Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of rollforward of stockholders' equity

The following tables provide a rollforward of stockholders' equity for the three and nine months ended September 30, 2020 and 2019 (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, 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

											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 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
Net income	—	—		—	—		—		—		—		66,687		66,687		144		66,831
Other comprehensive income	—	—		—	—		—		—		38,490		—		38,490		30		38,520
Issuance of common stock and release of treasury stock for employee equity awards	287,635	—		11,705	4,356		27,372		—		—		—		31,728		—		31,728
Issuance of common stock under ATM Program	252,982	—		—	—		196,477		—		—		—		196,477		—		196,477
Dividend distribution on common stock, $2.66 per share	—	—		—	—		—		(236,538)		—		—		(236,538)		—		(236,538)
Settlement of accrued dividends on vested equity awards	—	—		—	—		81		(275)		—		—		(194)		—		(194)
Accrued dividends on unvested equity awards	—	—		—	—		—		(3,764)		—		—		(3,764)		—		(3,764)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		74,648		—		—		—		74,648		—		74,648
Balance as of September 30, 2020	89,431,296	$	89	(329,580)	$	(122,686)	$	14,950,522	$	(4,879,618)	$	(1,101,801)	$	1,709,308	$	10,555,814	$	152	$	10,555,966

							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
Net income (loss)	—	—		—	—		—		—		—		120,850		120,850		(39)		120,811
Other comprehensive loss	—	—		—	—		—		—		(81,793)		—		(81,793)		(28)		(81,821)
Issuance of common stock and release of treasury stock for employee equity awards	276,497	1		2,010	424		24,000		—		—		—		24,425		—		24,425

							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
Issuance of common stock under ATM Program	181,194	—		—	—		99,421		—		—		—		99,421		—		99,421
Dividend distribution on common stock, $2.46 per share	—	—		—	—		—		(209,226)		—		—		(209,226)		—		(209,226)
Settlement of accrued dividends on vested equity awards	—	—		—	—		12		(230)		—		—		(218)		—		(218)
Accrued dividends on unvested equity awards	—	—		—	—		—		(2,993)		—		—		(2,993)		—		(2,993)
Stock-based compensation, net of estimated forfeitures	—	—		—	—		61,403		—		—		—		61,403		—		61,403
Balance as of September 30, 2019	85,671,643	$	86	(392,784)	$	(144,301)	$	12,635,450	$	(3,956,318)	$	(1,040,236)	$	1,266,430	$	8,761,111	$	(80)	$	8,761,031

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 September 30, 2020
Foreign currency translation adjustment ("CTA") gain (loss)	$	(1,056,918)	$	66,914	$	(990,004)
Unrealized gain (loss) on cash flow hedges (1)	15,638		(54,966)		(39,328)
Net investment hedge CTA gain (loss) (1)	107,619		(179,213)		(71,594)
Net actuarial gain (loss) on defined benefit plans (2)	(952)		77		(875)
Accumulated other comprehensive loss attributable to Equinix	$	(934,613)	$	(167,188)	$	(1,101,801)

(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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cost of revenues	$	7,856	$	7,104	$	24,854	$	18,616
Sales and marketing	17,630		15,794		54,390		44,252
General and administrative	49,762		40,973		152,414		111,545
Total	$	75,248	$	63,871	$	231,658	$	174,413