Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
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 | 53,322,300 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $354,181 | $261,894 |
Short-term investments | 130,859 | 369,808 |
Accounts receivable, net | 275,264 | 184,840 |
Other current assets | 97,407 | 72,118 |
Total current assets | 857,711 | 888,660 |
Long-term investments | 16,075 | 398,390 |
Property, plant and equipment, net | 4,983,376 | 4,591,650 |
Goodwill | 1,024,555 | 1,042,153 |
Intangible assets, net | 157,475 | 184,182 |
Other assets | 422,808 | 387,324 |
Total assets | 7,462,000 | 7,492,359 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 303,669 | 263,223 |
Accrued property, plant and equipment | 138,956 | 64,601 |
Current portion of capital lease and other financing obligations | 20,132 | 17,214 |
Current portion of mortgage and loans payable | 57,767 | 53,508 |
Other current liabilities | 147,676 | 147,958 |
Total current liabilities | 668,200 | 546,504 |
Capital lease and other financing obligations, less current portion | 1,172,356 | 914,032 |
Mortgage and loans payable, less current portion | 160,643 | 199,700 |
Convertible debt | 322,757 | 724,202 |
Senior notes | 2,250,000 | 2,250,000 |
Other liabilities | 290,364 | 274,955 |
Total liabilities | 4,864,320 | 4,909,393 |
Redeemable non-controlling interests (Note 9) | ' | 123,902 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 54 | 50 |
Additional paid-in capital | 2,870,752 | 2,693,887 |
Treasury stock | -94,759 | -84,663 |
Accumulated other comprehensive loss | -237,480 | -113,767 |
Retained earnings (accumulated deficit) | 59,113 | -36,443 |
Total stockholders' equity | 2,597,680 | 2,459,064 |
Total liabilities, redeemable non-controlling interests and stockholders' equity | $7,462,000 | $7,492,359 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $620,441 | $543,084 | $1,805,655 | $1,588,089 |
Costs and operating expenses: | ' | ' | ' | ' |
Cost of revenues | 304,052 | 268,960 | 884,436 | 794,660 |
Sales and marketing | 72,185 | 61,619 | 214,867 | 179,373 |
General and administrative | 109,354 | 96,874 | 324,332 | 276,324 |
Restructuring charges | ' | ' | ' | -4,837 |
Acquisition costs | -281 | 438 | 580 | 6,626 |
Total costs and operating expenses | 485,310 | 427,891 | 1,424,215 | 1,252,146 |
Income from operations | 135,131 | 115,193 | 381,440 | 335,943 |
Interest income | 356 | 929 | 2,534 | 2,593 |
Interest expense | -63,756 | -61,957 | -199,450 | -183,289 |
Other income | 1,811 | 985 | 3,170 | 3,294 |
Loss on debt extinguishment | ' | ' | -51,183 | -93,602 |
Income from operations before income taxes | 73,542 | 55,150 | 136,511 | 64,939 |
Income tax expense | -30,581 | -12,397 | -42,134 | -14,189 |
Net income | 42,961 | 42,753 | 94,377 | 50,750 |
Net (income) loss attributable to redeemable non-controlling interests | -120 | -282 | 1,179 | -1,252 |
Net income attributable to Equinix | $42,841 | $42,471 | $95,556 | $49,498 |
Earnings per share ("EPS") attributable to Equinix: | ' | ' | ' | ' |
Basic EPS | $0.81 | $0.86 | $1.86 | $1 |
Weighted-average shares | 53,137 | 49,555 | 51,369 | 49,325 |
Diluted EPS | $0.79 | $0.83 | $1.84 | $0.99 |
Weighted-average shares | 55,238 | 53,581 | 54,502 | 50,050 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $42,961 | $42,753 | $94,377 | $50,750 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation gain (loss) | -144,994 | 78,113 | -106,943 | -25,107 |
Unrealized gain (loss) on available for sale securities | -862 | 438 | -97 | 78 |
Unrealized gain on cash flow hedges | 4,194 | ' | 4,448 | ' |
Total other comprehensive income (loss), net of tax | -141,662 | 78,551 | -102,592 | -25,029 |
Comprehensive income (loss), net of tax | -98,701 | 121,304 | -8,215 | 25,721 |
Net (income) loss attributable to redeemable non-controlling interests | -120 | -282 | 1,179 | -1,252 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 1,007 | -200 | -1,810 | 4,340 |
Comprehensive income (loss) attributable to Equinix | ($97,814) | $120,822 | ($8,846) | $28,809 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $94,377 | $50,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 328,774 | 305,651 |
Stock-based compensation | 86,473 | 75,310 |
Excess tax benefits from stock-based compensation | -17,457 | -27,372 |
Restructuring charges | ' | -4,837 |
Amortization of debt issuance costs and debt discounts | 14,840 | 17,602 |
Amortization of intangible assets | 20,953 | 20,445 |
Provision for allowance for doubtful accounts | 5,326 | 3,160 |
Loss on debt extinguishment | 51,183 | 93,602 |
Other items | 14,684 | 6,699 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -104,394 | -40,292 |
Income taxes, net | -69,173 | -71,567 |
Other assets | 6,128 | -21,046 |
Accounts payable and accrued expenses | 27,110 | 17,399 |
Other liabilities | 28,299 | 12,398 |
Net cash provided by operating activities | 487,123 | 437,902 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -136,516 | -814,422 |
Sales of investments | 550,355 | 176,971 |
Maturities of investments | 207,341 | 139,674 |
Purchase of real estate | -16,791 | -74,332 |
Purchases of property, plant and equipment | -421,726 | -369,565 |
Increase in restricted cash | -233 | -836,767 |
Release of restricted cash | 1,812 | 843,088 |
Other investing activities, net | -170 | ' |
Net cash provided by (used in) investing activities | 184,072 | -935,951 |
Cash flows from financing activities: | ' | ' |
Purchases of treasury stock | -297,958 | ' |
Proceeds from employee equity awards | 28,183 | 28,082 |
Excess tax benefits from stock-based compensation | 17,457 | 27,372 |
Purchase of redeemable non-controlling interests | -226,276 | ' |
Proceeds from loans payable | 8,826 | 1,734 |
Proceeds from senior notes | ' | 1,500,000 |
Repayment of capital lease and other financing obligations | -13,140 | -12,226 |
Repayment of mortgage and loans payable | -37,510 | -42,304 |
Repayment of convertible debt | -29,479 | ' |
Repayment of senior notes | ' | -750,000 |
Debt extinguishment costs | -22,552 | -84,675 |
Debt issuance costs | ' | -22,435 |
Net cash provided by (used in) financing activities | -572,449 | 645,548 |
Effect of foreign currency exchange rates on cash and cash equivalents | -6,459 | 30 |
Net increase in cash and cash equivalents | 92,287 | 147,529 |
Cash and cash equivalents at beginning of period | 261,894 | 252,213 |
Cash and cash equivalents at end of period | 354,181 | 399,742 |
Supplemental cash flow information | ' | ' |
Cash paid for taxes | 110,790 | 86,736 |
Cash paid for interest | 167,735 | 135,958 |
Asia Tone [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Purchase of business, net of cash acquired | ' | 755 |
Frankfurt Kleyer 90 Carrier Hotel Acquisition [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Deposit for purchase of Business | ' | ($1,353) |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 30.9% for the nine months ended September 30, 2014 and 21.8% for the nine months ended September 30, 2013. | |
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 employee equity awards has been reflected as an adjustment to additional paid-in capital. For the nine months ended September 30, 2014, the benefits arising from employee equity award activity that resulted in an adjustment to additional paid-in capital were approximately $16,864,000. | |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not believe the adoption of ASU 2014-15 will have a significant impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This ASU requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which companies expect to be entitled in exchange for those goods or services. This ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. This ASU is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the criteria for reporting discontinued operations. This ASU is required to be applied prospectively for disposals, or classifications as held for sale, of components of an entity that occur within fiscal years and interim periods beginning after December 15, 2014, with early adoption permitted. The Company will evaluate the impact that the adoption of this standard will have on disposals, or classifications as held for sale, of components of the Company that may occur in the future. | |
In July 2013, the FASB issued 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. 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 condensed consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 42,961 | $ | 42,753 | $ | 94,377 | $ | 50,750 | |||||||||
Net (income) loss attributable to redeemable non-controlling interests | (120 | ) | (282 | ) | 1,179 | (1,252 | ) | ||||||||||
Net income attributable to Equinix, basic | 42,841 | 42,471 | 95,556 | 49,498 | |||||||||||||
Effect of assumed conversion of convertible debt: | |||||||||||||||||
Interest expense, net of tax | 885 | 1,865 | 4,862 | — | |||||||||||||
Net income attributable to Equinix, diluted | $ | 43,726 | $ | 44,336 | $ | 100,418 | $ | 49,498 | |||||||||
Weighted-average shares used to calculate basic EPS | 53,137 | 49,555 | 51,369 | 49,325 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Convertible debt | 1,621 | 3,467 | 2,673 | — | |||||||||||||
Employee equity awards | 480 | 559 | 460 | 725 | |||||||||||||
Weighted-average shares used to calculate diluted EPS | 55,238 | 53,581 | 54,502 | 50,050 | |||||||||||||
EPS attributable to Equinix: | |||||||||||||||||
Basic EPS | $ | 0.81 | $ | 0.86 | $ | 1.86 | $ | 1 | |||||||||
Diluted EPS | $ | 0.79 | $ | 0.83 | $ | 1.84 | $ | 0.99 | |||||||||
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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Shares reserved for conversion of 3.00% convertible subordinated notes | — | — | — | 3,613 | |||||||||||||
Shares reserved for conversion of 4.75% convertible subordinated notes | 1,873 | 4,432 | 3,042 | 4,432 | |||||||||||||
Common stock related to employee equity awards | 156 | 436 | 176 | 269 | |||||||||||||
2,029 | 4,868 | 3,218 | 8,314 | ||||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 9 Months Ended | ||||||||||||||||
Sep. 30, 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash (1) | $ | 327,877 | $ | 186,007 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 26,304 | 74,787 | |||||||||||||||
Commercial paper | — | 1,100 | |||||||||||||||
Total cash and cash equivalents | 354,181 | 261,894 | |||||||||||||||
U.S. government securities | 116,317 | 305,021 | |||||||||||||||
U.S. government agency securities | 17,716 | 125,917 | |||||||||||||||
Corporate bonds | 1,001 | 190,177 | |||||||||||||||
Certificates of deposit | 9,520 | 76,152 | |||||||||||||||
Asset-backed securities | — | 68,938 | |||||||||||||||
Commercial paper | 2,380 | 1,993 | |||||||||||||||
Total marketable securities | 146,934 | 768,198 | |||||||||||||||
Total cash, cash equivalents and short-term and long-term investments | $ | 501,115 | $ | 1,030,092 | |||||||||||||
-1 | Excludes restricted cash. | ||||||||||||||||
As of September 30, 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 September 30, 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 September 30, 2014 and December 31, 2013. | |||||||||||||||||
The following table summarizes the cost and estimated fair value of marketable securities based on their stated effective maturities as of (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||
Cost | Cost | ||||||||||||||||
Due within one year | $ | 140,254 | $ | 140,378 | $ | 369,698 | $ | 369,808 | |||||||||
Due after one year through three years | 6,542 | 6,556 | 398,200 | 398,390 | |||||||||||||
$ | 146,796 | $ | 146,934 | $ | 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): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 116,196 | $ | 121 | $ | — | $ | 116,317 | |||||||||
U.S. government agency securities | 17,699 | 17 | — | 17,716 | |||||||||||||
Corporate bonds | 1,001 | — | — | 1,001 | |||||||||||||
Certificates of deposit | 9,520 | — | — | 9,520 | |||||||||||||
Commercial paper | 2,380 | — | — | 2,380 | |||||||||||||
$ | 146,796 | $ | 138 | $ | — | $ | 146,934 | ||||||||||
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 | ||||||||
As of September 30, 2014, the Company did not have any securities in a loss position. 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 285,263 | $ | 323,822 | |||||||||||||
Unearned revenue | — | (132,342 | ) | ||||||||||||||
Allowance for doubtful accounts | (9,999 | ) | (6,640 | ) | |||||||||||||
$ | 275,264 | $ | 184,840 | ||||||||||||||
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Before July 2014, the Company generally invoiced its customers at the end of a calendar month for services to be provided the following month. Accordingly, unearned revenue consisted 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 contracts. As of July 2014, the Company changed its billing process and no longer invoices its customers at the end of a calendar month for services to be provided the following month. As a result, the Company’s accounts receivable and unearned revenue have decreased. | |||||||||||||||||
Other Current Assets | |||||||||||||||||
Other current assets consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 28,046 | $ | 26,578 | |||||||||||||
Taxes receivable | 35,095 | 21,584 | |||||||||||||||
Deferred tax assets, net | 7,442 | 7,442 | |||||||||||||||
Other receivables | 2,113 | 4,181 | |||||||||||||||
Derivative instruments | 12,607 | 4,457 | |||||||||||||||
Restricted cash, current | 3,199 | 3,210 | |||||||||||||||
Other current assets | 8,905 | 4,666 | |||||||||||||||
$ | 97,407 | $ | 72,118 | ||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and intangible assets, net, consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Americas | $ | 469,099 | $ | 471,845 | |||||||||||||
EMEA | 420,791 | 435,041 | |||||||||||||||
Asia-Pacific | 134,665 | 135,267 | |||||||||||||||
$ | 1,024,555 | $ | 1,042,153 | ||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Intangible asset - customer contracts | $ | 225,947 | $ | 233,038 | |||||||||||||
Intangible assets - favorable leases | 24,533 | 25,147 | |||||||||||||||
Intangible asset - licenses | 9,697 | 9,697 | |||||||||||||||
Intangible asset - others | 8,420 | 8,859 | |||||||||||||||
268,597 | 276,741 | ||||||||||||||||
Less accumulated amortization | (111,122 | ) | (92,559 | ) | |||||||||||||
$ | 157,475 | $ | 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 and nine months ended September 30, 2014, the Company recorded amortization expense of $6,844,000 and $20,953,000, respectively, associated with its intangible assets. For the three and nine months ended September 30, 2013, the Company recorded amortization expense of $6,822,000 and $20,445,000, respectively, associated with its intangible assets. The Company’s estimated future amortization expense related to these intangibles is as follows (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (3 months remaining) | $ | 7,080 | |||||||||||||||
2015 | 28,070 | ||||||||||||||||
2016 | 27,625 | ||||||||||||||||
2017 | 26,191 | ||||||||||||||||
2018 | 23,259 | ||||||||||||||||
Thereafter | 45,250 | ||||||||||||||||
$ | 157,475 | ||||||||||||||||
Other Assets | |||||||||||||||||
Other assets consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets, net | $ | 301,013 | $ | 229,975 | |||||||||||||
Prepaid expenses, non-current | 37,237 | 61,039 | |||||||||||||||
Debt issuance costs, net | 33,974 | 41,847 | |||||||||||||||
Deposits | 25,287 | 25,543 | |||||||||||||||
Restricted cash, non-current | 14,653 | 16,178 | |||||||||||||||
Derivative instruments | 4,008 | 4,118 | |||||||||||||||
Other assets, non-current | 6,636 | 8,624 | |||||||||||||||
$ | 422,808 | $ | 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts payable | $ | 42,304 | $ | 30,291 | |||||||||||||
Accrued compensation and benefits | 94,549 | 92,106 | |||||||||||||||
Accrued interest | 58,282 | 48,310 | |||||||||||||||
Accrued taxes | 43,764 | 32,047 | |||||||||||||||
Accrued utilities and security | 31,390 | 31,314 | |||||||||||||||
Accrued professional fees | 7,844 | 9,753 | |||||||||||||||
Accrued repairs and maintenance | 5,515 | 3,557 | |||||||||||||||
Accrued other | 20,021 | 15,845 | |||||||||||||||
$ | 303,669 | $ | 263,223 | ||||||||||||||
Other Current Liabilities | |||||||||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax liabilities, net | $ | 72,004 | $ | 72,004 | |||||||||||||
Deferred installation revenue | 46,524 | 43,145 | |||||||||||||||
Customer deposits | 15,136 | 15,174 | |||||||||||||||
Derivative instruments | 4,014 | 6,515 | |||||||||||||||
Deferred recurring revenue | 3,982 | 5,007 | |||||||||||||||
Deferred rent | 2,292 | 3,865 | |||||||||||||||
Asset retirement obligations | 2,106 | 1,290 | |||||||||||||||
Other current liabilities | 1,618 | 958 | |||||||||||||||
$ | 147,676 | $ | 147,958 | ||||||||||||||
Other Liabilities | |||||||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset retirement obligations, non-current | $ | 61,584 | $ | 58,258 | |||||||||||||
Deferred tax liabilities, net | 67,194 | 69,812 | |||||||||||||||
Deferred installation revenue, non-current | 74,575 | 60,947 | |||||||||||||||
Deferred rent, non-current | 50,678 | 37,955 | |||||||||||||||
Accrued taxes, non-current | 24,651 | 27,052 | |||||||||||||||
Customer deposits, non-current | 4,912 | 5,005 | |||||||||||||||
Deferred recurring revenue, non-current | 1,697 | 2,082 | |||||||||||||||
Other liabilities | 5,073 | 13,844 | |||||||||||||||
$ | 290,364 | $ | 274,955 | ||||||||||||||
The Company currently leases the majority of its IBX data centers and certain equipment under non-cancelable operating lease agreements expiring through 2053. 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 | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 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 September 30, 2014, the Company had a total of 45 cash flow hedge instruments with maturity dates ranging from October 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair Value (1) | Accumulated | |||||||||||||||||||
Amount | other | ||||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 76,444 | $ | 4,566 | $ | 4,601 | |||||||||||||||
Derivative liabilities | 30,005 | (1,596 | ) | (1,586 | ) | ||||||||||||||||
$ | 106,449 | $ | 2,970 | $ | 3,015 | ||||||||||||||||
-1 | A total of $4,566 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets. A total of $1,596 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). Amounts presented are gross of tax. | ||||||||||||||||||||
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 Value (1) | Accumulated | |||||||||||||||||||
Amount | other | ||||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 127,968 | $ | 2,102 | $ | 2,107 | |||||||||||||||
Derivative liabilities | 200,686 | (3,855 | ) | (3,857 | ) | ||||||||||||||||
$ | 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). Amounts presented are gross of tax. | ||||||||||||||||||||
During the three and nine months ended September 30, 2014, there were no ineffective cash flow hedges. During the three and nine months ended September 30, 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 nine months ended September 30, 2013. | |||||||||||||||||||||
Derivatives Not Designated as Hedges | |||||||||||||||||||||
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 September 30, 2014 the Company recognized a net gain of $2,745,000 associated with these embedded derivatives. During the nine months ended September 30, 2013, the Company recognized a net gain of $2,841,000 associated with these embedded derivatives. During the nine months ended September 30, 2014 and three months ended September 30, 2013, gains (losses) associated with these embedded derivatives were not significant. | |||||||||||||||||||||
Economic Hedges of Embedded Derivatives. The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Company’s customer agreements that are priced in currencies different from the functional or local currencies of the parties involved (“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 and nine months ended September 30, 2014 and September 30, 2013. During the three months ended September 30, 2014, the Company recognized a net loss of $2,979,000. During the nine months ended September 30, 2013, the Company recognized a net loss of $2,270,000. During the nine months ended September 30, 2014 and three months ended September 30, 2013, gains (losses) from these contracts were not significant. | |||||||||||||||||||||
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 these foreign currency forward and options contracts. The Company entered into various foreign currency forward and options contracts during the three and nine months ended September 30, 2014 and September 30, 2013. During the three months and nine months ended September 30, 2014, the Company recognized a net gain of $4,073,000 and $6,975,000, respectively. During the three months and nine months ended September 30, 2013, and gains (losses) from these foreign currency forward contracts were not significant. | |||||||||||||||||||||
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 September 30, 2014 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
Amounts | amounts | amounts (1) | amounts not | ||||||||||||||||||
offset in the | offset in the | ||||||||||||||||||||
balance | balance | ||||||||||||||||||||
sheet | sheet (2) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 4,566 | $ | — | $ | 4,566 | $ | (1,596 | ) | $ | 2,970 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 6,338 | — | 6,338 | — | 6,338 | ||||||||||||||||
Economic hedges of embedded derivatives | — | — | — | — | — | ||||||||||||||||
Foreign currency forward and option contracts | 5,711 | — | 5,711 | (1,778 | ) | 3,933 | |||||||||||||||
12,049 | — | 12,049 | (1,778 | ) | 10,271 | ||||||||||||||||
Additional netting benefit | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
$ | 16,615 | $ | — | $ | 16,615 | $ | (3,382 | ) | $ | 13,233 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 1,596 | $ | — | $ | 1,596 | $ | (1,596 | ) | $ | — | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 24 | — | 24 | — | 24 | ||||||||||||||||
Economic hedges of embedded derivatives | 496 | — | 496 | — | 496 | ||||||||||||||||
Foreign currency forward and option contracts | 1,899 | — | 1,899 | (1,778 | ) | 121 | |||||||||||||||
2,419 | — | 2,419 | (1,778 | ) | 641 | ||||||||||||||||
Additional netting benefit | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
$ | 4,015 | $ | — | $ | 4,015 | $ | (3,382 | ) | $ | 633 | |||||||||||
-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 not | ||||||||||||||||||
offset in the | offset in the | ||||||||||||||||||||
balance | balance | ||||||||||||||||||||
sheet | 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 option 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 option 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 | 9 Months Ended | ||||||||||||
Sep. 30, 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 September 30, 2014 were as follows (in thousands): | |||||||||||||
Fair value at | Fair value | ||||||||||||
September 30, | measurement using | ||||||||||||
2014 | Level 1 | Level 2 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 327,877 | $ | 327,877 | $ | — | |||||||
Money market and deposit accounts | 26,304 | 26,304 | — | ||||||||||
U.S. government securities | 116,317 | 116,317 | — | ||||||||||
U.S. government agency securities | 17,716 | — | 17,716 | ||||||||||
Corporate bonds | 1,001 | — | 1,001 | ||||||||||
Certificates of deposit | 9,520 | — | 9,520 | ||||||||||
Commercial paper | 2,380 | — | 2,380 | ||||||||||
Derivative instruments (1) | 16,615 | — | 16,615 | ||||||||||
$ | 517,730 | $ | 470,498 | $ | 47,232 | ||||||||
Liabilities: | |||||||||||||
Derivative instruments (1) | $ | 4,015 | $ | — | $ | 4,015 | |||||||
-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 September 30, 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. These investments include 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 September 30, 2014 were primarily cash and money market funds, U.S. government and agency securities, corporate bonds, certificate of deposits and commercial paper. 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 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 nine months ended September 30, 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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 2,089 | $ | 2,233 | $ | 6,416 | $ | 17,973 | |||||||||
Costs and services | 143 | 132 | 3,582 | 4,665 | |||||||||||||
As of September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 730 | $ | 1,938 | |||||||||||||
Accounts payable | — | — |
Leases
Leases | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
7. Leases | |||||||||||||
Capital Lease and Other Financing Obligations | |||||||||||||
Chicago 2 Capital Lease | |||||||||||||
In August 2014, the Company entered into a lease amendment to extend the lease term of the Company’s Chicago 2 IBX data center (the “Chicago 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 Chicago 2 Lease as a result of the lease amendment and determined that the lease should be accounted for as a capital lease (the “Chicago 2 Capital Lease”). The Company recorded a capital lease asset and liability totaling approximately $49,971,000 during the three months ended September 30, 2014. Monthly payments under the Chicago 2 Capital Lease will be made through August 2030. | |||||||||||||
Hong Kong 2 Financing | |||||||||||||
In July 2014, the Company took possession of additional space where the Company operates its Hong Kong 2 data center. The lease agreement was entered into in March 2014. 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 incremental financed assets and corresponding financing obligation liabilities totaling approximately $15,694,000 during the three months ended September 30, 2014 (the “Hong Kong 2 Financing”). Monthly payments under the Hong Kong 2 IBX Financing will be made through June 2024. | |||||||||||||
New York 1 Capital Lease | |||||||||||||
In June 2014, the Company entered into a lease amendment to extend the lease term of the Company’s New York 1 IBX data center (the “New York 1 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 New York 1 Lease as a result of the lease amendment and determined that the lease should be accounted for as a capital lease (the “New York 1 Capital Lease”). The Company recorded a capital lease asset totaling approximately $28,269,000 and a capital lease liability totaling approximately $28,490,000 during the three months ended June 30, 2014. Monthly payments under the New York 1 Capital Lease will be made through December 2029. | |||||||||||||
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 and April 2014, the Company took possession of additional space under the terms of an existing lease agreement and a lease amendment 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 incremental financed assets and corresponding financing obligation liabilities totaling approximately $28,089,000 during the three months ended June 30, 2014 and $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 (3 months remaining) | $ | 13,513 | $ | 11,501 | $ | 25,014 | |||||||
2015 | 59,470 | 53,832 | 113,302 | ||||||||||
2016 | 62,444 | 58,824 | 121,268 | ||||||||||
2017 | 63,889 | 59,561 | 123,450 | ||||||||||
2018 | 65,800 | 62,630 | 128,430 | ||||||||||
Thereafter | 904,762 | 582,571 | 1,487,333 | ||||||||||
Total minimum lease payments | 1,169,878 | 828,919 | 1,998,797 | ||||||||||
Plus amount representing residual property value | — | 420,771 | 420,771 | ||||||||||
Less estimated building costs | — | (5,745 | ) | (5,745 | ) | ||||||||
Less amount representing interest | (585,817 | ) | (635,518 | ) | (1,221,335 | ) | |||||||
Present value of net minimum lease payments | 584,061 | 608,427 | 1,192,488 | ||||||||||
Less current portion | (11,300 | ) | (8,832 | ) | (20,132 | ) | |||||||
$ | 572,761 | $ | 599,595 | $ | 1,172,356 | ||||||||
Debt_Facilities
Debt Facilities | 9 Months Ended | ||||||||||||||||
Sep. 30, 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
U.S. term loan | $ | 110,000 | $ | 140,000 | |||||||||||||
ALOG financings | 59,317 | 67,882 | |||||||||||||||
Mortgage payable | 39,052 | 43,497 | |||||||||||||||
Other loans payable | 10,041 | 1,829 | |||||||||||||||
218,410 | 253,208 | ||||||||||||||||
Less current portion | (57,767 | ) | (53,508 | ) | |||||||||||||
$ | 160,643 | $ | 199,700 | ||||||||||||||
Convertible Debt | |||||||||||||||||
The Company’s convertible debt consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
3.00% Convertible Subordinated Notes | $ | 178,782 | $ | 395,986 | |||||||||||||
4.75% Convertible Subordinated Notes | 157,880 | 373,724 | |||||||||||||||
336,662 | 769,710 | ||||||||||||||||
Less amount representing debt discount | (13,905 | ) | (45,508 | ) | |||||||||||||
$ | 322,757 | $ | 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. | |||||||||||||||||
In June 2014, the Company entered into an agreement with a note holder to exchange an aggregate of $217,199,000 of the principal amount of the 3.00% Convertible Subordinated Notes for 1,948,578 shares of the Company’s common stock and $5,387,000 in cash, which comprised of accrued interest and a premium. As a result, the Company recognized a loss on debt extinguishment of $4,210,000 during the three months ended June 30, 2014 in its condensed consolidated statement of operations. In the Company’s condensed consolidated statement of cash flows for the nine months ended September 30, 2014, the premium paid was included within net cash used in financing activities and the accrued interest paid was included within net cash provided by operating activities. | |||||||||||||||||
The Company expected the remaining holders of the 3.00% Convertible Subordinated Notes to convert their notes into shares of the Company’s common stock prior to or on the 3.00% Convertible Subordinated Notes maturity date since the Company’s stock price is substantially greater than the base conversion price of the notes. As a result, the principal amount of the 3.00% Convertible Subordinated Notes has been classified as a non-current liability on the Company’s condensed consolidated balance sheet as of September 30, 2014 due to the Company’s expectation to settle the 3.00% Convertible Subordinated Notes in shares of the Company’s common stock instead of cash. The remaining holders of the 3.00% Convertible Subordinated Notes converted their notes in October 2014 (see Note 13). | |||||||||||||||||
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 principal amount of the 4.75% Convertible Subordinated Notes 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. | ||||||||||||||||
In May and June 2014, the Company entered into agreements with certain note holders to exchange an aggregate of $215,830,000 of the principal amount of the 4.75% Convertible Subordinated Notes for 2,411,851 shares of the Company’s common stock and $51,671,000 in cash, which comprised of accrued interest, a premium and cash paid in lieu of issuing shares for certain note holders’ principal amount. As a result, the Company recognized a loss on debt extinguishment of $46,973,000 during the three months ended June 30, 2014 in its condensed consolidated statement of operations. The loss on debt extinguishment included the premium paid and the excess of the fair value of liability component of the 4.75% Convertible Subordinated Notes over its carrying amount, including debt discount and unamortized debt issuance costs, in accordance with the accounting standard for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement). In the Company’s condensed consolidated statement of cash flows for the nine months ended September 30, 2014, the premium paid and cash paid in lieu of issuing shares to settle a portion of the principal amount were included within net cash used in financing activities and the accrued interest paid was included within net cash provided by operating activities. | |||||||||||||||||
In May and June 2014, the Company also amended the capped call transactions (“the Capped Call”) that were entered into upon, but separate from, the issuance of the 4.75% Convertible Subordinated Notes. The Capped Call was amended to provide that early exchanges of the 4.75% Convertible Subordinated Notes would not result in the termination of a relative amount of the Capped Call if the Company did not exercise the Capped Call at the time the 4.75% Convertible Subordinated Notes were exchanged. Instead, the Capped Call will remain outstanding. The amendment to the Capped Call had no impact to the Company’s condensed consolidated financial statements for the nine months ended September 30, 2014, pursuant to the accounting standard for derivative financial instruments indexed to, and potentially settled in, an entity’s own common stock and the accounting standard for determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. | |||||||||||||||||
Holders of the 4.75% Convertible Subordinated Notes were eligible to convert their notes during the three months ended September 30, 2014 and are eligible to convert their notes during the three months ended December 31, 2014, since the Stock Price Condition Conversion Clause was met during the applicable periods. As of September 30, 2014, the Company has the intent and ability to settle the principal amount of any conversions of the 4.75% Convertible Subordinated Notes in shares of the Company’s stock. As a result, the Company determined that the principal amount of the 4.75% Convertible Subordinated Notes should continue to be classified as a non-current liability on the Company’s condensed consolidated balance sheet as of September 30, 2014 due to the Company’s intent and ability to settle the principal amount of the 4.75% Convertible Subordinated Notes in shares of the Company’s common stock instead of cash or a combination of cash and shares of the Company’s common stock. As of September 30, 2014, had the remaining 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 1,872,552 shares of the Company’s common stock. | |||||||||||||||||
Loss on Debt Extinguishment | |||||||||||||||||
During the three months ended September 30, 2014 and 2013, no loss on debt extinguishment was recorded. During the nine months ended September 30, 2014, the Company recorded $51,183,000 of loss on debt extinguishment related to the exchanges of the 3.00% Convertible Subordinated Notes and 4.75% Convertible Subordinated Notes, as discussed above. During the nine months ended September 30, 2013, the Company recorded $93,602,000 of loss on debt extinguishment related to the redemption of the $750,000,000 aggregate principal amount of 8.125% senior notes. | |||||||||||||||||
Senior Notes | |||||||||||||||||
The Company’s senior notes consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | 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 September 30, 2014 (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (3 months remaining) | $ | 196,764 | |||||||||||||||
2015 | 59,117 | ||||||||||||||||
2016 (1) | 220,756 | ||||||||||||||||
2017 | 35,055 | ||||||||||||||||
2018 | 9,295 | ||||||||||||||||
Thereafter | 2,284,085 | ||||||||||||||||
$ | 2,805,072 | ||||||||||||||||
-1 | Gross of $13,905 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Mortgage and loans payable | $ | 224,980 | $ | 254,607 | |||||||||||||
Convertible debt | 505,814 | 1,009,744 | |||||||||||||||
Senior notes | 2,293,583 | 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 63,756 | $ | 61,957 | $ | 199,450 | $ | 183,289 | |||||||||
Interest capitalized | 5,565 | 2,346 | 13,050 | 7,896 | |||||||||||||
Interest charges incurred | $ | 69,321 | $ | 64,303 | $ | 212,500 | $ | 191,185 | |||||||||
Redeemable_NonControlling_Inte
Redeemable Non-Controlling Interests | 9 Months Ended | ||||
Sep. 30, 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 | (1,179 | ) | |||
Other comprehensive income attributable to redeemable non-controlling interests | 1,810 | ||||
Net increase in redemption value of non-controlling interests | 90,966 | ||||
Impact of foreign currency translation | 1,671 | ||||
Exercise of vested and outstanding ALOG stock options | 8,459 | ||||
Purchase price of redeemable non-controlling interests | (225,629 | ) | |||
Balance as of September 30, 2014 | $ | — | |||
