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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-31293
  
https://cdn.kscope.io/5b736edf6745e0f7372ad1ababdd8899-eqix-20200930_g1.jpg
 EQUINIX, INC.
(Exact name of registrant as specified in its charter)
  
Delaware 77-0487526
(State of incorporation) (I.R.S. Employer Identification No.)
One Lagoon Drive, Redwood City, California 94065
(Address of principal executive offices, including ZIP code)
(650) 598-6000
(Registrant's telephone number, including area code)
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.001EQIXThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
The number of shares outstanding of the registrant's Common Stock as of October 29, 2020 was 89,101,721.


Table of Contents
EQUINIX, INC.
INDEX
Page
No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
September 30,
2020
December 31,
2019
 (Unaudited)
Assets
Current assets:
Cash and cash equivalents$2,645,045 $1,869,577 
Short-term investments14,186 10,362 
Accounts receivable, net of allowance for doubtful accounts of $15,429 and $13,026
705,509 689,134 
Other current assets384,364 302,880 
Assets held for sale294,924 663 
Total current assets4,044,028 2,872,616 
Property, plant and equipment, net13,110,554 12,152,597 
Operating lease right-of-use assets1,436,337 1,475,367 
Goodwill5,125,230 4,781,858 
Intangible assets, net2,047,122 2,102,389 
Other assets673,443 580,788 
Total assets$26,436,714 $23,965,615 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses$822,062 $760,718 
Accrued property, plant and equipment363,869 301,535 
Current portion of operating lease liabilities143,429 145,606 
Current portion of finance lease liabilities113,371 75,239 
Current portion of mortgage and loans payable78,273 77,603 
Current portion of senior notes2,043,994 643,224 
Other current liabilities231,185 153,938 
Total current liabilities3,796,183 2,157,863 
Operating lease liabilities, less current portion1,279,930 1,315,656 
Finance lease liabilities, less current portion1,680,510 1,430,882 
Mortgage and loans payable, less current portion1,241,777 1,289,434 
Senior notes, less current portion7,160,735 8,309,673 
Other liabilities721,613 621,725 
Total liabilities15,880,748 15,125,233 
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 89,431,296 issued and 89,101,716 outstanding in 2020 and 85,700,953 issued and 85,308,386 outstanding in 2019
89 86 
Additional paid-in capital14,950,522 12,696,433 
Treasury stock, at cost; 329,580 shares in 2020 and 392,567 shares in 2019
(122,686)(144,256)
Accumulated dividends(4,879,618)(4,168,469)
Accumulated other comprehensive loss(1,101,801)(934,613)
Retained earnings1,709,308 1,391,425 
Total Equinix stockholders' equity10,555,814 8,840,606 
Non-controlling interests
152 (224)
Total stockholders' equity 10,555,966 8,840,382 
Total liabilities and stockholders' equity$26,436,714 $23,965,615 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (Unaudited)
Revenues$1,519,767 $1,396,810 $4,434,430 $4,145,005 
Costs and operating expenses:
Cost of revenues767,979 704,339 2,243,605 2,084,548 
Sales and marketing172,727 161,574 531,301 490,490 
General and administrative279,350 241,812 797,837 689,514 
Transaction costs5,840 2,991 30,987 8,236 
Impairment charges7,306 1,189 7,306 16,023 
Gain on asset sales(1,785)(463)(928)(463)
Total costs and operating expenses1,231,417 1,111,442 3,610,108 3,288,348 
Income from operations288,350 285,368 824,322 856,657 
Interest income1,452 8,201 7,410 20,165 
Interest expense(99,736)(118,674)(315,554)(362,067)
Other income162 3,428 9,610 15,442 
Gain (loss) on debt extinguishment(93,494)315 (101,803)(67)
Income before income taxes
96,734 178,638 423,985 530,130 
Income tax expense(29,903)(57,827)(104,847)(147,720)
Net income66,831 120,811 319,138 382,410 
Net (income) loss attributable to non-controlling interests
(144)39 (355)45 
Net income attributable to Equinix$66,687 $120,850 $318,783 $382,455 
Earnings per share ("EPS") attributable to Equinix:
Basic EPS$0.75 $1.42 $3.65 $4.57 
Weighted-average shares for basic EPS88,806 85,012 87,226 83,753 
Diluted EPS$0.74 $1.41 $3.63 $4.54 
Weighted-average shares for diluted EPS89,519 85,571 87,925 84,223 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (Unaudited)
Net income$66,831 $120,811 $319,138 $382,410 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0, $0 and $(595)
299,441 (284,927)66,935 (341,519)
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0, and $10
(227,101)188,897 (179,213)227,890 
Unrealized gain (loss) on cash flow hedges, net of tax effects of $8,708, $(5,245), $7,113 and $(7,336)
(33,842)14,217 (54,966)19,086 
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $(6), $2, $(3) and $3
22 (8)77 (26)
