Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of rollforward of stockholders' equity

The following tables provide a rollforward of stockholders' equity for the three and six months ended June 30, 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
Net income	—	—		—		—			—			—			—			133,304			133,304			46			133,350
Other comprehensive income	—	—		—		—			—			—			66,378			—			66,378			2			66,380
Issuance of common stock and release of treasury stock for employee equity awards	34,146	—		688		256			(256		)	—			—			—			—			—			—
Issuance of common stock for equity offering	2,587,500	3							1,683,103												1,683,106						1,683,106
Dividend distribution on common stock, $2.66 per share	—	—		—		—			—			(235,334		)	—			—			(235,334		)	—			(235,334		)
Settlement of accrued dividends on vested equity awards	—	—		—		—			—			(44		)	—			—			(44		)	—			(44		)
Accrued dividends on unvested equity awards	—	—		—		—			—			(4,136		)	—			—			(4,136		)	—			(4,136		)
Stock-based compensation, net of estimated forfeitures	—	—		—		—			75,642			—			—			—			75,642			—			75,642
Balance as of June 30, 2020	88,890,679	$	89	(341,285	)	$	(127,042	)	$	14,651,944		$	(4,639,041	)	$	(1,140,291	)	$	1,642,621		$	10,388,280		$	(22	)	$	10,388,258



									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
Net income	—	—		—		—			—			—			—			143,527			143,527			325			143,852
Other comprehensive loss	—	—		—		—			—			—			(16,078		)	—			(16,078		)	(14		)	(16,092		)
Issuance of common stock and release of treasury stock for employee equity awards	26,435	—		359		76			(76		)	—			—			—			—			—			—
Issuance of common stock under ATM Program	722,361	1		—		—			348,120			—			—			—			348,121			—			348,121
Dividend distribution on common stock, $2.46 per share	—	—		—		—			—			(207,949		)	—			—			(207,949		)	—			(207,949		)
Settlement of accrued dividends on vested equity awards	—	—		—		—			12			(33		)	—			—			(21		)	—			(21		)
Accrued dividends on unvested equity awards	—	—		—		—			—			(2,972		)	—			—			(2,972		)	—			(2,972		)
Stock-based compensation, net of estimated forfeitures	—	—		—		—			59,502			—			—			—			59,502			—			59,502
Balance as of June 30, 2019	85,213,952	85		(394,794	)	(144,725		)	12,450,614			(3,743,869		)	(958,443		)	1,145,580			8,749,242			(13		)	8,749,229

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 June 30, 2020
Foreign currency translation adjustment ("CTA") loss	$	(1,056,918	)	$	(232,497	)	$	(1,289,415	)
Unrealized gain (loss) on cash flow hedges ⁽¹⁾	15,638			(21,124		)	(5,486		)
Net investment hedge CTA gain ⁽¹⁾	107,619			47,888			155,507
Net actuarial gain (loss) on defined benefit plans ⁽²⁾	(952		)	55			(897		)
Accumulated other comprehensive loss attributable to Equinix	$	(934,613	)	$	(205,678	)	$	(1,140,291	)


⁽¹⁾	Refer to Note 7 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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Cost of revenues	$	7,655	$	6,500	$	16,998	$	11,512
Sales and marketing	18,215		15,157		36,760		28,458
General and administrative	49,974		39,862		102,652		70,572
Total	$	75,844	$	61,519	$	156,410	$	110,542