XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.25.3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Gain on Sale of Subsidiary |
Proceeds received at closing | $ | 137.7 |  |  |  |  |  |  |
Net assets at closing | (84.1) |  |  |  |  |  |  |
Total gain on sale included in Other operating expenses (1) | $ | 53.6 |  |  |  |  |  |  |
_______________ (1)Excludes an estimated 377.9 million ZAR (approximately $20.8 million at the date of closing) of taxes, of which 131.5 million ZAR (approximately $7.6 million) remains payable as of September 30, 2025.
Proceeds received at closing | $ | 2,158.8 |  |  |  |  |  |  |
Net assets at closing | (2,257.6) |  |  |  |  |  |  |
Loss on sale | $ | (98.8) |  |  |  |  |  |  |
Deal costs | (20.5) |  |  |  |  |  |  |
Contingent liability for tax indemnification | (53.9) |  |  |  |  |  |  |
Reclassification of cumulative translation adjustment | (1,072.3) |  |  |  |  |  |  |
Total loss on sale included in loss from discontinued operations, net of taxes | $ | (1,245.5) |  |  |  |  |  |  |
The following table presents key components of Loss from discontinued operations, net of taxes in the consolidated statements of operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 (1) |  | 2025 |  | 2024 (1)
Revenue | $ | — |  |  | $ | 234.1 |  |  | $ | — |  |  | $ | 911.2 |
Cost of operations | — |  |  | (131.8) |  |  | — |  |  | (473.8) |
Depreciation, amortization and accretion | — |  |  | (14.3) |  |  | — |  |  | (96.0) |
Selling, general, administrative and development expense | — |  |  | (30.0) |  |  | — |  |  | (58.7) |
Other operating expense | — |  |  | (5.7) |  |  | — |  |  | (6.7) |
Loss on sale of ATC TIPL (2) | — |  |  | (1,245.5) |  |  | — |  |  | (1,245.5) |
Operating loss | — |  |  | (1,193.2) |  |  | — |  |  | (969.5) |
Interest income | — |  |  | 4.4 |  |  | — |  |  | 30.7 |
Interest expense | — |  |  | (2.0) |  |  | — |  |  | (7.6) |
Other income, net | — |  |  | 0.2 |  |  | — |  |  | 46.5 |
Loss from discontinued operations before taxes | $ | — |  |  | $ | (1,190.6) |  |  | $ | — |  |  | $ | (899.9) |
Income tax provision | — |  |  | (17.9) |  |  | — |  |  | (78.4) |
Loss from discontinued operations, net of taxes | $ | — |  |  | $ | (1,208.5) |  |  | $ | — |  |  | $ | (978.3) |
_______________ (1)Includes the results of operations for ATC TIPL through September 12, 2024. (2)Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion. The following table presents key cash flow and non-cash information related to discontinued operations.
| Nine Months Ended September 30, |  |
| 2025 |  | 2024 (1) |  |
Proceeds from the sale of ATC TIPL | $ | — |  |  | $ | 2,158.8 |  |  |
Capital expenditures | — |  |  | (52.3) |  |  |
Significant non-cash items: |  |  |  |  |
Depreciation, amortization and accretion | — |  |  | 96.0 |  |  |
Stock-based compensation expense | — |  |  | 10.9 |  |  |
Impairments, net loss on sale of long-lived assets, non-cash restructuring and merger related expenses | — |  |  | (2.3) |  |  |
(Gain) loss on investments, unrealized foreign currency loss (gain) and other non-cash expense | — |  |  | (30.7) |  |  |
Loss on sale of ATC TIPL (2) | — |  |  | 1,245.5 |  |  |
_______________ (1)Includes the cash flows for ATC TIPL through September 12, 2024. (2)Primarily includes the reclassification of the Company’s cumulative translation adjustment in India upon exiting the market of $1.1 billion.
Schedule of Cash and Cash Equivalents | The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Cash and cash equivalents |  | $ | 1,950.7 |  |  | $ | 2,150.3 |
Restricted cash |  | 150.1 |  |  | 131.9 |
Total cash, cash equivalents and restricted cash |  | $ | 2,100.8 |  |  | $ | 2,282.2 |
Schedule of Restricted Cash | The reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
Cash and cash equivalents |  | $ | 1,950.7 |  |  | $ | 2,150.3 |
Restricted cash |  | 150.1 |  |  | 131.9 |
Total cash, cash equivalents and restricted cash |  | $ | 2,100.8 |  |  | $ | 2,282.2 |
Schedule of Revenue Disaggregated by Source and Geography | A summary of revenue disaggregated by source and geography is as follows:
Three Months Ended September 30, 2025 |  | U.S. & Canada |  | Africa & APAC |  | Europe |  | Latin America |  | Data Centers |  | Total
Non-lease property revenue |  | $ | 73.1 |  |  | $ | 3.9 |  |  | $ | 0.9 |  |  | $ | 28.7 |  |  | $ | 38.7 |  |  | $ | 145.3 |
Services revenue |  | 101.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 101.1 |
Total non-lease revenue |  | $ | 174.2 |  |  | $ | 3.9 |  |  | $ | 0.9 |  |  | $ | 28.7 |  |  | $ | 38.7 |  |  | $ | 246.4 |
Property lease revenue |  | 1,245.7 |  |  | 366.9 |  |  | 242.7 |  |  | 387.8 |  |  | 227.9 |  |  | 2,471.0 |
Total revenue |  | $ | 1,419.9 |  |  | $ | 370.8 |  |  | $ | 243.6 |  |  | $ | 416.5 |  |  | $ | 266.6 |  |  | $ | 2,717.4 |
Three Months Ended September 30, 2024 |  | U.S. & Canada |  | Africa & APAC (1) |  | Europe |  | Latin America |  | Data Centers |  | Total
Non-lease property revenue |  | $ | 67.6 |  |  | $ | 6.4 |  |  | $ | 4.4 |  |  | $ | 25.6 |  |  | $ | 34.0 |  |  | $ | 138.0 |
Services revenue |  | 52.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52.4 |
Total non-lease revenue |  | $ | 120.0 |  |  | $ | 6.4 |  |  | $ | 4.4 |  |  | $ | 25.6 |  |  | $ | 34.0 |  |  | $ | 190.4 |
Property lease revenue |  | 1,250.4 |  |  | 296.2 |  |  | 208.4 |  |  | 377.2 |  |  | 199.7 |  |  | 2,331.9 |
Total revenue |  | $ | 1,370.4 |  |  | $ | 302.6 |  |  | $ | 212.8 |  |  | $ | 402.8 |  |  | $ | 233.7 |  |  | $ | 2,522.3 |
_______________ (1)Excludes the operating results of ATC TIPL (as defined in note 16), which are reported as discontinued operations. See note 16 for further discussion.
Nine Months Ended September 30, 2025 |  | U.S. & Canada |  | Africa & APAC |  | Europe |  | Latin America |  | Data Centers |  | Total
Non-lease property revenue |  | $ | 220.3 |  |  | $ | 19.3 |  |  | $ | 7.1 |  |  | $ | 82.8 |  |  | $ | 111.4 |  |  | $ | 440.9 |
Services revenue |  | 275.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 275.2 |
Total non-lease revenue |  | $ | 495.5 |  |  | $ | 19.3 |  |  | $ | 7.1 |  |  | $ | 82.8 |  |  | $ | 111.4 |  |  | $ | 716.1 |
Property lease revenue |  | 3,703.9 |  |  | 1,021.4 |  |  | 682.2 |  |  | 1,122.3 |  |  | 661.2 |  |  | 7,191.0 |
Total revenue |  | $ | 4,199.4 |  |  | $ | 1,040.7 |  |  | $ | 689.3 |  |  | $ | 1,205.1 |  |  | $ | 772.6 |  |  | $ | 7,907.1 |
Nine Months Ended September 30, 2024 |  | U.S. & Canada |  | Africa & APAC (1) |  | Europe |  | Latin America |  | Data Centers |  | Total
Non-lease property revenue |  | $ | 217.7 |  |  | $ | 18.7 |  |  | $ | 13.1 |  |  | $ | 81.9 |  |  | $ | 98.4 |  |  | $ | 429.8 |
Services revenue |  | 130.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 130.0 |
Total non-lease revenue |  | $ | 347.7 |  |  | $ | 18.7 |  |  | $ | 13.1 |  |  | $ | 81.9 |  |  | $ | 98.4 |  |  | $ | 559.8 |
Property lease revenue |  | 3,726.4 |  |  | 880.2 |  |  | 607.4 |  |  | 1,215.1 |  |  | 590.7 |  |  | 7,019.8 |
Total revenue |  | $ | 4,074.1 |  |  | $ | 898.9 |  |  | $ | 620.5 |  |  | $ | 1,297.0 |  |  | $ | 689.1 |  |  | $ | 7,579.6 |
_______________ (1)Excludes the operating results of ATC TIPL, which are reported as discontinued operations. See note 16 for further discussion.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483475/205-20-45-11 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-1 Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration