AMERICAN TOWER CORP /MA/AMT
AMERICAN TOWER CORP /MA/ Goodwill & Intangibles Disclosure
GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying value of goodwill for each of the Company’s business segments were as follows:
| Property | Services | Total | ||||||||||||||||||||||||||||||||||||||||||
| U.S. & Canada | Africa & APAC (1) | Europe | Latin America | Data Centers | ||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2023 | $ | 4,638.6 | $ | 504.9 | $ | 3,051.9 | $ | 966.1 | $ | 2,920.0 | $ | 2.0 | $ | 12,083.5 | ||||||||||||||||||||||||||||||
| Effect of foreign currency translation | (3.9) | 11.6 | (189.6) | (133.5) | — | — | (315.4) | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | $ | 4,634.7 | $ | 516.5 | $ | 2,862.3 | $ | 832.6 | $ | 2,920.0 | $ | 2.0 | $ | 11,768.1 | ||||||||||||||||||||||||||||||
| Other (2) | — | (6.1) | — | — | — | — | (6.1) | |||||||||||||||||||||||||||||||||||||
| Impairments (3) | — | (6.5) | — | — | — | — | (6.5) | |||||||||||||||||||||||||||||||||||||
| Effect of foreign currency translation | 2.1 | 18.0 | 385.0 | 94.9 | — | — | 500.0 | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | $ | 4,636.8 | $ | 521.9 | $ | 3,247.3 | $ | 927.5 | $ | 2,920.0 | $ | 2.0 | $ | 12,255.5 | ||||||||||||||||||||||||||||||
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(1) Excludes goodwill associated with the India reporting unit, which is reported as discontinued operations. See note 21 for further discussion.
(2) Other represents the goodwill associated with the sale of South Africa Fiber, which was sold during the year ended December 31, 2025.
(3) Includes $6.5 million of goodwill impairments associated with the Bangladesh reporting unit.
Goodwill Impairment
The Company reviews goodwill for impairment annually (as of December 31) or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable, as further discussed in note 1.
For the year ended December 31, 2025, the Company estimated the fair value of the Bangladesh reporting unit using, among other things, indications of value received from third parties in connection with the Company’s review of various strategic alternatives for its Bangladesh operations. As a result, the Company recorded a goodwill impairment charge of $6.5 million. The goodwill impairment charge is recorded in Other operating expense in the consolidated statements of operations for the year ended December 31, 2025.
The Company’s other intangible assets subject to amortization consisted of the following:
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| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
| Estimated Useful Lives (years) | Gross Carrying Value | Accumulated Amortization | Net Book Value | Gross Carrying Value | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||||||||||||||
| Acquired network location intangibles (1) | Up to 30 | $ | 5,511.3 | $ | (2,798.4) | $ | 2,712.9 | $ | 5,365.4 | $ | (2,659.8) | $ | 2,705.6 | ||||||||||||||||||||||||||||
| Acquired tenant-related intangibles | Up to 30 | 18,636.8 | (7,609.3) | 11,027.5 | 17,666.0 | (6,823.7) | 10,842.3 | ||||||||||||||||||||||||||||||||||
| Acquired licenses and other intangibles | 2-30 | 1,332.8 | (542.5) | 790.3 | 1,406.8 | (480.4) | 926.4 | ||||||||||||||||||||||||||||||||||
| Total other intangible assets | $ | 25,480.9 | $ | (10,950.2) | $ | 14,530.7 | $ | 24,438.2 | $ | (9,963.9) | $ | 14,474.3 | |||||||||||||||||||||||||||||
(1) Acquired network location intangibles are amortized over the remaining estimated useful life of the tower, taking into account residual value, generally up to 30 years, as the Company considers these intangibles to be directly related to the tower assets.
The acquired network location intangibles represent the value to the Company of the incremental revenue growth that could potentially be obtained from leasing the excess capacity on acquired tower communications infrastructure. The acquired tenant-related intangibles typically represent the value to the Company of tenant contracts and relationships in place at the time of an acquisition or similar transaction, including assumptions regarding estimated renewals. Other intangibles represent the value of acquired licenses, trade name and in place leases. In place lease value represents the fair value of costs avoided in securing data center customers, including vacancy periods, legal costs and commissions. In place lease value also includes assumptions on similar costs avoided upon the renewal or extension of existing leases on a basis consistent with occupancy assumptions used in the fair value of other assets.
The Company amortizes its acquired intangible assets on a straight-line basis over their estimated useful lives. As of December 31, 2025, the remaining weighted average amortization period of the Company’s intangible assets was 20 years.
Amortization of intangible assets for the years ended December 31, 2025, 2024 and 2023 was $879.7 million, $892.0 million and $1.4 billion, respectively.
Based on current exchange rates, the Company expects to record amortization expense as follows over the next five years:
| Fiscal Year | Amount | |||||||
| 2026 | $ | 852.1 | ||||||
| 2027 | 834.9 | |||||||
| 2028 | 825.6 | |||||||
| 2029 | 808.9 | |||||||
| 2030 | 797.1 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.