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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 June 30, 2021
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
  
EQIX-20210630_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 class Trading symbol Name of each exchange on which registered
Common Stock, $0.001 EQIX The Nasdaq Stock Market LLC
0.250% Senior Notes due 2027 The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033 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 29, 2021 was 89,750,207.


EQUINIX, INC.
INDEX
Page
No.
4
Item 1.
6
6
7
8
9
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3


Summary of Risk Factors
Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).
Risks Related to Our Business and Our Operations

The ongoing COVID-19 pandemic could have a negative effect on our business, results of operations and financial condition.
We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
Terrorist activity, or other acts of violence, including violence stemming from the current climate of political and economic uncertainty, could adversely impact our business.
Our offerings have a long sales cycle that may harm our revenue and results of operations.
Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
The level of insurance coverage that we purchase may prove to be inadequate.
The use of high power density equipment may limit our ability to fully utilize our older IBX data centers.
If we are unable to implement our evolving organizational structure or if we are unable to recruit or retain key executives and qualified personnel, our business could be harmed.
We may not be able to compete successfully against current and future competitors.
If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
Our results of operations may fluctuate.
Our days sales outstanding ("DSO") may be negatively impacted by process and system upgrades and acquisitions.
We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
We have incurred substantial losses in the past and may incur additional losses in the future.
The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.
Industry consolidation may have a negative impact on our business model.
Our business could be harmed by prolonged power outages, shortages or capacity constraints.
4


Risks Related to Our Expansion Plans

Our construction of new IBX data centers or IBX data center expansions could involve significant risks to our business.
Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
The anticipated benefits of our joint ventures with GIC Private Limited, Singapore’s sovereign wealth fund (“GIC”), may not be fully realized or take longer to realize than expected.
Joint venture investments, such as our joint ventures with GIC, could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, and our business and results of operations would be harmed.
We are continuing to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments.

Risks Related to Our Capital Needs and Capital Strategy

Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
The phase-out of the London Interbank Offered Rate (“LIBOR”), and uncertainty as to its replacement, may adversely affect our business.
Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations.
Our derivative transactions expose us to counterparty credit risk.

Risks Related to Environmental Laws and Climate Change Impacts

Environmental regulations may impose upon us new or unexpected costs.
Our business may be adversely affected by climate change and responses to it.

Risks Related to Certain Regulations and Laws, Including Tax Laws

Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
Government regulation or failure to comply with laws and regulations may adversely affect our business.

Risks Related to Our Taxation as a REIT

We have a number of risks related to our taxation as a REIT, including the risk that we may not be able to maintain our qualification as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.
5

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,
2021
December 31,
2020
  (Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,799,727  $ 1,604,869 
Short-term investments —  4,532 
Accounts receivable, net of allowance of $10,779 and $10,677
726,382  676,738 
Other current assets 394,880  323,016 
Assets held for sale 227,073  — 
Total current assets 3,148,062  2,609,155 
Property, plant and equipment, net 15,143,898  14,503,084 
Operating lease right-of-use assets 1,371,794  1,475,057 
Goodwill 5,411,123  5,472,553 
Intangible assets, net 2,047,515  2,170,945 
Other assets 807,970  776,047 
Total assets $ 27,930,362  $ 27,006,841 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 767,963  $ 844,862 
Accrued property, plant and equipment 304,333  301,155 
Current portion of operating lease liabilities 149,103  154,207 
Current portion of finance lease liabilities 148,320  137,683 
Current portion of mortgage and loans payable 42,580  82,289 
Current portion of senior notes —  150,186 
Other current liabilities 271,072  354,368 
Total current liabilities 1,683,371  2,024,750 
Operating lease liabilities, less current portion 1,191,676  1,308,627 
Finance lease liabilities, less current portion 2,000,006  1,784,816 
Mortgage and loans payable, less current portion 611,441  1,287,254 
Senior notes, less current portion 11,027,243  9,018,277 
Other liabilities 770,153  948,999 
Total liabilities 17,283,890  16,372,723 
Commitments and contingencies (Note 11)
Equinix stockholders' equity
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 90,065,200 issued and 89,750,177 outstanding in 2021 and 89,462,304 issued and 89,134,252 outstanding in 2020
90  89 
Additional paid-in capital 15,360,726  15,028,357 
Treasury stock, at cost; 315,023 shares in 2021 and 328,052 shares in 2020
(117,270) (122,118)
Accumulated dividends (5,640,963) (5,119,274)
Accumulated other comprehensive loss (941,114) (913,368)
Retained earnings 1,985,003  1,760,302 
Total Equinix stockholders' equity 10,646,472  10,633,988 
Non-controlling interests
—  130 
Total stockholders' equity 10,646,472  10,634,118 
Total liabilities and stockholders' equity $ 27,930,362  $ 27,006,841 
See accompanying notes to condensed consolidated financial statements.
6

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
  2021 2020 2021 2020
  (Unaudited)
Revenues $ 1,657,919  $ 1,470,121  $ 3,253,983  $ 2,914,663 
Costs and operating expenses:
Cost of revenues 865,120  739,344  1,676,337  1,475,626 
Sales and marketing 185,610  178,124  368,437  358,574 
General and administrative 322,005  256,890  623,461  518,487 
Transaction costs 6,985  13,617  8,167  25,147 
(Gain) loss on asset sales (455) (342) 1,265  857 
Total costs and operating expenses 1,379,265  1,187,633  2,677,667  2,378,691 
Income from operations 278,654  282,488  576,316  535,972 
Interest income 374  1,685  1,103  5,958 
Interest expense (87,231) (108,480) (176,912) (215,818)
Other income (expense) (39,377) 4,278  (46,327) 9,448 
Loss on debt extinguishment (102,460) (1,868) (115,518) (8,309)
Income before income taxes
49,960  178,103  238,662  327,251 
Income tax (expense) benefit 18,527  (44,753) (14,101) (74,944)
Net income 68,487  133,350  224,561  252,307 
Net (income) loss attributable to non-controlling interests
(148) (46) 140  (211)
Net income attributable to Equinix $ 68,339  $ 133,304  $ 224,701  $ 252,096 
Earnings per share ("EPS") attributable to Equinix:
Basic EPS $ 0.76  $ 1.53  $ 2.51  $ 2.92 
Weighted-average shares for basic EPS 89,648  87,303  89,490  86,427 
Diluted EPS $ 0.76  $ 1.52  $ 2.50  $ 2.90 
Weighted-average shares for diluted EPS 90,104  87,901  90,024  87,065 
See accompanying notes to condensed consolidated financial statements.
7

