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Balance Sheet Components
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash, and Cash Equivalents
Cash and cash equivalents consisted of the following as of December 31 (in thousands):
20232022
Cash and cash equivalents:
Cash$491,770 $1,141,793 
Cash equivalents:
Money market funds1,603,942 764,628 
Total cash and cash equivalents$2,095,712 $1,906,421 

As of December 31, 2023 and 2022, cash and cash equivalents included investments which were readily convertible to cash and had original maturity dates of 90 days or less.
Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in thousands):
20232022
Accounts receivable$1,020,968 $867,605 
Allowance for credit losses(17,176)(12,225)
Accounts receivable, net$1,003,792 $855,380 
The following table summarizes the activity of our allowance for credit losses (in thousands):
Balance as of December 31, 2020$10,677 
Provision for credit losses10,016 
Net write-offs(8,295)
Impact of foreign currency exchange(763)
Balance as of December 31, 202111,635 
Provision for credit losses7,426 
Net write-offs(6,356)
Impact of foreign currency exchange(480)
Balance as of December 31, 202212,225 
Provision for credit losses14,835 
Net write-offs(9,097)
Impact of foreign currency exchange(787)
Balance as of December 31, 2023$17,176 
Other Current Assets
Other current assets consisted of the following as of December 31 (in thousands):
20232022
Taxes receivable$167,140 $122,166 
Prepaid expenses, current99,790 79,191 
Other receivables80,349 109,948 
Contract assets, current51,991 27,608 
Derivative instruments, current43,995 105,693 
Other current assets (1)
24,928 14,532 
Total other current assets$468,193 $459,138 
(1)Other current assets included restricted cash, current of $0.5 million and $1.7 million as of December 31, 2023 and 2022, respectively.
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following as of December 31 (in thousands):
20232022
Core systems$12,603,760 $11,616,863 
Buildings8,971,547 8,013,672 
Leasehold improvements2,045,523 1,991,060 
Internal-use software1,935,989 1,580,485 
Construction in progress1,917,932 1,195,042 
Land1,406,784 1,252,993 
Personal property320,224 332,376 
29,201,759 25,982,491 
Less accumulated depreciation(10,600,926)(9,332,957)
Property, plant and equipment, net$18,600,833 $16,649,534 
Goodwill and Other Intangibles
The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2023 and 2022 (in thousands):
20232022
Goodwill:
Americas$2,630,583 $2,630,752 
EMEA2,467,209 2,377,921 
Asia-Pacific639,330 645,544 
$5,737,122 $5,654,217 
Intangible assets, net:
Intangible assets - customer relationships$2,892,366 $2,885,152 
Intangible assets - trade names13,441 14,719 
Intangible assets - in-place leases29,674 22,183 
Intangible assets - licenses9,697 9,697 
Intangible assets - at-the-money lease contracts
58,639 56,822 
Intangible assets - other8,093 8,029 
3,011,910 2,996,602 
Accumulated amortization - customer relationships(1,254,976)(1,056,844)
Accumulated amortization - trade names(3,830)(4,561)
Accumulated amortization - in-place leases(20,163)(15,797)
Accumulated amortization - licenses(7,113)(6,467)
Accumulated amortization - at-the-money lease contracts(15,368)(10,056)
Accumulated amortization - other (5,590)(5,228)
(1,307,040)(1,098,953)
Total intangible assets, net$1,704,870 $1,897,649 
Changes in the carrying amount of goodwill by geographic regions are as follows (in thousands):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2020$2,212,782 $2,611,166 $648,605 $5,472,553 
Purchase of GPX— — 77,162 77,162 
Impact of foreign currency exchange(2,773)(138,580)(36,291)(177,644)
Balance as of December 31, 20212,210,009 2,472,586 689,476 5,372,071 
Purchase of MainOne— 110,648 — 110,648 
Purchase of Entel Chile380,867 — — 380,867 
Purchase of Entel Peru46,285 — — 46,285 
Impact of foreign currency exchange(6,409)(205,313)(43,932)(255,654)
Balance as of December 31, 20222,630,752 2,377,921 645,544 5,654,217 
Impact of foreign currency exchange (1)
(169)89,288 (6,214)82,905 
Balance as of December 31, 2023$2,630,583 $2,467,209 $639,330 $5,737,122 
(1)EMEA region included an insignificant purchase price allocation adjustment related to the MainOne acquisition since the provisional amounts reported as of December 31, 2022. Refer to Note 3.
Changes in the net book value of intangible assets by geographic regions are as follows (in thousands):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2020$1,463,089 $518,027 $189,829 $2,170,945 
GPX acquisition— — 15,472 15,472 
Amortization of intangibles(133,289)(55,807)(16,388)(205,484)
Impact of foreign currency exchange(2,047)(30,278)(13,341)(45,666)
Balance as of December 31, 20211,327,753 431,942 175,572 1,935,267 
Entel Chile acquisition153,489 — — 153,489 
Entel Peru acquisition10,000 — — 10,000 
MainOne acquisition— 54,800 — 54,800 
Amortization of intangibles(137,358)(52,283)(15,114)(204,755)
Impact of foreign currency exchange(3,570)(33,052)(14,530)(51,152)
Balance as of December 31, 20221,350,314 401,407 145,928 1,897,649 
Other asset acquisitions7,270 — 1,235 8,505 
Amortization of intangibles(140,858)(54,160)(14,045)(209,063)
Impact of foreign currency exchange(53)11,067 (3,235)7,779 
Balance as of December 31, 2023$1,216,673 $358,314 $129,883 $1,704,870 
Goodwill and intangible assets which are denominated in currencies other than the U.S. Dollar are subject to foreign currency fluctuations. Our foreign currency translation gains and losses, including goodwill and intangibles, are a component of other comprehensive income and loss.
Estimated future amortization expense related to these intangibles is as follows (in thousands):
Years ending:
2024$208,982 
2025206,550 
2026204,913 
2027202,604 
2028201,189 
Thereafter680,632 
Total$1,704,870 
Other Assets
Other assets consisted of the following as of December 31 (in thousands):
20232022
Equity method investments$468,231 $348,145 
Contract costs422,634 371,306 
Derivative instruments, non-current213,024 298,899 
Prepaid expenses, non-current134,204 66,393 
Deferred CCA implementation costs105,364 84,224 
Contract assets, non-current85,912 55,405 
Deferred tax assets, net62,238 44,628 
Deposits59,698 64,337 
Debt issuance costs, net5,124 6,831 
Other non-current assets (1)
34,883 35,969 
Total other assets$1,591,312 $1,376,137 
(1)Other non-current assets included restricted cash, non-current of $0.1 million and $0.1 million as of December 31, 2023 and 2022, respectively.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following as of December 31 (in thousands):
20232022
Accrued compensation and benefits$437,403 $413,135 
Accrued utilities and security177,951 115,119 
Accounts payable162,356 115,953 
Accrued taxes (1)
160,834 131,376 
Accrued other158,356 144,165 
Accrued interest89,718 85,052 
Total accounts payable and accrued expenses$1,186,618 $1,004,800 
(1)Accrued taxes included income taxes payable of $81.4 million and $55.2 million as of December 31, 2023 and 2022, respectively.
Other Current Liabilities
Other current liabilities consisted of the following as of December 31 (in thousands):
20232022
Deferred revenue, current$124,945 $132,090 
Derivative instruments, current93,726 24,868 
Other current liabilities48,794 57,533 
Customer deposits, current16,123 15,896 
Dividends payable, current13,576 12,302 
Asset retirement obligations, current4,565 8,657 
Total other current liabilities$301,729 $251,346 
Other Liabilities
Other liabilities consisted of the following as of December 31 (in thousands):
20232022
Deferred tax liabilities, net$394,085 $383,359 
Deferred revenue, non-current154,047 155,334 
Asset retirement obligations, non-current107,994 109,508 
Other non-current liabilities61,315 65,592 
Accrued taxes55,439 59,806 
Dividends payable, non-current12,081 10,446 
Derivative instruments, non-current7,608 8,820 
Customer deposits, non-current2,980 4,998 
Total other liabilities$795,549 $797,863 

The following table summarizes the activities of our asset retirement obligations ("ARO") (in thousands):
Asset retirement obligations as of December 31, 2020$113,769 
Additions7,483 
Adjustments (1)
(6,591)
Accretion expense6,518 
Impact of foreign currency exchange(3,623)
Asset retirement obligations as of December 31, 2021117,556 
Additions2,951 
Adjustments (1)
(4,281)
Accretion expense6,431 
Impact of foreign currency exchange(4,492)
Asset retirement obligations as of December 31, 2022118,165 
Additions 1,266 
Adjustments (1)
(13,580)
Accretion expense6,317 
Impact of foreign currency exchange391 
Asset retirement obligations as of December 31, 2023$112,559 
(1)The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets, as well as other adjustments.