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SEC Filings

10-Q
 filed this Form 10-Q on 10/31/2017
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AMERICAN TOWER CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
Nine Months Ended September 30,
 
 
2017
 
2016
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net income
 
$
1,030,584

 
$
737,506

Adjustments to reconcile net income to cash provided by operating activities
 
 
 
 
Depreciation, amortization and accretion
 
1,249,849

 
1,137,398

Stock-based compensation expense
 
86,423

 
70,212

Loss (gain) on early retirement of long-term obligations
 
69,897

 
(830
)
Other non-cash items reflected in statements of operations
 
(6,574
)
 
120,170

(Increase) decrease in restricted cash
 
(4,822
)
 
4,126

Increase in net deferred rent balances
 
(106,048
)
 
(51,762
)
Increase in assets
 
(265,641
)
 
(8,863
)
Increase (decrease) in liabilities
 
78,084

 
(29,526
)
Cash provided by operating activities
 
2,131,752

 
1,978,431

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Payments for purchase of property and equipment and construction activities
 
(554,967
)
 
(475,174
)
Payments for acquisitions, net of cash acquired
 
(956,943
)
 
(1,309,915
)
Payment for Verizon transaction
 

 
(4,748
)
Proceeds from sale of short-term investments and other non-current assets
 
10,144

 
4,459

Deposits, restricted cash, investments and other
 
(8,730
)
 
(824
)
Cash used for investing activities
 
(1,510,496
)
 
(1,786,202
)
CASH FLOW FROM FINANCING ACTIVITIES
 
 
 
 
Repayments of short-term borrowings, net
 

 
(7,337
)
Borrowings under credit facilities
 
3,667,020

 
1,600,283

Proceeds from issuance of senior notes, net
 
1,279,435

 
3,236,383

Repayments of notes payable, credit facilities, senior notes, term loan and capital leases
 
(4,295,715
)
 
(4,116,645
)
Contributions from (distributions to) noncontrolling interest holders, net
 
264,685

 
(700
)
Purchases of common stock
 
(669,690
)
 

Proceeds from stock options and ESPP
 
105,717

 
76,601

Distributions paid on common stock
 
(789,522
)
 
(651,966
)
Distributions paid on preferred stock
 
(72,468
)
 
(80,344
)
Payment for early retirement of long-term obligations
 
(75,274
)
 
(125
)
Deferred financing costs and other financing activities
 
(28,114
)
 
(29,423
)
Cash (used for) provided by 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

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
 
787,161

 
320,686

CASH AND CASH EQUIVALENTS, END OF PERIOD
 
$
799,467

 
$
530,358

CASH PAID FOR INCOME TAXES (NET OF REFUNDS OF $19,832 AND $16,219, RESPECTIVELY)
 
$
87,672

 
$
71,868

CASH PAID FOR INTEREST
 
$
584,310

 
$
516,382

NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
 
Increase (decrease) in accounts payable and accrued expenses for purchases of property and equipment and construction activities
 
$
21,019

 
$
(36,609
)
Purchases of property and equipment under capital leases
 
$
33,713

 
$
37,049

See accompanying notes to unaudited consolidated and condensed consolidated financial statements.

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