|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
000-31293
|
|
77-0487526
|
(Commission File Number)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
|
Emerging growth company
|
o
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
Item 8.01.
|
Other Events.
|
•
|
Part II, Item 8. Financial Statements and Supplementary Data, as detailed in Item 15 (a)(1) and beginning on page F-1
|
Item 9.01.
|
Financial Statements and Exhibits
|
|
|
|
EQUINIX, INC.
|
||
|
|
|
By:
|
|
/s/ Keith D. Taylor
|
Name:
|
|
Keith D. Taylor
|
Title:
|
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
Assets
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
748,476
|
|
|
$
|
2,228,838
|
|
Short-term investments
|
3,409
|
|
|
12,875
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $15,675 and $10,352
|
396,245
|
|
|
291,964
|
|
||
Current portion of restricted cash
|
15,065
|
|
|
479,417
|
|
||
Other current assets
|
304,331
|
|
|
212,929
|
|
||
Assets held for sale
|
—
|
|
|
33,257
|
|
||
Total current assets
|
1,467,526
|
|
|
3,259,280
|
|
||
Long-term investments
|
10,042
|
|
|
4,584
|
|
||
Property, plant and equipment, net
|
7,199,210
|
|
|
5,606,436
|
|
||
Goodwill
|
2,986,064
|
|
|
1,063,200
|
|
||
Intangible assets, net
|
719,231
|
|
|
224,565
|
|
||
Other assets
|
226,298
|
|
|
198,630
|
|
||
Total assets
|
$
|
12,608,371
|
|
|
$
|
10,356,695
|
|
Liabilities and Stockholders' Equity
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
581,739
|
|
|
$
|
400,948
|
|
Accrued property, plant and equipment
|
144,842
|
|
|
103,107
|
|
||
Current portion of capital lease and other financing obligations
|
101,046
|
|
|
40,121
|
|
||
Current portion of mortgage and loans payable
|
67,928
|
|
|
770,236
|
|
||
Convertible debt
|
—
|
|
|
146,121
|
|
||
Other current liabilities
|
133,140
|
|
|
192,286
|
|
||
Liabilities held for sale
|
—
|
|
|
3,535
|
|
||
Total current liabilities
|
1,028,695
|
|
|
1,656,354
|
|
||
Capital lease and other financing obligations, less current portion
|
1,410,742
|
|
|
1,287,139
|
|
||
Mortgage and loans payable, less current portion
|
1,369,087
|
|
|
472,769
|
|
||
Senior notes
|
3,810,770
|
|
|
3,804,634
|
|
||
Other liabilities
|
623,248
|
|
|
390,413
|
|
||
Total liabilities
|
8,242,542
|
|
|
7,611,309
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.001 par value per share: 100,000,000 shares authorized in 2016 and 2015; zero shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value per share: 300,000,000 shares authorized in 2016 and 2015; 71,817,430 issued and 71,409,015 outstanding in 2016 and 62,134,894 issued and 62,100,159 outstanding in 2015
|
72
|
|
|
62
|
|
||
Additional paid-in capital
|
7,413,519
|
|
|
4,838,444
|
|
||
Treasury stock, at cost; 408,415 shares in 2016 and 34,735 shares in 2015
|
(147,559
|
)
|
|
(7,373
|
)
|
||
Accumulated dividends
|
(1,969,645
|
)
|
|
(1,468,472
|
)
|
||
Accumulated other comprehensive loss
|
(949,142
|
)
|
|
(509,059
|
)
|
||
Retained earnings (accumulated deficit)
|
18,584
|
|
|
(108,216
|
)
|
||
Total stockholders' equity
|
4,365,829
|
|
|
2,745,386
|
|
||
Total liabilities and stockholders' equity
|
$
|
12,608,371
|
|
|
$
|
10,356,695
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues
|
$
|
3,611,989
|
|
|
$
|
2,725,867
|
|
|
$
|
2,443,776
|
|
Costs and operating expenses:
|
|
|
|
|
|
||||||
Cost of revenues
|
1,820,870
|
|
|
1,291,506
|
|
|
1,197,885
|
|
|||
Sales and marketing
|
438,742
|
|
|
332,012
|
|
|
296,103
|
|
|||
General and administrative
|
694,561
|
|
|
493,284
|
|
|
438,016
|
|
|||
Acquisition costs
|
64,195
|
|
|
41,723
|
|
|
2,506
|
|
|||
Impairment charges
|
7,698
|
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
(32,816
|
)
|
|
—
|
|
|
—
|
|
|||
Total costs and operating expenses
|
2,993,250
|
|
|
2,158,525
|
|
|
1,934,510
|
|
|||
Income from operations
|
618,739
|
|
|
567,342
|
|
|
509,266
|
|
|||
Interest income
|
3,476
|
|
|
3,581
|
|
|
2,891
|
|
|||
Interest expense
|
(392,156
|
)
|
|
(299,055
|
)
|
|
(270,553
|
)
|
|||
Other income (expense)
|
(57,924
|
)
|
|
(60,581
|
)
|
|
119
|
|
|||
Loss on debt extinguishment
|
(12,276
|
)
|
|
(289
|
)
|
|
(156,990
|
)
|
|||
Income from continuing operations before income taxes
|
159,859
|
|
|
210,998
|
|
|
84,733
|
|
|||
Income tax expense
|
(45,451
|
)
|
|
(23,224
|
)
|
|
(345,459
|
)
|
|||
Net income (loss) from continuing operations
|
114,408
|
|
|
187,774
|
|
|
(260,726
|
)
|
|||
Net income from discontinued operations, net of tax
|
12,392
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss)
|
126,800
|
|
|
187,774
|
|
|
(260,726
|
)
|
|||
Net loss attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
1,179
|
|
|||
Net income (loss) attributable to Equinix
|
$
|
126,800
|
|
|
$
|
187,774
|
|
|
$
|
(259,547
|
)
|
|
|
|
|
|
|
||||||
Earnings per share ("EPS") attributable to Equinix:
|
|
|
|
|
|
||||||
Basic EPS from continuing operations
|
$
|
1.63
|
|
|
$
|
3.25
|
|
|
$
|
(4.96
|
)
|
Basic EPS from discontinued operations
|
0.18
|
|
|
—
|
|
|
—
|
|
|||
Basic EPS
|
$
|
1.81
|
|
|
$
|
3.25
|
|
|
$
|
(4.96
|
)
|
Weighted-average shares
|
70,117
|
|
|
57,790
|
|
|
52,359
|
|
|||
Dilutive EPS from continuing operations
|
$
|
1.62
|
|
|
$
|
3.21
|
|
|
$
|
(4.96
|
)
|
Dilutive EPS from discontinued operations
|
0.17
|
|
|
—
|
|
|
—
|
|
|||
Diluted EPS
|
$
|
1.79
|
|
|
$
|
3.21
|
|
|
$
|
(4.96
|
)
|
Weighted-average shares
|
70,816
|
|
|
58,483
|
|
|
52,359
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss)
|
$
|
126,800
|
|
|
$
|
187,774
|
|
|
$
|
(260,726
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustment ("CTA") loss
|
(507,420
|
)
|
|
(186,763
|
)
|
|
(204,065
|
)
|
|||
Net investment hedge CTA gain
|
45,505
|
|
|
4,484
|
|
|
—
|
|
|||
Unrealized gain (loss) on available-for-sale securities
|
2,249
|
|
|
(40
|
)
|
|
(279
|
)
|
|||
Unrealized gain on cash flow hedges
|
19,551
|
|
|
4,550
|
|
|
8,790
|
|
|||
Net actuarial gain (loss) on defined benefit plans
|
32
|
|
|
1,153
|
|
|
(2,001
|
)
|
|||
Total other comprehensive loss, net of tax
|
(440,083
|
)
|
|
(176,616
|
)
|
|
(197,555
|
)
|
|||
Comprehensive income (loss), net of tax
|
(313,283
|
)
|
|
11,158
|
|
|
(458,281
|
)
|
|||
Net loss attributable to redeemable non-controlling interests
|
—
|
|
|
—
|
|
|
1,179
|
|
|||
Other comprehensive income attributable to redeemable non-controlling interest
|
—
|
|
|
—
|
|
|
(1,810
|
)
|
|||
Comprehensive income (loss) attributable to Equinix
|
$
|
(313,283
|
)
|
|
$
|
11,158
|
|
|
$
|
(458,912
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
(Accumulated
Deficit)
|
|
Total
Stockholders'
Equity
|
||||||||||||||||
|
Common stock
|
|
Treasury stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends
|
|
|
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance as of December 31, 2013
|
50,233,224
|
|
|
$
|
50
|
|
|
(644,216
|
)
|
|
$
|
(84,663
|
)
|
|
$
|
2,693,887
|
|
|
$
|
—
|
|
|
$
|
(113,767
|
)
|
|
$
|
(36,443
|
)
|
|
$
|
2,459,064
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(260,726
|
)
|
|
(260,726
|
)
|
|||||||
Net loss attributable to non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,179
|
|
|
1,179
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197,555
|
)
|
|
—
|
|
|
(197,555
|
)
|
|||||||
Other comprehensive income attributable to redeemable non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,810
|
)
|
|
—
|
|
|
(1,810
|
)
|
|||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
933,554
|
|
|
1
|
|
|
7,846
|
|
|
1,185
|
|
|
28,134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,320
|
|
|||||||
Common shares repurchased
|
—
|
|
|
—
|
|
|
(1,517,743
|
)
|
|
(297,958
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297,958
|
)
|
|||||||
Issuance of common stock and release of treasury stock for the exchanges and conversions of 4.75% convertible debt
|
1,411,851
|
|
|
2
|
|
|
1,000,102
|
|
|
147,706
|
|
|
43,024
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190,732
|
|
|||||||
Issuance of common stock and release of treasury stock for the exchange of 3.00% convertible debt
|
1,248,578
|
|
|
1
|
|
|
700,000
|
|
|
139,004
|
|
|
77,953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216,958
|
|
|||||||
Issuance of common stock and release of treasury stock for conversions of 3.00% convertible debt
|
1,195,496
|
|
|
1
|
|
|
400,144
|
|
|
83,315
|
|
|
95,428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
178,744
|
|
|||||||
Issuance of common stock for special distribution
|
1,482,419
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
332,732
|
|
|
(414,856
|
)
|
|
—
|
|
|
—
|
|
|
(82,122
|
)
|
|||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,531
|
)
|
|
—
|
|
|
—
|
|
|
(9,531
|
)
|
|||||||
Change in redemption value of redeemable non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,913
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,913
|
)
|
|||||||
Purchase of redeemable non-controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,977
|
|
|
—
|
|
|
(19,311
|
)
|
|
—
|
|
|
(1,334
|
)
|
|||||||
Tax benefit from employee stock plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,561
|
|
|||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117,522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117,522
|
|
|||||||
Balance as of December 31, 2014
|
56,505,122
|
|
|
57
|
|
|
(53,867
|
)
|
|
(11,411
|
)
|
|
3,334,305
|
|
|
(424,387
|
)
|
|
(332,443
|
)
|
|
(295,990
|
)
|
|
2,270,131
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187,774
|
|
|
187,774
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176,616
|
)
|
|
—
|
|
|
(176,616
|
)
|
|||||||
Issuance of common stock in public offering of common stock
|
2,994,792
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
829,493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
829,496
|
|
|||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
856,406
|
|
|
1
|
|
|
7,348
|
|
|
1,546
|
|
|
28,493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,040
|
|
|||||||
Issuance of common stock and release of treasury stock for the exchanges and conversions of 4.75% convertible debt
|
90,163
|
|
|
—
|
|
|
11,784
|
|
|
2,492
|
|
|
5,392
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,884
|
|
|||||||
Dividend distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(393,584
|
)
|
|
—
|
|
|
—
|
|
|
(393,584
|
)
|
|||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,775
|
|
|||||||
Issuance of common stock and cash payment for special distribution
|
1,688,411
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
501,513
|
|
|
(627,221
|
)
|
|
—
|
|
|
—
|
|
|
(125,707
|
)
|
|||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,280
|
)
|
|
—
|
|
|
—
|
|
|
(23,280
|
)
|
|||||||
Tax benefit from employee stock plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
(Accumulated
Deficit)
|
|
Total
Stockholders'
Equity
|
||||||||||||||||
|
Common stock
|
|
Treasury stock
|
|
Additional
Paid-in Capital
|
|
Accumulated
Dividends
|
|
|
|
|||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
135,443
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
135,443
|
|
|||||||
Balance as of December 31, 2015
|
62,134,894
|
|
|
62
|
|
|
(34,735
|
)
|
|
(7,373
|
)
|
|
4,838,444
|
|
|
(1,468,472
|
)
|
|
(509,059
|
)
|
|
(108,216
|
)
|
|
2,745,386
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
126,800
|
|
|
126,800
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(440,083
|
)
|
|
—
|
|
|
(440,083
|
)
|
|||||||
Issuance of common stock and release of treasury stock for employee equity awards
|
847,374
|
|
|
1
|
|
|
7,099
|
|
|
1,502
|
|
|
33,172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,675
|
|
|||||||
Issuance of common stock for TelecityGroup acquisition
|
6,853,500
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
2,077,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,077,912
|
|
|||||||
Issuance of common stock and re-purchase of treasury stock for the conversion of 4.75% convertible debt and settlement of capped call
|
1,981,662
|
|
|
2
|
|
|
(380,779
|
)
|
|
(141,688
|
)
|
|
291,711
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,025
|
|
|||||||
Dividend distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(492,403
|
)
|
|
—
|
|
|
—
|
|
|
(492,403
|
)
|
|||||||
Settlement of accrued dividends on vested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,270
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
7,270
|
|
|||||||
Accrued dividends on unvested equity awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,770
|
)
|
|
—
|
|
|
—
|
|
|
(7,770
|
)
|
|||||||
Tax benefit from employee stock plans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,773
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,773
|
|
|||||||
Stock-based compensation, net of estimated forfeitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,244
|
|
|||||||
Balance as of December 31, 2016
|
71,817,430
|
|
|
$
|
72
|
|
|
(408,415
|
)
|
|
$
|
(147,559
|
)
|
|
$
|
7,413,519
|
|
|
$
|
(1,969,645
|
)
|
|
$
|
(949,142
|
)
|
|
$
|
18,584
|
|
|
$
|
4,365,829
|
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
126,800
|
|
|
$
|
187,774
|
|
|
$
|
(260,726
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
714,345
|
|
|
498,134
|
|
|
453,935
|
|
|||
Stock-based compensation
|
155,567
|
|
|
132,443
|
|
|
117,990
|
|
|||
Amortization of intangible assets
|
122,862
|
|
|
27,446
|
|
|
27,756
|
|
|||
Amortization of debt issuance costs and debt discounts
|
19,137
|
|
|
16,050
|
|
|
18,667
|
|
|||
Provision for allowance for doubtful accounts
|
8,260
|
|
|
5,037
|
|
|
7,093
|
|
|||
Gain on asset sales
|
(32,816
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of discontinued operations
|
(2,351
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
7,698
|
|
|
—
|
|
|
—
|
|
|||
Loss on debt extinguishment
|
12,276
|
|
|
289
|
|
|
156,990
|
|
|||
Other items
|
20,609
|
|
|
16,490
|
|
|
19,912
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(100,230
|
)
|
|
(44,583
|
)
|
|
(101,966
|
)
|
|||
Income taxes, net
|
29,020
|
|
|
(109,579
|
)
|
|
226,774
|
|
|||
Other assets
|
(72,831
|
)
|
|
(70,371
|
)
|
|
(6,496
|
)
|
|||
Accounts payable and accrued expenses
|
61,565
|
|
|
109,125
|
|
|
10,681
|
|
|||
Other liabilities
|
(50,558
|
)
|
|
126,568
|
|
|
38,392
|
|
|||
Net cash provided by operating activities
(1)
|
1,019,353
|
|
|
894,823
|
|
|
709,002
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Purchases of investments
|
(42,325
|
)
|
|
(359,031
|
)
|
|
(545,997
|
)
|
|||
Sales and maturities of investments
|
53,164
|
|
|
873,139
|
|
|
785,548
|
|
|||
Business acquisitions, net of cash and restricted cash acquired
(1)
|
(1,766,606
|
)
|
|
(245,503
|
)
|
|
—
|
|
|||
Purchases of real estate
|
(28,118
|
)
|
|
(38,282
|
)
|
|
(16,791
|
)
|
|||
Purchases of other property, plant and equipment
|
(1,113,365
|
)
|
|
(868,120
|
)
|
|
(660,203
|
)
|
|||
Proceeds from sale of assets, net of cash transferred
|
851,582
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
(1)
|
(2,045,668
|
)
|
|
(637,797
|
)
|
|
(437,443
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Purchases of treasury stock
|
—
|
|
|
—
|
|
|
(297,958
|
)
|
|||
Proceeds from employee equity awards
|
34,179
|
|
|
30,040
|
|
|
29,320
|
|
|||
Payment of dividends and special distribution
|
(499,463
|
)
|
|
(521,461
|
)
|
|
(83,266
|
)
|
|||
Purchase of non-controlling interests
|
—
|
|
|
—
|
|
|
(226,276
|
)
|
|||
Proceeds from public offering of common stock, net of issuance costs
|
—
|
|
|
829,496
|
|
|
—
|
|
|||
Proceeds from senior notes
|
—
|
|
|
1,100,000
|
|
|
1,250,000
|
|
|||
Proceeds from loans payable
|
1,168,304
|
|
|
1,197,108
|
|
|
508,826
|
|
|||
Repayment of senior notes
|
—
|
|
|
—
|
|
|
(750,000
|
)
|
|||
Repayment of convertible debt
|
(51
|
)
|
|
—
|
|
|
(29,513
|
)
|
|||
Repayment of capital lease and other financing obligations
|
(114,385
|
)
|
|
(28,663
|
)
|
|
(18,030
|
)
|
|||
Repayment of mortgage and loans payable
|
(1,462,888
|
)
|
|
(715,270
|
)
|
|
(153,473
|
)
|
|||
Debt extinguishment costs
|
(11,380
|
)
|
|
—
|
|
|
(116,517
|
)
|
|||
Debt issuance costs
|
(11,381
|
)
|
|
(18,098
|
)
|
|
(25,294
|
)
|
|||
Net cash provided by (used in) financing activities
(1)
|
(897,065
|
)
|
|
1,873,152
|
|
|
87,819
|
|
|||
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash
(1)
|
(21,800
|
)
|
|
(39,785
|
)
|
|
(12,625
|
)
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
(1)
|
(1,945,180
|
)
|
|
2,090,393
|
|
|
346,753
|
|
|||
Cash, cash equivalents and restricted cash at beginning of period
(1)
|
2,718,427
|
|
|
628,034
|
|
|
281,281
|
|
|||
Cash, cash equivalents and restricted cash at end of period
(1)
|
$
|
773,247
|
|
|
$
|
2,718,427
|
|
|
$
|
628,034
|
|
Supplemental cash flow information
|
|
|
|
|
|
||||||
Cash paid for taxes
|
$
|
39,320
|
|
|
$
|
132,302
|
|
|
$
|
117,197
|
|
Cash paid for interest
|
$
|
350,083
|
|
|
$
|
237,410
|
|
|
$
|
262,018
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
748,476
|
|
|
$
|
2,228,838
|
|
|
$
|
610,917
|
|
Current portion of restricted cash included in other current assets
|
15,065
|
|
|
479,417
|
|
|
3,057
|
|
|||
Non-current portion of restricted cash included in other assets
|
9,706
|
|
|
10,172
|
|
|
14,060
|
|
|||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows
|
$
|
773,247
|
|
|
$
|
2,718,427
|
|
|
$
|
628,034
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Americas
|
47
|
%
|
|
55
|
%
|
|
56
|
%
|
EMEA
|
32
|
%
|
|
26
|
%
|
|
26
|
%
|
Asia-Pacific
|
21
|
%
|
|
19
|
%
|
|
18
|
%
|
•
|
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;
|
•
|
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
|
•
|
Non-financial liabilities associated with exit or disposal activities initially measured at fair value but not subsequently measured at fair value.
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net cash used in investing activities previously reported
|
$
|
(1,592,155
|
)
|
|
$
|
(1,134,927
|
)
|
|
$
|
(435,839
|
)
|
Add: increase in restricted cash
|
21,901
|
|
|
512,319
|
|
|
968
|
|
|||
Less: release of restricted cash
|
(475,715
|
)
|
|
(15,239
|
)
|
|
(2,572
|
)
|
|||
Add: restricted cash of business acquisitions
|
301
|
|
|
50
|
|
|
—
|
|
|||
Net cash used in investing activities
|
$
|
(2,045,668
|
)
|
|
$
|
(637,797
|
)
|
|
$
|
(437,443
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net cash provided by operating activities previously reported
|
$
|
1,016,580
|
|
|
$
|
894,793
|
|
|
$
|
689,420
|
|
Add: excess tax benefits from stock-based compensation
|
2,773
|
|
|
30
|
|
|
19,582
|
|
|||
Net cash provided by operating activities
|
$
|
1,019,353
|
|
|
$
|
894,823
|
|
|
$
|
709,002
|
|
|
|
|
|
|
|
||||||
Net cash provided by (used in) financing activities previously reported
|
$
|
(894,292
|
)
|
|
$
|
1,873,182
|
|
|
$
|
107,401
|
|
Less: excess tax benefits from stock-based compensation
|
(2,773
|
)
|
|
(30
|
)
|
|
(19,582
|
)
|
|||
Net cash provided by (used in) financing activities
|
$
|
(897,065
|
)
|
|
$
|
1,873,152
|
|
|
$
|
87,819
|
|
Cash and cash equivalent
|
$
|
4,073
|
|
Accounts receivable
|
1,507
|
|
|
Other current assets
|
794
|
|
|
Property, plant and equipment
|
143,972
|
|
|
Intangible assets
|
11,758
|
|
|
Goodwill
|
48,835
|
|
|
Other assets
|
81
|
|
|
Total assets acquired
|
211,020
|
|
|
Accounts payable and accrued liabilities
|
(2,044
|
)
|
|
Other current liabilities
|
(2,798
|
)
|
|
Deferred tax liabilities
|
(42,395
|
)
|
|
Other liabilities
|
(755
|
)
|
|
Net assets acquired
|
$
|
163,028
|
|
Cash and cash equivalents
|
$
|
73,368
|
|
Accounts receivable
|
24,042
|
|
|
Other current assets
|
41,079
|
|
|
Assets held for sale
|
877,650
|
|
|
Property, plant and equipment
|
1,058,583
|
|
|
Goodwill
|
2,215,567
|
|
|
Intangible assets
|
694,243
|
|
|
Deferred tax assets
|
994
|
|
|
Other assets
|
4,102
|
|
|
Total assets acquired
|
4,989,628
|
|
|
Accounts payable and accrued expenses
|
(84,367
|
)
|
|
Accrued property, plant and equipment
|
(3,634
|
)
|
|
Other current liabilities
|
(27,233
|
)
|
|
Liabilities held for sale
|
(155,650
|
)
|
|
Capital lease and other financing obligations
|
(165,365
|
)
|
|
Mortgage and loans payable
|
(592,304
|
)
|
|
Deferred tax liabilities
|
(176,168
|
)
|
|
Other liabilities
|
(40,021
|
)
|
|
Net assets acquired
|
$
|
3,744,886
|
|
Intangible Assets
|
Fair Value
|
|
Estimated Useful Lives (Years)
|
|
Weighted-average Estimated Useful Lives (Years)
|
||
Customer relationships
|
$
|
591,956
|
|
|
13.5
|
|
13.5
|
Trade names
|
72,033
|
|
|
1.5
|
|
1.5
|
|
Favorable leases
|
30,254
|
|
|
2.0 - 25.4
|
|
19.7
|
Cash and cash equivalents
|
$
|
33,198
|
|
Accounts receivable
|
7,359
|
|
|
Other current assets
|
51,038
|
|
|
Long-term investments
|
3,806
|
|
|
Property, plant and equipment
|
308,985
|
|
|
Goodwill
|
95,444
|
|
|
Intangible assets
|
111,374
|
|
|
Other assets
|
22,981
|
|
|
Total assets acquired
|
634,185
|
|
|
Accounts payable and accrued expenses
|
(15,028
|
)
|
|
Accrued property, plant and equipment
|
(465
|
)
|
|
Capital lease and other financing obligations
|
(108,833
|
)
|
|
Mortgage and loans payable
|
(190,227
|
)
|
|
Other current liabilities
|
(8,689
|
)
|
|
Deferred tax liabilities
|
(32,192
|
)
|
|
Other liabilities
|
(3,384
|
)
|
|
Net assets acquired
|
$
|
275,367
|
|
Intangible Assets
|
Fair Value
|
|
Estimated Useful Lives (Years)
|
|
Weighted-average Estimated Useful Lives (Years)
|
||
Customer relationships
|
$
|
105,434
|
|
|
13
|
|
13
|
Trade name
|
3,455
|
|
|
2
|
|
2
|
|
Favorable solar contracts
|
2,410
|
|
|
18
|
|
18
|
|
Other intangible assets
|
75
|
|
|
0.25
|
|
0.25
|
|
2015
|
|
2014
|
||||
Revenues
|
$
|
3,244,349
|
|
|
$
|
2,614,127
|
|
Net income from continuing operations
|
141,496
|
|
|
(251,067
|
)
|
||
Basic EPS
|
2.10
|
|
|
(4.80
|
)
|
||
Diluted EPS
|
2.08
|
|
|
(4.80
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income (loss) from continuing operations
|
$
|
114,408
|
|
|
$
|
187,774
|
|
|
$
|
(260,726
|
)
|
Net income from discontinued operations, net of tax
|
12,392
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss)
|
126,800
|
|
|
187,774
|
|
|
(260,726
|
)
|
|||
Net loss from continuing operations attributable to redeemable non-controlling interests
|
—
|
|
|
—
|
|
|
1,179
|
|
|||
Net income (loss) attributable to Equinix, basic and diluted
|
$
|
126,800
|
|
|
$
|
187,774
|
|
|
$
|
(259,547
|
)
|
|
|
|
|
|
|
||||||
Weighted-average shares used to calculate basic EPS
|
70,117
|
|
|
57,790
|
|
|
52,359
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Employee equity awards
|
699
|
|
|
693
|
|
|
—
|
|
|||
Total dilutive potential shares
|
699
|
|
|
693
|
|
|
—
|
|
|||
Weighted-average shares used to calculate diluted EPS
|
70,816
|
|
|
58,483
|
|
|
52,359
|
|
|||
|
|
|
|
|
|
||||||
Basic EPS attributable to Equinix:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
1.63
|
|
|
$
|
3.25
|
|
|
$
|
(4.96
|
)
|
Discontinued operations
|
0.18
|
|
|
—
|
|
|
—
|
|
|||
Basic EPS
|
$
|
1.81
|
|
|
$
|
3.25
|
|
|
$
|
(4.96
|
)
|
|
|
|
|
|
|
||||||
Diluted EPS attributable to Equinix:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
1.62
|
|
|
$
|
3.21
|
|
|
$
|
(4.96
|
)
|
Discontinued operations
|
0.17
|
|
|
—
|
|
|
—
|
|
|||
Diluted EPS
|
$
|
1.79
|
|
|
$
|
3.21
|
|
|
$
|
(4.96
|
)
|
|
2016
|
|
2015
|
|
2014
|
|||
Shares related to the potential conversion of 3.00% convertible subordinated notes
|
—
|
|
|
—
|
|
|
861
|
|
Shares related to the potential conversion of 4.75% convertible subordinated notes
|
893
|
|
|
1,977
|
|
|
2,824
|
|
Common stock related to employee equity awards
|
27
|
|
|
88
|
|
|
1,820
|
|
|
920
|
|
|
2,065
|
|
|
5,505
|
|
|
2016
|
|
2015
|
||||
Accounts receivable
|
$
|
—
|
|
|
$
|
2,222
|
|
Other current assets
|
—
|
|
|
408
|
|
||
Property, plant and equipment
|
—
|
|
|
23,533
|
|
||
Goodwill
|
—
|
|
|
5,000
|
|
||
Intangible assets
|
—
|
|
|
784
|
|
||
Other assets
|
—
|
|
|
1,310
|
|
||
Total assets held for sale
|
$
|
—
|
|
|
$
|
33,257
|
|
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
—
|
|
|
$
|
(654
|
)
|
Accrued property, plant and equipment
|
—
|
|
|
(816
|
)
|
||
Other current liabilities
|
—
|
|
|
(435
|
)
|
||
Other liabilities
|
—
|
|
|
(1,630
|
)
|
||
Total liabilities held for sale
|
$
|
—
|
|
|
$
|
(3,535
|
)
|
|
2016
|
||
Revenue
|
$
|
48,782
|
|
Costs and operating expenses:
|
|
||
Cost of revenues
|
24,795
|
|
|
Sales and marketing
|
1,030
|
|
|
General and administrative
|
7,026
|
|
|
Total costs and operating expenses
|
32,851
|
|
|
Income from operations of discontinued operations
|
15,931
|
|
|
Interest expense and other, net
|
(1,286
|
)
|
|
Income from discontinued operations before income taxes
|
14,645
|
|
|
Income tax expense
|
(4,604
|
)
|
|
Gain on sale of discontinued operations, net of income taxes
|
2,351
|
|
|
Income from discontinued operations, net of income taxes
|
$
|
12,392
|
|
|
2016
|
|
2015
|
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash
(1)
|
$
|
345,119
|
|
|
$
|
1,139,554
|
|
Cash equivalents:
|
|
|
|
||||
Money market funds
|
400,388
|
|
|
1,089,284
|
|
||
Certificate of deposit
|
2,969
|
|
|
—
|
|
||
Total cash and cash equivalents
|
748,476
|
|
|
2,228,838
|
|
||
Marketable securities:
|
|
|
|
||||
Certificates of deposit
|
6,988
|
|
|
14,106
|
|
||
Publicly traded equity securities
|
6,463
|
|
|
3,353
|
|
||
Total marketable securities
|
13,451
|
|
|
17,459
|
|
||
Total cash, cash equivalents and short-term and long-term investments
|
$
|
761,927
|
|
|
$
|
2,246,297
|
|
|
2016
|
|
2015
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Due within one year
|
$
|
3,409
|
|
|
$
|
3,409
|
|
|
$
|
12,875
|
|
|
$
|
12,875
|
|
Due after one year through three years
|
3,579
|
|
|
3,579
|
|
|
1,231
|
|
|
1,231
|
|
||||
Total
|
$
|
6,988
|
|
|
$
|
6,988
|
|
|
$
|
14,106
|
|
|
$
|
14,106
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Certificates of deposit
|
$
|
6,988
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,988
|
|
Publicly traded equity securities
|
4,850
|
|
|
1,613
|
|
|
—
|
|
|
6,463
|
|
||||
Total
|
$
|
11,838
|
|
|
$
|
1,613
|
|
|
$
|
—
|
|
|
$
|
13,451
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Certificates of deposit
|
$
|
14,106
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,106
|
|
Publicly traded equity securities
|
3,561
|
|
|
—
|
|
|
(208
|
)
|
|
3,353
|
|
||||
Total
|
$
|
17,667
|
|
|
$
|
—
|
|
|
$
|
(208
|
)
|
|
$
|
17,459
|
|
|
2016
|
|
2015
|
||||
Accounts receivable
|
$
|
411,920
|
|
|
$
|
302,316
|
|
Allowance for doubtful accounts
|
(15,675
|
)
|
|
(10,352
|
)
|
||
Accounts receivable, net
|
$
|
396,245
|
|
|
$
|
291,964
|
|
Balance as of December 31, 2013
|
$
|
6,640
|
|
Provision for allowance for doubtful accounts
|
7,093
|
|
|
Net write-offs
|
(3,825
|
)
|
|
Impact of foreign currency exchange
|
(442
|
)
|
|
Balance as of December 31, 2014
|
9,466
|
|
|
Provision for allowance for doubtful accounts
|
5,037
|
|
|
Net write-offs
|
(3,438
|
)
|
|
Impact of foreign currency exchange
|
(713
|
)
|
|
Balance as of December 31, 2015
|
10,352
|
|
|
Provision for allowance for doubtful accounts
|
8,260
|
|
|
Net write-offs
|
(2,521
|
)
|
|
Impact of foreign currency exchange
|
(416
|
)
|
|
Balance as of December 31, 2016
|
$
|
15,675
|
|
|
2016
|
|
2015
|
||||
Prepaid expenses
|
$
|
79,258
|
|
|
$
|
48,322
|
|
Taxes receivable
|
102,002
|
|
|
33,979
|
|
||
Other receivables
|
46,809
|
|
|
1,925
|
|
||
Derivative instruments
|
54,072
|
|
|
60,165
|
|
||
Other current assets
|
22,190
|
|
|
68,538
|
|
||
Total other current assets
|
$
|
304,331
|
|
|
$
|
212,929
|
|
|
2016
|
|
2015
|
||||
Core systems
|
$
|
4,760,868
|
|
|
$
|
3,820,772
|
|
Buildings
|
2,785,799
|
|
|
2,383,387
|
|
||
Leasehold improvements
|
1,599,424
|
|
|
1,204,900
|
|
||
Construction in progress
|
645,388
|
|
|
351,697
|
|
||
Personal property
|
622,069
|
|
|
450,914
|
|
||
Land
|
237,349
|
|
|
183,946
|
|
||
|
10,650,897
|
|
|
8,395,616
|
|
||
Less accumulated depreciation
|
(3,451,687
|
)
|
|
(2,789,180
|
)
|
||
Property, plant and equipment, net
|
$
|
7,199,210
|
|
|
$
|
5,606,436
|
|
|
2016
|
|
2015
|
||||
Goodwill:
|
|
|
|
||||
Americas
|
$
|
469,438
|
|
|
$
|
460,203
|
|
EMEA
|
2,281,306
|
|
|
374,070
|
|
||
Asia-Pacific
|
235,320
|
|
|
228,927
|
|
||
|
$
|
2,986,064
|
|
|
$
|
1,063,200
|
|
|
|
|
|
||||
Intangible assets, net:
|
|
|
|
||||
Intangible assets - customer contracts
|
$
|
839,593
|
|
|
$
|
326,493
|
|
Intangible assets - trade names
|
69,519
|
|
|
10,390
|
|
||
Intangible assets - favorable leases
|
38,139
|
|
|
7,871
|
|
||
Intangible assets - licenses
|
9,697
|
|
|
9,697
|
|
||
Intangible assets - others
|
19
|
|
|
3,101
|
|
||
|
956,967
|
|
|
357,552
|
|
||
Accumulated amortization - customer contracts
|
(183,270
|
)
|
|
(120,660
|
)
|
||
Accumulated amortization - trade names
|
(43,830
|
)
|
|
(4,303
|
)
|
||
Accumulated amortization - favorable leases
|
(8,027
|
)
|
|
(5,416
|
)
|
||
Accumulated amortization - licenses
|
(2,591
|
)
|
|
(1,942
|
)
|
||
Accumulated amortization - others
|
(18
|
)
|
|
(666
|
)
|
||
|
(237,736
|
)
|
|
(132,987
|
)
|
||
Total intangible assets, net
|
$
|
719,231
|
|
|
$
|
224,565
|
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Balance as of December 31, 2014
|
$
|
463,902
|
|
|
$
|
404,093
|
|
|
$
|
134,134
|
|
|
$
|
1,002,129
|
|
Purchase accounting adjustments
|
17,192
|
|
|
—
|
|
|
95,437
|
|
|
112,629
|
|
||||
Asset held for sale adjustments
|
—
|
|
|
(5,000
|
)
|
|
—
|
|
|
(5,000
|
)
|
||||
Impact of foreign currency exchange
|
(20,891
|
)
|
|
(25,023
|
)
|
|
(644
|
)
|
|
(46,558
|
)
|
||||
Balance as of December 31, 2015
|
460,203
|
|
|
374,070
|
|
|
228,927
|
|
|
1,063,200
|
|
||||
Purchase accounting adjustments - TelecityGroup
|
—
|
|
|
2,215,567
|
|
|
—
|
|
|
2,215,567
|
|
||||
Purchase accounting adjustments - Paris IBX Data Center acquisition
|
—
|
|
|
48,835
|
|
|
—
|
|
|
48,835
|
|
||||
Asset held for sale adjustments
|
—
|
|
|
1,605
|
|
|
—
|
|
|
1,605
|
|
||||
Impact of foreign currency exchange
|
9,235
|
|
|
(358,771
|
)
|
|
6,393
|
|
|
(343,143
|
)
|
||||
Balance as of December 31, 2016
|
$
|
469,438
|
|
|
$
|
2,281,306
|
|
|
$
|
235,320
|
|
|
$
|
2,986,064
|
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
Balance as of December 31, 2013
|
$
|
76,224
|
|
|
$
|
82,709
|
|
|
$
|
25,249
|
|
|
$
|
184,182
|
|
Amortization of intangibles
|
(12,257
|
)
|
|
(12,795
|
)
|
|
(2,704
|
)
|
|
(27,756
|
)
|
||||
Impact of foreign currency exchange
|
(1,013
|
)
|
|
(7,729
|
)
|
|
(157
|
)
|
|
(8,899
|
)
|
||||
Balance as of December 31, 2014
|
62,954
|
|
|
62,185
|
|
|
22,388
|
|
|
147,527
|
|
||||
Nimbo acquisition
|
1,089
|
|
|
—
|
|
|
—
|
|
|
1,089
|
|
||||
Bit-isle acquisition
|
—
|
|
|
—
|
|
|
111,374
|
|
|
111,374
|
|
||||
Asset held for sale adjustments
|
—
|
|
|
(784
|
)
|
|
—
|
|
|
(784
|
)
|
||||
Write-off of intangible asset
|
—
|
|
|
(357
|
)
|
|
—
|
|
|
(357
|
)
|
||||
Amortization of intangibles
|
(11,432
|
)
|
|
(11,675
|
)
|
|
(4,339
|
)
|
|
(27,446
|
)
|
||||
Impact of foreign currency exchange
|
(1,968
|
)
|
|
(5,014
|
)
|
|
144
|
|
|
(6,838
|
)
|
||||
Balance as of December 31, 2015
|
50,643
|
|
|
44,355
|
|
|
129,567
|
|
|
224,565
|
|
||||
TelecityGroup acquisition
|
—
|
|
|
694,243
|
|
|
—
|
|
|
694,243
|
|
||||
Paris IBX Data Center acquisition
|
—
|
|
|
11,758
|
|
|
—
|
|
|
11,758
|
|
||||
Sale of Terra Power
|
—
|
|
|
—
|
|
|
(2,460
|
)
|
|
(2,460
|
)
|
||||
Write-off of intangible asset
|
(573
|
)
|
|
—
|
|
|
—
|
|
|
(573
|
)
|
||||
Amortization of intangibles
|
(11,348
|
)
|
|
(97,715
|
)
|
|
(13,799
|
)
|
|
(122,862
|
)
|
||||
Impact of foreign currency exchange
|
1,395
|
|
|
(90,280
|
)
|
|
3,445
|
|
|
(85,440
|
)
|
||||
Balance as of December 31, 2016
|
$
|
40,117
|
|
|
$
|
562,361
|
|
|
$
|
116,753
|
|
|
$
|
719,231
|
|
|
2016
|
|
2015
|
||||
Deferred tax assets, net
|
$
|
62,308
|
|
|
$
|
61,152
|
|
Prepaid expenses, non-current
|
80,888
|
|
|
54,372
|
|
||
Debt issuance costs, net
|
6,611
|
|
|
19,709
|
|
||
Deposits
|
40,893
|
|
|
33,132
|
|
||
Restricted cash, non-current
|
9,706
|
|
|
10,172
|
|
||
Derivative instruments
|
15,907
|
|
|
8,735
|
|
||
Other assets, non-current
|
9,985
|
|
|
11,358
|
|
||
Total other assets
|
$
|
226,298
|
|
|
$
|
198,630
|
|
|
2016
|
|
2015
|
||||
Accounts payable
|
$
|
60,211
|
|
|
$
|
49,892
|
|
Accrued compensation and benefits
|
172,808
|
|
|
131,204
|
|
||
Accrued interest
|
95,832
|
|
|
67,077
|
|
||
Accrued taxes
(1)
|
133,562
|
|
|
37,004
|
|
||
Accrued utilities and security
|
44,202
|
|
|
31,789
|
|
||
Accrued professional fees
|
14,071
|
|
|
18,380
|
|
||
Accrued repairs and maintenance
|
5,430
|
|
|
3,618
|
|
||
Accrued other
|
55,623
|
|
|
61,984
|
|
||
Total accounts payable and accrued expenses
|
$
|
581,739
|
|
|
$
|
400,948
|
|
|
2016
|
|
2015
|
||||
Deferred installation revenue
|
$
|
61,399
|
|
|
$
|
56,055
|
|
Customer deposits
|
13,894
|
|
|
23,676
|
|
||
Derivative instruments
|
10,819
|
|
|
79,256
|
|
||
Deferred recurring revenue
|
18,704
|
|
|
12,515
|
|
||
Deferred rent
|
4,158
|
|
|
3,572
|
|
||
Dividends payable
|
11,999
|
|
|
13,674
|
|
||
Asset retirement obligations
|
10,036
|
|
|
—
|
|
||
Other current liabilities
|
2,131
|
|
|
3,538
|
|
||
Total other current liabilities
|
$
|
133,140
|
|
|
$
|
192,286
|
|
|
2016
|
|
2015
|
||||
Asset retirement obligations, non-current
|
$
|
92,979
|
|
|
$
|
78,482
|
|
Deferred tax liabilities, net
|
274,341
|
|
|
100,624
|
|
||
Deferred installation revenue, non-current
|
96,744
|
|
|
86,660
|
|
||
Deferred rent, non-current
|
76,566
|
|
|
68,787
|
|
||
Accrued taxes, non-current
|
56,208
|
|
|
26,763
|
|
||
Dividends payable, non-current
|
8,495
|
|
|
13,394
|
|
||
Customer deposits, non-current
|
4,773
|
|
|
4,701
|
|
||
Deferred recurring revenue, non-current
|
2,681
|
|
|
3,645
|
|
||
Derivative instruments
|
140
|
|
|
669
|
|
||
Other liabilities
|
10,321
|
|
|
6,688
|
|
||
Total other liabilities
|
$
|
623,248
|
|
|
$
|
390,413
|
|
Asset retirement obligations as of December 31, 2013
|
$
|
59,548
|
|
Additions
|
5,774
|
|
|
Adjustments
(1)
|
(871
|
)
|
|
Accretion expense
|
2,438
|
|
|
Impact of foreign currency exchange
|
(2,031
|
)
|
|
Asset retirement obligations as of December 31, 2014
|
64,858
|
|
|
Additions
|
17,337
|
|
|
Adjustments
(1)
|
(4,676
|
)
|
|
Accretion expense
|
3,349
|
|
|
Impact of foreign currency exchange
|
(2,386
|
)
|
|
Asset retirement obligations as of December 31, 2015
|
78,482
|
|
|
Additions
|
22,955
|
|
|
Adjustments
(1)
|
(2,366
|
)
|
|
Accretion expense
|
6,685
|
|
|
Impact of foreign currency exchange
|
(2,741
|
)
|
|
Asset retirement obligations as of December 31, 2016
|
$
|
103,015
|
|
|
Notional Amount
|
|
Fair Value
(1)
|
|
Accumulated Other Comprehensive Income (Loss)
(2)(3)
|
||||||
Derivative assets
|
$
|
545,638
|
|
|
$
|
44,570
|
|
|
$
|
42,634
|
|
Derivative liabilities
|
42,207
|
|
|
(1,815
|
)
|
|
(1,453
|
)
|
|||
|
$
|
587,845
|
|
|
$
|
42,755
|
|
|
$
|
41,181
|
|
(1)
|
All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.
