Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of rollforward of stockholders' equity

The following tables provide a rollforward of stockholders' equity for the three months ended March 31, 2020 and 2019 (in thousands):



														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			Additional Paid-in Capital		Accumulated Dividends
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



									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, 2018	81,119,117	$	81	(396,859	)	$	(145,161	)	$	10,751,313	$	(3,331,200	)	$	(945,702	)	$	889,948		$	7,219,279		$	—		$	7,219,279
Adjustment from adoption of new accounting standard update	—	—		—		—			—		—			—			(5,973		)	(5,973		)	—			(5,973		)
Net income (loss)	—	—		—		—			—		—			—			118,078			118,078			(331		)	117,747
Other comprehensive income	—	—		—		—			—		—			3,337			—			3,337			7			3,344
Issuance of common stock and release of treasury stock for employee equity awards	360,464	—		1,706		360			27,233		—			—			—			27,593			—			27,593
Issuance of common stock for equity offering	2,985,575	3		—		—			1,213,431		—			—			—			1,213,434			—			1,213,434
Dividend distribution on common stock, $2.46 per share	—	—		—		—			—		(198,933		)	—			—			(198,933		)	—			(198,933		)
Settlement of accrued dividends on vested equity awards	—	—		—		—			284		(387		)	—			—			(103		)	—			(103		)
Accrued dividends on unvested equity awards	—	—		—		—			—		(2,395		)	—			—			(2,395		)	—			(2,395		)
Stock-based compensation, net of estimated forfeitures	—	—		—		—			50,795		—			—			—			50,795			—			50,795
Balance as of March 31, 2019	84,465,156	$	84	(395,153	)	$	(144,801	)	$	12,043,056	$	(3,532,915	)	$	(942,365	)	$	1,002,053		$	8,425,112		$	(324	)	$	8,424,788

Schedule of changes in accumulated other comprehensive loss

The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):



	Balance as of December 31, 2019			Net Change			Balance as of March 31, 2020
Foreign currency translation adjustment ("CTA") loss	$	(1,056,918	)	$	(413,781	)	$	(1,470,699	)
Unrealized gain on cash flow hedges ⁽¹⁾	15,638			(3,256		)	12,382
Net investment hedge CTA gain ⁽¹⁾	107,619			144,946			252,565
Net actuarial loss on defined benefit plans ⁽²⁾	(952		)	35			(917		)
Accumulated other comprehensive loss attributable to Equinix	$	(934,613	)	$	(272,056	)	$	(1,206,669	)


⁽¹⁾	Refer to Note 6 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

⁽²⁾

The Company has a defined benefit pension plan covering all employees in one country where such plan is mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization.

Schedule of stock-based compensation expense by operating expense category

The following table presents, by operating expense category, the Company's stock-based compensation expense recognized in the Company's condensed consolidated statements of operations (in thousands):



	Three Months Ended March 31,
	2020		2019
Cost of revenues	$	9,343	$	5,012
Sales and marketing	18,545		13,301
General and administrative	52,678		30,710
Total	$	80,566	$	49,023