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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One):
☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended September 30, 2024.
☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Commission File Number: 001-14195
AMERICAN TOWER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 65-0723837
(State or other jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification No.)
116 Huntington Avenue
Boston, Massachusetts 02116
(Address of principal executive offices)
Telephone Number (617) 375-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class Trading Symbol(s)Name of exchange on which registered
Common Stock, $0.01 par value AMTNew York Stock Exchange
1.375% Senior Notes due 2025AMT 25ANew York Stock Exchange
1.950% Senior Notes due 2026AMT 26BNew York Stock Exchange
0.450% Senior Notes due 2027AMT 27CNew York Stock Exchange
0.400% Senior Notes due 2027AMT 27DNew York Stock Exchange
4.125% Senior Notes due 2027AMT 27FNew York Stock Exchange
0.500% Senior Notes due 2028AMT 28ANew York Stock Exchange
0.875% Senior Notes due 2029AMT 29BNew York Stock Exchange
0.950% Senior Notes due 2030AMT 30CNew York Stock Exchange
3.900% Senior Notes due 2030AMT 30DNew York Stock Exchange
4.625% Senior Notes due 2031AMT 31BNew York Stock Exchange
1.000% Senior Notes due 2032AMT 32New York Stock Exchange
1.250% Senior Notes due 2033AMT 33New York Stock Exchange
4.100% Senior Notes due 2034AMT 34ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer ☐  Smaller reporting company ☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):    Yes  ☐    No  ☒
As of October 22, 2024, there were 467,289,399 shares of common stock outstanding.


AMERICAN TOWER CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2024

 
 Page Nos.
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 5.
Item 6.


PART I.FINANCIAL INFORMATION
ITEM 1.UNAUDITED CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share count and per share data)
September 30, 2024December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$2,150.3 $1,753.7 
Restricted cash131.9 119.7 
Accounts receivable, net537.8 547.5 
Prepaid and other current assets579.6 559.5 
Current assets of discontinued operations— 729.6 
Total current assets3,399.6 3,710.0 
PROPERTY AND EQUIPMENT, net19,277.5 18,863.2 
GOODWILL12,045.7 12,083.5 
OTHER INTANGIBLE ASSETS, net15,195.1 15,932.3 
DEFERRED TAX ASSET143.3 179.1 
DEFERRED RENT ASSET3,662.4 3,478.2 
RIGHT-OF-USE ASSET8,328.9 8,205.1 
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS764.3 755.3 
NON-CURRENT ASSETS OF DISCONTINUED OPERATIONS— 2,820.9 
TOTAL$62,816.8 $66,027.6 
LIABILITIES
CURRENT LIABILITIES:
Accounts payable$221.3 $251.3 
Accrued expenses982.3 1,052.8 
Distributions payable779.3 906.2 
Accrued interest260.1 384.2 
Current portion of operating lease liability599.8 690.4 
Current portion of long-term obligations3,730.5 3,067.3 
Unearned revenue496.2 433.8 
Current liabilities of discontinued operations— 463.3 
Total current liabilities7,069.5 7,249.3 
LONG-TERM OBLIGATIONS33,367.8 35,734.0 
OPERATING LEASE LIABILITY7,083.2 6,815.3 
ASSET RETIREMENT OBLIGATIONS2,503.1 2,080.0 
DEFERRED TAX LIABILITY1,401.4 1,310.6 
OTHER NON-CURRENT LIABILITIES1,198.9 1,149.8 
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS— 823.2 
Total liabilities52,623.9 55,162.2 
COMMITMENTS AND CONTINGENCIES
EQUITY (shares in thousands):
Common stock: $0.01 par value; 1,000,000 shares authorized; 478,280 and 477,300 shares issued; and 467,276 and 466,296 shares outstanding, respectively
4.8 4.8 
Additional paid-in capital15,013.8 14,872.9 
Distributions in excess of earnings(4,893.5)(3,638.8)
