SBA COMMUNICATIONS CORP, 10-K filed on 2/25/2021
Annual Report
v3.20.4
Document And Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2020
Feb. 18, 2021
Jun. 30, 2020
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, 2020    
Document Fiscal Year Focus 2020    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 33.0
Entity Common Stock Shares Outstanding   109,324,399  
Documents Incorporated By Reference Portions of the Registrant’s definitive proxy statement for its 2021 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, 2020, 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    
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 308,560 $ 108,309
Restricted cash 31,671 30,243
Accounts receivable, net 74,088 132,125
Costs and estimated earnings in excess of billings on uncompleted contracts 34,796 26,313
Prepaid expenses and other current assets 23,875 37,281
Total current assets 472,990 334,271
Property and equipment, net 2,677,326 2,794,602
Intangible assets, net 3,156,150 3,626,773
Right-of-use assets, net 2,373,560 2,572,217
Other assets 477,992 432,078
Total assets 9,158,018 9,759,941
Current Liabilities:    
Accounts payable 109,969 31,846
Accrued expenses 63,031 67,618
Current maturities of long-term debt 24,000 522,090
Deferred revenue 113,117 113,507
Accrued interest 54,350 49,269
Current lease liabilities 236,037 247,015
Other current liabilities 14,297 16,948
Total current liabilities 614,801 1,048,293
Long-term liabilities:    
Long-term debt, net 11,071,796 9,812,335
Long-term lease liabilities 2,094,363 2,279,400
Other long-term liabilities 186,246 270,868
Total long-term liabilities 13,352,405 12,362,603
Redeemable noncontrolling interests 15,194 16,052
Shareholders' deficit:    
Preferred stock - par value $.01, 30,000 shares authorized, no shares issued or outstanding
Common stock - Class A, par value $0.01, 400,000 shares authorized, 109,819 shares and 111,775 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively 1,098 1,118
Additional paid-in capital 2,586,130 2,461,335
Accumulated deficit (6,604,028) (5,560,695)
Accumulated other comprehensive loss, net (807,582) (568,765)
Total shareholders' deficit (4,824,382) (3,667,007)
Total liabilities, redeemable noncontrolling interests, and shareholders' deficit $ 9,158,018 $ 9,759,941
v3.20.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
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 109,819,000 111,775,000
Common stock - Class A, shares outstanding 109,819,000 111,775,000
v3.20.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Site leasing $ 1,954,472 $ 1,860,858 $ 1,740,434
Site development 128,666 153,787 125,261
Total revenues 2,083,138 2,014,645 1,865,695
Cost of revenues (exclusive of depreciation, accretion, and amortization shown below):      
Cost of site leasing 373,778 373,951 372,296
Cost of site development 102,750 119,080 96,499
Selling, general, and administrative expenses 194,267 192,717 142,526
Acquisition and new business initiatives related adjustments and expenses 16,582 15,228 10,961
Asset impairment and decommission costs 40,097 33,103 27,134
Depreciation, accretion, and amortization 721,970 697,078 672,113
Total operating expenses 1,449,444 1,431,157 1,321,529
Operating income 633,694 583,488 544,166
Other income (expense):      
Interest income 2,981 5,500 6,731
Interest expense (367,874) (390,036) (376,217)
Non-cash interest expense (24,870) (3,193) (2,640)
Amortization of deferred financing fees (20,058) (22,466) (20,289)
Loss from extinguishment of debt, net (19,463) (457) (14,443)
Other (expense) income, net (222,159) 14,053 (85,624)
Total other expense, net (651,443) (396,599) (492,482)
(Loss) income before income taxes (17,749) 186,889 51,684
Benefit (provision) for income taxes 41,796 (39,605) (4,233)
Net income 24,047 147,284 47,451
Net loss (income) attributable to noncontrolling interests 57 (293)  
Net income attributable to SBA Communications Corporation $ 24,104 $ 146,991 $ 47,451
Net income per common share attributable to SBA Communications Corporation:      
Basic $ 0.22 $ 1.30 $ 0.41
Diluted $ 0.21 $ 1.28 $ 0.41
Weighted average number of common shares      
Basic 111,532 112,809 114,909
Diluted 113,465 114,693 116,515
v3.20.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Consolidated Statements of Comprehensive Income (Loss) [Abstract]      
Net income $ 24,047 $ 147,284 $ 47,451
Adjustments related to interest rate swaps (98,771) (42,131)  
Foreign currency translation adjustments (140,098) (14,729) (132,445)
Comprehensive (loss) income (214,822) 90,424 (84,994)
Comprehensive loss (income) attributable to noncontrolling interests 109 (753)  
Comprehensive (loss) income attributable to SBA Communications Corporation $ (214,713) $ 89,671 $ (84,994)
v3.20.4
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]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Total
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 equity awards and stock purchase plans, offset by the impact of net share settlements $ 10 59,716         59,726
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, 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 attributable to SBA Communications Corporation         (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            
Net income attributable to SBA Communications Corporation       146,991     146,991
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements $ 13 116,189         116,202
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, 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            
Adjustments related to 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 attributable to SBA Communications Corporation         (14,729)   (14,729)
Dividends and dividend equivalents on common stock       (83,387)     (83,387)
Adjustment to fair value related to noncontrolling interests   (1,130)         (1,130)
BALANCE (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2019     $ (20,968)     $ (20,968)  
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
Net income attributable to SBA Communications Corporation       24,104     $ 24,104
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements $ 11 53,683         53,694
Common stock issued in connection with equity awards and stock purchase plans, offset by the impact of net share settlements, Shares 1,113            
Non-cash stock compensation   70,363         70,363
Adjustments related to interest rate swaps         (98,771)   (98,771)
Repurchase and retirement of common stock $ (31)     (859,304)     (859,335)
Repurchase and retirement of common stock, Shares (3,069)            
Foreign currency translation adjustments attributable to SBA Communications Corporation         (140,046)   (140,046)
Dividends and dividend equivalents on common stock       (208,133)     (208,133)
Adjustment to fair value related to noncontrolling interests   749         749
BALANCE at Dec. 31, 2020 $ 1,098 $ 2,586,130   $ (6,604,028) $ (807,582)   $ (4,824,382)
BALANCE, Shares at Dec. 31, 2020 109,819           109,819
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 24,047 $ 147,284 $ 47,451
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, accretion, and amortization 721,970 697,078 672,113
Non-cash asset impairment and decommission costs 39,501 32,241 26,192
Non-cash compensation expense 68,890 73,214 42,327
Loss (gain) on remeasurement of U.S. denominated intercompany loans 220,354 (13,134) 89,101
Loss from extinguishment of debt, net 17,838 235 14,087
Deferred income tax (benefit) expense [1] (63,187) 15,935 (15,287)
Amortization of deferred financing fees 20,058 20,358 20,289
Non-cash interest expense [1] 24,870 3,193 2,640
Other non-cash items reflected in the Statements of Operations [1] 2,979 (1,888) (1,388)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts, net 38,195 (12,146) (29,427)
Prepaid expenses and other assets 2,614 878 (38,040)
Operating lease right-of-use assets, net 109,935 93,665  
Accounts payable and accrued expenses 13,173 (5,951) (3,021)
Long-term lease liabilities (100,847) (87,544)  
Other liabilities (14,357) 6,627 23,581
Net cash provided by operating activities 1,126,033 970,045 850,618
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions (271,418) (773,957) (451,829)
Capital expenditures (128,566) (154,236) (149,812)
Purchase of investments (1,288,705) (638,963) (156,983)
Proceeds from sale of investments 1,239,206 625,807 150,890
Other investing activities 3,117 (5,809) (10,613)
Net cash used in investing activities (446,366) (947,158) (618,347)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under Revolving Credit Facility 895,000 755,000 1,120,000
Repayments under Revolving Credit Facility (1,005,000) (590,000) (835,000)
Repayment of Term Loans (24,000) (24,000) (1,947,000)
Proceeds from issuance of Term Loans, net of fees     2,377,218
Proceeds from issuance of Senior Notes, net of fees 1,479,484    
Repayment of Senior Notes (759,143)    
Proceeds from issuance of Tower Securities, net of fees 1,335,895 1,152,458 631,466
Repayment of Tower Securities (1,200,000) (920,000) (755,000)
Termination of interest rate swap (176,200)    
Repurchase and retirement of common stock (859,335) (466,982) (795,581)
Payment of dividends on common stock (207,689) (83,387)  
Proceeds from employee stock purchase/stock option plans, net of taxes 54,049 116,202 59,880
Other financing activities (2,078) (1,605) (4,520)
Net cash used in financing activities (469,017) (62,314) (148,537)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (8,962) 2,247 (9,729)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 201,688 (37,180) 74,005
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:      
Beginning of year 141,120 178,300 104,295
End of year 342,808 141,120 178,300
Cash paid during the period for:      
Interest 351,886 386,615 376,628
Income taxes 20,275 21,598 21,645
SUPPLEMENTAL CASH FLOW INFORMATION OF NON-CASH ACTIVITIES:      
Right-of-use assets obtained in exchange for new operating lease liabilities 78,674 175,517  
Operating lease modifications and reassessments (10,550) (52,383)  
Right-of-use assets obtained in exchange for new finance lease liabilities 1,087 $ 3,499 $ 1,039
Common stock issued in connection with acquisitions   1,680  
Consolidation of an equity method investment   $ 71,990  
Deferred payment on acquired assets $ 77,124    
[1] Certain reclassifications of the prior years’ amounts have been made to conform to the current year’s presentation.
v3.20.4
General
 12 Months Ended
Dec. 31, 2020
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, 2020, 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, 2020, the Company owned and operated 32,923 towers of which 16,546 are domestic and 16,377 are international, of which 9,934 are located in Brazil.
v3.20.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
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 and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. 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 consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from 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 year ended December 31, 2020 and 2019, no gain or loss was recorded related to the sale or maturity of investments.

The Company’s long term investments were $57.6 million and $13.3 million as of December 31, 2020 and 2019, respectively. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2020, 2019, and 2018.

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 $0.6 million, $0.7 million, and $0.9 million of interest cost was capitalized in 2020, 2019 and 2018, 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

Data Centers, buildings, and leasehold 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 $40.1 million, $33.1 million, and $27.1 million for the years ended December 31, 2020, 2019 and 2018, 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 94% 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 6% 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 $74.1 million and $132.1 million as of December 31, 2020 and 2019, respectively, of which $14.3 million and $40.7 million related to the site development segment as of December 31, 2020 and 2019, respectively. Refer to Note 15 for further detail of the site development segment.

Credit Losses

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) prospectively. ASU 2016-13 replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of ASU 2016-13 was not material individually or in the aggregate to the Company.

ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

The following is a rollforward of the allowance for doubtful accounts for our site leasing and site development businesses:

For the year ended December 31,

2020

2019

2018

(in thousands)

Beginning balance

$

21,202

$

23,880

$

26,481

Provision for doubtful accounts

620

155

551

Write-offs

(23)

(1,455)

(591)

Recoveries (1)

(3,524)

(2,296)

—

Acquisitions

—

1,193

—

Currency translation adjustment

(2,582)

(275)

(2,561)

Ending balance

$

15,693

$

21,202

$

23,880

(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. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022.

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.

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, 2020. The REIT had taxable income during the year ended December 31, 2020 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2020 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are 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 (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. 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 RSUs and PSUs 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, 2020 and 2019, the asset retirement obligation was $30.9 million and $11.5 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, net in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. 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, 2020, 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 2020 and 2019 are presented under the new standard,

while the 2018 comparative period presented is not adjusted and continues 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 components of the right-of-use assets and lease liabilities as of December 31, 2020 and 2019 are as follows (in thousands):

December 31,

December 31,

2020

2019

Operating lease right-of-use assets, net

$

2,369,358

$

2,567,507

Financing lease right-of-use assets, net

4,202

4,710

Right-of-use assets, net

$

2,373,560

$

2,572,217

Current operating lease liabilities

$

234,605

$

245,665

Current financing lease liabilities

1,432

1,350

Current lease liabilities

$

236,037

$

247,015

Long-term operating lease liabilities

$

2,092,353

$

2,276,858

Long-term financing lease liabilities

2,010

2,542

Long-term lease liabilities

$

2,094,363

$

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, 2020 and 2019 are as follows:

For the year ended

December 31, 2020

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,485

$

1,275

Interest on finance lease liabilities

135

115

Total finance lease cost

1,620

1,390

Operating lease cost

260,619

266,681

Variable lease cost

42,654

38,477

Total lease cost

$

304,893

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2020 and 2019:

Operating leases

16.1 years

16.6 years

Finance leases

2.7 years

3.3 years

Weighted Average Discount Rate as of December 31, 2020 and 2019:

Operating leases

5.9%

6.1%

Finance leases

3.4%

3.6%

For the twelve months ended

Other information:

December 31, 2020

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,747

$

237,758

Cash flows from finance leases

$

1,485

$

1,275

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 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

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, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $1.2 million and $1.8 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense related to deferred initial direct costs was $1.3 million and $1.4 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, unamortized deferred initial direct costs were $4.8 million and $4.9 million, respectively, and are included in other assets on the Consolidated Balance Sheets.

Reference Rate Reform

ASU 2020-04, Reference Rate Reform, provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. As of December 31, 2020, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements.

Intercompany Loans Subject to Remeasurement

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $145.6 million loss, a $9.0 million gain, and a $58.8 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2020, 2019, and 2018, respectively, due to changes in foreign exchange rates. As of December 31, 2020 and 2019, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $909.8 million and $899.7 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.
v3.20.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]  
Fair Value Measurements 3.FAIR VALUE MEASUREMENTS

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

Refer to Note 20 for discussion of the Company’s redeemable non-controlling interests.

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,

2020

2019

2018

Asset impairment (1)

$

31,552

$

18,794

$

14,350

Write-off of carrying value of decommissioned towers

7,456

11,155

10,795

Other (including third party decommission costs)

1,089

3,154

1,989

Total asset impairment and decommission costs

$

40,097

$

33,103

$

27,134

(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.

Refer to Note 2 for discussion of the Company’s long term investments.

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, 2020 and 2019, the Company had $0.7 million and $0.5 million, respectively, of short term investments. For the year ended December 31, 2020, the Company purchased and sold $1.2 billion 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.
v3.20.4
Cash, Cash Equivalents, and Restricted Cash
 12 Months Ended
Dec. 31, 2020
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, 2020

December 31, 2019

December 31, 2018

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

308,560 

$

108,309 

$

143,444 

Securitization escrow accounts

31,507 

30,046 

32,261 

Restricted cash - current asset

Payment and performance bonds

164 

197 

203 

Restricted cash - current asset

Surety bonds and workers compensation

2,577 

2,568 

2,392 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

342,808 

$

141,120 

$

178,300 

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, 2020 and 2019, the Company had $41.8 million and $41.7 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, 2020 and 2019, the Company had also pledged $2.3 million as collateral related to its workers’ compensation policy.
v3.20.4
Costs and Estimated Earnings on Uncompleted Contracts
 12 Months Ended
Dec. 31, 2020
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, 2020

December 31, 2019

(in thousands)

Costs incurred on uncompleted contracts

$

54,949

$

52,339

Estimated earnings

21,778

19,954

Billings to date

(43,725)

(47,401)

$

33,002

$

24,892

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

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

34,796

$

26,313

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(1,794)

(1,421)

$

33,002

$

24,892

At December 31, 2020 and 2019, eight customers comprised 99.4% and 94.4%, 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.
v3.20.4
Prepaid Expenses and Other Current Assets and Other Assets
 12 Months Ended
Dec. 31, 2020
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, 2020

December 31, 2019

(in thousands)

Prepaid ground rent

$

1,412

$

1,632

Prepaid real estate taxes

3,153

3,003

Prepaid taxes

8,121

4,924

Other

11,189

27,722

Total prepaid expenses and other current assets

$

23,875

$

37,281

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

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Straight-line rent receivable

$

321,816

$

330,660

Interest rate swap asset (1)

12,123

47,583

Loan receivables

5,931

8,295

Deferred lease costs, net

4,788

4,865

Deferred tax asset - long term

53,722

4,342

Long-term investments

57,575

13,255

Other

22,037

23,078

Total other assets

$

477,992

$

432,078

(1)Refer to Note 22 for more information on the Company’s interest rate swaps.
v3.20.4
Acquisitions
 12 Months Ended
Dec. 31, 2020
Acquisitions [Abstract]  
Acquisitions 7.ACQUISITIONS

The following table summarizes the Company’s acquisition activity:

For the year ended December 31,

2020

2019

2018

Tower acquisitions (number of towers)

233

2,443

1,316

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

For the year ended December 31,

2020

2019

2018

(in thousands)

Acquisitions of towers and related intangible assets (1) (2) (3)

$

181,473

$

701,471

$

406,699

Land buyouts and other assets (4)

89,945

72,486

45,130

Total cash acquisition capital expenditures

$

271,418

$

773,957

$

451,829

(1)The year ended December 31, 2020 excludes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.

(2)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.

(3)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.

(4)In addition, the Company paid $12.3 million, $15.2 million, and $24.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2020, 2019, and 2018, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. Includes amounts paid related to the acquisition of data centers for the years ended December 31, 2020 and 2019.

During the year ended December 31, 2020, the Company acquired 233 towers and related assets and liabilities consisting of $30.1 million of property and equipment, $218.1 million of intangible assets, and $66.8 million of other net liabilities assumed. All acquisitions in the year ended December 31, 2020 were accounted for as asset acquisitions.

During the year ended December 31, 2019, the Company acquired 2,443 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.

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.

Subsequent to December 31, 2020, the Company acquired 25 towers and related assets for $8.4 million in cash. In addition, on February 16, 2021, the Company closed on the acquisition of wireless tenant licenses on 697 utility transmission structures related to the previously announced PG&E transaction for $954.0 million of cash consideration. The balance of the PG&E transaction is anticipated to close by the end of the third quarter. Furthermore, the Company has agreed to purchase and anticipates closing on 299 additional communication sites for an aggregate amount of $72.7 million. The Company anticipates that the majority of these acquisitions will be consummated by the end of the second quarter of 2021.

The maximum potential obligation related to the performance targets for acquisitions, which have not been recorded on the Company’s Consolidated Balance Sheet, were $35.0 million and $29.7 million as of December 31, 2020 and 2019, respectively.
v3.20.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2020
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, 2020

December 31, 2019

(in thousands)

Towers and related components

$

5,213,019

$

5,164,104

Construction-in-process (1)

38,065

33,644

Furniture, equipment, and vehicles

54,610

51,654

Land, buildings, and improvements

818,272

736,378

Total property and equipment

6,123,966

5,985,780

Less: accumulated depreciation

(3,446,640)

(3,191,178)

Property and equipment, net

$

2,677,326

$

2,794,602

(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.

Depreciation expense was $287.0 million, $281.6 million, and $269.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020 and 2019, unpaid capital expenditures that are included in accounts payable and accrued expenses were $6.1 million and $14.7 million, respectively.
v3.20.4
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2020
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, 2020

As of December 31, 2019

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

4,876,880

$

(2,471,438)

$

2,405,442

$

4,996,591

$

(2,218,404)

$

2,778,187

Network location intangibles

1,770,944

(1,020,236)

750,708

1,764,484

(915,898)

848,586

Intangible assets, net

$

6,647,824

$

(3,491,674)

$

3,156,150

$

6,761,075

$

(3,134,302)

$

3,626,773

All intangible assets noted above are included in the Company’s site leasing segment. Amortization expense relating to the intangible assets above was $434.4 million, $415.2 million, and $402.6 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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

For the year ended December 31,

(in thousands)

2021

$

410,820

2022

388,376

2023

364,625

2024

335,645

2025

325,820
v3.20.4
Accrued Expenses
 12 Months Ended
Dec. 31, 2020
Accrued Expenses [Abstract]  
Accrued Expenses 10.ACCRUED EXPENSES

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

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Salaries and benefits

$

20,958

$

19,838

Real estate and property taxes

9,583

9,598

Unpaid capital expenditures

6,073

14,669

Other

26,417

23,513

Total accrued expenses

$

63,031

$

67,618
v3.20.4
Debt
 12 Months Ended
Dec. 31, 2020
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, 2020

December 31, 2019

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

Revolving Credit Facility

Apr. 11, 2023

$

380,000 

$

380,000 

$

380,000 

$

490,000 

$

490,000 

$

490,000 

2018 Term Loan

Apr. 11, 2025

2,340,000 

2,310,750 

2,325,391 

2,364,000 

2,369,910 

2,346,183 

2013-2C Tower Securities (1)

Apr. 11, 2023

575,000 

599,662 

572,063 

575,000 

585,954 

570,866 

2014-2C Tower Securities (1)

Oct. 8, 2024

620,000 

670,003 

616,131 

620,000 

644,912 

615,205 

2015-1C Tower Securities (1)

Oct. 8, 2020

—

—

—

500,000 

502,095 

498,090 

2016-1C Tower Securities (1)

Jul. 9, 2021

—

—

—

700,000 

704,095 

696,936 

2017-1C Tower Securities (1)

Apr. 11, 2022

760,000 

774,410 

757,165 

760,000 

763,405 

755,061 

2018-1C Tower Securities (1)

Mar. 9, 2023

640,000 

671,341 

636,045 

640,000 

658,266 

634,344 

2019-1C Tower Securities (1)

Jan. 12, 2025

1,165,000 

1,218,613 

1,155,106 

1,165,000 

1,158,057 

1,153,086 

2020-1C Tower Securities (1)

Jan. 9, 2026

750,000 

752,910 

742,782 

—

—

—

2020-2C Tower Securities (1)

Jan. 11, 2028

600,000 

597,840 

594,081 

—

—

—

2014 Senior Notes

Jul. 15, 2022

—

—

—

750,000 

760,313 

743,580 

2016 Senior Notes

Sep. 1, 2024

1,100,000 

1,127,500 

1,088,924 

1,100,000 

1,142,625 

1,086,241 

2017 Senior Notes

Oct. 1, 2022

750,000 

757,500 

746,642 

750,000 

764,063 

744,833 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,567,500 

1,481,466 

—

—

—

Total debt

$

11,180,000 

$

11,428,029 

$

11,095,796 

$

10,414,000 

$

10,543,695 

$

10,334,425 

Less: current maturities of long-term debt

(24,000)

(522,090)

Total long-term debt, net of current maturities

$

11,071,796 

$

9,812,335 

(1)The maturity date represents the anticipated repayment date for each issuance.

The Company’s future principal payment obligations over the next five years (based on the outstanding debt as of December 31, 2020 and assuming the Tower Securities are repaid at their respective anticipated repayment dates) are as follows:

For the year ended December 31,

(in thousands)

2021

$

24,000

2022

1,534,000

2023

1,619,000

2024

1,744,000

2025

3,409,000

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,

Interest

2020

2019

2018

Rates as of

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

December 31, 2020

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

Revolving Credit Facility

1.610%

$

6,070 

$

—

$

7,085 

$

—

$

7,411 

$

—

2014 Term Loan

N/A

—

—

—

—

15,550 

146 

2015 Term Loan

N/A

—

—

—

—

5,237 

187 

2018 Term Loan (1)

1.878%

68,963 

23,452 

105,021 

1,338 

72,648 

543 

2013 Tower Securities (2)

3.722%

21,584 

—

21,584 

—

25,654 

—

2014 Tower Securities (3)

3.869%

24,185 

—

43,055 

—

51,138 

—

2015-1C Tower Securities

3.156%

8,589 

—

15,939 

—

15,939 

—

2016-1C Tower Securities

2.877%

10,972 

—

20,361 

—

20,361 

—

2017-1C Tower Securities

3.168%

24,354 

—

24,354 

—

24,354 

—

2018-1C Tower Securities

3.448%

22,281 

—

22,281 

—

18,072 

—

2019-1C Tower Securities

2.836%

33,428 

—

10,029 

—

—

—

2020-1C Tower Securities

1.884%

6,675 

—

—

—

—

—

2020-2C Tower Securities

2.328%

6,568 

—

—

—

—

—

2014 Senior Notes

4.875%

3,352 

112 

36,563 

800 

36,563 

761 

2016 Senior Notes

4.875%

53,625 

1,109 

53,625 

1,055 

53,625 

1,003 

2017 Senior Notes

4.000%

30,000 

—

30,000 

—

30,000 

—

2020 Senior Notes

3.875%

46,769 

197 

—

—

—

—

Capitalized interest and other

459 

—

139 

—

(335)

—

Total

$

367,874 

$

24,870 

$

390,036 

$

3,193 

$

376,217 

$

2,640 

(1)The 2018 Term Loan has a blended rate of 1.878% which includes the impact of the interest rate swap entered into on August 4, 2020 which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.900% as of December 31, 2020. Refer to Note 22 for more information on the Company’s interest rate swap.

(2)The 2013-1C Tower Securities and the 2013-1D Tower Securities, which were repaid March 9, 2018, accrued interest at 2.240% and 3.598%, respectively. The 2013-2C Tower Securities accrue interest at 3.722%.

(3)The 2014-1C Tower Securities, which was repaid September 13, 2019, accrued interest at 2.898%. The 2014-2C Tower Securities accrue interest at 3.869%.

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.

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

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, 2020, the Company borrowed $895.0 million and repaid $1.0 billion of the outstanding balance under the Revolving Credit Facility. As of December 31, 2020, the balance outstanding under the Revolving Credit Facility was $380.0 million accruing interest at 1.610% 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, 2020, SBA Senior Finance II was in compliance with the financial covenants contained in the Senior Credit Agreement.

Subsequent to December 31, 2020, the Company borrowed $680.0 million and repaid $430.0 million of the outstanding balance under the Revolving Credit Facility. As of the date of this filing, $630.0 million was outstanding under the Revolving Credit Facility.

Term Loan under the Senior Credit Agreement

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. The 2018 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). The 2018 Term Loan was issued at 99.75% of par value. As of December 31, 2020, the 2018 Term Loan was accruing interest at 1.900% 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, 2020, the Company repaid an aggregate of $24.0 million of principal on the 2018 Term Loan. As of December 31, 2020, the 2018 Term Loan had a principal balance of $2.3 billion.

On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $176.2 million. On the same date, the Company entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.

Secured Tower Revenue Securities

Tower Revenue Securities Terms

The mortgage loan underlying the 2013-2C Tower Securities, 2014-2C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, 2019-1C Tower Securities, 2020-1C Tower Securities, and 2020-2C Tower Securities (together the “Tower Securities”) will be paid from the operating cash flows from the aggregate 9,989 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 2017-1C, Secured Tower Revenue Securities Series 2018-1C, Secured Tower Revenue Securities Series 2019-1C, and Secured Tower Revenue Securities Series 2020-1C) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C, Secured Tower Revenue Securities Series 2014-2C, and Secured Tower Revenue Securities Series 2020-2C) 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 2017-1C, Secured Tower Revenue Securities Series 2018-1C, Secured Tower Revenue Securities Series 2019-1C, and Secured Tower Revenue Securities Series 2020-1C) or eighteen months (in the case of the components corresponding to the Secured Tower Revenue Securities Series 2013-2C, Secured Tower Revenue Securities Series 2014-2C, and Secured Tower Revenue Securities Series 2020-2C) 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.

2013-2C Tower Securities

On April 18, 2013, the Company, through a New York common law trust (the “Trust”), issued $575.0 million of 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”). The fixed interest rate of the 2013-2C Tower Securities is 3.722% per annum, payable monthly. The Company incurred financing fees of $11.0 million in relation to this transaction, which are being amortized through the anticipated repayment date of the 2013-2C Tower Securities.

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 have 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 $9.0 million in relation to the 2014-2C Tower Securities, which are being amortized through the anticipated repayment date of the 2014-2C 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 had 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 was 3.156% per annum, payable monthly. The Company incurred financing fees of $11.2 million in relation to this transaction, which were being amortized through the anticipated repayment date of the 2015-1C Tower Securities.

On July 14, 2020, the Company repaid the entire aggregate principal amount of the 2015-1C Tower Securities in connection with the issuance of the 2020 Tower Securities (as defined below). Additionally, the Company expensed $0.6 million of deferred financing fees and accrued interest related to the redemption of the 2015-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

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 had 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 was 2.877% per annum, payable monthly. The Company incurred financing fees of $9.5 million in relation to this transaction, which were being amortized through the anticipated repayment date of the 2016-1C Tower Securities.

On July 14, 2020, the Company repaid the entire aggregate principal amount of the 2016-1C Tower Securities in connection with the issuance of the 2020 Tower Securities (as defined below). Additionally, the Company expensed $2.0 million of deferred financing fees and accrued interest related to the redemption of the 2016-1C Tower Securities, which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

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. The Company incurred financing fees of $12.8 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.

2020 Tower Securities

On July 14, 2020, the Company, through the Trust, issued $750.0 million of 1.884% Secured Tower Revenue Securities Series 2020-1C which have an anticipated repayment date of January 9, 2026 and a final maturity date of July 11, 2050 (the “2020-1C Tower Securities”) and $600.0 million of 2.328% Secured Tower Revenue Securities Series 2020-2C which have an anticipated repayment date of January 11, 2028 and a final maturity date of July 9, 2052 (the “2020-2C Tower Securities”) (collectively the “2020 Tower Securities”). The aggregate $1.35 billion of 2020 Tower Securities have a blended interest rate of 2.081% and a weighted average life through the anticipated repayment date of 6.4 years. Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2015-1C Tower Securities ($500.0 million) and the 2016-1C Tower Securities ($700.0 million). The remaining net proceeds of the 2020 Tower Securities were used for general corporate purposes. The Company has incurred deferred financing fees of $14.1 million in relation to this transaction which are being amortized through the anticipated repayment date of the 2020 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 $71.1 million of Secured Tower Revenue Securities Series 2020-1R issued by the Trust. These securities have an anticipated repayment date of January 11, 2028 and a final maturity date of July 9, 2052 (the

“2020-2R Tower Securities”). The fixed interest rate on the 2020-2R Tower Securities is 4.336% per annum, payable monthly. Principal and interest payments made on the 2020-2R Tower Securities eliminate in consolidation.

In connection with the issuance of the 2020 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 $1.4 billion (but increased by a net of $221.1 million after giving effect to repayment of the loan components relating to the 2015-1C Tower Securities and 2016-1C Tower Securities) and (2) the Borrowers became jointly and severally liable for the aggregate $5.1 billion borrowed under the mortgage loan corresponding to the 2013-2C Tower Securities, 2014-2C Tower Securities, 2017-1C Tower Securities, 2018-1C Tower Securities, 2019-1C Tower Securities, and the newly issued 2020-1C Tower Securities and 2020-2C Tower Securities. The new loan, after eliminating the risk retention securities, accrues interest at the same rate as the 2020 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, 2020, 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 had incurred financing fees of $11.6 million in relation to this transaction, which were being amortized through the maturity date.

On February 20, 2020, the Company redeemed the entire $750.0 million balance of 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, 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 at par value (the “2017 Senior Notes”). The 2017 Senior Notes accrued interest at a rate of 4.0% per annum. Interest on the 2017 Senior Notes was 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 were being amortized through the maturity date.

On February 11, 2021, the Company redeemed the entire $750.0 million balance of the 2017 Senior Notes with proceeds from the 2021 Senior Notes (defined below). In addition, the Company paid a $7.5 million call premium and expensed $3.2 million for the write-off of the original issue discount and financing fees related to the redemption of the 2017 Senior Notes which are reflected in loss from extinguishment of debt on the Consolidated Statement of Operations.

2020 Senior Notes

On February 4, 2020, the Company issued $1.0 billion of unsecured senior notes due February 15, 2027 at par value (the “2020-1 Senior Notes”), and on May 26, 2020, the Company issued $500.0 million of additional unsecured senior notes under the same indenture at 99.500% of par value (the “2020-2 Senior Notes”) (collectively, the “2020 Senior Notes”). The 2020 Senior Notes accrue interest at a rate of 3.875% per annum. Net proceeds from these offerings were used to redeem the entire $750.0 million outstanding principal amount of the 2014 Senior Notes, repay amounts outstanding under the Revolving Credit Facility, and for general corporate purposes. Interest on the 2020 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 15, 2020. The Company incurred financing fees of $18.0 million in relation to this transaction, which are being amortized through the maturity date.

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.

2021 Senior Notes

On January 29, 2021, the Company issued $1.5 billion of unsecured senior notes due February 1, 2029 at par value (the “2021 Senior Notes”). The 2021 Senior Notes accrue interest at a rate of 3.125% per annum. Interest on the 2021 Senior Notes is due semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The Company incurred financing fees of $14.3 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 2017 Senior Notes, repay the amounts outstanding under the Revolving Credit Facility, and for general corporate purposes.

The 2021 Senior Notes are subject to redemption in whole or in part on or after February 1, 2024 at the redemption prices set forth in the indenture agreement plus accrued and unpaid interest. Prior to February 1, 2024, the Company may, at its option, redeem up to 35% of the aggregate principal amount of the 2021 Senior Notes originally issued at a redemption price of 103.125% of the principal amount of the 2021 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 2021 Senior Notes during the twelve-month period beginning on the following dates at the following redemption prices: February 1, 2024 at 101.563%, February 1, 2025 at 100.781%, or February 1, 2026 until maturity at 100.000%, of the principal amount of the 2021 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.
v3.20.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Shareholders' Equity [Abstract]  
Shareholders' Equity 12.SHAREHOLDERS’ EQUITY

Common Stock Equivalents

The Company has outstanding stock options, time-based restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) which were considered in the Company’s diluted earnings per share calculation (see Note 16).

Registration of Additional Shares

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, 2020, the Company did not issue any shares of Class A common stock under this registration statement. During the year ended December 31, 2019, the Company issued 10,000 shares of Class A common stock under this registration statement. As of December 31, 2020, 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, 2020 and 2019, the Company did not issue any securities under this automatic shelf registration statement.

On August 6, 2020, the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission registering 3.4 million shares of the Company’s Class A common stock, consisting of 3.0 million shares of Common Stock issuable under the 2020 Performance and Equity Incentive Plan (the “2020 Plan”) and 400,000 shares of Common Stock subject to awards granted under the 2010 Performance and Equity Incentive Plan (the “2010 Plan”) that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares (see Note 13).

Stock Repurchases

The Company’s Board of Directors authorizes the Company to purchase, from time to time, outstanding Class A common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements, and other factors. Once authorized, the repurchase plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Shares repurchased are retired. On November 2, 2020, the Company’s Board of Directors authorized a new $1.0 billion stock repurchase plan, replacing the prior plan authorized on July 29, 2019 which had a remaining authorization of $124.3 million. As of the date of this filing, the Company had $500.0 million authorization remaining under the new plan.

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

For the year

ended December 31,

2020

2019

2018

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

3.1

2.0

5.0

Average price paid per share (1)

$

280.17

$

231.87

$

159.87

Total price paid (in millions) (1)

$

856.0

$

470.3

$

795.5

Subsequent to December 31, 2020, the Company made the following share repurchases:

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

0.5

Average price paid per share (1)

$

262.16

Total price paid (in millions) (1)

$

144.0

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

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, 2020, $651.1 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, 2020, the Company paid the following cash dividends:

Payable to Shareholders

of Record At the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

February 20, 2020

March 10, 2020

$0.465

$52.2 million

March 26, 2020

May 5, 2020

May 28, 2020

$0.465

$52.0 million

June 18, 2020

August 3, 2020

August 25, 2020

$0.465

$52.0 million

September 21, 2020

November 2, 2020

November 19, 2020

$0.465

$51.5 million

December 17, 2020

Dividends paid in 2020 and 2019 were ordinary dividends.

Subsequent to December 31, 2020, 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 19, 2021

March 10, 2021

$0.58

March 26, 2021
v3.20.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2020
Stock-Based Compensation [Abstract]  
Stock-Based Compensation 13.STOCK-BASED COMPENSATION

On February 25, 2020, the Company’s 2010 Plan expired by its terms. On May 14, 2020, the Company’s shareholders approved the 2020 Plan which provides for the issuance of up to 3.0 million shares of the Company’s Class A common stock (of which approximately 3.0 million shares remain available for future issuance as of December 31, 2020), plus additional shares of Class A common stock (a) subject to awards granted under the 2010 Plan that may become available for issuance or reissuance, as applicable, under the 2020 Plan if such awards are forfeited or are settled in cash or otherwise expire or terminate without the delivery of the shares or (b) which become issuable under the 2020 Plan by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of outstanding shares of Class A common stock.

