XML 56 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Balance Sheet Components | 12 Months Ended
--- | ---
Dec. 31, 2023
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):
| 2023 |  | 2022
Cash and cash equivalents: |  |  |
Cash | $ | 491,770 |  |  | $ | 1,141,793 |
Cash equivalents: |  |  |
Money market funds | 1,603,942 |  |  | 764,628 |
Total cash and cash equivalents | $ | 2,095,712 |  |  | $ | 1,906,421 |
As of December 31, 2023 and 2022, 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):
| 2023 |  | 2022
Accounts receivable | $ | 1,020,968 |  |  | $ | 867,605 |
Allowance for credit losses | (17,176) |  |  | (12,225) |
Accounts receivable, net | $ | 1,003,792 |  |  | $ | 855,380 |
The following table summarizes the activity of our allowance for credit losses (in thousands):
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 |
Provision for credit losses | 14,835 |
Net write-offs | (9,097) |
Impact of foreign currency exchange | (787) |
Balance as of December 31, 2023 | $ | 17,176 |
Other Current Assets Other current assets consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Taxes receivable | $ | 167,140 |  |  | $ | 122,166 |
Prepaid expenses, current | 99,790 |  |  | 79,191 |
Other receivables | 80,349 |  |  | 109,948 |
Contract assets, current | 51,991 |  |  | 27,608 |
Derivative instruments, current | 43,995 |  |  | 105,693 |
Other current assets (1) | 24,928 |  |  | 14,532 |
Total other current assets | $ | 468,193 |  |  | $ | 459,138 |
(1)Other current assets included restricted cash, current of $0.5 million and $1.7 million as of December 31, 2023 and 2022, respectively. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Core systems | $ | 12,603,760 |  |  | $ | 11,616,863 |
Buildings | 8,971,547 |  |  | 8,013,672 |
Leasehold improvements | 2,045,523 |  |  | 1,991,060 |
Internal-use software | 1,935,989 |  |  | 1,580,485 |
Construction in progress | 1,917,932 |  |  | 1,195,042 |
Land | 1,406,784 |  |  | 1,252,993 |
Personal property | 320,224 |  |  | 332,376 |
| 29,201,759 |  |  | 25,982,491 |
Less accumulated depreciation | (10,600,926) |  |  | (9,332,957) |
Property, plant and equipment, net | $ | 18,600,833 |  |  | $ | 16,649,534 |
Goodwill and Other Intangibles The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2023 and 2022 (in thousands):
| 2023 |  | 2022
Goodwill: |  |  |
Americas | $ | 2,630,583 |  |  | $ | 2,630,752 |
EMEA | 2,467,209 |  |  | 2,377,921 |
Asia-Pacific | 639,330 |  |  | 645,544 |
| $ | 5,737,122 |  |  | $ | 5,654,217 |
Intangible assets, net: |  |  |
Intangible assets - customer relationships | $ | 2,892,366 |  |  | $ | 2,885,152 |
Intangible assets - trade names | 13,441 |  |  | 14,719 |
Intangible assets - in-place leases | 29,674 |  |  | 22,183 |
Intangible assets - licenses | 9,697 |  |  | 9,697 |
Intangible assets - at-the-money lease contracts | 58,639 |  |  | 56,822 |
Intangible assets - other | 8,093 |  |  | 8,029 |
| 3,011,910 |  |  | 2,996,602 |
Accumulated amortization - customer relationships | (1,254,976) |  |  | (1,056,844) |
Accumulated amortization - trade names | (3,830) |  |  | (4,561) |
Accumulated amortization - in-place leases | (20,163) |  |  | (15,797) |
Accumulated amortization - licenses | (7,113) |  |  | (6,467) |
Accumulated amortization - at-the-money lease contracts | (15,368) |  |  | (10,056) |
Accumulated amortization - other | (5,590) |  |  | (5,228) |
| (1,307,040) |  |  | (1,098,953) |
Total intangible assets, net | $ | 1,704,870 |  |  | $ | 1,897,649 |
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 |
Impact of foreign currency exchange (1) | (169) |  |  | 89,288 |  |  | (6,214) |  |  | 82,905 |
Balance as of December 31, 2023 | $ | 2,630,583 |  |  | $ | 2,467,209 |  |  | $ | 639,330 |  |  | $ | 5,737,122 |
(1)EMEA region included an insignificant purchase price allocation adjustment related to the MainOne acquisition since the provisional amounts reported as of December 31, 2022. Refer to Note 3. 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, 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 |
Other asset acquisitions | 7,270 |  |  | — |  |  | 1,235 |  |  | 8,505 |
Amortization of intangibles | (140,858) |  |  | (54,160) |  |  | (14,045) |  |  | (209,063) |
Impact of foreign currency exchange | (53) |  |  | 11,067 |  |  | (3,235) |  |  | 7,779 |
Balance as of December 31, 2023 | $ | 1,216,673 |  |  | $ | 358,314 |  |  | $ | 129,883 |  |  | $ | 1,704,870 |
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: |
2024 | $ | 208,982 |
2025 | 206,550 |
2026 | 204,913 |
2027 | 202,604 |
2028 | 201,189 |
Thereafter | 680,632 |
Total | $ | 1,704,870 |
Other Assets Other assets consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Equity method investments | $ | 468,231 |  |  | $ | 348,145 |
Contract costs | 422,634 |  |  | 371,306 |
Derivative instruments, non-current | 213,024 |  |  | 298,899 |
Prepaid expenses, non-current | 134,204 |  |  | 66,393 |
Deferred CCA implementation costs | 105,364 |  |  | 84,224 |
Contract assets, non-current | 85,912 |  |  | 55,405 |
Deferred tax assets, net | 62,238 |  |  | 44,628 |
Deposits | 59,698 |  |  | 64,337 |
Debt issuance costs, net | 5,124 |  |  | 6,831 |
Other non-current assets (1) | 34,883 |  |  | 35,969 |
Total other assets | $ | 1,591,312 |  |  | $ | 1,376,137 |
(1)Other non-current assets included restricted cash, non-current of $0.1 million and $0.1 million as of December 31, 2023 and 2022, respectively. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Accrued compensation and benefits | $ | 437,403 |  |  | $ | 413,135 |
Accrued utilities and security | 177,951 |  |  | 115,119 |
Accounts payable | 162,356 |  |  | 115,953 |
Accrued taxes (1) | 160,834 |  |  | 131,376 |
Accrued other | 158,356 |  |  | 144,165 |
Accrued interest | 89,718 |  |  | 85,052 |
Total accounts payable and accrued expenses | $ | 1,186,618 |  |  | $ | 1,004,800 |
(1)Accrued taxes included income taxes payable of $81.4 million and $55.2 million as of December 31, 2023 and 2022, respectively. Other Current Liabilities Other current liabilities consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Deferred revenue, current | $ | 124,945 |  |  | $ | 132,090 |
Derivative instruments, current | 93,726 |  |  | 24,868 |
Other current liabilities | 48,794 |  |  | 57,533 |
Customer deposits, current | 16,123 |  |  | 15,896 |
Dividends payable, current | 13,576 |  |  | 12,302 |
Asset retirement obligations, current | 4,565 |  |  | 8,657 |
Total other current liabilities | $ | 301,729 |  |  | $ | 251,346 |
Other Liabilities Other liabilities consisted of the following as of December 31 (in thousands):
| 2023 |  | 2022
Deferred tax liabilities, net | $ | 394,085 |  |  | $ | 383,359 |
Deferred revenue, non-current | 154,047 |  |  | 155,334 |
Asset retirement obligations, non-current | 107,994 |  |  | 109,508 |
Other non-current liabilities | 61,315 |  |  | 65,592 |
Accrued taxes | 55,439 |  |  | 59,806 |
Dividends payable, non-current | 12,081 |  |  | 10,446 |
Derivative instruments, non-current | 7,608 |  |  | 8,820 |
Customer deposits, non-current | 2,980 |  |  | 4,998 |
Total other liabilities | $ | 795,549 |  |  | $ | 797,863 |
The following table summarizes the activities of our asset retirement obligations ("ARO") (in thousands):
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 |
Additions | 1,266 |
Adjustments (1) | (13,580) |
Accretion expense | 6,317 |
Impact of foreign currency exchange | 391 |
Asset retirement obligations as of December 31, 2023 | $ | 112,559 |
(1)The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets, as well as other adjustments.

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration