.84 | |||
Total purchase price (in millions) | $ 12.7 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended |
Nov. 07, 2023 | Sep. 30, 2023 | |
February 20,2023 [Member] | ||
Date Declared | Feb. 20, 2023 | |
Payable to Shareholders of Record at the Close of Business on | Mar. 10, 2023 | |
Cash Paid Per Share | $ 0.85 | |
Aggregate Amount Paid | $ 93.9 | |
Date Paid/Date to be Paid | Mar. 24, 2023 | |
April 30, 2023 [Member] | ||
Date Declared | Apr. 30, 2023 | |
Payable to Shareholders of Record at the Close of Business on | May 26, 2023 | |
Cash Paid Per Share | $ 0.85 | |
Aggregate Amount Paid | $ 92.1 | |
Date Paid/Date to be Paid | Jun. 21, 2023 | |
July 30, 2023 [Member] | ||
Date Declared | Jul. 30, 2023 | |
Payable to Shareholders of Record at the Close of Business on | Aug. 24, 2023 | |
Cash Paid Per Share | $ 0.85 | |
Aggregate Amount Paid | $ 92.1 | |
Date Paid/Date to be Paid | Sep. 20, 2023 | |
Subsequent Event [Member] | November 1, 2023 [Member] | ||
Date Declared | Nov. 01, 2023 | |
Payable to Shareholders of Record at the Close of Business on | Nov. 16, 2023 | |
Cash to be Paid Per Share | $ 0.85 | |
Date Paid/Date to be Paid | Dec. 14, 2023 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares | |
Stock-Based Compensation [Abstract] | |
Weighted-average fair value of options granted | $ / shares | $ 58.95 |
Total intrinsic value for options exercised | $ | $ 24.2 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Assumptions Used to Estimate Fair Value of Stock Options) (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Risk free interest rate | 3.96% |
Dividend yield | 1.50% |
Expected volatility | 30% |
Expected lives | 4 years 4 months 24 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Stock-Based Compensation [Abstract] | |
Number of Shares, Outstanding | shares | 1,673 |
Number of Shares, Granted | shares | 20 |
Number of Shares, Exercised | shares | (181) |
Number of Shares, Forfeited/canceled | shares | (14) |
Number of Shares, Outstanding | shares | 1,498 |
Number of Shares, Exercisable | shares | 1,469 |
Number of Shares, Unvested | shares | 29 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | $ 161.02 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 224.24 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 128.11 |
Weighted-Average Exercise Price Per Share, Forfeited/canceled | $ / shares | 238.10 |
Weighted-Average Exercise Price Per Share, Outstanding | $ / shares | 165.11 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | 163.42 |
Weighted-Average Exercise Price Per Share, Unvested | $ / shares | $ 254.17 |
Weighted-Average Remaining Contractual Life (in years), Outstanding | 1 year 10 months 24 days |
Weighted-Average Remaining Contractual Life (in years), Exercisable | 1 year 9 months 18 days |
Weighted-Average Remaining Contractual Life (in years), Unvested | 9 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 54,436 |
Aggregate Intrinsic Value, Exercisable | $ | $ 54,436 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 222 |
Number of Shares, Granted | shares | 175 |
Number of Shares, Vested | shares | (118) |
Number of Shares, Forfeited/canceled | shares | (13) |
Number of Shares, Outstanding | shares | 266 |
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares | $ 280.66 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 254.60 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 264.39 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 276.96 |
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares | $ 270.40 |
Performance Stock Units (PSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Outstanding | shares | 429 |
Number of Shares, Granted | shares | 97 |
Number of Shares, Adjustment | shares | 65 |
Number of Shares, Vested | shares | (207) |
Number of Shares, Forfeited/canceled | shares | (15) |
Number of Shares, Outstanding | shares | 369 |
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares | $ 332.18 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 263.17 |
Weighted-Average Grant Date Fair Value per Share, Adjustment | $ / shares | 302.96 |
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares | 345.08 |
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares | 298.42 |
Weighted-Average Grant Date Fair Value per Share, Outstanding | $ / shares | $ 298.50 |
Performance period | 3 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule Of Income Taxes [Line Items] | ||
Valuation allowance | $ 66,300,000 | |
Federal net operating loss carry-forward | $ 545,200,000 | |
Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Penalties and interest accrued | 95,500,000 | |
Minimum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Estimate of possible loss | 0 | |
Maximum [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||
Schedule Of Income Taxes [Line Items] | ||
Estimate of possible loss | $ 94,300,000 |
Segment Data (Narrative) (Detai
Segment Data (Narrative) (Details) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Number of reportable segments | segment | 2 | ||||
Domestic Site Leasing [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 5.6 | $ 5.6 | $ 5.9 | ||
International Site Leasing [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | 3.4 | 3.4 | 3.5 | ||
Brazil [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 2.1 | $ 2.1 | $ 2 | ||
Foreign Countries, Other than Brazil [Member] | Long-Lived Assets [Member] | Maximum [Member] | Geographic Concentration Risk [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 5% | 5% | 5% | 5% |
Segment Data (Schedule of Segme
Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 682,544 | $ 675,584 | $ 2,036,560 | $ 1,947,360 | ||
Cost of revenues | 149,770 | 177,553 | 468,325 | 496,491 | ||
Operating profit | 532,774 | 498,031 | 1,568,235 | 1,450,869 | ||
Selling, general, and administrative expenses | [1] | 64,821 | 65,843 | 200,412 | 191,241 | |
Acquisition and new business initiatives related adjustments and expenses | 5,612 | 6,844 | 16,622 | 18,776 | ||
Asset impairment and decommission costs | 33,063 | 8,532 | 92,320 | 25,565 | ||
Depreciation, amortization and accretion | 180,674 | 173,825 | 544,909 | 524,541 | ||
Operating income | 248,604 | 242,987 | 713,972 | 690,746 | ||
Other expense, net (principally interest expense and other income) | (155,381) | (140,342) | (303,893) | (293,728) | ||
Income before income taxes | 93,223 | 102,645 | 410,079 | 397,018 | ||
Cash capital expenditures | 115,430 | 123,829 | 268,781 | 570,770 | ||
Assets | 10,334,181 | 10,334,181 | $ 10,585,041 | |||
Domestic Site Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 468,371 | 449,595 | 1,379,959 | 1,324,666 | ||
Cost of revenues | 66,768 | 66,423 | 200,952 | 197,995 | ||
Operating profit | 401,603 | 383,172 | 1,179,007 | 1,126,671 | ||
Selling, general, and administrative expenses | 30,759 | 31,380 | 90,946 | 90,541 | ||
Acquisition and new business initiatives related adjustments and expenses | 2,369 | 4,318 | 8,174 | 10,705 | ||
Asset impairment and decommission costs | 25,560 | 7,835 | 75,460 | 20,407 | ||
Depreciation, amortization and accretion | 114,849 | 122,149 | 351,689 | 367,853 | ||
Operating income | 228,066 | 217,490 | 652,738 | 637,165 | ||
Cash capital expenditures | 81,886 | 48,522 | 177,464 | 182,494 | ||
Assets | 6,061,251 | 6,061,251 | 6,308,204 | |||
International Site Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 169,069 | 137,707 | 500,892 | 402,301 | ||
Cost of revenues | 51,509 | 45,590 | 152,459 | 132,687 | ||
Operating profit | 117,560 | 92,117 | 348,433 | 269,614 | ||
Selling, general, and administrative expenses | 15,925 | 14,952 | 51,068 | 45,519 | ||
Acquisition and new business initiatives related adjustments and expenses | 3,243 | 2,526 | 8,448 | 8,071 | ||
Asset impairment and decommission costs | 7,503 | 697 | 14,633 | 5,158 | ||
Depreciation, amortization and accretion | 63,218 | 49,530 | 185,522 | 150,008 | ||
Operating income | 27,671 | 24,412 | 88,762 | 60,858 | ||
Cash capital expenditures | 31,583 | 73,007 | 86,695 | 380,072 | ||
Assets | 3,775,452 | 3,775,452 | 3,808,699 | |||
Site Development [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 45,104 | 88,282 | 155,709 | 220,393 | ||
Cost of revenues | 31,493 | 65,540 | 114,914 | 165,809 | ||
Operating profit | 13,611 | 22,742 | 40,795 | 54,584 | ||
Selling, general, and administrative expenses | 4,993 | 5,711 | 15,541 | 16,445 | ||
Depreciation, amortization and accretion | 915 | 624 | 2,767 | 1,831 | ||
Operating income | 7,703 | 16,407 | 22,487 | 36,308 | ||
Cash capital expenditures | 1,280 | 1,367 | 2,350 | 4,061 | ||
Assets | 74,763 | 74,763 | 158,137 | |||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Selling, general, and administrative expenses | 13,144 | 13,800 | 42,857 | 38,736 | ||
Asset impairment and decommission costs | 2,227 | |||||
Depreciation, amortization and accretion | 1,692 | 1,522 | 4,931 | 4,849 | ||
Operating income | (14,836) | (15,322) | (50,015) | (43,585) | ||
Other expense, net (principally interest expense and other income) | (155,381) | (140,342) | (303,893) | (293,728) | ||
Cash capital expenditures | 681 | 933 | 2,272 | 4,143 | ||
Assets | 422,715 | 422,715 | $ 310,001 | |||
Brazil [Member] | International Site Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 100,000 | $ 70,700 | $ 293,600 | $ 209,800 | ||
Maximum [Member] | Revenue [Member] | Geographic Concentration Risk [Member] | Foreign Countries, Other than Brazil [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Concentration risk percentage | 5% | 5% | 5% | 5% | ||
[1] Includes non-cash compensation of $ 20,615 and $ 24,945 for the three months ended September 30, 2023 and 2022, respectively, and $ 63,709 and $ 72,309 for the nine months ended September 30, 2023 and 2022, respectively. |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to SBA Communications Corporation | $ 87,419 | $ 100,009 | $ 392,284 | $ 358,150 |
Basic weighted-average shares outstanding | 108,373 | 107,916 | 108,288 | 107,950 |
Dilutive impact of stock options, RSUs, and PSUs | 518 | 1,442 | 729 | 1,466 |
Diluted weighted-average shares outstanding | 108,891 | 109,358 | 109,017 | 109,416 |
Net income per common share attributable to SBA Communications Corporation: | ||||
Basic | $ 0.81 | $ 0.93 | $ 3.62 | $ 3.32 |
Diluted | $ 0.80 | $ 0.91 | $ 3.60 | $ 3.27 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Redeemable Noncontrolling Interests [Abstract] | |||
Redemption amount | $ 35,047 | $ 31,735 | $ 17,250 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Redeemable Noncontrolling Interests [Abstract] | |||||
Beginning balance | $ 31,735 | $ 17,250 | $ 17,250 | ||
Net loss attributable to noncontrolling interests | $ (2,057) | $ (247) | (4,397) | $ (929) | (1,630) |
Foreign currency translation adjustments | (899) | (204) | |||
Contribution from joint venture partner | 1,200 | ||||
Adjustment to redemption amount | 7,408 | 16,319 | |||
Ending balance | $ 35,047 | $ 35,047 | $ 31,735 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Aug. 04, 2020 | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 03, 2023 | Jun. 21, 2023 | |
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Accumulated derivative losses | $ 103,000,000 | $ 119,600,000 | |||
Interest Rate Swap [Member] | Minimum [Member] | |||||
Derivative [Line Items] | |||||
Remaining maturity year | 2023 | ||||
Interest Rate Swap [Member] | Maximum [Member] | |||||
Derivative [Line Items] | |||||
Remaining maturity year | 2025 | ||||
2018 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 1,950,000,000 | $ 1,950,000,000 | |||
Derivative basis spread on variable interest rate | 1.75% | ||||
Derivative fixed interest rate | 1.874% | 1.90% | |||
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Cash transfer in connection with termination of swaps | $ 0 | ||||
Cash Flow Hedges [Member] | 2018 Term Loan [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 1,950,000,000 | ||||
Payment to terminate | 176,200,000 | ||||
Cash Flow Hedges [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 1,950,000,000 | ||||
Derivative basis spread on variable interest rate | 1.75% | ||||
Derivative fixed interest rate | 1.874% | ||||
Derivative asset, fair value | $ 143,300,000 | $ 182,900,000 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative basis spread on variable interest rate | 1.85% | ||||
Credit spread adjustment | 0.10% | 0.10% |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Schedule of Effect of Derivatives on the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Rate Swap [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedge | $ (16,068) | $ 42,114 | $ (39,608) | $ 128,826 |
Derivatives Not Designated as Hedges - Interest Rate Swap Agreements [Member] | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount recognized/reclassified in Non-cash interest expense | $ 6,579 | $ 11,222 | $ 23,047 | $ 33,665 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure [Line Items] | ||||
Net income (loss) | $ 87,419 | $ 100,009 | $ 392,284 | $ 358,150 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |