☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 77-0487526 | |||||||
(State of incorporation) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.001 | EQIX | The | ||||||||||||
0.250% Senior Notes due 2027 | The Nasdaq Stock Market LLC | |||||||||||||
1.000% Senior Notes due 2033 | The Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
EQUINIX, INC. | ||||||||
FORM 10-K | ||||||||
December 31, 2022 | ||||||||
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EQUINIX, INC. | ||
FORM 10-K | ||
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•International Business ExchangeData Centers are our vendor-neutral colocation data centers worldwide, providing our customers with secure, reliable and robust environments (including space and power) that are necessary to aggregate and distribute information and connect digital and business 8 •xScale Data Centers are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers. With xScale data centers, hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor. Equinix colocation offerings include a suite of comprehensive solutions that provide all the components required by a customer to house its IT infrastructure (or equipment). These offerings are designed to speed and streamline digital transformation and data center deployments for our customers. •Private Cages are typically designed and built to order for a single customer, with space assigned based on purchased power allocations and planned cabinet quantity. A cage typically includes steel mesh walls with a locking door, interconnection provision such as a demarcation rack with patch panels, and cabling systems such as a ladder rack and fiber raceway. Available security accessories include dedicated cameras, biometric hand scanners and more. •Secure Cabinets are steel-framed cabinets sized to industry standards, with lockable, fully ventilated doors, and are typically configured to order. Secure Cabinets provide a private, secure, smaller-footprint alternative to a Private Cage. Each cabinet includes an integrated, interconnection-ready demarcation panel and power circuitry sufficient to support planned utilization requirements. Secure cabinets are typically housed in a shared, secured cage within the data center facility. •Secure Cabinet Express are ready-for-service Secure Cabinets which are pre-configured to an Equinix recommended, and most common, cabinet configuration. This configuration fits the majority of modern IT deployment requirements, providing a simplified and globally consistent colocation module for cabinet-sized deployments. Equinix offers a variety of enabling solutions which support a customer's need to implement, operate and maintain their colocated deployments. These solutions include both on-consumption and subscription services which may generate monthly recurring revenue ("MRR") as well as non-recurring revenue ("NRR"). •IBX SmartView® is a fully integrated monitoring software which provides customers visibility into the operating data relevant to their specific Equinix footprint as if they were in-house. The software provides online access to real-time environmental and operating data through the Equinix Customer Portal or via either REST (APIs that provide customers the ability to retrieve information about their assets from every IBX location) or streaming API integrations. With real-time alerts and configurable reporting, IBX SmartView allows customers to maintain their IBX operations and plan for future growth. •Equinix Smart Hands® provides around-the-clock, on-site operational support service for remote management, installation and troubleshooting of customer data center equipment. Using Equinix IBX data center technicians, Smart Hands allows customers to manage their Platform Equinix data center operations from anywhere in the world. •Equinix Infrastructure Services (EIS) provides customers with a simple one-stop shop to purchase and deploy a world-class colocation deployment. EIS are repeatable, proven processes which address larger, more complex data center jobs, including installation and implementation of new builds, and planned migrations. EIS practices deliver Equinix expertise in colocation design to optimize our customers’ data center needs, including structured cabling, labelling and documentation, procurement recommendations and coordination, and secure de-installation. |
•Network Edge allows customers to modernize networks within minutes, by deploying network functions virtualization ("NFV") from multiple vendors across Equinix metros. Companies can select, deploy and connect virtual network solutions at the edge quickly, with no additional hardware requirements. •Equinix Metal®allows enterprises, SaaS companies and digital service providers to provision interconnected bare metal resources in minutes instead of months, while reducing the capital expenditures and operational requirements of owning hardware. They can also reduce cloud costs while retaining the flexibility and operational expenditures of cloud solutions via on-demand, reserved or spot market capacity in Equinix’s global data centers using the Equinix Metal portal or DevOps-friendly APIs and integrations. DevOps, a combination of "development" and "operations", aligns collaboration between software development (Dev) and IT operations (Ops) skills and experiences to build, test and deploy APIs and other functionalities quickly. •Equinix Precision Time®provides secure Precision Time Protocol ("PTP") and Network Time Protocol ("NTP") Time as a Service for distributed enterprise applications on Platform Equinix. The solution uses redundant and strategically located equipment and the high-performance network backbone of Equinix Fabric to deliver secure, reliable and precise time synchronization. Customers gain access to the product portal, allowing them to provision, manage and monitor their service. |
Year | Energy Consumption Data as a % of Floor Area | Total Energy Consumed by Portfolio Area with Data Coverage (MWh) (1) | Like-for-Like Change in Energy Consumption of Portfolio Area with Data Coverage (MWh) (2) | Grid Electricity Consumption as a % of Energy Consumption | Energy Consumption from Renewable Sources (MWh) (3) | Renewable Energy as a % of Energy Consumption (4) | Like-for-Like Change in Energy Consumption from Renewable Sources of Portfolio Area with Data Coverage (MWh) (2) (3) | Renewable Energy as a % of Electricity Consumption | ||||||||||||||||||
2020(5)(6) | 95.8% | 6,432,000 | 6.2% | 93.2% | 5,695,000 | 89% | 5.3% | 91% | ||||||||||||||||||
2021(7)(8) | 98.0% | 7,130,000 | 23.3% | 94.6% | 6,689,000 | 94% | 26.1% | 95% |
Data Center | Metro Area | Rating Scheme | Level Achieved | ||||||||
2021 | |||||||||||
DA11 | Dallas, Texas | LEED | Silver | ||||||||
ME2 | Melbourne, Australia | LEED | Gold | ||||||||
SG4 | Singapore | BCA Green Mark | GoldPlus | ||||||||
SV11 | Silicon Valley, California | LEED | Gold | ||||||||
TY12x | Tokyo, Japan | LEED | Silver | ||||||||
2022 | |||||||||||
GN1 | Genoa, Italy | LEED | Gold | ||||||||
OS2x | Osaka, Japan | LEED | Certified | ||||||||
OS3 | Osaka, Japan | LEED | Silver | ||||||||
SG5 | Singapore | BCA Green Mark LEED | Platinum Silver |
Year | Total Gross sq. ft. (million)(1) | Area of Eligible Portfolio with Green Building Rating (million sq. ft.)(2) | Eligible Portfolio with Green Building Rating (%) | ||||||||
Global Total through 2022 | 27.0 | 19.1 | 71% | ||||||||
U.S. Total through 2022 | 8.9 | 4.0 0.6 (Energy Star) | 45% 7% (Energy Star) |
AMERICAS | ||||||||||||||||||||
Metro | Leased (1) | Owned (1) (2) | ||||||||||||||||||
● | ● | |||||||||||||||||||
Bogota | ● | |||||||||||||||||||
● | ||||||||||||||||||||
Calgary | ● | ● | ||||||||||||||||||
Chicago | ● | ● | ||||||||||||||||||
Culpeper | ● | |||||||||||||||||||
Dallas | ● | ● | ||||||||||||||||||
Washington D.C./Ashburn | ● | ● | ||||||||||||||||||
Denver | ● | ● | ||||||||||||||||||
Houston | ● | |||||||||||||||||||
Kamloops | ● | |||||||||||||||||||
Lima | ● | |||||||||||||||||||
Los Angeles | ● | ● | ||||||||||||||||||
Mexico City | ● | |||||||||||||||||||
Miami | ● | ● | ||||||||||||||||||
Monterrey | ● | |||||||||||||||||||
Montreal | ● | |||||||||||||||||||
New York | ● | ● | ||||||||||||||||||
Ottawa | ● | |||||||||||||||||||
Philadelphia | ● | |||||||||||||||||||
Rio de Janeiro | ● | ● | ||||||||||||||||||
Santiago | ● | |||||||||||||||||||
Sao Paulo | ● | |||||||||||||||||||
Seattle | ● | ● | ||||||||||||||||||
Silicon Valley | ● | ● | ||||||||||||||||||
Saint John | ● | |||||||||||||||||||
Toronto | ● | ● | ||||||||||||||||||
Vancouver | ● | |||||||||||||||||||
Winnipeg | ● |
EMEA | ||||||||||||||||||||
Metro | Leased (1) | Owned (1) (2) | ||||||||||||||||||
● | ||||||||||||||||||||
● | ||||||||||||||||||||
● | ||||||||||||||||||||
● | ● | |||||||||||||||||||
● | ||||||||||||||||||||
Bordeaux | ● | |||||||||||||||||||
Dubai | ● | |||||||||||||||||||
Dublin | ● | ● | ||||||||||||||||||
Dusseldorf | ● | |||||||||||||||||||
East Netherlands | ● | |||||||||||||||||||
Frankfurt | ● | ● | ||||||||||||||||||
Geneva | ● | |||||||||||||||||||
Genoa | ● | |||||||||||||||||||
Hamburg | ● | |||||||||||||||||||
Helsinki | ● | ● | ||||||||||||||||||
Istanbul | ● | |||||||||||||||||||
Lagos | ● | |||||||||||||||||||
Lisbon | ● | |||||||||||||||||||
London | ● | ● | ||||||||||||||||||
Madrid | ● | |||||||||||||||||||
Manchester | ● | ● | ||||||||||||||||||
Milan | ● | ● | ||||||||||||||||||
Munich | ● | ● | ||||||||||||||||||
Muscat | ● | |||||||||||||||||||
Paris | ● | ● | ||||||||||||||||||
Seville | ● | |||||||||||||||||||
Sofia | ● | |||||||||||||||||||
Stockholm | ● | ● | ||||||||||||||||||
Warsaw | ● | ● | ||||||||||||||||||
Zurich | ● | ● |
Asia-Pacific | |||||||||||||||||
Metro | Leased (1) | Owned (1) (2) | |||||||||||||||
Adelaide | ● | ||||||||||||||||
Brisbane | ● | ||||||||||||||||
Canberra | ● | ||||||||||||||||
Hong Kong | ● | ||||||||||||||||
Melbourne | ● | ||||||||||||||||
● | |||||||||||||||||
● | ● | ||||||||||||||||
● | |||||||||||||||||
● | |||||||||||||||||
● | ● | ||||||||||||||||
● | ● | ||||||||||||||||
● | ● | ||||||||||||||||
● | ● | ||||||||||||||||
(1)"●" denotes locations with one or more data centers. (2)Owned sites include IBX data centers subject to long-term ground leases. |
# of IBXs (1) | Total Cabinet Capacity (2) | Cabinets Billed | Cabinet Utilization % (3) | MRR per Cabinet (4) | |||||||||||
Americas | 86 | 110,900 | 85,000 | 77 | % | $ | 2,384 | ||||||||
EMEA | 73 | 120,300 | 101,200 | 84 | % | 1,456 | |||||||||
Asia-Pacific | 45 | 65,800 | 49,600 | 75 | % | 1,824 | |||||||||
Total | 204 | 297,000 | 235,800 |
# of IBXs (1) | Total Cabinet Capacity (1)(2) | Cabinets Billed(1) | Cabinet Utilization % (1)(3) | MRR per Cabinet (1)(4) | |||||||||||||||||||||||||
Americas | 106 | 134,900 | 108,200 | 80 | % | $ | 2,419 | ||||||||||||||||||||||
EMEA | 82 | 132,000 | 110,000 | 83 | % | 1,654 | |||||||||||||||||||||||
Asia-Pacific | 48 | 77,600 | 64,100 | 83 | % | 1,925 | |||||||||||||||||||||||
Total | 236 | 344,500 | 282,300 |
(1)Excludes twelve unconsolidated entities (eleven xScale data centers and the MC1 IBX data center). (2)Cabinets represent a specific amount of space within an IBX data center. Customers can combine and use multiple adjacent cabinets within an IBX data center, depending on their space requirements. (3)The cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, taking into consideration power limitations. (4)MRR per cabinet represents average monthly recurring revenue recognized divided by the average number of cabinets billing during the fourth quarter of the year. Americas MRR per cabinet excludes Infomart non-IBX tenant income. 45 |
Property | Property Location | Target Open Date | Sellable Cabinets | Total Capex (in Millions) (1) | |||||||
Americas: | |||||||||||
BO2 phase II | Boston | Q2 2020 | 550 | $ | 32 | ||||||
CH3 phase VI | Chicago | Q2 2020 | 1,225 | 31 | |||||||
DA11 phase I | Dallas | Q2 2020 | 1,975 | 138 | |||||||
DC15 phase I | Washington D.C. | Q2 2020 | 1,600 | 111 | |||||||
SP4 phase III | São Paulo | Q2 2020 | 1,025 | 59 | |||||||
TR2 phase III | Toronto | Q2 2020 | 725 | 21 | |||||||
DC21 phase I | Washington D.C. | Q4 2020 | 925 | 95 | |||||||
SP3 phase III | São Paulo | Q4 2020 | 1,050 | 25 | |||||||
LA7 phase II | Los Angeles | Q2 2021 | 750 | 54 | |||||||
SV11 phase I | Silicon Valley | Q2 2021 | 1,450 | 142 | |||||||
SP5x phase I | São Paulo | Q1 2022 | 500 | 52 | |||||||
11,775 | 760 | ||||||||||
EMEA: | |||||||||||
AM4 phase III | Amsterdam | Q1 2020 | 975 | 26 | |||||||
HH1 phase I | Hamburg | Q1 2020 | 375 | 27 | |||||||
WA3 phase I | Warsaw | Q1 2020 | 550 | 34 | |||||||
ZH5 phase III | Zurich | Q1 2020 | 475 | 91 | |||||||
AM7 phase II-B | Amsterdam | Q2 2020 | 475 | 6 | |||||||
MC1 phase I | Muscat | Q2 2020 | 250 | 28 | |||||||
FR5 phase IV | Frankfurt | Q2 2020 | 350 | 25 | |||||||
PA2 phase IV | Paris | Q3 2020 | 250 | 8 | |||||||
HE7 phase II | Helsinki | Q4 2020 | 600 | 28 | |||||||
ML5 phase I | Milan | Q4 2020 | 500 | 48 | |||||||
PA9x phase I | Paris | Q4 2020 | 1,200 | 112 | |||||||
AM7 phase III | Amsterdam | Q1 2021 | 1,425 | 63 | |||||||
LD7 phase II | London | Q1 2021 | 875 | 30 | |||||||
LD11x phase I | London | Q1 2021 | 1,450 | 135 | |||||||
FR9x phase I | Frankfurt | Q1 2021 | 1,325 | 121 | |||||||
MU4 phase I | Munich | Q3 2021 | 825 | 69 | |||||||
11,900 | 851 | ||||||||||
Asia-Pacific: | |||||||||||
HK4 phase III | Hong Kong | Q2 2020 | 1,000 | 47 | |||||||
SG5 phase I | Singapore | Q3 2020 | 1,300 | 144 | |||||||
TY12x phase I | Tokyo | Q4 2020 | 950 | 147 | |||||||
TY11 phase II | Tokyo | Q1 2021 | 1,225 | 58 | |||||||
OS2x phase I | Osaka | Q4 2021 | 1,350 | 156 | |||||||
5,825 | 552 | ||||||||||
Total | 29,500 | $ | 2,163 |
Property | Property Location | Target Open Date | Sellable Cabinets | Total Capex (in Millions) (1) | ||||||||||||||||||||||
Americas: | ||||||||||||||||||||||||||
CL3 phase II | Calgary | Q1 2023 | 550 | $ | 38 | |||||||||||||||||||||
KA1 phase II | Kamloops | Q1 2023 | 250 | 22 | ||||||||||||||||||||||
AT1 phases VI & VII | Atlanta | Q2 2023 | 575 | 43 | ||||||||||||||||||||||
BG2 phase I | Bogota | Q2 2023 | 550 | 45 | ||||||||||||||||||||||
DA11 phase II | Dallas | Q3 2023 | 1,975 | 64 | ||||||||||||||||||||||
DC16 phase I | Washington D.C. | Q3 2023 | 3,200 | 198 | ||||||||||||||||||||||
MT2 phase I | Montreal | Q3 2023 | 500 | 28 | ||||||||||||||||||||||
SV11 phase II | Silicon Valley | Q3 2023 | 1,450 | 60 | ||||||||||||||||||||||
DC21 phase III | Washington D.C. | Q4 2023 | 1,325 | 31 | ||||||||||||||||||||||
SE4 phase III | Seattle | Q4 2023 | 375 | 30 | ||||||||||||||||||||||
MT2 phase II | Montreal | Q4 2023 | 500 | 22 | ||||||||||||||||||||||
MX2 phase III | Mexico City | Q2 2024 | 1,200 | 56 | ||||||||||||||||||||||
NY11 phase IV | New York | Q2 2024 | 550 | 87 | ||||||||||||||||||||||
NY3 phase I | New York | Q3 2024 | 1,200 | 250 | ||||||||||||||||||||||
14,200 | 974 | |||||||||||||||||||||||||
EMEA: | ||||||||||||||||||||||||||
FR5 phase V | Frankfurt | Q1 2023 | 650 | 43 | ||||||||||||||||||||||
LD8 phase IV | London | Q1 2023 | 550 | 36 | ||||||||||||||||||||||
MD6 phase I | Madrid | Q1 2023 | 600 | 5 | ||||||||||||||||||||||
PA6 phase II | Paris | Q1 2023 | 275 | 16 | ||||||||||||||||||||||
DX3 phase I | Dubai | Q2 2023 | 900 | 61 | ||||||||||||||||||||||
ML5 phase III | Milan | Q2 2023 | 500 | 12 | ||||||||||||||||||||||
SO2 phase II | Sofia | Q2 2023 | 350 | 12 | ||||||||||||||||||||||
BX1 phases II, III, & IV | Bordeaux | Q4 2023 | 800 | 64 | ||||||||||||||||||||||
FR13 phase I | Frankfurt | Q4 2023 | 1,125 | 104 | ||||||||||||||||||||||
Lagos2 phase II | Lagos | Q4 2023 | 150 | 9 | ||||||||||||||||||||||
BA2 phase I | Barcelona | Q1 2024 | 650 | 56 | ||||||||||||||||||||||
JN1 phase I | Johannesburg | Q2 2024 | 700 | 21 | ||||||||||||||||||||||
MU4 phase II | Munich | Q2 2024 | 750 | 22 | ||||||||||||||||||||||
PA10 phase II | Paris | Q2 2024 | 700 | 32 | ||||||||||||||||||||||
IL4 phase I | Istanbul | Q3 2024 | 1,125 | 64 | ||||||||||||||||||||||
9,825 | 557 | |||||||||||||||||||||||||
Asia-Pacific: | ||||||||||||||||||||||||||
SY6 phase II | Sydney | Q1 2023 | 500 | 43 | ||||||||||||||||||||||
SG5 phases V & VI | Singapore | Q2 2023 | 1,500 | 61 | ||||||||||||||||||||||
TY11 phase IV | Tokyo | Q4 2023 | 675 | 55 | ||||||||||||||||||||||
JH1 phase I | Johor | Q1 2024 | 500 | 39 | ||||||||||||||||||||||
OS3 phase III | Osaka | Q2 2024 | 600 | 20 | ||||||||||||||||||||||
SL4 phase I | Seoul | Q2 2024 | 475 | 6 | ||||||||||||||||||||||
SY5 phase III | Sydney | Q2 2024 | 2,675 | 121 | ||||||||||||||||||||||
CN1 phase I | Chennai | Q2 2024 | 850 | 65 | ||||||||||||||||||||||
TY15 phase I | Tokyo | Q3 2024 | 1,200 | 115 | ||||||||||||||||||||||
JK1 phase I | Jakarta | Q4 2024 | 575 | 32 | ||||||||||||||||||||||
MB3 phase I | Mumbai | Q4 2024 | 1,375 | 86 | ||||||||||||||||||||||
10,925 | 643 | |||||||||||||||||||||||||
Total | 34,950 | $ | 2,174 |
(1) | Capital expenditures are approximate |
Years Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
Revenues | $ | 5,562,140 | $ | 5,071,654 | $ | 4,368,428 | $ | 3,611,989 | $ | 2,725,867 | |||||||||
Costs and operating expenses: | |||||||||||||||||||
Cost of revenues | 2,810,184 | 2,605,475 | 2,193,149 | 1,820,870 | 1,291,506 | ||||||||||||||
Sales and marketing | 651,046 | 633,702 | 581,724 | 438,742 | 332,012 | ||||||||||||||
General and administrative | 935,018 | 826,694 | 745,906 | 694,561 | 493,284 | ||||||||||||||
Transaction costs | 24,781 | 34,413 | 38,635 | 64,195 | 41,723 | ||||||||||||||
Impairment charges | 15,790 | — | — | 7,698 | — | ||||||||||||||
Gain on asset sales | (44,310 | ) | (6,013 | ) | — | (32,816 | ) | — | |||||||||||
Total costs and operating expenses | 4,392,509 | 4,094,271 | 3,559,414 | 2,993,250 | 2,158,525 | ||||||||||||||
Income from operations | 1,169,631 | 977,383 | 809,014 | 618,739 | 567,342 | ||||||||||||||
Interest income | 27,697 | 14,482 | 13,075 | 3,476 | 3,581 | ||||||||||||||
Interest expense | (479,684 | ) | (521,494 | ) | (478,698 | ) | (392,156 | ) | (299,055 | ) | |||||||||
Other income (expense) | 27,778 | 14,044 | 9,213 | (57,924 | ) | (60,581 | ) | ||||||||||||
Loss on debt extinguishment | (52,825 | ) | (51,377 | ) | (65,772 | ) | (12,276 | ) | (289 | ) | |||||||||
Income from continuing operations before income taxes | 692,597 | 433,038 | 286,832 | 159,859 | 210,998 | ||||||||||||||
Income tax expense | (185,352 | ) | (67,679 | ) | (53,850 | ) | (45,451 | ) | (23,224 | ) | |||||||||
Net income from continuing operations | 507,245 | 365,359 | 232,982 | 114,408 | 187,774 | ||||||||||||||
Net income from discontinued operations, net of tax | — | — | — | 12,392 | — | ||||||||||||||
Net income | 507,245 | 365,359 | 232,982 | 126,800 | 187,774 | ||||||||||||||
Net loss attributable to non-controlling interest | 205 | — | — | — | — | ||||||||||||||
Net income attributable to Equinix | $ | 507,450 | $ | 365,359 | $ | 232,982 | $ | 126,800 | $ | 187,774 | |||||||||
Earnings per share ("EPS") attributable to Equinix: | |||||||||||||||||||
Basic EPS from continuing operations | $ | 6.03 | $ | 4.58 | $ | 3.03 | $ | 1.63 | $ | 3.25 | |||||||||
Basic EPS from discontinued operations | — | — | — | 0.18 | — | ||||||||||||||
Basic EPS | $ | 6.03 | $ | 4.58 | $ | 3.03 | $ | 1.81 | $ | 3.25 | |||||||||
Weighted-average shares for basic EPS | 84,140 | 79,779 | 76,854 | 70,117 | 57,790 | ||||||||||||||
Diluted EPS from continuing operations | $ | 5.99 | $ | 4.56 | $ | 3.00 | $ | 1.62 | $ | 3.21 | |||||||||
Diluted EPS from discontinued operations | — | — | — | 0.17 | — | ||||||||||||||
Diluted EPS | $ | 5.99 | $ | 4.56 | $ | 3.00 | $ | 1.79 | $ | 3.21 | |||||||||
Weighted-average shares for diluted EPS | 84,679 | 80,197 | 77,535 | 70,816 | 58,483 | ||||||||||||||
Dividends per share (1) | $ | 9.84 | $ | 9.12 | $ | 8.00 | $ | 7.00 | $ | 17.71 |
As of December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Consolidated Balance Sheet Data: | (in thousands) | ||||||||||||||||||
Cash, cash equivalents and short-term and long-term investments | $ | 1,879,939 | $ | 610,706 | $ | 1,450,031 | $ | 761,927 | $ | 2,246,297 | |||||||||
Accounts receivable, net | 689,134 | 630,119 | 576,313 | 396,245 | 291,964 | ||||||||||||||
Property, plant and equipment, net | 12,152,597 | 11,026,020 | 9,394,602 | 7,199,210 | 5,606,436 | ||||||||||||||
Total assets | 23,965,615 | 20,244,638 | 18,691,457 | 12,608,371 | 10,356,695 | ||||||||||||||
Finance lease liabilities, less current portion | 1,430,882 | 1,441,077 | 1,620,256 | 1,410,742 | 1,287,139 | ||||||||||||||
Mortgage and loans payable, less current portion | 1,289,434 | 1,310,663 | 1,393,118 | 1,369,087 | 472,769 | ||||||||||||||
Senior notes, less current portion | 8,309,673 | 8,128,785 | 6,923,849 | 3,810,770 | 3,804,634 | ||||||||||||||
Total stockholders' equity | 8,840,382 | 7,219,279 | 6,849,790 | 4,365,829 | 2,745,386 |
Years Ended December 31, | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
2022 | % | 2021 | % | Actual | Actual | Constant Currency | |||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||||||||
Recurring revenues | $ | 3,183,191 | 44% | $ | 2,861,937 | 43% | $ | 321,254 | 11% | 11% | |||||||||||||||||||||||||||||||
Non-recurring revenues | 166,026 | 2% | 159,814 | 3% | 6,212 | 4% | 4% | ||||||||||||||||||||||||||||||||||
3,349,217 | 46% | 3,021,751 | 46% | 327,466 | 11% | 11% | |||||||||||||||||||||||||||||||||||
EMEA: | |||||||||||||||||||||||||||||||||||||||||
Recurring revenues | 2,207,329 | 30% | 2,001,931 | 30% | 205,398 | 10% | 13% | ||||||||||||||||||||||||||||||||||
Non-recurring revenues | 135,875 | 2% | 153,285 | 2% | (17,410) | (11)% | (1)% | ||||||||||||||||||||||||||||||||||
2,343,204 | 32% | 2,155,216 | 32% | 187,988 | 9% | 12% | |||||||||||||||||||||||||||||||||||
Asia-Pacific: | |||||||||||||||||||||||||||||||||||||||||
Recurring revenues | 1,480,767 | 21% | 1,356,617 | 21% | 124,150 | 9% | 18% | ||||||||||||||||||||||||||||||||||
Non-recurring revenues | 89,917 | 1% | 101,953 | 1% | (12,036) | (12)% | (3)% | ||||||||||||||||||||||||||||||||||
1,570,684 | 22% | 1,458,570 | 22% | 112,114 | 8% | 16% | |||||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||||||
Recurring revenues | 6,871,287 | 95% | 6,220,485 | 94% | 650,802 | 10% | 13% | ||||||||||||||||||||||||||||||||||
Non-recurring revenues | 391,818 | 5% | 415,052 | 6% | (23,234) | (6)% | 1% | ||||||||||||||||||||||||||||||||||
$ | 7,263,105 | 100% | $ | 6,635,537 | 100% | $ | 627,568 | 9% | 12% |
Years Ended December 31, | % Change | ||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | ||||||||||
Americas: | |||||||||||||||
Recurring revenues | $ | 2,456,368 | 44% | $ | 2,357,326 | 46% | 4% | 5% | |||||||
Non-recurring revenues | 131,359 | 3% | 127,408 | 3% | 3% | 4% | |||||||||
2,587,727 | 47% | 2,484,734 | 49% | 4% | 5% | ||||||||||
EMEA: | |||||||||||||||
Recurring revenues | 1,680,746 | 30% | 1,467,492 | 29% | 15% | 12% | |||||||||
Non-recurring revenues | 125,698 | 2% | 95,145 | 2% | 32% | 39% | |||||||||
1,806,444 | 32% | 1,562,637 | 31% | 16% | 14% | ||||||||||
Asia-Pacific: | |||||||||||||||
Recurring revenues | 1,101,072 | 20% | 951,684 | 19% | 16% | 17% | |||||||||
Non-recurring revenues | 66,897 | 1% | 72,599 | 1% | (8)% | (6)% | |||||||||
1,167,969 | 21% | 1,024,283 | 20% | 14% | 16% | ||||||||||
Total: | |||||||||||||||
Recurring revenues | 5,238,186 | 94% | 4,776,502 | 94% | 10% | 10% | |||||||||
Non-recurring revenues | 323,954 | 6% | 295,152 | 6% | 10% | 13% | |||||||||
$ | 5,562,140 | 100% | $ | 5,071,654 | 100% | 10% | 10% |
Years Ended December 31, | % Change | Years Ended December 31, | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | 2022 | % | 2021 | % | Actual | Actual | Constant Currency | ||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 1,146,639 | 41% | $ | 1,113,854 | 43% | 3% | 4% | Americas | $ | 1,560,799 | 42% | $ | 1,458,699 | 42% | $ | 102,100 | 7% | 7% | |||||||||||||||||||||||||||||||||||||
EMEA | 1,017,580 | 36% | 916,751 | 35% | 11% | 12% | EMEA | 1,281,023 | 34% | 1,216,990 | 35% | 64,033 | 5% | 11% | ||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 645,965 | 23% | 574,870 | 22% | 12% | 14% | Asia-Pacific | 909,679 | 24% | 796,733 | 23% | 112,946 | 14% | 24% | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,810,184 | 100% | $ | 2,605,475 | 100% | 8% | 9% | Total | $ | 3,751,501 | 100% | $ | 3,472,422 | 100% | $ | 279,079 | 8% | 12% |
Years ended December 31, | % Change | Years ended December 31, | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | 2022 | % | 2021 | % | Actual | Actual | Constant Currency | ||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 401,034 | 62% | $ | 391,386 | 62% | 2% | 3% | Americas | $ | 501,943 | 64% | $ | 470,985 | 64% | $ | 30,958 | 7% | 7% | |||||||||||||||||||||||||||||||||||||
EMEA | 157,718 | 24% | 152,336 | 24% | 4% | 4% | EMEA | 183,754 | 23% | 172,930 | 23% | 10,824 | 6% | 11% | ||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 92,294 | 14% | 89,980 | 14% | 3% | 4% | Asia-Pacific | 100,863 | 13% | 97,317 | 13% | 3,546 | 4% | 11% | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 651,046 | 100% | $ | 633,702 | 100% | 3% | 3% | Total | $ | 786,560 | 100% | $ | 741,232 | 100% | $ | 45,328 | 6% | 8% |
Years Ended December 31, | % Change | Years Ended December 31, | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | 2022 | % | 2021 | % | Actual | Actual | Constant Currency | ||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 641,261 | 69% | $ | 554,169 | 67% | 16% | 16% | Americas | $ | 980,589 | 66% | $ | 902,037 | 69% | $ | 78,552 | 9% | 9% | |||||||||||||||||||||||||||||||||||||
EMEA | 198,892 | 21% | 184,364 | 22% | 8% | 7% | EMEA | 301,317 | 20% | 248,295 | 19% | 53,022 | 21% | 27% | ||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 94,865 | 10% | 88,161 | 11% | 8% | 9% | Asia-Pacific | 216,795 | 14% | 151,465 | 12% | 65,330 | 43% | 51% | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 935,018 | 100% | $ | 826,694 | 100% | 13% | 13% | Total | $ | 1,498,701 | 100% | $ | 1,301,797 | 100% | $ | 196,904 | 15% | 17% |
Years Ended December 31, | % Change | Years Ended December 31, | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | 2022 | % | 2021 | % | Actual | Actual | Constant Currency | ||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 413,936 | 35% | $ | 412,610 | 42% | —% | 1% | Americas | $ | 283,975 | 24% | $ | 165,380 | 15% | $ | 118,595 | 72% | 71% | |||||||||||||||||||||||||||||||||||||
EMEA | 421,786 | 36% | 312,163 | 32% | 35% | 24% | EMEA | 575,331 | 48% | 530,888 | 48% | 44,443 | 8% | 3% | ||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 333,909 | 29% | 252,610 | 26% | 32% | 35% | Asia-Pacific | 341,222 | 28% | 411,894 | 37% | (70,672) | (17)% | (10)% | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,169,631 | 100% | $ | 977,383 | 100% | 20% | 17% | Total | $ | 1,200,528 | 100% | $ | 1,108,162 | 100% | $ | 92,366 | 8% | 8% |
Years Ended December 31, | % Change | Years Ended December 31, | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | % | 2018 | % | Actual | Constant Currency | 2022 | % | 2021 | % | Actual | Actual | Constant Currency | ||||||||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 1,237,622 | 46 | % | $ | 1,183,831 | 49 | % | 5 | % | 5 | % | Americas | $ | 1,521,775 | 45 | % | $ | 1,326,460 | 42 | % | $ | 195,315 | 15 | % | 15 | % | |||||||||||||||||||||||||||||||||
EMEA | 827,980 | 31 | % | 698,280 | 29 | % | 19 | % | 17 | % | EMEA | 1,109,502 | 33 | % | 1,033,333 | 33 | % | 76,169 | 7 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 622,125 | 23 | % | 531,129 | 22 | % | 17 | % | 19 | % | Asia-Pacific | 738,423 | 22 | % | 784,591 | 25 | % | (46,168) | (6) | % | 2 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 2,687,727 | 100 | % | $ | 2,413,240 | 100 | % | 11 | % | 12 | % | Total | $ | 3,369,700 | 100 | % | $ | 3,144,384 | 100 | % | $ | 225,316 | 7 | % | 10 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||
Years Ended December 31, | 2022 | 2021 | 2020 | |||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||
Income from operations | $ | 1,169,631 | $ | 977,383 | $ | 809,014 | ||||||||||||||||||||||
Net income | Net income | $ | 704,577 | $ | 499,728 | $ | 370,074 | |||||||||||||||||||||
Income tax expense | Income tax expense | 124,792 | 109,224 | 146,151 | ||||||||||||||||||||||||
Interest income | Interest income | (36,268) | (2,644) | (8,654) | ||||||||||||||||||||||||
Interest expense | Interest expense | 356,337 | 336,082 | 406,466 | ||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 51,417 | 50,647 | (6,913) | ||||||||||||||||||||||||
(Gain) loss on debt extinguishment | (Gain) loss on debt extinguishment | (327) | 115,125 | 145,804 | ||||||||||||||||||||||||
Depreciation, amortization, and accretion expense | 1,285,296 | 1,226,741 | 1,028,892 | Depreciation, amortization, and accretion expense | 1,739,374 | 1,660,524 | 1,427,010 | |||||||||||||||||||||
Stock-based compensation expense | 236,539 | 180,716 | 175,500 | Stock-based compensation expense | 403,983 | 363,774 | 311,020 | |||||||||||||||||||||
Transaction costs | 24,781 | 34,413 | 38,635 | Transaction costs | 21,839 | 22,769 | 55,935 | |||||||||||||||||||||
Impairment charges | 15,790 | — | — | Impairment charges | — | — | 7,306 | |||||||||||||||||||||
Gain on asset sales | (44,310 | ) | (6,013 | ) | — | |||||||||||||||||||||||
(Gain) loss on asset sales | (Gain) loss on asset sales | 3,976 | (10,845) | (1,301) | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 2,687,727 | $ | 2,413,240 | $ | 2,052,041 | Adjusted EBITDA | $ | 3,369,700 | $ | 3,144,384 | $ | 2,852,898 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 704,577 | $ | 499,728 | $ | 370,074 | |||||||||||
Net (income) loss attributable to non-controlling interests | (232) | 463 | (297) | ||||||||||||||
Net income attributable to Equinix | 704,345 | 500,191 | 369,777 | ||||||||||||||
Adjustments: | |||||||||||||||||
Real estate depreciation | 1,104,787 | 1,073,148 | 924,064 | ||||||||||||||
(Gain) loss on disposition of real estate property | 7,134 | (6,439) | 4,063 | ||||||||||||||
Adjustments for FFO from unconsolidated joint ventures | 10,068 | 6,097 | 2,726 | ||||||||||||||
FFO attributable to common shareholders | $ | 1,826,334 | $ | 1,572,997 | $ | 1,300,630 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income | $ | 507,245 | $ | 365,359 | $ | 232,982 | |||||
Net loss attributable to non-controlling interests | 205 | — | — | ||||||||
Net income attributable to Equinix | 507,450 | 365,359 | 232,982 | ||||||||
Adjustments: | |||||||||||
Real estate depreciation | 845,798 | 883,118 | 754,351 | ||||||||
(Gain) loss on disposition of real estate property | (39,337 | ) | 4,643 | 4,945 | |||||||
Adjustments for FFO from unconsolidated joint ventures | 645 | — | 85 | ||||||||
FFO | $ | 1,314,556 | $ | 1,253,120 | $ | 992,363 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
FFO attributable to common shareholders | $ | 1,826,334 | $ | 1,572,997 | $ | 1,300,630 | |||||||||||
Adjustments: | |||||||||||||||||
Installation revenue adjustment | 17,745 | 27,928 | (125) | ||||||||||||||
Straight-line rent expense adjustment | 16,263 | 9,677 | 10,787 | ||||||||||||||
Contract cost adjustment | (52,888) | (63,064) | (35,675) | ||||||||||||||
Amortization of deferred financing costs and debt discounts and premiums | 17,826 | 17,135 | 15,739 | ||||||||||||||
Stock-based compensation expense | 403,983 | 363,774 | 311,020 | ||||||||||||||
Stock-based charitable contributions | 49,013 | — | — | ||||||||||||||
Non-real estate depreciation expense | 426,666 | 377,658 | 300,258 | ||||||||||||||
Amortization expense | 204,755 | 205,484 | 199,047 | ||||||||||||||
Accretion expense adjustment | 3,166 | 4,234 | 3,641 | ||||||||||||||
Recurring capital expenditures | (188,885) | (199,089) | (160,637) | ||||||||||||||
(Gain) loss on debt extinguishment | (327) | 115,125 | 145,804 | ||||||||||||||
Transaction costs | 21,839 | 22,769 | 55,935 | ||||||||||||||
Impairment charges(1) | 1,815 | 31,847 | 7,306 | ||||||||||||||
Income tax expense (benefit) adjustment(1) | (31,165) | (38,505) | 33,220 | ||||||||||||||
Adjustments for AFFO from unconsolidated joint ventures | (2,262) | 3,259 | 2,195 | ||||||||||||||
AFFO attributable to common shareholders | $ | 2,713,878 | $ | 2,451,229 | $ | 2,189,145 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
FFO | $ | 1,314,556 | $ | 1,253,120 | $ | 992,363 | |||||
Adjustments: | |||||||||||
Installation revenue adjustment | 11,031 | 10,858 | 24,496 | ||||||||
Straight-line rent expense adjustment | 8,167 | 7,203 | 8,925 | ||||||||
Contract cost adjustment | (40,861 | ) | (20,358 | ) | — | ||||||
Amortization of deferred financing costs and debt discounts and premiums | 13,042 | 13,618 | 24,449 | ||||||||
Stock-based compensation expense | 236,539 | 180,716 | 175,500 | ||||||||
Non-real estate depreciation expense | 242,761 | 140,955 | 111,121 | ||||||||
Amortization expense | 196,278 | 203,416 | 177,008 | ||||||||
Accretion expense (adjustment) | 459 | (748 | ) | (13,588 | ) | ||||||
Recurring capital expenditures | (186,002 | ) | (203,053 | ) | (167,995 | ) | |||||
Loss on debt extinguishment | 52,825 | 51,377 | 65,772 | ||||||||
Transaction costs | 24,781 | 34,413 | 38,635 | ||||||||
Impairment charges | 15,790 | — | — | ||||||||
Income tax expense adjustment | 39,676 | (12,420 | ) | 371 | |||||||
Adjustments for AFFO from unconsolidated joint ventures | 2,080 | — | (17 | ) | |||||||
AFFO | $ | 1,931,122 | $ | 1,659,097 | $ | 1,437,040 |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Net cash provided by operating activities | $ | 1,992,728 | $ | 1,815,426 | |||
Net cash used in investing activities | (1,944,567 | ) | (3,075,528 | ) | |||
Net cash provided by financing activities | 1,202,082 | 470,912 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 2,963,182 | $ | 2,547,206 | $ | 415,976 | |||||||||||
Net cash used in investing activities | (3,362,953) | (3,006,738) | (356,215) | ||||||||||||||
Net cash provided by financing activities | 856,766 | 413,765 | 443,001 |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||
Term loans and other loans payable (1) | $ | 77,603 | $ | 77,654 | $ | 1,180,017 | $ | 6,683 | $ | 6,214 | $ | 23,715 | $ | 1,371,886 | |||||||||||||
Senior notes (1) | 643,711 | 150,000 | — | — | 1,841,500 | 6,394,000 | 9,029,211 | ||||||||||||||||||||
Interest (2) | 359,383 | 333,710 | 327,222 | 303,722 | 291,496 | 574,633 | 2,190,166 | ||||||||||||||||||||
Finance leases (3) | 173,994 | 176,357 | 176,992 | 178,289 | 177,338 | 1,739,235 | 2,622,205 | ||||||||||||||||||||
Operating leases (3) | 193,663 | 191,954 | 183,908 | 168,353 | 156,502 | 1,106,944 | 2,001,324 | ||||||||||||||||||||
Other contractual commitments (4) | 1,133,948 | 256,508 | 51,137 | 33,587 | 30,267 | 277,739 | 1,783,186 | ||||||||||||||||||||
Asset retirement obligations (5) | 2,081 | 4,667 | 12,365 | 5,442 | 6,978 | 70,882 | 102,415 | ||||||||||||||||||||
$ | 2,584,383 | $ | 1,190,850 | $ | 1,931,641 | $ | 696,076 | $ | 2,510,295 | $ | 10,187,148 | $ | 19,100,393 |
• |
Description | Judgments and Uncertainties | Effect if Actual Results Differ from Assumptions | ||||||
Accounting for Income Taxes. Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, The accounting standard for income taxes requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not (defined by the accounting standard as a likelihood of more than 50%) that such assets will not be realized. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and precedents. | The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in our financial statements or tax returns. Our accounting for deferred tax consequences represents our best estimate of those future tax consequences. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of that available evidence, it is more likely than not the deferred tax assets will not be realized, we record a valuation allowance. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. This assessment, which is completed on a taxing jurisdiction basis, takes into account a number of types of evidence, including the following: 1) the nature, frequency and severity of current and cumulative financial reporting losses, 2) sources of future taxable income, 3) taxable income in carryback years permitted by the tax law, and In assessing the tax benefit from an uncertain income tax position, the tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that is greater than a 50% For purposes of the quarterly REIT asset tests, we estimate the fair market value of assets within our QRSs and TRSs using a discounted cash flow approach, by calculating the present value of forecasted future cash flows. We apply discount rates based on industry benchmarks relative to the market and forecasting risks. Other significant assumptions used to estimate the fair market value of assets in QRSs and TRSs include projected revenue growth, projected operating margins and projected capital expenditure. We revisit significant assumptions periodically to reflect any changes due to business or economic environment. | As of December 31, During the year ended December 31, During the year ended December 31, 2021, we established full valuation As of December 31, |
Description | Judgments and Uncertainties | Effect if Actual Results Differ from Assumptions | ||||||
Accounting for Business Combinations In accordance with the accounting standard for business combinations, we allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of the assets acquired and liabilities assumed, if any, is recorded as goodwill. We use all available information to estimate fair values. We typically engage outside appraisal firms to assist in determining the fair value of identifiable intangible assets such as customer contracts, leases and any other significant assets or liabilities and contingent consideration, as well as the estimated useful life of intangible assets. We adjust the preliminary purchase price allocation, as necessary, up to one year after the acquisition closing date if we obtain more information regarding asset valuations and liabilities assumed. | During the last three years, we have completed a number of business combinations, including the acquisition of As of both December 31, We do not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions we used to complete the purchase price allocations and the fair value of assets acquired and liabilities assumed. However, if actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material, which would be recorded in our consolidated statements of operations in |
Description | Judgments and Uncertainties | Effect if Actual Results Differ from Assumptions | ||||||
Accounting for Impairment of Goodwill and Other Intangible Assets In accordance with the accounting standard for goodwill and other intangible assets, we perform goodwill and other intangible assets impairment reviews annually, or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We complete the annual goodwill impairment assessment for the Americas, EMEA and Asia-Pacific reporting units to determine if the fair values of the reporting units exceeded their carrying values. We perform a review of other intangible assets for impairment by assessing events or changes in circumstances that indicate the carrying amount of an asset may not be recoverable. | To perform annual goodwill impairment assessment, we elected to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. This analysis requires assumptions and estimates before performing the quantitative goodwill impairment test, where the assessment requires assumptions and estimates derived from a review of our actual and forecasted operating results, approved business plans, future economic conditions and other market data. Additionally, we periodically review our assessment of our reporting units to determine if changes in facts and circumstances warrant changes to our conclusions. There were no specific factors present in We performed our annual review of other intangible assets by assessing if there were events or changes in circumstances indicating that the carrying amount of an asset may not be recoverable, such as a significant decrease in market price of an asset, a significant adverse change in the extent or manner in which an asset is being used, a significant adverse change in legal factors or business climate that could affect the value of an asset or a continuous deterioration of our financial condition. This assessment requires assumptions and estimates derived from a review of our actual and forecasted operating results, approved business plans, future economic conditions and other market data. There were no specific events in | As of December 31, Future events, changing market conditions and any changes in key assumptions may result in an impairment charge. While we have not recorded an impairment charge against our goodwill to date, the development of adverse business conditions in our Americas, EMEA or Asia-Pacific reporting units, such as higher than anticipated customer churn or significantly increased operating costs, or significant deterioration of our market comparables that we use in the market approach, could result in an impairment charge in future periods. The balance of our other intangible assets, net, for Any potential impairment charge against our goodwill and other intangible assets would not exceed the amounts recorded on our consolidated balance sheets. |
Description | Judgments and Uncertainties | Effect if Actual Results Differ from Assumptions | ||||||
Accounting for Property, Plant and Equipment We have a substantial amount of property, plant and equipment recorded on our consolidated balance sheet. The vast majority of our property, plant and equipment represent the costs incurred to build out or acquire our IBX data centers. Our IBX data centers are long-lived assets. We depreciate our property, plant and equipment using the straight-line method over the estimated useful lives of the respective assets (subject to the term of the lease in the case of leased assets or leasehold improvements and integral equipment located in leased properties). Accounting for property, plant and equipment includes determining the appropriate period in which to depreciate such assets, assessing such assets for potential impairment, capitalizing interest during periods of construction and assessing the asset retirement obligations required for certain leased properties that require us to return the leased properties back to their original condition at the time we decide to exit a leased property. | The assessment of long-lived assets for impairment requires assumptions and estimates of undiscounted and discounted future cash flows. These assumptions and estimates require significant judgment and are inherently uncertain. | As of December 31, | ||||||
Accounting for Leases A significant portion of our data center spaces, office spaces and equipment are leased. Each time we enter into a new lease or lease amendments, we analyze each lease or lease amendment for the proper accounting, including determining if an arrangement is or contains a lease at inception and making assessment of the leased properties to determine if they are operating or finance leases. | Determination of accounting treatment, including the result of the lease classification test for each new lease or lease amendment, is dependent on a variety of judgments, such as identification of lease and non-lease components, allocation of total consideration between lease and non-lease components, determination of lease term, including assessing the likelihood of lease renewals, valuation of leased property, and establishing the incremental borrowing rate to calculate the present value of the minimum lease payment for the lease test. The judgments used in the accounting for leases are inherently subjective; different assumptions or estimates could result in different accounting treatment for a lease. | Lease assumptions and estimates are determined and applied at the inception of the leases or at the lease modification date. As of December 31, |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||
Mortgage and loans payable | $ | 1,370,118 | $ | 1,378,429 | $ | 1,388,524 | $ | 1,389,632 | |||||||
Senior notes | 9,029,211 | 9,339,497 | 8,500,125 | 8,422,211 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value (1) | Fair Value | Carrying Value (1) | Fair Value | ||||||||||||||||||||
Mortgage and loans payable | $ | 653,617 | $ | 666,387 | $ | 618,388 | $ | 621,051 | |||||||||||||||
Senior notes | 12,226,890 | 10,196,933 | 11,102,130 | 11,049,834 |
(1)The carrying value is gross of debt issuance cost, debt discount and debt premium. |
F- |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
8-K | 5/29/2015 | 2.1 | ||||||||||||||||||||||||||||||
8-K | 5/29/2015 | 2.2 | ||||||||||||||||||||||||||||||
10-K | 12/31/2015 | 2.3 | ||||||||||||||||||||||||||||||
8-K | 12/6/2016 | 2.1 | ||||||||||||||||||||||||||||||
10-K | 12/31/2016 | 2.5 | ||||||||||||||||||||||||||||||
8-K | 5/1/2017 | 2.1 | ||||||||||||||||||||||||||||||
10-Q | 8/8/2018 | 2.7 | ||||||||||||||||||||||||||||||
10-K/A | 12/31/2002 | 3.1 | ||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
8-K | 6/14/2011 | 3.1 | ||||||||||||||||||||||||||||||
8-K | 6/11/2013 | 3.1 | ||||||||||||||||||||||||||||||
10-Q | 6/30/2014 | 3.4 | ||||||||||||||||||||||||||||||
10-K/A | 12/31/2002 | 3.3 | ||||||||||||||||||||||||||||||
8-K | 4/13/2022 | 3.1 | ||||||||||||||||||||||||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6. | |||||||||||||||||||||||||||||||
8-K | 12/5/2017 | 4.1 | ||||||||||||||||||||||||||||||
8-K | 11/18/2019 | 4.2 | ||||||||||||||||||||||||||||||
4.4 | Form of 2.625% Senior Notes due 2024 (See Exhibit 4.3). | |||||||||||||||||||||||||||||||
8-K | 11/18/2019 | 4.4 | ||||||||||||||||||||||||||||||
4.6 | Form of 2.900% Senior Notes due 2026 (See Exhibit 4.5). | |||||||||||||||||||||||||||||||
8-K | 11/18/2019 | 4.6 | ||||||||||||||||||||||||||||||
4.8 | Form of 3.200% Senior Notes due 2029 (See Exhibit 4.7) | 8-K | 6/22/2020 | |||||||||||||||||||||||||||||
8-K | 6/22/2020 | 4.2 | ||||||||||||||||||||||||||||||
4.10 | Form of 1.250% Senior Note due 2025 (See Exhibit 4.9) | |||||||||||||||||||||||||||||||
8-K | 6/22/2020 | 4.4 | ||||||||||||||||||||||||||||||
4.12 | Form of 1.800% Senior Note due 2027 (See Exhibit 4.11) | |||||||||||||||||||||||||||||||
8-K | 6/22/2020 | 4.6 | ||||||||||||||||||||||||||||||
4.14 | Form of 2.150% Senior Note due 2030 (see Exhibit 4.13) | |||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
8-K | 6/14/2011 | 3.1 | ||||||||
8-K | 6/11/2013 | 3.1 | ||||||||
10-Q | 6/30/2014 | 3.4 | ||||||||
10-K/A | 12/31/2002 | 3.3 | ||||||||
8-K | 3/29/2016 | 3.1 | ||||||||
4.1 | Reference is made to Exhibits 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6. | |||||||||
8-K | 3/5/2013 | 4.3 | ||||||||
4.3 | Form of 5.375% Senior Note due 2023 (see Exhibit 4.2). | |||||||||
8-K | 11/20/2014 | 4.1 | ||||||||
8-K | 11/20/2014 | 4.2 | ||||||||
4.6 | Form of 5.375% Senior Note due 2022 (see Exhibit 4.5). | |||||||||
8-K | 11/20/2014 | 4.4 | ||||||||
4.8 | Form of 5.750% Senior Note due 2025 (see Exhibit 4.7). | |||||||||
8-K | 12/4/2015 | 4.2 | ||||||||
4.10 | Form of 5.875% Senior Note due 2026 (see Exhibit 4.9). | |||||||||
8-K | 3/22/2017 | 4.2 | ||||||||
4.12 | Form of 5.375% Senior Notes due 2027 (see Exhibit 4.11). | |||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
8-K | 6/22/2020 | 4.8 | ||||||||||||||||||||||||||||||
4.16 | Form of 3.000% Senior Note due 2050 (See Exhibit 4.15) | |||||||||||||||||||||||||||||||
8-K | 10/7/2020 | 4.2 | ||||||||||||||||||||||||||||||
4.18 | Form of 1.000% Senior Note due 2025 (included in Exhibit 4.17) | |||||||||||||||||||||||||||||||
8-K | 10/7/2020 | 4.4 | ||||||||||||||||||||||||||||||
4.20 | Form of 1.550% Senior Note due 2028 (included in Exhibit 4.19) | |||||||||||||||||||||||||||||||
8-K | 10/7/2020 | 4.6 | ||||||||||||||||||||||||||||||
4.22 | Form of 2.950% Senior Note due 2051 (included in Exhibit 4.21) | |||||||||||||||||||||||||||||||
8-K | 3/11/2021 | 4.2 | ||||||||||||||||||||||||||||||
4.24 | Form of 0.250% Senior Note due 2027 (included in Exhibit 4.23) | |||||||||||||||||||||||||||||||
8-K | 3/11/2021 | 4.4 | ||||||||||||||||||||||||||||||
4.26 | Form of 1.000% Senior Note due 2033 (included in Exhibit 4.25) | |||||||||||||||||||||||||||||||
8-K | 5/17/2021 | 4.2 | ||||||||||||||||||||||||||||||
4.28 | Form of 1.450% Senior Note due 2026 (included in Exhibit 4.34) Form of 1.450% Senior Note due 2026 (included in Exhibit 4.27) | |||||||||||||||||||||||||||||||
8-K | 5/17/2021 | 4.4 | ||||||||||||||||||||||||||||||
4.30 | Form of 2.000% Senior Note due 2028 (included in Exhibit 4.29) | |||||||||||||||||||||||||||||||
8-K | 5/17/2021 | 4.6 | ||||||||||||||||||||||||||||||
4.32 | Form of 2.500% Senior Note due 2031 (included in Exhibit 4.31) | |||||||||||||||||||||||||||||||
8-K | 5/17/2021 | 4.8 |
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
8-K | 9/20/2017 | 4.2 | ||||||||
4.14 | Form of 2.875% Senior Notes due 2025 (see Exhibit 4.13). | |||||||||
8-K | 12/5/2017 | 4.1 | ||||||||
8-K | 12/5/2017 | 4.2 | ||||||||
4.17 | Form of 2.875% Senior Notes due 2026 (see Exhibit 4.16). | |||||||||
8-K | 3/14/2018 | 4.2 | ||||||||
4.19 | Form of 2.875% Senior Notes due 2024 (see Exhibit 4.18). | |||||||||
8-K | 4/3/2018 | 4.2 | ||||||||
4.21 | Form of 5.00% Senior Notes due April 2020 (see Exhibit 4.20). | |||||||||
4.22 | Form of 5.00% Senior Notes due October 2020 (see Exhibit 4.20). | |||||||||
4.23 | Form of 5.00% Senior Notes due April 2021 (see Exhibit 4.20). | |||||||||
8-K | 11/18/2019 | 4.2 | ||||||||
4.25 | Form of 2.625% Senior Notes due 2024 (See Exhibit 4.26). | |||||||||
8-K | 11/18/2019 | 4.4 | ||||||||
4.27 | Form of 2.900% Senior Notes due 2026 (See Exhibit 4.28). | |||||||||
8-K | 11/18/2019 | 4.6 | ||||||||
4.29 | Form of 3.200% Senior Notes due 2029 (See Exhibit 4.30) | |||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
4.34 | Form of 3.400% Senior Note due 2052 (included in Exhibit 4.33) | |||||||||||||||||||||||||||||||
8-K | 4/5/2022 | 4.2 | ||||||||||||||||||||||||||||||
4.36 | Form of 3.900% Senior Notes due 2032 (included in Exhibit 4.35) | |||||||||||||||||||||||||||||||
10-K | 12/31/2014 | 4.13 | ||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
10.1** | S-4 (File No. 333-93749) | 12/29/1999 | 10.5 | |||||||||||||||||||||||||||||
10.2** | 10-K | 12/31/2021 | 10.2 | |||||||||||||||||||||||||||||
10.3** | DEF14A | 4/27/2020 | Appendix A | |||||||||||||||||||||||||||||
10.4** | X | |||||||||||||||||||||||||||||||
10.5** | 10-Q | 3/31/2020 | 10.19 | |||||||||||||||||||||||||||||
10.6** | 10-Q | 3/31/2020 | 10.20 | |||||||||||||||||||||||||||||
10.7** | 10-Q | 3/31/2020 | 10.21 | |||||||||||||||||||||||||||||
10.8** | 10-Q | 3/31/2021 | 10.11 | |||||||||||||||||||||||||||||
10.9** | 10-Q | 3/31/2021 | 10.12 | |||||||||||||||||||||||||||||
10.10** | 10-Q | 3/31/2021 | 10.13 | |||||||||||||||||||||||||||||
10.11** | 10-Q | 3/31/2022 | 10.11 | |||||||||||||||||||||||||||||
10.12** | 10-Q | 3/31/2022 | 10.12 | |||||||||||||||||||||||||||||
10.13** | 10-Q | 3/31/2022 | 10.13 | |||||||||||||||||||||||||||||
10.14** | 10-Q | 3/31/2022 | 10.14 | |||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10-K | 12/31/2014 | 4.13 | ||||||||
X | ||||||||||
10.1** | S-4 (File No. 333-93749) | 12/29/1999 | 10.5 | |||||||
10.2** | 10-K | 12/31/2016 | 10.2 | |||||||
10.3** | 10-K | 12/31/2016 | 10.3 | |||||||
10.4** | 10-K | 12/31/2016 | 10.4 | |||||||
10.5** | 10-Q | 6/30/2014 | 10.5 | |||||||
10.6** | S-1/A (File No. 333-137607) filed by Switch & Data Facilities Company | 2/5/2007 | 10.9 | |||||||
10.7** | 10-Q | 6/30/2019 | 10.17 | |||||||
10.8** | 10-Q | 3/31/2017 | 10.35 | |||||||
10.9** | 10-Q | 3/31/2017 | 10.36 | |||||||
10.10** | 10-Q | 3/31/2017 | 10.37 | |||||||
10.11** | 10-Q | 3/31/2018 | 10.31 | |||||||
10.12** | 10-Q | 3/31/2018 | 10.32 | |||||||
10.13** | 10-Q | 3/31/2018 | 10.33 | |||||||
10.14** | 10-Q | 3/31/2019 | 10.28 | |||||||
10.15** | 10-Q | 3/31/2019 | 10.29 | |||||||
10.16** | 10-Q | 3/31/2019 | 10.30 | |||||||
10.17** | 10-Q | 3/31/2019 | 10.31 | |||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
10-Q | 9/30/2014 | 10.67 | ||||||||||||||||||||||||||||||
10-K | 12/31/2021 | 10.22 | ||||||||||||||||||||||||||||||
10.17** | 10-K | 2/22/2019 | 10.37 | |||||||||||||||||||||||||||||
10.18** | 10-Q | 9/30/2019 | 10.25 | |||||||||||||||||||||||||||||
10.19** | 10-Q | 9/30/2019 | 10.26 | |||||||||||||||||||||||||||||
10.20** | 10-Q | 9/30/2019 | 10.27 | |||||||||||||||||||||||||||||
10.21** | 10-Q | 9/30/2019 | 10.28 | |||||||||||||||||||||||||||||
10.22** | 10-Q | 9/30/2019 | 10.29 | |||||||||||||||||||||||||||||
10.23** | 10-Q | 9/30/2019 | 10.31 | |||||||||||||||||||||||||||||
10.24** | X | |||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||
10-Q | 9/30/2014 | 10.67 | ||||||||
10-Q | 6/30/2016 | 10.55 | ||||||||
10-K | 12/31/2017 | 10.40 | ||||||||
10-Q | 8/8/2018 | 10.35 | ||||||||
10-Q | 8/8/2018 | 10.36 | ||||||||
10-Q | 6/30/2019 | 10.34 | ||||||||
10.24** | 10-K | 2/22/2019 | 10.37 | |||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
10.25** | X | |||||||||||||||||||||||||||||||
10.26** | 10-Q | 9/30/2019 | 10.34 | |||||||||||||||||||||||||||||
10-Q | 9/30/2019 | 10.36 | ||||||||||||||||||||||||||||||
10-Q | 9/30/2019 | 10.37 | ||||||||||||||||||||||||||||||
10-Q | 9/30/2019 | 10.38 | ||||||||||||||||||||||||||||||
10-Q | 9/30/2019 | 10.39 | ||||||||||||||||||||||||||||||
10-Q | 9/30/2019 | |||||||||||||||||||||||||||||||
10.32** | 9/30/2022 | 10.39 | ||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Filing Date/ Period End Date | Exhibit | Filed Herewith | |||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X |
EQUINIX, INC. (Registrant) | ||||||||
February 17, 2023 | By | |||||||
/s/ CHARLES MEYERS | ||||||||
Charles Meyers | ||||||||
Chief Executive Officer and President |
Signature | Title | Date | ||||||
/s/ CHARLES MEYERS | Chief Executive Officer and President (Principal Executive Officer) | February | ||||||
Charles Meyers | ||||||||
/s/ KEITH D. TAYLOR | Chief Financial Officer (Principal Financial Officer) | February | ||||||
Keith D. Taylor | ||||||||
/s/ SIMON MILLER | Chief Accounting Officer (Principal Accounting Officer) | February | ||||||
Simon Miller | ||||||||
/s/ PETER F. VAN CAMP | Executive Chairman | February | ||||||
Peter F. Van Camp | ||||||||
/s/ NANCI CALDWELL | Director | February | ||||||
Nanci Caldwell | ||||||||
/s/ ADAIRE FOX-MARTIN | Director | February | ||||||
Adaire Fox-Martin | ||||||||
/s/ RON GUERRIER | Director | February 17, 2023 | ||||||
Ron Guerrier | ||||||||
/s/ GARY F. HROMADKO | Director | February | ||||||
Gary F. Hromadko | ||||||||
/s/ IRVING F. LYONS, III | Director | February | ||||||
Irving F. Lyons, III | ||||||||
/s/ CHRISTOPHER B. PAISLEY | Director | February | ||||||
Christopher B. Paisley | ||||||||
/s/ SANDRA RIVERA | Director | February | ||||||
Sandra Rivera | ||||||||
/s/ THOMAS OLINGER | Director | February 17, 2023 | ||||||
Thomas Olinger | ||||||||
/s/ JEETU PATEL | Director | February 17, 2023 | ||||||
Jeetu Patel | ||||||||
/s/ FIDELMA RUSSO | Director | February 17, 2023 | ||||||
Fidelma Russo |
Exhibit Number | Description of Document | |||||||
10.4 | ||||||||
10.24 | ||||||||
10.25** | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Document. | |||||||
101. PRE | Inline XBRL Taxonomy Extension Presentation Document. | |||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,906,421 | $ | 1,536,358 | |||||||
Accounts receivable, net of allowance of $12,225 and $11,635 | 855,380 | 681,809 | |||||||||
Other current assets | 459,138 | 462,739 | |||||||||
Assets held for sale | 84,316 | 276,195 | |||||||||
Total current assets | 3,305,255 | 2,957,101 | |||||||||
Property, plant and equipment, net | 16,649,534 | 15,445,775 | |||||||||
Operating lease right-of-use assets | 1,427,950 | 1,282,418 | |||||||||
Goodwill | 5,654,217 | 5,372,071 | |||||||||
Intangible assets, net | 1,897,649 | 1,935,267 | |||||||||
Other assets | 1,376,137 | 926,066 | |||||||||
Total assets | $ | 30,310,742 | $ | 27,918,698 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 1,004,800 | $ | 879,144 | |||||||
Accrued property, plant and equipment | 281,347 | 187,334 | |||||||||
Current portion of operating lease liabilities | 139,538 | 144,029 | |||||||||
Current portion of finance lease liabilities | 151,420 | 147,841 | |||||||||
Current portion of mortgage and loans payable | 9,847 | 33,087 | |||||||||
Other current liabilities | 251,346 | 214,519 | |||||||||
Total current liabilities | 1,838,298 | 1,605,954 | |||||||||
Operating lease liabilities, less current portion | 1,272,812 | 1,107,180 | |||||||||
Finance lease liabilities, less current portion | 2,143,690 | 1,989,668 | |||||||||
Mortgage and loans payable, less current portion | 642,708 | 586,577 | |||||||||
Senior notes, less current portion | 12,109,539 | 10,984,144 | |||||||||
Other liabilities | 797,863 | 763,411 | |||||||||
Total liabilities | 18,804,910 | 17,036,934 | |||||||||
Commitments and contingencies (Note 15) | |||||||||||
Equinix stockholders' equity: | |||||||||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2022 and 2021; zero shares issued and outstanding | — | — | |||||||||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2022 and 2021; 92,813,976 issued and 92,620,703 outstanding in 2022 and 90,872,826 issued and 90,571,406 outstanding in 2021 | 93 | 91 | |||||||||
