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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA, both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. The following tables present revenue information disaggregated by product lines and geographic areas (in thousands):
| Year Ended December 31, 2023
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,365,049 |  |  | $ | 2,112,168 |  |  | $ | 1,288,844 |  |  | $ | 5,766,061 |
Interconnection | 820,007 |  |  | 307,337 |  |  | 266,966 |  |  | 1,394,310 |
Managed infrastructure | 249,779 |  |  | 130,061 |  |  | 71,833 |  |  | 451,673 |
Other (1) | 22,118 |  |  | 98,591 |  |  | 11,978 |  |  | 132,687 |
Recurring revenues | 3,456,953 |  |  | 2,648,157 |  |  | 1,639,621 |  |  | 7,744,731 |
Non-recurring revenues | 160,539 |  |  | 189,697 |  |  | 93,169 |  |  | 443,405 |
Total | $ | 3,617,492 |  |  | $ | 2,837,854 |  |  | $ | 1,732,790 |  |  | $ | 8,188,136 |
(1) Includes some leasing and hedging activities.
| Year Ended December 31, 2022
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,187,751 |  |  | $ | 1,744,121 |  |  | $ | 1,150,738 |  |  | $ | 5,082,610 |
Interconnection | 756,214 |  |  | 268,398 |  |  | 243,664 |  |  | 1,268,276 |
Managed infrastructure | 218,499 |  |  | 119,361 |  |  | 77,646 |  |  | 415,506 |
Other (1) | 20,727 |  |  | 75,449 |  |  | 8,719 |  |  | 104,895 |
Recurring revenues | 3,183,191 |  |  | 2,207,329 |  |  | 1,480,767 |  |  | 6,871,287 |
Non-recurring revenues | 166,026 |  |  | 135,875 |  |  | 89,917 |  |  | 391,818 |
Total | $ | 3,349,217 |  |  | $ | 2,343,204 |  |  | $ | 1,570,684 |  |  | $ | 7,263,105 |
(1) Includes some leasing and hedging activities.
| Year Ended December 31, 2021
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Colocation (1) | $ | 2,002,253 |  |  | $ | 1,597,830 |  |  | $ | 1,042,131 |  |  | $ | 4,642,214 |
Interconnection | 678,677 |  |  | 259,538 |  |  | 223,287 |  |  | 1,161,502 |
Managed infrastructure | 168,577 |  |  | 124,937 |  |  | 87,343 |  |  | 380,857 |
Other (1) | 12,430 |  |  | 19,626 |  |  | 3,856 |  |  | 35,912 |
Recurring revenues | 2,861,937 |  |  | 2,001,931 |  |  | 1,356,617 |  |  | 6,220,485 |
Non-recurring revenues | 159,814 |  |  | 153,285 |  |  | 101,953 |  |  | 415,052 |
Total | $ | 3,021,751 |  |  | $ | 2,155,216 |  |  | $ | 1,458,570 |  |  | $ | 6,635,537 |
(1) Includes some leasing and hedging activities. Total revenues attributed to the U.S. were $3.1 billion, $2.9 billion and $2.6 billion for the year ended December 31, 2023, 2022, and 2021, respectively. For the year ended December 31, 2023, we derived revenues of $821.9 million from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the years ended December 31, 2022 and 2021. No single customer accounted for 10% or greater of our accounts receivable or revenues for the years ended December 31, 2023, 2022, and 2021. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Adjusted EBITDA: |  |  |  |  |
Americas | $ | 1,613,696 |  |  | $ | 1,521,775 |  |  | $ | 1,326,460 |
EMEA | 1,251,276 |  |  | 1,109,502 |  |  | 1,033,333 |
Asia-Pacific | 836,869 |  |  | 738,423 |  |  | 784,591 |
Total adjusted EBITDA | 3,701,841 |  |  | 3,369,700 |  |  | 3,144,384 |
Depreciation, amortization and accretion expense | (1,843,665) |  |  | (1,739,374) |  |  | (1,660,524) |
Stock-based compensation expense | (407,536) |  |  | (403,983) |  |  | (363,774) |
Transaction costs | (12,412) |  |  | (21,839) |  |  | (22,769) |
Gain (loss) on asset sales | 5,046 |  |  | (3,976) |  |  | 10,845 |
Interest income | 94,227 |  |  | 36,268 |  |  | 2,644 |
Interest expense | (402,022) |  |  | (356,337) |  |  | (336,082) |
Other expense | (11,214) |  |  | (51,417) |  |  | (50,647) |
Gain (loss) on debt extinguishment | (35) |  |  | 327 |  |  | (115,125) |
Income before income taxes | $ | 1,124,230 |  |  | $ | 829,369 |  |  | $ | 608,952 |
We also provide the following segment disclosures related to our operations as follows for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Depreciation and amortization: |  |  |  |  |
Americas | $ | 1,000,976 |  |  | $ | 931,357 |  |  | $ | 865,910 |
EMEA | 499,888 |  |  | 458,156 |  |  | 455,651 |
Asia-Pacific | 344,274 |  |  | 346,695 |  |  | 334,729 |
Total | $ | 1,845,138 |  |  | $ | 1,736,208 |  |  | $ | 1,656,290 |
Capital expenditures: |  |  |  |  |
Americas | $ | 1,626,953 |  |  | $ | 1,139,309 |  |  | $ | 970,217 |
EMEA | 717,471 |  |  | 750,569 |  |  | 1,049,279 |
Asia-Pacific | 436,594 |  |  | 388,126 |  |  | 732,016 |
Total | $ | 2,781,018 |  |  | $ | 2,278,004 |  |  | $ | 2,751,512 |
Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas as of December 31 (in thousands):
| 2023 |  | 2022
Americas (1) | $ | 8,610,354 |  |  | $ | 7,532,125 |
EMEA | 6,321,164 |  |  | 5,577,498 |
Asia-Pacific | 3,669,315 |  |  | 3,539,911 |
Total Property, plant and equipment, net | $ | 18,600,833 |  |  | $ | 16,649,534 |
(1)Includes $6.7 billion and $6.0 billion, respectively, of property, plant and equipment, net attributed to the U.S. as of December 31, 2023 and 2022.
| 2023 |  | 2022
Americas (1) | $ | 421,268 |  |  | $ | 263,148 |
EMEA | 367,865 |  |  | 440,139 |
Asia-Pacific | 659,757 |  |  | 724,663 |
Total Operating lease right-of-use assets | $ | 1,448,890 |  |  | $ | 1,427,950 |
(1)Includes $398.3 million and $244.7 million of operating lease ROU assets attributed to the U.S. as of December 31, 2023 and 2022, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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