Accumulated other comprehensive loss(5,182.2)(5,739.5)
Treasury stock (11,004 shares at cost)
(1,301.2)(1,301.2)
Total American Tower Corporation equity3,641.7 4,198.2 
Noncontrolling interests6,551.2 6,667.2 
Total equity10,192.9 10,865.4 
TOTAL$62,816.8 $66,027.6 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
1

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
REVENUES:
Property$2,469.9 $2,494.9 $7,449.6 $7,434.1 
Services52.4 26.2 130.0 122.0 
Total operating revenues2,522.3 2,521.1 7,579.6 7,556.1 
 OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below):
 Property626.9 625.5 1,859.2 1,877.0 
 Services24.9 12.5 60.8 48.8 
Depreciation, amortization and accretion498.5 723.2 1,527.9 2,203.6 
Selling, general, administrative and development expense227.7 220.3 690.3 700.8 
Other operating expense5.1 26.6 5.0 213.2 
Total operating expenses1,383.1 1,608.1 4,143.2 5,043.4 
OPERATING INCOME1,139.2 913.0 3,436.4 2,512.7 
OTHER INCOME (EXPENSE):
Interest income37.7 33.3 103.1 85.0 
Interest expense(356.8)(356.5)(1,083.3)(1,040.6)
Loss on retirement of long-term obligations— — — (0.3)
Other (expense) income (including foreign currency (losses) gains of $(337.4), $239.0, $(231.4) and $47.1 respectively)
(269.6)234.5 (137.1)41.3 
Total other expense(588.7)(88.7)(1,117.3)(914.6)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES550.5 824.3 2,319.1 1,598.1 
Income tax provision(122.4)(49.5)(291.1)(98.4)
NET INCOME FROM CONTINUING OPERATIONS428.1 774.8 2,028.0 1,499.7 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES(1,208.5)(197.5)(978.3)(145.9)
NET (LOSS) INCOME(780.4)577.3 1,049.7 1,353.8 
Net (income) loss attributable to noncontrolling interests(11.9)9.6 (24.3)44.6 
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS$(792.3)$586.9 $1,025.4 $1,398.4 
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS$416.2 $784.4 $2,003.7 $1,544.3 
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS$(1,208.5)$(197.5)$(978.3)$(145.9)
NET INCOME PER COMMON SHARE AMOUNTS:
Basic net income from continuing operations attributable to American Tower Corporation common stockholders$0.89 $1.68 $4.29 $3.31 
Basic net loss from discontinued operations attributable to American Tower Corporation common stockholders(2.59)(0.42)(2.10)(0.31)
Basic net (loss) income attributable to American Tower Corporation common stockholders$(1.70)$1.26 $2.20 $3.00 
Diluted net income from continuing operations attributable to American Tower Corporation common stockholders$0.89 $1.68 $4.28 $3.31 
Diluted net loss from discontinued operations attributable to American Tower Corporation common stockholders(2.58)(0.42)(2.09)(0.31)
Diluted net (loss) income attributable to American Tower Corporation common stockholders$(1.69)$1.26 $2.19 $2.99 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands):
BASIC467,196 466,168 466,919 466,000 
DILUTED468,261 467,161 468,001 467,034 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
2

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net (loss) income$(780.4)$577.3 1,049.7 $1,353.8 
Other comprehensive income (loss):
Reclassification of cumulative translation adjustments associated with the sale of ATC TIPL1,072.3 — 1,072.3 — 
Foreign currency translation adjustments, net of tax expense (benefit) of $0.1, $(0.2), $(0.2), and $0.0, respectively
350.5 (624.6)(491.5)(406.1)
Other comprehensive income (loss)1,422.8 (624.6)580.8 (406.1)
Comprehensive income (loss)642.4 (47.3)1,630.5 947.7 
Comprehensive (income) loss attributable to noncontrolling interests(155.1)128.9 (47.8)103.1 
Comprehensive income attributable to American Tower Corporation stockholders$487.3 $81.6 $1,582.7 $1,050.8 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.


