Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill.

Goodwill

9. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at December 31, 2022 as compared to December 31, 2021 were primarily driven by the acquisition of an indirect majority interest in Teraco in August 2022 and changes in exchange rates associated with goodwill balances denominated in foreign currencies – primarily the devaluation of the Euro as compared to the U.S. dollar.

The following is a summary of goodwill activity for the years ended December 31, 2022 and 2021 (in thousands):

	Balance as of								Impact of Change		Balance as of
	December 31,						Goodwill		in Foreign		December 31,
Merger / Portfolio Acquisition	2021		Acquisition		Deconsolidation		Adjustments		Exchange Rates		2022
Telx Acquisition	$	330,845	$	—	$	—	$	—	$	—	$	330,845
European Portfolio Acquisition		448,124		—		—		—		(40,069)		408,055
DFT Merger		2,592,147		—		—		—		—		2,592,147
Interxion Combination		4,547,153		—		—		5,409		(264,354)		4,288,208
Teraco Combination		—		1,625,994		—		—		(49,290)		1,576,704
Other Combination		19,171		—		—		(6,633)		—		12,538
Total	$	7,937,440	$	1,625,994	$	—	$	(1,224)	$	(353,713)	$	9,208,497
	Balance as of								Impact of Change		Balance as of
	December 31,		Merger /				Goodwill		in Foreign		December 31,
Merger / Portfolio Acquisition	2020		Acquisition		Deconsolidation		Adjustments		Exchange Rates		2021
Telx Acquisition	$	330,845	$	—	$	—	$	—	$	—	$	330,845
European Portfolio Acquisition		463,154		—		—		—		(15,030)		448,124
DFT Merger		2,592,147		—		—		—		—		2,592,147
Interxion Combination		4,944,851		—		—		(59,142)		(338,556)		4,547,153
Other		—		19,171		—		—		—		19,171
Total	$	8,330,997	$	19,171	$	—	$	(59,142)	$	(353,586)	$	7,937,440