|
(2)
|
Included in the consolidated balance sheets within accumulated other comprehensive income (loss).
|
(3)
|
The Company recorded a net gain of
$31,896
within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months.
|
|
Notional Amount
|
|
Fair Value
(1)
|
|
Accumulated Other Comprehensive Income (Loss)
(2)(3)
|
||||||
Derivative assets
|
$
|
367,330
|
|
|
$
|
16,027
|
|
|
$
|
34,578
|
|
Derivative liabilities
|
47,447
|
|
|
(813
|
)
|
|
(19,709
|
)
|
|||
|
$
|
414,777
|
|
|
$
|
15,214
|
|
|
$
|
14,869
|
|
(1)
|
All derivative assets related to cash flow hedges are included in the consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.
|
(2)
|
Included in the consolidated balance sheets within accumulated other comprehensive income (loss).
|
(3)
|
The Company recorded a net gain of
$12,940
within accumulated other comprehensive income (loss) relating to cash flow hedges that will be reclassified to revenue and expenses as they mature over the next 12 months.
|
|
Gross Amounts
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Consolidated Balance Sheet Amounts
(1)
|
|
Gross Amounts not Offset in the Consolidated Balance Sheet
(2)
|
|
Net
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward and option contracts
|
$
|
44,570
|
|
|
$
|
—
|
|
|
$
|
44,570
|
|
|
$
|
(1,815
|
)
|
|
$
|
42,755
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward contracts
|
6,930
|
|
|
—
|
|
|
6,930
|
|
|
(3,310
|
)
|
|
3,620
|
|
|||||
|
51,500
|
|
|
—
|
|
|
51,500
|
|
|
(5,125
|
)
|
|
46,375
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Embedded derivatives
|
9,745
|
|
|
—
|
|
|
9,745
|
|
|
—
|
|
|
9,745
|
|
|||||
Foreign currency forward contracts
|
8,734
|
|
|
—
|
|
|
8,734
|
|
|
(1,873
|
)
|
|
6,861
|
|
|||||
|
18,479
|
|
|
—
|
|
|
18,479
|
|
|
(1,873
|
)
|
|
16,606
|
|
|||||
Additional netting benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,436
|
)
|
|
(2,436
|
)
|
|||||
|
$
|
69,979
|
|
|
$
|
—
|
|
|
$
|
69,979
|
|
|
$
|
(9,434
|
)
|
|
$
|
60,545
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward and option contracts
|
$
|
1,815
|
|
|
$
|
—
|
|
|
$
|
1,815
|
|
|
$
|
(1,815
|
)
|
|
$
|
—
|
|
Net investment hedges
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward contracts
|
3,525
|
|
|
—
|
|
|
3,525
|
|
|
(3,310
|
)
|
|
215
|
|
|||||
|
5,340
|
|
|
—
|
|
|
5,340
|
|
|
(5,125
|
)
|
|
215
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Embedded derivatives
|
1,525
|
|
|
—
|
|
|
1,525
|
|
|
—
|
|
|
1,525
|
|
|||||
Economic hedges of embedded derivatives
|
866
|
|
|
—
|
|
|
866
|
|
|
—
|
|
|
866
|
|
|||||
Foreign currency forward contracts
|
3,228
|
|
|
—
|
|
|
3,228
|
|
|
(1,873
|
)
|
|
1,355
|
|
|||||
|
5,619
|
|
|
—
|
|
|
5,619
|
|
|
(1,873
|
)
|
|
3,746
|
|
|||||
Additional netting benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,436
|
)
|
|
(2,436
|
)
|
|||||
|
$
|
10,959
|
|
|
$
|
—
|
|
|
$
|
10,959
|
|
|
$
|
(9,434
|
)
|
|
$
|
1,525
|
|
(1)
|
As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.
|
(2)
|
The Company enters into master netting agreements with its 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.
|
|
Gross Amounts
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Consolidated Balance Sheet Amounts
(1)
|
|
Gross Amounts not Offset in the Consolidated Balance Sheet
(2)
|
|
Net
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward and option contracts
|
$
|
16,027
|
|
|
$
|
—
|
|
|
$
|
16,027
|
|
|
$
|
(813
|
)
|
|
$
|
15,214
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Embedded derivatives
|
8,926
|
|
|
—
|
|
|
8,926
|
|
|
—
|
|
|
8,926
|
|
|||||
Economic hedges of embedded derivatives
|
744
|
|
|
—
|
|
|
744
|
|
|
—
|
|
|
744
|
|
|||||
Foreign currency forward contracts
|
43,203
|
|
|
—
|
|
|
43,203
|
|
|
(34,577
|
)
|
|
8,626
|
|
|||||
|
52,873
|
|
|
—
|
|
|
52,873
|
|
|
(34,577
|
)
|
|
18,296
|
|
|||||
Additional netting benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,512
|
)
|
|
(9,512
|
)
|
|||||
|
$
|
68,900
|
|
|
$
|
—
|
|
|
$
|
68,900
|
|
|
$
|
(44,902
|
)
|
|
$
|
23,998
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency forward and option contracts
|
$
|
813
|
|
|
$
|
—
|
|
|
$
|
813
|
|
|
$
|
(813
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Embedded derivatives
|
1,772
|
|
|
—
|
|
|
1,772
|
|
|
—
|
|
|
1,772
|
|
|||||
Economic hedges of embedded derivatives
|
417
|
|
|
—
|
|
|
417
|
|
|
—
|
|
|
417
|
|
|||||
Foreign currency forward contracts
|
76,923
|
|
|
—
|
|
|
76,923
|
|
|
(34,577
|
)
|
|
42,346
|
|
|||||
|
79,112
|
|
|
—
|
|
|
79,112
|
|
|
(34,577
|
)
|
|
44,535
|
|
|||||
Additional netting benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,512
|
)
|
|
(9,512
|
)
|
|||||
|
$
|
79,925
|
|
|
$
|
—
|
|
|
$
|
79,925
|
|
|
$
|
(44,902
|
)
|
|
$
|
35,023
|
|
(1)
|
As presented in the Company’s consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.
|
(2)
|
The Company enters into master netting agreements with its 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.
|
|
Fair Value at
December 31,
|
|
Fair Value
Measurement Using
|
||||||||
|
2016
|
|
Level 1
|
|
Level 2
|
||||||
Assets:
|
|
|
|
|
|
||||||
Cash
|
$
|
345,119
|
|
|
$
|
345,119
|
|
|
$
|
—
|
|
Money market and deposit accounts
|
400,388
|
|
|
400,388
|
|
|
—
|
|
|||
Publicly traded equity securities
|
6,463
|
|
|
6,463
|
|
|
—
|
|
|||
Certificates of deposit
|
9,957
|
|
|
—
|
|
|
9,957
|
|
|||
Derivative instruments
(1)
|
69,979
|
|
|
—
|
|
|
69,979
|
|
|||
|
$
|
831,906
|
|
|
$
|
751,970
|
|
|
$
|
79,936
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments
(1)
|
$
|
10,959
|
|
|
$
|
—
|
|
|
$
|
10,959
|
|
(1)
|
Includes both foreign currency embedded derivatives and foreign currency forward and option contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company’s consolidated balance sheet.
|
|
Fair Value at
December 31,
|
|
Fair Value
Measurement Using
|
||||||||
|
2015
|
|
Level 1
|
|
Level 2
|
||||||
Assets:
|
|
|
|
|
|
||||||
Cash
|
$
|
1,139,554
|
|
|
$
|
1,139,554
|
|
|
$
|
—
|
|
Money market and deposit accounts
|
1,089,284
|
|
|
1,089,284
|
|
|
—
|
|
|||
Publicly traded equity securities
|
3,353
|
|
|
3,353
|
|
|
—
|
|
|||
Certificates of deposit
|
14,106
|
|
|
—
|
|
|
14,106
|
|
|||
Derivative instruments
(1)
|
68,900
|
|
|
—
|
|
|
68,900
|
|
|||
|
$
|
2,315,197
|
|
|
$
|
2,232,191
|
|
|
$
|
83,006
|
|
Liabilities:
|
|
|
|
|
|
||||||
Derivative instruments
(1)
|
$
|
79,925
|
|
|
$
|
—
|
|
|
$
|
79,925
|
|
(1)
|
Includes embedded derivatives, foreign currency embedded derivatives and foreign currency forward contracts. Amounts are included within other current assets, other current liabilities and other liabilities in the Company’s consolidated balance sheet.
|
|
Capital Lease Obligations
|
|
Other Financing Obligations
|
|
Total
|
||||||
2017
|
$
|
82,688
|
|
|
$
|
78,914
|
|
|
$
|
161,602
|
|
2018
|
83,046
|
|
|
75,841
|
|
|
158,887
|
|
|||
2019
|
83,871
|
|
|
70,893
|
|
|
154,764
|
|
|||
2020
|
83,925
|
|
|
69,838
|
|
|
153,763
|
|
|||
2021
|
84,192
|
|
|
70,911
|
|
|
155,103
|
|
|||
Thereafter
|
827,125
|
|
|
693,385
|
|
|
1,520,510
|
|
|||
Total minimum lease payments
|
1,244,847
|
|
|
1,059,782
|
|
|
2,304,629
|
|
|||
Plus amount representing residual property value
|
—
|
|
|
508,857
|
|
|
508,857
|
|
|||
Less amount representing interest
|
(551,507
|
)
|
|
(750,191
|
)
|
|
(1,301,698
|
)
|
|||
Present value of net minimum lease payments
|
693,340
|
|
|
818,448
|
|
|
1,511,788
|
|
|||
Less current portion
|
(26,973
|
)
|
|
(74,073
|
)
|
|
(101,046
|
)
|
|||
|
$
|
666,367
|
|
|
$
|
744,375
|
|
|
$
|
1,410,742
|
|
|
2016
|
|
2015
|
||||
Term loans
|
$
|
1,006,982
|
|
|
$
|
456,740
|
|
Bridge term loan
|
—
|
|
|
386,547
|
|
||
Japanese Yen term loan
|
406,600
|
|
|
—
|
|
||
Revolving credit facility borrowings
|
—
|
|
|
325,622
|
|
||
Brazil financings
|
—
|
|
|
27,113
|
|
||
Mortgage payable and other loans payable
|
44,382
|
|
|
47,677
|
|
||
|
1,457,964
|
|
|
1,243,699
|
|
||
Less the amount representing debt discount and debt issuance cost
|
(22,811
|
)
|
|
(2,681
|
)
|
||
Add the amount representing mortgage premium
|
1,862
|
|
|
1,987
|
|
||
|
1,437,015
|
|
|
1,243,005
|
|
||
Less current portion
|
(67,928
|
)
|
|
(770,236
|
)
|
||
|
$
|
1,369,087
|
|
|
$
|
472,769
|
|
|
2016
|
|
2015
|
||||
4.75% Convertible Subordinated Notes
|
$
|
—
|
|
|
$
|
150,082
|
|
Less amount representing debt discount and debt issuance cost
|
—
|
|
|
(3,961
|
)
|
||
|
$
|
—
|
|
|
$
|
146,121
|
|
|
2016
|
|
2015
|
||||
Equity component
(1)
|
$
|
—
|
|
|
$
|
42,091
|
|
Liability component:
|
|
|
|
||||
Principal
|
$
|
—
|
|
|
$
|
150,082
|
|
Less debt discount and debt issuance costs, net
(2)
|
—
|
|
|
(3,961
|
)
|
||
Net carrying amount
|
$
|
—
|
|
|
$
|
146,121
|
|
|
2016
|
|
2015
|
||||
Contractual interest expense
|
$
|
3,267
|
|
|
$
|
7,501
|
|
Amortization of debt issuance costs
|
186
|
|
|
428
|
|
||
Amortization of debt discount
|
3,775
|
|
|
8,060
|
|
||
|
$
|
7,228
|
|
|
$
|
15,989
|
|
Effective interest rate of the liability component
|
10.48
|
%
|
|
10.65
|
%
|
|
2016
|
|
2015
|
||||
5.375% Senior Notes due 2023
|
$
|
1,000,000
|
|
|
$
|
1,000,000
|
|
5.375% Senior Notes due 2022
|
750,000
|
|
|
750,000
|
|
||
4.875% Senior Notes due 2020
|
500,000
|
|
|
500,000
|
|
||
5.75% Senior Notes due 2025
|
500,000
|
|
|
500,000
|
|
||
5.875% Senior Notes due 2026
|
1,100,000
|
|
|
1,100,000
|
|
||
|
3,850,000
|
|
|
3,850,000
|
|
||
Less amount representing debt issuance cost
|
(39,230
|
)
|
|
(45,366
|
)
|
||
|
$
|
3,810,770
|
|
|
$
|
3,804,634
|
|
•
|
incur additional debt;
|
•
|
pay dividends or make other restricted payments;
|
•
|
purchase, redeem or retire capital stock or subordinated debt;
|
•
|
make asset sales;
|
•
|
enter into transactions with affiliates;
|
•
|
incur liens;
|
•
|
enter into sale-leaseback transactions;
|
•
|
provide subsidiary guarantees;
|
•
|
make investments; and
|
•
|
merge or consolidate with any other person.
|
•
|
1.0%
of the principal amount of the 2022 Senior Notes;
|
•
|
the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2022 Senior Notes at January 1, 2018 (such redemption price being set forth in the table as shown in the above table ), plus (ii) all required interest payments due on the 2022 Senior Notes through January 1, 2018 (excluding accrued but unpaid interest, if any, to, but not including the, the redemption date,) computed using a discount rate equal to the treasury rate as of such redemption date plus
0.5 basis points
; and
|
•
|
the principal amount of the 2022 Senior Notes.
|
•
|
1.0%
of the principal amount of the 2025 Senior Notes;
|
•
|
the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2025 Senior Notes at January 1, 2020 (such redemption price being set forth in the table as shown in the above table ), plus (ii) all required interest payments due on the 2025 Senior Notes through January 1, 2020 (excluding accrued but unpaid interest, if any, to, but not including the, the redemption date,) computed using a discount rate equal to the treasury rate as of such redemption date plus
0.5 basis points
; and
|
•
|
the principal amount of the 2025 Senior Notes.
|
•
|
incur additional debt;
|
•
|
pay dividends or make other restricted payments;
|
•
|
purchase, redeem or retire capital stock or subordinated debt;
|
•
|
make asset sales;
|
•
|
enter into transactions with affiliates;
|
•
|
incur liens;
|
•
|
enter into sale-leaseback transactions;
|
•
|
provide subsidiary guarantees;
|
•
|
make investments; and
|
•
|
merge or consolidate with any other person.
|
•
|
1.0%
of the principal amount of the 2026 Senior Notes;
|
•
|
the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2026 Senior Notes at January 15, 2021 (such redemption price being set forth in the table as shown in the above table ), plus (ii) all required interest payments due on the 2026 Senior Notes through January 15, 2021 (excluding accrued but unpaid interest, if any, to, but not including the, the redemption date,) computed using a discount rate equal to the treasury rate as of such redemption date plus
0.5 basis points
; over (b) the principal amount of the 2026 Senior Notes, if greater.
|
•
|
incur additional debt;
|
•
|
pay dividends or make other restricted payments;
|
•
|
purchase, redeem or retire capital stock or subordinated debt;
|
•
|
make asset sales;
|
•
|
enter into transactions with affiliates;
|
•
|
incur liens;
|
•
|
enter into sale-leaseback transactions;
|
•
|
provide subsidiary guarantees;
|
•
|
make investments; and
|
•
|
merge or consolidate with any other person.
|
•
|
1.0%
of the principal amount of the 2020 Senior Notes; and
|
•
|
the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2020 Senior Notes at April 1, 2017 as shown in the above table, plus (ii) all required interest payments due on the 2020 Senior Notes through April 1, 2017 (excluding accrued but unpaid interest, if any, to, but not including the 2020 Senior Notes Redemption Date), computed using a discount rate equal to the yield to maturity of the U.S. Treasury securities with a constant maturity most nearly equal to the period from the 2020 Senior Notes Redemption Date to April 1, 2017, plus
0.50%
; over (b) the principal amount of the 2020 Senior Notes.
|
|
Redemption Price of the 2023 Senior Notes
|
|
2018
|
102.688
|
%
|
2019
|
101.792
|
%
|
2020
|
100.896
|
%
|
2021 and thereafter
|
100.000
|
%
|
•
|
1.0%
of the principal amount of the 2023 Senior Notes; and
|
•
|
the excess of: (a) the present value at such redemption date of (i) the redemption price of the 2023 Senior Notes at April 1, 2018 as shown in the above table, plus (ii) all required interest payments due on the 2023 Senior Notes through April 1, 2018 (excluding accrued but unpaid interest, if any, to, but not including the 2023 Senior Notes Redemption Date), computed using a discount rate equal to the yield to maturity of the U.S. Treasury securities with a constant maturity most nearly equal to the period from the 2023 Senior Notes Redemption Date to April 1, 2018, plus
0.50%
; over (b) the principal amount of the 2023 Senior Notes.
|
Years ending:
|
|
||
2017
|
$
|
67,928
|
|
2018
|
68,013
|
|
|
2019
|
348,271
|
|
|
2020
|
530,836
|
|
|
2021
|
330,530
|
|
|
Thereafter
|
3,964,248
|
|
|
|
$
|
5,309,826
|
|
|
2016
|
|
2015
|
||||
Mortgage and loans payable
|
$
|
1,461,954
|
|
|
$
|
916,602
|
|
Convertible debt
|
—
|
|
|
151,997
|
|
||
Senior notes
|
4,033,985
|
|
|
3,954,000
|
|
||
Revolving credit facility
|
—
|
|
|
325,617
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Interest expense
|
$
|
392,156
|
|
|
$
|
299,055
|
|
|
$
|
270,553
|
|
Interest capitalized
|
13,338
|
|
|
10,943
|
|
|
19,004
|
|
|||
Interest charges incurred
|
$
|
405,494
|
|
|
$
|
309,998
|
|
|
$
|
289,557
|
|
Balance as of December 31, 2013
|
$
|
123,902
|
|
Net loss attributable to redeemable non-controlling interest
|
(1,179
|
)
|
|
Other comprehensive income attributable to redeemable non-controlling interests
|
1,810
|
|
|
Increase in redemption value of non-controlling interests
|
90,913
|
|
|
Impact of foreign currency translation
|
1,724
|
|
|
Exercise of vested and outstanding ALOG stock options
|
8,459
|
|
|
Purchase price of redeemable non-controlling interests
|
(225,629
|
)
|
|
Balances as of December 31, 2014
|
$
|
—
|
|
Common stock options and restricted stock units
|
5,134,885
|
|
Common stock employee purchase plans
|
3,427,867
|
|
Total
|
8,562,752
|
|
|
December 31, 2013
|
|
Net
Change |
|
December 31, 2014
|
|
Net
Change |
|
December 31, 2015
|
|
Net
Change |
|
December 31, 2016
|
||||||||||||||
Foreign currency translation adjustment ("CTA") loss
|
$
|
(132,881
|
)
|
|
$
|
(204,065
|
)
|
|
$
|
(336,946
|
)
|
|
$
|
(186,763
|
)
|
|
$
|
(523,709
|
)
|
|
$
|
(507,420
|
)
|
|
$
|
(1,031,129
|
)
|
Unrealized gain (loss) on cash flow hedges
(1)
|
(2,187
|
)
|
|
8,790
|
|
|
6,603
|
|
|
4,550
|
|
|
11,153
|
|
|
19,551
|
|
|
30,704
|
|
|||||||
Net investment hedge CTA gain
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,484
|
|
|
4,484
|
|
|
45,505
|
|
|
49,989
|
|
|||||||
Unrealized gain (loss) on available for sale securities
(2)
|
180
|
|
|
(279
|
)
|
|
(99
|
)
|
|
(40
|
)
|
|
(139
|
)
|
|
2,249
|
|
|
2,110
|
|
|||||||
Net actuarial gain (loss) on defined benefit plans
(3)
|
—
|
|
|
(2,001
|
)
|
|
(2,001
|
)
|
|
1,153
|
|
|
(848
|
)
|
|
32
|
|
|
(816
|
)
|
|||||||
OCI attributable to redeemable non-controlling interests
(4)
|
21,121
|
|
|
(21,121
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
(113,767
|
)
|
|
$
|
(218,676
|
)
|
|
$
|
(332,443
|
)
|
|
$
|
(176,616
|
)
|
|
$
|
(509,059
|
)
|
|
$
|
(440,083
|
)
|
|
$
|
(949,142
|
)
|
(1)
|
Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income (loss).
|
(2)
|
The realized gains and losses reclassified from accumulated other comprehensive loss to net income (loss) were insignificant for the year ended
December 31, 2016
.
|
(3)
|
The Company has a defined benefit pension plan covering all employees in one country where such plans are mandated by law. The Company does not have any defined benefit plans in any other countries. The unamortized gain (loss) on defined benefit plans includes gains or losses resulting from a change in the value of either the projected benefit obligation or the plan assets resulting from a change in an actuarial assumption, net of amortization.
|
(4)
|
The Company purchased the redeemable non-controlling interests in ALOG in July 2014. Changes include
$1,810
of other comprehensive income attributable to redeemable non-controlling interests for the seven months and
$19,311
of accumulated other comprehensive income reclassified to additional paid-in capital upon the Company’s purchase of the redeemable non-controlling interests in ALOG in July 2014.
|
Record Date
|
|
Payment Date
|
|
Total Distribution
|
|
Nonqualified Ordinary Dividend
|
|
Qualified Ordinary Dividend
|
|
Return of Capital
|
||||||||
|
|
|
|
(per share)
|
||||||||||||||
Fiscal 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||
3/9/2016
|
|
3/23/2016
|
|
$
|
1.750000
|
|
|
$
|
1.231334
|
|
|
$
|
0.518666
|
|
|
$
|
—
|
|
5/25/2016
|
|
6/15/2016
|
|
1.750000
|
|
|
1.231334
|
|
|
0.518666
|
|
|
—
|
|
||||
8/24/2016
|
|
9/14/2016
|
|
1.750000
|
|
|
1.231334
|
|
|
0.518666
|
|
|
—
|
|
||||
11/16/2016
|
|
12/14/2016
|
|
1.750000
|
|
|
1.231334
|
|
|
0.518666
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
7.000000
|
|
|
$
|
4.925336
|
|
|
$
|
2.074664
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fiscal 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||
3/11/2015
|
|
3/25/2015
|
|
$
|
1.690000
|
|
|
$
|
0.978733
|
|
|
$
|
0.711267
|
|
|
$
|
—
|
|
5/27/2015
|
|
6/17/2015
|
|
1.690000
|
|
|
0.978733
|
|
|
0.711267
|
|
|
—
|
|
||||
8/26/2015
|
|
9/16/2015
|
|
1.690000
|
|
|
0.978733
|
|
|
0.711267
|
|
|
—
|
|
||||
10/8/2015
|
|
11/10/2015
|
|
10.945146
|
|
|
6.338687
|
|
|
4.606459
|
|
|
—
|
|
||||
12/9/2015
|
|
12/16/2015
|
|
1.690000
|
|
|
0.978733
|
|
|
0.711267
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
17.705146
|
|
|
$
|
10.253619
|
|
|
$
|
7.451527
|
|
|
$
|
—
|
|
|
Number of Shares Outstanding
|
|
Weighted Average Exercise Price per Share
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Aggregate
Intrinsic
Value
(1)
(Dollars in Thousands)
|
|||||
Stock options outstanding at December 31, 2013
|
148,055
|
|
|
$
|
73.99
|
|
|
|
|
|
||
Stock options exercised
|
(71,780
|
)
|
|
72.44
|
|
|
|
|
|
|||
Additional shares granted due to special distribution
|
1,659
|
|
|
—
|
|
|
|
|
|
|||
Stock options outstanding at December 31, 2014
|
77,934
|
|
|
73.84
|
|
|
|
|
|
|||
Stock options exercised
|
(41,889
|
)
|
|
64.18
|
|
|
|
|
|
|||
Additional shares granted due to special distribution
|
1,454
|
|
|
—
|
|
|
|
|
|
|||
Stock options expired
|
(250
|
)
|
|
41.12
|
|
|
|
|
|
|||
Stock options outstanding at December 31, 2015
|
37,249
|
|
|
82.06
|
|
|
|
|
|
|||
Stock options exercised
|
(18,183
|
)
|
|
80.10
|
|
|
|
|
|
|||
Stock options outstanding at December 31, 2016
|
19,066
|
|
|
82.01
|
|
|
1.2
|
|
$
|
5,251
|
|
|
Stock options vested and exercisable at December 31, 2016
|
19,066
|
|
|
82.01
|
|
|
1.2
|
|
$
|
5,251
|
|
(1)
|
The aggregate intrinsic value is calculated as the difference between the market value of the stock as of
December 31, 2016
and the exercise price of the option.
|
|
Outstanding
|
|
Exercisable
|
||||||||||||
Range of exercise prices
|
Number of Shares
|
|
Weighted Average Remaining Contractual Life (Years)
|
|
Weighted Average Exercise Price
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
||||||
$28.56 to $54.22
|
1,585
|
|
|
1.89
|
|
$
|
35.55
|
|
|
1,585
|
|
|
$
|
35.55
|
|
$80.84 to $88.56
|
17,481
|
|
|
1.14
|
|
86.22
|
|
|
17,481
|
|
|
86.22
|
|
||
|
19,066
|
|
|
1.2
|
|
82.01
|
|
|
19,066
|
|
|
82.01
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Total fair value of stock options vested
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
45
|
|
Total aggregate intrinsic value of stock options exercised
(1)
|
4,712
|
|
|
7,198
|
|
|
9,227
|
|
(1)
|
The intrinsic value is calculated as the difference between the market value of the stock on the date of exercise and the exercise price of the option.
|
|
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)
|
|||||
Restricted stock units outstanding, December 31, 2013
|
1,509,382
|
|
|
$
|
122.05
|
|
|
|
|
|
||
Restricted stock units granted
|
803,692
|
|
|
190.90
|
|
|
|
|
|
|||
Additional shares granted due to special distribution
|
48,171
|
|
|
224.45
|
|
|
|
|
|
|||
Restricted stock units released, vested
|
(703,393
|
)
|
|
201.85
|
|
|
|
|
|
|||
Restricted stock units canceled
|
(253,878
|
)
|
|
179.71
|
|
|
|
|
|
|||
Restricted stock units outstanding, December 31, 2014
|
1,403,974
|
|
|
114.56
|
|
|
|
|
|
|||
Restricted stock units granted
|
711,990
|
|
|
236.89
|
|
|
|
|
|
|||
Additional shares granted due to special distribution
|
51,432
|
|
|
297.03
|
|
|
|
|
|
|||
Restricted stock units released, vested
|
(623,554
|
)
|
|
173.79
|
|
|
|
|
|
|||
Special distribution shares released
|
(19,966
|
)
|
|
227.99
|
|
|
|
|
|
|||
Restricted stock units canceled
|
(103,922
|
)
|
|
198.67
|
|
|
|
|
|
|||
Special distribution shares canceled
|
(3,516
|
)
|
|
235.43
|
|
|
|
|
|
|||
Restricted stock units outstanding, December 31, 2015
|
1,416,438
|
|
|
148.53
|
|
|
|
|
|
|||
Restricted stock units granted
|
720,601
|
|
|
309.18
|
|
|
|
|
|
|||
Additional shares granted due to special distribution
|
37
|
|
|
297.03
|
|
|
|
|
|
|||
Restricted stock units released, vested
|
(655,584
|
)
|
|
213.72
|
|
|
|
|
|
|||
Special distribution shares released
|
(35,354
|
)
|
|
269.94
|
|
|
|
|
|
|||
Restricted stock units canceled
|
(93,940
|
)
|
|
242.41
|
|
|
|
|
|
|||
Special distribution shares canceled
|
(4,319
|
)
|
|
272.84
|
|
|
|
|
|
|||
Restricted stock units outstanding, December 31, 2016
|
1,347,879
|
|
|
192.59
|
|
|
1.2
|
|
$
|
481,745
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Weighted-average purchase price per share
|
$
|
217.91
|
|
|
$
|
150.13
|
|
|
$
|
144.95
|
|
Weighted average grant-date fair value per share of shares purchased
|
60.49
|
|
|
57.63
|
|
|
53.37
|
|
|||
Number of shares purchased
|
150,044
|
|
|
182,175
|
|
|
166,384
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Dividend yield
|
2.38-2.53%
|
|
|
2.65 - 2.81%
|
|
|
0
|
%
|
Expected volatility
|
23
|
%
|
|
31
|
%
|
|
34
|
%
|
Risk-free interest rate
|
0.36
|
%
|
|
0.26
|
%
|
|
0.19
|
%
|
Expected life (in years)
|
1.04
|
|
|
1.25
|
|
|
1.25
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of revenues
|
$
|
13,086
|
|
|
$
|
9,878
|
|
|
$
|
8,511
|
|
Sales and marketing
|
43,030
|
|
|
36,847
|
|
|
30,084
|
|
|||
General and administrative
|
100,032
|
|
|
86,908
|
|
|
79,395
|
|
|||
Total
|
$
|
156,148
|
|
|
$
|
133,633
|
|
|
$
|
117,990
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Stock options
|
$
|
—
|
|
|
$
|
1,679
|
|
|
$
|
4,917
|
|
Restricted shares and restricted stock units
|
145,769
|
|
|
124,512
|
|
|
104,235
|
|
|||
Employee stock purchase plan
|
10,379
|
|
|
7,442
|
|
|
8,838
|
|
|||
Total
|
$
|
156,148
|
|
|
$
|
133,633
|
|
|
$
|
117,990
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Domestic
|
$
|
215,010
|
|
|
$
|
123,153
|
|
|
$
|
(46,876
|
)
|
Foreign
|
(55,151
|
)
|
|
87,845
|
|
|
131,609
|
|
|||
Income from continuing operations before income taxes
|
$
|
159,859
|
|
|
$
|
210,998
|
|
|
$
|
84,733
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(16,365
|
)
|
|
$
|
(85,352
|
)
|
|
$
|
(98,445
|
)
|
State and local
|
(2,147
|
)
|
|
(3,984
|
)
|
|
(16,243
|
)
|
|||
Foreign
|
(62,278
|
)
|
|
(27,090
|
)
|
|
(31,844
|
)
|
|||
Subtotal
|
(80,790
|
)
|
|
(116,426
|
)
|
|
(146,532
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(11,184
|
)
|
|
87,801
|
|
|
(177,877
|
)
|
|||
State and local
|
(3,328
|
)
|
|
4,600
|
|
|
(21,539
|
)
|
|||
Foreign
|
49,851
|
|
|
801
|
|
|
489
|
|
|||
Subtotal
|
35,339
|
|
|
93,202
|
|
|
(198,927
|
)
|
|||
Provision for income taxes
|
$
|
(45,451
|
)
|
|
$
|
(23,224
|
)
|
|
$
|
(345,459
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Federal tax at statutory rate
|
$
|
(55,951
|
)
|
|
$
|
(73,849
|
)
|
|
$
|
(29,657
|
)
|
State and local taxes
|
(4,895
|
)
|
|
945
|
|
|
1,370
|
|
|||
Deferred tax assets generated in current year not benefited
|
(6,246
|
)
|
|
(4,916
|
)
|
|
(3,311
|
)
|
|||
Foreign income tax rate differential
|
22,016
|
|
|
30,387
|
|
|
20,002
|
|
|||
Non-deductible expenses
|
(15,828
|
)
|
|
(14,252
|
)
|
|
(1,274
|
)
|
|||
Stock-based compensation expense
|
(5,890
|
)
|
|
(3,922
|
)
|
|
(4,496
|
)
|
|||
Change in valuation allowance
|
11,995
|
|
|
710
|
|
|
1,655
|
|
|||
Foreign financing activities
|
(26,708
|
)
|
|
2,592
|
|
|
2,981
|
|
|||
Loss on debt extinguishment
|
(8,288
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on divestments
|
8,828
|
|
|
—
|
|
|
—
|
|
|||
Uncertain tax positions reserve
|
(9,371
|
)
|
|
(3,191
|
)
|
|
(463
|
)
|
|||
Tax adjustments related to REIT
|
45,060
|
|
|
45,823
|
|
|
(324,142
|
)
|
|||
Other, net
|
(173
|
)
|
|
(3,551
|
)
|
|
(8,124
|
)
|
|||
Total income tax expense
|
$
|
(45,451
|
)
|
|
$
|
(23,224
|
)
|
|
$
|
(345,459
|
)
|
|
2016
|
|
2015
|
||||
Deferred tax assets:
|
|
|
|
||||
Reserves and accruals
|
$
|
11,276
|
|
|
$
|
13,013
|
|
Stock-based compensation expense
|
1,752
|
|
|
1,459
|
|
||
Unrealized (gains) losses
|
—
|
|
|
10,656
|
|
||
Operating loss carryforwards
|
37,594
|
|
|
34,457
|
|
||
Others, net
|
5
|
|
|
18
|
|
||
Gross deferred tax assets
|
50,627
|
|
|
59,603
|
|
||
Valuation allowance
|
(29,167
|
)
|
|
(29,894
|
)
|
||
Total deferred tax assets, net
|
21,460
|
|
|
29,709
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Property, plant and equipment
|
(57,006
|
)
|
|
(9,048
|
)
|
||
Unrealized (gains) losses
|
(7,832
|
)
|
|
—
|
|
||
Intangible assets
|
(168,655
|
)
|
|
(60,133
|
)
|
||
Total deferred tax liabilities
|
(233,493
|
)
|
|
(69,181
|
)
|
||
Net deferred tax liabilities
|
$
|
(212,033
|
)
|
|
$
|
(39,472
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
Beginning balance
|
$
|
29,894
|
|
|
$
|
27,181
|
|
|
$
|
31,058
|
|
Amounts from acquisitions
|
5,053
|
|
|
—
|
|
|
—
|
|
|||
Amounts recognized into income
|
(11,995
|
)
|
|
(710
|
)
|
|
(1,655
|
)
|
|||
Current increase (decrease)
|
6,557
|
|
|
4,513
|
|
|
721
|
|
|||
Impact of foreign currency exchange
|
(342
|
)
|
|
(1,090
|
)
|
|
(3,181
|
)
|
|||
Net operating loss ("NOL") and tax credit expiration
|
—
|
|
|
—
|
|
|
238
|
|
|||
Ending balance
|
$
|
29,167
|
|
|
$
|
29,894
|
|
|
$
|
27,181
|
|
Expiration Date
|
|
Federal
(1)
|
|
State
(1)
|
|
Foreign
|
|
Total
|
||||||||
2017
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,018
|
|
|
$
|
9,018
|
|
2018 to 2020
|
|
80,915
|
|
|
190
|
|
|
26,405
|
|
|
107,510
|
|
||||
2021 to 2023
|
|
148,238
|
|
|
—
|
|
|
3,375
|
|
|
151,613
|
|
||||
2024 to 2026
|
|
15,564
|
|
|
3,501
|
|
|
8,377
|
|
|
27,442
|
|
||||
2027 to 2029
|
|
6,065
|
|
|
—
|
|
|
—
|
|
|
6,065
|
|
||||
2030 to 2032
|
|
—
|
|
|
2,445
|
|
|
—
|
|
|
2,445
|
|
||||
Thereafter
|
|
—
|
|
|
1,108
|
|
|
162,863
|
|
|
163,971
|
|
||||
|
|
$
|
250,782
|
|
|
$
|
7,244
|
|
|
$
|
210,038
|
|
|
$
|
468,064
|
|
(1)
|
The total amount of NOL carryforwards that will not be available to offset the Company’s future taxable income after dividend paid deduction due to Section 382 limitations was
$245,101,000
, comprising
$241,766,000
of federal and
$3,335,000
of state.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Beginning balance
|
$
|
30,845
|
|
|
$
|
36,138
|
|
|
$
|
36,552
|
|
Gross increases related to prior year tax positions
|
570
|
|
|
—
|
|
|
1,200
|
|
|||
Gross decreases related to prior year tax positions
|
—
|
|
|
(8,645
|
)
|
|
(984
|
)
|
|||
Gross increases related to current year tax positions
|
41,972
|
|
|
4,802
|
|
|
1,538
|
|
|||
Decreases resulting from expiration of statute of limitation
|
(826
|
)
|
|
(1,450
|
)
|
|
(1,112
|
)
|
|||
Decreases resulting from settlements
|
(374
|
)
|
|
—
|
|
|
(1,056
|
)
|
|||
Ending balance
|
$
|
72,187
|
|
|
$
|
30,845
|
|
|
$
|
36,138
|
|
|
Years ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues
|
$
|
11,822
|
|
|
$
|
10,745
|
|
|
$
|
8,392
|
|
Costs and services
|
14,574
|
|
|
10,808
|
|
|
8,351
|
|
|
As of December 31,
|
||||||
|
2016
|
|
2015
|
||||
Accounts receivable
|
$
|
1,109
|
|
|
$
|
797
|
|
Accounts payable
|
1,720
|
|
|
254
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Adjusted EBITDA:
|
|
|
|
|
|
||||||
Americas
|
$
|
787,311
|
|
|
$
|
698,604
|
|
|
$
|
635,007
|
|
EMEA
|
494,263
|
|
|
318,561
|
|
|
269,222
|
|
|||
Asia-Pacific
|
375,900
|
|
|
254,462
|
|
|
209,662
|
|
|||
Total adjusted EBITDA
|
1,657,474
|
|
|
1,271,627
|
|
|
1,113,891
|
|
|||
Depreciation, amortization and accretion expense
|
(843,510
|
)
|
|
(528,929
|
)
|
|
(484,129
|
)
|
|||
Stock-based compensation expense
|
(156,148
|
)
|
|
(133,633
|
)
|
|
(117,990
|
)
|
|||
Acquisitions costs
|
(64,195
|
)
|
|
(41,723
|
)
|
|
(2,506
|
)
|
|||
Impairment charges
|
(7,698
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on asset sales
|
32,816
|
|
|
—
|
|
|
—
|
|
|||
Income from operations
|
$
|
618,739
|
|
|
$
|
567,342
|
|
|
$
|
509,266
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Total revenues:
|
|
|
|
|
|
||||||
Americas
(1)
|
$
|
1,679,549
|
|
|
$
|
1,512,535
|
|
|
$
|
1,376,103
|
|
EMEA
|
1,171,339
|
|
|
698,807
|
|
|
637,265
|
|
|||
Asia-Pacific
|
761,101
|
|
|
514,525
|
|
|
430,408
|
|
|||
|
$
|
3,611,989
|
|
|
$
|
2,725,867
|
|
|
$
|
2,443,776
|
|
|
|
|
|
|
|
||||||
Total depreciation and amortization:
|
|
|
|
|
|
||||||
Americas
|
$
|
319,202
|
|
|
$
|
278,216
|
|
|
$
|
261,018
|
|
EMEA
|
313,291
|
|
|
117,655
|
|
|
114,511
|
|
|||
Asia-Pacific
|
204,714
|
|
|
129,709
|
|
|
106,162
|
|
|||
|
$
|
837,207
|
|
|
$
|
525,580
|
|
|
$
|
481,691
|
|
|
|
|
|
|
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
Americas
|
$
|
503,855
|
|
|
$
|
401,685
|
|
|
$
|
333,315
|
|
EMEA
|
400,642
|
|
|
202,322
|
|
|
151,634
|
|
|||
Asia-Pacific
|
208,868
|
|
|
264,113
|
|
|
175,254
|
|
|||
|
$
|
1,113,365
|
|
|
$
|
868,120
|
|
|
$
|
660,203
|
|
(1)
|
Includes revenues of
$1,549,819
,
$1,404,648
and
$1,257,661
, respectively, attributed to the U.S. for the years ended
December 31, 2016
,
2015
and
2014
.
|
|
2016
|
|
2015
|
||||
Americas
(1)
|
$
|
3,339,518
|
|
|
$
|
3,025,450
|
|
EMEA
|
2,355,943
|
|
|
1,157,304
|
|
||
Asia-Pacific
|
1,503,749
|
|
|
1,423,682
|
|
||
|
$
|
7,199,210
|
|
|
$
|
5,606,436
|
|
(1)
|
Includes
$3,012,307
and
$2,781,924
, respectively, of long-lived assets attributed to the U.S. as of
December 31, 2016
and
2015
.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Colocation
|
$
|
2,647,094
|
|
|
$
|
2,019,875
|
|
|
$
|
1,823,992
|
|
Interconnection
|
543,045
|
|
|
441,749
|
|
|
379,007
|
|
|||
Managed infrastructure
|
210,292
|
|
|
96,836
|
|
|
104,455
|
|
|||
Rental
|
16,943
|
|
|
10,681
|
|
|
10,336
|
|
|||
Recurring revenues
|
3,417,374
|
|
|
2,569,141
|
|
|
2,317,790
|
|
|||
Non-recurring revenues
|
194,615
|
|
|
156,726
|
|
|
125,986
|
|
|||
|
$
|
3,611,989
|
|
|
$
|
2,725,867
|
|
|
$
|
2,443,776
|
|
|
2016
|
||||||||||||||
|
Quarters Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
$
|
844,156
|
|
|
$
|
900,510
|
|
|
$
|
924,676
|
|
|
$
|
942,647
|
|
Gross profit
|
416,476
|
|
|
443,543
|
|
|
454,374
|
|
|
476,726
|
|
||||
Net income (loss)
|
(31,111
|
)
|
|
44,711
|
|
|
51,450
|
|
|
61,750
|
|
||||
Comprehensive income (loss)
|
61,394
|
|
|
(182,521
|
)
|
|
(18,533
|
)
|
|
(173,623
|
)
|
||||
EPS
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
(0.46
|
)
|
|
0.64
|
|
|
0.73
|
|
|
0.86
|
|
||||
Diluted EPS
|
(0.46
|
)
|
|
0.64
|
|
|
0.72
|
|
|
0.86
|
|
|
2015
|
||||||||||||||
|
Quarters Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
$
|
643,174
|
|
|
$
|
665,582
|
|
|
$
|
686,649
|
|
|
$
|
730,462
|
|
Gross profit
|
344,861
|
|
|
349,825
|
|
|
361,181
|
|
|
378,494
|
|
||||
Net income
|
76,452
|
|
|
59,459
|
|
|
41,132
|
|
|
10,731
|
|
||||
Comprehensive income (loss)
|
(59,141
|
)
|
|
104,323
|
|
|
(23,707
|
)
|
|
(10,317
|
)
|
||||
EPS
|
|
|
|
|
|
|
|
||||||||
Basic EPS
|
1.35
|
|
|
1.04
|
|
|
0.72
|
|
|
0.18
|
|
||||
Diluted EPS
|
1.34
|
|
|
1.03
|
|
|
0.71
|
|
|
0.18
|
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
Americas:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT1 ATLANTA
|
—
|
|
—
|
|
—
|
|
—
|
|
120,368
|
|
—
|
|
120,368
|
|
(33,293)
|
|
N/A
|
|
2010
|
AT2 ATLANTA
|
—
|
|
—
|
|
—
|
|
—
|
|
41,845
|
|
—
|
|
41,845
|
|
(16,871)
|
|
N/A
|
|
2010
|
AT3 ATLANTA
|
—
|
|
—
|
|
—
|
|
—
|
|
3,935
|
|
—
|
|
3,935
|
|
(1,257)
|
|
N/A
|
|
2010
|
BO1 BOSTON (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
11,332
|
|
—
|
|
11,332
|
|
(5,999)
|
|
N/A
|
|
2010
|
CH1 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
155,387
|
|
—
|
|
155,387
|
|
(99,289)
|
|
2001
|
|
1999
|
CH2 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
104,108
|
|
—
|
|
104,108
|
|
(48,677)
|
|
2005
|
|
2005
|
CH3 CHICAGO (METRO)
|
—
|
|
9,759
|
|
—
|
|
351
|
|
229,398
|
|
10,110
|
|
229,398
|
|
(88,929)
|
|
2007
|
|
2006
|
CH4 CHICAGO (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
21,566
|
|
—
|
|
21,566
|
|
(8,181)
|
|
2010
|
|
2009
|
DA1 DALLAS
|
—
|
|
—
|
|
—
|
|
—
|
|
73,407
|
|
—
|
|
73,407
|
|
(46,642)
|
|
2000
|
|
2000
|
DA2 DALLAS
|
—
|
|
—
|
|
—
|
|
—
|
|
78,681
|
|
—
|
|
78,681
|
|
(17,561)
|
|
2011
|
|
2010
|
DA3 DALLAS
|
—
|
|
—
|
|
—
|
|
—
|
|
85,099
|
|
—
|
|
85,099
|
|
(25,993)
|
|
N/A
|
|
2010
|
DA4 DALLAS
|
—
|
|
—
|
|
—
|
|
—
|
|
17,421
|
|
—
|
|
17,421
|
|
(7,702)
|
|
N/A
|
|
2010
|
DA6 DALLAS
|
—
|
|
—
|
|
20,522
|
|
—
|
|
83,115
|
|
—
|
|
103,637
|
|
(11,130)
|
|
2013
|
|
2012
|
DA7 DALLAS
|
—
|
|
—
|
|
—
|
|
—
|
|
26,431
|
|
—
|
|
26,431
|
|
(2,351)
|
|
2015
|
|
2015
|
DC1 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
5,120
|
|
—
|
|
5,120
|
|
(363)
|
|
2007
|
|
1999
|
DC2 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
5,047
|
|
153,115
|
|
5,047
|
|
153,115
|
|
(126,299)
|
|
1999
|
|
1999
|
DC3 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
37,451
|
|
—
|
|
52,846
|
|
—
|
|
90,297
|
|
(46,073)
|
|
2004
|
|
2004
|
DC4 WASHINGTON, DC (METRO)
|
—
|
|
1,906
|
|
7,272
|
|
—
|
|
71,942
|
|
1,906
|
|
79,214
|
|
(46,128)
|
|
2007
|
|
2005
|
DC5 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
4,983
|
|
—
|
|
88,407
|
|
1,429
|
|
93,390
|
|
(52,407)
|
|
2008
|
|
2005
|
DC6 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
5,082
|
|
—
|
|
86,711
|
|
1,429
|
|
91,793
|
|
(35,116)
|
|
2010
|
|
2005
|
DC7 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
20,605
|
|
—
|
|
20,605
|
|
(10,099)
|
|
N/A
|
|
2010
|
DC8 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
5,186
|
|
—
|
|
5,186
|
|
(4,614)
|
|
N/A
|
|
2010
|
DC10 WASHINGTON, DC (METRO)
|
—
|
|
—
|
|
44,601
|
|
—
|
|
70,790
|
|
—
|
|
115,391
|
|
(30,595)
|
|
2012
|
|
2011
|
DC11 WASHINGTON, DC (METRO)
|
—
|
|
1,429
|
|
5,082
|
|
—
|
|
165,021
|
|
1,429
|
|
170,103
|
|
(20,495)
|
|
2013
|
|
2005
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
DE1 DENVER (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
9,978
|
|
—
|
|
9,978
|
|
(5,968)
|
|
N/A
|
|
2010
|
LA1 LOS ANGELES
|
—
|
|
—
|
|
—
|
|
—
|
|
110,624
|
|
—
|
|
110,624
|
|
(60,332)
|
|
2000
|
|
1999
|
LA2 LOS ANGELES
|
—
|
|
—
|
|
—
|
|
—
|
|
11,861
|
|
—
|
|
11,861
|
|
(9,870)
|
|
2001
|
|
2000
|
LA3 EL SEGUNDO
|
—
|
|
—
|
|
34,727
|
|
3,959
|
|
21,931
|
|
3,959
|
|
56,658
|
|
(42,651)
|
|
2005
|
|
2005
|
LA4 EL SEGUNDO
|
—
|
|
19,333
|
|
137,630
|
|
—
|
|
28,247
|
|
19,333
|
|
165,877
|
|
(60,398)
|
|
2009
|
|
2009
|
MI2 MIAMI (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
22,239
|
|
—
|
|
22,239
|
|
(10,570)
|
|
N/A
|
|
2010
|
MI3 MIAMI (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
29,573
|
|
—
|
|
29,573
|
|
(7,983)
|
|
2012
|
|
2012
|
NY1 NEWARK
|
—
|
|
—
|
|
—
|
|
—
|
|
79,857
|
|
—
|
|
79,857
|
|
(42,647)
|
|
1999
|
|
1999
|
NY2 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
17,859
|
|
194,181
|
|
17,859
|
|
194,181
|
|
(120,724)
|
|
2002
|
|
2000
|
NY4 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
330,754
|
|
—
|
|
330,754
|
|
(153,480)
|
|
2007
|
|
2006
|
NY5 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
243,296
|
|
—
|
|
243,296
|
|
(38,838)
|
|
2012
|
|
2010
|
NY6 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
73,266
|
|
—
|
|
73,266
|
|
(5,587)
|
|
2015
|
|
2010
|
NY7 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
24,660
|
|
—
|
|
138,865
|
|
—
|
|
163,525
|
|
(88,677)
|
|
N/A
|
|
2010
|
NY8 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
12,159
|
|
—
|
|
12,159
|
|
(6,118)
|
|
N/A
|
|
2010
|
NY9 NEW YORK CITY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
53,840
|
|
—
|
|
53,840
|
|
(28,065)
|
|
N/A
|
|
2010
|
PH1 PHILADELPHIA
|
—
|
|
—
|
|
—
|
|
—
|
|
43,979
|
|
—
|
|
43,979
|
|
(10,365)
|
|
N/A
|
|
2010
|
SE2 SEATTLE
|
—
|
|
—
|
|
—
|
|
—
|
|
29,242
|
|
—
|
|
29,242
|
|
(19,757)
|
|
N/A
|
|
2010
|
SE3 SEATTLE
|
—
|
|
—
|
|
1,760
|
|
—
|
|
94,947
|
|
—
|
|
96,707
|
|
(22,692)
|
|
2013
|
|
2011
|
SV1 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
15,545
|
|
159,286
|
|
15,545
|
|
159,286
|
|
(104,600)
|
|
1999
|
|
1999
|
SV2 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
147,154
|
|
—
|
|
147,154
|
|
(68,545)
|
|
2003
|
|
2003
|
SV3 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
43,738
|
|
—
|
|
43,738
|
|
(38,220)
|
|
2004
|
|
1999
|
SV4 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
25,941
|
|
—
|
|
25,941
|
|
(19,003)
|
|
2005
|
|
2005
|
SV5 SILICON VALLEY (METRO)
|
—
|
|
6,238
|
|
98,991
|
|
—
|
|
88,737
|
|
6,238
|
|
187,728
|
|
(43,544)
|
|
2010
|
|
2010
|
SV6 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
15,585
|
|
—
|
|
21,811
|
|
—
|
|
37,396
|
|
(22,079)
|
|
N/A
|
|
2010
|
SV8 SILICON VALLEY (METRO)
|
—
|
|
—
|
|
—
|
|
—
|
|
48,939
|
|
—
|
|
48,939
|
|
(21,363)
|
|
N/A
|
|
2010
|
SV12 SILICON VALLEY (METRO)
|
—
|
|
20,535
|
|
—
|
|
(222)
|
|
2,277
|
|
20,313
|
|
2,277
|
|
—
|
|
2015
|
|
2015
|
TR1 TORONTO, CANADA
|
—
|
|
—
|
|
—
|
|
—
|
|
90,158
|
|
—
|
|
90,158
|
|
(19,895)
|
|
N/A
|
|
2010
|
TR2 TORONTO, CANADA
|
—
|
|
—
|
|
21,113
|
|
—
|
|
76,387
|
|
—
|
|
97,500
|
|
(7,133)
|
|
2015
|
|
2015
|
RJ1 RIO DE JANEIRO, BRAZIL
|
—
|
|
—
|
|
—
|
|
—
|
|
26,361
|
|
—
|
|
26,361
|
|
(17,933)
|
|
2011
|
|
2011
|
RJ2 RIO DE JANEIRO, BRAZIL
|
—
|
|
—
|
|
2,012
|
|
—
|
|
34,237
|
|
—
|
|
36,249
|
|
(10,145)
|
|
2013
|
|
2012
|
SP1 SÃO PAULO, BRAZIL
|
—
|
|
—
|
|
10,188
|
|
—
|
|
23,181
|
|
—
|
|
33,369
|
|
(19,816)
|
|
2011
|
|
2011
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
SP2 SÃO PAULO, BRAZIL
|
—
|
|
—
|
|
—
|
|
—
|
|
73,615
|
|
—
|
|
73,615
|
|
(33,839)
|
|
2011
|
|
2011
|
OTHERS
(4)
|
—
|
|
52,630
|
|
18,709
|
|
934
|
|
185,212
|
|
53,564
|
|
203,921
|
|
(2,202)
|
|
Various
|
|
Various
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AM1 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
71,764
|
|
—
|
|
71,764
|
|
(23,787)
|
|
2008
|
|
2008
|
AM2 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
53,661
|
|
—
|
|
53,661
|
|
(17,868)
|
|
2010
|
|
2008
|
AM3 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
27,099
|
|
—
|
|
92,654
|
|
—
|
|
119,753
|
|
(22,758)
|
|
2012
|
|
2011
|
AM5 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
92,199
|
|
—
|
|
1,029
|
|
—
|
|
93,228
|
|
(5,838)
|
|
N/A
|
|
2016
|
AM6 AMSTERDAM, THE NETHERLANDS
|
—
|
|
6,616
|
|
50,876
|
|
—
|
|
3,872
|
|
6,616
|
|
54,748
|
|
(2,691)
|
|
N/A
|
|
2016
|
AM7 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
7,397
|
|
—
|
|
363
|
|
—
|
|
7,760
|
|
(973)
|
|
N/A
|
|
2016
|
AM8 AMSTERDAM, THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
9,291
|
|
—
|
|
9,291
|
|
(1,677)
|
|
N/A
|
|
2016
|
DB1 DUBLIN, IRELAND
|
—
|
|
—
|
|
—
|
|
—
|
|
1,852
|
|
—
|
|
1,852
|
|
(164)
|
|
N/A
|
|
2016
|
DB2 DUBLIN, IRELAND
|
—
|
|
—
|
|
12,460
|
|
—
|
|
671
|
|
—
|
|
13,131
|
|
(1,706)
|
|
N/A
|
|
2016
|
DB3 DUBLIN, IRELAND
|
—
|
|
3,334
|
|
54,387
|
|
—
|
|
3,507
|
|
3,334
|
|
57,894
|
|
(3,208)
|
|
N/A
|
|
2016
|
DB4 DUBLIN, IRELAND
|
—
|
|
—
|
|
26,875
|
|
—
|
|
9,899
|
|
—
|
|
36,774
|
|
(1,163)
|
|
N/A
|
|
2016
|
DU1 DÜSSELDORF, GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
21,330
|
|
—
|
|
21,330
|
|
(17,813)
|
|
2001
|
|
2000
|
DX1 DUBAI, UNITED ARAB EMIRATES
|
—
|
|
—
|
|
—
|
|
—
|
|
45,710
|
|
—
|
|
45,710
|
|
(5,501)
|
|
2012
|
|
2008
|
EN1 ENSCHEDE, THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
22,408
|
|
—
|
|
22,408
|
|
(13,720)
|
|
2008
|
|
2008
|
FR1 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
7,173
|
|
—
|
|
7,173
|
|
(6,792)
|
|
N/A
|
|
2007
|
FR2 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
11,212
|
|
198,157
|
|
11,212
|
|
198,157
|
|
(73,449)
|
|
N/A
|
|
2007
|
FR3 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
—
|
|
1,967
|
|
4,679
|
|
1,967
|
|
4,679
|
|
(1,178)
|
|
N/A
|
|
2007
|
FR4 FRANKFURT (METRO), GERMANY
|
—
|
|
11,578
|
|
9,307
|
|
—
|
|
51,650
|
|
11,578
|
|
60,957
|
|
(14,570)
|
|
2009
|
|
2009
|
FR5 FRANKFURT (METRO), GERMANY
|
30,310
|
|
—
|
|
—
|
|
3,716
|
|
109,540
|
|
3,716
|
|
109,540
|
|
(20,552)
|
|
2012
|
|
2012
|
FR7 FRANKFURT (METRO), GERMANY
|
—
|
|
—
|
|
43,634
|
|
—
|
|
1,035
|
|
—
|
|
44,669
|
|
(4,492)
|
|
N/A
|
|
2016
|
GV1 GENEVA (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
5,846
|
|
—
|
|
5,846
|
|
(4,232)
|
|
2004
|
|
2004
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
GV2 GENEVA (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
21,282
|
|
—
|
|
21,282
|
|
(13,709)
|
|
2010
|
|
2009
|
HE1 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
2,732
|
|
—
|
|
2,732
|
|
(632)
|
|
N/A
|
|
2016
|
HE2 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
1,445
|
|
—
|
|
1,445
|
|
(524)
|
|
N/A
|
|
2016
|
HE3 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
8,765
|
|
—
|
|
8,765
|
|
(2,118)
|
|
N/A
|
|
2016
|
HE4 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
29,092
|
|
—
|
|
3,785
|
|
—
|
|
32,877
|
|
(2,824)
|
|
N/A
|
|
2016
|
HE5 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
7,564
|
|
—
|
|
64
|
|
—
|
|
7,628
|
|
(1,019)
|
|
N/A
|
|
2016
|
HE6 HELSINKI (METRO), FINLAND
|
—
|
|
—
|
|
17,204
|
|
—
|
|
10,067
|
|
—
|
|
27,271
|
|
(540)
|
|
N/A
|
|
2016
|
IS1 ISTANBUL (METRO), TURKEY
|
—
|
|
—
|
|
—
|
|
—
|
|
7,046
|
|
—
|
|
7,046
|
|
(2,126)
|
|
N/A
|
|
2016
|
LD1 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
2,352
|
|
—
|
|
2,352
|
|
(2,154)
|
|
2000
|
|
2000
|
LD3 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
14,864
|
|
—
|
|
14,864
|
|
(9,975)
|
|
2005
|
|
2000
|
LD4 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
23,044
|
|
—
|
|
56,232
|
|
—
|
|
79,276
|
|
(30,704)
|
|
2007
|
|
2007
|
LD5 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
16,412
|
|
—
|
|
162,639
|
|
—
|
|
179,051
|
|
(51,491)
|
|
2010
|
|
2010
|
LD6 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
103,276
|
|
—
|
|
103,276
|
|
(6,038)
|
|
2015
|
|
2013
|
LD8 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
107,544
|
|
—
|
|
4,834
|
|
—
|
|
112,378
|
|
(7,598)
|
|
N/A
|
|
2016
|
LD9 LONDON (METRO), UNITED KINGDOM
|
—
|
|
—
|
|
181,431
|
|
—
|
|
1,667
|
|
—
|
|
183,098
|
|
(11,741)
|
|
N/A
|
|
2016
|
MA1 MANCHESTER, UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
4,254
|
|
—
|
|
4,254
|
|
(797)
|
|
N/A
|
|
2016
|
MA2 MANCHESTER, UNITED KINGDOM
|
—
|
|
—
|
|
—
|
|
—
|
|
6,619
|
|
—
|
|
6,619
|
|
(952)
|
|
N/A
|
|
2016
|
MA3 MANCHESTER, UNITED KINGDOM
|
—
|
|
—
|
|
44,931
|
|
—
|
|
316
|
|
—
|
|
45,247
|
|
(4,305)
|
|
N/A
|
|
2016
|
MA4 MANCHESTER, UNITED KINGDOM
|
—
|
|
—
|
|
6,697
|
|
—
|
|
65
|
|
—
|
|
6,762
|
|
(748)
|
|
N/A
|
|
2016
|
ML1 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
806
|
|
—
|
|
806
|
|
(742)
|
|
2011
|
|
2011
|
ML2 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
5,650
|
|
—
|
|
5,650
|
|
(2,676)
|
|
N/A
|
|
2016
|
ML3 MILAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
11,937
|
|
—
|
|
11,937
|
|
(5,373)
|
|
N/A
|
|
2016
|
ML4 MLAN (METRO), ITALY
|
—
|
|
—
|
|
—
|
|
—
|
|
6,870
|
|
—
|
|
6,870
|
|
(1,346)
|
|
N/A
|
|
2016
|
MU1 MUNICH, GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
14,818
|
|
—
|
|
14,818
|
|
(11,501)
|
|
N/A
|
|
2007
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
MU3 MUNICH, GERMANY
|
—
|
|
—
|
|
—
|
|
—
|
|
726
|
|
—
|
|
726
|
|
(38)
|
|
2010
|
|
2010
|
PA1 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
21,527
|
|
—
|
|
21,527
|
|
(17,093)
|
|
N/A
|
|
2007
|
PA2 & PA 3 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
29,615
|
|
23,723
|
|
240,675
|
|
23,723
|
|
270,290
|
|
(75,980)
|
|
2010
|
|
2007
|
PA4 PARIS (METRO), FRANCE
|
—
|
|
1,701
|
|
9,503
|
|
—
|
|
127,215
|
|
1,701
|
|
136,718
|
|
(26,823)
|
|
2012
|
|
2011
|
PA5 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
16,554
|
|
—
|
|
843
|
|
—
|
|
17,397
|
|
(1,575)
|
|
N/A
|
|
2016
|
PA6 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
56,322
|
|
—
|
|
56,322
|
|
(5,006)
|
|
N/A
|
|
2016
|
PA7 PARIS (METRO), FRANCE
|
—
|
|
—
|
|
—
|
|
—
|
|
12,300
|
|
—
|
|
12,300
|
|
(1,951)
|
|
N/A
|
|
2016
|
SK1 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
15,495
|
|
—
|
|
574
|
|
—
|
|
16,069
|
|
(2,216)
|
|
N/A
|
|
2016
|
SK2 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
80,148
|
|
—
|
|
251
|
|
—
|
|
80,399
|
|
(4,678)
|
|
N/A
|
|
2016
|
SK3 STOCKHOLM, (METRO), SWEDEN
|
—
|
|
—
|
|
—
|
|
—
|
|
13,167
|
|
—
|
|
13,167
|
|
(858)
|
|
N/A
|
|
2016
|
SO1 SOFIA, BULGARIA
|
—
|
|
—
|
|
5,236
|
|
—
|
|
312
|
|
—
|
|
5,548
|
|
(353)
|
|
N/A
|
|
2016
|
WA1 WARSZAWA, POLAND
|
—
|
|
—
|
|
5,950
|
|
—
|
|
592
|
|
—
|
|
6,542
|
|
(920)
|
|
N/A
|
|
2016
|
WA2 WARSZAWA, POLAND
|
—
|
|
—
|
|
4,709
|
|
—
|
|
6,615
|
|
—
|
|
11,324
|
|
(770)
|
|
N/A
|
|
2016
|
ZH1 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
5,457
|
|
—
|
|
5,457
|
|
(4,619)
|
|
N/A
|
|
2007
|
ZH2 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
5,460
|
|
—
|
|
5,460
|
|
(3,563)
|
|
2003
|
|
2002
|
ZH4 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
11,284
|
|
—
|
|
24,868
|
|
—
|
|
36,152
|
|
(16,116)
|
|
2010
|
|
2009
|
ZH5 ZURICH (METRO), SWITZERLAND
|
—
|
|
—
|
|
—
|
|
—
|
|
37,232
|
|
—
|
|
37,232
|
|
(10,456)
|
|
2013
|
|
2009
|
ZW1 ZWOLLE, THE NETHERLANDS
|
—
|
|
—
|
|
—
|
|
—
|
|
7,331
|
|
—
|
|
7,331
|
|
(4,097)
|
|
2008
|
|
2008
|
OTHERS
|
—
|
|
—
|
|
—
|
|
—
|
|
3,019
|
|
—
|
|
3,019
|
|
(1,502)
|
|
Various
|
|
Various
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia-Pacific:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HK1 HONG KONG, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
131,250
|
|
—
|
|
131,250
|
|
(65,402)
|
|
N/A
|
|
2003
|
HK2 HONG KONG, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
237,118
|
|
—
|
|
237,118
|
|
(51,447)
|
|
2011
|
|
2010
|
HK3 HONG KONG, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
134,342
|
|
—
|
|
134,342
|
|
(44,062)
|
|
N/A
|
|
2012
|
HK4 HONG KONG, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
7,003
|
|
—
|
|
7,003
|
|
(3,963)
|
|
N/A
|
|
2012
|
ME1 MELBOURNE, AUSTRALIA
|
—
|
|
15,341
|
|
—
|
|
—
|
|
66,103
|
|
15,341
|
|
66,103
|
|
(5,854)
|
|
2013
|
|
2013
|
OS1 OSAKA, JAPAN
|
—
|
|
—
|
|
14,876
|
|
—
|
|
37,851
|
|
—
|
|
52,727
|
|
(8,036)
|
|
2013
|
|
2013
|
OS2 OSAKA, JAPAN
|
—
|
|
—
|
|
103
|
|
—
|
|
—
|
|
—
|
|
103
|
|
(26)
|
|
N/A
|
|
2015
|
|
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
|
|
Date of Construction
|
|
Date of Acquisition or Lease
(3)
|
SG1 SINGAPORE
|
—
|
|
—
|
|
—
|
|
—
|
|
160,917
|
|
—
|
|
160,917
|
|
(104,697)
|
|
N/A
|
|
2003
|
SG2 SINGAPORE
|
—
|
|
—
|
|
—
|
|
—
|
|
261,025
|
|
—
|
|
261,025
|
|
(99,403)
|
|
2008
|
|
2008
|
SG3 SINGAPORE
|
—
|
|
—
|
|
34,844
|
|
—
|
|
96,449
|
|
—
|
|
131,293
|
|
(10,360)
|
|
2013
|
|
2013
|
SH2 SHANGHAI, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
3,482
|
|
—
|
|
3,482
|
|
(971)
|
|
2012
|
|
2012
|
SH3 SHANGHAI, CHINA
|
—
|
|
—
|
|
7,066
|
|
—
|
|
7,024
|
|
—
|
|
14,090
|
|
(3,512)
|
|
2012
|
|
2012
|
SH4 SHANGHAI, CHINA
|
—
|
|
—
|
|
—
|
|
—
|
|
1,657
|
|
—
|
|
1,657
|
|
(1,422)
|
|
2012
|
|
2012
|
SH5 SHANGHAI, CHINA
|
—
|
|
—
|
|
11,284
|
|
—
|
|
19,003
|
|
—
|
|
30,287
|
|
(6,010)
|
|
2012
|
|
2012
|
SY1 SYDNEY, AUSTRALIA
|
—
|
|
—
|
|
—
|
|
—
|
|
25,261
|
|
—
|
|
25,261
|
|
(14,036)
|
|
N/A
|
|
2003
|
SY2 SYDNEY, AUSTRALIA
|
—
|
|
—
|
|
3,080
|
|
—
|
|
32,510
|
|
—
|
|
35,590
|
|
(18,795)
|
|
2008
|
|
2008
|
SY3 SYDNEY, AUSTRALIA
|
—
|
|
—
|
|
8,712
|
|
—
|
|
134,257
|
|
—
|
|
142,969
|
|
(42,948)
|
|
2010
|
|
2010
|
SY4 SYDNEY, AUSTRALIA
|
—
|
|
—
|
|
—
|
|
—
|
|
84,679
|
|
—
|
|
84,679
|
|
(2,300)
|
|
2015
|
|
2014
|
TY1 TOKYO, JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
18,547
|
|
—
|
|
18,547
|
|
(10,787)
|
|
2000
|
|
2000
|
TY2 TOKYO, JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
75,386
|
|
—
|
|
75,386
|
|
(57,738)
|
|
2007
|
|
2006
|
TY3 TOKYO, JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
69,367
|
|
—
|
|
69,367
|
|
(23,762)
|
|
2010
|
|
2010
|
TY4 TOKYO, JAPAN
|
—
|
|
—
|
|
—
|
|
—
|
|
49,287
|
|
—
|
|
49,287
|
|
(10,658)
|
|
2012
|
|
2012
|
TY5 TOKYO, JAPAN
|
—
|
|
—
|
|
102
|
|
—
|
|
49,598
|
|
—
|
|
49,700
|
|
(2,045)
|
|
2014
|
|
2014
|
TY6 TOKYO, JAPAN
|
—
|
|
—
|
|
37,941
|
|
—
|
|
12,412
|
|
—
|
|
50,353
|
|
(8,663)
|
|
N/A
|
|
2015
|
TY7 TOKYO, JAPAN
|
—
|
|
—
|
|
13,175
|
|
—
|
|
869
|
|
—
|
|
14,044
|
|
(2,759)
|
|
N/A
|
|
2015
|
TY8 TOKYO, JAPAN
|
—
|
|
—
|
|
53,848
|
|
—
|
|
5,044
|
|
—
|
|
58,892
|
|
(7,016)
|
|
N/A
|
|
2015
|
TY9 TOKYO, JAPAN
|
—
|
|
—
|
|
106,710
|
|
—
|
|
8,197
|
|
—
|
|
114,907
|
|
(15,450)
|
|
N/A
|
|
2015
|
TY10 TOKYO, JAPAN
|
—
|
|
—
|
|
69,881
|
|
—
|
|
7,115
|
|
—
|
|
76,996
|
|
(5,707)
|
|
N/A
|
|
2015
|
OTHERS
|
—
|
|
—
|
|
—
|
|
—
|
|
13,401
|
|
—
|
|
13,401
|
|
(4,661)
|
|
Various
|
|
Various
|
TOTAL LOCATIONS
|
$30,310
|
|
$153,258
|
|
$1,788,637
|
|
$84,091
|
|
$7,829,825
|
|
$237,349
|
|
$9,618,462
|
|
$(3,175,972)
|
|
|
|
|
(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)
|
Date of lease or acquisition represents the date the Company leased the facility or acquired the facility through purchase or acquisition.
|
(4)
|
Includes IBXs CH5, DC12, SP3, SV10 and various other IBXs that are under initial development.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance, beginning of period
|
$
|
7,871,890
|
|
|
$
|
7,006,695
|
|
|
$
|
6,308,992
|
|
Additions (including acquisitions and improvements)
|
2,187,306
|
|
|
1,172,855
|
|
|
997,534
|
|
|||
Disposals
|
(78,607
|
)
|
|
(9,295
|
)
|
|
(16,444
|
)
|
|||
Foreign currency transaction adjustments and others
|
(124,778
|
)
|
|
(298,365
|
)
|
|
(283,387
|
)
|
|||
Balance, end of year
|
$
|
9,855,811
|
|
|
$
|
7,871,890
|
|
|
$
|
7,006,695
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Balance, beginning of period
|
$
|
(2,595,648
|
)
|
|
$
|
(2,242,345
|
)
|
|
$
|
(1,904,311
|
)
|
Additions (depreciation expense)
|
(618,970
|
)
|
|
(440,002
|
)
|
|
(418,407
|
)
|
|||
Disposals
|
9,401
|
|
|
7,396
|
|
|
16,038
|
|
|||
Foreign currency transaction adjustments and others
|
29,245
|
|
|
79,303
|
|
|
64,335
|
|
|||
Balance, end of year
|
$
|
(3,175,972
|
)
|
|
$
|
(2,595,648
|
)
|
|
$
|
(2,242,345
|
)
|