SBA COMMUNICATIONS CORP, 10-K filed on 2/24/2020
Annual Report
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Document And Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2019
Feb. 18, 2020
Jun. 30, 2019
Document And Entity Information [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2019    
Document Fiscal Year Focus 2019    
Document Transition Report false    
Entity File Number 001-16853    
Entity Registrant Name SBA COMMUNICATIONS CORPORATION    
Entity Incorporation, State or Country Code FL    
Entity Tax Identification Number 65-0716501    
Entity Address, Address Line One 8051 Congress Avenue    
Entity Address, City or Town Boca Raton    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33487    
City Area Code 561    
Local Phone Number 995-7670    
Title of 12(b) Security Class A Common Stock, $0.01 par value per share    
Trading Symbol SBAC    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 25.2
Entity Common Stock Shares Outstanding   111,929,411  
Documents Incorporated By Reference Portions of the Registrant’s definitive proxy statement for its 2020 annual meeting of shareholders, which proxy statement will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2019, are hereby incorporated by reference in Part III of this Annual Report on Form 10-K.    
Amendment Flag false    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001034054    
v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 108,309 $ 143,444
Restricted cash 30,243 32,464
Accounts receivable, net 132,125 111,035
Costs and estimated earnings in excess of billings on uncompleted contracts 26,313 23,785
Prepaid expenses and other current assets [1] 37,281 63,126
Total current assets 334,271 373,854
Property and equipment, net [1] 2,794,602 2,786,355
Intangible assets, net 3,626,773 3,331,465
Right-of-use assets, net [1] 2,572,217  
Other assets [1] 432,078 722,033
Total assets 9,759,941 7,213,707
Current Liabilities:    
Accounts payable 31,846 34,308
Accrued expenses 67,618 63,665
Current maturities of long-term debt 522,090 941,728
Deferred revenue 113,507 108,054
Accrued interest 49,269 48,722
Current lease liabilities [1] 247,015  
Other current liabilities [1] 16,948 9,802
Total current liabilities 1,048,293 1,206,279
Long-term liabilities:    
Long-term debt, net 9,812,335 8,996,825
Long-term lease liabilities [1] 2,279,400  
Other long-term liabilities [1] 270,868 387,426
Total long-term liabilities 12,362,603 9,384,251
Redeemable noncontrolling interests 16,052  
Shareholders' deficit:    
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding
112,433 shares issued and outstanding at December 31, 2019 and December 31, 2018, 112,433 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 1,118 1,124
Additional paid-in capital 2,461,335 2,270,326
Accumulated deficit (5,560,695) (5,136,368)
Accumulated other comprehensive loss, net (568,765) (511,905)
Total shareholders' deficit (3,667,007) (3,376,823)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit $ 9,759,941 $ 7,213,707
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2019
Dec. 31, 2018
Consolidated Balance Sheets [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 30,000,000 30,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock - Class A, par value $ 0.01 $ 0.01
Common stock - Class A, shares authorized 400,000,000 400,000,000
Common stock - Class A, shares issued 111,775,000 112,433,000
Common stock - Class A, shares outstanding 111,775,000 112,433,000
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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Site leasing $ 1,860,858 $ 1,740,434 $ 1,623,173
Site development 153,787 125,261 104,501
Total revenues 2,014,645 1,865,695 1,727,674
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):      
Cost of site leasing 373,951 372,296 359,527
Cost of site development 119,080 96,499 86,785
Selling, general, and administrative expenses 192,717 142,526 130,697
Acquisition and new business initiatives related adjustments and expenses 15,228 10,961 12,367
Asset impairment and decommission costs 33,103 27,134 36,697
Depreciation, accretion, and amortization 697,078 672,113 643,100
Total operating expenses 1,431,157 1,321,529 1,269,173
Operating income 583,488 544,166 458,501
Other income (expense):      
Interest income 5,500 6,731 11,337
Interest expense (390,036) (376,217) (323,749)
Non-cash interest expense (3,193) (2,640) (2,879)
Amortization of deferred financing fees (22,466) (20,289) (21,940)
Loss from extinguishment of debt, net (457) (14,443) (1,961)
Other income (expense), net 14,053 (85,624) (2,418)
Total other expense, net (396,599) (492,482) (341,610)
Income before income taxes 186,889 51,684 116,891
Provision for income taxes (39,605) (4,233) (13,237)
Net income 147,284 47,451 103,654
Net (income) attributable to noncontrolling interests (293)    
Net income attributable to SBA Communications Corporation $ 146,991 $ 47,451 $ 103,654
Net income per common share attributable to SBA Communications Corporation:      
Basic $ 1.30 $ 0.41 $ 0.86
Diluted $ 1.28 $ 0.41 $ 0.86
Weighted average number of common shares      
Basic 112,809 114,909 119,860
Diluted 114,693 116,515 121,022
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated Statements of Comprehensive Income (Loss) [Abstract]      
Net income $ 147,284 $ 47,451 $ 103,654
Unrealized loss on interest rate swaps (42,131)    
Foreign currency translation adjustments (14,729) (132,445) (9,276)
Comprehensive income (loss) 90,424 (84,994) 94,378
Comprehensive income attributable to noncontrolling interests (753)    
Comprehensive income (loss) attributable to SBA Communications Corporation $ 89,671 $ (84,994) $ 94,378
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Consolidated Statements of Shareholders' Deficit - USD ($)
shares in Thousands, $ in Thousands
Common Stock [Member]
Class A Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive (Loss) Income, Net [Member]
Total
BALANCE at Dec. 31, 2016 $ 1,210 $ 2,010,520 $ (3,637,467) $ (370,184) $ (1,995,921)
BALANCE, Shares at Dec. 31, 2016 121,004        
Net income attributable to SBA Communications Corporation     103,654   103,654
Common stock issued in connection with stock purchase/option plans $ 8 54,798     54,806
Common stock issued in connection with stock purchase/option plans, Shares 812        
Non-cash stock compensation   38,844     38,844
Common stock issued in connection with acquisitions $ 5 63,308     63,313
Common stock issued in connection with acquisitions, Shares 488        
Repurchase and retirement of common stock $ (59)   (854,475)   (854,534)
Repurchase and retirement of common stock, Shares (5,858)        
Foreign currency translation adjustments       (9,276) (9,276)
BALANCE at Dec. 31, 2017 $ 1,164 2,167,470 (4,388,288) (379,460) (2,599,114)
BALANCE, Shares at Dec. 31, 2017 116,446        
Net income attributable to SBA Communications Corporation     47,451   47,451
Common stock issued in connection with stock purchase/option plans $ 10 59,716     59,726
Common stock issued in connection with stock purchase/option plans, Shares 962        
Non-cash stock compensation   43,140     43,140
Repurchase and retirement of common stock $ (50)   (795,531)   (795,581)
Repurchase and retirement of common stock, Shares (4,975)        
Foreign currency translation adjustments       (132,445) (132,445)
BALANCE at Dec. 31, 2018 $ 1,124 2,270,326 (5,136,368) (511,905) $ (3,376,823)
BALANCE, Shares at Dec. 31, 2018 112,433       112,433
Net income attributable to SBA Communications Corporation     146,991   $ 146,991
Common stock issued in connection with stock purchase/option plans $ 13 116,189     116,202
Common stock issued in connection with stock purchase/option plans, Shares 1,347        
Non-cash stock compensation   74,270     74,270
Common stock issued in connection with acquisitions   1,680     1,680
Common stock issued in connection with acquisitions, Shares 10        
Unrealized loss on interest rate swaps       (42,131) (42,131)
Repurchase and retirement of common stock $ (19)   (466,963)   (466,982)
Repurchase and retirement of common stock, Shares (2,015)        
Foreign currency translation adjustments       (14,729) (14,729)
Payment of dividends on common stock     (83,387)   (83,387)
Adjustment to fair value related to noncontrolling interests   (1,130)     (1,130)
BALANCE at Dec. 31, 2019 $ 1,118 $ 2,461,335 (5,560,695) $ (568,765) $ (3,667,007)
BALANCE, Shares at Dec. 31, 2019 111,775       111,775
Impact of adoption of ASU 2016-02 related to leases     $ (20,968)   $ (20,968)
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 147,284 $ 47,451 $ 103,654
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, accretion, and amortization 697,078 672,113 643,100
Non-cash asset impairment and decommission costs 32,241 26,192 32,423
Non-cash compensation expense 73,214 42,327 38,249
Amortization of deferred financing fees 20,358 20,289 21,940
(Gain) loss on remeasurement of U.S. denominated intercompany loans (13,134) 89,101 8,754
(Recovery) provision for doubtful accounts (2,141) 551 2,909
Loss from extinguishment of deb, net 235 14,087 1,961
Other non-cash items reflected in the Statements of Operations 19,381 (14,586) (4,850)
Changes in operating assets and liabilities, net of acquisitions:      
AR and costs and est. earnings in excess of billings on uncompleted contracts, net (12,146) (29,427) (20,893)
Prepaid expenses and other assets 878 (38,040) (16,888)
Operating lease right-of-use assets, net 93,665    
Accounts payable and accrued expenses (5,951) (3,021) 3,555
Long-term lease liabilities (87,544)    
Other liabilities 6,627 23,581 4,556
Net cash provided by operating activities 970,045 850,618 818,470
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions (773,957) (451,829) (441,547)
Capital expenditures (154,236) (149,812) (147,044)
Purchase of investments (638,963) (156,983) (397)
Proceeds from sale of investments 625,807 150,890 231
Other investing activities (5,809) (10,613) (16,350)
Net cash used in investing activities (947,158) (618,347) (605,107)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under Revolving Credit Facility 755,000 1,120,000 525,000
Repayments under Revolving Credit Facility (590,000) (835,000) (875,000)
Repayment of Term Loans (24,000) (1,947,000) (20,000)
Proceeds from issuance of Term Loans, net of fees   2,377,218  
Proceeds from issuance of Senior Notes, net of fees     741,108
Proceeds from issuance of Tower Securities, net of fees 1,152,458 631,466 749,764
Repayment of Tower Securities (920,000) (755,000) (610,000)
Repurchase and retirement of common stock (466,982) (795,581) (854,534)
Payment of dividends on common stock (83,387)    
Proceeds from employee stock purchase/stock option plans 116,202 59,880 54,950
Other financing activities (1,605) (4,520) (5,862)
Net cash used in financing activities (62,314) (148,537) (294,574)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,247 (9,729) (464)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (37,180) 74,005 (81,675)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:      
Beginning of year 178,300 104,295 185,970
End of year 141,120 178,300 104,295
Cash paid during the period for:      
Interest 386,615 376,628 319,562
Income taxes 21,598 21,645 14,653
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:      
Right-of-use assets obtained in exchange for new operating lease liabilities 175,517    
Operating lease modifications and reassessments 52,383    
Right-of-use assets obtained in exchange for new finance lease liabilities $ 3,499 $ 1,039 $ 254
Common stock issued in connection with acquisitions 1,680   63,313
Consolidation of an equity method investment $ 71,990    
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General
 12 Months Ended
Dec. 31, 2019
General [Abstract]  
General 1.GENERAL

SBA Communications Corporation (the “Company” or “SBAC”) was incorporated in the State of Florida in March 1997. The Company is a holding company that holds all of the outstanding capital stock of SBA Telecommunications, LLC (“Telecommunications”). Telecommunications is a holding company that holds the outstanding capital stock of SBA Senior Finance, LLC (“SBA Senior Finance”), and other operating subsidiaries which are not a party to any loan agreement. SBA Senior Finance is a holding company that holds, directly or indirectly, the equity interest in certain subsidiaries that issued the Tower Securities (see Note 11) and certain subsidiaries that were not involved in the issuance of the Tower Securities. With respect to the subsidiaries involved in the issuance of the Tower Securities, SBA Senior Finance is the sole member of SBA Holdings, LLC and SBA Depositor, LLC. SBA Holdings, LLC is the sole member of SBA Guarantor, LLC. SBA Guarantor, LLC directly or indirectly holds all of the capital stock of the companies referred to as the “Borrowers” under the Tower Securities. With respect to subsidiaries not involved in the issuance of the Tower Securities, SBA Senior Finance holds all of the membership interests in SBA Senior Finance II, LLC (“SBA Senior Finance II”) and certain non-operating subsidiaries. SBA Senior Finance II holds, directly or indirectly, all the capital stock of certain international subsidiaries and certain other tower companies (known as “Tower Companies”). SBA Senior Finance II also holds, directly or indirectly, all the capital stock and/or membership interests of certain other subsidiaries involved in providing services, including SBA Network Services, LLC (“Network Services”) as well as SBA Network Management, Inc. (“Network Management”) which manages and administers the operations of the Borrowers.

As of December 31, 2019, the Company owned and operated wireless towers in the United States and its territories. In addition, the Company owned towers in Argentina, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Nicaragua, Panama, Peru, and South Africa. Space on these towers is leased primarily to wireless service providers. As of December 31, 2019, the Company owned and operated 32,403 towers of which 16,401 are domestic and 16,002 are international.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements is as follows:

Principles of Consolidation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value.

Restricted Cash

The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for

payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4).

Investments

Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments primarily consist of U.S. Treasuries, mutual funds, and preferred securities. Gross purchases and sales of the Company’s investments are presented within “Cash flows from investing activities” on the Company’s Consolidated Statements of Cash Flows. During the years ended December 31, 2019 and 2018, the Company received proceeds related to the sale or maturity of investments of $625.8 million and $150.9 million, respectively. During the year ended December 31, 2019 and 2018, no gain or loss was recorded related to the sale or maturity of investments. The proceeds are reflected in Net cash used in investing activities on the Consolidated Statements of Cash Flows.

The Company accounts for its investments in privately held companies under the equity method. The Company evaluates its investments for impairment at least annually. The Company determines the fair value of its investments by considering available evidence, including general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The Company measures and records its investments at fair value when they are deemed to be other-than-temporarily impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2019, 2018, and 2017. The aggregate carrying value of the Company’s investments was approximately $13.8 million and $14.6 million as of December 31, 2019 and 2018, respectively, and is classified within prepaid and other current assets and other assets on the Company’s consolidated balance sheets.

Property and Equipment

Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $0.7 million, $0.9 million, and $1.1 million of interest cost was capitalized in 2019, 2018 and 2017, respectively.

Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives.

The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred.

Asset classes and related estimated useful lives are as follows:

Towers and related components

3 - 15  years

Furniture, equipment and vehicles

2 - 7 years

Buildings and improvements

10 - 30  years

Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented.

Deferred Financing Fees

Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheet, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset.

Intangible Assets

The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.

Impairment of Long-Lived Assets

The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract intangibles for impairment.

The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge.

The Company recognized impairment charges of $33.1 million, $27.1 million, and $36.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 3 for further detail of these amounts.

Fair Value Measurements

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Revenue Recognition and Accounts Receivable

Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 92% of the Company’s total revenues. For additional information on tenant leases, refer to the Leases section below.

Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets.

Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable.

The site development segment represents approximately 8% of the Company’s total revenues. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract.

The accounts receivable balance was $132.1 million and $111.0 million as of December 31, 2019 and 2018, respectively, of which $40.7 million and $27.1 million related to the site development segment as of December 31, 2019 and 2018, respectively. Refer to Note 15 for further detail of the site development segment.

Allowance for Doubtful Accounts

The Company performs periodic credit evaluations of its customers. The Company monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience, specific customer collection issues identified, and past due balances as determined based on contractual terms. Interest is charged on outstanding receivables from customers on a case by case basis in accordance with the terms of the respective contracts or agreements with those customers. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts in the period in which uncollectibility is determined to be probable.

The following is a rollforward of the allowance for doubtful accounts:

For the year ended December 31,

2019

2018

2017

(in thousands)

Beginning balance

$

23,880

$

26,481

$

24,518

Provision for doubtful accounts

155

551

2,909

Write-offs

(1,455)

(591)

(647)

Recoveries (1)

(2,296)

—

—

Acquisitions

1,193

—

—

Currency translation adjustment

(275)

(2,561)

(299)

Ending balance

$

21,202

$

23,880

$

26,481

(1)On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10% reduction in the receivable and four annual installment payments, the first of which was received in March 2019.

Cost of Revenue

Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site

development projects are recognized as incurred. For additional information on ground leases and the adoption of Topic 842, refer to the Leases section below.

Income Taxes

The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors.

The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS.

The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2019. The REIT had taxable income during the year ended December 31, 2019 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2019 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. The deferred tax asset generated by the NOLs are fully reserved by a valuation allowance.

The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations.

Stock-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options and restricted stock units on a straight-line basis over the vesting period. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for restricted stock units is based on the fair market value of the units awarded at the date of the grant.

Asset Retirement Obligations

The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease.

In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations.

The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2019 and 2018, the asset retirement obligation was $11.5 million and $9.9 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any

difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), other foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges.

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations.

Acquisitions

Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2019, there were no purchase price allocations that were preliminary.

In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.

Leases

The Company adopted ASU No. 2016-02, Leases (“Topic 842”) using the modified retrospective adoption method with an effective date of January 1, 2019. The consolidated financial statements for 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. This standard requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets.

The adoption of the new lease standard had a significant impact on the Company’s Consolidated Balance Sheets resulting in the recognition of $2.6 billion of right-of-use assets, net, $226.0 million of current lease liabilities, and $2.3 billion of long-term lease liabilities. The right-of-use assets included $266.3 million of rent prepayments and financing lease right-of-use assets, net which were

previously reported in Prepaid expenses and other current assets, Other assets, and Property, Plant and Equipment, net on the Consolidated Balance Sheets. In addition, the Company recognized a $21.0 million cumulative effect adjustment, net of tax, to Accumulated deficit on the Consolidated Balance Sheet related to the unamortized deferred lease costs incurred in prior periods which do not meet the definition of initial direct costs under Topic 842.

The adoption of Topic 842 did not have a significant impact on the Company’s lease classification or a material impact on its Consolidated Statements of Operations and liquidity. Additionally, the adoption of Topic 842 did not have a material impact on the Company’s debt covenant compliance under its current agreements.

The components of the right-of-use assets and lease liabilities as of December 31, 2019 are as follows (in thousands):

Operating lease right-of-use assets, net

$

2,567,507

Financing lease right-of-use assets, net

4,710

Right-of-use assets, net

$

2,572,217

Current operating lease liabilities

$

245,665

Current financing lease liabilities

1,350

Current lease liabilities

$

247,015

Long-term operating lease liabilities

$

2,276,858

Long-term financing lease liabilities

2,542

Long-term lease liabilities

$

2,279,400

Operating Leases

Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals, and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site (generally 15 years).

Substantially all leases provide for rent rate escalations. The most common provisions provide for fixed rent escalators which typically average 2-3% annually. The Company also has ground leases that include consumer price index escalators, particularly in its South American and South African operations. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments.

Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term.

Finance Leases

Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms.

Discount Rate

When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.

Lease Cost

Variable lease payments include escalations based on standard cost of living indexes and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions.

The components of lease cost, lease term, and discount rate as of December 31, 2019 are as follows:

For the year ended

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,275

Interest on finance lease liabilities

115

Total finance lease cost

1,390

Operating lease cost (1)

266,681

Variable lease cost (1)

38,477

Total lease cost

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2019

Operating leases

16.6 years

Finance leases

3.3 years

Weighted Average Discount Rate as of December 31, 2019

Operating leases

6.1%

Finance leases

3.6%

For the year ended

Other information:

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,758

Cash flows from finance leases

$

1,275

(1)For the year ended December 31, 2018, operating lease costs and variable lease costs were $273.5 million and $27.1 million, respectively.

Tenant (Operating) Leases

The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to 10 years with multiple five year renewal periods at the option of the tenant. Tenant leases typically contain specific rent escalators, which can be fixed or escalate in accordance with a standard cost of living index, including the renewal option periods.

Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is not reasonably certain of occurrence; therefore, only the current committed term is included in the determination of the lease term.

Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations.

Deferred Lease Costs

Prior to the adoption of ASU 2016-02, the Company deferred certain initial direct costs associated with the origination of tenant leases and amortized these costs over the remaining lease term. These costs included an allocation of a portion of the employees’ total compensation and payroll related benefits related to time spent performing those activities. Such deferred costs were approximately $11.3 million and $11.0 million in 2018 and 2017, respectively. Amortization expense was $12.2 million and $13.1 million for the years ended December 31, 2018 and 2017, respectively, and is included in cost of site leasing on the accompanying Consolidated Statements of Operations. As of December 31, 2018, unamortized deferred lease costs were $27.0 million and are included in other assets on the accompanying Consolidated Balance Sheets.

ASU 2016-02, defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, will continue to be deferred and amortized over the remaining lease term. Upon adoption, the Company recognized a $21.0 million cumulative effect adjustment, net of tax, to Accumulated deficit on the Consolidated Balance Sheets which reflects the unamortized deferred lease costs incurred in prior periods which do not meet the definition of initial direct costs under Topic 842.

Initial direct costs were approximately $1.8 million for the year ended December 31, 2019. Amortization expense related to deferred initial direct costs was $1.4 million for the year ended December 31, 2019. As of December 31, 2019, unamortized deferred initial direct costs were $4.9 million and are included in other assets on the Consolidated Balance Sheets.

Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $9.0 million gain, a $58.8 million loss, and a $5.8 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2019, 2018, and 2017, respectively, due to changes in foreign exchange rates. As of December 31, 2019 and 2018, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $899.7 million and $536.9 million, respectively.

Derivatives and Hedging Activities

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASU 2017-12 (ASC 815 - Derivatives and Hedging), hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform. For further discussion of the Company’s derivatives and hedging activities, refer to Note 22.
v3.19.3.a.u2
Fair Value Measurements
 12 Months Ended
Dec. 31, 2019
Fair Value Measurements [Abstract]  
Fair Value Measurements 3.FAIR VALUE MEASUREMENTS

Items Measured at Fair Value on a Recurring Basis— The Company’s earnout liabilities related to business combinations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Accrued expenses in the Consolidated Balance Sheets. Changes in estimates are recorded in Acquisition and new business initiatives related adjustments and expenses in the Consolidated Statements of Operations. The Company determines the fair value of earnouts (contingent consideration) and any subsequent changes in fair value using a discounted probability-weighted approach using Level 3 inputs. Level 3 valuations rely on unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The fair value of the earnouts is reviewed quarterly and is based on the payments the Company expects to make based on historical internal observations related to the anticipated performance of the underlying assets. The maximum potential obligation related to the performance targets for acquisitions, which have not been recorded on the Company’s Consolidated Balance Sheet, were $29.7 million and $13.3 million as of December 31, 2019 and 2018, respectively.

The Company’s asset retirement obligations are measured at fair value on a recurring basis using Level 3 inputs and are recorded in Other long-term liabilities in the Consolidated Balance Sheets. The fair value of the asset retirement obligations is calculated using a discounted cash flow model.

Items Measured at Fair Value on a Nonrecurring Basis— The Company’s long-lived and intangible assets are measured at fair value on a nonrecurring basis using Level 3 inputs. The Company considers many factors and makes certain assumptions when making this assessment, including but not limited to: general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. The fair value of the long-lived and intangible assets is calculated using a discounted cash flow model.

Asset impairment and decommission costs for all periods presented and the related impaired assets primarily relate to the Company’s site leasing operating segment. The following summarizes the activity of asset impairment and decommission costs (in thousands):

For the year

ended December 31,

2019

2018

2017

Asset impairment (1)

$

18,794

$

14,350

$

15,389

Write-off of carrying value of decommissioned towers

11,155

10,795

16,861

Other (including third party decommission costs)

3,154

1,989

4,447

Total asset impairment and decommission costs

$

33,103

$

27,134

$

36,697

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.

Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the shorter maturity of these instruments. The Company’s estimate of its short term investments are based primarily upon Level 1 reported market values. As of December 31, 2019, and 2018, the Company had $0.5 million and $0.2 million of short-term investments, respectively. For the year ended December 31, 2019, the Company purchased $625.0 million and sold $625.3 million of short-term investments.

The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the interest payments are based on Eurodollar rates that reset monthly or more frequently. The Company does not believe its credit risk has changed materially from the date the applicable Eurodollar Rate was set for the Revolving Credit Facility (112.5 to 175.0 basis points). Refer to Note 11 for the fair values, principal balances, and carrying values of the Company’s debt instruments.

For discussion of the Company’s derivatives and hedging activities, refer to Note 1 and Note 22.
v3.19.3.a.u2
Cash, Cash Equivalents, and Restricted Cash
 12 Months Ended
Dec. 31, 2019
Cash, Cash Equivalents, and Restricted Cash [Abstract]  
Cash, Cash Equivalents, and Restricted Cash 4.CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The cash, cash equivalents, and restricted cash balances on the Consolidated Statement of Cash Flows consist of the following:

As of

As of

As of

December 31, 2019

December 31, 2018

December 31, 2017

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

108,309 

$

143,444 

$

68,783 

Securitization escrow accounts

30,046 

32,261 

32,699 

Restricted cash - current asset

Payment and performance bonds

197 

203 

225 

Restricted cash - current asset

Surety bonds and workers compensation

2,568 

2,392 

2,588 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

141,120 

$

178,300 

$

104,295 

Pursuant to the terms of the Tower Securities (see Note 11), the Company is required to establish a securitization escrow account, held by the indenture trustee, into which all rents and other sums due on the towers that secure the Tower Securities are directly deposited by the lessees. These restricted cash amounts are used to fund reserve accounts for the payment of (1) debt service

costs, (2) ground rents, real estate and personal property taxes and insurance premiums related to towers, (3) trustee and servicing expenses, and (4) management fees. The restricted cash in the securitization escrow account in excess of required reserve balances is subsequently released to the Borrowers (as defined in Note 11) monthly, provided that the Borrowers are in compliance with their debt service coverage ratio and that no event of default has occurred. All monies held by the indenture trustee are classified as restricted cash on the Company’s Consolidated Balance Sheets.

