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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Schedule of rollforward of stockholders' equity | The following tables provide a rollforward of our stockholders' equity for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share data):
|  |  |  |  |  |  |  |  |  |  |  |  | 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, 2020 | 89,462,304 |  |  | $ | 89 |  |  | (328,052) |  |  | $ | (122,118) |  |  | $ | 15,028,357 |  |  | $ | (5,119,274) |  |  | $ | (913,368) |  |  | $ | 1,760,302 |  |  | $ | 10,633,988 |  |  | $ | 130 |  |  | $ | 10,634,118 |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 156,362 |  |  | 156,362 |  |  | (288) |  |  | 156,074 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (95,480) |  |  | — |  |  | (95,480) |  |  | (1) |  |  | (95,481) |
Issuance of common stock and release of treasury stock for employee equity awards | 428,618 |  |  | 1 |  |  | 11,640 |  |  | 4,332 |  |  | 35,701 |  |  | — |  |  | — |  |  | — |  |  | 40,034 |  |  | — |  |  | 40,034 |
Dividend distribution on common stock, $2.87 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (256,321) |  |  | — |  |  | — |  |  | (256,321) |  |  | — |  |  | (256,321) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (437) |  |  | — |  |  | — |  |  | (437) |  |  | — |  |  | (437) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,661) |  |  | — |  |  | — |  |  | (3,661) |  |  | — |  |  | (3,661) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  |  |  | 102,349 |  |  | — |  |  | — |  |  | — |  |  | 102,349 |  |  | — |  |  | 102,349 |
Balance as of March 31, 2021 | 89,890,922 |  |  | 90 |  |  | (316,412) |  |  | (117,786) |  |  | 15,166,407 |  |  | (5,379,693) |  |  | (1,008,848) |  |  | 1,916,664 |  |  | 10,576,834 |  |  | (159) |  |  | 10,576,675 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68,339 |  |  | 68,339 |  |  | 148 |  |  | 68,487 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67,734 |  |  | — |  |  | 67,734 |  |  | 11 |  |  | 67,745 |
Issuance of common stock and release of treasury stock for employee equity awards | 36,674 |  |  | — |  |  | 1,389 |  |  | 516 |  |  | (516) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of common stock under ATM Program | 137,604 |  |  | — |  |  | — |  |  | — |  |  | 99,599 |  |  | — |  |  | — |  |  | — |  |  | 99,599 |  |  | — |  |  | 99,599 |
Dividend distribution on common stock, $2.87 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (257,199) |  |  | — |  |  | — |  |  | (257,199) |  |  | — |  |  | (257,199) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (55) |  |  | — |  |  | — |  |  | (55) |  |  | — |  |  | (55) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,016) |  |  | — |  |  | — |  |  | (4,016) |  |  | — |  |  | (4,016) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 95,236 |  |  | — |  |  | — |  |  | — |  |  | 95,236 |  |  | — |  |  | 95,236 |
Balance as of June 30, 2021 | 90,065,200 |  |  | $ | 90 |  |  | (315,023) |  |  | $ | (117,270) |  |  | $ | 15,360,726 |  |  | $ | (5,640,963) |  |  | $ | (941,114) |  |  | $ | 1,985,003 |  |  | $ | 10,646,472 |  |  | $ | — |  |  | $ | 10,646,472 |
|  |  |  |  |  |  |  |  | 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, 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 |
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, 2020 |  | Net Change |  |  |  | Balance as of June 30, 2021
Foreign currency translation adjustment ("CTA") gain (loss) | $ | (508,415) |  |  | $ | (184,690) |  |  |  |  | $ | (693,105) |
Unrealized gain (loss) on cash flow hedges (1) | (67,152) |  |  | 23,778 |  |  |  |  | (43,374) |
Net investment hedge CTA gain (loss) (1) | (336,934) |  |  | 133,139 |  |  |  |  | (203,795) |
Net actuarial gain (loss) on defined benefit plans (2) | (867) |  |  | 27 |  |  |  |  | (840) |
Accumulated other comprehensive loss attributable to Equinix | $ | (913,368) |  |  | $ | (27,746) |  |  |  |  | $ | (941,114) |
(1)Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2)We have two defined benefit pension plans covering all employees in two countries where such plan is mandated by law.
Schedule of stock-based compensation expense by operating expense category | The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of revenues | $ | 10,008 |  |  | $ | 7,655 |  |  | $ | 18,475 |  |  | $ | 16,998 |
Sales and marketing | 20,779 |  |  | 18,215 |  |  | 38,482 |  |  | 36,760 |
General and administrative | 63,548 |  |  | 49,974 |  |  | 115,728 |  |  | 102,652 |
Total | $ | 94,335 |  |  | $ | 75,844 |  |  | $ | 172,685 |  |  | $ | 156,410 |

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