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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, 2021.
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Commission File Number: 001-14195
AMERICAN TOWER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 65-0723837
(State or other jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
116 Huntington Avenue
Boston, Massachusetts 02116
(Address of principal executive offices)
Telephone Number (617375-7500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class Trading Symbol(s)Name of exchange on which registered
Common Stock, $0.01 par value 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
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
1.000% Senior Notes due 2032AMT 32New York Stock Exchange
1.250% Senior Notes due 2033AMT 33New 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 21, 2021, there were 455,413,697 shares of common stock outstanding.



AMERICAN TOWER CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2021

 
 Page Nos.
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
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, 2021December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$3,277.2 $1,746.3 
Restricted cash422.1 115.1 
Accounts receivable, net750.6 511.6 
Prepaid and other current assets592.0 532.6 
Total current assets5,041.9 2,905.6 
PROPERTY AND EQUIPMENT, net14,268.1 12,808.7 
GOODWILL10,480.8 7,282.7 
OTHER INTANGIBLE ASSETS, net18,768.4 13,839.8 
DEFERRED TAX ASSET150.2 123.1 
DEFERRED RENT ASSET2,403.3 2,084.3 
RIGHT-OF-USE ASSET9,021.9 7,789.2 
NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS395.4 400.1 
TOTAL$60,530.0 $47,233.5 
LIABILITIES
CURRENT LIABILITIES:
Accounts payable$217.4 $139.1 
Accrued expenses1,165.4 1,043.7 
Distributions payable602.2 544.6 
Accrued interest250.2 207.8 
Current portion of operating lease liability734.3 539.9 
Current portion of long-term obligations2,106.4 789.8 
Unearned revenue1,448.2 390.6 
Total current liabilities6,524.1 3,655.5 
LONG-TERM OBLIGATIONS31,439.0 28,497.7 
OPERATING LEASE LIABILITY7,863.2 6,884.4 
ASSET RETIREMENT OBLIGATIONS1,930.2 1,571.3 
DEFERRED TAX LIABILITY1,927.5 859.5 
OTHER NON-CURRENT LIABILITIES1,157.6 984.6 
Total liabilities50,841.6 42,453.0 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS211.4 212.1 
EQUITY (shares in thousands):
Common stock: $.01 par value; 1,000,000 shares authorized; 466,324 and 455,245 shares issued; and 455,409 and 444,330 shares outstanding, respectively
4.7 4.6 
Additional paid-in capital12,081.3 10,473.7 
Distributions in excess of earnings(960.4)(1,343.0)
Accumulated other comprehensive loss(4,432.0)(3,759.4)
Treasury stock (10,915 shares at cost)
(1,282.4)(1,282.4)
Total American Tower Corporation equity5,411.2 4,093.5 
Noncontrolling interests4,065.8 474.9 
Total equity9,477.0 4,568.4 
TOTAL$60,530.0 $47,233.5 
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,
 2021202020212020
REVENUES:
Property$2,368.9 $1,987.6 $6,731.6 $5,854.0 
Services85.4 25.3 180.1 65.0 
Total operating revenues2,454.3 2,012.9 6,911.7 5,919.0 
 OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below):
 Property693.4 552.1 1,880.0 1,626.5 
 Services30.9 10.5 66.5 28.1 
Depreciation, amortization and accretion611.4 473.9 1,688.7 1,401.1 
Selling, general, administrative and development expense205.9 176.0 595.7 582.4 
Other operating expenses85.2 15.3 175.4 67.7 
Total operating expenses1,626.8 1,227.8 4,406.3 3,705.8 
OPERATING INCOME827.5 785.1 2,505.4 2,213.2 
OTHER INCOME (EXPENSE):
Interest income9.4 9.7 28.4 28.2 
Interest expense(226.1)(190.9)(646.8)(597.4)
Loss on retirement of long-term obligations (37.2)(25.7)(71.8)
Other income (expense) (including foreign currency gains (losses) of $180.5, $(49.4), $422.1, and $(152.7) respectively)
166.8 (64.5)439.6 (170.8)
Total other expense(49.9)(282.9)(204.5)(811.8)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES777.6 502.2 2,300.9 1,401.4 
Income tax provision(51.4)(39.3)(174.5)(71.5)
NET INCOME726.2 462.9 2,126.4 1,329.9 
Net (income) loss attributable to noncontrolling interests(3.2)1.5 (12.1)(4.4)
NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION COMMON STOCKHOLDERS$723.0 $464.4 $2,114.3 $1,325.5 
NET INCOME PER COMMON SHARE AMOUNTS:
Basic net income attributable to American Tower Corporation common stockholders$1.59 $1.05 $4.70 $2.99 
Diluted net income attributable to American Tower Corporation common stockholders$1.58 $1.04 $4.68 $2.97 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in thousands):
BASIC455,224 443,766 450,148 443,420 
DILUTED456,977 446,156 451,981 446,008 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
2


AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income$726.2 $462.9 $2,126.4 $1,329.9 
Other comprehensive income (loss):
Changes in fair value of cash flow hedges, each net of tax expense of $0
 (0.1)(0.0)(0.2)
Reclassification of unrealized losses on cash flow hedges to net income, each net of tax expense of $0
 0.1 0.1 0.2 
Foreign currency translation adjustments, net of tax expense (benefit) of $0.0, $(0.0), $(0.0) and $(0.0), respectively.
(622.0)115.0 (826.9)(1,222.7)
Other comprehensive (loss) income(622.0)115.0 (826.8)(1,222.7)
Comprehensive income104.2 577.9 1,299.6 107.2 
Comprehensive loss (income) attributable to noncontrolling interests89.7 (30.2)94.6 (7.1)
Allocation of accumulated other comprehensive income (loss) resulting from purchases of noncontrolling interest and redeemable noncontrolling interests  47.5 (142.2)
Comprehensive income (loss) attributable to American Tower Corporation stockholders$193.9 $547.7 $1,441.7 $(42.1)
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.


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AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Nine Months Ended September 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$2,126.4 $1,329.9 
Adjustments to reconcile net income to cash provided by operating activities
Depreciation, amortization and accretion1,688.7 1,401.1 
Stock-based compensation expense98.0 99.0 
Loss on early retirement of long-term obligations25.7 71.8 
Other non-cash items reflected in statements of operations(340.8)248.1 
Increase in net deferred rent balances(324.3)(178.9)
Right-of-use asset and Operating lease liability, net13.9 0.2 
Changes in unearned revenue995.1 12.0 
Increase in assets(201.6)(148.9)
Increase (decrease) in liabilities59.9 (85.2)
Cash provided by operating activities4,141.0 2,749.1 
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for purchase of property and equipment and construction activities(916.7)(668.8)
Payments for acquisitions, net of cash acquired(9,595.3)(333.6)
Proceeds from sale of short-term investments and other non-current assets13.8 14.7 
Payment for investments in equity securities(25.0) 
Deposits and other(1.3)17.1 
Cash used for investing activities(10,524.5)(970.6)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit facilities7,666.9 5,380.4 
Proceeds from issuance of senior notes, net5,609.4 6,232.1 
Proceeds from term loans2,347.0 1,940.0 
Repayments of notes payable, credit facilities, senior notes, secured debt, term loans and finance leases(10,752.8)(12,918.1)
Distributions to noncontrolling interest holders(223.1)(13.8)
Contributions from noncontrolling interest holders3,078.2  
Purchases of common stock (56.0)
Proceeds from stock options and employee stock purchase plan60.4 82.5 
Distributions paid on common stock(1,674.4)(1,421.8)
Proceeds from the issuance of common stock, net2,361.8  
Payment for early retirement of long-term obligations(61.9)(68.2)
Deferred financing costs and other financing activities(126.2)(152.1)
Purchase of redeemable noncontrolling interest(2.5)(524.4)
Cash provided by (used for) financing activities8,282.8 (1,519.4)
Net effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash(61.4)(106.9)
NET INCREASE IN CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH1,837.9 152.2 
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD1,861.4 1,578.0 
CASH AND CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$3,699.3 $1,730.2 
CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $35.2 AND $24.2, RESPECTIVELY)
$121.1 $86.0 
CASH PAID FOR INTEREST$576.9 $643.4 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment under finance leases and perpetual easements    $42.2 $48.7 
Decrease in accounts payable and accrued expenses for purchases of property and equipment and construction activities$(0.4)$(16.7)
Settlement of third-party debt$(9.0)$(5.0)
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.
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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, 2020 and 2021Issued
Shares
AmountSharesAmount
BALANCE, JULY 1, 2020454,476 $4.5 (10,915)$(1,282.4)$10,297.8 $(4,274.5)$(1,125.1)$440.0 $4,060.3 
Stock-based compensation related activity629 0.0 — — 71.8 — — — 71.8 
Changes in fair value of cash flow hedges, net of tax— — — — — (0.1)— — (0.1)
Reclassification of unrealized losses on cash flow hedges to net income, net of tax— — — — — 0.1 — — 0.1 
Foreign currency translation adjustment, net of tax— — — — — 83.3 — 18.9 102.2 
Distributions to noncontrolling interest holders— — — — — — — (0.2)(0.2)
Common stock distributions declared— — — — — — (508.1)— (508.1)
Net income (loss)— — — — — — 464.4 (1.3)463.1 
BALANCE, SEPTEMBER 30, 2020455,105 $4.5 (10,915)$(1,282.4)$10,369.6 $(4,191.2)$(1,168.8)$457.4 $4,189.1 
BALANCE, JULY 1, 2021465,946 $4.7 (10,915)$(1,282.4)$12,019.8 $(3,902.9)$(1,085.0)$1,069.2 $6,823.4 
Stock-based compensation related activity378 0.0 — — 61.5 — — — 61.5 
Foreign currency translation adjustment, net of tax— — — — — (529.1)— (93.2)(622.3)
Contributions from noncontrolling interest holders— — — — — — — 3,078.2 3,078.2 
Distributions to noncontrolling interest holders— — — — — — — (0.1)(0.1)
Purchase of noncontrolling interest— — — — — — — 10.2 10.2 
Common stock distributions declared— — — — — — (598.4)— (598.4)
Net income— — — — — — 723.0 1.5 724.5 
BALANCE, SEPTEMBER 30, 2021466,324 $4.7 (10,915)$(1,282.4)$12,081.3 $(4,432.0)$(960.4)$4,065.8 $9,477.0 
See accompanying notes to unaudited consolidated and condensed consolidated financial statements.



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