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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash, and Cash Equivalents Cash and cash equivalents consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Cash and cash equivalents: |  |  |
Cash | $ | 1,141,793 |  |  | $ | 950,677 |
Cash equivalents: |  |  |
Money market funds | 764,628 |  |  | 585,681 |
Total cash and cash equivalents | $ | 1,906,421 |  |  | $ | 1,536,358 |
As of December 31, 2022 and 2021, cash and cash equivalents included investments which were readily convertible to cash and had original maturity dates of 90 days or less. 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):
| 2022 |  | 2021
Accounts receivable | $ | 867,605 |  |  | $ | 693,444 |
Allowance for credit losses | (12,225) |  |  | (11,635) |
Accounts receivable, net | $ | 855,380 |  |  | $ | 681,809 |
The following table summarizes the activity of our allowance for credit losses (in thousands):
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 |
Provision for credit losses | 10,016 |
Net write-offs | (8,295) |
Impact of foreign currency exchange | (763) |
Balance as of December 31, 2021 | 11,635 |
Provision for credit losses | 7,426 |
Net write-offs | (6,356) |
Impact of foreign currency exchange | (480) |
Balance as of December 31, 2022 | $ | 12,225 |
Other Current Assets Other current assets consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Prepaid expenses | $ | 79,191 |  |  | $ | 65,224 |
Taxes receivable | 122,166 |  |  | 128,123 |
Restricted cash, current | 1,734 |  |  | 12,188 |
Other receivables | 109,948 |  |  | 59,224 |
Derivative instruments | 105,693 |  |  | 117,432 |
Contract assets, current | 27,608 |  |  | 65,392 |
Other current assets | 12,798 |  |  | 15,156 |
Total other current assets | $ | 459,138 |  |  | $ | 462,739 |
Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Core systems | $ | 11,616,863 |  |  | $ | 10,808,417 |
Buildings | 8,013,672 |  |  | 7,381,644 |
Leasehold improvements | 1,991,060 |  |  | 2,022,617 |
Construction in progress | 1,195,042 |  |  | 967,562 |
Personal property (1) | 1,912,861 |  |  | 1,551,642 |
Land | 1,252,993 |  |  | 970,982 |
| 25,982,491 |  |  | 23,702,864 |
Less accumulated depreciation | (9,332,957) |  |  | (8,257,089) |
Property, plant and equipment, net | $ | 16,649,534 |  |  | $ | 15,445,775 |
(1)Personal property included $1.6 billion and $1.2 billion of capitalized internal-use software as of December 31, 2022 and 2021, respectively. Goodwill and Other Intangibles The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2022 and 2021 (in thousands):
| 2022 |  | 2021
Goodwill: |  |  |
Americas | $ | 2,630,752 |  |  | $ | 2,210,009 |
EMEA | 2,377,921 |  |  | 2,472,586 |
Asia-Pacific | 645,544 |  |  | 689,476 |
| $ | 5,654,217 |  |  | $ | 5,372,071 |
Intangible assets, net: |  |  |
Intangible assets - customer relationships | $ | 2,885,152 |  |  | $ | 2,841,372 |
Intangible assets - trade names | 14,719 |  |  | 11,471 |
Intangible assets - in-place leases | 22,183 |  |  | 32,760 |
Intangible assets - licenses | 9,697 |  |  | 9,697 |
Intangible assets - at-the-money lease contracts | 56,822 |  |  | 60,455 |
Intangible assets - other | 8,029 |  |  | 12,546 |
| 2,996,602 |  |  | 2,968,301 |
Accumulated amortization - customer relationships | (1,056,844) |  |  | (987,462) |
Accumulated amortization - trade names | (4,561) |  |  | (3,207) |
Accumulated amortization - in-place leases | (15,797) |  |  | (22,847) |
Accumulated amortization - licenses | (6,467) |  |  | (5,821) |
Accumulated amortization - at the money lease contracts | (10,056) |  |  | (5,553) |
Accumulated amortization - other | (5,228) |  |  | (8,144) |
| (1,098,953) |  |  | (1,033,034) |
Total intangible assets, net | $ | 1,897,649 |  |  | $ | 1,935,267 |
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, 2020 | $ | 2,212,782 |  |  | $ | 2,611,166 |  |  | $ | 648,605 |  |  | $ | 5,472,553 |
Purchase of GPX | — |  |  | — |  |  | 77,162 |  |  | 77,162 |
Impact of foreign currency exchange | (2,773) |  |  | (138,580) |  |  | (36,291) |  |  | (177,644) |
Balance as of December 31, 2021 | $ | 2,210,009 |  |  | $ | 2,472,586 |  |  | $ | 689,476 |  |  | $ | 5,372,071 |
Purchase of MainOne | — |  |  | 110,648 |  |  | — |  |  | 110,648 |
Purchase of Entel Chile | 380,867 |  |  | — |  |  | — |  |  | 380,867 |
Purchase of Entel Peru | 46,285 |  |  | — |  |  | — |  |  | 46,285 |
Impact of foreign currency exchange | (6,409) |  |  | (205,313) |  |  | (43,932) |  |  | (255,654) |
Balance as of December 31, 2022 | $ | 2,630,752 |  |  | $ | 2,377,921 |  |  | $ | 645,544 |  |  | $ | 5,654,217 |
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, 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 | — |  |  | 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 |
GPX acquisition | — |  |  | — |  |  | 15,472 |  |  | 15,472 |
Amortization of intangibles | (133,289) |  |  | (55,807) |  |  | (16,388) |  |  | (205,484) |
Impact of foreign currency exchange | (2,047) |  |  | (30,278) |  |  | (13,341) |  |  | (45,666) |
Balance as of December 31, 2021 | 1,327,753 |  |  | 431,942 |  |  | 175,572 |  |  | 1,935,267 |
Entel Chile acquisition | 153,489 |  |  | — |  |  | — |  |  | 153,489 |
Entel Peru acquisition | 10,000 |  |  | — |  |  | — |  |  | 10,000 |
MainOne acquisition | — |  |  | 54,800 |  |  | — |  |  | 54,800 |
Amortization of intangibles | (137,358) |  |  | (52,283) |  |  | (15,114) |  |  | (204,755) |
Impact of foreign currency exchange | (3,570) |  |  | (33,052) |  |  | (14,530) |  |  | (51,152) |
Balance as of December 31, 2022 | $ | 1,350,314 |  |  | $ | 401,407 |  |  | $ | 145,928 |  |  | $ | 1,897,649 |
Goodwill and intangible assets which are denominated in currencies other than the U.S. Dollar are subject to foreign currency fluctuations. Our 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: |
2023 | $ | 206,596 |
2024 | 205,550 |
2025 | 203,259 |
2026 | 202,658 |
2027 | 201,711 |
Thereafter | 877,875 |
Total | $ | 1,897,649 |
Other Assets Other assets consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Deferred tax assets, net | $ | 44,628 |  |  | $ | 59,816 |
Prepaid expenses (1) | 150,617 |  |  | 87,758 |
Debt issuance costs, net | 6,831 |  |  | 2,130 |
Deposits | 64,337 |  |  | 70,548 |
Restricted cash | 93 |  |  | 908 |
Derivative instruments | 298,899 |  |  | 59,917 |
Contract assets, non-current | 55,405 |  |  | 55,486 |
Contract costs | 371,306 |  |  | 325,510 |
Equity method investments | 348,145 |  |  | 245,049 |
Other assets | 35,876 |  |  | 18,944 |
Total other assets | $ | 1,376,137 |  |  | $ | 926,066 |
(1)Prepaid expenses included $84.2 million and $46.0 million of capitalized CCA implementation costs, net as of December 31, 2022 and 2021, respectively. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Accounts payable | $ | 115,953 |  |  | $ | 84,084 |
Accrued compensation and benefits | 413,135 |  |  | 364,783 |
Accrued interest | 85,052 |  |  | 81,893 |
Accrued taxes (1) | 131,376 |  |  | 117,061 |
Accrued utilities and security | 115,119 |  |  | 94,251 |
Accrued other | 144,165 |  |  | 137,072 |
Total accounts payable and accrued expenses | $ | 1,004,800 |  |  | $ | 879,144 |
(1)Accrued taxes included income taxes payable of $55.2 million and $51.3 million as of December 31, 2022 and 2021, respectively. Other Current Liabilities Other current liabilities consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Deferred revenue, current | $ | 132,090 |  |  | $ | 109,736 |
Customer deposits | 15,896 |  |  | 16,380 |
Derivative instruments | 24,868 |  |  | 13,373 |
Dividends payable, current | 12,302 |  |  | 12,027 |
Asset retirement obligations | 8,657 |  |  | 8,756 |
Other current liabilities | 57,533 |  |  | 54,247 |
Total other current liabilities | $ | 251,346 |  |  | $ | 214,519 |
Other Liabilities Other liabilities consisted of the following as of December 31 (in thousands):
| 2022 |  | 2021
Asset retirement obligations | $ | 109,508 |  |  | $ | 108,800 |
Deferred tax liabilities, net | 383,359 |  |  | 340,287 |
Deferred revenue, non-current | 155,334 |  |  | 87,495 |
Accrued taxes | 59,806 |  |  | 124,032 |
Dividends payable, non-current | 10,446 |  |  | 9,750 |
Customer deposits | 4,998 |  |  | 1,534 |
Derivative instruments | 8,820 |  |  | 20,899 |
Other liabilities | 65,592 |  |  | 70,614 |
Total other liabilities | $ | 797,863 |  |  | $ | 763,411 |
The following table summarizes the activities of our asset retirement obligation ("ARO") (in thousands):
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 |
Additions | 7,483 |
Adjustments (1) | (6,591) |
Accretion expense | 6,518 |
Impact of foreign currency exchange | (3,623) |
Asset retirement obligations as of December 31, 2021 | 117,556 |
Additions | 2,951 |
Adjustments (1) | (4,281) |
Accretion expense | 6,431 |
Impact of foreign currency exchange | (4,492) |
Asset retirement obligations as of December 31, 2022 | $ | 118,165 |
(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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