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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-40205
  
logoa01.jpg
 EQUINIX, INC.
(Exact name of registrant as specified in its charter)
  
Delaware 77-0487526
(State of incorporation) (I.R.S. Employer Identification No.)
One Lagoon Drive, Redwood City, California 94065
(Address of principal executive offices, including ZIP code)
(650) 598-6000
(Registrant's telephone number, including area code)
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.001EQIXThe Nasdaq Stock Market LLC
0.250% Senior Notes due 2027The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated


filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒
The number of shares outstanding of the registrant's Common Stock as of October 26, 2023 was 93,883,424.

Table of Contents
EQUINIX, INC.
INDEX
Page
No.
Item 1.
Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3
Table of Contents

Summary of Risk Factors
Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).
Risks Related to the Macro Environment

•Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
•We are currently operating in a period of economic uncertainty and capital markets disruption, which has been the result of many global macro-economic factors including the ongoing military conflict between Russia and Ukraine. These macro-economic and other factors could negatively affect our business and financial condition.
•Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as restrictions on access to power.
Risks Related to our Operations

•We experienced an information technology security breach in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
•Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
•We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
•The level of insurance coverage that we purchase may prove to be inadequate.
•If we are unable to implement our evolving organizational structure or if we are unable to recruit or retain key executives and qualified personnel, our business could be harmed.
•The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
•We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
•The use of high-power density equipment may limit our ability to fully utilize our older IBX data centers.

Risks Related to our Offerings and Customers

•Our offerings have a long sales cycle that may harm our revenue and results of operations.
•We may not be able to compete successfully against current and future competitors.
•If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
•We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
•Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.

4
Table of Contents
Risks Related to our Financial Results

•Our results of operations may fluctuate.
•We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
•We have incurred substantial losses in the past and may incur additional losses in the future.

Risks Related to Our Expansion Plans

•Our construction of new IBX data centers or IBX data center expansions could involve significant risks to our business.
•Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
•The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.
•Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
•If we cannot effectively manage our international operations, and successfully implement our international expansion plans, or comply with evolving laws and regulations, our revenues may not increase, our costs may increase and our business and results of operations would be impacted.
•We continue to invest in our expansion efforts, but may not have sufficient customer demand in the future to realize expected returns on these investments.

Risks Related to Our Capital Needs and Capital Strategy

•Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
•Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
•If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
•Our derivative transactions expose us to counterparty credit risk.

Risks Related to Environmental Laws and Climate Change Impacts

•Environmental regulations may impose upon us new or unexpected costs.
•Our business may be adversely affected by climate change and responses to it.
•We may fail to achieve our Environmental, Social and Governance ("ESG") and sustainability goals, or may encounter objections to them, either of which may adversely affect public perception of our business and affect our relationship with our customers, our stockholders and/or other stakeholders.

Risks Related to Certain Regulations and Laws, Including Tax Laws

•Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
•Government regulation or failure to comply with laws and regulations may adversely affect our business.
•Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.

Risks Related to Our REIT Status in the U.S.

•We have a number of risks related to our qualification as a real estate investment trust for federal income tax purposes ("REIT"), including the risk that we may not be able to maintain our qualification for taxation as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
September 30,
2023		December 31,
2022
 (Unaudited)
Assets
Current assets:
Cash and cash equivalents$2,357,497 $1,906,421 
       Accounts receivable, net of allowance of $20,199 and $12,225
1,030,694 855,380 
Other current assets497,189 459,138 
Assets held for sale— 84,316 
Total current assets3,885,380 3,305,255 
Property, plant and equipment, net17,370,577 16,649,534 
Operating lease right-of-use assets1,516,011 1,427,950 
Goodwill5,589,124 5,654,217 
Intangible assets, net1,730,538 1,897,649 
Other assets1,592,972 1,376,137 
Total assets$31,684,602 $30,310,742 
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$1,058,235 $1,004,800 
Accrued property, plant and equipment363,549 281,347 
Current portion of operating lease liabilities135,636 139,538 
Current portion of finance lease liabilities133,360 151,420 
Current portion of mortgage and loans payable8,211 9,847 
Other current liabilities194,700 251,346 
Total current liabilities1,893,691 1,838,298 
Operating lease liabilities, less current portion1,399,852 1,272,812 
Finance lease liabilities, less current portion2,121,382 2,143,690 
Mortgage and loans payable, less current portion637,625 642,708 
Senior notes12,945,222 12,109,539 
Other liabilities775,271 797,863 
Total liabilities19,773,043 18,804,910 
Commitments and contingencies (Note 11)
Redeemable non-controlling interest25,000 — 
Equinix stockholders’ equity:
Common stock, $0.001 par value per share: 300,000,000 shares authorized; 94,036,882 issued and 93,883,296 outstanding in 2023 and 92,813,976 issued and 92,620,703 outstanding in 2022
94 93 
Additional paid-in capital18,051,150 17,320,017 
Treasury stock, at cost; 153,586 shares in 2023 and 193,273 shares in 2022
(57,199)(71,966)
Accumulated dividends(8,287,599)(7,317,570)
Accumulated other comprehensive loss(1,526,010)(1,389,446)
Retained earnings3,706,448 2,964,838 
Total Equinix stockholders' equity11,886,884 11,505,966 
Non-controlling interests(325)(134)
Total stockholders’ equity11,886,559 11,505,832 
Total liabilities, redeemable non-controlling interest and stockholders’ equity$31,684,602 $30,310,742 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
 (Unaudited)
Revenues$2,061,030 $1,840,659 $6,077,647 $5,392,260 
Costs and operating expenses:
Cost of revenues1,068,991 934,669 3,135,882 2,780,801 
Sales and marketing212,506 193,089 638,193 579,327 
General and administrative403,890 375,483 1,205,193 1,098,518 
Transaction costs(775)2,007 6,543 11,310 
(Gain) loss on asset sales(3,933)2,252 (5,022)3,976 
Total costs and operating expenses1,680,679 1,507,500 4,980,789 4,473,932 
Income from operations380,351 333,159 1,096,858 918,328 
Interest income23,111 11,192 66,002 17,806 
Interest expense(101,385)(91,346)(298,839)(262,137)
Other expense(5,972)(6,735)(9,987)(22,522)
Gain (loss) on debt extinguishment(360)75 (106)184 
Income before income taxes295,745 246,345 853,928 651,659 
Income tax expense(19,985)(34,606)(112,425)(75,985)
Net income275,760 211,739 741,503 575,674 
Net (income) loss attributable to non-controlling interests34 68 107 (92)
Net income attributable to Equinix$275,794 $211,807 $741,610 $575,582 
Earnings per share (“EPS”) attributable to Equinix:
Basic EPS$2.94 $2.30 $7.94 $6.31 
Weighted-average shares for basic EPS93,683 91,896 93,396 91,234 
Diluted EPS$2.93 $2.30 $7.91 $6.29 
Weighted-average shares for diluted EPS94,168 92,135 93,788 91,519 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
 (Unaudited)
Net income$275,760 $211,739 $741,503 $575,674 
Other comprehensive loss, net of tax:
Foreign currency translation adjustment (“CTA”) loss, net of tax effects of $0, $0, $0 and $0
(412,910)(703,640)(229,773)(1,566,602)
Net investment hedge CTA gain, net of tax effects of $0, $0, $0 and $0
149,608 360,350 85,462 805,661 
Unrealized gain on cash flow hedges, net of tax effects of $(9,333), $(2,250), $(4,378) and $(14,268)
25,685 6,120 8,012 90,774 
Net actuarial loss on defined benefit plans, net of tax effects of $29, $5, $84 and $14
(119)(19)(350)(59)
Total other comprehensive loss, net of tax(237,736)(337,189)(136,649)(670,226)
Comprehensive income (loss), net of tax38,024 (125,450)604,854 (94,552)
Net (income) loss attributable to non-controlling interests34 68 107 (92)
Other comprehensive loss attributable to non-controlling interests182 28 85 60 
Comprehensive income (loss) attributable to Equinix$38,240 $(125,354)$605,046 $(94,584)
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20232022
 (Unaudited)
Cash flows from operating activities:
Net income$741,503 $575,674 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,224,476 1,145,485 
Stock-based compensation301,707 296,464 
Amortization of intangible assets157,199 153,317 
Amortization of debt issuance costs and debt discounts13,927 13,273 
Provision for credit loss allowance14,873 5,534 
(Gain) Loss on asset sales(5,022)3,976 
(Gain) Loss on debt extinguishment 106 (184)
Other items26,992 18,964 
Changes in operating assets and liabilities:
Accounts receivable(199,703)(97,206)
Income taxes, net(6,585)9,874 
Other assets(127,695)(145,376)
Operating lease right-of-use assets117,080 112,923 
Operating lease liabilities(98,964)(98,245)
Accounts payable and accrued expenses84,949 83,089 
Other liabilities(26,962)125,431 
Net cash provided by operating activities2,217,881 2,202,993 
Cash flows from investing activities:
Purchases of investments(81,347)(109,420)
Sales of investments— 22,073 
Business acquisitions, net of cash and restricted cash acquired— (964,010)
Real estate acquisitions(153,293)(39,899)
Purchases of other property, plant and equipment(1,785,298)(1,450,077)
Proceeds from sale of assets, net of cash transferred76,936 249,906 
Net cash used in investing activities(1,943,002)(2,291,427)
Cash flows from financing activities:
Proceeds from employee equity programs86,963 81,543 
Payment of dividends(970,992)(863,886)
Proceeds from public offering of common stock, net of issuance costs300,775 796,018 
Proceeds from senior notes, net of debt discounts902,092 1,193,688 
Proceed from mortgage and loans payable— 676,850 
Repayment of finance lease liabilities(98,091)(97,808)
Proceeds from redeemable non-controlling interest25,000 — 
Repayment of mortgage and loans payable(5,556)(586,227)
Debt issuance costs(7,239)(17,731)
Net cash provided by financing activities232,952 1,182,447 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash(57,825)(135,599)
Net increase in cash, cash equivalents and restricted cash450,006 958,414 
Cash, cash equivalents and restricted cash at beginning of period1,908,248 1,549,454 
Cash, cash equivalents and restricted cash at end of period$2,358,254 $2,507,868 
Cash and cash equivalents$2,357,497 $2,500,816 
Current portion of restricted cash included in other current assets666 2,529 
Non-current portion of restricted cash included in other assets91 4,523 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows$2,358,254 $2,507,868 
See accompanying notes to condensed consolidated financial statements.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented.
Our condensed consolidated balance sheet data as of December 31, 2022 has been derived from audited consolidated financial statements as of that date. Our condensed consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission ("SEC"), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 17, 2023. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.
Consolidation
The accompanying unaudited condensed consolidated financial statements include the acquisitions of:
•Four data centers as well as a subsea cable and terrestrial fiber network in West Africa acquired from MainOne Cable Company ("MainOne") starting from April 1, 2022; and
•Four data centers in Chile and a data center in Peru acquired from Empresa Nacional De Telecomunicaciones S.A. ("Entel") starting from May 2, 2022 and August 1, 2022, respectively.
All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes
We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions.
Our effective tax rates were 13.2% and 11.7% for the nine months ended September 30, 2023 and 2022, respectively. The increase in the effective tax rate for the nine months ended September 30, 2023 as compared to the same period in 2022 is primarily due to the reversal of uncertain tax positions from the settlement of tax audits in the EMEA region of approximately $40.0 million in the prior period versus $13.4 million in the current period.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Recent Accounting Pronouncements
Accounting Standards Adopted
Supplier Finance Programs
In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. On January 1, 2023, we adopted this ASU and the adoption of this standard did not have an impact on our condensed consolidated financial statements.
Reference Rate Reform
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In addition, FASB issued ASU 2021-01, Reference Rate Reform ("Topic 848"), which clarifies the scope of Topic 848. Collectively, the guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2021-01 is effective upon issuance and ASU 2020-04 was effective for all entities as of March 12, 2020, and together remained effective through December 31, 2022. In December 2022, FASB issued ASU 2022-06, Reference Rate Reform ("Topic 848"): Deferral of the Sunset Date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. We adopted these ASUs upon their respective issuances and there was no impact on our consolidated financial statements as a result of adopting the guidance. We will evaluate our debt, derivative and lease contracts that may become eligible for modification relief and may apply the elections prospectively as needed.
Debt with Conversion and Other Options
In August 2020, FASB issued ASU 2020-06: Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock and modifies the disclosure requirement for the convertible instruments. Additionally, this ASU improves the consistency of EPS calculations by eliminating the use of the treasury stock method to calculate diluted EPS for convertible instruments and clarifies certain areas under the current EPS guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted at the beginning of the fiscal year after December 15, 2020. On January 1, 2022, we adopted this ASU on a prospective basis and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.
Business Combinations
In October 2021, FASB issued ASU 2021-08 Business Combinations ("Topic 805"): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. Under the current business combinations guidance, such assets and liabilities were recognized by the acquirer at fair value on the acquisition date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. On April 1, 2022, we early adopted this ASU and the adoption of this standard did not have a material impact on our condensed consolidated financial statements.

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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2. Revenue
Contract Balances
The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in thousands):
Accounts receivable, net (1)
Contract assets, currentContract assets, non-currentDeferred revenue, currentDeferred revenue, non-current
Beginning balances as of January 1, 2023
$855,380 $27,608 $55,405 $132,090 $155,334 
Closing balances as of September 30, 2023
1,030,694 31,366 74,786 116,937 153,129 
Increase (Decrease)$175,314 $3,758 $19,381 $(15,153)$(2,205)
(1) The net change in our allowance for credit losses was insignificant during the nine months ended September 30, 2023.
The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the nine months ended September 30, 2023 from the opening deferred revenue balance as of January 1, 2023 was $80.0 million.
Remaining performance obligations
As of September 30, 2023, approximately $9.8 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to three years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployment dates, contract modifications, renewals and/or terminations.
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, point-in-time services, variable price increases, and service fees from xScaleTM data centers, which are calculated based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties such as the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.    Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented (in thousands, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Net income$275,760 $211,739 $741,503 $575,674 
Net (income) loss attributable to non-controlling interests34 68 107 (92)
Net income attributable to Equinix$275,794 $211,807 $741,610 $575,582 
Weighted-average shares used to calculate basic EPS93,683 91,896 93,396 91,234 
Effect of dilutive securities:
Employee equity awards485 239 392 285 
Weighted-average shares used to calculate diluted EPS94,168 92,135 93,788 91,519 
EPS attributable to Equinix:
Basic EPS$2.94 $2.30 $7.94 $6.31 
Diluted EPS$2.93 $2.30 $7.91 $6.29 
We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 25,000 and 351,000 shares for the three months ended September 30, 2023 and 2022, respectively, and approximately 79,000 and 379,000 shares for the nine months ended September 30, 2023 and 2022, respectively, because its effect would be anti-dilutive.
4.    Acquisitions
2022 Acquisitions
Acquisition of Entel Chile Data Centers (the "Entel Chile Acquisition") and Entel Peru Data Center (the "Entel Peru Acquisition")
On May 2, 2022, we further expanded in Latin America through an acquisition of four data centers in Chile from Entel, a leading Chilean telecommunications provider, for a total purchase consideration of $638.3 million at the exchange rate in effect on that date. On August 1, 2022, we completed the acquisition of a data center in Peru from Entel for a total purchase consideration of $80.3 million at the exchange rate in effect on that date. The Entel Chile Acquisition and Entel Peru Acquisition support our ongoing expansion to meet customer demand in the Latin American market.
Acquisition of MainOne (the "MainOne Acquisition")
On April 1, 2022, we completed the acquisition of all outstanding shares of MainOne, which consisted of four data centers as well as a subsea cable and terrestrial fiber network. We acquired MainOne and its assets for a total purchase consideration of $278.4 million. The MainOne Acquisition supports our ongoing expansion to meet customer demand in the West African market.
Purchase Price Allocation
Each of the acquisitions noted above constitute a business under the accounting standard for business combinations and, therefore, were accounted for as business combinations using the acquisition method of accounting. Under this method, the total purchase price is allocated to the assets acquired and liabilities assumed measured at fair value on the date of acquisition, except where alternative measurement is required under GAAP.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
During the nine months ended September 30, 2023, we completed the detailed valuation analysis and the final allocation of purchase price for the Entel Chile, Entel Peru, and MainOne Acquisitions.
A summary of the final allocation of total purchase consideration is presented as follows (in thousands):
Entel ChileEntel PeruMainOne
Cash and cash equivalents$— $— $33,026 
Accounts receivable— — 9,431 
Other current assets 12,424 — 21,988 
Property, plant and equipment81,132 13,423 239,583 
Intangible assets153,489 10,000 54,800 
Goodwill380,867 46,285 110,665 
Deferred tax and other assets12,090 10,801 5,879 
Total assets acquired
640,002 80,509 475,372 
Accounts payable and accrued liabilities(195)— (18,525)
Other current liabilities (1)
— — (13,061)
Mortgage and loans payable— — (25,944)
Deferred tax and other liabilities (1)
(1,463)(167)(139,492)
Net assets acquired
$638,344 $80,342 $278,350 
(1)For the MainOne Acquisition, other current liabilities includes $9.9 million of deferred revenue - current and the other liabilities includes $95.4 million of deferred revenue - non-current.
Property, plant and equipment - The fair values of property, plant and equipment acquired from these three acquisitions were estimated by applying the cost approach, with the exception of land, which we estimated by applying the market approach. The key assumptions of the cost approach include replacement cost new, physical deterioration, functional and economic obsolescence, economic useful life, remaining useful life, age and effective age.
Intangible assets - The following table presents certain information on the acquired intangible assets (in thousands):
Intangible AssetsFair ValueEstimated Useful Lives (Years)Weighted-average Estimated Useful Lives (Years)Discount Rate
Entel Chile:
Customer relationships (1)
$153,489 
12.0 - 15.0
14.0
8.5% - 9.5%
Entel Peru:
Customer relationships (1)
10,000 15.015.07.0 %
MainOne:
Customer relationships (1)
51,500 
10.0 - 15.0
14.011.5 %
Trade names (2)
3,300 5.05.011.5 %
(1)The fair value was estimated by calculating the present value of estimated future operating cash flows generated from existing customers less costs to realize the revenue and/or by using benchmarking. The rates reflect the nature of the assets as they relate to the risk and uncertainty of the estimated future operating cash flows, as well as the risk of the country within which the acquired business operates.
(2)The fair value of the MainOne trade name was estimated using the relief from royalty method under the income approach. We applied a relief from royalty rate of 1.0%.


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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill is attributable to the workforce of the acquired business and the projected revenue increase expected to arise from future customers after the acquisition. Goodwill from the Entel Chile and Entel Peru acquisitions is attributable to the Americas region. Goodwill from the Entel Chile acquisition is amortizable for local tax purposes, while goodwill from the Entel Peru acquisition is not expected to be amortizable for local tax purposes. Goodwill from the MainOne Acquisition is attributable to the EMEA region and is generally not deductible for local tax purposes.
5.    Assets Held for Sale
In June 2021, we entered into an agreement to form a joint venture in the form of a limited liability partnership with GIC Private Limited, Singapore's sovereign wealth fund ("GIC"), to develop and operate xScaleTM data centers in Europe and the Americas (the “EMEA 2 Joint Venture”). xScale data centers are engineered to meet the technical and operational requirements and price points of core hyperscale workload deployments and also offer access to our comprehensive suite of interconnection and edge solutions. The transaction was structured to close in phases over the course of approximately two years, pending regulatory approval and other closing conditions. The assets and liabilities of the Warsaw 4 ("WA4") data center site, which were included within our EMEA region, were classified as held for sale as of June 30, 2021. In June 2022, we sold the WA4 data center in exchange for a total consideration of $61.5 million. We recognized an insignificant gain on the sale of the WA4 data center.
In October 2021, we entered into an agreement to form a joint venture in the form of a limited liability partnership with PGIM Real Estate ("PGIM"), to develop and operate xScale data centers in Asia-Pacific (the "Asia-Pacific 2 Joint Venture"). The assets and liabilities of the Sydney 9 ("SY9") data center site, which were included within our Asia-Pacific region, were classified as held for sale as of September 30, 2021. Upon closing the joint venture in March 2022, we sold the SY9 data center in exchange for a total consideration of $201.3 million, which was comprised of $165.6 million of net cash proceeds, a 20% partnership interest in the Asia-Pacific 2 Joint Venture with a fair value of $29.8 million, and $5.9 million of receivables. We recognized an insignificant loss on the sale of the SY9 data center.
In March 2022, we entered into an agreement to sell the Mexico 3 ("MX3") data center site in connection with the formation of a new joint venture with GIC (the "AMER 1 Joint Venture") to develop and operate xScale data centers in the Americas. The assets and liabilities of the MX3 data center, which were included within our Americas region, were classified as held for sale as of September 30, 2021. Upon closing of the joint venture in March 2023, we sold the MX3 data center in exchange for a total consideration of $75.1 million, which was comprised of $63.9 million of net cash proceeds, a 20% partnership interest in the AMER 1 Joint Venture with a fair value of $8.4 million, and $2.8 million of receivables. During the nine months ended September 30, 2023, we recognized an insignificant loss on the sale of the MX3 data center.
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EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
6.    Equity Method Investments
We hold various equity method investments, primarily joint venture or partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these xScale joint ventures are classified as Variable Interest Entities ("VIEs"), as discussed further below. The Asia-Pacific 1, Asia-Pacific 2, Asia-Pacific 3, EMEA 2 and AMER 1 Joint Ventures as noted below (the "VIE Joint Ventures") share a similar purpose, design and nature of assets. The following table summarizes our equity method investments (in thousands), which were included in other assets on the condensed consolidated balance sheets:
InvesteeOwnership PercentageSeptember 30, 2023December 31, 2022
EMEA 1 Joint Venture with GIC20%$150,165 $148,895 
VIE Joint Ventures20%243,540 191,680 
OtherVarious10,245 7,570 
Total$403,950 $348,145 
Non - VIE Joint Venture
EMEA 1 Joint Venture
We invested in a joint venture in the form of a limited liability partnership with GIC (the "EMEA 1 Joint Venture"), to develop and operate xScale data centers in Europe. The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three and nine months ended September 30, 2023 and 2022 and was included in other income (expense) on the condensed consolidated statement of operations.
