Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AMERICAN TOWER CORP /MA/ | |
Entity Central Index Key | 1053507 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 394,639,947 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS-Unaudited (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $4,040,353 | $368,618 | ||
Restricted cash | 132,019 | 69,316 | ||
Short-term investments | 27,381 | [1] | 6,018 | |
Accounts receivable, net | 152,560 | 143,772 | ||
Prepaid and other current assets | 365,792 | 222,999 | [2] | |
Deferred income taxes | 23,931 | 25,754 | ||
Total current assets | 4,742,036 | 836,477 | ||
PROPERTY AND EQUIPMENT, net | 5,878,826 | 5,766,150 | ||
GOODWILL | 2,815,271 | 2,842,717 | [3] | |
OTHER INTANGIBLE ASSETS, net | 3,195,106 | 3,205,496 | [2] | |
DEFERRED INCOME TAXES | 219,373 | 209,589 | ||
DEFERRED RENT ASSET | 878,124 | 776,201 | ||
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS | 452,584 | 452,788 | ||
TOTAL | 18,181,320 | 14,089,418 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 90,845 | 89,578 | ||
Accrued expenses | 331,311 | 286,962 | ||
Distributions payable | 110,937 | 189 | ||
Accrued interest | 84,528 | 71,271 | ||
Current portion of long-term obligations | 67,276 | 60,031 | ||
Unearned revenue | 138,422 | 124,147 | ||
Total current liabilities | 823,319 | 632,178 | ||
LONG-TERM OBLIGATIONS | 12,578,532 | 8,693,345 | ||
ASSET RETIREMENT OBLIGATIONS | 461,586 | 435,613 | ||
OTHER NON-CURRENT LIABILITIES | 705,966 | 644,101 | ||
Total liabilities | 14,569,403 | 10,405,237 | ||
COMMITMENTS AND CONTINGENCIES | ||||
EQUITY: | ||||
Preferred stock: $.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||||
Common stock: $.01 par value; 1,000,000,000 shares authorized; 397,345,022 and 395,963,218 shares issued; and 394,534,996 and 395,091,213 shares outstanding, respectively | 3,973 | 3,959 | ||
Additional paid-in capital | 5,097,325 | 5,012,124 | ||
Distributions in excess of earnings | -1,066,580 | -1,196,907 | ||
Accumulated other comprehensive loss | -298,015 | -183,347 | ||
Treasury stock (2,810,026 and 872,005 shares at cost, respectively) | -207,740 | -62,728 | ||
Total American Tower Corporation equity | 3,528,963 | 3,573,101 | ||
Noncontrolling interest | 82,954 | 111,080 | ||
Total equity | 3,611,917 | 3,684,181 | ||
TOTAL | $18,181,320 | $14,089,418 | ||
[1] | Consists of highly liquid investments with original maturities in excess of three months. | |||
[2] | December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. | |||
[3] | Balances have been revised to reflect purchase accounting measurement period adjustments. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS-Unaudited (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 397,345,022 | 395,963,218 |
Common Stock, Shares, Outstanding | 394,534,996 | 395,091,213 |
Treasury stock, shares | 2,810,026 | 872,005 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-Unaudited (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES: | ||||
Rental and management | $796,575 | $697,554 | $2,363,207 | $2,063,806 |
Network development services | 11,305 | 15,781 | 56,231 | 43,780 |
Total operating revenues | 807,880 | 713,335 | 2,419,438 | 2,107,586 |
OPERATING EXPENSES: | ||||
Rental and management (including stock-based compensation expense of $248, $195, $751 and $594, respectively) | 195,953 | 177,336 | 585,465 | 506,120 |
Network development services (including stock-based compensation expense of $99, $245, $440 and $749, respectively) | 4,876 | 7,568 | 22,839 | 22,153 |
Depreciation, amortization and accretion | 184,922 | 144,061 | 555,334 | 465,788 |
Selling, general, administrative and development expense (including stock-based compensation expense of $14,711, $12,618, $51,964 and $38,311, respectively) | 97,781 | 81,459 | 298,737 | 237,891 |
Other operating expenses | 15,469 | 7,359 | 35,686 | 35,150 |
Total operating expenses | 499,001 | 417,783 | 1,498,061 | 1,267,102 |
OPERATING INCOME | 308,879 | 295,552 | 921,377 | 840,484 |
OTHER INCOME (EXPENSE): | ||||
Interest income, TV Azteca, net of interest expense of $371, $372, $1,113 and $1,114, respectively | 3,544 | 3,586 | 10,673 | 10,715 |
Interest income | 2,342 | 1,717 | 5,468 | 6,253 |
Interest expense | -106,335 | -102,272 | -318,916 | -297,622 |
Loss on retirement of long-term obligations | 0 | 0 | -37,967 | -398 |
Other (expense) income (including unrealized foreign currency (losses) gains of $(30,907), $46,191, $(151,673), and $(12,847), respectively) | -29,622 | 46,294 | -148,991 | -19,468 |
Total other expense | -130,071 | -50,675 | -489,733 | -300,520 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INCOME ON EQUITY METHOD INVESTMENTS | 178,808 | 244,877 | 431,644 | 539,964 |
Income tax provision | -15,586 | -13,054 | -23,361 | -64,117 |
Income on equity method investments | 0 | 2 | 0 | 25 |
NET INCOME | 163,222 | 231,825 | 408,283 | 475,872 |
Net loss attributable to noncontrolling interest | 16,901 | 264 | 43,068 | 25,732 |
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION | $180,123 | $232,089 | $451,351 | $501,604 |
NET INCOME PER COMMON SHARE AMOUNTS: | ||||
Basic net income attributable to American Tower Corporation (in dollars per share) | $0.46 | $0.59 | $1.14 | $1.27 |
Diluted net income attributable to American Tower Corporation (in dollars per share) | $0.45 | $0.58 | $1.13 | $1.26 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in shares) | 394,759 | 395,244 | 395,138 | 394,626 |
Diluted (in shares) | 398,348 | 399,487 | 399,275 | 399,084 |
DISTRIBUTIONS DECLARED, PER SHARE (in dollars per share) | $0.28 | $0.23 | $0.81 | $0.66 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-Unaudited (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-based compensation expense | $15,058 | $13,058 | $53,155 | $39,654 |
Unrealized foreign currency losses | -30,907 | 46,191 | -151,673 | -12,847 |
Rental And Management [Member] | ||||
Stock-based compensation expense | 248 | 195 | 751 | 594 |
Network Development Services [Member] | ||||
Stock-based compensation expense | 99 | 245 | 440 | 749 |
Selling General Administrative And Development Expense [Member] | ||||
Stock-based compensation expense | 14,711 | 12,618 | 51,964 | 38,311 |
TV Azteca [Member] | ||||
Net of interest expense | $371 | $372 | $1,113 | $1,114 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME-Unaudited (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $163,222 | $231,825 | $408,283 | $475,872 |
Other comprehensive (loss) income: | ||||
Changes in fair value of cash flow hedges, net of taxes of $(70), $0, $386 and $0, respectively | -1,334 | -955 | 1,415 | -2,483 |
Reclassification of unrealized losses on cash flow hedges to net income, net of taxes of $58, $0, $176 and $0, respectively | 683 | 199 | 1,877 | 397 |
Reclassification of unrealized losses on available-for-sale securities to net income | 0 | 0 | 0 | 495 |
Foreign currency translation adjustments, net of taxes of $(2,329), $1,667, $4,254 and $7,764, respectively | -24,660 | 38,782 | -120,602 | -36,357 |
Other comprehensive (loss) income | -25,311 | 38,026 | -117,310 | -37,948 |
Comprehensive income | 137,911 | 269,851 | 290,973 | 437,924 |
Comprehensive loss attributable to noncontrolling interest | 18,453 | 1,460 | 45,710 | 42,216 |
Comprehensive income attributable to American Tower Corporation | $156,364 | $271,311 | $336,683 | $480,140 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME-Unaudited (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Reclassification of unrealized losses on cash flow hedges to net income, tax | $58 | $0 | $176 | $0 |
Foreign currency translation adjustments, tax | -2,329 | 1,667 | 4,254 | 7,764 |
Net change in fair value of cash flow hedges, tax | ($70) | $0 | $386 | $0 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-Unaudited (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | ||
Net income | $408,283 | $475,872 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Stock-based compensation expense | 53,155 | 39,654 |
Depreciation, amortization and accretion | 555,334 | 465,788 |
Loss on early retirement of securitized debt | 35,288 | 0 |
Other non-cash items reflected in statements of operations | 164,406 | 79,655 |
Increase in net deferred rent asset | -83,694 | -92,296 |
Increase in restricted cash | -62,703 | -693 |
Increase in assets | -59,267 | -36,137 |
Increase in liabilities | 133,641 | 184,704 |
Cash provided by operating activities | 1,144,443 | 1,116,547 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for purchase of property and equipment and construction activities | -448,249 | -377,026 |
Payments for acquisitions, net of cash acquired | -365,658 | -822,714 |
Proceeds from sale of short-term investments and other non-current assets | 27,889 | 358,707 |
Payments for short-term investments | -50,224 | -330,341 |
Deposits, restricted cash, investments and other | -122,396 | -2,892 |
Cash used for investing activities | -958,638 | -1,174,266 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short-term borrowings, net | 7,544 | 20,099 |
Borrowings under credit facilities | 3,507,000 | 1,325,000 |
Proceeds from issuance of senior notes, net | 2,221,792 | 698,670 |
Proceeds from issuance of Securities in securitization transaction, net | 1,778,496 | 0 |
Proceeds from term loan credit facility | 0 | 750,000 |
Proceeds from other long-term borrowings | 27,971 | 99,132 |
Repayments of notes payable, credit facilities and capital leases | -3,705,454 | -2,655,367 |
Contributions from noncontrolling interest holders, net | 17,584 | 48,500 |
Purchases of common stock | -145,012 | -16,733 |
Proceeds from stock options | 32,973 | 42,825 |
Distributions | -209,711 | -169,816 |
Payment for early retirement of securitized debt | -29,234 | 0 |
Deferred financing costs and other financing activities | -9,190 | -30,215 |
Cash provided by financing activities | 3,494,759 | 112,095 |
Net effect of changes in foreign currency exchange rates on cash and cash equivalents | -8,829 | -2,255 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3,671,735 | 52,121 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 368,618 | 330,191 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,040,353 | 382,312 |
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $17,336 AND $20,453, RESPECTIVELY) | 23,172 | 28,465 |
CASH PAID FOR INTEREST | 283,145 | 265,443 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
INCREASE (DECREASE) IN ACCOUNTS PAYABLE AND ACCRUED EXPENSES FOR PURCHASES OF PROPERTY AND EQUIPMENT AND CONSTRUCTION ACTIVITIES | 17,208 | -1,228 |
PURCHASES OF PROPERTY AND EQUIPMENT UNDER CAPITAL LEASES | $16,199 | $12,219 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS-Unaudited (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ||
Proceeds from income tax refunds | $17,336 | $20,453 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENT OF EQUITY-Unaudited (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Other Comprehensive (Loss) Income | Earnings (Distributions) in Excess of Distributions (Earnings) | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
BALANCE at Dec. 31, 2011 | $3,410,142 | $3,936 | $4,903,800 | ($142,617) | ($1,477,899) | $122,922 | |
BALANCE (shares) at Dec. 31, 2011 | 393,642,079 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation related activity (shares) | 1,917,576 | ||||||
Stock-based compensation related activity | 65,036 | 19 | 65,017 | ||||
Issuance of common stock-Stock Purchase Plan (shares) | 47,464 | ||||||
Issuance of common stock-Stock Purchase Plan | 2,365 | 1 | 2,364 | ||||
Treasury stock activity (shares) | -252,691 | ||||||
Treasury stock activity | -16,733 | -16,733 | |||||
Change in fair value of cash flow hedges, net of tax | -2,483 | -1,862 | -621 | ||||
Reclassification of unrealized losses on cash flow hedges to net income, net of tax | 397 | 397 | |||||
Reclassification of unrealized losses on available-for-sale securities to net income | 495 | 495 | |||||
Foreign currency translation adjustment, net of tax | -36,357 | -20,494 | -15,863 | ||||
Contributions from non-controlling interest | 48,963 | 48,963 | |||||
Distributions to non-controlling interest | -441 | -441 | |||||
Dividends/distributions declared | -261,274 | -261,274 | |||||
Net income (loss) | 475,872 | 501,604 | -25,732 | ||||
BALANCE at Sep. 30, 2012 | 3,685,982 | 3,956 | -16,733 | 4,971,181 | -164,081 | -1,237,569 | 129,228 |
BALANCE (shares) at Sep. 30, 2012 | 395,607,119 | -252,691 | |||||
BALANCE at Dec. 31, 2012 | 3,684,181 | 3,959 | -62,728 | 5,012,124 | -183,347 | -1,196,907 | 111,080 |
BALANCE (shares) at Dec. 31, 2012 | 395,091,213 | 395,963,218 | -872,005 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock-based compensation related activity (shares) | 1,343,555 | ||||||
Stock-based compensation related activity | 82,888 | 14 | 82,874 | ||||
Issuance of common stock-Stock Purchase Plan (shares) | 38,249 | ||||||
Issuance of common stock-Stock Purchase Plan | 2,327 | 2,327 | |||||
Treasury stock activity (shares) | -1,938,021 | ||||||
Treasury stock activity | -145,012 | -145,012 | |||||
Change in fair value of cash flow hedges, net of tax | 1,415 | 1,167 | 248 | ||||
Reclassification of unrealized losses on cash flow hedges to net income, net of tax | 1,877 | 1,764 | 113 | ||||
Reclassification of unrealized losses on available-for-sale securities to net income | 0 | ||||||
Foreign currency translation adjustment, net of tax | -120,602 | -117,599 | -3,003 | ||||
Contributions from non-controlling interest | 18,020 | 18,020 | |||||
Distributions to non-controlling interest | -436 | -436 | |||||
Dividends/distributions declared | -321,024 | -321,024 | |||||
Net income (loss) | 408,283 | 451,351 | -43,068 | ||||
BALANCE at Sep. 30, 2013 | $3,611,917 | $3,973 | ($207,740) | $5,097,325 | ($298,015) | ($1,066,580) | $82,954 |
BALANCE (shares) at Sep. 30, 2013 | 394,534,996 | 397,345,022 | -2,810,026 |
Description_of_Business_Basis_
Description of Business, Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Accounting Policies | Description of Business, Basis of Presentation and Accounting Policies |
American Tower Corporation is, through its various subsidiaries (collectively, “ATC” or the “Company”), an independent owner, operator and developer of wireless and broadcast communications real estate in the United States, Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda. In connection with its acquisition of MIP Tower Holdings LLC (“MIPT”) on October 1, 2013, the Company expanded its operations into two new markets, Costa Rica and Panama. The Company’s primary business is the leasing of antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities and tenants in a number of other industries. The Company also manages rooftop and tower sites for property owners, operates in-building and outdoor distributed antenna system (“DAS”) networks, holds property interests under third-party communications sites and provides network development services that primarily support its rental and management operations and the addition of new tenants and equipment on its sites. Effective January 1, 2012, the Company reorganized to qualify as a real estate investment trust for federal income tax purposes (“REIT”). | |
ATC is a holding company that conducts its operations through its directly and indirectly owned subsidiaries and its joint ventures. ATC’s principal domestic operating subsidiaries are American Towers LLC and SpectraSite Communications, LLC. ATC conducts its international operations through its subsidiary, American Tower International, Inc., which in turn conducts operations through its various international operating subsidiaries and joint ventures. | |
The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial information included herein is unaudited; however, the Company believes that all adjustments (consisting primarily of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial position and results of operations for such periods have been included. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Company believes that since January 1, 2012, it has been organized and has operated in a manner that enables it to qualify, and intends to continue to operate in a manner that will allow it to continue to qualify, as a REIT for federal income tax purposes. The Company filed an election to be taxed as a REIT effective as of January 1, 2012 on its U.S. federal income tax return for the 2012 taxable year. | |
The Company holds and operates certain of its assets through one or more taxable REIT subsidiaries (“TRSs”). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax. The Company’s use of TRSs enables it to continue to engage in certain businesses while complying with REIT qualification requirements and also allows the Company to retain income generated by these businesses for reinvestment without the requirement of distributing those earnings. The non-REIT qualified businesses that the Company holds through TRSs include its network development services segment. In addition, the Company has included most of its international operations and DAS networks business within its TRSs. The Company changed the election for substantially all of its Mexican operations, all of which was previously designated as a TRS, to be treated as a qualified REIT subsidiary as of March 1, 2013. Although the election did not have a material effect on the Company’s deferred tax position, the Company recognized a one-time dividend from its Mexican operations, the income from which the Company may either offset with its net operating losses or distribute to its stockholders as part of its regular distributions. For all periods subsequent to March 1, 2013, the Company will be required to include the income from its Mexican operations as part of its REIT taxable income for the purpose of computing the Company’s REIT distribution requirements. | |
The Company may, from time to time, change the election of other previously designated TRSs that hold certain of its other international operations to be treated as qualified REIT subsidiaries or other disregarded entities (collectively, “QRSs”), and may reorganize and transfer certain assets or operations from its TRSs to other subsidiaries, including QRSs. | |
As a REIT, the Company generally is not subject to federal income taxes on its income and gains that the Company distributes to its stockholders, including the income derived from leasing towers. However, even as a REIT, the Company remains obligated to pay income taxes on earnings from its TRS assets. In addition, the Company’s international assets and operations continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted. | |
Principles of Consolidation and Basis of Presentation—The accompanying condensed consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity or cost method, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. | |
Significant Accounting Policies and Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying condensed consolidated financial statements. The significant estimates in the accompanying condensed consolidated financial statements include impairment of long-lived assets (including goodwill), asset retirement obligations, revenue recognition, rent expense, stock-based compensation, income taxes and accounting for business combinations. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure. | |
Changes in Presentation—Changes have been made to the presentation of the Company’s condensed consolidated statements of cash flows for the nine months ended September 30, 2012 to be consistent with the current year presentation. Specifically, amounts surrendered for the satisfaction of employee tax obligations in connection with the vesting of restricted stock units of $16.7 million that were previously included in Purchases of common stock are now included in Deferred financing costs and other financing activities in the Company’s condensed consolidated statements of cash flows. | |
Recently Adopted Accounting Standards—In February 2013, the Financial Accounting Standards Board (“FASB”) issued additional guidance on comprehensive income which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”) by component. This guidance enhances the transparency of changes in other comprehensive income (“OCI”) and items transferred out of AOCI in the financial statements and it does not amend any existing requirements for reporting net income or OCI in the financial statements. Since the guidance relates only to presentation and disclosure of information, the adoption did not have a material effect on the Company’s condensed consolidated financial condition or results of operations. | |
In February 2013, the FASB issued guidance that clarifies the scope of transactions subject to disclosures about offsetting assets and liabilities. The guidance requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013 on a retrospective basis. Since the guidance relates only to presentation and disclosure of information, the adoption did not have a material effect on the Company’s condensed consolidated financial condition or results of operations. | |
In July 2013, the FASB issued guidance that permits the Fed Funds Effective Swap Rate (Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and the London Interbank Offered Rate (“LIBOR”). The guidance also removed the restriction on using different benchmark rates for similar hedges. These amendments are effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have a material effect on the Company’s financial statements. | |
In July 2013, the FASB issued guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial statements. |
Prepaid_and_Other_Current_Asse
Prepaid and Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Prepaid and Other Current Assets | Prepaid and Other Current Assets | |||||||
Prepaid and other current assets consist of the following as of (in thousands): | ||||||||
30-Sep-13 | December 31, 2012 (1) | |||||||
Acquisition deposit in escrow | $ | 120,000 | $ | — | ||||
Prepaid income tax | 65,903 | 57,665 | ||||||
Prepaid operating ground leases | 61,393 | 56,916 | ||||||
Unbilled receivables | 27,922 | 32,588 | ||||||
Prepaid assets | 34,260 | 19,037 | ||||||
Value added tax and other consumption tax receivables | 16,771 | 22,443 | ||||||
Other miscellaneous current assets | 39,543 | 34,350 | ||||||
Balance | $ | 365,792 | $ | 222,999 | ||||
(1) December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. |
Accrued_Expenses
Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ||||||||
Accrued Expenses | Accrued Expenses | |||||||
Accrued expenses consist of the following as of (in thousands): | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
Accrued property and real estate taxes | $ | 46,972 | $ | 36,814 | ||||
Payroll and related withholdings | 38,359 | 37,586 | ||||||
Accrued construction costs | 38,201 | 20,711 | ||||||
Accrued rent | 23,485 | 24,394 | ||||||
Other accrued expenses | 184,294 | 167,457 | ||||||
Balance | $ | 331,311 | $ | 286,962 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||
The changes in the carrying value of goodwill for the Company’s business segments are as follows (in thousands): | ||||||||||||||||||||||||||||
Rental and Management | Network | Total | ||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||
Domestic | International | Services | ||||||||||||||||||||||||||
Balance as of January 1, 2013 (1) | $ | 2,320,645 | $ | 520,072 | $ | 2,000 | $ | 2,842,717 | ||||||||||||||||||||
Additions | 4,698 | 14,933 | — | 19,631 | ||||||||||||||||||||||||
Effect of foreign currency translation | — | (47,077 | ) | — | (47,077 | ) | ||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2,325,343 | $ | 487,928 | $ | 2,000 | $ | 2,815,271 | ||||||||||||||||||||
-1 | Balances have been revised to reflect purchase accounting measurement period adjustments. | |||||||||||||||||||||||||||
The Company’s other intangible assets subject to amortization consist of the following as of (in thousands): | ||||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 (1) | |||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||||
Useful | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||||
Lives | Value | Value | ||||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||||||
Acquired network location (2) | Up to 20 | $ | 1,731,664 | $ | (767,973 | ) | $ | 963,691 | $ | 1,702,895 | $ | (721,135 | ) | $ | 981,760 | |||||||||||||
Acquired customer-related intangibles | 15-20 | 3,228,515 | (1,093,481 | ) | 2,135,034 | 3,133,166 | (979,264 | ) | 2,153,902 | |||||||||||||||||||
Acquired licenses and other intangibles | 20-Mar | 6,524 | (2,087 | ) | 4,437 | 26,079 | (20,835 | ) | 5,244 | |||||||||||||||||||
Economic Rights, TV Azteca | 70 | 28,609 | (14,037 | ) | 14,572 | 28,954 | (13,902 | ) | 15,052 | |||||||||||||||||||
Total | 4,995,312 | (1,877,578 | ) | 3,117,734 | 4,891,094 | (1,735,136 | ) | 3,155,958 | ||||||||||||||||||||
Deferred financing costs, net (3) | N/A | 77,372 | 49,538 | |||||||||||||||||||||||||
Other intangible assets, net | $ | 3,195,106 | $ | 3,205,496 | ||||||||||||||||||||||||
-1 | December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. | |||||||||||||||||||||||||||
-2 | Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease taking into consideration lease renewal options and residual value or up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. | |||||||||||||||||||||||||||
-3 | Deferred financing costs are amortized over the term of the respective debt instruments to which they relate using the effective interest method. This amortization is included in interest expense rather than in amortization expense. | |||||||||||||||||||||||||||
The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired communications sites. The acquired customer-related intangibles typically represent the value to the Company of customer contracts and relationships in place at the time of an acquisition, including assumptions regarding estimated renewals. During the nine months ended September 30, 2013, the Company retired $19.6 million of intangible assets related to non-competition agreements that had expired and were fully amortized. | ||||||||||||||||||||||||||||
The Company amortizes these intangibles on a straight-line basis over their estimated useful lives. As of September 30, 2013, the remaining weighted average amortization period of the Company’s intangible assets, excluding deferred financing costs and the TV Azteca Economic Rights detailed in note 5 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, was approximately 13 years. Amortization of intangible assets for the three and nine months ended September 30, 2013 was approximately $57.7 million and $177.9 million (excluding amortization of deferred financing costs, which is included in interest expense), respectively. Amortization of intangible assets for the three and nine months ended September 30, 2012 was approximately $46.9 million and $154.3 million (excluding amortization of deferred financing costs, which is included in interest expense), respectively. The Company expects to record amortization expense (excluding amortization of deferred financing costs) as follows over the next five years (in millions): | ||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||
2013 (remaining year) | $ | 61.5 | ||||||||||||||||||||||||||
2014 | 232.9 | |||||||||||||||||||||||||||
2015 | 214.5 | |||||||||||||||||||||||||||
2016 | 202.2 | |||||||||||||||||||||||||||
2017 | 195.7 | |||||||||||||||||||||||||||
2018 | 189.3 | |||||||||||||||||||||||||||
Financing_Transactions
Financing Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Securities Financing Transactions [Abstract] | |
Financing Transactions | Financing Transactions |
Commercial Mortgage Pass-Through Certificates, Series 2007-1—During the year ended December 31, 2007, the Company completed a securitization transaction involving assets related to 5,295 broadcast and wireless communications towers owned by two special purpose subsidiaries of the Company through a private offering of $1.75 billion of Commercial Mortgage Pass-Through Certificates, Series 2007-1 (the “Certificates”). On March 15, 2013, the Company repaid all indebtedness outstanding under the Certificates ($1.75 billion in principal amount), plus prepayment consideration and accrued interest thereon and other costs and expenses related thereto, with proceeds from the offering of $1.8 billion of Secured Tower Revenue Securities, Series 2013-1A and Series 2013-2A, as described in more detail below (collectively, the “Securities”). The Company recorded a loss on retirement of long-term obligations in the accompanying condensed consolidated statements of operations of $35.3 million, consisting of prepayment consideration of $29.2 million and the expense of deferred financing costs of $6.1 million. | |
Secured Tower Revenue Securities, Series 2013-1A and Series 2013-2A—On March 15, 2013, the Company completed a securitization transaction (the “Securitization”) involving assets related to 5,195 wireless and broadcast communications towers (the “Secured Towers”) owned by two special purpose subsidiaries of the Company, through a private offering of $1.8 billion of the Securities. The net proceeds of the transaction were $1.78 billion. The Securities were issued by American Tower Trust I (the “Trust”), a trust established by American Tower Depositor Sub, LLC (the “Depositor”), an indirect wholly owned special purpose subsidiary of the Company. The assets of the Trust consist of a nonrecourse loan (the “Loan”) to American Tower Asset Sub, LLC and American Tower Asset Sub II, LLC (the “Borrowers”), pursuant to a First Amended and Restated Loan and Security Agreement dated as of March 15, 2013 (the “Loan Agreement”). The Borrowers are special purpose entities formed solely for the purpose of holding the Secured Towers subject to a securitization. | |
The Securities were issued in two separate series of the same class pursuant to a First Amended and Restated Trust and Servicing Agreement (the “Trust Agreement”), with terms identical to the Loan. The Series 2013-1A Securities have an expected life of five years with a final repayment date in March 2043 and an interest rate of 1.551%. The Series 2013-2A Securities have an expected life of ten years with a final repayment date in March 2048 and an interest rate of 3.070%. The effective weighted average life and interest rate of the Securities is 8.6 years and 2.648%, respectively. | |
Amounts due under the Loan will be paid by the Borrowers solely from the cash flows generated by the Secured Towers. These funds in turn will be used by or on behalf of the Trust to service the payment of interest on the Securities and for any other payments required by the Loan Agreement or Trust Agreement. The Borrowers are required to make monthly payments of interest on the Loan. Subject to certain limited exceptions described below, no payments of principal will be required to be made prior to March 15, 2018, which is the anticipated repayment date for the component of the Loan associated with the Series 2013-1A Securities. On a monthly basis, after payment of all required amounts under the Loan Agreement and Trust Agreement, the excess cash flows generated from the operation of the Secured Towers are released to the Borrowers, and can then be distributed to, and used by, the Company. However, if the debt service coverage ratio (the “DSCR”), generally defined as the net cash flow divided by the amount of interest, servicing fees and trustee fees that the Borrowers will be required to pay over the succeeding 12 months on the principal amount of the Loan, as of the last day of any calendar quarter prior to the applicable anticipated repayment date, is 1.30x or less (the “Cash Trap DSCR”) for such quarter, and the DSCR continues to be equal to or below the Cash Trap DSCR for two consecutive calendar quarters, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as excess cash flow, will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the DSCR exceeds the Cash Trap DSCR for two consecutive calendar quarters. An “amortization period” commences if (i) as of the end of any calendar quarter the DSCR equals or falls below 1.15x (the “Minimum DSCR”) for such calendar quarter and such amortization period will continue to exist until the DSCR exceeds the Minimum DSCR for two consecutive calendar quarters or (ii) on the anticipated repayment date the component of the Loan corresponding to the applicable subclass of the Securities has not been repaid in full, provided that such amortization period shall apply with respect to such component that has not been repaid in full. During an amortization period all excess cash is applied to payment of the principal on the Loan. | |
The Borrowers may prepay the Loan in whole or in part at any time provided it is accompanied by applicable prepayment consideration. If the prepayment occurs within 12 months of the anticipated repayment date for the Series 2013-1A Securities or 18 months of the anticipated repayment date for the 2013-2A Securities, no prepayment consideration is due. The entire unpaid principal balance of the component of the Loan related to the Series 2013-1A Securities will be due in March 2043. The entire unpaid principal balance of the component of the Loan related to the Series 2013-2A Securities will be due in March 2048. The Loan may be defeased in whole at any time prior to the anticipated repayment date for any component of the Loan then outstanding. | |
The Loan is secured by (1) mortgages, deeds of trust and deeds to secure debt on substantially all of the Secured Towers, (2) a pledge of the Borrowers’ operating cash flows from the Secured Towers, (3) a security interest in substantially all of the Borrowers’ personal property and fixtures and (4) the Borrowers’ rights under the tenant leases and the Management Agreement entered into in connection with the Securitization. American Tower Holding Sub, LLC, whose only material assets are its equity interests in each of the Borrowers, and American Tower Guarantor Sub, LLC, whose only material asset is its equity interest in American Tower Holding Sub, LLC, each have guaranteed repayment of the Loan and pledged their equity interests in their respective subsidiary or subsidiaries as security for such payment obligations. American Tower Guarantor Sub, LLC, American Tower Holding Sub, LLC, the Depositor and the Borrowers each were formed as special purpose entities solely for purposes of entering a securitization transaction, and the assets and credit of these entities are not available to satisfy the debts and other obligations of the Company or any other person, except as set forth in the Loan Agreement. | |
The Loan Agreement includes operating covenants and other restrictions customary for loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets subject to customary carveouts for ordinary course trade payables and permitted encumbrances (as defined in the Loan Agreement). The organizational documents of the Borrowers contain provisions consistent with rating agency securitization criteria for special purpose entities, including the requirement that the Borrowers maintain at least two independent directors. The Loan Agreement also contains certain covenants that require the Borrowers to provide the trustee with regular financial reports and operating budgets, promptly notify the trustee of events of default and material breaches under the Loan Agreement and other agreements related to the Secured Towers, and allow the trustee reasonable access to the Secured Towers, including the right to conduct site investigations. | |
A failure to comply with the covenants in the Loan Agreement could prevent the Borrowers from taking certain actions with respect to the Secured Towers, and could prevent the Borrowers from distributing any excess cash from the operation of the Secured Towers to the Company. If the Borrowers were to default on the Loan, Midland Loan Services, a Division of PNC Bank, National Association, in its capacity as servicer on behalf of the trustee, could seek to foreclose upon or otherwise convert the ownership of the Secured Towers, in which case the Company could lose the Secured Towers and the revenue associated with the Secured Towers. | |
Under the Loan Agreement, the Borrowers are required to maintain reserve accounts, including for ground rents, real estate and personal property taxes and insurance premiums, and to reserve a portion of advance rents from tenants on the Secured Towers. Based on the terms of the Loan Agreement, all rental cash receipts received for each month are reserved for the succeeding month and held in an account controlled by the trustee and then released. The $120.9 million held in the reserve accounts as of September 30, 2013 is classified as Restricted cash on the Company’s accompanying condensed consolidated balance sheet. | |
3.50% Senior Notes Offering—On January 8, 2013, the Company completed a registered public offering of $1.0 billion aggregate principal amount of 3.50% senior unsecured notes due 2023 (the “3.50% Notes”), which were issued at a price equal to 99.185% of their face value. The net proceeds to the Company from the offering were approximately $983.4 million, after deducting commissions and expenses. The Company used $265.0 million of the net proceeds to repay the outstanding indebtedness under its $1.0 billion senior unsecured revolving credit facility entered into in April 2011 (the “2011 Credit Facility”) and $718.4 million to repay a portion of the outstanding indebtedness incurred under its $1.0 billion senior unsecured revolving credit facility entered into in January 2012 (the “2012 Credit Facility”). | |
The 3.50% Notes mature on January 31, 2023, and interest is payable semi-annually in arrears on January 31 and July 31 of each year, commencing on July 31, 2013. The Company may redeem the 3.50% Notes at any time at a redemption price equal to 100% of the principal amount, plus a make-whole premium, together with accrued interest to the redemption date. Interest on the notes began to accrue on January 8, 2013 and is computed on the basis of a 360-day year comprised of 12 30-day months. | |
If the Company undergoes a change of control and ratings decline, each as defined in the supplemental indenture, the Company will be required to offer to repurchase all of the 3.50% Notes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest (including additional interest, if any) up to but not including the repurchase date. The 3.50% Notes rank equally with all of the Company’s other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries. The supplemental indenture contains certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness, if the aggregate amount of such liens does not exceed 3.5x Adjusted EBITDA, as defined in the supplemental indenture. | |
3.40% Senior Notes and 5.00% Senior Notes Offering—On August 19, 2013, the Company completed a registered public offering of $750 million aggregate principal amount of 3.40% senior unsecured notes due 2019 (the “3.40% Notes”) and $500 million aggregate principal amount of 5.00% senior unsecured notes due 2024 (the “5.00% Notes”). The net proceeds to the Company from the offering were approximately $1,238.7 million, after deducting commissions and estimated expenses. The Company used a portion of the proceeds to repay outstanding indebtedness under its $2.0 billion senior unsecured revolving credit facility (the “2013 Credit Facility”). | |
The 3.40% Notes will mature on February 15, 2019 and bear interest at a rate of 3.40% per annum. The 5.00% Notes will mature on February 15, 2024 and bear interest at a rate of 5.00% per annum. Accrued and unpaid interest on the 3.40% Notes and the 5.00% Notes will be payable in U.S. Dollars semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2014. Interest on the 3.40% Notes and the 5.00% Notes will accrue from August 19, 2013 and will be computed on the basis of a 360-day year comprised of 12 30-day months. | |
The Company may redeem the 3.40% Notes or the 5.00% Notes at any time at a redemption price equal to 100% of the principal amount, plus a make-whole premium, together with accrued interest to the redemption date. If the Company undergoes a change of control and ratings decline, each as defined in the supplemental indenture, the Company may be required to repurchase all of the 3.40% Notes and the 5.00% Notes at a purchase price equal to 101% of the principal amount of the 3.40% Notes and the 5.00% Notes, plus accrued and unpaid interest (including additional interest, if any), up to but not including the repurchase date. The 3.40% Notes and the 5.00% Notes rank equally with all of the Company’s other senior unsecured debt and are structurally subordinated to all existing and future indebtedness and other obligations of its subsidiaries. | |
The supplemental indenture contains certain covenants that restrict the Company’s ability to merge, consolidate or sell assets and its (together with its subsidiaries’) ability to incur liens. These covenants are subject to a number of exceptions, including that the Company and its subsidiaries may incur certain liens on assets, mortgages or other liens securing indebtedness, if the aggregate amount of such liens does not exceed 3.5x Adjusted EBITDA, as defined in the supplemental indenture. | |
2011 Credit Facility—On June 28, 2013, the Company terminated the 2011 Credit Facility upon entering into the 2013 Credit Facility. During the nine months ended September 30, 2013, the Company recorded a loss on retirement of long-term obligations in the accompanying condensed consolidated statements of operations of $2.7 million, related to the acceleration of the remaining deferred financing costs associated with the 2011 Credit Facility. | |
The 2011 Credit Facility had a term of five years and a maturity date of April 8, 2016. The 2011 Credit Facility was terminated prior to maturity at the Company’s option without penalty or premium. The 2011 Credit Facility was undrawn at the time of termination. | |
2012 Credit Facility—As of September 30, 2013, the Company had $963.0 million outstanding under the 2012 Credit Facility, which was used to fund its acquisition of MIPT on October 1, 2013 (see note 14). The Company also had approximately $7.8 million of undrawn letters of credit. On October 29, 2013, the Company repaid $800 million under the 2012 Credit Facility with net proceeds from the $1.5 billion unsecured term loan entered into on October 29, 2013 (the “2013 Term Loan”) (see note 16) and cash on hand. | |
The Company continues to maintain the ability to draw down and repay amounts under the 2012 Credit Facility in the ordinary course. | |
The 2012 Credit Facility has a term of five years and matures on January 31, 2017. The 2012 Credit Facility does not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium. The current margin over LIBOR that the Company incurs on borrowings is 1.625%, which results in an interest rate of 1.81% as of September 30, 2013. The current commitment fee on the undrawn portion of the 2012 Credit Facility is 0.225%. | |
On September 20, 2013, the Company entered into an amendment agreement with respect to the 2012 Credit Facility, which (i) amended the definition of “Total Debt” to be net of unrestricted domestic cash and cash equivalents and (ii) increased the permitted ratio of Total Debt to Adjusted EBITDA (as defined therein) from 6.00 to 1.00 to 6.50 to 1.00 from September 30, 2013 to September 30, 2014. | |
2013 Credit Facility—On June 28, 2013, the Company entered into the 2013 Credit Facility, which allowed the Company to borrow up to $1.5 billion, and includes a $1.0 billion sublimit for multicurrency borrowings, a $200.0 million sublimit for letters of credit, a $50.0 million sublimit for swingline loans and an expansion option allowing the Company to request additional commitments of up to $500.0 million, which the Company exercised on September 20, 2013. As a result, the Company may borrow up to $2.0 billion under the 2013 Credit Facility. | |
The 2013 Credit Facility has a term of five years, matures on June 28, 2018 and includes two one-year renewal periods at the Company’s option. Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The 2013 Credit Facility does not require amortization of principal and may be paid prior to maturity in whole or in part at the Company’s option without penalty or premium. | |
The Company has the option of choosing either a defined base rate or LIBOR as the applicable base rate for borrowings under the 2013 Credit Facility. The interest rate ranges between 1.125% to 2.000% above LIBOR for LIBOR-based borrowings, or between 0.125% to 1.000% above the defined base rate for base rate borrowings, in each case based upon the Company’s debt ratings. A quarterly commitment fee on the undrawn portion of the 2013 Credit Facility is required, ranging from 0.125% to 0.400% per annum, based upon the Company’s debt ratings. The current margin over LIBOR that the Company incurs on borrowings is 1.250%, which results in an interest rate of 1.43% as of September 30, 2013. The current commitment fee on the undrawn portion of the new credit facility is 0.150%. | |
The loan agreement contains certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Any failure to comply with the financial and operating covenants of the loan agreement would not only prevent the Company from being able to borrow additional funds, but would constitute a default, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. | |
On September 20, 2013, the Company entered into an amendment agreement with respect to the 2013 Credit Facility, which (i) amended the definition of “Total Debt” to be net of unrestricted domestic cash and cash equivalents, (ii) increased the permitted ratio of Total Debt to Adjusted EBITDA (as defined therein) from 6.00 to 1.00 to 6.50 to 1.00 from September 30, 2013 to September 30, 2014 and (iii) added an additional expansion feature permitting the Company to request an increase of the commitments under the 2013 Credit Facility from time to time up to an aggregate additional $750.0 million, including in the form of a term loan, from any of the lenders or other eligible lenders that elect to make such increases available, upon the satisfaction of certain conditions. | |
As of September 30, 2013, the Company had $1,853.0 million outstanding under the 2013 Credit Facility, which was used to fund its acquisition of MIPT on October 1, 2013 (see note 14). The Company also had approximately $2.3 million of undrawn letters of credit. The Company continues to maintain the ability to draw down and repay amounts under the 2013 Credit Facility in the ordinary course. | |
2012 Term Loan—On June 29, 2012, the Company entered into a $750.0 million unsecured term loan (“2012 Term Loan”). The 2012 Term Loan has a term of five years and matures on June 29, 2017. The interest rate under the 2012 Term Loan is LIBOR plus 1.750%, or 1.93% as of September 30, 2013. On October 29, 2013, the Company repaid the 2012 Term Loan with net proceeds from the 2013 Term Loan (see note 16). | |
On September 20, 2013, the Company entered into an amendment agreement with respect to the 2012 Term Loan, which (i) amended the definition of “Total Debt” to be net of unrestricted domestic cash and cash equivalents and (ii) increased the permitted ratio of Total Debt to Adjusted EBITDA (as defined therein) from 6.00 to 1.00 to 6.50 to 1.00 from September 30, 2013 to September 30, 2014. | |
Short-Term Credit Facility—On September 20, 2013, the Company entered into a $1.0 billion senior unsecured revolving credit facility (the “Short-Term Credit Facility”). | |
The Short-Term Credit Facility does not require amortization of payments and may be repaid prior to maturity in whole or in part at the Company’s option without penalty or premium. The unutilized portion of the commitments under the Short-Term Credit Facility may be irrevocably reduced or terminated by the Company in whole or in part without penalty. The Short-Term Credit Facility matures on September 19, 2014. | |
Amounts borrowed under the Short-Term Credit Facility will bear interest, at the Company’s option, at a margin above LIBOR or the defined base rate. For LIBOR based borrowings, interest rates will range from 1.125% to 2.000% above LIBOR. For base rate borrowings, interest rates will range from 0.125% to 1.000% above the defined base rate. In each case, the applicable margin is based upon the Company’s debt ratings. In addition, the loan agreement provides for a quarterly commitment fee on the undrawn portion of the Short-Term Credit Facility ranging from 0.125% to 0.400% per annum, based upon the Company’s debt ratings. The current margin over LIBOR that the Company would incur (should it choose LIBOR) on borrowings is 1.250% and the current commitment fee on the undrawn portion is 0.150%. | |
The loan agreement contains certain reporting, information, financial and operating covenants and other restrictions (including with respect to its real estate investment trust status, indebtedness, guaranties, mergers and asset sales, liens, dividends, corporate existence and financial reporting obligations) with which the Company must comply. Any failure to comply with the financial and operating covenants would not only prevent the Company from being able to borrow additional funds, but would constitute a default, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. | |
As of September 30, 2013, the Company had no amounts outstanding under the Short-Term Credit Facility. The Company maintains the ability to draw down and repay amounts under the Short-Term Credit Facility in the ordinary course. | |
Colombian Bridge Loans—In connection with the acquisition of communications sites from Colombia Movil S.A. E.S.P. (“Colombia Movil”) pursuant to an agreement dated July 17, 2011, one of the Company’s Colombian subsidiaries entered into five Colombian Peso (“COP”) denominated bridge loans for an aggregate principal amount outstanding of 94.0 billion COP (approximately $49.1 million) and an interest rate of 7.99%. On August 6, 2013, one of the Company’s Colombian subsidiaries entered into an additional 14.0 billion COP bridge loan (approximately $7.3 million) with an interest rate of 7.95%. As of September 30, 2013, the aggregate principal amount outstanding under the bridge loans was 108.0 billion COP (approximately $56.4 million) which mature on December 22, 2013. | |
Indian Working Capital Facility—On April 29, 2013, one of the Company’s Indian subsidiaries (“ATC India”) entered into a working capital facility agreement (the “Indian Working Capital Facility”), which allows ATC India to borrow an amount not to exceed the Indian Rupee equivalent of $10.0 million. Any advances made pursuant to the Indian Working Capital Facility will be payable on the earlier of demand or six months following the borrowing date and the interest rate will be determined at the time of advance by the bank. As of September 30, 2013, ATC India had not drawn on the facility. | |
South African Facility—The Company’s South African Facility was executed in November 2011 and generally matures on March 31, 2020. Principal and interest are payable quarterly in arrears with principal due in accordance with the repayment schedule. On September 30, 2013, the Company's ability to draw on the South African Facility expired. During the nine months ended September 30, 2013, the Company borrowed an additional 116.3 million South African Rand (“ZAR”) (approximately $11.6 million) to increase total borrowings under the South African Facility to 950.6 million ZAR (approximately $94.8 million) as of September 30, 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary of Derivative Instruments [Abstract] | |||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | ||||||||||||
The Company is exposed to certain risks related to its ongoing business operations. The primary risk managed through the use of derivative instruments is interest rate risk. From time to time, the Company enters into interest rate protection agreements to manage exposure to variability in cash flows relating to forecasted interest payments. Under these agreements, the Company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s credit risk exposure is limited to the current value of the contract at the time the counterparty fails to perform. | |||||||||||||
If a derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in accumulated other comprehensive income (loss) and are recognized in the results of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized immediately in the results of operations. For derivative instruments not designated as hedging instruments, changes in fair value are recognized in the results of operations in the period in which the change occurs. | |||||||||||||
The Company, through certain of its foreign subsidiaries, has entered into interest rate swap agreements to manage its exposure to variability in interest rates on debt in South Africa and Colombia. As of December 31, 2012, the Company had nine interest rate swap agreements outstanding in South Africa and one interest rate swap agreement outstanding in Colombia. During the three months ended September 30, 2013, the Company entered into three additional interest rate swaps agreements in South Africa with an aggregate notional value of 24.6 million ZAR (approximately $2.5 million). As a result, as of September 30, 2013, the Company had 12 interest rate swap agreements outstanding in South Africa with an aggregate notional value of 442.7 million ZAR (approximately $44.1 million), which notional value is reduced in accordance with the repayment schedule under the South African Facility, and one interest rate swap agreement outstanding in Colombia with a notional value of 101.3 billion COP (approximately $52.9 million). | |||||||||||||
The Company’s South African interest rate swap agreements accrue interest based on Johannesburg Interbank Agreed Rate (“JIBAR”), have been designated as cash flow hedges, have fixed interest rates ranging from 6.09% to 7.83% and expire on March 31, 2020. The Company’s Colombian interest rate swap agreement accrues interest based on the Inter-bank Rate (“IBR”), has been designated as a cash flow hedge, has a fixed interest rate of 5.78% and expires on November 30, 2020. | |||||||||||||
As of September 30, 2013 and December 31, 2012, the notional amount and fair value of the Company’s interest rate swap agreements (expressed in their respective currency units), which are recorded in Other non-current liabilities, are as follows (in thousands): | |||||||||||||
September 30, 2013 (1) | December 31, 2012 (2) | ||||||||||||
ZAR | |||||||||||||
Notional | 442,655 | 423,634 | |||||||||||
Carrying Amount/Fair Value | 909 | 20,441 | |||||||||||
COP | |||||||||||||
Notional | 101,250,000 | 101,250,000 | |||||||||||
Carrying Amount/Fair Value | 2,869,430 | 5,356,377 | |||||||||||
-1 | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $97.0 million and $1.6 million, respectively, as of September 30, 2013. | ||||||||||||
-2 | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $107.3 million and $5.4 million, respectively, as of December 31, 2012. | ||||||||||||
During the three months ended September 30, 2013 and 2012, the interest rate swap agreements held by the Company had the following impact on OCI included in the condensed consolidated balance sheets and in the condensed consolidated statements of operations (in thousands): | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective Portion) | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Excluded from | Effectiveness Testing) | |||||||||||
Effectiveness Testing) | |||||||||||||
$ | (1,404 | ) | Interest expense | $ | (741 | ) | N/A | N/A | |||||
Three Months Ended September 30, 2012 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Portion) | Excluded from | Effectiveness Testing) | ||||||||||
Effectiveness Testing) | |||||||||||||
$ | (1,135 | ) | Interest expense | $ | (181 | ) | N/A | N/A | |||||
During the nine months ended September 30, 2013 and 2012, the interest rate swap agreements held by the Company had the following impact on OCI included in the condensed consolidated balance sheets and in the condensed consolidated statements of operations (in thousands): | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective Portion) | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Excluded from | Effectiveness Testing) | |||||||||||
Effectiveness Testing) | |||||||||||||
$ | 1,801 | Interest expense | $ | (2,053 | ) | N/A | N/A | ||||||
Nine Months Ended September 30, 2012 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Portion) | Excluded from | Effectiveness Testing) | ||||||||||
Effectiveness Testing) | |||||||||||||
$ | (2,985 | ) | Interest expense | $ | (502 | ) | N/A | N/A | |||||
As of September 30, 2013, approximately $1.4 million related to derivatives designated as cash flow hedges is expected to be reclassified from Accumulated other comprehensive loss into earnings in the next twelve months. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The Company determines the fair value of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Below are the three levels of inputs that may be used to measure fair value: | ||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||
Items Measured at Fair Value on a Recurring Basis—The fair value of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value is as follows (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair Value Measurements Using | Assets/Liabilities | |||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets: | ||||||||||||||||
Short-term investments (1) | $ | 27,381 | $ | 27,381 | ||||||||||||
Liabilities: | ||||||||||||||||
Acquisition-related contingent consideration | $ | 22,409 | $ | 22,409 | ||||||||||||
Interest rate swap agreements (2) | $ | 1,589 | $ | 1,589 | ||||||||||||
31-Dec-12 | ||||||||||||||||
Fair Value Measurements Using | Assets/Liabilities | |||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets: | ||||||||||||||||
Short-term investments (1) | $ | 6,018 | $ | 6,018 | ||||||||||||
Liabilities: | ||||||||||||||||
Acquisition-related contingent consideration | $ | 23,711 | $ | 23,711 | ||||||||||||
Interest rate swap agreements (2) | $ | 5,442 | $ | 5,442 | ||||||||||||
-1 | Consists of highly liquid investments with original maturities in excess of three months. | |||||||||||||||
-2 | Consists of interest rate swap agreements based on JIBAR and IBR whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||
Cash and cash equivalents include short-term investments, including money market funds, with original maturities of three months or less whose fair value approximated cost at September 30, 2013 and December 31, 2012. | ||||||||||||||||
The fair value of the Company’s interest rate swap agreements recorded as net liabilities is included in Other non-current liabilities in the accompanying condensed consolidated balance sheets. Fair valuations of the Company’s interest rate swap agreements reflect the value of the instrument including the values associated with counterparty risk and the Company’s own credit standing. The Company includes in the valuation of the derivative instrument the value of the net credit differential between the counterparties to the derivative contract. | ||||||||||||||||
The Company may be required to pay additional consideration under certain agreements for the acquisition of communications sites in Colombia and Ghana if certain barter agreements with other wireless carriers are converted to cash-paying master lease agreements (see note 14). | ||||||||||||||||
Acquisition-related contingent consideration is initially measured and recorded at fair value as an element of consideration paid in connection with an acquisition with subsequent adjustments recognized in Other operating expenses in the condensed consolidated statements of operations. The Company determines the fair value of acquisition-related contingent consideration, and any subsequent changes in fair value using a discounted probability-weighted approach. This approach takes into consideration Level 3 unobservable inputs including probability assessments of expected future cash flows over the period in which the obligation is expected to be settled and applies a discount factor that captures the uncertainties associated with the obligation. Changes in these unobservable inputs could significantly impact the fair value of the liabilities recorded in the accompanying condensed consolidated balance sheets and operating expenses in the condensed consolidated statements of operations. | ||||||||||||||||
As of September 30, 2013, the Company estimates that the value of all potential acquisition-related contingent consideration required payments to be between zero and $37.8 million. During the three months ended September 30, 2013 and 2012, the fair value of the contingent consideration changed as follows (in thousands): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of July 1 | $ | 21,218 | $ | 29,897 | ||||||||||||
Additions | 3,599 | 1,180 | ||||||||||||||
Payments | (3,729 | ) | (3,951 | ) | ||||||||||||
Change in fair value | 1,303 | 325 | ||||||||||||||
Foreign currency translation adjustment | 18 | (242 | ) | |||||||||||||
Balance as of September 30 | $ | 22,409 | $ | 27,209 | ||||||||||||
During the nine months ended September 30, 2013 and 2012, the fair value of the contingent consideration changed as follows (in thousands): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 23,711 | $ | 25,617 | ||||||||||||
Additions | 4,087 | 1,533 | ||||||||||||||
Payments | (7,952 | ) | (4,397 | ) | ||||||||||||
Change in fair value | 4,610 | 3,791 | ||||||||||||||
Foreign currency translation adjustment | (2,047 | ) | 665 | |||||||||||||
Balance as of September 30 | $ | 22,409 | $ | 27,209 | ||||||||||||
Items Measured at Fair Value on a Nonrecurring Basis—During the nine months ended September 30, 2013, certain long-lived assets held and used were written down to their net realizable value of $4.0 billion, resulting in an asset impairment charge of $2.0 million, which was recorded in Other operating expenses in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2012, certain long-lived assets held and used with a carrying value of $299.9 million were written down to their net realizable value of $289.2 million, resulting in an asset impairment charge of $10.7 million, which was recorded in Other operating expenses in the accompanying condensed consolidated statements of operations. These adjustments were determined by comparing the estimated proceeds from sale of assets or the projected future discounted cash flows to be provided from the long-lived assets (calculated using Level 3 inputs) to the asset’s carrying value when indications of impairment exist. There were no other items measured at fair value on a nonrecurring basis during the nine months ended September 30, 2013. | ||||||||||||||||
Fair Value of Financial Instruments—The carrying value of the Company’s financial instruments, with the exception of long-term obligations, including the current portion, reasonably approximate the related fair value as of September 30, 2013 and December 31, 2012. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based primarily upon reported market values. For long-term debt not actively traded, fair value was estimated using a discounted cash flow analysis using rates for debt with similar terms and maturities. As of September 30, 2013, the carrying value and fair value of long-term obligations, including the current portion, were $12.6 billion and $12.7 billion, respectively, of which $8.4 billion was measured using Level 1 inputs and $4.3 billion was measured using Level 2 inputs. As of December 31, 2012, the carrying value and fair value of long-term obligations, including the current portion, were $8.8 billion and $9.4 billion, respectively, of which $4.9 billion was measured using Level 1 inputs and $4.5 billion was measured using Level 2 inputs. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||||||
The changes in Accumulated other comprehensive loss for the three months ended September 30, 2013 are as follows (in thousands): | ||||||||||||||||
Unrealized Losses on Cash Flow Hedges (1) | Deferred Loss on the Settlement of the Treasury Rate Lock | Foreign | Total | |||||||||||||
Currency | ||||||||||||||||
Items | ||||||||||||||||
Balance as of July 1, 2013 | $ | (1,182 | ) | $ | (3,427 | ) | $ | (269,647 | ) | $ | (274,256 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | (1,289 | ) | — | (23,114 | ) | (24,403 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 445 | 199 | — | 644 | ||||||||||||
Net current-period other comprehensive income (loss) | (844 | ) | 199 | (23,114 | ) | (23,759 | ) | |||||||||
Balance as of September 30, 2013 | $ | (2,026 | ) | $ | (3,228 | ) | $ | (292,761 | ) | $ | (298,015 | ) | ||||
(1) Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of less than $0.1 million is included in income tax expense for the three months ended September 30, 2013. | ||||||||||||||||
The changes in Accumulated other comprehensive loss for the nine months ended September 30, 2013 are as follows (in thousands): | ||||||||||||||||
Unrealized Losses on Cash Flow Hedges (1) | Deferred Loss on the Settlement of the Treasury Rate Lock | Foreign Currency Items | Total | |||||||||||||
Balance as of January 1, 2013 | $ | (4,358 | ) | $ | (3,827 | ) | $ | (175,162 | ) | $ | (183,347 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | 1,167 | — | (117,599 | ) | (116,432 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1,165 | 599 | — | 1,764 | ||||||||||||
Net current-period other comprehensive income (loss) | 2,332 | 599 | (117,599 | ) | (114,668 | ) | ||||||||||
Balance as of September 30, 2013 | $ | (2,026 | ) | $ | (3,228 | ) | $ | (292,761 | ) | $ | (298,015 | ) | ||||
-1 | Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of $0.1 million is included in income tax expense for the nine months ended September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes |
The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full fiscal year. Cumulative adjustments to the Company’s estimate are recorded in the interim period in which a change in the estimated annual effective tax rate is determined. As described in note 1, the Company reorganized to qualify as a REIT for the taxable year commencing January 1, 2012. As a REIT, the Company will continue to be subject to income taxes on the income of its TRSs, and taxation in foreign jurisdictions where it conducts international operations. Under the provisions of the Internal Revenue Code of 1986, as amended, (the “Code”) the Company may deduct amounts distributed to stockholders against the income generated in its QRSs. Additionally, the Company is able to offset income in both its TRSs and QRSs by utilizing their respective net operating losses. | |
The Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. | |
As of September 30, 2013 and December 31, 2012, the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was approximately $31.2 million and $30.6 million, respectively. The increase in the amount of unrecognized tax benefits during the three and nine months ended September 30, 2013 is primarily attributable to the additions to the Company’s existing tax positions partially offset by fluctuations in foreign currency exchange rates and the closure of certain tax years. The Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, as described in note 13 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2012. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $1.3 million. | |
The Company recorded penalties and income tax-related interest expense during the three and nine months ended September 30, 2013 of $0.9 million and $3.5 million, respectively, and during the three and nine months ended September 30, 2012 of $1.3 million and $3.9 million, respectively. In addition, due to the expiration of the statute of limitations in certain jurisdictions, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions during the three and nine months ended September 30, 2013 by $0.8 million and $1.4 million, respectively. As of September 30, 2013 and December 31, 2012, the total amount of accrued penalties and income tax-related interest included in Other non-current liabilities in the condensed consolidated balance sheets was $29.8 million and $28.7 million, respectively. | |
In September 2013, the Internal Revenue Service released final Tangible Property Regulations (the “Final Regulations”). The Final Regulations provide guidance on applying Section 263(a) of the Code to amounts paid to acquire, produce or improve tangible property, as well as rules for materials and supplies (Code Section 162). These regulations contain certain changes from the temporary and proposed tangible property regulations that were issued on December 27, 2011. The Final Regulations are generally effective for taxable years beginning on or after January 1, 2014. In addition, taxpayers are permitted to early adopt the Final Regulations for taxable years beginning on or after January 1, 2012. The Company does not expect the Final Regulations to have a material effect on its results of operations. The Company is currently evaluating the impact on its financial condition. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Stock-Based Compensation | Stock-Based Compensation | |||
The Company recognized stock-based compensation expense during the three and nine months ended September 30, 2013 of $15.1 million and $53.2 million, respectively, and stock-based compensation expense during the three and nine months ended September 30, 2012 of $13.1 million and $39.7 million, respectively. Stock-based compensation expense for the nine months ended September 30, 2013 included $1.1 million related to the modification of the vesting and exercise terms for certain employees’ equity awards. The Company capitalized $0.4 million and $1.2 million of stock-based compensation expense as property and equipment during the three and nine months ended September 30, 2013, respectively, and capitalized $0.5 million and $1.6 million of stock-based compensation expense as property and equipment during the three and nine months ended September 30, 2012, respectively. | ||||
Summary of Stock-Based Compensation Plans—The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The 2007 Equity Incentive Plan (“2007 Plan”) provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices in the case of non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably over various periods, generally four years, and stock options generally expire ten years from the date of grant. As of September 30, 2013, the Company had the ability to grant stock-based awards with respect to an aggregate of 16.6 million shares of common stock under the 2007 Plan. | ||||
Effective January 1, 2013, the Company’s Compensation Committee adopted a death, disability and retirement benefits program in connection with equity awards that provides for accelerated vesting and extended exercise periods of stock options and restricted stock units granted on or after January 1, 2013 upon an employee’s death or permanent disability, or upon an employee’s qualified retirement, provided certain eligibility criteria are met. Accordingly, for grants made after January 1, 2013, the Company recognizes compensation expense for all stock-based compensation over the shorter of (i) the four-year vesting period or (ii) the period from the date of grant to the date the employee becomes eligible for such retirement benefits, which may occur upon grant. Due to the accelerated recognition of stock-based compensation expense related to awards granted to retirement eligible employees, the Company recognized an additional $7.5 million of stock-based compensation expense during the nine months ended September 30, 2013. | ||||
Stock Options—The Company’s option activity for the nine months ended September 30, 2013 is as follows: | ||||
Number of | ||||
Options | ||||
Outstanding as of January 1, 2013 | 5,829,945 | |||
Granted | 1,420,206 | |||
Exercised | (799,233 | ) | ||
Forfeited | (53,245 | ) | ||
Expired | — | |||
Outstanding as of September 30, 2013 | 6,397,673 | |||
The Company estimates the fair value of each option grant on the date of grant using the Black-Scholes pricing model. The following assumptions were used to determine the grant date fair value for options granted during the nine months ended September 30, 2013: | ||||
Range of risk-free interest rate | 0.75% - 1.03% | |||
Weighted average risk-free interest rate | 0.9 | % | ||
Expected life of option grants | 4.4 years | |||
Range of expected volatility of underlying stock price | 26.60% - 36.09% | |||
Weighted average expected volatility of underlying stock price | 33.56 | % | ||
Expected annual dividend yield | 1.5 | % | ||
The weighted average grant date fair value per share during the nine months ended September 30, 2013 was $19.15. As of September 30, 2013, total unrecognized compensation expense related to unvested stock options was $39.3 million and is expected to be recognized over a weighted average period of approximately two years. | ||||
Restricted Stock Units—The Company’s restricted stock unit activity during the nine months ended September 30, 2013 is as follows: | ||||
Number of | ||||
Units | ||||
Outstanding as of January 1, 2013 | 1,968,553 | |||
Granted | 803,561 | |||
Vested | (806,868 | ) | ||
Forfeited | (106,658 | ) | ||
Outstanding as of September 30, 2013 | 1,858,588 | |||
As of September 30, 2013, total unrecognized compensation expense related to unvested restricted stock units granted under the 2007 Plan was $86.7 million and is expected to be recognized over a weighted average period of approximately two years. Distributions accrue with each unvested restricted stock unit award granted subsequent to January 1, 2012, which are payable upon vesting. | ||||
Employee Stock Purchase Plan—The Company maintains an employee stock purchase plan (the “ESPP”) for all eligible employees as described in note 14 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2012. Under the ESPP, shares of the Company’s common stock may be purchased on the last day of each bi-annual offering period at 85% of the lower of the fair market value on the first or the last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year. During the nine months ended September 30, 2013, employee contributions were accumulated to purchase an estimated 57,000 shares under the ESPP. | ||||
Key assumptions used to apply the Black-Scholes pricing model for shares purchased through the ESPP during the nine months ended September 30, 2013, which resulted in a fair value per share of $13.41, are as follows: | ||||
Approximate risk-free interest rate | 0.07%-0.13% | |||
Expected life of shares | 6 months | |||
Expected volatility of underlying stock price over the option period | 12.21%-13.57% | |||
Expected annual dividend yield | 1.50% |
Equity
Equity | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Equity | Equity | ||||||||
Stock Repurchase Program—In March 2011, the Board of Directors approved a stock repurchase program, pursuant to which the Company is authorized to purchase up to $1.5 billion of its common stock (“2011 Buyback”). | |||||||||
During the nine months ended September 30, 2013, the Company repurchased 1,938,021 shares of its common stock for an aggregate of $145.0 million, including commissions and fees, pursuant to the 2011 Buyback. On September 6, 2013, the Company temporarily suspended repurchases following the signing of its agreement to acquire MIPT. | |||||||||
As of September 30, 2013, the Company had repurchased a total of approximately 6.3 million shares of its common stock under the 2011 Buyback for an aggregate of $389.0 million, including commissions and fees. | |||||||||
Under the 2011 Buyback, the Company is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices in accordance with securities laws and other legal requirements, and subject to market conditions and other factors. To facilitate repurchases, the Company makes purchases pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, which allows the Company to repurchase shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. | |||||||||
The Company continues to manage the pacing of the remaining $1.1 billion under the 2011 Buyback in response to general market conditions and other relevant factors. The Company expects to fund any further repurchases of its common stock through a combination of cash on hand, cash generated by operations and borrowings under its credit facilities. Purchases under the 2011 Buyback are subject to the Company having available cash to fund repurchases. | |||||||||
Distributions—During the nine months ended September 30, 2013, the Company declared the following regular cash distributions to its stockholders: | |||||||||
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (in millions) | |||||
12-Mar-13 | 25-Apr-13 | 10-Apr-13 | $0.26 | $102.80 | |||||
22-May-13 | 16-Jul-13 | 17-Jun-13 | $0.27 | $106.70 | |||||
12-Sep-13 | 7-Oct-13 | 23-Sep-13 | $0.28 | $110.50 | |||||
The Company accrues distributions on unvested restricted stock unit awards granted subsequent to January 1, 2012, which are payable upon vesting. As of September 30, 2013, the Company had accrued $1.6 million of distributions payable related to unvested restricted stock units. During the nine months ended September 30, 2013, the Company paid $0.2 million of distributions payable upon the vesting of restricted stock units. | |||||||||
To maintain its REIT status, the Company expects to continue paying regular distributions, the amount, timing and frequency of which will be determined and be subject to adjustment by the Company’s Board of Directors. |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share | |||||||||||||||
Basic income from continuing operations per common share represents income from continuing operations attributable to American Tower Corporation divided by the weighted average number of common shares outstanding during the period. Diluted income from continuing operations per common share represents income from continuing operations attributable to American Tower Corporation divided by the weighted average number of common shares outstanding during the period and any dilutive common share equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the treasury stock method. Dilutive common share equivalents also include the dilutive impact of the Verizon transaction (see note 13). | ||||||||||||||||
The following table sets forth basic and diluted income from continuing operations per common share computational data for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations attributable to American Tower Corporation | $ | 180,123 | $ | 232,089 | $ | 451,351 | $ | 501,604 | ||||||||
Basic weighted average common shares outstanding | 394,759 | 395,244 | 395,138 | 394,626 | ||||||||||||
Dilutive securities | 3,589 | 4,243 | 4,137 | 4,458 | ||||||||||||
Diluted weighted average common shares outstanding | 398,348 | 399,487 | 399,275 | 399,084 | ||||||||||||
Basic income from continuing operations attributable to American Tower Corporation per common share | $ | 0.46 | $ | 0.59 | $ | 1.14 | $ | 1.27 | ||||||||
Diluted income from continuing operations attributable to American Tower Corporation per common share | $ | 0.45 | $ | 0.58 | $ | 1.13 | $ | 1.26 | ||||||||
For the three and nine months ended September 30, 2013, the diluted weighted average number of common shares outstanding excluded shares issuable upon exercise of the Company’s stock options and stock-based awards of 2.5 million and 1.1 million, respectively, as the effect would be anti-dilutive. For the three and nine months ended September 30, 2012, the diluted weighted average number of common shares outstanding excluded shares issuable upon exercise of the Company’s stock options and stock-based awards of 1.2 million and 1.0 million, respectively, as the effect would be anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Litigation | |
The Company periodically becomes involved in various claims, lawsuits and proceedings that are incidental to its business. In the opinion of Company management, after consultation with counsel, other than the legal proceedings discussed below, there are no matters currently pending that would, in the event of an adverse outcome, materially impact the Company’s consolidated financial position, results of operations or liquidity. | |
TriStar Litigation—The Company is involved in several lawsuits against TriStar Investors LLP and its affiliates (“TriStar”) in various states regarding single tower sites where TriStar has taken land interests under the Company’s owned or managed sites and the Company believes TriStar has induced the landowner to breach obligations to the Company. In addition, on February 16, 2012, TriStar brought a federal action against the Company in the United States District Court for the Northern District of Texas, in which TriStar principally alleges that the Company made misrepresentations to landowners when competing with TriStar for land under the Company’s owned or managed sites. On January 22, 2013, the Company filed an amended answer and counterclaim against TriStar and certain of its employees, denying Tristar’s claims and asserting that TriStar has engaged in a pattern of unlawful activity, including: (i) entering into agreements not to compete for land under certain towers; and (ii) making widespread misrepresentations to landowners regarding both TriStar and the Company. TriStar and the Company are seeking injunctive relief that would prohibit the other party from making certain statements when interacting with landowners, as well as damages. | |
Commitments | |
AT&T Transaction—The Company has an agreement with SBC Communications Inc., a predecessor entity to AT&T Inc. (“AT&T”), for the lease or sublease of approximately 2,450 towers from AT&T commencing between December 2000 and August 2004. Substantially all of the towers are part of the Securitization. The average term of the lease or sublease for all sites at the inception of the agreement was approximately 27 years, assuming renewals or extensions of the underlying ground leases for the sites. The Company has the option to purchase the sites subject to the applicable lease or sublease upon its expiration. Each tower is assigned to an annual tranche, ranging from 2013 to 2032, which represents the outside expiration date for the sublease rights to that tower. The purchase price for each site is a fixed amount stated in the sublease for that site plus the fair market value of certain alterations made to the related tower by AT&T. The aggregate purchase option price for the towers leased and subleased was approximately $585.3 million as of September 30, 2013, and will accrete at a rate of 10% per year to the applicable expiration of the lease or sublease of a site. For all such sites purchased by the Company prior to June 30, 2020, AT&T will continue to lease the reserved space at the then-current monthly fee which shall escalate in accordance with the standard master lease agreement for the remainder of AT&T’s tenancy. Thereafter, AT&T shall have the right to renew such lease for up to four successive five-year terms. For all such sites purchased by the Company subsequent to June 30, 2020, AT&T has the right to continue to lease the reserved space for successive one-year terms at a rent equal to the lesser of the agreed upon market rate and the then current monthly fee, which is subject to an annual increase based on changes in the Consumer Price Index. | |
Verizon Transaction—In December 2000, the Company entered into an agreement with ALLTEL, a predecessor entity to Verizon Wireless (“Verizon”), to acquire towers through a 15-year sublease agreement. Pursuant to the agreement, as amended, with Verizon, the Company acquired rights to a total of approximately 1,800 towers in tranches between April 2001 and March 2002. The Company has the option to purchase each tower at the expiration of the applicable sublease, which will occur in tranches between April 2016 and March 2017 based on the original closing date for such tranche of towers. The purchase price per tower as of the original closing date was $27,500 and will accrete at a rate of 3% per annum through the expiration of the applicable sublease. The aggregate purchase option price for the subleased towers was approximately $70.7 million as of September 30, 2013. At Verizon’s option, at the expiration of the sublease, the purchase price would be payable in cash or with 769 shares of the Company’s common stock per tower, which at September 30, 2013 would be valued at approximately $101.2 million. | |
Other Contingencies—The Company is subject to income tax and other taxes in the geographic areas where it operates, and periodically receives notifications of audits, assessments or other actions by taxing authorities. The Company evaluates the circumstances of each notification based on the information available, and records a liability for any potential outcome that is probable or more likely than not unfavorable, if the liability is also reasonably estimable. During the nine months ended September 30, 2013, the Company received notices from the Indian tax authorities of their intent to challenge the transfer pricing related to taxes arising out of transactions of Essar Telecom Infrastructure Private Limited (“ETIPL”) in 2008, prior to the Company’s acquisition of ETIPL in August 2010. Pursuant to the Company’s definitive acquisition agreement, the seller is obligated to indemnify and defend the Company with respect to any tax-related liability that may arise from activities prior to March 31, 2010. Since no formal assessment has been issued and the Company believes ETIPL’s tax position will be sustained, the Company has not accounted for any potential impact of this notification. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Business Combination, Description [Abstract] | ||||||||||||||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||||||||||||||
All of the acquisitions described below are being accounted for as business combinations and are consistent with the Company’s strategy to expand in selected geographic areas. | ||||||||||||||||||||||||||||
The estimates of the fair value of the assets acquired and liabilities assumed at the date of the applicable acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of certain tangible and intangible assets acquired and liabilities assumed, including contingent consideration, and residual goodwill and any related tax impact. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the revised estimated values of those assets and/or liabilities as of that date. The effect of measurement period adjustments to the estimated fair values is reflected as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments are included in current period earnings. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the condensed consolidated financial statements could be subject to a possible impairment of the intangible assets and/or goodwill, or require acceleration of the amortization expense of intangible assets in subsequent periods. During the nine months ended September 30, 2013, the Company made certain purchase accounting measurement period adjustments related to several acquisitions and therefore retrospectively adjusted the fair value of the assets acquired and liabilities assumed in the condensed consolidated balance sheet as of December 31, 2012. | ||||||||||||||||||||||||||||
Impact of current year acquisitions—The Company typically acquires communications sites from wireless carriers or other tower operators and subsequently integrates those sites into its existing portfolio of communications sites. The financial results of the Company’s acquisitions have been included in the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2013 from the date of respective acquisition. The date of acquisition, and by extension the point at which the Company begins to recognize the results of an acquisition may be dependent upon, among other things, the receipt of contractual consents, the commencement and extent of leasing arrangements and the timing of the transfer of title or rights to the assets, which may be accomplished in phases. For sites acquired from communication service providers, these sites may never have been operated as a business and were utilized solely by the seller as a component of their network infrastructure. An acquisition, depending on its size and nature, may or may not involve the transfer of business operations or employees. | ||||||||||||||||||||||||||||
The Company expenses acquisition and merger related costs in the period in which they are incurred and services are received. Acquisition and merger related costs may include finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees and general administrative costs, and are included in Other operating expenses. During the three and nine months ended September 30, 2013, the Company recognized acquisition and merger related expenses of $8.9 million and $25.8 million, respectively. During the three and nine months ended September 30, 2012, the Company recognized acquisition and merger related expenses of $5.2 million and $14.8 million, respectively. | ||||||||||||||||||||||||||||
2013 Acquisitions | ||||||||||||||||||||||||||||
Mexico Axtel Acquisition—On January 23, 2013, the Company entered into a definitive agreement to purchase communications sites from Axtel, S.A.B. de C.V. (“Axtel”). Pursuant to the definitive agreement, on January 31, 2013, the Company acquired 883 communications sites from Axtel for an aggregate purchase price of $248.5 million, subject to post-closing adjustments and value added tax. | ||||||||||||||||||||||||||||
Other International Acquisitions—During the nine months ended September 30, 2013, the Company acquired a total of 644 additional communications sites and equipment in the Company’s international markets, including Brazil, Colombia, Ghana, Mexico, and South Africa, for an aggregate purchase price of $80.5 million (including contingent consideration of $4.1 million and value added tax of $3.7 million), subject to post-closing adjustments. | ||||||||||||||||||||||||||||
Other U.S. Acquisitions—During the nine months ended September 30, 2013, the Company acquired a total of 41 additional communications sites and equipment, as well as 19 property interests, in the United States for an aggregate purchase price of $52.7 million, including cash paid of approximately $52.3 million and net liabilities assumed of approximately $0.4 million, subject to post-closing adjustments. | ||||||||||||||||||||||||||||
The following table summarizes the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2013 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying condensed consolidated balance sheets as of September 30, 2013. | ||||||||||||||||||||||||||||
Mexico Axtel | Other International | Other U.S. | ||||||||||||||||||||||||||
Current assets | $ | — | $ | 3,688 | $ | 1,433 | ||||||||||||||||||||||
Non-current assets | 4,032 | 1,835 | 44 | |||||||||||||||||||||||||
Property and equipment | 86,100 | 39,693 | 17,493 | |||||||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 115,700 | 18,401 | 24,296 | |||||||||||||||||||||||||
Network location intangible assets | 41,700 | 19,984 | 5,605 | |||||||||||||||||||||||||
Current liabilities | — | — | (440 | ) | ||||||||||||||||||||||||
Other non-current liabilities | (9,377 | ) | (7,653 | ) | (786 | ) | ||||||||||||||||||||||
Fair value of net assets acquired | $ | 238,155 | $ | 75,948 | $ | 47,645 | ||||||||||||||||||||||
Goodwill (2) | 10,368 | 4,565 | 4,698 | |||||||||||||||||||||||||
-1 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-2 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
. | ||||||||||||||||||||||||||||
2012 Acquisitions | ||||||||||||||||||||||||||||
Brazil-Vivo Acquisition—On March 30, 2012, the Company entered into a definitive agreement to purchase up to 1,500 communications sites from Vivo S.A. (“Vivo”). Pursuant to the agreement, on March 30, 2012, the Company purchased 800 communications sites for an aggregate purchase price of $151.7 million. On June 30, 2012, the Company purchased the remaining 700 communications sites for an aggregate purchase price of $126.3 million, subject to post-closing adjustments. In addition, the Company and Vivo amended the asset purchase agreement to allow for the acquisition of up to an additional 300 communications sites by the Company, subject to regulatory approval. On August 31, 2012, the Company purchased an additional 192 communications sites from Vivo for an aggregate purchase price of $32.7 million, subject to post-closing adjustments. | ||||||||||||||||||||||||||||
Diamond Acquisition (United States)—On December 28, 2012, the Company acquired Diamond Communications Trust and its subsidiary New Towers LLC, which held a portfolio of 316 communications sites and 24 property interests under third-party communications sites, for an aggregate purchase price of $322.5 million, including cash paid of $320.1 million and net liabilities assumed of $2.4 million. | ||||||||||||||||||||||||||||
Germany Acquisition—On November 14, 2012, the Company entered into a definitive agreement to purchase communications sites from E-Plus Mobilfunk GmbH & Co. KG (“E-Plus”). On December 4, 2012, the Company completed the purchase of 2,031 communications sites from E-Plus, for an aggregate purchase price of $525.7 million. | ||||||||||||||||||||||||||||
Skyway Acquisition (United States)—On December 20, 2012, the Company acquired an entity holding a portfolio of 318 communications sites from Skyway Towers Holdings, LLC (“Skyway”) for an aggregate purchase price of $169.6 million, including cash paid of approximately $169.5 million and net liabilities assumed of approximately $0.1 million. The aggregate purchase price was subsequently decreased to $166.3 million, including cash paid of approximately $166.2 million and net liabilities assumed of approximately $0.1 million, primarily due to the return of 11 communications sites to Skyway pursuant to the terms of the purchase agreement. | ||||||||||||||||||||||||||||
Uganda Acquisition—On December 8, 2011, the Company entered into a definitive agreement with MTN Group Limited (“MTN Group”) to establish a joint venture in Uganda. The joint venture is controlled by a holding company of which a wholly owned subsidiary of the Company holds a 51% interest and a wholly owned subsidiary of MTN Group holds a 49% interest. The joint venture owns a tower operations company in Uganda and is managed and controlled by the Company. | ||||||||||||||||||||||||||||
Pursuant to the agreement, the joint venture agreed to purchase a total of up to 1,000 existing communications sites from MTN Group’s operating subsidiary in Uganda, subject to customary closing conditions. On June 29, 2012, the joint venture acquired 962 communications sites for an aggregate purchase price of $171.5 million, subject to post-closing adjustments. As a result of post-closing adjustments, the aggregate purchase price was adjusted from $171.5 million to $173.2 million during the year ended December 31, 2012, and further adjusted to $169.2 million during the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||
On August 15, 2013, the Company returned seven communications sites to MTN Group pursuant to the terms of the agreement. | ||||||||||||||||||||||||||||
Other International Acquisitions—During the year ended December 31, 2012, the Company acquired a total of 705 additional communications sites and equipment in the Company’s international markets, including Mexico and South Africa, for an aggregate purchase price of $162.7 million (including value added tax of $21.9 million), subject to post-closing adjustments. | ||||||||||||||||||||||||||||
Other United States Acquisitions—During the year ended December 31, 2012, the Company acquired a total of 128 additional communications sites and equipment in the United States for an aggregate purchase price of $146.2 million, subject to post-closing adjustments. The purchase price was subsequently reduced to $146.1 million during nine months ended September 30, 2013. | ||||||||||||||||||||||||||||
The following table summarizes the updated allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying condensed consolidated balance sheets as of September 30, 2013. | ||||||||||||||||||||||||||||
Brazil Vivo (1) | Diamond (U.S.) | Germany | Skyway (U.S.) | Uganda (1) | Other International | Other U.S. | ||||||||||||||||||||||
Current assets | $ | — | $ | 842 | $ | 14,043 | $ | 740 | $ | — | $ | 21,911 | $ | — | ||||||||||||||
Non-current assets | 22,418 | — | — | — | 2,258 | 2,309 | 153 | |||||||||||||||||||||
Property and equipment | 138,959 | 72,447 | 203,494 | 58,913 | 102,366 | 66,073 | 61,091 | |||||||||||||||||||||
Intangible assets (2): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 83,012 | 184,200 | 288,330 | 64,400 | 30,500 | 52,911 | 61,266 | |||||||||||||||||||||
Network location intangible assets | 40,983 | 32,000 | 21,997 | 20,500 | 26,000 | 15,935 | 16,133 | |||||||||||||||||||||
Current liabilities | — | (3,216 | ) | (2,988 | ) | (454 | ) | — | — | — | ||||||||||||||||||
Other non-current liabilities | (18,195 | ) | (3,423 | ) | (23,243 | ) | (3,222 | ) | (7,528 | ) | (6,294 | ) | (1,310 | ) | ||||||||||||||
Fair value of net assets acquired | $ | 267,177 | $ | 282,850 | $ | 501,633 | $ | 140,877 | $ | 153,596 | $ | 152,845 | $ | 137,333 | ||||||||||||||
Goodwill (3) | 43,518 | 37,276 | 24,020 | 25,308 | 15,644 | 9,844 | 8,724 | |||||||||||||||||||||
(1) The allocation of the purchase price was finalized during the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||
-2 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-3 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for Uganda where goodwill is not expected to be deductible and South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
