false--12-31Q2202000011012392281000001140000001000000us-gaap:AccountingStandardsUpdate201613Member90000013026000209030002.462.462.662.660.0010.001300000000300000000857009538889067985308386885493940.053750.053750.0320.028750.028750.0290.026250.018000.012500.030000.02150422000007140000099500000P15Y7MP11YP3YP5YP5YP3YP10Y6M8300000650000209100047720001595000585000595000002000100060003000P3Y392567341285 0001101239 2020-01-01 2020-06-30 0001101239 2020-07-30 0001101239 2019-12-31 0001101239 2020-06-30 0001101239 2019-01-01 2019-06-30 0001101239 2019-04-01 2019-06-30 0001101239 2020-04-01 2020-06-30 0001101239 2018-12-31 0001101239 2019-06-30 0001101239 eqix:AxtelMember 2020-01-08 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2020-01-01 0001101239 eqix:COVID19Member 2020-01-01 2020-06-30 0001101239 eqix:COVID19Member 2020-06-30 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2019-12-31 0001101239 2020-01-01 2020-01-01 0001101239 us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 0001101239 2020-07-01 2020-06-30 0001101239 2020-01-01 0001101239 eqix:PacketHostInc.Member 2020-03-02 0001101239 eqix:PacketHostInc.Member us-gaap:TechnologyBasedIntangibleAssetsMember 2020-03-02 2020-03-02 0001101239 eqix:PacketHostInc.Member us-gaap:TradeNamesMember 2020-03-02 2020-03-02 0001101239 eqix:PacketHostInc.Member us-gaap:CustomerRelationshipsMember 2020-03-02 2020-03-02 0001101239 eqix:AxtelMember us-gaap:CustomerRelationshipsMember 2020-01-08 2020-01-08 0001101239 eqix:PacketHostInc.Member 2020-03-02 2020-03-02 0001101239 eqix:AxtelMember 2020-01-08 2020-01-08 0001101239 eqix:SwitchDatacentersAMS1Member 2019-04-18 2019-04-18 0001101239 eqix:PacketHostInc.Member us-gaap:TradeNamesMember us-gaap:MeasurementInputDiscountRateMember 2020-03-02 0001101239 eqix:PacketandAxtelAcquisitionsMember 2020-01-01 2020-06-30 0001101239 eqix:AxtelMember us-gaap:CustomerRelationshipsMember us-gaap:MeasurementInputDiscountRateMember 2020-01-08 0001101239 eqix:PacketandAxtelAcquisitionsMember 2020-04-01 2020-06-30 0001101239 eqix:PacketHostInc.Member 2020-04-01 2020-06-30 0001101239 eqix:PacketHostInc.Member us-gaap:TradeNamesMember eqix:MeasurementInputRoyaltyRateMember 2020-03-02 0001101239 srt:ScenarioForecastMember eqix:BellAcquisitionMember 2020-12-31 0001101239 eqix:PacketHostInc.Member 2020-01-01 2020-03-31 0001101239 eqix:PacketHostInc.Member us-gaap:CustomerRelationshipsMember us-gaap:MeasurementInputDiscountRateMember 2020-03-02 0001101239 srt:ScenarioForecastMember eqix:BellAcquisitionMember 2020-10-01 2020-12-31 0001101239 srt:ScenarioForecastMember 2020-12-31 0001101239 us-gaap:OtherCurrentAssetsMember 2020-06-30 0001101239 eqix:LiabilitiesHeldForSaleMember 2020-06-30 0001101239 us-gaap:PropertyPlantAndEquipmentMember 2020-06-30 0001101239 eqix:GICPrivateLimitedMember eqix:GICSingaporeSovereignWealthFundMember srt:ScenarioForecastMember 2020-12-31 0001101239 eqix:GICPrivateLimitedMember eqix:GICSingaporeSovereignWealthFundMember 2019-10-08 2019-10-08 0001101239 eqix:EquinixInc.Member 2020-04-01 2020-06-30 0001101239 2019-10-08 2019-10-08 0001101239 eqix:EquinixInc.Member us-gaap:EquityMethodInvestmentsMember 2019-10-08 0001101239 eqix:GICPrivateLimitedMember eqix:GICSingaporeSovereignWealthFundMember 2019-10-08 0001101239 2019-10-08 0001101239 eqix:EquinixInc.Member 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2020-06-30 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember 2019-12-31 0001101239 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2019-12-31 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2019-12-31 0001101239 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:NondesignatedMember 2020-06-30 0001101239 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:NetInvestmentHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2019-04-01 2019-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:InterestExpenseMember 2020-04-01 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0001101239 eqix:ForeignCurrencyDebtMember us-gaap:NetInvestmentHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:NetInvestmentHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:NetInvestmentHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:NetInvestmentHedgingMember 2019-04-01 2019-06-30 0001101239 eqix:ForeignCurrencyDebtMember us-gaap:NetInvestmentHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0001101239 eqix:ForeignCurrencyDebtMember us-gaap:NetInvestmentHedgingMember 2019-04-01 2019-06-30 0001101239 eqix:ForeignCurrencyDebtMember us-gaap:NetInvestmentHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:InterestExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember eqix:CostOfSalesAndOperatingExpensesMember 2020-01-01 2020-06-30 0001101239 us-gaap:CashFlowHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2020-04-01 2020-06-30 0001101239 us-gaap:CashFlowHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:OtherOperatingIncomeExpenseMember 2019-04-01 2019-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2019-04-01 2019-06-30 0001101239 us-gaap:CashFlowHedgingMember 2019-04-01 2019-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-04-01 2019-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:OtherOperatingIncomeExpenseMember 2019-01-01 2019-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2020-01-01 2020-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:OtherOperatingIncomeExpenseMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:OtherOperatingIncomeExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2019-04-01 2019-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember eqix:CostOfSalesAndOperatingExpensesMember 2020-04-01 2020-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember eqix:CostOfSalesAndOperatingExpensesMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember eqix:CostOfSalesAndOperatingExpensesMember 2019-04-01 2019-06-30 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001101239 us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-04-01 2019-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember 2019-04-01 2019-06-30 0001101239 us-gaap:ForeignExchangeOptionMember us-gaap:CashFlowHedgingMember us-gaap:SalesMember 2019-01-01 2019-06-30 0001101239 us-gaap:NondesignatedMember 2020-06-30 0001101239 us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 us-gaap:NondesignatedMember 2019-12-31 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:NondesignatedMember 2019-12-31 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2019-12-31 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:NondesignatedMember 2020-06-30 0001101239 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 us-gaap:InterestRateLockCommitmentsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001101239 