We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of September 30, 2023, we had future equity contribution commitments of $6.3 million.
VIE Joint Ventures
Preceding 2022, we invested in partnerships with GIC to develop and operate xScale data centers in Asia-Pacific (the "Asia-Pacific 1 Joint Venture") and in Europe and the Americas (the EMEA 2 Joint Venture, see Note 5 above).
On March 11, 2022, we entered into the Asia-Pacific 2 Joint Venture with PGIM to develop and operate additional xScale data centers in Asia-Pacific (see Note 5 above).
On April 6, 2022, we entered into a partnership with GIC (the "Asia-Pacific 3 Joint Venture") to develop and operate additional xScale data centers in Seoul, Korea. Upon closing, we contributed $17.0 million in exchange for a 20% partnership interest in the joint venture.
On March 10, 2023, we entered into the AMER 1 Joint Venture with GIC to develop and operate xScale data centers in the Americas (see Note 5 above). Upon closing, we contributed $8.4 million in exchange for a 20% partnership interest in the joint venture.
The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to their operations and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and either GIC or PGIM, as applicable. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and either GIC or PGIM, as applicable. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is
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(Unaudited)
considered to be the primary beneficiary. Our share of losses of equity method investments from these joint ventures were insignificant for the three months ended September 30, 2023 and 2022, respectively, and $8.0 million and $5.5 million for the nine months ended September 30, 2023 and 2022, respectively. These amounts were included in other income (expense) on the condensed consolidated statement of operations.
The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of September 30, 2023 (in thousands):
VIE Joint Ventures
Equity Investment$243,540 
Outstanding Receivables26,706 
Future Equity Contribution Commitments (1)
45,211 
Maximum Future Payments under Debt Guarantees (2)
144,522 
Total $459,979 
(1)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt.
(2)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees related to our AMER 1 Joint Venture (see Note 11).
Other Related Party Transactions
We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (collectively, the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, and asset management. These transactions are generally considered to have been negotiated at arm's length. The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Related PartyNature of Transaction2023202220232022
EMEA 1 Joint VentureRevenues$8,520 $5,957 $22,512 $31,138 
EMEA 1 Joint Venture
Expenses (1)
4,406 2,010 12,650 5,422 
VIE Joint Ventures (2)
Revenues13,153 9,551 52,220 29,739 
(1)Balances primarily consist of rent expenses for a 15-year sub-lease agreement with the EMEA 1 Joint Venture for a London data center.
(2)Expenses from transactions with VIE Joint Ventures were insignificant for the three and nine months ended September 30, 2023 and 2022.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in thousands):
Related PartyBalance Sheet Line ItemSeptember 30, 2023December 31, 2022
EMEA 1 Joint VentureReceivables$32,824 $73,929 
Contract Assets7,170 7,261 
Finance Lease Right-of-Use Assets
95,409 100,968 
Operating Lease Right-of-Use Assets1,443 — 
Operating Lease Right-of-Use Liabilities1,495 — 
Other Liabilities and Payables (1)
40,844 20,160 
Deferred Revenue14,853 15,470 
Finance Lease Right-of-Use Liabilities
106,857 108,603 
VIE Joint VenturesReceivables26,706 19,935 
Contract Assets22,679 5,281 
Finance Lease Right-of-Use Assets
71,308 — 
Operating Lease Right-of-Use Assets1,153 — 
Operating Lease Right-of-Use Liabilities1,100 — 
Other Liabilities and Payables55 — 
Deferred Revenue5,038 — 
Finance Lease Right-of-Use Liabilities
73,750 — 
(1)The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.
7.    Derivatives and Hedging Activities
Derivatives Designated as Hedging Instruments
Net Investment Hedges. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of both September 30, 2023 and December 31, 2022, the total principal amounts of foreign currency debt obligations designated as net investment hedges was $1.5 billion.
We also utilize cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. As of September 30, 2023 and December 31, 2022, the total notional amount of cross-currency interest rate swaps designated as net investment hedges were $3.5 billion and $3.9 billion respectively, with maturity dates ranging through 2026.
From time to time, we use foreign currency forward contracts, which are designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. As of September 30, 2023 and December 31, 2022, the total notional amount of foreign currency forward contracts designated as net investment hedges were $359.8 million and $373.4 million, respectively.
Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Foreign currency debt$51,080 $125,840 $11,830 $283,431 
Cross-currency interest rate swaps (included component) (1)
100,788 228,210 79,700 571,532 
Cross-currency interest rate swaps (excluded component) (2)
(11,957)(23,959)(14,775)(92,913)
Foreign currency forward contracts (included component) (1)
9,822 33,257 8,701 48,900 
Foreign currency forward contracts (excluded component) (3)
(125)(2,998)6 (5,289)
Total
$149,608 $360,350 $85,462 $805,661 
Amount of gain or (loss) recognized in earnings:
Location of gain or (loss)Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Cross-currency interest rate swaps (excluded component) (2)
Interest expense
$10,636 $12,739 $34,676 $37,346 
Foreign currency forward contracts (excluded component) (3)
Interest expense
492 (154)1,136 (317)
Total
$11,128 $12,585 $35,812 $37,029 
(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents cross-currency basis spread and interest rates.
(3)Excluded component represents foreign currency forward points.
Cash Flow Hedges. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and the British Pound and Euro. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges. As of September 30, 2023 and December 31, 2022, the total notional amounts of these foreign exchange contracts were $856.2 million and $490.8 million, respectively.
As of September 30, 2023, our foreign currency cash flow hedge instruments had maturity dates ranging from October 2023 to December 2024 and we had a net gain of $17.8 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. As of December 31, 2022, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2023 to February 2024 and we had a net gain of $8.2 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months.
We enter into intercompany hedging instruments ("intercompany derivatives") with our wholly-owned subsidiaries in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, we enter into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives.
We hedge the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of both September 30, 2023 and December 31, 2022, we had no interest rate locks outstanding. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of September 30, 2023 and December 31,
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(Unaudited)
2022, we had a net gain of $1.2 million and $1.4 million, respectively, recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks.
We also use cross-currency swaps, which are designated as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated debt. As of both September 30, 2023 and December 31, 2022, the total notional amount of cross-currency interest rate swaps, designated as cash flow hedges, was $280.3 million.
The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands):
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Foreign currency forward and option contracts (included component) (1)
$36,171 $8,720 $19,351 $55,300 
Cross-currency interest rate swaps(865)— (2,280)— 
Interest rate locks
(288)(350)(4,681)49,742 
Total
$35,018 $8,370 $12,390 $105,042 
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location of gain or (loss)2023202220232022
Foreign currency forward contracts
Revenues
$(12,192)$53,874 $(6,596)$89,275 
Foreign currency forward contracts
Costs and operating expenses
8,676 (25,869)12,863 (42,974)
Interest rate locks
Interest Expense
288 350 892 (376)
Total
$(3,228)$28,355 $7,159 $45,925 
(1)Included component represents foreign exchange spot rates.
Derivatives Not Designated as Hedging Instruments
Embedded Derivatives. As described above, certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them.
Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Foreign Currency Forward Contracts. We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts. As of September 30, 2023 and December 31, 2022, the total notional amounts of these foreign currency contracts were $2.2 billion and $3.0 billion, respectively.
Cross-currency Interest Rate Swaps. During the three months ended September 30, 2023, we elected to de-designate a portion of our cross-currency interest rate swaps previously designated as net investment hedges. Gains and losses subsequent to the de-designation will be recognized in earnings to offset remeasurement gains and losses from foreign currency monetary assets and liabilities. We also entered into $167.7 million of cross-currency interest rate swaps, which were not previously designated as hedging instruments. As of September 30, 2023, the total notional amount of cross-currency interest rate swaps which were not designated as hedging instruments was $544.8 million.
The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in thousands):
Amount of gain or (loss) recognized in earnings:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location of gain or (loss)2023202220232022
Embedded derivatives (1)
Revenues$— $— $— $(568)
Economic hedge of embedded derivatives (2)
Revenues— — — (983)
Foreign currency forward contracts
Other income (expense)77,823 138,725 81,591 272,342 
Cross-currency interest rate swapsOther income (expense)2,651 — 2,651 — 
    Total
$80,474 $138,725 $84,242 $270,791 
(1)Embedded derivatives which are considered foreign currency forward contracts were designated as net investment hedges beginning March 31, 2022.
(2)As of September 30, 2023, we had no economic hedge of embedded derivatives outstanding.
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(Unaudited)
Fair Value of Derivative Instruments
The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023December 31, 2022
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts
$29,798 $6,333 $27,812 $21,352 
Cross-currency interest rate swaps22,144 — 19,239 — 
Net investment hedges
Foreign currency forward contracts15,089 1,875 25,077 4,805 
Cross-currency interest rate swaps
282,483 — 274,234 — 
Total designated as hedging
349,514 8,208 346,362 26,157 
Not designated as hedging instruments:
Foreign currency forward contracts
31,441 3,380 58,230 7,531 
Cross-currency interest rate swaps
68,512 8,758 — — 
Total not designated as hedging
99,953 12,138 58,230 7,531 
Total Derivatives$449,467 $20,346 $404,592 $33,688 
(1)As presented in our condensed consolidated balance sheets within other current assets and other assets.
(2)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Offsetting Derivative Assets and Liabilities
We enter into master netting agreements with our counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of September 30, 2023 and December 31, 2022 (in thousands):
Gross Amounts Offset in
Consolidated Balance Sheet
Gross AmountsGross Amounts Offset in the Balance SheetNet AmountsGross Amounts not Offset in the Balance SheetNet
September 30, 2023
Derivative assets$475,060 $— $475,060 $(32,408)$442,652 
Derivative liabilities34,284 — 34,284 (32,408)1,876 
December 31, 2022
Derivative assets$424,516 $— $424,516 $(34,429)$390,087 
Derivative liabilities39,234 — 39,234 (34,429)4,805 
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
8.    Fair Value Measurements
We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:
•Level 1: quoted prices in active markets for identical assets or liabilities.
•Level 2: observable inputs (e.g., spot rates and other data from the third-party pricing vendors for our derivative instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.
•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Our financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
September 30, 2023
December 31, 2022
 Fair ValueFair Value
Measurement Using		Fair ValueFair Value
Measurement Using
 Level 1Level 2Level 1Level 2
Assets:
Money market and deposit accounts$1,228,428 $1,228,428 $— $764,628 $764,628 $— 
Derivative instruments (1)
449,467 — 449,467 404,592 — 404,592 
Total
$1,677,895 $1,228,428 $449,467 $1,169,220 $764,628 $404,592 
Liabilities:
Derivative instruments (1)
$20,346 $— $20,346 $33,688 $— $33,688 
(1)Amounts are included within other current assets, other assets, others current liabilities and other liabilities in the condensed consolidated balance sheets.
We did not have any Level 3 financial assets or financial liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
9.    Leases
Significant Lease Transactions
The following table summarizes the significant lease transactions during the nine months ended September 30, 2023 (in thousands):
Renewal/Termination Options excluded (1)
Net Incremental (2)
LeaseQuarterTransactionLease ClassificationROU assetsROU liabilities
Chicago 1/2/4 ("CH1/2/4") data center lease expansionQ2
Expanded CH1 to additional space within the building (3)
One 10-year renewal option
Operating Lease$150,990 $176,316 
Finance Lease78,073 52,747 
(1)    These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time. Certain complementary leases contain one additional 10-year renewal option.
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