Commencing with the 2020 equity award, the Company modified the type of equity granted to certain employees to align long-term compensation with Company performance. Under the new structure, the Company continued to issue RSUs; however, RSUs will now vest ratably over three years rather than four years. The Company further replaced stock options with PSUs which will cliff vest at the end of three years. PSUs have performance metrics for which threshold, target, and maximum parameters are established at the time of the grant. The performance metrics are used to calculate the number of shares that will be issuable when the awards vest, which may range from zero to 200% of the target amounts. At the end of each three year performance period, the number of shares that vest will depend on the results achieved against the pre-established performance metrics. Furthermore, effective with the 2020 grant, RSUs and PSUs will accrue dividend equivalents prior to vesting, which will be paid out only in respect to shares that actually vest.

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,

2020

2019

2018

Risk free interest rate

1.66%

1.37% - 2.47%

2.57% - 2.92%

Dividend yield

1.3%

1.3%

0.7%

Expected volatility

20.4%

20.4%

21.6%

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, 2020, 2019 and 2018 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, 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

Granted

10

$

240.99

Exercised

(1,287)

$

110.59

Forfeited/canceled

(28)

$

168.11

Outstanding at December 31, 2020

3,202

$

143.01

3.8

$

445,311

Exercisable at December 31, 2020

1,700

$

124.93

3.0

$

267,228

Unvested at December 31, 2020

1,502

$

163.48

4.6

$

178,083

The weighted-average per share fair value of options granted during the years ended December 31, 2020, 2019 and 2018 was $41.09, $33.99, and $33.01, respectively.

The total intrinsic value for options exercised during the years ended December 31, 2020, 2019 and 2018 was $235.0 million, $132.8 million and $78.0 million, respectively. Cash received from option exercises under all plans for the years ended December 31, 2020, 2019 and 2018 was approximately $142.5 million, $136.0 million, and $74.7 million, respectively. The tax benefit realized for the tax deductions from option exercises under all plans was $16.9 million and $10.2 million for the years ended December 31, 2020 and 2019, respectively. No tax benefit was realized for the year ended December 31, 2018.

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 $282.13 as of December 31, 2020. 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, 2020 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)

$95.01 - $115.00

557

2.1

$

96.89

556

$

96.87

$115.01 - $150.00

926

2.9

$

116.83

656

$

117.51

$150.01 - $180.00

744

4.2

$

156.54

300

$

156.53

$180.01 - $270.00

975

5.2

$

183.87

188

$

183.40

3,202

1,700

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, 2019

2,590

$

29.82

Options granted

10

$

41.09

Vested

(1,070)

$

26.96

Forfeited

(28)

$

32.12

Unvested as of December 31, 2020

1,502

$

31.91

As of December 31, 2020, the total unrecognized compensation expense related to unvested stock options outstanding under the Plans is $15.1 million. That cost is expected to be recognized over a weighted average period of 1.8 years.

The total fair value of options vested during 2020, 2019, and 2018 was $28.8 million, $26.5 million, and $24.0 million, respectively.

Restricted Stock Units and Performance-Based Restricted Stock Units

The following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2020:

RSUs

PSUs

Weighted-Average

Weighted-Average

Number of

Grant Date Fair

Number of

Grant Date Fair

Shares

Value per Share

Shares

Value per Share

(in thousands)

(in thousands)

Outstanding at December 31, 2019

313

$

152.98

—

$

—

Granted (1)

99

$

290.77

149

$

376.48

Vested

(129)

$

142.11

—

$

—

Forfeited/canceled

(9)

$

202.02

(1)

$

376.50

Outstanding at December 31, 2020

274

$

206.48

148

$

376.48

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

Employee Stock Purchase Plan

In 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, 2020 and 2019, 25,058 shares and 30,128 shares, respectively, of Class A common stock were issued under the 2018 Purchase Plan, which resulted in cash proceeds to the Company of approximately $6.1 million and $5.5 million, respectively. At December 31, 2020, 234,762 shares remained

available for issuance under the 2018 Purchase Plan. For the year ended December 31, 2018, 16,798 shares of Class A common stock were issued under the previous 2008 Purchase Plan, which resulted in cash proceeds to the Company of approximately $2.3 million.

In addition, the Company recorded $1.1 million, $1.0 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, 2020, 2019, and 2018, 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, 2020, 2019, and 2018, respectively:

For the year ended December 31,

2020

2019

2018

(in thousands)

Cost of revenues

$

2,074

$

2,034

$

1,182

Selling, general and administrative

66,816

71,180

41,145

Total cost of non-cash compensation included

in income before provision for income taxes

$

68,890

$

73,214

$

42,327

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 $18.5 million in 2019.

In addition, the Company capitalized $1.5 million, $1.1 million and $0.8 million of non-cash compensation for the years ended December 31, 2020, 2019 and 2018, respectively, to fixed assets.
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
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 (loss) before provision (benefit) for income taxes by geographic area is as follows:

For the year ended December 31,

2020

2019

2018

(in thousands)

Domestic

$

151,421

$

133,046

$

99,203

Foreign

(169,170)

53,843

(47,519)

Total

$

(17,749)

$

186,889

$

51,684

The provision (benefit) for income taxes consists of the following components:

For the year ended December 31,

2020

2019

2018

(in thousands)

Current provision:

State

$

753

$

5,520

$

5,764

Foreign

20,638

18,150

13,756

Total current

21,391

23,670

19,520

Deferred provision (benefit) for taxes:

Federal

(7,552)

(3,306)

(9,463)

State

(4,684)

1,952

(1,412)

Foreign

(59,956)

13,138

(16,673)

Change in valuation allowance

9,005

4,151

12,261

Total deferred

(63,187)

15,935

(15,287)

Total provision (benefit) for income taxes

$

(41,796)

$

39,605

$

4,233

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

For the year ended December 31,

2020

2019

2018

(in thousands)

Statutory federal expense

$

(3,727)

$

39,247

$

10,854

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

(7,531)

15,937

3,620

State and local tax expense

(3,707)

7,578

4,824

REIT adjustment

(35,539)

(28,975)

(22,241)

Permanent differences

(736)

18

437

Tax Act impact on deferred taxes

—

—

(6,040)

Other

439

1,649

518

Valuation allowance

9,005

4,151

12,261

(Benefit) provision for income taxes

$

(41,796)

$

39,605

$

4,233

(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,

2020

2019

(in thousands)

Deferred tax assets:

Net operating losses

$

55,657

$

61,741

Property, equipment, and intangible basis differences

9,813

5,946

Accrued liabilities

6,561

9,994

Non-cash compensation

20,128

19,198

Operating lease liability

232,329

276,824

Deferred revenue

2,846

2,527

Allowance for doubtful accounts

3,017

4,190

Currency translation

99,344

47,468

Other

5,808

2,657

Valuation allowance

(63,239)

(54,610)

Total deferred tax assets, net (1)

372,264

375,935

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(145,328)

(158,419)

Right of use asset

(223,366)

(269,586)

Straight-line rents

(20,809)

(25,535)

Deferred foreign withholding taxes

(9,796)

(7,706)

Deferred lease costs

—

(34)

Other

(1,532)

(783)

Total deferred tax liabilities, net (1)

$

(28,567)

$

(86,128)

(1)Of these amounts, $53,722 and $82,290 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2020. As of December 31, 2019, $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 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 $63.2 million and $54.6 million were being carried to offset net deferred income tax assets as of December 31, 2020 and 2019, respectively. The net change in the valuation allowance for the years ended December 31, 2020 and 2019 was an increase of $8.6 million and a decrease of $4.0 million, respectively.

The Company has available at December 31, 2020, a federal NOL carry-forward of approximately $770.8 million. $745.2 million of these NOL carry-forwards will expire between 2025 and 2037, and $25.6 million have an indefinite carry-forward. As of December 31, 2020, $651.1 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, 2020, a foreign NOL carry-forward of $65.9 million and a net state operating tax loss carry-forward of approximately $412.0 million. These net operating tax loss carry-forwards begin to expire in 2021.

The tax losses generated in tax years 2002 through 2014 remain subject to audit adjustment, and tax years 2015 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, 2020 for all foreign earnings of the Company’s foreign jurisdictions except Argentina. The Company has also removed its permanent reinvestment assertion on the investment in the Company’s Guatemala and El Salvador subsidiaries. The Company has recorded deferred foreign withholding taxes of $9.8 million at December 31, 2020. 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 Guatemala and El Salvador. The deferred incomes taxes related to the Guatemala 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. The income inclusion for GILTI for the year ended December 31, 2020 is $10.0 million.
v3.20.4
Segment Data
 12 Months Ended
Dec. 31, 2020
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, 2020

(in thousands)

Revenues

$

1,558,311 

$

396,161 

$

128,666 

$

—

$

2,083,138 

Cost of revenues (1)

256,673 

117,105 

102,750 

—

476,528 

Operating profit

1,301,638 

279,056 

25,916 

—

1,606,610 

Selling, general, and administrative expenses

102,889 

34,905 

17,663 

38,810 

194,267 

Acquisition and new business initiatives

related adjustments and expenses

10,331 

6,251 

—

—

16,582 

Asset impairment and decommission costs

28,887 

11,210 

—

—

40,097 

Depreciation, amortization and accretion

539,399 

174,073 

2,356 

6,142 

721,970 

Operating income (loss)

620,132 

52,617 

5,897 

(44,952)

633,694 

Other expense (principally interest expense

and other expense)

(651,443)

(651,443)

Loss before income taxes

(17,749)

Cash capital expenditures (2)

303,366 

89,762 

1,752 

6,191 

401,071 

For the year ended December 31, 2019

Revenues

$

1,487,108 

$

373,750 

$

153,787 

$

—

$

2,014,645 

Cost of revenues (1)

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 (2)

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 (1)

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 (2)

338,610 

258,785 

1,561 

3,724 

602,680 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (3)

Total

Assets

(in thousands)

As of December 31, 2020

$

5,893,636 

$

2,955,563 

$

61,729 

$

247,090 

$

9,158,018 

As of December 31, 2019

$

6,157,511 

$

3,381,448 

$

81,772 

$

139,210 

$

9,759,941 

(1)Excludes depreciation, amortization, and accretion.

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

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

For the years ended December 31, 2020, 2019, and 2018, site leasing revenue in Brazil was $222.6 million, 226.7 million, and $221.5 million, respectively. Other than Brazil, no foreign country represented more than 4% of the Company’s total site leasing revenues in any of the periods presented. Total long-lived assets in Brazil were $1.0 billion and $1.4 billion as of December 31, 2020, and 2019, respectively.
v3.20.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share 16.EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income (loss) 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 (loss) 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 RSUs, PSUs, and shares issuable upon exercise of stock options as determined under the “Treasury Stock” method.

The following table sets forth basic and diluted net income per common share attributable to common shareholders for the years ended December 31, 2020, 2019, and 2018 (in thousands, except per share data):

For the year ended December 31,

2020

2019

2018

Numerator:

Net income attributable to SBA

Communications Corporation

$

24,104

$

146,991

$

47,451

Denominator:

Basic weighted-average shares outstanding

111,532

112,809

114,909

Dilutive impact of stock options, RSUs, and PSUs

1,933

1,884

1,606

Diluted weighted-average shares outstanding

113,465

114,693

116,515

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

0.22

$

1.30

$

0.41

Diluted

$

0.21

$

1.28

$

0.41

For the years ended December 31, 2020, 2019, and 2018, the diluted weighted average number of common shares outstanding excluded an additional 56,351 shares, 19,533 shares, and 0.8 million shares issuable upon exercise of the Company’s stock options because the impact would be anti-dilutive.
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
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, 2020 are as follows (in thousands):

Finance Leases

Operating Leases

2021

$

1,461

$

242,581

2022

1,243

244,547

2023

814

245,453

2024

78

245,204

2025

—

242,767

Thereafter

—

2,737,820

Total minimum lease payments

3,596

3,958,372

Less: amount representing interest

(154)

(1,631,414)

Present value of future payments

3,442

2,326,958

Less: current obligations

(1,432)

(234,605)

Long-term obligations

$

2,010

$

2,092,353

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, 2020 is as follows:

(in thousands)

2021

$

1,701,608

2022

1,463,893

2023

1,272,287

2024

1,035,425

2025

680,907

Thereafter

1,441,966

Total

$

7,596,086

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.
v3.20.4
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2020
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

2020

2019

2018

T-Mobile (1)

34.5%

35.1%

34.3%

AT&T Wireless

24.1%

23.8%

24.0%

Verizon Wireless

14.1%

14.0%

14.7%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.

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

2020

2019

2018

T-Mobile (1)

40.5%

40.6%

39.9%

AT&T Wireless

32.2%

32.1%

31.9%

Verizon Wireless

18.5%

18.6%

19.0%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2020

2019

2018

Oi S.A.

28.7%

31.3%

35.5%

Telefonica

18.1%

26.9%

26.7%

Claro

14.5%

11.6%

11.4%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.

For the year ended December 31,

Percentage of Site Development Revenue

2020

2019

2018

T-Mobile (1)

66.8%

67.5%

63.5%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.

Five customers comprised 63.8% and 66.6% of total gross accounts receivable at December 31, 2020 and December 31, 2019, respectively.
v3.20.4
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2020
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 $2.7 million, $2.4 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.
v3.20.4
Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2020
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.

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 for the remaining 6% minority interest based on a formulaic approach. During the third quarter of 2020, the Company noticed its intent to exercise its call option to acquire its remaining 6% interest in the joint venture, which has not yet closed as of December 31, 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. As of December 31, 2020, the fair market value of the 6% noncontrolling interest was $15.2 million. The fair value assigned to the redeemable noncontrolling interest is estimated using Level 3 inputs based on unobservable inputs.

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, 2020 are as follows (in thousands):

December 31,

December 31,

2020

2019

Beginning balance

$

16,052

$

—

Purchase of noncontrolling interests

—

13,990

Additional investment

—

179

Foreign currency translation adjustments

(52)

460

Adjustment to fair value

(749)

1,130

Net (loss) income attributable to noncontrolling interests

(57)

293

Ending balance

$

15,194

$

16,052
v3.20.4
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Data [Abstract]  
Quarterly Financial Data 21.QUARTERLY FINANCIAL DATA (unaudited)

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2020

2020

2020

2020

(in thousands, except per share amounts)

Revenues

$

535,905

$

522,940

$

507,226

$

517,067

Operating income

165,100

160,337

157,054

151,203

Depreciation, accretion, and amortization

(180,383)

(180,302)

(178,706)

(182,579)

Net income (loss) attributable to SBA Communications Corporation

105,781

22,568

22,813

(127,058)

Net income (loss) per common share - basic

$

0.96

$

0.20

$

0.20

$

(1.14)

Net income (loss) per common share - diluted

0.94

0.20

0.20

(1.14)

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

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.
v3.20.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2020
Derivatives and Hedging Activities [Abstract]  
Derivatives and Hedging Activities 22.DERIVATIVES AND HEDGING ACTIVITIES

The Company enters into interest rate swaps to hedge the future interest expense from variable rate debt and reduce the Company’s exposure to fluctuations in interest rates. On August 4, 2020, the Company, through its wholly owned subsidiary, SBA Senior Finance II, terminated its existing $1.95 billion cash flow hedge on a portion of its 2018 Term Loan in exchange for a payment of $176.2 million. On the same date, the Company entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. The Company designated this interest rate swap as a cash flow hedge as it is expected to be highly effective at offsetting changes in cash flows of the LIBOR based component interest payments of its 2018 Term Loan. As of December 31, 2020, the hedge remains highly effective; therefore, subsequent changes in the fair value are recorded in Accumulated other comprehensive loss, net. As of December 31, 2020, the interest rate swap has a fair value of $12.1 million.

On August 4, 2020, the Company also terminated its existing interest rate swaps, which were previously de-designated as cash flow hedges. There was no cash transferred in connection with the termination of these swaps. The Company reclassifies the fair value of its interest rate swaps recorded in Accumulated other comprehensive loss, net on their de-designation date to non-cash interest expense on the Consolidated Statements of Operations over their respective remaining term end dates which range from 2023 to 2025.

Accumulated other comprehensive loss, net includes an aggregate of $140.9 million and $42.1 million of accumulated derivative net losses as of December 31, 2020 and December 31, 2019, respectively.

Additionally, the Company is exposed to counterparty credit risk to the extent that a counterparty fails to meet the terms of a contract. The Company’s exposure is limited to the current value of the contract at the time the counterparty fails to perform.

The disclosures below provide additional information about the effects of these interest rate swaps on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Shareholders’ Deficit. The cash flows associated with these activities are reported in Net cash provided by operating activities on the Consolidated Statements of Cash Flows with the exception of the termination of interest rate swaps which are recorded in Net cash used in financing activities.

The table below outlines the effects of the Company’s interest rate swaps on the Consolidated Balance Sheets at December 31, 2020 and 2019.

Fair Value as of

Balance Sheet

December 31,

December 31,

Location

2020

2019

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreements in a fair value asset position

Other assets

$

12,123 

$

—

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, 2020, 2019, and 2018.

For the year ended December 31,

2020

2019

2018

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

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

$

(128,086)

$

16,887 

$

—

Amount recognized in Non-cash interest expense

$

(6,707)

$

(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

$

29,315 

$

1,444 

$

—
v3.20.4
Schedule III - Schedule of Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2020
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)

32,923 sites

(1)

$

7,830,000 

(2)

(3)

(3)

$

5,963,048 

(4)

$

(3,383,370)

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, 2020, 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.


‎

2020

2019

2018

(in thousands)

Gross amount at beginning

$

5,833,338 

$

5,561,005 

$

5,340,858 

Additions during period:

Acquisitions (1)

80,582 

111,734 

131,686 

Construction and related costs on new builds

40,493 

48,975 

54,237 

Augmentation and tower upgrades

36,211 

63,998 

49,201 

Land buyouts and other assets

28,918 

39,298 

37,032 

Tower maintenance

28,426 

28,960 

30,048 

Other (2)

19,142 

—

—

Total additions

233,772 

292,965 

302,204 

Deductions during period:

Cost of real estate sold or disposed

—

(856)

(1,083)

Impairment

(17,064)

(9,587)

(17,130)

Other (3)

(86,998)

(10,189)

(63,844)

Total deductions

(104,062)

(20,632)

(82,057)

Balance at end

$

5,963,048 

$

5,833,338 

$

5,561,005 

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

(2)Represents changes to the Company’s asset retirement obligations.

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

2020

2019

2018

(in thousands)

Gross amount of accumulated depreciation at beginning

$

(3,133,061)

$

(2,868,507)

$

(2,627,841)

Additions during period:

Depreciation

(275,947)

(269,606)

(257,469)

Other (1)

(38)

(83)

(25)

Total additions

(275,985)

(269,689)

(257,494)

Deductions during period:

Amount of accumulated depreciation for assets sold or disposed

4,244 

2,887 

4,392 

Other (1)

21,432 

2,248 

12,436 

Total deductions

25,676 

5,135 

16,828 

Balance at end

$

(3,383,370)

$

(3,133,061)

$

(2,868,507)

(1)Primarily represents cumulative translation adjustments related to changes in foreign currency exchange rates.
v3.20.4
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2020
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 and are classified in prepaid expenses and other current assets on the accompanying Consolidated Balance Sheets. 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 consist of strategic investments in companies and are accounted for under the cost and equity method. Gross purchases and proceeds from 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 year ended December 31, 2020 and 2019, no gain or loss was recorded related to the sale or maturity of investments.

The Company’s long term investments were $57.6 million and $13.3 million as of December 31, 2020 and 2019, respectively. Some of these investments provide for the Company to increase their investment in the future through call options exercisable by the Company and put options exercisable by the investee. These put and call options are recorded at fair market value. The estimation of the fair value of the investment involves the use of Level 3 inputs. The Company evaluates these investments for indicators of impairment. The Company considers impairment indicators such as negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is below the carrying amount, the investment could be impaired. The Company did not recognize any impairment loss associated with its investments during the years ended December 31, 2020, 2019, and 2018.
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 $0.6 million, $0.7 million, and $0.9 million of interest cost was capitalized in 2020, 2019 and 2018, 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

Data Centers, buildings, and leasehold 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 $40.1 million, $33.1 million, and $27.1 million for the years ended December 31, 2020, 2019 and 2018, 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 94% 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 6% 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 $74.1 million and $132.1 million as of December 31, 2020 and 2019, respectively, of which $14.3 million and $40.7 million related to the site development segment as of December 31, 2020 and 2019, respectively. Refer to Note 15 for further detail of the site development segment.
Credit Losses Credit Losses

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) prospectively. ASU 2016-13 replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses over the lifetime of the asset, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The impact of the adoption of ASU 2016-13 was not material individually or in the aggregate to the Company.

ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”) clarified that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. The Company is exposed to credit losses which are subject to this standard primarily through the site development business segment which provides consulting and construction related services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected considers aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers’ financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

The following is a rollforward of the allowance for doubtful accounts for our site leasing and site development businesses:

For the year ended December 31,

2020

2019

2018

(in thousands)

Beginning balance

$

21,202

$

23,880

$

26,481

Provision for doubtful accounts

620

155

551

Write-offs

(23)

(1,455)

(591)

Recoveries (1)

(3,524)

(2,296)

—

Acquisitions

—

1,193

—

Currency translation adjustment

(2,582)

(275)

(2,561)

Ending balance

$

15,693

$

21,202

$

23,880

(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. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022.
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.
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, 2020. The REIT had taxable income during the year ended December 31, 2020 and paid a dividend and utilized net operating losses (“NOLs”) to offset its remaining 2020 distribution requirement. Some of the Company’s TRSs generated NOLs which will be carried forward to use in future years. A portion of the deferred tax asset generated by the NOLs are 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 (“RSUs”), performance-based restricted stock units (“PSUs”), and purchases under the Company’s employee stock purchase plans. The Company records compensation expense, for stock options, RSUs, and PSUs on a straight-line basis over the vesting period; however compensation expense related to certain PSUs are subject to adjustment on performance relative to the established targets. 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 RSUs and PSUs 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, 2020 and 2019, the asset retirement obligation was $30.9 million and $11.5 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, net in the Consolidated Statement of Shareholders’ Deficit.

For foreign subsidiaries where the U.S. dollar is the functional currency, monetary assets and liabilities of such subsidiaries, which are not denominated in U.S. dollars, are remeasured at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at monthly average rates prevailing during the year. 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, 2020, 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 2020 and 2019 are presented under the new standard,

while the 2018 comparative period presented is not adjusted and continues 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 components of the right-of-use assets and lease liabilities as of December 31, 2020 and 2019 are as follows (in thousands):

December 31,

December 31,

2020

2019

Operating lease right-of-use assets, net

$

2,369,358

$

2,567,507

Financing lease right-of-use assets, net

4,202

4,710

Right-of-use assets, net

$

2,373,560

$

2,572,217

Current operating lease liabilities

$

234,605

$

245,665

Current financing lease liabilities

1,432

1,350

Current lease liabilities

$

236,037

$

247,015

Long-term operating lease liabilities

$

2,092,353

$

2,276,858

Long-term financing lease liabilities

2,010

2,542

Long-term lease liabilities

$

2,094,363

$

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, 2020 and 2019 are as follows:

For the year ended

December 31, 2020

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,485

$

1,275

Interest on finance lease liabilities

135

115

Total finance lease cost

1,620

1,390

Operating lease cost

260,619

266,681

Variable lease cost

42,654

38,477

Total lease cost

$

304,893

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2020 and 2019:

Operating leases

16.1 years

16.6 years

Finance leases

2.7 years

3.3 years

Weighted Average Discount Rate as of December 31, 2020 and 2019:

Operating leases

5.9%

6.1%

Finance leases

3.4%

3.6%

For the twelve months ended

Other information:

December 31, 2020

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,747

$

237,758

Cash flows from finance leases

$

1,485

$

1,275

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 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

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, are deferred and amortized over the remaining lease term. Initial direct costs were approximately $1.2 million and $1.8 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense related to deferred initial direct costs was $1.3 million and $1.4 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, unamortized deferred initial direct costs were $4.8 million and $4.9 million, respectively, and are included in other assets on the Consolidated Balance Sheets.
Reference Rate Reform Reference Rate Reform

ASU 2020-04, Reference Rate Reform, provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. As of December 31, 2020, the Company has not modified any contracts as a result of reference rate reform and is evaluating the impact this standard may have on its consolidated financial statements.
Intercompany Loans Subject to Remeasurement Intercompany Loans Subject to Remeasurement

In accordance with Accounting Standards Codification (ASC) 830, the Company remeasures foreign denominated intercompany loans with the corresponding change in the balance being recorded in Other income (expense), net in the Consolidated Statements of Operations as settlement is anticipated or planned in the foreseeable future. The Company recorded a $145.6 million loss, a $9.0 million gain, and a $58.8 million loss, net of taxes, on the remeasurement of intercompany loans for the years ended December 31, 2020, 2019, and 2018, respectively, due to changes in foreign exchange rates. As of December 31, 2020 and 2019, the aggregate amount outstanding under the intercompany loan agreements subject to remeasurement with the Company’s foreign subsidiaries was $909.8 million and $899.7 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.
v3.20.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
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

Data Centers, buildings, and leasehold improvements

10 - 30  years
Allowance for Doubtful Accounts

For the year ended December 31,

2020

2019

2018

(in thousands)

Beginning balance

$

21,202

$

23,880

$

26,481

Provision for doubtful accounts

620

155

551

Write-offs

(23)

(1,455)

(591)

Recoveries (1)

(3,524)

(2,296)

—

Acquisitions

—

1,193

—

Currency translation adjustment

(2,582)

(275)

(2,561)

Ending balance

$

15,693

$

21,202

$

23,880

(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. Two of these payments were received by the Company since March 2019. The remaining balance is expected to be fully paid by 2022.
Schedule of Right-of-use Assets and Liabilities

December 31,

December 31,

2020

2019

Operating lease right-of-use assets, net

$

2,369,358

$

2,567,507

Financing lease right-of-use assets, net

4,202

4,710

Right-of-use assets, net

$

2,373,560

$

2,572,217

Current operating lease liabilities

$

234,605

$

245,665

Current financing lease liabilities

1,432

1,350

Current lease liabilities

$

236,037

$

247,015

Long-term operating lease liabilities

$

2,092,353

$

2,276,858

Long-term financing lease liabilities

2,010

2,542

Long-term lease liabilities

$

2,094,363

$

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

For the year ended

December 31, 2020

December 31, 2019

(in thousands)

Amortization of right-of-use assets

$

1,485

$

1,275

Interest on finance lease liabilities

135

115

Total finance lease cost

1,620

1,390

Operating lease cost

260,619

266,681

Variable lease cost

42,654

38,477

Total lease cost

$

304,893

$

306,548

Weighted Average Remaining Lease Term as of December 31, 2020 and 2019:

Operating leases

16.1 years

16.6 years

Finance leases

2.7 years

3.3 years

Weighted Average Discount Rate as of December 31, 2020 and 2019:

Operating leases

5.9%

6.1%

Finance leases

3.4%

3.6%

For the twelve months ended

Other information:

December 31, 2020

December 31, 2019

Cash paid for amounts included in measurement of lease liabilities:

Cash flows from operating leases

$

237,747

$

237,758

Cash flows from finance leases

$

1,485

$

1,275
v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]  
Summary of Asset Impairment and Decommission Costs

For the year

ended December 31,

2020

2019

2018

Asset impairment (1)

$

31,552

$

18,794

$

14,350

Write-off of carrying value of decommissioned towers

7,456

11,155

10,795

Other (including third party decommission costs)

1,089

3,154

1,989

Total asset impairment and decommission costs

$

40,097

$

33,103

$

27,134

(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.
v3.20.4
Cash, Cash Equivalents, and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2020
Cash, Cash Equivalents, and Restricted Cash [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash

As of

As of

As of

December 31, 2020

December 31, 2019

December 31, 2018

Included on Balance Sheet

(in thousands)

Cash and cash equivalents

$

308,560 

$

108,309 

$

143,444 

Securitization escrow accounts

31,507 

30,046 

32,261 

Restricted cash - current asset

Payment and performance bonds

164 

197 

203 

Restricted cash - current asset

Surety bonds and workers compensation

2,577 

2,568 

2,392 

Other assets - noncurrent

Total cash, cash equivalents, and restricted cash

$

342,808 

$

141,120 

$

178,300 
v3.20.4
Costs and Estimated Earnings on Uncompleted Contracts (Tables)
 12 Months Ended
Dec. 31, 2020
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]  
Summary of Costs and Estimated Earnings on Uncompleted Contracts

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Costs incurred on uncompleted contracts

$

54,949

$

52,339

Estimated earnings

21,778

19,954

Billings to date

(43,725)

(47,401)

$

33,002

$

24,892
Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Costs and estimated earnings in excess of billings on uncompleted contracts

$

34,796

$

26,313

Billings in excess of costs and estimated earnings on

uncompleted contracts (included in Other current liabilities)

(1,794)

(1,421)

$

33,002

$

24,892
v3.20.4
Prepaid Expenses and Other Current Assets and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]  
Schedule of Prepaid Expense and Other Current Assets

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Prepaid ground rent

$

1,412

$

1,632

Prepaid real estate taxes

3,153

3,003

Prepaid taxes

8,121

4,924

Other

11,189

27,722

Total prepaid expenses and other current assets

$

23,875

$

37,281
Schedule of Other Assets

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Straight-line rent receivable

$

321,816

$

330,660

Interest rate swap asset (1)

12,123

47,583

Loan receivables

5,931

8,295

Deferred lease costs, net

4,788

4,865

Deferred tax asset - long term

53,722

4,342

Long-term investments

57,575

13,255

Other

22,037

23,078

Total other assets

$

477,992

$

432,078

(1)Refer to Note 22 for more information on the Company’s interest rate swaps.
v3.20.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2020
Acquisitions [Abstract]  
Schedule of Acquisition Activity

For the year ended December 31,

2020

2019

2018

Tower acquisitions (number of towers)

233

2,443

1,316
Schedule of Acquisition Capital Expenditures

For the year ended December 31,

2020

2019

2018

(in thousands)

Acquisitions of towers and related intangible assets (1) (2) (3)

$

181,473

$

701,471

$

406,699

Land buyouts and other assets (4)

89,945

72,486

45,130

Total cash acquisition capital expenditures

$

271,418

$

773,957

$

451,829

(1)The year ended December 31, 2020 excludes $77.1 million of acquisitions completed during the fourth quarter of 2020 which were not funded until the first quarter of 2021.

(2)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.

(3)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.

(4)In addition, the Company paid $12.3 million, $15.2 million, and $24.3 million for ground lease extensions and term easements on land underlying the Company’s towers during the years ending December 31, 2020, 2019, and 2018, respectively. The Company recorded these amounts in prepaid rent on its Consolidated Balance Sheets. Includes amounts paid related to the acquisition of data centers for the years ended December 31, 2020 and 2019.

v3.20.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Property and Equipment, Net [Abstract]  
Property and Equipment, Net (Including Assets Held Under Capital Leases)

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Towers and related components

$

5,213,019

$

5,164,104

Construction-in-process (1)

38,065

33,644

Furniture, equipment, and vehicles

54,610

51,654

Land, buildings, and improvements

818,272

736,378

Total property and equipment

6,123,966

5,985,780

Less: accumulated depreciation

(3,446,640)

(3,191,178)

Property and equipment, net

$

2,677,326

$

2,794,602

(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.
v3.20.4
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Intangible Assets, Net [Abstract]  
Gross and Net Carrying Amounts for each Major Class of Intangible Assets

As of December 31, 2020

As of December 31, 2019

Gross carrying

Accumulated

Net book

Gross carrying

Accumulated

Net book

amount

amortization

value

amount

amortization

value

(in thousands)

Current contract intangibles

$

4,876,880

$

(2,471,438)

$

2,405,442

$

4,996,591

$

(2,218,404)

$

2,778,187

Network location intangibles

1,770,944

(1,020,236)

750,708

1,764,484

(915,898)

848,586

Intangible assets, net

$

6,647,824

$

(3,491,674)

$

3,156,150

$

6,761,075

$

(3,134,302)

$

3,626,773
Estimated Future Amortization Expense

For the year ended December 31,

(in thousands)

2021

$

410,820

2022

388,376

2023

364,625

2024

335,645

2025

325,820
v3.20.4
Accrued Expenses (Tables)
 12 Months Ended
Dec. 31, 2020
Accrued Expenses [Abstract]  
Schedule of Accrued Expenses

As of

As of

December 31, 2020

December 31, 2019

(in thousands)

Salaries and benefits

$

20,958

$

19,838

Real estate and property taxes

9,583

9,598

Unpaid capital expenditures

6,073

14,669

Other

26,417

23,513

Total accrued expenses

$

63,031

$

67,618
v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt [Abstract]  
Schedule of Principal Values, Fair Values, and Carrying Values of Debt

As of

As of

December 31, 2020

December 31, 2019

Maturity Date

Principal
‎Balance

Fair Value

Carrying
‎Value

Principal
‎Balance

Fair Value

Carrying
‎Value

Revolving Credit Facility

Apr. 11, 2023

$

380,000 

$

380,000 

$

380,000 

$

490,000 

$

490,000 

$

490,000 

2018 Term Loan

Apr. 11, 2025

2,340,000 

2,310,750 

2,325,391 

2,364,000 

2,369,910 

2,346,183 

2013-2C Tower Securities (1)

Apr. 11, 2023

575,000 

599,662 

572,063 

575,000 

585,954 

570,866 

2014-2C Tower Securities (1)

Oct. 8, 2024

620,000 

670,003 

616,131 

620,000 

644,912 

615,205 

2015-1C Tower Securities (1)

Oct. 8, 2020

—

—

—

500,000 

502,095 

498,090 

2016-1C Tower Securities (1)

Jul. 9, 2021

—

—

—

700,000 

704,095 

696,936 

2017-1C Tower Securities (1)

Apr. 11, 2022

760,000 

774,410 

757,165 

760,000 

763,405 

755,061 

2018-1C Tower Securities (1)

Mar. 9, 2023

640,000 

671,341 

636,045 

640,000 

658,266 

634,344 

2019-1C Tower Securities (1)

Jan. 12, 2025

1,165,000 

1,218,613 

1,155,106 

1,165,000 

1,158,057 

1,153,086 

2020-1C Tower Securities (1)

Jan. 9, 2026

750,000 

752,910 

742,782 

—

—

—

2020-2C Tower Securities (1)

Jan. 11, 2028

600,000 

597,840 

594,081 

—

—

—

2014 Senior Notes

Jul. 15, 2022

—

—

—

750,000 

760,313 

743,580 

2016 Senior Notes

Sep. 1, 2024

1,100,000 

1,127,500 

1,088,924 

1,100,000 

1,142,625 

1,086,241 

2017 Senior Notes

Oct. 1, 2022

750,000 

757,500 

746,642 

750,000 

764,063 

744,833 

2020 Senior Notes

Feb. 15, 2027

1,500,000 

1,567,500 

1,481,466 

—

—

—

Total debt

$

11,180,000 

$

11,428,029 

$

11,095,796 

$

10,414,000 

$

10,543,695 

$

10,334,425 

Less: current maturities of long-term debt

(24,000)

(522,090)

Total long-term debt, net of current maturities

$

11,071,796 

$

9,812,335 

(1)The maturity date represents the anticipated repayment date for each issuance.
Schedule of Future Principal Payment Obligations

For the year ended December 31,

(in thousands)

2021

$

24,000

2022

1,534,000

2023

1,619,000

2024

1,744,000

2025

3,409,000
Schedule of Cash and Non-Cash Interest Expense

For the year ended December 31,

Interest

2020

2019

2018

Rates as of

Cash

Non-cash

Cash

Non-cash

Cash

Non-cash

December 31, 2020

Interest

Interest

Interest

Interest

Interest

Interest

(in thousands)

Revolving Credit Facility

1.610%

$

6,070 

$

—

$

7,085 

$

—

$

7,411 

$

—

2014 Term Loan

N/A

—

—

—

—

15,550 

146 

2015 Term Loan

N/A

—

—

—

—

5,237 

187 

2018 Term Loan (1)

1.878%

68,963 

23,452 

105,021 

1,338 

72,648 

543 

2013 Tower Securities (2)

3.722%

21,584 

—

21,584 

—

25,654 

—

2014 Tower Securities (3)

3.869%

24,185 

—

43,055 

—

51,138 

—

2015-1C Tower Securities

3.156%

8,589 

—

15,939 

—

15,939 

—

2016-1C Tower Securities

2.877%

10,972 

—

20,361 

—

20,361 

—

2017-1C Tower Securities

3.168%

24,354 

—

24,354 

—

24,354 

—

2018-1C Tower Securities

3.448%

22,281 

—

22,281 

—

18,072 

—

2019-1C Tower Securities

2.836%

33,428 

—

10,029 

—

—

—

2020-1C Tower Securities

1.884%

6,675 

—

—

—

—

—

2020-2C Tower Securities

2.328%

6,568 

—

—

—

—

—

2014 Senior Notes

4.875%

3,352 

112 

36,563 

800 

36,563 

761 

2016 Senior Notes

4.875%

53,625 

1,109 

53,625 

1,055 

53,625 

1,003 

2017 Senior Notes

4.000%

30,000 

—

30,000 

—

30,000 

—

2020 Senior Notes

3.875%

46,769 

197 

—

—

—

—

Capitalized interest and other

459 

—

139 

—

(335)

—

Total

$

367,874 

$

24,870 

$

390,036 

$

3,193 

$

376,217 

$

2,640 

(1)The 2018 Term Loan has a blended rate of 1.878% which includes the impact of the interest rate swap entered into on August 4, 2020 which swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan. Excluding the impact of the interest rate swap, the 2018 Term Loan was accruing interest at 1.900% as of December 31, 2020. Refer to Note 22 for more information on the Company’s interest rate swap.