us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-06-30 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:NondesignatedMember 2020-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:SalesMember 2020-01-01 2020-06-30 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:SalesMember 2019-04-01 2019-06-30 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:SalesMember 2019-01-01 2019-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:SalesMember 2019-04-01 2019-06-30 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:SalesMember 2020-01-01 2020-06-30 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:OtherOperatingIncomeExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:SalesMember 2019-01-01 2019-06-30 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:OtherOperatingIncomeExpenseMember 2019-01-01 2019-06-30 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:OtherOperatingIncomeExpenseMember 2019-04-01 2019-06-30 0001101239 eqix:ForeignCurrencyForwardContractMember us-gaap:OtherOperatingIncomeExpenseMember 2020-04-01 2020-06-30 0001101239 eqix:EmbeddedDerivativeEconomicHedgeMember us-gaap:SalesMember 2020-04-01 2020-06-30 0001101239 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember us-gaap:SalesMember 2020-04-01 2020-06-30 0001101239 us-gaap:FairValueInputsLevel2Member 2020-06-30 0001101239 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0001101239 us-gaap:FairValueInputsLevel1Member 2020-06-30 0001101239 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2020-06-30 0001101239 us-gaap:CertificatesOfDepositMember 2020-06-30 0001101239 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0001101239 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2020-06-30 0001101239 us-gaap:MoneyMarketFundsMember 2020-06-30 0001101239 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001101239 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001101239 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001101239 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001101239 us-gaap:CertificatesOfDepositMember 2019-12-31 0001101239 us-gaap:MoneyMarketFundsMember 2019-12-31 0001101239 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001101239 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001101239 eqix:AbuDhabi1DataCenterMember 2020-06-30 0001101239 eqix:HongKong1DataCenterMember 2020-03-31 0001101239 eqix:HeadquarterOfficeinRedwoodCityCaliforniaMember 2020-04-30 0001101239 srt:MaximumMember 2020-01-01 2020-06-30 0001101239 eqix:Singapore1DataCenterMember 2020-05-31 0001101239 srt:MinimumMember 2020-01-01 2020-06-30 0001101239 eqix:Singapore1DataCenterMember 2020-06-30 0001101239 eqix:HeadquarterOfficeinRedwoodCityCaliforniaMember 2020-06-30 0001101239 2020-04-30 0001101239 eqix:SiliconValley4DataCenterMember 2020-02-29 0001101239 eqix:SiliconValley4DataCenterMember 2020-03-31 0001101239 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2020-06-30 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueInTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2020-01-02 2020-01-02 0001101239 eqix:ThreePointZeroPercentSeniorNotesDueTwoThousandFiftyMember us-gaap:SeniorNotesMember 2020-06-22 0001101239 us-gaap:LineOfCreditMember 2017-12-12 0001101239 eqix:TwoPointOneFiveZeroPercentSeniorNotesDueTwoThousandThirtyMember us-gaap:SeniorNotesMember 2020-06-22 0001101239 eqix:SeniorUnsecured364DayTermLoanFacilitiesMember us-gaap:NotesPayableToBanksMember 2020-04-15 0001101239 eqix:OnePointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2020-06-22 0001101239 eqix:OnePointEightPercentSeniorNotesDueTwoThousandTwentySevenMember us-gaap:SeniorNotesMember 2020-06-22 0001101239 us-gaap:LetterOfCreditMember us-gaap:LineOfCreditMember 2020-06-30 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentyFourMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:FivePointZeroPercentInfomartSeniorNotesMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:ClosingDateFacilitySeries2Member us-gaap:NotesPayableToBanksMember 2020-04-15 2020-04-15 0001101239 eqix:DelayedDrawFacilityMember us-gaap:NotesPayableToBanksMember 2020-04-15 0001101239 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2017-12-12 0001101239 us-gaap:UnsecuredDebtMember us-gaap:LineOfCreditMember 2017-12-12 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueInTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2020-01-02 0001101239 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2020-03-01 2020-03-31 0001101239 eqix:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:ClosingDateFacilitySeries1Member us-gaap:NotesPayableToBanksMember 2020-04-15 2020-04-15 0001101239 eqix:ClosingDateFacilityMember us-gaap:NotesPayableToBanksMember 2020-04-15 0001101239 us-gaap:LetterOfCreditMember us-gaap:LineOfCreditMember 2019-12-31 0001101239 eqix:TermLoanFacilityMember 2019-12-31 0001101239 eqix:MortgagePayableAndOtherLoansPayableMember 2019-12-31 0001101239 us-gaap:MortgagesMember 2020-06-30 0001101239 us-gaap:MortgagesMember 2019-12-31 0001101239 eqix:MortgagePayableAndOtherLoansPayableMember 2020-06-30 0001101239 eqix:TermLoanFacilityMember 2020-06-30 0001101239 eqix:TwoPointSixTwoFiveSeniorNotesDueInTwoThousandTwentyFourMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:OnePointEightPercentSeniorNotesDueTwoThousandTwentySevenMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:ThreePointTwoZeroZeroSeniorNotesDueInTwoThousandTwentyNineMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:TwoPointOneFiveZeroPercentSeniorNotesDueTwoThousandThirtyMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:TwoPointNineZeroZeroSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:TwoPointSixTwoFiveSeniorNotesDueInTwoThousandTwentyFourMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentyFourMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentySevenMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:ThreePointZeroPercentSeniorNotesDueTwoThousandFiftyMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:TwoPointOneFiveZeroPercentSeniorNotesDueTwoThousandThirtyMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:OnePointEightPercentSeniorNotesDueTwoThousandTwentySevenMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueInTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:TwoPointNineZeroZeroSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:ThreePointZeroPercentSeniorNotesDueTwoThousandFiftyMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:ThreePointTwoZeroZeroSeniorNotesDueInTwoThousandTwentyNineMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentySevenMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:OnePointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:FivePointZeroPercentInfomartSeniorNotesMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:FivePointThreeSevenFivePercentSeniorNotesDueInTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2020-06-30 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 eqix:OnePointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyFiveMember us-gaap:SeniorNotesMember 2019-12-31 0001101239 us-gaap:CapitalAdditionsMember 2020-06-30 0001101239 eqix:MiscellaneousPurchaseCommitmentsMember 2020-06-30 0001101239 eqix:EquinixInc.Member eqix:JointVentureMember eqix:EquityContributionCommitmentMember eqix:EquityContributionCommitmentMember 2020-06-30 0001101239 us-gaap:ParentMember 2019-04-01 2019-06-30 0001101239 2019-01-01 2019-03-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001101239 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember eqix:ATMProgramMember 2019-04-01 2019-06-30 0001101239 2019-03-31 0001101239 us-gaap:ParentMember 2019-01-01 2019-03-31 0001101239 us-gaap:NoncontrollingInterestMember 2018-12-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-04-01 2019-06-30 0001101239 us-gaap:CommonStockMember 2018-12-31 0001101239 us-gaap:RetainedEarningsMember 2019-03-31 0001101239 us-gaap:ParentMember eqix:ATMProgramMember 2019-04-01 2019-06-30 0001101239 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001101239 eqix:ATMProgramMember 2019-04-01 2019-06-30 0001101239 us-gaap:TreasuryStockMember 2019-03-31 0001101239 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001101239 eqix:PublicOfferingMember 2019-01-01 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember eqix:PublicOfferingMember 2019-01-01 2019-03-31 0001101239 us-gaap:CommonStockMember 2019-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001101239 us-gaap:TreasuryStockMember 2019-01-01 2019-03-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001101239 us-gaap:RetainedEarningsMember 2018-12-31 0001101239 us-gaap:NoncontrollingInterestMember 2019-06-30 0001101239 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001101239 us-gaap:CommonStockMember 2019-03-31 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2018-12-31 0001101239 us-gaap:ParentMember 2018-12-31 0001101239 us-gaap:RetainedEarningsMember 2019-06-30 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001101239 us-gaap:TreasuryStockMember 2018-12-31 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:ParentMember 2018-12-31 0001101239 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001101239 us-gaap:ParentMember 2019-06-30 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2018-12-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0001101239 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001101239 us-gaap:NoncontrollingInterestMember 2019-03-31 0001101239 us-gaap:TreasuryStockMember 2019-06-30 0001101239 us-gaap:CommonStockMember eqix:ATMProgramMember 2019-04-01 2019-06-30 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001101239 us-gaap:CommonStockMember eqix:PublicOfferingMember 2019-01-01 2019-03-31 0001101239 us-gaap:ParentMember eqix:PublicOfferingMember 2019-01-01 2019-03-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001101239 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001101239 us-gaap:ParentMember 2019-03-31 0001101239 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001101239 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember eqix:PublicOfferingMember 2020-04-01 2020-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001101239 us-gaap:TreasuryStockMember 2020-06-30 0001101239 us-gaap:CommonStockMember 2019-12-31 0001101239 us-gaap:CommonStockMember 2020-03-31 0001101239 us-gaap:ParentMember 2020-04-01 2020-06-30 0001101239 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001101239 us-gaap:ParentMember 2020-01-01 2020-03-31 0001101239 us-gaap:NoncontrollingInterestMember 2020-06-30 0001101239 us-gaap:ParentMember 2020-03-31 0001101239 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001101239 us-gaap:NoncontrollingInterestMember 2020-03-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-03-31 0001101239 us-gaap:ParentMember 2020-06-30 0001101239 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001101239 eqix:ATMProgramMember 2020-01-01 2020-03-31 0001101239 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001101239 us-gaap:CommonStockMember 2020-06-30 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-03-31 0001101239 us-gaap:TreasuryStockMember 2020-03-31 0001101239 us-gaap:TreasuryStockMember 2020-01-01 2020-03-31 0001101239 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001101239 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0001101239 us-gaap:TreasuryStockMember 2019-12-31 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-04-01 2020-06-30 0001101239 2020-01-01 2020-03-31 0001101239 us-gaap:RetainedEarningsMember 2019-12-31 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001101239 us-gaap:RetainedEarningsMember 2020-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001101239 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-06-30 0001101239 us-gaap:CommonStockMember eqix:ATMProgramMember 2020-01-01 2020-03-31 0001101239 eqix:PublicOfferingMember 2020-04-01 2020-06-30 0001101239 us-gaap:ParentMember eqix:PublicOfferingMember 2020-04-01 2020-06-30 0001101239 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001101239 us-gaap:RetainedEarningsMember 2020-03-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001101239 us-gaap:ParentMember eqix:ATMProgramMember 2020-01-01 2020-03-31 0001101239 us-gaap:CommonStockMember eqix:PublicOfferingMember 2020-04-01 2020-06-30 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001101239 2020-03-31 0001101239 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:ParentMember 2019-12-31 0001101239 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001101239 us-gaap:NoncontrollingInterestMember 2019-12-31 0001101239 us-gaap:AdditionalPaidInCapitalMember eqix:ATMProgramMember 2020-01-01 2020-03-31 0001101239 us-gaap:ParentMember 2019-12-31 0001101239 us-gaap:SellingAndMarketingExpenseMember 2019-04-01 2019-06-30 0001101239 us-gaap:CostOfSalesMember 2019-04-01 2019-06-30 0001101239 us-gaap:SellingAndMarketingExpenseMember 2020-04-01 2020-06-30 0001101239 us-gaap:GeneralAndAdministrativeExpenseMember 2020-04-01 2020-06-30 0001101239 us-gaap:GeneralAndAdministrativeExpenseMember 2019-04-01 2019-06-30 0001101239 us-gaap:SellingAndMarketingExpenseMember 2019-01-01 2019-06-30 0001101239 us-gaap:CostOfSalesMember 2020-01-01 2020-06-30 0001101239 us-gaap:CostOfSalesMember 2019-01-01 2019-06-30 0001101239 us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-06-30 0001101239 us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-06-30 0001101239 us-gaap:CostOfSalesMember 2020-04-01 2020-06-30 0001101239 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2019-12-31 0001101239 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-06-30 0001101239 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0001101239 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001101239 us-gaap:AccumulatedTranslationAdjustmentMember 2020-06-30 0001101239 eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember 2020-06-30 0001101239 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-06-30 0001101239 eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember 2020-01-01 2020-06-30 0001101239 eqix:AccumulatedForeignCurrencyGainLossNetInvestmentHedgesAttributabletoParentMember 2019-12-31 0001101239 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2020-06-30 0001101239 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-06-30 0001101239 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2020-01-01 2020-06-30 0001101239 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0001101239 2019-03-01 2019-03-31 0001101239 eqix:ATMProgramMember 2020-01-01 2020-06-30 0001101239 eqix:ATMProgramMember 2019-01-01 2019-06-30 0001101239 2020-05-01 2020-05-31 0001101239 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-06-30 0001101239 eqix:ATMProgramMember 2018-12-31 0001101239 us-gaap:ServiceOtherMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember 2019-01-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 eqix:InterconnectionMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 srt:AmericasMember 2019-04-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember 2019-04-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:ColocationMember 2019-01-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember 2019-01-01 2019-06-30 0001101239 us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember 2019-04-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 eqix:InterconnectionMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:InterconnectionMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:ColocationMember 2019-04-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember 2019-01-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember 2019-04-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 eqix:InterconnectionMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 eqix:ColocationMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 eqix:ColocationMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:InterconnectionMember 2019-04-01 2019-06-30 0001101239 eqix:InterconnectionMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:InterconnectionMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 eqix:ColocationMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:InterconnectionMember 2019-01-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 srt:AsiaPacificMember 2019-04-01 2019-06-30 0001101239 eqix:ColocationMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember 2019-04-01 2019-06-30 0001101239 us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember 2019-01-01 2019-06-30 0001101239 eqix:ColocationMember us-gaap:EMEAMember 2019-04-01 2019-06-30 0001101239 eqix:RecurringRevenuesMember us-gaap:EMEAMember 2019-01-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 us-gaap:ServiceOtherMember srt:AsiaPacificMember 2019-01-01 2019-06-30 0001101239 eqix:ColocationMember srt:AmericasMember 2019-01-01 2019-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AmericasMember 2019-04-01 2019-06-30 0001101239 srt:AsiaPacificMember 2019-12-31 0001101239 srt:AsiaPacificMember 2020-06-30 0001101239 us-gaap:EMEAMember 2019-12-31 0001101239 srt:AmericasMember 2019-12-31 0001101239 us-gaap:EMEAMember 2020-06-30 0001101239 srt:AmericasMember 2020-06-30 0001101239 srt:AmericasMember 2020-01-01 2020-06-30 0001101239 srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:ColocationMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:ColocationMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:ColocationMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:ColocationMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember 2020-01-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 eqix:InterconnectionMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 eqix:InterconnectionMember 2020-01-01 2020-06-30 0001101239 eqix:InterconnectionMember 2020-04-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:ColocationMember 2020-04-01 2020-06-30 0001101239 eqix:InterconnectionMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 eqix:ColocationMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:InterconnectionMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember 2020-04-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember 2020-01-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 eqix:ColocationMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember 2020-04-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember 2020-01-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember 2020-04-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember 2020-01-01 2020-06-30 0001101239 eqix:ManagedInfrastructureMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 eqix:InterconnectionMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 eqix:ColocationMember 2020-01-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 eqix:InterconnectionMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:InterconnectionMember us-gaap:EMEAMember 2020-01-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AsiaPacificMember 2020-04-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember srt:AsiaPacificMember 2020-01-01 2020-06-30 0001101239 eqix:RecurringRevenuesMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember us-gaap:EMEAMember 2020-04-01 2020-06-30 0001101239 eqix:NonRecurringRevenuesMember srt:AmericasMember 2020-01-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember srt:AmericasMember 2020-04-01 2020-06-30 0001101239 us-gaap:ServiceOtherMember 2020-04-01 2020-06-30 0001101239 eqix:TwoPointEightSevenFivePercentEuroSeniorNotesDueTwoThousandTwentyFourMember us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-07 2020-07-07 0001101239 us-gaap:SubsequentEventMember 2020-07-29 2020-07-29 0001101239 us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-07 2020-07-07 0001101239 eqix:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-07-07 2020-07-07 eqix:data_center_site iso4217:HKD iso4217:EUR xbrli:shares eqix:development_site eqix:renewal_option eqix:data_center xbrli:pure iso4217:USD xbrli:shares iso4217:USD eqix:lease iso4217:SGD eqix:segment iso4217:AED eqix:letter_of_credit iso4217:GBP
 