3

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Nine Months Ended September 30,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,049.7 $1,353.8 
Adjustments to reconcile net income to cash provided by operating activities
Depreciation, amortization and accretion1,623.9 2,321.6 
Stock-based compensation expense161.7 158.0 
Loss on early retirement of long-term obligations— 0.3 
Loss on sale of ATC TIPL1,245.5 — 
Other non-cash items reflected in statements of operations320.9 413.9 
Increase in net deferred rent balances(220.4)(341.4)
Right-of-use asset and Operating lease liability, net27.0 (60.5)
Changes in unearned revenue56.1 0.0 
Increase in assets(130.3)(268.1)
(Decrease) increase in liabilities(42.6)2.9 
Cash provided by operating activities4,091.5 3,580.5 
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of property and equipment and construction activities(1,146.6)(1,273.5)
Payments for acquisitions, net of cash acquired(114.9)(151.9)
Proceeds from sale of short-term investments and other non-current assets253.2 13.0 
Proceeds from the sale of ATC TIPL2,158.8 — 
Deposits and other(379.2)246.8 
Cash provided by (used for) investing activities771.3 (1,165.6)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings, net8.8 147.3 
Borrowings under credit facilities6,147.9 5,370.0 
Proceeds from issuance of senior notes, net2,374.1 5,678.3 
Proceeds from issuance of securities in securitization transaction— 1,300.0 
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases(10,435.8)(12,437.1)
Distributions to noncontrolling interest holders(361.8)(34.4)
Contributions from noncontrolling interest holders103.7 3.0 
Proceeds from stock options and employee stock purchase plan38.1 12.3 
Distributions paid on common stock(2,316.9)(2,193.2)
Deferred financing costs and other financing activities(102.0)(127.7)
Cash used for financing activities(4,543.9)(2,281.5)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(130.1)(42.5)
NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH188.8 90.9 
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD2,093.4 2,140.7 
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$2,282.2 $2,231.6 
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $25.4 AND $27.5, RESPECTIVELY)
$224.4 $197.4 
CASH PAID FOR INTEREST$1,216.7 $1,054.8 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment under finance leases and perpetual easements    $14.2 $22.6 
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities$(57.6)$(56.8)
Distributions to noncontrolling interest holders$(49.9)$— 
Contributions from noncontrolling interest holders$49.9 $— 
Contribution to equity method investment$14.6 $— 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
4

AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, share counts in thousands)
 Common StockTreasury StockAdditional
Paid-in
Capital		Accumulated Other
Comprehensive
Loss		Distributions
in Excess of
Earnings		Noncontrolling
Interests		Total
Equity
Three Months Ended September 30, 2023 and 2024Issued
Shares		AmountSharesAmount
BALANCE, JULY 1, 2023477,138 $4.8 (11,004)$(1,301.2)$14,779.2 $(5,560.6)$(2,755.8)$6,840.8 $12,007.2 
Stock-based compensation related activity26 0.0 — — 43.8 — — — 43.8 
Foreign currency translation adjustment, net of tax— — — — — (505.3)— (119.3)(624.6)
Contributions from noncontrolling interest holders— — — — — — — 1.1 1.1 
Distributions to noncontrolling interest holders— — — — — — — (11.8)(11.8)
Common stock distributions declared— — — — — — (758.5)— (758.5)
Net income (loss)— — — — — — 586.9 (9.6)577.3 
BALANCE, SEPTEMBER 30, 2023477,164 $4.8 (11,004)$(1,301.2)$14,823.0 $(6,065.9)$(2,927.4)$6,701.2 $11,234.5 
BALANCE, JULY 1, 2024478,081 $4.8 (11,004)$(1,301.2)$14,955.0 $(6,461.8)$(3,340.8)$6,567.5 $10,423.5 
Stock-based compensation related activity199 0.0 — — 58.8 — — — 58.8 
Foreign currency translation adjustment, net of tax— — — — — 207.3 — 143.2 350.5 
Reclassification of cumulative translation adjustments associated with sale of ATC TIPL— — — — — 1,072.3 — — 1,072.3 
Contributions from noncontrolling interest holders— — — — — — — 1.2 1.2 
Distributions to noncontrolling interest holders— — — — — — — (172.6)(172.6)
Common stock distributions declared— — — — — — (760.4)— (760.4)
Net (loss) income— — — — — — (792.3)11.9 (780.4)
BALANCE, SEPTEMBER 30, 2024478,280 $4.8 (11,004)$(1,301.2)$15,013.8 $(5,182.2)$(4,893.5)$6,551.2 $10,192.9 
Common StockTreasury StockAdditional
Paid-in
Capital		Accumulated Other
Comprehensive
Loss		Distributions
in Excess of
Earnings		Noncontrolling
Interests		Total
Equity
Nine Months Ended September 30, 2023 and 2024Issued
Shares		AmountSharesAmount
BALANCE, JANUARY 1, 2023476,623 $4.8 (11,004)$(1,301.2)$14,689.0 $(5,718.3)$(2,101.9)$6,836.1 $12,408.5 
Stock-based compensation related activity489 0.0 — — 125.8 — — — 125.8 
Issuance of common stock- stock purchase plan52 0.0 — — 8.2 — — — 8.2 
Foreign currency translation adjustment, net of tax— — — — — (347.6)— (58.5)(406.1)
Contributions from noncontrolling interest— — — — — — — 11.6 11.6 
Distributions to noncontrolling interest holders— — — — — — — (43.4)(43.4)
Common stock distributions declared— — — — — — (2,223.9)— (2,223.9)
Net income (loss)— — — — — — 1,398.4 (44.6)1,353.8 
BALANCE, SEPTEMBER 30, 2023477,164 $4.8 (11,004)$(1,301.2)$14,823.0 $(6,065.9)$(2,927.4)$6,701.2 $11,234.5 
BALANCE, JANUARY 1, 2024477,300 $4.8 (11,004)$(1,301.2)$14,872.9 $(5,739.5)$(3,638.8)$6,667.2 $10,865.4 
Stock-based compensation related activity928 0.0 — — 132.2 — — — 132.2 
Issuance of common stock- stock purchase plan52 0.0 — — 8.7 — — — 8.7 
Foreign currency translation adjustment, net of tax— — — — — (515.0)— 23.5 (491.5)
Reclassification of cumulative translation adjustments associated with sale of ATC TIPL— — — — — 1,072.3 — — 1,072.3 
Contributions from noncontrolling interest holders— — — — — — — 153.6 153.6 
Distributions to noncontrolling interest holders— — — — — — — (317.4)(317.4)
Common stock distributions declared— — — — — — (2,280.1)— (2,280.1)
Net income— — — — — — 1,025.4 24.3 1,049.7 
BALANCE, SEPTEMBER 30, 2024478,280 $4.8 (11,004)$(1,301.2)$15,013.8 $(5,182.2)$(4,893.5)$6,551.2 $10,192.9 

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
5
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying consolidated and condensed consolidated financial statements have been prepared by American Tower Corporation (together with its subsidiaries, “ATC” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial information included herein is unaudited. However, the Company believes that all adjustments, which are of a normal and recurring nature, considered necessary for a fair presentation of its financial position and results of operations for such periods have been included. The consolidated and condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the entire year.
Principles of Consolidation and Basis of Presentation—The accompanying consolidated and condensed consolidated financial statements include the accounts of the Company and those entities in which it has a controlling interest. Investments in entities that the Company does not control are accounted for using the equity method or as investments in equity securities, depending upon the Company’s ability to exercise significant influence over operating and financial policies. All intercompany accounts and transactions have been eliminated.
As of September 30, 2024, the Company holds (i) a 52% controlling interest in subsidiaries whose holdings consist of the Company’s operations in France, Germany and Spain (such subsidiaries collectively, “ATC Europe”) (Allianz and CDPQ (each as defined in note 11) hold the noncontrolling interests), (ii) a 51% controlling interest in a joint venture whose holdings consist of the Company’s operations in Bangladesh (Confidence Tower Holdings Ltd. (“Confidence Group”) holds the noncontrolling interest) and (iii) a controlling common equity interest of approximately 72% in the Company’s U.S. data center business (Stonepeak (as defined and further discussed in note 11) holds approximately 28% of the outstanding common equity and 100% of the outstanding mandatorily convertible preferred equity). As of September 30, 2024, ATC Europe holds an 87% and an 83% controlling interest in subsidiaries that consist of the Company’s operations in Germany and Spain, respectively (PGGM holds the noncontrolling interests). See note 11 for a discussion of changes to the Company’s noncontrolling interests during the nine months ended September 30, 2024 and 2023.
ATC TIPL Transaction—On September 12, 2024, the Company completed the sale of its subsidiary ATC Telecom Infrastructure Private Limited (“ATC TIPL”), which held the Company’s operations in India. The divestiture qualified for presentation as discontinued operations. See note 15 for further discussion. Prior to the divestiture and classification as discontinued operations, ATC TIPL’s operating results were included within the Asia-Pacific property segment. Historical financial information included in this Quarterly Report on Form 10-Q has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented.
Australia & New Zealand—During the three months ended September 30, 2024, the Company, through its subsidiary, ATC Asia Pacific Pte. Ltd., entered into agreements pursuant to which it expects to sell 100% of the ownership interests in its subsidiaries in Australia (“ATC Australia”) and New Zealand (“ATC New Zealand”) for total aggregate consideration of approximately $78.2 million as of the dates of signing, subject to certain adjustments. ATC Australia and ATC New Zealand’s operating results are included within the Asia-Pacific property segment. The divestitures will not qualify for presentation as discontinued operations.
Reportable Segments—The Company reports its results in seven segments – U.S. & Canada property, Asia-Pacific property, Africa property, Europe property, Latin America property, Data Centers and Services, which are discussed further in note 14.
Significant Accounting Policies—The Company’s significant accounting policies are described in note 1 to the Company’s consolidated financial statements included in the 2023 Form 10-K. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2024, other than those noted below.
Assets Held for Sale—The Company considers long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year, (e) the asset is being
6
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)
actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically, these criteria are all met when the relevant assets are under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer and there are no contingencies related to the sale that may prevent the transaction from closing.
Assets classified as held for sale are reported at the lesser of the carrying value, or estimated fair value, less estimated costs to sell and are not depreciated. The Company reassesses the fair value less costs to sell of assets held for sale in each reporting period in which they are classified as held for sale. Gains (losses) on held for sale assets are recorded in Other operating income in the accompanying consolidated statements of operations.
Discontinued Operations—The Company classifies the results of operations related to a disposal of assets and liabilities (“the disposal group”) in discontinued operations in the consolidated statements of operations if all of the following criteria are met: (a) the operations and cash flows of the disposal group can be clearly distinguished from the rest of the Company, (b) the disposal group meets the criteria to be classified as held for sale (as described above) or has been sold or disposed of by other means and (c) the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results.
The results of operations classified as discontinued operations are reported in Loss from discontinued operations, net of taxes in the accompanying consolidated statements of operations for all periods presented. Historical financial information included in the notes to the consolidated financial statements is adjusted to reflect the classification of results of operations as discontinued operations. See note 15 for a discussion of the results of operations classified as discontinued operations as of September 30, 2024.
Property and Equipment—The Company finalized its review of the estimated useful lives of its tower assets during the first quarter of 2024. The Company now has over 20 years of operating history, and determined that it should modify its current estimates for asset lives based on its historical operating experience. The Company retained an independent consultant to assist the Company in completing this review and analysis. The Company previously depreciated its towers on a straight-line basis over the shorter of the term of the underlying ground lease (including renewal options) taking into account residual value or the estimated useful life of the tower, which the Company had historically estimated to be 20 years. The Company determined that the estimated useful life of its tower assets is 30 years, before taking into account residual value. Additionally, certain of the Company’s intangible assets are amortized on a similar basis to its tower assets, as the estimated useful lives of such intangible assets correlate to the useful life of the towers. The Company accounted for the changes in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which were recorded prospectively beginning on January 1, 2024. On January 1, 2024, the Company began depreciating its towers and related intangible assets on a straight-line basis over the remaining estimated useful life of the tower, taking into account the extended useful life and residual value. The extension of the asset lives (i) resulted in an approximately $515 million increase in the right of use asset, as additional renewal options may be included, with an offsetting adjustment made to increase the related operating lease liability and (ii) is expected to result in an estimated $730 million decrease in depreciation and amortization expense for the year ended December 31, 2024.
Asset Retirement Obligations—The Company finalized its review of the estimated settlement dates for its asset retirement obligations during the nine months ended September 30, 2024. The Company now has over 20 years of operating history, and determined that it should modify its current estimated settlement dates based on its historical operating experience, management’s intent with respect to the assets, and the assets’ estimated useful lives. Based on its review and analysis, the Company concluded that a revision in the estimated settlement dates for its asset retirement obligations was appropriate. The Company accounted for the change in estimated settlement dates as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which was recorded prospectively beginning on January 1, 2024. The extension in the estimated settlement dates (i) resulted in a $470 million increase in the asset retirement obligation liability, with an offsetting adjustment made to the related long-lived tangible asset and an $875 million increase in the estimated undiscounted future cash outlay for asset retirement obligations, and (ii) is expected to result in an estimated $75 million decrease in accretion expense for the year ended December 31, 2024.
Adoption of Highly Inflationary Accounting in Ghana—The Ghanaian economy was deemed to be highly inflationary and, as a result, the Company adopted highly inflationary accounting as of January 1, 2024 for its subsidiary in Ghana. Under highly inflationary accounting, the functional currency of its subsidiary in Ghana will become the U.S. Dollar. All monetary and non-monetary assets and liabilities will be remeasured at the U.S. Dollar to Ghanaian Cedis exchange rate of 1 to 11.95 as of December 31, 2023. These amounts will become the new basis for those assets and liabilities as of January 1, 2024. Non-monetary assets and liabilities, as well as the corresponding income statement activities such as
7
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)
depreciation, amortization and equity, will continue to be measured at the historical exchange rate on December 31, 2023. Gains and losses on foreign currency arising in connection with the remeasurement of local currency denominated monetary assets and liabilities for foreign operating subsidiaries in economies that are deemed to be highly inflationary are reflected in Other expense in the consolidated statements of operations. This change is not expected to have a material impact on the Company’s financial statements, as Ghana’s assets and revenue are approximately 1% and 1% of consolidated assets and revenue, respectively.
