Item 16. Form 10-K Summary

Not applicable.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

						EQUINIX, INC. (Registrant)
February 16, 2024			By			/s/ CHARLES MEYERS
						Charles Meyers
						Chief Executive Officer and President

Power of Attorney

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Charles Meyers or Keith D. Taylor, or either of them, each with the power of substitution, their attorney-in-fact, to sign any amendments to this Annual Report on Form 10-K (including post-effective amendments), and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or their substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature			Title			Date
/s/ CHARLES MEYERS			Chief Executive Officer and President (Principal Executive Officer)			February 16, 2024
Charles Meyers
/s/ KEITH D. TAYLOR			Chief Financial Officer (Principal Financial Officer)			February 16, 2024
Keith D. Taylor
/s/ SIMON MILLER			Chief Accounting Officer (Principal Accounting Officer)			February 16, 2024
Simon Miller
/s/ PETER F. VAN CAMP			Executive Chairman			February 16, 2024
Peter F. Van Camp
/s/ NANCI CALDWELL			Director			February 16, 2024
Nanci Caldwell
/s/ ADAIRE FOX-MARTIN			Director			February 16, 2024
Adaire Fox-Martin
/s/ GARY F. HROMADKO			Director			February 16, 2024
Gary F. Hromadko
/s/ THOMAS OLINGER			Director			February 16, 2024
Thomas Olinger
/s/ CHRISTOPHER B. PAISLEY			Director			February 16, 2024
Christopher B. Paisley
/s/ JEETU PATEL			Director			February 16, 2024
Jeetu Patel
/s/ SANDRA RIVERA			Director			February 16, 2024
Sandra Rivera
/s/ FIDELMA RUSSO			Director			February 16, 2024
Fidelma Russo

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Equinix, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Equinix, Inc. and its subsidiaries (the “Company”) as of December 31, 2023 and December 31, 2022, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders' equity and other comprehensive income (loss) and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the auditing standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

F-1

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Income taxes - Real estate investment trust asset tests

As described in Notes 1 and 14 to the consolidated financial statements, the Company recorded income tax expense of $155.3 million for the year ended December 31, 2023. The Company has been operating as a real estate investment trust for federal income tax purposes ("REIT") effective January 1, 2015. As a result, the Company may deduct the dividends made to its stockholders from taxable income generated by the Company and its qualified REIT subsidiaries ("QRSs"). The Company’s qualification and taxation as a REIT depends on its satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. The Company’s ability to satisfy quarterly asset tests depends upon its analysis and the fair market values of its REIT and non-REIT assets. For purposes of the quarterly REIT asset tests, management estimates the fair market value of assets within its QRSs and taxable REIT subsidiaries (“TRSs”) using a discounted cash flow approach, by calculating the present value of forecasted future cash flows. Management applies discount rates based on industry benchmarks relative to the market and forecasting risks. Other significant assumptions used by management to estimate the fair market value of assets in QRSs and TRSs include projected revenue growth, projected operating margins, and projected capital expenditures. Management revisits significant assumptions periodically to reflect any changes due to the business or economic environment.

The principal considerations for our determination that performing procedures relating to income taxes - REIT asset tests is a critical audit matter are (i) the significant judgment by management when determining the fair market value of REIT and non-REIT assets, which in turn led to a high degree of subjectivity in performing procedures relating to the REIT asset tests, (ii) the significant audit effort and judgment in evaluating audit evidence related to the significant assumptions used in the REIT asset tests related to the discount rates, projected revenue growth, projected operating margins, and projected capital expenditures, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the REIT asset tests, including controls over management's determination of the fair market value of REIT and non-REIT assets. These procedures also included, among others, testing management’s process for estimating the fair market value of the REIT and non-REIT assets; evaluating the appropriateness of the

F-2

discounted cash flow approach; testing the completeness and accuracy of underlying data used in the approach; and evaluating the significant assumptions used by management related to the discount rates, projected revenue growth, projected operating margins, and projected capital expenditures. Evaluating management’s assumptions related to projected revenue growth, projected operating margins, and projected capital expenditures involved considering the current and past performance of the Company, economic and industry trends, as well as whether these assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow approach and the discount rate assumptions.

/s/ PricewaterhouseCoopers LLP

San Jose, California

February 16, 2024

We have served as the Company's auditor since 2000.

F-3

EQUINIX, INC.

Consolidated Balance Sheets

(in thousands, except share and per share data)

			December 31,
			2023						2022
Assets
Current assets:
Cash and cash equivalents			$	2,095,712					$	1,906,421
Accounts receivable, net of allowance of $17,176 and $12,225			1,003,792						855,380
Other current assets			468,193						459,138
Assets held for sale			—						84,316
Total current assets			3,567,697						3,305,255
Property, plant and equipment, net			18,600,833						16,649,534
Operating lease right-of-use assets			1,448,890						1,427,950
Goodwill			5,737,122						5,654,217
Intangible assets, net			1,704,870						1,897,649
Other assets			1,591,312						1,376,137
Total assets			$	32,650,724					$	30,310,742
Liabilities, Redeemable Non-Controlling Interest and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses			$	1,186,618					$	1,004,800
Accrued property, plant and equipment			398,216						281,347
Current portion of operating lease liabilities			130,745						139,538
Current portion of finance lease liabilities			138,657						151,420
Current portion of mortgage and loans payable			7,705						9,847
Current portion of senior notes			998,580						—
Other current liabilities			301,729						251,346
Total current liabilities			3,162,250						1,838,298
Operating lease liabilities, less current portion			1,331,333						1,272,812
Finance lease liabilities, less current portion			2,122,484						2,143,690
Mortgage and loans payable, less current portion			663,263						642,708
Senior notes, less current portion			12,062,346						12,109,539
Other liabilities			795,549						797,863
Total liabilities			20,137,225						18,804,910
Commitments and contingencies (Note 15)
Redeemable non-controlling interest			25,000						—
Common stockholders' equity:
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2023 and 2022; 94,629,955 issued and 94,479,277 outstanding in 2023 and 92,813,976 issued and 92,620,703 outstanding in 2022			95						93
Additional paid-in capital			18,595,664						17,320,017
Treasury stock, at cost; 150,678 shares in 2023 and 193,273 shares in 2022			(56,117)						(71,966)
Accumulated dividends			(8,694,647)						(7,317,570)
Accumulated other comprehensive loss			(1,290,117)						(1,389,446)
Retained earnings			3,934,016						2,964,838
Total common stockholders' equity			12,488,894						11,505,966
Non-controlling interests			(395)						(134)
Total stockholders' equity			12,488,499						11,505,832
Total liabilities, redeemable non-controlling interest and stockholders' equity			$	32,650,724					$	30,310,742

See accompanying notes to consolidated financial statements.

F-4

EQUINIX, INC.

Consolidated Statements of Operations

(in thousands, except per share data)

			Years Ended December 31,
			2023						2022						2021
Revenues			$	8,188,136					$	7,263,105					$	6,635,537
Costs and operating expenses:
Cost of revenues			4,227,658						3,751,501						3,472,422
Sales and marketing			855,796						786,560						741,232
General and administrative			1,654,042						1,498,701						1,301,797
Transaction costs			12,412						21,839						22,769
(Gain) loss on asset sales			(5,046)						3,976						(10,845)
Total costs and operating expenses			6,744,862						6,062,577						5,527,375
Income from operations			1,443,274						1,200,528						1,108,162
Interest income			94,227						36,268						2,644
Interest expense			(402,022)						(356,337)						(336,082)
Other expense			(11,214)						(51,417)						(50,647)
Gain (loss) on debt extinguishment			(35)						327						(115,125)
Income before income taxes			1,124,230						829,369						608,952
Income tax expense			(155,250)						(124,792)						(109,224)
Net income			968,980						704,577						499,728
Net (income) loss attributable to non-controlling interests			198						(232)						463
Net income attributable to common shareholders			$	969,178					$	704,345					$	500,191
Earnings per share ("EPS") attributable to common shareholders:
Basic EPS			$	10.35					$	7.69					$	5.57
Weighted-average shares for basic EPS			93,615						91,569						89,772
Diluted EPS			$	10.31					$	7.67					$	5.53
Weighted-average shares for diluted EPS			94,009						91,828						90,409

See accompanying notes to consolidated financial statements.

F-5

EQUINIX, INC.

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

			Years Ended December 31,
			2023						2022						2021
Net income			$	968,980					$	704,577					$	499,728
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment (“CTA”) gain (loss), net of tax effects of $0, $0 and $0			249,981						(769,886)						(559,969)
Net investment hedge CTA gain (loss), net of tax effects of $0, $0 and $0			(131,883)						425,701						326,982
Unrealized gain (loss) on cash flow hedges, net of tax effects of $4,732, $2,248 and $(16,980)			(18,370)						40,543						60,562
Net actuarial gain (loss) on defined benefit plans, net of tax effects of $118, $25 and $(14)			(462)						(101)						57
Total other comprehensive income (loss), net of tax			99,266						(303,743)						(172,368)
Comprehensive income, net of tax			1,068,246						400,834						327,360
Net (income) loss attributable to non-controlling interests			198						(232)						463
Other comprehensive (income) loss attributable to non-controlling interests			63						48						(15)
Comprehensive income attributable to common shareholders			$	1,068,507					$	400,650					$	327,808

See accompanying notes to consolidated financial statements.

F-6

EQUINIX, INC.

Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss)

For the Three Years Ended December 31, 2023

(in thousands, except share data)

			Common stock												Treasury stock												Additional Paid-in Capital						Accumulated Dividends						AOCI (Loss)						Retained Earnings						Equinix Stockholders' Equity						Non-controlling Interests						Total Stockholders' Equity
			Shares						Amount						Shares						Amount
Balance as of December 31, 2020			89,462,304						$	89					(328,052)						$	(122,118)					$	15,028,357					$	(5,119,274)					$	(913,368)					$	1,760,302					$	10,633,988					$	130					$	10,634,118
Net income (loss)			—						—						—						—						—						—						—						500,191						500,191						(463)						499,728
Other comprehensive income (loss)			—						—						—						—						—						—						(172,383)						—						(172,383)						15						(172,368)
Issuance of common stock and release of treasury stock for employee equity awards			772,905						1						26,632						9,910						67,718						—						—						—						77,629						—						77,629
Issuance of common stock under ATM Program			637,617						1						—						—						497,869						—						—						—						497,870						—						497,870
Dividend distribution on common stock, $11.48 per share			—						—						—						—						—						(1,030,005)						—						—						(1,030,005)						—						(1,030,005)
Settlement of accrued dividends on vested equity awards			—						—						—						—						—						(839)						—						—						(839)						—						(839)
Accrued dividends on unvested equity awards			—						—						—						—						—						(15,022)						—						—						(15,022)						—						(15,022)
Stock-based compensation, net of estimated forfeitures			—						—						—						—						390,653						—						—						—						390,653						—						390,653
Balance as of December 31, 2021			90,872,826						91						(301,420)						(112,208)						15,984,597						(6,165,140)						(1,085,751)						2,260,493						10,882,082						(318)						10,881,764
Net income			—						—						—						—						—						—						—						704,345						704,345						232						704,577
Other comprehensive loss			—						—						—						—						—						—						(303,695)						—						(303,695)						(48)						(303,743)
Issuance of common stock and release of treasury stock for employee equity awards			780,444						1						108,147						40,242						90,314						—						—						—						130,557						—						130,557
Issuance of common stock under ATM Program			1,160,706						1						—						—						796,017						—						—						—						796,018						—						796,018
Dividend distribution on common stock, $12.40 per share			—						—						—						—						—						(1,137,203)						—						—						(1,137,203)						—						(1,137,203)
Settlement of accrued dividends on vested equity awards			—						—						—						—						—						(927)						—						—						(927)						—						(927)
Accrued dividends on unvested equity awards			—						—						—						—						—						(14,300)						—						—						(14,300)						—						(14,300)
Stock-based compensation, net of estimated forfeitures			—						—						—						—						449,089						—						—						—						449,089						—						449,089

F-7

EQUINIX INC.

Consolidated Statements of Stockholders' Equity and Other Comprehensive Income (Loss) - Continued

For the Three Years Ended December 31, 2023

(in thousands, except 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, 2022			92,813,976						93						(193,273)						(71,966)						17,320,017						(7,317,570)						(1,389,446)						2,964,838						11,505,966						(134)						11,505,832
Net income (loss)			—						—						—						—						—						—						—						969,178						969,178						(198)						968,980
Other comprehensive income (loss)			—						—						—						—						—						—						99,329						—						99,329						(63)						99,266
Issuance of common stock and release of treasury stock for employee equity awards			793,394						1						42,595						15,849						73,540						—						—						—						89,390						—						89,390
Issuance of common stock under ATM Program			1,022,585						1						—						—						733,650						—						—						—						733,651						—						733,651
Dividend distribution on common stock, $14.49 per share			—						—						—						—						—						(1,359,305)						—						—						(1,359,305)						—						(1,359,305)
Settlement of accrued dividends on vested equity awards			—						—						—						—						—						(966)						—						—						(966)						—						(966)
Accrued dividends on unvested equity awards			—						—						—						—						—						(16,806)						—						—						(16,806)						—						(16,806)
Stock-based compensation, net of estimated forfeitures			—						—						—						—						468,457						—						—						—						468,457						—						468,457
Balance as of December 31, 2023			94,629,955						$	95					(150,678)						$	(56,117)					$	18,595,664					$	(8,694,647)					$	(1,290,117)					$	3,934,016					$	12,488,894					$	(395)					$	12,488,499

See accompanying notes to consolidated financial statements.

F-8

EQUINIX, INC.

Consolidated Statements of Cash Flows

(in thousands)

			Years Ended December 31,
			2023						2022						2021
Cash flows from operating activities:
Net income			$	968,980					$	704,577					$	499,728
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			1,636,075						1,531,453						1,450,806
Stock-based compensation			407,536						403,983						363,774
Amortization of intangible assets			209,063						204,755						205,484
Amortization of debt issuance costs and debt discounts and premiums			18,718						17,826						17,135
Provision for credit loss allowance			14,835						7,426						10,016
(Gain) loss on asset sales			(5,046)						3,976						(10,845)
(Gain) loss on debt extinguishment			35						(327)						115,125
Other items			41,722						63,038						28,717
Changes in operating assets and liabilities:
Accounts receivable			(150,345)						(153,415)						(1,873)
Income taxes, net			4,107						(7,827)						(16,602)
Other assets			(145,867)						(52,276)						(114,268)
Operating lease right-of-use assets			138,704						149,094						140,590
Operating lease liabilities			(126,539)						(132,831)						(177,533)
Accounts payable and accrued expenses			161,300						114,600						64,596
Other liabilities			43,317						109,130						(27,644)
Net cash provided by operating activities			3,216,595						2,963,182						2,547,206
Cash flows from investing activities:
Purchases of investments			(135,881)						(144,642)						(107,533)
Sales of investments			—						22,073						4,057
Business acquisitions, net of cash and restricted cash acquired			—						(964,010)						(158,498)
Real estate acquisitions			(384,401)						(248,276)						(201,837)
Purchases of other property, plant and equipment			(2,781,018)						(2,278,004)						(2,751,512)
Proceeds from sale of assets, net of cash transferred			76,936						249,906						208,585
Net cash used in investing activities			(3,224,364)						(3,362,953)						(3,006,738)
Cash flows from financing activities:
Proceeds from employee equity awards			86,848						81,543						77,628
Payment of dividends			(1,374,168)						(1,151,459)						(1,042,909)
Proceeds from public offering of common stock, net of issuance costs			733,651						796,018						497,870
Proceeds from senior notes, net of debt discounts			902,092						1,193,688						3,878,662
Proceeds from mortgage and loans payable			—						676,850						—
Repayment of senior notes			—						—						(1,990,650)
Repayments of finance lease liabilities			(148,913)						(134,202)						(165,539)
Proceeds from redeemable non-controlling interest			25,000						—						—
Repayments of mortgage and loans payable			(6,132)						(587,941)						(717,010)
Debt extinguishment costs			—						—						(99,185)
Debt issuance costs			(6,932)						(17,731)						(25,102)
Net cash provided by financing activities			211,446						856,766						413,765
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash			(15,616)						(98,201)						(30,474)
Net increase (decrease) in cash, cash equivalents and restricted cash			188,061						358,794						(76,241)
Cash, cash equivalents and restricted cash at beginning of period			1,908,248						1,549,454						1,625,695
Cash, cash equivalents and restricted cash at end of period			$	2,096,309					$	1,908,248					$	1,549,454
Supplemental cash flow information
Cash paid for taxes, net			$	152,988					$	140,312					$	134,411
Cash paid for interest			$	471,456					$	430,217					$	426,439
Cash and cash equivalents			$	2,095,712					$	1,906,421					$	1,536,358
Current portion of restricted cash included in other current assets			504						1,734						12,188
Non-current portion of restricted cash included in other assets			93						93						908
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows			$	2,096,309					$	1,908,248					$	1,549,454

See accompanying notes to consolidated financial statements.

F-9

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Business and Summary of Significant Accounting Policies

Nature of Business

Equinix, Inc. ("Equinix," the "Company," "we," "our," or "us") was incorporated in Delaware on June 22, 1998. Equinix provides colocation space and related offerings. Global enterprises, content providers, financial companies and network service providers rely upon Equinix's insight and expertise to safehouse and connect their most valued information assets. We operate International Business ExchangeTM ("IBX®") data centers, or IBX data centers, across the Americas; Europe, Middle East and Africa ("EMEA") and Asia-Pacific geographic regions where customers directly interconnect with a network ecosystem of partners and customers. More than 2,000 network service providers offer access to the world's internet routes inside our IBX data centers. This access to internet routes provides Equinix customers improved reliability and streamlined connectivity while significantly reducing costs by reaching a critical mass of networks within a centralized physical location. We also invest in data center joint ventures or partnerships where we perform a variety of services described in Note 6. As of December 31, 2023, we controlled and operated 241 IBX data centers in 70 markets around the world.

We have been operating as a real estate investment trust for federal income tax purposes ("REIT") effective January 1, 2015. See "Income Taxes" in Note 14 below for additional information.

Basis of Presentation, Consolidation and Foreign Currency

The accompanying consolidated financial statements include the accounts of Equinix and its subsidiaries, including the acquisitions of:

• Two data center sites in Mumbai, India from GPX India ("GPX India Acquisition") from September 1, 2021;

• Four data centers as well as a subsea cable and terrestrial fiber network in West Africa acquired from MainOne Cable Company ("MainOne") 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") from May 2, 2022 and August 1, 2022, respectively.

We consolidate all entities that are wholly owned and those entities in which we own less than 100% of the equity but control, including Variable Interest Entities ("VIEs") for which we are the primary beneficiary. Our investment in consolidated VIEs have not been material to our consolidated financial statements as of and for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Foreign exchange gains or losses resulting from foreign currency transactions, including intercompany foreign currency transactions, that are anticipated to be repaid within the foreseeable future, are reported within other income (expense) on our accompanying consolidated statements of operations. For additional information on the impact of foreign currencies to our consolidated financial statements, see "Accumulated Other Comprehensive Loss" in Note 12.

Use of Estimates

The preparation of consolidated financial statements in conformity with the accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. On an ongoing basis, we evaluate our estimates, including, but not limited to, those related to the allowance for credit losses, fair values of financial and derivative instruments, intangible assets and goodwill, assets acquired and liabilities assumed from acquisitions, useful lives of intangible assets and property, plant and equipment, leases, asset retirement obligations, other accruals, and income taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable.

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Cash, Cash Equivalents and Short-Term Investments

We consider all highly liquid instruments with an original maturity from the date of purchase of 90 days or less to be cash equivalents. Cash equivalents consist of money market mutual funds and certificates of deposit with original maturities up to 90 days. Short-term investments generally consist of certificates of deposit with original maturities of between 90 days and 1 year. Publicly traded equity securities are measured at fair value with changes in the fair values recognized within other income (expense) in our consolidated statements of operations. We review our investment portfolio quarterly to determine if any securities may be other-than-temporarily impaired due to increased credit risk, changes in industry or sector of a certain instrument or ratings downgrades.

Equity Method Investments

We enter into joint venture or partnership arrangements to invest in certain entities for business development objectives. At the inception of these arrangements and if a reconsideration event has occurred, we assess our interests with such entities to determine whether any of the entities meet the definition of a variable interest entity ("VIE"). A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. We are required to consolidate the assets and liabilities of VIEs when we are deemed to be the primary beneficiary. The primary beneficiary of a VIE is the entity that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. For VIEs where we are not the primary beneficiary, and other joint ventures or partnerships that are not VIEs, where we have the ability to exercise significant influence over the entity, we account for those investments under the equity method of accounting.

Equity method investments are initially measured at cost, or at fair value when the investment represents a retained equity interest in a deconsolidated business or derecognized distinct non-financial assets. Equity investments are subsequently adjusted for cash contributions, distributions and our share of the income and losses of the investees. We record our equity method investments in other assets in the consolidated balance sheet. Our proportionate shares of the income or loss from our equity method investments are recorded in other income in the consolidated statement of operations.

We review our investments quarterly to determine if any investments may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. We did not record any impairment charges related to our equity method investments for the years ended December 31, 2023, 2022 and 2021. For further information on our Equity Method Investments, see Note 6.

Non-marketable Equity Investments

We also have investments in non-marketable equity securities, where we do not have the ability to exercise significant influence over the investees. We elected the measurement alternative under which the securities are measured at cost minus impairment, if any, and adjusted for changes resulting from qualifying observable price changes. We record non-marketable equity investment in other assets in the consolidated balance sheet. We review our non-marketable equity investments quarterly to determine if any investments may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. We did not record any impairment charges related to our non-marketable equity investments for the years ended December 31, 2023, 2022 and 2021.

Financial Instruments and Concentration of Credit Risk

Financial instruments which potentially subject us to concentrations of credit risk consist of cash and cash equivalents, short-term investments, accounts receivable and contract assets. Risks associated with cash and cash equivalents and short-term investments are mitigated by our investment policy, which limits our investing to only those marketable securities rated at least A-1/P-1 Short Term Rating or A-/A3 Long Term Rating, as determined by independent credit rating agencies.

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A significant portion of our customer base is comprised of businesses throughout the Americas. However, a portion of our revenues are derived from our EMEA and Asia-Pacific operations. The following table sets forth percentages of our revenues by geographic region for the years ended December 31:

			2023						2022						2021
Americas			44		%				46		%				46		%
EMEA			35		%				32		%				32		%
Asia-Pacific			21		%				22		%				22		%

For further information on segment information, see Note 17.

Property, Plant and Equipment

Property, plant and equipment are stated at our original cost or initial fair value for property, plant and equipment acquired through acquisitions, net of depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Buildings under finance leases, Leasehold improvements and integral equipment at leased locations are amortized over the shorter of the lease term or the estimated useful life of the asset or improvement.

We capitalize certain internal and external costs associated with the development and purchase of internal-use software in property, plant and equipment, net on the consolidated balance sheets. This includes costs incurred in cloud computing arrangements ("CCA"), where it is both feasible and contractually permissible without significant penalty for us to take possession of the software. All other CCAs are considered service contracts, and the licensing and implementation costs incurred associated with such contracts are capitalized in other assets on the consolidated balance sheets. Capitalized internal-use software costs and capitalized implementation costs are amortized on a straight-line basis over the estimated useful lives of the software or arrangements.

Our estimated useful lives of property, plant and equipment are generally as follows:

Core systems			3			-			40 years
Buildings			12			-			60 years
Leasehold improvements			12			-			40 years
Personal Property, including capitalized internal-use software			3			-			10 years

Our construction in progress includes direct and indirect expenditures for the construction and expansion of IBX data centers and is stated at original cost. We contracted out substantially all of the construction and expansion efforts of our IBX data centers to independent contractors under construction contracts. Construction in progress includes costs incurred under construction contracts including project management services, engineering and schematic design services, design development, construction services and other construction-related fees and services. In addition, we capitalized interest costs during the construction phase. Once an IBX data center or expansion project becomes operational, these capitalized costs are allocated to certain property, plant and equipment categories and are depreciated over the estimated useful lives of the underlying assets.

We review our property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or an asset group may not be recoverable, such as a significant decrease in market price of an asset, a significant adverse change in the extent or manner in which an asset or an asset group is being used or its physical condition, a significant adverse change in legal factors or business climate that could affect the value of an asset or an asset group or a continuous deterioration of our financial condition. Recoverability of assets or asset groups to be held and used is assessed by comparing the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or the asset group. If the carrying amount of the asset or the asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or the asset group exceeds the fair value of the asset. We did not record any impairment charges related to our property, plant and equipment during the years ended December 31, 2023, 2022 and 2021.

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We enter into non-cancellable lease arrangements as the lessee primarily for our data center spaces, office spaces and equipment. Assets acquired through finance leases are included in property, plant and equipment, net on the consolidated balance sheets. In addition, a portion of our property, plant and equipment are used for revenue arrangements which are accounted for as operating leases where we are the lessor.

Assets Held for Sale

Assets and liabilities to be disposed of that meet all of the criteria to be classified as held for sale are reported at the lower of their carrying amounts or fair values less costs to sell. We did not record any impairment charges related to assets held for sale during the years ended December 31, 2023, 2022 and 2021. Assets are not depreciated or amortized while they are classified as held for sale. For further information on our assets held for sale, see Note 5.

Asset Retirement Costs and Asset Retirement Obligations

Our asset retirement obligations are primarily related to our IBX data centers, of which the majority are leased under long-term arrangements and are required to be returned to the landlords in their original condition. The majority of our IBX data center leases have been subject to significant development by us in order to convert them from, in most cases, vacant buildings or warehouses into IBX data centers. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred. The associated retirement costs are capitalized and included as part of the carrying value of the long-lived asset and amortized over the useful life of the asset. Subsequent to the initial measurement, we accrete the liability in relation to the asset retirement obligations over time and the accretion expense is recorded as a cost of revenue. For further information on our asset retirement obligations, see Note 7.

Goodwill and Other Intangible Assets

We have three reportable segments comprised of the 1) Americas, 2) EMEA and 3) Asia-Pacific geographic regions, which we also determined are our reporting units. Goodwill is not amortized and is tested for impairment at least annually or more often if and when circumstances indicate that goodwill is not recoverable.

We assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors considered in the assessment include industry and market conditions, overall financial performance, and other relevant events and factors affecting the reporting unit. If, after assessing the qualitative factors, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then performing a quantitative impairment test is unnecessary. However, if we conclude otherwise, then we are required to perform a quantitative goodwill impairment test. The quantitative impairment test, which is used to identify both the existence of impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. If the carrying value of the reporting unit exceeds its fair value, any excess of the reporting unit goodwill carrying value over the respective implied fair value is recognized as an impairment loss.

As of December 31, 2023, 2022 and 2021, we concluded that it was more likely than not that goodwill attributed to our Americas, EMEA and Asia-Pacific reporting units was not impaired as the fair value of each reporting unit exceeded the carrying value of its respective reporting unit, including goodwill.

Substantially all of our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated period of benefit. We perform a review of intangible assets for impairment by assessing events or changes in circumstances that indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. We did not record any impairment charges related to our other intangible assets during the years ended December 31, 2023, 2022 and 2021. For further information on goodwill and other intangible assets, see Note 3 and Note 7 below.

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Debt Issuance Costs

Costs and fees incurred upon debt issuances are capitalized and are amortized over the life of the related debt based on the effective interest method. Such amortization is included as a component of interest expense. Debt issuance costs related to outstanding debt are presented as a reduction of the carrying amount of the debt obligation and debt issuance costs related to the revolving credit facility are presented as other assets. For further information on debt facilities, see Note 11 below.

Derivatives and Hedging Activities

We utilize foreign currency and interest rate derivative instruments as part of our risk management strategy. Foreign currency derivatives help to mitigate the effects of foreign exchange rate fluctuations on (i) our expected revenues and expenses in the EMEA region, (ii) investments in our foreign operations and (iii) certain monetary assets and liabilities denominated in foreign currencies. Interest rate derivatives, on the other hand, are used to manage the interest rate risk associated with anticipated fixed-rate debt issuances.

These measures allow us to effectively control our financial exposure and are not used for speculative purposes. We recognize all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the value of a derivative depends on whether the contract qualifies and has been designated for hedge accounting. In order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged and there must be documentation of the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, and the effectiveness assessment methodology. Hedge designations are reviewed on a quarterly basis to assess whether circumstances have changed that would disrupt the hedge instrument's relationship to the forecasted transactions or net investment.

Cash Flow Hedges

The instruments we designate as cash flow hedges include foreign currency forwards and options, cross-currency swaps as well as interest rate locks. For cash flow hedges, we use a regression analysis at the time they are designated to assess their effectiveness.

We use foreign currency forwards and options to hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and foreign currencies, primarily the British Pound and the Euro. We use the forward method to assess effectiveness of qualifying foreign currency forwards that are designated as cash flow hedges, whereby, the change in the fair value of the derivative is recorded in other comprehensive income (loss) and reclassified to the same line item in the consolidated statement of operations that is used to present the earnings effect of the hedged item when the hedged item affects earnings. We use the spot method to assess effectiveness of qualifying foreign currency exchange options that are designated as cash flow hedges, whereby, the change in fair value due to foreign currency exchange spot rates is recorded in other comprehensive income (loss) and reclassified to the same line item in the consolidated statement of operations that is used to present the earnings effect of the hedged item when the hedged item affects earnings, and the change in fair value of the excluded component is recorded in other comprehensive income (loss) and amortized on a straight-line basis to the same line item in the consolidated statement of operations that is used to present the earnings effect of the hedged item. When two or more derivative instruments in combination are jointly designated as a cash flow hedging instrument, as with foreign currency exchange option collars, they are treated as a single instrument. If the hedge relationship is terminated for any derivatives designated as cash flow hedges, then the change in fair value of the derivative recorded in other comprehensive income (loss) is recognized in earnings when the previously hedged item affects earnings, consistent with the original hedge strategy.

We also utilize cross-currency interest rate swaps, which we designate as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated debt. We assess the effectiveness of cross-currency interest rate swaps that are designated as cash flow hedges using the spot method. The fair value changes are recorded in other comprehensive income (loss), and when the hedged item impacts earnings, the change in fair value due to foreign currency exchange spot rates is reclassified to the corresponding line item in the consolidated statement of operations.

We use interest rate derivative instruments such as treasury locks and swap locks, collectively referred to as "interest rate locks", to manage interest rate exposure created by anticipated fixed rate debt issuances. An interest

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rate lock is a synthetic forward sale of a benchmark interest rate, which is settled in cash based upon the difference between an agreed upon rate at inception and the prevailing benchmark rate at settlement. It effectively fixes the benchmark rate component of an upcoming debt issuance. The interest rate lock transactions are designated as cash flow hedges, with all changes in value reported in other comprehensive income (loss). Subsequent to settlement, amounts in other comprehensive income are amortized to interest expense over the term of the interest rate locks.

For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original strategy, any related derivative amounts recorded in other comprehensive income (loss) are immediately recognized in earnings.

Net Investment Hedges

We employ cross-currency swaps, which we designate as net investment hedges, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. We use the spot method to assess effectiveness of cross-currency interest rate swaps that are designated as net investment hedges, whereby, the change in fair value due to foreign currency exchange spot rates is recorded in other comprehensive income (loss) and the change in fair value of the excluded component is recorded in other comprehensive income (loss) and amortized to interest expense on a straight-line basis.

Occasionally, we also use foreign exchange forward contracts, which we designate as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on a portion of our net investment in the foreign subsidiaries. We use the spot method to assess effectiveness of qualifying foreign currency forwards that are designated as net investment hedges, whereby, the change in fair value due to foreign currency exchange spot rates is recorded in other comprehensive income (loss) and the change in fair value of the excluded component is recorded in other comprehensive income (loss) and amortized to interest expense on a straight-line basis.

Non-designated Hedges

Foreign currency gains or losses associated with derivatives that are not designated as hedging instruments for accounting purposes are recorded within other income (expense) in our consolidated statements of operations, with the exception of (i) foreign currency embedded derivatives contained in certain of our customer contracts and (ii) foreign exchange forward contracts that are entered into to hedge the accounting impact of the foreign currency embedded derivatives, which are recorded within revenues in our consolidated statements of operations. For further information on derivatives and hedging activities, see Note 8 below.

Fair Value of Financial Instruments

The carrying value of our cash and cash equivalents, short-term investments and derivative instruments represent their fair value, while our accounts receivable, accounts payable and accrued expenses and accrued property, plant and equipment approximate their fair value due primarily to the short-term maturity of the related instruments. The fair value of our debt, which is traded in the public debt market, is based on quoted market prices. The fair value of our debt, which is not publicly traded, is estimated by considering our credit rating, current rates available to us for debt of the same remaining maturities and terms of the debt.

Fair Value Measurements

We measure and report certain financial assets and liabilities at fair value on a recurring basis, including our investments in money market funds, certificates of deposit, publicly traded equity securities and derivatives.

We also follow the accounting standard for the measurement of fair value for non-financial assets and liabilities on a nonrecurring basis. These include:

• Non-financial assets and non-financial liabilities initially measured at fair value in a business combination or other new basis event, but not measured at fair value in subsequent reporting periods;

• Reporting units and non-financial assets and non-financial liabilities measured at fair value for goodwill impairment tests;

• Indefinite-lived intangible assets measured at fair value for impairment assessments;

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• Non-financial long-lived assets or asset groups measured at fair value for impairment assessments or disposal;

• Asset retirement obligations initially measured at fair value but not subsequently measured at fair value; and

• Assets and liabilities classified as held for sale are measured at fair value less costs to sell and reported at the lower of the carrying amounts or the fair values less costs to sell.

For further information on fair value measurements, see Note 5 and Note 9 below.

Leases

We enter into lease arrangements primarily for land, data center spaces, office spaces and equipment. At its inception, we determine whether an arrangement is or contains a lease. We recognize a right-of-use ("ROU") asset and lease liability on the consolidated balance sheet for all leases with a term longer than 12 months, including renewals options that we are reasonably certain to exercise.

ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are classified and recognized at the commencement date. When there is a lease modification, including a change in lease term, we reassess its classification and remeasure the ROU asset and lease liability.

ROU lease liabilities are measured based on the present value of fixed lease payments over the lease term. ROU assets consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by us. Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are included in the measurement of ROU assets and lease liabilities using the index or rate at the commencement date. Subsequent changes to lease payments based on changes to the index and rate are accounted for as variable lease payments and recognized in the period they are incurred. Variable lease payments that do not depend on an index or a rate are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Since most of our leases do not provide an implicit rate, we use our own incremental borrowing rate ("IBR") on a collateralized basis in determining the present value of lease payments. We utilize a market-based approach to estimate the IBR. The approach requires significant judgment. Therefore, we utilize different data sets to estimate IBRs via an analysis of (i) sovereign rates; (ii) yields on our outstanding public debt; and (iii) indicative pricing on both secured and unsecured debt received from banking partners. We also apply adjustments to account for considerations related to (i) tenor; and (ii) country credit rating that may not be fully incorporated by the aforementioned data sets.

The majority of our lease arrangements include options to extend the lease. If we are reasonably certain to exercise such options, the periods covered by the options are included in the lease term. The depreciable lives of certain fixed assets and leasehold improvements are limited by the expected lease term. We have certain leases with a term of 12 months or less. For such leases, we elected not to recognize any ROU asset or lease liability on the consolidated balance sheet. We have lease agreements with lease and non-lease components. We elected to account for the lease and non-lease components as a single lease component for all classes of underlying assets for which we have identified as lease arrangements. For further information on leases, see Note 10 below.

Revenue

Revenue Recognition

Equinix derives more than 90% of its revenues from recurring revenue streams, consisting primarily of (1) colocation, which includes the licensing of cabinet space and power; (2) interconnection offerings; (3) managed infrastructure solutions and (4) other revenues consisting of rental income from tenants or subtenants. The remainder of our revenues are from non-recurring revenue streams, such as installation revenues, professional services, contract settlements and equipment sales. Revenues by service lines and geographic areas are included in segment information. For further information on segment information, see Note 17 below.

Revenues are recognized when control of these products and services is transferred to its customers, in an amount that reflects the consideration it expects to be entitled to in exchange for the products and services. Revenues from recurring revenue streams are generally billed monthly and recognized ratably over the term of the

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contract, generally 1 to 5 years for IBX data center colocation customers. Non-recurring installation fees, although generally paid upfront upon installation, are deferred and recognized ratably over the contract term. Professional service fees and equipment sales are recognized in the period when the services were provided. For the contracts with customers that contain multiple performance obligations, we account for individual performance obligations separately if they are distinct or as a series of distinct obligations if the individual performance obligations meet the series criteria. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The transaction price is allocated to the separate performance obligation on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement such as price increases.

Revenue is generally recognized on a gross basis as a principal versus on a net basis as an agent, as we are primarily responsible for fulfilling the contract, bear inventory risk and have discretion in establishing the price when selling to the customer. To the extent we do not meet the criteria for recognizing revenue on a gross basis, we record the revenue on a net basis. Revenue from contract settlements, when a customer wishes to terminate their contract early, is treated as a contract modification and recognized ratably over the remaining term of the contract, if any.

We guarantee certain service levels, such as uptime, as outlined in individual customer contracts. If these service levels are not achieved due to any failure of the physical infrastructure or offerings, or in the event of certain instances of damage to customer infrastructure within our IBX data centers, we would reduce revenue for any credits or cash payments given to the customer. Historically, these credits and cash payments have not been significant.

We enter into revenue contracts with customers for data centers and office spaces, which contain both lease and non-lease components. We elected to adopt the practical expedient which allows lessors to combine lease and non-lease components, by underlying class of asset, and account for them as one component if they have the same timing and pattern of transfer. The combined component is accounted for in accordance with the current lease accounting guidance ("Topic 842") if the lease component is predominant, and in accordance with the current revenue accounting guidance ("Topic 606") if the non-lease component is predominant. In general, customer contracts for data centers are accounted for under Topic 606 and customer contracts for the use of office space are accounted for under Topic 842, which are generally classified as operating leases and are recognized on a straight-line basis over the lease term.

Certain customer agreements are denominated in currencies other than the functional currencies of the parties involved. Under applicable accounting rules, we are deemed to have foreign currency forward contracts embedded in these contracts. We assessed these embedded contracts and concluded them to be foreign currency embedded derivatives (see Note 8). These instruments are separated from their host contracts and held on our consolidated balance sheet at their fair value. The majority of these foreign currency embedded derivatives arise in certain of our subsidiaries where the local currency is the subsidiary's functional currency and the customer contract is denominated in the U.S. dollar. Changes in their fair values are recognized within revenues in our consolidated statements of operations.

Contract Balances

The timing of revenue recognition, billings and cash collections result in accounts receivables, contract assets and deferred revenues. A receivable is recorded at the invoice amount, net of an allowance for credit losses and is recognized in the period when we have transferred products or provided services to our customers and when its right to consideration is unconditional. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. We assess collectability based on a number of factors, including past transaction history with the customer and the credit-worthiness of the customer. We generally do not request collateral from our customers although in certain cases we obtain a security interest in a customer's equipment placed in our IBX data centers or obtain a deposit. We also maintain an allowance for estimated losses on a lifetime loss basis resulting from the inability of our customers to make required payments for which we had expected to collect the revenues in accordance with the credit loss guidance accounting guidance ("Topic 326"). If the financial condition of our customers were to deteriorate or if they became insolvent, resulting in an impairment of their ability to make

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payments, greater allowances for credit losses may be required. Management specifically analyzes current economic news, conditions and trends, historical loss rates, customer concentrations, customer credit-worthiness, changes in customer payment terms and any applicable long term forecast when evaluating revenue recognition and the adequacy of our reserves for our accounts receivable. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectable are charged to bad debt expense included in sales and marketing expense in the consolidated statements of operations. A specific bad debt reserve of up to the full amount of a particular invoice value is provided for certain problematic customer balances. An additional reserve is established for all other accounts based on an analysis of historical credits issued. Delinquent account balances are written off after management has determined that the likelihood of collection is not probable.

A contract asset exists when we have transferred products or provided services to our customers but customer payment is conditioned on reasons other than the passage of time, such as upon the satisfaction of additional performance obligations. Certain contracts include terms related to price arrangements such as price increases and free months. We recognize revenues ratably over the contract term, which could potentially give rise to contract assets during certain periods of the contract term. Contract assets are recorded in other current assets and other assets in the consolidated balance sheet.

Deferred revenue (a contract liability) is recognized when we have an unconditional right to a payment before we transfer the products or services to customers. Deferred revenue is included in other current liabilities and other liabilities, respectively, in the consolidated balance sheet.

Contract Costs

Direct and indirect incremental costs solely related to obtaining revenue contracts are capitalized as costs of obtaining a contract, when they are incremental and if they are expected to be recovered. Such costs consist primarily of commission fees and sales bonuses, as well as indirect related payroll costs. In 2023, contract costs were amortized over the estimated period of approximately 6 years on a straight-line basis. We elected to apply the practical expedient which allows us to expense contract costs when incurred, if the amortization period is one year or less.

For further information on revenue recognition, see Note 2 below.

Income Taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized based on the future tax consequences attributable to differences that exist between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as net operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are expected more likely than not to be realized in the future. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and precedents. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Any subsequent changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. As a result, we may deduct the dividends distributed to our stockholders from taxable income generated by us and that of our 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 the 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.

Our qualification and taxation as a REIT depend on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy quarterly

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asset tests depends upon our analysis and the fair market values of our REIT and non-REIT assets. For purposes of the quarterly REIT asset tests, we estimate the fair market value of assets within our QRSs and TRSs using a discounted cash flow approach, by calculating the present value of forecasted future cash flows. We apply discount rates based on industry benchmarks relative to the market and forecasting risks. Other significant assumptions used to estimate the fair market value of assets in QRSs and TRSs include projected revenue growth, projected operating margins, and projected capital expenditures. We revisit significant assumptions periodically to reflect any changes due to business or economic environment.

For further information on income taxes, see Note 14 below.

Stock-Based Compensation

Stock-based compensation cost is measured at the grant date for all stock-based awards made to employees and directors based on the fair value of the award. We generally recognize stock-based compensation expense on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. However, for awards with market conditions or performance conditions, stock-based compensation expense is recognized on a straight-line basis over the requisite service period for each vesting tranche of the award. We elected to estimate forfeitures based on historical forfeiture rates.

We grant restricted stock units ("RSUs") or restricted stock awards ("RSAs") to our employees and these equity awards generally have only a service condition. We grant RSUs to our executives that generally have a service and performance condition or a service and market condition. Performance conditions contained in an equity award are generally tied to our financial performance. We assess the probability of meeting these performance conditions on a quarterly basis. The majority of our RSUs vest over four years, although certain equity awards for executives vest over a range of two to four years. Our RSAs vest over three years. The valuation of RSUs and RSAs with only a service condition or a service and performance condition requires no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition.

We use the Black-Scholes option-pricing model to determine the fair value of our employee stock purchase plan ("ESPP"). The determination of the fair value of shares purchased under the ESPP is affected by assumptions regarding a number of complex and subjective variables including our expected stock price volatility over the term of the awards and actual and projected employee stock purchase behaviors. We estimated the expected volatility by using the average historical volatility of its common stock that it believed was best representative of future volatility. The risk-free interest rate used was based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the equity awards. The expected dividend rate used was based on average dividend yields and the expected term used was equal to the term of each purchase window.

The accounting standard for stock-based compensation does not allow the recognition of unrealized tax benefits associated with the tax deductions in excess of the compensation recorded (excess tax benefit) until the excess tax benefit is realized (i.e., reduces taxes payable). We record the excess tax benefits from stock-based compensation as income tax expense through the statement of operations. For further information on stock-based compensation, see Note 13 below.

Foreign Currency Translation

The financial position of foreign subsidiaries is translated using the exchange rates in effect at the end of the period, while income and expense items are translated at average exchange rates during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as other comprehensive income (loss). The net gains and losses resulting from foreign currency transactions are recorded in net income in the period incurred and recorded within other income (expense). Certain intercompany balances are designated as loans of a long-term investment-type nature. Accordingly, exchange gains and losses associated with these long-term intercompany balances are recorded as a component of other comprehensive income (loss), along with translation adjustments.

Earnings Per Share

We compute basic and diluted EPS for net income. Basic EPS is computed using net income and the weighted-

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average number of common shares outstanding. Diluted EPS is computed using net income and the weighted-average number of common shares outstanding plus any dilutive potential common shares outstanding. Dilutive potential common shares include the assumed exercise, vesting and issuance activity of employee equity awards using the treasury stock method. For further information on earnings per share, see Note 4 below.

Treasury Stock

We account for treasury stock under the cost method. When treasury stock is re-issued at a higher price than its cost, the difference is recorded as a component of additional paid-in capital to the extent that there are gains to offset the losses. If there are no treasury stock gains in additional paid-in capital, the losses are recorded as a component of retained earnings.

Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024, with early adoption is permitted, and retrospective adoption required. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024 and to be applied prospectively, with retrospective application and early adoption both permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

Accounting Standards Recently Adopted

Supplier Finance Programs

In September 2022, 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 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.

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Income Taxes

In December 2019, FASB issued ASU 2019-12, Income Taxes ("Topic 740"): Simplifying the Accounting for Income Taxes. The ASU simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also improves consistent application of and simplifies generally accepted accounting principles ("GAAP") for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted including adoption in any interim period for periods for which financial statements have not yet been issued. On January 1, 2021, we adopted this ASU on a prospective basis and the adoption of this standard did not have an impact on our consolidated financial statements.

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 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 consolidated financial statements.

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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, current						Contract assets, non-current						Deferred revenue, current						Deferred revenue, non-current
Beginning balances as of January 1, 2023			$	855,380					$	27,608					$	55,405					$	132,090					$	155,334
Closing balances as of December 31, 2023			1,003,792						51,991						85,912						124,945						154,047
Increase (Decrease)			$	148,412					$	24,383					$	30,507					$	(7,145)					$	(1,287)
Beginning balances as of January 1, 2022			$	681,809					$	65,392					$	55,486					$	109,736					$	87,495
Closing balances as of December 31, 2022			855,380						27,608						55,405						132,090						155,334
Increase (Decrease)			$	173,571					$	(37,784)					$	(81)					$	22,354					$	67,839

(1) The net change in our allowance for credit losses was insignificant during the year ended December 31, 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 during the years ended December 31, 2023 and 2022. The amounts of revenue recognized during the years ended December 31, 2023, 2022 and 2021 from the opening deferred revenue balance were $95.1 million, $82.8 million and $93.1 million, respectively. For the years ended December 31, 2023, 2022 and 2021, no impairment loss related to contract balances was recognized in the consolidated statement of operations.

Contract Costs

The ending balances of net capitalized contract costs as of December 31, 2023 and 2022 were $422.6 million and $371.3 million, respectively, which were included in other assets in the consolidated balance sheet. $103.2 million, $96.0 million, and $87.6 million of contract costs were amortized during years ended December 31, 2023, 2022, and 2021, respectively, which were included in sales and marketing expense in the consolidated statement of operations.

Remaining performance obligations

As of December 31, 2023, approximately $10.1 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 five 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 deployments 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, service fees from xScaleTM data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including 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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3. 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.

During the year ended December 31, 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 Chile						Entel Peru						MainOne (2)
Cash and cash equivalents			$	—					$	—					$	33,026
Accounts receivable			—						—						9,431
Other current assets			12,424						—						21,988
Property, plant and equipment			81,132						13,423						239,583
Intangible assets			153,489						10,000						54,800
Goodwill			380,867						46,285						110,665
Deferred tax and other assets			12,090						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.

(2)For the MainOne Acquisition, the purchase price allocation adjustments since the provisional amounts reported as of December 31, 2022 were not significant.

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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 Assets						Fair Value						Estimated 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						15.0						15.0						7.0		%
MainOne:
Customer relationships (1)						51,500						10.0 - 15.0						14.0						11.5		%
Trade names (2)						3,300						5.0						5.0						11.5		%

(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%.

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.

Revenues and net income from operations

The operating results of the Entel Peru and Entel Chile acquisitions are reported in the Americas region and the operating results of the MainOne Acquisition are reported in the EMEA region following the date of acquisition. During the year of acquisition, our results of operations from these acquisitions included $89.9 million of revenues and $8.2 million net income from operations.

Transaction costs

During the year of acquisition, the transaction costs for the Entel Chile and Entel Peru acquisitions were $7.2 million and the transaction costs for the MainOne acquisition were not significant.

2021 Acquisition

Acquisition of GPX India (the "GPX India Acquisition")

On September 1, 2021, we completed the acquisition of GPX India, representing two data centers in Mumbai, India, for a total purchase consideration of approximately INR12.5 billion, or $170.5 million at the exchange rate in effect on that date. The GPX India Acquisition supports our ongoing expansion to meet customer demand in the Indian market.

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Revenues and net income from operations

The operating results of the GPX India Acquisition are reported in the Asia-Pacific region following the date of acquisition. During the year of acquisition, our results of operations from the GPX India Acquisition included $6.9 million of revenues and an insignificant amount of net income from operations.

Transaction costs

During the year of acquisition, the transaction costs for the GPX India Acquisition were insignificant.

4. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the years ended December 31 (in thousands, except per share amounts):

			2023						2022						2021
Net income			$	968,980					$	704,577					$	499,728
Net (income) loss attributable to non-controlling interests			198						(232)						463
Net income attributable to common shareholders			$	969,178					$	704,345					$	500,191
Weighted-average shares used to calculate basic EPS			93,615						91,569						89,772
Effect of dilutive securities:
Employee equity awards			394						259						637
Weighted-average shares used to calculate diluted EPS			94,009						91,828						90,409
EPS attributable to common shareholders:
Basic EPS			$	10.35					$	7.69					$	5.57
Diluted EPS			$	10.31					$	7.67					$	5.53

The following table sets forth potential shares of common stock that are not included in the diluted EPS calculation above because to do so would be anti-dilutive for the years ended December 31 (in thousands):

			2023						2022						2021
Common stock related to employee equity awards and other			68						582						206
Total			68						582						206

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.

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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 ("MX3x") 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 MX3x 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 MX3x 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 year ended December 31, 2023, we recognized an insignificant loss on the sale of the MX3x data center.

As of December 31, 2023, no assets or liabilities were classified as held for sale. As of December 31, 2022, the assets and liabilities that were classified as held for sale of $84.3 million and $10.5 million, respectively, were primarily comprised of property, plant and equipment and accrued property, plant and equipment, respectively. Liabilities held for sale were included within other current liabilities on the consolidated balance sheet.

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 consolidated balance sheets as of December 31:

Investee						Ownership Percentage						2023						2022
EMEA 1 Joint Venture with GIC						20%						$	150,172					$	148,895
VIE Joint Ventures						20%						308,128						191,680
Other						Various						9,931						7,570
Total												$	468,231					$	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 years ended December 31, 2023 and 2022 and was included in other income (expense) on the consolidated statement of operations.

We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of December 31, 2023, we had future equity contribution commitments of $13.0 million.

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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 considered to be the primary beneficiary. Our share of losses of equity method investments from these joint ventures was $11.7 million and $8.6 million for the years ended December 31, 2023 and 2022 and was included in other income (expense) on the consolidated statement of operations.

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of December 31, 2023 (in thousands):

						VIE Joint Ventures
Equity Investment						$	308,128
Outstanding Accounts Receivable						23,020
Contract Assets						55,967
Future Equity Contribution Commitments (1)						39,610
Maximum Future Payments under Debt Guarantees (2)						209,040
Total						$	635,765

(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 15).

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7. Balance Sheet Components

Cash, and Cash Equivalents

Cash and cash equivalents consisted of the following as of December 31 (in thousands):

			2023						2022
Cash and cash equivalents:
Cash			$	491,770					$	1,141,793
Cash equivalents:
Money market funds			1,603,942						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):

			2023						2022
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 losses			10,016
Net write-offs			(8,295)
Impact of foreign currency exchange			(763)
Balance as of December 31, 2021			11,635
Provision for credit losses			7,426
Net write-offs			(6,356)
Impact of foreign currency exchange			(480)
Balance as of December 31, 2022			12,225
Provision for credit losses			14,835
Net write-offs			(9,097)
Impact of foreign currency exchange			(787)
Balance as of December 31, 2023			$	17,176

F-28

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Other Current Assets

Other current assets consisted of the following as of December 31 (in thousands):

			2023						2022
Taxes receivable			$	167,140					$	122,166
Prepaid expenses, current			99,790						79,191
Other receivables			80,349						109,948
Contract assets, current			51,991						27,608
Derivative instruments, current			43,995						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):

			2023						2022
Core systems			$	12,603,760					$	11,616,863
Buildings			8,971,547						8,013,672
Leasehold improvements			2,045,523						1,991,060
Internal-use software			1,935,989						1,580,485
Construction in progress			1,917,932						1,195,042
Land			1,406,784						1,252,993
Personal property			320,224						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):

F-29

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

			2023						2022
Goodwill:
Americas			$	2,630,583					$	2,630,752
EMEA			2,467,209						2,377,921
Asia-Pacific			639,330						645,544
			$	5,737,122					$	5,654,217
Intangible assets, net:
Intangible assets - customer relationships			$	2,892,366					$	2,885,152
Intangible assets - trade names			13,441						14,719
Intangible assets - in-place leases			29,674						22,183
Intangible assets - licenses			9,697						9,697
Intangible assets - at-the-money lease contracts			58,639						56,822
Intangible assets - other			8,093						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):

			Americas						EMEA						Asia-Pacific						Total
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, 2021			2,210,009						2,472,586						689,476						5,372,071
Purchase of MainOne			—						110,648						—						110,648
Purchase of Entel Chile			380,867						—						—						380,867
Purchase of Entel Peru			46,285						—						—						46,285
Impact of foreign currency exchange			(6,409)						(205,313)						(43,932)						(255,654)
Balance as of December 31, 2022			2,630,752						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.

F-30

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Changes in the net book value of intangible assets by geographic regions are as follows (in thousands):

			Americas						EMEA						Asia-Pacific						Total
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, 2021			1,327,753						431,942						175,572						1,935,267
Entel Chile acquisition			153,489						—						—						153,489
Entel Peru acquisition			10,000						—						—						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, 2022			1,350,314						401,407						145,928						1,897,649
Other asset acquisitions			7,270						—						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
2025			206,550
2026			204,913
2027			202,604
2028			201,189
Thereafter			680,632
Total			$	1,704,870

F-31

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Other Assets

Other assets consisted of the following as of December 31 (in thousands):

			2023						2022
Equity method investments			$	468,231					$	348,145
Contract costs			422,634						371,306
Derivative instruments, non-current			213,024						298,899
Prepaid expenses, non-current			134,204						66,393
Deferred CCA implementation costs			105,364						84,224
Contract assets, non-current			85,912						55,405
Deferred tax assets, net			62,238						44,628
Deposits			59,698						64,337
Debt issuance costs, net			5,124						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):

			2023						2022
Accrued compensation and benefits			$	437,403					$	413,135
Accrued utilities and security			177,951						115,119
Accounts payable			162,356						115,953
Accrued taxes (1)			160,834						131,376
Accrued other			158,356						144,165
Accrued interest			89,718						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):

			2023						2022
Deferred revenue, current			$	124,945					$	132,090
Derivative instruments, current			93,726						24,868
Other current liabilities			48,794						57,533
Customer deposits, current			16,123						15,896
Dividends payable, current			13,576						12,302
Asset retirement obligations, current			4,565						8,657
Total other current liabilities			$	301,729					$	251,346

F-32

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Other Liabilities

Other liabilities consisted of the following as of December 31 (in thousands):

			2023						2022
Deferred tax liabilities, net			$	394,085					$	383,359
Deferred revenue, non-current			154,047						155,334
Asset retirement obligations, non-current			107,994						109,508
Other non-current liabilities			61,315						65,592
Accrued taxes			55,439						59,806
Dividends payable, non-current			12,081						10,446
Derivative instruments, non-current			7,608						8,820
Customer deposits, non-current			2,980						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
Additions			7,483
Adjustments (1)			(6,591)
Accretion expense			6,518
Impact of foreign currency exchange			(3,623)
Asset retirement obligations as of December 31, 2021			117,556
Additions			2,951
Adjustments (1)			(4,281)
Accretion expense			6,431
Impact of foreign currency exchange			(4,492)
Asset retirement obligations as of December 31, 2022			118,165
Additions			1,266
Adjustments (1)			(13,580)
Accretion expense			6,317
Impact of foreign currency exchange			391
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.

8. Derivatives and Hedging Instruments

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 December 31, 2023 and 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 December 31,

F-33

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

2023 and 2022, the total notional amount of cross-currency interest rate swaps designated as net investment hedges, were $3.1 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 December 31, 2023 and 2022, the total notional amount of foreign currency forward contracts designated as net investment hedges were $887.5 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.

The effect of net investment hedges on accumulated other comprehensive income and the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
									Years Ended December 31,
									2023						2022						2021
Foreign currency debt									$	(54,120)					$	160,286					$	93,945
Foreign currency forward contracts (included component) (1)									(9,442)						27,323						2,621
Foreign currency forward contracts (excluded component) (2)									2,683						(2,535)						(2)
Cross-currency interest rate swaps (included component) (1)									(72,049)						276,350						282,935
Cross-currency interest rate swaps (excluded component) (3)									1,045						(35,723)						(52,517)
Total									$	(131,883)					$	425,701					$	326,982
Amount of gain or (loss) recognized in earnings:
			Location of gain or (loss)						Years Ended December 31,
						2023						2022						2021
Foreign currency forward contracts (excluded component) (2)			Interest expense						$	1,920					$	(469)					$	242
Cross-currency interest rate swaps (excluded component) (3)			Interest expense						45,469						50,188						44,933
Total									$	47,389					$	49,719					$	45,175

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents foreign currency forward points.

(3)Excluded component represents cross-currency basis spread and interest rates.

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 foreign currencies, primarily the British Pound and the Euro. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges. As of December 31, 2023 and 2022, the total notional amounts of these foreign exchange contracts were $1.2 billion and $490.8 million, respectively.

As of December 31, 2023, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2024 to December 2025 and we had a net loss of $7.2 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. 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.

F-34

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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 December 31, 2023 and 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 December 31, 2023 and 2022, we had a net gain of $1.1 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 December 31, 2023 and 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 consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):

Amount of gain or (loss) recognized in accumulated other comprehensive income:
									Years Ended December 31,
									2023						2022						2021
Foreign currency forward and option contracts (included component) (1)									$	(15,956)					$	(8,711)					$	67,767
Foreign currency option contracts (excluded component) (2)									—						—						151
Cross-currency interest rate swaps									(2,175)						(2,386)						—
Interest rate locks									(4,971)						49,392						9,624
Total									$	(23,102)					$	38,295					$	77,542
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:
									Years Ended December 31,
			Location of gain or (loss)						2023						2022						2021
Foreign currency forward contracts			Revenues						$	(9,760)					$	148,100					$	(39,297)
Foreign currency forward contracts			Costs and operating expenses						15,425						(71,968)						20,496
Interest rate locks			Interest Expense						1,183						(26)						(4,056)
Total									$	6,848					$	76,106					$	(22,857)

(1)Included component represents foreign exchange spot rates.

(2)Excluded component represents option's time value.

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.

F-35

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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 December 31, 2023 and 2022, the total notional amounts of these foreign currency contracts were $3.1 billion and $3.0 billion, respectively.

Cross-currency Interest Rate Swaps. During the year ended December 31, 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 $283.4 million of cross-currency interest rate swaps, which were not designated as hedging instruments. As of December 31, 2023, the total notional amount of cross-currency interest rate swaps which were not designated as hedging instruments was $1.1 billion.

The following table presents the effect of derivatives not designated as hedging instruments in our consolidated statements of operations (in thousands):

Amount of gain or (loss) recognized in earnings:
									Years Ended December 31,
			Location of gain or (loss)						2023						2022						2021
Embedded derivatives (1)			Revenues						$	—					$	(568)					$	3,503
Economic hedge of embedded derivatives (2)			Revenues						—						(984)						(5,937)
Foreign currency forward contracts			Other income (expense)						(20,191)						137,633						129,496
Cross-currency interest rate swaps			Other income (expense)						6,534						—						—
Total									$	(13,657)					$	136,081					$	127,062

(1)Embedded derivatives which are considered foreign currency forward contracts were designated as net investment hedges beginning March 31, 2022.

(2)As of December 31, 2023, we had no economic hedge of embedded derivatives outstanding.

F-36

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Fair Value of Derivative Instruments

The following table presents the fair value of derivative instruments recognized in our consolidated balance sheets , excluding accrued interest, as of December 31, 2023 and 2022 (in thousands):

			December 31, 2023												December 31, 2022
			Assets (1)						Liabilities (2)						Assets (1)						Liabilities (2)
Designated as hedging instruments:
Cash flow hedges
Foreign currency forward and option contracts			$	2,493					$	14,327					$	27,812					$	21,352
Cross-currency interest rate swaps			35,950						—						19,239						—
Net investment hedges
Foreign currency forward contracts			2,981						16,668						25,077						4,805
Cross-currency interest rate swaps			131,583						—						274,234						—
Total designated as hedging			173,007						30,995						346,362						26,157
Not designated as hedging instruments:
Foreign currency forward contracts			3,662						70,340						58,230						7,531
Cross-currency interest rate swaps			80,350						—						—						—
Total not designated as hedging			84,012						70,340						58,230						7,531
Total Derivatives			$	257,019					$	101,335					$	404,592					$	33,688

(1)As presented in our consolidated balance sheets within other current assets and other assets.

(2)As presented in our 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 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 December 31, 2023 and 2022 (in thousands):

			Gross Amounts Offset in Consolidated Balance Sheet
			Gross Amounts						Gross Amounts Offset in the Balance Sheet						Net Amounts						Gross Amounts not Offset in the Balance Sheet						Net
December 31, 2023
Derivative assets			$	282,316					$	—					$	282,316					$	(56,341)					$	225,975
Derivative liabilities			111,860						—						111,860						(56,341)						55,519
December 31, 2022
Derivative assets			$	424,516					$	—					$	424,516					$	(34,429)					$	390,087
Derivative liabilities			39,234						—						39,234						(34,429)						4,805

F-37

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

9. 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 December 31, 2023 were as follows (in thousands):

			Fair Value at December 31, 2023						Fair Value Measurement Using
						Level 1						Level 2
Assets:
Money market and deposit accounts			$	1,603,942					$	1,603,942					$	—
Derivative instruments (1)			257,019						—						257,019
			$	1,860,961					$	1,603,942					$	257,019
Liabilities:
Derivative instruments (1)			$	101,335					$	—					$	101,335

(1)Amounts are included within other current assets, other assets, other current liabilities and liabilities in the consolidated balance sheets.

Our financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 were as follows (in thousands):

			Fair Value at December 31,						Fair Value Measurement Using
			2022						Level 1						Level 2
Assets:
Money market and deposit accounts			$	764,628					$	764,628					$	—
Derivative instruments (1)			404,592						—						404,592
			$	1,169,220					$	764,628					$	404,592
Liabilities:
Derivative instruments (1)			$	33,688					$	—					$	33,688

(1)Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the consolidated balance sheets.

Other than the contingent consideration related to the EMEA 1 Joint Venture as described in Note 6 above, we did not have any Level 3 financial assets or financial liabilities during the years ended December 31, 2023 and 2022.

Other than the assets and liabilities that were classified as held for sale as described in Note 5 above, we did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis during the years ended December 31, 2023 and 2022.

F-38

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

10. Leases

Significant Lease Transactions

The following table summarizes the significant lease transactions during the year ended December 31, 2023 (in thousands):

																								Renewal/Termination Options Excluded (1)												Net Incremental (2)
Lease						Quarter						Transaction															Lease Classification						ROU assets						ROU liabilities
Chicago 1/2/4 ("CH1/2/4") data center lease expansion						Q2						Expanded CH1 to additional space within the building (3)												One 10-year renewal option						Operating Lease						$150,990						$176,316
Finance Lease						78,073						52,747
London 8 ("LD8") data center lease purchase						Q4						163-year lease term following purchase of leasehold interest												None						Operating Lease						(86,724)						(83,033)
																		Finance Lease						184,945						(39,613)

(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.

(2) The net incremental amounts represent the adjustments to the right-of-use assets and liabilities recorded during the quarter that the transactions were entered, including the effective termination of existing LD8 leases concurrent with the purchase of the 163-year leasehold interest.

(3) The incremental balance includes the impact of reassessing lease terms of complementary leases of CH1, resulting in new lease end dates ranging from June 2037 to October 2040 from including renewal options that are reasonably certain to be exercised and in certain complementary leases changing classification.

Lease Expenses

The components of lease expenses are as follows (in thousands):

			Years Ended December 31,
			2023						2022						2021
Finance lease cost
Amortization of right-of-use assets (1)			$	166,266					$	161,061					$	157,057
Interest on lease liabilities			113,039						112,518						117,896
Total finance lease cost			279,305						273,579						274,953
Operating lease cost			243,434						213,619						221,776
Variable lease cost			62,206						41,237						33,066
Total lease cost			$	584,945					$	528,435					$	529,795

(1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the consolidated statements of operations.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Other Information

Other information related to leases is as follows (in thousands, except years and percent):

			Years Ended December 31,
			2023						2022						2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases			$	109,915					$	109,514					$	113,571
Operating cash flows from operating leases			231,269						197,356						258,719
Financing cash flows from finance leases			148,913						134,202						165,539
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases			$	208,683					$	293,858					$	412,214
Operating leases			210,938						355,040						10,446

			As of December 31,
			2023						2022
Weighted-average remaining lease term - finance leases (2)			14 years						15 years
Weighted-average remaining lease term - operating leases (2)			12 years						12 years
Weighted-average discount rate - finance leases			6		%				6		%
Weighted-average discount rate - operating leases			5		%				4		%
Finance lease right-of-use assets (3)			$	2,183,557					$	2,018,070

(1) Represents all non-cash changes in right-of-use assets.

(2) Includes lease renewal options that are reasonably certain to be exercised.

(3) As of December 31, 2023 and 2022, we recorded accumulated amortization of finance lease assets of $870.3 million and $840.0 million, respectively. Finance lease assets are recorded within property, plant and equipment, net on the consolidated balance sheets.

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2023 are as follows (in thousands):

Year ended December 31,						Operating Leases						Finance Leases						Total
2024						$	193,541					$	252,296					$	445,837
2025						204,876						278,244						483,120
2026						197,209						245,691						442,900
2027						177,937						250,254						428,191
2028						150,966						237,865						388,831
Thereafter						1,085,803						2,092,877						3,178,680
Total lease payments						2,010,332						3,357,227						5,367,559
Less imputed interest						(548,254)						(1,096,086)						(1,644,340)
Total						$	1,462,078					$	2,261,141					$	3,723,219

We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of December 31, 2023. These leases will commence between year 2024 and 2026, with lease terms of 3 to 33 years and total lease commitments of approximately $524.6 million.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

11. Debt Facilities

Mortgage and Loans Payable

As of December 31, 2023 and 2022, our mortgage and loans payable consisted of the following (in thousands):

			2023						2022
Term loans			$	642,657					$	619,090
Mortgage payable and loans payable			29,037						34,527
			671,694						653,617
Less amount representing unamortized debt discount and debt issuance cost			(726)						(1,062)
			670,968						652,555
Less current portion			(7,705)						(9,847)
			$	663,263					$	642,708

Senior Credit Facility and Refinancing

On January 7, 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500.0 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $6.5 million and $0.8 million, respectively. We borrowed the full £500.0 million available under the 2022 Term Loan Facility, or approximately $676.9 million at the exchange rates in effect on that date. On that same day, using a portion of the proceeds from the 2022 Term Loan Facility, we prepaid in full all of the indebtedness outstanding of $549.6 million, at the exchange rates in effect on January 7, 2022, related to an approximately $1.0 billion senior unsecured multicurrency term loan facility entered in 2017 and terminated the related credit agreement. In connection with the repayment and termination, we incurred an insignificant amount of loss on debt extinguishment. The remaining unamortized debt issuance costs of the repaid facility will continue to be amortized over the contract terms of the 2022 Credit Facilities.

The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end.

As of December 31, 2023 and 2022, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $636.2 million and $603.0 million, respectively.

As of December 31, 2023, we had 51 irrevocable letters of credit totaling $84.2 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Senior Notes

Our senior notes consisted of the following as of December 31 (in thousands):

																		2023												2022
Senior Notes						Issuance Date						Maturity Date						Amount						Effective Rate						Amount						Effective Rate
2.625% Senior Notes due 2024						November 2019						November 2024						$	1,000,000					2.79		%				$	1,000,000					2.79		%
1.250% Senior Notes due 2025						June 2020						July 2025						500,000						1.46		%				500,000						1.46		%
1.000% Senior Notes due 2025						October 2020						September 2025						700,000						1.18		%				700,000						1.18		%
2.900% Senior Notes due 2026						November 2019						November 2026						600,000						3.04		%				600,000						3.04		%
1.450% Senior Notes due 2026						May 2021						May 2026						700,000						1.64		%				700,000						1.64		%
0.250% Euro Senior Notes due 2027						March 2021						March 2027						552,050						0.45		%				534,950						0.45		%
1.800% Senior Notes due 2027						June 2020						July 2027						500,000						1.96		%				500,000						1.96		%
1.550% Senior Notes due 2028						October 2020						March 2028						650,000						1.67		%				650,000						1.67		%
2.000% Senior Notes due 2028						May 2021						May 2028						400,000						2.21		%				400,000						2.21		%
2.875% Swiss Franc Senior Notes due 2028						September 2023						September 2028						356,633						3.05		%				—						—		%
3.200% Senior Notes due 2029						November 2019						November 2029						1,200,000						3.30		%				1,200,000						3.30		%
2.150% Senior Notes due 2030						June 2020						July 2030						1,100,000						2.27		%				1,100,000						2.27		%
2.500% Senior Notes due 2031						May 2021						May 2031						1,000,000						2.65		%				1,000,000						2.65		%
3.900% Senior Notes due 2032						April 2022						April 2032						1,200,000						4.07		%				1,200,000						4.07		%
1.000% Euro Senior Notes due 2033						March 2021						March 2033						662,460						1.18		%				641,940						1.18		%
2.000% Japanese Yen Series A Notes due 2035						March 2023						March 2035						266,888						2.07		%				—						—		%
2.130% Japanese Yen Series C Notes due 2035						March 2023						March 2035						104,911						2.20		%				—						—		%
2.370% Japanese Yen Series B Notes due 2043						March 2023						March 2043						72,516						2.42		%				—						—		%
2.570% Japanese Yen Series D Notes due 2043						March 2023						March 2043						32,608						2.62		%				—						—		%
2.570% Japanese Yen Series E Notes due 2043						February 2023						March 2043						70,886						2.62		%				—						—		%
3.000% Senior Notes due 2050						June 2020						July 2050						500,000						3.09		%				500,000						3.09		%
2.950% Senior Notes due 2051						October 2020						September 2051						500,000						3.00		%				500,000						3.00		%
3.400% Senior Notes due 2052						May 2021						February 2052						500,000						3.50		%				500,000						3.50		%
																		13,168,952												12,226,890
Less amount representing unamortized debt discount and debt issuance cost																		(108,026)												(117,351)
																		13,060,926												12,109,539
Less current portion																		(998,580)												—
																		$	12,062,346											$	12,109,539

3.900% Senior Notes due 2032

On April 5, 2022, we issued $1.2 billion aggregate principal amount of 3.900% Senior Notes due 2032 (the "2032 Notes"). Interest on the 2032 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2022. Debt issuance costs and debt discounts related to the 2032 Notes were $16.3 million.

2.000% Japanese Yen Senior Notes Series A due 2035, 2.370% Japanese Yen Senior Notes Series B due 2043, 2.130% Japanese Yen Senior Notes Series C due 2035, 2.570% Japanese Yen Senior Notes Series D due 2043 and 2.570% Japanese Yen Senior Notes Series E due 2043 (collectively, the "Japanese Yen Senior Notes")

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

On February 16, 2023, we issued ¥10.0 billion, or approximately $74.5 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series E Notes").

On March 8, 2023, and at the exchange rate in effect on that date, we issued ¥37.7 billion, or approximately $274.7 million in U.S. dollars, aggregate principal amount of 2.000% senior notes due March 8, 2035 (the "2035 Japanese Yen Series A Notes"), ¥10.2 billion, or approximately $74.6 million in U.S. dollars, aggregate principal amount of 2.370% senior notes due March 8, 2043 (the "2043 Japanese Yen Series B Notes"), ¥14.8 billion, or approximately $107.9 million in U.S. dollars, aggregate principal amount of 2.130% senior notes due March 8, 2035 (the "2035 Japanese Yen Series C Notes") and ¥4.6 billion, or approximately $33.5 million in U.S. dollars, aggregate principal amount of 2.570% senior notes due March 8, 2043 (the "2043 Japanese Yen Series D Notes").

Interest on the notes is payable semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2023. Total debt issuance costs related to the 2035 Japanese Yen Series A Notes, the 2043 Japanese Yen Series B Notes, the 2035 Japanese Yen Series C Notes, the 2043 Japanese Yen Series D Notes and the 2043 Japanese Yen Series E Notes were $2.0 million, $0.6 million, $0.8 million, $0.3 million and $0.6 million, respectively.

2.875% Swiss Franc Senior Notes due 2028

On September 12, 2023, we issued CHF300.0 million, or approximately $336.9 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.875% senior notes due September 12, 2028 (the "2028 CHF Notes"). Interest on the notes is payable annually in arrears on September 12 of each year, commencing on September 12, 2024. Total debt issuance costs related to the 2028 CHF Notes were $3.0 million.

All of our senior notes are unsecured and rank equal in right of payment to our existing or future senior indebtedness and senior in right of payment to our existing and future subordinated indebtedness. Interest on the senior notes is paid semi-annually in arrears, with the exception of our Euro senior notes and Swiss Franc notes which are paid annually in arrears. The senior notes are effectively subordinated to all of the existing and future secured debt, including debt outstanding under any bank facility or secured by any mortgage, to the extent of the assets securing such debt. They are also structurally subordinated to any existing and future indebtedness and other liabilities (including trade payables) of any of our subsidiaries.

Each series of senior notes is governed by an indenture and a supplemental indenture, or a purchase agreement between us and a trustee or a note registrar. These supplemental indentures contain covenants that limit our ability and the ability of our subsidiaries to, among other things:

• incur liens;

• enter into sale-leaseback transactions; and

• merge or consolidate with any other person.

As of December 31, 2023, we are in compliance with all covenants. Subject to compliance with the limitations described above, we may issue an unlimited principal amount of additional notes at later dates under the same indenture as the senior notes.

We are not required to make any mandatory redemption with respect to the senior notes; however, upon the event of a change in control, we may be required to offer to purchase the senior notes.

Optional Redemption

With respect to the rest of the Notes listed below, we may redeem at our election, at any time or from time to time, some or all of the notes of any series before they mature. The redemption price will equal the sum of (1) an amount equal to one hundred percent (100%) of the principal amount of the notes being redeemed plus accrued and unpaid interest up to, but not including, the redemption date and (2) a make-whole premium. If the Notes are

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

redeemed on or after the First Par Call Date listed in the table below, the redemption price will not include a make-whole premium for the applicable notes.

Senior Notes Description						First Par Call Date
2.625% Senior Notes due 2024						October 18, 2024
1.250% Senior Notes due 2025						June 15, 2025
1.000% Senior Notes due 2025						August 15, 2025
1.450% Senior Notes due 2026						April 15, 2026
2.900% Senior Notes due 2026						September 18, 2026
0.250% Euro Senior Notes due 2027						January 15, 2027
1.800% Senior Notes due 2027						May 15, 2027
1.550% Senior Notes due 2028						January 15, 2028
2.000% Senior Notes due 2028						March 15, 2028
2.875% Swiss Franc Senior Notes due 2028						June 12, 2028
3.200% Senior Notes due 2029						August 18, 2029
2.150% Senior Notes due 2030						April 15, 2030
2.500% Senior Notes due 2031						February 15, 2031
3.900% Senior Notes due 2032						January 15, 2032
1.000% Euro Senior Notes due 2033						December 15, 2032
2.000% Japanese Yen Series A Notes due 2035						March 8, 2035
2.130% Japanese Yen Series C Notes due 2035						March 8, 2035
2.370% Japanese Yen Series B Notes due 2043						March 8, 2043
2.570% Japanese Yen Series D Notes due 2043						March 8, 2043
2.570% Japanese Yen Series E Notes due 2043						March 8, 2043
3.000% Senior Notes due 2050						January 15, 2050
2.950% Senior Notes due 2051						March 15, 2051
3.400% Senior Notes due 2052						August 15, 2051

Maturities of Debt Instruments

The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of December 31, 2023 (in thousands):

Years ending:
2024			$	1,007,704
2025			1,206,322
2026			1,306,171
2027			1,694,016
2028			1,411,523
Thereafter			7,214,910
			$	13,840,646

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of our mortgage and loans payable and senior notes, including current maturities, as of December 31 (in thousands):

			2023																		2022
			Fair Value						Fair Value Measurement Using												Fair Value						Fair Value Measurement Using
			Level 1						Level 2						Level 1						Level 2
Mortgage and loans payable			$	684,222					$	—					$	684,222					$	666,387					$	—					$	666,387
Senior notes			11,739,401						11,165,781						573,620						10,196,933						10,196,933						—

The inputs used to estimate the fair value of debt instruments include:

• Level 1: quoted market prices; and

*•*Level 2: our credit rating and current prices of similar debt instruments that are publicly traded.

Interest Charges

The following table sets forth total interest costs incurred, and total interest costs capitalized for the years ended December 31 (in thousands):

			2023						2022						2021
Interest expense			$	402,022					$	356,337					$	336,082
Interest capitalized			25,971						18,152						24,505
Interest charges incurred			$	427,993					$	374,489					$	360,587

Total interest paid in cash, net of capitalized interest, during the years ended December 31, 2023, 2022 and 2021 was $445.5 million, $412.1 million and $401.9 million, respectively.

12. Stockholders' Equity

Our authorized share capital is 300,000,000 shares of common stock and 100,000,000 shares of preferred stock, of which 25,000,000 is designated Series A, 25,000,000 is designated as Series A-1 and 50,000,000 is undesignated. As of December 31, 2023 and 2022, we had no preferred stock issued and outstanding.

Common Stock

In October 2020, we established an "at the market" equity offering program (the "2020 ATM Program"), under which we could, from time to time, offer and sell shares of our common stock to or through sales agents up to an aggregate of $1.5 billion. In February 2022, we entered into a forward sale amendment to the 2020 ATM Program, under which we could, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions (the "Equity Forward Amendment"). In November 2022, we established a successor ATM program, also with substantially the same terms as the Equity Forward Amendment noted above, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in "at the market" transactions (the "2022 ATM Program"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

During the first half of 2022, we executed five forward sale agreements under the 2020 ATM Program to sell 579,873 shares of our common stock. On August 3, 2022, we physically settled these forward sale shares for approximately $393.6 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price of $678.72 per share.

In the fourth quarter of 2022, we executed three additional forward sale agreements to sell 458,459 shares of our common stock with maturity dates ranging from February 2023 to November 2023. Of this amount, 308,875 shares were executed under the 2020 ATM Program and the remaining 149,584 shares were executed under the 2022 ATM Program. On February 28, 2023, we physically settled these forward sale shares for approximately $301.6 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price of $657.75 per share.

In the year ended December 31, 2022, we sold an additional 580,833 shares, excluding the forward sale transactions noted above, for approximately $403.6 million, net of payment of commissions to sales agents and other offering expenses, under the 2020 ATM Program. As of December 31, 2022, no shares remained available for sale under the 2020 ATM Program.

In the second quarter of 2023, we executed two forward sale agreements to sell 269,547 shares of our common stock with maturity dates ranging from February 2024 to March 2024. In the third quarter of 2023, we executed three additional forward sale agreements to sell 294,579 shares of our common stock with maturity dates ranging from February 2024 to March 2024. On November 1, 2023, we physically settled 564,126 forward sale shares for approximately $433.3 million, net of payment of commissions to sales agents and other offering expenses, at an aggregate weighted-average forward sale price of $768.03 per share.

In the fourth quarter of 2023, we executed seven forward sale agreements to sell 643,428 shares of our common stock with maturity dates ranging from November 2024 to December 2024. As of December 31, 2023, the estimated net settlement value for the forward sale agreements was approximately $499.4 million at an aggregate weighted-average forward sale price of $776.23 per share. The weighted-average forward sale price that we expect to receive upon physical settlement will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.

As of December 31, 2023, we had approximately $469.7 million of common stock available for sale under the 2022 ATM Program, which amount gives effect to the unsettled forward sale transactions noted above. For the year ended December 31, 2023, other than as noted above, we sold no additional shares under the 2022 ATM Program.

As of December 31, 2023, we had reserved the following authorized but unissued shares of common stock for future issuances:

Common stock options and restricted stock units			3,978,009
Common stock employee purchase plans			2,345,263
Total			6,323,272

Redeemable Non-controlling Interest

On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25.0 million, which resulted in the third party investor owning a 25% interest in the entity.

The Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary.

Under the terms of the shareholders’ agreement, the investor may put its 25% ownership stake in the entity to us for a maximum exercise price of $25.0 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25.0 million and its balance after attribution of gains and losses in the consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the year ended December 31, 2023.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

As of December 31, 2023, the carrying value of the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the consolidated balance sheets were $30.4 million and $2.9 million, respectively.

The income and losses attributable to us as well as to the redeemable NCI from the Indonesian VIE were insignificant for the year ended December 31, 2023.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):

			December 31, 2020						Net Change						December 31, 2021						Net Change						December 31, 2022						Net Change												December 31, 2023
Foreign currency translation adjustment ("CTA") gain (loss)			$	(508,415)					$	(559,984)					$	(1,068,399)					$	(769,838)					$	(1,838,237)					$	250,044											$	(1,588,193)
Unrealized gain (loss) on cash flow hedges (1)			(67,152)						60,562						(6,590)						40,543						33,953						(18,370)												15,583
Net investment hedge CTA gain (loss) (1)			(336,934)						326,982						(9,952)						425,701						415,749						(131,883)												283,866
Net actuarial gain (loss) on defined benefit plans (2)			(867)						57						(810)						(101)						(911)						(462)												(1,373)
			$	(913,368)					$	(172,383)					$	(1,085,751)					$	(303,695)					$	(1,389,446)					$	99,329											$	(1,290,117)

(1)Refer to Note 8 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.

(2)We have a defined benefit pension plan covering all employees in two countries where such plans are mandated by law. We do 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.

Changes in foreign currencies can have a significant impact to our consolidated balance sheets (as evidenced above in our foreign currency translation loss), as well as our consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of December 31, 2023, the U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2022. Because of this, the U.S. dollar had an overall favorable impact on our consolidated financial position because the foreign denominations translated into more U.S. dollars as evidenced by a decrease in foreign currency translation loss for the year ended December 31, 2023 as reflected in the above table. The volatility of the U.S. dollar as compared to the other currencies in which we operate could have a significant impact on our consolidated financial position and results of operations including the amount of revenue that we report in future periods.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Dividends

During the years ended December 31, 2023, 2022 and 2021, our Board of Directors declared quarterly dividends whose treatment for federal income tax purposes were as follows:

Declaration Date						Record Date						Payment Date						Total Distribution (1)						Nonqualified Ordinary Dividend (2)						Total Distribution Amount
																		(per share)												(in thousands)
Fiscal 2023
2/15/2023						3/7/2023						3/22/2023						$	3.410000					$	3.410000					$	318,736
5/3/2023						5/24/2023						6/21/2023						3.410000						3.410000						318,914
8/2/2023						8/23/2023						9/20/2023						3.410000						3.410000						319,308
10/25/2023						11/15/2023						12/13/2023						4.260000						4.260000						402,347
Total																		$	14.490000					$	14.490000					$	1,359,305
Fiscal 2022
2/16/2022						3/7/2022						3/23/2022						$	3.100000					$	3.100000					$	282,031
4/27/2022						5/18/2022						6/15/2022						3.100000						3.100000						282,168
7/27/2022						8/17/2022						9/21/2022						3.100000						3.100000						286,136
11/2/2022						11/16/2022						12/14/2022						3.100000						3.100000						286,868
Total																		$	12.400000					$	12.400000					$	1,137,203
Fiscal 2021
2/10/2021						2/24/2021						3/17/2021						$	2.870000					$	2.870000					$	256,321
4/28/2021						5/19/2021						6/16/2021						2.870000						2.870000						257,199
7/28/2021						8/18/2021						9/22/2021						2.870000						2.870000						257,769
11/3/2021						11/17/2021						12/15/2021						2.870000						2.870000						258,716
Total																		$	11.480000					$	11.480000					$	1,030,005

(1)Common stock dividends are characterized for federal income tax purposes as nonqualified ordinary dividend, qualified ordinary dividend, capital gains or return of capital. During the years ended December 31, 2023, 2022 and 2021, we did not classify any portion of the distributions as qualified ordinary dividend, capital gains or return of capital.

(2)All nonqualified ordinary dividends are eligible for the 20% deduction generally allowable to non-corporate shareholders under Internal Revenue Code Section 199A.

In addition, as of December 31, 2023, for dividends and special distributions attributed to the RSUs, we recorded a short-term dividend payable of $13.6 million and a long-term dividend payable of $12.1 million for the RSUs that have not yet vested. As of December 31, 2022, for dividends and special distributions attributed to the RSUs, we recorded a short-term dividend payable of $12.3 million and a long-term dividend payable of $10.4 million for the RSUs that have not yet vested.

13. Stock-Based Compensation

Equity Compensation Plans

As of December 31, 2023, our equity compensation plans included:

• 2004 Employee Stock Purchase Plan (the "2004 Purchase Plan")**: The 2004 Purchase Plan permits eligible employees to purchase common stock on favorable terms via payroll deductions of up to 15% of the employee's cash compensation, subject to certain share and statutory dollar limits. Two overlapping offering periods commence during each calendar year, on each of February 15 and August 15 or such other periods or dates as determined by the Talent, Culture and Compensation Committee of the Board of Directors (the "Compensation Committee") from time to time, and the offering periods last up to 24 months with a purchase date every 6 months. The price of each share purchased is 85% of the lower of a) the fair value

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per share of common stock on the last trading day before the commencement of the applicable offering period or b) the fair value per share of common stock on the purchase date.

• 2020 Equity Incentive Plan: In 2020, both our Board of Directors and our stockholders approved the 2020 Equity Plan, which provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, RSAs, RSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. The 2020 Equity Plan's awards may be granted to employees, non-employee members of the Board and consultants. Equity awards granted under the 2020 Equity Incentive Plan generally vest over four years. The maximum numbers of shares of our common stock available for issuance under the 2020 Equity Plan is equal to the sum of 4.0 million shares and the shares transferred from the 2000 Equity Incentive Plan.

The Equity compensation plans are administered by the Compensation Committee, which may terminate or amend these plans, with approval of the stockholders as may be required by applicable law, at any time. As of December 31, 2023, shares reserved and available for issuance under the equity compensation plans were as follows:

			Shares reserved						Shares available for grant
2004 Purchase Plan			5,392,206						2,345,263
2020 Equity Incentive Plan			3,941,429						2,426,412

Restricted Stock Units

Since 2008, we primarily grant RSUs to our employees, including executives and non-employee directors, in lieu of stock options. We generally grant RSUs that have a service condition only or have both a service and performance condition. Each RSU is not considered issued and outstanding and does not have voting rights until it is converted into one share of our common stock upon vesting. RSU activity is summarized as follows:

			Number of Shares Outstanding						Weighted Average Grant Date Fair Value per Share						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (1) (Dollars in Thousands)
RSUs outstanding, December 31, 2020			1,337,634						$	499.60
RSUs granted			776,628						679.59
RSUs released, vested			(633,466)						505.40
Special distribution shares released			(34)						297.03
RSUs canceled			(123,168)						561.34
RSUs outstanding, December 31, 2021			1,357,594						594.27
RSUs granted			912,249						661.43
RSUs released, vested			(668,733)						576.62
RSUs canceled			(155,418)						624.98
RSUs outstanding, December 31, 2022			1,445,692						641.51
RSUs granted			990,667						699.07
RSUs released, vested			(680,738)						644.90
Special distribution shares released			(34)						297.03
RSUs canceled			(203,990)						640.68
RSUs outstanding, December 31, 2023			1,551,597						$	676.89					1.28						$	1,249,640

(1)The intrinsic value is calculated based on the market value of the stock as of December 31, 2023.

The total fair value of RSUs vested and released during the years ended December 31, 2023, 2022 and 2021 was $497.7 million, $462.0 million and $472.9 million, respectively.

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Employee Stock Purchase Plan

We provide the following disclosures for the 2004 Purchase Plan as of December 31 (dollars, except shares):

			2023						2022						2021
Weighted-average purchase price per share			$	572.59					$	568.29					$	467.59
Weighted average grant-date fair value per award for shares purchased			$	206.83					$	202.61					$	138.80
Number of shares purchased			151,875						143,515						166,023

We use the Black-Scholes option-pricing model to determine the fair value of shares under the 2004 Purchase Plan with the following assumptions during the years ended December 31:

			2023						2022						2021
Range of dividend yield			1.69% - 1.78%						1.48 - 1.55%						1.58 - 1.77%
Range of risk-free interest rate			4.57% - 5.30%						0.72 - 3.06%						0.01 - 0.21%
Range of expected volatility			26.02% - 34.93%						25.73 - 37.20%						25.54 - 41.24%
Weighted-average expected volatility			30.48		%				30.34		%				34.08		%
Weighted average expected life (in years)			1.06						1.06						1.18

Stock-Based Compensation Expense

The following table presents, by operating expense, our stock-based compensation expense recognized in our consolidated statement of operations for the years ended December 31 (in thousands):

			2023						2022						2021
Cost of revenues			$	49,013					$	45,028					$	38,438
Sales and marketing			84,583						82,794						79,144
General and administrative			273,940						276,161						246,192
Total			$	407,536					$	403,983					$	363,774

Our stock-based compensation expense recognized in the consolidated statement of operations was comprised of the following types of equity awards for the years ended December 31 (in thousands):

			2023						2022						2021
RSUs			$	387,011					$	359,952					$	330,077
RSAs			1,752						9,793						10,067
Employee stock purchase plan			18,773						34,238						23,630
Total			$	407,536					$	403,983					$	363,774

During the years ended December 31, 2023, 2022 and 2021, we capitalized $60.3 million, $46.3 million and $27.7 million, respectively, of stock-based compensation expense as construction in progress in property, plant and equipment.

As of December 31, 2023, the total stock-based compensation cost related to unvested equity awards not yet recognized, net of estimated forfeitures, totaled $776.3 million which is expected to be recognized over a weighted-average period of 2.28 years.

14. Income Taxes

Income before income taxes is attributable to the following geographic locations for the years ended December 31, (in thousands):

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			2023						2022						2021
Domestic			$	278,470					$	334,486					$	137,492
Foreign			845,760						494,883						471,460
Income before income taxes			$	1,124,230					$	829,369					$	608,952

The tax expenses for income taxes consisted of the following components for the years ended December 31, (in thousands):

			2023						2022						2021
Current:
Federal			$	299					$	1,679					$	7,753
State and local			(526)						(892)						(156)
Foreign			(150,179)						(83,210)						(76,450)
Subtotal			(150,406)						(82,423)						(68,853)
Deferred:
Federal			(136)						(16,284)						11,060
State and local			196						(5,024)						(1,411)
Foreign			(4,904)						(21,061)						(50,020)
Subtotal			(4,844)						(42,369)						(40,371)
Income tax expense			$	(155,250)					$	(124,792)					$	(109,224)

State and foreign taxes not based on income are included in general and administrative expenses and the aggregate amounts were not significant for the years ended December 31, 2023, 2022 and 2021.

Income tax benefit (expenses) for the years ended December 31, 2023, 2022 and 2021 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following for the years ended December 31 (in thousands):

			2023						2022						2021
Federal tax at statutory rate			$	(236,088)					$	(174,168)					$	(127,880)
State and local tax expense			(331)						(5,916)						(1,513)
Deferred tax assets generated in current year not benefited			(33,810)						(39,196)						(19,703)
Foreign income tax rate differential			(13,634)						(12,379)						(18,918)
Non-deductible expenses			(6,470)						(5,995)						(10,579)
Stock-based compensation expense			(8,981)						(8,321)						(1,385)
Change in valuation allowance			1,744						(19,793)						(595)
Foreign financing activities			(3,642)						(5,519)						(4,805)
Uncertain tax positions reserve			20,683						45,317						50,059
Tax adjustments related to REIT			131,757						107,312						39,164
Change in deferred tax adjustments			(2,572)						(239)						(1,251)
Effect of tax rate change on deferred tax assets			(1,872)						(3,126)						(12,297)
Other, net			(2,034)						(2,769)						479
Total income tax expense			$	(155,250)					$	(124,792)					$	(109,224)

Of the unrecognized tax benefits being realized in the years ended December 31, 2023, 2022 and 2021, approximately $1.6 million, $2.0 million and $32.0 million, respectively, are related to the uncertain tax position inherited from the acquisition of Metronode in 2018. The uncertain tax position was covered by an indemnification agreement with the seller. As such, the realization of the unrecognized tax benefit resulted in an impairment of the indemnification asset for the same amount, which has been included in Other Income (Expense) on the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021.

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Our accounting policy is to treat any tax on Global Intangible Low-Taxed Income ("GILTI") inclusions as a current period cost included in the tax expense in the year incurred. We believe the GILTI inclusion provision will result in no material financial statement impact provided we satisfy our REIT distribution requirement with respect to the GILTI inclusions.

As a result of our conversion to a REIT effective January 1, 2015, it is no longer our intent to indefinitely reinvest undistributed foreign earnings. However, no deferred tax liability has been recognized to account for this change because the expected recovery of the basis difference will not result in material U.S. taxes in the post-REIT conversion periods due to the fact that the majority of our foreign subsidiaries are either QRSs or owned directly by our REIT and QRSs, and the foreign withholding tax effect would be immaterial. We continue to assess the foreign withholding tax impact of our current policy and do not believe the distribution of our foreign earnings would trigger any significant foreign withholding taxes, as the majority of the foreign jurisdictions where we operate do not impose withholding taxes on dividend distributions to a corporate U.S. parent.

The types of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are set out below as of December 31 (in thousands):

			2023						2022
Deferred tax assets:
Stock-based compensation expense			$	9,073					$	9,002
Net unrealized losses			10,843						3,988
Operating lease liabilities			220,745						253,005
Finance lease liabilities			14,591						—
Deferred revenue			16,625						13,887
Goodwill			—						20,511
Loss carryforwards and tax credits			232,471						142,270
Others, net			6,600						32,543
Gross deferred tax assets			510,948						475,206
Valuation allowance			(220,848)						(166,594)
Total deferred tax assets, net			290,100						308,612
Deferred tax liabilities:
Finance lease liabilities			—						(8,033)
Property, plant and equipment			(252,434)						(221,343)
Right-of-use assets			(224,253)						(256,837)
Deferred income			(26,116)						(28,314)
Goodwill			(3,074)						—
Intangible assets			(116,070)						(132,816)
Total deferred tax liabilities			(621,947)						(647,343)
Net deferred tax liabilities			$	(331,847)					$	(338,731)

The tax basis of REIT assets, excluding investments in TRSs, is greater than the amounts reported for such assets in the accompanying consolidated balance sheet by approximately $2.7 billion as of December 31, 2023.

Our accounting for deferred taxes involves weighing positive and negative evidence concerning the realizability of our deferred tax assets in each taxing jurisdiction. After considering evidence such as the nature, frequency and severity of current and cumulative financial reporting losses, the sources of future taxable income, taxable income in carryback years permitted by the tax laws and tax planning strategies, we concluded that valuation allowances were required in certain jurisdictions. The operations in most of the jurisdictions for which a valuation allowance has been established have a history of significant losses as of December 31, 2023. As such, we do not believe these operations have established a sustained history of profitability and that a valuation allowance is, therefore,

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necessary. We also provided a valuation allowance against certain gross deferred tax assets in certain taxing jurisdictions as these deferred tax assets are not expected to be realizable in the foreseeable future.

Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

			2023						2022						2021
Beginning balance			$	166,594					$	100,746					$	82,344
Amounts from acquisitions			10,459						13,458						964
Amounts recognized into income			(1,744)						22,905						595
Current increase			44,002						36,513						19,539
Impact of foreign currency exchange			1,537						(7,028)						(2,696)
Ending balance			$	220,848					$	166,594					$	100,746

Our net operating loss carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2024, are outlined below (in thousands):

Expiration Date						Federal						State						Foreign (1) (2)						Total
2024						$	819					$	24					$	9,736					$	10,579
2025 to 2027						2,457						—						34,463						36,920
2028 to 2030						—						—						40,604						40,604
2031 to 2033						—						667						9,845						10,512
2034 to 2036						2,441						324						20,286						23,051
2037 to 2039						2,886						2,618						19,177						24,681
Thereafter						248,941						89,574						624,744						963,259
						$	257,544					$	93,207					$	758,855					$	1,109,606

(1)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year.

(2)If certain substantial changes in the entity's ownership occur or have determined to have occurred, there may be a limitation on the amount of the carryforwards that can be utilized.

As of December 31, 2023, we had tax credit carryforwards of $5.7 million, which expire, if not utilized, from 2024 to 2031. We also had capital losses of $7.6 million, which can be carried forward indefinitely.

The beginning and ending balances of our unrecognized tax benefits are reconciled below for the years ended December 31 (in thousands):

			2023						2022						2021
Beginning balance			$	89,237					$	148,300					$	207,759
Gross increases related to prior year tax positions			2,989						1,401						4,547
Gross decreases related to prior year tax positions			(16,767)						(43,575)						(58,356)
Gross increases related to current year tax positions			4,395						7,004						10,000
Decreases resulting from expiration of statute of limitation			(10,138)						(11,969)						(10,561)
Decreases resulting from settlements			—						(11,924)						(5,089)
Ending balance			$	69,716					$	89,237					$	148,300

We recognize interest and penalties related to unrecognized tax benefits within income tax expense in the consolidated statements of operations. We accrued $7.2 million, $6.5 million, and $13.6 million for interest and penalties as of December 31, 2023, 2022 and 2021, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The unrecognized tax benefits of $69.7 million as of December 31, 2023, if subsequently recognized, will affect our effective tax rate favorably at the time when such a benefit is recognized.

Due to various tax years open for examination and the ongoing tax audits and inquiries by the tax authorities in different jurisdictions, it is reasonably possible that the balance of unrecognized tax benefits could significantly increase or decrease over the next 12 months as we may be subject to either examination by tax authorities, tax audit settlements, or a lapse in statute of limitations. We are currently unable to estimate the range of possible adjustments to the balance of unrecognized tax benefits.

In general, our income tax returns for the years from 2020 through the current year remain open to examination by federal and state taxing authorities. In addition, our tax years of 2005 through current year remain open and subject to examination by local tax authorities in certain foreign jurisdictions in which we have major operations.

15. Commitments and Contingencies

Purchase Commitments

As a result of our various IBX data center expansion projects, as of December 31, 2023, we were contractually committed for approximately $2.0 billion of unaccrued capital expenditures, primarily for IBX infrastructure equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to our customers for installation. We also had numerous other, non-capital purchase commitments in place as of December 31, 2023, such as commitments to purchase power in select locations through 2024 and thereafter, and other open purchase orders for goods, or services to be delivered or provided during 2024 and thereafter. Such other miscellaneous purchase commitments totaled approximately $1.7 billion as of December 31, 2023. For further information on our equity method investments contribution commitments and lease commitments, see Note 6 and Note 10, respectively, above.

Contingent Liabilities

We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows.

Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing several indirect tax audits and appealing a tentative assessment in Brazil. The final settlement of the audit and the outcomes of the appeal are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows.

From time to time, we may have certain contingent liabilities that arise in the ordinary course of our business activities. Contingent liabilities are accrued when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. In the opinion of management, there are no pending claims for which the outcome is expected to result in a material adverse effect in the financial position, results of operations or cash flows.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Employment Agreements

We have entered into a severance agreement with certain of our executive officers that provides for a severance payment equal to 100% of the executive officer's annual base salary and maximum bonus in the event his or her employment is terminated for any reason other than cause or he or she voluntarily resigns under certain circumstances as described in the agreement, or 200% of the executive officer's annual base salary and maximum bonus in the event this occurs after a change-in-control of our company. For certain other executive officers, these benefits are only triggered after a change-in-control of our company, in which case the officer is entitled to 200% of the executive officer's annual base salary and maximum bonus. In addition, under these agreements, the executive officer is entitled to the payment of his or her monthly health care premiums under the Consolidated Omnibus Budget Reconciliation Act for up to 24 months.

Indemnification and Guarantor Arrangements

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of December 31, 2023.

We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of December 31, 2023.

We enter into arrangements with certain business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for certain acts, such as personal property damage, by our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of December 31, 2023.

We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in obligations to these customers. While we have purchased insurance that could limit our exposure, our liability insurance may not be adequate to cover those expenses. In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence our customers have in us, and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of December 31, 2023.

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into credit facility agreements with a group of lenders under which it could borrow up to approximately $1.4 billion in total at the exchange rate in effect on December 31, 2023, with such facilities maturing in 2025 and 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with guarantees covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under these credit facilities, up to a limit of $301.4 million in total at the exchange rate in effect on December 31, 2023. As of December 31, 2023, the maximum potential amount of our future payments under these guarantees was approximately $209.0 million, at the exchange rates in effect on that date. We and our co-investor entered into an ancillary agreement to allocate funding under the credit facility agreement for use by our AMER 1 Joint Venture. As of December 31, 2023, $9.4 million of the guarantees related to AMER 1. Our estimated fair value of these guarantees is minimal as the likelihood of making a payout under the guarantees is low.

16. Related Party Transactions

Joint Venture 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 consolidated statements of operations (in thousands):

												Years Ended December 31,
Related Party						Nature of Transaction						2023						2022						2021
EMEA 1 Joint Venture						Revenues						$	28,962					$	39,065					$	42,387
EMEA 1 Joint Venture						Expenses (1)						16,900						7,686						8,303
VIE Joint Ventures (2)						Revenues						106,665						40,284						28,320

(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 years ended December 31, 2023, 2022 and 2021.

The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our consolidated balance sheets (in thousands):

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EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

																								As of December 31,
Related Party						Balance Sheet																		2023						2022
EMEA 1 Joint Venture						Accounts receivable, net																		$	18,946					$	25,717
			Other current assets (1)																		19,099						55,473
			Property, plant and equipment, net (2)																		97,436						100,968
			Operating lease right-of-use assets																		1,921						—
			Other current liabilities																		9,182						1,857
			Finance lease liabilities																		110,677						108,603
			Operating lease liabilities																		1,954						—
			Other liabilities (3)																		50,002						33,773
VIE Joint Ventures						Accounts receivable, net																		23,020						14,076
			Other current assets (1)																		42,829						11,140
			Property, plant and equipment, net (2)																		72,113						—
			Operating lease right-of-use assets																		1,788						—
			Other assets (1)																		20,624						—
			Other current liabilities																		5,774						—
			Finance lease liabilities																		75,061						—
			Operating lease liabilities																		1,700						—

(1)The balance primarily relates to contract assets and other receivables.

(2)The balance relates to finance lease right-of-use assets.

(3)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.

We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales; for more information refer to Note 5 above.

Other Related Party Transactions

We have several significant stockholders and other related parties that are also customers and/or vendors. Our activity of other related party transactions was as follows (in thousands):

			Years ended December 31,
			2023						2022						2021
Revenues			$	309,509					$	236,464					$	140,947
Costs and services			37,945						58,932						5,337

			As of December 31,
			2023						2022
Accounts receivable, net			$	33,405					$	25,990
Accounts payable			45						665

17. Segment Information

While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA, both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

F-57

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following tables present revenue information disaggregated by product lines and geographic areas (in thousands):

			Year Ended December 31, 2023
			Americas						EMEA						Asia-Pacific						Total
Colocation (1)			$	2,365,049					$	2,112,168					$	1,288,844					$	5,766,061
Interconnection			820,007						307,337						266,966						1,394,310
Managed infrastructure			249,779						130,061						71,833						451,673
Other (1)			22,118						98,591						11,978						132,687
Recurring revenues			3,456,953						2,648,157						1,639,621						7,744,731
Non-recurring revenues			160,539						189,697						93,169						443,405
Total			$	3,617,492					$	2,837,854					$	1,732,790					$	8,188,136

(1) Includes some leasing and hedging activities.

			Year Ended December 31, 2022
			Americas						EMEA						Asia-Pacific						Total
Colocation (1)			$	2,187,751					$	1,744,121					$	1,150,738					$	5,082,610
Interconnection			756,214						268,398						243,664						1,268,276
Managed infrastructure			218,499						119,361						77,646						415,506
Other (1)			20,727						75,449						8,719						104,895
Recurring revenues			3,183,191						2,207,329						1,480,767						6,871,287
Non-recurring revenues			166,026						135,875						89,917						391,818
Total			$	3,349,217					$	2,343,204					$	1,570,684					$	7,263,105

(1) Includes some leasing and hedging activities.

			Year Ended December 31, 2021
			Americas						EMEA						Asia-Pacific						Total
Colocation (1)			$	2,002,253					$	1,597,830					$	1,042,131					$	4,642,214
Interconnection			678,677						259,538						223,287						1,161,502
Managed infrastructure			168,577						124,937						87,343						380,857
Other (1)			12,430						19,626						3,856						35,912
Recurring revenues			2,861,937						2,001,931						1,356,617						6,220,485
Non-recurring revenues			159,814						153,285						101,953						415,052
Total			$	3,021,751					$	2,155,216					$	1,458,570					$	6,635,537

(1) Includes some leasing and hedging activities.

F-58

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Total revenues attributed to the U.S. were $3.1 billion, $2.9 billion and $2.6 billion for the year ended December 31, 2023, 2022, and 2021, respectively. For the year ended December 31, 2023, we derived revenues of $821.9 million from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the years ended December 31, 2022 and 2021. No single customer accounted for 10% or greater of our accounts receivable or revenues for the years ended December 31, 2023, 2022, and 2021.

We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below for the years ended December 31 (in thousands):

			2023						2022						2021
Adjusted EBITDA:
Americas			$	1,613,696					$	1,521,775					$	1,326,460
EMEA			1,251,276						1,109,502						1,033,333
Asia-Pacific			836,869						738,423						784,591
Total adjusted EBITDA			3,701,841						3,369,700						3,144,384
Depreciation, amortization and accretion expense			(1,843,665)						(1,739,374)						(1,660,524)
Stock-based compensation expense			(407,536)						(403,983)						(363,774)
Transaction costs			(12,412)						(21,839)						(22,769)
Gain (loss) on asset sales			5,046						(3,976)						10,845
Interest income			94,227						36,268						2,644
Interest expense			(402,022)						(356,337)						(336,082)
Other expense			(11,214)						(51,417)						(50,647)
Gain (loss) on debt extinguishment			(35)						327						(115,125)
Income before income taxes			$	1,124,230					$	829,369					$	608,952

We also provide the following segment disclosures related to our operations as follows for the years ended December 31 (in thousands):

			2023						2022						2021
Depreciation and amortization:
Americas			$	1,000,976					$	931,357					$	865,910
EMEA			499,888						458,156						455,651
Asia-Pacific			344,274						346,695						334,729
Total			$	1,845,138					$	1,736,208					$	1,656,290
Capital expenditures:
Americas			$	1,626,953					$	1,139,309					$	970,217
EMEA			717,471						750,569						1,049,279
Asia-Pacific			436,594						388,126						732,016
Total			$	2,781,018					$	2,278,004					$	2,751,512

F-59

EQUINIX, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas as of December 31 (in thousands):

			2023						2022
Americas (1)			$	8,610,354					$	7,532,125
EMEA			6,321,164						5,577,498
Asia-Pacific			3,669,315						3,539,911
Total Property, plant and equipment, net			$	18,600,833					$	16,649,534

(1)Includes $6.7 billion and $6.0 billion, respectively, of property, plant and equipment, net attributed to the U.S. as of December 31, 2023 and 2022.

			2023						2022
Americas (1)			$	421,268					$	263,148
EMEA			367,865						440,139
Asia-Pacific			659,757						724,663
Total Operating lease right-of-use assets			$	1,448,890					$	1,427,950

(1)Includes $398.3 million and $244.7 million of operating lease ROU assets attributed to the U.S. as of December 31, 2023 and 2022, respectively.

18. Subsequent Events

Declaration of dividends

On February 14, 2024, we declared a quarterly cash dividend of $4.26 per share, which is payable on March 20, 2024 to our common stockholders of record as of the close of business on February 28, 2024.

F-60

EQUINIX, INC.

Schedule III - Schedule of Real Estate and Accumulated Depreciation

As of December 31, 2023

(in thousands)

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
Americas:
AT1 ATLANTA (METRO)			$—						$—						$—						$—						$300,175						$—						$300,175						$(103,704)												2010
AT2 ATLANTA (METRO)			—						—						—						—						38,430						—						38,430						(35,078)												2010
AT3 ATLANTA (METRO)			—						—						—						—						4,246						—						4,246						(3,903)												2010
AT4 ATLANTA (METRO)			—						5,400						20,209						—						31,444						5,400						51,653						(20,036)												2017
AT5 ATLANTA (METRO)			—						—						5,011						—						1,257						—						6,268						(5,791)												2017
BG1 BOGOTÁ (METRO), COLOMBIA			—						—						8,779						773						8,396						773						17,175						(7,557)												2017
BG2 BOGOTÁ (METRO), COLOMBIA			—						3,970						—						999						46,369						4,969						46,369						(1,166)												2021
BO2 BOSTON (METRO)			—						2,500						30,383						—						38,773						2,500						69,156						(22,390)												2017
CH1 CHICAGO (METRO)			—						—						—						—						113,488						—						113,488						(86,977)												1999
CH2 CHICAGO (METRO)			—						—						—						—						65,322						—						65,322						(36,885)												2005
CH3 CHICAGO (METRO)			—						9,759						—						351						352,661						10,110						352,661						(171,851)												2006
CH4 CHICAGO (METRO)			—						—						—						—						147,771						—						147,771						(22,050)												2009
CH7 CHICAGO (METRO)			—						670						10,564						—						10,299						670						20,863						(7,985)												2017
CL1 CALGARY (METRO), CANADA			—						—						11,572						—						5,838						—						17,410						(8,030)												2020
CL2 CALGARY (METRO), CANADA			—						—						14,145						—						6,655						—						20,800						(9,015)												2020
CL3 CALGARY (METRO), CANADA			—						7,747						69,334						178						59,905						7,925						129,239						(19,854)												2020
CU1 CULPEPER (METRO)			—						1,019						37,581						—						6,879						1,019						44,460						(22,336)												2017
CU2 CULPEPER (METRO)			—						1,244						48,000						—						14,135						1,244						62,135						(25,610)												2017
CU3 CULPEPER (METRO)			—						1,088						37,387						—						15,879						1,088						53,266						(19,403)												2017
CU4 CULPEPER (METRO)			—						1,372						27,832						—						37,810						1,372						65,642						(18,715)												2017
DA1 DALLAS (METRO)			—						—						—						—						71,277						—						71,277						(44,160)												2000
DA2 DALLAS (METRO)			—						—						—						—						83,289						—						83,289						(40,250)												2010
DA3 DALLAS (METRO)			—						—						—						—						99,240						—						99,240						(49,947)												2010
DA4 DALLAS (METRO)			—						—						—						—						17,125						—						17,125						(11,452)												2010
DA6 DALLAS (METRO)			—						—						20,522						—						193,753						—						214,275						(69,284)												2012
DA7 DALLAS (METRO)			—						—						—						—						32,192						—						32,192						(22,362)												2015
DA9 DALLAS (METRO)			—						610						15,398						—						7,676						610						23,074						(9,731)												2017
DA11 DALLAS (METRO)			—						—						—						—						290,066						—						290,066						(41,193)												2018
INFOMART BUILDING DALLAS (METRO)			—						24,380						337,643						3,293						31,160						27,673						368,803						(63,337)												2018
DC1 WASHINGTON, DC (METRO)			—						—						—						—						6,251						—						6,251						(3,232)												1999
DC2 WASHINGTON, DC (METRO)			—						—						—						5,047						138,769						5,047						138,769						(99,260)												1999
DC3 WASHINGTON, DC (METRO)			—						—						37,451						—						53,692						—						91,143						(59,791)												2004
DC4 WASHINGTON, DC (METRO)			—						1,906						7,272						—						58,171						1,906						65,443						(46,653)												2005

F-61

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
DC5 WASHINGTON, DC (METRO)			—						1,429						4,983						—						68,574						1,429						73,557						(50,275)												2005
DC6 WASHINGTON, DC (METRO)			—						1,429						5,082						—						94,331						1,429						99,413						(63,053)												2005
DC7 WASHINGTON, DC (METRO)			—						—						—						—						18,463						—						18,463						(15,775)												2010
DC10 WASHINGTON, DC (METRO)			—						—						44,601						—						72,000						—						116,601						(101,303)												2011
DC11 WASHINGTON, DC (METRO)			—						1,429						5,082						—						188,680						1,429						193,762						(88,673)												2005
DC12 WASHINGTON, DC (METRO)			—						—						101,783						—						83,608						—						185,391						(57,719)												2017
DC13 WASHINGTON, DC (METRO)			—						5,500						25,423						—						35,100						5,500						60,523						(24,532)												2017
DC14 WASHINGTON, DC (METRO)			—						2,560						33,511						—						16,591						2,560						50,102						(18,339)												2017
DC15 WASHINGTON, DC (METRO)			—						1,965						—						1,964						195,790						3,929						195,790						(33,908)												2018
DC16 WASHINGTON, DC (METRO)			—						—						—						—						212,445						—						212,445						(669)												2022
DC21 WASHINGTON, DC (METRO)			—						1,507						—						—						195,152						1,507						195,152						(23,809)												2019
DC97 WASHINGTON, DC (METRO)			—						—						2,021						—						1,977						—						3,998						(2,102)												2017
DE1 DENVER (METRO)			—						—						—						—						9,923						—						9,923						(9,081)												2010
DE2 DENVER (METRO)			—						5,240						23,053						—						35,233						5,240						58,286						(22,774)												2017
HO1 HOUSTON (METRO)			—						1,440						23,780						—						34,618						1,440						58,398						(22,169)												2017
KA1 KAMLOOPS (METRO), CANADA			—						2,929						46,983						67						30,301						2,996						77,284						(12,121)												2020
LA1 LOS ANGELES (METRO)			—						—						—						—						112,152						—						112,152						(83,432)												1999
LA2 LOS ANGELES (METRO)			—						—						—						—						10,697						—						10,697						(9,962)												2000
LA3 LOS ANGELES (METRO)			—						—						34,727						3,959						20,125						3,959						54,852						(45,021)												2005
LA4 LOS ANGELES (METRO)			—						19,333						137,630						—						86,651						19,333						224,281						(121,418)												2009
LA7 LOS ANGELES (METRO)			—						7,800						33,621						—						56,961						7,800						90,582						(25,110)												2017
LM1 LIMA (METRO), PERU			—						4,589						8,835						234						3,239						4,823						12,074						(1,121)												2022
MI1 MIAMI (METRO)			—						18,920						127,194						—						162,245						18,920						289,439						(102,259)												2017
MI2 MIAMI (METRO)			—						—						—						—						22,690						—						22,690						(17,194)												2010
MI3 MIAMI (METRO)			—						—						—						—						35,120						—						35,120						(24,445)												2012
MI6 MIAMI (METRO)			—						4,750						23,017						—						11,124						4,750						34,141						(16,025)												2017
MO1 MONTERREY (METRO), MEXICO			—						—						2,572						—						5,133						—						7,705						(2,509)												2020
MT1 MONTREAL (METRO), CANADA (5)			—						—						76,932						34,900						(19,783)						34,900						57,149						(25,952)												2020
MT2 MONTREAL (METRO), CANADA			—						2,800						58,183						64						42,860						2,864						101,043						(7,932)												2022
MX1 MEXICO CITY (METRO), MEXICO			—						1,090						53,980						—						38,486						1,090						92,466						(18,016)												2020
MX2 MEXICO CITY (METRO), MEXICO			—						1,090						16,061						—						107,676						1,090						123,737						(8,347)												2020
NY1 NEW YORK (METRO)			—						—						—						—						72,522						—						72,522						(52,516)												1999
NY2 NEW YORK (METRO)			—						—						—						17,859						207,183						17,859						207,183						(139,796)												2000
NY3 NEW YORK (METRO)									—						—						38,484						308,715						38,484						308,715						(5,840)												2022
NY4 NEW YORK (METRO)			—						—						—						—						375,023						—						375,023						(231,647)												2006
NY5 NEW YORK (METRO)			—						—						—						—						305,730						—						305,730						(129,148)												2010
NY6 NEW YORK (METRO)			—						—						—						—						102,886						—						102,886						(28,463)												2010
NY7 NEW YORK (METRO)			—						—						24,660						—						161,202						—						185,862						(144,791)												2010

F-62

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
NY9 NEW YORK (METRO)			—						—						—						—						49,925						—						49,925						(43,174)												2010
NY11 NEW YORK (METRO)			—						2,050						58,717						—						118,375						2,050						177,092						(36,482)												2017
NY13 NEW YORK (METRO)			—						—						31,603						8,300						7,184						8,300						38,787						(22,754)												2017
OT1 OTTAWA (METRO), CANADA			—						1,549						39,128						36						6,073						1,585						45,201						(9,742)												2020
PH1 PHILADELPHIA (METRO)			—						—						—						—						45,035						—						45,035						(26,000)												2010
RJ1 RIO DE JANEIRO (METRO), BRAZIL			—						—						—						—						23,444						—						23,444						(20,011)												2011
RJ2 RIO DE JANEIRO (METRO), BRAZIL			—						—						2,012						1,356						110,811						1,356						112,823						(32,331)												2012
SE2 SEATTLE (METRO)			—						—						—						—						31,288						—						31,288						(27,823)												2010
SE3 SEATTLE (METRO)			—						—						1,760						—						101,101						—						102,861						(76,313)												2011
SE4 SEATTLE (METRO)			—						4,000						12,903						—						75,887						4,000						88,790						(18,910)												2017
SJ1 SAINT JOHN (METRO), CANADA			—						159						14,276						3						2,579						162						16,855						(3,748)												2020
SP1 SÃO PAULO (METRO), BRAZIL			—						—						10,188						—						32,079						—						42,267						(26,170)												2011
SP2 SÃO PAULO (METRO), BRAZIL			—						—						—						3,300						60,520						3,300						60,520						(43,359)												2011
SP3 SÃO PAULO (METRO), BRAZIL			—						7,222						72,997						1,071						147,465						8,293						220,462						(74,396)												2017
SP4 SÃO PAULO (METRO), BRAZIL			—						—						22,027						7,320						110,177						7,320						132,204						(38,213)												2017
ST1 SANTIAGO (METRO), CHILE			—						2,029						24,552						—						10,392						2,029						34,944						(3,845)												2022
ST2 SANTIAGO (METRO), CHILE			—						2,029						11,736						—						18,151						2,029						29,887						(1,719)												2022
ST3 SANTIAGO (METRO), CHILE			—						1,467						10,341						—						6,485						1,467						16,826						(2,732)												2022
ST4 SANTIAGO (METRO), CHILE			—						78						4,679						—						3,388						78						8,067						(1,008)												2022
SV1 SILICON VALLEY (METRO)			—						—						—						15,545						149,163						15,545						149,163						(108,305)												1999
SV2 SILICON VALLEY (METRO)			—						—						—						—						158,306						—						158,306						(111,696)												2003
SV3 SILICON VALLEY (METRO)			—						—						—						—						77,613						—						77,613						(47,217)												1999
SV4 SILICON VALLEY (METRO)			—						—						—						—						111,181						—						111,181						(36,131)												2005
SV5 SILICON VALLEY (METRO)			—						6,238						98,991						—						107,793						6,238						206,784						(108,994)												2010
SV8 SILICON VALLEY (METRO)			—						—						—						—						157,710						—						157,710						(54,403)												2010
SV10 SILICON VALLEY (METRO)			—						12,646						123,594						—						98,625						12,646						222,219						(65,680)												2017
SV11 SILICON VALLEY (METRO)			—						—						—						—						213,427						—						213,427						(17,874)												2019
SV12 SILICON VALLEY (METRO)			—						20,313						—						—						239,279						20,313						239,279						—												2015
SV14 SILICON VALLEY (METRO)			—						3,638						5,503						—						3,901						3,638						9,404						(4,359)												2017
SV15 SILICON VALLEY (METRO)			—						7,651						23,060						—						17,651						7,651						40,711						(18,586)												2017
SV16 SILICON VALLEY (METRO)			—						4,271						15,018						—						7,333						4,271						22,351						(10,206)												2017
SV17 SILICON VALLEY (METRO)			—						—						17,493						—						2,693						—						20,186						(17,480)												2017
TR1 TORONTO (METRO), CANADA			—						—						—						—						86,073						—						86,073						(39,499)												2010
TR2 TORONTO (METRO), CANADA			—						—						21,113						102,149						159,693						102,149						180,806						(47,009)												2015
TR4 TORONTO (METRO), CANADA			—						—						13,985						—						5,380						—						19,365						(11,831)												2020
TR5 MARKHAM (METRO), CANADA			—						—						24,913						—						3,407						—						28,320						(13,134)												2020
TR6 BRAMPTON (METRO), CANADA			—						9,386						58,704						2,735						43,646						12,121						102,350						(12,486)												2020
TR7 BRAMPTON (METRO), CANADA			—						9,193						71,966						211						32,025						9,404						103,991						(25,620)												2020

F-63

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
VA1 BURNABY (METRO), CANADA			—						—						4,668						—						6,611						—						11,279						(3,350)												2020
WI1 WINNIPEG (METRO), CANADA			—						—						57,234						—						7,330						—						64,564						(6,626)												2020
OTHERS (6)			—						94,931						50,135						12,070						132,175						107,001						182,310						(21,058)												Various
EMEA:
AB1 ABIDJAN (METRO), CÔTE D'IVOIRE			—						29						1,182						—						3,345						29						4,527						(542)												2022
AC1 ACCRA (METRO), GHANA			—						129						798						—						6,944						129						7,742						(1,251)												2022
AD1 ABU DHABI (METRO), UNITED ARAB EMIRATES			—						—						—						—						76,046						—						76,046						(27,113)												2017
AM1 AMSTERDAM (METRO), THE NETHERLANDS			—						—						—						—						93,561						—						93,561						(57,800)												2008
AM2 AMSTERDAM (METRO), THE NETHERLANDS			—						—						—						—						85,209						—						85,209						(39,568)												2008
AM3 AMSTERDAM (METRO), THE NETHERLANDS			—						—						27,099						—						132,018						—						159,117						(80,105)												2011
AM4 AMSTERDAM (METRO), THE NETHERLANDS			—						—						—						—						218,587						—						218,587						(57,877)												2016
AM5 AMSTERDAM (METRO), THE NETHERLANDS			—						—						92,199						—						15,868						—						108,067						(46,049)												2016
AM6 AMSTERDAM (METRO), THE NETHERLANDS			—						6,616						50,876						324						108,782						6,940						159,658						(49,561)												2016
AM7 AMSTERDAM (METRO), THE NETHERLANDS			—						—						7,397						—						155,382						—						162,779						(43,541)												2016
AM8 AMSTERDAM (METRO), THE NETHERLANDS			—						—						—						—						12,782						—						12,782						(7,728)												2016
AM11 AMSTERDAM (METRO), THE NETHERLANDS			—						—						6,405						404						13,374						404						19,779						(5,729)												2019
BA1 BARCELONA (METRO), SPAIN			—						—						9,443						—						28,508						—						37,951						(21,224)												2017
BX1 BORDEAUX (METRO), FRANCE			—						1,912						3,507						61						88,524						1,973						92,031						(3,328)												2020
DB1 DUBLIN (METRO), IRELAND			—						—						—						3,312						27,125						3,312						27,125						(5,251)												2016
DB2 DUBLIN (METRO), IRELAND			—						—						12,460						—						14,020						—						26,480						(15,253)												2016
DB3 DUBLIN (METRO), IRELAND			—						3,334						54,387						163						26,437						3,497						80,824						(32,194)												2016
DB4 DUBLIN (METRO), IRELAND			—						—						26,875						—						20,818						—						47,693						(14,983)												2016
DU1 DÜSSELDORF (METRO), GERMANY			—						—						—						7,988						35,766						7,988						35,766						(19,657)												2000
DX1 DUBAI (METRO), UNITED ARAB EMIRATES			—						—						—						—						95,856						—						95,856						(58,155)												2008
DX2 DUBAI (METRO), UNITED ARAB EMIRATES			—						—						—						—						699						—						699						(504)												2017
DX3 DUBAI (METRO), UNITED ARAB EMIRATES			—						6,738						—						—						61,501						6,738						61,501						(2,002)												2020
EN1 ENSCHEDE (METRO), THE NETHERLANDS			—						—						—						—						37,849						—						37,849						(24,323)												2008
FR2 FRANKFURT (METRO), GERMANY			—						—						—						20,208						589,421						20,208						589,421						(207,199)												2007

F-64

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
FR4 FRANKFURT (METRO), GERMANY			—						11,578						9,307						567						106,344						12,145						115,651						(49,681)												2009
FR5 FRANKFURT (METRO), GERMANY			30,310						—						—						13,783						264,846						13,783						264,846						(77,921)												2012
FR6 FRANKFURT (METRO), GERMANY			—						—						—						—						140,029						—						140,029						(49,162)												2016
FR7 FRANKFURT (METRO), GERMANY			—						—						43,634						—						50,278						—						93,912						(43,283)												2016
FR8 FRANKFURT (METRO), GERMANY			—						19,202						58,199						614						111,060						19,816						169,259						(12,475)												2020
FR13 FRANKFURT (METRO), GERMANY			—						—						—						—						100,329						—						100,329						(877)												2021
GN1 GENOA (METRO), ITALY			—						—						1,988						—						21,277						—						23,265						(1,605)												2020
GV1 GENEVA (METRO), SWITZERLAND			—						—						—						—						30,163						—						30,163						(17,140)												2004
GV2 GENEVA (METRO), SWITZERLAND			—						—						—						—						88,361						—						88,361						(32,500)												2009
HE3 HELSINKI (METRO), FINLAND			—						—						—						—						16,129						—						16,129						(10,810)												2016
HE4 HELSINKI (METRO), FINLAND			—						—						29,092						—						7,681						—						36,773						(26,564)												2016
HE5 HELSINKI (METRO), FINLAND			—						—						7,564						—						22,057						—						29,621						(11,143)												2016
HE6 HELSINKI (METRO), FINLAND			—						—						17,204						1,546						38,606						1,546						55,810						(21,517)												2016
HE7 HELSINKI (METRO), FINLAND			—						7,348						6,946						885						69,131						8,233						76,077						(12,845)												2018
HH1 HAMBURG (METRO), GERMANY									3,612						5,360						483						58,637						4,095						63,997						(10,094)												2018
IL2 ISTANBUL (METRO), TURKEY			—						14,460						39,289						—						79,350						14,460						118,639						(19,127)												2017
LD3 LONDON (METRO), UNITED KINGDOM			—						—						—						—						18,606						—						18,606						(15,857)												2000
LD4 LONDON (METRO), UNITED KINGDOM			—						—						23,044						—						158,022						—						181,066						(76,607)												2007
LD5 LONDON (METRO), UNITED KINGDOM			—						—						16,412						—						197,576						—						213,988						(114,318)												2010
LD6 LONDON (METRO), UNITED KINGDOM			—						—						—						—						152,992						—						152,992						(59,666)												2013
LD7 LONDON (METRO), UNITED KINGDOM			—						—						—						2,196						295,562						2,196						295,562						(43,187)												2018
LD8 LONDON (METRO), UNITED KINGDOM			—						—						107,544						58,670						222,837						58,670						330,381						(62,036)												2016
LD9 LONDON (METRO), UNITED KINGDOM			—						—						181,431						—						218,696						—						400,127						(129,866)												2016
LD10 LONDON (METRO), UNITED KINGDOM			—						—						40,251						—						131,954						—						172,205						(40,277)												2017
LG1 & LG2 LAGOS (METRO), NIGERIA			—						1,515						12,470						1,506						55,638						3,021						68,108						(7,821)												2022
LS1 LISBON (METRO), PORTUGAL			—						—						7,374						3,412						33,169						3,412						40,543						(7,645)												2017
MA1 MANCHESTER (METRO), UNITED KINGDOM			—						—						—						—						19,480						—						19,480						(10,939)												2016
MA2 MANCHESTER (METRO), UNITED KINGDOM			—						—						—						—						9,719						—						9,719						(9,649)												2016
MA3 MANCHESTER (METRO), UNITED KINGDOM			—						—						44,931						—						22,738						—						67,669						(35,734)												2016
MA4 MANCHESTER (METRO), UNITED KINGDOM			—						—						6,697						—						10,250						—						16,947						(10,188)												2016
MA5 MANCHESTER (METRO), UNITED KINGDOM			—						3,671						6,874						200						119,014						3,871						125,888						(7,458)												2020
MD1 MADRID (METRO), SPAIN			—						—						7,917						—						9,439						—						17,356						(8,310)												2017
MD2 MADRID (METRO), SPAIN			—						—						40,952						—						101,937						—						142,889						(60,071)												2017
MD6 MADRID (METRO), SPAIN			—						—						—						—						43,536						—						43,536						(1,008)												2022
ML2 MILAN (METRO), ITALY			—						—						—						—						27,127						—						27,127						(21,065)												2016

F-65

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
ML3 MILAN (METRO), ITALY			—						—						—						3,507						47,039						3,507						47,039						(18,657)												2016
ML5 MILAN (METRO), ITALY			—						6,479						20,952						207						105,489						6,686						126,441						(10,275)												2019
MU1 MUNICH (METRO), GERMANY			—						—						—						—						38,363						—						38,363						(21,912)												2007
MU3 MUNICH (METRO), GERMANY			—						—						—						—						6,377						—						6,377						(3,749)												2010
MU4 MUNICH (METRO), GERMANY									11,398						35,120						365						88,465						11,763						123,585						(7,936)												2020
PA2 & PA3 PARIS (METRO), FRANCE			—						—						29,615						22,899						326,841						22,899						356,456						(157,346)												2007
PA4 PARIS (METRO), FRANCE			—						1,524						9,503						49						242,442						1,573						251,945						(107,282)												2011
PA5 PARIS (METRO), FRANCE			—						—						16,554						—						11,485						—						28,039						(11,524)												2016
PA6 PARIS (METRO), FRANCE			—						—						—						—						93,400						—						93,400						(46,526)												2016
PA7 PARIS (METRO), FRANCE			—						—						—						—						30,314						—						30,314						(18,779)												2016
PA10 PARIS (METRO), FRANCE			—						—						—						—						162,823						—						162,823						(6,411)												2021
SK1 STOCKHOLM, (METRO), SWEDEN			—						—						15,495						—						77,043						—						92,538						(19,589)												2016
SK2 STOCKHOLM, (METRO), SWEDEN			—						—						80,148						3,511						75,262						3,511						155,410						(53,495)												2016
SK3 STOCKHOLM, (METRO), SWEDEN			—						—						—						—						27,118						—						27,118						(9,757)												2016
SO1 SOFIA (METRO), BULGARIA			—						—						5,236						—						4,752						—						9,988						(4,596)												2016
SO2 SOFIA (METRO), BULGARIA			—						2,592						—						84						27,614						2,676						27,614						(4,076)												2017
WA1 WARSAW (METRO), POLAND			—						—						5,950						—						27,308						—						33,258						(15,725)												2016
WA2 WARSAW (METRO), POLAND			—						—						4,709						—						11,259						—						15,968						(8,208)												2016
WA3 WARSAW (METRO), POLAND			—						2,443						—						270						68,207						2,713						68,207						(8,970)												2017
ZH2 ZURICH (METRO), SWITZERLAND			—						—						—						—						6,284						—						6,284						(5,080)												2002
ZH4 ZURICH (METRO), SWITZERLAND			—						—						11,284						—						54,608						—						65,892						(37,531)												2009
ZH5 ZURICH (METRO), SWITZERLAND			—						—						—						8,751						269,301						8,751						269,301						(58,900)												2009
ZW1 ZWOLLE (METRO), THE NETHERLANDS			—						—						—						—						10,991						—						10,991						(9,862)												2008
OTHERS (5)			—						64,406						18,309						254,745						284,940						319,151						303,249						(34,247)												Various
Asia-Pacific:
AE1 ADELAIDE (METRO), AUSTRALIA			—						2,574						1,015						1						2,892						2,575						3,907						(1,381)												2018
BR1 BRISBANE (METRO), AUSTRALIA			—						3,064						1,053						1						3,915						3,065						4,968						(1,463)												2018
CA1 CANBERRA (METRO), AUSTRALIA			—						—						18,410						—						7,243						—						25,653						(5,349)												2018
HK1 HONG KONG (METRO), CHINA			—						—						—						—						329,339						—						329,339						(142,380)												2003
HK2 HONG KONG (METRO), CHINA			—						—						—						—						245,163						—						245,163						(197,192)												2010
HK3 HONG KONG (METRO), CHINA			—						—						—						—						187,505						—						187,505						(112,150)												2012
HK4 HONG KONG (METRO), CHINA			—						—						—						—						98,536						—						98,536						(43,765)												2012
HK5 HONG KONG (METRO), CHINA			—						—						70,002						—						44,430						—						114,432						(40,179)												2017
KL1 KUALA LUMPUR (METRO), MALAYSIA			—						—						30,588						—						6,653						—						37,241						(340)												2023
MB1 MUMBAI (METRO), INDIA			—						512						28,457						—						4,353						512						32,810						(6,121)												2021
MB2 MUMBAI (METRO), INDIA			—						—						56,725						—						2,590						—						59,315						(11,037)												2021
ME1 MELBOURNE (METRO), AUSTRALIA			—						14,478						—						4						95,733						14,482						95,733						(37,498)												2013

F-66

			Initial Costs to Company (1)																		Costs Capitalized Subsequent to Acquisition or Lease												Total Costs
			Encumbrances						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Land						Buildings and Improvements (2)						Accumulated Depreciation (3)												Date of Acquisition or Lease (4)
ME2 MELBOURNE (METRO), AUSTRALIA			—						—						—						—						130,431						—						130,431						(17,128)												2018
ME4 MELBOURNE (METRO), AUSTRALIA			—						3,322						84,175						2						11,536						3,324						95,711						(34,714)												2018
ME5 MELBOURNE (METRO), AUSTRALIA			—						6,455						4,094						2						6,672						6,457						10,766						(4,051)												2018
OS1 OSAKA (METRO), JAPAN			—						—						14,876						—						88,568						—						103,444						(49,447)												2013
OS3 OSAKA (METRO), JAPAN			—						—						—						—						203,479						—						203,479						(32,011)												2020
PE1 PERTH (METRO), AUSTRALIA			—						1,307						1,337						1						2,644						1,308						3,981						(963)												2018
PE2 PERTH (METRO), AUSTRALIA			—						—						16,327						—						17,021						—						33,348						(12,479)												2018
PE3 PERTH (METRO), AUSTRALIA			—						—						—						—						58,853						—						58,853						(7,832)												2020
SG1 SINGAPORE (METRO)			—						—						—						—						315,051						—						315,051						(161,423)												2003
SG2 SINGAPORE (METRO)			—						—						—						—						354,690						—						354,690						(262,338)												2008
SG3 SINGAPORE (METRO)			—						—						34,844						—						253,945						—						288,789						(103,538)												2013
SG4 SINGAPORE (METRO)			—						—						54,602						—						165,637						—						220,239						(46,728)												2019
SG5 SINGAPORE (METRO)			—						—						—						—						355,955						—						355,955						(40,381)												2019
SH2 SHANGHAI (METRO), CHINA			—						—						—						—						7,849						—						7,849						(5,071)												2012
SH3 SHANGHAI (METRO), CHINA			—						—						7,066						—						14,582						—						21,648						(8,818)												2012
SH5 SHANGHAI (METRO), CHINA			—						—						11,284						—						23,821						—						35,105						(20,132)												2012
SH6 SHANGHAI (METRO), CHINA			—						—						16,545						—						34,795						—						51,340						(11,699)												2017
SL1 SEOUL (METRO), SOUTH KOREA			—						—						29,236						—						37,118						—						66,354						(26,027)												2019
SY1 SYDNEY (METRO), AUSTRALIA			—						—						—						80,708						39,254						80,708						39,254						(25,974)												2003
SY2 SYDNEY (METRO), AUSTRALIA			—						—						3,080						—						26,599						—						29,679						(24,002)												2008
SY3 SYDNEY (METRO), AUSTRALIA			—						—						8,712						—						145,023						—						153,735						(100,107)												2010
SY4 SYDNEY (METRO), AUSTRALIA			—						—						—						—						179,656						—						179,656						(77,977)												2014
SY5 SYDNEY (METRO), AUSTRALIA			—						79,613						—						24						344,617						79,637						344,617						(35,764)												2018
SY6 SYDNEY (METRO), AUSTRALIA			—						8,593						64,197						2						44,930						8,595						109,127						(20,257)												2018
SY7 SYDNEY (METRO), AUSTRALIA			—						2,662						47,350						1						5,364						2,663						52,714						(13,174)												2018
TY1 TOKYO (METRO), JAPAN			—						—						—						—						31,286						—						31,286						(20,952)												2000
TY2 TOKYO (METRO), JAPAN			—						—						—						—						98,184						—						98,184						(56,440)												2006
TY3 TOKYO (METRO), JAPAN			—						—						—						—						62,391						—						62,391						(41,277)												2010
TY4 TOKYO (METRO), JAPAN			—						—						—						—						68,468						—						68,468						(38,121)												2012
TY5 TOKYO (METRO), JAPAN			—						—						102						—						55,792						—						55,894						(23,841)												2014
TY6 TOKYO (METRO), JAPAN			—						—						37,941						—						11,491						—						49,432						(40,194)												2015
TY7 TOKYO (METRO), JAPAN			—						—						13,175						—						9,083						—						22,258						(16,384)												2015
TY8 TOKYO (METRO), JAPAN			—						—						53,848						—						10,201						—						64,049						(32,423)												2015
TY9 TOKYO (METRO), JAPAN			—						—						106,710						—						2,494						—						109,204						(82,091)												2015
TY10 TOKYO (METRO), JAPAN			—						—						69,881						—						4,032						—						73,913						(31,882)												2015
TY11 TOKYO (METRO), JAPAN			—						—						22,099						—						231,397						—						253,496						(38,156)												2018
OTHERS (5)			—						—						1,733						36,741						198,795						36,741						200,528						(19,667)												Various
TOTAL LOCATIONS			$30,310						$627,881						$4,725,540						$790,465						$20,469,963						$1,418,346						$25,195,503						$(9,088,642)

F-67

(1) The initial cost was $0 if the lease of the respective IBX was classified as an operating lease.

(2) Building and improvements include all fixed assets except for land.

(3) Buildings and improvements are depreciated on a straight-line basis over estimated useful live as described under described in Note 1 within the Consolidated Financial Statements.

(4) Date of lease or acquisition represents the date we leased the facility or acquired the facility through purchase or acquisition.

(5) Costs capitalized subsequent to acquisition or lease include impact of allocations between land and buildings and improvements following the purchase of previously leased assets.

(6) Includes various IBXs that are under initial development and costs incurred at certain central locations supporting various IBX functions.

The aggregate gross cost of our properties for federal income tax purpose approximated $32.9 billion (unaudited) as of December 31, 2023.

The following table reconciles the historical cost of our properties for financial reporting purposes for each of the years ended December 31, 2023, 2022 and 2021 (in thousands):

Gross Fixed Assets:

			2023						2022						2021
Balance, beginning of period			$	23,803,355					$	21,906,055					$	20,161,785
Additions (including acquisitions and improvements)			3,117,154						3,250,576						2,977,992
Disposals			(589,130)						(543,545)						(648,516)
Foreign currency transaction adjustments and others			282,470						(809,731)						(585,206)
Balance, end of year			$	26,613,849					$	23,803,355					$	21,906,055

Accumulated Depreciation:

			2023						2022						2021
Balance, beginning of period			$	(8,094,898)					$	(7,274,860)					$	(6,399,477)
Additions (depreciation expense)			(1,317,353)						(1,268,177)						(1,224,874)
Disposals			413,154						230,268						149,231
Foreign currency transaction adjustments and others			(89,545)						217,871						200,260
Balance, end of year			$	(9,088,642)					$	(8,094,898)					$	(7,274,860)

F-68