(2)The 2013-1C Tower Securities and the 2013-1D Tower Securities, which were repaid March 9, 2018, accrued interest at 2.240% and 3.598%, respectively. The 2013-2C Tower Securities accrue interest at 3.722%.

(3)The 2014-1C Tower Securities, which was repaid September 13, 2019, accrued interest at 2.898%. The 2014-2C Tower Securities accrue interest at 3.869%.
v3.20.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Shareholders' Equity [Abstract]  
Summary of Share Repurchases

For the year

ended December 31,

2020

2019

2018

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

3.1

2.0

5.0

Average price paid per share (1)

$

280.17

$

231.87

$

159.87

Total price paid (in millions) (1)

$

856.0

$

470.3

$

795.5

Subsequent to December 31, 2020, the Company made the following share repurchases:

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

0.5

Average price paid per share (1)

$

262.16

Total price paid (in millions) (1)

$

144.0

(1)Amounts are calculated based on the trade date which differs from the Consolidated Statements of Cash Flows which calculate share repurchases based on settlement date.
Schedule of Dividends Paid and Dividends Declared As of December 31, 2020, the Company paid the following cash dividends:

Payable to Shareholders

of Record At the Close

Cash Paid

Aggregate Amount

Date Declared

of Business on

Per Share

Paid

Date Paid

February 20, 2020

March 10, 2020

$0.465

$52.2 million

March 26, 2020

May 5, 2020

May 28, 2020

$0.465

$52.0 million

June 18, 2020

August 3, 2020

August 25, 2020

$0.465

$52.0 million

September 21, 2020

November 2, 2020

November 19, 2020

$0.465

$51.5 million

December 17, 2020

Dividends paid in 2020 and 2019 were ordinary dividends.

Subsequent to December 31, 2020, 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 19, 2021

March 10, 2021

$0.58

March 26, 2021
v3.20.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Stock-Based Compensation [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options

For the year ended December 31,

2020

2019

2018

Risk free interest rate

1.66%

1.37% - 2.47%

2.57% - 2.92%

Dividend yield

1.3%

1.3%

0.7%

Expected volatility

20.4%

20.4%

21.6%

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, 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

Granted

10

$

240.99

Exercised

(1,287)

$

110.59

Forfeited/canceled

(28)

$

168.11

Outstanding at December 31, 2020

3,202

$

143.01

3.8

$

445,311

Exercisable at December 31, 2020

1,700

$

124.93

3.0

$

267,228

Unvested at December 31, 2020

1,502

$

163.48

4.6

$

178,083
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)

$95.01 - $115.00

557

2.1

$

96.89

556

$

96.87

$115.01 - $150.00

926

2.9

$

116.83

656

$

117.51

$150.01 - $180.00

744

4.2

$

156.54

300

$

156.53

$180.01 - $270.00

975

5.2

$

183.87

188

$

183.40

3,202

1,700
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, 2019

2,590

$

29.82

Options granted

10

$

41.09

Vested

(1,070)

$

26.96

Forfeited

(28)

$

32.12

Unvested as of December 31, 2020

1,502

$

31.91
Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity

RSUs

PSUs

Weighted-Average

Weighted-Average

Number of

Grant Date Fair

Number of

Grant Date Fair

Shares

Value per Share

Shares

Value per Share

(in thousands)

(in thousands)

Outstanding at December 31, 2019

313

$

152.98

—

$

—

Granted (1)

99

$

290.77

149

$

376.48

Vested

(129)

$

142.11

—

$

—

Forfeited/canceled

(9)

$

202.02

(1)

$

376.50

Outstanding at December 31, 2020

274

$

206.48

148

$

376.48

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.
Schedule of Non-Cash Compensation Expense

For the year ended December 31,

2020

2019

2018

(in thousands)

Cost of revenues

$

2,074

$

2,034

$

1,182

Selling, general and administrative

66,816

71,180

41,145

Total cost of non-cash compensation included

in income before provision for income taxes

$

68,890

$

73,214

$

42,327
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Taxes [Abstract]  
Income (Loss) before Provision (Benefit) for Income Taxes from Continuing Operations by Geographic Area

For the year ended December 31,

2020

2019

2018

(in thousands)

Domestic

$

151,421

$

133,046

$

99,203

Foreign

(169,170)

53,843

(47,519)

Total

$

(17,749)

$

186,889

$

51,684
Components of Provision (Benefit) for Income Taxes ts of the following components:

For the year ended December 31,

2020

2019

2018

(in thousands)

Current provision:

State

$

753

$

5,520

$

5,764

Foreign

20,638

18,150

13,756

Total current

21,391

23,670

19,520

Deferred provision (benefit) for taxes:

Federal

(7,552)

(3,306)

(9,463)

State

(4,684)

1,952

(1,412)

Foreign

(59,956)

13,138

(16,673)

Change in valuation allowance

9,005

4,151

12,261

Total deferred

(63,187)

15,935

(15,287)

Total provision (benefit) for income taxes

$

(41,796)

$

39,605

$

4,233
Income Tax Rate Reconciliation

For the year ended December 31,

2020

2019

2018

(in thousands)

Statutory federal expense

$

(3,727)

$

39,247

$

10,854

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

(7,531)

15,937

3,620

State and local tax expense

(3,707)

7,578

4,824

REIT adjustment

(35,539)

(28,975)

(22,241)

Permanent differences

(736)

18

437

Tax Act impact on deferred taxes

—

—

(6,040)

Other

439

1,649

518

Valuation allowance

9,005

4,151

12,261

(Benefit) provision for income taxes

$

(41,796)

$

39,605

$

4,233

(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,

2020

2019

(in thousands)

Deferred tax assets:

Net operating losses

$

55,657

$

61,741

Property, equipment, and intangible basis differences

9,813

5,946

Accrued liabilities

6,561

9,994

Non-cash compensation

20,128

19,198

Operating lease liability

232,329

276,824

Deferred revenue

2,846

2,527

Allowance for doubtful accounts

3,017

4,190

Currency translation

99,344

47,468

Other

5,808

2,657

Valuation allowance

(63,239)

(54,610)

Total deferred tax assets, net (1)

372,264

375,935

Deferred tax liabilities:

Property, equipment, and intangible basis differences

(145,328)

(158,419)

Right of use asset

(223,366)

(269,586)

Straight-line rents

(20,809)

(25,535)

Deferred foreign withholding taxes

(9,796)

(7,706)

Deferred lease costs

—

(34)

Other

(1,532)

(783)

Total deferred tax liabilities, net (1)

$

(28,567)

$

(86,128)

(1)Of these amounts, $53,722 and $82,290 are included in Other assets and Other long-term liabilities, respectively on the accompanying Consolidated Balance Sheets as of December 31, 2020. As of December 31, 2019, $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 Sheet.
v3.20.4
Segment Data (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020

(in thousands)

Revenues

$

1,558,311 

$

396,161 

$

128,666 

$

—

$

2,083,138 

Cost of revenues (1)

256,673 

117,105 

102,750 

—

476,528 

Operating profit

1,301,638 

279,056 

25,916 

—

1,606,610 

Selling, general, and administrative expenses

102,889 

34,905 

17,663 

38,810 

194,267 

Acquisition and new business initiatives

related adjustments and expenses

10,331 

6,251 

—

—

16,582 

Asset impairment and decommission costs

28,887 

11,210 

—

—

40,097 

Depreciation, amortization and accretion

539,399 

174,073 

2,356 

6,142 

721,970 

Operating income (loss)

620,132 

52,617 

5,897 

(44,952)

633,694 

Other expense (principally interest expense

and other expense)

(651,443)

(651,443)

Loss before income taxes

(17,749)

Cash capital expenditures (2)

303,366 

89,762 

1,752 

6,191 

401,071 

For the year ended December 31, 2019

Revenues

$

1,487,108 

$

373,750 

$

153,787 

$

—

$

2,014,645 

Cost of revenues (1)

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 (2)

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 (1)

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 (2)

338,610 

258,785 

1,561 

3,724 

602,680 

Domestic Site

Int'l Site

Site

Leasing

Leasing

Development

Other (3)

Total

Assets

(in thousands)

As of December 31, 2020

$

5,893,636 

$

2,955,563 

$

61,729 

$

247,090 

$

9,158,018 

As of December 31, 2019

$

6,157,511 

$

3,381,448 

$

81,772 

$

139,210 

$

9,759,941 

(1)Excludes depreciation, amortization, and accretion.

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

(3)Assets in Other consist primarily of general corporate assets.
v3.20.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
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,

2020

2019

2018

Numerator:

Net income attributable to SBA

Communications Corporation

$

24,104

$

146,991

$

47,451

Denominator:

Basic weighted-average shares outstanding

111,532

112,809

114,909

Dilutive impact of stock options, RSUs, and PSUs

1,933

1,884

1,606

Diluted weighted-average shares outstanding

113,465

114,693

116,515

Net income per common share attributable to SBA

Communications Corporation:

Basic

$

0.22

$

1.30

$

0.41

Diluted

$

0.21

$

1.28

$

0.41
v3.20.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies [Abstract]  
Annual Minimum Lease Payments

Finance Leases

Operating Leases

2021

$

1,461

$

242,581

2022

1,243

244,547

2023

814

245,453

2024

78

245,204

2025

—

242,767

Thereafter

—

2,737,820

Total minimum lease payments

3,596

3,958,372

Less: amount representing interest

(154)

(1,631,414)

Present value of future payments

3,442

2,326,958

Less: current obligations

(1,432)

(234,605)

Long-term obligations

$

2,010

$

2,092,353
Annual Minimum Lease Income

(in thousands)

2021

$

1,701,608

2022

1,463,893

2023

1,272,287

2024

1,035,425

2025

680,907

Thereafter

1,441,966

Total

$

7,596,086
v3.20.4
Concentration of Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2020
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

2020

2019

2018

T-Mobile (1)

34.5%

35.1%

34.3%

AT&T Wireless

24.1%

23.8%

24.0%

Verizon Wireless

14.1%

14.0%

14.7%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.

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

2020

2019

2018

T-Mobile (1)

40.5%

40.6%

39.9%

AT&T Wireless

32.2%

32.1%

31.9%

Verizon Wireless

18.5%

18.6%

19.0%

For the year ended December 31,

Percentage of International Site Leasing Revenue

2020

2019

2018

Oi S.A.

28.7%

31.3%

35.5%

Telefonica

18.1%

26.9%

26.7%

Claro

14.5%

11.6%

11.4%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.

For the year ended December 31,

Percentage of Site Development Revenue

2020

2019

2018

T-Mobile (1)

66.8%

67.5%

63.5%

(1)Prior year amounts have been adjusted to reflect the merger of T-Mobile and Sprint.
v3.20.4
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2020
Redeemable Noncontrolling Interests [Abstract]  
Components of Redeemable Noncontrolling Interest

December 31,

December 31,

2020

2019

Beginning balance

$

16,052

$

—

Purchase of noncontrolling interests

—

13,990

Additional investment

—

179

Foreign currency translation adjustments

(52)

460

Adjustment to fair value

(749)

1,130

Net (loss) income attributable to noncontrolling interests

(57)

293

Ending balance

$

15,194

$

16,052
v3.20.4
Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information

Quarter Ended

December 31,

September 30,

June 30,

March 31,

2020

2020

2020

2020

(in thousands, except per share amounts)

Revenues

$

535,905

$

522,940

$

507,226

$

517,067

Operating income

165,100

160,337

157,054

151,203

Depreciation, accretion, and amortization

(180,383)

(180,302)

(178,706)

(182,579)

Net income (loss) attributable to SBA Communications Corporation

105,781

22,568

22,813

(127,058)

Net income (loss) per common share - basic

$

0.96

$

0.20

$

0.20

$

(1.14)

Net income (loss) per common share - diluted

0.94

0.20

0.20

(1.14)

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
v3.20.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2020
Derivatives and Hedging Activities [Abstract]  
Schedule of Effects of Interest Rate Swaps on the Consolidated Balance Sheets

Fair Value as of

Balance Sheet

December 31,

December 31,

Location

2020

2019

Derivatives Designated as Hedging Instruments

(in thousands)

Interest rate swap agreements in a fair value asset position

Other assets

$

12,123 

$

—

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 Derivatives on the Consolidated Statements of Operations

For the year ended December 31,

2020

2019

2018

Cash Flow Hedge - Interest Rate Swap Agreement

(in thousands)

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

$

(128,086)

$

16,887 

$

—

Amount recognized in Non-cash interest expense

$

(6,707)

$

(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

$

29,315 

$

1,444 

$

—
v3.20.4
General (Narrative) (Details)
 12 Months Ended
Dec. 31, 2020
item
Company owned tower sites 32,923
Domestic [Member]  
Company owned tower sites 16,546
International [Member]  
Company owned tower sites 16,377
Brazil [Member]  
Company owned tower sites 9,934
v3.20.4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Summary of Significant Accounting Policies [Line Items]      
Gain (loss) on sale of investments $ 0 $ 0  
Long-term investments 57,600,000 13,300,000  
Interest cost capitalized $ 600,000 700,000 $ 900,000
Intangible assets, useful life 15 years    
Impairment charge recognized, related to long-lived assets $ 40,100,000 33,100,000 27,100,000
Asset retirement obligation 30,900,000 11,500,000  
Accounts receivable, net 74,088,000 132,125,000  
Unamortized deferred lease costs 1,200,000 1,800,000  
Amortization expense 1,300,000 1,400,000  
Deferred lease costs 4,800,000 4,900,000  
Gain (loss) on remeasurement of U.S. dollar denominated intercompany loan (145,600,000) 9,000,000.0 $ (58,800,000)
Intercompany foreign currency outstanding balance $ 909,800,000 899,700,000  
Minimum [Member]      
Summary of Significant Accounting Policies [Line Items]      
Acquired intangible assets, useful life 1 year    
Fixed rent escalation 2.00%    
Lease term 5 years    
Maximum [Member]      
Summary of Significant Accounting Policies [Line Items]      
Business acquistions period after closing date to determine additional adjustments 1 year    
Acquired intangible assets, useful life 3 years    
Fixed rent escalation 3.00%    
Lease term 10 years    
Domestic Site Leasing [Member] | Revenue [Member]      
Summary of Significant Accounting Policies [Line Items]      
Concentration risk percentage 94.00%    
Site Development Revenue [Member]      
Summary of Significant Accounting Policies [Line Items]      
Accounts receivable, net $ 14,300,000 $ 40,700,000  
Site Development Revenue [Member] | Revenue [Member]      
Summary of Significant Accounting Policies [Line Items]      
Concentration risk percentage 6.00%    
v3.20.4
Summary of Significant Accounting Policies (Schedule of Asset Classes and Related Estimated Useful Lives) (Details)
 12 Months Ended
Dec. 31, 2020
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
Data Centers, Buidlings, and Leashold Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 10 years
Data Centers, Buidlings, and Leashold Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 30 years
v3.20.4
Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Beginning balance $ 21,202 $ 23,880 $ 26,481
Provision for doubtful accounts 620 155 551
Write-offs (23) (1,455) (591)
Recoveries (3,524) (2,296)  
Acquisitions   1,193  
Currency translation adjustment (2,582) (275) (2,561)
Ending balance $ 15,693 $ 21,202 $ 23,880
Oi S.A. [Member]      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Percentage reduction in accounts receivable due to customer reorganization plan 10.00%    
Number of annual installment payments | item 4    
Number of annual installment payments received | item 2    
v3.20.4
Summary of Significant Accounting Policies (Schedule of Right-of-use Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]    
Operating lease right-of-use assets, net $ 2,369,358 $ 2,567,507
Financing lease right-of-use assets, net 4,202 4,710
Right-of-use assets, net 2,373,560 2,572,217
Current operating lease liabilities 234,605 245,665
Current financing lease liabilities 1,432 1,350
Current lease liabilities 236,037 247,015
Long-term operating lease liabilities 2,092,353 2,276,858
Long-term financing lease liabilities 2,010 2,542
Long-term lease liabilities $ 2,094,363 $ 2,279,400
v3.20.4
Summary of Significant Accounting Policies (Components of Lease Cost, Lease Term, and Discount Rate) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Summary of Significant Accounting Policies [Abstract]    
Amortization of right-of-use assets $ 1,485 $ 1,275
Interest on finance lease liabilities 135 115
Total finance lease cost 1,620 1,390
Operating lease cost 260,619 266,681
Variable lease cost 42,654 38,477
Total lease cost $ 304,893 $ 306,548
Weighted Average Remaining Lease Term Operating leases 16 years 1 month 6 days 16 years 7 months 6 days
Weighted Average Remaining Lease Term Finance leases 2 years 8 months 12 days 3 years 3 months 18 days
Weighted Average Discount Rate: Operating leases 5.90% 6.10%
Weighted Average Discount Rate: Finance leases 3.40% 3.60%
Cash paid for amounts included in measurement of lease liabilities: Cash flows from operating leases $ 237,747 $ 237,758
Cash paid for amounts included in measurement of lease liabilities: Cash flows from finance leases $ 1,485 $ 1,275
v3.20.4
Fair Value Measurements (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Purchase and sale of short-term investments $ 0.7 $ 0.5
Proceeds from sale of short-term investments $ 1,200.0  
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%  
v3.20.4
Fair Value Measurements (Summary of Asset Impairment and Decommission Costs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Fair Value Measurements [Abstract]      
Asset impairment $ 31,552 $ 18,794 $ 14,350
Write-off of carrying value of decommissioned towers 7,456 11,155 10,795
Other (including third party decommission costs) 1,089 3,154 1,989
Total asset impairment and decommission costs $ 40,097 $ 33,103 $ 27,134
v3.20.4
Cash, Cash Equivalents, and Restricted Cash (Narrative) (Details) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Surety, Payment and Performance Bonds [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Surety, payment and performance bonds $ 41,800,000 $ 41,700,000
Collateral 0 0
Workers Compensation Policy [Member]    
Restricted Cash And Cash Equivalents Items [Line Items]    
Collateral $ 2,300,000 $ 2,300,000
v3.20.4
Cash, Cash Equivalents, and Restricted Cash (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restricted Cash And Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 308,560 $ 108,309 $ 143,444  
Restricted cash - current asset 31,671 30,243    
Total cash, cash equivalents, and restricted cash 342,808 141,120 178,300 $ 104,295
Securitization Escrow Accounts [Member] | Restricted Cash - Current Asset [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 31,507 30,046 32,261  
Payment and Performance Bonds [Member] | Restricted Cash - Current Asset [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - current asset 164 197 203  
Surety Bonds and Workers Compensation [Member] | Other Assets - Noncurrent [Member]        
Restricted Cash And Cash Equivalents Items [Line Items]        
Restricted cash - noncurrent asset $ 2,577 $ 2,568 $ 2,392  
v3.20.4
Costs and Estimated Earnings on Uncompleted Contracts (Narrative) (Details) - Customer Concentration Risk [Member] - Contract with Customer [Member] - customer
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Concentration Risk [Line Items]    
Number of significant customers 8 8
Concentration risk percentage 99.40% 94.40%
v3.20.4
Costs and Estimated Earnings on Uncompleted Contracts (Summary of Costs and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs incurred on uncompleted contracts $ 54,949 $ 52,339
Estimated earnings 21,778 19,954
Billings to date (43,725) (47,401)
Costs and estimated earnings on uncompleted contracts $ 33,002 $ 24,892
v3.20.4
Costs and Estimated Earnings on Uncompleted Contracts (Costs and Estimated Earnings on Uncompleted Contracts Accompanying Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Costs and Estimated Earnings on Uncompleted Contracts [Abstract]    
Costs and estimated earnings in excess of billings on uncompleted contracts $ 34,796 $ 26,313
Billings in excess of costs and estimated earnings on uncompleted contracts (included in Other current liabilities) (1,794) (1,421)
Costs and estimated earnings on uncompleted contracts $ 33,002 $ 24,892
v3.20.4
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Prepaid Expense and Other Current Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Prepaid Expenses and Other Current Assets and Other Assets [Abstract]    
Prepaid ground rent $ 1,412 $ 1,632
Prepaid real estate taxes 3,153 3,003
Prepaid taxes 8,121 4,924
Other 11,189 27,722
Total prepaid expenses and other current assets $ 23,875 $ 37,281
v3.20.4
Prepaid Expenses and Other Current Assets and Other Assets (Schedule of Other Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Other Assets, Noncurrent [Line Items]    
Deferred tax asset - long term $ 372,264 $ 375,935
Long-term investments 57,600 13,300
Total other assets 477,992 432,078
Other Assets [Member]    
Other Assets, Noncurrent [Line Items]    
Straight-line rent receivable 321,816 330,660
Interest rate swap asset 12,123 47,583
Loan receivables 5,931 8,295
Deferred lease costs, net 4,788 4,865
Deferred tax asset - long term 53,722 4,342
Long-term investments 57,575 13,255
Other 22,037 23,078
Total other assets $ 477,992 $ 432,078
v3.20.4
Acquisitions (Narrative) (Details)
$ in Thousands
 2 Months Ended 3 Months Ended 12 Months Ended
Feb. 16, 2021
USD ($)
item
Feb. 25, 2021
USD ($)
item
Jun. 30, 2021
USD ($)
item
Dec. 31, 2020
USD ($)
item
Dec. 31, 2019
USD ($)
item
Dec. 31, 2018
USD ($)
item
Business Acquisition [Line Items]            
Number of towers acquired | item       233 2,443 1,316
Amount recorded in Accumulated other comprehensive loss, net         $ (60,462)
Performance targets, maximum potential obligation       $ 35,000 $ 29,700  
Other Acquisitions [Member]            
Business Acquisition [Line Items]            
Number of towers acquired | item       233 2,443 1,316
Property and equipment       $ 30,100 $ 90,800 $ 134,500
Intangible assets       218,100 715,500 280,700
Other net assets and liabilities assumed       $ 66,800 $ 32,800 $ 8,500
Acquisition 1 [Member] | Scenario, Forecast [Member]            
Business Acquisition [Line Items]            
Consideration transferred     $ 72,700      
Acquisition 1 [Member] | Agreement for Additional Sites [Member]            
Business Acquisition [Line Items]            
Number of communication sites acquired | item     299      
Subsequent Event [Member] | Acquisition 1 [Member]            
Business Acquisition [Line Items]            
Number of towers acquired | item   25        
Cash paid for acquisition   $ 8,400        
Subsequent Event [Member] | PG&E [Member]            
Business Acquisition [Line Items]            
Number of utility transmission structures acquired | item 697          
Cash paid for acquisition $ 954,000          
v3.20.4
Acquisitions (Schedule of Acquisition Activity) (Details) - item
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Acquisitions [Abstract]      
Tower acquisitions (number of towers) 233 2,443 1,316
v3.20.4
Acquisitions (Schedule of Acquisition Capital Expenditures) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]      
Acquisitions of towers and related intangible assets $ 181,473 $ 701,471 $ 406,699
Land buyouts and other assets 89,945 72,486 45,130
Total cash acquisition capital expenditures 271,418 773,957 451,829
Acquisition costs paid through the issuance of common stock 77,100 $ 1,700  
Common stock issued for acquisition costs   10,000  
Ground lease extensions $ 12,300 $ 15,200 $ 24,300
Additional Interest In Unconsolidated Joint Venture [Member]      
Business Acquisition [Line Items]      
Consideration transferred   $ 72,000  
v3.20.4
Property and Equipment, Net (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property and Equipment, Net [Abstract]      
Depreciation expense $ 287,000 $ 281,600 $ 269,200
Unpaid capital expenditures 6,073 14,669  
Unpaid capital expenditures $ 6,100 $ 14,700  
v3.20.4
Property and Equipment, Net (Property and Equipment, Net (Including Assets Held Under Capital Leases)) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 6,123,966 $ 5,985,780
Less: accumulated depreciation (3,446,640) (3,191,178)
Property and equipment, net 2,677,326 2,794,602
Towers and Related Components [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5,213,019 5,164,104
Construction-In-Process [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 38,065 33,644
Furniture, Equipment and Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment 54,610 51,654
Land, Buildings and Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 818,272 $ 736,378
v3.20.4
Intangible Assets, Net (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Intangible Assets, Net [Abstract]      
Amortization expense $ 434.4 $ 415.2 $ 402.6
v3.20.4
Intangible Assets, Net (Gross and Net Carrying Amounts for each Major Class of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount $ 6,647,824 $ 6,761,075
Accumulated amortization (3,491,674) (3,134,302)
Net book value 3,156,150 3,626,773
Current Contract Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 4,876,880 4,996,591
Accumulated amortization (2,471,438) (2,218,404)
Net book value 2,405,442 2,778,187
Network Location Intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount 1,770,944 1,764,484
Accumulated amortization (1,020,236) (915,898)
Net book value $ 750,708 $ 848,586
v3.20.4
Intangible Assets, Net (Estimated Future Amortization Expense) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Intangible Assets, Net [Abstract]  
2021 $ 410,820
2022 388,376
2023 364,625
2024 335,645
2025 $ 325,820
v3.20.4
Accrued Expenses (Schedule of Accrued Expenses) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accrued Expenses [Abstract]    
Salaries and benefits $ 20,958 $ 19,838
Real estate and property taxes 9,583 9,598
Unpaid capital expenditures 6,073 14,669
Other 26,417 23,513
Total accrued expenses $ 63,031 $ 67,618
v3.20.4
Debt (Senior Credit Agreement) (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Apr. 11, 2018
Mar. 31, 2018
Line of Credit Facility [Line Items]        
Debt instrument, principal amount $ 11,180,000,000 $ 10,414,000,000    
Revolving Credit Facility [Member]        
Line of Credit Facility [Line Items]        
Debt instrument, principal amount 380,000,000 490,000,000    
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, principal amount $ 2,340,000,000 $ 2,364,000,000 $ 2,400,000,000  
v3.20.4
Debt (Terms of The Senior Credit Agreement) (Narrative) (Details)
 12 Months Ended
Dec. 31, 2020
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
v3.20.4
Debt (Revolving Credit Facility under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
 2 Months Ended 12 Months Ended
Feb. 25, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Apr. 11, 2018
Mar. 31, 2018
Line of Credit Facility [Line Items]            
Repayments of revolving credit facility   $ 1,005,000,000 $ 590,000,000 $ 835,000,000    
Revolving Credit Facility [Member]            
Line of Credit Facility [Line Items]            
Borrowings on the revolving credit facility   895,000,000.0        
Repayments of revolving credit facility   1,000,000,000.0        
Line of credit facility, outstanding   380,000,000.0        
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        
Revolving credit facility, effective interest rate   1.61%        
Revolving Credit Facility [Member] | Subsequent Event [Member]            
Line of Credit Facility [Line Items]            
Borrowings on the revolving credit facility $ 680,000,000.0          
Repayments of revolving credit facility 430,000,000.0          
Line of credit facility, outstanding $ 630,000,000.0          
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%        
v3.20.4
Debt (Term Loan under the Senior Credit Agreement) (Narrative) (Details) - USD ($)
 12 Months Ended
Aug. 04, 2020
Apr. 11, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]          
Debt instrument, principal amount     $ 11,180,000,000 $ 10,414,000,000  
Repayment of term loans     24,000,000 24,000,000 $ 1,947,000,000
2018 Term Loan [Member]          
Debt Instrument [Line Items]          
Debt instrument, principal amount   $ 2,400,000,000 $ 2,340,000,000 $ 2,364,000,000  
Debt instrument, maturity date     Apr. 11, 2025    
Percentage of par value price for issuance of term loan   99.75%      
Accruing interest rate during the period     1.90%    
Quarterly payments     $ 6,000,000.0    
Financing fees   $ 16,800,000      
Repayment of term loans     24,000,000.0    
Debt instrument, principal balance     2,300,000,000    
2018 Term Loan [Member] | Cash Flow Hedges [Member]          
Debt Instrument [Line Items]          
Notional amount $ 1,950,000,000        
Payment to terminate 176,200,000        
2018 Term Loan [Member] | Interest Rate Swap [Member]          
Debt Instrument [Line Items]          
Notional amount $ 1,950,000,000   $ 1,950,000,000    
Derivative fixed interest rate 1.874%   1.874%    
2014 and 2015 Term Loans [Member]          
Debt Instrument [Line Items]          
Repayment of term loans   $ 1,930,000,000      
Base Rate [Member] | 2018 Term Loan [Member]          
Debt Instrument [Line Items]          
Basis spread on variable interest rate   0.75%      
Eurodollar [Member] | 2018 Term Loan [Member]          
Debt Instrument [Line Items]          
Basis spread on variable interest rate   1.75%      
London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]          
Debt Instrument [Line Items]          
Derivative basis spread on variable interest rate 1.75%   1.75%    
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] | 2018 Term Loan [Member]          
Debt Instrument [Line Items]          
Basis spread on variable interest rate   0.00%      
v3.20.4
Debt (Secured Tower Revenue Securities) (Narrative) (Details)
 12 Months Ended
Jul. 14, 2020
USD ($)
Sep. 13, 2019
USD ($)
Dec. 31, 2020
USD ($)
site
Dec. 31, 2019
USD ($)
Mar. 09, 2018
USD ($)
Apr. 17, 2017
USD ($)
Jul. 07, 2016
USD ($)
Oct. 14, 2015
USD ($)
Oct. 15, 2014
USD ($)
Apr. 18, 2013
USD ($)
Debt Instrument [Line Items]                    
Debt instrument, principal amount     $ 11,180,000,000 $ 10,414,000,000            
Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Aggregate number of tower sites owned by Borrowers | site     9,989              
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%              
Secured Tower Revenue Securities Series 2017-1C, 2018-1C, 2019-1C, and 2020-1C [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period     12 months              
Secured Tower Revenue Securities Series 2013-2C, 2014-2C, and Series 2020-2C [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period     18 months              
2013-2C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount     $ 575,000,000 575,000,000           $ 575,000,000.0
Debt instrument, interest rate, stated percentage                   3.722%
Debt instrument, maturity date     Apr. 11, 2023              
Debt instrument, final maturity date     Apr. 09, 2048              
Financing fees                   $ 11,000,000.0
2014-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal 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              
Net deferred finance costs expensed   $ 400,000                
2014-2C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period     18 months              
Debt instrument, principal amount     $ 620,000,000 620,000,000         $ 620,000,000.0  
Debt instrument, interest rate, stated percentage                 3.869%  
Debt instrument, maturity date     Oct. 08, 2024              
Debt instrument, final maturity date     Oct. 08, 2049              
2014 Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, interest rate, stated percentage     3.869%              
Financing fees                 $ 9,000,000.0  
2015-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount       500,000,000       $ 500,000,000.0    
Debt instrument, interest rate, stated percentage     3.156%         3.156%    
Debt instrument, maturity date     Oct. 08, 2020              
Debt instrument, final maturity date     Oct. 10, 2045              
Financing fees               $ 11,200,000    
Net deferred finance costs expensed $ 600,000                  
Debt service coverage ratio     2              
Term required to maintain reserve if debt service coverage ratio is exceeded     2 months              
Repayments of long-term debt 500,000,000.0                  
2016-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
No prepayment consideration period     12 months              
Debt instrument, principal amount       700,000,000     $ 700,000,000.0      
Debt instrument, interest rate, stated percentage     2.877%       2.877%      
Debt instrument, maturity date     Jul. 09, 2021              
Debt instrument, final maturity date     Jul. 10, 2046              
Financing fees             $ 9,500,000      
Net deferred finance costs expensed 2,000,000.0                  
Repayments of long-term debt 700,000,000.0                  
2017-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount     $ 760,000,000 760,000,000   $ 760,000,000.0        
Debt instrument, interest rate, stated percentage     3.168%     3.168%        
Debt instrument, maturity date     Apr. 11, 2022              
Debt instrument, final maturity date     Apr. 09, 2047              
Financing fees           $ 10,200,000        
2017-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal 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]                    
Debt instrument, principal amount     $ 640,000,000 640,000,000 $ 640,000,000.0          
Debt instrument, interest rate, stated percentage     3.448%   3.448%          
Debt instrument, maturity date     Mar. 09, 2023              
Debt instrument, final maturity date     Mar. 09, 2048              
Financing fees         $ 8,600,000          
2018-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal 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]                    
Debt instrument, principal amount   $ 1,165,000,000 $ 1,165,000,000 $ 1,165,000,000            
Debt instrument, interest rate, stated percentage   2.836% 2.836%              
Debt instrument, maturity date     Jan. 12, 2025              
Debt instrument, final maturity date     Jan. 12, 2050              
Financing fees   $ 12,800,000                
2020-1C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount $ 750,000,000.0   $ 750,000,000              
Debt instrument, interest rate, stated percentage 1.884%   1.884%              
Debt instrument, maturity date     Jan. 09, 2026              
Debt instrument, final maturity date     Jul. 11, 2050              
2020-2C Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount $ 600,000,000.0   $ 600,000,000              
Debt instrument, interest rate, stated percentage 2.328%   2.328%              
Debt instrument, maturity date     Jan. 11, 2028              
Debt instrument, final maturity date     Jul. 09, 2052              
2020 Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount $ 1,350,000,000                  
Financing fees $ 14,100,000                  
Debt instrument, weighted average interest rate 2.081%                  
Weighted average life of debt instrument through the anticipated repayment date 6 years 4 months 24 days                  
2020-2R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal amount $ 71,100,000                  
Debt instrument, interest rate, stated percentage 4.336%                  
Repayment date of debt instrument     Jan. 11, 2028              
Debt instrument, maturity date     Jul. 09, 2052              
Mortgage Loan [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, increase   1,400,000,000                
Debt instrument, increase after giving effect to prepayment of loan components   221,100,000                
Debt instrument, principal balance         $ 5,100,000,000          
SBA Guarantor, LLC [Member] | 2019-1R Tower Securities [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, principal 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              
v3.20.4
Debt (Senior Notes) (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 11, 2021
Jan. 29, 2021
May 26, 2020
Feb. 20, 2020
Feb. 04, 2020
Aug. 15, 2016
Jul. 01, 2014
Dec. 31, 2020
Oct. 13, 2017
2014 Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Repayments of unsecured debt       $ 750.0 $ 750.0        
Premium on redemption       9.1          
Write-off of deferred financing fees       $ 7.7          
Unsecured senior notes             $ 750.0    
Debt instrument, maturity date               Jul. 15, 2022  
Debt instrument, interest rate, stated percentage             4.875% 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    
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%   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, 2020  
Redemption price, percentage               102.438%  
2016 Senior Notes [Member] | Redemption, Period Two [Member]                  
Debt Instrument [Line Items]                  
Redemption period               Sep. 01, 2021  
Redemption price, percentage               101.219%  
2016 Senior Notes [Member] | Redemption, Period Three [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  
Debt instrument, interest rate, stated percentage               4.00% 4.00%
Interest payable dates               April 1 and October 1  
Financing fees                 $ 8.9
2017 Senior Notes [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Repayments of unsecured debt $ 750.0                
Write-off of deferred financing fees 3.2                
Debt call premium $ 7.5                
2020-1 Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Unsecured senior notes         $ 1,000.0        
Debt instrument, maturity date               Feb. 15, 2027  
2020-2 Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Unsecured senior notes     $ 500.0            
Percentage of face value price for issuance of senior notes     99.50%            
2020 Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Debt instrument, maturity date               Feb. 15, 2027  
Debt instrument, interest rate, stated percentage         3.875%     3.875%  
Interest payable dates               February 1 and August 1  
Financing fees         $ 18.0        
Redemption period               Feb. 15, 2023  
Aggregate redemption price, percentage               35.00%  
Redemption price, percentage               103.875%  
2020 Senior Notes [Member] | Redemption, Period One [Member]                  
Debt Instrument [Line Items]                  
Redemption period               Feb. 15, 2023  
Redemption price, percentage               101.938%  
2020 Senior Notes [Member] | Redemption, Period Two [Member]                  
Debt Instrument [Line Items]                  
Redemption period               Feb. 15, 2024  
Redemption price, percentage               100.969%  
2020 Senior Notes [Member] | Redemption, Period Three [Member]                  
Debt Instrument [Line Items]                  
Redemption period               Feb. 15, 2025  
Redemption price, percentage               100.00%  
2021 Senior Notes [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Unsecured senior notes   $ 1,500.0              
Debt instrument, maturity date   Feb. 01, 2029              
Debt instrument, interest rate, stated percentage   3.125%              
Interest payable dates   February 1 and August 1              
Financing fees   $ 14.3              
Redemption period   Feb. 01, 2024              
Aggregate redemption price, percentage   35.00%              
Redemption price, percentage   103.125%              
2021 Senior Notes [Member] | Redemption, Period One [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Redemption period   Feb. 01, 2024              
Redemption price, percentage   101.563%              
2021 Senior Notes [Member] | Redemption, Period Two [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Redemption period   Feb. 01, 2025              
Redemption price, percentage   100.781%              
2021 Senior Notes [Member] | Redemption, Period Three [Member] | Subsequent Event [Member]                  
Debt Instrument [Line Items]                  
Redemption period   Feb. 01, 2026              
Redemption price, percentage   100.00%              
Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Ratio of indebtedness to annualized consolidated adjusted EBITDA               9.5  
v3.20.4
Debt (Schedule of Principal Values, Fair Values, and Carrying Values of Debt) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Jul. 14, 2020
Dec. 31, 2019
Sep. 13, 2019
Apr. 11, 2018
Mar. 09, 2018
Apr. 17, 2017
Jul. 07, 2016
Oct. 14, 2015
Oct. 15, 2014
Apr. 18, 2013
Debt Instrument [Line Items]                      
Principal Balance $ 11,180,000,000   $ 10,414,000,000                
Fair Value 11,428,029,000   10,543,695,000                
Carrying Value 11,095,796,000   10,334,425,000                
Less: current maturities of long-term debt (24,000,000)   (522,090,000)                
Total long-term debt, net of current maturities $ 11,071,796,000   9,812,335,000                
Revolving Credit Facility [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Apr. 11, 2023                    
Principal Balance $ 380,000,000   490,000,000                
Fair Value 380,000,000   490,000,000                
Carrying Value $ 380,000,000   490,000,000                
2018 Term Loan [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Apr. 11, 2025                    
Principal Balance $ 2,340,000,000   2,364,000,000   $ 2,400,000,000            
Fair Value 2,310,750,000   2,369,910,000                
Carrying Value $ 2,325,391,000   2,346,183,000                
2013-2C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Apr. 11, 2023                    
Principal Balance $ 575,000,000   575,000,000               $ 575,000,000.0
Fair Value 599,662,000   585,954,000                
Carrying Value $ 572,063,000   570,866,000                
2014-2C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Oct. 08, 2024                    
Principal Balance $ 620,000,000   620,000,000             $ 620,000,000.0  
Fair Value 670,003,000   644,912,000                
Carrying Value $ 616,131,000   615,205,000                
2015-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Oct. 08, 2020                    
Principal Balance     500,000,000           $ 500,000,000.0    
Fair Value     502,095,000                
Carrying Value     498,090,000                
2016-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jul. 09, 2021                    
Principal Balance     700,000,000         $ 700,000,000.0      
Fair Value     704,095,000                
Carrying Value     696,936,000                
2017-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Apr. 11, 2022                    
Principal Balance $ 760,000,000   760,000,000       $ 760,000,000.0        
Fair Value 774,410,000   763,405,000                
Carrying Value $ 757,165,000   755,061,000                
2018-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Mar. 09, 2023                    
Principal Balance $ 640,000,000   640,000,000     $ 640,000,000.0          
Fair Value 671,341,000   658,266,000                
Carrying Value $ 636,045,000   634,344,000                
2019-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jan. 12, 2025                    
Principal Balance $ 1,165,000,000   1,165,000,000 $ 1,165,000,000              
Fair Value 1,218,613,000   1,158,057,000                
Carrying Value $ 1,155,106,000   1,153,086,000                
2020-1C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jan. 09, 2026                    
Principal Balance $ 750,000,000 $ 750,000,000.0                  
Fair Value 752,910,000                    
Carrying Value $ 742,782,000                    
2020-2C Tower Securities [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jan. 11, 2028                    
Principal Balance $ 600,000,000 $ 600,000,000.0                  
Fair Value 597,840,000                    
Carrying Value $ 594,081,000                    
2014 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Jul. 15, 2022                    
Principal Balance     750,000,000                
Fair Value     760,313,000                
Carrying Value     743,580,000                
2016 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Sep. 01, 2024                    
Principal Balance $ 1,100,000,000   1,100,000,000                
Fair Value 1,127,500,000   1,142,625,000                
Carrying Value $ 1,088,924,000   1,086,241,000                
2017 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Oct. 01, 2022                    
Principal Balance $ 750,000,000   750,000,000                
Fair Value 757,500,000   764,063,000                
Carrying Value $ 746,642,000   $ 744,833,000                
2020 Senior Notes [Member]                      
Debt Instrument [Line Items]                      
Debt instrument, maturity date Feb. 15, 2027                    
Principal Balance $ 1,500,000,000                    
Fair Value 1,567,500,000                    
Carrying Value $ 1,481,466,000                    
v3.20.4
Debt (Schedule of Future Principal Payment Obligations) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Debt [Abstract]  
2021 $ 24,000
2022 1,534,000
2023 1,619,000
2024 1,744,000
2025 $ 3,409,000
v3.20.4
Debt (Schedule of Cash and Non-Cash Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Aug. 04, 2020
Jul. 14, 2020
Feb. 04, 2020
Sep. 13, 2019
Mar. 09, 2018
Oct. 13, 2017
Apr. 17, 2017
Aug. 15, 2016
Jul. 07, 2016
Oct. 14, 2015
Oct. 15, 2014
Jul. 01, 2014
Apr. 18, 2013
Debt Instrument [Line Items]                                
Cash Interest $ 367,874 $ 390,036 $ 376,217                          
Non-cash Interest [1] $ 24,870 3,193 2,640                          
Revolving Credit Facility [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 1.61%                              
Cash Interest $ 6,070 7,085 7,411                          
2014 Term Loan [Member]                                
Debt Instrument [Line Items]                                
Cash Interest     15,550                          
Non-cash Interest     146                          
2015 Term Loan [Member]                                
Debt Instrument [Line Items]                                
Cash Interest     5,237                          
Non-cash Interest     187                          
2018 Term Loan [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 1.878%                              
Cash Interest $ 68,963 105,021 72,648                          
Non-cash Interest $ 23,452 1,338 543                          
Blended rate 1.90%                              
Accruing interest rate 1.90%                              
2018 Term Loan [Member] | Revolving Credit Facility [Member]                                
Debt Instrument [Line Items]                                
Blended rate 1.878%                              
2013 Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.722%                              
Cash Interest $ 21,584 21,584 25,654                          
2014 Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.869%                              
Cash Interest $ 24,185 43,055 51,138                          
2015-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.156%                       3.156%      
Cash Interest $ 8,589 15,939 15,939                          
2016-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 2.877%                     2.877%        
Cash Interest $ 10,972 20,361 20,361                          
2017-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.168%                 3.168%            
Cash Interest $ 24,354 24,354 24,354                          
2018-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.448%             3.448%                
Cash Interest $ 22,281 22,281 18,072                          
2019-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 2.836%           2.836%                  
Cash Interest $ 33,428 10,029                            
2020-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 1.884%       1.884%                      
Cash Interest $ 6,675                              
2020-2C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 2.328%       2.328%                      
Cash Interest $ 6,568                              
2014 Senior Notes [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 4.875%                           4.875%  
Cash Interest $ 3,352 36,563 36,563                          
Non-cash Interest $ 112 800 761                          
2016 Senior Notes [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 4.875%                   4.875%          
Cash Interest $ 53,625 53,625 53,625                          
Non-cash Interest $ 1,109 1,055 1,003                          
2017 Senior Notes [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 4.00%               4.00%              
Cash Interest $ 30,000 30,000 30,000                          
2020 Senior Notes [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020 3.875%         3.875%                    
Cash Interest $ 46,769                              
Non-cash Interest 197                              
Capitalized Interest And Other [Member]                                
Debt Instrument [Line Items]                                
Cash Interest 459 $ 139 $ (335)                          
2013-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Accruing interest rate     2.24%                          
2013-1D Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Accruing interest rate     3.598%                          
2013-2C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020                               3.722%
Accruing interest rate     3.722%                          
2014-1C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020                           2.898%    
Accruing interest rate   2.898%                            
2014-2C Tower Securities [Member]                                
Debt Instrument [Line Items]                                
Interest Rates as of December 31, 2020                           3.869%    
Accruing interest rate   3.869%                            
Interest Rate Swap [Member] | 2018 Term Loan [Member]                                
Debt Instrument [Line Items]                                
Notional amount $ 1,950,000     $ 1,950,000                        
Derivative fixed interest rate 1.874%     1.874%                        
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member]                                
Debt Instrument [Line Items]                                
Derivative basis spread on variable interest rate 1.75%     1.75%                        
[1] Certain reclassifications of the prior years’ amounts have been made to conform to the current year’s presentation.
v3.20.4
Shareholders' Equity (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Feb. 25, 2021
Nov. 02, 2020
Aug. 06, 2020
Dec. 31, 2019
Dec. 31, 2007
Class of Stock [Line Items]            
Common stock - Class A, shares authorized 400,000,000     3,400,000 400,000,000  
Common stock - Class A, shares issued 109,819,000       111,775,000  
Federal net operating loss carry-forward $ 770.8          
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  
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  
2020 Plan [Member]            
Class of Stock [Line Items]            
Common stock - Class A, shares authorized       3,000,000.0    
2010 Plan [Member]            
Class of Stock [Line Items]            
Common stock - Class A, shares authorized       400,000    
New Plan [Member] | Subsequent Event [Member]            
Class of Stock [Line Items]            
Stock repurchase program, remaining authorization   $ 500.0        
New Plan [Member] | Class A Common Stock [Member]            
Class of Stock [Line Items]            
Stock repurchase program, authorized     $ 1,000.0      
Prior Plan [Member] | Class A Common Stock [Member]            
Class of Stock [Line Items]            
Stock repurchase program, remaining authorization     $ 124.3      
Real Estate Investment Trust [Member]            
Class of Stock [Line Items]            
Federal net operating loss carry-forward $ 651.1          
v3.20.4
Shareholders' Equity (Summary of Share Repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 25, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Total number of shares purchased (in millions)   3.1 2.0 5.0
Average price paid per share   $ 280.17 $ 231.87 $ 159.87
Total price paid (in millions)   $ 856.0 $ 470.3 $ 795.5
Subsequent Event [Member]        
Total number of shares purchased (in millions) 0.5      
Average price paid per share $ 262.16      
Total price paid (in millions) $ 144.0      
v3.20.4
Shareholders' Equity (Schedule of Dividends Paid and Dividends Declared) (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 12 Months Ended
Feb. 25, 2021
Dec. 31, 2020
February 20, 2020 [Member]    
Date Declared   Feb. 20, 2020
Payable to Shareholders of Record At the Close of Business on   Mar. 10, 2020
Cash Paid Per Share   $ 0.465
Aggregate Amount Paid   $ 52.2
Date Paid/Date to be Paid   Mar. 26, 2020
May 5, 2020 [Member]    
Date Declared   May 05, 2020
Payable to Shareholders of Record At the Close of Business on   May 28, 2020
Cash Paid Per Share   $ 0.465
Aggregate Amount Paid   $ 52.0
Date Paid/Date to be Paid   Jun. 18, 2020
August 3, 2020 [Member]    
Date Declared   Aug. 03, 2020
Payable to Shareholders of Record At the Close of Business on   Aug. 25, 2020
Cash Paid Per Share   $ 0.465
Aggregate Amount Paid   $ 52.0
Date Paid/Date to be Paid   Sep. 21, 2020
November 2, 2020 [Member]    
Date Declared   Nov. 02, 2020
Payable to Shareholders of Record At the Close of Business on   Nov. 19, 2020
Cash Paid Per Share   $ 0.465
Aggregate Amount Paid   $ 51.5
Date Paid/Date to be Paid   Dec. 17, 2020
Subsequent Event [Member]    
Date Declared Feb. 19, 2021  
Payable to Shareholders of Record At the Close of Business on Mar. 10, 2021  
Cash to be Paid Per Share $ 0.58  
Date Paid/Date to be Paid Mar. 26, 2021  
v3.20.4
Stock-Based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 23, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
May 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Forfeiture period once emplyment has ended   90 days      
Accelerated compensation cost     $ 18,500    
Weighted-average fair value of options granted   $ 41.09 $ 33.99 $ 33.01  
Total intrinsic value for options exercised   $ 235,000 $ 132,800 $ 78,000  
Cash received from option exercises   142,500 136,000 74,700  
Tax benefit realized from stock option exercises   $ 16,900 10,200    
Share price   $ 282.13      
Total fair value of shares vested   $ 28,800 26,500 24,000  
Non-cash compensation expense   68,890 73,214 42,327  
Non-cash compensation capitalized to fixed and intangible assets   1,500 1,100 800  
Stock Options [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total unrecognized compensation cost related to unvested stock options   $ 15,100      
Weighted average period to recognize cost   1 year 9 months 18 days      
Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period   3 years      
Performance period   3 years      
2008 Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares remaining available for future issuance under the plan   234,762      
Non-cash compensation expense   $ 1,100 $ 1,000 $ 600  
2008 Plan [Member] | Class A Common Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Class A common stock issued under the purchase plan       16,798  
Cash proceeds from issuance of shares under the purchase plan       $ 2,300  
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   25,058 30,128    
Cash proceeds from issuance of shares under the purchase plan   $ 6,100 $ 5,500    
2020 Plan [Member] | Class A Common Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum issuance of shares         3,000,000.0
Shares remaining available for future issuance under the plan   3,000,000.0      
Minimum [Member] | Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance metric, target amount, percentage   0.00%      
Maximum [Member] | Performance Stock Units (PSUs) [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance metric, target amount, percentage   200.00%      
v3.20.4
Stock-Based Compensation (Schedule of Assumptions used to Estimate Fair Value of Stock Options) (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock-Based Compensation [Abstract]      
Risk free interest rate 1.66%    
Risk free interest rate, Minimum   1.37% 2.57%
Risk free interest rate, Maximum   2.47% 2.92%
Dividend yield 1.30% 1.30% 0.70%
Expected volatility 20.40% 20.40% 21.60%
Expected lives 4 years 7 months 6 days 4 years 7 months 6 days 4 years 7 months 6 days
v3.20.4
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock-Based Compensation [Abstract]      
Number of Shares, Outstanding at December 31, 4,507 4,816 4,842
Number of Shares, Granted 10 1,068 941
Number of Shares, Exercised (1,287) (1,315) (926)
Number of Shares, Forfeited/canceled (28) (62) (41)
Number of Shares, Outstanding at December 31, 3,202 4,507 4,816
Number of Shares, Exercisable at December 31, 2020 1,700    
Number of Shares, Unvested at December 31, 2020 1,502    
Weighted-Average Exercise Price Per Share, Outstanding at December 31, $ 133.68 $ 114.48 $ 100.12
Weighted-Average Exercise Price Per Share, Granted 240.99 183.42 156.55
Weighted-Average Exercise Price Per Share, Exercised 110.59 103.47 81.73
Weighted-Average Exercise Price Per Share, Forfeited/canceled 168.11 140.85 123.98
Weighted-Average Exercise Price Per Share, Outstanding at December 31, 143.01 $ 133.68 $ 114.48
Weighted-Average Exercise Price Per Share, Exercisable at December 31, 2020 124.93    