The following table summarizes the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the consolidated balance sheets in the Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
Brazil Vivo | Diamond (U.S.) | Germany | Skyway (U.S.) | Uganda | Other International | Other U.S. | ||||||||||||||||||||||
Current assets | $ | — | $ | 842 | $ | 14,483 | $ | 740 | $ | — | $ | 21,911 | $ | — | ||||||||||||||
Non-current assets | 24,460 | — | — | — | 2,258 | 4,196 | 153 | |||||||||||||||||||||
Property and equipment | 138,959 | 69,045 | 233,073 | 60,671 | 102,366 | 61,080 | 61,995 | |||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 80,010 | 171,300 | 218,146 | 63,000 | 36,500 | 49,227 | 61,966 | |||||||||||||||||||||
Network location intangible assets | 37,980 | 28,400 | 20,819 | 20,700 | 27,000 | 16,442 | 16,233 | |||||||||||||||||||||
Current liabilities | — | (3,216 | ) | (2,990 | ) | (454 | ) | — | — | — | ||||||||||||||||||
Other non-current liabilities | (18,195 | ) | (3,423 | ) | (23,243 | ) | (3,333 | ) | (7,528 | ) | (5,893 | ) | (1,310 | ) | ||||||||||||||
Fair value of net assets acquired | $ | 263,214 | $ | 262,948 | $ | 460,288 | $ | 141,324 | $ | 160,596 | $ | 146,963 | $ | 139,037 | ||||||||||||||
Goodwill (2) | 47,481 | 57,178 | 65,365 | 28,224 | 12,564 | 15,726 | 7,124 | |||||||||||||||||||||
-1 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-2 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for Uganda where goodwill is not expected to be deductible and South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
Contingent Consideration | ||||||||||||||||||||||||||||
The Company may be required to pay additional consideration under certain agreements related to acquisitions in Colombia and Ghana if certain barter agreements with other wireless carriers are converted to cash-paying master lease agreements. | ||||||||||||||||||||||||||||
Colombia—Under the terms of the agreement with Colombia Movil, the Company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements. Based on current estimates, the Company expected the value of potential contingent consideration payments required to be made under the amended agreement to be between zero and $36.9 million and estimated it to be $21.5 million using a probability weighted average of the expected outcomes at September 30, 2013. During the three and nine months ended September 30, 2013, the Company recorded additional contingent consideration of $3.6 million and $4.1 million, respectively, related to acquisitions during the period. In addition, during the three and nine months ended September 30, 2013, the Company recorded an increase in fair value of $0.5 million and $1.5 million, respectively, in Other operating expenses in the accompanying condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
South Africa—Under the terms of the agreement with Cell C (Pty) Limited (“Cell C”) dated November 4, 2010, pursuant to which the Company agreed to purchase up to 1,400 existing communications sites and additional communications sites in South Africa, the Company was required to make periodic payments for each collocation of a specific wireless carrier installed on the acquired communications sites occurring within a four-year period after the initial closing date. During the three months ended September 30, 2013, the Company amended its agreement with Cell C whereby the Company made a one-time payment of $2.5 million, which satisfied its remaining contingent consideration obligations. During the three months ended September 30, 2013, no further adjustments to the fair value of the contingent consideration were required. During the nine months ended September 30, 2013, the Company recorded a net increase in fair value of $3.4 million in Other operating expenses in the accompanying condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
Other—Certain agreements in Brazil, Ghana and the United States include provisions that provide for contingent consideration. | ||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company recorded an increase in fair value of $0.8 million and a net decrease in fair value of $0.3 million, respectively, related to the contingent consideration liability for the acquisitions of communications sites in Brazil, Ghana and the United States. The change in fair value was recorded in Other operating expenses in the accompanying condensed consolidated statements of operations. | ||||||||||||||||||||||||||||
During the three months ended September 30, 2013, the Company paid an additional $1.0 million and satisfied the remaining obligation associated with the acquisition in Brazil. In addition, during the nine months ended September 30, 2013, the Company reduced the obligation associated with the acquisition in the United States to zero. The Company recorded an increase in the fair value of the contingent consideration liability as a result of the conversion of certain barter agreements in Ghana to cash-paying master lease agreements. Based on current estimates, the Company expects the value of potential contingent consideration payments required to be made under the agreement to be between zero and $0.9 million and estimated it to be $0.9 million using a probability weighted average of the expected outcomes at September 30, 2013. | ||||||||||||||||||||||||||||
For more information regarding contingent consideration, see note 7 to the accompanying condensed consolidated financial statements. | ||||||||||||||||||||||||||||
Other Signed Acquisitions | ||||||||||||||||||||||||||||
NII Holdings Acquisition—On August 8, 2013, the Company entered into an agreement with NII Holdings, Inc. to acquire up to 2,790 communications sites in Brazil and 1,666 communications sites in Mexico in two separate transactions, for approximately 945 million Brazilian Reais (“BRL”) (approximately $423.8 million) and 5,025 million Mexican Pesos (approximately $382.3 million), respectively. The Company paid $120.0 million into escrow for this transaction which is reflected in Prepaid and other current assets in the condensed consolidated balance sheets as of September 30, 2013. | ||||||||||||||||||||||||||||
Brazil-Z Sites Acquisition—On September 26, 2013, the Company entered into an agreement with Z-Sites Locação de Imóveis Ltda. to acquire up to 236 communications sites in Brazil for an aggregate purchase price of up to approximately 283 million BRL (approximately $127.1 million). | ||||||||||||||||||||||||||||
Subsequently Closed Acquisition | ||||||||||||||||||||||||||||
MIPT Acquisition—On October 1, 2013, the Company, through its wholly-owned subsidiary American Tower Investments LLC, acquired 100% of the outstanding common membership interests of MIPT, a private REIT, which is the parent company of Global Tower Partners, and related companies, for a total purchase price of approximately $4.8 billion, subject to customary post-closing purchase price adjustments. | ||||||||||||||||||||||||||||
The purchase price was satisfied with approximately $3.3 billion in cash, including an aggregate of approximately $2.8 billion from borrowings under the 2012 Credit Facility and the 2013 Credit Facility, and the assumption of approximately $1.5 billion of MIPT’s existing indebtedness. MIPT's existing indebtedness included $1.49 billion of securitized indebtedness under eleven separate classes of Secured Tower Revenue Notes and $32.6 million of secured debt in Costa Rica. | ||||||||||||||||||||||||||||
The following table reflects the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed for MIPT based upon the estimated fair value at the date of acquisition. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of property and equipment, intangible assets and goodwill. The valuations consist of a discounted cash flow analysis or other appropriate valuation techniques to determine the fair value of the assets acquired and liabilities assumed. | ||||||||||||||||||||||||||||
MIPT | ||||||||||||||||||||||||||||
Current assets | $ | 104,044 | ||||||||||||||||||||||||||
Non-current assets | 627 | |||||||||||||||||||||||||||
Property, equipment and easements | 1,290,143 | |||||||||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 2,536,700 | |||||||||||||||||||||||||||
Network location intangible assets | 338,600 | |||||||||||||||||||||||||||
Current liabilities | (88,497 | ) | ||||||||||||||||||||||||||
Long-term obligations (2) | (1,573,366 | ) | ||||||||||||||||||||||||||
Other non-current liabilities | (49,158 | ) | ||||||||||||||||||||||||||
Fair value of net assets acquired | $ | 2,559,093 | ||||||||||||||||||||||||||
Goodwill (3) | 756,833 | |||||||||||||||||||||||||||
(1) Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | ||||||||||||||||||||||||||||
-2 | Long-term obligations included $1.5 billion of MIPT's existing indebtedness and a fair value adjustment of $53.0 million. | |||||||||||||||||||||||||||
(3) Goodwill will be allocated to the Company’s domestic and international rental and management segments, as applicable. The Company expects goodwill recorded to its domestic rental and management segment will be deductible for tax purposes and goodwill recorded to its international segment will not be deductible for tax purposes. | ||||||||||||||||||||||||||||
MIPT Acquisition—Pro Forma Consolidated Results | ||||||||||||||||||||||||||||
The following pro forma information presents the financial results as if the acquisition of MIPT had occurred on January 1, 2012. The pro forma results do not include any anticipated cost synergies, costs or other effects of the planned integration of MIPT. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on the dates indicated, nor are they indicative of the future operating results of the combined company. | ||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Operating revenues | $ | 888,432 | $ | 788,623 | $ | 2,659,294 | $ | 2,326,753 | ||||||||||||||||||||
Net income attributable to American Tower Corporation | $ | 142,357 | $ | 195,647 | $ | 343,992 | $ | 392,156 | ||||||||||||||||||||
Net income per common share amounts: | ||||||||||||||||||||||||||||
Basic net income attributable to American Tower Corporation | $ | 0.36 | $ | 0.5 | $ | 0.87 | $ | 0.99 | ||||||||||||||||||||
Diluted net income attributable to American Tower Corporation | $ | 0.36 | $ | 0.49 | $ | 0.86 | $ | 0.98 | ||||||||||||||||||||
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||
Business Segments | Business Segments | |||||||||||||||||||||||
The Company operates in three business segments: domestic rental and management, international rental and management and network development services. The Company’s primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities and tenants in a number of other industries. This business is referred to as the Company’s rental and management operations and is comprised of domestic and international segments, which consist of the following as of September 30, 2013: | ||||||||||||||||||||||||
• | Domestic: rental and management operations in the United States; and | |||||||||||||||||||||||
• | International: rental and management operations in Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and Uganda. | |||||||||||||||||||||||
The Company has applied the aggregation criteria to operations within the international rental and management operating segments on a basis consistent with management’s review of information and performance evaluation. | ||||||||||||||||||||||||
The Company’s network development services segment offers tower-related services in the United States, including site acquisition, zoning and permitting services and structural analysis services, which primarily support its site leasing business and the addition of new tenants and equipment on its sites. The network development services segment is a strategic business unit that offers different services from the rental and management operating segments and requires different resources, skill sets and marketing strategies. | ||||||||||||||||||||||||
The accounting policies applied in compiling segment information below are similar to those described in note 1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Among other factors, in evaluating financial performance in each business segment, management uses segment gross margin and segment operating profit. The Company defines segment gross margin as segment revenue less segment operating expenses excluding stock-based compensation expense recorded in costs of operations; depreciation, amortization and accretion; selling, general, administrative and development expense; and other operating expenses. The Company defines segment operating profit as segment gross margin less selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the international rental and management segment gross margin and segment operating profit also include Interest income, TV Azteca, net. These measures of segment gross margin and segment operating profit are also before Interest income, Interest expense, Loss on retirement of long-term obligations, Other income (expense), Net income (loss) attributable to noncontrolling interest, Income (loss) on equity method investments and Income tax provision (benefit). The categories of expenses indicated above, such as depreciation, have been excluded from segment operating performance as they are not considered in the review of information or the evaluation of results by management. There are no significant revenues resulting from transactions between the Company’s operating segments. All intercompany transactions are eliminated to reconcile segment results and assets to the condensed consolidated statements of operations and condensed consolidated balance sheets. | ||||||||||||||||||||||||
Summarized financial information concerning the Company’s reportable segments for the three and nine months ended September 30, 2013 and 2012 is shown in the following tables. The “Other” column represents amounts excluded from specific segments, such as business development operations, stock-based compensation expense and corporate expenses included in selling, general, administrative and development expense; other operating expense; interest income; interest expense; loss on retirement of long-term obligations; and other income (expense), as well as reconciles segment operating profit to income from continuing operations before income taxes and income on equity method investments, as these amounts are not utilized in assessing each segment’s performance. | ||||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Three months ended September 30, 2013 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 529,941 | $ | 266,634 | $ | 796,575 | $ | 11,305 | $ | 807,880 | ||||||||||||||
Segment operating expenses (1) | 95,232 | 100,473 | 195,705 | 4,777 | 200,482 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 3,544 | 3,544 | — | 3,544 | |||||||||||||||||||
Segment gross margin | 434,709 | 169,705 | 604,414 | 6,528 | 610,942 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 24,523 | 31,728 | 56,251 | 1,880 | 58,131 | |||||||||||||||||||
Segment operating profit | $ | 410,186 | $ | 137,977 | $ | 548,163 | $ | 4,648 | $ | 552,811 | ||||||||||||||
Stock-based compensation expense | $ | 15,058 | 15,058 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 24,939 | 24,939 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 184,922 | 184,922 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 149,084 | 149,084 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 178,808 | ||||||||||||||||||||||
Total assets | $ | 12,037,318 | $ | 5,427,416 | $ | 17,464,734 | $ | 49,973 | $ | 666,613 | $ | 18,181,320 | ||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.3 million and $14.7 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Three months ended September 30, 2012 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 480,351 | $ | 217,203 | $ | 697,554 | $ | 15,781 | $ | 713,335 | ||||||||||||||
Segment operating expenses (1) | 92,072 | 85,069 | 177,141 | 7,323 | 184,464 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 3,586 | 3,586 | — | 3,586 | |||||||||||||||||||
Segment gross margin | 388,279 | 135,720 | 523,999 | 8,458 | 532,457 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 20,141 | 25,057 | 45,198 | 2,127 | 47,325 | |||||||||||||||||||
Segment operating profit | $ | 368,138 | $ | 110,663 | $ | 478,801 | $ | 6,331 | $ | 485,132 | ||||||||||||||
Stock-based compensation expense | $ | 13,058 | 13,058 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 21,516 | 21,516 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 144,061 | 144,061 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 61,620 | 61,620 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 244,877 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.4 million and $12.6 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Nine months ended September 30, 2013 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 1,566,660 | $ | 796,547 | $ | 2,363,207 | $ | 56,231 | $ | 2,419,438 | ||||||||||||||
Segment operating expenses (1) | 282,273 | 302,441 | 584,714 | 22,399 | 607,113 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 10,673 | 10,673 | — | 10,673 | |||||||||||||||||||
Segment gross margin | 1,284,387 | 504,779 | 1,789,166 | 33,832 | 1,822,998 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 71,664 | 93,753 | 165,417 | 7,105 | 172,522 | |||||||||||||||||||
Segment operating profit | $ | 1,212,723 | $ | 411,026 | $ | 1,623,749 | $ | 26,727 | $ | 1,650,476 | ||||||||||||||
Stock-based compensation expense | $ | 53,155 | 53,155 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 74,251 | 74,251 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 555,334 | 555,334 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 536,092 | 536,092 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 431,644 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.2 million and $52.0 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Nine months ended September 30, 2012 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 1,440,824 | $ | 622,982 | $ | 2,063,806 | $ | 43,780 | $ | 2,107,586 | ||||||||||||||
Segment operating expenses (1) | 273,188 | 232,338 | 505,526 | 21,404 | 526,930 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 10,715 | 10,715 | — | 10,715 | |||||||||||||||||||
Segment gross margin | 1,167,636 | 401,359 | 1,568,995 | 22,376 | 1,591,371 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 60,638 | 68,433 | 129,071 | 4,410 | 133,481 | |||||||||||||||||||
Segment operating profit | $ | 1,106,998 | $ | 332,926 | $ | 1,439,924 | $ | 17,966 | $ | 1,457,890 | ||||||||||||||
Stock-based compensation expense | $ | 39,654 | 39,654 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 66,099 | 66,099 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 465,788 | 465,788 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 346,385 | 346,385 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 539,964 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.3 million and $38.3 million, respectively. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
2013 Term Loan—On October 29, 2013, the Company entered into the 2013 Term Loan of $1.5 billion. The Company used the net proceeds from the 2013 Term Loan and cash on hand to repay the 2012 Term Loan and $800 million of outstanding indebtedness under the 2012 Credit Facility. | |
The 2013 Term Loan matures on January 3, 2019. Any outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The 2013 Term Loan may be paid prior to maturity in whole or in part at our option without penalty or premium. | |
The Company has the option of choosing either a defined base rate or LIBOR as the applicable base rate. The interest rate ranges between 1.125% to 2.250% above LIBOR for LIBOR based borrowings or between 0.125% to 1.250% above the defined base rate for base rate borrowings, in each case based upon our debt ratings. The current margin over LIBOR that the Company would incur (should it choose LIBOR) on borrowings is 1.25%. | |
The loan agreement contains certain reporting, information, financial and operating covenants and other restrictions (including limitations on additional debt, guaranties, sales of assets and liens) with which the Company must comply. Any failure to comply with the financial and operating covenants of the loan agreement would constitute a default, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable. |
Description_of_Business_Basis_1
Description of Business, Basis of Presentation and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation—The accompanying condensed consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity or cost method, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. |
Significant Accounting Policies and Use of Estimates | Significant Accounting Policies and Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates, and such differences could be material to the accompanying condensed consolidated financial statements. The significant estimates in the accompanying condensed consolidated financial statements include impairment of long-lived assets (including goodwill), asset retirement obligations, revenue recognition, rent expense, stock-based compensation, income taxes and accounting for business combinations. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards—In February 2013, the Financial Accounting Standards Board (“FASB”) issued additional guidance on comprehensive income which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”) by component. This guidance enhances the transparency of changes in other comprehensive income (“OCI”) and items transferred out of AOCI in the financial statements and it does not amend any existing requirements for reporting net income or OCI in the financial statements. Since the guidance relates only to presentation and disclosure of information, the adoption did not have a material effect on the Company’s condensed consolidated financial condition or results of operations. |
In February 2013, the FASB issued guidance that clarifies the scope of transactions subject to disclosures about offsetting assets and liabilities. The guidance requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for annual and interim reporting periods beginning on or after January 1, 2013 on a retrospective basis. Since the guidance relates only to presentation and disclosure of information, the adoption did not have a material effect on the Company’s condensed consolidated financial condition or results of operations. | |
In July 2013, the FASB issued guidance that permits the Fed Funds Effective Swap Rate (Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates and the London Interbank Offered Rate (“LIBOR”). The guidance also removed the restriction on using different benchmark rates for similar hedges. These amendments are effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have a material effect on the Company’s financial statements. | |
In July 2013, the FASB issued guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial statements. | |
Comparability of Prior Year Financial Data, Policy | Changes in Presentation—Changes have been made to the presentation of the Company’s condensed consolidated statements of cash flows for the nine months ended September 30, 2012 to be consistent with the current year presentation. Specifically, amounts surrendered for the satisfaction of employee tax obligations in connection with the vesting of restricted stock units of $16.7 million that were previously included in Purchases of common stock are now included in Deferred financing costs and other financing activities in the Company’s condensed consolidated statements of cash flows. |
Prepaid_and_Other_Current_Asse1
Prepaid and Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Prepaid expense and other current assets | Prepaid and other current assets consist of the following as of (in thousands): | |||||||
30-Sep-13 | December 31, 2012 (1) | |||||||
Acquisition deposit in escrow | $ | 120,000 | $ | — | ||||
Prepaid income tax | 65,903 | 57,665 | ||||||
Prepaid operating ground leases | 61,393 | 56,916 | ||||||
Unbilled receivables | 27,922 | 32,588 | ||||||
Prepaid assets | 34,260 | 19,037 | ||||||
Value added tax and other consumption tax receivables | 16,771 | 22,443 | ||||||
Other miscellaneous current assets | 39,543 | 34,350 | ||||||
Balance | $ | 365,792 | $ | 222,999 | ||||
(1) December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ||||||||