Payment and performance bonds relate primarily to collateral requirements for tower construction currently in process by the Company. Cash is pledged as collateral related to surety bonds issued for the benefit of the Company or its affiliates in the ordinary course of business and primarily related to the Company’s tower removal obligations. As of December 31, 2019 and 2018, the Company had $41.7 million and $40.5 million in surety, payment and performance bonds, respectively, for which no collateral was required to be posted. The Company periodically evaluates the collateral posted for its bonds to ensure that it meets the minimum requirements. As of December 31, 2019 and 2018, the Company had also pledged $2.3 million and $2.2 million, respectively, as collateral related to its workers compensation policy.
v3.19.3.a.u2
Costs and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2019
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Costs and Estimated Earnings on Uncompleted Contracts 5.COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

The Company’s costs and estimated earnings on uncompleted contracts are comprised of the following:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Costs incurred on uncompleted contracts

$

52,339

$

38,464

Estimated earnings

19,954

16,655

Billings to date

(47,401)

(31,952)

$

24,892

$

23,167

These amounts are included in the Consolidated Balance Sheets under the following captions:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

26,313

$

23,785

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(1,421)

(618)

$

24,892

$

23,167

At December 31, 2019 and 2018, eight customers comprised 94.4% and 96.3%, respectively, of the costs and estimated earnings in excess of billings on uncompleted contracts, net of billings in excess of costs and estimated earnings, respectively.
v3.19.3.a.u2
Prepaid Expenses and Other Current Assets and Other Assets
 12 Months Ended
Dec. 31, 2019
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]  
Prepaid Expenses and Other Current Assets and Other Assets 6.PREPAID EXPENSES AND OTHER CURRENT ASSETS AND OTHER ASSETS

The Company’s prepaid expenses and other current assets are comprised of the following:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Prepaid ground rent (1)

$

1,632

$

34,276

Loan receivables

—

11,178

Prepaid real estate taxes

3,003

2,998

Other

32,646

14,674

Total prepaid expenses and other current assets

$

37,281

$

63,126

(1)Prepaid ground rent related to non-contingent rent provisions was reclassified to Right-of-use assets, net on the Consolidated Balance Sheets in the first quarter of 2019 due to the adoption of ASU 2016-02.


‎

The Company’s other assets are comprised of the following:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Prepaid ground rent (1)

$

—

$

263,694

Straight-line rent receivable

330,660

322,073

Interest rate swap asset

47,583

—

Loan receivables

8,295

49,255

Deferred lease costs, net (1)

4,865

27,020

Deferred tax asset - long term

4,342

18,330

Other

36,333

41,661

Total other assets

$

432,078

$

722,033

(1)Prepaid ground rent was reclassified from Other assets to Right-of-use assets, net on the Consolidated Balance Sheets in the first quarter of 2019 and deferred lease costs of $23.3 million were written off to Accumulated deficit on the Consolidated Balance Sheets in the first quarter of 2019 due to the adoption of ASU 2016-02.
v3.19.3.a.u2
Acquisitions
 12 Months Ended
Dec. 31, 2019
Acquisitions [Abstract]  
Acquisitions 7.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

For the year ended December 31,

2019

2018

2017

Tower acquisitions (number of towers)

2,443

1,316

1,425

The following table summarizes the Company’s cash acquisition capital expenditures:

For the year ended December 31,

2019

2018

2017

(in thousands)

Acquisitions of towers and related intangible assets (1) (2)

$

701,471

$

406,699

$

392,902

Land buyouts and other assets (3)

72,486

45,130

48,645

Total cash acquisition capital expenditures

$

773,957

$

451,829

$

441,547

(1)The year ended December 31, 2019 excludes $1.7 million of acquisitions costs funded through the issuance of 10,000 shares of Class A common stock. The year ended December 31, 2017 excludes $63.3 million of acquisition costs funded through the issuance of 487,963 shares of Class A common stock.

(2)On August 30, 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which resulted in the consolidation of the entity. The cash consideration is included herein. Furthermore, the year ended December 31, 2019 excludes $72.0 million associated with the consolidation of this entity.

(3)The Company paid $15.2 million, $24.3 million, and $18.8 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2019, 2018, and 2017, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

During the year ended December 31, 2019, the Company allocated the purchase price of 2,443 acquired towers and related assets and liabilities consisting of $90.8 million of property and equipment, $715.5 million of intangible assets, and $32.8 million of other net liabilities assumed. All but one acquisition in the year ended December 31, 2019 was accounted for as an asset acquisition. During the first quarter of 2019, the Company consummated an acquisition for $3.0 million in cash and $1.7 million in the Company’s Class A common stock, which was accounted for as a business combination.

During the year ended December 31, 2018, the Company acquired 1,316 towers and related assets and liabilities consisting of $134.5 million of property and equipment, $280.7 million of intangible assets, and $8.5 million of other net liabilities assumed.

During the year ended December 31, 2017, the Company acquired 1,425 towers and related assets and liabilities consisting of $114.7 million of property and equipment, $345.3 million of intangible assets, and $3.8 million of other net liabilities assumed.

Subsequent to December 31, 2019, the Company acquired 65 towers and related assets for $76.3 million in cash.
v3.19.3.a.u2
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2019
Property and Equipment, Net [Abstract]  
Property and Equipment, Net 8.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Towers and related components

$

5,164,104

$

4,951,321

Construction-in-process (1)

33,644

35,756

Furniture, equipment, and vehicles (2)

51,654

54,814

Land, buildings, and improvements

736,378

668,459

Total property and equipment

5,985,780

5,710,350

Less: accumulated depreciation (2)

(3,191,178)

(2,923,995)

Property and equipment, net

$

2,794,602

$

2,786,355

(1)Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations.

(2)Financing lease right-of-use assets are included in the prior period but are included in Right-of-use assets, net on the Consolidated Balance Sheets for the current period.

Depreciation expense was $281.6 million, $269.2 million, and $258.4 million for the years ended December 31, 2019, 2018, and 2017, respectively. At December 31, 2019 and 2018, non-cash capital expenditures that are included in accounts payable and accrued expenses were $14.7 million and $12.4 million, respectively.
v3.19.3.a.u2
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2019
Intangible Assets, Net [Abstract]  
Intangible Assets, Net 9.INTANGIBLE ASSETS, NET

The following table provides the gross and net carrying amounts for each major class of intangible assets:

As of December 31, 2019

As of December 31, 2018

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

4,996,591

$

(2,218,404)

$

2,778,187

$

4,394,416

$

(1,928,030)

$

2,466,386

Network location intangibles

1,764,484

(915,898)

848,586

1,669,859

(804,780)

865,079

Intangible assets, net

$

6,761,075

$

(3,134,302)

$

3,626,773

$

6,064,275

$

(2,732,810)

$

3,331,465

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $415.2 million, $402.6 million, and $384.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Estimated amortization expense on the Company’s intangibles assets is as follows:

For the year ended December 31,

(in thousands)

2020

$

450,547

2021

417,906

2022

396,139

2023

372,294

2024

343,481
v3.19.3.a.u2
Accrued Expenses
 12 Months Ended
Dec. 31, 2019
Accrued Expenses [Abstract]  
Accrued Expenses 10.ACCRUED EXPENSES

The Company’s accrued expenses are comprised of the following:

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Salaries and benefits

$

19,838

$

16,015

Real estate and property taxes

9,598

7,928

Unpaid capital expenditures

14,669

12,387

Other

23,513

27,335

Total accrued expenses

$

67,618

$

63,665
v3.19.3.a.u2
Debt
 12 Months Ended
Dec. 31, 2019
Debt [Abstract]  
Debt 11.DEBT

The principal values, fair values, and carrying values of debt consist of the following (in thousands):

As of

As of

December 31, 2019

December 31, 2018

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

2014 Senior Notes

Jul. 15, 2022

$

750,000 

$

760,313 

$

743,580 

$

750,000 

$

735,000 

$

741,273 

2016 Senior Notes

Sep. 1, 2024

1,100,000 

1,142,625 

1,086,241 

1,100,000 

1,034,000 

1,083,689 

2017 Senior Notes

Oct. 1, 2022

750,000 

764,063 

744,833 

750,000 

712,500 

743,099 

2013-2C Tower Securities

Apr. 11, 2023

575,000 

585,954 

570,866 

575,000 

569,164 

569,715 

2014-1C Tower Securities

Oct. 8, 2019

—

—

—

920,000 

914,241 

917,728 

2014-2C Tower Securities

Oct. 8, 2024

620,000 

644,912 

615,205 

620,000 

609,665 

614,315 

2015-1C Tower Securities

Oct. 8, 2020

500,000 

502,095 

498,090 

500,000 

496,640 

495,737 

2016-1C Tower Securities

Jul. 9, 2021

700,000 

704,095 

696,936 

700,000 

691,432 

694,994 

2017-1C Tower Securities

Apr. 11, 2022

760,000 

763,405 

755,061 

760,000 

744,496 

753,028 

2018-1C Tower Securities

Mar. 9, 2023

640,000 

658,266 

634,344 

640,000 

641,478 

632,725 

2019-1C Tower Securities

Jan. 12, 2025

1,165,000 

1,158,057 

1,153,086 

—

—

—

Revolving Credit Facility

Apr. 11, 2023

490,000 

490,000 

490,000 

325,000 

325,000 

325,000 

2018 Term Loan

Apr. 11, 2025

2,364,000 

2,369,910 

2,346,183 

2,388,000 

2,262,630 

2,367,250 

Total debt

$

10,414,000 

$

10,543,695 

$

10,334,425 

$

10,028,000 

$

9,736,246 

$

9,938,553 

Less: current maturities of long-term debt

(522,090)

(941,728)

Total long-term debt, net of current maturities

$

9,812,335 

$

8,996,825 

The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2019 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows:

For the year ended December 31,

(in thousands)

2020

$

524,000 

2021

724,000 

2022

2,284,000 

2023

1,729,000 

2024

1,744,000 


‎

The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

For the year ended December 31,

2019

2018

2017

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

2014 Senior Notes

$

36,563 

$

800 

$

36,563 

$

761 

$

36,563 

$

724 

2016 Senior Notes

53,625 

1,055 

53,625 

1,003 

53,625 

954 

2017 Senior Notes

30,000 

—

30,000 

—

6,500 

—

2012-1C Tower Securities

—

—

—

—

5,330 

—

2013 Tower Securities

21,584 

—

25,654 

—

43,217 

—

2014 Tower Securities

43,055 

—

51,138 

—

51,138 

—

2015-1C Tower Securities

15,939 

—

15,939 

—

15,939 

—

2016-1C Tower Securities

20,361 

—

20,361 

—

20,361 

—

2017-1C Tower Securities

24,354 

—

24,354 

—

17,182 

—

2018-1C Tower Securities

22,281 

—

18,072 

—

—

—

2019-1C Tower Securities

10,029 

—

—

—

—

—

Revolving Credit Facility

7,085 

—

7,411 

—

8,046 

—

2014 Term Loan

—

—

15,550 

146 

49,414 

525 

2015 Term Loan

—

—

5,237 

187 

16,641 

676 

2018 Term Loan

105,021 

1,338 

72,648 

543 

—

—

Capitalized interest and other

139 

—

(335)

—

(207)

—

Total

$

390,036 

$

3,193 

$

376,217 

$

2,640 

$

323,749 

$

2,879 

Senior Credit Agreement

On April 11, 2018, the Company amended and restated its Senior Credit Agreement to (1) issue a new $2.4 billion Term Loan, (2) increase the total commitments under the Revolving Credit Facility from $1.0 billion to $1.25 billion, (3) extend the maturity date of the Revolving Credit Facility to April 11, 2023, (4) lower the applicable interest rate margins and commitment fees under the Revolving Credit Facility, and (5) amend certain other terms and conditions under the Senior Credit Agreement. The proceeds from the new Term Loan were used to repay the outstanding balances on the 2014 Term Loan, 2015 Term Loan, and Revolving Credit Facility and for general corporate purposes. This transaction was accounted for as an extinguishment of the 2014 Term Loan and 2015 Term Loan.

Terms of the Senior Credit Agreement

The Senior Credit Agreement, as amended, requires SBA Senior Finance II to maintain specific financial ratios, including (1) a ratio of Consolidated Net Debt to Annualized Borrower EBITDA not to exceed 6.5 times for any fiscal quarter, (2) a ratio of Consolidated Net Debt (calculated in accordance with the Senior Credit Agreement) to Annualized Borrower EBITDA for the most recently ended fiscal quarter not to exceed 6.5 times for 30 consecutive days and (3) a ratio of Annualized Borrower EBITDA to Annualized Cash Interest Expense (calculated in accordance with the Senior Credit Agreement) of not less than 2.0 times for any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the ability of SBA Senior Finance II and its subsidiaries to incur indebtedness, grant certain liens, make certain investments, enter into sale leaseback transactions, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset dispositions, including a sale of all or substantially all of their property. The Senior Credit Agreement is also subject to customary events of default. Pursuant to the Second Amended and Restated Guarantee and Collateral Agreement, amounts borrowed under the Revolving Credit Facility, the Term Loans and certain hedging transactions that may be entered into by SBA Senior Finance II or the Subsidiary Guarantors (as defined in the Senior Credit Agreement) with lenders or their affiliates are secured by a first lien on the membership interests of SBA Telecommunications, LLC, SBA Senior Finance, LLC and SBA Senior Finance II and on substantially all of the assets (other than leasehold, easement and fee interests in real property) of SBA Senior Finance II and the Subsidiary Guarantors.

The Senior Credit Agreement, as amended, permits SBA Senior Finance II, without the consent of the other lenders, to request that one or more lenders provide SBA Senior Finance II with increases in the Revolving Credit Facility or additional term loans provided that after giving effect to the proposed increase in Revolving Credit Facility commitments or incremental term loans the ratio of Consolidated Net Debt to Annualized Borrower EBITDA would not exceed 6.5 times. SBA Senior Finance II’s ability to request such increases in the Revolving Credit Facility or additional term loans is subject to its compliance with customary conditions

set forth in the Senior Credit Agreement including compliance, on a pro forma basis, with the financial covenants and ratios set forth therein and, with respect to any additional term loan, an increase in the margin on existing term loans to the extent required by the terms of the Senior Credit Agreement. Upon SBA Senior Finance II’s request, each lender may decide, in its sole discretion, whether to increase all or a portion of its Revolving Credit Facility commitment or whether to provide SBA Senior Finance II with additional term loans and, if so, upon what terms.

Revolving Credit Facility under the Senior Credit Agreement

As amended, the Revolving Credit Facility consists of a revolving loan under which up to $1.25 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Amounts borrowed under the Revolving Credit Facility accrue interest, at SBA Senior Finance II’s election, at either (1) the Eurodollar Rate plus a margin that ranges from 112.5 basis points to 175.0 basis points or (2) the Base Rate plus a margin that ranges from 12.5 basis points to 75.0 basis points, in each case based on the ratio of Consolidated Net Debt to Annualized Borrower EBITDA, calculated in accordance with the Senior Credit Agreement. In addition, SBA Senior Finance II is required to pay a commitment fee of between 0.20% and 0.25% per annum on the amount of unused commitment. If not earlier terminated by SBA Senior Finance II, the Revolving Credit Facility will terminate on, and SBA Senior Finance II will repay all amounts outstanding on or before, April 11, 2023. The proceeds available under the Revolving Credit Facility may be used for general corporate purposes. SBA Senior Finance II may, from time to time, borrow from and repay the Revolving Credit Facility. Consequently, the amount outstanding under the Revolving Credit Facility at the end of the period may not be reflective of the total amounts outstanding during such period.

During the year ended December 31, 2019, the Company borrowed $755.0 million and repaid $590.0 million of the outstanding balance under the Revolving Credit Facility. As of December 31, 2019, the balance outstanding under the Revolving Credit Facility was $490.0 million accruing interest at 3.13% per annum. In addition, SBA Senior Finance II was required to pay a commitment fee of 0.20% per annum on the amount of the unused commitment. As of December 31, 2019, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to December 31, 2019, the Company borrowed $250.0 million and repaid $505.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $235.0 million was outstanding under the Revolving Credit Facility.

Term Loans under the Senior Credit Agreement

2014 Term Loan

The 2014 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $1.5 billion that was scheduled to mature on March 24, 2021. The 2014 Term Loan accrued interest, at SBA Senior Finance II’s election, at either the Base Rate plus 125 basis points (with zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor). The 2014 Term Loan was originally issued at 99.75% of par value. Principal payments on the 2014 Term Loan commenced on September 30, 2014 and were being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $3.8 million. The Company incurred financing fees of approximately $14.1 million in relation to this transaction which were being amortized through the maturity date.

During the three months ended March 31, 2018, the Company repaid $3.8 million of principal on the 2014 Term Loan. On April 11, 2018, the Company repaid the remaining $1,443.8 million outstanding principal balance of the 2014 Term Loan with proceeds from the 2018 Term Loan. In connection with the repayment, the Company expensed $5.8 million of net financing fees and $1.7 million of discount related to the debt.

2015 Term Loan

The 2015 Term Loan consisted of a senior secured term loan with an initial aggregate principal amount of $500.0 million that was scheduled to mature on June 10, 2022. The 2015 Term Loan accrued interest, at SBA Senior Finance II’s election at either the Base Rate plus 125 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 225 basis points (with a zero Eurodollar Rate floor). The 2015 Term Loan was originally issued at 99.0% of par value. Principal payments on the 2015 Term Loan commenced on September 30, 2015 and were being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $1.3 million. The Company incurred financing fees of approximately $5.5 million in relation to this transaction, which were being amortized through the maturity date.

During the three months ended March 31, 2018, the Company repaid $1.3 million of principal on the 2015 Term Loan. On April 11, 2018, the Company repaid the remaining $486.3 million outstanding principal balance of the 2015 Term Loan with proceeds from the 2018 Term Loan. In connection with the repayment, the Company expensed $3.2 million of net financing fees and $3.1 million of discount related to the debt.

Repricing Amendment to the Senior Credit Agreement

On November 19, 2019, the Company amended its Senior Credit Agreement, primarily to reduce the stated rate of interest applicable to the Company’s senior secured term loan. As amended, the senior secured term loan accrues interest, at SBA Senior Finance II’s election, at either the Base Rate plus 75 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 175 basis points (with a zero Eurodollar Rate floor).

2018 Term Loan

On April 11, 2018, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, obtained a new term loan (the “2018 Term Loan”) under the amended and restated Senior Credit Agreement. The 2018 Term Loan consists of a senior secured term loan with an initial aggregate principal amount of $2.4 billion that matures on April 11, 2025. Prior to November 19, 2019, the 2018 Term Loan accrued interest, at SBA Senior Finance II’s election at either the Base Rate plus 100 basis points (with a zero Base Rate floor) or the Eurodollar Rate plus 200 basis points (with a zero Eurodollar Rate floor). The 2018 Term Loan was issued at 99.75% of par value. As of December 31, 2019, the 2018 Term Loan was accruing interest at 3.55% per annum. Principal payments on the 2018 Term Loan commenced on September 30, 2018 and are being made in quarterly installments on the last day of each March, June, September, and December in an amount equal to $6.0 million. The Company incurred financing fees of approximately $16.8 million in relation to this transaction, which are being amortized through the maturity date. The proceeds from the 2018 Term Loan were used (1) to retire the outstanding $1.93 billion in aggregate principal amount of the 2014 Term Loan and 2015 Term Loan, (2) to pay down the existing outstanding balance under the Revolving Credit Facility, and (3) for general corporate purposes.

During the year ended December 31, 2019, the Company repaid an aggregate of $24.0 million of principal on the 2018 Term Loan. As of December 31, 2019, the 2018 Term Loan had a principal balance of $2.4 billion.

On December 3, 2019, the Company, through its wholly owned subsidiary, SBA Senior Finance II LLC, entered into a series of interest rate swaps on a portion of its 2018 Term Loan, effectively replacing both existing interest rate swaps. As a result, the Company has swapped $1.95 billion of notional value receiving interest at one month LIBOR plus 175 basis points for a fixed rate of 3.78% per annum settled monthly through the maturity date of the 2018 Term Loan. For further discussion of the Company’s interest rate swaps, refer to Note 1 and Note 22.

Secured Tower Revenue Securities

Tower Revenue Securities Terms

The mortgage loan underlying the 2013-2C Tower Securities, 2014-2C Tower Securities, 2015-1C Tower Securities, 2016-1C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, and 2019-1C Tower Securities (together the “Tower Securities”) will be paid from the operating cash flows from the aggregate 10,043 tower sites owned by the Borrowers. The sole asset of the Trust consists of a non-recourse mortgage loan made in favor of those entities that are borrowers on the mortgage loan (the “Borrowers”). The mortgage loan is secured by (1) mortgages, deeds of trust, and deeds to secure debt on a substantial portion of the tower sites, (2) a security interest in the tower sites and substantially all of the Borrowers’ personal property and fixtures, (3) the Borrowers’ rights under certain tenant leases, and (4) all of the proceeds of the foregoing. For each calendar month, SBA Network Management, Inc., an indirect subsidiary (“Network Management”), is entitled to receive a management fee equal to 4.5% of the Borrowers’ operating revenues for the immediately preceding calendar month.

The Borrowers may prepay any of the mortgage loan components, in whole or in part, with no prepayment consideration, (1) within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2015-1C, Secured Tower Revenue Securities Series 2016-1C, Secured Tower Revenue Securities Series 2017-1C, Secured Tower Revenue Securities Series 2018-1C, and Secured Tower Revenue Securities Series 2019-1C) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C and Secured Tower Revenue Securities Series 2014-2C) of the anticipated repayment date of such mortgage loan component, (2) with proceeds received as a result of any condemnation or casualty of any tower owned by the Borrowers or (3) during an amortization period. In all other circumstances, the Borrowers may prepay the mortgage loan, in whole or in part, upon payment of the applicable prepayment consideration. The prepayment

consideration is determined based on the class of the Tower Securities to which the prepaid mortgage loan component corresponds and consists of an amount equal to the excess, if any, of (1) the present value associated with the portion of the principal balance being prepaid, calculated in accordance with the formula set forth in the mortgage loan agreement, on the date of prepayment of all future installments of principal and interest required to be paid from the date of prepayment to and including the first due date within twelve months (in the case of the component corresponding to the Secured Tower Revenue Securities Series 2015-1C, Secured Tower Revenue Securities Series 2016-1C, Secured Tower Revenue Securities Series 2017-1C, Secured Tower Revenue Securities Series 2018-1C, and Secured Tower Revenue Securities Series 2019-1C) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C and Secured Tower Revenue Securities Series 2014-2C) of the anticipated repayment date of such mortgage loan component over (2) that portion of the principal balance of such class prepaid on the date of such prepayment.

To the extent that the mortgage loan components corresponding to the Tower Securities are not fully repaid by their respective anticipated repayment dates, the interest rate of each such component will increase by the greater of (1) 5% and (2) the amount, if any, by which the sum of (x) the 10 year U.S. treasury rate plus (y) the credit-based spread for such component (as set forth in the mortgage loan agreement) plus (z) 5%, exceeds the original interest rate for such component.

Pursuant to the terms of the Tower Securities, all rents and other sums due on any of the towers owned by the Borrowers are directly deposited by the lessees into a controlled deposit account and are held by the indenture trustee. The monies held by the indenture trustee after the release date are classified as short-term restricted cash on the Consolidated Balance Sheets (see Note 4). However, if the Debt Service Coverage Ratio, defined as the net cash flow (as defined in the mortgage loan agreement) divided by the amount of interest on the mortgage loan, servicing fees and trustee fees that the Borrowers are required to pay over the succeeding twelve months, as of the end of any calendar quarter, falls to 1.30x or lower, then all cash flow in excess of amounts required to make debt service payments, to fund required reserves, to pay management fees and budgeted operating expenses and to make other payments required under the loan documents, referred to as “excess cash flow,” will be deposited into a reserve account instead of being released to the Borrowers. The funds in the reserve account will not be released to the Borrowers unless the Debt Service Coverage Ratio exceeds 1.30x for two consecutive calendar quarters. If the Debt Service Coverage Ratio falls below 1.15x as of the end of any calendar quarter, then an “amortization period” will commence and all funds on deposit in the reserve account will be applied to prepay the mortgage loan until such time that the Debt Service Coverage Ratio exceeds 1.15x for a calendar quarter. In addition, if any of the Tower Securities are not fully repaid by their respective anticipated repayment dates, the cash flow from the towers owned by the Borrowers will be trapped by the trustee for the Tower Securities and applied first to repay the interest, at the original interest rates, on the mortgage loan components underlying the Tower Securities, second to fund all reserve accounts and operating expenses associated with those towers, third to pay the management fees due to Network Management, fourth to repay principal of the Tower Securities and fifth to repay the additional interest discussed above. Furthermore, the advance rents reserve requirement states that the Borrowers are required to maintain an advance rents reserve at any time the monthly tenant Debt Service Coverage Ratio is equal to or less than 2:1 and for two calendar months after such coverage ratio again exceeds 2:1. The mortgage loan agreement, as amended, also includes covenants customary for mortgage loans subject to rated securitizations. Among other things, the Borrowers are prohibited from incurring other indebtedness for borrowed money or further encumbering their assets.

2012-1C Tower Securities

On August 9, 2012, the Company, through the Trust, issued $610.0 million of Secured Tower Revenue Securities Series 2012-1C (the “2012-1C Tower Securities”), which had an anticipated repayment date of December 11, 2017 and a final maturity date of December 9, 2042. The fixed interest rate of the 2012-1C Tower Securities was 2.933% per annum, payable monthly. The Company incurred financing fees of $14.9 million in relation to this transaction, which were being amortized through the anticipated repayment date of the 2012-1C Tower Securities.

On April 17, 2017, the Company repaid in full the 2012-1C Tower Securities with proceeds from the 2017-1C Tower Securities. In connection with the repayment, the Company expensed $2.0 million of net financing fees.

2013 Tower Securities

On April 18, 2013, the Company, through the Trust, issued $425.0 million of 2.240% Secured Tower Revenue Securities Series 2013-1C, which had an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1C Tower Securities”), $575.0 million of 3.722% Secured Tower Revenue Securities Series 2013-2C, which have an anticipated repayment date of April 11, 2023 and a final maturity date of April 9, 2048 (the “2013-2C Tower Securities”), and $330.0 million of 3.598% Secured Tower Revenue Securities Series 2013-1D, which had an anticipated repayment date of April 10, 2018 and a final maturity date of April 9, 2043 (the “2013-1D Tower Securities”) (collectively the “2013 Tower Securities”). The aggregate $1.33 billion of 2013 Tower Securities had a blended interest rate of 3.218% per annum, payable monthly. The Company incurred financing

fees of $25.5 million in relation to this transaction, which were being amortized through the anticipated repayment date of each of the 2013 Tower Securities.

On March 9, 2018, the Company repaid the entire aggregate principal amount of the 2013-1C Tower Securities and 2013-1D Tower Securities in connection with the issuance of the 2018-1C Tower Securities (as defined below).

2014 Tower Securities

On October 15, 2014, the Company, through the Trust, issued $920.0 million of 2.898% Secured Tower Revenue Securities Series 2014-1C, which had an anticipated repayment date of October 8, 2019 and a final maturity date of October 11, 2044 (the “2014-1C Tower Securities”) and $620.0 million of 3.869% Secured Tower Revenue Securities Series 2014-2C, which had an anticipated repayment date of October 8, 2024 and a final maturity date of October 8, 2049 (the “2014-2C Tower Securities”) (collectively the “2014 Tower Securities”). The Company incurred financing fees of $22.5 million in relation to this transaction, which were being amortized through the anticipated repayment date of each of the 2014 Tower Securities.

On September 13, 2019, the Company repaid the entire aggregate principal amount of the 2014-1C Tower Securities in connection with the issuance of the 2019-1C Tower Securities (as defined below). Additionally, the Company expensed $0.4 million of deferred financing fees and accrued interest related to the redemption of the 2014-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

2015-1C Tower Securities

On October 14, 2015, the Company, through the Trust, issued $500.0 million of Secured Tower Revenue Securities Series 2015-1C, which have an anticipated repayment date of October 8, 2020 and a final maturity date of October 10, 2045 (the “2015-1C Tower Securities”). The fixed interest rate of the 2015-1C Tower Securities is 3.156% per annum, payable monthly. The Company incurred financing fees of $11.2 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

2016-1C Tower Securities

On July 7, 2016, the Company, through the Trust, issued $700.0 million of Secured Tower Revenue Securities Series 2016-1C, which have an anticipated repayment date of July 9, 2021 and a final maturity date of July 10, 2046 (the “2016-1C Tower Securities”). The fixed interest rate of the 2016-1C Tower Securities is 2.877% per annum, payable monthly. The Company incurred financing fees of $9.5 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

2017-1C Tower Securities

On April 17, 2017, the Company, through the Trust, issued $760.0 million of Secured Tower Revenue Securities Series 2017-1C, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1C Tower Securities”). The fixed interest rate on the 2017-1C Tower Securities is 3.168% per annum, payable monthly. The Company incurred financing fees of $10.2 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2017-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), SBA Guarantor, LLC, a wholly owned subsidiary, purchased $40.0 million of Secured Tower Revenue Securities Series 2017-1R issued by the Trust, which have an anticipated repayment date of April 11, 2022 and a final maturity date of April 9, 2047 (the “2017-1R Tower Securities”). The fixed interest rate on the 2017-1R Tower Securities is 4.459% per annum, payable monthly. Principal and interest payments made on the 2017-1R Tower Securities eliminate in consolidation.

2018-1C Tower Securities

On March 9, 2018, the Company, through the Trust, issued $640.0 million of Secured Tower Revenue Securities Series 2018-1C, which have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 (the “2018-1C Tower Securities”). The fixed interest rate on the 2018-1C Tower Securities is 3.448% per annum, payable monthly. The Company incurred financing fees of $8.6 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2018-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $33.7 million of Secured Tower Revenue Securities Series 2018-1R issued by the Trust. These securities have an anticipated repayment date of March 9, 2023 and a final maturity date of March 9, 2048 (the “2018-1R Tower Securities”). The fixed interest rate on the 2018-1R Tower Securities is 4.949% per annum, payable monthly. Principal and interest payments made on the 2018-1R Tower Securities eliminate in consolidation.

2019-1C Tower Securities

On September 13, 2019, the Company, through the Trust, issued $1.165 billion of Secured Tower Revenue Securities Series 2019-1C, which have an anticipated repayment date of January 12, 2025 and a final maturity date of January 12, 2050 (the “2019-1C Tower Securities”). The fixed interest rate on the 2019-1C Tower Securities is 2.836% per annum, payable monthly. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2014-1C Tower Securities ($920.0 million), as well as accrued and unpaid interest, amounts outstanding on the Revolving Credit Facility, and any remaining amount was used for general corporate purposes. The Company incurred financing fees of $12.5 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2019-1C Tower Securities.

In addition, to satisfy certain risk retention requirements of Regulation RR promulgated under the Exchange Act, SBA Guarantor, LLC, a wholly owned subsidiary, purchased $61.4 million of Secured Tower Revenue Securities Series 2019-1R issued by the Trust. These securities have an anticipated repayment date of January 12, 2025 and a final maturity date of January 12, 2050 (the “2019-1R Tower Securities”). The fixed interest rate on the 2019-1R Tower Securities is 4.213% per annum, payable monthly. Principal and interest payments made on the 2019-1R Tower Securities eliminate in consolidation.

In connection with the issuance of the 2019-1C Tower Securities, SBA Properties, LLC, SBA Sites, LLC, SBA Structures, LLC, SBA Infrastructure, LLC, SBA Monarch Towers III, LLC, SBA 2012 TC Assets PR, LLC, SBA 2012 TC Assets, LLC, SBA Towers IV, LLC, SBA Monarch Towers I, LLC, SBA Towers USVI, Inc., SBA Towers VII, LLC, SBA GC Towers, LLC, SBA Towers V, LLC, and SBA Towers VI, LLC (collectively, the “Borrowers”), each an indirect subsidiary of SBAC, and Midland Loan Services, a division of PNC Bank, National Association, as servicer, on behalf of the Trustee entered into the Second Loan and Security Agreement Supplement and Amendment pursuant to which, among other things, (1) the outstanding principal amount of the mortgage loan was increased by $1.2 billion (but increased by a net of $306.4 million after giving effect to prepayment of the loan components relating to the 2014-1C Tower Securities) and (2) the Borrowers became jointly and severally liable for the aggregate $5.0 billion borrowed under the mortgage loan corresponding to the 2013-2C Tower Securities, 2014-2C Tower Securities, 2015-1C Tower Securities, 2016-1C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, and the newly issued 2019-1C Tower Securities. The new loan, after eliminating the risk retention securities, accrues interest at the same rate as the 2019-1C Tower Securities and is subject to all other material terms of the existing mortgage loan, including collateral and interest rate after the anticipated repayment date.

Debt Covenants

As of December 31, 2019, the Borrowers met the debt service coverage ratio required by the mortgage loan agreement and were in compliance with all other covenants as set forth in the agreement.

Senior Notes

2014 Senior Notes

On July 1, 2014, the Company issued $750.0 million of unsecured senior notes due July 15, 2022 (the “2014 Senior Notes”). The 2014 Senior Notes accrued interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2014 Senior Notes was due semi-annually on January 15 and July 15 of each year. The Company incurred financing fees of $11.6 million in relation to this transaction, which are being amortized through the maturity date.

On February 20, 2020, the Company redeemed the entire $750.0 million balance on the 2014 Senior Notes with proceeds from the 2020 Senior Notes (defined below). In addition, the Company paid a $9.1 million call premium and expensed $7.7 million for the write-off of the original issue discount and financing fees related to the redemption of the 2014 Senior Notes which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

2016 Senior Notes

On August 15, 2016, the Company issued $1.1 billion of unsecured senior notes due September 1, 2024 (the “2016 Senior Notes”). The 2016 Senior Notes accrue interest at a rate of 4.875% per annum and were issued at 99.178% of par value. Interest on the 2016 Senior Notes is due semi-annually on March 1 and September 1 of each year, beginning on March 1, 2017. The Company incurred financing fees of $12.8 million in relation to this transaction, which are being amortized through the maturity date.

The 2016 Senior Notes are subject to redemption in whole or in part at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. The Company may redeem the 2016 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: September 1, 2019 at 103.656%, September 1, 2020 at 102.438%, September 1, 2021 at 101.219%, or September 1, 2022 until maturity at 100.000%, of the principal amount of the 2016 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

2017 Senior Notes

On October 13, 2017, the Company issued $750.0 million of unsecured senior notes due October 1, 2022 (the “2017 Senior Notes”). The 2017 Senior Notes accrue interest at a rate of 4.0% per annum. Interest on the 2017 Senior Notes is due semi-annually on April 1 and October 1 of each year, beginning on April 1, 2018. The Company incurred financing fees of $8.9 million in relation to this transaction, which are being amortized through the maturity date.

The 2017 Senior Notes are subject to redemption in whole or in part at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to October 1, 2020, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2017 Senior Notes originally issued at a redemption price of 104.000% of the principal amount of the 2017 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. The Company may redeem the 2017 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: October 1, 2019 at 102.000%, October 1, 2020 at 101.000%, or October 1, 2021 until maturity at 100.000%, of the principal amount of the 2017 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

2020 Senior Notes

On February 4, 2020, the Company issued $1.0 billion of unsecured senior notes due February 15, 2027 (the “2020 Senior Notes”). The 2020 Senior Notes accrue interest at a rate of 3.875% per annum. Interest on the 2020 Senior Notes is due semi-annually on February 15 and August 15 of each year, beginning on August 15, 2020. The Company incurred financing fees of $11.4 million to date in relation to this transaction, which are being amortized through the maturity date. Net proceeds from this offering were used to redeem all of the outstanding principal amount of the 2014 Senior Notes and repay a portion of the amount outstanding under the Revolving Credit Facility.

The 2020 Senior Notes are subject to redemption in whole or in part on or after February 15, 2023 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 15, 2023, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2020 Senior Notes originally issued at a redemption price of 103.875% of the principal amount of the 2020 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest with the net proceeds of certain equity offerings. The Company may redeem the 2020 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 15, 2023 at 101.938%, February 15, 2024 at 100.969%, or February 15, 2025 until maturity at 100.000%, of the principal amount of the 2020 Senior Notes to be redeemed on the redemption date plus accrued and unpaid interest.

Indentures Governing Senior Notes

The Indentures governing the Senior Notes contain customary covenants, subject to a number of exceptions and qualifications, including restrictions on the ability of SBAC and Telecommunications to (1) incur additional indebtedness unless the Consolidated Indebtedness to Annualized Consolidated Adjusted EBITDA Ratio (as defined in the Indenture), pro forma for the additional indebtedness does not exceed, with respect to any fiscal quarter, 9.5x for SBAC, (2) merge, consolidate or sell assets, (3) make restricted payments, including dividends or other distributions, (4) enter into transactions with affiliates, and (5) enter into sale and leaseback transactions and restrictions on the ability of the Restricted Subsidiaries of SBAC (as defined in the Indentures) to incur liens securing indebtedness.
v3.19.3.a.u2
Shareholders' Equity
 12 Months Ended
Dec. 31, 2019
Shareholders' Equity [Abstract]  
Shareholders' Equity 12.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options and restricted stock units which were considered in the Company’s diluted earnings per share calculation (see Note 16).

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. As of the date of this filing, the Company had $624.3 million authorization remaining under this plan.

The following is a summary of the Company’s share repurchases:

For the year ended December 31,

2019

2018

2017

Total number of shares purchased (in millions) (1)

2.0

5.0

5.9

Average price paid per share (1)

$

231.87

$

159.87

$

145.87

Total price paid (in millions) (1)

$

470.3

$

795.5

$

854.4

(1)Amounts are calculated based on the trade date. This differs from the Consolidated Statements of Cash Flow which calculates share repurchases based on the settlement date.

Registration of Additional Shares

On May 20, 2010, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 15.0 million shares of the Company’s Class A common stock issuable under the 2010 Performance and Equity Incentive Plan (see Note 13).

The Company filed a shelf registration statement on Form S-4 with the Securities and Exchange Commission registering 4.0 million shares of its Class A common stock in 2007. These shares may be issued in connection with acquisitions of wireless communication towers or antenna sites and related assets or companies that own wireless communication towers, antenna sites, or related assets. During the year ended December 31, 2019, the Company issued 10,000 shares of Class A common stock under this registration statement. During the year ended December 31, 2017, the Company issued 487,963 shares of Class A common stock under this registration statement. As of December 31, 2019, the Company had approximately 1.2 million shares of Class A common stock remaining under this registration statement.

On March 5, 2018, the Company filed with the Commission an automatic shelf registration statement for well-known seasoned issuers on Form S-3ASR. This registration statement enables the Company to issue shares of its Class A common stock, preferred stock or debt securities either separately or represented by warrants, or depositary shares as well as units that include any of these securities. Under the rules governing automatic shelf registration statements, the Company will file a prospectus supplement and advise the Commission of the amount and type of securities each time it issues securities under this registration statement. For the years ended December 31, 2019 and 2018, the Company did not issue any securities under this automatic shelf registration statement.

Dividends

As a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income after the utilization of any available NOLs (determined before the deduction for dividends paid and excluding any net capital gain). As of December 31, 2019, $652.9 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the Company’s NOLs have been fully utilized. The amount of future distributions will be determined, from time to time, by the Board of Directors to balance the Company’s goal of increasing long-term shareholder value and retaining sufficient cash to implement the Company’s current capital allocation policy, which prioritizes investment in quality assets that meet the Company’s return criteria, and then stock repurchases when the Company believes its stock price is below its intrinsic value. The actual amount, timing and frequency of future dividends,

will be at the sole discretion of the Board of Directors and will be declared based upon various factors, many of which are beyond the Company’s control.

As of December 31, 2019, the Company paid the following cash dividends:

Payable to Shareholders

of Record At the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

July 29, 2019

August 28, 2019

$0.37

$41.9 million

September 25, 2019

October 25, 2019

November 21, 2019

$0.37

$41.5 million

December 19, 2019

Subsequent to December 31, 2019, the Company declared the following cash dividends:

Payable to Shareholders

Cash to

of Record At the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

February 20, 2020

March 10, 2020

$0.465

March 26, 2020
v3.19.3.a.u2
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Stock-Based Compensation [Abstract]  
Stock-Based Compensation 13.STOCK-BASED COMPENSATION

The Company has an equity participation plan (the 2010 Performance and Equity Incentive Plan, the “2010 Plan”) whereby options (both non-qualified and incentive stock options), restricted stock units, stock appreciation rights, and other equity and performance based instruments may be granted to directors, employees, and consultants. The options and restricted stock units generally vest from the date of grant on a straight-line basis over the vesting term and generally have a seven year or a 10 year contractual life.

The 2010 Plan was adopted by the Company’s shareholders on May 6, 2010 and provides for the issuance of a maximum of 15.0 million shares of the Company’s Class A common stock, of which 5.4 million shares remain available for future issuance as of December 31, 2019. However, the aggregate number of shares that may be issued pursuant to restricted stock awards, restricted stock unit awards, stock bonus awards, performance awards, other stock-based awards, or other awards granted under the 2010 Plan will not exceed 7.5 million shares, of which 6.4 million shares remain available for future issuance as of December 31, 2019.

Stock Options

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses a combination of historical data and historical volatility to establish the expected volatility, as well as to estimate the expected option life. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. The following assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

For the year ended December 31,

2019

2018

2017

Risk free interest rate

1.37% - 2.47%

2.57% - 2.92%

1.70% - 1.97%

Dividend yield

1.3%

0.7%

0.0%

Expected volatility

20.4%

21.6%

20.0%

Expected lives

4.6 years

4.6 years

4.6 years


‎

The following table summarizes the Company’s activities with respect to its stock option plans for the years ended December 31, 2019, 2018 and 2017 as follows (dollars and shares in thousands, except for per share data):

Weighted-

Weighted-Average

Average

Remaining

Number

Exercise Price

Contractual

Aggregate

of Shares

Per Share

Life (in years)

Intrinsic Value

Outstanding at December 31, 2016

4,447

$

93.09

Granted

1,171

$

115.41

Exercised

(709)

$

80.73

Forfeited/canceled

(67)

$

105.81

Outstanding at December 31, 2017

4,842

$

100.12

Granted

941

$

156.55

Exercised

(926)

$

81.73

Forfeited/canceled

(41)

$

123.98

Outstanding at December 31, 2018

4,816

$

114.48

Granted

1,068

$

183.42

Exercised

(1,315)

$

103.47

Forfeited/canceled

(62)

$

140.85

Outstanding at December 31, 2019

4,507

$

133.68

4.1

$

483,811

Exercisable at December 31, 2019

1,917

$

109.42

2.8

$

252,093

Unvested at December 31, 2019

2,590

$

151.61

5.1

$

231,718

The weighted-average per share fair value of options granted during the years ended December 31, 2019, 2018 and 2017 was $33.99, $33.01, and $23.88, respectively.

The total intrinsic value for options exercised during the years ended December 31, 2019, 2018 and 2017 was $132.8 million, $78.0 million and $37.2 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2019, 2018 and 2017 was approximately $136.0 million, $74.7 million, and $56.5 million, respectively. The tax benefit realized for the tax deductions from option exercises under all plans was $10.2 million for the year ended December 31, 2019 and no tax benefit was realized for the years ended December 31, 2018 and 2017.

The aggregate intrinsic value for stock options in the preceding table represents the total intrinsic value based on the Company’s closing stock price of $240.99 as of December 31, 2019. The amount represents the total intrinsic value that would have been received by the holders of the stock-based awards had these awards been exercised and sold as of that date.

Additional information regarding options outstanding and exercisable at December 31, 2019 is as follows:

Options Outstanding

Options Exercisable

Weighted Average

Weighted

Weighted

Remaining

Average

Average

Range

Outstanding

Contractual Life

Exercise Price

Exercisable

Exercise Price

(in thousands)

(in years)

(in thousands)

$0.00 - $100.00

1,307

2.4

$

94.50

1,002

$

93.87

$100.01 - $125.00

1,300

3.6

$

118.03

749

$

120.12

$125.01 - $175.00

845

5.2

$

156.18

166

$

155.36

$175.01 - $275.00

1,055

6.2

$

183.44

—

$

—

4,507

1,917


‎

The following table summarizes the activity of options outstanding that had not yet vested:

Weighted-

Average

Number

Fair Value

of Shares

Per Share

(in thousands)

Unvested as of December 31, 2018

2,654

$

26.05

Options granted

1,068

$

33.99

Vested

(1,072)

$

24.68

Forfeited

(60)

$

28.65

Unvested as of December 31, 2019

2,590

$

29.82

As of December 31, 2019, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $32.7 million. That cost is expected to be recognized over a weighted average period of 2.3 years.

The total fair value of options vested during 2019, 2018, and 2017 was $26.5 million, $24.0 million, and $21.4 million, respectively.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity for the year ended December 31, 2019:

Weighted-Average

Number of

Grant Date Fair

Shares

Value per Share

(in thousands)

Outstanding at December 31, 2018

324

$

128.69

Granted

134

$

185.32

Vested

(130)

$

125.75

Forfeited/canceled

(15)

$

155.40

Outstanding at December 31, 2019

313

$

152.98

As of December 31, 2019, total unrecognized compensation expense related to unvested restricted stock units granted under the 2010 Plan was $23.4 million and is expected to be recognized over a weighted-average period of 2.4 years.

Employee Stock Purchase Plan

In 2008, the Board of Directors of the Company adopted the 2008 Employee Stock Purchase Plan (“2008 Purchase Plan”) which reserved 500,000 shares of Class A common stock for purchase. The 2008 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85% of the fair market value of Class A common stock on the last day of an offering period. For the year ended December 31, 2018, 16,798 shares of Class A common stock were issued under the 2008 Purchase Plan, which resulted in cash proceeds to the Company of approximately $2.3 million.

On May 23, 2018, the Board of Directors of the Company adopted the 2018 Employee Stock Purchase Plan (“2018 Purchase Plan”) which replaced the 2008 Purchase Plan and reserved 300,000 shares of Class A common stock for purchase. The 2018 Purchase Plan permits eligible employee participants to purchase Class A common stock at a price per share which is equal to 85% of the fair market value of Class A common stock on the last day of an offering period. For the years ended December 31, 2019 and 2018, 30,128 shares and 10,052 shares, respectively, of Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $5.5 million and $1.4 million, respectively. At December 31, 2019, 259,820 shares remained available for issuance under the 2018 Purchase Plan.

In addition, the Company recorded $1.0 million, $0.6 million, and $0.6 million of non-cash compensation expense relating to the shares issued under the 2008 Purchase Plan and 2018 Purchase Plan for each of the years ended December 31, 2019, 2018, and 2017, respectively.

Non-Cash Compensation Expense

The table below reflects a break out by category of the non-cash compensation expense amounts recognized on the Company’s Statements of Operations for the years ended December 31, 2019, 2018, and 2017, respectively:

For the year ended December 31,

2019

2018

2017

(in thousands)

Cost of revenues

$

2,034

$

1,182

$

1,013

Selling, general and administrative

71,180

41,145

37,236

Total cost of non-cash compensation included

in income before provision for income taxes

$

73,214

$

42,327

$

38,249

During 2018, the Board of Directors adopted a retirement policy applicable to all employees receiving equity as part of their compensation plan. This policy was effective January 1, 2019. Historically, all unvested equity awards were forfeited upon termination of employment and any options that were vested but unexercised would be forfeited 90 days after the termination of employment. The new retirement policy allows employees that meet certain conditions to vest or continue vesting in outstanding equity awards following retirement and extends the time the employee has to exercise vested and outstanding awards. As a result of this policy, stock compensation expense related to the adoption of the policy resulted in an acceleration of unrecognized stock compensation expense of approximately $11.2 million and $7.3 million in the first and second quarter of 2019, respectively.

In addition, the Company capitalized $1.1 million, $0.8 million and $0.6 million of non-cash compensation for the years ended December 31, 2019, 2018 and 2017, respectively, to fixed assets.
v3.19.3.a.u2
Income Taxes
 12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Income Taxes 14.INCOME TAXES

As discussed in Note 2, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2016. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) except to the extent offset by NOLs. In addition, the Company must meet a number of other organizational and operational requirements. It is management's intention to adhere to these requirements and maintain the Company's REIT status. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements.

Income before provision for income taxes by geographic area is as follows:

For the year ended December 31,

2019

2018

2017

(in thousands)

Domestic

$

133,046

$

99,203

$

73,405

Foreign

53,843

(47,519)

43,486

Total

$

186,889

$

51,684

$

116,891


‎

The provision for income taxes consists of the following components:

For the year ended December 31,

2019

2018

2017

(in thousands)

Current provision:

State

$

5,520

$

5,764

$

5,513

Foreign

18,150

13,756

11,681

Total current

23,670

19,520

17,194

Deferred provision (benefit) for taxes:

Federal

(3,306)

(9,463)

18,736

State

1,952

(1,412)

(241)

Foreign

13,138

(16,673)

9,155

Change in valuation allowance

4,151

12,261

(31,607)

Total deferred

15,935

(15,287)

(3,957)

Total provision for income taxes

$

39,605

$

4,233

$

13,237

A reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate (21% for 2019 and 2018 and 35% for 2017) and the effective income tax rate is as follows:

For the year ended December 31,

2019

2018

2017

(in thousands)

Statutory federal expense

$

39,247

$

10,854

$

40,912

Rate and permanent differences on non-U.S. earnings (1)

15,937

3,620

3,690

State and local tax expense

7,578

4,824

5,415

REIT adjustment

(28,975)

(22,241)

(34,346)

Permanent differences

18

437

(1,365)

Tax Act impact on deferred taxes

—

(6,040)

31,547

Other

1,649

518

(1,009)

Valuation allowance

4,151

12,261

(31,607)

Provision for income taxes

$

39,605

$

4,233

$

13,237

(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.


‎

The components of the net noncurrent deferred income tax asset (liability) accounts are as follows:  

As of December 31,

2019

2018

(in thousands)

Deferred tax assets:

Net operating losses

$

61,741

$

63,622

Property, equipment, and intangible basis differences

5,946

4,793

Accrued liabilities

9,994

9,659

Non-cash compensation

19,198

16,641

Operating lease liability

276,824

—

Deferred revenue

2,527

2,005

Allowance for doubtful accounts

4,190

5,691

Currency translation

47,468

56,604

Other

2,657

2,480

Valuation allowance

(54,610)

(50,628)

Total deferred tax assets, net (1)

375,935

110,867

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(158,419)

(114,652)

Right of use asset

(269,586)

—

Straight-line rents

(25,535)

(20,469)

Deferred foreign withholding taxes

(7,706)

(6,225)

Deferred lease costs

(34)

(2,192)

Other

(783)

(123)

Total deferred tax liabilities, net (1)

$

(86,128)

$

(32,794)

(1)Of these amounts, $4,342, $1,650, and $88,820 are included in Other assets, Other current liabilities, and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2019. As of December 31, 2018, $18,330 and $51,124 are included in Other assets and Other long-term liabilities on the accompanying Consolidated Balance Sheet.

A deferred tax asset is reduced by a valuation allowance if based on the weight of all available evidence, including both positive and negative evidence, it is more likely than not (a likelihood of more than 50%) that the value of such assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The realization of deferred tax assets, including carryforwards and deductible temporary differences, depends upon the existence of sufficient taxable income of the same character during the carryback or carryforward period. All sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in carryback years and tax-planning strategies, should be considered.

The Company has recorded a valuation allowance for certain deferred tax assets as management believes that it is not “more-likely-than-not” that the Company will generate sufficient taxable income in future periods to recognize the assets. Valuation allowances of $54.6 million and $50.6 million were being carried to offset net deferred income tax assets as of December 31, 2019 and 2018, respectively. The net change in the valuation allowance for the years ended December 31, 2019 and 2018 was an increase of $4.0 million and a decrease of $11.8 million, respectively.