Cash and Cash Equivalents and Restricted Cash—The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
Nine Months Ended September 30,
20242023
Cash and cash equivalents$2,150.3 $1,985.8 
Restricted cash131.9 111.6 
Cash and cash equivalents included in assets of discontinued operations— 133.1 
Restricted cash included in assets of discontinued operations— 1.1 
Total cash, cash equivalents and restricted cash$2,282.2 $2,231.6 
Revenue—The Company’s revenue is derived from leasing the right to use its communications sites, the land on which the sites are located, the land underlying its customers’ sites and the space in its data center facilities (the “lease component”) and from the reimbursement of costs incurred by the Company in operating the communications sites and data center facilities and supporting its customers’ equipment as well as other services and contractual rights (the “non-lease component”). Most of the Company’s revenue is derived from leasing arrangements and is accounted for as lease revenue unless the timing and pattern of revenue recognition of the non-lease component differs from the lease component. If the timing and pattern of the non-lease component revenue recognition differs from that of the lease component, the Company separately determines the stand-alone selling prices and pattern of revenue recognition for each performance obligation. Revenue related to distributed antenna system (“DAS”) networks and fiber and other related assets results from agreements with customers that are generally not accounted for as leases.
Non-lease property revenue—Non-lease property revenue consists primarily of revenue generated from DAS networks, fiber and other property related revenue. DAS networks and fiber arrangements generally require that the Company provide the tenant the right to use available capacity on the applicable communications infrastructure. Performance obligations are satisfied over time for the duration of the arrangements. Non-lease property revenue also includes revenue generated from interconnection offerings in the Company’s data center facilities. Interconnection offerings are generally contracted on a month-to-month basis and are cancellable by the Company or the data center customer at any time. Performance obligations are satisfied over time for the duration of the arrangements. Other property related revenue streams, which include site inspections, are not material on either an individual or consolidated basis. There were no material changes in the receivables, contract assets and contract liabilities from contracts with customers for the three and nine months ended September 30, 2024.
Services revenue—The Company offers tower-related services in the United States. These services include site application, zoning and permitting (“AZP”), structural and mount analyses, and construction management. There is a single performance obligation related to AZP and construction management, and revenue is recognized over time based on milestones achieved, which are determined based on costs expected to be incurred. Structural and mount analyses services may have more than one performance obligation, contingent upon the number of contracted services. Revenue is recognized at the point in time the services are completed.
A summary of revenue disaggregated by source and geography is as follows:
Three Months Ended September 30, 2024U.S. & CanadaAsia-Pacific (1)AfricaEuropeLatin AmericaData CentersTotal
Non-lease property revenue$67.6 $— $6.4 $4.4 $25.6 $34.0 $138.0 
Services revenue52.4 — — — — — 52.4 
Total non-lease revenue$120.0 $— $6.4 $4.4 $25.6 $34.0 $190.4 
Property lease revenue1,250.4 5.7 290.5 208.4 377.2 199.7 2,331.9 
Total revenue$1,370.4 $5.7 $296.9 $212.8 $402.8 $233.7 $2,522.3 
8
AMERICAN TOWER CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(tabular amounts in millions, unless otherwise noted)
_______________
(1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 15 for further discussion.

Three Months Ended September 30, 2023U.S. & CanadaAsia-Pacific (1)AfricaEuropeLatin AmericaData CentersTotal
Non-lease property revenue$91.3 $— $5.8 $3.0 $29.8 $29.6 $159.5 
Services revenue26.2 — — — — — 26.2 
Total non-lease revenue$117.5 $— $5.8 $3.0 $29.8 $29.6 $185.7 
Property lease revenue1,233.2 4.8 287.9 197.4 429.8 182.3 2,335.4 
Total revenue$1,350.7 $4.8 $293.7 $200.4 $459.6 $211.9 $2,521.1 
_______________
(1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 15 for further discussion.
Nine Months Ended September 30, 2024U.S. & CanadaAsia-Pacific (1)AfricaEuropeLatin AmericaData CentersTotal
Non-lease property revenue$217.7 $— $18.7 $13.1 $81.9 $98.4 $429.8 
Services revenue130.0 — — — — — 130.0 
Total non-lease revenue$347.7 $— $18.7 $13.1 $81.9 $98.4 $559.8 
Property lease revenue3,726.4 16.1 864.1 607.4 1,215.1 590.7 7,019.8 
Total revenue$4,074.1 $16.1 $882.8 $620.5 $