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
  2021 2020 2021 2020
  (Unaudited)
Net income $ 68,487  $ 133,350  $ 224,561  $ 252,307 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment ("CTA") gain (loss), net of tax effects of $0, $0, $0 and $0
110,466  181,286  (184,680) (232,506)
Net investment hedge CTA gain (loss), net of tax effect of $0, $0, $0 and $0
(37,036) (97,058) 133,139  47,888 
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(447), $4,772, $(8,339) and $(1,595)
(5,700) (17,868) 23,778  (21,124)
Net actuarial gain on defined benefit plans, net of tax effects of $(3), $(6), $(8) and $3
15  20  27  55 
Total other comprehensive income (loss), net of tax 67,745  66,380  (27,736) (205,687)
Comprehensive income, net of tax 136,232  199,730  196,825  46,620 
Net (income) loss attributable to non-controlling interests (148) (46) 140  (211)
Other comprehensive (income) loss attributable to non-controlling interests (11) (2) (10)
Comprehensive income attributable to Equinix $ 136,073  $ 199,682  $ 196,955  $ 46,418 
See accompanying notes to condensed consolidated financial statements.
8

EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended
June 30,
  2021 2020
  (Unaudited)
Cash flows from operating activities:
Net income $ 224,561  $ 252,307 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 706,184  586,609 
Stock-based compensation 172,685  140,343 
Amortization of intangible assets 105,074  97,853 
Amortization of debt issuance costs and debt discounts and premiums 8,370  7,904 
Provision for credit loss allowance 5,751  11,496 
Loss on asset sales 1,265  857 
Loss on debt extinguishment 115,518  8,309 
Other items 17,545  10,654 
Changes in operating assets and liabilities:
Accounts receivable (57,329) (14,233)
Income taxes, net (65,935) 11,861 
Other assets (57,280) (60,019)
Operating lease right-of-use assets 61,775  76,292 
Operating lease liabilities (100,328) (72,091)
Accounts payable and accrued expenses (57,201) (25,564)
Other liabilities (90,300) 58,938 
Net cash provided by operating activities 990,355  1,091,516 
Cash flows from investing activities:
Purchases of investments (25,001) (52,415)
Sales of investments 4,057  12,134 
Business acquisitions, net of cash and restricted cash acquired —  (478,248)
Purchases of real estate (87,637) (82,567)
Purchases of other property, plant and equipment (1,255,830) (882,889)
Net cash used in investing activities (1,364,411) (1,483,985)
Cash flows from financing activities:
Proceeds from employee equity awards 40,034  30,391 
Payment of dividends (521,092) (469,487)
Proceeds from public offering of common stock, net of issuance costs 99,599  1,784,898 
Proceeds from senior notes, net of debt discounts 3,878,662  2,585,736 
Proceeds from mortgage and loans payable —  750,790 
Repayments of finance lease liabilities (98,877) (42,681)
Repayments of mortgage and loans payable (696,059) (789,178)
Repayment of senior notes (1,990,650) (493,711)
Debt extinguishment costs (99,185) (4,619)
Debt issuance costs (25,102) (26,266)
Net cash provided by financing activities 587,330  3,325,873 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(17,054) (12,876)
Net increase in cash, cash equivalents and restricted cash 196,220  2,920,528 
Cash, cash equivalents and restricted cash at beginning of period 1,625,695  1,886,613 
Cash, cash equivalents and restricted cash at end of period $ 1,821,915  $ 4,807,141 
Cash and cash equivalents $ 1,799,727  $ 4,785,050 
Current portion of restricted cash included in other current assets 12,994  13,293 
Non-current portion of restricted cash included in other assets 9,194  8,798 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows
$ 1,821,915  $ 4,807,141 
See accompanying notes to condensed consolidated financial statements.


9


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. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") 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. In the preparation of our condensed consolidated financial statements, we have considered potential impacts of the COVID-19 pandemic on our critical and significant accounting estimates. There was no significant impact to our condensed consolidated financial statements. We will continue to evaluate the nature and extent of the potential impacts to our business and our condensed consolidated financial statements.
Our condensed consolidated balance sheet data as of December 31, 2020 has been derived from audited consolidated financial statements as of that date. Our 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 our Form 10-K as filed with the SEC on February 19, 2021. 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 our acquisitions of 12 data center sites across Canada from BCE Inc. ("Bell") from October 1, 2020 and one additional data center site from November 2, 2020, Packet Host, Inc. (“Packet”) from March 2, 2020, and three data centers in Mexico acquired from Axtel S.A.B. de C.V ("Axtel") from January 8, 2020. All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes
We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the distributions made to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
We provide 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 our operating performance, tax law changes and future business acquisitions.
Our effective tax rates were 5.9% and 22.9% for the six months ended June 30, 2021 and 2020, respectively. The decrease in the effective tax rate for the six months ended June 30, 2021 as compared to the same period in 2020 is primarily due to the favorable resolution of uncertain tax positions of approximately $72.0 million resulting from the settlement of various tax audits in the United Kingdom ("UK"), Germany, and Australia, partially offset by $11.0 million resulting from the revaluation of our deferred tax liabilities due to the UK corporate tax rate increase from 19% to 25% enacted in the current period.
Of the unrecognized tax benefits being realized in the current period, $33.6 million is related to the uncertain tax position inherited from the Metronode Acquisition. The uncertain tax position was covered by an indemnification agreement with the Seller. The realization of the unrecognized tax benefits resulted in an impairment of the indemnification asset for the same amount, which has been included in Other Income (Expense) on the Condensed Consolidated Statements of Operations.
10

