GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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:


		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

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(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

AMERICAN TOWER CORP /MA/ 10-K