Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Trading Symbol | 'EQIX |
Entity Registrant Name | 'EQUINIX INC |
Entity Central Index Key | '0001101239 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 49,822,889 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $495,174 | $261,894 |
Short-term investments | 322,374 | 369,808 |
Accounts receivable, net | 213,560 | 184,840 |
Other current assets | 54,910 | 72,118 |
Total current assets | 1,086,018 | 888,660 |
Long-term investments | 224,176 | 398,390 |
Property, plant and equipment, net | 4,766,297 | 4,591,650 |
Goodwill | 1,047,578 | 1,042,153 |
Intangible assets, net | 176,914 | 184,182 |
Other assets | 429,615 | 387,324 |
Total assets | 7,730,598 | 7,492,359 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 293,295 | 263,223 |
Accrued property, plant and equipment | 80,516 | 64,601 |
Current portion of capital lease and other financing obligations | 17,880 | 17,214 |
Current portion of mortgage and loans payable | 54,122 | 53,508 |
Other current liabilities | 149,343 | 147,958 |
Total current liabilities | 595,156 | 546,504 |
Capital lease and other financing obligations, less current portion | 1,037,247 | 914,032 |
Mortgage and loans payable, less current portion | 191,761 | 199,700 |
Convertible debt | 728,361 | 724,202 |
Senior notes | 2,250,000 | 2,250,000 |
Other liabilities | 284,108 | 274,955 |
Total liabilities | 5,086,633 | 4,909,393 |
Redeemable non-controlling interests (Note 9) | 126,959 | 123,902 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 51 | 50 |
Additional paid-in capital | 2,743,244 | 2,693,887 |
Treasury stock | -131,408 | -84,663 |
Accumulated other comprehensive loss | -99,825 | -113,767 |
Retained earnings (accumulated deficit) | 4,944 | -36,443 |
Total stockholders' equity | 2,517,006 | 2,459,064 |
Total liabilities, redeemable non-controlling interests and stockholders' equity | $7,730,598 | $7,492,359 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues | $580,053 | $516,134 |
Costs and operating expenses: | ' | ' |
Cost of revenues | 287,525 | 258,591 |
Sales and marketing | 67,428 | 58,276 |
General and administrative | 103,303 | 90,818 |
Acquisition costs | 185 | 3,662 |
Total costs and operating expenses | 458,441 | 411,347 |
Income from operations | 121,612 | 104,787 |
Interest income | 1,434 | 747 |
Interest expense | -68,820 | -60,331 |
Other income (expense) | 678 | -459 |
Income from operations before income taxes | 54,904 | 44,744 |
Income tax expense | -13,567 | -11,460 |
Net income | 41,337 | 33,284 |
Net (income) loss attributable to redeemable non-controlling interests | 50 | -441 |
Net income attributable to Equinix | $41,387 | $32,843 |
Earnings per share ("EPS") attributable to Equinix (Note 2): | ' | ' |
Basic EPS | $0.83 | $0.67 |
Weighted-average shares | 49,598 | 49,029 |
Diluted EPS | $0.81 | $0.65 |
Weighted-average shares | 53,386 | 53,480 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net income | $41,337 | $33,284 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation gain (loss) | 14,970 | -72,554 |
Unrealized gain on available for sale securities | 839 | 98 |
Unrealized gain on cash flow hedges | 200 | ' |
Total other comprehensive income (loss), net of tax | 16,009 | -72,456 |
Comprehensive income (loss), net of tax | 57,346 | -39,172 |
Net (income) loss attributable to redeemable non-controlling interests | 50 | -441 |
Other comprehensive income attributable to redeemable non-controlling interests | -2,067 | -769 |
Comprehensive income (loss) attributable to Equinix | $55,329 | ($40,382) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $41,337 | $33,284 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 107,023 | 100,381 |
Stock-based compensation | 24,981 | 23,836 |
Excess tax benefits from stock-based compensation | -10,018 | -18,990 |
Amortization of debt issuance costs and debt discounts | 6,409 | 5,753 |
Amortization of intangible assets | 6,905 | 6,759 |
Provision for allowance for doubtful accounts | 1,055 | 813 |
Other items | 3,919 | 3,735 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -28,995 | -24,663 |
Income taxes, net | -15,749 | -2,347 |
Other assets | 18,292 | -20,222 |
Accounts payable and accrued expenses | 8,830 | -27,996 |
Other liabilities | 7,729 | 3,838 |
Net cash provided by operating activities | 171,718 | 84,181 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -93,423 | -296,513 |
Sales of investments | 212,299 | 37,163 |
Maturities of investments | 102,778 | 26,385 |
Purchases of property, plant and equipment | -105,907 | -75,667 |
Purchase of real estate | -16,791 | ' |
Change in restricted cash | -71 | -833,801 |
Other investing activities, net | ' | -107 |
Net cash provided by (used in) investing activities | 98,885 | -1,142,540 |
Cash flows from financing activities: | ' | ' |
Purchases of treasury stock | -47,120 | ' |
Proceeds from employee equity awards | 14,387 | 14,368 |
Excess tax benefits from stock-based compensation | 10,018 | 18,990 |
Proceeds from senior notes | ' | 1,500,000 |
Repayment of capital lease and other financing obligations | -4,250 | -3,516 |
Repayment of mortgage and loans payable | -10,317 | -14,052 |
Debt issuance costs | ' | -19,030 |
Net cash provided by (used in) financing activities | -37,282 | 1,496,760 |
Effect of foreign currency exchange rates on cash and cash equivalents | -41 | -5,595 |
Net increase in cash and cash equivalents | 233,280 | 432,806 |
Cash and cash equivalents at beginning of period | 261,894 | 252,213 |
Cash and cash equivalents at end of period | 495,174 | 685,019 |
Supplemental cash flow information: | ' | ' |
Cash paid for taxes | 29,913 | 14,036 |
Cash paid for interest | $42,385 | $67,975 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies | ' |
1. Basis of Presentation and Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (‘‘Equinix’’ or the ‘‘Company’’) and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. The condensed consolidated balance sheet data as of December 31, 2013 has been derived from audited consolidated financial statements as of that date. The consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (‘‘SEC’’), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For further information, refer to the Consolidated Financial Statements and Notes thereto included in Equinix’s Form 10-K as filed with the SEC on February 28, 2014. Results for the interim periods are not necessarily indicative of results for the entire fiscal year. | |
Consolidation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Equinix and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Income Taxes | |
The Company’s effective tax rates were 24.7% and 25.6% for the three months ended March 31, 2014 and 2013, respectively. | |
The Company is entitled to a deduction for federal and state tax purposes with respect to employee equity award activity. The reduction in income tax payable related to windfall tax benefits for stock based compensation awards has been reflected as an adjustment to additional paid-in capital. For the three months ended March 31, 2014, the benefits arising from employee equity award activity that resulted in an adjustment to additional paid in capital were $9,477,000. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). This ASU requires companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward, is not available at the reporting date under the applicable tax law or an entity does not intend to use its deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not a reduction to deferred tax assets. This ASU is effective for fiscal years and interim periods beginning after December 15, 2013 with early adoption permitted. During the three months ended March 31, 2014, the Company adopted ASU 2013-11 and the adoption did not have a significant impact on its consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
2. Earnings Per Share | |||||||||
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods presented (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 41,337 | $ | 33,284 | |||||
Net (income) loss attributable to redeemable non-controlling interests | 50 | (441 | ) | ||||||
Net income attributable to Equinix, basic | 41,387 | 32,843 | |||||||
Effect of assumed conversion of convertible debt: | |||||||||
Interest expense, net of tax | 1,984 | 1,851 | |||||||
Net income attributable to Equinix, diluted | $ | 43,371 | $ | 34,694 | |||||
Weighted-average shares used to compute basic EPS | 49,598 | 49,029 | |||||||
Effect of dilutive securities: | |||||||||
Convertible debt | 3,371 | 3,613 | |||||||
Employee equity awards | 417 | 838 | |||||||
Weighted-average shares used to compute diluted EPS | 53,386 | 53,480 | |||||||
EPS attributable to Equinix: | |||||||||
Basic EPS | $ | 0.83 | $ | 0.67 | |||||
Diluted EPS | $ | 0.81 | $ | 0.65 | |||||
The following table sets forth weighted-average outstanding potential shares of common stock that are not included in the diluted earnings per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Shares reserved for conversion of 4.75% convertible subordinated notes | 4,432 | 4,432 | |||||||
Common stock related to employee equity awards | 337 | 113 | |||||||
4,769 | 4,545 | ||||||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Balance Sheet Components | ' | ||||||||||||||||
3. Balance Sheet Components | |||||||||||||||||
Cash, Cash Equivalents and Short-Term and Long-Term Investments | |||||||||||||||||
Cash, cash equivalents and short-term and long-term investments consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash (1) | $ | 232,835 | $ | 186,007 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 256,740 | 74,787 | |||||||||||||||
Commercial paper | 5,599 | 1,100 | |||||||||||||||
Total cash and cash equivalents | 495,174 | 261,894 | |||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government securities | 288,625 | 305,021 | |||||||||||||||
U.S. government agency securities | 85,946 | 125,917 | |||||||||||||||
Corporate bonds | 73,267 | 190,177 | |||||||||||||||
Certificates of deposit | 63,175 | 76,152 | |||||||||||||||
Asset-backed securities | 31,046 | 68,938 | |||||||||||||||
Commercial paper | 4,491 | 1,993 | |||||||||||||||
Total marketable securities | 546,550 | 768,198 | |||||||||||||||
Total cash, cash equivalents and short-term and long-term investments | $ | 1,041,724 | $ | 1,030,092 | |||||||||||||
-1 | Excludes restricted cash. | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, cash equivalents included investments which were readily convertible to cash and had original maturity dates of 90 days or less. The maturities of securities classified as short-term investments were one year or less as of March 31, 2014 and December 31, 2013. The maturities of securities classified as long-term investments were greater than one year and less than three years as of March 31, 2014 and December 31, 2013. | |||||||||||||||||
The following table summarizes the cost and estimated fair value of marketable securities based on stated effective maturities as of (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||
Cost | Cost | ||||||||||||||||
Due within one year | $ | 322,207 | $ | 322,374 | $ | 369,698 | $ | 369,808 | |||||||||
Due after one year through three years | 224,019 | 224,176 | 398,200 | 398,390 | |||||||||||||
Total | $ | 546,226 | $ | 546,550 | $ | 767,898 | $ | 768,198 | |||||||||
The following table summarizes the fair value and gross unrealized gains and losses related to the Company’s short-term and long-term investments in marketable securities designated as available-for-sale securities as of (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||
cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 288,433 | $ | 192 | $ | — | $ | 288,625 | |||||||||
U.S. government agency securities | 85,905 | 55 | (14 | ) | 85,946 | ||||||||||||
Corporate bonds | 73,210 | 68 | (11 | ) | 73,267 | ||||||||||||
Certificates of deposit | 63,175 | — | — | 63,175 | |||||||||||||
Asset-backed securities | 31,012 | 35 | (1 | ) | 31,046 | ||||||||||||
Commercial paper | 4,491 | — | — | 4,491 | |||||||||||||
Total | $ | 546,226 | $ | 350 | $ | (26 | ) | $ | 546,550 | ||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||
cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 304,897 | $ | 131 | $ | (7 | ) | $ | 305,021 | ||||||||
U.S. government agency securities | 125,904 | 35 | (22 | ) | 125,917 | ||||||||||||
Corporate bonds | 190,068 | 149 | (40 | ) | 190,177 | ||||||||||||
Certificates of deposit | 76,126 | 27 | (1 | ) | 76,152 | ||||||||||||
Asset-backed securities | 68,914 | 33 | (9 | ) | 68,938 | ||||||||||||
Commercial paper | 1,989 | 4 | — | 1,993 | |||||||||||||
Total | $ | 767,898 | $ | 379 | $ | (79 | ) | $ | 768,198 | ||||||||
The following table summarizes the fair value and gross unrealized losses related to 27 available-for-sale securities with an aggregate cost basis of $49,473,000 aggregated by type of investment and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2014 (in thousands): | |||||||||||||||||
Securities in a loss | |||||||||||||||||
position for less than | |||||||||||||||||
12 months | |||||||||||||||||
Fair value | Gross | ||||||||||||||||
unrealized | |||||||||||||||||
losses | |||||||||||||||||
U.S. government agency securities | $ | 18,247 | $ | (14 | ) | ||||||||||||
U.S. government securities | 15,028 | — | |||||||||||||||
Corporate bonds | 9,453 | (11 | ) | ||||||||||||||
Asset-backed securities | 5,519 | (1 | ) | ||||||||||||||
$ | 48,247 | $ | (26 | ) | |||||||||||||
As of March 31, 2014, the Company did not have any securities in a loss position for 12 months or more. While the Company does not believe that as of March 31, 2014, it holds investments that are other-than-temporarily impaired and believes that the Company’s investments will mature at par, the Company’s investments are subject to changes in market conditions. If market conditions were to deteriorate, the Company could sustain other-than-temporary impairments to its investment portfolio which could result in additional realized losses being recorded in interest income, net, or securities markets could become inactive which could affect the liquidity of the Company’s investments. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivables, net, consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 356,162 | $ | 323,822 | |||||||||||||
Unearned revenue | (135,269 | ) | (132,342 | ) | |||||||||||||
Allowance for doubtful accounts | (7,333 | ) | (6,640 | ) | |||||||||||||
$ | 213,560 | $ | 184,840 | ||||||||||||||
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. The Company generally invoices its customers at the end of a calendar month for services to be provided the following month. Accordingly, unearned revenue consists of pre-billing for services that have not yet been provided, but which have been billed to customers in advance in accordance with the terms of their contract. | |||||||||||||||||
Other Current Assets | |||||||||||||||||
Other current assets consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 23,300 | $ | 26,578 | |||||||||||||
Taxes receivable | 10,301 | 21,584 | |||||||||||||||
Deferred tax assets, net | 7,442 | 7,442 | |||||||||||||||
Other receivables | 2,142 | 4,181 | |||||||||||||||
Derivative instruments | 7,132 | 4,457 | |||||||||||||||
Restricted cash, current | 3,287 | 3,210 | |||||||||||||||
Other current assets | 1,306 | 4,666 | |||||||||||||||
$ | 54,910 | $ | 72,118 | ||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
IBX plant and machinery | $ | 2,707,353 | $ | 2,640,907 | |||||||||||||
Leasehold improvements | 1,069,414 | 1,039,847 | |||||||||||||||
Buildings (1) | 1,968,182 | 1,862,562 | |||||||||||||||
IBX equipment | 530,232 | 490,677 | |||||||||||||||
Computer equipment and software | 205,615 | 189,714 | |||||||||||||||
Land | 122,079 | 122,035 | |||||||||||||||
Furniture and fixtures | 24,658 | 24,134 | |||||||||||||||
Construction in progress | 269,584 | 244,254 | |||||||||||||||
6,897,117 | 6,614,130 | ||||||||||||||||
Less accumulated depreciation | (2,130,820 | ) | (2,022,480 | ) | |||||||||||||
$ | 4,766,297 | $ | 4,591,650 | ||||||||||||||
-1 | Includes site improvements. | ||||||||||||||||
