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SEC Filings

10-Q
 filed this Form 10-Q on 10/31/2017
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Liquidity and Capital Resources
The information in this section updates as of September 30, 2017 the “Liquidity and Capital Resources” section of the 2016 Form 10-K and should be read in conjunction with that report.
 
Overview
As a holding company, our cash flows are derived primarily from the operations of, and distributions from, our operating subsidiaries or funds raised through borrowings under our credit facilities and debt or equity offerings.
The following table summarizes the significant components of our liquidity (in thousands):
 
As of September 30, 2017
Available under the 2013 Credit Facility
$
790,104

Available under the 2014 Credit Facility
945,000

Letters of credit
(10,967
)
Total available under credit facilities, net
1,724,137

Cash and cash equivalents
799,467

Total liquidity
$
2,523,604

Subsequent to September 30, 2017, we borrowed an additional $445.0 million under our multicurrency senior unsecured revolving credit facility entered into in June 2013, as amended (the “2013 Credit Facility”), and $245.0 million under our multicurrency senior unsecured revolving credit facility entered into in January 2012 and amended and restated in September 2014, as further amended (the “2014 Credit Facility”). The borrowings were used to fund the acquisition of over 500 sites in the United States and for general corporate purposes.
Summary cash flow information is set forth below (in thousands):
 
Nine Months Ended September 30,
 
2017
 
2016
Net cash provided by (used for):
 
 
 
Operating activities
$
2,131,752

 
$
1,978,431

Investing activities
(1,510,496
)
 
(1,786,202
)
Financing activities
(613,926
)
 
26,727

Net effect of changes in foreign currency exchange rates on cash and cash equivalents
4,976

 
(9,284
)
Net increase in cash and cash equivalents
$
12,306

 
$
209,672

We use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Internal Revenue Code of 1986, as amended. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions.
As of September 30, 2017, we had total outstanding indebtedness of $19.4 billion with a current portion of $0.7 billion. During the nine months ended September 30, 2017, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe cash generated by operating activities during the year ending December 31, 2017, together with our borrowing capacity under our credit facilities, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of September 30, 2017, we had $636.8 million of cash and cash equivalents held by our foreign subsidiaries, of which $236.6 million was held by our joint ventures and minority interest holders. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay taxes.

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