Assets Held for Sale

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

In June 2019, the Company entered into an agreement to form a joint venture in the form of a limited liability partnership with GIC, Singapore’s sovereign wealth fund (the "Joint Venture"), to develop and operate xScale™ data centers in Europe. Under the terms of the agreement, the Company will own a 20% interest and GIC will own an 80% interest in the Joint Venture. The Company has agreed to sell both its London 10 and Paris 8 data centers, certain construction development and leases in London, Amsterdam and Frankfurt to the Joint Venture. The assets and liabilities of these data centers and facilities, which are currently included within the Company's EMEA operating segment, were classified as held for sale as of June 30, 2019. The transaction is expected to close in the third quarter of 2019, pending regulatory approval and other closing conditions.

In January 2019, the Company entered into an agreement to sell its New York 12 ("NY12") data center. The assets of the NY12 data center to be divested were classified as held for sale. During the six months ended June 30, 2019, the Company recorded an impairment charge of $14.7 million, reducing the carrying value of NY12 assets to the estimated fair value less cost 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, 2019 (in thousands):

Property, plant and equipment	$	264,807
Operating lease right-of-use assets	9,557
Goodwill	68,499
Intangible assets	2,669
Deferred tax assets	1,557
Other assets	6,533
Total assets held for sale	$	353,622
Current portion of operating lease liabilities	$	667
Current portion of finance lease liabilities	112
Operating lease liabilities, less current portion	9,224
Finance lease liabilities, less current portion	41,709
Deferred tax liabilities	335
Other liabilities	983
Total liabilities held for sale	$	53,030