International Business Exchange® (“IBX”) plant and machinery, leasehold improvements, buildings, computer equipment and software and construction in progress recorded under capital leases aggregated $508,434,000 and $428,974,000 as of March 31, 2014 and December 31, 2013, respectively. Depreciation on the assets recorded under capital leases is included in depreciation expense and accumulated depreciation on such assets totaled $60,130,000 and $56,041,000 as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and intangible assets, net, consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Americas | $ | 474,914 | $ | 471,845 | |||||||||||||
EMEA | 437,386 | 435,041 | |||||||||||||||
Asia-Pacific | 135,278 | 135,267 | |||||||||||||||
$ | 1,047,578 | $ | 1,042,153 | ||||||||||||||
Intangible assets: | |||||||||||||||||
Intangible asset – customer contracts | $ | 233,353 | $ | 233,038 | |||||||||||||
Intangible asset – favorable leases | 24,683 | 25,147 | |||||||||||||||
Intangible asset – licenses | 9,697 | 9,697 | |||||||||||||||
Intangible asset – others | 8,920 | 8,859 | |||||||||||||||
276,653 | 276,741 | ||||||||||||||||
Accumulated amortization | (99,739 | ) | (92,559 | ) | |||||||||||||
$ | 176,914 | $ | 184,182 | ||||||||||||||
The Company’s goodwill and intangible assets in EMEA (Europe, Middle East and Africa), denominated in the United Arab Emirates dirham, British pounds and Euros, goodwill and intangible assets in Asia-Pacific, denominated in Chinese yuan, Hong Kong dollars and Singapore dollars and certain goodwill and intangible assets in Americas, denominated in Canadian dollars and Brazilian reais, are subject to foreign currency fluctuations. The Company’s foreign currency translation gains and losses, including goodwill and intangible assets, are a component of other comprehensive income and loss. | |||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company recorded amortization expense of $6,905,000 and $6,759,000, respectively, associated with its intangible assets. The Company’s estimated future amortization expense related to its intangible assets is as follows (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (nine months remaining) | $ | 22,135 | |||||||||||||||
2015 | 29,108 | ||||||||||||||||
2016 | 28,638 | ||||||||||||||||
2017 | 27,095 | ||||||||||||||||
2018 | 24,008 | ||||||||||||||||
Thereafter | 45,930 | ||||||||||||||||
Total | $ | 176,914 | |||||||||||||||
Other Assets | |||||||||||||||||
Other assets consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets, net | $ | 277,026 | $ | 229,975 | |||||||||||||
Prepaid expenses, non-current | 60,233 | 61,039 | |||||||||||||||
Debt issuance costs, net | 39,634 | 41,847 | |||||||||||||||
Deposits | 25,597 | 25,543 | |||||||||||||||
Restricted cash, non-current | 16,203 | 16,178 | |||||||||||||||
Derivative instruments | 3,678 | 4,118 | |||||||||||||||
Other assets, non-current | 7,244 | 8,624 | |||||||||||||||
$ | 429,615 | $ | 387,324 | ||||||||||||||
The increase in deferred tax assets, net was primarily due to the depreciation and amortization recapture as a result of changing the Company’s methods of depreciating and amortizing various data center assets for tax purposes in connection with the Company’s plan to convert to a real estate investment trust (“REIT”). | |||||||||||||||||
Accounts Payable and Accrued Expenses | |||||||||||||||||
Accounts payable and accrued expenses consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts payable | $ | 34,363 | $ | 30,291 | |||||||||||||
Accrued compensation and benefits | 72,391 | 92,106 | |||||||||||||||
Accrued interest | 64,382 | 48,310 | |||||||||||||||
Accrued taxes | 57,725 | 32,047 | |||||||||||||||
Accrued utilities and security | 30,226 | 31,314 | |||||||||||||||
Accrued professional fees | 11,951 | 9,753 | |||||||||||||||
Accrued repairs and maintenance | 4,798 | 3,557 | |||||||||||||||
Accrued other | 17,459 | 15,845 | |||||||||||||||
$ | 293,295 | $ | 263,223 | ||||||||||||||
Other Current Liabilities | |||||||||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax liabilities, net | $ | 72,004 | $ | 72,004 | |||||||||||||
Deferred installation revenue | 45,661 | 43,145 | |||||||||||||||
Customer deposits | 15,428 | 15,174 | |||||||||||||||
Derivative instruments | 5,865 | 6,515 | |||||||||||||||
Deferred recurring revenue | 5,559 | 5,007 | |||||||||||||||
Deferred rent | 2,645 | 3,865 | |||||||||||||||
Asset retirement obligations | 1,306 | 1,290 | |||||||||||||||
Other current liabilities | 875 | 958 | |||||||||||||||
$ | 149,343 | $ | 147,958 | ||||||||||||||
Other Liabilities | |||||||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset retirement obligations, non-current | $ | 58,892 | $ | 58,258 | |||||||||||||
Deferred tax liabilities, net | 69,835 | 69,812 | |||||||||||||||
Deferred installation revenue, non-current | 64,315 | 60,947 | |||||||||||||||
Deferred rent, non-current | 41,399 | 37,955 | |||||||||||||||
Accrued taxes, non-current | 28,344 | 27,052 | |||||||||||||||
Customer deposits, non-current | 4,945 | 5,005 | |||||||||||||||
Deferred recurring revenue, non-current | 2,048 | 2,082 | |||||||||||||||
Other liabilities | 14,330 | 13,844 | |||||||||||||||
$ | 284,108 | $ | 274,955 | ||||||||||||||
The Company currently leases the majority of its IBX data centers and certain equipment under non-cancelable operating lease agreements expiring through 2043. The IBX data center lease agreements typically provide for base rental rates that increase at defined intervals during the term of the lease. In addition, the Company has negotiated some rent expense abatement periods for certain leases to better match the phased build-out of its IBX data centers. The Company accounts for such abatements and increasing base rentals using the straight-line method over the life of the lease. The difference between the straight-line expense and the cash payment is recorded as deferred rent. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||
4. Derivatives and Hedging Activities | |||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||
Cash Flow Hedges. The Company hedges its exposure to foreign currency exchange rate fluctuations for forecasted revenues and expenses in its EMEA region in order to help manage the Company’s exposure to foreign currency exchange rate fluctuations between the U.S. dollar and the British pound, Euro and Swiss franc. As of March 31, 2014, the Company had a total of 102 cash flow hedge instruments with maturity dates ranging from April 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair | Accumulated | |||||||||||||||||||
amount | value (1) | other | |||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 139,544 | $ | 1,981 | $ | 1,979 | |||||||||||||||
Derivative liabilities | 213,175 | (3,532 | ) | (3,529 | ) | ||||||||||||||||
Total | $ | 352,719 | $ | (1,551 | ) | $ | (1,550 | ) | |||||||||||||
-1 | A total of $1,981 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets. A total of $3,532 of derivative liabilities related to cash flow hedges are included in the condensed consolidated balance sheets within other current liabilities. | ||||||||||||||||||||
-2 | Included in the condensed consolidated balance sheets within accumulated other comprehensive income (loss). | ||||||||||||||||||||
As of December 31, 2013, the Company had a total of 69 cash flow hedge instruments with maturity dates ranging from January 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair | Accumulated | |||||||||||||||||||
amount | value (1) | other | |||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 127,968 | $ | 2,102 | $ | 2,107 | |||||||||||||||
Derivative liabilities | 200,686 | (3,855 | ) | (3,857 | ) | ||||||||||||||||
Total | $ | 328,654 | $ | (1,753 | ) | $ | (1,750 | ) | |||||||||||||
-1 | A total of $2,099 and $3 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets and other assets, respectively. A total of $3,818 and $37 of derivative liabilities related to cash flow hedges are included in the condensed consolidated balance sheets within other current liabilities and other liabilities, respectively. | ||||||||||||||||||||
-2 | Included in the condensed consolidated balance sheets within accumulated other comprehensive income (loss). | ||||||||||||||||||||
During the three months ended March 31, 2014, there were no ineffective cash flow hedges. During the three months ended March 31, 2014, the amount of gains (losses) reclassified from accumulated other comprehensive income (loss) to revenue and operating expenses were not significant. The Company did not enter into any cash flow hedges during the three months ended March 31, 2013. | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
Embedded Derivatives. The Company is deemed to have foreign currency forward contracts embedded in certain of the Company’s customer agreements that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on the Company’s balance sheet at their fair value. The majority of these embedded derivatives arise as a result of the Company’s foreign subsidiaries pricing their customer contracts in the U.S. dollar. Gains and losses on these embedded derivatives are included within revenues in the Company’s condensed consolidated statements of operations. During the three months ended March 31, 2014, gains (losses) from these embedded derivatives were not significant. During the three months ended March 31, 2013, the Company recognized a net gain of $2,453,000 associated with these embedded derivatives. | |||||||||||||||||||||
Economic Hedges of Embedded Derivatives. The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Company’s embedded derivatives (“economic hedges of embedded derivatives”). Gains and losses on these contracts are included in revenues along with gains and losses of the related embedded derivatives. The Company entered into various economic hedges of embedded derivatives during the three months ended March 31, 2014 and gains (losses) from these contracts were not significant. The Company did not enter into any economic hedges of embedded derivatives during the three months ended March 31, 2013. | |||||||||||||||||||||
Foreign Currency Forward and Options Contracts. The Company also uses foreign currency forward and options contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of the foreign currency-denominated assets and liabilities change. Gains and losses on these contracts are included in other income (expense), net, along with those foreign currency gains and losses of the related foreign currency-denominated assets and liabilities associated with the foreign currency forward and options contracts. The Company entered into various foreign currency forward and options contracts during the three months ended March 31, 2014 and 2013 and gains (losses) from these foreign currency forward and options contracts were not significant during these periods. | |||||||||||||||||||||
Offsetting Derivative Assets and Liabilities | |||||||||||||||||||||
The following table presents the fair value of derivative instruments recognized in the Company’s condensed consolidated balance sheets as of March 31, 2014 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
amounts | amounts | amounts (1) | amounts | ||||||||||||||||||
offset in the | not offset | ||||||||||||||||||||
balance | in the | ||||||||||||||||||||
sheet | balance | ||||||||||||||||||||
sheet (2) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 1,981 | $ | — | $ | 1,981 | $ | (1,955 | ) | $ | 26 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 5,251 | — | 5,251 | — | 5,251 | ||||||||||||||||
Economic hedges of embedded derivatives | 518 | — | 518 | — | 518 | ||||||||||||||||
Foreign currency forward and options contracts | 3,060 | — | 3,060 | (1,648 | ) | 1,412 | |||||||||||||||
8,829 | — | 8,829 | (1,648 | ) | 7,181 | ||||||||||||||||
Additional netting benefit | — | — | — | (900 | ) | (900 | ) | ||||||||||||||
$ | 10,810 | $ | — | $ | 10,810 | $ | (4,503 | ) | $ | 6,307 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 3,532 | $ | — | $ | 3,532 | $ | (1,955 | ) | $ | 1,577 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 213 | — | 213 | — | 213 | ||||||||||||||||
Economic hedges of embedded derivatives | 170 | — | 170 | — | 170 | ||||||||||||||||
Foreign currency forward and options contracts | 1,994 | — | 1,994 | (1,648 | ) | 346 | |||||||||||||||
2,377 | — | 2,377 | (1,648 | ) | 729 | ||||||||||||||||
Additional netting benefit | — | — | — | (900 | ) | (900 | ) | ||||||||||||||
$ | 5,909 | $ | — | $ | 5,909 | $ | (4,503 | ) | $ | 1,406 | |||||||||||
-1 | As presented in the Company’s condensed consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. | ||||||||||||||||||||
-2 | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. | ||||||||||||||||||||
The following table presents the fair value of derivative instruments recognized in the Company’s condensed consolidated balance sheets as of December 31, 2013 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
amounts | amounts | amounts (1) | amounts | ||||||||||||||||||
offset in the | not offset | ||||||||||||||||||||
balance | in the | ||||||||||||||||||||
sheet | balance | ||||||||||||||||||||
sheet (2) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 2,102 | $ | — | $ | 2,102 | $ | (2,102 | ) | $ | — | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 6,296 | — | 6,296 | — | 6,296 | ||||||||||||||||
Foreign currency forward and options contracts | 177 | — | 177 | (177 | ) | — | |||||||||||||||
6,473 | — | 6,473 | (177 | ) | 6,296 | ||||||||||||||||
$ | 8,575 | $ | — | $ | 8,575 | $ | (2,279 | ) | $ | 6,296 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 3,855 | $ | — | $ | 3,855 | $ | (2,102 | ) | $ | 1,753 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 115 | — | 115 | — | 115 | ||||||||||||||||
Economic hedges of embedded derivatives | 1,315 | — | 1,315 | — | 1,315 | ||||||||||||||||
Foreign currency forward and options contracts | 1,289 | — | 1,289 | (177 | ) | 1,112 | |||||||||||||||
2,719 | — | 2,719 | (177 | ) | 2,542 | ||||||||||||||||
$ | 6,574 | $ | — | $ | 6,574 | $ | (2,279 | ) | $ | 4,295 | |||||||||||
-1 | As presented in the Company’s condensed consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. | ||||||||||||||||||||
-2 | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
5. Fair Value Measurements | |||||||||||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 were as follows (in thousands): | |||||||||||||
Fair value at | Fair value | ||||||||||||
March 31, | measurement using | ||||||||||||
2014 | Level 1 | Level 2 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 232,835 | $ | 232,835 | $ | — | |||||||
Money market and deposit accounts | 256,740 | 256,740 | — | ||||||||||
U.S. government securities | 288,625 | 288,625 | — | ||||||||||
U.S. government agency securities | 85,946 | — | 85,946 | ||||||||||
Corporate bonds | 73,267 | — | 73,267 | ||||||||||
Certificates of deposit | 63,175 | — | 63,175 | ||||||||||
Asset-backed securities | 31,046 | — | 31,046 | ||||||||||
Commercial paper | 10,090 | — | 10,090 | ||||||||||
Derivative instruments (1) | 10,810 | — | 10,810 | ||||||||||
$ | 1,052,534 | $ | 778,200 | $ | 274,334 | ||||||||
Liabilities: | |||||||||||||
Derivative instruments (1) | $ | 5,909 | $ | — | $ | 5,909 | |||||||
-1 | Includes embedded derivatives, economic hedges of embedded derivatives and foreign currency forward and options contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company’s accompanying condensed consolidated balance sheet. | ||||||||||||
The Company did not have any Level 3 financial assets or financial liabilities as of March 31, 2014. | |||||||||||||
Valuation Methods | |||||||||||||
Fair value estimates are made as of a specific point in time based on methods using present value or other valuation techniques. These techniques involve uncertainties and are affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. | |||||||||||||
Cash, Cash Equivalents and Investments. The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in cash equivalents. The Company’s U.S. government securities and money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices for identical instruments in active markets. The fair value of the Company’s other investments approximate their face value, including certificates of deposit and available-for-sale debt investments related to the Company’s investments in the securities of other public companies, governmental units and other agencies. The fair value of these investments is priced based on the quoted market price for similar instruments or nonbinding market prices that are corroborated by observable market data. Such instruments are classified within Level 2 of the fair value hierarchy. The Company determines the fair values of its Level 2 investments by using inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, custody bank, third-party pricing vendors, or other sources. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. The Company is responsible for its consolidated financial statements and underlying estimates. | |||||||||||||
The Company determined that the major security types held as of March 31, 2014 were primarily cash and money market funds, U.S. government and agency securities, corporate bonds, certificate of deposits, commercial paper and asset-backed securities. The Company uses the specific identification method in computing realized gains and losses. Short-term and long-term investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses reported in stockholders’ equity as a component of other comprehensive income or loss, net of any related tax effect. The Company reviews its investment portfolio quarterly to determine if any securities may be other-than-temporarily impaired due to increased credit risk, changes in industry or sector of a certain instrument or ratings downgrades over an extended period of time. | |||||||||||||
Derivative Assets and Liabilities. For derivatives, including cash flow hedges, embedded derivatives and economic hedges of embedded derivatives, the Company uses forward contract models employing market observable inputs, such as spot currency rates and forward points with adjustments made to these values utilizing published credit default swap rates of its foreign exchange trading counterparties. The Company has determined that the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, therefore the derivatives are categorized as Level 2. | |||||||||||||
During the three months ended March 31, 2014, the Company did not have any nonfinancial assets or liabilities measured at fair value on a recurring basis. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
6. Related Party Transactions | |||||||||
The Company has several significant stockholders and other related parties that are also customers and/or vendors. The Company’s activity of related party transactions was as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 2,121 | $ | 8,476 | |||||
Costs and services | 161 | 2,465 | |||||||
As of March 31, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 1,690 | $ | 5,089 | |||||
Accounts payable | — | 443 | |||||||
In connection with the acquisition of ALOG Data Centers do Brasil S.A. and its subsidiaries (“ALOG”) (the “ALOG Acquisition”), the Company acquired a lease for one of the Brazilian IBX data centers in which the lessor is a member of ALOG management. This lease contains an option to purchase the underlying property for fair market value on the date of purchase. The Company accounts for this lease as a financing obligation as a result of structural building work pursuant to the accounting standard for lessee’s involvement in asset construction. As of March 31, 2014, the Company had a financing obligation liability totaling approximately $3,807,000 related to this lease on its condensed consolidated balance sheet. This amount is considered a related party liability, which is not reflected in the related party data presented above. |
Leases
Leases | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
7. Leases | |||||||||||||
Capital Lease and Other Financing Obligations | |||||||||||||
Silicon Valley 2 Capital Lease | |||||||||||||
In March 2014, the Company entered into a lease amendment to extend the lease term of the Company’s Silicon Valley 2 IBX data center (the “Silicon Valley 2 Lease”). The lease was originally accounted for as an operating lease. Pursuant to the accounting standard for leases, the Company reassessed the lease classification of the Silicon Valley 2 Lease as a result of the lease amendment and determined that upon the amendment the lease should be accounted for as a capital lease (the “Silicon Valley 2 Capital Lease”). The Company recorded a capital lease asset totaling approximately $81,542,000 and a capital lease liability totaling approximately $82,000,000 during the three months ended March 31, 2014. Monthly payments under the Silicon Valley 2 Capital Lease commenced in March 2014 and will be made through September 2029. The Company has certain renewal options available after September 2029, which have not been included in the lease term. | |||||||||||||
Dallas IBX Financing | |||||||||||||
In January 2014, the Company took possession of additional space under the terms of an existing lease agreement in a property in Dallas where the Company operates its Dallas 1, Dallas 2, Dallas 3 and Dallas 6 IBX data centers. Pursuant to the accounting standard for lessee’s involvement in asset construction, the Company is considered the accounting owner of the assets during the construction phase due to the building work that the Company undertook. As a result, the Company recorded an incremental financed asset and a corresponding financing obligation liability totaling approximately $13,908,000 during the three months ended March 31, 2014 (the “Dallas IBX Financing”). Monthly payments under the Dallas IBX Financing will be made through December 2029. | |||||||||||||
Maturities of Capital Lease and Other Financing Obligations | |||||||||||||
The Company’s capital lease and other financing obligations are summarized as follows (in thousands): | |||||||||||||
Capital lease | Other | Total | |||||||||||
obligations | financing | ||||||||||||
obligations | |||||||||||||
2014 (nine months remaining) | $ | 34,702 | $ | 35,388 | $ | 70,090 | |||||||
2015 | 52,139 | 55,148 | 107,287 | ||||||||||
2016 | 52,817 | 59,627 | 112,444 | ||||||||||
2017 | 54,025 | 59,576 | 113,601 | ||||||||||
2018 | 55,722 | 62,377 | 118,099 | ||||||||||
Thereafter | 776,516 | 571,984 | 1,348,500 | ||||||||||
Total minimum lease payments | 1,025,921 | 844,100 | 1,870,021 | ||||||||||
Plus amount representing residual property value | — | 404,357 | 404,357 | ||||||||||
Less estimated building costs | — | (32,566 | ) | (32,566 | ) | ||||||||
Less amount representing interest | (542,895 | ) | (643,790 | ) | (1,186,685 | ) | |||||||
Present value of net minimum lease payments | 483,026 | 572,101 | 1,055,127 | ||||||||||
Less current portion | (9,108 | ) | (8,772 | ) | (17,880 | ) | |||||||
$ | 473,918 | $ | 563,329 | $ | 1,037,247 | ||||||||
Debt_Facilities
Debt Facilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Facilities | ' | ||||||||
8. Debt Facilities | |||||||||
Mortgage and Loans Payable | |||||||||
The Company’s mortgage and loans payable consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
U.S. term loan | $ | 130,000 | $ | 140,000 | |||||
ALOG financings | 70,799 | 67,882 | |||||||
Mortgage payable | 43,202 | 43,497 | |||||||
Other loans payable | 1,882 | 1,829 | |||||||
245,883 | 253,208 | ||||||||
Less current portion | (54,122 | ) | (53,508 | ) | |||||
$ | 191,761 | $ | 199,700 | ||||||
Convertible Debt | |||||||||
The Company’s convertible debt consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
3.00% Convertible Subordinated Notes | $ | 395,986 | $ | 395,986 | |||||
4.75% Convertible Subordinated Notes | 373,723 | 373,724 | |||||||
769,709 | 769,710 | ||||||||
Less amount representing debt discount | (41,348 | ) | (45,508 | ) | |||||
$ | 728,361 | $ | 724,202 | ||||||
3.00% Convertible Subordinated Notes | |||||||||
In September 2007, the Company issued $395,986,000 aggregate principal amount of 3.00% Convertible Subordinated Notes due October 15, 2014 (the “3.00% Convertible Subordinated Notes”). Holders of the 3.00% Convertible Subordinated Notes may convert their notes at their option on any day up to and including the business day immediately preceding the maturity date into shares of the Company’s common stock. The base conversion rate is 7.436 shares of common stock per $1,000 principal amount of 3.00% Convertible Subordinated Notes, subject to adjustment. This represents a base conversion price of approximately $134.48 per share of common stock. If, at the time of conversion, the applicable stock price of the Company’s common stock exceeds the base conversion price, the conversion rate will be determined pursuant to a formula resulting in the receipt of up to 4.4616 additional shares of common stock per $1,000 principal amount of the 3.00% Convertible Subordinated Notes, subject to adjustment. However, in no event would the total number of shares issuable upon conversion of the 3.00% Convertible Subordinated Notes exceed 11.8976 per $1,000 principal amount of 3.00% Convertible Subordinated Notes, subject to anti-dilution adjustments, or the equivalent of $84.05 per share of the Company’s common stock or a total of 4,711,283 shares of the Company’s common stock. As of March 31, 2014, had the holders of the 3.00% Convertible Subordinated Notes converted their notes, the 3.00% Convertible Subordinated Notes would have been convertible into 3,375,463 shares of the Company’s common stock. | |||||||||
4.75% Convertible Subordinated Notes | |||||||||
In June 2009, the Company issued $373,750,000 aggregate principal amount of 4.75% Convertible Subordinated Notes due June 15, 2016 (the “4.75% Convertible Subordinated Notes”). Upon conversion, holders will receive, at the Company’s election, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock. However, the Company may at any time irrevocably elect for the remaining term of the 4.75% Convertible Subordinated Notes to satisfy its obligation in cash up to 100% of the principal amount of the 4.75% Convertible Subordinated Notes converted, with any remaining amount to be satisfied, at the Company’s election, in shares of its common stock or a combination of cash and shares of its common stock. Upon conversion, if the Company elects to pay a sufficiently large portion of the conversion obligation in cash, additional consideration beyond the $373,750,000 of gross proceeds received will be required. | |||||||||
The initial conversion rate is 11.8599 shares of common stock per $1,000 principal amount of 4.75% Convertible Subordinated Notes, subject to adjustment. This represents an initial conversion price of approximately $84.32 per share of common stock. Holders of the 4.75% Convertible Subordinated Notes may convert their notes at any time prior to the close of business on the business day immediately preceding the maturity date under the following circumstances: | |||||||||
• | during any fiscal quarter (and only during that fiscal quarter) ending after December 31, 2009, if the sale price of the Company’s common stock, for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the previous fiscal quarter, is greater than 130% of the conversion price per share of common stock on such last trading day, which was $109.62 per share (the “Stock Price Condition Conversion Clause”); | ||||||||
• | subject to certain exceptions, during the five business day period following any 10 consecutive trading day period in which the trading price of the 4.75% Convertible Subordinated Notes for each day of such period was less than 98% of the product of the sale price of the Company’s common stock and the conversion rate; | ||||||||
• | upon the occurrence of specified corporate transactions described in the 4.75% Convertible Subordinated Notes Indenture, such as a consolidation, merger or binding share exchange in which the Company’s common stock would be converted into cash or property other than securities; or | ||||||||
• | at any time on or after March 15, 2016. | ||||||||
Holders of the 4.75% Convertible Subordinated Notes were eligible to convert their notes during the three months ended March 31, 2014 and are eligible to convert their notes during the three months ended June 30, 2014, since the Stock Price Condition Conversion Clause was met during the applicable periods. As of March 31, 2014, had the holders of the 4.75% Convertible Subordinated Notes converted their notes, the 4.75% Convertible Subordinated Notes would have been convertible into a maximum of 4,432,328 shares of the Company’s common stock. | |||||||||
Senior Notes | |||||||||
The Company’s senior notes consisted of the following as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
5.375% senior notes due 2023 | $ | 1,000,000 | $ | 1,000,000 | |||||
7.00% senior notes due 2021 | 750,000 | 750,000 | |||||||
4.875% senior notes due 2020 | 500,000 | 500,000 | |||||||
$ | 2,250,000 | $ | 2,250,000 | ||||||
Maturities of Debt Facilities | |||||||||
The following table sets forth maturities of the Company’s debt, including mortgage and loans payable, convertible debt and senior notes, as of March 31, 2014 (in thousands): | |||||||||
Year ending: | |||||||||
2014 (nine months remaining) | $ | 439,692 | |||||||
2015 | 58,030 | ||||||||
2016(1) | 435,662 | ||||||||
2017 | 35,695 | ||||||||
2018 | 9,447 | ||||||||
Thereafter | 2,287,066 | ||||||||
$ | 3,265,592 | ||||||||
-1 | Gross of $41,348 debt discount from the 4.75% Convertible Subordinated Notes. | ||||||||
Fair Value of Debt Facilities | |||||||||
The following table sets forth the estimated fair values of the Company’s mortgage and loans payable, senior notes and convertible debt, including current maturities, as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Mortgage and loans payable | $ | 252,050 | $ | 254,607 | |||||
Convertible debt | 1,044,273 | 1,009,744 | |||||||
Senior notes | 2,375,625 | 2,302,290 | |||||||
The Company has determined that the inputs used to value its debt facilities fall within Level 2 of the fair value hierarchy. | |||||||||
Interest Charges | |||||||||
The following table sets forth total interest costs incurred and total interest costs capitalized for the periods presented (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest expense | $ | 68,820 | $ | 60,331 | |||||
Interest capitalized | 3,406 | 2,892 | |||||||
Interest charges incurred | $ | 72,226 | $ | 63,223 | |||||
Redeemable_NonControlling_Inte
Redeemable Non-Controlling Interests | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Redeemable Non-Controlling Interests | ' | ||||
9. Redeemable Non-Controlling Interests | |||||
The following table provides a summary of the activities of the Company’s redeemable non-controlling interests (in thousands): | |||||
Balance as of December 31, 2013 | $ | 123,902 | |||
Net loss attributable to redeemable non-controlling interests | (50 | ) | |||
Other comprehensive income attributable to redeemable non-controlling interests | 2,067 | ||||
Impact of foreign currency exchange | 1,040 | ||||
Balance as of March 31, 2014 | $ | 126,959 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
Purchase Commitments | |
Primarily as a result of the Company’s various IBX expansion projects, as of March 31, 2014, the Company was contractually committed for $240,091,000 of unaccrued capital expenditures, primarily for IBX equipment not yet delivered and labor not yet provided, in connection with the work necessary to open these IBX data centers and make them available to customers for installation. In addition, the Company had numerous other, non-capital purchase commitments in place as of March 31, 2014, such as commitments to purchase power in select locations through the remainder of 2014 and thereafter, and other open purchase orders for goods or services to be delivered or provided during the remainder of 2014 and thereafter. Such other miscellaneous purchase commitments totaled $209,075,000 as of March 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
11. Stockholders’ Equity | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||
The components of accumulated other comprehensive loss, net of tax, are as follows (in thousands): | |||||||||||||
Balance as of | Net | Balance as of | |||||||||||
December 31, | change | March 31, | |||||||||||
2013 | 2014 | ||||||||||||
Foreign currency translation gain (loss) | $ | (132,881 | ) | $ | 14,970 | $ | (117,911 | ) | |||||
Unrealized gain (loss) on cash flow hedges | (1,750 | ) | 200 | (1,550 | ) | ||||||||
Unrealized gain (loss) on available for sale securities | (257 | ) | 839 | 582 | |||||||||
Other comprehensive loss (income) attributable to redeemable non-controlling interests | 21,121 | (2,067 | ) | 19,054 | |||||||||
$ | (113,767 | ) | $ | 13,942 | $ | (99,825 | ) | ||||||
Changes in foreign currencies can have a significant impact to the Company’s consolidated balance sheets (as evidenced above in the Company’s foreign currency translation gain or loss), as well as its consolidated results of operations, as amounts in foreign currencies are generally translating into more U.S. dollars when the U.S. dollar weakens or less U.S. dollars when the U.S. dollar strengthens. As of March 31, 2014, the U.S. dollar was generally weaker relative to certain of the currencies of the foreign countries in which the Company operates. This overall weakness of the U.S. dollar had an overall positive impact on the Company’s consolidated financial position because the foreign denominations translated into more U.S. dollars as evidenced by a decrease in foreign currency translation loss for the three months ended March 31, 2014 as reflected in the above table. In future periods, the volatility of the U.S. dollar as compared to the other currencies in which the Company operates could have a significant impact on its consolidated financial position and results of operations including the amount of revenue that the Company reports in future periods. | |||||||||||||
Treasury Stock | |||||||||||||
During the three months ended March 31, 2014, the Company repurchased a total of 266,585 shares of its common stock in the open market at an average price of $176.75 per share for total consideration of $47,120,000 under a share repurchase program that was approved by the Company’s Board of Directors in December 2013 (the “2013 Share Repurchase Program”). As of March 31, 2014, the Company may purchase up to an additional $404,081,000 in value of the Company’s common stock through December 31, 2014 under this share repurchase program. | |||||||||||||
Stock-Based Compensation | |||||||||||||
In March 2014, the Compensation Committee and the Stock Award Committee of the Company’s Board of Directors approved the issuance of an aggregate of 613,560 shares of restricted stock units to certain employees, including executive officers, pursuant to the 2000 Equity Incentive Plan, as part of the Company’s annual refresh program. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $179.18 and a weighted-average requisite service period of 3.34 years. The valuation of restricted stock units with only a service condition or a service and performance condition requires no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of the Company’s stock price on the date of grant. The Company uses a Monte Carlo simulation option-pricing model to determine the fair value of restricted stock units with a service and market condition. There were no significant changes in the assumptions used to determine the fair value of restricted stock units with a service and market condition that were granted during the three months ended March 31, 2014 compared to the three months ended March 31, 2013. | |||||||||||||
The following table presents, by operating expense category, the Company’s stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations (in thousands): | |||||||||||||
Three months ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cost of revenues | $ | 1,870 | $ | 1,602 | |||||||||
Sales and marketing | 7,000 | 5,721 | |||||||||||
General and administrative | 16,111 | 16,513 | |||||||||||
$ | 24,981 | $ | 23,836 | ||||||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
12. Segment Information | |||||||||
While the Company has a single line of business, which is the design, build-out and operation of IBX data centers, it has determined that it has three reportable segments comprised of its Americas, EMEA and Asia-Pacific geographic regions. The Company’s chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on the Company’s revenue and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. The Company defines adjusted EBITDA as income from operations plus depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges and acquisition costs as presented below (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Adjusted EBITDA: | |||||||||
Americas | $ | 149,563 | $ | 144,517 | |||||
EMEA | 63,205 | 48,729 | |||||||
Asia-Pacific | 47,620 | 47,642 | |||||||
Total adjusted EBITDA | 260,388 | 240,888 | |||||||
Depreciation, amortization and accretion expense | (113,610 | ) | (108,603 | ) | |||||
Stock-based compensation expense | (24,981 | ) | (23,836 | ) | |||||
Acquisitions costs | (185 | ) | (3,662 | ) | |||||
Income from operations | $ | 121,612 | $ | 104,787 | |||||
The Company also provides the following additional segment disclosures (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues: | |||||||||
Americas | $ | 330,033 | $ | 305,792 | |||||
EMEA | 151,430 | 119,969 | |||||||
Asia-Pacific | 98,590 | 90,373 | |||||||
$ | 580,053 | $ | 516,134 | ||||||
Total depreciation and amortization: | |||||||||
Americas | $ | 60,027 | $ | 62,597 | |||||
EMEA | 29,712 | 22,875 | |||||||
Asia-Pacific | 24,254 | 21,733 | |||||||
$ | 113,993 | $ | 107,205 | ||||||
Capital expenditures: | |||||||||
Americas | $ | 67,515 | $ | 44,841 | |||||
EMEA | 15,564 | 16,569 | |||||||
Asia-Pacific | 39,619 | 14,257 | |||||||
$ | 122,698 | $ | 75,667 | ||||||
The Company’s long-lived assets are located in the following geographic areas as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Americas | $ | 2,679,496 | $ | 2,549,863 | |||||
EMEA | 1,174,049 | 1,188,559 | |||||||
Asia-Pacific | 912,752 | 853,228 | |||||||
$ | 4,766,297 | $ | 4,591,650 | ||||||
Revenue information by category is as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Colocation | $ | 434,623 | $ | 394,831 | |||||
Interconnection | 87,026 | 75,991 | |||||||
Managed infrastructure | 25,384 | 23,120 | |||||||
Rental | 2,670 | 580 | |||||||
Recurring revenues | 549,703 | 494,522 | |||||||
Non-recurring revenues | 30,350 | 21,612 | |||||||
$ | 580,053 | $ | 516,134 | ||||||
No single customer accounted for 10% or greater of the Company’s revenues for the three months ended March 31, 2014 and 2013. No single customer accounted for 10% or greater of the Company’s gross accounts receivable as of March 31, 2014 and December 31, 2013. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
From April 1, 2014 through May 1, 2014, the Company repurchased a total of 186,503 shares of its common stock in the open market at an average price of $175.95 per share for a total consideration of $32,815,000 under the 2013 Share Repurchase Program. | |
In April and May 2014, the Company entered into agreements with certain note holders to exchange an aggregate of $170,137,000 of the principal amount of the 4.75% Convertible Subordinated Notes for 2,017,806 shares of the Company’s common stock and cash payments totaling approximately $17,636,000. As a result, the Company will recognize a loss on debt extinguishment of approximately $38,000,000 in the second quarter of 2014 upon the exchange of the 4.75% Convertible Subordinated Notes. | |
In April 2014, the Company, Riverwood Capital L.P. (“Riverwood”), and the other parties thereto, amended the shareholders agreement governing their investment in ALOG to extend the time period granted to the Company in 2014 to exercise its right to purchase Riverwood’s interest in ALOG, along with the approximate 10% of ALOG owned by ALOG management, to May 31, 2014. Such purchase by the Company would result in the Company owning 100% of the outstanding shares of ALOG upon completion of the transaction. Should the Company not exercise its right by May 31, 2014, subsequent exercise periods begin on April 1 and end on April 30 of each of 2015 and 2016. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (‘‘Equinix’’ or the ‘‘Company’’) and reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state the financial position and the results of operations for the interim periods presented. The condensed consolidated balance sheet data as of December 31, 2013 has been derived from audited consolidated financial statements as of that date. The consolidated financial statements have been prepared in accordance with the regulations of the Securities and Exchange Commission (‘‘SEC’’), but omit certain information and footnote disclosure necessary to present the statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For further information, refer to the Consolidated Financial Statements and Notes thereto included in Equinix’s Form 10-K as filed with the SEC on February 28, 2014. Results for the interim periods are not necessarily indicative of results for the entire fiscal year. | |
Consolidation | ' |
Consolidation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Equinix and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Income Taxes | ' |
Income Taxes | |
The Company’s effective tax rates were 24.7% and 25.6% for the three months ended March 31, 2014 and 2013, respectively. | |
The Company is entitled to a deduction for federal and state tax purposes with respect to employee equity award activity. The reduction in income tax payable related to windfall tax benefits for stock based compensation awards has been reflected as an adjustment to additional paid-in capital. For the three months ended March 31, 2014, the benefits arising from employee equity award activity that resulted in an adjustment to additional paid in capital were $9,477,000. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). This ASU requires companies to present an unrecognized tax benefit, or a portion thereof, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward, is not available at the reporting date under the applicable tax law or an entity does not intend to use its deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not a reduction to deferred tax assets. This ASU is effective for fiscal years and interim periods beginning after December 15, 2013 with early adoption permitted. During the three months ended March 31, 2014, the Company adopted ASU 2013-11 and the adoption did not have a significant impact on its consolidated financial statements. | |
Operating Lease | ' |
The Company currently leases the majority of its IBX data centers and certain equipment under non-cancelable operating lease agreements expiring through 2043. The IBX data center lease agreements typically provide for base rental rates that increase at defined intervals during the term of the lease. In addition, the Company has negotiated some rent expense abatement periods for certain leases to better match the phased build-out of its IBX data centers. The Company accounts for such abatements and increasing base rentals using the straight-line method over the life of the lease. The difference between the straight-line expense and the cash payment is recorded as deferred rent. | |
Cash Flow Hedges | ' |
Cash Flow Hedges. The Company hedges its exposure to foreign currency exchange rate fluctuations for forecasted revenues and expenses in its EMEA region in order to help manage the Company’s exposure to foreign currency exchange rate fluctuations between the U.S. dollar and the British pound, Euro and Swiss franc. | |
Derivatives Not Designated as Hedging Instruments | ' |
Derivatives Not Designated as Hedging Instruments | |
Embedded Derivatives. The Company is deemed to have foreign currency forward contracts embedded in certain of the Company’s customer agreements that are priced in currencies different from the functional or local currencies of the parties involved. These embedded derivatives are separated from their host contracts and carried on the Company’s balance sheet at their fair value. The majority of these embedded derivatives arise as a result of the Company’s foreign subsidiaries pricing their customer contracts in the U.S. dollar. Gains and losses on these embedded derivatives are included within revenues in the Company’s condensed consolidated statements of operations. During the three months ended March 31, 2014, gains (losses) from these embedded derivatives were not significant. During the three months ended March 31, 2013, the Company recognized a net gain of $2,453,000 associated with these embedded derivatives. | |
Economic Hedges of Embedded Derivatives. The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Company’s embedded derivatives (“economic hedges of embedded derivatives”). Gains and losses on these contracts are included in revenues along with gains and losses of the related embedded derivatives. The Company entered into various economic hedges of embedded derivatives during the three months ended March 31, 2014 and gains (losses) from these contracts were not significant. The Company did not enter into any economic hedges of embedded derivatives during the three months ended March 31, 2013. | |
Foreign Currency Forward and Options Contracts. The Company also uses foreign currency forward and options contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of the foreign currency-denominated assets and liabilities change. Gains and losses on these contracts are included in other income (expense), net, along with those foreign currency gains and losses of the related foreign currency-denominated assets and liabilities associated with the foreign currency forward and options contracts. | |
Fair Value Valuation Methods | ' |
Valuation Methods | |
Fair value estimates are made as of a specific point in time based on methods using present value or other valuation techniques. These techniques involve uncertainties and are affected by the assumptions used and the judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. | |
Cash, Cash Equivalents and Investments. The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are included in cash equivalents. The Company’s U.S. government securities and money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices for identical instruments in active markets. The fair value of the Company’s other investments approximate their face value, including certificates of deposit and available-for-sale debt investments related to the Company’s investments in the securities of other public companies, governmental units and other agencies. The fair value of these investments is priced based on the quoted market price for similar instruments or nonbinding market prices that are corroborated by observable market data. Such instruments are classified within Level 2 of the fair value hierarchy. The Company determines the fair values of its Level 2 investments by using inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, custody bank, third-party pricing vendors, or other sources. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. The Company is responsible for its consolidated financial statements and underlying estimates. | |
The Company determined that the major security types held as of March 31, 2014 were primarily cash and money market funds, U.S. government and agency securities, corporate bonds, certificate of deposits, commercial paper and asset-backed securities. The Company uses the specific identification method in computing realized gains and losses. Short-term and long-term investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses reported in stockholders’ equity as a component of other comprehensive income or loss, net of any related tax effect. The Company reviews its investment portfolio quarterly to determine if any securities may be other-than-temporarily impaired due to increased credit risk, changes in industry or sector of a certain instrument or ratings downgrades over an extended period of time. | |
Derivative Assets and Liabilities. For derivatives, including cash flow hedges, embedded derivatives and economic hedges of embedded derivatives, the Company uses forward contract models employing market observable inputs, such as spot currency rates and forward points with adjustments made to these values utilizing published credit default swap rates of its foreign exchange trading counterparties. The Company has determined that the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, therefore the derivatives are categorized as Level 2. | |
Segment Information | ' |
While the Company has a single line of business, which is the design, build-out and operation of IBX data centers, it has determined that it has three reportable segments comprised of its Americas, EMEA and Asia-Pacific geographic regions. The Company’s chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on the Company’s revenue and adjusted EBITDA performance both on a consolidated basis and based on these three reportable segments. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the periods presented (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 41,337 | $ | 33,284 | |||||
Net (income) loss attributable to redeemable non-controlling interests | 50 | (441 | ) | ||||||
Net income attributable to Equinix, basic | 41,387 | 32,843 | |||||||
Effect of assumed conversion of convertible debt: | |||||||||
Interest expense, net of tax | 1,984 | 1,851 | |||||||
Net income attributable to Equinix, diluted | $ | 43,371 | $ | 34,694 | |||||
Weighted-average shares used to compute basic EPS | 49,598 | 49,029 | |||||||
Effect of dilutive securities: | |||||||||
Convertible debt | 3,371 | 3,613 | |||||||
Employee equity awards | 417 | 838 | |||||||
Weighted-average shares used to compute diluted EPS | 53,386 | 53,480 | |||||||
EPS attributable to Equinix: | |||||||||
Basic EPS | $ | 0.83 | $ | 0.67 | |||||
Diluted EPS | $ | 0.81 | $ | 0.65 | |||||
Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share | ' | ||||||||
The following table sets forth weighted-average outstanding potential shares of common stock that are not included in the diluted earnings per share calculation above because to do so would be anti-dilutive for the periods indicated (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Shares reserved for conversion of 4.75% convertible subordinated notes | 4,432 | 4,432 | |||||||
Common stock related to employee equity awards | 337 | 113 | |||||||
4,769 | 4,545 | ||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Cash, Cash Equivalents and Short-Term and Long-Term Investments | ' | ||||||||||||||||
Cash, cash equivalents and short-term and long-term investments consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash (1) | $ | 232,835 | $ | 186,007 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 256,740 | 74,787 | |||||||||||||||
Commercial paper | 5,599 | 1,100 | |||||||||||||||
Total cash and cash equivalents | 495,174 | 261,894 | |||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. government securities | 288,625 | 305,021 | |||||||||||||||
U.S. government agency securities | 85,946 | 125,917 | |||||||||||||||
Corporate bonds | 73,267 | 190,177 | |||||||||||||||
Certificates of deposit | 63,175 | 76,152 | |||||||||||||||
Asset-backed securities | 31,046 | 68,938 | |||||||||||||||
Commercial paper | 4,491 | 1,993 | |||||||||||||||
Total marketable securities | 546,550 | 768,198 | |||||||||||||||
Total cash, cash equivalents and short-term and long-term investments | $ | 1,041,724 | $ | 1,030,092 | |||||||||||||
-1 | Excludes restricted cash. | ||||||||||||||||
Summary of Cost and Estimated Fair Value of Marketable Securities | ' | ||||||||||||||||
The following table summarizes the cost and estimated fair value of marketable securities based on stated effective maturities as of (in thousands): | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||
Cost | Cost | ||||||||||||||||
Due within one year | $ | 322,207 | $ | 322,374 | $ | 369,698 | $ | 369,808 | |||||||||
Due after one year through three years | 224,019 | 224,176 | 398,200 | 398,390 | |||||||||||||
Total | $ | 546,226 | $ | 546,550 | $ | 767,898 | $ | 768,198 | |||||||||
Summary of Fair Value and Gross Unrealized Gains and Losses on Available-for-Sale Securities | ' | ||||||||||||||||
The following table summarizes the fair value and gross unrealized gains and losses related to the Company’s short-term and long-term investments in marketable securities designated as available-for-sale securities as of (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||
cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 288,433 | $ | 192 | $ | — | $ | 288,625 | |||||||||
U.S. government agency securities | 85,905 | 55 | (14 | ) | 85,946 | ||||||||||||
Corporate bonds | 73,210 | 68 | (11 | ) | 73,267 | ||||||||||||
Certificates of deposit | 63,175 | — | — | 63,175 | |||||||||||||
Asset-backed securities | 31,012 | 35 | (1 | ) | 31,046 | ||||||||||||
Commercial paper | 4,491 | — | — | 4,491 | |||||||||||||
Total | $ | 546,226 | $ | 350 | $ | (26 | ) | $ | 546,550 | ||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||
cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 304,897 | $ | 131 | $ | (7 | ) | $ | 305,021 | ||||||||
U.S. government agency securities | 125,904 | 35 | (22 | ) | 125,917 | ||||||||||||
Corporate bonds | 190,068 | 149 | (40 | ) | 190,177 | ||||||||||||
Certificates of deposit | 76,126 | 27 | (1 | ) | 76,152 | ||||||||||||
Asset-backed securities | 68,914 | 33 | (9 | ) | 68,938 | ||||||||||||
Commercial paper | 1,989 | 4 | — | 1,993 | |||||||||||||
Total | $ | 767,898 | $ | 379 | $ | (79 | ) | $ | 768,198 | ||||||||
Summary of Fair Value and Gross Unrealized Loss Position Related to Available-for-Sale Securities | ' | ||||||||||||||||
The following table summarizes the fair value and gross unrealized losses related to 27 available-for-sale securities with an aggregate cost basis of $49,473,000 aggregated by type of investment and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2014 (in thousands): | |||||||||||||||||
Securities in a loss | |||||||||||||||||
position for less than | |||||||||||||||||
12 months | |||||||||||||||||
Fair value | Gross | ||||||||||||||||
unrealized | |||||||||||||||||
losses | |||||||||||||||||
U.S. government agency securities | $ | 18,247 | $ | (14 | ) | ||||||||||||
U.S. government securities | 15,028 | — | |||||||||||||||
Corporate bonds | 9,453 | (11 | ) | ||||||||||||||
Asset-backed securities | 5,519 | (1 | ) | ||||||||||||||
$ | 48,247 | $ | (26 | ) | |||||||||||||
Accounts Receivables, Net | ' | ||||||||||||||||
Accounts receivables, net, consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 356,162 | $ | 323,822 | |||||||||||||
Unearned revenue | (135,269 | ) | (132,342 | ) | |||||||||||||
Allowance for doubtful accounts | (7,333 | ) | (6,640 | ) | |||||||||||||
$ | 213,560 | $ | 184,840 | ||||||||||||||
Other Current Assets | ' | ||||||||||||||||
Other current assets consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 23,300 | $ | 26,578 | |||||||||||||
Taxes receivable | 10,301 | 21,584 | |||||||||||||||
Deferred tax assets, net | 7,442 | 7,442 | |||||||||||||||
Other receivables | 2,142 | 4,181 | |||||||||||||||
Derivative instruments | 7,132 | 4,457 | |||||||||||||||
Restricted cash, current | 3,287 | 3,210 | |||||||||||||||
Other current assets | 1,306 | 4,666 | |||||||||||||||
$ | 54,910 | $ | 72,118 | ||||||||||||||
Property, Plant and Equipment, Net | ' | ||||||||||||||||
Property, plant and equipment consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
IBX plant and machinery | $ | 2,707,353 | $ | 2,640,907 | |||||||||||||
Leasehold improvements | 1,069,414 | 1,039,847 | |||||||||||||||
Buildings (1) | 1,968,182 | 1,862,562 | |||||||||||||||
IBX equipment | 530,232 | 490,677 | |||||||||||||||
Computer equipment and software | 205,615 | 189,714 | |||||||||||||||
Land | 122,079 | 122,035 | |||||||||||||||
Furniture and fixtures | 24,658 | 24,134 | |||||||||||||||
Construction in progress | 269,584 | 244,254 | |||||||||||||||
6,897,117 | 6,614,130 | ||||||||||||||||
Less accumulated depreciation | (2,130,820 | ) | (2,022,480 | ) | |||||||||||||
$ | 4,766,297 | $ | 4,591,650 | ||||||||||||||
-1 | Includes site improvements. | ||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
Goodwill and intangible assets, net, consisted of the following as of (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Americas | $ | 474,914 | $ | 471,845 | |||||||||||||
EMEA | 437,386 | 435,041 | |||||||||||||||
Asia-Pacific | 135,278 | 135,267 | |||||||||||||||
$ | 1,047,578 | $ | 1,042,153 | ||||||||||||||
Intangible assets: | |||||||||||||||||
Intangible asset – customer contracts | $ | 233,353 | $ | 233,038 | |||||||||||||
Intangible asset – favorable leases | 24,683 | 25,147 | |||||||||||||||
Intangible asset – licenses | 9,697 | 9,697 | |||||||||||||||
Intangible asset – others | 8,920 | 8,859 | |||||||||||||||
276,653 | 276,741 | ||||||||||||||||
Accumulated amortization | (99,739 | ) | (92,559 | ) | |||||||||||||
$ | 176,914 | $ | 184,182 | ||||||||||||||
Estimated Future Amortization Expense Related to Intangible Assets | ' | ||||||||||||||||
The Company’s estimated future amortization expense related to its intangible assets is as follows (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (nine months remaining) | $ | 22,135 | |||||||||||||||
2015 | 29,108 | ||||||||||||||||
2016 | 28,638 | ||||||||||||||||
2017 | 27,095 | ||||||||||||||||
2018 | 24,008 | ||||||||||||||||
Thereafter | 45,930 | ||||||||||||||||
Total | $ | 176,914 | |||||||||||||||
Other Assets | ' | ||||||||||||||||
Other assets consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets, net | $ | 277,026 | $ | 229,975 | |||||||||||||
Prepaid expenses, non-current | 60,233 | 61,039 | |||||||||||||||
Debt issuance costs, net | 39,634 | 41,847 | |||||||||||||||
Deposits | 25,597 | 25,543 | |||||||||||||||
Restricted cash, non-current | 16,203 | 16,178 | |||||||||||||||
Derivative instruments | 3,678 | 4,118 | |||||||||||||||
Other assets, non-current | 7,244 | 8,624 | |||||||||||||||
$ | 429,615 | $ | 387,324 | ||||||||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||||||||||
Accounts payable and accrued expenses consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts payable | $ | 34,363 | $ | 30,291 | |||||||||||||
Accrued compensation and benefits | 72,391 | 92,106 | |||||||||||||||
Accrued interest | 64,382 | 48,310 | |||||||||||||||
Accrued taxes | 57,725 | 32,047 | |||||||||||||||
Accrued utilities and security | 30,226 | 31,314 | |||||||||||||||
Accrued professional fees | 11,951 | 9,753 | |||||||||||||||
Accrued repairs and maintenance | 4,798 | 3,557 | |||||||||||||||
Accrued other | 17,459 | 15,845 | |||||||||||||||
$ | 293,295 | $ | 263,223 | ||||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax liabilities, net | $ | 72,004 | $ | 72,004 | |||||||||||||
Deferred installation revenue | 45,661 | 43,145 | |||||||||||||||
Customer deposits | 15,428 | 15,174 | |||||||||||||||
Derivative instruments | 5,865 | 6,515 | |||||||||||||||
Deferred recurring revenue | 5,559 | 5,007 | |||||||||||||||
Deferred rent | 2,645 | 3,865 | |||||||||||||||
Asset retirement obligations | 1,306 | 1,290 | |||||||||||||||
Other current liabilities | 875 | 958 | |||||||||||||||
$ | 149,343 | $ | 147,958 | ||||||||||||||
Other Liabilities | ' | ||||||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset retirement obligations, non-current | $ | 58,892 | $ | 58,258 | |||||||||||||
Deferred tax liabilities, net | 69,835 | 69,812 | |||||||||||||||
Deferred installation revenue, non-current | 64,315 | 60,947 | |||||||||||||||
Deferred rent, non-current | 41,399 | 37,955 | |||||||||||||||
Accrued taxes, non-current | 28,344 | 27,052 | |||||||||||||||
Customer deposits, non-current | 4,945 | 5,005 | |||||||||||||||
Deferred recurring revenue, non-current | 2,048 | 2,082 | |||||||||||||||
Other liabilities | 14,330 | 13,844 | |||||||||||||||
$ | 284,108 | $ | 274,955 | ||||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Cash Flow Hedge Instruments | ' | ||||||||||||||||||||
As of March 31, 2014, the Company had a total of 102 cash flow hedge instruments with maturity dates ranging from April 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair | Accumulated | |||||||||||||||||||
amount | value (1) | other | |||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 139,544 | $ | 1,981 | $ | 1,979 | |||||||||||||||
Derivative liabilities | 213,175 | (3,532 | ) | (3,529 | ) | ||||||||||||||||
Total | $ | 352,719 | $ | (1,551 | ) | $ | (1,550 | ) | |||||||||||||
-1 | A total of $1,981 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets. A total of $3,532 of derivative liabilities related to cash flow hedges are included in the condensed consolidated balance sheets within other current liabilities. | ||||||||||||||||||||
-2 | Included in the condensed consolidated balance sheets within accumulated other comprehensive income (loss). | ||||||||||||||||||||
As of December 31, 2013, the Company had a total of 69 cash flow hedge instruments with maturity dates ranging from January 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair | Accumulated | |||||||||||||||||||
amount | value (1) | other | |||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 127,968 | $ | 2,102 | $ | 2,107 | |||||||||||||||
Derivative liabilities | 200,686 | (3,855 | ) | (3,857 | ) | ||||||||||||||||
Total | $ | 328,654 | $ | (1,753 | ) | $ | (1,750 | ) | |||||||||||||
-1 | A total of $2,099 and $3 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets and other assets, respectively. A total of $3,818 and $37 of derivative liabilities related to cash flow hedges are included in the condensed consolidated balance sheets within other current liabilities and other liabilities, respectively. | ||||||||||||||||||||
-2 | Included in the condensed consolidated balance sheets within accumulated other comprehensive income (loss). | ||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments Recognized in Consolidated Balance Sheets | ' | ||||||||||||||||||||
The following table presents the fair value of derivative instruments recognized in the Company’s condensed consolidated balance sheets as of March 31, 2014 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
amounts | amounts | amounts (1) | amounts | ||||||||||||||||||
offset in the | not offset | ||||||||||||||||||||
balance | in the | ||||||||||||||||||||
sheet | balance | ||||||||||||||||||||
sheet (2) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 1,981 | $ | — | $ | 1,981 | $ | (1,955 | ) | $ | 26 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 5,251 | — | 5,251 | — | 5,251 | ||||||||||||||||
Economic hedges of embedded derivatives | 518 | — | 518 | — | 518 | ||||||||||||||||
Foreign currency forward and options contracts | 3,060 | — | 3,060 | (1,648 | ) | 1,412 | |||||||||||||||
8,829 | — | 8,829 | (1,648 | ) | 7,181 | ||||||||||||||||
Additional netting benefit | — | — | — | (900 | ) | (900 | ) | ||||||||||||||
$ | 10,810 | $ | — | $ | 10,810 | $ | (4,503 | ) | $ | 6,307 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 3,532 | $ | — | $ | 3,532 | $ | (1,955 | ) | $ | 1,577 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 213 | — | 213 | — | 213 | ||||||||||||||||
Economic hedges of embedded derivatives | 170 | — | 170 | — | 170 | ||||||||||||||||
Foreign currency forward and options contracts | 1,994 | — | 1,994 | (1,648 | ) | 346 | |||||||||||||||
2,377 | — | 2,377 | (1,648 | ) | 729 | ||||||||||||||||
Additional netting benefit | — | — | — | (900 | ) | (900 | ) | ||||||||||||||
$ | 5,909 | $ | — | $ | 5,909 | $ | (4,503 | ) | $ | 1,406 | |||||||||||
-1 | As presented in the Company’s condensed consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. | ||||||||||||||||||||
-2 | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. | ||||||||||||||||||||
The following table presents the fair value of derivative instruments recognized in the Company’s condensed consolidated balance sheets as of December 31, 2013 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
amounts | amounts | amounts (1) | amounts | ||||||||||||||||||
offset in the | not offset | ||||||||||||||||||||
balance | in the | ||||||||||||||||||||
sheet | balance | ||||||||||||||||||||
sheet (2) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 2,102 | $ | — | $ | 2,102 | $ | (2,102 | ) | $ | — | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 6,296 | — | 6,296 | — | 6,296 | ||||||||||||||||
Foreign currency forward and options contracts | 177 | — | 177 | (177 | ) | — | |||||||||||||||
6,473 | — | 6,473 | (177 | ) | 6,296 | ||||||||||||||||
$ | 8,575 | $ | — | $ | 8,575 | $ | (2,279 | ) | $ | 6,296 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 3,855 | $ | — | $ | 3,855 | $ | (2,102 | ) | $ | 1,753 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 115 | — | 115 | — | 115 | ||||||||||||||||
Economic hedges of embedded derivatives | 1,315 | — | 1,315 | — | 1,315 | ||||||||||||||||
Foreign currency forward and options contracts | 1,289 | — | 1,289 | (177 | ) | 1,112 | |||||||||||||||
2,719 | — | 2,719 | (177 | ) | 2,542 | ||||||||||||||||
$ | 6,574 | $ | — | $ | 6,574 | $ | (2,279 | ) | $ | 4,295 | |||||||||||
-1 | As presented in the Company’s condensed consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities. | ||||||||||||||||||||
-2 | The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 were as follows (in thousands): | |||||||||||||
Fair value at | Fair value | ||||||||||||
March 31, | measurement using | ||||||||||||
2014 | Level 1 | Level 2 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 232,835 | $ | 232,835 | $ | — | |||||||
Money market and deposit accounts | 256,740 | 256,740 | — | ||||||||||
U.S. government securities | 288,625 | 288,625 | — | ||||||||||
U.S. government agency securities | 85,946 | — | 85,946 | ||||||||||
Corporate bonds | 73,267 | — | 73,267 | ||||||||||
Certificates of deposit | 63,175 | — | 63,175 | ||||||||||
Asset-backed securities | 31,046 | — | 31,046 | ||||||||||
Commercial paper | 10,090 | — | 10,090 | ||||||||||
Derivative instruments (1) | 10,810 | — | 10,810 | ||||||||||
$ | 1,052,534 | $ | 778,200 | $ | 274,334 | ||||||||
Liabilities: | |||||||||||||
Derivative instruments (1) | $ | 5,909 | $ | — | $ | 5,909 | |||||||
-1 | Includes embedded derivatives, economic hedges of embedded derivatives and foreign currency forward and options contracts. Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the Company’s accompanying condensed consolidated balance sheet. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Activity of Related Party Transactions | ' | ||||||||
The Company’s activity of related party transactions was as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues | $ | 2,121 | $ | 8,476 | |||||
Costs and services | 161 | 2,465 | |||||||
As of March 31, | |||||||||
2014 | 2013 | ||||||||
Accounts receivable | $ | 1,690 | $ | 5,089 | |||||
Accounts payable | — | 443 |
Leases_Tables
Leases (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Summary of Capital Lease and Other Financing Obligations | ' | ||||||||||||
The Company’s capital lease and other financing obligations are summarized as follows (in thousands): | |||||||||||||
Capital lease | Other | Total | |||||||||||
obligations | financing | ||||||||||||
obligations | |||||||||||||
2014 (nine months remaining) | $ | 34,702 | $ | 35,388 | $ | 70,090 | |||||||
2015 | 52,139 | 55,148 | 107,287 | ||||||||||
2016 | 52,817 | 59,627 | 112,444 | ||||||||||
2017 | 54,025 | 59,576 | 113,601 | ||||||||||
2018 | 55,722 | 62,377 | 118,099 | ||||||||||
Thereafter | 776,516 | 571,984 | 1,348,500 | ||||||||||
Total minimum lease payments | 1,025,921 | 844,100 | 1,870,021 | ||||||||||
Plus amount representing residual property value | — | 404,357 | 404,357 | ||||||||||
Less estimated building costs | — | (32,566 | ) | (32,566 | ) | ||||||||
Less amount representing interest | (542,895 | ) | (643,790 | ) | (1,186,685 | ) | |||||||
Present value of net minimum lease payments | 483,026 | 572,101 | 1,055,127 | ||||||||||
Less current portion | (9,108 | ) | (8,772 | ) | (17,880 | ) | |||||||
$ | 473,918 | $ | 563,329 | $ | 1,037,247 | ||||||||
Debt_Facilities_Tables
Debt Facilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Convertible Debt | ' | ||||||||
The Company’s convertible debt consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
3.00% Convertible Subordinated Notes | $ | 395,986 | $ | 395,986 | |||||
4.75% Convertible Subordinated Notes | 373,723 | 373,724 | |||||||
769,709 | 769,710 | ||||||||
Less amount representing debt discount | (41,348 | ) | (45,508 | ) | |||||
$ | 728,361 | $ | 724,202 | ||||||
Summary of Maturities of Debt Facilities | ' | ||||||||
The following table sets forth maturities of the Company’s debt, including mortgage and loans payable, convertible debt and senior notes, as of March 31, 2014 (in thousands): | |||||||||
Year ending: | |||||||||
2014 (nine months remaining) | $ | 439,692 | |||||||
2015 | 58,030 | ||||||||
2016(1) | 435,662 | ||||||||
2017 | 35,695 | ||||||||
2018 | 9,447 | ||||||||
Thereafter | 2,287,066 | ||||||||
$ | 3,265,592 | ||||||||
-1 | Gross of $41,348 debt discount from the 4.75% Convertible Subordinated Notes. | ||||||||
Fair Value of Debt Facilities | ' | ||||||||
The following table sets forth the estimated fair values of the Company’s mortgage and loans payable, senior notes and convertible debt, including current maturities, as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Mortgage and loans payable | $ | 252,050 | $ | 254,607 | |||||
Convertible debt | 1,044,273 | 1,009,744 | |||||||
Senior notes | 2,375,625 | 2,302,290 | |||||||
Interest Charges | ' | ||||||||
The following table sets forth total interest costs incurred and total interest costs capitalized for the periods presented (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Interest expense | $ | 68,820 | $ | 60,331 | |||||
Interest capitalized | 3,406 | 2,892 | |||||||
Interest charges incurred | $ | 72,226 | $ | 63,223 | |||||
Mortgage and Loans Payable [Member] | ' | ||||||||
Summary of Mortgage, Loans Payable and Senior Notes | ' | ||||||||
The Company’s mortgage and loans payable consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
U.S. term loan | $ | 130,000 | $ | 140,000 | |||||
ALOG financings | 70,799 | 67,882 | |||||||
Mortgage payable | 43,202 | 43,497 | |||||||
Other loans payable | 1,882 | 1,829 | |||||||
245,883 | 253,208 | ||||||||
Less current portion | (54,122 | ) | (53,508 | ) | |||||
$ | 191,761 | $ | 199,700 | ||||||
Senior Notes [Member] | ' | ||||||||
Summary of Mortgage, Loans Payable and Senior Notes | ' | ||||||||
The Company’s senior notes consisted of the following as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
5.375% senior notes due 2023 | $ | 1,000,000 | $ | 1,000,000 | |||||
7.00% senior notes due 2021 | 750,000 | 750,000 | |||||||
4.875% senior notes due 2020 | 500,000 | 500,000 | |||||||
$ | 2,250,000 | $ | 2,250,000 | ||||||
Redeemable_NonControlling_Inte1
Redeemable Non-Controlling Interests (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Noncontrolling Interest [Abstract] | ' | ||||
Activities of Company's Redeemable Non-Controlling Interests | ' | ||||
The following table provides a summary of the activities of the Company’s redeemable non-controlling interests (in thousands): | |||||
Balance as of December 31, 2013 | $ | 123,902 | |||
Net loss attributable to redeemable non-controlling interests | (50 | ) | |||
Other comprehensive income attributable to redeemable non-controlling interests | 2,067 | ||||
Impact of foreign currency exchange | 1,040 | ||||
Balance as of March 31, 2014 | $ | 126,959 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Loss | ' | ||||||||||||
The components of accumulated other comprehensive loss, net of tax, are as follows (in thousands): | |||||||||||||
Balance as of | Net | Balance as of | |||||||||||
December 31, | change | March 31, | |||||||||||
2013 | 2014 | ||||||||||||
Foreign currency translation gain (loss) | $ | (132,881 | ) | $ | 14,970 | $ | (117,911 | ) | |||||
Unrealized gain (loss) on cash flow hedges | (1,750 | ) | 200 | (1,550 | ) | ||||||||
Unrealized gain (loss) on available for sale securities | (257 | ) | 839 | 582 | |||||||||
Other comprehensive loss (income) attributable to redeemable non-controlling interests | 21,121 | (2,067 | ) | 19,054 | |||||||||
$ | (113,767 | ) | $ | 13,942 | $ | (99,825 | ) | ||||||
Stock-Based Compensation Expense Recognized in Company's Condensed Consolidated Statement of Operations | ' | ||||||||||||
The following table presents, by operating expense category, the Company’s stock-based compensation expense recognized in the Company’s condensed consolidated statement of operations (in thousands): | |||||||||||||
Three months ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cost of revenues | $ | 1,870 | $ | 1,602 | |||||||||
Sales and marketing | 7,000 | 5,721 | |||||||||||
General and administrative | 16,111 | 16,513 | |||||||||||
$ | 24,981 | $ | 23,836 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Adjusted EBITDA | ' | ||||||||
The Company defines adjusted EBITDA as income from operations plus depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges and acquisition costs as presented below (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Adjusted EBITDA: | |||||||||
Americas | $ | 149,563 | $ | 144,517 | |||||
EMEA | 63,205 | 48,729 | |||||||
Asia-Pacific | 47,620 | 47,642 | |||||||
Total adjusted EBITDA | 260,388 | 240,888 | |||||||
Depreciation, amortization and accretion expense | (113,610 | ) | (108,603 | ) | |||||
Stock-based compensation expense | (24,981 | ) | (23,836 | ) | |||||
Acquisitions costs | (185 | ) | (3,662 | ) | |||||
Income from operations | $ | 121,612 | $ | 104,787 | |||||
Segment Disclosures | ' | ||||||||
The Company also provides the following additional segment disclosures (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues: | |||||||||
Americas | $ | 330,033 | $ | 305,792 | |||||
EMEA | 151,430 | 119,969 | |||||||
Asia-Pacific | 98,590 | 90,373 | |||||||
$ | 580,053 | $ | 516,134 | ||||||
Total depreciation and amortization: | |||||||||
Americas | $ | 60,027 | $ | 62,597 | |||||
EMEA | 29,712 | 22,875 | |||||||
Asia-Pacific | 24,254 | 21,733 | |||||||
$ | 113,993 | $ | 107,205 | ||||||
Capital expenditures: | |||||||||
Americas | $ | 67,515 | $ | 44,841 | |||||
EMEA | 15,564 | 16,569 | |||||||
Asia-Pacific | 39,619 | 14,257 | |||||||
$ | 122,698 | $ | 75,667 | ||||||
Long-Lived Assets | ' | ||||||||
The Company’s long-lived assets are located in the following geographic areas as of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Americas | $ | 2,679,496 | $ | 2,549,863 | |||||
EMEA | 1,174,049 | 1,188,559 | |||||||
Asia-Pacific | 912,752 | 853,228 | |||||||
$ | 4,766,297 | $ | 4,591,650 | ||||||
Revenue Information by Category | ' | ||||||||
Revenue information by category is as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Colocation | $ | 434,623 | $ | 394,831 | |||||
Interconnection | 87,026 | 75,991 | |||||||
Managed infrastructure | 25,384 | 23,120 | |||||||
Rental | 2,670 | 580 | |||||||
Recurring revenues | 549,703 | 494,522 | |||||||
Non-recurring revenues | 30,350 | 21,612 | |||||||
$ | 580,053 | $ | 516,134 | ||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Effective income tax rate, continuing operations | 24.70% | 25.60% |
Benefits from employee equity award activity in adjustment to additional paid in capital | $9,477,000 | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $41,337 | $33,284 |
Net (income) loss attributable to redeemable non-controlling interests | 50 | -441 |
Net income attributable to Equinix, basic | 41,387 | 32,843 |
Interest expense, net of tax | 1,984 | 1,851 |
Net income attributable to Equinix, diluted | $43,371 | $34,694 |
Weighted-average shares used to compute basic EPS | 49,598 | 49,029 |
Convertible debt | 3,371 | 3,613 |
Employee equity awards | 417 | 838 |
Weighted-average shares used to compute diluted EPS | 53,386 | 53,480 |
Basic EPS | $0.83 | $0.67 |
Diluted EPS | $0.81 | $0.65 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive potential shares of common stock excluded from computation of earnings per share, amount | 4,769 | 4,545 |
Shares reserved for conversion of convertible subordinated notes [Member] | 4.75% Convertible Subordinated Notes [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive potential shares of common stock excluded from computation of earnings per share, amount | 4,432 | 4,432 |
Common stock related to employee equity awards [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive potential shares of common stock excluded from computation of earnings per share, amount | 337 | 113 |
Earnings_Per_Share_Antidilutiv1
Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Parenthetical) (Detail) (4.75% Convertible Subordinated Notes [Member]) | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2009 |
4.75% Convertible Subordinated Notes [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Convertible debt interest rate | 4.75% | 4.75% | 4.75% |
Balance_Sheet_Components_Cash_
Balance Sheet Components - Cash, Cash Equivalents and Short-Term and Long-Term Investments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Investment Holdings [Line Items] | ' | ' | ' | ' |
Cash | $232,835 | $186,007 | ' | ' |
Money market funds | 256,740 | 74,787 | ' | ' |
Commercial paper | 5,599 | 1,100 | ' | ' |
Total cash and cash equivalents | 495,174 | 261,894 | 685,019 | 252,213 |
Total marketable securities | 546,550 | 768,198 | ' | ' |
Total cash, cash equivalents and short-term and long-term investments | 1,041,724 | 1,030,092 | ' | ' |
U.S. government securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 288,625 | 305,021 | ' | ' |
U.S. government agency securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 85,946 | 125,917 | ' | ' |
Corporate bonds [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 73,267 | 190,177 | ' | ' |
Certificates of deposit [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 63,175 | 76,152 | ' | ' |
Asset-backed securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 31,046 | 68,938 | ' | ' |
Commercial paper [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | $4,491 | $1,993 | ' | ' |
Balance_Sheet_Components_Summa
Balance Sheet Components - Summary of Cost and Estimated Fair Value of Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Amortized Cost, Due within one year | $322,207 | $369,698 |
Amortized Cost, Due after one year through three years | 224,019 | 398,200 |
Amortized Cost | 546,226 | 767,898 |
Fair Value, Due within one year | 322,374 | 369,808 |
Fair Value, Due after one year through three years | 224,176 | 398,390 |
Fair Value | $546,550 | $768,198 |
Balance_Sheet_Components_Summa1
Balance Sheet Components - Summary of Fair Value and Gross Unrealized Gains and Losses on Available-for-Sale Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $546,226 | $767,898 |
Gross unrealized gains | 350 | 379 |
Gross unrealized losses | -26 | -79 |
Fair Value | 546,550 | 768,198 |
U.S. government securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 288,433 | 304,897 |
Gross unrealized gains | 192 | 131 |
Gross unrealized losses | ' | -7 |
Fair Value | 288,625 | 305,021 |
U.S. government agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 85,905 | 125,904 |
Gross unrealized gains | 55 | 35 |
Gross unrealized losses | -14 | -22 |
Fair Value | 85,946 | 125,917 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 73,210 | 190,068 |
Gross unrealized gains | 68 | 149 |
Gross unrealized losses | -11 | -40 |
Fair Value | 73,267 | 190,177 |
Certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 63,175 | 76,126 |
Gross unrealized gains | ' | 27 |
Gross unrealized losses | ' | -1 |
Fair Value | 63,175 | 76,152 |
Asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 31,012 | 68,914 |
Gross unrealized gains | 35 | 33 |
Gross unrealized losses | -1 | -9 |
Fair Value | 31,046 | 68,938 |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 4,491 | 1,989 |
Gross unrealized gains | ' | 4 |
Gross unrealized losses | ' | ' |
Fair Value | $4,491 | $1,993 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Security | |||
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' |
Number of securities | 27 | ' | ' |
Available-for-sale securities in continuous unrealized loss position, aggregate cost basis | $49,473,000 | ' | ' |
Aggregate capital leased assets, gross | 508,434,000 | ' | 428,974,000 |
Accumulated depreciation | 60,130,000 | ' | 56,041,000 |
Amortization expense | $6,905,000 | $6,759,000 | ' |
Non-cancelable operating lease agreements expiring year | '2043 | ' | ' |