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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. We are currently evaluating the extent of the impact of this ASU, but do not expect the adoption of this standard to have a significant impact on our condensed consolidated financial statements.
Accounting Standards Adopted
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. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our condensed consolidated financial statements.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In addition, FASB issued ASU 2021-01, Reference Rate Reform ("Topic 848"), which clarifies the scope of Topic 848. Collectively, the guidance 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. ASU 2020-04 was effective for all entities as of March 12, 2020 through December 31, 2022 and ASU 2021-01 is effective upon issuance. We adopted these ASUs upon their respective issuances and there was no impact on our condensed consolidated financial statements as a result of adopting the guidance. We will evaluate our debt, derivative and lease contracts that may become eligible for modification relief and may apply the elections prospectively as needed.
2. Revenue
Contract Balances
The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):
Accounts receivable, net (1)
Contract assets, current Contract assets, non-current Deferred revenue, current Deferred revenue, non-current
Beginning balances as of January 1, 2021
$ 676,738  $ 13,534  $ 54,050  $ 101,258  $ 71,242 
Closing balances as of June 30, 2021
726,382  33,614  53,137  104,568  68,992 
Increase (Decrease) $ 49,644  $ 20,080  $ (913) $ 3,310  $ (2,250)
(1) The net change in our allowance for credit losses was insignificant during the six months ended June 30, 2021.
11

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the six months ended June 30, 2021 from the opening deferred revenue balance as of January 1, 2021 was $57.7 million.
Remaining performance obligations
As of June 30, 2021, approximately $8.5 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contracts renewal. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.
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 we are considered the lessor.
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,
  2021 2020 2021 2020
Net income $ 68,487  $ 133,350  $ 224,561  $ 252,307 
Net (income) loss attributable to non-controlling interests
(148) (46) 140  (211)
Net income attributable to Equinix $ 68,339  $ 133,304  $ 224,701  $ 252,096 
Weighted-average shares used to calculate basic EPS 89,648  87,303  89,490  86,427 
Effect of dilutive securities:
Employee equity awards 456  598  534  638 
Weighted-average shares used to calculate diluted EPS 90,104  87,901  90,024  87,065 
EPS attributable to Equinix:
Basic EPS $ 0.76  $ 1.53  $ 2.51  $ 2.92 
Diluted EPS $ 0.76  $ 1.52  $ 2.50  $ 2.90 
We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 248,000 shares and 31,000 shares for the three months ended June 30, 2021 and 2020, respectively, and approximately 199,000 and 23,000 shares for the six months ended June 30, 2021 and 2020, because their effect would be anti-dilutive.
12

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
4.    Acquisitions
2020 Acquisitions
Acquisition of Bell Data Centers (the "Bell Acquisition")
On October 1, 2020, we completed the acquisition of 12 data center sites across Canada from Bell, with one additional data center in Ottawa Canada acquired on November 2, 2020, for a total combined purchase consideration of approximately C$934.3 million, or $704.0 million at the exchange rates in effect on those dates. The acquisition supports our ongoing expansion to meet customer demand in Canada.
Acquisition of Packet (the "Packet Acquisition")
On March 2, 2020, we 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, we 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, we 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 Equinix MetalTM, is expected to accelerate our strategy to help enterprises deploy hybrid multicloud architectures on our data center platform.
Acquisition of data centers from Axtel (the "Axtel Acquisition")
On January 8, 2020, we 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 we 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 our ongoing expansion to meet customer demand in our Americas region.
Purchase price allocation
Each of these 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, 2021, we had completed the detailed valuation analysis to derive the fair value of assets acquired and liabilities assumed from the Bell acquisition and finalized the allocation of purchase price.
13

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
A summary of the allocation of total purchase consideration is presented as follows (in thousands):
Bell (1)
Packet Axtel
Final
Cash and cash equivalents $ —  $ 1,068  $ — 
Accounts receivable —  5,098  — 
Other current assets 696  299  14,048 
Property, plant and equipment 538,717  27,945  76,407 
Operating lease right-of-use assets 14,359  1,519  1,646 
Intangible assets 75,857  58,500  22,750 
Goodwill 172,387  230,620  78,902 
Deferred tax and other assets 722  138  — 
Total assets acquired
802,738  325,187  193,753 
Accounts payable and accrued liabilities (895) (1,275) (238)
Other current liabilities —  (860) — 
Operating lease liabilities (13,340) (1,519) (1,586)
Finance lease liabilities (80,026) (27,945) — 
Deferred tax and other liabilities (4,495) (3,290) (2,911)
Net assets acquired
$ 703,982  $ 290,298  $ 189,018 
(1)For the Bell Acquisition, the purchase price allocation adjustments since the provisional amounts reported as of December 31, 2020 were not significant. As of June 30, 2021, the purchase price allocation was final.
Property, plant and equipment - The fair values of property, plant and equipment acquired from these three acquisitions were estimated by applying the cost approach, with the exception of land, which we estimated by applying the market approach. The key 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.
Intangible assets - 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)
Bell:
Customer relationships $ 75,857  15.0 15.0
Packet:
Trade names 1,300  3.0 3.0
Existing technology 5,100  3.0 3.0
Customer relationships 52,100  10.0 10.0
Axtel:
Customer relationships 22,750  15.0 15.0
The fair values of customer relationships acquired from these acquisitions were estimated from 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. We applied a discount rate of 8.0% for Bell, 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.
14

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The fair value of the Packet trade name was estimated using the relief from royalty method under the income approach. We 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.
Goodwill
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 these acquisitions. Goodwill from these acquisitions is attributable to our Americas region. Goodwill from the Bell Acquisition is expected to be deductible for local tax purposes while goodwill from the Packet and Axtel Acquisitions are not amortizable for local tax purposes.
Pending Acquisition of GPX India
On August 7, 2020, we 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 third 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 our Asia-Pacific region.
5.    Assets Held for Sale
In June 2021, we entered into an agreement to form our third joint venture in the form of a limited liability partnership with GIC, Singapore's sovereign wealth fund ("GIC"), to develop and operate additional xScaleTM data centers in Europe and the Americas (the “EMEA 2 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 our comprehensive suite of interconnection and edge services. Upon closing, GIC will contribute cash in exchange for an 80% partnership interest in the EMEA 2 Joint Venture. We agreed to sell certain data center sites and facilities located in Frankfurt, Helsinki, Madrid, Milan, Paris, Sao Paolo and Warsaw, with the intention to add additional sites post-closing, in exchange for a 20% partnership interest in the EMEA 2 Joint Venture and cash proceeds. The transaction is expected to close in phases over the course of two years, pending regulatory approval and other closing conditions. The assets and liabilities of the data center sites that are expected to be sold within a year, which are currently included within our EMEA and Americas regions, were classified as held for sale as of June 30, 2021.
In May 2021, we entered into an agreement to sell the Dublin 5 ("DB5") data center site, which is currently under construction, to the EMEA 1 Joint Venture (as defined in note 6 below). The assets and liabilities of the DB5 data center, which are currently included within our EMEA region, were classified as held for sale as of June 30, 2021. The transaction closed in July 2021 (see note 14 below).
All assets and liabilities classified as held for sale are reported at the lower of their carrying amounts or fair values less costs to sell. 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 June 30, 2021 (in thousands):

