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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash, Cash Equivalents and Short-Term Investments Cash, cash equivalents and short-term investments consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Cash and cash equivalents: |  |  |
Cash | $ | 993,798 |  |  | $ | 983,030 |
Cash equivalents: |  |  |
Money market funds | 611,071 |  |  | 886,547 |
Total cash and cash equivalents | 1,604,869 |  |  | 1,869,577 |
Short-term investments: |  |  |
Certificates of deposit | 4,373 |  |  | 7,583 |
Publicly traded equity securities | 159 |  |  | 2,779 |
Total short-term investments | 4,532 |  |  | 10,362 |
Total cash, cash equivalents and short-term investments | $ | 1,609,401 |  |  | $ | 1,879,939 |
As of December 31, 2020 and 2019, cash and cash equivalents included investments which were readily convertible to cash and had original maturity dates of 90 days or less. The maturities of certificates of deposit classified as short-term investments were one year or less as of December 31, 2020 and 2019. The Company does not have any certificates of deposits with maturities greater than one year as of December 31, 2020 and 2019. Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Accounts receivable | $ | 687,415 |  |  | $ | 702,160 |
Allowance for credit losses | (10,677) |  |  | (13,026) |
Accounts receivable, net | $ | 676,738 |  |  | $ | 689,134 |
The following table summarizes the activity of the Company's allowance for credit losses (in thousands):
Balance as of December 31, 2017 | $ | 18,228 |
Provision for doubtful accounts | 7,236 |
Net write-offs | (8,396) |
Impact of foreign currency exchange | (1,118) |
Balance as of December 31, 2018 | 15,950 |
Provision for doubtful accounts | 8,459 |
Net write-offs | (11,341) |
Impact of foreign currency exchange | (42) |
Balance as of December 31, 2019 | 13,026 |
Adjustments due to adoption of ASU 2016-13 | 900 |
Provision for credit losses | 5,069 |
Net write-offs | (10,050) |
Impact of foreign currency exchange | 1,732 |
Balance as of December 31, 2020 | $ | 10,677 |
Other Current Assets Other current assets consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Prepaid expenses | $ | 61,424 |  |  | $ | 55,954 |
Taxes receivable | 125,614 |  |  | 122,823 |
Restricted cash, current | 11,135 |  |  | 7,090 |
Other receivables | 44,333 |  |  | 36,350 |
Derivative instruments | 8,906 |  |  | 25,426 |
Contract assets, current | 13,534 |  |  | 10,033 |
Other current assets (1) | 58,070 |  |  | 45,867 |
Total other current assets | $ | 323,016 |  |  | $ | 303,543 |
(1)Other current assets included $44.2 million and $34.3 million of the current portion of the fair value of the contingent consideration from the sale of xScale™ data center facilities to the EMEA Joint Venture as of December 31, 2020 and 2019, respectively. See Note 5 for further discussion. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Core systems | $ | 9,659,908 |  |  | $ | 8,131,835 |
Buildings | 6,557,121 |  |  | 5,398,525 |
Leasehold improvements | 1,946,644 |  |  | 1,764,058 |
Construction in progress | 1,363,917 |  |  | 1,002,104 |
Personal property (1) | 1,207,669 |  |  | 1,009,701 |
Land | 944,094 |  |  | 781,024 |
| 21,679,353 |  |  | 18,087,247 |
Less accumulated depreciation | (7,176,269) |  |  | (5,934,650) |
Property, plant and equipment, net | $ | 14,503,084 |  |  | $ | 12,152,597 |
(1)Personal property included $885.5 million and $687.4 million of capitalized internal-use software as of December 31, 2020 and 2019, respectively. Goodwill and Other Intangibles The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2020 and 2019 (in thousands):
| 2020 |  | 2019
Goodwill: |  |  |
Americas | $ | 2,212,782 |  |  | $ | 1,741,689 |
EMEA | 2,611,166 |  |  | 2,426,306 |
Asia-Pacific | 648,605 |  |  | 613,863 |
| $ | 5,472,553 |  |  | $ | 4,781,858 |
Intangible assets, net: |  |  |
Intangible assets - customer relationships | $ | 2,891,060 |  |  | $ | 2,712,701 |
Intangible assets - trade names | 11,512 |  |  | 46,601 |
Intangible assets - in-place leases | 33,770 |  |  | 33,295 |
Intangible assets - licenses | 9,697 |  |  | 9,697 |
Intangible assets - at-the-money lease contracts (1) | 64,905 |  |  | — |
Intangible assets - other | 12,802 |  |  | 6,402 |
| 3,023,746 |  |  | 2,808,696 |
Accumulated amortization - customer relationships | (818,370) |  |  | (646,632) |
Accumulated amortization - trade names | (2,337) |  |  | (37,885) |
Accumulated amortization - in-place leases | (20,037) |  |  | (14,329) |
Accumulated amortization - licenses | (6,600) |  |  | (4,529) |
Accumulated amortization - other | (5,457) |  |  | (2,932) |
| (852,801) |  |  | (706,307) |
Total intangible assets, net | $ | 2,170,945 |  |  | $ | 2,102,389 |
(1) In December 2020, the Company acquired an at-the-money lease contract intangible asset through an asset acquisition in Amsterdam. This intangible asset represents premiums paid to acquire a land lease at market terms. The lease has a remaining lease term of 12 years with available renewal options in 50-year increments. The intangible asset has an estimated amortization period of 12 years. The total purchase consideration for this asset acquisition was $49.4 million and the Company recorded $16.1 million of deferred tax liability in connection with this purchase. The transaction was accounted for as an asset acquisition since substantially all of the fair value of the acquired assets is for the identified at-the-money lease intangible asset. Changes in the carrying amount of goodwill by geographic regions are as follows (in thousands):
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Balance as of December 31, 2018 | $ | 1,745,804 |  |  | $ | 2,474,164 |  |  | $ | 616,420 |  |  | $ | 4,836,388 |
Purchase accounting - acquisition | — |  |  | 25,863 |  |  | (3,683) |  |  | 22,180 |
Sale of xScale data center facilities | — |  |  | (59,246) |  |  | — |  |  | (59,246) |
Sale of NY12 data center | (950) |  |  | — |  |  | — |  |  | (950) |
Impact of foreign currency exchange | (3,165) |  |  | (14,475) |  |  | 1,126 |  |  | (16,514) |
Balance as of December 31, 2019 | 1,741,689 |  |  | 2,426,306 |  |  | 613,863 |  |  | 4,781,858 |
Purchase of Packet | 230,620 |  |  | — |  |  | — |  |  | 230,620 |
Purchase of Bell | 170,548 |  |  | — |  |  | — |  |  | 170,548 |
Purchase of Axtel | 78,902 |  |  | — |  |  | — |  |  | 78,902 |
Sale of xScale data center facilities | — |  |  | — |  |  | (7,306) |  |  | (7,306) |
Impact of foreign currency exchange | (8,977) |  |  | 184,860 |  |  | 42,048 |  |  | 217,931 |
Balance as of December 31, 2020 | $ | 2,212,782 |  |  | $ | 2,611,166 |  |  | $ | 648,605 |  |  | $ | 5,472,553 |
Changes in the net book value of intangible assets by geographic regions are as follows (in thousands):
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Balance as of December 31, 2017 | $ | 1,646,373 |  |  | $ | 631,219 |  |  | $ | 107,380 |  |  | $ | 2,384,972 |
Infomart Dallas acquisition | 65,847 |  |  | — |  |  | — |  |  | 65,847 |
Metronode acquisition | — |  |  | — |  |  | 128,229 |  |  | 128,229 |
Other acquisitions | — |  |  | 8,342 |  |  | — |  |  | 8,342 |
Write-off of intangible asset | (334) |  |  | (1,661) |  |  | (3) |  |  | (1,998) |
Amortization of intangibles | (125,683) |  |  | (62,283) |  |  | (15,450) |  |  | (203,416) |
Impact of foreign currency exchange | (7,232) |  |  | (31,757) |  |  | (9,691) |  |  | (48,680) |
Balance as of December 31, 2018 | 1,578,971 |  |  | 543,860 |  |  | 210,465 |  |  | 2,333,296 |
ASC 842 adoption adjustment | (108) |  |  | (20,692) |  |  | (2,405) |  |  | (23,205) |
Switch AMS1 data center acquisition | — |  |  | 4,889 |  |  | — |  |  | 4,889 |
Asset sales - NY12 data center | (8,412) |  |  | — |  |  | — |  |  | (8,412) |
Other | — |  |  | 1,096 |  |  | 472 |  |  | 1,568 |
Amortization of intangibles | (125,390) |  |  | (54,432) |  |  | (16,456) |  |  | (196,278) |
Impact of foreign currency exchange | (1,769) |  |  | (8,157) |  |  | 457 |  |  | (9,469) |
Balance as of December 31, 2019 | 1,443,292 |  |  | 466,564 |  |  | 192,533 |  |  | 2,102,389 |
Axtel acquisition | 22,750 |  |  | — |  |  | — |  |  | 22,750 |
Packet acquisition | 58,500 |  |  | — |  |  | — |  |  | 58,500 |
Bell acquisition | 75,631 |  |  | — |  |  | — |  |  | 75,631 |
Other asset acquisition(1) | — |  |  | 64,905 |  |  | — |  |  | 64,905 |
Amortization of intangibles | (133,608) |  |  | (49,417) |  |  | (16,022) |  |  | (199,047) |
Impact of foreign currency exchange | (3,476) |  |  | 35,975 |  |  | 13,318 |  |  | 45,817 |
Balance as of December 31, 2020 | $ | 1,463,089 |  |  | $ | 518,027 |  |  | $ | 189,829 |  |  | $ | 2,170,945 |
(1) For further discussion, refer to footnote 1 of the table on the previous page. The Company's goodwill and intangible assets which are denominated in currencies other than the U.S. Dollar are subject to foreign currency fluctuations. The Company's foreign currency translation gains and losses, including goodwill and intangibles, are a component of other comprehensive income and loss. Estimated future amortization expense related to these intangibles is as follows (in thousands):
Years ending: |
2021 | $ | 206,244 |
2022 | 201,455 |
2023 | 199,698 |
2024 | 198,323 |
2025 | 195,742 |
Thereafter | 1,169,483 |
Total | $ | 2,170,945 |
Other Assets Other assets consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Deferred tax assets, net | $ | 66,424 |  |  | $ | 35,806 |
Prepaid expenses (1) | 82,443 |  |  | 61,690 |
Debt issuance costs, net | 4,261 |  |  | 6,395 |
Deposits | 69,043 |  |  | 56,567 |
Restricted cash | 9,691 |  |  | 9,946 |
Derivative instruments | 2,793 |  |  | 32,280 |
Contract assets, non-current | 54,050 |  |  | 31,521 |
Contract costs | 267,978 |  |  | 229,205 |
Equity method investments | 163,071 |  |  | 59,737 |
Other assets (2) | 56,293 |  |  | 57,641 |
Total other assets | $ | 776,047 |  |  | $ | 580,788 |
(1)As of December 31, 2020, the Company had $21.1 million of capitalized CCA implementation costs, net. (2)In connection with the Metronode Acquisition in 2018, the Company had indemnification assets of $42.8 million and $37.7 million, as of December 31, 2020 and 2019, respectively, which represented the seller's obligation under the purchase agreement to reimburse pre-acquisition tax liabilities settled after the acquisition. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Accounts payable | $ | 77,705 |  |  | $ | 52,232 |
Accrued compensation and benefits | 317,117 |  |  | 241,361 |
Accrued interest | 79,437 |  |  | 103,345 |
Accrued taxes (1) | 153,804 |  |  | 135,099 |
Accrued utilities and security | 76,910 |  |  | 107,404 |
Accrued other | 139,889 |  |  | 121,277 |
Total accounts payable and accrued expenses | $ | 844,862 |  |  | $ | 760,718 |
(1)Accrued taxes included income taxes payable of $59.8 million and $57.7 million as of December 31, 2020 and 2019, respectively. Other Current Liabilities Other current liabilities consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Deferred revenue, current | $ | 101,258 |  |  | $ | 76,193 |
Customer deposits | 17,115 |  |  | 16,707 |
Derivative instruments | 188,726 |  |  | 31,596 |
Dividends payable, current | 10,873 |  |  | 9,029 |
Asset retirement obligations | 3,993 |  |  | 2,081 |
Other current liabilities | 32,403 |  |  | 18,332 |
Total other current liabilities | $ | 354,368 |  |  | $ | 153,938 |
Other Liabilities Other liabilities consisted of the following as of December 31 (in thousands):
| 2020 |  | 2019
Asset retirement obligations | $ | 109,776 |  |  | $ | 100,334 |
Deferred tax liabilities, net | 290,366 |  |  | 247,179 |
Deferred revenue, non-current | 71,242 |  |  | 46,555 |
Accrued taxes | 178,371 |  |  | 146,046 |
Dividends payable, non-current | 7,947 |  |  | 7,108 |
Customer deposits | 1,088 |  |  | 9,306 |
Derivative instruments | 211,733 |  |  | 4,017 |
Other liabilities (1) | 78,476 |  |  | 61,180 |
Total other liabilities | $ | 948,999 |  |  | $ | 621,725 |
(1)Other liabilities included $46.0 million and $41.4 million of the Company’s obligation to pay for future construction for certain sites sold as a part of the EMEA Joint Venture transaction as of December 31, 2020 and 2019, respectively. See Note 5 for further discussion. The following table summarizes the activities of the Company's asset retirement obligation ("ARO") (in thousands):
Asset retirement obligations as of December 31, 2017 | $ | 98,539 |
Additions | 5,126 |
Adjustments (1) | (11,288) |
Accretion expense | 6,285 |
Impact of foreign currency exchange | (1,999) |
Asset retirement obligations as of December 31, 2018 | 96,663 |
Additions | 6,980 |
Adjustments (1) | (7,969) |
Accretion expense | 6,290 |
Impact of foreign currency exchange | 451 |
Asset retirement obligations as of December 31, 2019 | 102,415 |
Additions | 5,909 |
Adjustments (1) | (4,241) |
Accretion expense | 6,331 |
Impact of foreign currency exchange | 3,355 |
Asset retirement obligations as of December 31, 2020 | $ | 113,769 |
(1)The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets, as well as other adjustments.

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