Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 37

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 37
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 changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. If indicators exist and the fair value of the investment is less than the carrying amount, an impairment charge will be recorded. The Company did not recognize any impairment loss associated with its investments during the year ended December 31, 2024. During the years December 31, 2023 and 2022, the Company recognized an impairment loss of $4.7 million and $0.9 million, respectively, associated with its investments. Fair Value of Financial Instruments— The carrying values of cash and cash equivalents, accounts receivable, restricted cash, accounts payable, and short-term investments approximate their estimated fair values due to the short maturity of these instruments. The Company’s estimate of its short-term investments is based primarily upon Level 1 reported market values. As of December 31, 2024 and 2023, the Company had $254.5 million and $1.0 million of short-term investments, respectively. The Company purchased $1.8 billion and sold $1.5 billion of short-term investments during the year ended December 31, 2024. The Company purchased and sold $1.3 billion and $0.9 billion of short-term investments during the years ended December 31, 2023 and 2022, respectively. The Company determines fair value of its debt instruments utilizing various Level 2 sources including quoted prices and indicative quotes (non-binding quotes) from brokers that require judgment to interpret market information including implied credit spreads for similar borrowings on recent trades or bid/ask prices. The fair value of the Revolving Credit Facility is considered to approximate the carrying value because the Company does not believe its credit risk has changed materially from the date the 

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applicable Term SOFR Rate was set for the Revolving Credit Facility (112.5 to 150.0 basis points). Refer to Note 11 for the fair values, principal balances, and carrying values of the Company’s debt instruments.For discussion of the Company’s derivatives and hedging activities, refer to Note 2 and Note 21.  4.CASH, CASH EQUIVALENTS, AND RESTRICTED CASHThe cash, cash equivalents, and restricted cash balances on the Consolidated Statements of Cash Flows consist of the following:                          As of As of As of    December 31, 2024 December 31, 2023 December 31, 2022 Included