15

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
June 30,
2021
Other current assets $ 12,399 
Operating lease right-of-use assets 19,873 
Property, plant and equipment 191,230 
Other assets 3,571 
Total assets held for sale $ 227,073 
Current portion of operating lease liabilities $ 1,142 
Operating lease liabilities, less current portion 619 
Accrued property, plant and equipment 31,222 
Total liabilities held for sale (1)
$ 32,983 
(1)Liabilities held for sale were included within other current liabilities on the condensed consolidated balance sheet.
6.    Equity Method Investments
The following table summarizes the equity method investments (in thousands):
Investee Ownership Percentage June 30, 2021 December 31, 2020
EMEA 1 Joint Venture with GIC 20% $ 105,081  $ 101,892 
Asia-Pacific Joint Venture with GIC 20% 48,992  43,432 
Other Various 20,127  17,747 
Total $ 174,200  $ 163,071 
EMEA 1 Joint Venture
In 2019, we entered into a joint venture in the form of a limited liability partnership with GIC (the "EMEA 1 Joint Venture"), to develop and operate xScale data centers in Europe. The EMEA 1 Joint Venture is not a variable interest entity ("VIE") because its equity investors have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. During the six months ended June 30, 2021, we made equity contributions of $7.1 million to the EMEA 1 Joint Venture. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and six months ended June 30, 2021 and 2020 and was included in other income (expense) on the condensed consolidated statement of operations.
We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of June 30, 2021, we had future equity contribution commitments of $25.1 million.
Variable Interest Entity
Asia-Pacific Joint Venture
On December 17, 2020, we entered into a second joint venture with GIC (the "Asia-Pacific Joint Venture") to develop and operate xScale data centers in Asia-Pacific. We provide certain management services to the Asia-Pacific Joint Venture operations and earn fees for the performance of such services. The Asia-Pacific Joint Venture does not have sufficient funds from operations to be self-sustained, thus is considered a VIE. In addition, the power to direct the activities of the Asia-Pacific Joint Venture that most significantly impact economic performance is shared equally between GIC and us. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both GIC and us. We concluded that neither party is deemed to have predominant control over the Asia-Pacific Joint Venture and neither party is its primary beneficiary. Upon closing the Asia-Pacific Joint Venture, we recorded our
16

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
initial 20% partnership interest at fair value of $42.6 million in total at the exchange rate in effect on December 17, 2020. During the six months ended June 30, 2021, we made additional equity contributions of $11.2 million to the Asia-Pacific Joint Venture. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and six months ended June 30, 2021 and was included in other income (expense) on the condensed consolidated statement of operations.
In addition to the investment in the Asia-Pacific Joint Venture, we also had $16.7 million of receivables from the Asia-Pacific Joint Venture relating to purchase price adjustments on the sale of data center assets as well as amounts due under commercial service agreements, which were presented within accounts receivable, net on the condensed consolidated balance sheet as of June 30, 2021. During the three and six months ended June 30, 2021, the total revenue recorded from these services was $12.2 million and $14.4 million, respectively.
Concurrent with the closing of the Asia-Pacific Joint Venture, the Asia-Pacific Joint Venture entered into a credit facility agreement and a bond agreement with a group of lenders for secured debt facilities of $305.2 million in total at the exchange rate in effect on December 31, 2020. The Asia-Pacific Joint Venture’s debt is secured by the net assets of the Asia-Pacific Joint Venture without recourse to its partners. Under the Asia-Pacific Joint Venture agreement and pursuant to the credit facility and bond agreements, the joint venture partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on its outstanding debt. As of June 30, 2021, we had future equity contribution commitments of $6.8 million.
Our maximum exposure to loss related to the Asia-Pacific Joint Venture is limited to our equity investments, outstanding receivables including any unpaid service and performance fees earned, and future funding commitments including those that may be required pursuant to the credit facility and bond agreements. As of June 30, 2021, our maximum exposure to loss related to the Asia-Pacific Joint Venture was $72.4 million.
Other Related Party Transactions
In connection with the sale of the PA9 data center to the EMEA 1 Joint Venture, we have a commitment to the EMEA 1 Joint Venture to complete a residual portion of the PA9 data center for an estimated cost of $22.6 million in total, which is reimbursable in full upon completion. As of June 30, 2021, we had contract assets, current of $18.5 million, in relation to the progress in completing this commitment.
We received contingent consideration from the sales of xScale data centers to the EMEA 1 Joint Venture, which become receivable upon completion of certain performance milestones, primarily contingent on the local regulatory approvals for certain sites. The contingent consideration are considered derivatives and are remeasured at 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. The contingencies were partially met during the three months ended June 30, 2021 upon achieving the performance milestone for one of the sites. As of June 30, 2021 and December 31, 2020, the total fair value of the remaining contingent consideration was $15.6 million and $44.2 million, respectively, which was included in other current assets on the condensed consolidated balance sheets. Changes in the fair value of the contingent consideration were recorded in gain (loss) on asset sales on the condensed consolidated statement of operations.
We also have a sub-lease agreement with the EMEA 1 Joint Venture to sub-lease a portion of London ("LD") 10-2 data center or former LD10 data center, for a total of 15 years. For the three and six months ended June 30, 2021, we recorded approximately $4.2 million and $8.7 million, respectively, of rent expense for the LD10-2 data center. For the three and six months ended June 30, 2020, we recorded approximately $3.5 million and $6.9 million, respectively, of rent expense for the LD10-2 data center. As of June 30, 2021 and December 31, 2020, we had finance lease right of use ("ROU") assets of $126.0 million and $127.2 million, respectively and a finance lease ROU liability of $130.9 million and $130.8 million, respectively.
17

