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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2020
Equity [Abstract] |
Schedule of rollforward of stockholders' equity | The following tables provide a rollforward of stockholders' equity for the three and six months ended June 30, 2020 and 2019 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | AOCI (Loss) |  | Retained Earnings |  | Equinix Stockholders' Equity |  | Non-controlling Interests |  | Total Stockholders' Equity
| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  |  |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |
Balance as of December 31, 2019 | 85,700,953 |  |  | $ | 86 |  |  | (392,567 | ) |  | $ | (144,256 | ) |  | $ | 12,696,433 |  |  | $ | (4,168,469 | ) |  | $ | (934,613 | ) |  | $ | 1,391,425 |  |  | $ | 8,840,606 |  |  | $ | (224 | ) |  | $ | 8,840,382 |
Adjustment from adoption of new accounting standard update | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (900 | ) |  | (900 | ) |  | — |  |  | (900 | )
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 118,792 |  |  | 118,792 |  |  | 165 |  |  | 118,957 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (272,056 | ) |  | — |  |  | (272,056 | ) |  | (11 | ) |  | (272,067 | )
Issuance of common stock and release of treasury stock for employee equity awards | 405,550 |  |  | — |  |  | 50,594 |  |  | 16,958 |  |  | 13,432 |  |  | — |  |  | — |  |  | — |  |  | 30,390 |  |  | — |  |  | 30,390 |
Issuance of common stock under ATM Program | 162,530 |  |  | — |  |  | — |  |  | — |  |  | 101,791 |  |  | — |  |  | — |  |  | — |  |  | 101,791 |  |  | — |  |  | 101,791 |
Dividend distribution on common stock, $2.66 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (227,387 | ) |  | — |  |  | — |  |  | (227,387 | ) |  | — |  |  | (227,387 | )
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | 109 |  |  | (403 | ) |  | — |  |  | — |  |  | (294 | ) |  | — |  |  | (294 | )
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,268 | ) |  | — |  |  | — |  |  | (3,268 | ) |  | — |  |  | (3,268 | )
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 81,690 |  |  | — |  |  | — |  |  | — |  |  | 81,690 |  |  | — |  |  | 81,690 |
Balance as of March 31, 2020 | 86,269,033 |  |  | 86 |  |  | (341,973 | ) |  | (127,298 | ) |  | 12,893,455 |  |  | (4,399,527 | ) |  | (1,206,669 | ) |  | 1,509,317 |  |  | 8,669,364 |  |  | (70 | ) |  | 8,669,294 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 133,304 |  |  | 133,304 |  |  | 46 |  |  | 133,350 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 66,378 |  |  | — |  |  | 66,378 |  |  | 2 |  |  | 66,380 |
Issuance of common stock and release of treasury stock for employee equity awards | 34,146 |  |  | — |  |  | 688 |  |  | 256 |  |  | (256 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of common stock for equity offering | 2,587,500 |  |  | 3 |  |  |  |  |  |  | 1,683,103 |  |  |  |  |  |  |  |  | 1,683,106 |  |  |  |  | 1,683,106 |
Dividend distribution on common stock, $2.66 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (235,334 | ) |  | — |  |  | — |  |  | (235,334 | ) |  | — |  |  | (235,334 | )
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (44 | ) |  | — |  |  | — |  |  | (44 | ) |  | — |  |  | (44 | )
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,136 | ) |  | — |  |  | — |  |  | (4,136 | ) |  | — |  |  | (4,136 | )
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 75,642 |  |  | — |  |  | — |  |  | — |  |  | 75,642 |  |  | — |  |  | 75,642 |
Balance as of June 30, 2020 | 88,890,679 |  |  | $ | 89 |  |  | (341,285 | ) |  | $ | (127,042 | ) |  | $ | 14,651,944 |  |  | $ | (4,639,041 | ) |  | $ | (1,140,291 | ) |  | $ | 1,642,621 |  |  | $ | 10,388,280 |  |  | $ | (22 | ) |  | $ | 10,388,258 |
|  |  |  |  |  |  |  |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  | Equinix Stockholders' Equity |  | Non-controlling interests |  | Total Stockholders' Equity
| Common Stock |  | Treasury Stock |  |  |  |  |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |
Balance as of December 31, 2018 | 81,119,117 |  |  | $ | 81 |  |  | (396,859 | ) |  | $ | (145,161 | ) |  | $ | 10,751,313 |  |  | $ | (3,331,200 | ) |  | $ | (945,702 | ) |  | $ | 889,948 |  |  | $ | 7,219,279 |  |  | $ | — |  |  | $ | 7,219,279 |
Adjustment from adoption of new accounting standard update | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,973 | ) |  | (5,973 | ) |  | — |  |  | (5,973 | )
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 118,078 |  |  | 118,078 |  |  | (331 | ) |  | 117,747 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,337 |  |  | — |  |  | 3,337 |  |  | 7 |  |  | 3,344 |
Issuance of common stock and release of treasury stock for employee equity awards | 360,464 |  |  | — |  |  | 1,706 |  |  | 360 |  |  | 27,233 |  |  | — |  |  | — |  |  | — |  |  | 27,593 |  |  | — |  |  | 27,593 |
Issuance of common stock for equity offering | 2,985,575 |  |  | 3 |  |  | — |  |  | — |  |  | 1,213,431 |  |  | — |  |  | — |  |  | — |  |  | 1,213,434 |  |  | — |  |  | 1,213,434 |
Dividend distribution on common stock, $2.46 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (198,933 | ) |  | — |  |  | — |  |  | (198,933 | ) |  | — |  |  | (198,933 | )
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | 284 |  |  | (387 | ) |  | — |  |  | — |  |  | (103 | ) |  | — |  |  | (103 | )
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,395 | ) |  | — |  |  | — |  |  | (2,395 | ) |  | — |  |  | (2,395 | )
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 50,795 |  |  | — |  |  | — |  |  | — |  |  | 50,795 |  |  | — |  |  | 50,795 |
Balance as of March 31, 2019 | 84,465,156 |  |  | $ | 84 |  |  | (395,153 | ) |  | $ | (144,801 | ) |  | $ | 12,043,056 |  |  | $ | (3,532,915 | ) |  | $ | (942,365 | ) |  | $ | 1,002,053 |  |  | $ | 8,425,112 |  |  | $ | (324 | ) |  | $ | 8,424,788 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 143,527 |  |  | 143,527 |  |  | 325 |  |  | 143,852 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,078 | ) |  | — |  |  | (16,078 | ) |  | (14 | ) |  | (16,092 | )
Issuance of common stock and release of treasury stock for employee equity awards | 26,435 |  |  | — |  |  | 359 |  |  | 76 |  |  | (76 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of common stock under ATM Program | 722,361 |  |  | 1 |  |  | — |  |  | — |  |  | 348,120 |  |  | — |  |  | — |  |  | — |  |  | 348,121 |  |  | — |  |  | 348,121 |
Dividend distribution on common stock, $2.46 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (207,949 | ) |  | — |  |  | — |  |  | (207,949 | ) |  | — |  |  | (207,949 | )
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | (33 | ) |  | — |  |  | — |  |  | (21 | ) |  | — |  |  | (21 | )
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,972 | ) |  | — |  |  | — |  |  | (2,972 | ) |  | — |  |  | (2,972 | )
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 59,502 |  |  | — |  |  | — |  |  | — |  |  | 59,502 |  |  | — |  |  | 59,502 |
Balance as of June 30, 2019 | 85,213,952 |  |  | 85 |  |  | (394,794 | ) |  | (144,725 | ) |  | 12,450,614 |  |  | (3,743,869 | ) |  | (958,443 | ) |  | 1,145,580 |  |  | 8,749,242 |  |  | (13 | ) |  | 8,749,229 |
Schedule of changes in accumulated other comprehensive loss | The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):
| Balance as of December 31, 2019 |  | Net Change |  | Balance as of June 30, 2020
Foreign currency translation adjustment ("CTA") loss | $ | (1,056,918 | ) |  | $ | (232,497 | ) |  | $ | (1,289,415 | )
Unrealized gain (loss) on cash flow hedges (1) | 15,638 |  |  | (21,124 | ) |  | (5,486 | )
Net investment hedge CTA gain (1) | 107,619 |  |  | 47,888 |  |  | 155,507 |
Net actuarial gain (loss) on defined benefit plans (2) | (952 | ) |  | 55 |  |  | (897 | )
Accumulated other comprehensive loss attributable to Equinix | $ | (934,613 | ) |  | $ | (205,678 | ) |  | $ | (1,140,291 | )
(1) | Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.
(2) The Company has a defined benefit pension plan covering all employees in one country where such plan is 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.
Schedule of stock-based compensation expense by operating expense category | The following table presents, by operating expense category, the Company's stock-based compensation expense recognized in the Company's condensed consolidated statements of operations (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of revenues | $ | 7,655 |  |  | $ | 6,500 |  |  | $ | 16,998 |  |  | $ | 11,512 |
Sales and marketing | 18,215 |  |  | 15,157 |  |  | 36,760 |  |  | 28,458 |
General and administrative | 49,974 |  |  | 39,862 |  |  | 102,652 |  |  | 70,572 |
Total | $ | 75,844 |  |  | $ | 61,519 |  |  | $ | 156,410 |  |  | $ | 110,542 |

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