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Assets Held for Sale | 12 Months Ended
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Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale Sale of xScale™ data center facilities in Europe In June 2019, the Company entered into an agreement to form a joint venture in the form of a limited liability partnership with GIC Private Limited, Singapore's sovereign wealth fund ("GIC") (the "EMEA Joint Venture"), to develop and operate xScale™ data centers in Europe, with ownership upon close for GIC and the Company being established at 80% and 20%, respectively. In connection with the transaction, the Company agreed to sell its London 10 and Paris 8 data centers, as well as certain construction development and leases in London and Frankfurt to the EMEA Joint Venture. The assets and liabilities of these data center sites, which were included within the Company's EMEA region, were classified as held for sale as of June 30, 2019. On October 8, 2019, the Company closed the transaction, including the sale of these sites to the EMEA Joint Venture in exchange for a total consideration, which is comprised of 1) net cash proceeds of $351.8 million and 2) contingent consideration with fair value of approximately $39.3 million, receivable upon completion of certain performance milestones, primarily contingent on the local regulatory approvals for certain sites. As part of the transaction, the Company recorded liabilities of $41.4 million within other liabilities on the consolidated balance sheet, which represents its obligation to complete future construction for certain sites sold. During the year ended December 31, 2019, the Company recognized a total gain of $45.1 million on the sale of these xScale™ data center facilities. In September 2020, the Company entered into an agreement to sell its Paris 9 ("PA9") data center to the EMEA Joint Venture. The assets and liabilities of the PA9 data center, which were included within the Company's EMEA region, were classified as held for sale as of September 30, 2020. On December 15, 2020, the Company closed the transaction for a total consideration of $131.5 million, which is comprised of 1) cash proceeds of $124.6 million, 2) a contract asset with a fair value of $5.6 million and 3) an insignificant amount of contingent consideration that is receivable upon completion of certain performance milestones. During the year ended December 31, 2020, the Company recognized an insignificant loss on the sale of the PA9 data center. In connection with this transaction, the Company has a commitment with the EMEA Joint Venture to complete a residual portion of the PA9 data center for an estimated cost of $17.7 million on December 31, 2020, reimbursable upon completion. The contingent consideration recognized on both EMEA Joint Venture transactions are considered derivatives and are remeasured at fair value each reporting period using inputs such as probabilities of payment, discount rates, foreign currency forward rates and projected payment dates. The fair value measurements were based on significant inputs that are not observable in the market and thus represent Level 3 measurements. As of December 31, 2020 and 2019, the total fair value of the contingent consideration was $44.2 million and $40.1 million, respectively, which was included in other current assets and other assets on the consolidated balance sheet. Changes in the fair value of the contingent consideration were recorded in gain (loss) on asset sales on the consolidated statement of operations. Sale of xScale™ data center facilities in Asia-Pacific In April 2020, the Company entered into an agreement to form its second joint venture in the form of a limited liability partnership with GIC to develop and operate xScale™ data centers in Asia-Pacific (the “Asia-Pacific Joint Venture”), with ownership upon close for GIC and the Company being established at 80% and 20%, respectively. The assets and liabilities of three Japan xScale™ data center sites, the Osaka 2, Tokyo 12, and Tokyo 14 development sites, which were included within the Company's Asia-Pacific region, were classified as held for sale as of June 30, 2020. In the third quarter of 2020, the Company recorded an impairment charge of $7.3 million, reducing the carrying value of the development site assets to the estimated fair value less cost to sell. On December 17, 2020, the Company closed the transaction including the sale of the three development sites to the Asia-Pacific Joint Venture in exchange for $209.8 million of cash proceeds and $15.6 million of receivables. During the year ended December 31, 2020, the Company recognized an insignificant gain on the sale of these xScale™ data center development sites. The Company's investments in the EMEA Joint Venture and the Asia-Pacific Joint Venture are accounted for using the equity method of accounting. For further information, see Note 6 below. Sale of New York 12 ("NY12") data center In January 2019, the Company entered into an agreement to sell its NY12 data center, which was reported in its Americas' region. The assets of the NY12 data center to be divested were classified as held for sale as of March 31, 2019. During the year ended December 31, 2019, the Company recorded an impairment charge of $15.8 million, reducing the carrying value of NY12 assets to the estimated fair value less cost to sell. The transaction closed in October 2019 and the gain on sale recognized was insignificant.

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- Definition The entire disclosure 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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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