Quarterly Report (10-q)

Date : 10/31/2019 @ 8:14PM
Source : Edgar (US Regulatory)
Stock : American Tower Corporation (AMT)
Quote : 237.18  -0.29 (-0.12%) @ 12:59AM
American Tower share price Chart
After Hours
Last Trade
Last $ 237.18 ◊ 0.00 (0.00%)

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
 
 
(Mark One):
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2019.
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Commission File Number: 001-14195
 
 
 
AMERICAN TOWER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
65-0723837
(State or other jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
116 Huntington Avenue
Boston, Massachusetts 02116
(Address of principal executive offices)
Telephone Number (617375-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class
 Trading Symbol(s)
Name of exchange on which registered
Common Stock, $0.01 par value
 AMT
New York Stock Exchange
1.375% Senior Notes due 2025
AMT 25A
New York Stock Exchange
1.950% Senior Notes due 2026
AMT 26B
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes      No  
As of October 24, 2019, there were 442,940,435 shares of common stock outstanding.
 
 
 




AMERICAN TOWER CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019

 
 
 
Page Nos.
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
Item 1.
 
1
 
 
1
 
 
2
 
 
3
 
 
4
 
 
5
 
 
7
Item 2.
 
38
Item 3.
 
62
Item 4.
 
62
PART II. OTHER INFORMATION
 
 
Item 1.
 
64
Item 1A.
 
64
Item 6.
 
65
 
66





PART I.
FINANCIAL INFORMATION
ITEM 1.
UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share count and per share data)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
CURRENT ASSETS:
 
 
 
 
Cash and cash equivalents
 
$
1,352.6

 
$
1,208.7

Restricted cash
 
95.7

 
96.2

Accounts receivable, net
 
441.7

 
459.0

Prepaid and other current assets
 
472.0

 
621.2

Total current assets
 
2,362.0

 
2,385.1

PROPERTY AND EQUIPMENT, net
 
11,283.2

 
11,247.1

GOODWILL
 
5,481.4

 
5,501.9

OTHER INTANGIBLE ASSETS, net
 
10,895.8

 
11,174.3

DEFERRED TAX ASSET
 
143.5

 
157.7

DEFERRED RENT ASSET
 
1,677.7

 
1,581.7

RIGHT-OF-USE ASSET
 
7,214.7

 

NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS
 
248.9

 
962.6

TOTAL
 
$
39,307.2

 
$
33,010.4

LIABILITIES
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
Accounts payable
 
$
136.2

 
$
130.8

Accrued expenses
 
856.7

 
948.3

Distributions payable
 
427.5

 
377.4

Accrued interest
 
145.4

 
174.5

Current portion of operating lease liability
 
475.1

 

Current portion of long-term obligations
 
2,443.6

 
2,754.8

Unearned revenue
 
302.9

 
304.1

Total current liabilities
 
4,787.4

 
4,689.9

LONG-TERM OBLIGATIONS
 
19,040.0

 
18,405.1

OPERATING LEASE LIABILITY
 
6,448.0

 

ASSET RETIREMENT OBLIGATIONS
 
1,252.5

 
1,210.0

DEFERRED TAX LIABILITY
 
538.5

 
535.9

OTHER NON-CURRENT LIABILITIES
 
870.9

 
1,265.1

Total liabilities
 
32,937.3

 
26,106.0

COMMITMENTS AND CONTINGENCIES
 


 


REDEEMABLE NONCONTROLLING INTERESTS
 
574.8

 
1,004.8

EQUITY (shares in thousands):
 
 
 
 
Common stock: $.01 par value; 1,000,000 shares authorized; 453,392 and 451,617 shares issued; and 442,835 and 441,060 shares outstanding, respectively
 
4.5

 
4.5

Additional paid-in capital
 
10,551.8

 
10,380.8

Distributions in excess of earnings
 
(1,130.1
)
 
(1,199.5
)
Accumulated other comprehensive loss
 
(2,979.0
)
 
(2,642.9
)
Treasury stock (10,557 shares at cost)
 
(1,206.8
)
 
(1,206.8
)
Total American Tower Corporation equity
 
5,240.4

 
5,336.1

Noncontrolling interests
 
554.7

 
563.5

Total equity
 
5,795.1

 
5,899.6

TOTAL
 
$
39,307.2

 
$
33,010.4

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

1



AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
REVENUES:
 
 
 
 
 
 
 
 
Property
 
$
1,921.6

 
$
1,751.6

 
$
5,556.5

 
$
5,211.4

Services
 
32.0

 
33.9

 
100.1

 
96.8

Total operating revenues
 
1,953.6

 
1,785.5

 
5,656.6

 
5,308.2

 OPERATING EXPENSES:
 
 
 
 
 
 
 
 
Costs of operations (exclusive of items shown separately below):
 
 
 
 
 
 
 
 
 Property
 
548.0

 
543.1

 
1,630.4

 
1,597.7

 Services
 
11.9

 
13.6

 
36.2

 
39.2

Depreciation, amortization and accretion
 
442.8

 
448.9

 
1,328.6

 
1,344.9

Selling, general, administrative and development expense
 
187.9

 
177.9

 
550.8

 
540.7

Other operating expenses
 
34.7

 
34.8

 
83.5

 
269.6

Total operating expenses
 
1,225.3

 
1,218.3

 
3,629.5

 
3,792.1

OPERATING INCOME
 
728.3

 
567.2

 
2,027.1

 
1,516.1

OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
 
Interest income (expense), TV Azteca
 

 
0.6

 

 
(0.1
)
Interest income
 
12.2

 
10.1

 
36.3

 
43.9

Interest expense
 
(201.3
)
 
(209.2
)
 
(613.3
)
 
(616.7
)
Loss on retirement of long-term obligations
 

 

 
(22.2
)
 

Other income (including foreign currency (losses) gains of ($1.1), $2.2, $13.7 and ($14.9), respectively)
 
2.8

 
21.1

 
19.6

 
14.1

Total other expense
 
(186.3
)
 
(177.4
)
 
(579.6
)
 
(558.8
)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
542.0

 
389.8

 
1,447.5

 
957.3

Income tax (provision) benefit
 
(36.7
)
 
(12.5
)
 
(100.3
)
 
14.7

NET INCOME
 
505.3

 
377.3

 
1,347.2

 
972.0

Net income attributable to noncontrolling interests
 
(6.7
)
 
(10.4
)
 
(22.1
)
 
(13.2
)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION STOCKHOLDERS
 
498.6

 
366.9

 
1,325.1

 
958.8

Dividends on preferred stock
 

 

 

 
(9.4
)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS
 
$
498.6

 
$
366.9

 
$
1,325.1

 
$
949.4

NET INCOME PER COMMON SHARE AMOUNTS:
 
 
 
 
 
 
 
 
Basic net income attributable to American Tower Corporation common stockholders
 
$
1.13

 
$
0.83

 
$
3.00

 
$
2.16

Diluted net income attributable to American Tower Corporation common stockholders
 
$
1.12

 
$
0.83

 
$
2.98

 
$
2.15

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands):
 
 
 
 
 
 
 
 
BASIC
 
442,763

 
440,889

 
442,110

 
439,191

DILUTED
 
445,829

 
444,121

 
445,352

 
442,468

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

2



AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
505.3

 
$
377.3

 
$
1,347.2

 
$
972.0

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Changes in fair value of cash flow hedges, each net of tax expense of $0
 
0.0

 
0.0

 
(0.1
)
 
0.0

Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $0
 
0.1

 
0.0

 
0.2

 
0.2

Adjustment to redeemable noncontrolling interest
 

 

 

 
78.8

Purchase of noncontrolling interest
 

 

 

 
0.5

Foreign currency translation adjustments, net of tax (benefit) expense of ($0.0), $1.0, $0.4 and ($2.8), respectively
 
(407.6
)
 
(248.5
)
 
(320.6
)
 
(957.1
)
Other comprehensive loss
 
(407.5
)
 
(248.5
)
 
(320.5
)
 
(877.6
)
Comprehensive income
 
97.8

 
128.8

 
1,026.7

 
94.4

Allocation of accumulated other comprehensive income resulting from purchase of redeemable noncontrolling interest
 

 

 
(52.4
)
 

Comprehensive loss attributable to noncontrolling interests
 
28.5

 
51.9

 
14.7

 
146.4

Comprehensive income attributable to American Tower Corporation stockholders
 
$
126.3

 
$
180.7

 
$
989.0

 
$
240.8


See accompanying notes to unaudited consolidated and condensed consolidated financial statements.



