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DISCONTINUED OPERATIONS | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On January 4, 2024, the Company, through its subsidiaries ATC Asia Pacific Pte. Ltd. and ATC Telecom Infrastructure Private Limited (“ATC TIPL”), entered into an agreement with Data Infrastructure Trust (“DIT”), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT agreed to acquire a 100% ownership interest in ATC TIPL (the “ATC TIPL Transaction”). Per the terms of the agreement, total aggregate consideration represented up to approximately 210 billion Indian Rupees (“INR”) (approximately $2.5 billion), including the value of the VIL OCDs and the VIL Shares (each as defined and further discussed below), payments on certain existing customer receivables, the repayment of existing intercompany debt and the repayment, or assumption, of the Company’s existing term loan in India, by DIT. During the year ended December 31, 2024, ATC TIPL distributed approximately 29.6 billion INR (approximately $354.1 million) to the Company, which included the value of the VIL Shares and the VIL OCDs and the satisfaction of the economic benefit associated with the rights to payments on certain existing customer receivables. The distributions were deducted from the total aggregate consideration received by the Company at closing. The ATC TIPL Transaction received all government and regulatory approvals during the three months ended September 30, 2024, and on September 12, 2024, the Company completed the sale of ATC TIPL and received total consideration of 182 billion INR (approximately $2.2 billion). The Company used the proceeds from the ATC TIPL Transaction to repay existing indebtedness under the 2021 Multicurrency Credit Facility. The Company recorded a loss on the sale of ATC TIPL of $1.2 billion during the three months ended September 30, 2024, which primarily included the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion.
Proceeds received at closing | $ | 2,158.8 |  |  |  |  |  |  |
Net assets at closing | (2,257.6) |  |  |  |  |  |  |
Loss on sale | $ | (98.8) |  |  |  |  |  |  |
Deal costs | (20.5) |  |  |  |  |  |  |
Contingent liability for tax indemnification | (53.9) |  |  |  |  |  |  |
Reclassification of cumulative translation adjustment | (1,072.3) |  |  |  |  |  |  |
Total loss on sale included in loss from discontinued operations, net of taxes | $ | (1,245.5) |  |  |  |  |  |  |
The following table presents key components of Income from discontinued operations, net of taxes in the consolidated statements of operations:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Revenue | $ | — |  |  | $ | 321.5 |  |  |  |  |
Cost of operations | — |  |  | (169.4) |  |  |  |  |
Depreciation, amortization and accretion | — |  |  | (40.6) |  |  |  |  |
Selling, general, administrative and development expense | — |  |  | (12.7) |  |  |  |  |
Other operating expense | — |  |  | (3.2) |  |  |  |  |
Operating income | — |  |  | 95.6 |  |  |  |  |
Interest income | — |  |  | 17.0 |  |  |  |  |
Interest expense | — |  |  | (2.9) |  |  |  |  |
Other expense, net | — |  |  | (0.1) |  |  |  |  |
Income from discontinued operations before taxes | $ | — |  |  | $ | 109.6 |  |  |  |  |
Income tax provision | — |  |  | (17.9) |  |  |  |  |
Income from discontinued operations, net of taxes | $ | — |  |  | $ | 91.7 |  |  |  |  |
The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The following table presents key cash flow and non-cash information related to discontinued operations.
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |
Capital expenditures | — |  |  | (26.2) |  |  |
Significant non-cash items: |  |  |  |  |
Depreciation, amortization and accretion | — |  |  | 40.6 |  |  |
Stock-based compensation expense | — |  |  | 2.1 |  |  |
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | — |  |  | (1.6) |  |  |
Loss (gain) on investments, unrealized foreign currency loss (gain) and other non-cash expense | — |  |  | 0.5 |  |  |
VIL Optionally Convertible Debentures—In February 2023, and as amended in August 2023, one of the Company’s customers in India, Vodafone Idea Limited (“VIL”), issued optionally convertible debentures (the “VIL OCDs”) to the Company’s subsidiary, ATC TIPL, in exchange for VIL’s payment of certain amounts towards accounts receivables. The VIL OCDs were (a) to be repaid by VIL with interest or (b) convertible into equity of VIL. The VIL OCDs were issued for an aggregate face value of 16.0 billion INR (approximately $193.2 million on the date of issuance). The VIL OCDs were to mature in tranches with 8.0 billion INR (approximately $96.6 million on the date of issuance) maturing on August 27, 2023 and 8.0 billion INR (approximately $96.6 million on the date of issuance) maturing on August 27, 2024. In August 2023, the Company amended the agreements governing the VIL OCDs to, among other items, extend the maturity of the first tranche of the VIL OCDs to August 27, 2024. The fair value of the VIL OCDs at issuance was approximately $116.5 million. The VIL OCDs accrued interest at a rate of 11.2% annually. Interest was payable to ATC TIPL semi-annually, with the first payment received in September 2023. On March 23, 2024, the Company converted an aggregate face value of 14.4 billion INR (approximately $172.7 million) of VIL OCDs into 1,440 million shares of equity of VIL (the “VIL Shares”). On April 29, 2024, the Company completed the sale of 1,440 million VIL Shares at a price of 12.78 INR per share. The net proceeds for this transaction were approximately 18.0 billion INR (approximately $216.0 million at the date of settlement) after deducting commissions and fees. On June 5, 2024, the Company completed the sale of the remaining aggregate face value of 1.6 billion INR (approximately $19.2 million) of the VIL OCDs. The net proceeds for this transaction, excluding accrued interest, were approximately 1.8 billion INR (approximately $22.0 million at the date of settlement) after deducting fees. During the year ended December 31, 2024, the Company recognized a gain of $46.4 million on the sales of the VIL Shares and the VIL OCDs. None of the VIL Shares nor the VIL OCDs remained outstanding.

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