Schedule of accrued liabilities | Accrued expenses consist of the following as of (in thousands): | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
Accrued property and real estate taxes | $ | 46,972 | $ | 36,814 | ||||
Payroll and related withholdings | 38,359 | 37,586 | ||||||
Accrued construction costs | 38,201 | 20,711 | ||||||
Accrued rent | 23,485 | 24,394 | ||||||
Other accrued expenses | 184,294 | 167,457 | ||||||
Balance | $ | 331,311 | $ | 286,962 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||
Changes in the carrying value of goodwill | The changes in the carrying value of goodwill for the Company’s business segments are as follows (in thousands): | |||||||||||||||||||||||||||
Rental and Management | Network | Total | ||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||
Domestic | International | Services | ||||||||||||||||||||||||||
Balance as of January 1, 2013 (1) | $ | 2,320,645 | $ | 520,072 | $ | 2,000 | $ | 2,842,717 | ||||||||||||||||||||
Additions | 4,698 | 14,933 | — | 19,631 | ||||||||||||||||||||||||
Effect of foreign currency translation | — | (47,077 | ) | — | (47,077 | ) | ||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 2,325,343 | $ | 487,928 | $ | 2,000 | $ | 2,815,271 | ||||||||||||||||||||
-1 | Balances have been revised to reflect purchase accounting measurement period adjustments. | |||||||||||||||||||||||||||
Schedule of finite-lived intangible assets | The Company’s other intangible assets subject to amortization consist of the following as of (in thousands): | |||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 (1) | |||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | ||||||||||||||||||||||
Useful | Carrying | Amortization | Value | Carrying | Amortization | Value | ||||||||||||||||||||||
Lives | Value | Value | ||||||||||||||||||||||||||
(years) | ||||||||||||||||||||||||||||
Acquired network location (2) | Up to 20 | $ | 1,731,664 | $ | (767,973 | ) | $ | 963,691 | $ | 1,702,895 | $ | (721,135 | ) | $ | 981,760 | |||||||||||||
Acquired customer-related intangibles | 15-20 | 3,228,515 | (1,093,481 | ) | 2,135,034 | 3,133,166 | (979,264 | ) | 2,153,902 | |||||||||||||||||||
Acquired licenses and other intangibles | 20-Mar | 6,524 | (2,087 | ) | 4,437 | 26,079 | (20,835 | ) | 5,244 | |||||||||||||||||||
Economic Rights, TV Azteca | 70 | 28,609 | (14,037 | ) | 14,572 | 28,954 | (13,902 | ) | 15,052 | |||||||||||||||||||
Total | 4,995,312 | (1,877,578 | ) | 3,117,734 | 4,891,094 | (1,735,136 | ) | 3,155,958 | ||||||||||||||||||||
Deferred financing costs, net (3) | N/A | 77,372 | 49,538 | |||||||||||||||||||||||||
Other intangible assets, net | $ | 3,195,106 | $ | 3,205,496 | ||||||||||||||||||||||||
-1 | December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. | |||||||||||||||||||||||||||
-2 | Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease taking into consideration lease renewal options and residual value or up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. | |||||||||||||||||||||||||||
-3 | Deferred financing costs are amortized over the term of the respective debt instruments to which they relate using the effective interest method. This amortization is included in interest expense rather than in amortization expense. | |||||||||||||||||||||||||||
Expected future amortization expenses | The Company expects to record amortization expense (excluding amortization of deferred financing costs) as follows over the next five years (in millions): | |||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||
2013 (remaining year) | $ | 61.5 | ||||||||||||||||||||||||||
2014 | 232.9 | |||||||||||||||||||||||||||
2015 | 214.5 | |||||||||||||||||||||||||||
2016 | 202.2 | |||||||||||||||||||||||||||
2017 | 195.7 | |||||||||||||||||||||||||||
2018 | 189.3 | |||||||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary of Derivative Instruments [Abstract] | |||||||||||||
Schedule of derivative financial instruments | As of September 30, 2013 and December 31, 2012, the notional amount and fair value of the Company’s interest rate swap agreements (expressed in their respective currency units), which are recorded in Other non-current liabilities, are as follows (in thousands): | ||||||||||||
September 30, 2013 (1) | December 31, 2012 (2) | ||||||||||||
ZAR | |||||||||||||
Notional | 442,655 | 423,634 | |||||||||||
Carrying Amount/Fair Value | 909 | 20,441 | |||||||||||
COP | |||||||||||||
Notional | 101,250,000 | 101,250,000 | |||||||||||
Carrying Amount/Fair Value | 2,869,430 | 5,356,377 | |||||||||||
-1 | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $97.0 million and $1.6 million, respectively, as of September 30, 2013. | ||||||||||||
-2 | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $107.3 million and $5.4 million, respectively, as of December 31, 2012. | ||||||||||||
Schedule of interest rate swap agreements' impact on other comprehensive income | During the nine months ended September 30, 2013 and 2012, the interest rate swap agreements held by the Company had the following impact on OCI included in the condensed consolidated balance sheets and in the condensed consolidated statements of operations (in thousands): | ||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective Portion) | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Excluded from | Effectiveness Testing) | |||||||||||
Effectiveness Testing) | |||||||||||||
$ | 1,801 | Interest expense | $ | (2,053 | ) | N/A | N/A | ||||||
Nine Months Ended September 30, 2012 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Portion) | Excluded from | Effectiveness Testing) | ||||||||||
Effectiveness Testing) | |||||||||||||
$ | (2,985 | ) | Interest expense | $ | (502 | ) | N/A | N/A | |||||
During the three months ended September 30, 2013 and 2012, the interest rate swap agreements held by the Company had the following impact on OCI included in the condensed consolidated balance sheets and in the condensed consolidated statements of operations (in thousands): | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective Portion) | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Excluded from | Effectiveness Testing) | |||||||||||
Effectiveness Testing) | |||||||||||||
$ | (1,404 | ) | Interest expense | $ | (741 | ) | N/A | N/A | |||||
Three Months Ended September 30, 2012 | |||||||||||||
Amount of Gain/(Loss) | Location of Gain/(Loss) | Amount of Gain/(Loss) | Location of Gain/(Loss) | Gain/(Loss) Recognized in | |||||||||
Recognized in OCI on | Reclassified from | Reclassified from | Recognized in Income on | Income on Derivative | |||||||||
Derivatives (Effective | Accumulated OCI into | Accumulated OCI into | Derivative (Ineffective | (Ineffective Portion and | |||||||||
Portion) | Income (Effective | Income (Effective | Portion and Amount | Amount Excluded from | |||||||||
Portion) | Portion) | Excluded from | Effectiveness Testing) | ||||||||||
Effectiveness Testing) | |||||||||||||
$ | (1,135 | ) | Interest expense | $ | (181 | ) | N/A | N/A |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of fair value, assets and liabilities measured on recurring basis | The fair value of the Company’s financial assets and liabilities that are required to be measured on a recurring basis at fair value is as follows (in thousands): | |||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair Value Measurements Using | Assets/Liabilities | |||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets: | ||||||||||||||||
Short-term investments (1) | $ | 27,381 | $ | 27,381 | ||||||||||||
Liabilities: | ||||||||||||||||
Acquisition-related contingent consideration | $ | 22,409 | $ | 22,409 | ||||||||||||
Interest rate swap agreements (2) | $ | 1,589 | $ | 1,589 | ||||||||||||
31-Dec-12 | ||||||||||||||||
Fair Value Measurements Using | Assets/Liabilities | |||||||||||||||
Level 1 | Level 2 | Level 3 | at Fair Value | |||||||||||||
Assets: | ||||||||||||||||
Short-term investments (1) | $ | 6,018 | $ | 6,018 | ||||||||||||
Liabilities: | ||||||||||||||||
Acquisition-related contingent consideration | $ | 23,711 | $ | 23,711 | ||||||||||||
Interest rate swap agreements (2) | $ | 5,442 | $ | 5,442 | ||||||||||||
-1 | Consists of highly liquid investments with original maturities in excess of three months. | |||||||||||||||
-2 | Consists of interest rate swap agreements based on JIBAR and IBR whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. | |||||||||||||||
Schedule of business acquisitions by acquisition, contingent consideration | During the nine months ended September 30, 2013 and 2012, the fair value of the contingent consideration changed as follows (in thousands): | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of January 1 | $ | 23,711 | $ | 25,617 | ||||||||||||
Additions | 4,087 | 1,533 | ||||||||||||||
Payments | (7,952 | ) | (4,397 | ) | ||||||||||||
Change in fair value | 4,610 | 3,791 | ||||||||||||||
Foreign currency translation adjustment | (2,047 | ) | 665 | |||||||||||||
Balance as of September 30 | $ | 22,409 | $ | 27,209 | ||||||||||||
During the three months ended September 30, 2013 and 2012, the fair value of the contingent consideration changed as follows (in thousands): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance as of July 1 | $ | 21,218 | $ | 29,897 | ||||||||||||
Additions | 3,599 | 1,180 | ||||||||||||||
Payments | (3,729 | ) | (3,951 | ) | ||||||||||||
Change in fair value | 1,303 | 325 | ||||||||||||||
Foreign currency translation adjustment | 18 | (242 | ) | |||||||||||||
Balance as of September 30 | $ | 22,409 | $ | 27,209 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | The changes in Accumulated other comprehensive loss for the three months ended September 30, 2013 are as follows (in thousands): | |||||||||||||||
Unrealized Losses on Cash Flow Hedges (1) | Deferred Loss on the Settlement of the Treasury Rate Lock | Foreign | Total | |||||||||||||
Currency | ||||||||||||||||
Items | ||||||||||||||||
Balance as of July 1, 2013 | $ | (1,182 | ) | $ | (3,427 | ) | $ | (269,647 | ) | $ | (274,256 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | (1,289 | ) | — | (23,114 | ) | (24,403 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 445 | 199 | — | 644 | ||||||||||||
Net current-period other comprehensive income (loss) | (844 | ) | 199 | (23,114 | ) | (23,759 | ) | |||||||||
Balance as of September 30, 2013 | $ | (2,026 | ) | $ | (3,228 | ) | $ | (292,761 | ) | $ | (298,015 | ) | ||||
(1) Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of less than $0.1 million is included in income tax expense for the three months ended September 30, 2013. | ||||||||||||||||
The changes in Accumulated other comprehensive loss for the nine months ended September 30, 2013 are as follows (in thousands): | ||||||||||||||||
Unrealized Losses on Cash Flow Hedges (1) | Deferred Loss on the Settlement of the Treasury Rate Lock | Foreign Currency Items | Total | |||||||||||||
Balance as of January 1, 2013 | $ | (4,358 | ) | $ | (3,827 | ) | $ | (175,162 | ) | $ | (183,347 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | 1,167 | — | (117,599 | ) | (116,432 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1,165 | 599 | — | 1,764 | ||||||||||||
Net current-period other comprehensive income (loss) | 2,332 | 599 | (117,599 | ) | (114,668 | ) | ||||||||||
Balance as of September 30, 2013 | $ | (2,026 | ) | $ | (3,228 | ) | $ | (292,761 | ) | $ | (298,015 | ) | ||||
-1 | Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of $0.1 million is included in income tax expense for the nine months ended September 30, 2013. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||
Summary of the company's option activity | The Company’s option activity for the nine months ended September 30, 2013 is as follows: | |||
Number of | ||||
Options | ||||
Outstanding as of January 1, 2013 | 5,829,945 | |||
Granted | 1,420,206 | |||
Exercised | (799,233 | ) | ||
Forfeited | (53,245 | ) | ||
Expired | — | |||
Outstanding as of September 30, 2013 | 6,397,673 | |||
Assumptions used to determine the grant date fair value for options granted | The following assumptions were used to determine the grant date fair value for options granted during the nine months ended September 30, 2013: | |||
Range of risk-free interest rate | 0.75% - 1.03% | |||
Weighted average risk-free interest rate | 0.9 | % | ||
Expected life of option grants | 4.4 years | |||
Range of expected volatility of underlying stock price | 26.60% - 36.09% | |||
Weighted average expected volatility of underlying stock price | 33.56 | % | ||
Expected annual dividend yield | 1.5 | % | ||
Key assumptions used to apply the Black-Scholes pricing model for shares purchased through the ESPP during the nine months ended September 30, 2013, which resulted in a fair value per share of $13.41, are as follows: | ||||
Approximate risk-free interest rate | 0.07%-0.13% | |||
Expected life of shares | 6 months | |||
Expected volatility of underlying stock price over the option period | 12.21%-13.57% | |||
Expected annual dividend yield | 1.50% | |||
Summary of the company's restricted stock unit activity | The Company’s restricted stock unit activity during the nine months ended September 30, 2013 is as follows: | |||
Number of | ||||
Units | ||||
Outstanding as of January 1, 2013 | 1,968,553 | |||
Granted | 803,561 | |||
Vested | (806,868 | ) | ||
Forfeited | (106,658 | ) | ||
Outstanding as of September 30, 2013 | 1,858,588 | |||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | |||||||||
Schedule of dividends payable | During the nine months ended September 30, 2013, the Company declared the following regular cash distributions to its stockholders: | ||||||||
Declaration Date | Payment Date | Record Date | Distribution per share | Aggregate Payment Amount (in millions) | |||||
12-Mar-13 | 25-Apr-13 | 10-Apr-13 | $0.26 | $102.80 | |||||
22-May-13 | 16-Jul-13 | 17-Jun-13 | $0.27 | $106.70 | |||||
12-Sep-13 | 7-Oct-13 | 23-Sep-13 | $0.28 | $110.50 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of earnings per basic and diluted by common class | The following table sets forth basic and diluted income from continuing operations per common share computational data for the three and nine months ended September 30, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations attributable to American Tower Corporation | $ | 180,123 | $ | 232,089 | $ | 451,351 | $ | 501,604 | ||||||||
Basic weighted average common shares outstanding | 394,759 | 395,244 | 395,138 | 394,626 | ||||||||||||
Dilutive securities | 3,589 | 4,243 | 4,137 | 4,458 | ||||||||||||
Diluted weighted average common shares outstanding | 398,348 | 399,487 | 399,275 | 399,084 | ||||||||||||
Basic income from continuing operations attributable to American Tower Corporation per common share | $ | 0.46 | $ | 0.59 | $ | 1.14 | $ | 1.27 | ||||||||
Diluted income from continuing operations attributable to American Tower Corporation per common share | $ | 0.45 | $ | 0.58 | $ | 1.13 | $ | 1.26 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Business Combination, Description [Abstract] | ||||||||||||||||||||||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2013 acquisitions based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying condensed consolidated balance sheets as of September 30, 2013. | |||||||||||||||||||||||||||
Mexico Axtel | Other International | Other U.S. | ||||||||||||||||||||||||||
Current assets | $ | — | $ | 3,688 | $ | 1,433 | ||||||||||||||||||||||
Non-current assets | 4,032 | 1,835 | 44 | |||||||||||||||||||||||||
Property and equipment | 86,100 | 39,693 | 17,493 | |||||||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 115,700 | 18,401 | 24,296 | |||||||||||||||||||||||||
Network location intangible assets | 41,700 | 19,984 | 5,605 | |||||||||||||||||||||||||
Current liabilities | — | — | (440 | ) | ||||||||||||||||||||||||
Other non-current liabilities | (9,377 | ) | (7,653 | ) | (786 | ) | ||||||||||||||||||||||
Fair value of net assets acquired | $ | 238,155 | $ | 75,948 | $ | 47,645 | ||||||||||||||||||||||
Goodwill (2) | 10,368 | 4,565 | 4,698 | |||||||||||||||||||||||||
-1 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-2 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
. | ||||||||||||||||||||||||||||
The following table reflects the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed for MIPT based upon the estimated fair value at the date of acquisition. The primary areas of the preliminary purchase price allocations that are not yet finalized relate to the fair value of property and equipment, intangible assets and goodwill. The valuations consist of a discounted cash flow analysis or other appropriate valuation techniques to determine the fair value of the assets acquired and liabilities assumed. | ||||||||||||||||||||||||||||
MIPT | ||||||||||||||||||||||||||||
Current assets | $ | 104,044 | ||||||||||||||||||||||||||
Non-current assets | 627 | |||||||||||||||||||||||||||
Property, equipment and easements | 1,290,143 | |||||||||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 2,536,700 | |||||||||||||||||||||||||||
Network location intangible assets | 338,600 | |||||||||||||||||||||||||||
Current liabilities | (88,497 | ) | ||||||||||||||||||||||||||
Long-term obligations (2) | (1,573,366 | ) | ||||||||||||||||||||||||||
Other non-current liabilities | (49,158 | ) | ||||||||||||||||||||||||||
Fair value of net assets acquired | $ | 2,559,093 | ||||||||||||||||||||||||||
Goodwill (3) | 756,833 | |||||||||||||||||||||||||||
(1) Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | ||||||||||||||||||||||||||||
-2 | Long-term obligations included $1.5 billion of MIPT's existing indebtedness and a fair value adjustment of $53.0 million. | |||||||||||||||||||||||||||
(3) Goodwill will be allocated to the Company’s domestic and international rental and management segments, as applicable. The Company expects goodwill recorded to its domestic rental and management segment will be deductible for tax purposes and goodwill recorded to its international segment will not be deductible for tax purposes. | ||||||||||||||||||||||||||||
The following table summarizes the preliminary allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the consolidated balance sheets in the Annual Report on Form 10-K for the year ended December 31, 2012. | ||||||||||||||||||||||||||||
Brazil Vivo | Diamond (U.S.) | Germany | Skyway (U.S.) | Uganda | Other International | Other U.S. | ||||||||||||||||||||||
Current assets | $ | — | $ | 842 | $ | 14,483 | $ | 740 | $ | — | $ | 21,911 | $ | — | ||||||||||||||
Non-current assets | 24,460 | — | — | — | 2,258 | 4,196 | 153 | |||||||||||||||||||||
Property and equipment | 138,959 | 69,045 | 233,073 | 60,671 | 102,366 | 61,080 | 61,995 | |||||||||||||||||||||
Intangible assets (1): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 80,010 | 171,300 | 218,146 | 63,000 | 36,500 | 49,227 | 61,966 | |||||||||||||||||||||
Network location intangible assets | 37,980 | 28,400 | 20,819 | 20,700 | 27,000 | 16,442 | 16,233 | |||||||||||||||||||||
Current liabilities | — | (3,216 | ) | (2,990 | ) | (454 | ) | — | — | — | ||||||||||||||||||
Other non-current liabilities | (18,195 | ) | (3,423 | ) | (23,243 | ) | (3,333 | ) | (7,528 | ) | (5,893 | ) | (1,310 | ) | ||||||||||||||
Fair value of net assets acquired | $ | 263,214 | $ | 262,948 | $ | 460,288 | $ | 141,324 | $ | 160,596 | $ | 146,963 | $ | 139,037 | ||||||||||||||
Goodwill (2) | 47,481 | 57,178 | 65,365 | 28,224 | 12,564 | 15,726 | 7,124 | |||||||||||||||||||||
-1 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-2 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for Uganda where goodwill is not expected to be deductible and South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
The following table summarizes the updated allocation of the aggregate purchase price paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition (in thousands). Balances are reflected in the accompanying condensed consolidated balance sheets as of September 30, 2013. | ||||||||||||||||||||||||||||
Brazil Vivo (1) | Diamond (U.S.) | Germany | Skyway (U.S.) | Uganda (1) | Other International | Other U.S. | ||||||||||||||||||||||
Current assets | $ | — | $ | 842 | $ | 14,043 | $ | 740 | $ | — | $ | 21,911 | $ | — | ||||||||||||||
Non-current assets | 22,418 | — | — | — | 2,258 | 2,309 | 153 | |||||||||||||||||||||
Property and equipment | 138,959 | 72,447 | 203,494 | 58,913 | 102,366 | 66,073 | 61,091 | |||||||||||||||||||||
Intangible assets (2): | ||||||||||||||||||||||||||||
Customer-related intangible assets | 83,012 | 184,200 | 288,330 | 64,400 | 30,500 | 52,911 | 61,266 | |||||||||||||||||||||
Network location intangible assets | 40,983 | 32,000 | 21,997 | 20,500 | 26,000 | 15,935 | 16,133 | |||||||||||||||||||||
Current liabilities | — | (3,216 | ) | (2,988 | ) | (454 | ) | — | — | — | ||||||||||||||||||
Other non-current liabilities | (18,195 | ) | (3,423 | ) | (23,243 | ) | (3,222 | ) | (7,528 | ) | (6,294 | ) | (1,310 | ) | ||||||||||||||
Fair value of net assets acquired | $ | 267,177 | $ | 282,850 | $ | 501,633 | $ | 140,877 | $ | 153,596 | $ | 152,845 | $ | 137,333 | ||||||||||||||
Goodwill (3) | 43,518 | 37,276 | 24,020 | 25,308 | 15,644 | 9,844 | 8,724 | |||||||||||||||||||||
(1) The allocation of the purchase price was finalized during the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||
-2 | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | |||||||||||||||||||||||||||
-3 | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for Uganda where goodwill is not expected to be deductible and South Africa where goodwill is expected to be partially deductible. | |||||||||||||||||||||||||||
Business acquisition, pro forma information | he following pro forma information presents the financial results as if the acquisition of MIPT had occurred on January 1, 2012. The pro forma results do not include any anticipated cost synergies, costs or other effects of the planned integration of MIPT. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the acquisition been completed on the dates indicated, nor are they indicative of the future operating results of the combined company. | |||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Operating revenues | $ | 888,432 | $ | 788,623 | $ | 2,659,294 | $ | 2,326,753 | ||||||||||||||||||||
Net income attributable to American Tower Corporation | $ | 142,357 | $ | 195,647 | $ | 343,992 | $ | 392,156 | ||||||||||||||||||||
Net income per common share amounts: | ||||||||||||||||||||||||||||
Basic net income attributable to American Tower Corporation | $ | 0.36 | $ | 0.5 | $ | 0.87 | $ | 0.99 | ||||||||||||||||||||
Diluted net income attributable to American Tower Corporation | $ | 0.36 | $ | 0.49 | $ | 0.86 | $ | 0.98 | ||||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||
Summarized financial information concerning the company's reportable segments | ||||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Three months ended September 30, 2013 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 529,941 | $ | 266,634 | $ | 796,575 | $ | 11,305 | $ | 807,880 | ||||||||||||||
Segment operating expenses (1) | 95,232 | 100,473 | 195,705 | 4,777 | 200,482 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 3,544 | 3,544 | — | 3,544 | |||||||||||||||||||
Segment gross margin | 434,709 | 169,705 | 604,414 | 6,528 | 610,942 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 24,523 | 31,728 | 56,251 | 1,880 | 58,131 | |||||||||||||||||||
Segment operating profit | $ | 410,186 | $ | 137,977 | $ | 548,163 | $ | 4,648 | $ | 552,811 | ||||||||||||||
Stock-based compensation expense | $ | 15,058 | 15,058 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 24,939 | 24,939 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 184,922 | 184,922 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 149,084 | 149,084 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 178,808 | ||||||||||||||||||||||
Total assets | $ | 12,037,318 | $ | 5,427,416 | $ | 17,464,734 | $ | 49,973 | $ | 666,613 | $ | 18,181,320 | ||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.3 million and $14.7 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Nine months ended September 30, 2012 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 1,440,824 | $ | 622,982 | $ | 2,063,806 | $ | 43,780 | $ | 2,107,586 | ||||||||||||||
Segment operating expenses (1) | 273,188 | 232,338 | 505,526 | 21,404 | 526,930 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 10,715 | 10,715 | — | 10,715 | |||||||||||||||||||
Segment gross margin | 1,167,636 | 401,359 | 1,568,995 | 22,376 | 1,591,371 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 60,638 | 68,433 | 129,071 | 4,410 | 133,481 | |||||||||||||||||||
Segment operating profit | $ | 1,106,998 | $ | 332,926 | $ | 1,439,924 | $ | 17,966 | $ | 1,457,890 | ||||||||||||||
Stock-based compensation expense | $ | 39,654 | 39,654 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 66,099 | 66,099 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 465,788 | 465,788 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 346,385 | 346,385 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 539,964 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.3 million and $38.3 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Nine months ended September 30, 2013 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 1,566,660 | $ | 796,547 | $ | 2,363,207 | $ | 56,231 | $ | 2,419,438 | ||||||||||||||
Segment operating expenses (1) | 282,273 | 302,441 | 584,714 | 22,399 | 607,113 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 10,673 | 10,673 | — | 10,673 | |||||||||||||||||||
Segment gross margin | 1,284,387 | 504,779 | 1,789,166 | 33,832 | 1,822,998 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 71,664 | 93,753 | 165,417 | 7,105 | 172,522 | |||||||||||||||||||
Segment operating profit | $ | 1,212,723 | $ | 411,026 | $ | 1,623,749 | $ | 26,727 | $ | 1,650,476 | ||||||||||||||
Stock-based compensation expense | $ | 53,155 | 53,155 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 74,251 | 74,251 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 555,334 | 555,334 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 536,092 | 536,092 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 431,644 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.2 million and $52.0 million, respectively. | |||||||||||||||||||||||
Rental and Management | Total Rental and | Network | Other | Total | ||||||||||||||||||||
Management | Development | |||||||||||||||||||||||
Three months ended September 30, 2012 | Domestic | International | Services | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Segment revenues | $ | 480,351 | $ | 217,203 | $ | 697,554 | $ | 15,781 | $ | 713,335 | ||||||||||||||
Segment operating expenses (1) | 92,072 | 85,069 | 177,141 | 7,323 | 184,464 | |||||||||||||||||||
Interest income, TV Azteca, net | — | 3,586 | 3,586 | — | 3,586 | |||||||||||||||||||
Segment gross margin | 388,279 | 135,720 | 523,999 | 8,458 | 532,457 | |||||||||||||||||||
Segment selling, general, administrative and development expense (1) | 20,141 | 25,057 | 45,198 | 2,127 | 47,325 | |||||||||||||||||||
Segment operating profit | $ | 368,138 | $ | 110,663 | $ | 478,801 | $ | 6,331 | $ | 485,132 | ||||||||||||||
Stock-based compensation expense | $ | 13,058 | 13,058 | |||||||||||||||||||||
Other selling, general, administrative and development expense | 21,516 | 21,516 | ||||||||||||||||||||||
Depreciation, amortization and accretion | 144,061 | 144,061 | ||||||||||||||||||||||
Other expense (principally interest expense and other (expense) income) | 61,620 | 61,620 | ||||||||||||||||||||||
Income from continuing operations before income taxes and income on equity method investments | $ | 244,877 | ||||||||||||||||||||||
-1 | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.4 million and $12.6 million, respectively. |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation and Accounting Policies (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Payments Related to Tax Withholding for Share-based Compensation | $16.70 |
Prepaid_and_Other_Current_Asse2
Prepaid and Other Current Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Prepaid Expense and Other Assets, Current [Abstract] | |||
Acquisition deposit in escrow | $120,000 | $0 | |
Prepaid income tax | 65,903 | 57,665 | [1] |
Prepaid operating ground leases | 61,393 | 56,916 | [1] |
Unbilled receivables | 27,922 | 32,588 | [1] |
Prepaid assets | 34,260 | 19,037 | [1] |
Value added tax and other consumption tax receivables | 16,771 | 22,443 | [1] |
Other miscellaneous current assets | 39,543 | 34,350 | [1] |
Balance | $365,792 | $222,999 | [1] |
[1] | December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued property and real estate taxes | $46,972 | $36,814 |
Payroll and related withholdings | 38,359 | 37,586 |
Accrued construction costs | 38,201 | 20,711 |
Accrued rent | 23,485 | 24,394 |
Other accrued expenses | 184,294 | 167,457 |
Balance | $331,311 | $286,962 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average amortization period of intangible assets, years | 13 years | |||
Amortization of intangible assets | $57.70 | $46.90 | $177.90 | $154.30 |
Noncompete Agreements [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, fully amortized retired intangible assets | $19.60 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Rollforward) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Goodwill [Roll Forward] | ||
Balance as of January 1, 2013 (1) | $2,842,717 | [1] |
Additions | 19,631 | |
Effect of foreign currency translation | -47,077 | |
Balance as of September 30, 2013 | 2,815,271 | |
Rental And Management [Member] | Domestic [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of January 1, 2013 (1) | 2,320,645 | [1] |
Additions | 4,698 | |
Effect of foreign currency translation | 0 | |
Balance as of September 30, 2013 | 2,325,343 | |
Rental And Management [Member] | International [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of January 1, 2013 (1) | 520,072 | [1] |
Additions | 14,933 | |
Effect of foreign currency translation | -47,077 | |
Balance as of September 30, 2013 | 487,928 | |
Network Development Services [Member] | ||
Goodwill [Roll Forward] | ||
Balance as of January 1, 2013 (1) | 2,000 | [1] |
Additions | 0 | |
Effect of foreign currency translation | 0 | |
Balance as of September 30, 2013 | $2,000 | |
[1] | Balances have been revised to reflect purchase accounting measurement period adjustments. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Changes in the Carrying Value of Goodwill) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Value | $4,995,312 | $4,891,094 | [1] | |
Accumulated Amortization | -1,877,578 | -1,735,136 | [1] | |
Net Book Value | 3,117,734 | 3,155,958 | [1] | |
Deferred financing costs, net | 77,372 | [2] | 49,538 | [1],[2] |
Other intangible assets, net | 3,195,106 | 3,205,496 | [1] | |
Acquired Network Location [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Value | 1,731,664 | [3] | 1,702,895 | [1],[3] |
Accumulated Amortization | -767,973 | [3] | -721,135 | [1],[3] |
Net Book Value | 963,691 | [3] | 981,760 | [1],[3] |
Acquired Network Location [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 20 years | |||
Acquired Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Value | 3,228,515 | 3,133,166 | [1] | |
Accumulated Amortization | -1,093,481 | -979,264 | [1] | |
Net Book Value | 2,135,034 | 2,153,902 | [1] | |
Acquired Customer Relationships [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 15 years | |||
Acquired Customer Relationships [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 20 years | |||
Acquired Licenses And Other Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Value | 6,524 | 26,079 | [1] | |
Accumulated Amortization | -2,087 | -20,835 | [1] | |
Net Book Value | 4,437 | 5,244 | [1] | |
Acquired Licenses And Other Intangibles [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 3 years | |||
Acquired Licenses And Other Intangibles [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 20 years | |||
Economic Rights, TV Azteca [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Value | 28,609 | 28,954 | [1] | |
Accumulated Amortization | -14,037 | -13,902 | [1] | |
Net Book Value | $14,572 | $15,052 | [1] | |
Estimated useful lives | 70 years | |||
[1] | December 31, 2012 balances have been revised to reflect purchase accounting measurement period adjustments. | |||
[2] | Deferred financing costs are amortized over the term of the respective debt instruments to which they relate using the effective interest method. This amortization is included in interest expense rather than in amortization expense. | |||
[3] | Acquired network location intangibles are amortized over the shorter of the term of the corresponding ground lease taking into consideration lease renewal options and residual value or up to 20 years, as the Company considers these intangibles to be directly related to the tower assets. |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Expected Future Amortization Expenses) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2013 (remaining year) | $61.50 |
2014 | 232.9 |
2015 | 214.5 |
2016 | 202.2 |
2017 | 195.7 |
2018 | $189.30 |
Financing_Transactions_Narrati
Financing Transactions (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Sep. 20, 2013 | Jun. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Aug. 28, 2013 | Aug. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2007 | Mar. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 08, 2013 | Sep. 30, 2013 | Aug. 19, 2013 | Aug. 19, 2013 | Aug. 19, 2013 | Sep. 30, 2013 | Jan. 08, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 29, 2013 | Sep. 30, 2013 | Jun. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Credit Facility 2011 [Member] | Credit Facility 2011 [Member] | Credit Facility 2011 [Member] | Credit Facility 2012 [Member] | Credit Facility 2012 [Member] | Credit Facility 2012 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Credit Facility 2013 [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Colombian Bridge Loan [Member] | Indian Facility [Member] | South African Facility [Member] | South African Facility [Member] | South African Facility [Member] | South African Facility [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Facility 2012 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |
Short Term Credit Facility [Member] | Short Term Credit Facility [Member] | Credit Facility 2013 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Short-term Debt [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Commercial Mortgage Pass Through Certificates Series 2007 [Member] | Commercial Mortgage Pass Through Certificates Series 2007 [Member] | Commercial Mortgage Pass Through Certificates Series 2007 [Member] | Commercial Mortgage Pass Through Certificates Series 2013 [Member] | Commercial Mortgage Pass Through Certificates Series 2013 [Member] | Commercial Mortgage Pass Through Certificates Series 2013 [Member] | Commercial Mortgage Pass Through Certificates Series 2013 [Member] | 3.50% Senior Notes [Member] | 3.50% Senior Notes [Member] | Three Point Four Zero Percent Senior Notes [Member] | Five Point Zero Percent Senior Notes [Member] | Three Point Four Zero and Five Point Zero Percent Senior Notes [Member] [Member] | Three Point Four Zero and Five Point Zero Percent Senior Notes [Member] [Member] | Revolving Credit Facility [Member] | Term Loan 2013 [Member] | Term Loan 2012 [Member] | Term Loan 2012 [Member] | Term Loan 2012 [Member] | Term Loan 2012 [Member] | |||||||
LIBOR Based Borrowings [Member] | LIBOR Based Borrowings [Member] | LIBOR Based Borrowings [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | LIBOR Based Borrowings [Member] | USD ($) | USD ($) | Multicurrency Borrowings [Member] | Letter of Credit [Member] | Swingline Loan [Member] | Additional Commitments [Member] | Additional Commitments [Member] | Minimum [Member] | Maximum [Member] | LIBOR Based Borrowings [Member] | LIBOR Based Borrowings [Member] | Based Rate Borrowings [Member] | Based Rate Borrowings [Member] | USD ($) | Minimum [Member] | Maximum [Member] | LIBOR Based Borrowings [Member] | Based Rate Borrowings [Member] | Based Rate Borrowings [Member] | USD ($) | COP | USD ($) | COP | USD ($) | COP | USD ($) | USD ($) | ZAR | USD ($) | ZAR | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Series 2013-1 [Member] | Series 2013-2 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | LIBOR Based Borrowings [Member] | LIBOR Based Borrowings [Member] | |||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | USD ($) | renewal_periods | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Loan | Loan | towers | towers | Series | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
subsidiary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of broadcast and wireless communications towers | 5,295 | 5,195 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of subsidiaries | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | $1,750,000,000 | $1,800,000,000 | $750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of indebtedness | 265,000,000 | 800,000,000 | 1,750,000,000 | 718,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on retirement of long-term obligations | 0 | 0 | -37,967,000 | -398,000 | 35,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of debt extinguishment costs | 29,234,000 | 0 | 29,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 2,700,000 | 6,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the issuance of debt | 1,780,000,000 | 983,400,000 | 1,238,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series of securities | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 2.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Trap Debt Service Credit Ratio | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, term | 5 years | 5 years | 5 years | 0 years 6 months | 5 years | 10 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average life | 8 years 7 months 6 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum debt service credit ratio | 1.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents | 120,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated percentage interest rate | 1.81% | 1.43% | 7.99% | 7.95% | 1.55% | 3.07% | 3.50% | 3.40% | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, gross | 1,000,000,000 | 750,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance cost percentage | 99.19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 2,000,000,000 | 1,500,000,000 | 1,000,000,000 | 49,100,000 | 94,000,000,000 | 7,300,000 | 14,000,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price as a percentage of principal | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase price as percentage of principal | 101.00% | 101.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum adjusted EBITDA (in times) | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, outstanding | 963,000,000 | 94,800,000 | 950,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding | 7,800,000 | 2,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings under credit facilities | 3,507,000,000 | 1,325,000,000 | 1,853,000,000 | 11,600,000 | 116,300,000 | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis spread on variable rate | 1.13% | 2.00% | 1.13% | 1.63% | 1.25% | 2.00% | 0.13% | 1.00% | 1.25% | 0.13% | 1.00% | 1.75% | 1.93% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitment fee percentage | 0.23% | 0.15% | 0.13% | 0.40% | 0.15% | 0.13% | 0.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, capacity available for specific purposes | 1,000,000,000 | 200,000,000 | 50,000,000 | 750,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of annual renewal periods | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of total debt to EBITDA | 6.5 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of bridge loans | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term debt outstanding | $56,400,000 | 108,000,000,000 | $0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 26, 2013 | Aug. 26, 2013 | ||||
USD ($) | USD ($) | South African Facility [Member] | South African Facility [Member] | South African Facility [Member] | Colombian Long Term Credit Facility [Member] | Colombian Long Term Credit Facility [Member] | Colombian Long Term Credit Facility [Member] | Three Interest Swap Agreements [Member] | Three Interest Swap Agreements [Member] | |||||
USD ($) | ZAR | ZAR | USD ($) | COP | COP | South African Facility [Member] | South African Facility [Member] | |||||||
interest_rate_swap | interest_rate_swap | USD ($) | ZAR | |||||||||||
interest_rate_swap | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Number of interest rate swap agreements | 12 | 12 | 9 | 1 | 1 | 1 | 3 | 3 | ||||||
Derivative, lower fixed interest rate range | 6.09% | 6.09% | ||||||||||||
Derivative, higher fixed interest rate range | 7.83% | 7.83% | ||||||||||||
Derivative, notional amount | $97,000,000 | $107,300,000 | $44,100,000 | 442,655,000 | [1] | 423,634,000 | [2] | $52,900,000 | 101,250,000,000 | [1] | 101,250,000,000 | [2] | $2,500,000 | 24,600,000 |
Derivative, fixed interest rate | 5.78% | 5.78% | ||||||||||||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $1,400,000 | |||||||||||||
[1] | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $97.0 million and $1.6 million, respectively, as of September 30, 2013. | |||||||||||||
[2] | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $107.3 million and $5.4 million, respectively, as of December 31, 2012. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule of Interest Rate Swap Agreements) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||
In Thousands, unless otherwise specified | USD ($) | USD ($) | South African Facility [Member] | South African Facility [Member] | South African Facility [Member] | Colombian Long Term Credit Facility [Member] | Colombian Long Term Credit Facility [Member] | Colombian Long Term Credit Facility [Member] | ||||||
USD ($) | ZAR | ZAR | USD ($) | COP | COP | |||||||||
Derivative [Line Items] | ||||||||||||||
Notional | $97,000 | $107,300 | $44,100 | 442,655 | [1] | 423,634 | [2] | $52,900 | 101,250,000 | [1] | 101,250,000 | [2] | ||
Carrying Amount/Fair Value | 909 | [1] | 20,441 | [2] | 2,869,430 | [1] | 5,356,377 | [2] | ||||||
Aggregate fair value | $1,589 | [3] | $5,442 | [3] | ||||||||||
[1] | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $97.0 million and $1.6 million, respectively, as of September 30, 2013. | |||||||||||||
[2] | The interest rate swap agreements are denominated in ZAR and COP and have an aggregate notional amount and fair value of $107.3 million and $5.4 million, respectively, as of December 31, 2012. | |||||||||||||
[3] | Consists of interest rate swap agreements based on JIBAR and IBR whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule of Interest Rate Swap Agreements Impact on Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary of Derivative Instruments [Abstract] | ||||
Amount of gain/(loss) recognized in OCI on derivatives (effective portion) | ($1,404) | ($1,135) | $1,801 | ($2,985) |
Amount of gain/(loss) reclassified from accumulated OCI into income (effective portion) | ($741) | ($181) | ($2,053) | ($502) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Business combination, contingent consideration arrangements, range of outcomes, value, low | $0 | ||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 37,800,000 | ||
Assets held and used, long-lived, carrying value | 299,900,000 | ||
Impairment charges to write down certain assets to net realizable value | 2,000,000 | 10,700,000 | |
Assets held and used, long-lived fair value, carrying value after impairment, Net Realizable Value | 4,000,000,000 | 289,200,000 | |
Carrying value of long-term obligations, including current portion | 12,600,000,000 | 8,800,000,000 | |
Fair value of long-term obligations, including current portion | 12,700,000,000 | 9,400,000,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-term obligations, including current portion | 8,400,000,000 | 4,900,000,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-term obligations, including current portion | $4,300,000,000 | $4,500,000,000 |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Short-term investments | $27,381 | [1] | $6,018 | |||||
Acquisition-related contingent consideration | 22,409 | 21,218 | 23,711 | 27,209 | 29,897 | 25,617 | ||
Interest rate swap agreements | 1,589 | [2] | 5,442 | [2] | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Short-term investments | 6,018 | [1] | ||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Short-term investments | 27,381 | [1] | ||||||
Interest rate swap agreements | 1,589 | [2] | 5,442 | [2] | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Acquisition-related contingent consideration | 22,409 | |||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Acquisition-related contingent consideration | $23,711 | |||||||
[1] | Consists of highly liquid investments with original maturities in excess of three months. | |||||||
[2] | Consists of interest rate swap agreements based on JIBAR and IBR whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. |
Fair_Value_Measurement_Conting
Fair Value Measurement (Contingent Consideration Change) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance | $21,218 | $29,897 | $23,711 | $25,617 |
Additions | 3,599 | 1,180 | 4,087 | 1,533 |
Payments | -3,729 | -3,951 | -7,952 | -4,397 |
Change in fair value | 1,303 | 325 | 4,610 | 3,791 |
Foreign currency translation adjustment | 18 | -242 | -2,047 | 665 |
Balance | $22,409 | $27,209 | $22,409 | $27,209 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Income tax expense | $15,586 | $13,054 | $23,361 | $64,117 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance at beginning of period | -274,256 | -183,347 | ||||
Other comprehensive loss before reclassifications, net of tax | -24,403 | -116,432 | ||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 644 | 1,764 | ||||
Net current-period other comprehensive income (loss) | -23,759 | -114,668 | ||||
Balance at end of period | -298,015 | -298,015 | ||||
Unrealized Losses on Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Income tax expense | 100 | 100 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance at beginning of period | -1,182 | [1] | -4,358 | [2] | ||
Other comprehensive loss before reclassifications, net of tax | -1,289 | [1] | 1,167 | [2] | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 445 | [1] | 1,165 | [2] | ||
Net current-period other comprehensive income (loss) | -844 | [1] | 2,332 | [2] | ||
Balance at end of period | -2,026 | [1],[2] | -2,026 | [1],[2] | ||
Treasury Lock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance at beginning of period | -3,427 | -3,827 | ||||
Other comprehensive loss before reclassifications, net of tax | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 199 | 599 | ||||
Net current-period other comprehensive income (loss) | 199 | 599 | ||||
Balance at end of period | -3,228 | -3,228 | ||||
Foreign Currency Items [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance at beginning of period | -269,647 | -175,162 | ||||
Other comprehensive loss before reclassifications, net of tax | -23,114 | -117,599 | ||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | ||||
Net current-period other comprehensive income (loss) | -23,114 | -117,599 | ||||
Balance at end of period | ($292,761) | ($292,761) | ||||
[1] | Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of less than $0.1 million is included in income tax expense for the three months ended September 30, 2013. | |||||
[2] | Losses on cash flow hedges have been reclassified into interest expense in the accompanying condensed consolidated statements of operations. The tax effect of $0.1 million is included in income tax expense for the nine months ended September 30, 2013. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Unrecognized tax benefits that would impact effective tax rate | $31.20 | $31.20 | $30.60 | ||
Impact of change in unrecognized tax benefit, lower | 0 | 0 | |||
Impact of change in unrecognized tax benefits, upper | 1.3 | 1.3 | |||
Penalties and tax-related interest expense during period | 0.9 | 1.3 | 3.5 | 3.9 | |
Decrease in liability for uncertain tax positions | 0.8 | 1.4 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $29.80 | $29.80 | $28.70 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $15,058,000 | $13,058,000 | $53,155,000 | $39,654,000 |
Stock-based compensation expense related to modification of the vesting and exercise terms for a certain employee's equity awards | 0 | 1,100,000 | ||
Capitalized stock-based compensation expense | 400,000 | 500,000 | 1,200,000 | 1,600,000 |
Vesting period | 4 years | |||
Accelerated recognition of stock-based compensation expense related to awards granted to retirement eligible employees, additional expense recognized | 7,500,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant date fair value (in dollars per share) | $19.15 | |||
