v3.8.0.1
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Schedule of merger and acquisition related costs
During the years ended December 31, 2017, 2016 and 2015, the Company recorded the following acquisition and merger related expenses for business combinations and integration costs:
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
Acquisition and merger related expenses
 
$
16.3

 
$
15.9

 
$
18.8

Integration costs
 
$
11.5

 
$
9.9

 
$
18.1
Schedule of recognized identified assets acquired and liabilities assumed
The following table summarizes the allocations of the purchase prices for the fiscal year 2017 acquisitions based upon their estimated fair value at the date of acquisition:
 
 
EMEA
 
Latin America
 
 
 
 
FPS Towers France (1)
 
Mexico (1)
 
Other (2) (3)
 
 
Final Allocation
 
Preliminary Allocation
 
 
Current assets
 
$
34.5

 
$
44.4

 
$
12.7

Non-current assets
 
15.0

 
—

 
19.7

Property and equipment
 
122.9

 
94.0

 
290.0

Intangible assets (4):
 
 
 
 
 
 
     Tenant-related intangible assets
 
440.7

 
153.3

 
364.7

     Network location intangible assets
 
113.0

 
—

 
154.3

     Other intangible assets
 
8.5

 
22.0

 
—

Current liabilities
 
(29.0
)
 
(28.8
)
 
(10.5
)
Deferred tax liability
 
(135.4
)
 
(38.8
)
 
(2.7
)
Other non-current liabilities
 
(19.9
)
 
(4.5
)
 
(14.2
)
Net assets acquired
 
550.3

 
241.6

 
814.0

Goodwill (5)
 
220.9

 
264.2

 
—

Fair value of net assets acquired
 
771.2

 
505.8

 
814.0

Debt assumed
 
—

 
—

 
—

Purchase price
 
$
771.2

 
$
505.8

 
$
814.0

_______________
(1)
Accounted for as a business combination.
(2)
Accounted for as asset acquisitions.
(3)
Includes 127 sites in Peru held pursuant to long-term capital leases.
(4)
Tenant-related intangible assets, network location intangible assets and other intangible assets are amortized on a straight-line basis over periods of up to 20 years.
(5)
Primarily results from purchase accounting adjustments, which are not deductible for tax purposes.

The following table summarizes the preliminary and updated allocations of the purchase prices paid and the amounts of assets acquired and liabilities assumed for the fiscal year 2016 acquisitions based upon their estimated fair value at the date of acquisition. Balances are reflected in the accompanying consolidated balance sheet as of December 31, 2017.

 
 
Preliminary Allocation (1)
 
Updated Allocation
 
 
Asia
 
Other (2)
 
Asia
 
Other (2)
 
 
Viom
 
 
Viom (3)
 
Current assets
 
$
276.6

 
$
25.5

 
$
281.9

 
$
24.5

Non-current assets
 
57.6

 
2.3

 
52.3

 
2.3

Property and equipment
 
702.0

 
81.5

 
705.8

 
81.5

Intangible assets (4):
 
 
 
 
 
 
 
 
     Tenant-related intangible assets
 
1,369.6

 
105.6

 
1,369.6

 
105.6

     Network location intangible assets
 
666.4

 
83.6

 
666.4

 
83.6

Current liabilities
 
(195.9
)
 
(14.8
)
 
(201.1
)
 
(14.8
)
Deferred tax liability
 
(619.1
)
 
(43.8
)
 
(619.1
)
 
(43.4
)
Other non-current liabilities
 
(102.8
)
 
(29.4
)
 
(101.8
)
 
(29.4
)
Net assets acquired
 
2,154.4

 
210.5

 
2,154.0

 
209.9

Goodwill (5)
 
881.8

 
93.9

 
882.2

 
94.5

Fair value of net assets acquired
 
3,036.2

 
304.4

 
3,036.2

 
304.4

Debt assumed
 
(786.8
)
 
—

 
(786.8
)
 
—

Redeemable noncontrolling interests
 
(1,100.9
)
 
—

 
(1,100.9
)
 
—

Purchase Price
 
$
1,148.5

 
$
304.4

 
$
1,148.5

 
$
304.4

_______________
(1)
As reported for the year ended December 31, 2016.
(2)
Of the total purchase price, $12.1 million was reflected in Accounts payable in the consolidated balance sheet as of December 31, 2016.
(3)
The allocation of the purchase price for the Viom Acquisition was finalized during the year ended December 31, 2017.
(4)
Tenant-related intangible assets and network location intangible assets are amortized on a straight-line basis over periods of up to 20 years.
(5)
Primarily results from purchase accounting adjustments, which are at least partially deductible for tax purposes.
Schedule of pro forma information
The following table presents the unaudited pro forma financial results as if the 2017 acquisitions had occurred on January 1, 2016 and the 2016 acquisitions had occurred on January 1, 2015. The pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.
 
 
Year Ended December 31,
 
 
2017
 
2016
Pro forma revenues
 
$
6,775.3

 
$
6,240.6

Pro forma net income attributable to American Tower Corporation common stockholders
 
$
1,145.5

 
$
822.8

Pro forma net income per common share amounts:
 
 
 
 
Basic net income attributable to American Tower Corporation common stockholders
 
$
2.68

 
$
1.94

Diluted net income attributable to American Tower Corporation common stockholders
 
$
2.65

 
$
1.92
Schedule of contingent consideration changes
A summary of the value of the Company’s contingent consideration obligations are as follows:
 
 
 
 
 
 
Year Ended December 31, 2017
 
 
Maximum
potential value (1)
 
Estimated value at
December 31, 2017
 
Additions
 
Settlements
 
Change in Fair Value
Colombia
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(5.4
)
Ghana
 
0.6

 
0.6

 
—

 
—

 
0.0
South Africa
 
9.1

 
9.1

 
—

 
—

 
(0.9
)
United States
 
0.4

 
0.4

 
—

 
—

 
0.0
Total
 
$
10.1

 
$
10.1

 
$
—

 
$
—

 
$
(6.3
)
_______________
(1)
The maximum potential value is based on exchange rates at December 31, 2017. The minimum value would be no less than $9.1 million.
The changes in fair value of the contingent consideration were as follows during the years ended December 31,:
 
 
2017
 
2016
Balance as of January 1
$
15.4

 
$
12.4

Additions
—

 
8.8

Settlements
—

 
(0.3
)
Change in fair value
(6.3
)
 
(6.4
)
Foreign currency translation adjustment
1.0

 
0.9

Balance as of December 31
$
10.1

 
$
15.4