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
We provide various services to the EMEA 1 Joint Venture through multiple agreements, including sales and marketing, development management, facilities management, and asset management services. As of June 30, 2021 and December 31, 2020, we had $6.0 million and $6.5 million, respectively, of total receivables from the EMEA 1 Joint Venture. For the three and six months ended June 30, 2021, total revenues from these contracts were $13.2 million and $18.8 million, respectively. For the three and six months ended June 30, 2020, total revenues from these contracts were $4.0 million and $8.5 million, respectively. The transactions with the EMEA 1 Joint Venture are generally considered to have been negotiated arm's length.
Additionally, we have an agreement to lease to the EMEA 1 Joint Venture a portion of land for the Frankfurt 9 xScale data center and a new building that is under construction on the land. As of June 30, 2021, the lease has not commenced yet and we recorded approximately $16.9 million of other liabilities in connection with the construction of the Frankfurt 9 xScale data center.
As previously described above, we provide various services to the Asia-Pacific Joint Venture, including portfolio management, sales and marketing, development, and facilities management services, which give rise to receivables. The transactions with the Asia-Pacific Joint Venture are generally considered to have been negotiated arm's length.
7.    Derivatives and Hedging Activities
Derivatives Designated as Hedging Instruments
Net Investment Hedges. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of June 30, 2021 and December 31, 2020, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.5 billion and $1.9 billion, respectively.
We also use cross-currency interest rate swaps, which convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with a portion of our net investment in our foreign subsidiaries. As of June 30, 2021 and December 31, 2020, we had cross-currency interest rate swaps outstanding with notional amounts of $4.0 billion and $3.3 billion respectively, with maturity dates ranging through 2026.
18

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
From time to time, we use foreign currency forward contracts to hedge against the effect of foreign exchange rate fluctuations on a portion of our net investment in our foreign subsidiaries. As of both June 30, 2021 and December 31, 2020, the total notional amount of foreign currency forward contracts designated as net investment hedges was $355.6 million.
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, 2021 and 2020 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,
2021 2020 2021 2020
Foreign currency debt $ (23,758) $ (85,215) $ 44,982  $ 13,887 
Cross-currency interest rate swaps (included component) (1)
(23,124) (10,333) 118,104  3,807 
Cross-currency interest rate swaps (excluded component) (2)
15,112  (1,510) (25,417) 30,194 
Foreign currency forward contracts (included component) (1)
(5,264) —  (4,556) — 
Foreign currency forward contracts (excluded component) (3)
(2) —  26  — 
Total
$ (37,036) $ (97,058) $ 133,139  $ 47,888 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss) Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
$ 10,566  $ 5,459  $ 20,615  $ 10,548 
Foreign currency forward contracts (excluded component) (3)
Interest expense
40  —  204  — 
Total
$ 10,606  $ 5,459  $ 20,819  $ 10,548 
(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. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our 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 we use to hedge this exposure are designated as cash flow hedges. As of June 30, 2021 and December 31, 2020, the total notional amounts of these foreign exchange contracts were $966.5 million and $912.9 million, respectively.
As of June 30, 2021, our foreign currency cash flow hedge instruments had maturity dates ranging from July 2021 to June 2023 and a net loss of $21.3 million was recorded 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, 2020, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2021 to December 2022 and a net loss of $35.4 million was recorded within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenues and expenses as they mature in the next 12 months.
We enter into intercompany hedging instruments ("intercompany derivatives") with our wholly-owned subsidiaries in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, we enter into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives.
19

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
We hedge the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of both June 30, 2021 and December 31, 2020, we had no interest rate locks outstanding. During the six months ended June 30, 2021, interest rate locks with a combined aggregate notional amount of $1.3 billion were settled related to the issuance of senior notes in the quarter. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of June 30, 2021 and December 31, 2020, we had a net loss of $4.4 million and $4.1 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks.
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, 2021 and 2020 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,
2021 2020 2021 2020
Foreign currency forward and option contracts (included component) (1)
$ 1,833  $ (22,347) $ 33,207  $ 5,678 
Foreign currency option contracts (excluded component) (2)
(45) 358  151  1,676 
Interest rate locks
(7,040) (650) (1,239) (26,882)
Total
$ (5,252) $ (22,639) $ 32,119  $ (19,528)
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) 2021 2020 2021 2020
Foreign currency forward contracts
Revenues
$ (16,565) $ 20,558  $ (29,534) $ 41,777 
Foreign currency forward contracts
Costs and operating expenses
8,583  (10,498) 15,787  (21,498)
Interest rate locks
Interest Expense
(1,049) 90  (1,854) 258 
Total
$ (9,031) $ 10,150  $ (15,601) $ 20,537 
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) 2021 2020 2021 2020
Foreign currency option contracts (excluded component) (2)
Revenues
$ (63) $ (503) $ (244) $ (1,024)
Total
$ (63) $ (503) $ (244) $ (1,024)
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents option's time value.
20

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Derivatives Not Designated as Hedging Instruments
Embedded Derivatives. We are deemed to have foreign currency forward contracts embedded in certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars.
Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date.
Foreign Currency Forward Contracts. We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts. As of June 30, 2021 and December 31, 2020, the total notional amounts of these foreign currency contracts were $5.0 billion and $3.4 billion, respectively.
The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in thousands):
Amount of gain or (loss) recognized in earnings:
Three Months Ended
June 30,
Six Months Ended
June 30,
Location of gain or (loss) 2021 2020 2021 2020
Embedded derivatives
Revenues
$ 650  $ (2,741) $ 5,145  $ 4,710 
Economic hedge of embedded derivatives
Revenues
(279) 2,301  (4,492) (5,601)
Foreign currency forward contracts
Other income (expense)
7,975  (113,016) 64,775  20,808 
    Total
$ 8,346  $ (113,456) $ 65,428  $ 19,917 
21

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Fair Value of Derivative Instruments
The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, 2021 December 31, 2020
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$ 8,422  $ 27,742  $ 351  $ 52,804 
Net investment hedges
Cross-currency interest rate swaps
9,180  109,432  —  192,939 
Foreign currency forward contracts —  27,237  —  17,041 
Total designated as hedging
17,602  164,411  351  262,784 
Not designated as hedging instruments:
Embedded derivatives 5,676  1,320  3,255  3,858 
Economic hedges of embedded derivatives
—  2,411  4,372  12 
Foreign currency forward contracts
53,867  13,979  3,721  133,805 
Total not designated as hedging
59,543  17,710  11,348  137,675 
Total Derivatives $ 77,145  $ 182,121  $ 11,699  $ 400,459 
(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.
(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Offsetting Derivative Assets and Liabilities
We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements as of June 30, 2021 and December 31, 2020 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts Gross Amounts not Offset in the Balance Sheet Net
June 30, 2021
Derivative assets
$ 106,488  $ —  $ 106,488  $ (86,576) $ 19,912 
Derivative liabilities 197,620  —  197,620  (86,576) 111,044 
December 31, 2020
Derivative assets
$ 38,447  $ —  $ 38,447  $ (35,100) $ 3,347 
Derivative liabilities 415,628  —  415,628  (35,100) 380,528 
22

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
8.    Fair Value Measurements
We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:
Level 1: quoted prices in active markets for identical assets or liabilities.
Level 2: observable inputs (e.g. spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.
Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 were as follows (in thousands):
As of June 30, 2021
As of December 31, 2020
  Fair Value Fair Value
Measurement Using
Fair Value Fair Value
Measurement Using
  Level 1 Level 2 Level 1 Level 2
Assets:
Money market and deposit accounts $ 604,404  $ 604,404  $ —  $ 611,071  $ 611,071  $ — 
Publicly traded equity securities —  —  —  159  159  — 
Certificates of deposit —  —  —  4,373  —  4,373 
Derivative instruments (1)
77,145  —  77,145  11,699  —  11,699 
Total
$ 681,549  $ 604,404  $ 77,145  $ 627,302  $ 611,230  $ 16,072 
Liabilities:
Derivative instruments (1)
$ 182,121  $ —  $ 182,121  $ 400,459  $ —  $ 400,459 
(1)Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the condensed consolidated balance sheets.
We did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
Other than the contingent consideration related to the EMEA 1 Joint Venture as described in Note 6 above, we did not have any Level 3 financial assets or financial liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.
23

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
9.    Leases
Significant Lease Transactions
The following table summarizes the significant lease transactions during the six months ended June 30, 2021 (in thousands):
Renewal/Termination Options Excluded (1)
Net Incremental (2)
Lease Quarter Transaction Lease Classification ROU assets ROU liabilities
Silicon Valley 8 ("SV8") data center lease extended (3)
Q1
Extended lease term by 16 years
Two 10-year renewal options
Finance Lease $ 98,141  $ 100,043 
Operating Lease (13,685) (15,586)
Hong Kong 3 ("HK3") data center lease extended (3)
Q1
Extended lease by 10 years, which included a 5-year renewal option
N/A Finance Lease - Building 37,987  37,987 
Operating Lease - Land 6,592  6,592 
Osaka 3 ("OS3") new data center and office lease Q2
New lease-15 year term
2-year renewal option on a rolling basis
Finance Lease 144,122 144,122
(1) These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time.
(2) The net incremental amounts represent the adjustments to the right of use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.
(3) These leases had components previously classified as operating leases.
Lease Expenses
The components of lease expenses are as follows (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Finance lease cost
Amortization of ROU assets (1)
$ 37,110  $ 28,897  $ 73,238  $ 54,062 
Interest on lease liabilities 29,823  28,438  60,016  56,263 
Total finance lease cost 66,933  57,335  133,254  110,325 
Operating lease cost 57,045  52,556  113,499  106,347 
Variable lease cost 7,630  2,884  15,670  5,466 
Total lease cost $ 131,608  $ 112,775  $ 262,423  $ 222,138 
(1) Amortization of ROU assets is included with depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.
24

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Other Information
Other information related to leases is as follows (in thousands):
Six Months Ended
June 30, 2021
Six Months Ended
June 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases $ 57,084  $ 54,417 
Operating cash flows from operating leases 152,052  102,146 
Financing cash flows from finance leases 98,877  42,681 
ROU assets obtained in exchange for lease obligations: (1)
Finance leases $ 339,486  $ 311,951 
Operating leases 50  14,114 
As of June 30, 2021 As of December 31, 2020
Weighted-average remaining lease term - finance leases (2)
14 years 14 years
Weighted-average remaining lease term - operating leases (2)
12 years 12 years
Weighted-average discount rate - finance leases % %
Weighted-average discount rate - operating leases % %
Finance lease assets (3)
$ 1,912,014  $ 1,688,032 
(1) Represents all non-cash changes in ROU assets.
(2) Includes lease renewal options that are reasonably certain to be exercised.
(3) As of June 30, 2021 and December 31, 2020, we recorded accumulated amortization of finance lease assets of $651.5 million and $604.1 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the condensed consolidated balance sheets.
Maturities of Lease Liabilities
Maturities of lease liabilities as of June 30, 2021 are as follows (in thousands):
Operating Leases Finance Leases Total
2021 (6 months remaining) $ 91,036  $ 123,694  $ 214,730 
2022 194,169  240,595  434,764 
2023 179,406  233,830  413,236 
2024 166,529  232,142  398,671 
2025 157,801  228,757  386,558 
Thereafter 1,012,325  2,153,595  3,165,920 
Total lease payments 1,801,266  3,212,613  5,013,879 
Plus amount representing residual property value —  16,268  16,268 
Less imputed interest (460,487) (1,080,555) (1,541,042)
Total $ 1,340,779  $ 2,148,326  $ 3,489,105 
We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of June 30, 2021. These leases will commence between year 2021 and 2023, with lease terms of 12 to 20 years and total lease commitments of approximately $360.5 million.
25

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
10.    Debt Facilities
Mortgage and Loans Payable
As of June 30, 2021 and December 31, 2020, our mortgage and loans payable consisted of the following (in thousands):
June 30,
2021
December 31, 2020
Term loans $ 578,084  $ 1,292,067 
Mortgage payable and loans payable 74,761  78,903 
652,845  1,370,970 
Less amount representing unamortized debt discount and debt issuance cost (565) (3,288)
Add amount representing unamortized mortgage premium 1,741  1,861 
654,021  1,369,543 
Less current portion (42,580) (82,289)
Total
$ 611,441  $ 1,287,254 
Senior Credit Facility
In 2017, we entered into a credit agreement with a group of lenders for a $3.0 billion credit facility ("Senior Credit Facility"), comprised of a $2.0 billion senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1.0 billion senior unsecured multicurrency term loan facility (the "Term Loan Facility"). The credit agreement was subsequently amended to provide an additional senior unsecured term loan in Japanese Yen for approximately $424.7 million at the exchange rate effective on the transaction date.
On May 17, 2021, using a portion of the net cash proceeds from the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described below, we repaid our outstanding term loans in Swedish Krona and Japanese Yen under our Term Loan Facility for $285.4 million and $374.5 million in U.S. Dollars, respectively, at the exchange rates in effect on May 17, 2021. We incurred an insignificant loss on debt extinguishment for the repayment of both term loans during the three months ended June 30, 2021. As of June 30, 2021 and December 31, 2020, the total amounts outstanding under the Term Loan Facility, net of debt issuance costs, were $577.5 million and $1.3 billion, respectively.
As of June 30, 2021, we had 39 irrevocable letters of credit totaling $78.7 million issued and outstanding under the Revolving Facility, with approximately $1.9 billion remaining available to borrow under the Revolving Facility.


26

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Senior Notes
As of June 30, 2021 and December 31, 2020, our senior notes consisted of the following (in thousands):
June 30, 2021 December 31, 2020
Amount Effective Rate Amount Effective Rate
5.000% Infomart Senior Notes
$ —  —  % $ 150,000  4.51  %
2.625% Senior Notes due 2024
1,000,000  2.79  % 1,000,000  2.79  %
1.250% Senior Notes due 2025
500,000  1.46  % 500,000  1.46  %
1.000% Senior Notes Due 2025
700,000  1.18  % 700,000  1.18  %
2.900% Senior Notes due 2026
600,000  3.04  % 600,000  3.04  %
2.875% Euro Senior Notes due 2026
—  —  % 611,050  3.04  %
1.450% Senior Notes due 2026
700,000  1.64  % —  —  %
0.250% Euro Senior Notes due 2027
592,500  0.45  % —  —  %
1.800% Senior Notes due 2027
500,000  1.96  % 500,000  1.96  %
5.375% Senior Notes due 2027
—  —  % 1,250,000  5.51  %
1.550% Senior Notes due 2028
650,000  1.67  % 650,000  1.67  %
2.000% Senior Notes due 2028
400,000  2.21  % —  —  %
3.200% Senior Notes due 2029
1,200,000  3.30  % 1,200,000  3.30  %
2.150% Senior Notes due 2030
1,100,000  2.27  % 1,100,000  2.27  %
2.500% Senior Notes due 2031
1,000,000  2.65  % —  —  %
1.000% Euro Senior Notes due 2033
711,000  1.18  % —  —  %
3.000% Senior Notes due 2050
500,000  3.09  % 500,000  3.09  %
2.950% Senior Notes due 2051
500,000  3.00  % 500,000  3.00  %
3.400% Senior Notes due 2052
500,000  3.50  % —  —  %
11,153,500  9,261,050 
Less amount representing unamortized debt issuance cost (126,257) (92,773)
Add amount representing unamortized debt premium —  186 
11,027,243  9,168,463 
Less current portion —  (150,186)
Total
$ 11,027,243  $ 9,018,277 


27

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
0.250% Euro Senior Notes due 2027 and 1.000% Euro Senior Notes due 2033
On March 10, 2021, we issued €500.0 million, or approximately $594.9 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 0.250% senior notes due March 15, 2027 (the "2027 Euro Notes") and €600.0 million, or approximately $713.8 million in U.S. dollars, at the exchange rate in effect on March 10, 2021, aggregate principal amount of 1.000% senior notes due March 15, 2033 (the "2033 Euro Notes").
Interest on the notes is payable annually in arrears on March 15 of each year, commencing on March 15, 2022. Total debt issuance costs and debt discounts related to the 2027 Euro Notes and the 2033 Euro Notes were $7.0 million and $14.1 million, respectively.
Redemption of 2.875% Euro Senior Notes due 2026
On March 24, 2021, using a portion of the net cash proceeds from the 2027 Euro Senior Notes and 2033 Euro Senior Notes, we redeemed the remaining outstanding 2.875% Euro Senior Notes due 2026 for $590.7 million in U.S. dollars, at the exchange rate in effect on March 24, 2021. In connection with the redemption, we incurred $13.2 million of loss on debt extinguishment, including $8.5 million in redemption premium that was paid in cash and $4.7 million related to the write-off of unamortized debt issuance costs, during the three months ended March 31, 2021.
1.450% Senior Notes due 2026, 2.000% Senior Notes due 2028, 2.500% Senior Notes due 2031 and 3.400% Senior Notes due 2052
On May 17, 2021, we issued $700.0 million aggregate principal amount of 1.450% senior notes due 2026 (the "2026 Notes"), $400.0 million aggregate principal amount of 2.000% senior notes due 2028 (the "2028 Notes"), $1.0 billion aggregate principal amount of 2.500% senior notes due 2031 (the "2031 Notes"), and $500.0 million aggregate principal amount of 3.400% senior notes due 2052 (the "2052 Notes").
Interest on the 2026, 2028 and 2031 notes are payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2021. Interest on the 2052 notes are payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2022. Total debt issuance costs and debt discounts related to the 2026 Notes, 2028 Notes, 2031 Notes and 2052 Notes were $6.4 million, $5.3 million, $13.0 million and $9.3 million, respectively.
Redemption of 5.375% Senior Notes due 2027
On June 2, 2021, we redeemed all outstanding principal amount under the 5.375% Senior Notes due 2027 with a portion of the net cash proceeds from the issuance of the 2026 Notes, 2028 Notes, 2031 Notes, and 2052 Notes as described above. In connection with the redemption, we incurred $100.6 million of loss on debt extinguishment, including $90.7 million redemption premium that was paid in cash and $9.9 million related to the write-off of unamortized debt issuance costs.
Maturities of Debt Instruments
The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of June 30, 2021 (in thousands):
Years ending:
2021 (6 months remaining) $ 21,357 
2022 595,170 
2023 6,832 
2024 1,006,379 
2025 1,204,769 
Thereafter 8,973,579 
Total $ 11,808,086 
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Fair Value of Debt Instruments
The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of (in thousands):
June 30,
2021
December 31,
2020
Mortgage and loans payable $ 657,921  $ 1,379,129 
Senior notes 11,301,438  9,705,486 
The fair values of the mortgage and loans payable, which are not publicly traded, were estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).
Interest Charges
The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in thousands):
  Three Months Ended
June 30,
Six Months Ended
June 30,
  2021 2020 2021 2020
Interest expense $ 87,231  $ 108,480  $ 176,912  $ 215,818 
Interest capitalized 6,684  6,880  12,792  12,911 
Interest charges incurred $ 93,915  $ 115,360  $ 189,704  $ 228,729 
Total interest paid in cash, net of capitalized interest, during the three months ended June 30, 2021 and 2020 was $122.0 million and $115.8 million, respectively. Total interest paid in cash, net of capitalized interest, during the six months ended June 30, 2021 and 2020 was $216.9 million and $238.6 million, respectively.
11.    Commitments and Contingencies
Purchase and Other Commitments
As a result of our various IBX data center expansion projects, as of June 30, 2021, we were contractually committed for approximately $1.5 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of June 30, 2021, such as commitments to purchase power in select locations through the remainder of 2021 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2021 and thereafter. Such other miscellaneous purchase commitments totaled approximately $1.3 billion as of June 30, 2021. For further information on equity contribution commitments and lease commitments, see Note 6 and Note 9, respectively, above.
Contingent Liabilities
We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.
29