The Company has available at December 31, 2019, a federal NOL carry-forward of approximately $754.8 million. $747.0 million of these NOL carry-forwards will expire between 2025 and 2037, and $7.8 million have an indefinite carry-forward. As of December 31, 2019, $652.9 million of the federal NOLs are attributes of the REIT. The Company may use these NOLs to offset its REIT taxable income, and thus any required distributions to shareholders may be reduced or eliminated until such time as the NOLs have been fully utilized. The Internal Revenue Code places limitations upon the future availability of NOLs based upon changes in the equity of the Company. If these occur, the ability of the Company to offset future income with existing NOLs may be limited. In addition, the Company has available at December 31, 2019, a foreign NOL carry-forward of $89.2 million and a net state operating tax loss carry-forward of approximately $413.7 million. These net operating tax loss carry-forwards begin to expire in 2020.

The tax losses generated in tax years 2000 through 2013 remain subject to audit adjustment, and tax years 2014 and forward are open to examination by the major jurisdictions in which the Company operates.

The Company has removed the permanent reinvestment assertion as of December 31, 2019 for all foreign earnings of the Company’s foreign jurisdictions and on the investment in the Company’s Argentina and El Salvador subsidiaries. The Company has recorded deferred foreign withholding taxes of $7.7 million at December 31, 2019. No additional income taxes have been provided for any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations except as noted in Argentina and El Salvador. The deferred incomes taxes related to the Argentina and El Salvador subsidiaries are immaterial and determining the amount of unrecognized deferred tax liability for any additional outside basis differences in these entities that the investment is indefinitely reinvested is not practicable.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation in the form of the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year it is incurred. There is no income inclusion for GILTI for the year ended December 31, 2019.
v3.19.3.a.u2
Segment Data
 12 Months Ended
Dec. 31, 2019
Segment Data [Abstract]  
Segment Data 15.SEGMENT DATA

The Company operates principally in two business segments: site leasing and site development. The Company’s site leasing business includes two reportable segments, domestic site leasing and international site leasing. The Company’s business segments are strategic business units that offer different services. They are managed separately based on the fundamental differences in their operations. The site leasing segment includes results of the managed and sublease businesses. The site development segment includes the results of both consulting and construction related activities. The Company’s Chief Operating Decision Maker utilizes segment operating profit and operating income as his two measures of segment profit in assessing performance and allocating resources at the reportable segment level. The Company has applied the aggregation criteria to operations within the international site leasing segment on a basis that is consistent with management’s review of information and performance evaluations of the individual markets in this region.


‎

Revenues, cost of revenues (exclusive of depreciation, accretion and amortization), capital expenditures (including assets acquired through the issuance of shares of the Company’s Class A common stock) and identifiable assets pertaining to the segments in which the Company continues to operate are presented below.

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the year ended December 31, 2019

(in thousands)

Revenues

$

1,487,108 

$

373,750 

$

153,787 

$

—

$

2,014,645 

Cost of revenues (2)

258,413 

115,538 

119,080 

—

493,031 

Operating profit

1,228,695 

258,212 

34,707 

—

1,521,614 

Selling, general, and administrative expenses

99,707 

32,411 

21,525 

39,074 

192,717 

Acquisition and new business initiatives related

adjustments and expenses

7,933 

7,295 

—

—

15,228 

Asset impairment and decommission costs

24,202 

8,899 

2 

—

33,103 

Depreciation, amortization and accretion

527,718 

161,183 

2,341 

5,836 

697,078 

Operating income (loss)

569,135 

48,424 

10,839 

(44,910)

583,488 

Other expense (principally interest expense

and other expense)

(396,599)

(396,599)

Income before income taxes

186,889 

Cash capital expenditures (3)

287,793 

635,728 

3,900 

4,271 

931,692 

For the year ended December 31, 2018

Revenues

$

1,400,095 

$

340,339 

$

125,261 

$

—

$

1,865,695 

Cost of revenues (2)

266,131 

106,165 

96,499 

—

468,795 

Operating profit

1,133,964 

234,174 

28,762 

—

1,396,900 

Selling, general, and administrative expenses

72,879 

27,082 

16,215 

26,350 

142,526 

Acquisition and new business initiatives related

adjustments and expenses

5,268 

5,693 

—

—

10,961 

Asset impairment and decommission costs

18,857 

7,932 

345 

—

27,134 

Depreciation, amortization and accretion

511,823 

151,570 

2,556 

6,164 

672,113 

Operating income (loss)

525,137 

41,897 

9,646 

(32,514)

544,166 

Other expense (principally interest expense

and other expense)

(492,482)

(492,482)

Income before income taxes

51,684 

Cash capital expenditures (3)

338,610 

258,785 

1,561 

3,724 

602,680 

For the year ended December 31, 2017

Revenues

$

1,308,389 

$

314,784 

$

104,501 

$

—

$

1,727,674 

Cost of revenues (2)

260,826 

98,701 

86,785 

—

446,312 

Operating profit

1,047,563 

216,083 

17,716 

—

1,281,362 

Selling, general, and administrative expenses

67,263 

24,320 

15,433 

23,681 

130,697 

Acquisition and new business initiatives related

adjustments and expenses

8,171 

4,196 

—

—

12,367 

Asset impairment and decommission costs

29,523 

6,994 

180 

—

36,697 

Depreciation, amortization and accretion

498,842 

135,155 

2,580 

6,523 

643,100 

Operating income (loss)

443,764 

45,418 

(477)

(30,204)

458,501 

Other expense (principally interest expense

and other expense)

(341,610)

(341,610)

Income before income taxes

116,891 

Cash capital expenditures (3)

225,074 

358,691 

1,221 

3,859 

588,845 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (1)

Total

Assets

(in thousands)

As of December 31, 2019

$

6,157,511

$

3,381,448

$

81,772

$

139,210

$

9,759,941

As of December 31, 2018

$

5,035,826

$

2,042,800

$

60,775

$

74,306

$

7,213,707

(1)Assets in Other consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and financing leases.

For the year ended December 31, 2019, 2018, and 2017, site leasing revenue in Brazil was $226.7 million, 221.5 million, and $217.4 million, respectively. Other than Brazil, no foreign country represented more than 3% of the Company’s total site leasing revenues in any of the periods presented. Total long-lived assets in Brazil were $1,404.1 million and $1,031.6 million as of December 31, 2019, and 2018, respectively.
v3.19.3.a.u2
Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share 16.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to SBA Communications Corporation by the weighted-average number of shares of Common Stock outstanding adjusted for any dilutive Common Stock equivalents, including unvested restricted stock and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2019, 2018, and 2017 (in thousands, except per share data):

For the year ended December 31,

2019

2018

2017

Numerator:

Net income attributable to SBA

Communications Corporation

$

146,991

$

47,451

$

103,654

Denominator:

Basic weighted-average shares outstanding

112,809

114,909

119,860

Dilutive impact of stock options and restricted shares

1,884

1,606

1,162

Diluted weighted-average shares outstanding

114,693

116,515

121,022

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

1.30

$

0.41

$

0.86

Diluted

$

1.28

$

0.41

$

0.86

For the year ended December 31, 2019, the diluted weighted average number of common shares outstanding excluded an additional 19,533 shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the year ended December 31, 2018, the diluted weighted average number of common shares outstanding excluded an additional 0.8 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.

For the year ended December 31, 2017, the diluted weighted average number of common shares outstanding excluded an additional 1.0 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.
v3.19.3.a.u2
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies [Abstract]  
Commitments and Contingencies


‎

17.COMMITMENTS AND CONTINGENCIES

The Company is obligated under various non-cancelable operating leases for land, office space, equipment, and site leases. In addition, the Company is obligated under various non-cancelable financing leases for vehicles. The annual minimum lease payments, including fixed rate escalations as of December 31, 2019 are as follows (in thousands):

Finance Leases

Operating Leases

2020

$

1,374

$

254,660

2021

1,201

256,197

2022

985

257,201

2023

545

257,277

2024

11

255,925

Thereafter

—

2,992,385

Total minimum lease payments

4,116

4,273,645

Less: amount representing interest

(224)

(1,751,122)

Present value of future payments

3,892

2,522,523

Less: current obligations

(1,350)

(245,665)

Long-term obligations

$

2,542

$

2,276,858

Tenant (Operating) Leases

The annual minimum tower lease income to be received for tower space rental under non-cancelable operating leases, including fixed rate escalations, as of December 31, 2019 is as follows:

(in thousands)

2020

$

1,678,713

2021

1,438,088

2022

1,189,381

2023

981,573

2024

732,792

Thereafter

1,821,715

Total

$

7,842,262

Litigation

The Company is involved in various claims, lawsuits and proceedings arising in the ordinary course of business. While there are uncertainties inherent in the ultimate outcome of such matters and it is impossible to presently determine the ultimate costs that may be incurred, management believes the resolution of such uncertainties and the incurrence of such costs will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Contingent Purchase Obligations

From time to time, the Company agrees to pay additional consideration (or earnouts) for acquisitions if the towers or businesses that are acquired meet or exceed certain performance targets in the one year to three years after they have been acquired. Please refer to Note 3.
v3.19.3.a.u2
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2019
Concentration of Credit Risk [Abstract]  
Concentration of Credit Risk 18.CONCENTRATION OF CREDIT RISK

The Company’s credit risks consist primarily of accounts receivable with national, regional, and local wireless service providers and federal and state government agencies. The Company performs periodic credit evaluations of its customers’ financial condition and provides allowances for doubtful accounts, as required, based upon factors surrounding the credit risk of specific customers, historical trends, and other information. The Company generally does not require collateral.


‎

The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers:

For the year ended December 31,

Percentage of Total Revenues

2019

2018

2017

AT&T Wireless

23.8%

24.0%

25.0%

T-Mobile

18.2%

16.4%

16.5%

Sprint

16.9%

17.9%

15.1%

Verizon Wireless

14.0%

14.7%

15.2%

The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows:

For the year ended December 31,

Percentage of Domestic Site Leasing Revenue

2019

2018

2017

AT&T Wireless

32.1%

31.9%

32.7%

T-Mobile

21.6%

20.3%

19.7%

Sprint

19.0%

19.6%

18.9%

Verizon Wireless

18.6%

19.0%

19.0%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2019

2018

2017

Oi S.A.

31.3%

35.5%

42.2%

Telefonica

26.9%

26.7%

25.7%

Claro

11.6%

11.4%

10.0%

For the year ended December 31,

Percentage of Site Development Revenue

2019

2018

2017

Sprint

37.3%

47.1%

12.9%

T-Mobile

30.2%

16.4%

26.9%

Verizon Wireless

2.9%

6.4%

12.8%

Nokia, Inc.

4.3%

3.2%

10.1%

Five customers comprised 66.6% of total gross accounts receivable at December 31, 2019 compared to five customers which comprised 67.5% of total gross accounts receivable at December 31, 2018.
v3.19.3.a.u2
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2019
Defined Contribution Plan [Abstract]  
Defined Contribution Plan 19.DEFINED CONTRIBUTION PLAN

The Company has a defined contribution profit sharing plan under Section 401(k) of the Internal Revenue Code that provides for voluntary employee contributions up to the limitations set forth in Section 402(g) of the Internal Revenue Code. Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age. Employer matching begins immediately upon the employee’s participation in the plan.

The Company makes a discretionary matching contribution of 75% of an employee’s contributions up to a maximum of $4,000 annually. Company matching contributions were approximately $2.4 million, $2.1 million and $2.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.
v3.19.3.a.u2
Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2019
Redeemable Noncontrolling Interests [Abstract]  
Redeemable Noncontrolling Interests 20. REDEEMABLE NONCONTROLLING INTERESTS

In August 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which operated under the name Atlas Tower South Africa (“Atlas SA”). As a result of the transaction, the Company has consolidated the results of the entity into its financial statements. The incremental investment is reflected within Acquisitions on the Consolidated Statement of Cash Flows. As of December 31, 2019, the fair market value of the 6% noncontrolling interest was $16.1 million. The fair value assigned to the redeemable noncontrolling interest is estimated using Level 3 inputs based on unobservable inputs.

In connection with the acquisition of the additional interest in Atlas SA, the parties agreed to both a put option exercisable by the noncontrolling interest holder and a call option exercisable by the Company. The put option allows the noncontrolling interest holder to sell its 6% noncontrolling interest to the Company for an amount to be determined using a formulaic approach. The call option allows the Company to purchase the remaining 6% minority interest using the same formulaic approach. Both the put and call options can be exercised on or after August 30, 2020. As the put option is outside of the Company’s control, the estimated redemption value of the minority interest is presented as a redeemable noncontrolling interest outside of permanent equity on the Consolidated Balance Sheets.

The Company allocates income and losses to the noncontrolling interest holder based on the applicable membership interest percentage. At each reporting period, the redeemable noncontrolling interest is recognized at the higher of (1) the initial carrying amount of the noncontrolling interest as adjusted for accumulated income or loss attributable to the noncontrolling interest holder, or (2) the contractually-defined redemption value as of the balance sheet date. Adjustments to the carrying amount of redeemable noncontrolling interest are charged against retained earnings (or additional paid-in capital if there are no retained earnings).

The components of redeemable noncontrolling interests as of December 31, 2019 are as follows (in thousands):

BALANCE, December 31, 2018

$

—

Purchase of noncontrolling interests

13,990

Additional investment

179

Foreign currency translation adjustments

460

Adjustment to fair value

1,130

Net income attributable to noncontrolling interests

293

BALANCE, December 31, 2019

$

16,052
v3.19.3.a.u2
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Data 21.QUARTERLY FINANCIAL DATA (unaudited)

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2019

2019

2019

2019

(in thousands, except per share amounts)

Revenues

$

513,659

$

507,547

$

500,147

$

493,292

Operating income

153,920

153,847

136,452

139,269

Depreciation, accretion, and amortization

(179,487)

(174,987)

(171,564)

(171,040)

Net income attributable to SBA Communications Corporation

67,350

21,679

31,973

25,989

Net income per common share - basic

$

0.60

$

0.19

$

0.28

$

0.23

Net income per common share - diluted

0.59

0.19

0.28

0.23

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2018

2018

2018

2018

(in thousands, except per share amounts)

Revenues

$

483,849

$

467,221

$

456,322

$

458,303

Operating income

150,321

138,006

125,870

129,969

Depreciation, accretion, and amortization

(169,454)

(167,703)

(169,558)

(165,398)

Net income (loss) attributable to SBA Communications Corporation

57,152

16,144

(57,392)

31,547

Net income (loss) per common share - basic

$

0.50

$

0.14

$

(0.50)

$

0.27

Net income (loss) per common share - diluted

0.50

0.14

(0.50)

0.27

Because net income (loss) per share amounts are calculated using the weighted average number of common and dilutive common shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total loss per share amounts for the year.
v3.19.3.a.u2
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2019
Derivatives and Hedging Activities [Abstract]  
Derivatives and Hedging Activities 22. DERIVATIVES AND HEDGING ACTIVITIES

On February 1, 2019, the Company, through its wholly owned subsidiary, SBA Senior Finance II, LLC, entered into a four year interest rate swap on a portion of its 2018 Term Loan. The Company swapped $1.2 billion of notional value receiving interest at one month LIBOR plus 200 basis points for a fixed rate of 4.495% per annum settled monthly.

On May 23, 2019, the Company, through its wholly owned subsidiary, SBA Senior Finance II, LLC, entered into a four year interest rate swap on a portion of its 2018 Term Loan. The Company swapped $750.0 million of notional value receiving interest at one month LIBOR plus 200 basis points for a fixed rate of 4.08% per annum settled monthly.

On December 3, 2019, the Company, through its wholly owned subsidiary, SBA Senior Finance II, LLC, entered into a series of interest rate swaps on a portion of its 2018 Term Loan, effectively replacing both existing interest rate swaps. As a result, the Company has swapped $1.95 billion of notional value receiving interest at one month LIBOR plus 175 basis points for a fixed rate of 3.78% per annum settled monthly through the maturity date of the 2018 Term Loan. On this date, the Company designated this swap as a cash flow hedge and recorded an initial fair value of $60.5 million. As of December 31, 2019, the Company believes that the hedge remains highly effective; therefore, subsequent changes in the fair value are recorded in Accumulated other comprehensive loss, net.

For interest rate swaps de-designated as cash flow hedges, the Company recognized the fair value on the date of de-designation in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets and then reclassified those amounts into Non-cash interest expense on the Consolidated Statements of Operations over the remaining terms of the initial interest rate swap agreements. On a quarterly basis, the Company re-evaluates the fair value of the interest rate swaps using Level 2 inputs, and any changes in the fair value are recorded as gains or losses on the interest rate swap in Non-cash interest expense.

The disclosures below provide additional information about the effects of these interest rate swaps on the Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Comprehensive Income. The cash flows associated with all of these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows.

The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets at December 31, 2019 and 2018.

Balance Sheet

Fair Value as of December 31,

Location

2019

2018

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreement in a fair value liability position

Other long-term liabilities

$

42,698 

$

—

Derivatives Not Designated as Hedging Instruments

Interest rate swap agreements in a fair value asset position

Other assets

$

47,583 

$

—

Interest rate swap agreements in a fair value liability position

Other long-term liabilities

$

47,583 

$

—

The table below outlines the effects of the Company’s derivatives on the Consolidated Statements of Operations for the fiscal years ended December 31, 2019, 2018, and 2017.

For the year ended December 31,

2019

2018

2017

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

Change in fair value recorded in Accumulated other comprehensive loss, net

$

16,887 

$

—

$

—

Amount recognized in Non-cash interest expense

$

(878)

$

—

$

—

Derivatives Not Designated as Hedges - Interest Rate Swap Agreements

Amount recorded in Accumulated other comprehensive loss, net

$

(60,462)

$

—

$

—

Amount reclassified from Accumulated other comprehensive

loss, net into Non-cash interest expense

$

1,444 

$

—

$

—

For further discussion of the Company’s interest rate swaps, refer to Note 1.
v3.19.3.a.u2
Schedule III - Schedule of Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2019
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]  
Schedule III - Schedule of Real Estate and Accumulated Depreciation Schedule III—Schedule of Real Estate and Accumulated Depreciation

Gross

Life on Which

Cost

Amount

Accumulated

Depreciation

Capitalized

Carried

Depreciation

in Latest

Initial

Subsequent

at Close

at Close

Income

Cost to

to

of Current

of Current

Date of

Date

Statement is

Description

Encumbrances

Company

Acquisition

Period

Period

Construction

Acquired

Computed

(in thousands)

32,403 sites

(1)

$

7,814,000 

(2)

(3)

(3)

$

5,833,338 

(4)

$

(3,133,061)

Various

Various

Up to 20 years

(1)No single site exceeds 5% of the aggregate gross amounts at which the assets were carried at the close of the period set forth in the table above.

(2)As of December 31, 2019, certain assets secure debt of $7.8 billion.

(3)The Company has omitted this information, as it would be impracticable to compile such information on a site-by-site basis.

(4)Does not include those sites under construction.

2019

2018

2017

(in thousands)

Gross amount at beginning

$

5,561,005 

$

5,340,858 

$

5,079,660 

Additions during period:

Acquisitions (1)

111,734 

131,686 

112,979 

Construction and related costs on new builds

48,975 

54,237 

70,361 

Augmentation and tower upgrades

63,998 

49,201 

43,288 

Land buyouts and other assets

39,298 

37,032 

41,657 

Tower maintenance

28,960 

30,048 

29,391 

Total additions

292,965 

302,204 

297,676 

Deductions during period:

Cost of real estate sold or disposed

(856)

(1,083)

(1,027)

Impairment

(9,587)

(17,130)

(34,101)

Other (2)

(10,189)

(63,844)

(1,350)

Total deductions

(20,632)

(82,057)

(36,478)

Balance at end

$

5,833,338 

$

5,561,005 

$

5,340,858 

(1)Inclusive of changes between the final purchase price allocation and the preliminary purchase price allocations.

(2)Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.

2019

2018

2017

(in thousands)

Gross amount of accumulated depreciation at beginning

$

(2,868,507)

$

(2,627,841)

$

(2,396,587)

Additions during period:

Depreciation

(269,606)

(257,469)

(248,818)

Other (1)

(83)

(25)

—

Total additions

(269,689)

(257,494)

(248,818)

Deductions during period:

Amount of accumulated depreciation for assets sold or disposed

2,887 

4,392 

17,051 

Other (1)

2,248 

12,436 

513 

Total deductions

5,135 

16,828 

17,564 

Balance at end

$

(3,133,061)

$

(2,868,507)

$

(2,627,841)

(1)Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.
v3.19.3.a.u2
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the Company and its majority and wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant estimates made by management relate to the allowance for doubtful accounts, the costs and revenue relating to the Company’s construction contracts, stock-based compensation assumptions, valuation allowance related to deferred tax assets, fair value of long-lived assets, the useful lives of towers and intangible assets, anticipated property tax assessments, fair value of investments and asset retirement obligations. Management develops estimates based on historical experience and on various assumptions about the future that are believed to be reasonable based on the information available. These estimates ultimately may differ from actual results and such differences could be material.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in banks, money market funds, commercial paper, highly liquid short-term investments, and other marketable securities with an original maturity of three months or less at the time of purchase. These investments are carried at cost, which approximates fair value.

Restricted Cash

Restricted Cash

The Company classifies all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. This includes cash held in escrow to fund certain reserve accounts relating to the Tower Securities as well as for

payment and performance bonds and surety bonds issued for the benefit of the Company in the ordinary course of business, as well as collateral associated with workers’ compensation plans (see Note 4).

Investments

Investments

Investment securities with original maturities of more than three months but less than one year at time of purchase are considered short-term investments. The Company’s short-term investments primarily consist of certificates of deposit with maturities of less than a year. Investment securities with maturities of more than a year are considered long-term investments and are classified in other assets on the accompanying Consolidated Balance Sheets. Long-term investments primarily consist of U.S. Treasuries, mutual funds, and preferred securities. Gross purchases and sales of the Company’s investments are presented within “Cash flows from investing activities” on the Company’s Consolidated Statements of Cash Flows. During the years ended December 31, 2019 and 2018, the Company received proceeds related to the sale or maturity of investments of $625.8 million and $150.9 million, respectively. During the year ended December 31, 2019 and 2018, no gain or loss was recorded related to the sale or maturity of investments. The proceeds are reflected in Net cash used in investing activities on the Consolidated Statements of Cash Flows.

The Company accounts for its investments in privately held companies under the equity method. The Company evaluates its investments for impairment at least annually. The Company determines the fair value of its investments by considering available evidence, including general market conditions, the investee’s financial condition, near-term prospects, market comparables and subsequent rounds of financing. The Company measures and records its investments at fair value when they are deemed to be other-than-temporarily impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2019, 2018, and 2017. The aggregate carrying value of the Company’s investments was approximately $13.8 million and $14.6 million as of December 31, 2019 and 2018, respectively, and is classified within prepaid and other current assets and other assets on the Company’s consolidated balance sheets.
Property and Equipment

Property and Equipment

Property and equipment are recorded at cost or at estimated fair value (in the case of acquired properties), adjusted for asset impairment and estimated asset retirement obligations. Costs for self-constructed towers include direct materials and labor, indirect costs and capitalized interest. Approximately $0.7 million, $0.9 million, and $1.1 million of interest cost was capitalized in 2019, 2018 and 2017, respectively.

Depreciation on towers and related components is provided using the straight-line method over the estimated useful lives, not to exceed the minimum lease term of the underlying ground lease. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the minimum lease term of the lease. For all other property and equipment, depreciation is provided using the straight-line method over the estimated useful lives.

The Company performs ongoing evaluations of the estimated useful lives of its property and equipment for depreciation purposes. The estimated useful lives are determined and continually evaluated based on the period over which services are expected to be rendered by the asset. If the useful lives of assets are reduced, depreciation may be accelerated in future years. Property and equipment under capital leases are amortized on a straight-line basis over the term of the lease or the remaining estimated life of the leased property, whichever is shorter, and the related amortization is included in depreciation expense. Expenditures for maintenance and repair are expensed as incurred.

Asset classes and related estimated useful lives are as follows:

Towers and related components

3 - 15  years

Furniture, equipment and vehicles

2 - 7 years

Buildings and improvements

10 - 30  years

Betterments, improvements, and significant repairs, which increase the value or extend the life of an asset, are capitalized and depreciated over the estimated useful life of the respective asset. Changes in an asset’s estimated useful life are accounted for prospectively, with the book value of the asset at the time of the change being depreciated over the revised remaining useful life. There has been no material impact for changes in estimated useful lives for any years presented.

Deferred Financing Fees

Deferred Financing Fees

Financing fees related to the issuance of debt have been deferred and are being amortized using the effective interest rate method over the expected duration of the related indebtedness (see Note 11). For all of the Company’s debt, except for the Revolving Credit Facility where the debt issuance costs are being presented as an asset on the accompanying Consolidated Balance Sheet, debt issuance costs are presented on the balance sheet as a direct deduction from the related debt liability rather than as an asset.

Intangible Assets Intangible Assets

The Company classifies as intangible assets the fair value of current leases in place at the acquisition date of towers and related assets (referred to as the “Current contract intangibles”), and the fair value of future tenant leases anticipated to be added to the acquired towers (referred to as the “Network location intangibles”). These intangibles are estimated to have a useful life consistent with the useful life of the related tower assets, which is typically 15 years. For all intangible assets, amortization is provided using the straight-line method over the estimated useful lives as the benefit associated with these intangible assets is anticipated to be derived evenly over the life of the asset.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The Company evaluates its individual long-lived and related assets with finite lives for indicators of impairment to determine when an impairment analysis should be performed. The Company evaluates its tower assets and Current contract intangibles at the tower level, which is the lowest level for which identifiable cash flows exists. The Company evaluates its Network location intangibles for impairment at the tower leasing business level whenever indicators of impairment are present. The Company has established a policy to at least annually, or earlier if indicators of impairment arise, evaluate its tower assets and Current contract intangibles for impairment.

The Company records an impairment charge when an investment in towers or related assets has been impaired, such that future undiscounted cash flows would not recover the then current carrying value of the investment in the tower and related intangible. If the future undiscounted cash flows are lower than the carrying value of the investment in the tower and related intangible, the Company calculates future discounted cash flows and compares those amounts to the carrying value. The Company records an impairment charge for any amounts lower than the carrying value. Estimates and assumptions inherent in the impairment evaluation include, but are not limited to, general market and economic conditions, historical operating results, geographic location, lease-up potential and expected timing of lease-up. In addition, the Company makes certain assumptions in determining an asset’s fair value for the purpose of calculating the amount of an impairment charge.

The Company recognized impairment charges of $33.1 million, $27.1 million, and $36.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 3 for further detail of these amounts.
Fair Value Measurements Fair Value Measurements

The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Revenue Recognition and Accounts Receivable Revenue Recognition and Accounts Receivable

Revenue from site leasing is recognized on a straight-line basis over the current term of the related lease agreements. Receivables recorded related to the straight-line impact of site leases are reflected in other assets on the Consolidated Balance Sheets. Rental amounts received in advance are recorded as deferred revenue on the Consolidated Balance Sheets. Revenues from site leasing represent 92% of the Company’s total revenues. For additional information on tenant leases, refer to the Leases section below.

Site development projects in which the Company performs consulting services include contracts on a fixed price basis that are billed at contractual rates. Revenue is recognized over time based on milestones achieved, which are determined based on costs incurred. Amounts billed in advance (collected or uncollected) are recorded as deferred revenue on the Consolidated Balance Sheets.

Revenue from construction projects is recognized over time, determined by the percentage of cost incurred to date compared to management’s estimated total cost for each contract. This method is used because management considers total cost to be the best available measure of progress on the contracts. These amounts are based on estimates, and the uncertainty inherent in the estimates initially is reduced as work on the contracts nears completion. Refer to Note 5 for further detail of costs and estimated earnings in excess of billings on uncompleted contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined to be probable.

The site development segment represents approximately 8% of the Company’s total revenues. The Company accounts for site development revenue in accordance with ASC 606, Revenue from Contracts with Customers. Payment terms do not result in any significant financing arrangements. Furthermore, these contracts do not typically include variable consideration; therefore, the transaction price that is recognized over time is generally the amount of the total contract.

The accounts receivable balance was $132.1 million and $111.0 million as of December 31, 2019 and 2018, respectively, of which $40.7 million and $27.1 million related to the site development segment as of December 31, 2019 and 2018, respectively. Refer to Note 15 for further detail of the site development segment.
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

The Company performs periodic credit evaluations of its customers. The Company monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon historical experience, specific customer collection issues identified, and past due balances as determined based on contractual terms. Interest is charged on outstanding receivables from customers on a case by case basis in accordance with the terms of the respective contracts or agreements with those customers. Amounts determined to be uncollectible are written off against the allowance for doubtful accounts in the period in which uncollectibility is determined to be probable.

The following is a rollforward of the allowance for doubtful accounts:

For the year ended December 31,

2019

2018

2017

(in thousands)

Beginning balance

$

23,880

$

26,481

$

24,518

Provision for doubtful accounts

155

551

2,909

Write-offs

(1,455)

(591)

(647)

Recoveries (1)

(2,296)

—

—

Acquisitions

1,193

—

—

Currency translation adjustment

(275)

(2,561)

(299)

Ending balance

$

21,202

$

23,880

$

26,481

(1)On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10% reduction in the receivable and four annual installment payments, the first of which was received in March 2019.
Cost of Revenue Cost of Revenue

Cost of site leasing revenue includes ground lease rent, property taxes, amortization of deferred lease costs, maintenance and other tower operating expenses. Cost of site development revenue includes the cost of materials, salaries and labor costs, including payroll taxes, subcontract labor, vehicle expense and other costs directly and indirectly related to the projects. All costs related to site

development projects are recognized as incurred. For additional information on ground leases and the adoption of Topic 842, refer to the Leases section below.
Income Taxes Income Taxes

The Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is "more-likely-than-not" that those assets will not be realized. The Company considers many factors when assessing the likelihood of future realization, including the Company’s recent cumulative earnings by taxing jurisdiction, expectations of future taxable income, prudent and feasible tax planning strategies that are available, the carryforward periods available to the Company for tax reporting purposes and other relevant factors.

The Company began operating as a REIT for federal income tax purposes effective January 1, 2016. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the IRS to be treated as a taxable REIT subsidiary (“TRS”) in conjunction with the Company's REIT election. The TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Code. A TRS is subject to federal and state income taxes on the income from these activities. Additionally, the Company has included in TRSs the Company’s tower operations in most foreign jurisdictions; however, the REIT holds selected tower assets in Puerto Rico and USVI. Those operations will continue to be subject to foreign taxes in the jurisdiction in which such assets and operations are located regardless of whether they are included in a TRS.

The Company will continue to file separate federal tax returns for the REIT and TRS for the year ended December 31, 2019. The REIT had taxable income during the year ended December 31, 2019 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2019 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. The deferred tax asset generated by the NOLs are fully reserved by a valuation allowance.

The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return if applicable. The Company has not identified any tax exposures that require a reserve. To the extent that the Company records unrecognized tax exposures, any related interest and penalties will be recognized as interest expense in the Company’s Consolidated Statements of Operations.
Stock-Based Compensation Stock-Based Compensation

The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including stock options, restricted stock units and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options and restricted stock units on a straight-line basis over the vesting period. Compensation expense for stock options is based on the estimated fair value of the options on the date of the grant using the Black-Scholes option-pricing model. Compensation expense for restricted stock units is based on the fair market value of the units awarded at the date of the grant.

Asset Retirement Obligations

Asset Retirement Obligations

The Company has entered into ground leases for the land underlying the majority of the Company’s towers. A majority of these leases require the Company to restore land interests to their original condition upon termination of the ground lease.

In determining the measurement of the asset retirement obligations, the Company considered the nature and scope of the contractual restoration obligations contained in the Company’s ground leases, the historical retirement experience as an indicator of future restoration probabilities, intent in renewing existing ground leases through lease termination dates, current and future value and timing of estimated restoration costs and the credit adjusted risk-free rate used to discount future obligations.

The Company recognizes asset retirement obligations in the period in which they are incurred, if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related tower fixed assets, and over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the estimated useful life of the tower. As of December 31, 2019 and 2018, the asset retirement obligation was $11.5 million and $9.9 million, respectively, and is included in other long-term liabilities on the Consolidated Balance Sheets. Upon settlement of the obligations, any

difference between the cost to retire an asset and the recorded liability is recorded in Asset impairment and decommission costs on the Consolidated Statements of Operations.

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, and is comprised of net income (loss), other foreign currency adjustments, and adjustments related to interest rate swaps designated as cash flow hedges.

Foreign Currency Translation

Foreign Currency Translation

All assets and liabilities of foreign subsidiaries that do not utilize the U.S. dollar as its functional currency are translated at period-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Unrealized remeasurement gains and losses are reported as foreign currency translation adjustments through Accumulated Other Comprehensive Loss in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. Unrealized translation gains and losses are reported as other income (expense), net in the Consolidated Statements of Operations.
Acquisitions

Acquisitions

Under ASU 2017-01, Clarifying the Definition of a Business, the Company’s acquisitions will generally qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations. For acquisitions, the aggregate purchase price is allocated on a relative fair value basis to towers and related intangible assets. The fair values of these net assets acquired are based on management’s estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management at the time. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could be subject to a possible impairment of the intangible assets, or require acceleration of the amortization expense of intangible assets in subsequent periods. External, direct transaction costs will be capitalized as a component of the cost of the asset acquired. The Company will continue to expense internal acquisition costs as incurred. For business combinations, the estimates of the fair value of the assets acquired and liabilities assumed at the date of an acquisition are subject to adjustment during the measurement period (up to one year from the particular acquisition date). During the measurement period, the Company will adjust assets and/or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in a revised estimated value of those assets and/or liabilities as of that date. As of December 31, 2019, there were no purchase price allocations that were preliminary.

In connection with certain acquisitions, the Company may agree to pay contingent consideration (or earnouts) in cash or stock if the communication sites or businesses that are acquired meet or exceed certain performance targets over a period of one year to three years after they have been acquired. The Company accrues for contingent consideration in connection with business combinations at fair value as of the date of the acquisition. All subsequent changes in fair value of contingent consideration payable in cash are recorded through Consolidated Statements of Operations. Contingent consideration in connection with asset acquisitions will be recognized at the time when the contingency is resolved or becomes payable and will increase the cost basis of the assets acquired.
Leases Leases

The Company adopted ASU No. 2016-02, Leases (“Topic 842”) using the modified retrospective adoption method with an effective date of January 1, 2019. The consolidated financial statements for 2019 are presented under the new standard, while the comparative periods presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. This standard requires all lessees to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments. The Company has elected not to separate nonlease components from the associated lease component for all underlying classes of assets.

The adoption of the new lease standard had a significant impact on the Company’s Consolidated Balance Sheets resulting in the recognition of $2.6 billion of right-of-use assets, net, $226.0 million of current lease liabilities, and $2.3 billion of long-term lease liabilities. The right-of-use assets included $266.3 million of rent prepayments and financing lease right-of-use assets, net which were

previously reported in Prepaid expenses and other current assets, Other assets, and Property, Plant and Equipment, net on the Consolidated Balance Sheets. In addition, the Company recognized a $21.0 million cumulative effect adjustment, net of tax, to Accumulated deficit on the Consolidated Balance Sheet related to the unamortized deferred lease costs incurred in prior periods which do not meet the definition of initial direct costs under Topic 842.

The adoption of Topic 842 did not have a significant impact on the Company’s lease classification or a material impact on its Consolidated Statements of Operations and liquidity. Additionally, the adoption of Topic 842 did not have a material impact on the Company’s debt covenant compliance under its current agreements.

The components of the right-of-use assets and lease liabilities as of December 31, 2019 are as follows (in thousands):

Operating lease right-of-use assets, net

$

2,567,507

Financing lease right-of-use assets, net

4,710

Right-of-use assets, net

$

2,572,217

Current operating lease liabilities

$

245,665

Current financing lease liabilities

1,350

Current lease liabilities

$

247,015

Long-term operating lease liabilities

$

2,276,858

Long-term financing lease liabilities

2,542

Long-term lease liabilities

$

2,279,400

Operating Leases

Ground leases. The Company enters into long-term lease contracts for land that underlies its tower structures. Ground lease agreements generally include renewal options which can be exercised exclusively at the Company’s election. In making the determination of the period for which the Company is reasonably certain to remain on the site, the Company will assume optional renewals are reasonably certain of being exercised for the greater of: (1) a period sufficient to cover all tenants under their current committed term where the Company has provided rights to the tower not to exceed the contractual ground lease terms including renewals, and (2) a period sufficient to recover the investment of significant leasehold improvements located on the site (generally 15 years).

Substantially all leases provide for rent rate escalations. The most common provisions provide for fixed rent escalators which typically average 2-3% annually. The Company also has ground leases that include consumer price index escalators, particularly in its South American and South African operations. Increases or decreases in lease payments that result from subsequent changes in the index or rate are accounted for as variable lease payments.

Office leases. The Company’s office leases consist of long-term leases for international, regional, and certain site development office locations. Office leases include a single lease component, lease of the office space and sometimes nonlease components such as common area maintenance expenses. The lease term for office leases are generally considered to be the contractually committed term.

Finance Leases

Vehicle leases. The Company leases vehicles that are used in its site development business. These leases are accounted for as financing leases and have lease terms that are contractually committed and do not include optional renewal terms.

Discount Rate

When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, the Company’s ground leases generally do not provide a readily determinable implicit rate. Therefore, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement or upon a modification. The Company uses publicly available data for instruments with similar characteristics when calculating its incremental borrowing rates.

Lease Cost

Variable lease payments include escalations based on standard cost of living indexes and are initially recognized using the prevailing index at the date of initial measurement or upon reassessment of the lease term. Subsequent changes in standard cost of living increases are recognized as variable lease costs. Variable lease payments also include contingent rent provisions.

The components of lease cost, lease term, and discount rate as of December 31, 2019 are as follows:

For the year ended

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,275

Interest on finance lease liabilities

115

Total finance lease cost

1,390

Operating lease cost (1)

266,681

Variable lease cost (1)

38,477

Total lease cost

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2019

Operating leases

16.6 years

Finance leases

3.3 years

Weighted Average Discount Rate as of December 31, 2019

Operating leases

6.1%

Finance leases

3.6%

For the year ended

Other information:

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,758

Cash flows from finance leases

$

1,275

(1)For the year ended December 31, 2018, operating lease costs and variable lease costs were $273.5 million and $27.1 million, respectively.

Tenant (Operating) Leases

The Company enters into long-term lease contracts with wireless service providers to lease antenna space on towers that it owns or operates. Each tenant lease relates to the lease or use of space at an individual site. Tenant leases are generally for an initial term of five years to 10 years with multiple five year renewal periods at the option of the tenant. Tenant leases typically contain specific rent escalators, which can be fixed or escalate in accordance with a standard cost of living index, including the renewal option periods.

Tenant lease agreements generally include renewal options which can be exercised exclusively at the tenant’s election. The only common exception is if the Company no longer has a right to the ground underlying the site, the lease agreements permit the Company to terminate the lease. Despite high frequency of renewal of options to extend the lease by its tenants, the Company has concluded that the exercise of a renewal option by a tenant is not reasonably certain of occurrence; therefore, only the current committed term is included in the determination of the lease term.

Certain tenant leases provide for a reimbursement of costs incurred by the Company. The Company pays these costs directly and is not relieved of the primary obligation for the expenses. These reimbursements are recorded as revenue on the Statements of Operations.

Deferred Lease Costs

Prior to the adoption of ASU 2016-02, the Company deferred certain initial direct costs associated with the origination of tenant leases and amortized these costs over the remaining lease term. These costs included an allocation of a portion of the employees’ total compensation and payroll related benefits related to time spent performing those activities. Such deferred costs were approximately $11.3 million and $11.0 million in 2018 and 2017, respectively. Amortization expense was $12.2 million and $13.1 million for the years ended December 31, 2018 and 2017, respectively, and is included in cost of site leasing on the accompanying Consolidated Statements of Operations. As of December 31, 2018, unamortized deferred lease costs were $27.0 million and are included in other assets on the accompanying Consolidated Balance Sheets.

ASU 2016-02, defines initial direct costs as incremental costs that would not have been incurred if the lease had not been obtained. These costs, including commissions paid related to the origination of specific tenant leases, will continue to be deferred and amortized over the remaining lease term. Upon adoption, the Company recognized a $21.0 million cumulative effect adjustment, net of tax, to Accumulated deficit on the Consolidated Balance Sheets which reflects the unamortized deferred lease costs incurred in prior periods which do not meet the definition of initial direct costs under Topic 842.

Initial direct costs were approximately $1.8 million for the year ended December 31, 2019. Amortization expense related to deferred initial direct costs was $1.4 million for the year ended December 31, 2019. As of December 31, 2019, unamortized deferred initial direct costs were $4.9 million and are included in other assets on the Consolidated Balance Sheets.
Intercompany Loans Subject to Remeasurement Intercompany Loans Subject to Remeasurement

In accordance with ASC 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statement of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $9.0 million gain, a $58.8 million loss, and a $5.8 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2019, 2018, and 2017, respectively, due to changes in foreign exchange rates. As of December 31, 2019 and 2018, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $899.7 million and $536.9 million, respectively.
Derivatives and Hedging Activities Derivatives and Hedging Activities

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. At inception, the Company evaluates the interest rate swaps to determine whether they qualify for hedge accounting. In accordance with ASU 2017-12 (ASC 815 - Derivatives and Hedging), hedge accounting should be provided only if the derivative hedging instrument is expected to be, and actually is, effective at offsetting changes in fair values or cash flows of the hedged item. The effective portion of the gain or loss is recorded in Accumulated other comprehensive loss, net on the Consolidated Balance Sheets. The ineffective portion of the gain or loss from the interest rate swap is recognized in earnings immediately. On a quarterly basis, the Company evaluates whether the cash flow hedge remains highly effective in offsetting changes in cash flows.

The Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform. For further discussion of the Company’s derivatives and hedging activities, refer to Note 22.
v3.19.3.a.u2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]  
Schedule of Asset Classes and Related Estimated Useful Lives

Towers and related components

3 - 15  years

Furniture, equipment and vehicles

2 - 7 years

Buildings and improvements

10 - 30  years
Allowance for Doubtful Accounts

For the year ended December 31,

2019

2018

2017

(in thousands)

Beginning balance

$

23,880

$

26,481

$

24,518

Provision for doubtful accounts

155

551

2,909

Write-offs

(1,455)

(591)

(647)

Recoveries (1)

(2,296)

—

—

Acquisitions

1,193

—

—

Currency translation adjustment

(275)

(2,561)

(299)

Ending balance

$

21,202

$

23,880

$

26,481

(1)On June 20, 2016, Oi, S.A. (“Oi”), the Company’s largest customer in Brazil, filed a petition for judicial reorganization in Brazil. Since the filing, the Company has received all rental payments due in connection with obligations of Oi accruing post-petition. On January 8, 2018, Oi’s reorganization plan was approved by the Brazilian courts and Oi is expected to fully resolve all its pre-petition obligations in accordance with the terms of the plan, which includes a 10% reduction in the receivable and four annual installment payments, the first of which was received in March 2019.
Schedule of Right-of-use Assets and Liabilities

Operating lease right-of-use assets, net

$

2,567,507

Financing lease right-of-use assets, net

4,710

Right-of-use assets, net

$

2,572,217

Current operating lease liabilities

$

245,665

Current financing lease liabilities

1,350

Current lease liabilities

$

247,015

Long-term operating lease liabilities

$

2,276,858

Long-term financing lease liabilities

2,542

Long-term lease liabilities

$

2,279,400
Components of Lease Cost, Lease Term, and Discount Rate

For the year ended

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,275

Interest on finance lease liabilities

115

Total finance lease cost

1,390

Operating lease cost (1)

266,681

Variable lease cost (1)

38,477

Total lease cost

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2019

Operating leases

16.6 years

Finance leases

3.3 years

Weighted Average Discount Rate as of December 31, 2019

Operating leases

6.1%

Finance leases

3.6%

For the year ended

Other information:

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,758

Cash flows from finance leases

$

1,275

(1)For the year ended December 31, 2018, operating lease costs and variable lease costs were $273.5 million and $27.1 million, respectively.
v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Measurements [Abstract]  
Summary of Asset Impairment and Decommission Costs

For the year

ended December 31,

2019

2018

2017

Asset impairment (1)

$

18,794

$

14,350

$

15,389

Write-off of carrying value of decommissioned towers

11,155

10,795

16,861

Other (including third party decommission costs)

3,154

1,989

4,447

Total asset impairment and decommission costs

$

33,103

$

27,134

$

36,697

(1)Represents impairment charges resulting from the Company’s regular analysis of whether the future cash flows from certain towers are adequate to recover the carrying value of the investment in those towers.
v3.19.3.a.u2
Cash, Cash Equivalents, and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2019
Cash, Cash Equivalents, and Restricted Cash [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash

As of

As of

As of

December 31, 2019

December 31, 2018

December 31, 2017

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

108,309 

$

143,444 

$

68,783 

Securitization escrow accounts

30,046 

32,261 

32,699 

Restricted cash - current asset

Payment and performance bonds

197 

203 

225 

Restricted cash - current asset

Surety bonds and workers compensation

2,568 

2,392 

2,588 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

141,120 

$

178,300 

$

104,295 
v3.19.3.a.u2
Costs and Estimated Earnings on Uncompleted Contracts (Tables)
 12 Months Ended
Dec. 31, 2019
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Summary of Costs and Estimated Earnings on Uncompleted Contracts

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Costs incurred on uncompleted contracts

$

52,339

$

38,464

Estimated earnings

19,954

16,655

Billings to date

(47,401)

(31,952)

$

24,892

$

23,167
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

26,313

$

23,785

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(1,421)

(618)

$

24,892

$

23,167
v3.19.3.a.u2
Prepaid Expenses and Other Current Assets and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2019
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]  
Schedule of Prepaid Expense and Other Current Assets

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Prepaid ground rent (1)

$

1,632

$

34,276

Loan receivables

—

11,178

Prepaid real estate taxes

3,003

2,998

Other

32,646

14,674

Total prepaid expenses and other current assets

$

37,281

$

63,126

(1)Prepaid ground rent related to non-contingent rent provisions was reclassified to Right-of-use assets, net on the Consolidated Balance Sheets in the first quarter of 2019 due to the adoption of ASU 2016-02.
Schedule of Other Assets

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Prepaid ground rent (1)

$

—

$

263,694

Straight-line rent receivable

330,660

322,073

Interest rate swap asset

47,583

—

Loan receivables

8,295

49,255

Deferred lease costs, net (1)

4,865

27,020

Deferred tax asset - long term

4,342

18,330

Other

36,333

41,661

Total other assets

$

432,078

$

722,033

(1)Prepaid ground rent was reclassified from Other assets to Right-of-use assets, net on the Consolidated Balance Sheets in the first quarter of 2019 and deferred lease costs of $23.3 million were written off to Accumulated deficit on the Consolidated Balance Sheets in the first quarter of 2019 due to the adoption of ASU 2016-02.
v3.19.3.a.u2
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2019
Acquisitions [Abstract]  
Schedule of Acquisition Activity

For the year ended December 31,

2019

2018

2017

Tower acquisitions (number of towers)

2,443

1,316

1,425
Schedule of Acquisition Capital Expenditures

For the year ended December 31,

2019

2018

2017

(in thousands)

Acquisitions of towers and related intangible assets (1) (2)

$

701,471

$

406,699

$

392,902

Land buyouts and other assets (3)

72,486

45,130

48,645

Total cash acquisition capital expenditures

$

773,957

$

451,829

$

441,547

(1)The year ended December 31, 2019 excludes $1.7 million of acquisitions costs funded through the issuance of 10,000 shares of Class A common stock. The year ended December 31, 2017 excludes $63.3 million of acquisition costs funded through the issuance of 487,963 shares of Class A common stock.

(2)On August 30, 2019, the Company acquired an additional interest of a previously unconsolidated joint venture in South Africa which resulted in the consolidation of the entity. The cash consideration is included herein. Furthermore, the year ended December 31, 2019 excludes $72.0 million associated with the consolidation of this entity.

(3)The Company paid $15.2 million, $24.3 million, and $18.8 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2019, 2018, and 2017, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets.

v3.19.3.a.u2
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Property and Equipment, Net [Abstract]  
Property and Equipment, Net (Including Assets Held Under Capital Leases)

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Towers and related components

$

5,164,104

$

4,951,321

Construction-in-process (1)

33,644

35,756

Furniture, equipment, and vehicles (2)

51,654

54,814

Land, buildings, and improvements

736,378

668,459

Total property and equipment

5,985,780

5,710,350

Less: accumulated depreciation (2)

(3,191,178)

(2,923,995)

Property and equipment, net

$

2,794,602

$

2,786,355

(1)Construction-in-process represents costs incurred related to towers that are under development and will be used in the Company’s site leasing operations.