Balance_Sheet_Components_Summa2
Balance Sheet Components - Summary of Fair Value and Gross Unrealized Loss Position Related to Available-for-Sale Securities (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Fair value | $48,247 |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Gross unrealized losses | -26 |
U.S. government agency securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Fair value | 18,247 |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Gross unrealized losses | -14 |
U.S. government securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Fair value | 15,028 |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Gross unrealized losses | ' |
Corporate bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Fair value | 9,453 |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Gross unrealized losses | -11 |
Asset-backed securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Fair value | 5,519 |
Available-for-sale securities, continuous unrealized loss position, securities in a loss position for less than 12 months, Gross unrealized losses | ($1) |
Balance_Sheet_Components_Accou
Balance Sheet Components - Accounts Receivables, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $356,162 | $323,822 |
Unearned revenue | -135,269 | -132,342 |
Allowance for doubtful accounts | -7,333 | -6,640 |
Accounts receivable, net | $213,560 | $184,840 |
Balance_Sheet_Components_Other
Balance Sheet Components - Other Current Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid expenses | $23,300 | $26,578 |
Taxes receivable | 10,301 | 21,584 |
Deferred tax assets, net | 7,442 | 7,442 |
Other receivables | 2,142 | 4,181 |
Derivative instruments | 7,132 | 4,457 |
Restricted cash, current | 3,287 | 3,210 |
Other current assets | 1,306 | 4,666 |
Other current assets, total | $54,910 | $72,118 |
Balance_Sheet_Components_Prope
Balance Sheet Components - Property, Plant and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $6,897,117 | $6,614,130 |
Less accumulated depreciation | -2,130,820 | -2,022,480 |
Property, plant and equipment, net | 4,766,297 | 4,591,650 |
International Business Exchange (IBX) plant and machinery [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,707,353 | 2,640,907 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,069,414 | 1,039,847 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,968,182 | 1,862,562 |
IBX equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 530,232 | 490,677 |
Computer equipment and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 205,615 | 189,714 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 122,079 | 122,035 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 24,658 | 24,134 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $269,584 | $244,254 |
Balance_Sheet_Components_Goodw
Balance Sheet Components - Goodwill and Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $1,047,578 | $1,042,153 |
Intangible assets, gross | 276,653 | 276,741 |
Accumulated amortization | -99,739 | -92,559 |
Intangible assets, net | 176,914 | 184,182 |
Customer contracts [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 233,353 | 233,038 |
Favorable leases [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 24,683 | 25,147 |
Licenses [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 9,697 | 9,697 |
Others [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 8,920 | 8,859 |
Reportable Geographical Components [Member] | Americas [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | 474,914 | 471,845 |
Reportable Geographical Components [Member] | EMEA [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | 437,386 | 435,041 |
Reportable Geographical Components [Member] | Asia-Pacific [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $135,278 | $135,267 |
Balance_Sheet_Components_Estim
Balance Sheet Components - Estimated Future Amortization Expense Related to Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 (nine months remaining) | $22,135 | ' |
2015 | 29,108 | ' |
2016 | 28,638 | ' |
2017 | 27,095 | ' |
2018 | 24,008 | ' |
Thereafter | 45,930 | ' |
Intangible assets, net | $176,914 | $184,182 |
Balance_Sheet_Components_Other1
Balance Sheet Components - Other Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Deferred tax assets, net | $277,026 | $229,975 |
Prepaid expenses, non-current | 60,233 | 61,039 |
Debt issuance costs, net | 39,634 | 41,847 |
Deposits | 25,597 | 25,543 |
Restricted cash, non-current | 16,203 | 16,178 |
Derivative instruments | 3,678 | 4,118 |
Other assets, non-current | 7,244 | 8,624 |
Other assets | $429,615 | $387,324 |
Balance_Sheet_Components_Accou1
Balance Sheet Components - Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accounts payable | $34,363 | $30,291 |
Accrued compensation and benefits | 72,391 | 92,106 |
Accrued interest | 64,382 | 48,310 |
Accrued taxes | 57,725 | 32,047 |
Accrued utilities and security | 30,226 | 31,314 |
Accrued professional fees | 11,951 | 9,753 |
Accrued repairs and maintenance | 4,798 | 3,557 |
Accrued other | 17,459 | 15,845 |
Accounts payable and accrued expenses | $293,295 | $263,223 |
Balance_Sheet_Components_Other2
Balance Sheet Components - Other Current Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Deferred tax liabilities, net | $72,004 | $72,004 |
Deferred installation revenue | 45,661 | 43,145 |
Customer deposits | 15,428 | 15,174 |
Derivative instruments | 5,865 | 6,515 |
Deferred recurring revenue | 5,559 | 5,007 |
Deferred rent | 2,645 | 3,865 |
Asset retirement obligations | 1,306 | 1,290 |
Other current liabilities | 875 | 958 |
Other current liabilities, total | $149,343 | $147,958 |
Balance_Sheet_Components_Other3
Balance Sheet Components - Other Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Asset retirement obligations, non-current | $58,892 | $58,258 |
Deferred tax liabilities, net | 69,835 | 69,812 |
Deferred installation revenue, non-current | 64,315 | 60,947 |
Deferred rent, non-current | 41,399 | 37,955 |
Accrued taxes, non-current | 28,344 | 27,052 |
Customer deposits, non-current | 4,945 | 5,005 |
Deferred recurring revenue, non-current | 2,048 | 2,082 |
Other liabilities | 14,330 | 13,844 |
Other liabilities noncurrent | $284,108 | $274,955 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flow hedge instruments [Member] | Cash flow hedge instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | |
Derivative | Derivative | Embedded derivatives [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' |
Number of cash flow hedge instruments | 102 | 69 | ' | ' |
Derivative instrument maturity range, minimum | '2014-04 | '2014-01 | ' | ' |
Derivative instrument maturity range, maximum | '2015-01 | '2015-01 | ' | ' |
Net gain on embedded derivatives | ' | ' | ' | $2,453,000 |
Objectives for using derivative instruments | ' | ' | 'Embedded Derivatives. The Company is deemed to have foreign currency forward contracts embedded in certain of the Companybs customer agreements that are priced in currencies different from the functional or local currencies of the parties involved.B These embedded derivatives are separated from their host contracts and carried on the Companybs balance sheet at their fair value. The majority of these embedded derivatives arise as a result of the Companybs foreign subsidiaries pricing their customer contracts in the U.S. dollar. Economic Hedges of Embedded Derivatives. The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Companybs embedded derivatives (beconomic hedges of embedded derivativesb). Foreign Currency Forward and Options Contracts. The Company also uses foreign currency forward and options contracts to manage the foreign exchange risk associated with certain foreign currency-denominated assets and liabilities. As a result of foreign currency fluctuations, the U.S. dollar equivalent values of the foreign currency-denominated assets and liabilities change. | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Summary of Cash Flow Hedge Instruments (Detail) (Cash flow hedge instruments [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount, Derivative assets | $139,544 | $127,968 |
Notional amount, Derivative liabilities | 213,175 | 200,686 |
Notional amount, Total | 352,719 | 328,654 |
Fair value, Derivative assets | 1,981 | 2,102 |
Fair value, Derivative liabilities | -3,532 | -3,855 |
Fair value, Total | -1,551 | -1,753 |
Accumulated other comprehensive income (loss) [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative assets | 1,979 | 2,107 |
Fair value, Derivative liabilities | -3,529 | -3,857 |
Fair value, Total | ($1,550) | ($1,750) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Summary of Cash Flow Hedge Instruments (Parenthetical) (Detail) (Cash flow hedge instruments [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative | Derivative | |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative assets | $1,981 | $2,102 |
Fair value, Derivative liabilities | 3,532 | 3,855 |
Number of cash flow hedge instruments | 102 | 69 |
Derivative instrument maturity range, minimum | '2014-04 | '2014-01 |
Derivative instrument maturity range, maximum | '2015-01 | '2015-01 |
Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative assets | 1,981 | 2,099 |
Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative assets | ' | 3 |
Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative liabilities | 3,532 | 3,818 |
Other liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value, Derivative liabilities | ' | $37 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities - Schedule of Fair Value of Derivative Instruments Recognized in Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | $10,810 | $8,575 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 10,810 | 8,575 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -4,503 | -2,279 |
Fair value of derivative assets, Net | 6,307 | 6,296 |
Fair value of derivative liabilities, Gross amounts | 5,909 | 6,574 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 5,909 | 6,574 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -4,503 | -2,279 |
Fair value of derivative liabilities, Net | 1,406 | 4,295 |
Designated as hedging instruments [Member] | Foreign currency forward contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | 1,981 | 2,102 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 1,981 | 2,102 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,955 | -2,102 |
Fair value of derivative assets, Net | 26 | ' |
Fair value of derivative liabilities, Gross amounts | 3,532 | 3,855 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 3,532 | 3,855 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,955 | -2,102 |
Fair value of derivative liabilities, Net | 1,577 | 1,753 |
Not designated as hedging instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | 8,829 | 6,473 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 8,829 | 6,473 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,648 | -177 |
Fair value of derivative assets, Net | 7,181 | 6,296 |
Fair value of derivative liabilities, Gross amounts | 2,377 | 2,719 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 2,377 | 2,719 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,648 | -177 |
Fair value of derivative liabilities, Net | 729 | 2,542 |
Not designated as hedging instruments [Member] | Embedded derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | 5,251 | 6,296 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 5,251 | 6,296 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net | 5,251 | 6,296 |
Fair value of derivative liabilities, Gross amounts | 213 | 115 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 213 | 115 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net | 213 | 115 |
Not designated as hedging instruments [Member] | Economic hedges of embedded derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | 518 | ' |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 518 | ' |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net | 518 | ' |
Fair value of derivative liabilities, Gross amounts | 170 | 1,315 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 170 | 1,315 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net | 170 | 1,315 |
Not designated as hedging instruments [Member] | Foreign currency forward and options contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | 3,060 | 177 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 3,060 | 177 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,648 | -177 |
Fair value of derivative assets, Net | 1,412 | ' |
Fair value of derivative liabilities, Gross amounts | 1,994 | 1,289 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 1,994 | 1,289 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,648 | -177 |
Fair value of derivative liabilities, Net | 346 | 1,112 |
Additional netting benefit [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross amounts | ' | ' |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | ' | ' |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -900 | ' |
Fair value of derivative assets, Net | -900 | ' |
Fair value of derivative liabilities, Gross amounts | ' | ' |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | ' | ' |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -900 | ' |
Fair value of derivative liabilities, Net | ($900) | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $10,810 | $8,575 |
Derivative liabilities | 5,909 | 6,574 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 10,810 | ' |
Total financial assets | 1,052,534 | ' |
Derivative liabilities | 5,909 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | ' |
Total financial assets | 778,200 | ' |
Derivative liabilities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 10,810 | ' |
Total financial assets | 274,334 | ' |
Derivative liabilities | 5,909 | ' |
Fair Value, Measurements, Recurring [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 232,835 | ' |
Fair Value, Measurements, Recurring [Member] | Cash [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 232,835 | ' |
Fair Value, Measurements, Recurring [Member] | Cash [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Money market and deposit accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 256,740 | ' |
Fair Value, Measurements, Recurring [Member] | Money market and deposit accounts [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 256,740 | ' |
Fair Value, Measurements, Recurring [Member] | Money market and deposit accounts [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 288,625 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 288,625 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 85,946 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government agency securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | U.S. government agency securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 85,946 | ' |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 73,267 | ' |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 73,267 | ' |
Fair Value, Measurements, Recurring [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 63,175 | ' |
Fair Value, Measurements, Recurring [Member] | Certificates of deposit [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | Certificates of deposit [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 63,175 | ' |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 31,046 | ' |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | Asset-backed securities [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 31,046 | ' |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 10,090 | ' |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | $10,090 | ' |
Related_Party_Transactions_Act
Related Party Transactions - Activity of Related Party Transactions (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Revenues | $2,121 | $8,476 |
Costs and services | 161 | 2,465 |
Accounts receivable | 1,690 | 5,089 |
Accounts payable | ' | $443 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Related Party Transactions [Member], USD $) | Mar. 31, 2014 |
Related Party Transactions [Member] | ' |
Related Party Transaction [Line Items] | ' |
Other financing obligation liability | $3,807,000 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Dallas IBX financing [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Expiration date of lease | 1-Dec-29 |
Financing obligation liability | $13,908,000 |
Silicon Valley 2 Capital Lease [Member] | ' |
Operating Leased Assets [Line Items] | ' |
Capital lease asset | 81,542,000 |
Capital lease liability | $82,000,000 |
Expiration date of lease | 1-Sep-29 |
Leases_Summary_of_Capital_Leas
Leases - Summary of Capital Lease and Other Financing Obligations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Capitalized Lease [Line Items] | ' | ' |
Current portion of capital lease and other financing obligations | ($17,880) | ($17,214) |
Capital lease and other financing obligations, less current portion | 1,037,247 | 914,032 |
Capital lease obligations [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (nine months remaining) | 34,702 | ' |
2015 | 52,139 | ' |
2016 | 52,817 | ' |
2017 | 54,025 | ' |
2018 | 55,722 | ' |
Thereafter | 776,516 | ' |
Total minimum lease payments | 1,025,921 | ' |
Less amount representing interest | -542,895 | ' |
Present value of net minimum lease payments | 483,026 | ' |
Current portion of capital lease and other financing obligations | -9,108 | ' |
Capital lease and other financing obligations, less current portion | 473,918 | ' |
Other financing obligations [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (nine months remaining) | 35,388 | ' |
2015 | 55,148 | ' |
2016 | 59,627 | ' |
2017 | 59,576 | ' |
2018 | 62,377 | ' |
Thereafter | 571,984 | ' |
Total minimum lease payments | 844,100 | ' |
Plus amount representing residual property value | 404,357 | ' |
Less estimated building costs | -32,566 | ' |
Less amount representing interest | -643,790 | ' |
Present value of net minimum lease payments | 572,101 | ' |
Current portion of capital lease and other financing obligations | -8,772 | ' |
Capital lease and other financing obligations, less current portion | 563,329 | ' |
Capital Lease and Other Financing Obligations Total [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (nine months remaining) | 70,090 | ' |
2015 | 107,287 | ' |
2016 | 112,444 | ' |
2017 | 113,601 | ' |
2018 | 118,099 | ' |
Thereafter | 1,348,500 | ' |
Total minimum lease payments | 1,870,021 | ' |
Plus amount representing residual property value | 404,357 | ' |
Less estimated building costs | -32,566 | ' |
Less amount representing interest | -1,186,685 | ' |
Present value of net minimum lease payments | 1,055,127 | ' |
Current portion of capital lease and other financing obligations | -17,880 | ' |
Capital lease and other financing obligations, less current portion | $1,037,247 | ' |
Debt_Facilities_Summary_of_Mor
Debt Facilities - Summary of Mortgage, Loans Payable and Senior Notes (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Loans payable | $245,883 | $253,208 |
Less current portion | -54,122 | -53,508 |
Loans payable, less current portion | 191,761 | 199,700 |
U.S. term loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 130,000 | 140,000 |
ALOG financings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 70,799 | 67,882 |
Mortgage payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 43,202 | 43,497 |
Other loans payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | $1,882 | $1,829 |
Debt_Facilities_Convertible_De
Debt Facilities - Convertible Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2007 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2009 |
3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | $769,709,000 | $769,710,000 | $395,986,000 | $395,986,000 | $395,986,000 | $373,723,000 | $373,724,000 | $373,750,000 |
Less amount representing debt discount | -41,348,000 | -45,508,000 | ' | ' | ' | -41,348 | ' | ' |
Convertible subordinated debt, Total | $728,361,000 | $724,202,000 | ' | ' | ' | ' | ' | ' |
Debt_Facilities_Convertible_De1
Debt Facilities - Convertible Debt (Parenthetical) (Detail) | Mar. 31, 2014 | Sep. 30, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2009 |
3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Convertible debt interest rate | 3.00% | 3.00% | 4.75% | 4.75% | 4.75% |
Debt_Facilities_Additional_Inf
Debt Facilities - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2009 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2007 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2007 | Sep. 30, 2007 | Mar. 31, 2014 | Jun. 30, 2009 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2009 | Jun. 30, 2009 | |
3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 3.00% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | ||||
Minimum [Member] | Maximum [Member] | Initial Conversion Rate [Member] | Condition One [Member] | Condition Two [Member] | Minimum [Member] | Initial Conversion Rate [Member] | |||||||||||
D | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Subordinated Notes aggregate principal amount | ' | $769,709,000 | $769,710,000 | $395,986,000 | $395,986,000 | $395,986,000 | ' | ' | ' | $373,723,000 | $373,750,000 | $373,724,000 | ' | ' | ' | ' | ' |
Convertible debt interest rate | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' | ' | 4.75% | 4.75% | ' | 4.75% | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | 15-Oct-14 | ' | ' | ' | ' | 15-Jun-16 | ' | ' | ' | ' | ' | ' | ' |
Conversion numerator | ' | ' | ' | ' | ' | ' | 4.4616 | 11.8976 | 7.436 | ' | ' | ' | ' | ' | ' | ' | 11.8599 |
Conversion denominator | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' |
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | $84.05 | $134.48 | ' | ' | ' | ' | $109.62 | ' | $84.32 | ' |
Convertible subordinated notes, converted number of common stock | ' | ' | ' | 4,711,283 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated Notes converted into common stock | ' | ' | ' | ' | 3,375,463 | ' | ' | ' | ' | 4,432,328 | ' | ' | ' | ' | ' | ' | ' |
Company election to satisfy obligation in cash | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading period, in days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '10 days | ' | ' |
Conversion price per share, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' |
Percentage of trading price of Convertible Subordinated Notes, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' |
Debt conversion, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-16 | ' | ' | ' | ' | ' | ' | ' |
Debt_Facilities_Summary_of_Sen
Debt Facilities - Summary of Senior Notes (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior notes | $2,250,000 | $2,250,000 |
5.375% senior notes due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 1,000,000 | 1,000,000 |
7.00% senior notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 750,000 | 750,000 |
4.875% senior notes due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | $500,000 | $500,000 |
Debt_Facilities_Summary_of_Sen1
Debt Facilities - Summary of Senior Notes (Parenthetical) (Detail) | Mar. 31, 2014 |
5.375% senior notes due 2023 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 5.38% |
7.00% senior notes due 2021 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 7.00% |
4.875% senior notes due 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 4.88% |
Debt_Facilities_Summary_of_Mat
Debt Facilities - Summary of Maturities of Debt Facilities (Detail) (USD $) | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 (nine months remaining) | $439,692 |
2015 | 58,030 |
2016 | 435,662 |
2017 | 35,695 |
2018 | 9,447 |
Thereafter | 2,287,066 |
Total long term debt | $3,265,592 |
Debt_Facilities_Summary_of_Mat1
Debt Facilities - Summary of Maturities of Debt Facilities (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Gross amount representing debt discount | $41,348,000 | $45,508,000 |
4.75% Convertible Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross amount representing debt discount | $41,348 | ' |
Debt_Facilities_Fair_Value_of_
Debt Facilities - Fair Value of Debt Facilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Mortgage and loans payable | $252,050 | $254,607 |
Convertible debt | 1,044,273 | 1,009,744 |
Senior notes | $2,375,625 | $2,302,290 |
Debt_Facilities_Interest_Charg
Debt Facilities - Interest Charges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Interest expense | $68,820 | $60,331 |
Interest capitalized | 3,406 | 2,892 |
Interest charges incurred | $72,226 | $63,223 |
Redeemable_NonControlling_Inte2
Redeemable Non-Controlling Interests - Activities of Company's Redeemable Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Noncontrolling Interest [Abstract] | ' | ' |
Balance as of December 31, 2013 | $123,902 | ' |
Net loss attributable to redeemable non-controlling interests | -50 | 441 |
Other comprehensive income attributable to redeemable non-controlling interests | 2,067 | 769 |
Impact of foreign currency exchange | 1,040 | ' |
Balance as of March 31, 2014 | $126,959 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
Capital expenditures [Member] | ' |
Other Commitments [Line Items] | ' |
Purchase commitments | $240,091,000 |
Miscellaneous purchase commitments [Member] | ' |
Other Commitments [Line Items] | ' |
Purchase commitments | $209,075,000 |
Stockholders_Equity_Components
Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | ($113,767) |
Net change | 13,942 |
Balance as of March 31, 2014 | -99,825 |
Foreign currency translation gain (loss) [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | -132,881 |
Net change | 14,970 |
Balance as of March 31, 2014 | -117,911 |
Unrealized gain (loss) on cash flow hedges [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | -1,750 |
Net change | 200 |
Balance as of March 31, 2014 | -1,550 |
Unrealized gain (loss) on available for sale securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | -257 |
Net change | 839 |
Balance as of March 31, 2014 | 582 |
Other comprehensive loss (income) attributable to redeemable non-controlling interests [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | 21,121 |
Net change | -2,067 |
Balance as of March 31, 2014 | $19,054 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
2013 Share Repurchase Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of common stock shares repurchased during the period | ' | 266,585 |
Average price | ' | $176.75 |
Total consideration for common stock repurchase | ' | $47,120,000 |
Unused balance under share repurchase program | ' | $404,081,000 |
Stock, shares issued | 613,560 | ' |
Equity awards subject to vesting provisions, weighted-average grant date fair value | $179.18 | ' |
Equity awards subject to vesting provisions, weighted-average requisite service period, in years | '3 years 4 months 2 days | ' |
Stockholders_Equity_StockBased
Stockholders' Equity - Stock-Based Compensation Expense Recognized in Company's Condensed Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $24,981 | $23,836 |
Cost of revenues [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 1,870 | 1,602 |
Sales and marketing [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | 7,000 | 5,721 |
General and administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation expense | $16,111 | $16,513 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Segment | Revenue [Member] | Revenue [Member] | Accounts receivable [Member] | Accounts receivable [Member] | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of reportable segments | 3 | ' | ' | ' | ' |
Concentration risk, customer | 'No single customer accounted for 10% or greater of the Company's revenues for the three months ended March 31, 2014 and 2013. No single customer accounted for 10% or greater of the Company's gross accounts receivable as of March 31, 2014 and December 31, 2013. | ' | ' | ' | ' |
Concentration risk, customer | ' | 10.00% | 10.00% | 10.00% | 10.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Adjusted EBITDA (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total adjusted EBITDA | $260,388 | $240,888 |
Depreciation, amortization and accretion expense | -113,610 | -108,603 |
Stock-based compensation expense | -24,981 | -23,836 |
Acquisitions costs | -185 | -3,662 |
Income from operations | 121,612 | 104,787 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total adjusted EBITDA | 149,563 | 144,517 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total adjusted EBITDA | 63,205 | 48,729 |
Asia-Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total adjusted EBITDA | $47,620 | $47,642 |
Segment_Information_Segment_Di
Segment Information - Segment Disclosures (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | $580,053 | $516,134 |
Total depreciation and amortization | 113,993 | 107,205 |
Capital expenditures | 122,698 | 75,667 |
Americas [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 330,033 | 305,792 |
Total depreciation and amortization | 60,027 | 62,597 |
Capital expenditures | 67,515 | 44,841 |
EMEA [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 151,430 | 119,969 |
Total depreciation and amortization | 29,712 | 22,875 |
Capital expenditures | 15,564 | 16,569 |
Asia-Pacific [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues | 98,590 | 90,373 |
Total depreciation and amortization | 24,254 | 21,733 |
Capital expenditures | $39,619 | $14,257 |
Segment_Information_LongLived_
Segment Information - Long-Lived Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | $4,766,297 | $4,591,650 |
Americas [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | 2,679,496 | 2,549,863 |
EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | 1,174,049 | 1,188,559 |
Asia-Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | $912,752 | $853,228 |
Segment_Information_Revenue_In
Segment Information - Revenue Information by Category (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | $580,053 | $516,134 |
Recurring Revenues [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | 549,703 | 494,522 |
Recurring Revenues [Member] | Colocation [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | 434,623 | 394,831 |
Recurring Revenues [Member] | Interconnection [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | 87,026 | 75,991 |
Recurring Revenues [Member] | Managed infrastructure services [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | 25,384 | 23,120 |
Recurring Revenues [Member] | Rental [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | 2,670 | 580 |
Non-recurring Revenues [Member] | ' | ' |
Revenue from External Customer [Line Items] | ' | ' |
Revenue | $30,350 | $21,612 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2009 | 31-May-14 | Jun. 30, 2014 | Mar. 31, 2014 | 2-May-14 | Apr. 30, 2014 | Apr. 30, 2014 | 1-May-14 | |
4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | Forecast [Member] | Forecast [Member] | 2013 Share Repurchase Program [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
4.75% Convertible Subordinated Notes [Member] | 4.75% Convertible Subordinated Notes [Member] | Plan [Member] | Plan [Member] | 2013 Share Repurchase Program [Member] | ||||||||||
Chicago 2 Lease [Member] | ||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares repurchased during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,585 | ' | ' | ' | 186,503 |
Average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $176.75 | ' | ' | ' | $175.95 |
Total consideration for common stock repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,120,000 | ' | ' | ' | $32,815,000 |
Convertible Subordinated Notes principal amount | 769,709,000 | ' | 769,710,000 | ' | 373,723,000 | 373,724,000 | 373,750,000 | ' | ' | ' | 170,137,000 | ' | ' | ' |
Convertible Subordinated Notes common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,017,806 | ' | ' | ' |
Cash payment | 10,317,000 | 14,052,000 | ' | ' | ' | ' | ' | ' | ' | ' | 17,636,000 | ' | ' | ' |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | -38,000,000 | ' | ' | ' | ' | ' |
Convertible Subordinated Notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' |
Lease expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-29 | ' |
Total cumulative rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' |
Percentage of ownership | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Equity interest percentage | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |