Assets Held for Sale

9 Months Ended

Sep. 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 would own a 20% interest and GIC would own an 80% interest in the Joint Venture. The Company agreed to sell both its London 10 and Paris 8 data centers, and certain construction development and leases in London 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 September 30, 2019. For further information on the Joint Venture, see Note 13 below.

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 nine months ended September 30, 2019, the Company recorded an impairment charge of $16.0 million, reducing the carrying value of NY12 assets to the estimated fair value less cost to sell. The transaction closed in October 2019.

The following table summarizes the assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheet as of September 30, 2019 (in thousands):

Other current assets	$	575
Property, plant and equipment	297,780
Operating lease right-of-use assets	9,187
Goodwill	67,950
Intangible assets	2,286
Deferred tax assets	1,571
Other assets	124
Total assets held for sale	$	379,473
Current portion of operating lease liabilities	$	754
Current portion of finance lease liabilities	167
Operating lease liabilities, less current portion	8,718
Finance lease liabilities, less current portion	41,099
Deferred tax liabilities	386
Other liabilities	968
Total liabilities held for sale	$	52,092