(2)Financing lease right-of-use assets are included in the prior period but are included in Right-of-use assets, net on the Consolidated Balance Sheets for the current period.
v3.19.3.a.u2
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2019
Intangible Assets, Net [Abstract]  
Gross and Net Carrying Amounts for each Major Class of Intangible Assets

As of December 31, 2019

As of December 31, 2018

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

4,996,591

$

(2,218,404)

$

2,778,187

$

4,394,416

$

(1,928,030)

$

2,466,386

Network location intangibles

1,764,484

(915,898)

848,586

1,669,859

(804,780)

865,079

Intangible assets, net

$

6,761,075

$

(3,134,302)

$

3,626,773

$

6,064,275

$

(2,732,810)

$

3,331,465
Estimated Future Amortization Expense

For the year ended December 31,

(in thousands)

2020

$

450,547

2021

417,906

2022

396,139

2023

372,294

2024

343,481
v3.19.3.a.u2
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2019
Accrued Expenses [Abstract]  
Schedule of Accrued Expenses

As of

As of

December 31, 2019

December 31, 2018

(in thousands)

Salaries and benefits

$

19,838

$

16,015

Real estate and property taxes

9,598

7,928

Unpaid capital expenditures

14,669

12,387

Other

23,513

27,335

Total accrued expenses

$

67,618

$

63,665
v3.19.3.a.u2
Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt [Abstract]  
Schedule of Principal Values, Fair Values, and Carrying Values of Debt

As of

As of

December 31, 2019

December 31, 2018

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

2014 Senior Notes

Jul. 15, 2022

$

750,000 

$

760,313 

$

743,580 

$

750,000 

$

735,000 

$

741,273 

2016 Senior Notes

Sep. 1, 2024

1,100,000 

1,142,625 

1,086,241 

1,100,000 

1,034,000 

1,083,689 

2017 Senior Notes

Oct. 1, 2022

750,000 

764,063 

744,833 

750,000 

712,500 

743,099 

2013-2C Tower Securities

Apr. 11, 2023

575,000 

585,954 

570,866 

575,000 

569,164 

569,715 

2014-1C Tower Securities

Oct. 8, 2019

—

—

—

920,000 

914,241 

917,728 

2014-2C Tower Securities

Oct. 8, 2024

620,000 

644,912 

615,205 

620,000 

609,665 

614,315 

2015-1C Tower Securities

Oct. 8, 2020

500,000 

502,095 

498,090 

500,000 

496,640 

495,737 

2016-1C Tower Securities

Jul. 9, 2021

700,000 

704,095 

696,936 

700,000 

691,432 

694,994 

2017-1C Tower Securities

Apr. 11, 2022

760,000 

763,405 

755,061 

760,000 

744,496 

753,028 

2018-1C Tower Securities

Mar. 9, 2023

640,000 

658,266 

634,344 

640,000 

641,478 

632,725 

2019-1C Tower Securities

Jan. 12, 2025

1,165,000 

1,158,057 

1,153,086 

—

—

—

Revolving Credit Facility

Apr. 11, 2023

490,000 

490,000 

490,000 

325,000 

325,000 

325,000 

2018 Term Loan

Apr. 11, 2025

2,364,000 

2,369,910 

2,346,183 

2,388,000 

2,262,630 

2,367,250 

Total debt

$

10,414,000 

$

10,543,695 

$

10,334,425 

$

10,028,000 

$

9,736,246 

$

9,938,553 

Less: current maturities of long-term debt

(522,090)

(941,728)

Total long-term debt, net of current maturities

$

9,812,335 

$

8,996,825 
Schedule of Future Principal Payment Obligations

For the year ended December 31,

(in thousands)

2020

$

524,000 

2021

724,000 

2022

2,284,000 

2023

1,729,000 

2024

1,744,000 
Schedule of Cash and Non-Cash Interest Expense

For the year ended December 31,

2019

2018

2017

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

2014 Senior Notes

$

36,563 

$

800 

$

36,563 

$

761 

$

36,563 

$

724 

2016 Senior Notes

53,625 

1,055 

53,625 

1,003 

53,625 

954 

2017 Senior Notes

30,000 

—

30,000 

—

6,500 

—

2012-1C Tower Securities

—

—

—

—

5,330 

—

2013 Tower Securities

21,584 

—

25,654 

—

43,217 

—

2014 Tower Securities

43,055 

—

51,138 

—

51,138 

—

2015-1C Tower Securities

15,939 

—

15,939 

—

15,939 

—

2016-1C Tower Securities

20,361 

—

20,361 

—

20,361 

—

2017-1C Tower Securities

24,354 

—

24,354 

—

17,182 

—

2018-1C Tower Securities

22,281 

—

18,072 

—

—

—

2019-1C Tower Securities

10,029 

—

—

—

—

—

Revolving Credit Facility

7,085 

—

7,411 

—

8,046 

—

2014 Term Loan

—

—

15,550 

146 

49,414 

525 

2015 Term Loan

—

—

5,237 

187 

16,641 

676 

2018 Term Loan

105,021 

1,338 

72,648 

543 

—

—

Capitalized interest and other

139 

—

(335)

—

(207)

—

Total

$

390,036 

$

3,193 

$

376,217 

$

2,640 

$

323,749 

$

2,879 
v3.19.3.a.u2
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Shareholders' Equity [Abstract]  
Summary of Share Repurchases

For the year ended December 31,

2019

2018

2017

Total number of shares purchased (in millions) (1)

2.0

5.0

5.9

Average price paid per share (1)

$

231.87

$

159.87

$

145.87

Total price paid (in millions) (1)

$

470.3

$

795.5

$

854.4

(1)Amounts are calculated based on the trade date. This differs from the Consolidated Statements of Cash Flow which calculates share repurchases based on the settlement date.
Schedule of Dividends Paid and Dividends Declared As of December 31, 2019, the Company paid the following cash dividends:

Payable to Shareholders

of Record At the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

July 29, 2019

August 28, 2019

$0.37

$41.9 million

September 25, 2019

October 25, 2019

November 21, 2019

$0.37

$41.5 million

December 19, 2019

Subsequent to December 31, 2019, the Company declared the following cash dividends:

Payable to Shareholders

Cash to

of Record At the Close

be Paid

Date Declared

of Business on

Per Share

Date to be Paid

February 20, 2020

March 10, 2020

$0.465

March 26, 2020
v3.19.3.a.u2
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Stock-Based Compensation [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

For the year ended December 31,

2019

2018

2017

Risk free interest rate

1.37% - 2.47%

2.57% - 2.92%

1.70% - 1.97%

Dividend yield

1.3%

0.7%

0.0%

Expected volatility

20.4%

21.6%

20.0%

Expected lives

4.6 years

4.6 years

4.6 years
Summary of Stock Option Activity

Weighted-

Weighted-Average

Average

Remaining

Number

Exercise Price

Contractual

Aggregate

of Shares

Per Share

Life (in years)

Intrinsic Value

Outstanding at December 31, 2016

4,447

$

93.09

Granted

1,171

$

115.41

Exercised

(709)

$

80.73

Forfeited/canceled

(67)

$

105.81

Outstanding at December 31, 2017

4,842

$

100.12

Granted

941

$

156.55

Exercised

(926)

$

81.73

Forfeited/canceled

(41)

$

123.98

Outstanding at December 31, 2018

4,816

$

114.48

Granted

1,068

$

183.42

Exercised

(1,315)

$

103.47

Forfeited/canceled

(62)

$

140.85

Outstanding at December 31, 2019

4,507

$

133.68

4.1

$

483,811

Exercisable at December 31, 2019

1,917

$

109.42

2.8

$

252,093

Unvested at December 31, 2019

2,590

$

151.61

5.1

$

231,718
Additional Information Regarding Options Outstanding And Exercisable

Options Outstanding

Options Exercisable

Weighted Average

Weighted

Weighted

Remaining

Average

Average

Range

Outstanding

Contractual Life

Exercise Price

Exercisable

Exercise Price

(in thousands)

(in years)

(in thousands)

$0.00 - $100.00

1,307

2.4

$

94.50

1,002

$

93.87

$100.01 - $125.00

1,300

3.6

$

118.03

749

$

120.12

$125.01 - $175.00

845

5.2

$

156.18

166

$

155.36

$175.01 - $275.00

1,055

6.2

$

183.44

—

$

—

4,507

1,917
Summary of Activity of Options Outstanding not yet Vested

Weighted-

Average

Number

Fair Value

of Shares

Per Share

(in thousands)

Unvested as of December 31, 2018

2,654

$

26.05

Options granted

1,068

$

33.99

Vested

(1,072)

$

24.68

Forfeited

(60)

$

28.65

Unvested as of December 31, 2019

2,590

$

29.82
Summary of Restricted Stock Unit Activity

Weighted-Average

Number of

Grant Date Fair

Shares

Value per Share

(in thousands)

Outstanding at December 31, 2018

324

$

128.69

Granted

134

$

185.32

Vested

(130)

$

125.75

Forfeited/canceled

(15)

$

155.40

Outstanding at December 31, 2019

313

$

152.98
Schedule of Non-Cash Compensation Expense

For the year ended December 31,

2019

2018

2017

(in thousands)

Cost of revenues

$

2,034

$

1,182

$

1,013

Selling, general and administrative

71,180

41,145

37,236

Total cost of non-cash compensation included

in income before provision for income taxes

$

73,214

$

42,327

$

38,249
v3.19.3.a.u2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area

For the year ended December 31,

2019

2018

2017

(in thousands)

Domestic

$

133,046

$

99,203

$

73,405

Foreign

53,843

(47,519)

43,486

Total

$

186,889

$

51,684

$

116,891
Components of Provision for Income Taxes

For the year ended December 31,

2019

2018

2017

(in thousands)

Current provision:

State

$

5,520

$

5,764

$

5,513

Foreign

18,150

13,756

11,681

Total current

23,670

19,520

17,194

Deferred provision (benefit) for taxes:

Federal

(3,306)

(9,463)

18,736

State

1,952

(1,412)

(241)

Foreign

13,138

(16,673)

9,155

Change in valuation allowance

4,151

12,261

(31,607)

Total deferred

15,935

(15,287)

(3,957)

Total provision for income taxes

$

39,605

$

4,233

$

13,237
Income Tax Rate Reconciliation

For the year ended December 31,

2019

2018

2017

(in thousands)

Statutory federal expense

$

39,247

$

10,854

$

40,912

Rate and permanent differences on non-U.S. earnings (1)

15,937

3,620

3,690

State and local tax expense

7,578

4,824

5,415

REIT adjustment

(28,975)

(22,241)

(34,346)

Permanent differences

18

437

(1,365)

Tax Act impact on deferred taxes

—

(6,040)

31,547

Other

1,649

518

(1,009)

Valuation allowance

4,151

12,261

(31,607)

Provision for income taxes

$

39,605

$

4,233

$

13,237

(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.
Components of Net Deferred Income Tax Asset and Liability

As of December 31,

2019

2018

(in thousands)

Deferred tax assets:

Net operating losses

$

61,741

$

63,622

Property, equipment, and intangible basis differences

5,946

4,793

Accrued liabilities

9,994

9,659

Non-cash compensation

19,198

16,641

Operating lease liability

276,824

—

Deferred revenue

2,527

2,005

Allowance for doubtful accounts

4,190

5,691

Currency translation

47,468

56,604

Other

2,657

2,480

Valuation allowance

(54,610)

(50,628)

Total deferred tax assets, net (1)

375,935

110,867

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(158,419)

(114,652)

Right of use asset

(269,586)

—

Straight-line rents

(25,535)

(20,469)

Deferred foreign withholding taxes

(7,706)

(6,225)

Deferred lease costs

(34)

(2,192)

Other

(783)

(123)

Total deferred tax liabilities, net (1)

$

(86,128)

$

(32,794)

(1)Of these amounts, $4,342, $1,650, and $88,820 are included in Other assets, Other current liabilities, and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2019. As of December 31, 2018, $18,330 and $51,124 are included in Other assets and Other long-term liabilities on the accompanying Consolidated Balance Sheet.

v3.19.3.a.u2
Segment Data (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Data [Abstract]  
Schedule of Segment Reporting Information

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other

Total

For the year ended December 31, 2019

(in thousands)

Revenues

$

1,487,108 

$

373,750 

$

153,787 

$

—

$

2,014,645 

Cost of revenues (2)

258,413 

115,538 

119,080 

—

493,031 

Operating profit

1,228,695 

258,212 

34,707 

—

1,521,614 

Selling, general, and administrative expenses

99,707 

32,411 

21,525 

39,074 

192,717 

Acquisition and new business initiatives related

adjustments and expenses

7,933 

7,295 

—

—

15,228 

Asset impairment and decommission costs

24,202 

8,899 

2 

—

33,103 

Depreciation, amortization and accretion

527,718 

161,183 

2,341 

5,836 

697,078 

Operating income (loss)

569,135 

48,424 

10,839 

(44,910)

583,488 

Other expense (principally interest expense

and other expense)

(396,599)

(396,599)

Income before income taxes

186,889 

Cash capital expenditures (3)

287,793 

635,728 

3,900 

4,271 

931,692 

For the year ended December 31, 2018

Revenues

$

1,400,095 

$

340,339 

$

125,261 

$

—

$

1,865,695 

Cost of revenues (2)

266,131 

106,165 

96,499 

—

468,795 

Operating profit

1,133,964 

234,174 

28,762 

—

1,396,900 

Selling, general, and administrative expenses

72,879 

27,082 

16,215 

26,350 

142,526 

Acquisition and new business initiatives related

adjustments and expenses

5,268 

5,693 

—

—

10,961 

Asset impairment and decommission costs

18,857 

7,932 

345 

—

27,134 

Depreciation, amortization and accretion

511,823 

151,570 

2,556 

6,164 

672,113 

Operating income (loss)

525,137 

41,897 

9,646 

(32,514)

544,166 

Other expense (principally interest expense

and other expense)

(492,482)

(492,482)

Income before income taxes

51,684 

Cash capital expenditures (3)

338,610 

258,785 

1,561 

3,724 

602,680 

For the year ended December 31, 2017

Revenues

$

1,308,389 

$

314,784 

$

104,501 

$

—

$

1,727,674 

Cost of revenues (2)

260,826 

98,701 

86,785 

—

446,312 

Operating profit

1,047,563 

216,083 

17,716 

—

1,281,362 

Selling, general, and administrative expenses

67,263 

24,320 

15,433 

23,681 

130,697 

Acquisition and new business initiatives related

adjustments and expenses

8,171 

4,196 

—

—

12,367 

Asset impairment and decommission costs

29,523 

6,994 

180 

—

36,697 

Depreciation, amortization and accretion

498,842 

135,155 

2,580 

6,523 

643,100 

Operating income (loss)

443,764 

45,418 

(477)

(30,204)

458,501 

Other expense (principally interest expense

and other expense)

(341,610)

(341,610)

Income before income taxes

116,891 

Cash capital expenditures (3)

225,074 

358,691 

1,221 

3,859 

588,845 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (1)

Total

Assets

(in thousands)

As of December 31, 2019

$

6,157,511

$

3,381,448

$

81,772

$

139,210

$

9,759,941

As of December 31, 2018

$

5,035,826

$

2,042,800

$

60,775

$

74,306

$

7,213,707

(1)Assets in Other consist primarily of general corporate assets.

(2)Excludes depreciation, amortization, and accretion.

(3)Includes cash paid for capital expenditures and acquisitions and financing leases.

v3.19.3.a.u2
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share

For the year ended December 31,

2019

2018

2017

Numerator:

Net income attributable to SBA

Communications Corporation

$

146,991

$

47,451

$

103,654

Denominator:

Basic weighted-average shares outstanding

112,809

114,909

119,860

Dilutive impact of stock options and restricted shares

1,884

1,606

1,162

Diluted weighted-average shares outstanding

114,693

116,515

121,022

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

1.30

$

0.41

$

0.86

Diluted

$

1.28

$

0.41

$

0.86
v3.19.3.a.u2
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies [Abstract]  
Annual Minimum Lease Payments

Finance Leases

Operating Leases

2020

$

1,374

$

254,660

2021

1,201

256,197

2022

985

257,201

2023

545

257,277

2024

11

255,925

Thereafter

—

2,992,385

Total minimum lease payments

4,116

4,273,645

Less: amount representing interest

(224)

(1,751,122)

Present value of future payments

3,892

2,522,523

Less: current obligations

(1,350)

(245,665)

Long-term obligations

$

2,542

$

2,276,858
Annual Minimum Lease Income

(in thousands)

2020

$

1,678,713

2021

1,438,088

2022

1,189,381

2023

981,573

2024

732,792

Thereafter

1,821,715

Total

$

7,842,262
v3.19.3.a.u2
Concentration of Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2019
Concentration of Credit Risk [Abstract]  
Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from such Customers
‎

The following is a list of significant customers (representing at least 10% of revenue for any period reported) and the percentage of total revenue for the specified time periods derived from such customers:

For the year ended December 31,

Percentage of Total Revenues

2019

2018

2017

AT&T Wireless

23.8%

24.0%

25.0%

T-Mobile

18.2%

16.4%

16.5%

Sprint

16.9%

17.9%

15.1%

Verizon Wireless

14.0%

14.7%

15.2%

The Company’s site leasing and site development segments derive revenue from these customers. Client percentages of total revenue in each of the segments are as follows:

For the year ended December 31,

Percentage of Domestic Site Leasing Revenue

2019

2018

2017

AT&T Wireless

32.1%

31.9%

32.7%

T-Mobile

21.6%

20.3%

19.7%

Sprint

19.0%

19.6%

18.9%

Verizon Wireless

18.6%

19.0%

19.0%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2019

2018

2017

Oi S.A.

31.3%

35.5%

42.2%

Telefonica

26.9%

26.7%

25.7%

Claro

11.6%

11.4%

10.0%

For the year ended December 31,

Percentage of Site Development Revenue

2019

2018

2017

Sprint

37.3%

47.1%

12.9%

T-Mobile

30.2%

16.4%

26.9%

Verizon Wireless

2.9%

6.4%

12.8%

Nokia, Inc.

4.3%

3.2%

10.1%
v3.19.3.a.u2
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2019
Redeemable Noncontrolling Interests [Abstract]  
Components of Redeemable Noncontrolling Interest

BALANCE, December 31, 2018

$

—

Purchase of noncontrolling interests

13,990

Additional investment

179

Foreign currency translation adjustments

460

Adjustment to fair value

1,130

Net income attributable to noncontrolling interests

293

BALANCE, December 31, 2019

$

16,052
v3.19.3.a.u2
Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2019

2019

2019

2019

(in thousands, except per share amounts)

Revenues

$

513,659

$

507,547

$

500,147

$

493,292

Operating income

153,920

153,847

136,452

139,269

Depreciation, accretion, and amortization

(179,487)

(174,987)

(171,564)

(171,040)

Net income attributable to SBA Communications Corporation

67,350

21,679

31,973

25,989

Net income per common share - basic

$

0.60

$

0.19

$

0.28

$

0.23

Net income per common share - diluted

0.59

0.19

0.28

0.23

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2018

2018

2018

2018

(in thousands, except per share amounts)

Revenues

$

483,849

$

467,221

$

456,322

$

458,303

Operating income

150,321

138,006

125,870

129,969

Depreciation, accretion, and amortization

(169,454)

(167,703)

(169,558)

(165,398)

Net income (loss) attributable to SBA Communications Corporation

57,152

16,144

(57,392)

31,547

Net income (loss) per common share - basic

$

0.50

$

0.14

$

(0.50)

$

0.27

Net income (loss) per common share - diluted

0.50

0.14

(0.50)

0.27
v3.19.3.a.u2
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2019
Derivatives and Hedging Activities [Abstract]  
Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets

Balance Sheet

Fair Value as of December 31,

Location

2019

2018

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreement in a fair value liability position

Other long-term liabilities

$

42,698 

$

—

Derivatives Not Designated as Hedging Instruments

Interest rate swap agreements in a fair value asset position

Other assets

$

47,583 

$

—

Interest rate swap agreements in a fair value liability position

Other long-term liabilities

$

47,583 

$

—
Schedule of Effect of Derivative on the Consolidated Statements of Operations

For the year ended December 31,

2019

2018

2017

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

Change in fair value recorded in Accumulated other comprehensive loss, net

$

16,887 

$

—

$

—

Amount recognized in Non-cash interest expense

$

(878)

$

—

$

—

Derivatives Not Designated as Hedges - Interest Rate Swap Agreements

Amount recorded in Accumulated other comprehensive loss, net

$

(60,462)

$

—

$

—

Amount reclassified from Accumulated other comprehensive

loss, net into Non-cash interest expense

$

1,444 

$

—

$

—
v3.19.3.a.u2
General (Narrative) (Details)
 12 Months Ended
Dec. 31, 2019
item
Company owned tower sites 32,403
Domestic [Member]  
Company owned tower sites 16,401
International [Member]  
Company owned tower sites 16,002
v3.19.3.a.u2
Summary of Significant Accounting Policies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2019
USD ($)
item
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Jan. 01, 2019
USD ($)
Summary of Significant Accounting Policies [Line Items]        
Cost-method investments, impairment loss $ 0 $ 0 $ 0  
Proceeds from sale of other investments 625,800,000 150,900,000    
Gain on sale of investments 0 0    
Cost-method investments, carrying value 13,800,000 14,600,000    
Interest cost capitalized $ 700,000 900,000 1,100,000  
Intangible assets, useful life 15 years      
Impairment charge recognized, related to long-lived assets $ 33,100,000 27,100,000 36,700,000  
Accounts receivable, net 132,125,000 111,035,000    
Asset retirement obligation 11,500,000 9,900,000    
Right-of-use assets, net 2,572,217,000 [1]     $ 2,600,000,000
Current lease liabilities 247,015,000 [1]     226,000,000.0
Long-term lease liabilities 2,279,400,000 [1]     $ 2,300,000,000
Right-of-use assets previously recorded in prepaid expenses and other current assets 266,300,000      
Cumulative effect of adoption $ 20,968,000      
Renewal term 5 years      
Unamortized deferred lease costs $ 1,800,000 11,300,000 11,000,000.0  
Amortization expense 1,400,000 12,200,000 13,100,000  
Deferred lease costs 4,900,000 27,000,000.0    
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan 9,000,000.0 (58,800,000) $ (5,800,000)  
Intercompany foreign currency outstanding balance $ 899,700,000 536,900,000    
Oi S.A. [Member]        
Summary of Significant Accounting Policies [Line Items]        
Percentage reduction in accounts receivable due to customer reorganization plan 10.00%      
Number of annual installment payments | item 4      
Minimum [Member]        
Summary of Significant Accounting Policies [Line Items]        
Fixed rent escalation 2.00%      
Lease term 5 years      
Maximum [Member]        
Summary of Significant Accounting Policies [Line Items]        
Fixed rent escalation 3.00%      
Lease term 10 years      
Site Development Revenue [Member]        
Summary of Significant Accounting Policies [Line Items]        
Accounts receivable, net $ 40,700,000 $ 27,100,000    
Site Development Revenue [Member] | Revenue [Member]        
Summary of Significant Accounting Policies [Line Items]        
Concentration risk percentage 8.00%      
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
v3.19.3.a.u2
Summary of Significant Accounting Policies (Schedule of Asset Classes and Related Estimated Useful Lives) (Details)
 12 Months Ended
Dec. 31, 2019
Towers and Related Components [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Towers and Related Components [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
Furniture, equipment and vehicles [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 2 years
Furniture, equipment and vehicles [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 7 years
Buildings and improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 10 years
Buildings and improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 30 years
v3.19.3.a.u2
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]      
Beginning balance $ 23,880 $ 26,481 $ 24,518
(Recovery) provision for doubtful accounts 155 551 2,909
Write-offs (1,455) (591) (647)
Recoveries (2,296)    
Acquisitions 1,193    
Currency translation adjustment (275) (2,561) (299)
Ending balance $ 21,202 $ 23,880 $ 26,481
v3.19.3.a.u2
Summary of Significant Accounting Policies (Schedule of Right-of-use Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Jan. 01, 2019
Summary of Significant Accounting Policies [Abstract]    
Operating lease right-of-use assets, net $ 2,567,507  
Financing lease right-of-use assets, net 4,710  
Right-of-use assets, net 2,572,217 [1] $ 2,600,000
Current operating lease liabilities 245,665  
Current financing lease liabilities 1,350  
Current lease liabilities 247,015 [1] 226,000
Long-term operating lease liabilities 2,276,858  
Long-term financing lease liabilities 2,542  
Long-term lease liabilities $ 2,279,400 [1] $ 2,300,000
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
v3.19.3.a.u2
Summary of Significant Accounting Policies (Components of Lease Cost, Lease Term, and Discount Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]    
Amortization of right-of-use assets $ 1,275  
Interest on finance lease liabilities 115  
Total finance lease cost 1,390  
Operating lease cost 266,681 $ 273,500
Variable lease cost 38,477 $ 27,100
Total lease cost $ 306,548  
Weighted Average Remaining Lease Term Operating leases 16 years 7 months 6 days  
Weighted Average Remaining Lease Term Finance leases 3 years 3 months 18 days  
Weighted Average Discount Rate: Operating leases 6.10%  
Weighted Average Discount Rate: Finance leases 3.60%  
Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 237,758  
Cash paid for amounts included in measurement of lease liabilities: Cash flows from finance leases $ 1,275  
v3.19.3.a.u2
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Performance targets, maximum potential obligation $ 29.7 $ 13.3
Purchase and sale of short-term investments 0.5 $ 0.2
Purchase of short-term investments 625.0  
Proceeds from sale of short-term investments $ 625.3  
Revolving Credit Facility [Member] | Minimum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable interest rate 1.125%  
Revolving Credit Facility [Member] | Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable interest rate 1.75%  
v3.19.3.a.u2
Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Fair Value Measurements [Abstract]      
Asset impairment $ 18,794 $ 14,350 $ 15,389
Write-off of carrying value of decommissioned towers 11,155 10,795 16,861
Other (including third party decommission costs) 3,154 1,989 4,447
Total asset impairment and decommission costs $ 33,103 $ 27,134 $ 36,697
v3.19.3.a.u2
Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Surety, Payment and Performance Bonds [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Surety, payment and performance bonds $ 41,700,000 $ 40,500,000
Collateral 0 0
Workers Compensation Policy [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Collateral $ 2,300,000 $ 2,200,000
v3.19.3.a.u2
Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Restricted Cash And Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 108,309 $ 143,444 $ 68,783  
Restricted cash - current asset 30,243 32,464    
Total cash, cash equivalents, and restricted cash 141,120 178,300 104,295 $ 185,970
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 30,046 32,261 32,699  
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 197 203 225  
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - noncurrent asset $ 2,568 $ 2,392 $ 2,588  
v3.19.3.a.u2
Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Concentration Risk [Line Items]    
Number of significant customers 8 8
Concentration risk percentage 94.40% 96.30%
v3.19.3.a.u2
Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs incurred on uncompleted contracts $ 52,339 $ 38,464
Estimated earnings 19,954 16,655
Billings to date (47,401) (31,952)
Costs and estimated earnings on uncompleted contracts $ 24,892 $ 23,167
v3.19.3.a.u2
Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs and estimated earnings in excess of billings on uncompleted contracts $ 26,313 $ 23,785
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (1,421) (618)
Costs and estimated earnings on uncompleted contracts $ 24,892 $ 23,167
v3.19.3.a.u2
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]    
Prepaid ground rent $ 1,632 $ 34,276
Loan receivables   11,178
Prepaid real estate taxes 3,003 2,998
Other 32,646 14,674
Total prepaid expenses and other current assets [1] $ 37,281 $ 63,126
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
v3.19.3.a.u2
Prepaid Expenses and Other Current Assets and Other Assets (Schedule Of Other Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Other Assets, Noncurrent [Line Items]      
Straight-line rent receivable   $ 330,660 $ 322,073
Net deferred tax assets   375,935 110,867
Total other assets [1]   432,078 722,033
Write-off of deferred lease costs $ 23,300    
Other Assets [Member]      
Other Assets, Noncurrent [Line Items]      
Prepaid ground rent     263,694
Interest rate swap asset   47,583  
Loan receivables   8,295 49,255
Deferred lease costs, net   4,865 27,020
Net deferred tax assets   4,342 18,330
Other   36,333 41,661
Total other assets   $ 432,078 $ 722,033
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
v3.19.3.a.u2
Acquisitions (Narrative) (Details)
$ in Millions
 2 Months Ended 3 Months Ended 12 Months Ended
Feb. 24, 2020
USD ($)
item
Mar. 31, 2019
USD ($)
Dec. 31, 2019
USD ($)
item
entity
Dec. 31, 2018
USD ($)
item
Dec. 31, 2017
USD ($)
item
Business Acquisition [Line Items]          
Number of towers acquired | item     2,443 1,316 1,425
Acquisition costs paid through the issuance of common stock     $ 1.7   $ 63.3
Other Acquisitions [Member]          
Business Acquisition [Line Items]          
Number of towers acquired | item     2,443 1,316 1,425
Property and equipment     $ 90.8 $ 134.5 $ 114.7
Intangible assets     715.5 280.7 345.3
Other net liabilities assumed     $ 32.8 $ 8.5 $ 3.8
Business Combination [Member]          
Business Acquisition [Line Items]          
Number of businesses acquired | entity     1    
Consideration transferred   $ 3.0      
Acquisition costs paid through the issuance of common stock   $ 1.7      
Subsequent Event [Member]          
Business Acquisition [Line Items]          
Number of towers acquired | item 65        
Cash paid for acquisition $ 76.3        
v3.19.3.a.u2
Acquisitions (Schedule of Acquisition Activity) (Details) - item
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Acquisitions [Abstract]      
Tower acquisitions (number of towers) 2,443 1,316 1,425
v3.19.3.a.u2
Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Business Acquisition [Line Items]      
Acquisitions of towers and related intangible assets $ 701,471 $ 406,699 $ 392,902
Land buyouts and other assets 72,486 45,130 48,645
Total cash acquisition capital expenditures 773,957 451,829 441,547
Acquisition costs paid through the issuance of common stock $ 1,700   $ 63,300
Common stock issued for acquisition costs 10,000   487,963
Ground lease extensions $ 15,200 $ 24,300 $ 18,800
Additional Interest In Unconsolidated Joint Venture [Member]      
Business Acquisition [Line Items]      
Consideration transferred $ 72,000    
v3.19.3.a.u2
Property and Equipment, Net (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Property and Equipment, Net [Abstract]      
Depreciation expense $ 281,600 $ 269,200 $ 258,400
Unpaid capital expenditures 14,669 12,387  
Unpaid non-cash capital expenditures $ 14,700 $ 12,400  
v3.19.3.a.u2
Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 5,985,780 $ 5,710,350
Less: accumulated depreciation (3,191,178) (2,923,995)
Property and equipment, net [1] 2,794,602 2,786,355
Towers and Related Components [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,164,104 4,951,321
Construction-In-Process [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 33,644 35,756
Furniture, equipment and vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 51,654 54,814
Land, Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 736,378 $ 668,459
[1] On January 1, 2019, the Company adopted ASU 2016-02 which requires lessees to recognize a right-of-use asset and a lease liability. Upon adoption, certain assets and liabilities were reclassified to Right-of-use assets, net and lease liabilities in accordance with provisions of ASU 2016-02. See Note 2 for further discussion.
v3.19.3.a.u2
Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Intangible Assets, Net [Abstract]      
Amortization expense $ 415.2 $ 402.6 $ 384.1
v3.19.3.a.u2
Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 6,761,075 $ 6,064,275
Accumulated amortization (3,134,302) (2,732,810)
Net book value 3,626,773 3,331,465
Current Contract Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 4,996,591 4,394,416
Accumulated amortization (2,218,404) (1,928,030)
Net book value 2,778,187 2,466,386
Network Location Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 1,764,484 1,669,859
Accumulated amortization (915,898) (804,780)
Net book value $ 848,586 $ 865,079
v3.19.3.a.u2
Intangible Assets, Net (Estimated Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Intangible Assets, Net [Abstract]  
2020 $ 450,547
2021 417,906
2022 396,139
2023 372,294
2024 $ 343,481
v3.19.3.a.u2
Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Accrued Expenses [Abstract]    
Salaries and benefits $ 19,838 $ 16,015
Real estate and property taxes 9,598 7,928
Unpaid capital expenditures 14,669 12,387
Other 23,513 27,335
Total accrued expenses $ 67,618 $ 63,665
v3.19.3.a.u2
Debt (Senior Credit Agreement) (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 19, 2019
Apr. 11, 2018
Mar. 31, 2018
Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity $ 1,250,000,000   $ 1,250,000,000 $ 1,000,000,000.0
Revolving credit facility, maturity date Apr. 11, 2023      
2018 Term Loan [Member]        
Line of Credit Facility [Line Items]        
Debt instrument, face amount   $ 1,950,000,000 $ 2,400,000,000  
v3.19.3.a.u2
Debt (Terms of The Senior Credit Agreement) (Narrative) (Details)
 12 Months Ended
Dec. 31, 2019
item
Debt Instrument [Line Items]  
Debt to annualized borrower EBITDA ratio 6.5
Senior Credit Agreement [Member]  
Debt Instrument [Line Items]  
Debt to annualized borrower EBITDA ratio 6.5
Debt and net hedge exposure to annualized borrower EBITDA 6.5
Consecutive trading days 30
Annualized borrower EBITDA to annualized cash interest expense 2.0
v3.19.3.a.u2
Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
 2 Months Ended 12 Months Ended
Feb. 24, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Apr. 11, 2018
Mar. 31, 2018
Line of Credit Facility [Line Items]            
Repayments of revolving credit facility   $ 590,000,000 $ 835,000,000 $ 875,000,000    
Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 1,250,000,000     $ 1,250,000,000 $ 1,000,000,000.0
Revolving credit facility, maturity date   Apr. 11, 2023        
Borrowings on the revolving credit facility   $ 755,000,000.0        
Line of credit facility, outstanding   490,000,000.0        
Repayments of revolving credit facility   $ 590,000,000.0        
Revolving credit facility, effective interest rate   3.13%        
Revolving Credit Facility [Member] | Subsequent Event [Member]            
Line of Credit Facility [Line Items]            
Borrowings on the revolving credit facility $ 250,000,000.0          
Line of credit facility, outstanding 235,000,000.0          
Repayments of revolving credit facility $ 505,000,000.0          
Minimum [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.125%        
Line of credit facility, commitment fee   0.20%        
Minimum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.125%        
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   0.125%        
Maximum [Member] | Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.75%        
Line of credit facility, commitment fee   0.25%        
Maximum [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   1.75%        
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate [Member]            
Line of Credit Facility [Line Items]            
Basis spread on variable interest rate   0.75%        
v3.19.3.a.u2
Debt (Term Loans under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 19, 2019
Nov. 19, 2019
May 23, 2019
Feb. 01, 2019
Apr. 11, 2018
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 03, 2019
Debt Instrument [Line Items]                        
Debt instrument, principal balance             $ 10,414,000,000 $ 10,028,000,000        
Repayment of term loans             24,000,000 1,947,000,000 $ 20,000,000      
2014 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, face amount             $ 1,500,000,000          
Debt instrument, maturity date             Mar. 24, 2021          
Percentage of par value price for issuance of term loan             99.75%          
Quarterly payments                     $ 3,800,000  
Financing fees             $ 14,100,000          
Repayment of term loans         $ 1,443,800,000 $ 3,800,000            
Write-off of deferred financing fees         5,800,000              
Discount related to debt         1,700,000              
2015 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, face amount             $ 500,000,000.0          
Debt instrument, maturity date             Jun. 10, 2022          
Percentage of par value price for issuance of term loan             99.00%          
Quarterly payments                   $ 1,300,000    
Financing fees             $ 5,500,000          
Repayment of term loans         486,300,000 $ 1,300,000            
Write-off of deferred financing fees         3,200,000              
Discount related to debt         3,100,000              
2018 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Debt instrument, face amount $ 1,950,000,000       $ 2,400,000,000              
Debt instrument, maturity date         Apr. 11, 2025   Apr. 11, 2025          
Percentage of par value price for issuance of term loan         99.75%              
Quarterly payments             $ 6,000,000.0          
Accruing interest rate during the period             3.55%          
Debt instrument, principal balance             $ 2,364,000,000 $ 2,388,000,000        
Financing fees         $ 16,800,000              
Repayment of term loans             $ 24,000,000.0          
Debt instrument, interest rate, stated percentage 3.78%                      
2018 Term Loan [Member] | Interest Rate Swap [Member]                        
Debt Instrument [Line Items]                        
Loan period     4 years 4 years                
Notional amount     $ 750,000,000.0 $ 1,200,000,000               $ 1,950,000,000
Derivative basis spread on variable interest rate     2.00% 2.00%               1.75%
Derivative fixed interest rate     4.08% 4.495%               3.78%
2014 and 2015 Term Loans [Member]                        
Debt Instrument [Line Items]                        
Repayment of term loans         $ 1,930,000,000              
Base Rate [Member] | 2014 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate             1.25%          
Base Rate [Member] | 2015 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate   0.75%         1.25%          
Base Rate [Member] | 2018 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate 1.75%       1.00%              
Eurodollar [Member] | 2014 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate             2.25%          
Eurodollar [Member] | 2015 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate   1.75%         2.25%          
Eurodollar [Member] | 2018 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate         2.00%              
Minimum [Member] | Base Rate [Member] | 2014 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate             0.00%          
Minimum [Member] | Base Rate [Member] | 2015 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate   0.00%         0.00%          
Minimum [Member] | Base Rate [Member] | 2018 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate         0.00%              
Minimum [Member] | Eurodollar [Member] | 2014 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate             0.00%          
Minimum [Member] | Eurodollar [Member] | 2015 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate   0.00%         0.00%          
Minimum [Member] | Eurodollar [Member] | 2018 Term Loan [Member]                        
Debt Instrument [Line Items]                        
Basis spread on variable interest rate         0.00%              
v3.19.3.a.u2
Debt (Secured Tower Revenue Securities) (Narrative) (Details)
 12 Months Ended
Sep. 13, 2019
USD ($)
Mar. 09, 2018
USD ($)
Apr. 17, 2017
USD ($)
Jul. 07, 2016
USD ($)
Oct. 14, 2015
USD ($)
Oct. 15, 2014
USD ($)
Apr. 18, 2013
USD ($)
Aug. 09, 2012
USD ($)
Dec. 31, 2019
USD ($)
site
Dec. 31, 2018
USD ($)
Debt Instrument [Line Items]                    
Debt instrument, principal balance                 $ 10,414,000,000 $ 10,028,000,000
Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Aggregate number of tower sites owned by Borrowers | site                 10,043  
Property management fee percentage                 4.50%  
U.S. Treasury rate term                 10 years  
Interest added to Treasury rate and credit-based spread for non-compliance                 5.00%  
2012 Secured Tower Revenue Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount               $ 610,000,000.0    
Debt instrument, interest rate, stated percentage               2.933%    
Repayment date of debt instrument               Dec. 11, 2017    
Debt instrument, maturity date               Dec. 09, 2042    
Financing fees               $ 14,900,000    
Write-off of deferred financing fees     $ 2,000,000.0              
2013 Secured Tower Revenue Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount             $ 1,330,000,000      
Financing fees             $ 25,500,000      
Debt instrument, weighted average interest rate             3.218%      
2013-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount             $ 425,000,000.0      
Debt instrument, interest rate, stated percentage             2.24%      
Repayment date of debt instrument             Apr. 10, 2018      
Debt instrument, maturity date             Apr. 09, 2043      
2013-2C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 18 months  
Debt instrument, face amount             $ 575,000,000.0      
Debt instrument, interest rate, stated percentage             3.722%      
Repayment date of debt instrument             Apr. 11, 2023      
Debt instrument, maturity date             Apr. 09, 2048   Apr. 11, 2023  
Debt instrument, principal balance                 $ 575,000,000 575,000,000
2013-1D Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount             $ 330,000,000.0      
Debt instrument, interest rate, stated percentage             3.598%      
Repayment date of debt instrument             Apr. 10, 2018      
Debt instrument, maturity date             Apr. 09, 2043      
2014 Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Financing fees           $ 22,500,000        
2014-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount           $ 920,000,000.0        
Debt instrument, interest rate, stated percentage           2.898%        
Repayment date of debt instrument           Oct. 08, 2019        
Debt instrument, maturity date           Oct. 11, 2044     Oct. 08, 2019  
Financing fees $ 400,000                  
Repayments of long-term debt 920,000,000.0                  
Debt instrument, principal balance                   920,000,000
2014-2C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 18 months  
Debt instrument, face amount           $ 620,000,000.0        
Debt instrument, interest rate, stated percentage           3.869%        
Repayment date of debt instrument           Oct. 08, 2024        
Debt instrument, maturity date           Oct. 08, 2049     Oct. 08, 2024  
Debt instrument, principal balance                 $ 620,000,000 620,000,000
2015-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 12 months  
Debt instrument, face amount         $ 500,000,000.0          
Debt instrument, interest rate, stated percentage         3.156%          
Repayment date of debt instrument         Oct. 08, 2020          
Debt instrument, maturity date         Oct. 10, 2045       Oct. 08, 2020  
Financing fees         $ 11,200,000          
Debt service coverage ratio                 2  
Term required to maintain reserve if debt service coverage ratio is exceeded                 2 months  
Debt instrument, principal balance                 $ 500,000,000 500,000,000
2016-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 12 months  
Debt instrument, face amount       $ 700,000,000.0            
Debt instrument, interest rate, stated percentage       2.877%            
Repayment date of debt instrument       Jul. 09, 2021            
Debt instrument, maturity date       Jul. 10, 2046         Jul. 09, 2021  
Financing fees       $ 9,500,000            
Debt instrument, principal balance                 $ 700,000,000 700,000,000
2017-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 12 months  
Debt instrument, face amount     $ 760,000,000.0              
Debt instrument, interest rate, stated percentage     3.168%              
Repayment date of debt instrument     Apr. 11, 2022              
Debt instrument, maturity date     Apr. 09, 2047           Apr. 11, 2022  
Financing fees     $ 10,200,000              
Debt instrument, principal balance                 $ 760,000,000 760,000,000
2017-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount     $ 40,000,000.0              
Debt instrument, interest rate, stated percentage     4.459%              
Repayment date of debt instrument     Apr. 11, 2022              
Debt instrument, maturity date     Apr. 09, 2047              
2018-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 12 months  
Debt instrument, face amount   $ 640,000,000.0                
Debt instrument, interest rate, stated percentage   3.448%                
Repayment date of debt instrument   Mar. 09, 2023                
Debt instrument, maturity date   Mar. 09, 2048             Mar. 09, 2023  
Financing fees   $ 8,600,000                
Debt instrument, principal balance                 $ 640,000,000 $ 640,000,000
2018-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount   $ 33,700,000                
Debt instrument, interest rate, stated percentage   4.949%                
Repayment date of debt instrument   Mar. 09, 2023                
Debt instrument, maturity date   Mar. 09, 2048                
2019-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period                 12 months  
Debt instrument, face amount $ 1,165,000,000                  
Debt instrument, interest rate, stated percentage 2.836%                  
Repayment date of debt instrument Jan. 12, 2025                  
Debt instrument, maturity date Jan. 12, 2050               Jan. 12, 2025  
Financing fees $ 12,500,000                  
Debt instrument, principal balance                 $ 1,165,000,000  
Mortgage Loan [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, increase 1,200,000,000                  
Debt instrument, increase after giving effect to prepayment of loan components (306,400,000)                  
Debt instrument, principal balance   $ 5,000,000,000.0                
SBA Guarantor, LLC [Member] | 2019-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, face amount $ 61,400,000,000                  
Debt instrument, interest rate, stated percentage 4.213%                  
Repayment date of debt instrument Jan. 12, 2025                  
Debt instrument, maturity date Jan. 12, 2050                  
Minimum [Member] | Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Additional interest rate for non-compliance                 5.00%  
Excess Cash Flow Reserve [Member] | Minimum [Member] | Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio                 1.30  
Amortization Period Prepay [Member] | Maximum [Member] | Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt service coverage ratio                 1.15  
v3.19.3.a.u2
Debt (Senior Notes) (Narrative) (Details)
$ in Millions
 12 Months Ended
Feb. 20, 2020
USD ($)
Feb. 04, 2020
USD ($)
Oct. 13, 2017
USD ($)
Aug. 15, 2016
USD ($)
Jul. 01, 2014
USD ($)
Dec. 31, 2019
2014 Senior Notes [Member]            
Debt Instrument [Line Items]            
Unsecured senior notes         $ 750.0  
Debt instrument, maturity date           Jul. 15, 2022
Debt instrument, interest rate, stated percentage         4.875%  
Percentage of face value price for issuance of senior notes         99.178%  
Interest payable dates           January 15 and July 15
Financing fees         $ 11.6  
2014 Senior Notes [Member] | Subsequent Event [Member]            
Debt Instrument [Line Items]            
Premium on redemption $ 9.1          
Repayments of unsecured debt 750.0          
Write-off of deferred financing fees $ 7.7          
2016 Senior Notes [Member]            
Debt Instrument [Line Items]            
Unsecured senior notes       $ 1,100.0    
Debt instrument, maturity date           Sep. 01, 2024
Debt instrument, interest rate, stated percentage       4.875%    
Percentage of face value price for issuance of senior notes       99.178%    
Interest payable dates           March 1 and September 1
Financing fees       $ 12.8    
2016 Senior Notes [Member] | Redemption, Period One [Member]            
Debt Instrument [Line Items]            
Redemption period           Sep. 01, 2019
Redemption price, percentage           103.656%
2016 Senior Notes [Member] | Redemption, Period Two [Member]            
Debt Instrument [Line Items]            
Redemption period           Sep. 01, 2020
Redemption price, percentage           102.438%
2016 Senior Notes [Member] | Redemption, Period Three [Member]            
Debt Instrument [Line Items]            
Redemption period           Sep. 01, 2021
Redemption price, percentage           101.219%
2016 Senior Notes [Member] | Redemption, Period Four [Member]            
Debt Instrument [Line Items]            
Redemption period           Sep. 01, 2022
Redemption price, percentage           100.00%
2017 Senior Notes [Member]            
Debt Instrument [Line Items]            
Unsecured senior notes     $ 750.0      
Debt instrument, maturity date     Oct. 01, 2022     Oct. 01, 2022
Debt instrument, interest rate, stated percentage     4.00%      
Interest payable dates           April 1 and October 1
Financing fees     $ 8.9      
Redemption price, percentage           104.00%
Aggregate redemption price, percentage           35.00%
2017 Senior Notes [Member] | Redemption, Period One [Member]            
Debt Instrument [Line Items]            
Redemption period           Oct. 01, 2019
Redemption price, percentage           102.00%
2017 Senior Notes [Member] | Redemption, Period Two [Member]            
Debt Instrument [Line Items]            
Redemption period           Oct. 01, 2020
Redemption price, percentage           101.00%
2017 Senior Notes [Member] | Redemption, Period Three [Member]            
Debt Instrument [Line Items]            
Redemption period           Oct. 01, 2021
Redemption price, percentage           100.00%
2020 Senior Notes [Member] | Subsequent Event [Member]            
Debt Instrument [Line Items]            
Unsecured senior notes   $ 1,000.0        
Debt instrument, maturity date   Feb. 15, 2027        
Debt instrument, interest rate, stated percentage   3.875%        
Interest payable dates   February 15 and August 15        
Financing fees   $ 11.4        
Redemption price, percentage   103.875%        
Aggregate redemption price, percentage   35.00%        
2020 Senior Notes [Member] | Redemption, Period One [Member] | Subsequent Event [Member]            
Debt Instrument [Line Items]            
Redemption period   Feb. 15, 2023        
Redemption price, percentage   101.938%        
2020 Senior Notes [Member] | Redemption, Period Two [Member] | Subsequent Event [Member]            
Debt Instrument [Line Items]            
Redemption period   Feb. 15, 2024        
Redemption price, percentage   100.969%        
2020 Senior Notes [Member] | Redemption, Period Three [Member] | Subsequent Event [Member]            
Debt Instrument [Line Items]            
Redemption period   Feb. 15, 2025        
Redemption price, percentage   100.00%        
Senior Notes [Member]            
Debt Instrument [Line Items]            
Ratio of indebtedness to annualized consolidated adjusted EBITDA           9.5
v3.19.3.a.u2
Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 13, 2019
Apr. 11, 2018
Mar. 09, 2018
Oct. 13, 2017
Apr. 17, 2017
Jul. 07, 2016
Oct. 14, 2015
Oct. 15, 2014
Apr. 18, 2013
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]                      
Principal Balance                   $ 10,414,000 $ 10,028,000
Fair Value                   10,543,695 9,736,246
Carrying Value                   10,334,425 9,938,553
Less: current maturities of long-term debt                   (522,090) (941,728)
Total long-term debt, net of current maturities                   $ 9,812,335 8,996,825
Revolving Credit Facility [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date                   Apr. 11, 2023  
Principal Balance                   $ 490,000 325,000
Fair Value                   490,000 325,000
Carrying Value                   $ 490,000 325,000
2014 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date                   Jul. 15, 2022  
Principal Balance                   $ 750,000 750,000
Fair Value                   760,313 735,000
Carrying Value                   $ 743,580 741,273
2016 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date                   Sep. 01, 2024  
Principal Balance                   $ 1,100,000 1,100,000
Fair Value                   1,142,625 1,034,000
Carrying Value                   $ 1,086,241 1,083,689
2017 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date       Oct. 01, 2022           Oct. 01, 2022  
Principal Balance                   $ 750,000 750,000
Fair Value                   764,063 712,500
Carrying Value                   $ 744,833 743,099
2013-2C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date                 Apr. 09, 2048 Apr. 11, 2023  
Principal Balance                   $ 575,000 575,000
Fair Value                   585,954 569,164
Carrying Value                   $ 570,866 569,715
2014-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date               Oct. 11, 2044   Oct. 08, 2019  
Principal Balance                     920,000
Fair Value                     914,241
Carrying Value                     917,728
2014-2C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date               Oct. 08, 2049   Oct. 08, 2024  
Principal Balance                   $ 620,000 620,000
Fair Value                   644,912 609,665
Carrying Value                   $ 615,205 614,315
2015-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date             Oct. 10, 2045     Oct. 08, 2020  
Principal Balance                   $ 500,000 500,000
Fair Value                   502,095 496,640
Carrying Value                   $ 498,090 495,737
2016-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date           Jul. 10, 2046       Jul. 09, 2021  
Principal Balance                   $ 700,000 700,000
Fair Value                   704,095 691,432
Carrying Value                   $ 696,936 694,994
2017-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date         Apr. 09, 2047         Apr. 11, 2022  
Principal Balance                   $ 760,000 760,000
Fair Value                   763,405 744,496
Carrying Value                   $ 755,061 753,028
2018-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date     Mar. 09, 2048             Mar. 09, 2023  
Principal Balance                   $ 640,000 640,000
Fair Value                   658,266 641,478
Carrying Value                   $ 634,344 632,725
2019-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jan. 12, 2050                 Jan. 12, 2025  
Principal Balance                   $ 1,165,000  
Fair Value                   1,158,057  
Carrying Value                   $ 1,153,086  
2018 Term Loan [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date   Apr. 11, 2025               Apr. 11, 2025  
Principal Balance                   $ 2,364,000 2,388,000
Fair Value                   2,369,910 2,262,630
Carrying Value                   $ 2,346,183 $ 2,367,250
v3.19.3.a.u2
Debt (Schedule of Future Principal Payment Obligations) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Debt [Abstract]  
2020 $ 524,000
2021 724,000
2022 2,284,000
2023 1,729,000
2024 $ 1,744,000
v3.19.3.a.u2
Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Debt Instrument [Line Items]      
Cash Interest $ 390,036 $ 376,217 $ 323,749
Non-cash Interest 3,193 2,640 2,879
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Cash Interest 7,085 7,411 8,046
2014 Senior Notes [Member]      
Debt Instrument [Line Items]      
Cash Interest 36,563 36,563 36,563
Non-cash Interest 800 761 724
2016 Senior Notes [Member]      
Debt Instrument [Line Items]      
Cash Interest 53,625 53,625 53,625
Non-cash Interest 1,055 1,003 954
2017 Senior Notes [Member]      
Debt Instrument [Line Items]      
Cash Interest 30,000 30,000 6,500
2012 Secured Tower Revenue Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest     5,330
2013 Secured Tower Revenue Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 21,584 25,654 43,217
2014 Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 43,055 51,138 51,138
2015-1C Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 15,939 15,939 15,939
2016-1C Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 20,361 20,361 20,361
2017-1C Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 24,354 24,354 17,182
2018-1C Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 22,281 18,072  
2019-1C Tower Securities [Member]      
Debt Instrument [Line Items]      
Cash Interest 10,029    
2014 Term Loan [Member]      
Debt Instrument [Line Items]      
Cash Interest   15,550 49,414
Non-cash Interest   146 525
2015 Term Loan [Member]      
Debt Instrument [Line Items]      
Cash Interest   5,237 16,641
Non-cash Interest   187 676
2018 Term Loan [Member]      
Debt Instrument [Line Items]      
Cash Interest 105,021 72,648  
Non-cash Interest 1,338 543  
Capitalized Interest And Other [Member]      
Debt Instrument [Line Items]      
Cash Interest $ 139 $ (335) $ (207)
v3.19.3.a.u2
Shareholders' Equity (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Feb. 24, 2020
Dec. 31, 2018
May 20, 2010
Dec. 31, 2007
Class of Stock [Line Items]          
Common stock - Class A, shares authorized 400,000,000   400,000,000    
Common stock - Class A, shares issued 111,775,000   112,433,000    
Federal net operating loss carry-forward $ 754.8        
Class A Common Stock [Member] | November 16, 2007 Registration Statement [Member]          
Class of Stock [Line Items]          
Common stock - Class A, shares authorized         4,000,000.0
Common stock - Class A, shares issued 10,000   487,963    
Shares reclassified as authorized and unissued 1,200,000        
Class A Common Stock [Member] | March 5, 2018 Registration Statement [Member]          
Class of Stock [Line Items]          
Securities issued 0   0    
Stock Repurchase Program Four [Member] | Class A Common Stock [Member] | Subsequent Event [Member]          
Class of Stock [Line Items]          
Stock repurchase program, remaining authorization   $ 624.3      
2010 Plan [Member] | Class A Common Stock [Member]          
Class of Stock [Line Items]          
Maximum issuance of shares 15,000,000.0     15,000,000.0  
Real Estate Investment Trust [Member]          
Class of Stock [Line Items]          
Federal net operating loss carry-forward $ 652.9        
v3.19.3.a.u2
Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Shareholders' Equity [Abstract]      
Total number of shares purchased (in millions) 2.0 5.0 5.9
Average price paid per share $ 231.87 $ 159.87 $ 145.87
Total price paid (in millions) $ 470.3 $ 795.5 $ 854.4
v3.19.3.a.u2
Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 24, 2020
Dec. 31, 2019
July 29, 2019 [Member]    
Date Declared   Jul. 29, 2019
Payable to Shareholders of Record At the Close of Business on   Aug. 28, 2019
Cash Paid Per Share   $ 0.37
Aggregate Amount Paid   $ 41.9
Date Paid/Date to be Paid   Sep. 25, 2019
October 25, 2019 [Member]    
Date Declared   Oct. 25, 2019
Payable to Shareholders of Record At the Close of Business on   Nov. 21, 2019
Cash Paid Per Share   $ 0.37
Aggregate Amount Paid   $ 41.5
Date Paid/Date to be Paid   Dec. 19, 2019
Subsequent Event [Member] | February 20, 2020 [Member]    
Date Declared Feb. 20, 2020  
Payable to Shareholders of Record At the Close of Business on Mar. 10, 2020  
Cash to be Paid Per Share $ 0.465  
Date Paid/Date to be Paid Mar. 26, 2020  
v3.19.3.a.u2
Stock-Based Compensation (Narrative) (Details) - USD ($)
 3 Months Ended 12 Months Ended
May 23, 2018
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
May 20, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Forfeiture period once emplyment has ended       90 days      
Accelerated compensation cost   $ 7,300,000 $ 11,200,000        
Weighted-average fair value of options granted       $ 33.99 $ 33.01 $ 23.88  
Total intrinsic value for options exercised       $ 132,800,000 $ 78,000,000.0 $ 37,200,000  
Cash received from option exercises       136,000,000.0 74,700,000 56,500,000  
Tax benefit realized from stock option exercises       $ 10,200,000 0 0  
Share price       $ 240.99      
Total fair value of shares vested       $ 26,500,000 24,000,000.0 21,400,000  
Non-cash compensation expense       73,214,000 42,327,000 38,249,000  
Non-cash compensation capitalized to fixed and intangible assets       1,100,000 800,000 600,000  
Stock Options [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Total unrecognized compensation cost related to unvested stock options       $ 32,700,000      
Weighted average period to recognize cost       2 years 3 months 18 days      
Restricted Stock Units (RSUs) [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Weighted average period to recognize cost       2 years 4 months 24 days      
Total unrecognized compensation expense related to unvested restricted stock       $ 23,400,000      
2010 Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Maximum issuance of granted       7,500,000      
Shares remaining available for future issuance under the plan       6,400,000      
2010 Plan [Member] | Class A Common Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Maximum issuance of shares       15,000,000.0     15,000,000.0
Shares remaining available for future issuance under the plan       5,400,000      
2008 Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares remaining available for future issuance under the plan       259,820      
Non-cash compensation expense       $ 1,000,000.0 $ 600,000 $ 600,000  
2008 Plan [Member] | Class A Common Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Maximum issuance of shares       500,000      
Percentage of purchase plan price per share equal to the fair market value       85.00%      
Class A common stock issued under the purchase plan         16,798    
Cash proceeds from issuance of shares under the purchase plan         $ 2,300,000    
2018 Plan [Member] | Class A Common Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares remaining available for future issuance under the plan 300,000            
Percentage of purchase plan price per share equal to the fair market value 85.00%            
Class A common stock issued under the purchase plan       30,128 10,052    
Cash proceeds from issuance of shares under the purchase plan       $ 5,500,000 $ 1,400,000    
Minimum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Contractual life of options and restricted stock units       7 years      
Maximum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Contractual life of options and restricted stock units       10 years      
v3.19.3.a.u2
Stock-Based Compensation (Schedule of Assumptions used to Estimate Fair Value of Stock Options) (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Stock-Based Compensation [Abstract]      
Risk free interest rate, Minimum 1.37% 2.57% 1.70%
Risk free interest rate, Maximum 2.47% 2.92% 1.97%
Dividend yield 1.30% 0.70% 0.00%
Expected volatility 20.40% 21.60% 20.00%
Expected lives 4 years 7 months 6 days 4 years 7 months 6 days 4 years 7 months 6 days
v3.19.3.a.u2
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Stock-Based Compensation [Abstract]      
Number of Shares, Outstanding at December 31, 2018 4,816 4,842 4,447
Number of Shares, Granted 1,068 941 1,171
Number of Shares, Exercised (1,315) (926) (709)
Number of Shares, Forfeited/canceled (62) (41) (67)
Number of Shares,Outstanding at December 31, 2019 4,507 4,816 4,842
Number of Shares, Exercisable at December 31, 2019 1,917    
Number of Shares, Unvested at December 31, 2019 2,590    
Weighted-Average Exercise Price Per Share, Outstanding at December 31, 2018 $ 114.48 $ 100.12 $ 93.09
Weighted-Average Exercise Price Per Share, Granted 183.42 156.55 115.41
Weighted-Average Exercise Price Per Share, Exercised 103.47 81.73 80.73
Weighted-Average Exercise Price Per Share, Forfeited/canceled 140.85 123.98 105.81
Weighted-Average Exercise Price Per Share, Outstanding at December 31, 2019 133.68 $ 114.48 $ 100.12
Weighted-Average Exercise Price Per Share, Exercisable at December 31, 2019 109.42    
Weighted-Average Exercise Price Per Share, Unvested at December 31, 2019 $ 151.61    
Weighted-Average Remaining Contractual Life (in years), Outstanding at December 31, 2019 4 years 1 month 6 days    
Weighted-Average Remaining Contractual Life (in years), Exercisable at December 31, 2019 2 years 9 months 18 days    
Weighted-Average Remaining Contractual Life (in years), Unvested at December 31, 2019 5 years 1 month 6 days    
Aggregate Intrinsic Value, Outstanding at December 31, 2019 $ 483,811    
Aggregate Intrinsic Value, Exercisable at December 31, 2019 252,093    
Aggregate Intrinsic Value, Unvested at December 31, 2019 $ 231,718    
v3.19.3.a.u2
Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2019
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number of Shares | shares 4,507
Options Exercisable, Number of Shares | shares 1,917
$0.00 - $100.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit $ 0.00
Exercise price range, upper limit $ 100.00
Options Outstanding, Number of Shares | shares 1,307
Options Outstanding, Weighted Average Remaining Contractual Life 2 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price $ 94.50
Options Exercisable, Number of Shares | shares 1,002
Options Exercisable, Weighted Average Exercise Price $ 93.87
$100.01 - $125.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 100.01
Exercise price range, upper limit $ 125.00
Options Outstanding, Number of Shares | shares 1,300
Options Outstanding, Weighted Average Remaining Contractual Life 3 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price $ 118.03
Options Exercisable, Number of Shares | shares 749
Options Exercisable, Weighted Average Exercise Price $ 120.12
$125.01- $175.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 125.01
Exercise price range, upper limit $ 175.00
Options Outstanding, Number of Shares | shares 845
Options Outstanding, Weighted Average Remaining Contractual Life 5 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 156.18
Options Exercisable, Number of Shares | shares 166
Options Exercisable, Weighted Average Exercise Price $ 155.36
$175.01 - $275.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 175.01
Exercise price range, upper limit $ 275.00
Options Outstanding, Number of Shares | shares 1,055
Options Outstanding, Weighted Average Remaining Contractual Life 6 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 183.44
v3.19.3.a.u2
Stock-Based Compensation (Summary of Activity of Options Outstanding not yet Vested) (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Stock-Based Compensation [Abstract]      
Number of Shares, Unvested as of December 31, 2018 2,654    
Number of Shares, Granted 1,068 941 1,171
Number of Shares, Vested (1,072)    
Number of Shares, Forfeited (60)    
Number of Shares, Unvested as of December 31, 2019 2,590 2,654  
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2018 $ 26.05    
Weighted-Average Fair Value Per Share, Granted 33.99 $ 33.01 $ 23.88
Weighted-Average Fair Value Per Share, Vested 24.68    
Weighted-Average Fair Value Per Share, Forfeited 28.65    
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2019 $ 29.82 $ 26.05  
v3.19.3.a.u2
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2019
$ / shares
shares
Stock-Based Compensation [Abstract]  
Number of Shares, Outstanding at December 31, 2018 | shares 324
Number of Shares, Granted | shares 134
Number of Shares, Vested | shares (130)
Number of Shares, Forfeited/canceled | shares (15)
Number of Shares, Outstanding at December 31, 2019 | shares 313
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2018 | $ / shares $ 128.69
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares 185.32
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares 125.75
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares 155.40
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2019 | $ / shares $ 152.98
v3.19.3.a.u2
Stock-Based Compensation (Schedule of Non-Cash Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes $ 73,214 $ 42,327 $ 38,249
Cost of Revenues [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes 2,034 1,182 1,013
Selling, General And Administrative [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total cost of non-cash compensation included in income before provision for income taxes $ 71,180 $ 41,145 $ 37,236
v3.19.3.a.u2
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule Of Income Taxes [Line Items]      
Effective income tax rate 21.00% 21.00% 35.00%
Net foreign operating loss carry-forward $ 89,200    
Valuation allowance recognized 54,610 $ 50,628  
Net change in valuation allowance 4,000 (11,800)  
Net deferred tax assets 375,935 110,867  
Deferred Tax Assets, Operating Loss Carryforwards, Domestic 754,800    
Federal net operating loss carry-forward 754,800    
Net state operating tax loss carry-forward 413,700    
Deferred foreign withholding taxes 7,706 6,225  
GILTI provisional amounts 18,150 $ 13,756 $ 11,681
Real Estate Investment Trust [Member]      
Schedule Of Income Taxes [Line Items]      
Deferred Tax Assets, Operating Loss Carryforwards, Domestic 652,900    
Federal net operating loss carry-forward 652,900    
Expire Between 2025 and 2037 [Member]      
Schedule Of Income Taxes [Line Items]      
Deferred Tax Assets, Operating Loss Carryforwards, Domestic 747,000    
Federal net operating loss carry-forward 747,000    
Indefinite Carry-forward [Member]      
Schedule Of Income Taxes [Line Items]      
Deferred Tax Assets, Operating Loss Carryforwards, Domestic 7,800    
Federal net operating loss carry-forward $ 7,800    
Minimum [Member]      
Schedule Of Income Taxes [Line Items]      
Operating loss carry-forward, expiration year 2025    
Foreign and state operating tax loss carry forwards expiration date 2020    
Maximum [Member]      
Schedule Of Income Taxes [Line Items]      
Operating loss carry-forward, expiration year 2037    
v3.19.3.a.u2
Income Taxes (Income (Loss) Before Provision For Income Taxes From Continuing Operations By Geographic Area) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Taxes [Abstract]      
Domestic $ 133,046 $ 99,203 $ 73,405
Foreign 53,843 (47,519) 43,486
Total $ 186,889 $ 51,684 $ 116,891
v3.19.3.a.u2
Income Taxes (Components of Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current provision:      
State $ 5,520 $ 5,764 $ 5,513
Foreign 18,150 13,756 11,681
Total current 23,670 19,520 17,194
Deferred provision (benefit) for taxes:      
Federal (3,306) (9,463) 18,736
State 1,952 (1,412) (241)
Foreign 13,138 (16,673) 9,155
Change in valuation allowance 4,151 12,261 (31,607)
Total deferred 15,935 (15,287) (3,957)
Total provision for income taxes $ 39,605 $ 4,233 $ 13,237
v3.19.3.a.u2
Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Taxes [Abstract]      
Statutory federal expense $ 39,247 $ 10,854 $ 40,912
Rate and permanent differences on non-U.S. earnings 15,937 3,620 3,690
State and local tax expense 7,578 4,824 5,415
REIT adjustment (28,975) (22,241) (34,346)
Permanent differences 18 437 (1,365)
Tax Act impact on deferred taxes   (6,040) 31,547
Other 1,649 518 (1,009)
Valuation allowance 4,151 12,261 (31,607)
Total provision for income taxes $ 39,605 $ 4,233 $ 13,237
v3.19.3.a.u2
Income Taxes (Components of Net Deferred Income Tax Asset and Liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Deferred tax assets:    
Net operating loss $ 61,741 $ 63,622
Property, equipment and intangible basis differences 5,946 4,793
Accrued liabilities 9,994 9,659
Non-cash compensation 19,198 16,641
Operating lease liabliity 276,824  
Deferred revenue 2,527 2,005
Allowance for doubtful accounts 4,190 5,691
Currency translation 47,468 56,604
Other 2,657 2,480
Valuation allowance (54,610) (50,628)
Total deferred tax assets, net 375,935 110,867
Deferred tax liabilities:    
Property, equipment and intangible basis differences (158,419) (114,652)
Right of use asset (269,586)  
Straight-line rents (25,535) (20,469)
Deferred foreign withholding taxes (7,706) (6,225)
Deferred lease costs (34) (2,192)
Other (783) (123)
Total deferred tax liabilities, net (86,128) (32,794)
Other Assets [Member]    
Deferred tax assets:    
Total deferred tax assets, net 4,342 18,330
Other Current Liabilities [Member]    
Deferred tax liabilities:    
Total deferred tax liabilities, net (1,650)  
Other Long-Term Liabilities [Member]    
Deferred tax liabilities:    
Total deferred tax liabilities, net $ (88,820) $ (51,124)
v3.19.3.a.u2
Segment Data (Narrative) (Details)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2019
USD ($)
segment
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting Information [Line Items]        
Number of business segments | segment 2      
Number of reportable segments | segment 2      
Site leasing $ 1,860,858 $ 1,740,434 $ 1,623,173  
Total assets 9,759,941 7,213,707   $ 9,759,941
Brazil [Member]        
Segment Reporting Information [Line Items]        
Site leasing 226,700 221,500 $ 217,400  
Total assets $ 1,404,100 $ 1,031,600   $ 1,404,100
Revenue [Member] | Foreign Countries, Other than Brazil [Member] | Maximum [Member]        
Segment Reporting Information [Line Items]        
Concentration risk percentage of accounts receivable       3.00%
v3.19.3.a.u2
Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]                      
Revenues $ 513,659 $ 507,547 $ 500,147 $ 493,292 $ 483,849 $ 467,221 $ 456,322 $ 458,303 $ 2,014,645 $ 1,865,695 $ 1,727,674
Cost of revenues                 493,031 468,795 446,312
Operating profit                 1,521,614 1,396,900 1,281,362
Selling, general, and administrative expenses                 192,717 142,526 130,697
Acquisition and new business initiatives related adjustments and expenses                 15,228 10,961 12,367
Asset impairment and decommission costs                 33,103 27,134 36,697
Depreciation, amortization and accretion 179,487 174,987 171,564 171,040 169,454 167,703 169,558 165,398 697,078 672,113 643,100
Operating income 153,920 $ 153,847 $ 136,452 $ 139,269 150,321 $ 138,006 $ 125,870 $ 129,969 583,488 544,166 458,501
Other expense (principally interest expense and other income (expense))                 (396,599) (492,482) (341,610)
Income before income taxes                 186,889 51,684 116,891
Cash capital expenditures                 931,692 602,680 588,845
Assets 9,759,941       7,213,707       9,759,941 7,213,707  
Domestic Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 1,487,108 1,400,095 1,308,389
Cost of revenues                 258,413 266,131 260,826
Operating profit                 1,228,695 1,133,964 1,047,563
Selling, general, and administrative expenses                 99,707 72,879 67,263
Acquisition and new business initiatives related adjustments and expenses                 7,933 5,268 8,171
Asset impairment and decommission costs                 24,202 18,857 29,523
Depreciation, amortization and accretion                 527,718 511,823 498,842
Operating income                 569,135 525,137 443,764
Cash capital expenditures                 287,793 338,610 225,074
Assets 6,157,511       5,035,826       6,157,511 5,035,826  
International Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 373,750 340,339 314,784
Cost of revenues                 115,538 106,165 98,701
Operating profit                 258,212 234,174 216,083
Selling, general, and administrative expenses                 32,411 27,082 24,320
Acquisition and new business initiatives related adjustments and expenses                 7,295 5,693 4,196
Asset impairment and decommission costs                 8,899 7,932 6,994
Depreciation, amortization and accretion                 161,183 151,570 135,155
Operating income                 48,424 41,897 45,418
Cash capital expenditures                 635,728 258,785 358,691
Assets 3,381,448       2,042,800       3,381,448 2,042,800  
Site Development [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 153,787 125,261 104,501
Cost of revenues                 119,080 96,499 86,785
Operating profit                 34,707 28,762 17,716
Selling, general, and administrative expenses                 21,525 16,215 15,433
Asset impairment and decommission costs                 2 345 180
Depreciation, amortization and accretion                 2,341 2,556 2,580
Operating income                 10,839 9,646 (477)
Cash capital expenditures                 3,900 1,561 1,221
Assets 81,772       60,775       81,772 60,775  
Not Identified by Segment [Member]                      
Segment Reporting Information [Line Items]                      
Selling, general, and administrative expenses                 39,074 26,350 23,681
Depreciation, amortization and accretion                 5,836 6,164 6,523
Operating income                 (44,910) (32,514) (30,204)
Other expense (principally interest expense and other income (expense))                 (396,599) (492,482) (341,610)
Cash capital expenditures                 4,271 3,724 $ 3,859
Assets $ 139,210       $ 74,306       $ 139,210 $ 74,306  
v3.19.3.a.u2
Earnings Per Share (Narrative) (Details) - shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Stock Options [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded from earnings per share calculation 19,533 800,000 1,000,000.0
v3.19.3.a.u2
Earnings Per Share (Weighted-Average Shares of Common Stock Outstanding used in Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings Per Share [Abstract]                      
Net income attributable to SBA Communications Corporation $ 67,350 $ 21,679 $ 31,973 $ 25,989 $ 57,152 $ 16,144 $ (57,392) $ 31,547 $ 146,991 $ 47,451 $ 103,654
Basic weighted-average shares outstanding                 112,809 114,909 119,860
Dilutive impact of stock options and restricted shares                 1,884 1,606 1,162
Diluted weighted-average shares outstanding                 114,693 116,515 121,022
Net income per common share attributable to SBA Communications Corporation:                      
Basic                 $ 1.30 $ 0.41 $ 0.86
Diluted                 $ 1.28 $ 0.41 $ 0.86
v3.19.3.a.u2
Commitments and Contingencies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2019
Minimum [Member]  
Schedule Of Commitments And Contingencies [Line Items]  
Business acquisitions performance target period 1 year
Maximum [Member]  
Schedule Of Commitments And Contingencies [Line Items]  
Business acquisitions performance target period 3 years
v3.19.3.a.u2
Commitments and Contingencies (Annual Minimum Lease Payments) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Finance Leases  
2020 $ 1,374
2021 1,201
2022 985
2023 545
2024 11
Total minimum lease payments 4,116
Less: amount representing interest (224)
Present value of future payments 3,892
Less: current obligations (1,350)
Long-term obligations 2,542
Operating Leases  
2020 254,660
2021 256,197
2022 257,201
2023 257,277
2024 255,925
Thereafter 2,992,385
Total minimum lease payments 4,273,645
Less: amount representing interest (1,751,122)
Present value of future payments 2,522,523
Less: current obligations (245,665)
Long-term obligations $ 2,276,858
v3.19.3.a.u2
Commitments and Contingencies (Annual Minimum Lease Income) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Commitments and Contingencies [Abstract]  
2020 $ 1,678,713
2021 1,438,088
2022 1,189,381
2023 981,573
2024 732,792
Thereafter 1,821,715
Total $ 7,842,262
v3.19.3.a.u2
Concentration of Credit Risk (Narrative) (Details) - Accounts Receivable [Member] - customer
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Concentration Risk [Line Items]    
Number of significant customers   5
Concentration risk percentage of accounts receivable 66.60% 67.50%
v3.19.3.a.u2
Concentration of Credit Risk (Summary of Significant Customers and Percentage of Total Revenue for Specified Time Periods Derived from Such Customers) (Details) - Revenue [Member]
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
AT&T [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 23.80% 24.00% 25.00%
T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 18.20% 16.40% 16.50%
Sprint [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 16.90% 17.90% 15.10%
Verizon [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 14.00% 14.70% 15.20%
Domestic Site Leasing [Member] | AT&T [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 32.10% 31.90% 32.70%
Domestic Site Leasing [Member] | T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 21.60% 20.30% 19.70%
Domestic Site Leasing [Member] | Sprint [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 19.00% 19.60% 18.90%
Domestic Site Leasing [Member] | Verizon [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 18.60% 19.00% 19.00%
International Site Leasing [Member] | Oi S.A. [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 31.30% 35.50% 42.20%
International Site Leasing [Member] | Telefonica [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 26.90% 26.70% 25.70%
International Site Leasing [Member] | Claro [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 11.60% 11.40% 10.00%
Site Development Revenue [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 8.00%    
Site Development Revenue [Member] | T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 30.20% 16.40% 26.90%
Site Development Revenue [Member] | Sprint [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 37.30% 47.10% 12.90%
Site Development Revenue [Member] | Verizon [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 2.90% 6.40% 12.80%
Site Development Revenue [Member] | Nokia, Inc. [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 4.30% 3.20% 10.10%
v3.19.3.a.u2
Defined Contribution Plan (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Defined Contribution Plan [Abstract]      
Condition to participate in defined contribution plan Employees have the opportunity to participate following completion of three months of employment and must be 21 years of age.    
Discretionary matching contribution company percentage 75.00%    
Discretionary matching contribution, employee's contribution, maximum $ 4,000    
Company matching contributions $ 2,400,000 $ 2,100,000 $ 2,000,000.0
v3.19.3.a.u2
Redeemable Noncontrolling Interests (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Noncontrolling Interest [Line Items]  
Fair market value $ 16.1
Options exercisable date Aug. 30, 2020
Atlas Tower, South Africa [Member]  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership percentage 6.00%
v3.19.3.a.u2
Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Redeemable Noncontrolling Interests [Abstract]  
Purchase of noncontrolling interests $ 13,990
Additional investment 179
Foreign currency translation adjustments 460
Adjustment to fair value 1,130
Net income attributable to noncontrolling interests 293
BALANCE, December 31, 2019 $ 16,052
v3.19.3.a.u2
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Quarterly Financial Data [Abstract]                      
Revenues $ 513,659 $ 507,547 $ 500,147 $ 493,292 $ 483,849 $ 467,221 $ 456,322 $ 458,303 $ 2,014,645 $ 1,865,695 $ 1,727,674
Operating income 153,920 153,847 136,452 139,269 150,321 138,006 125,870 129,969 583,488 544,166 458,501
Depreciation, accretion, and amortization (179,487) (174,987) (171,564) (171,040) (169,454) (167,703) (169,558) (165,398) (697,078) (672,113) (643,100)
Loss from extinguishment of debt, net                 (235) (14,087) (1,961)
Net income attributable to SBA Communications Corporation $ 67,350 $ 21,679 $ 31,973 $ 25,989 $ 57,152 $ 16,144 $ (57,392) $ 31,547 $ 146,991 $ 47,451 $ 103,654
Net income per common share - basic $ 0.60 $ 0.19 $ 0.28 $ 0.23 $ 0.50 $ 0.14 $ (0.50) $ 0.27 $ 1.30 $ 0.41 $ 0.86
Net income per common share - diluted $ 0.59 $ 0.19 $ 0.28 $ 0.23 $ 0.50 $ 0.14 $ (0.50) $ 0.27 $ 1.28 $ 0.41 $ 0.86
v3.19.3.a.u2
Derivatives and Hedging Activities (Narrative) (Details) - 2018 Term Loan [Member] - Interest Rate Swap [Member] - USD ($)
$ in Millions
May 23, 2019
Feb. 01, 2019
Dec. 03, 2019
Derivative [Line Items]      
Loan period 4 years 4 years  
Notional amount $ 750.0 $ 1,200.0 $ 1,950.0
Derivative basis spread on variable interest rate 2.00% 2.00% 1.75%
Derivative fixed interest rate 4.08% 4.495% 3.78%
Liability fair value of swap     $ 60.5
v3.19.3.a.u2
Derivatives and Hedging Activities (Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets) (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Qualifying Hedges [Member] | Other Long-Term Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value liability position $ 42,698
Non-Qualifying Hedging [Member] | Other Assets [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value asset position 47,583
Non-Qualifying Hedging [Member] | Other Long-Term Liabilities [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value liability position $ 47,583
v3.19.3.a.u2
Derivatives and Hedging Activities (Schedule of Effect of Derivatives the Consolidated Statements of Operations) (Details) - Interest Rate Swap [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Non-Qualifying Hedging [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount recorded in Accumulated other comprehensive loss, net $ (60,462)
Non-Qualifying Hedging [Member] | Non-cash Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount reclassified from Accumulated other comprehensive loss, net into Non-cash interest expense 1,444
Cash Flow Hedges [Member] | Qualifying Hedges [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value recorded in Accumulated other comprehensive loss, net 16,887
Cash Flow Hedges [Member] | Qualifying Hedges [Member] | Non-cash Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount recognized in Non-cash interest expense $ (878)
v3.19.3.a.u2
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
site
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Description | site 32,403      
Encumbrances $ 7,814,000      
Gross Amount Carried at Close of Current Period 5,833,338 $ 5,561,005 $ 5,340,858 $ 5,079,660
Accumulated Depreciation at Close of Current Period $ (3,133,061) $ (2,868,507) $ (2,627,841) $ (2,396,587)
Date of Construction Various      
Date Acquired Various      
Secured debt $ 7,800,000      
Maximum [Member]        
Life on Which Depreciation in Latest Income Statement is Computed 20 years      
Minimum [Member] | Real Estate, Gross [Member]        
Concentration risk percentage 5.00%      
v3.19.3.a.u2
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Carrying Amount of Real Estate Investments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount at beginning $ 5,561,005 $ 5,340,858 $ 5,079,660
Acquisitions 111,734 131,686 112,979
Construction and related costs on new builds 48,975 54,237 70,361
Augmentation and tower upgrades 63,998 49,201 43,288
Land buyouts and other assets 39,298 37,032 41,657
Tower maintenance 28,960 30,048 29,391
Total additions 292,965 302,204 297,676
Cost of real estate sold or disposed (856) (1,083) (1,027)
Impairment (9,587) (17,130) (34,101)
Other (10,189) (63,844) (1,350)
Total deductions (20,632) (82,057) (36,478)
Balance at end $ 5,833,338 $ 5,561,005 $ 5,340,858
v3.19.3.a.u2
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount of accumulated depreciation at beginning $ (2,868,507) $ (2,627,841) $ (2,396,587)
Depreciation (269,606) (257,469) (248,818)
Other (83) (25)  
Total additions (269,689) (257,494) (248,818)
Amount of accumulated depreciation for assets sold or disposed 2,887 4,392 17,051
Other 2,248 12,436 513
Total deductions 5,135 16,828 17,564
Balance at end $ (3,133,061) $ (2,868,507) $ (2,627,841)