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 June 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
  
 
logoa01.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 class
 
Trading symbol
 
Name of each exchange on which registered
Common Stock, $0.001
 
EQIX
 
The 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 filer
☒
Accelerated filer
☐
 
 
 
 
Non-accelerated filer
☐
Smaller 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 July 30, 2020 was 88,557,118.
 

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.
 
 
 
 

3
Table of Contents

PART I - FINANCIAL INFORMATION
 
 
 
 
 
Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
 
June 30,
2020
 
December 31,
2019
 
(Unaudited)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
4,785,050

 
$
1,869,577

Short-term investments
22,069

 
10,362

Accounts receivable, net of allowance for doubtful accounts of $20,903 and $13,026
691,589

 
689,134

Other current assets
330,521

 
302,880

Assets held for sale
152,188

 
663

Total current assets
5,981,417

 
2,872,616

Property, plant and equipment, net
12,663,827

 
12,152,597

Operating lease right-of-use assets
1,396,101

 
1,475,367

Goodwill
5,016,350

 
4,781,858

Intangible assets, net
2,074,689

 
2,102,389

Other assets
660,246

 
580,788

Total assets
$
27,792,630

 
$
23,965,615

Liabilities and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued expenses
$
745,517

 
$
760,718

Accrued property, plant and equipment
335,013

 
301,535

Current portion of operating lease liabilities
139,833

 
145,606

Current portion of finance lease liabilities
102,416

 
75,239

Current portion of mortgage and loans payable
75,589

 
77,603

Current portion of senior notes
2,227,768

 
643,224

Other current liabilities
229,635

 
153,938

Total current liabilities
3,855,771

 
2,157,863

Operating lease liabilities, less current portion
1,243,362

 
1,315,656

Finance lease liabilities, less current portion
1,658,432

 
1,430,882

Mortgage and loans payable, less current portion
1,218,049

 
1,289,434

Senior notes, less current portion
8,804,633

 
8,309,673

Other liabilities
624,125

 
621,725

Total liabilities
17,404,372

 
15,125,233

Commitments and contingencies (Note 11)

 

Equinix stockholders' equity
 
 
 
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 88,890,679 issued and 88,549,394 outstanding in 2020 and 85,700,953 issued and 85,308,386 outstanding in 2019
89

 
86

Additional paid-in capital
14,651,944

 
12,696,433

Treasury stock, at cost; 341,285 shares in 2020 and 392,567 shares in 2019
(127,042
)
 
(144,256
)
Accumulated dividends
(4,639,041
)
 
(4,168,469
)
Accumulated other comprehensive loss
(1,140,291
)
 
(934,613
)
Retained earnings
1,642,621

 
1,391,425

Total Equinix stockholders' equity
10,388,280

 
8,840,606

Non-controlling interests
(22
)
 
(224
)
Total stockholders' equity
10,388,258

 
8,840,382

Total liabilities and stockholders' equity
$
27,792,630

 
$
23,965,615

See accompanying notes to condensed consolidated financial statements.

4
Table of Contents

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(Unaudited)
Revenues
$
1,470,121

 
$
1,384,977

 
$
2,914,663

 
$
2,748,195

Costs and operating expenses:
 
 
 
 
 
 
 
Cost of revenues
739,344

 
698,179

 
1,475,626

 
1,380,209

Sales and marketing
178,124

 
159,201

 
358,574

 
328,916

General and administrative
256,890

 
232,656

 
518,487

 
447,702

Transaction costs
13,617

 
2,774

 
25,147

 
5,245

Impairment charges
—

 
386

 
—

 
14,834

(Gain) loss on asset sales
(342
)
 
—

 
857

 
—

Total costs and operating expenses
1,187,633

 
1,093,196

 
2,378,691

 
2,176,906

Income from operations
282,488

 
291,781

 
535,972

 
571,289

Interest income
1,685

 
7,762

 
5,958

 
11,964

Interest expense
(108,480
)
 
(120,547
)
 
(215,818
)
 
(243,393
)
Other income
4,278

 
12,180

 
9,448

 
12,014

Loss on debt extinguishment
(1,868
)
 
—

 
(8,309
)
 
(382
)
Income before income taxes
178,103


191,176

 
327,251

 
351,492

Income tax expense
(44,753
)
 
(47,324
)
 
(74,944
)
 
(89,893
)
Net income
133,350

 
143,852

 
252,307

 
261,599

Net (income) loss attributable to non-controlling interests
(46
)
 
(325
)
 
(211
)
 
6

Net income attributable to Equinix
$
133,304

 
$
143,527

 
$
252,096

 
$
261,605

Earnings per share ("EPS") attributable to Equinix:
 
 
 
 
 
 
 
Basic EPS
$
1.53

 
$
1.70

 
$
2.92

 
$
3.15

Weighted-average shares for basic EPS
87,303

 
84,399

 
86,427

 
83,114

Diluted EPS
$
1.52

 
$
1.69

 
$
2.90

 
$
3.13

Weighted-average shares for diluted EPS
87,901

 
84,767

 
87,065

 
83,471

See accompanying notes to condensed consolidated financial statements.

5
Table of Contents

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
 
(Unaudited)
Net income
$
133,350

 
$
143,852

 
$
252,307

 
$
261,599

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $(585), $0 and $(595)
181,286

 
25,127

 
(232,506
)
 
(56,592
)
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0, and $10
(97,058
)
 
(37,857
)
 
47,888

 
38,993

Unrealized gain (loss) on cash flow hedges, net of tax effects of $4,772, $650, $(1,595) and $(2,091)
(17,868
)
 
(3,355
)
 
(21,124
)
 
4,869

Net actuarial gain (loss) on defined benefit plans, net of tax effects of $(6), $2, $3 and $1
20

 
(7
)
 
55

 
(18
)
Total other comprehensive income (loss), net of tax
66,380

 
(16,092
)
 
(205,687
)
 
(12,748
)
Comprehensive income, net of tax
199,730

 
127,760

 
46,620

 
248,851

Net (income) loss attributable to non-controlling interests
(46
)
 
(325
)
 
(211
)
 
6

Other comprehensive (income) loss attributable to non-controlling interests
(2
)
 
14

 
9

 
7

Comprehensive income attributable to Equinix
$
199,682

 
$
127,449

 
$
46,418

 
$
248,864


See accompanying notes to condensed consolidated financial statements.

6
Table of Contents

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Six Months Ended
June 30,
 
2020
 
2019
 
(Unaudited)
Cash flows from operating activities:
 
 
 
Net income
$
252,307

 
$
261,599

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
586,609

 
533,650

Stock-based compensation
140,343

 
110,542

Amortization of intangible assets
97,853

 
98,752

Amortization of debt issuance costs and debt discounts and premiums
7,904

 
6,233

Provision for allowance for doubtful accounts
11,496

 
7,097

Impairment charges
—

 
14,834

Loss on asset sales
857

 
—

Loss on debt extinguishment
8,309

 
382

Other items
10,654

 
8,725

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(14,233
)
 
(126,720
)
Income taxes, net
11,861

 
30,662

Other assets
(60,019
)
 
(5,724
)
Operating lease right-of-use assets
76,292

 
78,483

Operating lease liabilities
(72,091
)
 
(73,805
)
Accounts payable and accrued expenses
(25,564
)
 
(3,987
)
Other liabilities
58,938

 
23,341

Net cash provided by operating activities
1,091,516

 
964,064

Cash flows from investing activities:
 
 
 
Purchases of investments
(52,415
)
 
(20,787
)
Sales of investments
12,134

 
8,945

Business acquisitions, net of cash and restricted cash acquired
(478,248
)
 
(34,143
)
Purchases of real estate
(82,567
)
 
(47,436
)
Purchases of other property, plant and equipment
(882,889
)
 
(808,138
)
Net cash used in investing activities
(1,483,985
)
 
(901,559
)
Cash flows from financing activities:
 
 
 
Proceeds from employee equity awards
30,391

 
27,593

Payment of dividends and special distribution
(469,487
)
 
(413,052
)
Proceeds from public offering of common stock, net of issuance costs
1,784,898

 
1,561,555

Proceeds from senior notes, net of debt discounts
2,585,736

 
—

Proceeds from mortgage and loans payable
750,790

 
—

Repayments of finance lease liabilities
(42,681
)
 
(43,112
)
Repayments of mortgage and loans payable
(789,178
)
 
(36,212
)
Repayment of senior notes
(493,711
)
 
(150,000
)
Debt extinguishment costs
(4,619
)
 
—

Debt issuance costs
(26,266
)
 
—

Net cash provided by financing activities
3,325,873

 
946,772

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash 
(12,876
)
 
411

Net increase in cash, cash equivalents and restricted cash
2,920,528

 
1,009,688

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
$
4,807,141

 
$
1,637,292

 
 
 
 
Cash and cash equivalents
$
4,785,050

 
$
1,613,529

Current portion of restricted cash included in other current assets
13,293

 
13,673

Non-current portion of restricted cash included in other assets
8,798

 
10,090

Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
$
4,807,141

 
$
1,637,292

See accompanying notes to condensed consolidated financial statements.

7
Table of Contents

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 22.9% and 25.6% for the six months ended June 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. On February 29, 2020, the World Health Organization ("WHO") raised the COVID-19 threat from high to very high, and on March 11, 2020, the WHO characterized COVID-19 as a global pandemic.
During the six months ended June 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 waived fees from affected customers in certain circumstances. 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 employees and other employees to support their work-from-home requirements. Additionally, the Company increased its allowance for doubtful accounts for accounts receivable by $6.3 million during the six months ended June 30, 2020. This is partially offset by lower travel expenses due to travel restrictions imposed due to 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.

8
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

The impact that COVID-19 will have on the Company's consolidated financial statements throughout 2020 remains uncertain and ultimately will be dictated by the length and severity of the pandemic, impact on customers and vendors, as well as the economic recovery and federal, state and local government actions taken in response. The Company will continue to evaluate the nature and extent of these potential impacts to its business and consolidated financial statements.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In December 2019, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. For public entities, 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 that the adoption of this standard will have 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 six months ended June 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 allowance for doubtful accounts. The adoption did not have any significant impact on other financial assets within the scope of ASC 326, such as contract asset.
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.

9
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

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 2016-13
900

Provision for allowance for doubtful accounts (1)
11,496

Net write-offs and recoveries
(4,519
)
Balance at June 30, 2020
$
20,903



(1) 
During the six months ended June 30, 2020, the Company recorded a provision for allowance for doubtful accounts of $6.3 million due to the impacts of the COVID-19 pandemic based on available information to date.
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, net
 
Contract asset, current
 
Contract asset, non-current
 
Deferred revenue, current
 
Deferred revenue, non-current
Beginning balances as of January 1, 2020
$
689,134

 
$
10,033

 
$
31,521

 
$
76,193

 
$
46,555

Closing balances as of June 30, 2020
691,589

 
10,688

 
47,194

 
84,709

 
48,140

Increase
$
2,455

 
$
655

 
$
15,673

 
$
8,516

 
$
1,585

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 six months ended June 30, 2020. The amounts of revenue recognized during the six months ended June 30, 2020 from the opening deferred revenue balance as of January 1, 2020 was $56.5 million.
Remaining performance obligations
As of June 30, 2020, approximately $7.3 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.

10
Table of Contents
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
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
133,350

 
$
143,852

 
$
252,307

 
$
261,599

Net (income) loss attributable to non-controlling interests
(46
)
 
(325
)
 
(211
)
 
6

Net income attributable to Equinix
$
133,304

 
$
143,527

 
$
252,096

 
$
261,605

 
 
 
 
 
 
 
 
Weighted-average shares used to calculate basic EPS
87,303

 
84,399

 
86,427

 
83,114

Effect of dilutive securities:
 
 
 
 
 
 
 
Employee equity awards
598

 
368

 
638

 
357

Weighted-average shares used to calculate diluted EPS
87,901

 
84,767

 
87,065

 
83,471

 
 
 
 
 
 
 
 
EPS attributable to Equinix:
 
 
 
 
 
 
 
Basic EPS
$
1.53

 
$
1.70

 
$
2.92

 
$
3.15

Diluted EPS
$
1.52

 
$
1.69

 
$
2.90

 
$
3.13


The Company has excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 31,000 shares and 4,000 shares for the three months ended June 30, 2020 and 2019, respectively, and approximately 23,000 and 54,000 shares for the six months ended June 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 June 30, 2020, the Company had not completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from either 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. During the three months ended June 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. The adjustments made during the three months ended June 30, 2020 primarily resulted in a

11
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

decrease in intangible assets and an increase in goodwill of $5.9 million and $4.5 million, respectively. The 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 June 30, 2020. No purchase price allocation adjustments were made during the three months ended June 30, 2020 for the Axtel acquisition.
A summary of the preliminary allocation of total purchase consideration is presented as follows (in thousands):
 
Packet
 
Axtel
Cash and cash equivalents
$
1,068

 
$
—

Accounts receivable
5,073

 
—

Other current assets
117

 
14,048

Property, plant and equipment
27,945

 
76,407

Operating lease right-of-use assets
1,519

 
1,646

Intangible assets
62,700

 
22,750

Goodwill
227,602

 
78,902

Other assets
138

 
—

Total assets acquired
326,162

 
193,753

Accounts payable and accrued liabilities
(1,001
)
 
(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 Assets
 
Fair Value
 
Estimated Useful Lives (Years)
 
Weighted-average Estimated Useful Lives (Years)
Packet:
 
 
 
 
 
 
Trade names
 
$
1,600

 
3.0
 
3.0
Existing technology
 
5,100

 
3.0
 
3.0
Customer relationships
 
56,000

 
10.0
 
10.0
Axtel:
 
 
 
 
 
 
Customer relationships
 
22,750

 
15.0
 
15.0

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 was estimated by applying the cost approach, with the exception of land, which was estimated by applying the market approach. The key assumptions of the cost approach include