3


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net income
 
$
1,347.2

 
$
972.0

Adjustments to reconcile net income to cash provided by operating activities
 
 
 
 
Depreciation, amortization and accretion
 
1,328.6

 
1,344.9

Amortization of operating leases
 
440.1

 

Stock-based compensation expense
 
87.9

 
111.3

Loss on early retirement of long-term obligations
 
22.2

 

Other non-cash items reflected in statements of operations
 
163.8

 
194.5

Increase in net deferred rent balances
 
(99.6
)
 
(23.9
)
Reduction in operating lease liability
 
(388.9
)
 

Increase in assets
 
(84.5
)
 
(143.6
)
(Decrease) increase in liabilities
 
(57.9
)
 
29.9

Cash provided by operating activities
 
2,758.9

 
2,485.1

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Payments for purchase of property and equipment and construction activities
 
(724.6
)
 
(610.4
)
Payments for acquisitions, net of cash acquired
 
(687.6
)
 
(1,437.8
)
Proceeds from sale of short-term investments and other non-current assets
 
378.4

 
1,097.0

Payments for short-term investments
 
(355.9
)
 
(1,072.2
)
Deposits and other
 
(11.1
)
 
(31.7
)
Cash used for investing activities
 
(1,400.8
)
 
(2,055.1
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Borrowings under credit facilities
 
3,330.0

 
2,913.3

Proceeds from issuance of senior notes, net
 
3,529.7

 
584.9

Proceeds from term loan
 
1,300.0

 
1,500.0

Proceeds from issuance of securities in securitization transaction
 

 
500.0

Repayments of notes payable, credit facilities, senior notes, secured debt, term loan, finance leases and capital leases
 
(7,672.4
)
 
(4,329.2
)
Distributions to noncontrolling interest holders, net
 
(11.6
)

(14.3
)
Purchases of common stock
 


(181.2
)
Proceeds from stock options and employee stock purchase plan
 
92.7

 
54.1

Distributions paid on common stock
 
(1,182.2
)
 
(975.1
)
Distributions paid on preferred stock
 

 
(18.9
)
Payment for early retirement of long-term obligations
 
(21.0
)
 

Deferred financing costs and other financing activities
 
(114.1
)
 
(47.4
)
Purchase of redeemable noncontrolling interest
 
(425.7
)
 

Purchase of noncontrolling interest
 

 
(20.5
)
Cash used for financing activities
 
(1,174.6
)
 
(34.3
)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash
 
(40.1
)
 
(57.3
)
NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH
 
143.4

 
338.4

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
 
1,304.9

 
954.9

CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
 
$
1,448.3

 
$
1,293.3

CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $9.5 AND $24.9, RESPECTIVELY)
 
$
111.0

 
$
75.3

CASH PAID FOR INTEREST
 
$
621.5

 
$
640.8

NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
 
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities
 
$
(30.5
)
 
$
(22.9
)
Purchases of property and equipment under finance leases, perpetual easements and capital leases    
 
$
52.8

 
$
39.4

Acquisition of Commercialization Rights
 
$

 
$
24.8

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

4



AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, share counts in thousands)

 
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Accumulated Other
Comprehensive
Loss
 
Distributions
in Excess of
Earnings
 
Noncontrolling
Interests
 
Total
Equity
Three Months Ended September 30, 2018 and 2019
 
Issued
Shares
 
Amount
 
Shares
 
Amount
 
BALANCE, JULY 1, 2018
 
450,817

 
$
4.5

 
(9,631
)
 
$
(1,074.0
)
 
$
10,251.9

 
$
(2,510.1
)
 
$
(1,121.6
)
 
$
575.9

 
$
6,126.6

Stock-based compensation related activity
 
213

 
0.0

 

 

 
58.1

 

 

 

 
58.1

Treasury stock activity
 

 

 
(624
)
 
(89.2
)
 

 

 

 

 
(89.2
)
Changes in fair value of cash flow hedges, net of tax
 

 

 

 

 

 
0.0

 

 

 
0.0

Reclassification of unrealized losses on cash flow hedges to net income, net of tax
 

 

 

 

 

 
0.0

 

 

 
0.0

Foreign currency translation adjustment, net of tax
 

 

 

 

 

 
(186.2
)
 

 
(6.3
)
 
(192.5
)
Distributions to noncontrolling interest
 

 

 

 

 

 

 

 
(0.5
)
 
(0.5
)
Common stock distributions declared
 

 

 

 

 

 

 
(349.6
)
 

 
(349.6
)
Net income
 

 

 

 

 

 

 
366.9

 
8.9

 
375.8

BALANCE, SEPTEMBER 30, 2018
 
451,030

 
$
4.5

 
(10,255
)
 
$
(1,163.2
)
 
$
10,310.0

 
$
(2,696.3
)
 
$
(1,104.3
)
 
$
578.0

 
$
5,928.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE, JULY 1, 2019
 
452,943

 
$
4.5

 
(10,557
)
 
$
(1,206.8
)
 
$
10,492.7

 
$
(2,606.7
)
 
$
(1,206.2
)
 
$
565.6

 
$
6,043.1

Stock-based compensation related activity
 
449

 
0.0

 

 

 
59.1

 

 

 

 
59.1

Changes in fair value of cash flow hedges, net of tax
 

 

 

 

 

 
0.0

 

 

 
0.0

Reclassification of unrealized losses on cash flow hedges to net income, net of tax
 

 

 

 

 

 
0.1

 

 

 
0.1

Foreign currency translation adjustment, net of tax
 

 

 

 

 

 
(372.4
)
 

 
(19.8
)
 
(392.2
)
Contributions from noncontrolling interest
 

 

 

 

 

 

 

 
2.7

 
2.7

Distributions to noncontrolling interest
 

 

 

 

 

 

 

 
(0.5
)
 
(0.5
)
Common stock distributions declared
 

 

 

 

 

 

 
(422.5
)
 

 
(422.5
)
Net income
 

 

 

 

 

 

 
498.6

 
6.7

 
505.3

BALANCE, SEPTEMBER 30, 2019
 
453,392

 
$
4.5

 
(10,557
)
 
$
(1,206.8
)
 
$
10,551.8

 
$
(2,979.0
)
 
$
(1,130.1
)
 
$
554.7

 
$
5,795.1



5



 
 
Preferred Stock - Series B
 
Common Stock
 
Treasury Stock
 
Additional
Paid-in
Capital
 
Accumulated Other
Comprehensive
Loss
 
Distributions
in Excess of
Earnings
 
Noncontrolling
Interests
 
Total
Equity
Nine Months Ended September 30, 2018 and 2019
 
Issued Shares
 
Amount
 
Issued
Shares
 
Amount
 
Shares
 
Amount
 
BALANCE, JANUARY 1, 2018
 
1,375

 
$
0.0

 
437,729

 
$
4.4

 
(8,909
)
 
$
(974.0
)
 
$
10,247.5

 
$
(1,978.3
)
 
$
(1,058.1
)
 
$
586.6

 
$
6,828.1

Stock-based compensation related activity
 

 

 
1,236

 
0.0

 

 

 
124.5

 

 

 

 
124.5

Issuance of common stock- stock purchase plan
 

 

 
45

 
0.0

 

 

 
5.3

 

 

 

 
5.3

Conversion of preferred stock
 
(1,375
)
 
(0.0
)
 
12,020

 
0.1

 

 

 
(0.1
)
 

 

 

 

Treasury stock activity
 

 

 

 

 
(1,346
)
 
(189.2
)
 

 

 

 

 
(189.2
)
Changes in fair value of cash flow hedges, net of tax
 

 

 

 

 

 

 

 
0.0

 

 

 
0.0

Reclassification of unrealized losses on cash flow hedges to net income, net of tax
 

 

 

 

 

 

 

 
0.2

 

 

 
0.2

Foreign currency translation adjustment, net of tax
 

 

 

 

 

 

 

 
(797.5
)
 

 
(30.1
)
 
(827.6
)
Adjustment to redeemable noncontrolling interest
 

 

 

 

 

 

 
(50.7
)
 
78.8

 

 

 
28.1

Distributions to noncontrolling interest
 

 

 

 

 

 

 

 

 

 
(1.0
)
 
(1.0
)
Purchase of noncontrolling interest
 

 

 

 

 

 

 
(16.5
)
 
0.5

 

 
(4.5
)
 
(20.5
)
Impact of revenue recognition standard adoption
 

 

 

 

 

 

 

 

 
38.4

 

 
38.4

Common stock distributions declared
 

 

 

 

 

 

 

 

 
(1,024.5
)
 

 
(1,024.5
)
Preferred stock dividends declared
 

 

 

 

 

 

 

 

 
(18.9
)
 

 
(18.9
)
Net income
 

 

 

 

 

 

 

 

 
958.8

 
27.0

 
985.8

BALANCE, SEPTEMBER 30, 2018
 

 
$

 
451,030

 
$
4.5

 
(10,255
)
 
$
(1,163.2
)
 
$
10,310.0

 
$
(2,696.3
)
 
$
(1,104.3
)
 
$
578.0

 
$
5,928.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE, JANUARY 1, 2019
 

 
$

 
451,617

 
$
4.5

 
(10,557
)
 
$
(1,206.8
)
 
$
10,380.8

 
$
(2,642.9
)
 
$
(1,199.5
)
 
$
563.5

 
$
5,899.6

Stock-based compensation related activity
 

 

 
1,734

 
0.0

 

 

 
112.9

 

 

 

 
112.9

Issuance of common stock- stock purchase plan
 

 

 
41

 
0.0

 

 

 
5.7

 

 

 

 
5.7

Changes in fair value of cash flow hedges, net of tax
 

 

 

 

 

 

 

 
(0.1
)
 

 

 
(0.1
)
Reclassification of unrealized losses on cash flow hedges to net income, net of tax
 

 

 

 

 

 

 

 
0.2

 

 

 
0.2

Foreign currency translation adjustment, net of tax
 

 

 

 

 

 

 

 
(283.8
)
 

 
(32.5
)
 
(316.3
)
Contributions from noncontrolling interest
 

 

 

 

 

 

 

 

 

 
2.7

 
2.7

Distributions to noncontrolling interest
 

 

 

 

 

 

 

 

 

 
(1.1
)
 
(1.1
)
Purchase of redeemable noncontrolling interest
 

 

 

 

 

 

 
52.4

 
(52.4
)
 

 

 

Impact of lease accounting standard adoption
 

 

 

 

 

 

 

 

 
(24.7
)
 

 
(24.7
)
Common stock distributions declared
 

 

 

 

 

 

 

 

 
(1,231.0
)
 

 
(1,231.0
)
Net income
 

 

 

 

 

 

 

 

 
1,325.1

 
22.1

 
1,347.2

BALANCE, SEPTEMBER 30, 2019
 

 
$

 
453,392

 
$
4.5

 
(10,557
)
 
$
(1,206.8
)
 
$
10,551.8

 
$
(2,979.0
)
 
$
(1,130.1
)
 
$
554.7

 
$
5,795.1


See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

6

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)


1.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated and condensed consolidated financial statements have been prepared by American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included herein. The consolidated and 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, 2018 (the “2018 Form 10-K”). The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the entire year.

Principles of Consolidation and Basis of Presentation—The accompanying consolidated and 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 method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated. As of September 30, 2019, the Company holds (i) a 51% controlling interest in each of two joint ventures, one in Ghana and one in Uganda (MTN Group Limited (“MTN”) holds a 49% noncontrolling interest), (ii) a 51% controlling interest in a joint venture that primarily consists of the Company’s operations in Germany and France (PGGM holds a 49% noncontrolling interest), (iii) an approximate 81% controlling interest in a subsidiary of the Company in South Africa (South African investors hold an approximate 19% noncontrolling interest) and (iv) a 79% controlling interest in ATC Telecom Infrastructure Private Limited (“ATC TIPL”), formerly Viom Networks Limited (“Viom”), in India.

Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2018 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2019, except the adoption of new lease accounting guidance, as discussed below.

Cash and Cash Equivalents and Restricted Cash—The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statement of cash flows is as follows:
 
Nine Months Ended September 30,
 
2019
 
2018
Cash and cash equivalents
$
1,352.6

 
$
1,026.5

Restricted cash
95.7

 
266.8

Total cash and cash equivalents and restricted cash
$
1,448.3

 
$
1,293.3



Lease—The new lease standard requires leases to be accounted for using a right-of-use model, which recognizes that, at the date of commencement, a lessee has a financial obligation to make lease payments to the lessor for the right to use the underlying asset during the lease term. The lessee recognizes a corresponding right-of-use asset related to this right.

On January 1, 2019, the Company elected to adopt the new lease standard using the modified retrospective method applied to lease arrangements that were in place on the transition date. Results for reporting periods beginning January 1, 2019 are presented under the new standard, while prior-period amounts are not adjusted and continue to be reported in accordance with accounting under the previously applicable guidance.
The Company elected certain available practical expedients which permit the adopter to not reassess certain items upon adoption, including: (i) whether any existing contracts are or contain leases, (ii) the classification of existing leases and (iii) initial direct costs for existing leases. The Company also elected the practical expedient related to easements, which permits carryforward accounting treatment for land easements on existing agreements.

7

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

The Company recorded a net increase to opening Distributions in excess of earnings in its consolidated balance sheet of $24.7 million as of January 1, 2019 due to the cumulative impact of adopting the new lease standard. This adjustment related to right-of-use asset impairments. The Company also recorded a lease liability of $6.9 billion and a corresponding right-of-use asset of $7.1 billion upon adoption of the new lease standard. Those rights and obligations are primarily related to operating leases for ground space underneath the Company’s communications sites. The right-of-use assets recorded include, among other items, amounts previously classified as prepaid rent, deferred lease acquisition costs, fair value adjustments on acquired leases and long-term deferred rent obligations. Finance leases, which primarily relate to towers, equipment and vehicles, were largely unchanged. There was no significant change to the Company’s consolidated statements of operations resulting from the adoption of this standard.
The Company did not elect the practical expedient for short-term leases, which permits an adopter to not apply the lease standard to leases with a remaining maturity of one year or less, and applied the new lease accounting standard to all leases, including short-term leases.
In conjunction with the adoption of the new lease accounting guidance, the Company applied the lessor and lessee practical expedient and no longer separates lease and non-lease components within a lease agreement when the timing and pattern of revenue recognition for the components are the same and the combined single lease component is classified as an operating lease. Certain amounts, such as power and fuel and common area maintenance, which were previously reported as non-lease revenue, are now accounted for as lease revenue. Accordingly, the Company has reclassified certain prior-period amounts within its disclosures.

Revenue—Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition differs from the lease components. Revenue related to distributed antenna system (“DAS”) networks and fiber results from agreements with tenants that are not leases.

Non-lease revenue—Non-lease revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements require that the Company provide the tenant the right to use the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis.
Services revenue—The Company offers tower-related services in the United States. These services include site acquisition, zoning and permitting (“AZP”) and structural analysis. There is a single performance obligation related to AZP and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural analysis services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed.

A summary of revenue disaggregated by source and geography is as follows:
Three Months Ended September 30, 2019
 
U.S.
 
Asia
 
EMEA
 
Latin
America
 
Total
Non-lease property revenue
 
$
66.7

 
$
2.2

 
$
2.3

 
$
34.1

 
$
105.3

Services revenue
 
32.0

 

 

 

 
32.0

Total non-lease revenue
 
$
98.7

 
$
2.2

 
$
2.3

 
$
34.1

 
$
137.3

Property lease revenue
 
1,029.2

 
310.3

 
179.2

 
297.6

 
1,816.3

Total revenue
 
$
1,127.9

 
$
312.5

 
$
181.5

 
$
331.7

 
$
1,953.6



8

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

Three Months Ended September 30, 2018 (1)
 
U.S.
 
Asia
 
EMEA
 
Latin
America
 
Total
Non-lease property revenue
 
$
62.4

 
$
1.6

 
$
0.4

 
$
23.6

 
$
88.0

Services revenue
 
33.9

 

 

 

 
33.9

Total non-lease revenue
 
$
96.3

 
$
1.6

 
$
0.4

 
$
23.6

 
$
121.9

Property lease revenue
 
895.3

 
321.5

 
166.2

 
280.6

 
1,663.6

Total revenue
 
$
991.6

 
$
323.1

 
$
166.6

 
$
304.2

 
$
1,785.5

_______________
(1)
Prior-period amounts adjusted with the adoption of the new lease accounting guidance, as applicable.

Nine Months Ended September 30, 2019
 
U.S.
 
Asia
 
EMEA
 
Latin
America
 
Total
Non-lease property revenue
 
$
186.3

 
$
6.7

 
$
5.8

 
$
103.9

 
$
302.7

Services revenue
 
100.1

 

 

 

 
100.1

Total non-lease revenue
 
$
286.4

 
$
6.7

 
$
5.8

 
$
103.9

 
$
402.8

Property lease revenue
 
2,903.1

 
915.8

 
528.2

 
906.7

 
5,253.8

Total revenue
 
$
3,189.5

 
$
922.5

 
$
534.0

 
$
1,010.6

 
$
5,656.6


Nine Months Ended September 30, 2018 (1)
 
U.S.
 
Asia
 
EMEA
 
Latin
America
 
Total
Non-lease property revenue
 
$
190.3

 
$
5.0

 
$
1.1

 
$
71.9

 
$
268.3

Services revenue
 
96.8

 

 

 

 
96.8

Total non-lease revenue
 
$
287.1

 
$
5.0

 
$
1.1

 
$
71.9

 
$
365.1

Property lease revenue
 
2,655.8

 
899.0

 
506.4

 
881.9

 
4,943.1

Total revenue
 
$
2,942.9

 
$
904.0

 
$
507.5

 
$
953.8

 
$
5,308.2


_______________
(1)
Prior-period amounts adjusted with the adoption of the new lease accounting guidance, as applicable.


Information about receivables, contract assets and contract liabilities from non-lease contracts with tenants is as follows:
 
 
September 30, 2019
 
December 31, 2018 (1)
Accounts receivable
 
$
94.0

 
$
92.6

Prepaids and other current assets
 
10.0

 
7.7

Notes receivable and other non-current assets
 
26.0

 
22.2

Unearned revenue (2)
 
37.9

 
35.0

Other non-current liabilities (3)
 
68.8

 
54.1

_______________
(1)
Prior-period amounts adjusted with the adoption of the new lease accounting guidance, as applicable.
(2)
Excludes $56.1 million and $55.0 million of capital contributions related to DAS networks as of September 30, 2019 and December 31, 2018, respectively.
(3)
Excludes $301.6 million and $313.6 million of capital contributions related to DAS networks as of September 30, 2019 and December 31, 2018, respectively.

The Company records unearned revenue when payments are received from tenants in advance of the completion of the Company’s performance obligations. Long-term unearned revenue is included in Other non-current liabilities. During the three and nine months ended September 30, 2019, the Company recognized $15.7 million and $45.8 million, respectively, of revenue that was included in the Unearned revenue balance as of December 31, 2018. During the three and nine months ended September 30, 2018, the Company recognized $10.8 million and $33.3 million, respectively, of revenue from the Unearned revenue balance as of January 1, 2018. The Company also recognized revenues

9

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

of $14.8 million and $44.2 million during the three and nine months ended September 30, 2019, respectively, and $13.8 million and $41.2 million during the three and nine months ended September 30, 2018, respectively, for capital contributions related to DAS networks. There was $0.1 million and $0.3 million during the three and nine months ended September 30, 2019, respectively, and $0.2 million and $0.4 million during the three and nine months ended September 30, 2018, respectively, of revenue recognized from Other non-current liabilities.

The Company records unbilled receivables, which are included in Prepaids and other current assets, when it has completed a performance obligation prior to its ability to bill under the customer arrangement. Other contract assets are included in Notes receivable and other non-current assets. The Company did not record any change in unbilled receivables attributable to revenue recognized during each of the three and nine months ended September 30, 2019 and 2018. The change in contract assets attributable to revenue recognized was $5.2 million and $3.8 million during the three and nine months ended September 30, 2019, respectively, and less than $0.1 million for each of the three and nine months ended September 30, 2018.

Accounting Standards Updates

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance that modifies how entities measure credit losses on most financial instruments. The new guidance replaces the current "incurred loss" model with an "expected credit loss" model that requires consideration of a broader range of information to estimate expected credit losses over the lifetime of the asset. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. Operating lease receivables are not within the scope of this guidance. The Company is finalizing its analysis of the impact of this guidance on its financial statements and does not expect the adoption of this guidance to have a material impact on the Company’s financial statements.

In January 2017, the FASB issued guidance on accounting for goodwill impairments. The guidance eliminates Step 2 from the goodwill impairment test and requires, among other things, recognition of an impairment loss when the carrying value of a reporting unit exceeds its fair value. The loss recognized is limited to the total amount of goodwill allocated to that reporting unit. The guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements.

In August 2018, the FASB issued guidance on the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This guidance aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. The Company adopted this guidance prospectively on July 1, 2019. The adoption of this guidance did not have a material impact on the Company’s financial statements.

2.    PREPAID AND OTHER CURRENT ASSETS
Prepaid and other current assets consisted of the following:
 
As of
 
September 30, 2019
 
December 31, 2018
Unbilled receivables
$
124.0

 
$
126.1

Prepaid income tax
136.7

 
125.1

Value added tax and other consumption tax receivables
65.0

 
86.3

Prepaid assets
66.5

 
40.5

Prepaid operating ground leases

 
165.0

Other miscellaneous current assets
79.8

 
78.2

Prepaids and other current assets
$
472.0

 
$
621.2




10

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

The reduction in Prepaid operating ground leases is a result of the reclassification of assets to the Right-of-use asset in connection with the Company’s adoption of the new lease accounting standard.

3.    PROPERTY AND EQUIPMENT
Property and equipment (including assets held under financing leases) consisted of the following:
 
Estimated Useful  Lives (years) (1)
 
As of
 
 
September 30, 2019
 
December 31, 2018
Towers
Up to 20
 
$
13,044.9

 
$
12,777.9

Equipment (2)
2 - 20
 
1,807.1

 
1,667.3

Buildings and improvements
3 - 32
 
636.2

 
628.5

Land and improvements (3)
Up to 20
 
2,435.4

 
2,285.4

Construction-in-progress
 
 
378.7

 
358.1

Total
 
 
18,302.3

 
17,717.2

Less accumulated depreciation
 
 
(7,019.1
)
 
(6,470.1
)
Property and equipment, net
 
 
$
11,283.2

 
$
11,247.1

_______________
(1)
Assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease taking into consideration lease renewal options and residual value.
(2)
Includes fiber and DAS assets.
(3)
Estimated useful lives apply to improvements only.

Total depreciation expense was $224.7 million and $677.5 million for the three and nine months ended September 30, 2019, respectively, and $221.0 million and $666.9 million for the three and nine months ended September 30, 2018, respectively. Depreciation expense includes amounts related to finance lease assets for the three and nine months ended September 30, 2019 of $42.4 million and $127.4 million, respectively.

As of December 31, 2018, property and equipment included $4,369.5 million of capital lease assets with related equipment and improvements and $1,016.2 million of accumulated depreciation.

Information about finance lease-related balances is as follows:
 
 
 
 
As of
Finance leases:
 
Classification
 
September 30, 2019
Property and equipment
 
Towers
 
$
2,706.9

Accumulated depreciation
 
 
 
(1,039.8
)
Property and equipment, net
 
 
 
$
1,667.1

 
 
 
 
 
Property and equipment