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing an audit and appealing the tentative assessment in Brazil. The final settlement of the audit and the outcome of the appeal are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows.
Indemnification and Guarantor Arrangements
As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a director and officer insurance policy that could limit our exposure and enable us to recover a portion of any future amounts paid. As a result of our insurance policy that could limit our exposure and enable us to recover some or all of amounts paid, we believe the estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2021.
We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we indemnify, hold harmless, and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally our business partners or customers, in connection with any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2021.
We enter into arrangements with our business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for other acts, such as personal property damage, of our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have general and umbrella insurance policies that could enable us to recover a portion of any amounts paid. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2021.
We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in service level commitments to these customers. Our liability insurance may not be adequate to cover those expenses. In addition, any loss of services, equipment damage or inability to meet our service level commitment obligations could reduce the confidence of our customers and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of June 30, 2021.
30

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
12.    Stockholders' Equity
Stockholders' Equity Rollforward
The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share data):
AOCI (Loss) Retained
Earnings
Equinix
Stockholders'
Equity
Non-controlling Interests Total Stockholders' Equity
Common Stock Treasury Stock Additional
Paid-in Capital
Accumulated
Dividends
Shares Amount Shares Amount
Balance as of December 31, 2020 89,462,304  $ 89  (328,052) $ (122,118) $ 15,028,357  $ (5,119,274) $ (913,368) $ 1,760,302  $ 10,633,988  $ 130  $ 10,634,118 
Net income (loss) —  —  —  —  —  —  —  156,362  156,362  (288) 156,074 
Other comprehensive loss —  —  —  —  —  —  (95,480) —  (95,480) (1) (95,481)
Issuance of common stock and release of treasury stock for employee equity awards 428,618  11,640  4,332  35,701  —  —  —  40,034  —  40,034 
Dividend distribution on common stock, $2.87 per share
—  —  —  —  —  (256,321) —  —  (256,321) —  (256,321)
Settlement of accrued dividends on vested equity awards —  —  —  —  —  (437) —  —  (437) —  (437)
Accrued dividends on unvested equity awards —  —  —  —  —  (3,661) —  —  (3,661) —  (3,661)
Stock-based compensation, net of estimated forfeitures —  —  —  102,349  —  —  —  102,349  —  102,349 
Balance as of March 31, 2021 89,890,922  90  (316,412) (117,786) 15,166,407  (5,379,693) (1,008,848) 1,916,664  10,576,834  (159) 10,576,675 
Net income —  —  —  —  —  —  —  68,339  68,339  148  68,487 
Other comprehensive income —  —  —  —  —  —  67,734  —  67,734  11  67,745 
Issuance of common stock and release of treasury stock for employee equity awards 36,674  —  1,389  516  (516) —  —  —  —  —  — 
Issuance of common stock under ATM Program 137,604  —  —  —  99,599  —  —  —  99,599  —  99,599 
Dividend distribution on common stock, $2.87 per share
—  —  —  —  —  (257,199) —  —  (257,199) —  (257,199)
Settlement of accrued dividends on vested equity awards —  —  —  —  —  (55) —  —  (55) —  (55)
Accrued dividends on unvested equity awards —  —  —  —  —  (4,016) —  —  (4,016) —  (4,016)
Stock-based compensation, net of estimated forfeitures —  —  —  —  95,236  —  —  —  95,236  —  95,236 
Balance as of June 30, 2021 90,065,200  $ 90  (315,023) $ (117,270) $ 15,360,726  $ (5,640,963) $ (941,114) $ 1,985,003  $ 10,646,472  $ —  $ 10,646,472 
31

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Additional
Paid-in Capital
Accumulated
Dividends
AOCI (Loss) Retained
Earnings
Equinix
Stockholders'
Equity
Non-controlling interests Total Stockholders' Equity
Common Stock Treasury Stock
Shares Amount Shares Amount
Balance as of December 31, 2019 85,700,953  $ 86  (392,567) $ (144,256) $ 12,696,433  $ (4,168,469) $ (934,613) $ 1,391,425  $ 8,840,606  $ (224) $ 8,840,382 
Adjustment from adoption of new accounting standard update —  —  —  —  —  —  —  (900) (900) —  (900)
Net income —  —  —  —  —  —  —  118,792  118,792  165  118,957 
Other comprehensive loss —  —  —  —  —  —  (272,056) —  (272,056) (11) (272,067)
Issuance of common stock and release of treasury stock for employee equity awards 405,550  —  50,594  16,958  13,432  —  —  —  30,390  —  30,390 
Issuance of common stock under ATM Program 162,530  —  —  —  101,791  —  —  —  101,791  —  101,791 
Dividend distribution on common stock, $2.66 per share
—  —  —  —  —  (227,387) —  —  (227,387) —  (227,387)
Settlement of accrued dividends on vested equity awards —  —  —  —  109  (403) —  —  (294) —  (294)
Accrued dividends on unvested equity awards —  —  —  —  —  (3,268) —  —  (3,268) —  (3,268)
Stock-based compensation, net of estimated forfeitures —  —  —  —  81,690  —  —  —  81,690  —  81,690 
Balance as of March 31, 2020 86,269,033  86  (341,973) (127,298) 12,893,455  (4,399,527) (1,206,669) 1,509,317  8,669,364  (70) 8,669,294 
Net income —  —  —  —  —  —  —  133,304  133,304  46  133,350 
Other comprehensive income —  —  —  —  —  —  66,378  —