Total unrecognized compensation expense | 39,300,000 | 39,300,000 | ||
Total compensation cost not yet recognized, period for recognition | 2 years | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expense | $86,700,000 | $86,700,000 | ||
Total compensation cost not yet recognized, period for recognition | 2 years | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock purchased during bi-annual offer | 85.00% | |||
Number of shares purchased by employees under the Employee Stock Purchase Plan | 57,000 | |||
Employee stock purchase plan, fair value per share (in dollars per share) | $13.41 | |||
2007 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Expiration period | 10 years | |||
Number of shares issuable under stock incentive plan | 16,600,000 | 16,600,000 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of the Company's Option Activity) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Options Activity, Outstanding [Roll Forward] | |
Outstanding | 5,829,945 |
Granted | 1,420,206 |
Exercised | -799,233 |
Forfeited | -53,245 |
Expired | 0 |
Outstanding | 6,397,673 |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Used to Determine the Grant Date Fair Value for Options Granted) (Details) (Employee Stock Option [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum range of risk-free interest rate | 0.75% |
Maximum range of risk-free interest rate | 1.03% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% |
Expected life of option grants | 4 years 4 months 24 days |
Minimum range of expected volatility of underlying stock price | 26.60% |
Maximum range of expected volatility of underlying stock price | 36.09% |
Expected volatility of underlying stock price over the option period | 33.56% |
Expected annual dividend yield | 1.50% |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of the Company's Restricted Stock Unit Activity) (Details) (Restricted Stock Units [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Units [Member] | |
Restricted Stock Unit Activity, Outstanding [Roll Forward] | |
Outstanding | 1,968,553 |
Granted | 803,561 |
Vested | -806,868 |
Forfeited | -106,658 |
Outstanding | 1,858,588 |
StockBased_Compensation_ESPP_D
Stock-Based Compensation ESPP (Details) (Employee Stock Purchase Plan [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Minimum range of risk-free interest rate | 0.07% |
Maximum range of risk-free interest rate | 0.13% |
Minimum range of expected volatility of underlying stock price | 12.21% |
Maximum range of expected volatility of underlying stock price | 13.57% |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life of shares | 6 months |
Expected annual dividend yield | 1.50% |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 31 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | |
Common Stock | Treasury Stock | Treasury Stock | |||
Equity, Class of Treasury Stock [Line Items] | |||||
Authorized repurchase of common stock | $1,500,000,000 | ||||
Treasury stock, shares, acquired | 1,938,021 | 6,300,000 | |||
Treasury stock, value, acquired, cost method | 145,012,000 | 16,733,000 | 145,000,000 | 389,000,000 | |
Remaining stock value of buyback | 1,100,000,000 | ||||
Accrued dividend, restricted stock units | 1,600,000 | ||||
Paid dividend, restricted stock units | $200,000 |
Equity_Schedule_Of_Dividends_D
Equity (Schedule Of Dividends) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Dividends Payable [Line Items] | ||||
Distribution per share (in dollars per share) | $0.28 | $0.23 | $0.81 | $0.66 |
Aggregate Payment Amount | $209,711 | $169,816 | ||
First Quarter [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | 12-Mar-13 | |||
Payment Date | 25-Apr-13 | |||
Record Date | 10-Apr-13 | |||
Distribution per share (in dollars per share) | $0.26 | |||
Aggregate Payment Amount | 102,800 | |||
Second Quarter [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | 22-May-13 | |||
Payment Date | 16-Jul-13 | |||
Record Date | 17-Jun-13 | |||
Distribution per share (in dollars per share) | $0.27 | |||
Aggregate Payment Amount | 106,700 | |||
Third Quarter [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | 12-Sep-13 | |||
Payment Date | 7-Oct-13 | |||
Record Date | 23-Sep-13 | |||
Distribution per share (in dollars per share) | $0.28 | |||
Aggregate Payment Amount | $110,500 |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Shares issuable upon conversion of the stock-based awards | 2.5 | 1.2 | 1.1 | 1 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule of Earnings Per Basic And Diluted by Common Class) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Income from continuing operations attributable to American Tower Corporation | $180,123 | $232,089 | $451,351 | $501,604 |
Basic weighted average common shares outstanding (in shares) | 394,759 | 395,244 | 395,138 | 394,626 |
Dilutive securities (in shares) | 3,589 | 4,243 | 4,137 | 4,458 |
Diluted weighted average common shares outstanding (in shares) | 398,348 | 399,487 | 399,275 | 399,084 |
Basic income attributable to American Tower Corporation per common share (in dollars per share) | $0.46 | $0.59 | $1.14 | $1.27 |
Diluted income attributable to American Tower Corporation per common share (in dollars per share) | $0.45 | $0.58 | $1.13 | $1.26 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended |
Dec. 31, 2000 | Sep. 30, 2013 | |
towers | ||
AT&T Transaction [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of towers leased or subleased | 2,450 | |
Lessee leasing arrangements, operating leases, term of contract | 27 years | |
Aggregate purchase option price for towers | $585,300,000 | |
Purchase price accretion rate (per year) | 10.00% | |
Right to continue to lease space, number of terms | 4 | |
Lessee leasing arrangements, operating leases, renewal term | 5 years | |
ALLTEL Transaction [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Aggregate purchase option price for towers | 70,700,000 | |
Purchase price accretion rate (per year) | 3.00% | |
Long-term purchase commitment, time period | P15Y | |
Capital leased assets, number of units | 1,800 | |
Cash purchase price per tower | 27,500 | |
Purchase price of tower in shares of common stock | 769 | |
Value of potential shares payable | $101,200,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2012 | Jun. 30, 2012 | Mar. 30, 2012 | Sep. 30, 2012 | Dec. 28, 2012 | Dec. 04, 2012 | Dec. 20, 2012 | Sep. 30, 2013 | Jun. 29, 2012 | Dec. 08, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 15, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 04, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 09, 2013 | Aug. 09, 2013 | Aug. 07, 2013 | Aug. 09, 2013 | Aug. 09, 2013 | Aug. 07, 2013 | Sep. 26, 2013 | Sep. 26, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Mexico Axtel Acquisition [Member] | Other International Acquisition 2013 [Member] | Other US Acquisition 2013 [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Diamond Acquisition [Member] | Germany Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Other International Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Colombia Movil Acquisition [Member] | Colombia Movil Acquisition [Member] | Cell C Acquisition [Member] | Cell C Acquisition [Member] | Cell C Acquisition [Member] | Other Contingent Consideration [Member] | Other Contingent Consideration [Member] | Other Contingent Consideration [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | NII Holdings Acquisition [Member] | Z-Sites Acquisition [Member] | Z-Sites Acquisition [Member] | MIPT Acquisition [Member] | Secured Debt [Member] | MIPT Costa Rica Debt [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | sites | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | sites | USD ($) | USD ($) | sites | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | sites | USD ($) | USD ($) | USD ($) | USD ($) | UNITED STATES | USD ($) | Brazil [Member] | Brazil [Member] | Brazil [Member] | Mexico [Member] | Mexico [Member] | Mexico [Member] | USD ($) | BRL | Subsequent Event [Member] | MIPT Acquisition [Member] | MIPT Acquisition [Member] | ||||||
sites | sites | sites | sites | sites | sites | propertyinterests | sites | sites | sites | sites | sites | sites | USD ($) | USD ($) | BRL | sites | USD ($) | MXN | sites | sites | sites | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||
propertyinterests | sites | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Business combination, acquisition and merger related expenses | $8,900,000 | $5,200,000 | $25,800,000 | $14,800,000 | $4,800,000,000 | |||||||||||||||||||||||||||||||||||||||
Number of communications sites acquired | 883 | 644 | 41 | 192 | 800 | 700 | 316 | 2,031 | 318 | 962 | 705 | 128 | 2,790 | 1,666 | 236 | 236 | ||||||||||||||||||||||||||||
Aggregate purchase price | 248,500,000 | 80,500,000 | 52,700,000 | 32,700,000 | 126,300,000 | 151,700,000 | 322,500,000 | 525,700,000 | 169,600,000 | 166,300,000 | 171,500,000 | 169,200,000 | 173,200,000 | 162,700,000 | 146,100,000 | 146,200,000 | 423,800,000 | 945,000,000 | 382,300,000 | 5,025,000,000 | 127,100,000 | 283,000,000 | ||||||||||||||||||||||
Acquisition deposit in escrow | 120,000,000 | 120,000,000 | 0 | 120,000,000 | ||||||||||||||||||||||||||||||||||||||||
Estimated contingent consideration fair value | 4,100,000 | 21,500,000 | 21,500,000 | 900,000 | 900,000 | 0 | ||||||||||||||||||||||||||||||||||||||
Value added tax receivable | 3,700,000 | 21,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of property interests acquired | 19 | |||||||||||||||||||||||||||||||||||||||||||
Business acquisition, cost of acquired entity, cash paid | 52,300,000 | 320,100,000 | 169,500,000 | 166,200,000 | 3,300,000,000 | |||||||||||||||||||||||||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 400,000 | 2,400,000 | 100,000 | 100,000 | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 1,490,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Maximum number of communications sites to be acquired | 1,500 | 1,000 | 1,400 | |||||||||||||||||||||||||||||||||||||||||
Additional communications sites to be acquired | 300 | |||||||||||||||||||||||||||||||||||||||||||
Number of property interests acquired under third party sites | 24 | |||||||||||||||||||||||||||||||||||||||||||
Contingent consideration term | P4Y | |||||||||||||||||||||||||||||||||||||||||||
Number of sites returned | 11 | 7 | ||||||||||||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 51.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||
Percentage of minority investors | 49.00% | |||||||||||||||||||||||||||||||||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, low | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 37,800,000 | 37,800,000 | 36,900,000 | 36,900,000 | 900,000 | 900,000 | ||||||||||||||||||||||||||||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability, purchases | 3,599,000 | 1,180,000 | 4,087,000 | 1,533,000 | 3,600,000 | 4,100,000 | ||||||||||||||||||||||||||||||||||||||
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability | 500,000 | 1,500,000 | 3,400,000 | 800,000 | 300,000 | |||||||||||||||||||||||||||||||||||||||
Business acquisition, contingent consideration, actual cash payment | 2,500,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings under credit facilities | $3,507,000,000 | $1,325,000,000 | $2,800,000,000 |
Acquisitions_Schedule_of_Aggre
Acquisitions (Schedule of Aggregate Purchase Consideration Paid and the Amount of Assets Acquired) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 20, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | |||||||||||||||||||||||||||||||||||||
Mexico Axtel Acquisition [Member] | Mexico Axtel Acquisition [Member] | Other International Acquisition 2013 [Member] | Other International Acquisition 2013 [Member] | Other US Acquisition 2013 [Member] | Other US Acquisition 2013 [Member] | Other US Acquisition 2013 [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Brazil-Vivo Acquisition [Member] | Diamond Acquisition [Member] | Diamond Acquisition [Member] | Diamond Acquisition [Member] | Diamond Acquisition [Member] | Diamond Acquisition [Member] | Germany Acquisition [Member] | Germany Acquisition [Member] | Germany Acquisition [Member] | Germany Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Skyway Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Uganda Acquisition [Member] | Other International Acquisition 2012 [Member] | Other International Acquisition 2012 [Member] | Other International Acquisition 2012 [Member] | Other International Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Other US Acquisition 2012 [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||||
Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Preliminary Purchase Price Allocation [Member] | Purchase Price Allocation [Member] | MIPT Acquisition [Member] | MIPT Acquisition [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | Acquired Network Location [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | $0 | $3,688,000 | $1,433,000 | $0 | $0 | [1] | $842,000 | $842,000 | $14,483,000 | $14,043,000 | $740,000 | $740,000 | $0 | $0 | [1] | $21,911,000 | $21,911,000 | $0 | $0 | $104,044,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | 4,032,000 | 1,835,000 | 44,000 | 24,460,000 | 22,418,000 | [1] | 0 | 0 | 0 | 0 | 0 | 0 | 2,258,000 | 2,258,000 | [1] | 4,196,000 | 2,309,000 | 153,000 | 153,000 | 627,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment | 86,100,000 | 39,693,000 | 17,493,000 | 138,959,000 | 138,959,000 | 69,045,000 | 72,447,000 | 233,073,000 | 203,494,000 | 60,671,000 | 58,913,000 | 102,366,000 | 102,366,000 | 61,080,000 | 66,073,000 | 61,995,000 | 61,091,000 | 1,290,143,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-related intangible | 115,700,000 | [2] | 18,401,000 | [2] | 24,296,000 | [2] | 80,010,000 | [2] | 83,012,000 | [1],[2] | 171,300,000 | [2] | 184,200,000 | [2] | 218,146,000 | [2] | 288,330,000 | [2] | 63,000,000 | [2] | 64,400,000 | [2] | 36,500,000 | [2] | 30,500,000 | [1],[2] | 49,227,000 | [2] | 52,911,000 | [2] | 61,966,000 | [2] | 61,266,000 | [2] | 2,536,700,000 | [2] | |||||||||||||||||||||||||||||||||||||||||||||||
Network location intangibles | 41,700,000 | [2] | 19,984,000 | [2] | 5,605,000 | [2] | 37,980,000 | [2] | 40,983,000 | [1],[2] | 28,400,000 | [2] | 32,000,000 | [2] | 20,819,000 | [2] | 21,997,000 | [2] | 20,700,000 | [2] | 20,500,000 | [2] | 27,000,000 | [2] | 26,000,000 | [1],[2] | 16,442,000 | [2] | 15,935,000 | [2] | 16,233,000 | [2] | 16,133,000 | [2] | 338,600,000 | [2] | |||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | 0 | 0 | -440,000 | 0 | 0 | [1] | -3,216,000 | -3,216,000 | -2,990,000 | -2,988,000 | -454,000 | -454,000 | 0 | 0 | [1] | 0 | 0 | 0 | 0 | -88,497,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -1,573,366,000 | [3] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | -9,377,000 | -7,653,000 | -786,000 | -18,195,000 | -18,195,000 | -3,423,000 | -3,423,000 | -23,243,000 | -23,243,000 | -3,333,000 | -3,222,000 | -7,528,000 | -7,528,000 | -5,893,000 | -6,294,000 | -1,310,000 | -1,310,000 | -49,158,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of net assets acquired | 238,155,000 | 75,948,000 | 47,645,000 | 263,214,000 | 267,177,000 | [1] | 262,948,000 | 282,850,000 | 460,288,000 | 501,633,000 | 141,324,000 | 140,877,000 | 160,596,000 | 153,596,000 | [1] | 146,963,000 | 152,845,000 | 139,037,000 | 137,333,000 | 2,559,093,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 2,815,271,000 | 2,842,717,000 | [4] | 10,368,000 | [5] | 4,565,000 | [5] | 4,698,000 | [5] | 47,481,000 | [6] | 43,518,000 | 57,178,000 | [6] | 37,276,000 | 65,365,000 | [6] | 24,020,000 | 28,224,000 | [6] | 25,308,000 | 12,564,000 | [6] | 15,644,000 | 15,726,000 | [6] | 9,844,000 | 7,124,000 | [6] | 8,724,000 | 756,833,000 | [7] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired finite-live intangible assets, weighted average useful life | 20 years | 20 years | 20 years | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash or part noncash acquisition, value of liabilities assumed | 400,000 | 2,400,000 | 100,000 | 100,000 | 1,500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Fair Value Adjustment | $53,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | The allocation of the purchase price was finalized during the nine months ended September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Customer-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Long-term obligations included $1.5 billion of MIPT's existing indebtedness and a fair value adjustment of $53.0 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Balances have been revised to reflect purchase accounting measurement period adjustments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for South Africa where goodwill is expected to be partially deductible. . | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Goodwill was allocated to the Company’s domestic and international rental and management segments, as applicable, and the Company expects goodwill recorded will be deductible for tax purposes, except for Uganda where goodwill is not expected to be deductible and South Africa where goodwill is expected to be partially deductible. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Goodwill will be allocated to the Company’s domestic and international rental and management segments, as applicable. The Company expects goodwill recorded to its domestic rental and management segment will be deductible for tax purposes and goodwill recorded to its international segment will not be deductible for tax purposes. |
Acquisitions_Pro_Forma_Informa
Acquisitions (Pro Forma Information) (Details) (Subsequent Event [Member], MIPT Acquisition [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Subsequent Event [Member] | MIPT Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating revenues | $888,432 | $788,623 | $2,659,294 | $2,326,753 |
Net income attributable to American Tower Corporation | $142,357 | $195,647 | $343,992 | $392,156 |
Basic earnings per share (in dollars per share) | $360 | $500 | $870 | $990 |
Diluted earnings per share (in dollars per share) | $360 | $490 | $860 | $980 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Number of reportable segments | 3 |
Business_Segments_Summarized_F
Business Segments (Summarized Financial Information Concerning the Company's Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | |||||||||
Segment revenues | $807,880 | $713,335 | $2,419,438 | $2,107,586 | |||||
Segment operating expenses | 200,482 | [1] | 184,464 | [2] | 607,113 | [3] | 526,930 | [4] | |
Interest income, TV Azteca, net | 3,544 | 3,586 | 10,673 | 10,715 | |||||
Segment gross margin | 610,942 | 532,457 | 1,822,998 | 1,591,371 | |||||
Segment selling, general, administrative and development expense | 58,131 | [1] | 47,325 | [2] | 172,522 | [3] | 133,481 | [4] | |
Segment operating profit | 552,811 | 485,132 | 1,650,476 | 1,457,890 | |||||
Stock-based compensation expense | 15,058 | 13,058 | 53,155 | 39,654 | |||||
Other selling, general, administrative and development expense | 24,939 | 21,516 | 74,251 | 66,099 | |||||
Depreciation, amortization and accretion | 184,922 | 144,061 | 555,334 | 465,788 | |||||
Other expense (principally interest expense and other (expense) income) | 149,084 | 61,620 | 536,092 | 346,385 | |||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INCOME ON EQUITY METHOD INVESTMENTS | 178,808 | 244,877 | 431,644 | 539,964 | |||||
Total assets | 18,181,320 | 18,181,320 | 14,089,418 | ||||||
Operating Expense [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Stock-based compensation expense | 300 | 400 | 1,200 | 1,300 | |||||
Selling General Administrative And Development Expense [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Stock-based compensation expense | 14,700 | 12,600 | 52,000 | 38,300 | |||||
Operating Segments [Member] | Rental And Management [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Segment revenues | 796,575 | 697,554 | 2,363,207 | 2,063,806 | |||||
Segment operating expenses | 195,705 | [1] | 177,141 | [2] | 584,714 | [3] | 505,526 | [4] | |
Interest income, TV Azteca, net | 3,544 | 3,586 | 10,673 | 10,715 | |||||
Segment gross margin | 604,414 | 523,999 | 1,789,166 | 1,568,995 | |||||
Segment selling, general, administrative and development expense | 56,251 | [1] | 45,198 | [2] | 165,417 | [3] | 129,071 | [4] | |
Segment operating profit | 548,163 | 478,801 | 1,623,749 | 1,439,924 | |||||
Total assets | 17,464,734 | 17,464,734 | |||||||
Operating Segments [Member] | Rental And Management [Member] | Domestic [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Segment revenues | 529,941 | 480,351 | 1,566,660 | 1,440,824 | |||||
Segment operating expenses | 95,232 | [1] | 92,072 | [2] | 282,273 | [3] | 273,188 | [4] | |
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |||||
Segment gross margin | 434,709 | 388,279 | 1,284,387 | 1,167,636 | |||||
Segment selling, general, administrative and development expense | 24,523 | [1] | 20,141 | [2] | 71,664 | [3] | 60,638 | [4] | |
Segment operating profit | 410,186 | 368,138 | 1,212,723 | 1,106,998 | |||||
Total assets | 12,037,318 | 12,037,318 | |||||||
Operating Segments [Member] | Rental And Management [Member] | International [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Segment revenues | 266,634 | 217,203 | 796,547 | 622,982 | |||||
Segment operating expenses | 100,473 | [1] | 85,069 | [2] | 302,441 | [3] | 232,338 | [4] | |
Interest income, TV Azteca, net | 3,544 | 3,586 | 10,673 | 10,715 | |||||
Segment gross margin | 169,705 | 135,720 | 504,779 | 401,359 | |||||
Segment selling, general, administrative and development expense | 31,728 | [1] | 25,057 | [2] | 93,753 | [3] | 68,433 | [4] | |
Segment operating profit | 137,977 | 110,663 | 411,026 | 332,926 | |||||
Total assets | 5,427,416 | 5,427,416 | |||||||
Operating Segments [Member] | Network Development Services [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Segment revenues | 11,305 | 15,781 | 56,231 | 43,780 | |||||
Segment operating expenses | 4,777 | [1] | 7,323 | [2] | 22,399 | [3] | 21,404 | [4] | |
Interest income, TV Azteca, net | 0 | 0 | 0 | 0 | |||||
Segment gross margin | 6,528 | 8,458 | 33,832 | 22,376 | |||||
Segment selling, general, administrative and development expense | 1,880 | [1] | 2,127 | [2] | 7,105 | [3] | 4,410 | [4] | |
Segment operating profit | 4,648 | 6,331 | 26,727 | 17,966 | |||||
Total assets | 49,973 | 49,973 | |||||||
Operating Segments [Member] | All Other Segments [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Stock-based compensation expense | 15,058 | 13,058 | 53,155 | 39,654 | |||||
Other selling, general, administrative and development expense | 24,939 | 21,516 | 74,251 | 66,099 | |||||
Depreciation, amortization and accretion | 184,922 | 144,061 | 555,334 | 465,788 | |||||
Other expense (principally interest expense and other (expense) income) | 149,084 | 61,620 | 536,092 | 346,385 | |||||
Total assets | $666,613 | $666,613 | |||||||
[1] | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.3 million and $14.7 million, respectively. | ||||||||
[2] | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $0.4 million and $12.6 million, respectively. | ||||||||
[3] | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.2 million and $52.0 million, respectively. | ||||||||
[4] | Segment operating expenses and segment selling, general, administrative and development expenses exclude stock-based compensation expense of $1.3 million and $38.3 million, respectively. |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Oct. 29, 2013 | Oct. 29, 2013 | Oct. 29, 2013 | Oct. 29, 2013 | Oct. 29, 2013 | Oct. 29, 2013 | Oct. 29, 2013 | |
Term Loan 2013 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Unsecured Debt [Member] | Credit Facility 2012 [Member] | Term Loan 2013 [Member] | Term Loan 2013 [Member] | Term Loan 2013 [Member] | Term Loan 2013 [Member] | Term Loan 2013 [Member] | |||
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | ||||
LIBOR Based Borrowings [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
LIBOR Based Borrowings [Member] | Based Rate Borrowings [Member] | LIBOR Based Borrowings [Member] | Based Rate Borrowings [Member] | ||||||
Subsequent Event [Line Items] | |||||||||
Borrowings under credit facilities | $3,507,000,000 | $1,325,000,000 | $1,500,000,000 | ||||||
Repayments of Debt | $800,000,000 | ||||||||
Basis spread on variable rate | 1.25% | 1.13% | 0.13% | 2.25% | 1.25% |