Additional paid-in capital | 17,320,017 | 15,984,597 | |||||||||
Treasury stock, at cost; 193,273 shares in 2022 and 301,420 shares in 2021 | (71,966) | (112,208) | |||||||||
Accumulated dividends | (7,317,570) | (6,165,140) | |||||||||
Accumulated other comprehensive loss | (1,389,446) | (1,085,751) | |||||||||
Retained earnings | 2,964,838 | 2,260,493 | |||||||||
Total Equinix stockholders' equity | 11,505,966 | 10,882,082 | |||||||||
Non-controlling interests | (134) | (318) | |||||||||
Total stockholders' equity | 11,505,832 | 10,881,764 | |||||||||
Total liabilities and stockholders' equity | $ | 30,310,742 | $ | 27,918,698 |
December 31, | |||||||
2019 | 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,869,577 | $ | 606,166 | |||
Short-term investments | 10,362 | 4,540 | |||||
Accounts receivable, net of allowance for doubtful accounts of $13,026 and $15,950 | 689,134 | 630,119 | |||||
Other current assets | 303,543 | 274,857 | |||||
Total current assets | 2,872,616 | 1,515,682 | |||||
Property, plant and equipment, net | 12,152,597 | 11,026,020 | |||||
Operating lease right-of-use assets | 1,475,367 | — | |||||
Goodwill | 4,781,858 | 4,836,388 | |||||
Intangible assets, net | 2,102,389 | 2,333,296 | |||||
Other assets | 580,788 | 533,252 | |||||
Total assets | $ | 23,965,615 | $ | 20,244,638 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 760,718 | $ | 756,692 | |||
Accrued property, plant and equipment | 301,535 | 179,412 | |||||
Current portion of operating lease liabilities | 145,606 | — | |||||
Current portion of finance lease liabilities | 75,239 | 77,844 | |||||
Current portion of mortgage and loans payable | 77,603 | 73,129 | |||||
Current portion of senior notes | 643,224 | 300,999 | |||||
Other current liabilities | 153,938 | 126,995 | |||||
Total current liabilities | 2,157,863 | 1,515,071 | |||||
Operating lease liabilities, less current portion | 1,315,656 | — | |||||
Finance lease liabilities, less current portion | 1,430,882 | 1,441,077 | |||||
Mortgage and loans payable, less current portion | 1,289,434 | 1,310,663 | |||||
Senior notes, less current portion | 8,309,673 | 8,128,785 | |||||
Other liabilities | 621,725 | 629,763 | |||||
Total liabilities | 15,125,233 | 13,025,359 | |||||
Commitments and contingencies (Note 15) | |||||||
Equinix stockholders' equity: | |||||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2019 and 2018; zero shares issued and outstanding | — | — | |||||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2019 and 2018; 85,700,953 issued and 85,308,386 outstanding in 2019 and 81,119,117 issued and 80,722,258 outstanding in 2018 | 86 | 81 | |||||
Additional paid-in capital | 12,696,433 | 10,751,313 | |||||
Treasury stock, at cost; 392,567 shares in 2019 and 396,859 shares in 2018 | (144,256 | ) | (145,161 | ) | |||
Accumulated dividends | (4,168,469 | ) | (3,331,200 | ) | |||
Accumulated other comprehensive loss | (934,613 | ) | (945,702 | ) | |||
Retained earnings | 1,391,425 | 889,948 | |||||
Total Equinix stockholders' equity | 8,840,606 | 7,219,279 | |||||
Non-controlling interests | (224 | ) | — | ||||
Total stockholders' equity | 8,840,382 | 7,219,279 | |||||
Total liabilities and stockholders' equity | $ | 23,965,615 | $ | 20,244,638 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
Revenues | $ | 5,562,140 | $ | 5,071,654 | $ | 4,368,428 | Revenues | $ | 7,263,105 | $ | 6,635,537 | $ | 5,998,545 | |||||||||||||||
Costs and operating expenses: | Costs and operating expenses: | |||||||||||||||||||||||||||
Cost of revenues | 2,810,184 | 2,605,475 | 2,193,149 | Cost of revenues | 3,751,501 | 3,472,422 | 3,074,340 | |||||||||||||||||||||
Sales and marketing | 651,046 | 633,702 | 581,724 | Sales and marketing | 786,560 | 741,232 | 718,356 | |||||||||||||||||||||
General and administrative | 935,018 | 826,694 | 745,906 | General and administrative | 1,498,701 | 1,301,797 | 1,090,981 | |||||||||||||||||||||
Transaction costs | 24,781 | 34,413 | 38,635 | Transaction costs | 21,839 | 22,769 | 55,935 | |||||||||||||||||||||
Impairment charges | 15,790 | — | — | Impairment charges | — | — | 7,306 | |||||||||||||||||||||
Gain on asset sales | (44,310 | ) | (6,013 | ) | — | |||||||||||||||||||||||
(Gain) loss on asset sales | (Gain) loss on asset sales | 3,976 | (10,845) | (1,301) | ||||||||||||||||||||||||
Total costs and operating expenses | 4,392,509 | 4,094,271 | 3,559,414 | Total costs and operating expenses | 6,062,577 | 5,527,375 | 4,945,617 | |||||||||||||||||||||
Income from operations | 1,169,631 | 977,383 | 809,014 | Income from operations | 1,200,528 | 1,108,162 | 1,052,928 | |||||||||||||||||||||
Interest income | 27,697 | 14,482 | 13,075 | Interest income | 36,268 | 2,644 | 8,654 | |||||||||||||||||||||
Interest expense | (479,684 | ) | (521,494 | ) | (478,698 | ) | Interest expense | (356,337) | (336,082) | (406,466) | ||||||||||||||||||
Other income | 27,778 | 14,044 | 9,213 | |||||||||||||||||||||||||
Loss on debt extinguishment | (52,825 | ) | (51,377 | ) | (65,772 | ) | ||||||||||||||||||||||
Other income (expense) | Other income (expense) | (51,417) | (50,647) | 6,913 | ||||||||||||||||||||||||
Gain (loss) on debt extinguishment | Gain (loss) on debt extinguishment | 327 | (115,125) | (145,804) | ||||||||||||||||||||||||
Income before income taxes | 692,597 | 433,038 | 286,832 | Income before income taxes | 829,369 | 608,952 | 516,225 | |||||||||||||||||||||
Income tax expense | (185,352 | ) | (67,679 | ) | (53,850 | ) | Income tax expense | (124,792) | (109,224) | (146,151) | ||||||||||||||||||
Net income | 507,245 | 365,359 | 232,982 | Net income | 704,577 | 499,728 | 370,074 | |||||||||||||||||||||
Net loss attributable to non-controlling interests | 205 | — | — | |||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | Net (income) loss attributable to non-controlling interests | (232) | 463 | (297) | ||||||||||||||||||||||||
Net income attributable to Equinix | $ | 507,450 | $ | 365,359 | $ | 232,982 | Net income attributable to Equinix | $ | 704,345 | $ | 500,191 | $ | 369,777 | |||||||||||||||
Earnings per share ("EPS") attributable to Equinix: | Earnings per share ("EPS") attributable to Equinix: | |||||||||||||||||||||||||||
Basic EPS | $ | 6.03 | $ | 4.58 | $ | 3.03 | Basic EPS | $ | 7.69 | $ | 5.57 | $ | 4.22 | |||||||||||||||
Weighted-average shares for basic EPS | 84,140 | 79,779 | 76,854 | Weighted-average shares for basic EPS | 91,569 | 89,772 | 87,700 | |||||||||||||||||||||
Diluted EPS | $ | 5.99 | $ | 4.56 | $ | 3.00 | Diluted EPS | $ | 7.67 | $ | 5.53 | $ | 4.18 | |||||||||||||||
Weighted-average shares for diluted EPS | 84,679 | 80,197 | 77,535 | Weighted-average shares for diluted EPS | 91,828 | 90,409 | 88,410 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Net income | $ | 507,245 | $ | 365,359 | $ | 232,982 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $(51), $4,419 and $0 | (58,334 | ) | (421,743 | ) | 454,269 | ||||||
Net investment hedge CTA gain (loss), net of tax effects of $10, $1,358 and $0 | 73,294 | 219,628 | (235,292 | ) | |||||||
Unrealized gain on available-for-sale securities, net of tax effects of $0, $0 and $(10) | — | — | 14 | ||||||||
Unrealized gain (loss) on cash flow hedges, net of tax effects of $2,938, $(14,557) and $18,542 | (3,842 | ) | 43,671 | (54,895 | ) | ||||||
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $(9), $(15) and $39 | (48 | ) | 55 | (143 | ) | ||||||
Total other comprehensive income (loss), net of tax | 11,070 | (158,389 | ) | 163,953 | |||||||
Comprehensive income, net of tax | 518,315 | 206,970 | 396,935 | ||||||||
Net loss attributable to non-controlling interests | 205 | — | — | ||||||||
Other comprehensive loss attributable to non-controlling interests | 19 | — | — | ||||||||
Comprehensive income attributable to Equinix | $ | 518,539 | $ | 206,970 | $ | 396,935 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 704,577 | $ | 499,728 | $ | 370,074 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0 and $0 | (769,886) | (559,969) | 548,560 | ||||||||||||||
Net investment hedge CTA gain (loss), net of tax effects of $0, $0 and $0 | 425,701 | 326,982 | (444,553) | ||||||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax effects of $2,248, $(16,980) and $14,521 | 40,543 | 60,562 | (82,790) | ||||||||||||||
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $25, $(14) and $(23) | (101) | 57 | 85 | ||||||||||||||
Total other comprehensive income (loss), net of tax | (303,743) | (172,368) | 21,302 | ||||||||||||||
Comprehensive income, net of tax | 400,834 | 327,360 | 391,376 | ||||||||||||||
Net (income) loss attributable to non-controlling interests | (232) | 463 | (297) | ||||||||||||||
Other comprehensive (income) loss attributable to non-controlling interests | 48 | (15) | (57) | ||||||||||||||
Comprehensive income attributable to Equinix | $ | 400,650 | $ | 327,808 | $ | 391,022 |
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | AOCI (Loss) | Retained Earnings | Equinix Stockholders' Equity | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 85,700,953 | $ | 86 | (392,567) | $ | (144,256) | $ | 12,696,433 | $ | (4,168,469) | $ | (934,613) | $ | 1,391,425 | $ | 8,840,606 | $ | (224) | $ | 8,840,382 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | — | (900) | (900) | — | (900) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 369,777 | 369,777 | 297 | 370,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 21,245 | — | 21,245 | 57 | 21,302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 758,339 | — | 64,515 | 22,138 | 39,979 | — | — | — | 62,117 | — | 62,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for equity offering | 2,587,500 | 3 | — | — | 1,683,103 | — | — | — | 1,683,106 | — | 1,683,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 415,512 | — | — | — | 298,269 | — | — | — | 298,269 | — | 298,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution on common stock, $10.64 per share | — | — | — | — | — | (936,269) | — | — | (936,269) | — | (936,269) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 189 | (770) | — | — | (581) | — | (581) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (13,766) | — | — | (13,766) | — | (13,766) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 310,384 | — | — | — | 310,384 | — | 310,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 89,462,304 | 89 | (328,052) | (122,118) | 15,028,357 | (5,119,274) | (913,368) | 1,760,302 | 10,633,988 | 130 | 10,634,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | 500,191 | 500,191 | (463) | 499,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (172,383) | — | (172,383) | 15 | (172,368) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 772,905 | 1 | 26,632 | 9,910 | 67,718 | — | — | — | 77,629 | — | 77,629 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 637,617 | 1 | — | — | 497,869 | — | — | — | 497,870 | — | 497,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution on common stock, $11.48 per share | — | — | — | — | — | (1,030,005) | — | — | (1,030,005) | — | (1,030,005) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | — | (839) | — | — | (839) | — | (839) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (15,022) | — | — | (15,022) | — | (15,022) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 390,653 | — | — | — | 390,653 | — | 390,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUINIX, INC. Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss) For the Three Years Ended December 31, 2019 (in thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||
AOCI (Loss) | Retained Earnings | Equinix Stockholders' Equity | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | 71,817,430 | $ | 72 | (408,415 | ) | $ | (147,559 | ) | $ | 7,413,519 | $ | (1,969,645 | ) | $ | (949,142 | ) | $ | 18,584 | $ | 4,365,829 | $ | — | $ | 4,365,829 | |||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | — | 1,123 | 1,123 | — | 1,123 | ||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 232,982 | 232,982 | — | 232,982 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 163,953 | — | 163,953 | — | 163,953 | ||||||||||||||||||||||||||||||
Issuance of common stock in public offering of common stock, net | 6,069,444 | 6 | — | — | 2,126,333 | — | — | — | 2,126,339 | — | 2,126,339 | ||||||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 790,329 | 1 | 6,073 | 1,239 | 40,449 | — | — | — | 41,689 | — | 41,689 | ||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 763,201 | — | — | — | 355,082 | — | — | — | 355,082 | — | 355,082 | ||||||||||||||||||||||||||||||
Dividend distribution on common stock, $8.00 per share | — | — | — | — | — | (612,085 | ) | — | — | (612,085 | ) | — | (612,085 | ) | |||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 4,280 | (890 | ) | — | — | 3,390 | — | 3,390 | |||||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (10,172 | ) | — | — | (10,172 | ) | — | (10,172 | ) | |||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 181,660 | — | — | — | 181,660 | — | 181,660 | ||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 79,440,404 | 79 | (402,342 | ) | (146,320 | ) | 10,121,323 | (2,592,792 | ) | (785,189 | ) | 252,689 | 6,849,790 | — | 6,849,790 | ||||||||||||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | (2,124 | ) | 271,900 | 269,776 | — | 269,776 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 365,359 | 365,359 | — | 365,359 | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (158,389 | ) | — | (158,389 | ) | — | (158,389 | ) | |||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 747,779 | 1 | 5,483 | 1,159 | 48,976 | — | — | — | 50,136 | — | 50,136 | ||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 930,934 | 1 | — | — | 388,171 | — | — | — | 388,172 | — | 388,172 | ||||||||||||||||||||||||||||||
Dividend distribution on common stock, $9.12 per share | — | — | — | — | — | (727,448 | ) | — | — | (727,448 | ) | — | (727,448 | ) | |||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 2,319 | (876 | ) | — | — | 1,443 | — | 1,443 | |||||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (10,084 | ) | — | — | (10,084 | ) | — | (10,084 | ) | |||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 189,799 | — | — | — | 189,799 | — | 189,799 | ||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | 725 | — | — | — | 725 | — | 725 |
AOCI (Loss) | Retained Earnings | Equinix Stockholders' Equity | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 90,872,826 | 91 | (301,420) | (112,208) | 15,984,597 | (6,165,140) | (1,085,751) | 2,260,493 | 10,882,082 | (318) | 10,881,764 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 704,345 | 704,345 | 232 | 704,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (303,695) | — | (303,695) | (48) | (303,743) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock | 780,444 | 1 | 108,147 | 40,242 | 90,314 | — | — | — | 130,557 | — | 130,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 1,160,706 | 1 | — | — | 796,017 | — | — | — | 796,018 | — | 796,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend distribution on common stock, $12.40 per share | — | — | — | — | — | (1,137,203) | — | — | (1,137,203) | — | (1,137,203) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | — | (927) | — | — | (927) | — | (927) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (14,300) | — | — | (14,300) | — | (14,300) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 449,089 | — | — | — | 449,089 | — | 449,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | 92,813,976 | $ | 93 | (193,273) | $ | (71,966) | $ | 17,320,017 | $ | (7,317,570) | $ | (1,389,446) | $ | 2,964,838 | $ | 11,505,966 | $ | (134) | $ | 11,505,832 |
EQUINIX, INC. Consolidated Statements of Stockholders’ Equity and Other Comprehensive Income (Loss) - continued For the Three Years Ended December 31, 2019 (in thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||
AOCI (Loss) | Retained Earnings | Equinix Stockholders' Equity | Non-controlling Interests | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||
Common stock | Treasury stock | Additional Paid-in Capital | Accumulated Dividends | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | 81,119,117 | 81 | (396,859 | ) | (145,161 | ) | 10,751,313 | (3,331,200 | ) | (945,702 | ) | 889,948 | 7,219,279 | — | 7,219,279 | ||||||||||||||||||||||||||
Adjustment from adoption of new accounting standard | — | — | — | — | — | — | — | (5,973 | ) | (5,973 | ) | — | (5,973 | ) | |||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | 507,450 | 507,450 | (205 | ) | 507,245 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 11,089 | — | 11,089 | (19 | ) | 11,070 | |||||||||||||||||||||||||||||
Issuance of common stock and release of treasury stock for employee equity awards | 692,706 | 1 | 4,292 | 905 | 51,111 | — | — | — | 52,017 | — | 52,017 | ||||||||||||||||||||||||||||||
Issuance of common stock for equity offering | 2,985,575 | 3 | — | — | 1,213,431 | — | — | — | 1,213,434 | — | 1,213,434 | ||||||||||||||||||||||||||||||
Issuance of common stock under ATM Program | 903,555 | 1 | — | — | 447,541 | — | — | — | 447,542 | — | 447,542 | ||||||||||||||||||||||||||||||
Dividend distribution on common stock, $9.84 per share | — | — | — | — | — | (825,893 | ) | — | — | (825,893 | ) | — | (825,893 | ) | |||||||||||||||||||||||||||
Settlement of accrued dividends on vested equity awards | — | — | — | — | 308 | (688 | ) | — | — | (380 | ) | — | (380 | ) | |||||||||||||||||||||||||||
Accrued dividends on unvested equity awards | — | — | — | — | — | (10,688 | ) | — | — | (10,688 | ) | — | (10,688 | ) | |||||||||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures | — | — | — | — | 232,729 | — | — | — | 232,729 | — | 232,729 | ||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 85,700,953 | $ | 86 | (392,567 | ) | $ | (144,256 | ) | $ | 12,696,433 | $ | (4,168,469 | ) | $ | (934,613 | ) | $ | 1,391,425 | $ | 8,840,606 | $ | (224 | ) | $ | 8,840,382 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||||||
Net income | $ | 507,245 | $ | 365,359 | $ | 232,982 | Net income | $ | 704,577 | $ | 499,728 | $ | 370,074 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||
Depreciation | 1,088,559 | 1,024,073 | 865,472 | Depreciation | 1,531,453 | 1,450,806 | 1,224,322 | |||||||||||||||||||||
Stock-based compensation | 236,539 | 180,716 | 175,500 | Stock-based compensation | 403,983 | 363,774 | 294,952 | |||||||||||||||||||||
Amortization of intangible assets | 196,278 | 203,416 | 177,008 | Amortization of intangible assets | 204,755 | 205,484 | 199,047 | |||||||||||||||||||||
Amortization of debt issuance costs and debt discounts and premiums | 13,042 | 13,618 | 24,449 | Amortization of debt issuance costs and debt discounts and premiums | 17,826 | 17,135 | 15,739 | |||||||||||||||||||||
Provision for allowance for doubtful accounts | 8,459 | 7,236 | 5,627 | |||||||||||||||||||||||||
Provision for credit loss allowance | Provision for credit loss allowance | 7,426 | 10,016 | 5,069 | ||||||||||||||||||||||||
Impairment charges | 15,790 | — | — | Impairment charges | — | — | 7,306 | |||||||||||||||||||||
Gain on asset sales | (44,310 | ) | (6,013 | ) | — | |||||||||||||||||||||||
Loss on debt extinguishment | 52,825 | 51,377 | 65,772 | |||||||||||||||||||||||||
(Gain) loss on asset sales | (Gain) loss on asset sales | 3,976 | (10,845) | (1,301) | ||||||||||||||||||||||||
(Gain) loss on debt extinguishment | (Gain) loss on debt extinguishment | (327) | 115,125 | 145,804 | ||||||||||||||||||||||||
Other items | 11,620 | 19,660 | (11,243 | ) | Other items | 63,038 | 28,717 | 16,643 | ||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable | (26,909 | ) | (52,931 | ) | (161,774 | ) | Accounts receivable | (153,415) | (1,873) | 25,412 | ||||||||||||||||||
Income taxes, net | 32,495 | (10,670 | ) | (34,936 | ) | Income taxes, net | (7,827) | (16,602) | (22,641) | |||||||||||||||||||
Other assets | (100,144 | ) | (47,635 | ) | 20,180 | Other assets | (52,276) | (114,268) | (129,817) | |||||||||||||||||||
Operating lease right-of-use assets | 149,031 | — | — | Operating lease right-of-use assets | 149,094 | 140,590 | 153,650 | |||||||||||||||||||||
Operating lease liabilities | (152,091 | ) | — | — | Operating lease liabilities | (132,831) | (177,533) | (142,863) | ||||||||||||||||||||
Accounts payable and accrued expenses | (27,928 | ) | 35,495 | 74,488 | Accounts payable and accrued expenses | 114,600 | 64,596 | 25,801 | ||||||||||||||||||||
Other liabilities | 32,227 | 31,725 | 5,708 | Other liabilities | 109,130 | (27,644) | 122,629 | |||||||||||||||||||||
Net cash provided by operating activities | 1,992,728 | 1,815,426 | 1,439,233 | Net cash provided by operating activities | 2,963,182 | 2,547,206 | 2,309,826 | |||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||||||
Purchases of investments | (60,909 | ) | (65,180 | ) | (57,926 | ) | Purchases of investments | (144,642) | (107,533) | (127,763) | ||||||||||||||||||
Sales and maturities of investments | 40,386 | 85,777 | 46,421 | |||||||||||||||||||||||||
Sales of investments | Sales of investments | 22,073 | 4,057 | 29,352 | ||||||||||||||||||||||||
Business acquisitions, net of cash and restricted cash acquired | (34,143 | ) | (829,687 | ) | (3,963,280 | ) | Business acquisitions, net of cash and restricted cash acquired | (964,010) | (158,498) | (1,180,272) | ||||||||||||||||||
Purchases of real estate | (169,153 | ) | (182,418 | ) | (95,083 | ) | ||||||||||||||||||||||
Real estate acquisitions | Real estate acquisitions | (248,276) | (201,837) | (200,182) | ||||||||||||||||||||||||
Purchases of other property, plant and equipment | (2,079,521 | ) | (2,096,174 | ) | (1,378,725 | ) | Purchases of other property, plant and equipment | (2,278,004) | (2,751,512) | (2,282,504) | ||||||||||||||||||
Proceeds from sale of assets, net of cash transferred | 358,773 | 12,154 | 47,767 | Proceeds from sale of assets, net of cash transferred | 249,906 | 208,585 | 334,397 | |||||||||||||||||||||
Net cash used in investing activities | (1,944,567 | ) | (3,075,528 | ) | (5,400,826 | ) | Net cash used in investing activities | (3,362,953) | (3,006,738) | (3,426,972) | ||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||||||
Proceeds from employee equity awards | 52,018 | 50,136 | 41,696 | Proceeds from employee equity awards | 81,543 | 77,628 | 62,118 | |||||||||||||||||||||
Payment of dividends and special distribution | (836,164 | ) | (738,600 | ) | (621,497 | ) | ||||||||||||||||||||||
Payment of dividends | Payment of dividends | (1,151,459) | (1,042,909) | (947,933) | ||||||||||||||||||||||||
Proceeds from public offering of common stock, net of issuance costs | 1,660,976 | 388,172 | 2,481,421 | Proceeds from public offering of common stock, net of issuance costs | 796,018 | 497,870 | 1,981,375 | |||||||||||||||||||||
Proceeds from senior notes, net of debt discounts | 2,797,906 | 929,850 | 3,628,701 | Proceeds from senior notes, net of debt discounts | 1,193,688 | 3,878,662 | 4,431,627 | |||||||||||||||||||||
Proceeds from loans payable | — | 424,650 | 2,056,876 | |||||||||||||||||||||||||
Proceeds from mortgage and loans payable | Proceeds from mortgage and loans payable | 676,850 | — | 750,790 | ||||||||||||||||||||||||
Repayment of senior notes | (2,206,289 | ) | — | (500,000 | ) | Repayment of senior notes | — | (1,990,650) | (4,363,761) | |||||||||||||||||||
Repayment of finance lease liabilities | (126,486 | ) | (103,774 | ) | (93,470 | ) | ||||||||||||||||||||||
Repayment of mortgage and loans payable | (73,227 | ) | (447,473 | ) | (2,277,798 | ) | ||||||||||||||||||||||
Repayments of finance lease liabilities | Repayments of finance lease liabilities | (134,202) | (165,539) | (115,288) | ||||||||||||||||||||||||
Repayments of mortgage and loans payable | Repayments of mortgage and loans payable | (587,941) | (717,010) | (829,466) | ||||||||||||||||||||||||
Debt extinguishment costs | (43,311 | ) | (20,556 | ) | (26,122 | ) | Debt extinguishment costs | — | (99,185) | (111,700) | ||||||||||||||||||
Debt issuance costs | (23,341 | ) | (12,218 | ) | (81,047 | ) | Debt issuance costs | (17,731) | (25,102) | (42,236) | ||||||||||||||||||
Other financing activities | — | 725 | (900 | ) | ||||||||||||||||||||||||
Net cash provided by financing activities | 1,202,082 | 470,912 | 4,607,860 | Net cash provided by financing activities | 856,766 | 413,765 | 815,526 | |||||||||||||||||||||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | 8,766 | (33,907 | ) | 31,187 | Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (98,201) | (30,474) | 40,702 | ||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,259,009 | (823,097 | ) | 677,454 | Net increase (decrease) in cash, cash equivalents and restricted cash | 358,794 | (76,241) | (260,918) | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 627,604 | 1,450,701 | 773,247 | Cash, cash equivalents and restricted cash at beginning of period | 1,549,454 | 1,625,695 | 1,886,613 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,886,613 | $ | 627,604 | $ | 1,450,701 | Cash, cash equivalents and restricted cash at end of period | $ | 1,908,248 | $ | 1,549,454 | $ | 1,625,695 | |||||||||||||||
Supplemental cash flow information | Supplemental cash flow information | |||||||||||||||||||||||||||
Cash paid for taxes | $ | 136,583 | $ | 93,375 | $ | 72,641 | Cash paid for taxes | $ | 140,312 | $ | 134,411 | $ | 143,934 | |||||||||||||||
Cash paid for interest | $ | 553,815 | $ | 496,795 | $ | 444,793 | Cash paid for interest | $ | 430,217 | $ | 426,439 | $ | 498,408 | |||||||||||||||
Cash and cash equivalents | $ | 1,869,577 | $ | 606,166 | $ | 1,412,517 | Cash and cash equivalents | $ | 1,906,421 | $ | 1,536,358 | $ | 1,604,869 | |||||||||||||||
Current portion of restricted cash included in other current assets | 7,090 | 10,887 | 26,919 | Current portion of restricted cash included in other current assets | 1,734 | 12,188 | 11,135 | |||||||||||||||||||||
Non-current portion of restricted cash included in other assets | 9,946 | 10,551 | 11,265 | Non-current portion of restricted cash included in other assets | 93 | 908 | 9,691 | |||||||||||||||||||||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 1,886,613 | $ | 627,604 | $ | 1,450,701 | Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ | 1,908,248 | $ | 1,549,454 | $ | 1,625,695 | |||||||||||||||
2019 | 2018 | 2017 | ||||||
Americas | 47 | % | 49 | % | 50 | % | ||
EMEA | 32 | % | 31 | % | 31 | % | ||
Asia-Pacific | 21 | % | 20 | % | 19 | % |
2022 | 2021 | 2020 | |||||||||||||||
Americas | 46 | % | 46 | % | 45 | % | |||||||||||
EMEA | 32 | % | 32 | % | 33 | % | |||||||||||
Asia-Pacific | 22 | % | 22 | % | 22 | % |
Core systems | - | 40 years | |||||||||
Buildings | - | 60 years | |||||||||
Leasehold improvements | - | 40 years | |||||||||
Personal Property, including capitalized internal-use software | - | 10 years |
Balance Sheet | Balances at December 31, 2018 | Adjustments due to adoption of Topic 842 | Balances at January 1, 2019 | |||||||||
Assets | ||||||||||||
Other current assets | $ | 274,857 | $ | (15,949 | ) | $ | 258,908 | |||||
Property, plant and equipment, net | 11,026,020 | (293,111 | ) | 10,732,909 | ||||||||
Operating lease right-of-use assets | — | 1,468,762 | 1,468,762 | |||||||||
Intangible assets, net | 2,333,296 | (23,205 | ) | 2,310,091 | ||||||||
Other assets | 533,252 | (63,468 | ) | 469,784 | ||||||||
Liabilities | ||||||||||||
Current portion of operating lease liabilities | — | 144,405 | 144,405 | |||||||||
Current portion of finance lease liabilities | — | 70,795 | 70,795 | |||||||||
Current portion of capital lease and other financing obligations | 77,844 | (77,844 | ) | — | ||||||||
Other current liabilities | 126,995 | (6,455 | ) | 120,540 | ||||||||
Operating lease liabilities, less current portion | — | 1,312,262 | 1,312,262 | |||||||||
Finance lease liabilities, less current portion | — | 1,165,188 | 1,165,188 | |||||||||
Capital lease and other financing obligations, less current portion | 1,441,077 | (1,441,077 | ) | — | ||||||||
Other liabilities | 629,763 | (88,272 | ) | 541,491 | ||||||||
Equity | ||||||||||||
Retained Earnings | 889,948 | (5,973 | ) | 883,975 |
Accounts receivable, net (1) | Contract assets, current | Contract assets, non-current | Deferred revenue, current | Deferred revenue, non-current | |||||||||||||||||||||||||
Beginning balances as of January 1, 2022 | $ | 681,809 | $ | 65,392 | $ | 55,486 | $ | 109,736 | $ | 87,495 | |||||||||||||||||||
Closing balances as of December 31, 2022 | 855,380 | 27,608 | 55,405 | 132,090 | 155,334 | ||||||||||||||||||||||||
Increase (Decrease) | $ | 173,571 | $ | (37,784) | $ | (81) | $ | 22,354 | $ | 67,839 | |||||||||||||||||||
Beginning balances as of January 1, 2021 | $ | 676,738 | $ | 13,534 | $ | 54,050 | $ | 101,258 | $ | 71,242 | |||||||||||||||||||
Closing balances as of December 31, 2021 | 681,809 | 65,392 | 55,486 | 109,736 | 87,495 | ||||||||||||||||||||||||
Increase | $ | 5,071 | $ | 51,858 | $ | 1,436 | $ | 8,478 | $ | 16,253 |
Accounts receivable, net | Contract asset, current | Contract asset, non-current | Deferred revenue, current | Deferred revenue, non-current | |||||||||||||||
Beginning balances as of January 1, 2019 | $ | 630,119 | $ | 9,778 | $ | 16,396 | $ | 73,143 | $ | 46,641 | |||||||||
Closing balances as of December 31, 2019 | 689,134 | 10,033 | 31,521 | 76,193 | 46,555 | ||||||||||||||
Increase/(decrease) | $ | 59,015 | $ | 255 | $ | 15,125 | $ | 3,050 | $ | (86 | ) | ||||||||
Beginning balances as of January 1, 2018 (1) | $ | 576,313 | $ | 9,002 | $ | 16,186 | $ | 71,085 | $ | 53,101 | |||||||||
Closing balances as of December 31, 2018 | 630,119 | 9,778 | 16,396 | 73,143 | 46,641 | ||||||||||||||
Increase/(decrease) | $ | 53,806 | $ | 776 | $ | 210 | $ | 2,058 | $ | (6,460 | ) |
Metronode | Infomart Dallas | ||||||
Cash and cash equivalents | $ | 3,206 | $ | 17,432 | |||
Accounts receivable | 8,318 | 637 | |||||
Other current assets | 9,421 | 395 | |||||
Property, plant and equipment | 297,092 | 362,023 | |||||
Intangible assets | 128,229 | 65,847 | |||||
Goodwill | 410,188 | 197,378 | |||||
Other assets (1) | 44,373 | — | |||||
Total assets acquired | 900,827 | 643,712 | |||||
Accounts payable and accrued liabilities | (17,104 | ) | (5,056 | ) | |||
Other current liabilities | (2,038 | ) | (2,141 | ) | |||
Deferred tax liabilities | (31,281 | ) | — | ||||
Other liabilities (1) | (45,851 | ) | (4,723 | ) | |||
Net assets acquired | $ | 804,553 | $ | 631,792 |
GPX India | Entel Peru | Entel Chile | MainOne | ||||||||||||||||||||
Final | Provisional | ||||||||||||||||||||||
Cash and cash equivalents | $ | 9,406 | $ | — | $ | — | $ | 33,026 | |||||||||||||||
Accounts receivable | 4,399 | — | — | 9,431 | |||||||||||||||||||
Other current assets | 8,883 | — | 12,424 | 21,988 | |||||||||||||||||||
Property, plant and equipment | 88,130 | 13,423 | 81,132 | 239,583 | |||||||||||||||||||
Operating lease right-of-use assets | 62 | — | — | — | |||||||||||||||||||
Intangible assets | 15,408 | 10,000 | 153,489 | 54,800 | |||||||||||||||||||
Goodwill | 77,145 | 46,285 | 380,867 | 110,648 | |||||||||||||||||||
Deferred tax and other assets | 20 | 10,801 | 12,090 | 6,731 | |||||||||||||||||||
Total assets acquired | 203,453 | 80,509 | 640,002 | 476,207 | |||||||||||||||||||
Accounts payable and accrued liabilities | (1,566) | — | (195) | (19,790) | |||||||||||||||||||
Other current liabilities (1) | (478) | — | — | (13,061) | |||||||||||||||||||
Operating lease liabilities | (62) | — | — | — | |||||||||||||||||||
Finance lease liabilities | (20,565) | — | — | — | |||||||||||||||||||
Mortgage and loans payable | — | — | — | (25,944) | |||||||||||||||||||
Deferred tax and other liabilities (1) | (10,317) | (167) | (1,463) | (139,062) | |||||||||||||||||||
Net assets acquired | $ | 170,465 | $ | 80,342 | $ | 638,344 | $ | 278,350 |
Intangible Assets | Fair Value | Estimated Useful Lives (Years) | Weighted-average Estimated Useful Lives (Years) | |||||
Customer relationships (Metronode) | $ | 128,229 | 20.0 | 20.0 | ||||
Customer relationships (Infomart Dallas) | 35,860 | 20.0 | 20.0 | |||||
In-place leases (Infomart Dallas) | 19,960 | 3.6 - 7.5 | 6.8 | |||||
Trade names (Infomart Dallas) | 9,552 | 20.0 | 20.0 | |||||
Favorable leases (Infomart Dallas) | 475 | 3.6 - 7.5 | 7.0 |
Intangible Assets | Fair Value | Estimated Useful Lives (Years) | Weighted-average Estimated Useful Lives (Years) | Discount Rate | ||||||||||||||||||||||
GPX India: | ||||||||||||||||||||||||||
Customer relationships (1) | $ | 15,408 | 15.0 | 15.0 | 11.0 | % | ||||||||||||||||||||
Entel Peru: | ||||||||||||||||||||||||||
Customer relationships (1) | 10,000 | 15.0 | 15.0 | 7.0 | % | |||||||||||||||||||||
Entel Chile: | ||||||||||||||||||||||||||
Customer relationships (1) | 153,489 | 12.0 - 15.0 | 14.0 | 8.5% - 9.5% | ||||||||||||||||||||||
MainOne: | ||||||||||||||||||||||||||
Customer relationships (1) | 51,500 | 10.0 - 15.0 | 14.0 | 11.5 | % | |||||||||||||||||||||
Trade names (2) | 3,300 | 5.0 | 5.0 | 11.5 | % |
Certain Verizon Data Center Assets | |||
Cash and cash equivalents | $ | 1,073 | |
Accounts receivable | 2,019 | ||
Other current assets | 7,319 | ||
Property, plant and equipment | 840,335 | ||
Intangible assets (1) | 1,693,900 | ||
Goodwill | 1,095,262 | ||
Total assets acquired | 3,639,908 | ||
Accounts payable and accrued liabilities | (1,725 | ) | |
Other current liabilities | (2,020 | ) | |
Capital lease and other financing obligations | (17,659 | ) | |
Deferred tax liabilities | (18,129 | ) | |
Other liabilities | (5,689 | ) | |
Net assets acquired | $ | 3,594,686 |
Itconic | Zenium data center | IO UK's data center | |||||||||
Cash and cash equivalents | $ | 15,659 | $ | 692 | $ | 1,388 | |||||
Accounts receivable | 16,429 | 198 | 7 | ||||||||
Other current assets | 1,885 | 6,430 | 1,082 | ||||||||
Property, plant and equipment | 64,499 | 58,931 | 40,251 | ||||||||
Intangible assets | 101,755 | 7,900 | 6,252 | ||||||||
Goodwill | 127,711 | 21,834 | 15,804 | ||||||||
Deferred tax assets | — | — | 6,714 | ||||||||
Other assets | 4,025 | 313 | 3,396 | ||||||||
Total assets acquired | 331,963 | 96,298 | 74,894 | ||||||||
Accounts payable and accrued liabilities | (15,846 | ) | (1,012 | ) | (439 | ) | |||||
Other current liabilities | (12,374 | ) | (451 | ) | (168 | ) | |||||
Capital lease and other financing obligations | (30,666 | ) | — | (33,091 | ) | ||||||
Loans payable | (3,253 | ) | — | (4,067 | ) | ||||||
Deferred tax liabilities | (3,198 | ) | (2,227 | ) | — | ||||||
Other liabilities | (7,515 | ) | (614 | ) | (828 | ) | |||||
Net assets acquired | $ | 259,111 | $ | 91,994 | $ | 36,301 |
2019 | 2018 | 2017 | |||||||||
Net income | $ | 507,245 | $ | 365,359 | $ | 232,982 | |||||
Net loss attributable to non-controlling interests | 205 | — | — | ||||||||
Net income attributable to Equinix | $ | 507,450 | $ | 365,359 | $ | 232,982 | |||||
Weighted-average shares used to calculate basic EPS | 84,140 | 79,779 | 76,854 | ||||||||
Effect of dilutive securities: | |||||||||||
Employee equity awards | 539 | 418 | 681 | ||||||||
Weighted-average shares used to calculate diluted EPS | 84,679 | 80,197 | 77,535 | ||||||||
EPS attributable to Equinix: | |||||||||||
Basic EPS | $ | 6.03 | $ | 4.58 | $ | 3.03 | |||||
Diluted EPS | $ | 5.99 | $ | 4.56 | $ | 3.00 |
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 704,577 | $ | 499,728 | $ | 370,074 | |||||||||||
Net (income) loss attributable to non-controlling interests | (232) | 463 | (297) | ||||||||||||||
Net income attributable to Equinix | $ | 704,345 | $ | 500,191 | $ | 369,777 | |||||||||||
Weighted-average shares used to calculate basic EPS | 91,569 | 89,772 | 87,700 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee equity awards | 259 | 637 | 710 | ||||||||||||||
Weighted-average shares used to calculate diluted EPS | 91,828 | 90,409 | 88,410 | ||||||||||||||
EPS attributable to Equinix: | |||||||||||||||||
Basic EPS | $ | 7.69 | $ | 5.57 | $ | 4.22 | |||||||||||
Diluted EPS | $ | 7.67 | $ | 5.53 | $ | 4.18 |
2019 | 2018 | 2017 | ||||||
Common stock related to employee equity awards | 21 | 265 | 63 | |||||
Total | 21 | 265 | 63 |
2022 | 2021 | 2020 | |||||||||||||||
Common stock related to employee equity awards and other | 582 | 206 | 19 | ||||||||||||||
Total | 582 | 206 | 19 |
December 31, 2022 | December 31, 2021 | ||||||||||
Operating lease right-of-use assets | $ | — | $ | 12,835 | |||||||
Property, plant and equipment | 81,368 | 260,182 | |||||||||
Other assets | 2,948 | 3,178 | |||||||||
Total assets held for sale | $ | 84,316 | $ | 276,195 | |||||||
Accounts payable and accrued expenses | $ | — | $ | 510 | |||||||
Current portion of operating lease liabilities | — | 2,039 | |||||||||
Operating lease liabilities, less current portion | — | 348 | |||||||||
Accrued property, plant and equipment | 10,480 | 18,127 | |||||||||
Total liabilities held for sale (1) | $ | 10,480 | $ | 21,024 |
Investee | Ownership Percentage | 2022 | 2021 | |||||||||||||||||
EMEA 1 Joint Venture with GIC | 20 | % | $ | 148,895 | $ | 131,516 | ||||||||||||||
VIE Joint Ventures | 20 | % | 191,680 | 95,052 | ||||||||||||||||
Other | Various | 7,570 | 18,481 | |||||||||||||||||
Total | $ | 348,145 | $ | 245,049 | ||||||||||||||||
VIE Joint Ventures | ||||||||
Equity | $ | 191,680 | ||||||
Outstanding Receivables | 19,935 | |||||||
Future Equity Contribution Commitments (1) | 49,993 | |||||||
Maximum Future Payments under Debt Guarantees (2) | 89,308 | |||||||
Total | $ | 350,916 |
2022 | 2021 | ||||||||||
Cash and cash equivalents: | |||||||||||
Cash | $ | 1,141,793 | $ | 950,677 | |||||||
Cash equivalents: | |||||||||||
Money market funds | 764,628 | 585,681 | |||||||||
Total cash and cash equivalents | $ | 1,906,421 | $ | 1,536,358 | |||||||
2019 | 2018 | ||||||
Cash and cash equivalents: | |||||||
Cash | $ | 983,030 | $ | 486,648 | |||
Cash equivalents: | |||||||
Money market funds | 886,547 | 119,518 | |||||
Total cash and cash equivalents | 1,869,577 | 606,166 | |||||
Short-term investments: | |||||||
Certificates of deposit | 7,583 | 2,823 | |||||
Publicly traded equity securities | 2,779 | 1,717 | |||||
Total short-term investments | 10,362 | 4,540 | |||||
Total cash, cash equivalents and short-term investments | $ | 1,879,939 | $ | 610,706 |
2019 | 2018 | ||||||
Accounts receivable | $ | 702,160 | $ | 646,069 | |||
Allowance for doubtful accounts | (13,026 | ) | (15,950 | ) | |||
Accounts receivable, net | $ | 689,134 | $ | 630,119 |
2022 | 2021 | ||||||||||
Accounts receivable | $ | 867,605 | $ | 693,444 | |||||||
Allowance for credit losses | (12,225) | (11,635) | |||||||||
Accounts receivable, net | $ | 855,380 | $ | 681,809 |
Balance as of December 31, 2016 | $ | 15,675 | |
Provision for allowance for doubtful accounts | 5,627 | ||
Net write-offs | (4,546 | ) | |
Impact of foreign currency exchange | 1,472 | ||
Balance as of December 31, 2017 | 18,228 | ||
Provision for allowance for doubtful accounts | 7,236 | ||
Net write-offs | (8,396 | ) | |
Impact of foreign currency exchange | (1,118 | ) | |
Balance as of December 31, 2018 | 15,950 | ||
Provision for allowance for doubtful accounts | 8,459 | ||
Net write-offs | (11,341 | ) | |
Impact of foreign currency exchange | (42 | ) | |
Balance as of December 31, 2019 | $ | 13,026 |
Balance as of December 31, 2019 | $ | 13,026 | |||
Adjustments due to adoption of ASU 2016-13 | 900 | ||||
Provision for credit losses | 5,069 | ||||
Net write-offs | (10,050) | ||||
Impact of foreign currency exchange | 1,732 | ||||
Balance as of December 31, 2020 | 10,677 | ||||
Provision for credit losses | 10,016 | ||||
Net write-offs | (8,295) | ||||
Impact of foreign currency exchange | (763) | ||||
Balance as of December 31, 2021 | 11,635 | ||||
Provision for credit losses | 7,426 | ||||
Net write-offs | (6,356) | ||||
Impact of foreign currency exchange | (480) | ||||
Balance as of December 31, 2022 | $ | 12,225 |
2022 | 2021 | ||||||||||
Prepaid expenses | $ | 79,191 | $ | 65,224 | |||||||
Taxes receivable | 122,166 | 128,123 | |||||||||
Restricted cash, current | 1,734 | 12,188 | |||||||||
Other receivables | 109,948 | 59,224 | |||||||||
Derivative instruments | 105,693 | 117,432 | |||||||||
Contract assets, current | 27,608 | 65,392 | |||||||||
Other current assets | 12,798 | 15,156 | |||||||||
Total other current assets | $ | 459,138 | $ | 462,739 |
2019 | 2018 | ||||||
Prepaid expenses | $ | 55,954 | $ | 70,433 | |||
Taxes receivable | 122,823 | 98,245 | |||||
Restricted cash, current | 7,090 | 10,887 | |||||
Other receivables | 36,350 | 12,611 | |||||
Derivative instruments | 25,426 | 62,170 | |||||
Contract asset, current | 10,033 | 9,778 | |||||
Other current assets (1) | 45,867 | 10,733 | |||||
Total other current assets | $ | 303,543 | $ | 274,857 |
2022 | 2021 | ||||||||||
Core systems | $ | 11,616,863 | $ | 10,808,417 | |||||||
Buildings | 8,013,672 | 7,381,644 | |||||||||
Leasehold improvements | 1,991,060 | 2,022,617 | |||||||||
Construction in progress | 1,195,042 | 967,562 | |||||||||
Personal property (1) | 1,912,861 | 1,551,642 | |||||||||
Land | 1,252,993 | 970,982 | |||||||||
25,982,491 | 23,702,864 | ||||||||||
Less accumulated depreciation | (9,332,957) | (8,257,089) | |||||||||
Property, plant and equipment, net | $ | 16,649,534 | $ | 15,445,775 |
2019 | 2018 | ||||||
Core systems | $ | 8,131,835 | $ | 7,073,912 | |||
Buildings | 5,398,525 | 4,822,501 | |||||
Leasehold improvements | 1,764,058 | 1,637,133 | |||||
Construction in progress | 1,002,104 | 974,152 | |||||
Personal property | 1,009,701 | 857,585 | |||||
Land | 781,024 | 631,367 | |||||
18,087,247 | 15,996,650 | ||||||
Less accumulated depreciation | (5,934,650 | ) | (4,970,630 | ) | |||
Property, plant and equipment, net | $ | 12,152,597 | $ | 11,026,020 |
2022 | 2021 | ||||||||||
Goodwill: | |||||||||||
Americas | $ | 2,630,752 | $ | 2,210,009 | |||||||
EMEA | 2,377,921 | 2,472,586 | |||||||||
Asia-Pacific | 645,544 | 689,476 | |||||||||
$ | 5,654,217 | $ | 5,372,071 | ||||||||
Intangible assets, net: | |||||||||||
Intangible assets - customer relationships | $ | 2,885,152 | $ | 2,841,372 | |||||||
Intangible assets - trade names | 14,719 | 11,471 | |||||||||
Intangible assets - in-place leases | 22,183 | 32,760 | |||||||||
Intangible assets - licenses | 9,697 | 9,697 | |||||||||
Intangible assets - at-the-money lease contracts | 56,822 | 60,455 | |||||||||
Intangible assets - other | 8,029 | 12,546 | |||||||||
2,996,602 | 2,968,301 | ||||||||||
Accumulated amortization - customer relationships | (1,056,844) | (987,462) | |||||||||
Accumulated amortization - trade names | (4,561) | (3,207) | |||||||||
Accumulated amortization - in-place leases | (15,797) | (22,847) | |||||||||
Accumulated amortization - licenses | (6,467) | (5,821) | |||||||||
Accumulated amortization - at the money lease contracts | (10,056) | (5,553) | |||||||||
Accumulated amortization - other | (5,228) | (8,144) | |||||||||
(1,098,953) | (1,033,034) | ||||||||||
Total intangible assets, net | $ | 1,897,649 | $ | 1,935,267 |
2019 | 2018 | ||||||
Goodwill: | |||||||
Americas | $ | 1,741,689 | $ | 1,745,804 | |||
EMEA | 2,426,306 | 2,474,164 | |||||
Asia-Pacific | 613,863 | 616,420 | |||||
$ | 4,781,858 | $ | 4,836,388 | ||||
Intangible assets, net: | |||||||
Intangible assets - customer relationships | $ | 2,712,701 | $ | 2,733,864 | |||
Intangible assets - trade names | 46,601 | 71,778 | |||||
Intangible assets - favorable leases | — | 35,969 | |||||
Intangible assets - in-place leases | 33,295 | 33,671 | |||||
Intangible assets - licenses | 9,697 | 9,697 | |||||
Intangible assets - other | 6,402 | — | |||||
2,808,696 | 2,884,979 | ||||||
Accumulated amortization - customer relationships | (646,632 | ) | (467,111 | ) | |||
Accumulated amortization - trade names | (37,885 | ) | (62,585 | ) | |||
Accumulated amortization - favorable leases | — | (9,986 | ) | ||||
Accumulated amortization - in-place leases | (14,329 | ) | (8,118 | ) | |||
Accumulated amortization - licenses | (4,529 | ) | (3,883 | ) | |||
Accumulated amortization - other | (2,932 | ) | — | ||||
(706,307 | ) | (551,683 | ) | ||||
Total intangible assets, net | $ | 2,102,389 | $ | 2,333,296 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | 2,212,782 | $ | 2,611,166 | $ | 648,605 | $ | 5,472,553 | |||||||||||||||
Purchase of GPX | — | — | 77,162 | 77,162 | |||||||||||||||||||
Impact of foreign currency exchange | (2,773) | (138,580) | (36,291) | (177,644) | |||||||||||||||||||
Balance as of December 31, 2021 | $ | 2,210,009 | $ | 2,472,586 | $ | 689,476 | $ | 5,372,071 | |||||||||||||||
Purchase of MainOne | — | 110,648 | — | 110,648 | |||||||||||||||||||
Purchase of Entel Chile | 380,867 | — | — | 380,867 | |||||||||||||||||||
Purchase of Entel Peru | 46,285 | — | — | 46,285 | |||||||||||||||||||
Impact of foreign currency exchange | (6,409) | (205,313) | (43,932) | (255,654) | |||||||||||||||||||
Balance as of December 31, 2022 | $ | 2,630,752 | $ | 2,377,921 | $ | 645,544 | $ | 5,654,217 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2017 | $ | 1,561,512 | $ | 2,610,899 | $ | 239,351 | $ | 4,411,762 | |||||||
Purchase accounting - Infomart Dallas acquisition | 197,378 | — | — | 197,378 | |||||||||||
Purchase accounting - Metronode acquisition | — | — | 413,871 | 413,871 | |||||||||||
Purchase accounting - other acquisitions | 333 | 1,357 | — | 1,690 | |||||||||||
Impact of foreign currency exchange | (13,419 | ) | (138,092 | ) | (36,802 | ) | (188,313 | ) | |||||||
Balance as of December 31, 2018 | 1,745,804 | 2,474,164 | 616,420 | 4,836,388 | |||||||||||
Purchase accounting - acquisition | — | 25,863 | (3,683 | ) | 22,180 | ||||||||||
Asset sales - xScale data center facilities | — | (59,246 | ) | — | (59,246 | ) | |||||||||
Asset sales - NY12 data center | (950 | ) | — | — | (950 | ) | |||||||||
Impact of foreign currency exchange | (3,165 | ) | (14,475 | ) | 1,126 | (16,514 | ) | ||||||||
Balance as of December 31, 2019 | $ | 1,741,689 | $ | 2,426,306 | $ | 613,863 | $ | 4,781,858 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,443,292 | $ | 466,564 | $ | 192,533 | $ | 2,102,389 | |||||||||||||||
Axtel acquisition | 22,750 | — | — | 22,750 | |||||||||||||||||||
Packet acquisition | 58,500 | — | — | 58,500 | |||||||||||||||||||
Bell acquisition | 75,631 | — | — | 75,631 | |||||||||||||||||||
Other asset acquisition | — | 64,905 | — | 64,905 | |||||||||||||||||||
Amortization of intangibles | (133,608) | (49,417) | (16,022) | (199,047) | |||||||||||||||||||
Impact of foreign currency exchange | (3,476) | 35,975 | 13,318 | 45,817 | |||||||||||||||||||
Balance as of December 31, 2020 | 1,463,089 | 518,027 | 189,829 | 2,170,945 | |||||||||||||||||||
GPX acquisition | — | — | 15,472 | 15,472 | |||||||||||||||||||
Amortization of intangibles | (133,289) | (55,807) | (16,388) | (205,484) | |||||||||||||||||||
Impact of foreign currency exchange | (2,047) | (30,278) | (13,341) | (45,666) | |||||||||||||||||||
Balance as of December 31, 2021 | 1,327,753 | 431,942 | 175,572 | 1,935,267 | |||||||||||||||||||
Entel Chile acquisition | 153,489 | — | — | 153,489 | |||||||||||||||||||
Entel Peru acquisition | 10,000 | — | — | 10,000 | |||||||||||||||||||
MainOne acquisition | — | 54,800 | — | 54,800 | |||||||||||||||||||
Amortization of intangibles | (137,358) | (52,283) | (15,114) | (204,755) | |||||||||||||||||||
Impact of foreign currency exchange | (3,570) | (33,052) | (14,530) | (51,152) | |||||||||||||||||||
Balance as of December 31, 2022 | $ | 1,350,314 | $ | 401,407 | $ | 145,928 | $ | 1,897,649 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
Balance as of December 31, 2016 | $ | 40,117 | $ | 562,361 | $ | 116,753 | $ | 719,231 | |||||||
Verizon Data Center acquisition | 1,693,900 | — | — | 1,693,900 | |||||||||||
Other 2017 acquisitions | — | 112,645 | — | 112,645 | |||||||||||
Write-off of intangible asset | — | (725 | ) | — | (725 | ) | |||||||||
Amortization of intangibles | (84,749 | ) | (79,105 | ) | (13,154 | ) | (177,008 | ) | |||||||
Impact of foreign currency exchange | (2,895 | ) | 36,043 | 3,781 | 36,929 | ||||||||||
Balance as of December 31, 2017 | 1,646,373 | 631,219 | 107,380 | 2,384,972 | |||||||||||
Infomart Dallas acquisition | 65,847 | — | — | 65,847 | |||||||||||
Metronode acquisition | — | — | 128,229 | 128,229 | |||||||||||
Other acquisitions | — | 8,342 | — | 8,342 | |||||||||||
Write-off of intangible asset | (334 | ) | (1,661 | ) | (3 | ) | (1,998 | ) | |||||||
Amortization of intangibles | (125,683 | ) | (62,283 | ) | (15,450 | ) | (203,416 | ) | |||||||
Impact of foreign currency exchange | (7,232 | ) | (31,757 | ) | (9,691 | ) | (48,680 | ) | |||||||
Balance as of December 31, 2018 | 1,578,971 | 543,860 | 210,465 | 2,333,296 | |||||||||||
ASC 842 adoption adjustment | (108 | ) | (20,692 | ) | (2,405 | ) | (23,205 | ) | |||||||
Switch AMS1 data center acquisition | — | 4,889 | — | 4,889 | |||||||||||
Asset sales - NY12 data center | (8,412 | ) | — | — | (8,412 | ) | |||||||||
Other | — | 1,096 | 472 | 1,568 | |||||||||||
Amortization of intangibles | (125,390 | ) | (54,432 | ) | (16,456 | ) | (196,278 | ) | |||||||
Impact of foreign currency exchange | (1,769 | ) | (8,157 | ) | 457 | (9,469 | ) | ||||||||
Balance as of December 31, 2019 | $ | 1,443,292 | $ | 466,564 | $ | 192,533 | $ | 2,102,389 |
Years ending: | |||||
2023 | $ | 206,596 | |||
2024 | 205,550 | ||||
2025 | 203,259 | ||||
2026 | 202,658 | ||||
2027 | 201,711 | ||||
Thereafter | 877,875 | ||||
Total | $ | 1,897,649 |
Years ending: | |||
2020 | $ | 190,222 | |
2021 | 182,765 | ||
2022 | 178,780 | ||
2023 | 178,513 | ||
2024 | 177,733 | ||
Thereafter | 1,194,376 | ||
Total | $ | 2,102,389 |
2022 | 2021 | ||||||||||
Deferred tax assets, net | $ | 44,628 | $ | 59,816 | |||||||
Prepaid expenses (1) | 150,617 | 87,758 | |||||||||
Debt issuance costs, net | 6,831 | 2,130 | |||||||||
Deposits | 64,337 | 70,548 | |||||||||
Restricted cash | 93 | 908 | |||||||||
Derivative instruments | 298,899 | 59,917 | |||||||||
Contract assets, non-current | 55,405 | 55,486 | |||||||||
Contract costs | 371,306 | 325,510 | |||||||||
Equity method investments | 348,145 | 245,049 | |||||||||
Other assets | 35,876 | 18,944 | |||||||||
Total other assets | $ | 1,376,137 | $ | 926,066 |
2019 | 2018 | ||||||
Deferred tax assets, net | $ | 35,806 | $ | 58,300 | |||
Prepaid expenses | 61,690 | 125,158 | |||||
Debt issuance costs, net | 6,395 | 8,532 | |||||
Deposits | 56,567 | 54,986 | |||||
Restricted cash | 9,946 | 10,551 | |||||
Derivative instruments | 32,280 | 10,904 | |||||
Contract assets, non-current | 31,521 | 16,396 | |||||
Contract costs | 229,205 | 188,200 | |||||
Equity method investments | 59,737 | 10,000 | |||||
Other assets | 57,641 | 50,225 | |||||
Total other assets | $ | 580,788 | $ | 533,252 |
2022 | 2021 | ||||||||||
Accounts payable | $ | 115,953 | $ | 84,084 | |||||||
Accrued compensation and benefits | 413,135 | 364,783 | |||||||||
Accrued interest | 85,052 | 81,893 | |||||||||
Accrued taxes (1) | 131,376 | 117,061 | |||||||||
Accrued utilities and security | 115,119 | 94,251 | |||||||||
Accrued other | 144,165 | 137,072 | |||||||||
Total accounts payable and accrued expenses | $ | 1,004,800 | $ | 879,144 |
2019 | 2018 | ||||||
Accounts payable | $ | 52,232 | $ | 96,980 | |||
Accrued compensation and benefits | 241,361 | 235,697 | |||||
Accrued interest | 103,345 | 126,142 | |||||
Accrued taxes (1) | 135,099 | 118,818 | |||||
Accrued utilities and security | 107,404 | 78,547 | |||||
Accrued professional fees | 20,741 | 17,010 | |||||
Accrued repairs and maintenance | 10,699 | 10,736 | |||||
Accrued other | 89,837 | 72,762 | |||||
Total accounts payable and accrued expenses | $ | 760,718 | $ | 756,692 |
2022 | 2021 | ||||||||||
Deferred revenue, current | $ | 132,090 | $ | 109,736 | |||||||
Customer deposits | 15,896 | 16,380 | |||||||||
Derivative instruments | 24,868 | 13,373 | |||||||||
Dividends payable, current | 12,302 | 12,027 | |||||||||
Asset retirement obligations | 8,657 | 8,756 | |||||||||
Other current liabilities | 57,533 | 54,247 | |||||||||
Total other current liabilities | $ | 251,346 | $ | 214,519 |
2019 | 2018 | ||||||
Deferred revenue, current | $ | 76,193 | $ | 73,143 | |||
Customer deposits | 16,707 | 20,430 | |||||
Derivative instruments | 31,596 | 8,812 | |||||
Deferred rent | — | 6,466 | |||||
Dividends payable | 9,029 | 8,795 | |||||
Asset retirement obligations | 2,081 | 6,776 | |||||
Other current liabilities | 18,332 | 2,573 | |||||
Total other current liabilities | $ | 153,938 | $ | 126,995 |
2019 | 2018 | 2022 | 2021 | |||||||||||||||
Asset retirement obligations | $ | 100,334 | $ | 89,887 | Asset retirement obligations | $ | 109,508 | $ | 108,800 | |||||||||
Deferred tax liabilities, net | 247,179 | 247,849 | Deferred tax liabilities, net | 383,359 | 340,287 | |||||||||||||
Deferred revenue, non-current | 46,555 | 46,641 | Deferred revenue, non-current | 155,334 | 87,495 | |||||||||||||
Deferred rent | — | 108,693 | ||||||||||||||||
Accrued taxes | 146,046 | 116,735 | Accrued taxes | 59,806 | 124,032 | |||||||||||||
Dividends payable | 7,108 | 6,545 | ||||||||||||||||
Dividends payable, non-current | Dividends payable, non-current | 10,446 | 9,750 | |||||||||||||||
Customer deposits | 9,306 | 9,671 | Customer deposits | 4,998 | 1,534 | |||||||||||||
Derivative instruments | 4,017 | 928 | Derivative instruments | 8,820 | 20,899 | |||||||||||||
Other liabilities (1) | 61,180 | 2,814 | ||||||||||||||||
Other liabilities | Other liabilities | 65,592 | 70,614 | |||||||||||||||
Total other liabilities | $ | 621,725 | $ | 629,763 | Total other liabilities | $ | 797,863 | $ | 763,411 |
Asset retirement obligations as of December 31, 2016 | $ | 103,015 | |
Additions | 17,736 | ||
Adjustments (1) | (34,576 | ) | |
Accretion expense | 7,335 | ||
Impact of foreign currency exchange | 5,029 | ||
Asset retirement obligations as of December 31, 2017 | 98,539 | ||
Additions | 5,126 | ||
Adjustments (1) | (11,288 | ) | |
Accretion expense | 6,285 | ||
Impact of foreign currency exchange | (1,999 | ) | |
Asset retirement obligations as of December 31, 2018 | 96,663 | ||
Additions | 6,980 | ||
Adjustments (1) | (7,969 | ) | |
Accretion expense | 6,290 | ||
Impact of foreign currency exchange | 451 | ||
Asset retirement obligations as of December 31, 2019 | $ | 102,415 |
Asset retirement obligations as of December 31, 2019 | $ | 102,415 | |||
Additions |
5,909 | |||||
Adjustments (1) | (4,241) | ||||
Accretion expense | 6,331 | ||||
Impact of foreign currency exchange | 3,355 | ||||
Asset retirement obligations as of December 31, 2020 | 113,769 | ||||
Additions | 7,483 | ||||
(6,591) | |||||
Accretion expense | 6,518 | ||||
Impact of foreign currency exchange | (3,623) | ||||
Asset retirement obligations as of December 31, 2021 | 117,556 | ||||
Additions | 2,951 | ||||
Adjustments (1) | (4,281) | ||||
Accretion expense | 6,431 | ||||
Impact of foreign currency exchange | (4,492) | ||||
Asset retirement obligations as of December 31, 2022 | $ | 118,165 |
Amount of gain or (loss) recognized in accumulated other comprehensive income: | |||||||||||||
Years Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Foreign currency debt | $ | 47,033 | $ | 218,269 | $ | (235,292 | ) | ||||||
Cross-currency interest rate swaps (included component) (1) | 15,514 | — | — | ||||||||||
Cross-currency interest rate swaps (excluded component) (2) | 10,737 | — | — | ||||||||||
Total | $ | 73,284 | $ | 218,269 | $ | (235,292 | ) | ||||||
Amount of gain or (loss) recognized in earnings: | |||||||||||||
Location of gain or (loss) | Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | |||||||||||
Cross-currency interest rate swaps (excluded component) (2) | Interest expense | $ | 19,261 | $ | — | $ | — | ||||||
Total | $ | 19,261 | $ | — | $ | — |
Amount of gain or (loss) recognized in accumulated other comprehensive income: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||
Foreign currency debt | $ | 160,286 | $ | 93,945 | $ | (208,281) | |||||||||||||||||
Cross-currency interest rate swaps (included component) (1) | 276,350 | 282,935 | (218,843) | ||||||||||||||||||||
Cross-currency interest rate swaps (excluded component) (2) | (35,723) | (52,517) | (347) | ||||||||||||||||||||
Foreign currency forward contracts (included component) (1) | 27,323 | 2,621 | (17,115) | ||||||||||||||||||||
Foreign currency forward contracts (excluded component) (3) | (2,535) | (2) | 32 | ||||||||||||||||||||
Total | $ | 425,701 | $ | 326,982 | $ | (444,554) | |||||||||||||||||
Amount of gain or (loss) recognized in earnings: | |||||||||||||||||||||||
Location of gain or (loss) | Years Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||
Cross-currency interest rate swaps (excluded component) (2) | Interest expense | $ | 50,188 | $ | 44,933 | $ | 27,196 | ||||||||||||||||
Foreign currency forward contracts (excluded component) (3) | Interest expense | (469) | 242 | 42 | |||||||||||||||||||
Total | $ | 49,719 | $ | 45,175 | $ | 27,238 | |||||||||||||||||
(1)Included component represents foreign exchange spot rates. (2)Excluded component represents cross-currency basis spread and interest rates. (3)Excluded component represents foreign currency forward points. |
Amount of gain or (loss) recognized in accumulated other comprehensive income: | |||||||||||||
Years Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | |||||||||||
Foreign currency forward and option contracts (included component) (1) | $ | (9,945 | ) | $ | 58,227 | $ | (73,437 | ) | |||||
Foreign currency option contracts (excluded component) (2) | (1,807 | ) | — | — | |||||||||
Treasury locks | 4,972 | — | — | ||||||||||
Total | $ | (6,780 | ) | $ | 58,227 | $ | (73,437 | ) | |||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income: | |||||||||||||
Years Ended December 31, | |||||||||||||
Location of gain or (loss) | 2019 | 2018 | 2017 | ||||||||||
Foreign currency forward contracts | Revenues | $ | 80,046 | $ | (30,603 | ) | $ | 20,845 | |||||
Foreign currency forward contracts | Costs and operating expenses | (41,262 | ) | 15,341 | (11,183 | ) | |||||||
Treasury locks | Interest Expense | 79 | — | — | |||||||||
Total | $ | 38,863 | $ | (15,262 | ) | $ | 9,662 | ||||||
Amount of gain or (loss) excluded from effectiveness testing and included in income: | |||||||||||||
Years Ended December 31, | |||||||||||||
Location of gain or (loss) | 2019 | 2018 | 2017 | ||||||||||
Foreign currency forward contracts | Other income (expense) | $ | 88 | $ | 16,470 | $ | 3,805 | ||||||
Foreign currency option contracts (excluded component) (2) | Revenues | (1,082 | ) | — | — | ||||||||
Total | $ | (994 | ) | $ | 16,470 | $ | 3,805 |
Amount of gain or (loss) recognized in accumulated other comprehensive income: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||
Foreign currency forward and option contracts (included component) (1) | $ | (8,711) | $ | 67,767 | $ | (68,573) | |||||||||||||||||
Foreign currency option contracts (excluded component) (2) | — | 151 | 1,655 | ||||||||||||||||||||
Cross-currency interest rate swaps | (2,386) | — | — | ||||||||||||||||||||
Interest rate locks | 49,392 | 9,624 | (30,393) | ||||||||||||||||||||
Total | $ | 38,295 | $ | 77,542 | $ | (97,311) | |||||||||||||||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
Location of gain or (loss) | 2022 | 2021 | 2020 | ||||||||||||||||||||
Foreign currency forward contracts | Revenues | $ | 148,100 | $ | (39,297) | $ | 37,198 | ||||||||||||||||
Foreign currency forward contracts | Costs and operating expenses | (71,968) | 20,496 | (19,890) | |||||||||||||||||||
Interest rate locks | Interest Expense | (26) | (4,056) | (1,204) | |||||||||||||||||||
Total | $ | 76,106 | $ | (22,857) | $ | 16,104 | |||||||||||||||||
Amount of gain or (loss) excluded from effectiveness testing and included in income: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
Location of gain or (loss) | 2022 | 2021 | 2020 | ||||||||||||||||||||
Foreign currency option contracts (excluded component) (2) | Revenues | $ | — | $ | (244) | $ | (1,761) | ||||||||||||||||
Total | $ | — | $ | (244) | $ | (1,761) |
Amount of gain or (loss) recognized in earnings: | |||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||
Location of gain or (loss) | 2022 | 2021 | 2020 | ||||||||||||||||||||
Embedded derivatives | Revenues | $ | (568) | $ | 3,503 | $ | (3,043) | ||||||||||||||||
Economic hedge of embedded derivatives | Revenues | (984) | (5,937) | 2,142 | |||||||||||||||||||
Foreign currency forward contracts | Other income (expense) | 137,633 | 129,496 | (127,648) | |||||||||||||||||||
Total | $ | 136,081 | $ | 127,062 | $ | (128,549) |
Amount of gain or (loss) recognized in earnings: | |||||||||||||
Years Ended December 31, | |||||||||||||
Location of gain or (loss) | 2019 | 2018 | 2017 | ||||||||||
Embedded derivatives | Revenues | $ | 63 | $ | 618 | $ | (6,756 | ) | |||||
Economic hedge of embedded derivatives | Revenues | 550 | (877 | ) | 1,655 | ||||||||
Foreign currency forward contracts | Other income (expense) | 36,846 | 91,233 | (68,962 | ) | ||||||||
Total | $ | 37,459 | $ | 90,974 | $ | (74,063 | ) |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Assets (1) | Liabilities (2) | Assets (1) | Liabilities (2) | ||||||||||||
Designated as hedging instruments: | |||||||||||||||
Cash flow hedges | |||||||||||||||
Foreign currency forward and option contracts | $ | 24,853 | $ | 5,898 | $ | 38,606 | $ | 865 | |||||||
Net investment hedges | |||||||||||||||
Cross-currency interest rate swaps | 26,251 | — | — | — | |||||||||||
Total designated as hedging | 51,104 | 5,898 | 38,606 | 865 | |||||||||||
Not designated as hedging instruments: | |||||||||||||||
Embedded derivatives | 4,595 | 2,268 | 4,656 | 2,426 | |||||||||||
Economic hedges of embedded derivatives | 1,367 | — | 525 | 180 | |||||||||||
Foreign currency forward contracts | 641 | 27,446 | 29,287 | 6,269 | |||||||||||
Total not designated as hedging | 6,603 | 29,714 | 34,468 | 8,875 | |||||||||||
Total Derivatives | $ | 57,707 | $ | 35,612 | $ | 73,074 | $ | 9,740 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Assets (1) | Liabilities (2) | Assets (1) | Liabilities (2) | ||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Foreign currency forward and option contracts | $ | 27,812 | $ | 21,352 | $ | 22,866 | $ | 7,618 | |||||||||||||||
Cross-currency interest rate swaps | 19,239 | — | — | — | |||||||||||||||||||
Interest rate locks | — | — | 8,662 | — | |||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||
Cross-currency interest rate swaps | 274,234 | — | 56,921 | 19,441 | |||||||||||||||||||
Foreign currency forward contracts | 25,077 | 4,805 | 156 | 70 | |||||||||||||||||||
Total designated as hedging | 346,362 | 26,157 | 88,605 | 27,129 | |||||||||||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||||
Embedded derivatives | — | — | 3,247 | 652 | |||||||||||||||||||
Economic hedges of embedded derivatives | — | — | 2,232 | 637 | |||||||||||||||||||
Foreign currency forward contracts | 58,230 | 7,531 | 83,265 | 5,854 | |||||||||||||||||||
Total not designated as hedging | 58,230 | 7,531 | 88,744 | 7,143 | |||||||||||||||||||
Total Derivatives | $ | 404,592 | $ | 33,688 | $ | 177,349 | $ | 34,272 |
(1)As presented in our consolidated balance sheets within other current assets and other assets. (2)As presented in our consolidated balance sheets within other current liabilities and other liabilities. |
Gross Amounts Offset in Consolidated Balance Sheet | |||||||||||||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Net Amounts | Gross Amounts not Offset in the Balance Sheet | Net | |||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Derivative assets | $ | 424,516 | $ | — | $ | 424,516 | $ | (34,429) | $ | 390,087 | |||||||||||||||||||
Derivative liabilities | 39,234 | — | 39,234 | (34,429) | 4,805 | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Derivative assets | $ | 207,037 | $ | — | $ | 207,037 | $ | (47,538) | $ | 159,499 | |||||||||||||||||||
Derivative liabilities | 49,326 | — | 49,326 | (47,538) | 1,788 |
Gross Amounts Offset in Consolidated Balance Sheet | |||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Net Amounts | Gross Amounts not Offset in the Balance Sheet | Net | |||||||||||||||
December 31, 2019 | |||||||||||||||||||
Derivative assets | $ | 76,640 | $ | — | $ | 76,640 | $ | (37,820 | ) | $ | 38,820 | ||||||||
Derivative liabilities | 45,832 | — | 45,832 | (37,820 | ) | 8,012 | |||||||||||||
December 31, 2018 | |||||||||||||||||||
Derivative assets | $ | 73,074 | $ | — | $ | 73,074 | $ | (6,517 | ) | $ | 66,557 | ||||||||
Derivative liabilities | 9,740 | — | 9,740 | (6,517 | ) | 3,223 |
Fair Value at December 31, 2022 | Fair Value Measurement Using | ||||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
Assets: | |||||||||||||||||
Money market and deposit accounts | $ | 764,628 | $ | 764,628 | $ | — | |||||||||||
Derivative instruments (1) | 404,592 | — | 404,592 | ||||||||||||||
$ | 1,169,220 | $ | 764,628 | $ | 404,592 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivative instruments (1) | $ | 33,688 | $ | — | $ | 33,688 |
Fair Value at December 31, | Fair Value Measurement Using | ||||||||||
2019 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Money market and deposit accounts | $ | 886,547 | $ | 886,547 | $ | — | |||||
Publicly traded equity securities | 2,779 | 2,779 | — | ||||||||
Certificates of deposit | 7,583 | — | 7,583 | ||||||||
Derivative instruments | 57,707 | — | 57,707 | ||||||||
$ | 954,616 | $ | 889,326 | $ | 65,290 | ||||||
Liabilities: | |||||||||||
Derivative instruments | $ | 35,612 | $ | — | $ | 35,612 |
Fair Value at December 31, | Fair Value Measurement Using | ||||||||||||||||
2021 | Level 1 | Level 2 | |||||||||||||||
Assets: | |||||||||||||||||
Money market and deposit accounts | $ | 585,681 | $ | 585,681 | $ | — | |||||||||||
Derivative instruments (1) | 177,349 | — | 177,349 | ||||||||||||||
$ | 763,030 | $ | 585,681 | $ | 177,349 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivative instruments (1) | $ | 34,272 | $ | — | $ | 34,272 |
Fair Value at December 31, | Fair Value Measurement Using | ||||||||||
2018 | Level 1 | Level 2 | |||||||||
Assets: | |||||||||||
Money market and deposit accounts | $ | 119,518 | $ | 119,518 | $ | — | |||||
Publicly traded equity securities | 1,717 | 1,717 | — | ||||||||
Certificates of deposit | 2,823 | — | 2,823 | ||||||||
Derivative instruments | 73,074 | — | 73,074 | ||||||||
$ | 197,132 | $ | 121,235 | $ | 75,897 | ||||||
Liabilities: | |||||||||||
Derivative instruments | $ | 9,740 | $ | — | $ | 9,740 |
Renewal/Termination Options Excluded (1) | Net Incremental (1) | |||||||||||||||||||||||||||||||||||||||||||
Lease | Quarter | Transaction | Lease Classification | ROU assets | ROU liabilities | |||||||||||||||||||||||||||||||||||||||
Atlanta 1 ("AT1") data center lease extended & expansion (2) | Q1 | Extended lease term by 12 years with additional three 10-year renewal options | Two 10-year renewal options | Finance Lease | $71,994 | $72,549 | ||||||||||||||||||||||||||||||||||||||
Operating Lease | (1,836) | (2,391) | ||||||||||||||||||||||||||||||||||||||||||
Hong Kong 6 ("HK6") new land and building construction site | Q2 | New lease with a 15 year term | 5-year renewal option | Operating Lease | 195,245 | 195,245 | ||||||||||||||||||||||||||||||||||||||
Hong Kong 2 ("HK2") data center lease renewal | Q2 | Exercised the 3-year renewal option for Phase 1 & 2 (3) | Two 3-year renewal option | Operating Lease | 81,504 | 81,504 | ||||||||||||||||||||||||||||||||||||||
New York 3 ("NY3") data center lease amendment | Q4 | 26 year lease term after modification to remove early termination option | One 20-year renewal option and one 5-year renewal option | Finance Lease | 140,215 | 140,215 |
Years Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Finance lease cost | |||||||||||
Amortization of right-of-use assets (1) | $ | 161,061 | $ | 157,057 | |||||||
Interest on lease liabilities | 112,518 | 117,896 | |||||||||
Total finance lease cost | 273,579 | 274,953 | |||||||||
Operating lease cost | 213,619 | 221,776 | |||||||||
Variable lease cost | 41,237 | 33,066 | |||||||||
Total lease cost | $ | 528,435 | $ | 529,795 |
Twelve Months Ended December 31, 2019 | |||
Finance lease cost | |||
Amortization of right-of-use assets (1) | $ | 82,893 | |
Interest on lease liabilities | 110,688 | ||
Total finance lease cost | 193,581 | ||
Operating lease cost | 219,021 | ||
Total lease cost | $ | 412,602 |
Twelve Months Ended December 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from finance leases | $ | 107,000 | |
Operating cash flows from operating leases | 210,848 | ||
Financing cash flows from finance leases | 126,486 | ||
Right-of-use assets obtained in exchange for lease obligations: (1) | |||
Finance leases | $ | 387,808 | |
Operating leases | 145,025 | ||
As of December 31, 2019 | |||
Weighted-average remaining lease term - finance leases (2) | 15 years | ||
Weighted-average remaining lease term - operating leases (2) | 13 years | ||
Weighted-average discount rate - finance leases | 9 | % | |
Weighted-average discount rate - operating leases | 4 | % | |
Finance lease assets (3) | $ | 1,277,614 |
Years Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from finance leases | $ | 109,514 | $ | 113,571 | |||||||
Operating cash flows from operating leases | 197,356 | 258,719 | |||||||||
Financing cash flows from finance leases | 134,202 | 165,539 | |||||||||
Right-of-use assets obtained in exchange for lease obligations: (1) | |||||||||||
Finance leases | $ | 293,858 | $ | 412,214 | |||||||
Operating leases | 355,040 | 10,446 | |||||||||
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average remaining lease term - finance leases (2) | 15 years | 14 years | |||||||||
Weighted-average remaining lease term - operating leases (2) | 12 years | 12 years | |||||||||
Weighted-average discount rate - finance leases | 6 | % | 7 | % | |||||||
Weighted-average discount rate - operating leases | 4 | % | 4 | % | |||||||
Finance lease ROU assets (3) | $ | 2,018,070 | $ | 1,875,696 |
Operating Leases | Finance Leases | Total | |||||||||
2020 | $ | 193,663 | $ | 173,994 | $ | 367,657 | |||||
2021 | 191,954 | 176,357 | 368,311 | ||||||||
2022 | 183,908 | 176,992 | 360,900 | ||||||||
2023 | 168,353 | 178,289 | 346,642 | ||||||||
2024 | 156,502 | 177,338 | 333,840 | ||||||||
Thereafter | 1,106,944 | 1,739,235 | 2,846,179 | ||||||||
Total lease payments | 2,001,324 | 2,622,205 | 4,623,529 | ||||||||
Plus amount representing residual property value | — | 18,164 | 18,164 | ||||||||
Less imputed interest | (540,062 | ) | (1,134,248 | ) | (1,674,310 | ) | |||||
Total | $ | 1,461,262 | $ | 1,506,121 | $ | 2,967,383 |
Year ended December 31, | Operating Leases | Finance Leases | Total | |||||||||||||||||
2023 | $ | 181,461 | $ | 263,052 | $ | 444,513 | ||||||||||||||
2024 | 190,939 | 257,457 | 448,396 | |||||||||||||||||
2025 | 185,430 | 276,825 | 462,255 | |||||||||||||||||
2026 | 182,117 | 245,798 | 427,915 | |||||||||||||||||
2027 | 158,465 | 248,767 | 407,232 | |||||||||||||||||
Thereafter | 1,010,606 | 2,191,044 | 3,201,650 | |||||||||||||||||
Total lease payments | 1,909,018 | 3,482,943 | 5,391,961 | |||||||||||||||||
Less imputed interest | (496,668) | (1,187,833) | (1,684,501) | |||||||||||||||||
Total | $ | 1,412,350 | $ | 2,295,110 | $ | 3,707,460 |
Capital Lease Obligations | Other Financing Obligations (1) | Total Capital Lease and Other Financing Obligations | Operating Leases | ||||||||||||
2019 | $ | 103,859 | $ | 80,292 | $ | 184,151 | $ | 187,280 | |||||||
2020 | 97,326 | 73,266 | 170,592 | 179,515 | |||||||||||
2021 | 95,414 | 73,672 | 169,086 | 166,159 | |||||||||||
2022 | 94,954 | 73,856 | 168,810 | 158,115 | |||||||||||
2023 | 95,463 | 69,423 | 164,886 | 147,677 | |||||||||||
Thereafter | 878,755 | 722,496 | 1,601,251 | 1,130,494 | |||||||||||
Total minimum lease payments | 1,365,771 | 1,093,005 | 2,458,776 | 1,969,240 | |||||||||||
Plus amount representing residual property value | — | 389,643 | 389,643 | — | |||||||||||
Less amount representing interest | (602,026 | ) | (727,472 | ) | (1,329,498 | ) | — | ||||||||
Present value of net minimum lease payments | 763,745 | 755,176 | 1,518,921 | 1,969,240 | |||||||||||
Less current portion | (43,498 | ) | (34,346 | ) | (77,844 | ) | — | ||||||||
Total | $ | 720,247 | $ | 720,830 | $ | 1,441,077 | $ | 1,969,240 |
2022 | 2021 | ||||||||||
Term loans | $ | 619,090 | $ | 549,697 | |||||||
Mortgage payable and loans payable | 34,527 | 68,691 | |||||||||
653,617 | 618,388 | ||||||||||
Less amount representing unamortized debt discount and debt issuance cost | (1,062) | (354) | |||||||||
Add amount representing unamortized mortgage premium | — | 1,630 | |||||||||
652,555 | 619,664 | ||||||||||
Less current portion | (9,847) | (33,087) | |||||||||
$ | 642,708 | $ | 586,577 |
2019 | 2018 | ||||||
Term loans | $ | 1,287,151 | $ | 1,344,482 | |||
Mortgage payable and other loans payable | 82,967 | 44,042 | |||||
1,370,118 | 1,388,524 | ||||||
Less the amount representing unamortized debt discount and debt issuance cost | (4,849 | ) | (6,614 | ) | |||
Add the amount representing unamortized mortgage premium | 1,768 | 1,882 | |||||
1,367,037 | 1,383,792 | ||||||
Less current portion | (77,603 | ) | (73,129 | ) | |||
$ | 1,289,434 | $ | 1,310,663 |
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Senior Notes | Issuance Date | Maturity Date | Amount | Effective Rate | Amount | Effective Rate | ||||||||||||||||||||||||||||||||
2.625% Senior Notes due 2024 | November 2019 | November 2024 | $ | 1,000,000 | 2.79 | % | $ | 1,000,000 | 2.79 | % | ||||||||||||||||||||||||||||
1.250% Senior Notes due 2025 | June 2020 | July 2025 | 500,000 | 1.46 | % | 500,000 | 1.46 | % | ||||||||||||||||||||||||||||||
1.000% Senior Notes due 2025 | October 2020 | September 2025 | 700,000 | 1.18 | % | 700,000 | 1.18 | % | ||||||||||||||||||||||||||||||
2.900% Senior Notes due 2026 | November 2019 | November 2026 | 600,000 | 3.04 | % | 600,000 | 3.04 | % | ||||||||||||||||||||||||||||||
1.450% Senior Notes due 2026 | May 2021 | May 2026 | 700,000 | 1.64 | % | 700,000 | 1.64 | % | ||||||||||||||||||||||||||||||
0.250% Euro Senior Notes due 2027 | March 2021 | March 2027 | 534,950 | 0.45 | % | 569,150 | 0.45 | % | ||||||||||||||||||||||||||||||
1.800% Senior Notes due 2027 | June 2020 | July 2027 | 500,000 | 1.96 | % | 500,000 | 1.96 | % | ||||||||||||||||||||||||||||||
1.550% Senior Notes due 2028 | October 2020 | March 2028 | 650,000 | 1.67 | % | 650,000 | 1.67 | % | ||||||||||||||||||||||||||||||
2.000% Senior Notes due 2028 | May 2021 | May 2028 | 400,000 | 2.21 | % | 400,000 | 2.21 | % | ||||||||||||||||||||||||||||||
3.200% Senior Notes due 2029 | November 2019 | November 2029 | 1,200,000 | 3.30 | % | 1,200,000 | 3.30 | % | ||||||||||||||||||||||||||||||
2.150% Senior Notes due 2030 | June 2020 | July 2030 | 1,100,000 | 2.27 | % | 1,100,000 | 2.27 | % | ||||||||||||||||||||||||||||||
2.500% Senior Notes due 2031 | May 2021 | May 2031 | 1,000,000 | 2.65 | % | 1,000,000 | 2.65 | % | ||||||||||||||||||||||||||||||
3.900% Senior Notes due 2032 | April 2022 | April 2032 | 1,200,000 | 4.07 | % | — | — | % | ||||||||||||||||||||||||||||||
1.000% Euro Senior Notes due 2033 | March 2021 | March 2033 | 641,940 | 1.18 | % | 682,980 | 1.18 | % | ||||||||||||||||||||||||||||||
3.000% Senior Notes due 2050 | June 2020 | July 2050 | 500,000 | 3.09 | % | 500,000 | 3.09 | % | ||||||||||||||||||||||||||||||
2.950% Senior Notes due 2051 | October 2020 | September 2051 | 500,000 | 3.00 | % | 500,000 | 3.00 | % | ||||||||||||||||||||||||||||||
3.400% Senior Notes due 2052 | May 2021 | February 2052 | 500,000 | 3.50 | % | 500,000 | 3.50 | % | ||||||||||||||||||||||||||||||
12,226,890 | 11,102,130 | |||||||||||||||||||||||||||||||||||||
Less amount representing unamortized debt discount and debt issuance cost | (117,351) | (117,986) | ||||||||||||||||||||||||||||||||||||
12,109,539 | 10,984,144 | |||||||||||||||||||||||||||||||||||||
Less current portion | — | — | ||||||||||||||||||||||||||||||||||||
$ | 12,109,539 | $ | 10,984,144 |
2019 | 2018 | |||||||||||||||||
Senior Notes | Issuance Date | Maturity Date | Amount | Effective Rate | Amount | Effective Rate | ||||||||||||
5.000% Infomart Senior Notes | April 2018 | April 2019 - April 2021 | $ | 450,000 | 4.46 | % | $ | 750,000 | 4.40 | % | ||||||||
5.375% Senior Notes due 2022 | November 2014 | January 2022 | 343,711 | 5.56 | % | 750,000 | 5.56 | % | ||||||||||
5.375% Senior Notes due 2023 | March 2013 | April 2023 | — | — | % | 1,000,000 | 5.51 | % | ||||||||||
2.625% Senior Notes due 2024 | November 2019 | November 2024 | 1,000,000 | 2.79 | % | — | — | % | ||||||||||
2.875% Euro Senior Notes due 2024 | March 2018 | March 2024 | 841,500 | 3.08 | % | 859,125 | 3.08 | % | ||||||||||
5.750% Senior Notes due 2025 | November 2014 | January 2025 | — | — | % | 500,000 | 5.88 | % | ||||||||||
2.875% Euro Senior Notes due 2025 | September 2017 | October 2025 | 1,122,000 | 3.04 | % | 1,145,500 | 3.04 | % | ||||||||||
2.900% Senior Notes due 2026 | November 2019 | November 2026 | 600,000 | 3.04 | % | — | — | % | ||||||||||
5.875% Senior Notes due 2026 | December 2015 | January 2026 | 1,100,000 | 6.03 | % | 1,100,000 | 6.03 | % | ||||||||||
2.875% Euro Senior Notes due 2026 | December 2017 | February 2026 | 1,122,000 | 3.04 | % | 1,145,500 | 3.04 | % | ||||||||||
5.375% Senior Notes due 2027 | March 2017 | May 2027 | 1,250,000 | 5.51 | % | 1,250,000 | 5.51 | % | ||||||||||
3.200% Senior Notes due 2029 | November 2019 | November 2029 | 1,200,000 | 3.30 | % | — | — | % | ||||||||||
9,029,211 | 8,500,125 | |||||||||||||||||
Less amount representing unamortized debt discount and debt issuance cost | (78,030 | ) | (75,372 | ) | ||||||||||||||
Add amount representing unamortized debt premium | 1,716 | 5,031 | ||||||||||||||||
8,952,897 | 8,429,784 | |||||||||||||||||
Less current portion | (643,224 | ) | (300,999 | ) | ||||||||||||||
$ | 8,309,673 | $ | 8,128,785 |
Senior Notes Description | Early Equity Redemption Price (1) | First Scheduled Redemption Date (2) | First Scheduled Redemption Price | Second Year Redemption Price | Third Year Redemption Price | Fourth Year (if scheduled) Redemption Price |
5.375% Senior Notes due 2022 | 105.375% | January 1, 2018 | 104.031% | 102.688% | 101.344% | 100.000% |
2.875% Euro Senior Notes due 2024 | 102.875% | September 15, 2020 | 101.438% | 100.719% | 100.000% | |
2.875% Euro Senior Notes due 2025 | 102.875% | October 1, 2020 | 101.438% | 100.719% | 100.000% | |
5.875% Senior Notes due 2026 | 105.875% | January 15, 2021 | 102.938% | 101.958% | 100.979% | 100.000% |
2.875% Euro Senior Notes due 2026 | 102.875% | February 1, 2021 | 101.438% | 100.719% | 100.000% | |
5.375% Senior Notes due 2027 | 105.375% | May 15, 2022 | 102.688% | 101.792% | 100.896% | 100.000% |
First Par Call Date | |||||||||||
2.625% Senior Notes due 2024 | |||||||||||
1.250% Senior Notes due 2025 | June 15, 2025 | ||||||||||
1.000% Senior Notes due 2025 | August 15, 2025 | ||||||||||
1.450% Senior Notes due 2026 | April 15, 2026 | ||||||||||
2.900% Senior Notes due 2026 | September 18, 2026 | ||||||||||
0.250% Euro Senior Notes due 2027 | January 15, 2027 | ||||||||||
1.800% Senior Notes due 2027 | May 15, 2027 | ||||||||||
1.550% Senior Notes due 2028 | January 15, 2028 | ||||||||||
2.000% Senior Notes due 2028 | March 15, 2028 | ||||||||||
3.200% Senior Notes due 2029 | August 18, 2029 | ||||||||||
2.150% Senior Notes due 2030 | April 15, 2030 | ||||||||||
2.500% Senior Notes due 2031 | February 15, 2031 | ||||||||||
3.900% Senior Notes due 2032 | January 15, 2032 | ||||||||||
1.000% Euro Senior Notes due 2033 | December 15, 2032 | ||||||||||
3.000% Senior Notes due 2050 | January 15, 2050 | ||||||||||
2.950% Senior Notes due 2051 | March 15, 2051 | ||||||||||
3.400% Senior Notes due 2052 | August 15, 2051 |
Years ending: | |||
2020 | $ | 721,314 | |
2021 | 227,654 | ||
2022 | 1,180,017 | ||
2023 | 6,683 | ||
2024 | 1,847,714 | ||
Thereafter | 6,417,715 | ||
$ | 10,401,097 |
Years ending: | |||||
2023 | $ | 9,847 | |||
2024 | 1,009,469 | ||||
2025 | 1,208,077 | ||||
2026 | 1,307,656 | ||||
2027 | 1,644,202 | ||||
Thereafter | 7,701,256 | ||||
$ | 12,880,507 |
2019 | 2018 | ||||||
Mortgage and loans payable | $ | 1,378,429 | $ | 1,389,632 | |||
Senior notes | 9,339,497 | 8,422,211 |
2022 | 2021 | ||||||||||
Mortgage and loans payable | $ | 666,387 | $ | 621,051 | |||||||
Senior notes | 10,196,933 | 11,049,834 | |||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
Interest expense | $ | 479,684 | $ | 521,494 | $ | 478,698 | Interest expense | $ | 356,337 | $ | 336,082 | $ | 406,466 | |||||||||||||||
Interest capitalized | 32,173 | 19,880 | 22,625 | Interest capitalized | 18,152 | 24,505 | 26,750 | |||||||||||||||||||||
Interest charges incurred | $ | 511,857 | $ | 541,374 | $ | 501,323 | Interest charges incurred | $ | 374,489 | $ | 360,587 | $ | 433,216 |
Common stock options and restricted stock units | |||||
Common stock employee purchase plans | |||||
Total |
December 31, 2016 | Net Change | December 31, 2017 | Net Change | Cumulative Effect Adjustment | December 31, 2018 | Net Change | December 31, 2019 | ||||||||||||||||||||||||
Foreign currency translation adjustment ("CTA") gain (loss) | $ | (1,031,129 | ) | $ | 454,269 | $ | (576,860 | ) | $ | (421,743 | ) | $ | — | $ | (998,603 | ) | $ | (58,315 | ) | $ | (1,056,918 | ) | |||||||||
Unrealized gain (loss) on cash flow hedges (1) | 30,704 | (54,895 | ) | (24,191 | ) | 43,671 | — | 19,480 | (3,842 | ) | 15,638 | ||||||||||||||||||||
Net investment hedge CTA gain (loss) (1) | 49,989 | (235,292 | ) | (185,303 | ) | 219,628 | — | 34,325 | 73,294 | 107,619 | |||||||||||||||||||||
Unrealized gain (loss) on available for sale securities (2) | 2,110 | 14 | 2,124 | — | (2,124 | ) | — | — | — | ||||||||||||||||||||||
Net actuarial gain (loss) on defined benefit plans (3) | (816 | ) | (143 | ) | (959 | ) | 55 | — | (904 | ) | (48 | ) | (952 | ) | |||||||||||||||||
$ | (949,142 | ) | $ | 163,953 | $ | (785,189 | ) | $ | (158,389 | ) | $ | (2,124 | ) | $ | (945,702 | ) | $ | 11,089 | $ | (934,613 | ) |
December 31, 2019 | Net Change | December 31, 2020 | Net Change | December 31, 2021 | Net Change | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment ("CTA") gain (loss) | $ | (1,056,918) | $ | 548,503 | $ | (508,415) | $ | (559,984) | $ | (1,068,399) | $ | (769,838) | $ | (1,838,237) | |||||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges (1) | 15,638 | (82,790) | (67,152) | 60,562 | (6,590) | 40,543 | 33,953 | ||||||||||||||||||||||||||||||||||||||||
Net investment hedge CTA gain (loss) (1) | 107,619 | (444,553) | (336,934) | 326,982 | (9,952) | 425,701 | 415,749 | ||||||||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) on defined benefit plans (2) | (952) | 85 | (867) | 57 | (810) | (101) | (911) | ||||||||||||||||||||||||||||||||||||||||
$ | (934,613) | $ | 21,245 | $ | (913,368) | $ | (172,383) | $ | (1,085,751) | $ | (303,695) | $ | (1,389,446) |
(1)Refer to Note 8 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2)We have a defined benefit pension plan covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization. |
Declaration Date | Record Date | Payment Date | Total Distribution (1) | Nonqualified Ordinary Dividend (2) | Total Distribution Amount | |||||||||||
(per share) | (in thousands) | |||||||||||||||
Fiscal 2019 | ||||||||||||||||
2/13/2019 | 2/27/2019 | 3/20/2019 | $ | 2.460000 | $ | 2.460000 | $ | 198,933 | ||||||||
5/1/2019 | 5/22/2019 | 6/19/2019 | 2.460000 | 2.460000 | 207,949 | |||||||||||
7/31/2019 | 8/21/2019 | 9/18/2019 | 2.460000 | 2.460000 | 209,226 | |||||||||||
10/30/2019 | 11/20/2019 | 12/11/2019 | 2.460000 | 2.460000 | 209,785 | |||||||||||
Total | $ | 9.840000 | $ | 9.840000 | $ | 825,893 | ||||||||||
Fiscal 2018 | ||||||||||||||||
2/14/2018 | 2/26/2018 | 3/21/2018 | $ | 2.280000 | $ | 2.280000 | $ | 180,640 | ||||||||
5/2/2018 | 5/23/2018 | 6/20/2018 | 2.280000 | 2.280000 | 181,207 | |||||||||||
8/8/2018 | 8/22/2018 | 9/19/2018 | 2.280000 | 2.280000 | 182,304 | |||||||||||
11/1/2018 | 11/14/2018 | 12/12/2018 | 2.280000 | 2.280000 | 183,297 | |||||||||||
Total | $ | 9.120000 | $ | 9.120000 | $ | 727,448 | ||||||||||
Fiscal 2017 | ||||||||||||||||
2/15/2017 | 2/27/2017 | 3/22/2017 | $ | 2.000000 | $ | 2.000000 | $ | 143,275 | ||||||||
4/26/2017 | 5/24/2017 | 6/21/2017 | 2.000000 | 2.000000 | 155,824 | |||||||||||
8/2/2017 | 8/23/2017 | 9/20/2017 | 2.000000 | 2.000000 | 156,055 | |||||||||||
11/1/2017 | 11/15/2017 | 12/13/2017 | 2.000000 | 2.000000 | 156,931 | |||||||||||
Total | $ | 8.000000 | $ | 8.000000 | $ | 612,085 |
Declaration Date | Record Date | Payment Date | Total Distribution (1) | Nonqualified Ordinary Dividend (2) | Total Distribution Amount | |||||||||||||||||||||||||||||||||||||||
(per share) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Fiscal 2022 | ||||||||||||||||||||||||||||||||||||||||||||
2/16/2022 | 3/7/2022 | 3/23/2022 | $ | 3.100000 | $ | 3.100000 | $ | 282,031 | ||||||||||||||||||||||||||||||||||||
4/27/2022 | 5/18/2022 | 6/15/2022 | 3.100000 | 3.100000 | 282,168 | |||||||||||||||||||||||||||||||||||||||
7/27/2022 | 8/17/2022 | 9/21/2022 | 3.100000 | 3.100000 | 286,136 | |||||||||||||||||||||||||||||||||||||||
11/2/2022 | 11/16/2022 | 12/14/2022 | 3.100000 | 3.100000 | 286,868 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12.400000 | $ | 12.400000 | $ | 1,137,203 | ||||||||||||||||||||||||||||||||||||||
Fiscal 2021 | ||||||||||||||||||||||||||||||||||||||||||||
2/10/2021 | 2/24/2021 | 3/17/2021 | $ | 2.870000 | $ | 2.870000 | $ | 256,321 | ||||||||||||||||||||||||||||||||||||
4/28/2021 | 5/19/2021 | 6/16/2021 | 2.870000 | 2.870000 | 257,199 | |||||||||||||||||||||||||||||||||||||||
7/28/2021 | 8/18/2021 | 9/22/2021 | 2.870000 | 2.870000 | 257,769 | |||||||||||||||||||||||||||||||||||||||
11/3/2021 | 11/17/2021 | 12/15/2021 | 2.870000 | 2.870000 | 258,716 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 11.480000 | $ | 11.480000 | $ | 1,030,005 | ||||||||||||||||||||||||||||||||||||||
Fiscal 2020 | ||||||||||||||||||||||||||||||||||||||||||||
2/12/2020 | 2/26/2020 | 3/18/2020 | $ | 2.660000 | $ | 2.660000 | $ | 227,386 | ||||||||||||||||||||||||||||||||||||
5/6/2020 | 5/20/2020 | 6/17/2020 | 2.660000 | 2.660000 | 235,449 | |||||||||||||||||||||||||||||||||||||||
7/29/2020 | 8/19/2020 | 9/23/2020 | 2.660000 | 2.660000 | 236,424 | |||||||||||||||||||||||||||||||||||||||
10/28/2020 | 11/18/2020 | 12/9/2020 | 2.660000 | 2.660000 | 237,010 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 10.640000 | $ | 10.640000 | $ | 936,269 |
(1)Common stock dividends are characterized for federal income tax purposes as nonqualified ordinary dividend, qualified ordinary dividend, capital gains or return of capital. During the years ended December 31, 2022, 2021 and 2020, we did not classify any portion of the distributions as qualified ordinary dividend, capital gains or return of capital. (2)All nonqualified ordinary dividends are eligible for the 20% deduction generally allowable to non-corporate shareholders under Internal Revenue Code Section 199A. |
•2004 Employee Stock Purchase Plan (the "2004 Purchase Plan"): The 2004 Purchase Plan permits eligible employees to purchase common stock on favorable terms via payroll deductions of up to 15% of the employee's cash compensation, subject to certain share and statutory dollar limits. Two overlapping offering periods commence during each calendar year, on each February 15 and August 15 or such other periods or dates as determined by the Compensation Committee from time to time, and the offering periods last up to 24 months with a purchase date every 6 months. The price of each share purchased is 85% of the lower of |
•2020 Equity Incentive Plan: In 2020, both our Board of Directors and our stockholders approved the 2020 Equity Plan, which provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, RSAs, RSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. The 2020 Equity Plan's awards may be granted to employees, non-employee members of the Board and consultants. Equity awards granted under the 2020 Equity Incentive Plan generally vest over four years. The maximum numbers of shares of our common stock available for issuance under the 2020 Equity Plan is equal to the sum of 4.0 million shares and the shares transferred from the 2000 Equity Incentive Plan. |
Shares reserved | Shares available for grant | ||||
2000 Equity Incentive Plan | 16,636,172 | 1,255,261 | |||
2000 Director Option Plan | 594,403 | 505,646 | |||
2001 Supplemental Stock Plan | 1,494,275 | 260,498 | |||
2004 Purchase Plan | 5,392,206 | 2,973,785 |
Shares reserved | Shares available for grant | ||||||||||
2004 Purchase Plan | 5,392,206 | 2,497,134 | |||||||||
2020 Equity Incentive Plan | 4,403,832 | 3,213,089 |
Number of Shares Outstanding | Weighted Average Grant Date Fair Value per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (1) (Dollars in Thousands) | |||||||||
Restricted stock units outstanding, December 31, 2016 | 1,347,879 | $ | 192.59 | |||||||||
Restricted stock units granted | 658,196 | 389.60 | ||||||||||
Restricted stock units released, vested | (606,064 | ) | 260.75 | |||||||||
Special distribution shares released | (15,667 | ) | 243.06 | |||||||||
Restricted stock units canceled | (79,451 | ) | 313.83 | |||||||||
Special distribution shares canceled | (1,002 | ) | 282.49 | |||||||||
Restricted stock units outstanding, December 31, 2017 | 1,303,891 | 252.30 | ||||||||||
Restricted stock units granted | 704,249 | 387.31 | ||||||||||
Restricted stock units released, vested | (593,528 | ) | 299.07 | |||||||||
Special distribution shares released | (13,880 | ) | 283.14 | |||||||||
Restricted stock units canceled | (173,460 | ) | 336.75 | |||||||||
Special distribution shares canceled | (485 | ) | 295.77 | |||||||||
Restricted stock units outstanding, December 31, 2018 | 1,226,787 | 361.22 | ||||||||||
Restricted stock units granted | 779,478 | 448.16 | ||||||||||
Restricted stock units released, vested | (549,259 | ) | 362.66 | |||||||||
Special distribution shares released | (1,781 | ) | 295.31 | |||||||||
Restricted stock units canceled | (142,477 | ) | 364.42 | |||||||||
Special distribution shares canceled | (23 | ) | 297.04 | |||||||||
Restricted stock units outstanding, December 31, 2019 | 1,312,725 | $ | 411.99 | 1.29 | $ | 766,238 |
Number of Shares Outstanding | Weighted Average Grant Date Fair Value per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (1) (Dollars in Thousands) | ||||||||||||||||||||
RSUs outstanding, December 31, 2019 | 1,312,725 | $ | 411.99 | ||||||||||||||||||||
RSUs granted | 695,383 | 596.80 | |||||||||||||||||||||
RSUs released, vested | (606,250) | 426.03 | |||||||||||||||||||||
Special distribution shares released | (722) | 264.57 | |||||||||||||||||||||
RSUs canceled | (63,502) | 457.91 | |||||||||||||||||||||
RSUs outstanding, December 31, 2020 | 1,337,634 | 499.60 | |||||||||||||||||||||
RSUs granted | 776,628 | 679.59 | |||||||||||||||||||||
RSUs released, vested | (633,466) | 505.40 | |||||||||||||||||||||
Special distribution shares released | (34) | 297.03 | |||||||||||||||||||||
RSUs canceled | (123,168) | 561.34 | |||||||||||||||||||||
RSUs outstanding, December 31, 2021 | 1,357,594 | 594.27 | |||||||||||||||||||||
RSUs granted | 912,249 | 661.43 | |||||||||||||||||||||
RSUs released, vested | (668,733) | 576.62 | |||||||||||||||||||||
RSUs canceled | (155,418) | 624.98 | |||||||||||||||||||||
RSUs outstanding, December 31, 2022 | 1,445,692 | $ | 641.51 | 1.26 | $ | 946,971 |
(1)The intrinsic value is calculated based on the market value of the stock as of December 31, 2022. F-50 |
2019 | 2018 | 2017 | |||||||||
Weighted-average purchase price per share | $ | 354.72 | $ | 341.48 | $ | 250.65 | |||||
Weighted average grant-date fair value per share of shares purchased | $ | 104.84 | $ | 90.04 | $ | 72.21 | |||||
Number of shares purchased | 146,640 | 145,346 | 162,076 |
2022 | 2021 | 2020 | |||||||||||||||
Weighted-average purchase price per share | $ | 568.29 | $ | 467.59 | $ | 371.71 | |||||||||||
Weighted average grant-date fair value per share of shares purchased | $ | 202.61 | $ | 138.80 | $ | 114.08 | |||||||||||
Number of shares purchased | 143,515 | 166,023 | 167,113 |
2019 | 2018 | 2017 | ||||||
Range of dividend yield | 2.07 - 2.09% | 1.97 - 2.00% | 2.10 - 2.31% | |||||
Range of risk-free interest rate | 1.55 - 2.58% | 1.79 - 2.68% | 0.70 - 1.35% | |||||
Range of expected volatility | 19.27 - 25.55% | 19.04 - 24.33% | 16.42 - 24.27% | |||||
Weighted-average expected volatility | 22.95 | % | 20.74 | % | 20.30 | % | ||
Weighted average expected life (in years) | 1.24 | 1.43 | 1.52 |
2022 | 2021 | 2020 | |||||||||||||||
Range of dividend yield | 1.48% - 1.55% | 1.58 - 1.77% | 1.94 - 2.08% | ||||||||||||||
Range of risk-free interest rate | 0.72% - 3.06% | 0.01 - 0.21% | 0.10 - 1.55% | ||||||||||||||
Range of expected volatility | 25.73% - 37.20% | 25.54 - 41.24% | 19.28 - 51.93% | ||||||||||||||
Weighted-average expected volatility | 30.34 | % | 34.08 | % | 32.94 | % | |||||||||||
Weighted average expected life (in years) | 1.06 | 1.18 | 1.36 |
2019 | 2018 | 2017 | |||||||||
Cost of revenues | $ | 25,355 | $ | 18,247 | $ | 13,621 | |||||
Sales and marketing | 56,719 | 53,448 | 50,094 | ||||||||
General and administrative | 154,465 | 109,021 | 111,785 | ||||||||
Total | $ | 236,539 | $ | 180,716 | $ | 175,500 |
2022 | 2021 | 2020 | |||||||||||||||
Cost of revenues | $ | 45,028 | $ | 38,438 | $ | 32,893 | |||||||||||
Sales and marketing | 82,794 | 79,144 | 72,895 | ||||||||||||||
General and administrative | 276,161 | 246,192 | 205,232 | ||||||||||||||
Total | $ | 403,983 | $ | 363,774 | $ | 311,020 |
2022 | 2021 | 2020 | |||||||||||||||
RSUs | $ | 359,952 | $ | 330,077 | $ | 289,426 | |||||||||||
RSAs(1) | 9,793 | 10,067 | 8,289 | ||||||||||||||
Employee stock purchase plan | 34,238 | 23,630 | 13,305 | ||||||||||||||
Total | $ | 403,983 | $ | 363,774 | $ | 311,020 |
2019 | 2018 | 2017 | |||||||||
Restricted stock units | $ | 217,541 | $ | 165,141 | $ | 164,321 | |||||
Employee stock purchase plan | 18,998 | 15,575 | 11,179 | ||||||||
Total | $ | 236,539 | $ | 180,716 | $ | 175,500 |
2019 | 2018 | 2017 | |||||||||
Domestic | $ | 328,806 | $ | 298,009 | $ | 148,500 | |||||
Foreign | 363,791 | 135,029 | 138,332 | ||||||||
Income before income taxes | $ | 692,597 | $ | 433,038 | $ | 286,832 |
2022 | 2021 | 2020 | |||||||||||||||
Domestic | $ | 334,486 | $ | 137,492 | $ | 18,395 | |||||||||||
Foreign | 494,883 | 471,460 | 497,830 | ||||||||||||||
Income before income taxes | $ | 829,369 | $ | 608,952 | $ | 516,225 |
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | (17,906 | ) | $ | 7,085 | $ | 9,346 | ||||
State and local | (4,624 | ) | (2,663 | ) | (849 | ) | |||||
Foreign | (135,356 | ) | (118,175 | ) | (109,032 | ) | |||||
Subtotal | (157,886 | ) | (113,753 | ) | (100,535 | ) | |||||
Deferred: | |||||||||||
Federal | (7,459 | ) | (27,874 | ) | 9,684 | ||||||
State and local | (1,775 | ) | (1,165 | ) | 2,018 | ||||||
Foreign | (18,232 | ) | 75,113 | 34,983 | |||||||
Subtotal | (27,466 | ) | 46,074 | 46,685 | |||||||
Income tax expense | $ | (185,352 | ) | $ | (67,679 | ) | $ | (53,850 | ) |
2022 | 2021 | 2020 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 1,679 | $ | 7,753 | $ | 4,552 | |||||||||||
State and local | (892) | (156) | 1,597 | ||||||||||||||
Foreign | (83,210) | (76,450) | (171,092) | ||||||||||||||
Subtotal | (82,423) | (68,853) | (164,943) | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | (16,284) | 11,060 | 16,553 | ||||||||||||||
State and local | (5,024) | (1,411) | 704 | ||||||||||||||
Foreign | (21,061) | (50,020) | 1,535 | ||||||||||||||
Subtotal | (42,369) | (40,371) | 18,792 | ||||||||||||||
Income tax expense | $ | (124,792) | $ | (109,224) | $ | (146,151) |
2022 | 2021 | 2020 | |||||||||||||||
Federal tax at statutory rate | $ | (174,168) | $ | (127,880) | $ | (109,906) | |||||||||||
State and local tax (expense) benefit | (5,916) | (1,513) | 2,071 | ||||||||||||||
Deferred tax assets generated in current year not benefited | (39,196) | (19,703) | (12,852) | ||||||||||||||
Foreign income tax rate differential | (12,379) | (18,918) | (16,364) | ||||||||||||||
Non-deductible expenses | (5,995) | (10,579) | (4,427) | ||||||||||||||
Stock-based compensation expense | (8,321) | (1,385) | (954) | ||||||||||||||
Change in valuation allowance | (19,793) | (595) | 390 | ||||||||||||||
Foreign financing activities | (5,519) | (4,805) | (11,743) | ||||||||||||||
Uncertain tax positions reserve | 45,317 | 50,059 | (38,014) | ||||||||||||||
Tax adjustments related to REIT | 107,312 | 39,164 | 50,107 | ||||||||||||||
Change in deferred tax adjustments | (239) | (1,251) | (136) | ||||||||||||||
Effect of tax rate change on deferred tax assets | (3,126) | (12,297) | — | ||||||||||||||
Other, net | (2,769) | 479 | (4,323) | ||||||||||||||
Total income tax expense | $ | (124,792) | $ | (109,224) | $ | (146,151) |
2019 | 2018 | 2017 | |||||||||
Federal tax at statutory rate | $ | (145,445 | ) | $ | (90,938 | ) | $ | (100,391 | ) | ||
State and local tax (expense) benefit | (5,852 | ) | (3,616 | ) | 1,000 | ||||||
Deferred tax assets generated in current year not benefited | (5,398 | ) | (3,777 | ) | (7,643 | ) | |||||
Foreign income tax rate differential | (11,610 | ) | (4,072 | ) | 26,151 | ||||||
Non-deductible expenses | (1,021 | ) | (756 | ) | (2,629 | ) | |||||
Stock-based compensation expense | (2,105 | ) | (2,308 | ) | (616 | ) | |||||
Change in valuation allowance | (2,870 | ) | 38,684 | (716 | ) | ||||||
Foreign financing activities | (18,738 | ) | (17,548 | ) | 1,319 | ||||||
Loss on debt extinguishment | — | — | (1,604 | ) | |||||||
Loss on divestments | (3,277 | ) | — | — | |||||||
Uncertain tax positions reserve | (35,724 | ) | (20,440 | ) | (66 | ) | |||||
Tax adjustments related to REIT | 63,614 | 32,189 | 41,973 | ||||||||
Enactment of the US tax reform | — | — | (6,513 | ) | |||||||
Change in deferred tax adjustments | (10,574 | ) | — | — | |||||||
Other, net | (6,352 | ) | 4,903 | (4,115 | ) | ||||||
Total income tax expense | $ | (185,352 | ) | $ | (67,679 | ) | $ | (53,850 | ) |
2022 | 2021(1) | ||||||||||
Deferred tax assets: | |||||||||||
Stock-based compensation expense | $ | 9,002 | $ | 9,057 | |||||||
Net unrealized losses | 3,988 | — | |||||||||
Operating lease liabilities | 253,005 | 225,261 | |||||||||
Capital lease liabilities | — | 13,927 | |||||||||
Deferred revenue | 13,887 | 14,429 | |||||||||
Goodwill | 20,511 | 30,842 | |||||||||
Loss carryforwards and tax credits | 142,270 | 201,132 | |||||||||
Others, net | 32,543 | 7,257 | |||||||||
Gross deferred tax assets | 475,206 | 501,905 | |||||||||
Valuation allowance | (166,594) | (100,746) | |||||||||
Total deferred tax assets, net | 308,612 | 401,159 | |||||||||
Deferred tax liabilities: | |||||||||||
Net unrealized gains | — | (1,462) | |||||||||
Capital lease liabilities | (8,033) | — | |||||||||
Property, plant and equipment | (221,343) | (262,532) | |||||||||
Right-of-use assets | (256,837) | (233,199) | |||||||||
Deferred income | (28,314) | (33,052) | |||||||||
Intangible assets | (132,816) | (151,385) | |||||||||
Total deferred tax liabilities | (647,343) | (681,630) | |||||||||
Net deferred tax liabilities | $ | (338,731) | $ | (280,471) |
2019 | 2018 | ||||||
Deferred tax assets: | |||||||
Reserves and accruals | $ | 7,670 | $ | 24,136 | |||
Stock-based compensation expense | 2,675 | 2,524 | |||||
Unrealized losses | 6,492 | 1,471 | |||||
Operating loss carryforwards | 59,735 | 49,169 | |||||
Gross deferred tax assets | 76,572 | 77,300 | |||||
Valuation allowance | (57,812 | ) | (57,003 | ) | |||
Total deferred tax assets, net | 18,760 | 20,297 | |||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | (85,729 | ) | (50,610 | ) | |||
Intangible assets | (144,404 | ) | (159,237 | ) | |||
Total deferred tax liabilities | (230,133 | ) | (209,847 | ) | |||
Net deferred tax liabilities | $ | (211,373 | ) | $ | (189,550 | ) |
2019 | 2018 | 2017 | |||||||||
Beginning balance | $ | 57,003 | $ | 84,573 | $ | 29,167 | |||||
Amounts from acquisitions | (2,707 | ) | 33,070 | 25,283 | |||||||
Divested balances | (351 | ) | — | — | |||||||
Amounts recognized into income | 2,870 | (38,684 | ) | 716 | |||||||
Current increase (decrease) | 697 | (13,086 | ) | 28,431 | |||||||
Impact of foreign currency exchange | 300 | (8,870 | ) | 976 | |||||||
Ending balance | $ | 57,812 | $ | 57,003 | $ | 84,573 |
2022 | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | 100,746 | $ | 82,344 | $ | 57,812 | |||||||||||
Amounts from acquisitions | 13,458 | 964 | 5,777 | ||||||||||||||
Amounts recognized into income | 22,905 | 595 | (390) | ||||||||||||||
Current increase | 36,513 | 19,539 | 15,044 | ||||||||||||||
Impact of foreign currency exchange | (7,028) | (2,696) | 4,101 | ||||||||||||||
Ending balance | $ | 166,594 | $ | 100,746 | $ | 82,344 |
Expiration Date | Federal (1) | State | Foreign (2) (3) | Total | ||||||||||||
2020 | $ | 78,458 | $ | — | $ | 9,739 | $ | 88,197 | ||||||||
2021 to 2023 | 149,057 | — | 6,191 | 155,248 | ||||||||||||
2024 to 2026 | 15,564 | — | 19,867 | 35,431 | ||||||||||||
2027 to 2029 | 6,065 | — | 14,383 | 20,448 | ||||||||||||
2030 to 2032 | — | — | — | — | ||||||||||||
2033 to 2035 | — | 197 | — | 197 | ||||||||||||
Thereafter | — | — | 322,729 | 322,729 | ||||||||||||
$ | 249,144 | $ | 197 | $ | 372,909 | $ | 622,250 |
Expiration Date | Federal (1) | State (1) | Foreign (2) (3) | Total | ||||||||||||||||||||||
2023 | $ | 17,395 | $ | — | $ | 2,083 | $ | 19,478 | ||||||||||||||||||
2024 to 2026 | 15,564 | — | 33,722 | 49,286 | ||||||||||||||||||||||
2027 to 2029 | 6,065 | — | 28,046 | 34,111 | ||||||||||||||||||||||
2030 to 2032 | — | 767 | 5,457 | 6,224 | ||||||||||||||||||||||
2033 to 2035 | 1,838 | 1,339 | 11,692 | 14,869 | ||||||||||||||||||||||
2036 to 2038 | 5,294 | 3,636 | 20,143 | 29,073 | ||||||||||||||||||||||
Thereafter | 147,010 | 74,416 | 452,303 | 673,729 | ||||||||||||||||||||||
$ | 193,166 | $ | 80,158 | $ | 553,446 | $ | 826,770 |
(1)The total amount of NOL carryforwards that will not be available to offset our future taxable income after the dividends paid deduction due to Section 382 limitations was $36.7 million for federal and $22.7 million for state. (2)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year. (3)If certain substantial changes in the entity's ownership occur or have determined to have occurred, there may be a limitation on the amount of the carryforwards that can be utilized. F-54 |
2019 | 2018 | 2017 | |||||||||
Beginning balance | $ | 150,930 | $ | 82,390 | $ | 72,187 | |||||
Gross increases related to prior year tax positions | — | 33,436 | 6,095 | ||||||||
Gross decreases related to prior year tax positions | (1,160 | ) | — | — | |||||||
Gross increases related to current year tax positions | 31,332 | 48,685 | 19,832 | ||||||||
Decreases resulting from expiration of statute of limitation | (2,112 | ) | (1,276 | ) | (15,410 | ) | |||||
Decreases resulting from settlements | (5,264 | ) | (12,305 | ) | (314 | ) | |||||
Ending balance | $ | 173,726 | $ | 150,930 | $ | 82,390 |
2022 | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | 148,300 | $ | 207,759 | $ | 173,726 | |||||||||||
Gross increases related to prior year tax positions | 1,401 | 4,547 | 14,732 | ||||||||||||||
Gross decreases related to prior year tax positions | (43,575) | (58,356) | — | ||||||||||||||
Gross increases related to current year tax positions | 7,004 | 10,000 | 29,149 | ||||||||||||||
Decreases resulting from expiration of statute of limitation | (11,969) | (10,561) | (6,518) | ||||||||||||||
Decreases resulting from settlements | (11,924) | (5,089) | (3,330) | ||||||||||||||
Ending balance | $ | 89,237 | $ | 148,300 | $ | 207,759 |
Years Ended December 31, | ||||||||||||||||||||||||||
Related Party | Nature of Transaction | 2022 | 2021 | 2020 | ||||||||||||||||||||||
EMEA 1 Joint Venture | Revenues | $ | 39,065 | $ | 42,387 | $ | 21,306 | |||||||||||||||||||
EMEA 1 Joint Venture | Expenses (1) | 7,686 | 8,303 | 14,935 | ||||||||||||||||||||||
VIE Joint Ventures | Revenues | 40,284 | 28,320 | 588 |
As of December 31, | ||||||||||||||||||||||||||||||||
Related Party | Balance Sheet Line Item | 2022 | 2021 | |||||||||||||||||||||||||||||
EMEA 1 Joint Venture | Receivables | $ | 73,929 | $ | 32,077 | |||||||||||||||||||||||||||
Contract Assets (1) | 7,261 | 54,503 | ||||||||||||||||||||||||||||||
Finance Lease Right of Use Assets | 100,968 | 118,817 | ||||||||||||||||||||||||||||||
Other Liabilities and Payables | 1,193 | 2,483 | ||||||||||||||||||||||||||||||
Other Liabilities and Payables - Construction Obligation (2) | 18,967 | 39,382 | ||||||||||||||||||||||||||||||
Deferred Revenue | 15,470 | 16,886 | ||||||||||||||||||||||||||||||
Finance Lease Right of Use Liabilities | 108,603 | 124,918 | ||||||||||||||||||||||||||||||
VIE Joint Ventures | Receivables | 19,935 | 29,077 | |||||||||||||||||||||||||||||
Contract Assets | 5,281 | 1,492 | ||||||||||||||||||||||||||||||
Payables | — | 1,876 |
Years ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenues | $ | 236,464 | $ | 140,947 | $ | 95,264 | |||||||||||
Costs and services | 58,932 | 5,337 | 10,849 |
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Accounts receivable | $ | 25,990 | $ | 27,997 | |||||||
Accounts payable | 665 | 20 |
Years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenues | $ | 25,905 | $ | 19,439 | $ | 13,726 | |||||
Costs and services | 15,844 | 19,708 | 11,211 |
As of December 31, | |||||||
2019 | 2018 | ||||||
Accounts receivable | $ | 3,345 | $ | 4,031 | |||
Accounts payable | 800 | 585 |
Twelve Months Ended December 31, 2019 | |||||||||||||||
Americas (2) | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,769,654 | $ | 1,395,544 | $ | 857,009 | $ | 4,022,207 | |||||||
Interconnection | 576,709 | 161,552 | 155,328 | 893,589 | |||||||||||
Managed infrastructure | 90,262 | 113,631 | 88,735 | 292,628 | |||||||||||
Other (1) | 19,743 | 10,019 | — | 29,762 | |||||||||||
Recurring revenues | 2,456,368 | 1,680,746 | 1,101,072 | 5,238,186 | |||||||||||
Non-recurring revenues | 131,359 | 125,698 | 66,897 | 323,954 | |||||||||||
Total | $ | 2,587,727 | $ | 1,806,444 | $ | 1,167,969 | $ | 5,562,140 |
Twelve Months Ended December 31, 2018 | |||||||||||||||
Americas (2) | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,732,998 | $ | 1,201,769 | $ | 735,404 | $ | 3,670,171 | |||||||
Interconnection | 532,163 | 138,874 | 130,928 | 801,965 | |||||||||||
Managed infrastructure | 75,595 | 118,685 | 85,352 | 279,632 | |||||||||||
Other (1) | 16,570 | 8,164 | — | 24,734 | |||||||||||
Recurring revenues | 2,357,326 | 1,467,492 | 951,684 | 4,776,502 | |||||||||||
Non-recurring revenues | 127,408 | 95,145 | 72,599 | 295,152 | |||||||||||
Total | $ | 2,484,734 | $ | 1,562,637 | $ | 1,024,283 | $ | 5,071,654 |
Twelve Months Ended December 31, 2017 | |||||||||||||||
Americas (2) | EMEA | Asia-Pacific | Total | ||||||||||||
Colocation (1) | $ | 1,518,929 | $ | 1,063,543 | $ | 595,673 | $ | 3,178,145 | |||||||
Interconnection | 469,268 | 104,891 | 107,014 | 681,173 | |||||||||||
Managed infrastructure | 68,937 | 88,122 | 88,110 | 245,169 | |||||||||||
Other (1) | 5,218 | 10,415 | — | 15,633 | |||||||||||
Recurring revenues | 2,062,352 | 1,266,971 | 790,797 | 4,120,120 | |||||||||||
Non-recurring revenues | 110,408 | 79,285 | 58,615 | 248,308 | |||||||||||
Total | $ | 2,172,760 | $ | 1,346,256 | $ | 849,412 | $ | 4,368,428 |
Year Ended December 31, 2022 | |||||||||||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 2,187,751 | $ | 1,744,121 | $ | 1,150,738 | $ | 5,082,610 | |||||||||||||||
Interconnection | 756,214 | 268,398 | 243,664 | 1,268,276 | |||||||||||||||||||
Managed infrastructure | 218,499 | 119,361 | 77,646 | 415,506 | |||||||||||||||||||
Other (1) | 20,727 | 75,449 | 8,719 | 104,895 | |||||||||||||||||||
Recurring revenues | 3,183,191 | 2,207,329 | 1,480,767 | 6,871,287 | |||||||||||||||||||
Non-recurring revenues | 166,026 | 135,875 | 89,917 | 391,818 | |||||||||||||||||||
Total | $ | 3,349,217 | $ | 2,343,204 | $ | 1,570,684 | $ | 7,263,105 |
Year Ended December 31, 2021 | |||||||||||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 2,002,253 | $ | 1,597,830 | $ | 1,042,131 | $ | 4,642,214 | |||||||||||||||
Interconnection | 678,677 | 259,538 | 223,287 | 1,161,502 | |||||||||||||||||||
Managed infrastructure | 168,577 | 124,937 | 87,343 | 380,857 | |||||||||||||||||||
Other (1) | 12,430 | 19,626 | 3,856 | 35,912 | |||||||||||||||||||
Recurring revenues | 2,861,937 | 2,001,931 | 1,356,617 | 6,220,485 | |||||||||||||||||||
Non-recurring revenues | 159,814 | 153,285 | 101,953 | 415,052 | |||||||||||||||||||
Total | $ | 3,021,751 | $ | 2,155,216 | $ | 1,458,570 | $ | 6,635,537 |
Year Ended December 31, 2020 | |||||||||||||||||||||||
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
Colocation (1) | $ | 1,820,709 | $ | 1,504,770 | $ | 933,522 | $ | 4,259,001 | |||||||||||||||
Interconnection | 622,327 | 213,490 | 187,441 | 1,023,258 | |||||||||||||||||||
Managed infrastructure | 120,159 | 127,722 | 89,464 | 337,345 | |||||||||||||||||||
Other (1) | 19,605 | 18,738 | 83 | 38,426 | |||||||||||||||||||
Recurring revenues | 2,582,800 | 1,864,720 | 1,210,510 | 5,658,030 | |||||||||||||||||||
Non-recurring revenues | 124,958 | 131,669 | 83,888 | 340,515 | |||||||||||||||||||
Total | $ | 2,707,758 | $ | 1,996,389 | $ | 1,294,398 | $ | 5,998,545 |
2022 | 2021 | 2020 | |||||||||||||||
Adjusted EBITDA: | |||||||||||||||||
Americas | $ | 1,521,775 | $ | 1,326,460 | $ | 1,186,022 | |||||||||||
EMEA | 1,109,502 | 1,033,333 | 974,246 | ||||||||||||||
Asia-Pacific | 738,423 | 784,591 | 692,630 | ||||||||||||||
Total adjusted EBITDA | 3,369,700 | 3,144,384 | 2,852,898 | ||||||||||||||
Depreciation, amortization and accretion expense | (1,739,374) | (1,660,524) | (1,427,010) | ||||||||||||||
Stock-based compensation expense | (403,983) | (363,774) | (311,020) | ||||||||||||||
Transaction costs | (21,839) | (22,769) | (55,935) | ||||||||||||||
Impairment charges | — | — | (7,306) | ||||||||||||||
Gain (loss) on asset sales | (3,976) | 10,845 | 1,301 | ||||||||||||||
Interest income | 36,268 | 2,644 | 8,654 | ||||||||||||||
Interest expense | (356,337) | (336,082) | (406,466) | ||||||||||||||
Other income (expense) | (51,417) | (50,647) | 6,913 | ||||||||||||||
Gain (loss) on debt extinguishment | 327 | (115,125) | (145,804) | ||||||||||||||
Income before income taxes | $ | 829,369 | $ | 608,952 | $ | 516,225 |
2019 | 2018 | 2017 | |||||||||
Adjusted EBITDA: | |||||||||||
Americas | $ | 1,237,622 | $ | 1,183,831 | $ | 1,034,694 | |||||
EMEA | 827,980 | 698,280 | 582,697 | ||||||||
Asia-Pacific | 622,125 | 531,129 | 434,650 | ||||||||
Total adjusted EBITDA | 2,687,727 | 2,413,240 | 2,052,041 | ||||||||
Depreciation, amortization and accretion expense | (1,285,296 | ) | (1,226,741 | ) | (1,028,892 | ) | |||||
Stock-based compensation expense | (236,539 | ) | (180,716 | ) | (175,500 | ) | |||||
Transaction costs | (24,781 | ) | (34,413 | ) | (38,635 | ) | |||||
Impairment charges | (15,790 | ) | — | — | |||||||
Gain on asset sales | 44,310 | 6,013 | — | ||||||||
Income from operations | $ | 1,169,631 | $ | 977,383 | $ | 809,014 |
2022 | 2021 | 2020 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
Americas | $ | 931,357 | $ | 865,910 | $ | 729,611 | |||||||||||
EMEA | 458,156 | 455,651 | 389,332 | ||||||||||||||
Asia-Pacific | 346,695 | 334,729 | 304,426 | ||||||||||||||
Total | $ | 1,736,208 | $ | 1,656,290 | $ | 1,423,369 | |||||||||||
Capital expenditures: | |||||||||||||||||
Americas | $ | 1,139,309 | $ | 970,217 | $ | 866,989 | |||||||||||
EMEA | 750,569 | 1,049,279 | 888,239 | ||||||||||||||
Asia-Pacific | 388,126 | 732,016 | 527,276 | ||||||||||||||
Total | $ | 2,278,004 | $ | 2,751,512 | $ | 2,282,504 |
2019 | 2018 | 2017 | |||||||||
Depreciation and amortization: | |||||||||||
Americas | $ | 669,498 | $ | 636,214 | $ | 515,726 | |||||
EMEA | 353,765 | 355,895 | 316,250 | ||||||||
Asia-Pacific | 261,574 | 235,380 | 210,504 | ||||||||
Total | $ | 1,284,837 | $ | 1,227,489 | $ | 1,042,480 | |||||
Capital expenditures: | |||||||||||
Americas | $ | 805,360 | $ | 773,514 | $ | 621,158 | |||||
EMEA | 733,326 | 884,790 | 555,346 | ||||||||
Asia-Pacific | 540,835 | 437,870 | 202,221 | ||||||||
Total | $ | 2,079,521 | $ | 2,096,174 | $ | 1,378,725 |
2019 | 2018 | ||||||
Americas (1) | $ | 5,400,287 | $ | 5,010,507 | |||
EMEA | 4,051,701 | 3,726,596 | |||||
Asia-Pacific | 2,700,609 | 2,288,917 | |||||
Total Property, plant and equipment, net | $ | 12,152,597 | $ | 11,026,020 |
2022 | 2021 | ||||||||||
Americas (1) | $ | 7,532,125 | $ | 6,777,174 | |||||||
EMEA | 5,577,498 | 5,125,341 | |||||||||
Asia-Pacific | 3,539,911 | 3,543,260 | |||||||||
Total Property, plant and equipment, net | $ | 16,649,534 | $ | 15,445,775 |
2022 | 2021 | ||||||||||
Americas (1) | $ | 263,148 | $ | 297,300 | |||||||
EMEA | 440,139 | 470,330 | |||||||||
Asia-Pacific | 724,663 | 514,788 | |||||||||
Total Operating lease right-of-use assets | $ | 1,427,950 | $ | 1,282,418 |
2019 | 2018 | ||||||
Americas (1) | $ | 387,598 | $ | — | |||
EMEA | 521,129 | — | |||||
Asia-Pacific | 566,640 | — | |||||
Total Operating lease right-of-use assets | $ | 1,475,367 | $ | — |
(1)Includes $244.7 million and $271.0 million of operating lease ROU assets attributed to the U.S. as of December 31, 2022 and 2021, respectively. 18. Subsequent Events Declaration of dividends |
2019 | |||||||||||||||
Quarters Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 1,363,218 | $ | 1,384,977 | $ | 1,396,810 | $ | 1,417,135 | |||||||
Gross profit | 681,188 | 686,798 | 692,471 | 691,499 | |||||||||||
Net income attributable to Equinix | 118,078 | 143,527 | 120,850 | 124,995 | |||||||||||
Earnings per share attributable to Equinix: | |||||||||||||||
Basic | 1.44 | 1.70 | 1.42 | 1.47 | |||||||||||
Diluted | 1.44 | 1.69 | 1.41 | 1.46 |
2018 | |||||||||||||||
Quarters Ended | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Revenues | $ | 1,215,877 | $ | 1,261,943 | $ | 1,283,751 | $ | 1,310,083 | |||||||
Gross profit | 593,447 | 610,142 | 623,442 | 639,148 | |||||||||||
Net income attributable to Equinix | 62,894 | 67,618 | 124,825 | 110,022 | |||||||||||
Earnings per share attributable to Equinix: | |||||||||||||||
Basic | 0.79 | 0.85 | 1.56 | 1.37 | |||||||||||
Diluted | 0.79 | 0.85 | 1.55 | 1.36 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Americas: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AT1 ATLANTA (METRO) | $— | $— | $— | $— | $283,927 | $— | $283,927 | $(92,710) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AT2 ATLANTA (METRO) | — | — | — | — | 38,767 | — | 38,767 | (32,030) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AT3 ATLANTA (METRO) | — | — | — | — | 4,388 | — | 4,388 | (3,692) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AT4 ATLANTA (METRO) | — | 5,400 | 20,209 | — | 25,690 | 5,400 | 45,899 | (15,817) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AT5 ATLANTA (METRO) | — | — | 5,011 | — | 2,028 | — | 7,039 | (5,802) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BG1 BOGOTÁ (METRO), COLOMBIA | — | — | 8,779 | 617 | 3,673 | 617 | 12,452 | (5,167) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BG2 BOGOTÁ (METRO), COLOMBIA | — | 3,970 | — | — | 25,210 | 3,970 | 25,210 | (7) | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BO2 BOSTON (METRO) | — | 2,500 | 30,383 | — | 37,485 | 2,500 | 67,868 | (19,283) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CH1 CHICAGO (METRO) | — | — | — | — | 166,595 | — | 166,595 | (115,407) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CH2 CHICAGO (METRO) | — | — | — | — | 120,460 | — | 120,460 | (69,470) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CH3 CHICAGO (METRO) | — | 9,759 | — | 351 | 344,529 | 10,110 | 344,529 | (156,159) | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CH4 CHICAGO (METRO) | — | — | — | — | 22,924 | — | 22,924 | (16,086) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CH7 CHICAGO (METRO) | — | 670 | 10,564 | — | 9,215 | 670 | 19,779 | (6,936) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CL1 CALGARY (METRO), CANADA | — | — | 11,572 | — | 2,901 | — | 14,473 | (5,639) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CL2 CALGARY (METRO), CANADA | — | — | 14,145 | — | 5,494 | — | 19,639 | (6,782) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CL3 CALGARY (METRO), CANADA | — | 7,747 | 69,334 | — | 40,574 | 7,747 | 109,908 | (13,069) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CU1 CULPEPER (METRO) | — | 1,019 | 37,581 | — | 5,708 | 1,019 | 43,289 | (20,420) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CU2 CULPEPER (METRO) | — | 1,244 | 48,000 | — | 12,433 | 1,244 | 60,433 | (21,599) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CU3 CULPEPER (METRO) | — | 1,088 | 37,387 | — | 15,016 | 1,088 | 52,403 | (16,157) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CU4 CULPEPER (METRO) | — | 1,372 | 27,832 | — | 35,273 | 1,372 | 63,105 | (15,482) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA1 DALLAS (METRO) | — | — | — | — | 70,827 | — | 70,827 | (43,070) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA2 DALLAS (METRO) | — | — | — | — | 82,118 | — | 82,118 | (37,387) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA3 DALLAS (METRO) | — | — | — | — | 97,579 | — | 97,579 | (47,698) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA4 DALLAS (METRO) | — | — | — | — | 16,840 | — | 16,840 | (10,500) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA6 DALLAS (METRO) | — | — | 20,522 | — | 179,640 | — | 200,162 | (58,551) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA7 DALLAS (METRO) | — | — | — | — | 31,742 | — | 31,742 | (19,321) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA9 DALLAS (METRO) | — | 610 | 15,398 | — | 7,497 | 610 | 22,895 | (8,599) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DA11 DALLAS (METRO) | — | — | — | — | 207,407 | — | 207,407 | (26,487) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
INFOMART BUILDING DALLAS (METRO) | — | 24,380 | 337,643 | 3,293 | 27,438 | 27,673 | 365,081 | (52,990) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC1 WASHINGTON, DC (METRO) | — | — | — | — | 5,780 | — | 5,780 | (2,765) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC2 WASHINGTON, DC (METRO) | — | — | — | 5,047 | 128,494 | 5,047 | 128,494 | (98,592) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC3 WASHINGTON, DC (METRO) | — | — | 37,451 | — | 52,183 | — | 89,634 | (57,467) | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC4 WASHINGTON, DC (METRO) | — | 1,906 | 7,272 | — | 60,164 | 1,906 | 67,436 | (46,836) | 2005 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
Americas: | |||||||||||||||||
AT1 ATLANTA (METRO) | $— | $— | $— | $— | $147,120 | $— | $147,120 | $(60,777) | 2010 | ||||||||
AT2 ATLANTA (METRO) | — | — | — | — | 39,988 | — | 39,988 | (23,173) | 2010 | ||||||||
AT3 ATLANTA (METRO) | — | — | — | — | 4,571 | — | 4,571 | (2,638) | 2010 | ||||||||
AT4 ATLANTA (METRO) | — | 5,400 | 20,209 | — | 16,914 | 5,400 | 37,123 | (8,279) | 2017 | ||||||||
AT5 ATLANTA (METRO) | — | — | 5,011 | — | 1,962 | — | 6,973 | (3,193) | 2017 | ||||||||
BG1 BOGOTÁ (METRO), COLOMBIA | — | — | 8,779 | 899 | 4,859 | 899 | 13,638 | (3,097) | 2017 | ||||||||
BO1 BOSTON (METRO) | — | — | — | — | 10,770 | — | 10,770 | (8,928) | 2010 | ||||||||
BO2 BOSTON (METRO) | — | 2,500 | 30,383 | — | 19,941 | 2,500 | 50,324 | (9,841) | 2017 | ||||||||
CH1 CHICAGO (METRO) | — | — | — | — | 153,749 | — | 153,749 | (95,232) | 1999 | ||||||||
CH2 CHICAGO (METRO) | — | — | — | — | 110,736 | — | 110,736 | (60,803) | 2005 | ||||||||
CH3 CHICAGO (METRO) | — | 9,759 | — | 351 | 319,029 | 10,110 | 319,029 | (121,456) | 2006 | ||||||||
CH4 CHICAGO (METRO) | — | — | — | — | 22,444 | — | 22,444 | (12,658) | 2009 | ||||||||
CH7 CHICAGO (METRO) | — | 670 | 10,564 | — | 5,077 | 670 | 15,641 | (3,679) | 2017 | ||||||||
CU1 CULPEPER (METRO) | — | 1,019 | 37,581 | — | 4,523 | 1,019 | 42,104 | (10,596) | 2017 | ||||||||
CU2 CULPEPER (METRO) | — | 1,244 | 48,000 | — | 7,813 | 1,244 | 55,813 | (11,365) | 2017 | ||||||||
CU3 CULPEPER (METRO) | — | 1,088 | 37,387 | — | 1,010 | 1,088 | 38,397 | (8,692) | 2017 | ||||||||
CU4 CULPEPER (METRO) | — | 1,372 | 27,832 | — | 32,477 | 1,372 | 60,309 | (6,588) | 2017 | ||||||||
DA1 DALLAS (METRO) | — | — | — | — | 70,861 | — | 70,861 | (38,772) | 2000 | ||||||||
DA2 DALLAS (METRO) | — | — | — | — | 80,240 | — | 80,240 | (28,647) | 2010 | ||||||||
DA3 DALLAS (METRO) | — | — | — | — | 96,101 | — | 96,101 | (37,901) | 2010 | ||||||||
DA4 DALLAS (METRO) | — | — | — | — | 17,206 | — | 17,206 | (8,878) | 2010 | ||||||||
DA6 DALLAS (METRO) | — | — | 20,522 | — | 162,223 | — | 182,745 | (30,483) | 2012 | ||||||||
DA7 DALLAS (METRO) | — | — | — | — | 29,417 | — | 29,417 | (10,489) | 2015 | ||||||||
DA9 DALLAS (METRO) | — | 610 | 15,398 | — | 4,212 | 610 | 19,610 | (4,730) | 2017 | ||||||||
DA10 DALLAS (METRO) | — | — | 117 | — | 4,633 | — | 4,750 | (3,105) | 2017 | ||||||||
DA11 DALLAS (METRO) | — | — | — | — | 107,889 | — | 107,889 | — | 2018 | ||||||||
INFOMART BUILDING DALLAS (METRO) | — | 24,380 | 337,643 | — | 9,111 | 24,380 | 346,754 | (19,765) | 2018 | ||||||||
DC1 WASHINGTON, DC (METRO) | — | — | — | — | 4,762 | — | 4,762 | (1,245) | 1999 | ||||||||
DC2 WASHINGTON, DC (METRO) | — | — | — | 5,047 | 124,621 | 5,047 | 124,621 | (95,146) | 1999 | ||||||||
DC3 WASHINGTON, DC (METRO) | — | — | 37,451 | — | 50,453 | — | 87,904 | (52,127) | 2004 | ||||||||
DC4 WASHINGTON, DC (METRO) | — | 1,906 | 7,272 | — | 72,553 | 1,906 | 79,825 | (53,710) | 2005 | ||||||||
DC5 WASHINGTON, DC (METRO) | — | 1,429 | 4,983 | — | 89,414 | 1,429 | 94,397 | (63,448) | 2005 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
DC5 WASHINGTON, DC (METRO) | — | 1,429 | 4,983 | — | 94,941 | 1,429 | 99,924 | (73,905) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC6 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 94,521 | 1,429 | 99,603 | (59,605) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC7 WASHINGTON, DC (METRO) | — | — | — | — | 19,152 | — | 19,152 | (15,565) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC10 WASHINGTON, DC (METRO) | — | — | 44,601 | — | 90,071 | — | 134,672 | (114,185) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC11 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 190,744 | 1,429 | 195,826 | (82,458) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC12 WASHINGTON, DC (METRO) | — | — | 101,783 | — | 82,863 | — | 184,646 | (47,708) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC13 WASHINGTON, DC (METRO) | — | 5,500 | 25,423 | — | 28,280 | 5,500 | 53,703 | (19,950) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC14 WASHINGTON, DC (METRO) | — | 2,560 | 33,511 | — | 15,026 | 2,560 | 48,537 | (15,739) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC15 WASHINGTON, DC (METRO) | — | 1,965 | — | 1,964 | 186,190 | 3,929 | 186,190 | (23,019) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC16 WASHINGTON, DC (METRO) | — | — | — | — | 139,800 | — | 139,800 | — | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC21 WASHINGTON, DC (METRO) | — | 1,507 | — | — | 146,045 | 1,507 | 146,045 | (13,291) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DC97 WASHINGTON, DC (METRO) | — | — | 2,021 | — | 1,944 | — | 3,965 | (1,858) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DE1 DENVER (METRO) | — | — | — | — | 9,897 | — | 9,897 | (9,002) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DE2 DENVER (METRO) | — | 5,240 | 23,053 | — | 32,706 | 5,240 | 55,759 | (20,195) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HO1 HOUSTON (METRO) | — | 1,440 | 23,780 | — | 33,390 | 1,440 | 57,170 | (20,311) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
KA1 KAMLOOPS (METRO), CANADA | — | 2,929 | 46,983 | — | 16,510 | 2,929 | 63,493 | (8,325) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LA1 LOS ANGELES (METRO) | — | — | — | — | 111,522 | — | 111,522 | (79,280) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LA2 LOS ANGELES (METRO) | — | — | — | — | 10,610 | — | 10,610 | (9,633) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LA3 LOS ANGELES (METRO) | — | — | 34,727 | 3,959 | 18,240 | 3,959 | 52,967 | (43,819) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LA4 LOS ANGELES (METRO) | — | 19,333 | 137,630 | — | 80,458 | 19,333 | 218,088 | (111,121) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LA7 LOS ANGELES (METRO) | — | 7,800 | 33,621 | — | 56,645 | 7,800 | 90,266 | (20,968) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LM1 LIMA (METRO), PERU | — | 4,589 | 8,835 | 106 | 204 | 4,695 | 9,039 | (347) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MI1 MIAMI (METRO) | — | 18,920 | 127,194 | — | 143,088 | 18,920 | 270,282 | (89,270) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MI2 MIAMI (METRO) | — | — | — | — | 22,766 | — | 22,766 | (16,253) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MI3 MIAMI (METRO) | — | — | — | — | 34,149 | — | 34,149 | (22,588) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MI6 MIAMI (METRO) | — | 4,750 | 23,017 | — | 9,926 | 4,750 | 32,943 | (14,906) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MO1 MONTERREY (METRO), MEXICO | — | — | 2,572 | — | 8,350 | — | 10,922 | (1,673) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MT1 MONTREAL (METRO), CANADA | — | — | 76,932 | — | 17,721 | — | 94,653 | (20,049) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MT2 MONTREAL (METRO), CANADA | — | 2,800 | 58,183 | — | — | 2,800 | 58,183 | (4,457) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MX1 MEXICO CITY (METRO), MEXICO | — | 1,090 | 53,980 | — | 35,934 | 1,090 | 89,914 | (13,119) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MX2 MEXICO CITY (METRO), MEXICO | — | 1,090 | 16,061 | — | 73,338 | 1,090 | 89,399 | (4,446) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY1 NEW YORK (METRO) | — | — | — | — | 71,417 | — | 71,417 | (50,233) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY2 NEW YORK (METRO) | — | — | — | 17,859 | 205,266 | 17,859 | 205,266 | (136,262) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY3 NEW YORK (METRO) | — | — | 38,484 | 146,996 | 38,484 | 146,996 | (459) | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NY4 NEW YORK (METRO) | — | — | — | — | 370,970 | — | 370,970 | (222,348) | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY5 NEW YORK (METRO) | — | — | — | — | 300,831 | — | 300,831 | (113,510) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY6 NEW YORK (METRO) | — | — | — | — | 99,163 | — | 99,163 | (23,004) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY7 NEW YORK (METRO) | — | — | 24,660 | — | 175,830 | — | 200,490 | (152,800) | 2010 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
NY9 NEW YORK (METRO) | — | — | — | — | 50,512 | — | 50,512 | (40,850) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY11 NEW YORK (METRO) | — | 2,050 | 58,717 | — | 40,862 | 2,050 | 99,579 | (30,847) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NY13 NEW YORK (METRO) | — | — | 31,603 | 8,300 | 6,327 | 8,300 | 37,930 | (20,446) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OT1 OTTAWA (METRO), CANADA | — | 1,549 | 39,128 | — | 1,931 | 1,549 | 41,059 | (7,455) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PH1 PHILADELPHIA (METRO) | — | — | — | — | 44,543 | — | 44,543 | (23,583) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
RJ1 RIO DE JANEIRO (METRO), BRAZIL | — | — | — | — | 20,402 | — | 20,402 | (16,387) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
RJ2 RIO DE JANEIRO (METRO), BRAZIL | — | — | 2,012 | 1,245 | 68,500 | 1,245 | 70,512 | (25,574) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SE2 SEATTLE (METRO) | — | — | — | — | 31,910 | — | 31,910 | (26,961) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SE3 SEATTLE (METRO) | — | — | 1,760 | — | 101,820 | — | 103,580 | (71,056) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SE4 SEATTLE (METRO) | — | 4,000 | 12,903 | — | 43,562 | 4,000 | 56,465 | (14,506) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SJ1 SAINT JOHN (METRO), CANADA | — | 159 | 14,276 | — | 1,320 | 159 | 15,596 | (2,612) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SP1 SÃO PAULO (METRO), BRAZIL | — | — | 10,188 | — | 23,290 | — | 33,478 | (21,640) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SP2 SÃO PAULO (METRO), BRAZIL | — | — | — | 3,030 | 53,089 | 3,030 | 53,089 | (38,500) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SP3 SÃO PAULO (METRO), BRAZIL | — | 7,222 | 72,997 | 391 | 78,637 | 7,613 | 151,634 | (52,795) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SP4 SÃO PAULO (METRO), BRAZIL | — | — | 22,027 | 6,720 | 87,709 | 6,720 | 109,736 | (26,415) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ST1 SANTIAGO (METRO), CHILE | — | 2,101 | 24,552 | — | 5,621 | 2,101 | 30,173 | (1,471) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ST2 SANTIAGO (METRO), CHILE | — | 2,101 | 11,736 | — | 7,597 | 2,101 | 19,333 | (694) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ST3 SANTIAGO (METRO), CHILE | — | 1,520 | 10,341 | — | 3,328 | 1,520 | 13,669 | (834) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ST4 SANTIAGO (METRO), CHILE | — | 81 | 4,679 | — | 1,782 | 81 | 6,461 | (375) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV1 SILICON VALLEY (METRO) | — | — | — | 15,545 | 146,020 | 15,545 | 146,020 | (104,313) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV2 SILICON VALLEY (METRO) | — | — | — | — | 162,072 | — | 162,072 | (110,329) | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV3 SILICON VALLEY (METRO) | — | — | — | — | 77,475 | — | 77,475 | (45,246) | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV4 SILICON VALLEY (METRO) | — | — | — | — | 106,282 | — | 106,282 | (31,327) | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV5 SILICON VALLEY (METRO) | — | 6,238 | 98,991 | — | 106,952 | 6,238 | 205,943 | (99,928) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV6 SILICON VALLEY (METRO) | — | — | 1,296 | — | — | — | 1,296 | (1) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV8 SILICON VALLEY (METRO) | — | — | — | — | 156,878 | — | 156,878 | (48,495) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV10 SILICON VALLEY (METRO) | — | 12,646 | 123,594 | — | 96,321 | 12,646 | 219,915 | (54,124) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV11 SILICON VALLEY (METRO) | — | — | — | — | 160,990 | — | 160,990 | (9,621) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV12 SILICON VALLEY (METRO) | — | 20,313 | — | — | 82,237 | 20,313 | 82,237 | — | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV13 SILICON VALLEY (METRO) | — | — | 3,638 | — | — | — | 3,638 | (3,426) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV14 SILICON VALLEY (METRO) | — | 3,638 | 5,503 | — | 3,791 | 3,638 | 9,294 | (3,654) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV15 SILICON VALLEY (METRO) | — | 7,651 | 23,060 | — | 16,054 | 7,651 | 39,114 | (14,181) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV16 SILICON VALLEY (METRO) | — | 4,271 | 15,018 | — | 6,261 | 4,271 | 21,279 | (8,075) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SV17 SILICON VALLEY (METRO) | — | — | 17,493 | — | 2,899 | — | 20,392 | (16,090) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TR1 TORONTO (METRO), CANADA | — | — | — | — | 87,434 | — | 87,434 | (39,215) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TR2 TORONTO (METRO), CANADA | — | — | 21,113 | 99,857 | 150,427 | 99,857 | 171,540 | (37,700) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TR4 TORONTO (METRO), CANADA | — | — | 13,985 | — | 4,668 | — | 18,653 | (8,360) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TR5 MARKHAM (METRO), CANADA | — | — | 24,913 | — | 1,660 | — | 26,573 | (9,512) | 2020 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
TR6 BRAMPTON (METRO), CANADA | — | 9,386 | 58,704 | 2,463 | 2,682 | 11,849 | 61,386 | (9,036) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TR7 BRAMPTON (METRO), CANADA | — | 9,193 | 71,966 | — | 21,999 | 9,193 | 93,965 | (18,848) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
VA1 BURNABY (METRO), CANADA | — | — | 4,668 | — | 5,562 | — | 10,230 | (1,960) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
WI1 WINNIPEG (METRO), CANADA | — | — | 57,234 | — | 3,141 | — | 60,375 | (4,284) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OTHERS (5) | — | 88,430 | 50,135 | 1,743 | 66,789 | 90,173 | 116,924 | (29,432) | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AD1 ABU DHABI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 75,852 | — | 75,852 | (19,448) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM1 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 90,330 | — | 90,330 | (53,551) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM2 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 77,337 | — | 77,337 | (35,060) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM3 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 27,099 | — | 125,357 | — | 152,456 | (72,449) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM4 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 210,596 | — | 210,596 | (45,083) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM5 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 92,199 | — | 13,183 | — | 105,382 | (40,602) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM6 AMSTERDAM (METRO), THE NETHERLANDS | — | 6,616 | 50,876 | 109 | 99,554 | 6,725 | 150,430 | (39,066) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM7 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 7,397 | — | 136,812 | — | 144,209 | (34,628) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM8 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 12,367 | — | 12,367 | (6,686) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AM11 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 6,405 | 391 | 12,328 | 391 | 18,733 | (4,057) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BA1 BARCELONA (METRO), SPAIN | — | — | 9,443 | — | 22,555 | — | 31,998 | (13,323) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BA2 BARCELONA (METRO), SPAIN | — | 7,808 | — | — | 2,575 | 7,808 | 2,575 | — | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BX1 BORDEAUX (METRO), FRANCE | — | 1,912 | 3,507 | — | 67,388 | 1,912 | 70,895 | (1,980) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DB1 DUBLIN (METRO), IRELAND | — | — | — | — | 5,260 | — | 5,260 | (4,512) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DB2 DUBLIN (METRO), IRELAND | — | — | 12,460 | — | 10,785 | — | 23,245 | (12,457) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DB3 DUBLIN (METRO), IRELAND | — | 3,334 | 54,387 | 55 | 20,401 | 3,389 | 74,788 | (27,038) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DB4 DUBLIN (METRO), IRELAND | — | — | 26,875 | — | 17,875 | — | 44,750 | (12,402) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DU1 DÜSSELDORF (METRO), GERMANY | — | — | — | 7,740 | 32,870 | 7,740 | 32,870 | (18,822) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DX1 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 117,994 | — | 117,994 | (50,368) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DX2 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 699 | — | 699 | (426) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DX3 DUBAI (METRO), UNITED ARAB EMIRATES | — | 6,738 | — | — | 12,839 | 6,738 | 12,839 | (602) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
EN1 ENSCHEDE (METRO), THE NETHERLANDS | — | — | — | — | 36,040 | — | 36,040 | (25,126) | 2008 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
FR2 FRANKFURT (METRO), GERMANY | — | — | — | 18,629 | 587,688 | 18,629 | 587,688 | (182,900) | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR4 FRANKFURT (METRO), GERMANY | — | 11,578 | 9,307 | 191 | 99,825 | 11,769 | 109,132 | (42,990) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR5 FRANKFURT (METRO), GERMANY | 30,310 | — | — | 13,356 | 247,177 | 13,356 | 247,177 | (64,932) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR6 FRANKFURT (METRO), GERMANY | — | — | — | — | 134,128 | — | 134,128 | (39,491) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR7 FRANKFURT (METRO), GERMANY | — | — | 43,634 | — | 42,576 | — | 86,210 | (35,508) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR8 FRANKFURT (METRO), GERMANY | — | 19,202 | 58,199 | — | 66,707 | 19,202 | 124,906 | (6,260) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FR13 FRANKFURT (METRO), GERMANY | — | — | — | — | 6,319 | — | 6,319 | — | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
GN1 GENOA (METRO), ITALY | — | — | 1,988 | — | 20,367 | — | 22,355 | (757) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
GV1 GENEVA (METRO), SWITZERLAND | — | — | — | — | 26,855 | — | 26,855 | (13,565) | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||
GV2 GENEVA (METRO), SWITZERLAND | — | — | — | — | 54,968 | — | 54,968 | (24,168) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HE3 HELSINKI (METRO), FINLAND | — | — | — | — | 14,226 | — | 14,226 | (9,835) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HE4 HELSINKI (METRO), FINLAND | — | — | 29,092 | — | 6,096 | — | 35,188 | (22,383) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HE5 HELSINKI (METRO), FINLAND | — | — | 7,564 | — | 18,921 | — | 26,485 | (8,621) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HE6 HELSINKI (METRO), FINLAND | — | — | 17,204 | 1,498 | 33,763 | 1,498 | 50,967 | (17,833) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HE7 HELSINKI (METRO), FINLAND | — | 7,348 | 6,946 | 630 | 60,952 | 7,978 | 67,898 | (8,497) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HH1 HAMBURG (METRO), GERMANY | 3,612 | 5,360 | 356 | 47,517 | 3,968 | 52,877 | (6,896) | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
IL2 ISTANBUL (METRO), TURKEY | — | 14,460 | 39,289 | — | 66,384 | 14,460 | 105,673 | (14,167) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD3 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 17,307 | — | 17,307 | (15,285) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD4 LONDON (METRO), UNITED KINGDOM | — | — | 23,044 | — | 139,253 | — | 162,297 | (65,609) | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD5 LONDON (METRO), UNITED KINGDOM | — | — | 16,412 | — | 174,138 | — | 190,550 | (103,475) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD6 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 140,024 | — | 140,024 | (48,378) | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD7 LONDON (METRO), UNITED KINGDOM | — | — | — | 189,922 | 267,217 | 189,922 | 267,217 | (26,142) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD8 LONDON (METRO), UNITED KINGDOM | — | — | 107,544 | — | 80,927 | — | 188,471 | (61,761) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD9 LONDON (METRO), UNITED KINGDOM | — | — | 181,431 | — | 170,539 | — | 351,970 | (107,492) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LD10 LONDON (METRO), UNITED KINGDOM | — | — | 40,251 | — | 114,520 | — | 154,771 | (29,023) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LS1 LISBON (METRO), PORTUGAL | — | — | 7,374 | 3,306 | 20,075 | 3,306 | 27,449 | (5,714) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
LAGOS 1 (METRO), PORTUGAL | — | 1,515 | 12,470 | 3,432 | 116,045 | 4,947 | 128,515 | (6,436) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MA1 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 17,337 | — | 17,337 | (9,286) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MA2 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 9,629 | — | 9,629 | (8,655) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MA3 MANCHESTER (METRO), UNITED KINGDOM | — | — | 44,931 | — | 18,012 | — | 62,943 | (31,669) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MA4 MANCHESTER (METRO), UNITED KINGDOM | — | — | 6,697 | — | 7,954 | — | 14,651 | (8,161) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MA5 MANCHESTER (METRO), UNITED KINGDOM | — | 3,671 | 6,874 | — | 80,923 | 3,671 | 87,797 | (2,124) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MD1 MADRID (METRO), SPAIN | — | — | 7,917 | — | 7,488 | — | 15,405 | (6,637) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MD2 MADRID (METRO), SPAIN | — | — | 40,952 | — | 84,822 | — | 125,774 | (43,837) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MD6 MADRID (METRO), SPAIN | — | — | — | — | 1,226 | — | 1,226 | (2) | 2022 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
ML2 MILAN (METRO), ITALY | — | — | — | — | 23,477 | — | 23,477 | (18,642) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ML3 MILAN (METRO), ITALY | — | — | — | 3,399 | 43,778 | 3,399 | 43,778 | (16,477) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ML5 MILAN (METRO), ITALY | — | 6,479 | 20,952 | — | 86,130 | 6,479 | 107,082 | (5,244) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MU1 MUNICH (METRO), GERMANY | — | — | — | — | 35,906 | — | 35,906 | (18,726) | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MU3 MUNICH (METRO), GERMANY | — | — | — | — | 6,100 | — | 6,100 | (3,048) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MU4 MUNICH (METRO), GERMANY | 11,399 | 35,120 | — | 54,651 | 11,399 | 89,771 | (3,558) | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
PA2 & PA3 PARIS (METRO), FRANCE | — | — | 29,615 | 22,190 | 316,306 | 22,190 | 345,921 | (149,239) | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PA4 PARIS (METRO), FRANCE | — | 1,524 | 9,503 | — | 232,040 | 1,524 | 241,543 | (92,574) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PA5 PARIS (METRO), FRANCE | — | — | 16,554 | — | 10,310 | — | 26,864 | (9,499) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PA6 PARIS (METRO), FRANCE | — | — | — | — | 83,383 | — | 83,383 | (40,643) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PA7 PARIS (METRO), FRANCE | — | — | — | — | 24,547 | — | 24,547 | (13,869) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PA10 PARIS (METRO), FRANCE | — | — | — | — | 132,736 | — | 132,736 | (1,382) | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SA1 SEVILLE (METRO), SPAIN | — | — | 1,567 | — | 1,472 | — | 3,039 | (2,300) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SK1 STOCKHOLM, (METRO), SWEDEN | — | — | 15,495 | — | 67,721 | — | 83,216 | (13,626) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SK2 STOCKHOLM, (METRO), SWEDEN | — | — | 80,148 | 3,391 | 65,837 | 3,391 | 145,985 | (43,237) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SK3 STOCKHOLM, (METRO), SWEDEN | — | — | — | — | 24,507 | — | 24,507 | (7,424) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SO1 SOFIA (METRO), BULGARIA | — | — | 5,236 | — | 4,401 | — | 9,637 | (3,736) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SO2 SOFIA (METRO), BULGARIA | — | 2,592 | — | — | 22,529 | 2,592 | 22,529 | (2,804) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
WA1 WARSAW (METRO), POLAND | — | — | 5,950 | — | 23,184 | — | 29,134 | (11,358) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
WA2 WARSAW (METRO), POLAND | — | — | 4,709 | — | 8,588 | — | 13,297 | (6,165) | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
WA3 WARSAW (METRO), POLAND | — | 2,443 | — | — | 60,513 | 2,443 | 60,513 | (5,344) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ZH2 ZURICH (METRO), SWITZERLAND | — | — | — | — | 5,938 | — | 5,938 | (4,609) | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ZH4 ZURICH (METRO), SWITZERLAND | — | — | 11,284 | — | 46,864 | — | 58,148 | (30,276) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ZH5 ZURICH (METRO), SWITZERLAND | — | — | — | 7,971 | 242,681 | 7,971 | 242,681 | (45,823) | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ZW1 ZWOLLE (METRO), THE NETHERLANDS | — | — | — | — | 10,186 | — | 10,186 | (9,527) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OTHERS (5) | — | 56,430 | 18,309 | 35,479 | 206,800 | 91,909 | 225,109 | (53,220) | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AE1 ADELAIDE (METRO), AUSTRALIA | — | 2,574 | 1,015 | — | 2,393 | 2,574 | 3,408 | (1,152) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BR1 BRISBANE (METRO), AUSTRALIA | — | 3,064 | 1,053 | — | 3,342 | 3,064 | 4,395 | (1,112) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CA1 CANBERRA (METRO), AUSTRALIA | — | — | 18,410 | — | 7,195 | — | 25,605 | (4,237) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
CN1 CHENNAI (METRO), INDIA | — | — | — | 8,003 | 5,415 | 8,003 | 5,415 | (65) | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HK1 HONG KONG (METRO), CHINA | — | — | — | — | 300,810 | — | 300,810 | (130,874) | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HK2 HONG KONG (METRO), CHINA | — | — | — | — | 242,921 | — | 242,921 | (189,170) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HK3 HONG KONG (METRO), CHINA | — | — | — | — | 183,050 | — | 183,050 | (101,415) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HK4 HONG KONG (METRO), CHINA | — | — | — | — | 97,919 | — | 97,919 | (32,004) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
HK5 HONG KONG (METRO), CHINA | — | — | 70,002 | — | 43,089 | — | 113,091 | (33,571) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MB1 MUMBAI (METRO), INDIA | — | 515 | 28,457 | — | 2,761 | 515 | 31,218 | (3,293) | 2021 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
DC6 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 92,078 | 1,429 | 97,160 | (49,377) | 2005 | ||||||||
DC7 WASHINGTON, DC (METRO) | — | — | — | — | 18,939 | — | 18,939 | (12,156) | 2010 | ||||||||
DC8 WASHINGTON, DC (METRO) | — | — | — | — | 4,598 | — | 4,598 | (4,495) | 2010 | ||||||||
DC10 WASHINGTON, DC (METRO) | — | — | 44,601 | — | 76,413 | — | 121,014 | (72,826) | 2011 | ||||||||
DC11 WASHINGTON, DC (METRO) | — | 1,429 | 5,082 | — | 181,683 | 1,429 | 186,765 | (50,834) | 2005 | ||||||||
DC12 WASHINGTON, DC (METRO) | — | — | 101,783 | — | 64,510 | — | 166,293 | (17,654) | 2017 | ||||||||
DC13 WASHINGTON, DC (METRO) | — | 5,500 | 25,423 | — | 9,680 | 5,500 | 35,103 | (10,464) | 2017 | ||||||||
DC14 WASHINGTON, DC (METRO) | — | 2,560 | 33,511 | — | 9,565 | 2,560 | 43,076 | (8,427) | 2017 | ||||||||
DC15 WASHINGTON, DC (METRO) | — | — | — | — | 91,836 | — | 91,836 | — | 2018 | ||||||||
DC21 WASHINGTON, DC (METRO) | — | — | — | — | 15,176 | — | 15,176 | — | 2019 | ||||||||
DC97 WASHINGTON, DC (METRO) | — | — | 2,021 | — | 971 | — | 2,992 | (1,108) | 2017 | ||||||||
DE1 DENVER (METRO) | — | — | — | — | 9,764 | — | 9,764 | (8,662) | 2010 | ||||||||
DE2 DENVER (METRO) | — | 5,240 | 23,053 | — | 29,163 | 5,240 | 52,216 | (11,831) | 2017 | ||||||||
HO1 HOUSTON (METRO) | — | 1,440 | 23,780 | — | 32,179 | 1,440 | 55,959 | (11,094) | 2017 | ||||||||
LA1 LOS ANGELES (METRO) | — | — | — | — | 107,714 | — | 107,714 | (67,186) | 1999 | ||||||||
LA2 LOS ANGELES (METRO) | — | — | — | — | 10,904 | — | 10,904 | (8,869) | 2000 | ||||||||
LA3 LOS ANGELES (METRO) | — | — | 34,727 | 3,959 | 21,283 | 3,959 | 56,010 | (46,154) | 2005 | ||||||||
LA4 LOS ANGELES (METRO) | — | 19,333 | 137,630 | — | 47,458 | 19,333 | 185,088 | (85,994) | 2009 | ||||||||
LA7 LOS ANGELES (METRO) | — | 7,800 | 33,621 | — | 7,584 | 7,800 | 41,205 | (10,070) | 2017 | ||||||||
MI1 MIAMI (METRO) | — | 18,920 | 127,194 | — | 94,472 | 18,920 | 221,666 | (42,736) | 2017 | ||||||||
MI2 MIAMI (METRO) | — | — | — | — | 23,223 | — | 23,223 | (13,246) | 2010 | ||||||||
MI3 MIAMI (METRO) | — | — | — | — | 32,602 | — | 32,602 | (15,320) | 2012 | ||||||||
MI6 MIAMI (METRO) | — | 4,750 | 23,017 | — | 8,286 | 4,750 | 31,303 | (9,083) | 2017 | ||||||||
NY1 NEW YORK (METRO) | — | — | — | — | 71,186 | — | 71,186 | (41,346) | 1999 | ||||||||
NY2 NEW YORK (METRO) | — | — | — | 17,859 | 204,510 | 17,859 | 204,510 | (130,020) | 2000 | ||||||||
NY4 NEW YORK (METRO) | — | — | — | — | 352,069 | — | 352,069 | (188,961) | 2006 | ||||||||
NY5 NEW YORK (METRO) | — | — | — | — | 269,478 | — | 269,478 | (67,199) | 2010 | ||||||||
NY6 NEW YORK (METRO) | — | — | — | — | 66,897 | — | 66,897 | (12,312) | 2010 | ||||||||
NY7 NEW YORK (METRO) | — | — | 24,660 | — | 167,514 | — | 192,174 | (123,495) | 2010 | ||||||||
NY8 NEW YORK (METRO) | — | — | — | — | 11,267 | — | 11,267 | (7,928) | 2010 | ||||||||
NY9 NEW YORK (METRO) | — | — | — | — | 50,868 | — | 50,868 | (33,241) | 2010 | ||||||||
NY11 NEW YORK (METRO) | — | 2,050 | 58,717 | — | 10,940 | 2,050 | 69,657 | (17,997) | 2017 | ||||||||
NY13 NEW YORK (METRO) | — | — | 31,603 | — | 6,463 | — | 38,066 | (11,081) | 2017 | ||||||||
PH1 PHILADELPHIA (METRO) | — | — | — | — | 43,724 | — | 43,724 | (16,725) | 2010 | ||||||||
RJ1 RIO DE JANEIRO (METRO), BRAZIL | — | — | — | — | 22,642 | — | 22,642 | (15,816) | 2011 | ||||||||
RJ2 RIO DE JANEIRO (METRO), BRAZIL | — | — | 2,012 | 1,635 | 56,081 | 1,635 | 58,093 | (18,176) | 2012 | ||||||||
SE2 SEATTLE (METRO) | — | — | — | — | 27,912 | — | 27,912 | (23,071) | 2010 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
MB2 MUMBAI (METRO), INDIA | — | — | 54,494 | — | — | — | 54,494 | (6,746) | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
MB3 MUMBAI (METRO), INDIA | — | — | — | 28,948 | 6,362 | 28,948 | 6,362 | — | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ME1 MELBOURNE (METRO), AUSTRALIA | — | 14,478 | — | — | 91,595 | 14,478 | 91,595 | (32,366) | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ME2 MELBOURNE (METRO), AUSTRALIA | — | — | — | — | 102,634 | — | 102,634 | (11,468) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ME4 MELBOURNE (METRO), AUSTRALIA | — | 3,323 | 84,175 | — | 10,472 | 3,323 | 94,647 | (28,739) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ME5 MELBOURNE (METRO), AUSTRALIA | — | 6,455 | 4,094 | — | 4,606 | 6,455 | 8,700 | (3,412) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OS1 OSAKA (METRO), JAPAN | — | — | 14,876 | — | 94,581 | — | 109,457 | (45,839) | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OS3 OSAKA (METRO), JAPAN | — | — | — | — | 199,004 | — | 199,004 | (19,415) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PE1 PERTH (METRO), AUSTRALIA | — | 1,307 | 1,337 | — | 2,136 | 1,307 | 3,473 | (759) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PE2 PERTH (METRO), AUSTRALIA | — | — | 16,327 | — | 15,983 | — | 32,310 | (10,059) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PE3 PERTH (METRO), AUSTRALIA | — | — | — | — | 56,947 | — | 56,947 | (3,636) | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG1 SINGAPORE (METRO) | — | — | — | — | 302,976 | — | 302,976 | (147,603) | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG2 SINGAPORE (METRO) | — | — | — | — | 346,957 | — | 346,957 | (247,585) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG3 SINGAPORE (METRO) | — | — | 34,844 | — | 246,729 | — | 281,573 | (88,991) | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG4 SINGAPORE (METRO) | — | — | 54,602 | — | 160,563 | — | 215,165 | (31,593) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SG5 SINGAPORE (METRO) | — | — | — | — | 327,608 | — | 327,608 | (18,523) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SH2 SHANGHAI (METRO), CHINA | — | — | — | — | 7,420 | — | 7,420 | (4,366) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SH3 SHANGHAI (METRO), CHINA | — | — | 7,066 | — | 13,555 | — | 20,621 | (8,267) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SH5 SHANGHAI (METRO), CHINA | — | — | 11,284 | — | 23,558 | — | 34,842 | (18,366) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SH6 SHANGHAI (METRO), CHINA | — | — | 16,545 | — | 34,902 | — | 51,447 | (8,810) | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SL1 SEOUL (METRO), SOUTH KOREA | — | — | 29,236 | — | 35,968 | — | 65,204 | (19,149) | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY1 SYDNEY (METRO), AUSTRALIA | — | — | — | 80,706 | 38,161 | 80,706 | 38,161 | (24,626) | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY2 SYDNEY (METRO), AUSTRALIA | — | — | 3,080 | — | 26,629 | — | 29,709 | (23,913) | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY3 SYDNEY (METRO), AUSTRALIA | — | — | 8,712 | — | 143,068 | — | 151,780 | (93,293) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY4 SYDNEY (METRO), AUSTRALIA | — | — | — | — | 177,003 | — | 177,003 | (64,763) | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY5 SYDNEY (METRO), AUSTRALIA | — | 79,613 | — | — | 246,176 | 79,613 | 246,176 | (24,747) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY6 SYDNEY (METRO), AUSTRALIA | — | 8,593 | 64,197 | — | 19,230 | 8,593 | 83,427 | (15,713) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SY7 SYDNEY (METRO), AUSTRALIA | — | 2,662 | 47,350 | — | 4,531 | 2,662 | 51,881 | (10,917) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY1 TOKYO (METRO), JAPAN | — | — | — | — | 32,784 | — | 32,784 | (21,073) | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY2 TOKYO (METRO), JAPAN | — | — | — | — | 89,367 | — | 89,367 | (59,814) | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY3 TOKYO (METRO), JAPAN | — | — | — | — | 67,404 | — | 67,404 | (41,572) | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY4 TOKYO (METRO), JAPAN | — | — | — | — | 72,430 | — | 72,430 | (37,356) | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY5 TOKYO (METRO), JAPAN | — | — | 102 | — | 55,213 | — | 55,315 | (21,862) | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY6 TOKYO (METRO), JAPAN | — | — | 37,941 | — | 12,852 | — | 50,793 | (43,370) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY7 TOKYO (METRO), JAPAN | — | — | 13,175 | — | 6,109 | — | 19,284 | (14,325) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY8 TOKYO (METRO), JAPAN | — | — | 53,848 | — | 8,638 | — | 62,486 | (30,732) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY9 TOKYO (METRO), JAPAN | — | — | 106,710 | — | 11,416 | — | 118,126 | (82,849) | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY10 TOKYO (METRO), JAPAN | — | — | 69,881 | — | 7,226 | — | 77,107 | (29,456) | 2015 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
SE3 SEATTLE (METRO) | — | — | 1,760 | — | 99,026 | — | 100,786 | (48,609) | 2011 | ||||||||
SE4 SEATTLE (METRO) | — | 4,000 | 12,903 | — | 30,171 | 4,000 | 43,074 | (4,990) | 2017 | ||||||||
SP1 SÃO PAULO (METRO), BRAZIL | — | — | 10,188 | — | 20,427 | — | 30,615 | (24,774) | 2011 | ||||||||
SP2 SÃO PAULO (METRO), BRAZIL | — | — | — | 3,979 | 67,644 | 3,979 | 67,644 | (52,426) | 2011 | ||||||||
SP3 SÃO PAULO (METRO), BRAZIL | — | 9,998 | 72,997 | — | 33,856 | 9,998 | 106,853 | (21,392) | 2017 | ||||||||
SP4 SÃO PAULO (METRO), BRAZIL | — | — | 22,027 | — | 46,673 | — | 68,700 | (8,156) | 2017 | ||||||||
SV1 SILICON VALLEY (METRO) | — | — | — | 15,545 | 142,396 | 15,545 | 142,396 | (92,746) | 1999 | ||||||||
SV2 SILICON VALLEY (METRO) | — | — | — | — | 150,225 | — | 150,225 | (85,449) | 2003 | ||||||||
SV3 SILICON VALLEY (METRO) | — | — | — | — | 80,591 | — | 80,591 | (38,156) | 1999 | ||||||||
SV4 SILICON VALLEY (METRO) | — | — | — | — | 25,031 | — | 25,031 | (21,991) | 2005 | ||||||||
SV5 SILICON VALLEY (METRO) | — | 6,238 | 98,991 | — | 98,181 | 6,238 | 197,172 | (73,271) | 2010 | ||||||||
SV6 SILICON VALLEY (METRO) | — | — | 15,585 | — | 28,778 | — | 44,363 | (33,612) | 2010 | ||||||||
SV8 SILICON VALLEY (METRO) | — | — | — | — | 51,084 | — | 51,084 | (32,480) | 2010 | ||||||||
SV10 SILICON VALLEY (METRO) | — | 12,646 | 123,594 | — | 85,811 | 12,646 | 209,405 | (19,993) | 2017 | ||||||||
SV11 SILICON VALLEY (METRO) | — | — | — | — | 2,809 | — | 2,809 | — | 2019 | ||||||||
SV12 SILICON VALLEY (METRO) | — | 20,313 | — | — | 6,925 | 20,313 | 6,925 | — | 2015 | ||||||||
SV13 SILICON VALLEY (METRO) | — | — | 3,828 | — | 73 | — | 3,901 | (2,459) | 2017 | ||||||||
SV14 SILICON VALLEY (METRO) | — | 3,638 | 5,503 | — | 3,742 | 3,638 | 9,245 | (1,768) | 2017 | ||||||||
SV15 SILICON VALLEY (METRO) | — | 7,651 | 23,060 | — | 1,188 | 7,651 | 24,248 | (5,827) | 2017 | ||||||||
SV16 SILICON VALLEY (METRO) | — | 4,271 | 15,018 | — | 1,384 | 4,271 | 16,402 | (4,237) | 2017 | ||||||||
SV17 SILICON VALLEY (METRO) | — | — | 17,493 | — | 3,805 | — | 21,298 | (10,830) | 2017 | ||||||||
TR1 TORONTO (METRO), CANADA | — | — | — | — | 90,620 | — | 90,620 | (30,501) | 2010 | ||||||||
TR2 TORONTO (METRO), CANADA | — | — | 21,113 | 104,289 | 120,080 | 104,289 | 141,193 | (19,385) | 2015 | ||||||||
OTHERS (5) | — | 77,527 | 21,580 | 227 | 36,770 | 77,754 | 58,350 | (2,876) | Various | ||||||||
EMEA: | |||||||||||||||||
AD1 ABU DHABI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 353 | — | 353 | (108) | 2017 | ||||||||
AM1 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 86,937 | — | 86,937 | (42,564) | 2008 | ||||||||
AM2 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 80,238 | — | 80,238 | (30,339) | 2008 | ||||||||
AM3 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 27,099 | — | 125,459 | — | 152,558 | (52,150) | 2011 | ||||||||
AM4 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 190,025 | — | 190,025 | (14,637) | 2016 | ||||||||
AM5 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 92,199 | — | 12,882 | — | 105,081 | (25,529) | 2016 | ||||||||
AM6 AMSTERDAM (METRO), THE NETHERLANDS | — | 6,616 | 50,876 | 437 | 81,635 | 7,053 | 132,511 | (18,039) | 2016 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
AM7 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 7,397 | — | 62,235 | — | 69,632 | (5,773) | 2016 | ||||||||
AM8 AMSTERDAM (METRO), THE NETHERLANDS | — | — | — | — | 11,060 | — | 11,060 | (4,178) | 2016 | ||||||||
AM11 AMSTERDAM (METRO), THE NETHERLANDS | — | — | 6,405 | 410 | 1,314 | 410 | 7,719 | (410) | 2019 | ||||||||
BA1 BARCELONA (METRO), SPAIN | — | — | 9,443 | — | 6,785 | — | 16,228 | (3,710) | 2017 | ||||||||
DB1 DUBLIN (METRO), IRELAND | — | — | — | — | 3,597 | — | 3,597 | (2,446) | 2016 | ||||||||
DB2 DUBLIN (METRO), IRELAND | — | — | 12,460 | — | 3,734 | — | 16,194 | (6,469) | 2016 | ||||||||
DB3 DUBLIN (METRO), IRELAND | — | 3,334 | 54,387 | 220 | 14,652 | 3,554 | 69,039 | (15,205) | 2016 | ||||||||
DB4 DUBLIN (METRO), IRELAND | — | — | 26,875 | — | 14,977 | — | 41,852 | (6,898) | 2016 | ||||||||
DU1 DÜSSELDORF (METRO), GERMANY | — | — | — | 8,117 | 30,189 | 8,117 | 30,189 | (18,332) | 2000 | ||||||||
DX1 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 89,340 | — | 89,340 | (25,114) | 2008 | ||||||||
DX2 DUBAI (METRO), UNITED ARAB EMIRATES | — | — | — | — | 653 | — | 653 | (175) | 2017 | ||||||||
EN1 ENSCHEDE (METRO), THE NETHERLANDS | — | — | — | — | 31,702 | — | 31,702 | (21,705) | 2008 | ||||||||
FR1 FRANKFURT (METRO), GERMANY | — | — | — | — | 4,151 | — | 4,151 | (3,800) | 2007 | ||||||||
FR2 FRANKFURT (METRO), GERMANY | — | — | — | 24,342 | 497,924 | 24,342 | 497,924 | (126,263) | 2007 | ||||||||
FR4 FRANKFURT (METRO), GERMANY | — | 11,578 | 9,307 | 764 | 80,031 | 12,342 | 89,338 | (28,865) | 2009 | ||||||||
FR5 FRANKFURT (METRO), GERMANY | 30,310 | — | — | 14,002 | 189,912 | 14,002 | 189,912 | (41,597) | 2012 | ||||||||
FR6 FRANKFURT (METRO), GERMANY | — | — | — | — | 135,071 | — | 135,071 | (16,536) | 2016 | ||||||||
FR7 FRANKFURT (METRO), GERMANY | — | — | 43,634 | — | 27,003 | — | 70,637 | (18,717) | 2016 | ||||||||
GV1 GENEVA (METRO), SWITZERLAND | — | — | — | — | 15,117 | — | 15,117 | (3,841) | 2004 | ||||||||
GV2 GENEVA (METRO), SWITZERLAND | — | — | — | — | 24,648 | — | 24,648 | (21,916) | 2009 | ||||||||
HE1 HELSINKI (METRO), FINLAND | — | — | — | — | 3,626 | — | 3,626 | (2,541) | 2016 | ||||||||
HE3 HELSINKI (METRO), FINLAND | — | — | — | — | 13,920 | — | 13,920 | (8,134) | 2016 | ||||||||
HE4 HELSINKI (METRO), FINLAND | — | — | 29,092 | — | 5,841 | — | 34,933 | (13,389) | 2016 | ||||||||
HE5 HELSINKI (METRO), FINLAND | — | — | 7,564 | — | 5,856 | — | 13,420 | (3,627) | 2016 | ||||||||
HE6 HELSINKI (METRO), FINLAND | — | — | 17,204 | 1,571 | 25,830 | 1,571 | 43,034 | (8,828) | 2016 | ||||||||
HE7 HELSINKI (METRO), FINLAND | — | 7,348 | 6,946 | 1,019 | 16,128 | 8,367 | 23,074 | (1,310) | 2018 | ||||||||
HH1 HAMBURG (METRO), GERMANY | 3,612 | 5,360 | 549 | 26,734 | 4,161 | 32,094 | (290) | 2018 | |||||||||
IL2 ISTANBUL (METRO), TURKEY | — | 14,460 | 39,289 | — | 12,428 | 14,460 | 51,717 | (4,603) | 2017 | ||||||||
LD3 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 17,513 | — | 17,513 | (15,831) | 2000 | ||||||||
LD4 LONDON (METRO), UNITED KINGDOM | — | — | 23,044 | — | 119,830 | — | 142,874 | (43,675) | 2007 | ||||||||
LD5 LONDON (METRO), UNITED KINGDOM | — | — | 16,412 | — | 181,903 | — | 198,315 | (88,458) | 2010 | ||||||||
LD6 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 138,942 | — | 138,942 | (27,330) | 2013 | ||||||||
LD7 LONDON (METRO), UNITED KINGDOM | — | — | — | — | 130,759 | — | 130,759 | (3,320) | 2018 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
LD8 LONDON (METRO), UNITED KINGDOM | — | — | 107,544 | — | 37,898 | — | 145,442 | (38,935) | 2016 | ||||||||
LD9 LONDON (METRO), UNITED KINGDOM | — | — | 181,431 | — | 152,279 | — | 333,710 | (58,823) | 2016 | ||||||||
LD10 LONDON (METRO), UNITED KINGDOM | — | — | 40,251 | — | 98,955 | — | 139,206 | (3,115) | 2017 | ||||||||
LS1 LISBON (METRO), PORTUGAL | — | — | 7,374 | 3,467 | 4,061 | 3,467 | 11,435 | (2,313) | 2017 | ||||||||
MA1 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 10,480 | — | 10,480 | (4,260) | 2016 | ||||||||
MA2 MANCHESTER (METRO), UNITED KINGDOM | — | — | — | — | 10,211 | — | 10,211 | (5,824) | 2016 | ||||||||
MA3 MANCHESTER (METRO), UNITED KINGDOM | — | — | 44,931 | — | 5,883 | — | 50,814 | (20,007) | 2016 | ||||||||
MA4 MANCHESTER (METRO), UNITED KINGDOM | — | — | 6,697 | — | 2,403 | — | 9,100 | (6,634) | 2016 | ||||||||
MD1 MADRID (METRO), SPAIN | — | — | 7,917 | 10,961 | 1,086 | 10,961 | 9,003 | (3,074) | 2017 | ||||||||
MD2 MADRID (METRO), SPAIN | — | — | 40,952 | — | 29,913 | — | 70,865 | (18,467) | 2017 | ||||||||
ML2 MILAN (METRO), ITALY | — | — | — | — | 18,941 | — | 18,941 | (8,119) | 2016 | ||||||||
ML3 MILAN (METRO), ITALY | — | — | — | 3,564 | 41,678 | 3,564 | 41,678 | (11,036) | 2016 | ||||||||
ML4 MILAN (METRO), ITALY | — | — | — | — | 8,978 | — | 8,978 | (4,812) | 2016 | ||||||||
ML5 MILAN (METRO), ITALY | — | 7,741 | 20,952 | — | — | 7,741 | 20,952 | — | 2019 | ||||||||
MU1 MUNICH (METRO), GERMANY | — | — | — | — | 26,282 | — | 26,282 | (15,088) | 2007 | ||||||||
MU3 MUNICH (METRO), GERMANY | — | — | — | — | 4,759 | — | 4,759 | (2,001) | 2010 | ||||||||
PA1 PARIS (METRO), FRANCE | — | — | — | — | 21,810 | — | 21,810 | (11,154) | 2007 | ||||||||
PA2 & PA3 PARIS (METRO), FRANCE | — | — | 29,615 | 25,290 | 286,113 | 25,290 | 315,728 | (121,808) | 2007 | ||||||||
PA4 PARIS (METRO), FRANCE | — | 1,598 | 9,503 | — | 225,703 | 1,598 | 235,206 | (61,380) | 2011 | ||||||||
PA5 PARIS (METRO), FRANCE | — | — | 16,554 | — | 442 | — | 16,996 | (5,081) | 2016 | ||||||||
PA6 PARIS (METRO), FRANCE | — | — | — | — | 66,720 | — | 66,720 | (25,375) | 2016 | ||||||||
PA7 PARIS (METRO), FRANCE | — | — | — | — | 18,611 | — | 18,611 | (7,477) | 2016 | ||||||||
PA9x PARIS (METRO), FRANCE | — | — | — | — | 54,834 | — | 54,834 | — | 2019 | ||||||||
SA1 SEVILLE (METRO), SPAIN | — | — | 1,567 | — | 809 | — | 2,376 | (1,459) | 2017 | ||||||||
SK1 STOCKHOLM, (METRO), SWEDEN | — | — | 15,495 | — | 7,865 | — | 23,360 | (7,424) | 2016 | ||||||||
SK2 STOCKHOLM, (METRO), SWEDEN | — | — | 80,148 | 3,775 | 59,319 | 3,775 | 139,467 | (20,755) | 2016 | ||||||||
SK3 STOCKHOLM, (METRO), SWEDEN | — | — | — | — | 15,769 | — | 15,769 | (3,738) | 2016 | ||||||||
SO1 SOFIA (METRO), BULGARIA | — | — | 5,236 | — | 2,471 | — | 7,707 | (1,780) | 2016 | ||||||||
SO2 SOFIA (METRO), BULGARIA | — | 2,719 | — | — | 17,074 | 2,719 | 17,074 | (454) | 2017 | ||||||||
WA1 WARSAW (METRO), POLAND | — | — | 5,950 | — | 10,951 | — | 16,901 | (5,390) | 2016 | ||||||||
WA2 WARSAW (METRO), POLAND | — | — | 4,709 | — | 8,536 | — | 13,245 | (3,528) | 2016 | ||||||||
WA3 WARSAW (METRO), POLAND | — | 2,784 | — | — | 33,930 | 2,784 | 33,930 | (67) | 2017 | ||||||||
ZH1 ZURICH (METRO), SWITZERLAND | — | — | — | — | 36 | — | 36 | — | 2007 | ||||||||
ZH2 ZURICH (METRO), SWITZERLAND | — | — | — | — | 3,158 | — | 3,158 | (2,579) | 2002 | ||||||||
ZH4 ZURICH (METRO), SWITZERLAND | — | — | 11,284 | — | 23,137 | — | 34,421 | (23,774) | 2009 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
ZH5 ZURICH (METRO), SWITZERLAND | — | — | — | 7,613 | 122,801 | 7,613 | 122,801 | (20,735) | 2009 | ||||||||
ZW1 ZWOLLE (METRO), THE NETHERLANDS | — | — | — | — | 9,934 | — | 9,934 | (6,829) | 2008 | ||||||||
OTHERS (5) | — | 16,652 | 7,956 | 16,763 | 54,557 | 33,415 | 62,513 | (3,756) | Various | ||||||||
Asia-Pacific: | |||||||||||||||||
AE1 ADELAIDE (METRO), AUSTRALIA | — | 2,654 | 1,015 | — | 1,689 | 2,654 | 2,704 | (400) | 2018 | ||||||||
BR1 BRISBANE (METRO), AUSTRALIA | — | 3,159 | 1,053 | — | 1,712 | 3,159 | 2,765 | (249) | 2018 | ||||||||
CA1 CANBERRA (METRO), AUSTRALIA | — | — | 18,410 | — | 1,416 | — | 19,826 | (1,397) | 2018 | ||||||||
HK1 HONG KONG (METRO), CHINA | — | — | — | — | 217,236 | — | 217,236 | (102,231) | 2003 | ||||||||
HK2 HONG KONG (METRO), CHINA | — | — | — | — | 230,373 | — | 230,373 | (117,462) | 2010 | ||||||||
HK3 HONG KONG (METRO), CHINA | — | — | — | — | 137,773 | — | 137,773 | (70,771) | 2012 | ||||||||
HK4 HONG KONG (METRO), CHINA | — | — | — | — | 67,853 | — | 67,853 | (7,278) | 2012 | ||||||||
HK5 HONG KONG (METRO), CHINA | — | — | 70,002 | — | 36,845 | — | 106,847 | (13,545) | 2017 | ||||||||
ME1 MELBOURNE (METRO), AUSTRALIA | — | 14,926 | — | — | 83,929 | 14,926 | 83,929 | (18,291) | 2013 | ||||||||
ME2 MELBOURNE (METRO), AUSTRALIA | — | — | — | — | 74,262 | — | 74,262 | (130) | 2018 | ||||||||
ME4 MELBOURNE (METRO), AUSTRALIA | — | 3,426 | 84,175 | — | 7,387 | 3,426 | 91,562 | (10,436) | 2018 | ||||||||
ME5 MELBOURNE (METRO), AUSTRALIA | — | 6,655 | 4,094 | — | 3,523 | 6,655 | 7,617 | (1,167) | 2018 | ||||||||
OS1 OSAKA (METRO), JAPAN | — | — | 14,876 | — | 97,754 | — | 112,630 | (26,774) | 2013 | ||||||||
OS2x OSAKA (METRO), JAPAN | — | 12,023 | — | 651 | 4,255 | 12,674 | 4,255 | — | 2018 | ||||||||
PE1 PERTH (METRO), AUSTRALIA | — | 1,348 | 1,337 | — | 1,064 | 1,348 | 2,401 | (184) | 2018 | ||||||||
PE2 PERTH (METRO), AUSTRALIA | — | — | 16,327 | — | 12,344 | — | 28,671 | (3,003) | 2018 | ||||||||
SG1 SINGAPORE (METRO) | — | — | — | — | 173,068 | — | 173,068 | (116,934) | 2003 | ||||||||
SG2 SINGAPORE (METRO) | — | — | — | — | 293,336 | — | 293,336 | (188,277) | 2008 | ||||||||
SG3 SINGAPORE (METRO) | — | — | 34,844 | — | 210,664 | — | 245,508 | (50,346) | 2013 | ||||||||
SG4 SINGAPORE (METRO) | — | — | 54,602 | — | 72,084 | — | 126,686 | (287) | 2019 | ||||||||
SG5 SINGAPORE (METRO) | — | — | — | — | 24,320 | — | 24,320 | — | 2019 | ||||||||
SH2 SHANGHAI (METRO), CHINA | — | — | — | — | 5,037 | — | 5,037 | (1,919) | 2012 | ||||||||
SH3 SHANGHAI (METRO), CHINA | — | — | 7,066 | — | 9,950 | — | 17,016 | (5,570) | 2012 | ||||||||
SH5 SHANGHAI (METRO), CHINA | — | — | 11,284 | — | 20,369 | — | 31,653 | (11,965) | 2012 | ||||||||
SH6 SHANGHAI (METRO), CHINA | — | — | 16,545 | — | 12,469 | — | 29,014 | (1,448) | 2017 | ||||||||
SL1 SEOUL (METRO), SOUTH KOREA | — | — | 29,236 | — | 4,729 | — | 33,965 | (1,306) | 2019 | ||||||||
SY1 SYDNEY (METRO), AUSTRALIA | — | — | — | — | 28,195 | — | 28,195 | (17,494) | 2003 | ||||||||
SY2 SYDNEY (METRO), AUSTRALIA | — | — | 3,080 | — | 23,572 | — | 26,652 | (20,289) | 2008 | ||||||||
SY3 SYDNEY (METRO), AUSTRALIA | — | — | 8,712 | — | 140,746 | — | 149,458 | (68,935) | 2010 | ||||||||
SY4 SYDNEY (METRO), AUSTRALIA | — | — | — | — | 160,001 | — | 160,001 | (28,402) | 2014 | ||||||||
SY5 SYDNEY (METRO), AUSTRALIA | — | 82,091 | — | — | 167,426 | 82,091 | 167,426 | (374) | 2018 | ||||||||
SY6 SYDNEY (METRO), AUSTRALIA | — | 8,859 | 64,197 | — | 5,540 | 8,859 | 69,737 | (5,847) | 2018 |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | �� | Total Costs | ||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||
SY7 SYDNEY (METRO), AUSTRALIA | — | 2,745 | 47,350 | — | 3,057 | 2,745 | 50,407 | (3,921) | 2018 | ||||||||
SY8 SYDNEY (METRO), AUSTRALIA | — | — | 1,073 | — | 367 | — | 1,440 | (487) | 2018 | ||||||||
TY1 TOKYO (METRO), JAPAN | — | — | — | — | 23,400 | — | 23,400 | (18,214) | 2000 | ||||||||
TY2 TOKYO (METRO), JAPAN | — | — | — | — | 90,190 | — | 90,190 | (65,613) | 2006 | ||||||||
TY3 TOKYO (METRO), JAPAN | — | — | — | — | 78,646 | — | 78,646 | (39,806) | 2010 | ||||||||
TY4 TOKYO (METRO), JAPAN | — | — | — | — | 75,422 | — | 75,422 | (26,281) | 2012 | ||||||||
TY5 TOKYO (METRO), JAPAN | — | — | 102 | — | 57,228 | — | 57,330 | (13,578) | 2014 | ||||||||
TY6 TOKYO (METRO), JAPAN | — | — | 37,941 | — | 11,992 | — | 49,933 | (25,728) | 2015 | ||||||||
TY7 TOKYO (METRO), JAPAN | — | — | 13,175 | — | 5,958 | — | 19,133 | (11,043) | 2015 | ||||||||
TY8 TOKYO (METRO), JAPAN | — | — | 53,848 | — | 7,981 | — | 61,829 | (22,012) | 2015 | ||||||||
TY9 TOKYO (METRO), JAPAN | — | — | 106,710 | — | 20,043 | — | 126,753 | (63,550) | 2015 | ||||||||
TY10 TOKYO (METRO), JAPAN | — | — | 69,881 | — | 17,422 | — | 87,303 | (20,679) | 2015 | ||||||||
TY11 TOKYO (METRO), JAPAN | — | — | 22,099 | — | 134,708 | — | 156,807 | (3,320) | 2018 | ||||||||
TY12x TOKYO (METRO), JAPAN | — | 10,285 | — | 101 | 66,560 | 10,386 | 66,560 | — | 2018 | ||||||||
OTHERS (5) | — | 14,536 | 875 | — | 14,593 | 14,536 | 15,468 | (8,213) | Various | ||||||||
TOTAL LOCATIONS | $30,310 | $509,259 | $3,777,257 | $277,406 | $12,363,410 | $786,665 | $16,140,667 | $(5,329,182) |
Initial Costs to Company (1) | Costs Capitalized Subsequent to Acquisition or Lease | Total Costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Land | Buildings and Improvements (2) | Accumulated Depreciation (3) | Date of Acquisition or Lease (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
TY11 TOKYO (METRO), JAPAN | — | — | 22,099 | — | 225,851 | — | 247,950 | (28,436) | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
TY15 TOKYO (METRO), JAPAN | — | — | — | — | 25,741 | — | 25,741 | — | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
OTHERS (5) | — | — | 1,733 | — | 70,572 | — | 72,305 | (11,175) | Various | ||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LOCATIONS | $30,310 | $621,259 | $4,697,242 | $640,676 | $17,844,178 | $1,261,935 | $22,541,420 | $(8,094,898) |
(1)The initial cost was $0 if the lease of the respective IBX was classified as an operating lease. (2)Building and improvements include all fixed assets except for land. (3)Buildings and improvements are depreciated on a straight-line basis over estimated useful live as described under described in Note 1 within the Consolidated Financial Statements. (4) Date of lease or acquisition represents the date we leased the facility or acquired the facility through purchase or acquisition. (5)Includes various IBXs that are under initial development and costs incurred at certain central locations supporting various IBX functions. |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
Balance, beginning of period | $ | 15,020,198 | $ | 12,947,735 | $ | 9,855,811 | Balance, beginning of period | $ | 21,906,055 | $ | 20,161,785 | $ | 16,927,332 | |||||||||||||||
ASC 842 adoption impact (1) | (276,671 | ) | — | — | ||||||||||||||||||||||||
Additions (including acquisitions and improvements) | 2,632,472 | 2,756,218 | 2,508,333 | Additions (including acquisitions and improvements) | 3,250,576 | 2,977,992 | 3,110,907 | |||||||||||||||||||||
Disposals | (463,485 | ) | (289,157 | ) | (78,886 | ) | Disposals | (543,545) | (648,516) | (446,864) | ||||||||||||||||||
Foreign currency transaction adjustments and others | 14,818 | (394,598 | ) | 662,477 | Foreign currency transaction adjustments and others | (809,731) | (585,206) | 570,410 | ||||||||||||||||||||
Balance, end of year | $ | 16,927,332 | $ | 15,020,198 | $ | 12,947,735 | Balance, end of year | $ | 23,803,355 | $ | 21,906,055 | $ | 20,161,785 |
2022 | 2021 | 2020 | |||||||||||||||
Balance, beginning of period | $ | (7,274,860) | $ | (6,399,477) | $ | (5,329,182) | |||||||||||
Additions (depreciation expense) | (1,268,177) | (1,224,874) | (1,036,452) | ||||||||||||||
Disposals | 230,268 | 149,231 | 109,230 | ||||||||||||||
Foreign currency transaction adjustments and others | 217,871 | 200,260 | (143,073) | ||||||||||||||
Balance, end of year | $ | (8,094,898) | $ | (7,274,860) | $ | (6,399,477) |
2019 | 2018 | 2017 | |||||||||
Balance, beginning of period | $ | (4,517,016 | ) | $ | (3,980,198 | ) | $ | (3,175,972 | ) | ||
ASC 842 adoption impact (1) | (7,846 | ) | — | — | |||||||
Additions (depreciation expense) | (926,046 | ) | (882,848 | ) | (748,942 | ) | |||||
Disposals | 128,352 | 261,928 | 65,922 | ||||||||
Foreign currency transaction adjustments and others | (6,626 | ) | 84,102 | (121,206 | ) | ||||||
Balance, end of year | $ | (5,329,182 | ) | $ | (4,517,016 | ) | $ | (3,980,198 | ) |