Total other comprehensive income (loss), net of tax38,520 (81,821)(167,167)(94,569)
Comprehensive income, net of tax
105,351 38,990 151,971 287,841 
Net (income) loss attributable to non-controlling interests
(144)39 (355)45 
Other comprehensive (income) loss attributable to non-controlling interests(30)28 (21)35 
Comprehensive income attributable to Equinix
$105,177 $39,057 $151,595 $287,921 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 Nine Months Ended
September 30,
 20202019
 (Unaudited)
Cash flows from operating activities:
Net income$319,138 $382,410 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation897,075 806,704 
Stock-based compensation215,591 174,413 
Amortization of intangible assets148,075 147,589 
Amortization of debt issuance costs and debt discounts and premiums11,788 9,429 
Provision for allowance for doubtful accounts6,466 8,588 
Impairment charges7,306 16,023 
Gain on asset sales(928)(463)
Loss on debt extinguishment101,803 67 
Other items14,764 9,909 
Changes in operating assets and liabilities:
Accounts receivable(38,104)(123,389)
Income taxes, net(20,193)73,144 
Other assets(127,535)(62,036)
Operating lease right-of-use assets114,611 108,226 
Operating lease liabilities(107,391)(112,059)
Accounts payable and accrued expenses35,846 6,660 
Other liabilities45,366 17,843 
Net cash provided by operating activities1,623,678 1,463,058 
Cash flows from investing activities:
Purchases of investments(55,993)(23,692)
Sales of investments19,681 8,945 
Business acquisitions, net of cash and restricted cash acquired(478,248)(34,143)
Purchases of real estate(124,462)(64,288)
Purchases of other property, plant and equipment(1,448,174)(1,364,960)
Proceeds from sale of assets, net of cash transferred 117 
Net cash used in investing activities(2,087,196)(1,478,021)
Cash flows from financing activities:
Proceeds from employee equity awards62,118 52,018 
Payment of dividends and special distribution(710,177)(625,804)
Proceeds from public offering of common stock, net of issuance costs1,981,375 1,660,976 
Proceeds from senior notes, net of debt discounts2,585,736  
Proceeds from mortgage and loans payable750,790  
Repayments of finance lease liabilities(74,446)(62,785)
Repayments of mortgage and loans payable(808,609)(53,796)
Repayment of senior notes(2,440,761)(150,000)
Debt extinguishment costs(82,404) 
Debt issuance costs(26,266) 
Net cash provided by financing activities1,237,356 820,609 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
5,637 (13,117)
Net increase in cash, cash equivalents and restricted cash779,475 792,529 
Cash, cash equivalents and restricted cash at beginning of period 1,886,613 627,604 
Cash, cash equivalents and restricted cash at end of period$2,666,088 $1,420,133 
Cash and cash equivalents$2,645,045 $1,402,400 
Current portion of restricted cash included in other current assets11,375 7,988 
Non-current portion of restricted cash included in other assets9,668 9,745 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
$2,666,088 $1,420,133 
See accompanying notes to condensed consolidated financial statements.


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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. ("Equinix" or the "Company") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. The condensed consolidated balance sheet data as of December 31, 2019 has been derived from audited consolidated financial statements as of that date. The condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in Equinix's Form 10-K as filed with the SEC on February 21, 2020. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.
Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Equinix and its subsidiaries, including the acquisitions of Packet Host, Inc. from March 2, 2020, three data centers in Mexico acquired from Axtel S.A.B. de C.V from January 8, 2020, and Switch Datacenters' AMS1 data center business in Amsterdam, Netherlands from April 18, 2019. All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes
The Company elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its 2015 taxable year. As a result, the Company may deduct the distributions made to its stockholders from taxable income generated by the Company and its qualified REIT subsidiaries ("QRSs"). The Company's dividends paid deduction generally eliminates the U.S. federal taxable income of the Company and its QRSs, resulting in no U.S. federal income tax due. However, the Company's domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, the foreign operations of the Company are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
The Company provides for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as the operating performance of the Company, tax law changes and future business acquisitions.