Weighted-Average Exercise Price Per Share, Unvested at December 31, 2020 $ 163.48    
Weighted-Average Remaining Contractual Life (in years), Outstanding at December 31, 2020 3 years 9 months 18 days    
Weighted-Average Remaining Contractual Life (in years), Exercisable at December 31, 2020 3 years    
Weighted-Average Remaining Contractual Life (in years), Unvested at December 31, 2020 4 years 7 months 6 days    
Aggregate Intrinsic Value, Outstanding at December 31, 2020 $ 445,311    
Aggregate Intrinsic Value, Exercisable at December 31, 2020 267,228    
Aggregate Intrinsic Value, Unvested at December 31, 2020 $ 178,083    
v3.20.4
Stock-Based Compensation (Additional Information Regarding Options Outstanding And Exercisable) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Options Outstanding, Number of Shares | shares 3,202
Options Exercisable, Number of Shares | shares 1,700
$95.01 - $115.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit $ 95.01
Exercise price range, upper limit $ 115.00
Options Outstanding, Number of Shares | shares 557
Options Outstanding, Weighted Average Remaining Contractual Life 2 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price $ 96.89
Options Exercisable, Number of Shares | shares 556
Options Exercisable, Weighted Average Exercise Price $ 96.87
$115.01 - $150.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 115.01
Exercise price range, upper limit $ 150.00
Options Outstanding, Number of Shares | shares 926
Options Outstanding, Weighted Average Remaining Contractual Life 2 years 10 months 24 days
Options Outstanding, Weighted Average Exercise Price $ 116.83
Options Exercisable, Number of Shares | shares 656
Options Exercisable, Weighted Average Exercise Price $ 117.51
$150.01 - $180.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 150.01
Exercise price range, upper limit $ 180.00
Options Outstanding, Number of Shares | shares 744
Options Outstanding, Weighted Average Remaining Contractual Life 4 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 156.54
Options Exercisable, Number of Shares | shares 300
Options Exercisable, Weighted Average Exercise Price $ 156.53
$180.01 - $270.00 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Exercise price range, lower limit 180.01
Exercise price range, upper limit $ 270.00
Options Outstanding, Number of Shares | shares 975
Options Outstanding, Weighted Average Remaining Contractual Life 5 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price $ 183.87
Options Exercisable, Number of Shares | shares 188
Options Exercisable, Weighted Average Exercise Price $ 183.40
v3.20.4
Stock-Based Compensation (Summary of Activity of Options Outstanding not yet Vested) (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock-Based Compensation [Abstract]      
Number of Shares, Unvested as of December 31, 2019 2,590    
Number of Shares, Granted 10 1,068 941
Number of Shares, Vested (1,070)    
Number of Shares, Forfeited (28)    
Number of Shares, Unvested as of December 31, 2020 1,502 2,590  
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2019 $ 29.82    
Weighted-Average Fair Value Per Share, Granted 41.09 $ 33.99 $ 33.01
Weighted-Average Fair Value Per Share, Vested 26.96    
Weighted-Average Fair Value Per Share, Forfeited 32.12    
Weighted-Average Fair Value Per Share, Unvested as of December 31, 2020 $ 31.91 $ 29.82  
v3.20.4
Stock-Based Compensation (Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Restricted Stock Units (RSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Outstanding at December 31, 2019 | shares 313
Number of Shares, Granted | shares 99
Number of Shares, Vested | shares (129)
Number of Shares, Forfeited/canceled | shares (9)
Number of Shares, Outstanding at December 31, 2020 | shares 274
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2019 | $ / shares $ 152.98
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares 290.77
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares 142.11
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares 202.02
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares $ 206.48
Performance Stock Units (PSUs) [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Number of Shares, Outstanding at December 31, 2019 | shares
Number of Shares, Granted | shares 149
Number of Shares, Vested | shares
Number of Shares, Forfeited/canceled | shares (1)
Number of Shares, Outstanding at December 31, 2020 | shares 148
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2019 | $ / shares
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares 376.48
Weighted-Average Grant Date Fair Value per Share, Vested | $ / shares
Weighted-Average Grant Date Fair Value per Share, Forfeited/canceled | $ / shares 376.50
Weighted-Average Grant Date Fair Value per Share, Outstanding at December 31, 2020 | $ / shares $ 376.48
Performance period 3 years
v3.20.4
Stock-Based Compensation (Schedule of Non-Cash Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
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 $ 68,890 $ 73,214 $ 42,327
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 2,074 2,034 1,182
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 $ 66,816 $ 71,180 $ 41,145
v3.20.4
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Schedule Of Income Taxes [Line Items]    
Effective income tax rate 21.00% 21.00%
Net foreign operating loss carry-forward $ 65,900  
Valuation allowance recognized 63,239 $ 54,610
Net change in valuation allowance 8,600 (4,000)
Federal net operating loss carry-forward 770,800  
Net state operating tax loss carry-forward 412,000  
Deferred foreign withholding taxes 9,796 $ 7,706
Income inclusion for GILTI 10,000  
Real Estate Investment Trust [Member]    
Schedule Of Income Taxes [Line Items]    
Federal net operating loss carry-forward 651,100  
Expire Between 2025 and 2037 [Member]    
Schedule Of Income Taxes [Line Items]    
Federal net operating loss carry-forward 745,200  
Indefinite Carry-forward [Member]    
Schedule Of Income Taxes [Line Items]    
Federal net operating loss carry-forward $ 25,600  
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 2021  
Maximum [Member]    
Schedule Of Income Taxes [Line Items]    
Operating loss carry-forward, expiration year 2037  
v3.20.4
Income Taxes (Income (Loss) before Provision (Benefit) for Income Taxes from Continuing Operations by Geographic Area) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Taxes [Abstract]      
Domestic $ 151,421 $ 133,046 $ 99,203
Foreign (169,170) 53,843 (47,519)
Total $ (17,749) $ 186,889 $ 51,684
v3.20.4
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current provision:      
State $ 753 $ 5,520 $ 5,764
Foreign 20,638 18,150 13,756
Total current 21,391 23,670 19,520
Deferred provision (benefit) for taxes:      
Federal (7,552) (3,306) (9,463)
State (4,684) 1,952 (1,412)
Foreign (59,956) 13,138 (16,673)
Change in valuation allowance 9,005 4,151 12,261
Total deferred (63,187) 15,935 (15,287)
Total provision (benefit) for income taxes $ (41,796) $ 39,605 $ 4,233
v3.20.4
Income Taxes (Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Taxes [Abstract]      
Statutory federal expense $ (3,727) $ 39,247 $ 10,854
Rate and permanent differences on non-U.S. earnings (7,531) 15,937 3,620
State and local tax expense (3,707) 7,578 4,824
REIT adjustment (35,539) (28,975) (22,241)
Permanent differences (736) 18 437
Tax Act impact on deferred taxes     (6,040)
Other 439 1,649 518
Valuation allowance 9,005 4,151 12,261
Total provision (benefit) for income taxes $ (41,796) $ 39,605 $ 4,233
v3.20.4
Income Taxes (Components of Net Deferred Income Tax Asset and Liability) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Net operating losses $ 55,657 $ 61,741
Property, equipment and intangible basis differences 9,813 5,946
Accrued liabilities 6,561 9,994
Non-cash compensation 20,128 19,198
Operating lease liabliity 232,329 276,824
Deferred revenue 2,846 2,527
Allowance for doubtful accounts 3,017 4,190
Currency translation 99,344 47,468
Other 5,808 2,657
Valuation allowance (63,239) (54,610)
Total deferred tax assets, net 372,264 375,935
Deferred tax liabilities:    
Property, equipment and intangible basis differences (145,328) (158,419)
Right of use asset (223,366) (269,586)
Straight-line rents (20,809) (25,535)
Deferred foreign withholding taxes (9,796) (7,706)
Deferred lease costs   (34)
Other (1,532) (783)
Total deferred tax liabilities, net (28,567) (86,128)
Other Assets [Member]    
Deferred tax assets:    
Total deferred tax assets, net 53,722 4,342
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 $ (82,290) $ (88,820)
v3.20.4
Segment Data (Narrative) (Details)
$ in Thousands
 12 Months Ended 36 Months Ended
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2020
USD ($)
Segment Reporting Information [Line Items]        
Number of business segments | segment 2      
Number of reportable segments | segment 2      
Site leasing $ 1,954,472 $ 1,860,858 $ 1,740,434  
Total assets 9,158,018 9,759,941   $ 9,158,018
Brazil [Member]        
Segment Reporting Information [Line Items]        
Site leasing 222,600 226,700 $ 221,500  
Total assets $ 1,000 $ 1,400   $ 1,000
Revenue [Member] | Foreign Countries, Other than Brazil [Member] | Maximum [Member]        
Segment Reporting Information [Line Items]        
Concentration risk percentage of revenue       4.00%
v3.20.4
Segment Data (Schedule of Segment Reporting Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Revenues $ 535,905 $ 522,940 $ 507,226 $ 517,067 $ 513,659 $ 507,547 $ 500,147 $ 493,292 $ 2,083,138 $ 2,014,645 $ 1,865,695
Cost of revenues                 476,528 493,031 468,795
Operating profit                 1,606,610 1,521,614 1,396,900
Selling, general, and administrative expenses                 194,267 192,717 142,526
Acquisition and new business initiatives related adjustments and expenses                 16,582 15,228 10,961
Asset impairment and decommission costs                 40,097 33,103 27,134
Depreciation, amortization and accretion 180,383 180,302 178,706 182,579 179,487 174,987 171,564 171,040 721,970 697,078 672,113
Operating income 165,100 $ 160,337 $ 157,054 $ 151,203 153,920 $ 153,847 $ 136,452 $ 139,269 633,694 583,488 544,166
Other expense (principally interest expense and other expense)                 (651,443) (396,599) (492,482)
(Loss) income before income taxes                 (17,749) 186,889 51,684
Cash capital expenditures                 401,071 931,692 602,680
Assets 9,158,018       9,759,941       9,158,018 9,759,941  
Domestic Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 1,558,311 1,487,108 1,400,095
Cost of revenues                 256,673 258,413 266,131
Operating profit                 1,301,638 1,228,695 1,133,964
Selling, general, and administrative expenses                 102,889 99,707 72,879
Acquisition and new business initiatives related adjustments and expenses                 10,331 7,933 5,268
Asset impairment and decommission costs                 28,887 24,202 18,857
Depreciation, amortization and accretion                 539,399 527,718 511,823
Operating income                 620,132 569,135 525,137
Cash capital expenditures                 303,366 287,793 338,610
Assets 5,893,636       6,157,511       5,893,636 6,157,511  
International Site Leasing [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 396,161 373,750 340,339
Cost of revenues                 117,105 115,538 106,165
Operating profit                 279,056 258,212 234,174
Selling, general, and administrative expenses                 34,905 32,411 27,082
Acquisition and new business initiatives related adjustments and expenses                 6,251 7,295 5,693
Asset impairment and decommission costs                 11,210 8,899 7,932
Depreciation, amortization and accretion                 174,073 161,183 151,570
Operating income                 52,617 48,424 41,897
Cash capital expenditures                 89,762 635,728 258,785
Assets 2,955,563       3,381,448       2,955,563 3,381,448  
Site Development [Member]                      
Segment Reporting Information [Line Items]                      
Revenues                 128,666 153,787 125,261
Cost of revenues                 102,750 119,080 96,499
Operating profit                 25,916 34,707 28,762
Selling, general, and administrative expenses                 17,663 21,525 16,215
Asset impairment and decommission costs                   2 345
Depreciation, amortization and accretion                 2,356 2,341 2,556
Operating income                 5,897 10,839 9,646
Cash capital expenditures                 1,752 3,900 1,561
Assets 61,729       81,772       61,729 81,772  
Not Identified by Segment [Member]                      
Segment Reporting Information [Line Items]                      
Selling, general, and administrative expenses                 38,810 39,074 26,350
Depreciation, amortization and accretion                 6,142 5,836 6,164
Operating income                 (44,952) (44,910) (32,514)
Other expense (principally interest expense and other expense)                 (651,443) (396,599) (492,482)
Cash capital expenditures                 6,191 4,271 $ 3,724
Assets $ 247,090       $ 139,210       $ 247,090 $ 139,210  
v3.20.4
Earnings Per Share (Narrative) (Details) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Stock Options [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Securities excluded from earnings per share calculation 56,351 19,533 800,000
v3.20.4
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, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Abstract]                      
Net income attributable to SBA Communications Corporation $ 105,781 $ 22,568 $ 22,813 $ (127,058) $ 67,350 $ 21,679 $ 31,973 $ 25,989 $ 24,104 $ 146,991 $ 47,451
Basic weighted-average shares outstanding                 111,532 112,809 114,909
Dilutive impact of stock options, RSUs, and PSUs                 1,933 1,884 1,606
Diluted weighted-average shares outstanding                 113,465 114,693 116,515
Net income per common share attributable to SBA Communications Corporation:                      
Basic                 $ 0.22 $ 1.30 $ 0.41
Diluted                 $ 0.21 $ 1.28 $ 0.41
v3.20.4
Commitments and Contingencies (Narrative) (Details)
 12 Months Ended
Dec. 31, 2020
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
v3.20.4
Commitments and Contingencies (Annual Minimum Lease Payments) (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finance Leases    
2021 $ 1,461  
2022 1,243  
2023 814  
2024 78  
Total minimum lease payments 3,596  
Less: amount representing interest (154)  
Present value of future payments 3,442  
Less: current obligations (1,432) $ (1,350)
Long-term obligations 2,010 2,542
Operating Leases    
2021 242,581  
2022 244,547  
2023 245,453  
2024 245,204  
2025 242,767  
Thereafter 2,737,820  
Total minimum lease payments 3,958,372  
Less: amount representing interest (1,631,414)  
Present value of future payments 2,326,958  
Less: current obligations (234,605) (245,665)
Long-term obligations $ 2,092,353 $ 2,276,858
v3.20.4
Commitments and Contingencies (Annual Minimum Lease Income) (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Commitments and Contingencies [Abstract]  
2021 $ 1,701,608
2022 1,463,893
2023 1,272,287
2024 1,035,425
2025 680,907
Thereafter 1,441,966
Total $ 7,596,086
v3.20.4
Concentration of Credit Risk (Narrative) (Details) - Accounts Receivable [Member] - customer
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Concentration Risk [Line Items]    
Number of significant customers 5 5
Concentration risk percentage of revenue 63.80% 66.60%
v3.20.4
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, 2020
Dec. 31, 2019
Dec. 31, 2018
T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 34.50% 35.10% 34.30%
AT&T Wireless [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 24.10% 23.80% 24.00%
Verizon Wireless [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 14.10% 14.00% 14.70%
Domestic Site Leasing [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 94.00%    
Domestic Site Leasing [Member] | T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 40.50% 40.60% 39.90%
Domestic Site Leasing [Member] | AT&T Wireless [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 32.20% 32.10% 31.90%
Domestic Site Leasing [Member] | Verizon Wireless [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 18.50% 18.60% 19.00%
International Site Leasing [Member] | Oi S.A. [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 28.70% 31.30% 35.50%
International Site Leasing [Member] | Telefonica [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 18.10% 26.90% 26.70%
International Site Leasing [Member] | Claro [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 14.50% 11.60% 11.40%
Site Development Revenue [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 6.00%    
Site Development Revenue [Member] | T-Mobile [Member]      
Concentration Risk [Line Items]      
Concentration risk percentage 66.80% 67.50% 63.50%
v3.20.4
Defined Contribution Plan (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
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 $ 2,700,000 $ 2,400,000 $ 2,100,000
v3.20.4
Redeemable Noncontrolling Interests (Narrative) (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Noncontrolling Interest [Line Items]  
Fair market value $ 15.2
Atlas Tower South Africa [Member]  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership percentage 6.00%
v3.20.4
Redeemable Noncontrolling Interests (Components of Redeemable Noncontrolling Interest) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Redeemable Noncontrolling Interests [Abstract]    
Beginning balance $ 16,052
Purchase of noncontrolling interests   13,990
Additional investment   179
Foreign currency translation adjustments (52) 460
Adjustment to fair value (749) 1,130
Net (loss) income attributable to noncontrolling interests (57) 293
Ending balance $ 15,194 $ 16,052
v3.20.4
Quarterly Financial Data (Schedule of Quarterly Financial Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Data [Abstract]                      
Revenues $ 535,905 $ 522,940 $ 507,226 $ 517,067 $ 513,659 $ 507,547 $ 500,147 $ 493,292 $ 2,083,138 $ 2,014,645 $ 1,865,695
Operating income 165,100 160,337 157,054 151,203 153,920 153,847 136,452 139,269 633,694 583,488 544,166
Depreciation, accretion, and amortization (180,383) (180,302) (178,706) (182,579) (179,487) (174,987) (171,564) (171,040) (721,970) (697,078) (672,113)
Net income attributable to SBA Communications Corporation $ 105,781 $ 22,568 $ 22,813 $ (127,058) $ 67,350 $ 21,679 $ 31,973 $ 25,989 $ 24,104 $ 146,991 $ 47,451
Net income (loss) per common share - basic $ 0.96 $ 0.20 $ 0.20 $ (1.14) $ 0.60 $ 0.19 $ 0.28 $ 0.23 $ 0.22 $ 1.30 $ 0.41
Net income (loss) per common share - diluted $ 0.94 $ 0.20 $ 0.20 $ (1.14) $ 0.59 $ 0.19 $ 0.28 $ 0.23 $ 0.21 $ 1.28 $ 0.41
v3.20.4
Derivatives and Hedging Activities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 04, 2020
Dec. 31, 2020
Dec. 31, 2019
Interest Rate Swap [Member]      
Derivative [Line Items]      
Accumulated derivative losses   $ 140.9 $ 42.1
Interest Rate Swap [Member] | Minimum [Member]      
Derivative [Line Items]      
Remaining maturity year   2023  
Interest Rate Swap [Member] | Maximum [Member]      
Derivative [Line Items]      
Remaining maturity year   2025  
2018 Term Loan [Member] | Interest Rate Swap [Member]      
Derivative [Line Items]      
Notional amount $ 1,950.0 $ 1,950.0  
Derivative fixed interest rate 1.874% 1.874%  
Derivative asset, fair value   $ 12.1  
Cash Flow Hedges [Member] | 2018 Term Loan [Member]      
Derivative [Line Items]      
Notional amount $ 1,950.0    
Payment to terminate $ 176.2    
London Interbank Offered Rate (LIBOR) [Member] | 2018 Term Loan [Member] | Interest Rate Swap [Member]      
Derivative [Line Items]      
Derivative basis spread on variable interest rate 1.75% 1.75%  
v3.20.4
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, 2020
Dec. 31, 2019
Qualifying Hedges [Member] | Other Assets [Member]    
Derivatives, Fair Value [Line Items]    
Interest rate swap agreements in a fair value asset position $ 12,123
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
v3.20.4
Derivatives and Hedging Activities (Schedule of Effect of Derivatives the Consolidated Statements of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]      
Amount recorded in Accumulated other comprehensive loss, net   $ (60,462)
Interest Rate Swap [Member] | 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 $ 29,315 1,444
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Qualifying Hedges [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value recorded in Accumulated other comprehensive loss, net (128,086) 16,887
Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Qualifying Hedges [Member] | Non-cash Interest Expense [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount recognized in Non-cash interest expense $ (6,707) $ (878)
v3.20.4
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciation) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
site
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Description | site 32,923      
Encumbrances $ 7,830,000      
Gross Amount Carried at Close of Current Period 5,963,048 $ 5,833,338 $ 5,561,005 $ 5,340,858
Accumulated Depreciation at Close of Current Period $ (3,383,370) $ (3,133,061) $ (2,868,507) $ (2,627,841)
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%      
v3.20.4
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, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount at beginning $ 5,833,338 $ 5,561,005 $ 5,340,858
Acquisitions 80,582 111,734 131,686
Construction and related costs on new builds 40,493 48,975 54,237
Augmentation and tower upgrades 36,211 63,998 49,201
Land buyouts and other assets 28,918 39,298 37,032
Tower maintenance 28,426 28,960 30,048
Other 19,142    
Total additions 233,772 292,965 302,204
Cost of real estate sold or disposed   (856) (1,083)
Impairment (17,064) (9,587) (17,130)
Other (86,998) (10,189) (63,844)
Total deductions (104,062) (20,632) (82,057)
Balance at end $ 5,963,048 $ 5,833,338 $ 5,561,005
v3.20.4
Schedule III - Schedule of Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Accumulated Depreciation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Schedule III - Schedule of Real Estate and Accumulated Depreciation [Abstract]      
Gross amount of accumulated depreciation at beginning $ (3,133,061) $ (2,868,507) $ (2,627,841)
Depreciation (275,947) (269,606) (257,469)
Other (38) (83) (25)
Total additions (275,985) (269,689) (257,494)
Amount of accumulated depreciation for assets sold or disposed 4,244 2,887 4,392
Other 21,432 2,248 12,436
Total deductions 25,676 5,135 16,828
Balance at end $ (3,383,370) $ (3,133,061) $ (2,868,507)