12
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

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 $10.5 million during the six months ended June 30, 2020 and an insignificant amount of transaction costs during the three months ended June 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 June 30, 2020, the Company's results of operations include $13.3 million of revenues and $7.0 million of net loss from operations from the combined operations of Packet and Axtel. During the six months ended June 30, 2020, the Company's results of operations include $21.5 million of revenues and $20.3 million of net loss from operations from the combined operations of Packet and Axtel. The net loss 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.
Pending Acquisition of Bell Data Centers (the "Bell Acquisition")
On May 29, 2020, the Company entered into an agreement to purchase a portfolio of 13 data center sites across Canada from BCE Inc. ("Bell") for approximately $750.0 million in an all-cash transaction. The Bell Acquisition is expected to close in the fourth quarter of 2020, subject to customary closing conditions including regulatory approval. Upon the close of the acquisition, the operating results of the acquisition will be reported in the Americas 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.
5.
Assets Held for Sale
In April 2020, the Company entered into an agreement to form a second joint venture in the form of a limited liability partnership with GIC to develop and operate xScaleTM data centers in Asia-Pacific (the “Asia-Pacific Joint Venture”). 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 June 30, 2020. The transaction is expected to close in the fourth quarter of 2020, pending regulatory approval and other closing conditions.
As of June 30, 2020, $141.2 million of property, plant and equipment, $11.0 million of other current assets were classified as assets held for sale on the condensed consolidated balance sheet. In addition, $7.2 million of accrued costs to sell were recorded as transaction costs during the six months ended June 30,2020 and classified as liabilities held for sale as of June 30, 2020. Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.

13
Table of Contents
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, Singapore's sovereign wealth fund (the "EMEA Joint Venture"), to develop and operate xScale data centers in Europe. 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 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 investments 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 investees.
During the three and six months ended June 30, 2020, the Company made additional equity contributions of $7.6 million and $12.7 million to the EMEA Joint Venture, respectively. As of June 30, 2020 and December 31, 2019, the Company's equity method investments were $79.8 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 six months ended June 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 June 30, 2020 and December 31, 2019, the fair value of the contingent consideration was $39.3 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.

14
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

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 June 30, 2020 and December 31, 2019, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $3,465.7 million and $4,078.7 million, respectively.
The Company also uses cross-currency interest rate swaps to hedge a portion of its net investment in its European operations. As of June 30, 2020, U.S. Dollar to Euro cross-currency interest rate swap contracts with a total notional amount of $1,597.0 million 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.
The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2020
 
2019
 
2020
 
2019
Foreign currency debt
 
$
(85,215
)
 
$
(34,309
)
 
$
13,887

 
$
29,606

Cross-currency interest rate swaps (included component) (1)
 
(10,333
)
 
(9,689
)
 
3,807

 
5,826

Cross-currency interest rate swaps (excluded component) (2)
 
(1,510
)
 
6,141

 
30,194

 
3,551

Total
 
$
(97,058
)
 
$
(37,857
)
 
$
47,888

 
$
38,983

 
 
 
 
 
 
 
 
 
 
Amount of gain or (loss) recognized in earnings:
 
 
 
 
 
Location of gain or (loss)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2020
 
2019
 
2020
 
2019
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
 
$
5,459

 
$
4,928

 
$
10,548

 
$
9,091

Total
 
 
$
5,459

 
$
4,928

 
$
10,548

 
$
9,091


(1) 
Included component represents foreign exchange spot rates.
(2) 
Excluded component represents cross-currency basis spread and interest rates.
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 June 30, 2020 and December 31, 2019, the total notional amounts of these foreign exchange contracts were $984.8 million and $824.8 million, respectively. As of June 30, 2020, the Company's foreign exchange contracts had maturity dates ranging from July 2020 to June 2022 and the Company recorded a net gain of $20.1 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.

15
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

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 June 30, 2020, the total notional amount of interest rate locks outstanding was $618.0 million. As of December 31, 2019, the Company had no interest rate locks outstanding. During the six months ended June 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 June 30, 2020, the Company recorded a net loss of $3.0 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.

16
Table of Contents
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended June 30, 2020 and 2019 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2020
 
2019
 
2020
 
2019
Foreign currency forward and option contracts (included component)(1)
 
$
(22,347
)
 
$
(2,599
)
 
$
5,678

 
$
8,366

Foreign currency option contracts (excluded component) (2)
 
358

 
(1,405
)
 
1,676

 
(1,405
)
Interest rate locks
 
(650
)
 
—

 
(26,882
)
 
—

Total
 
$
(22,639
)
 
$
(4,004
)
 
$
(19,528
)
 
$
6,961

 
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
Location of gain or (loss)
 
2020
 
2019
 
2020
 
2019
Foreign currency forward contracts
Revenues
 
$
20,558

 
$
18,684

 
$
41,777

 
$
28,545

Foreign currency forward contracts
Costs and operating expenses
 
(10,498
)
 
(9,745
)
 
(21,498
)
 
(15,074
)
Interest rate locks
Interest Expense
 
90

 
—

 
258

 
—

Total
 
 
$
10,150

 
$
8,939

 
$
20,537

 
$
13,471

 
 
 
 
 
 
 
 
 
 
Amount of gain or (loss) excluded from effectiveness testing included in income:
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
Location of gain or (loss)
 
2020
 
2019
 
2020
 
2019
Foreign currency forward contracts
Other income (expense)
 
$
—

 
$
—

 
$
—

 
$
88

Foreign currency option contracts (excluded component) (2)
Revenues
 
(503
)