The Company's effective tax rates were 24.7% and 27.9% for the nine months ended September 30, 2020 and 2019, respectively.
Coronavirus (COVID-19) Update
In December 2019, a novel strain of coronavirus, referred to as Coronavirus disease 2019, or COVID-19, emerged. In February 2020, the World Health Organization ("WHO") raised the COVID-19 threat from high to very high, and in March 2020, the WHO characterized COVID-19 as a global pandemic.
During the nine months ended September 30, 2020, the COVID-19 pandemic did not have a material impact on the Company’s financial statements. The Company recorded an insignificant amount of revenue reserve related to COVID-19 and experienced some decline in non-recurring revenue from Smart Hands services, as the Company had waived fees from affected customers in certain circumstances for a period of time. The Company has seen a modest but mixed impact from COVID-19 to its operating costs. The Company incurred one-time cash bonuses and compensation expense of $8.6 million for its IBX data center employees, as well as other employees to support their work-from-home requirements during the first quarter of 2020. Additionally, the Company increased its allowance for
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
doubtful accounts for accounts receivable by an insignificant amount during the nine months ended September 30, 2020. This is partially offset by lower travel expenses due to travel restrictions as a result of COVID-19. The Company evaluated its goodwill, long-lived assets, including property, plant and equipment, lease right-of-use assets and intangible assets, noting no indicators of impairment.
The full impact that COVID-19 will have on the Company's consolidated financial statements remains uncertain and ultimately will depend on many factors, including the duration and potential cyclicity of the health crisis, further public policy actions to be taken in response, as well as the continued impact of the pandemic on the global economy and the Company's customers and vendors. The Company will continue to evaluate the nature and extent of these potential impacts to its business and condensed consolidated financial statements.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. The Company is currently evaluating the extent of the impact of this ASU, but does not expect the adoption of this standard to have significant impact on its condensed consolidated financial statements.
In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. The Company is currently evaluating the extent of the impact of this ASU, but does not expect the adoption of this standard to have a significant impact on its condensed consolidated financial statements.
Accounting Standards Adopted
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU is effective for all entities as of March 12, 2020 through December 31, 2022. The Company adopted the ASU upon its issuance and there was no impact on the Company's condensed consolidated financial statements for the nine months ended September 30, 2020 as a result of adopting this standard. The Company will evaluate its debt, derivative and lease contracts that are eligible for modification relief and may apply the elections prospectively as needed.
In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses ("Topic 326"): Measurement of Credit Losses on Financial Instruments. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires enhanced qualitative and quantitative disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization's portfolio. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company adopted this new ASU on January 1, 2020 using the modified retrospective approach and recorded a net decrease to retained earnings of $0.9 million and a corresponding increase to
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
allowance for doubtful accounts. The adoption did not have any significant impact on other financial assets within the scope of Topic 326, such as contract assets.
Accounts Receivable
Accounts receivables are recorded at invoice amount and are generally due in less than one year. Allowance for doubtful accounts are estimated losses resulting from the inability of customers making payments. An estimate of uncollectible amounts is made based on historical bad debts, age of customer receivable balances, customers' financial conditions, the impact of current and expected future economic conditions, inclusive of the effect of the COVID-19 pandemic on credit losses.
The following table summarizes the activity of the Company's allowance for doubtful accounts (in thousands):
Balance at December 31, 2019
$13,026 
Adjustments due to adoption of ASU 2016-13900 
Provision for allowance for doubtful accounts6,466 
Net write-offs and recoveries(5,181)
Impact of foreign currency exchange218 
Balance at September 30, 2020
$15,429 
2. Revenue
Contract Balances
The following table summarizes the opening and closing balances of the Company's accounts receivable, net; contract asset, current; contract asset, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):
Accounts receivable, netContract assets, currentContract assets, non-currentDeferred revenue, currentDeferred revenue, non-current
Beginning balances as of January 1, 2020
$689,134 $10,033 $31,521 $76,193 $46,555 
Closing balances as of September 30, 2020
705,509 10,390 57,538 100,547 66,485 
Increase$16,375 $357 $26,017 $24,354 $19,930 
The difference between the opening and closing balances of the Company's accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of the Company's performance obligation and the customer's payment, as well as business combinations closed during the nine months ended September 30, 2020. The amount of revenue recognized during the nine months ended September 30, 2020 from the opening deferred revenue balance as of January 1, 2020 was $75.1 million.
Remaining performance obligations
As of September 30, 2020, approximately $7.8 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods, the majority of which will be recognized over the next 24 months. While initial contract terms vary in length, substantially all contracts thereafter automatically renew in one-year increments. Included in the remaining performance obligations is either 1) remaining performance obligations under the initial contract terms or 2) remaining performance obligations related to contracts in the renewal period once the initial terms have lapsed. The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where the Company is considered the lessor.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.    Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income$66,831 $120,811 $319,138 $382,410 
Net (income) loss attributable to non-controlling interests
(144)39 (355)45 
Net income attributable to Equinix$66,687 $120,850 $318,783 $382,455 
Weighted-average shares used to calculate basic EPS88,806 85,012 87,226 83,753 
Effect of dilutive securities:
Employee equity awards713 559 699 470 
Weighted-average shares used to calculate diluted EPS89,519 85,571 87,925 84,223 
EPS attributable to Equinix:
Basic EPS$0.75 $1.42 $3.65 $4.57 
Diluted EPS$0.74 $1.41 $3.63 $4.54 
The Company has excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 16,000 shares and 17,000 shares for the three months ended September 30, 2020 and 2019, respectively, and approximately 31,000 and 22,000 shares for the nine months ended September 30, 2020 and 2019, respectively, because their effect would be anti-dilutive.
4.    Acquisitions
2020 Acquisitions
On March 2, 2020, the Company acquired all outstanding shares and equity awards of Packet Host, Inc. (“Packet”), a leading bare metal automation platform for a total purchase consideration of approximately $290.3 million in cash. In addition, the Company paid $16.1 million in cash to accelerate the vesting of unvested Packet equity awards for certain Packet employees, which was recorded as stock-based compensation expense during the three months ended March 31, 2020. In connection with the acquisition, the Company also issued restricted stock awards with an aggregated fair value of $30.2 million and a three-year vesting period, which will be recognized as stock-based compensation costs over the vesting period. The acquisition, combined with the Company’s own organic bare metal service in development, is expected to accelerate Equinix's strategy to help enterprises deploy hybrid multicloud architectures on Equinix's data center platform.
On January 8, 2020, the Company completed the acquisition of three data centers in Mexico from Axtel S.A.B. de C.V. (“Axtel”) for a total purchase consideration of approximately $189.0 million, including $175.0 million in cash and $14.0 million the Company paid to the seller for recoverable value-added taxes ("VAT") incurred prior to the acquisition, which related to a corresponding VAT receivable acquired upon acquisition. The acquisition supports the Company’s ongoing expansion to meet customer demand in the Americas region.
Both acquisitions constitute a business under the accounting standard for business combinations and, therefore, were accounted for as business combinations using the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition. As of September 30, 2020, the Company had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Packet acquisition, including property, plant and equipment, intangible assets and the related tax impacts; therefore, the purchase price allocation is based on provisional estimates and subject to continuing management analysis. As of September 30, 2020, the Company updated the preliminary allocation of purchase price for the Packet acquisition from the provisional amounts reported as of March 31, 2020, and the adjustments made were not significant. The
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
changes in fair value of acquired assets and liabilities assumed did not have a significant impact on the Company's results of operations for any reporting periods prior to September 30, 2020. As of September 30, 2020, the Company had completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Axtel acquisition and updated the final allocation of purchase price. No purchase price allocation adjustments were made from the provisional amounts reported as of March 31, 2020.
A summary of the preliminary allocation of total purchase consideration is presented as follows (in thousands):
PacketAxtel
Cash and cash equivalents$1,068 $ 
Accounts receivable5,098  
Other current assets 299 14,048 
Property, plant and equipment27,945 76,407 
Operating lease right-of-use assets1,519 1,646 
Intangible assets62,700 22,750 
Goodwill227,669 78,902 
Other assets138  
Total assets acquired
326,436 193,753 
Accounts payable and accrued liabilities(1,275)(238)
Other current liabilities(860) 
Operating lease liabilities(1,519)(1,586)
Finance lease liabilities(27,945) 
Other liabilities (162)
Deferred tax liabilities(4,539)(2,749)
Net assets acquired
$290,298 $189,018 
The following table presents certain information on the acquired intangible assets (in thousands):
Intangible AssetsFair ValueEstimated Useful Lives (Years)Weighted-average Estimated Useful Lives (Years)
Packet:
Trade names$1,600 3.03.0
Existing technology5,100 3.03.0
Customer relationships 56,000 10.010.0
Axtel:
Customer relationships 22,750 15.015.0
The fair value of the Packet trade name was estimated using the relief from royalty method under the income approach. The Company applied a relief from royalty rate of 1.0% and a discount rate of 8.0%. The fair value of existing technology was estimated under the cost approach by projecting the cost to recreate a new asset with an equivalent utility of the existing technology. The key assumptions of the cost approach include total cost, time to recreate and functional obsolescence.
The fair value of customer relationships acquired from Packet and Axtel was estimated by applying an income approach, by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue. The Company applied a discount rate of 8.0% for Packet and 13.3% for Axtel, which reflects the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.
The fair value of property, plant and equipment acquired from Packet and Axtel was estimated by applying the cost approach, with the exception of land, which was estimated by applying the market approach. The key
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after the Packet and Axtel acquisitions. Goodwill from both acquisitions is not amortizable for local tax purposes and is attributable to the Company's Americas region.
The Company incurred transaction costs of approximately $11.2 million during the nine months ended September 30, 2020 and an insignificant amount of transaction costs during the three months ended September 30, 2020 for both the Packet and Axtel acquisitions combined. The operating results of both acquisitions are reported in the Americas region following the date of acquisition. During the three months ended September 30, 2020, the Company's results of operations include $13.4 million of revenues and $7.5 million of net loss from operations from the combined operations of Packet and Axtel. During the nine months ended September 30, 2020, the Company's results of operations include $34.9 million of revenues and $27.8 million of net loss from operations from the combined operations of Packet and Axtel. The net loss incurred during the nine months ended September 30, 2020 was primarily attributable to the $16.1 million stock-based compensation expense incurred to accelerate the vesting of certain Packet employees’ unvested Packet equity awards at the close of the Packet acquisition.
Acquisition of Bell Data Centers (the "Bell Acquisition")
On October 1, 2020, the Company completed the acquisition of 12 data center sites across Canada from BCE Inc. ("Bell") for approximately C$961 million or approximately $723.9 million at the exchange rate in effect on October 1, 2020, with one remaining data center in Ottawa Canada, which the Company expects to be acquired in the fourth quarter of 2020 as the closing conditions are satisfied, for an additional purchase price of C$80.0 million, or $60.3 million at the exchange rate in effect on October 1, 2020. The acquisition supports the Company’s ongoing expansion to meet customer demand in Canada. The operating results of the acquired business will be reported in the Americas region following the date of acquisition. The Bell Acquisition constitutes a business under the accounting standard for business combinations and, therefore, will be accounted for as a business combination using the acquisition method of accounting. Goodwill from the Bell Acquisition is not expected to be deductible for local tax purposes and is attributable to the Company's Americas region. The valuation of assets acquired and liabilities assumed are still being appraised by a third-party and as such, the purchase price allocation is not yet complete.
Pending Acquisition of GPX India
On August 7, 2020, the Company entered into an agreement to purchase the India operations of GPX Global Systems, Inc. ("GPX India"), representing two data centers in Mumbai, India for approximately $161.0 million in an all-cash transaction (the “GPX India Acquisition”). The GPX India Acquisition is expected to close in the first quarter of 2021, subject to customary closing conditions including regulatory approval. Upon the close of the acquisition, the operating results of the acquired business will be reported in the Asia-Pacific region.
2019 Acquisition
On April 18, 2019, the Company completed the acquisition of Switch Datacenters' AMS1 data center business in Amsterdam, Netherlands, for a cash purchase price of approximately €30.6 million or approximately $34.3 million, at the exchange rate in effect on April 18, 2019. As of September 30, 2019, the Company had completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed and updated the final allocation of purchase price.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
5.    Assets Held for Sale
In April 2020, the Company entered into its second joint venture in the form of a limited liability partnership with GIC, Singapore's sovereign wealth fund ("GIC"), to develop and operate xScale data centers in Asia-Pacific (the “Asia-Pacific Joint Venture”). xScale data centers are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments and also offer access to Equinix's comprehensive suite of interconnection and edge services. Upon closing, GIC will contribute cash in exchange for an 80% partnership interest in the Asia-Pacific Joint Venture. The Company has agreed to sell three development sites in Japan, Osaka 2, Tokyo 12, and Tokyo 14, to the Asia-Pacific Joint Venture in exchange for a 20% partnership interest in the Asia-Pacific Joint Venture and cash proceeds. The assets and liabilities of these data center facilities, which are currently included within the Company's Asia-Pacific operating segment, were classified as held for sale as of September 30, 2020. During the nine months ended September 30, 2020, the Company recorded an impairment charge of $7.3 million, reducing the carrying value of the Asia-Pacific Joint Venture assets to the estimated fair value less cost to sell. The estimated fair value was based on the expected sales price from a specific transaction between the Company and the Asia-Pacific Joint Venture, and falls into Level 3 of the fair value hierarchy due to its reliance on unobservable inputs. The transaction is expected to close in the fourth quarter of 2020, pending regulatory approval and other closing conditions.
In September 2020, the Company entered into an agreement to sell its Paris 9 ("PA9") data center to its EMEA Joint Venture (as defined in note 6 below). The assets and liabilities of the PA9 data center, which are currently included with the Company's EMEA operating segment, were classified as held for sale as of September 30, 2020. The transaction is expected to close in the fourth quarter of 2020, pending regulatory approval and other closing conditions.
The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of September 30, 2020 (in thousands):

September 30,
2020
Other current assets$11,281 
Property, plant and equipment276,330 
Goodwill7,313 
Total assets held for sale$294,924 
Accounts payable and accrued liabilities (1)
$7,200 
Total liabilities held for sale (1)
$7,200 
(1)$7.2 million of accrued costs to sell the Asia-Pacific Joint Venture were recorded as transaction costs during the nine months ended September 30, 2020 and classified as liabilities held for sale as of September 30, 2020, reducing the carrying value of the disposal group to the estimated fair value less costs to sell. Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
6.    Equity Method Investments
On October 8, 2019, the Company entered into a joint venture in the form of a limited liability partnership with GIC (the "EMEA Joint Venture"), to develop and operate xScale data centers in Europe. Upon closing, GIC contributed €152.6 million in cash, or $167.4 million at the exchange rate in effect on October 8, 2019, for an 80% partnership interest in the EMEA Joint Venture. Equinix sold certain xScale data center facilities to the EMEA Joint Venture in exchange for net cash proceeds of $351.8 million, as well as a 20% partnership interest in the EMEA Joint Venture with a fair value of $41.9 million. The Company accounts for its investment in the EMEA Joint Venture using the equity method of accounting, whereby the investments were recorded initially at fair value, which equals to the cost of the Company's initial equity contribution, and subsequently adjusted for cash contributions and the Company's share of the income and losses of the investee.
During the three and nine months ended September 30, 2020, the Company made additional equity contributions of $3.6 million and $16.3 million to the EMEA Joint Venture, respectively. As of September 30, 2020 and December 31, 2019, the Company's equity method investments, comprised of the EMEA Joint Venture and other investments, were $84.7 million and $59.7 million, respectively, and were included within other assets on the consolidated balance sheet. The Company's share of income and losses of equity method investments was not significant for the three and nine months ended September 30, 2020 and was included in other income on the condensed consolidated statement of operations.
As part of the sale of its xScale data center facilities to the EMEA Joint Venture, the Company also received a contingent consideration upon completion of certain performance milestones. The milestone payments are primarily contingent on the receipt of local regulatory approval for certain sites. The contingent consideration is considered a derivative and is remeasured at its fair value each reporting period using inputs such as probabilities of payment, discount rates, foreign currency forward rates and projected payment dates. The fair value measurements were based on significant inputs that are not observable in the market and thus represent Level 3 measurements. As of September 30, 2020 and December 31, 2019, the fair value of the contingent consideration was $41.1 million and $40.1 million, respectively, which was included in other current assets and other assets on the condensed consolidated balance sheet. Changes in the fair value of the contingent consideration were recorded in gain (loss) on asset sales on the condensed consolidated statement of operations.
7.    Derivatives and Hedging Activities
Derivatives Designated as Hedging Instruments
Net Investment Hedges. The Company is exposed to the impact of foreign exchange rate fluctuations on the value of investments in its foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, the Company has entered into various foreign currency debt obligations, which are designated as hedges against the Company's net investments in foreign subsidiaries. As of September 30, 2020 and December 31, 2019, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.8 billion and $4.1 billion, respectively.
The Company also uses cross-currency interest rate swaps to hedge a portion of its net investment in its European operations. As of September 30, 2020, U.S. Dollar to Euro cross-currency interest rate swap contracts with a total notional amount of $3.3 billion were outstanding. As of December 31, 2019, U.S. Dollar to Euro cross-currency interest rate swap contracts with a total notional amount of $750.0 million were outstanding. At maturity of each outstanding contract, the Company will receive U.S. Dollars from and pay Euros to the contract counterparty. During the term of each contract, the Company receives interest payments in U.S. Dollars and makes interest payments in Euros based on a notional amount and fixed interest rates determined at contract inception.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
From time to time, the Company uses foreign currency forward contracts to hedge against the effect of foreign exchange rate fluctuations on a portion of its net investment in its foreign subsidiaries. As of September 30, 2020, the total notional amount of foreign currency forward contracts designated as net investment hedges was $355.6 million. The Company had no foreign currency forward contracts designated as net investment hedges outstanding as of December 31, 2019.
The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Foreign currency debt$(130,774)$151,825 $(116,887)$181,431 
Cross-currency interest rate swaps (included component) (1)
(78,226)30,505 (74,419)36,331 
Cross-currency interest rate swaps (excluded component) (2)
(16,588)6,566 13,606 10,117 
Foreign currency forward contracts (included component) (1)
(1,485) (1,485) 
Foreign currency forward contracts (excluded component) (3)
(28) (28) 
Total
$(227,101)$188,896 $(179,213)$227,879 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
6,613 5,072 17,161 14,163 
Foreign currency forward contracts (excluded component) (3)
Interest expense
1  1  
Total
$6,614 $5,072 $17,162 $14,163 
(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.
Cash Flow Hedges. The Company hedges its foreign currency translation exposure for forecasted revenues and expenses in its EMEA region between the U.S. Dollar and the British Pound, Euro, Swedish Krona and Swiss Franc. The foreign currency forward and option contracts that the Company uses to hedge this exposure are designated as cash flow hedges. As of September 30, 2020 and December 31, 2019, the total notional amounts of these foreign exchange contracts were $949.2 million and $824.8 million, respectively. As of September 30, 2020, the Company's foreign exchange contracts had maturity dates ranging from October 2020 to September 2022 and the Company recorded a net loss of $7.8 million within accumulated other comprehensive income (loss) relating to these foreign exchange contracts that will be reclassified to revenues and expenses as they mature in the next 12 months. As of December 31, 2019, the Company's foreign exchange contracts had maturity dates ranging from January 2020 to December 2021 and the Company recorded a net gain of $16.3 million within accumulated other comprehensive income (loss) relating to these foreign exchange contracts that will be reclassified to revenues and expenses as they mature in the next 12 months.
The Company enters into intercompany hedging instruments ("intercompany derivatives") with wholly-owned subsidiaries of the Company in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, the Company enters into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives.
The Company hedges the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and forward starting swaps (collectively, interest rate locks), which are designated as cash flow hedges. As of September 30, 2020, the total notional amount of interest rate locks outstanding was $644.8 million.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
As of December 31, 2019, the Company had no interest rate locks outstanding. During the nine months ended September 30, 2020, interest rate locks with a combined aggregate notional amount of $1.25 billion were settled related to the issuance of the 2025 Notes, 2027 Notes, 2030 Notes, and 2050 Notes in June 2020 as described in Note 10 below. When interest rate locks are settled, any accumulated gain or loss included as a component of other comprehensive income (loss) are amortized to interest expense over the term of the interest rate locks. As of September 30, 2020, the Company recorded a net loss of $3.6 million within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks. As of December 31, 2019, the net loss and gain in accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks was not significant.
The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Foreign currency forward and option contracts (included component)(1)
$(40,770)$20,979 $(35,092)$29,345 
Foreign currency option contracts (excluded component) (2)
639 (1,518)2,315 (2,923)
Interest rate locks
(2,420) (29,302) 
Total
$(42,551)$19,461 $(62,079)$26,422 
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Three Months Ended
September 30,
Nine Months Ended
September 30,
Location of gain or (loss)2020201920202019
Foreign currency forward contracts
Revenues
$2,904 $27,843 $44,681