In July 2014, the Company and Riverwood Capital L.P. (“Riverwood”) entered into a purchase and sale agreement in which the Company acquired Riverwood’s interest in ALOG Data Centers do Brasil S.A. and its subsidiaries (“ALOG”) and the approximate 10% of ALOG owned by ALOG management, which resulted in the Company owning 100% of ALOG. The net purchase price of $225,629,000 consisted of: (i) $216,484,000 of cash paid to Riverwood and ALOG management to acquire their interests in ALOG, (ii) $8,459,000 of cash paid for the common shares of ALOG related to vested and outstanding stock options to purchase common shares of ALOG that were held by ALOG employees and (iii) $686,000 for the assumption of Riverwood’s portion of the contingent consideration in connection with the acquisition of ALOG in 2011. The cash portion of the purchase price was paid on the closing date in July 2014. The net increase in the redemption value of the redeemable non-controlling interests of $90,966,000 and transaction costs of $1,333,000 were recorded in additional paid-in capital. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 2014, the Company was contractually committed for $187,670,000 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 September 30, 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 $279,552,000 as of September 30, 2014. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | September 30, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Foreign currency translation gain (loss) | $ | (132,881 | ) | $ | (106,943 | ) | $ | (239,824 | ) | ||||||||
Unrealized gain (loss) on cash flow hedges | (1,750 | ) | 4,448 | 2,698 | |||||||||||||
Unrealized gain (loss) on available for sale securities | (257 | ) | (97 | ) | (354 | ) | |||||||||||
Other comprehensive loss (income) attributable to redeemable non-controlling interests(1) | 21,121 | (21,121 | ) | — | |||||||||||||
$ | (113,767 | ) | $ | (123,713 | ) | $ | (237,480 | ) | |||||||||
-1 | Includes $1,810 of other comprehensive income attributable to redeemable non-controlling interests for the nine months ended September 30, 2014 and $19,311 of accumulated other comprehensive income reclassified to additional paid-in capital upon the Company’s purchase of the redeemable non-controlling interests in ALOG in July 2014 (Note 9). | ||||||||||||||||
Changes in foreign currency exchange rates 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 September 30, 2014, the U.S. dollar was generally stronger relative to certain of the currencies of the foreign countries in which the Company operates. This overall strength of the U.S. dollar had an overall unfavorable impact on the Company’s consolidated financial position because the foreign denominations translated into less U.S. dollars as evidenced by an increase in foreign currency translation loss for the nine months ended September 30, 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 nine months ended September 30, 2014, the Company repurchased a total of 1,517,743 shares of its common stock in the open market at an average price of $196.32 per share for total consideration of $297,958,000 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 September 30, 2014, the Company may purchase up to an additional $153,243,000 in value of the Company’s common stock through December 31, 2014 under this share repurchase program. | |||||||||||||||||
During the nine months ended September 30, 2014, the Company reissued a total of 1,704,794 shares of its treasury stock with a total value of $287,863,000, primarily related to the exchanges of the 3.00% Convertible Subordinated Notes and 4.75% Convertible Subordinated Notes. | |||||||||||||||||
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 March 2014 and restricted stock units granted during February 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 2,145 | $ | 2,270 | $ | 6,243 | $ | 5,666 | |||||||||
Sales and marketing | 7,256 | 7,250 | 22,199 | 19,796 | |||||||||||||
General and administrative | 18,261 | 17,760 | 58,031 | 49,848 | |||||||||||||
$ | 27,662 | $ | 27,280 | $ | 86,473 | $ | 75,310 | ||||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Adjusted EBITDA: | |||||||||||||||||
Americas | $ | 160,075 | $ | 150,304 | $ | 467,763 | $ | 449,112 | |||||||||
EMEA | 69,786 | 57,139 | 198,342 | 156,557 | |||||||||||||
Asia-Pacific | 54,000 | 41,002 | 153,421 | 131,699 | |||||||||||||
Total adjusted EBITDA | 283,861 | 248,445 | 819,526 | 737,368 | |||||||||||||
Depreciation, amortization and accretion expense | (121,349 | ) | (105,534 | ) | (351,033 | ) | (324,326 | ) | |||||||||
Stock-based compensation expense | (27,662 | ) | (27,280 | ) | (86,473 | ) | (75,310 | ) | |||||||||
Restructuring charges | — | — | — | 4,837 | |||||||||||||
Acquisition costs | 281 | (438 | ) | (580 | ) | (6,626 | ) | ||||||||||
Income from operations | $ | 135,131 | $ | 115,193 | $ | 381,440 | $ | 335,943 | |||||||||
The Company also provides the following additional segment disclosures (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total revenues: | |||||||||||||||||
Americas | $ | 347,412 | $ | 319,413 | $ | 1,019,701 | $ | 938,673 | |||||||||
EMEA | 161,580 | 133,254 | 470,172 | 380,232 | |||||||||||||
Asia-Pacific | 111,449 | 90,417 | 315,782 | 269,184 | |||||||||||||
$ | 620,441 | $ | 543,084 | $ | 1,805,655 | $ | 1,588,089 | ||||||||||
Total depreciation and amortization: | |||||||||||||||||
Americas | $ | 66,198 | $ | 64,001 | $ | 188,990 | $ | 191,355 | |||||||||
EMEA | 27,454 | 24,274 | 84,875 | 70,403 | |||||||||||||
Asia-Pacific | 26,370 | 21,626 | 75,862 | 64,533 | |||||||||||||
$ | 120,022 | $ | 109,901 | $ | 349,727 | $ | 326,291 | ||||||||||
Capital expenditures: | |||||||||||||||||
Americas | $ | 77,241 | $ | 154,704 | (1) | $ | 232,462 | $ | 257,817 | (1) | |||||||
EMEA | 35,177 | 42,847 | (3) | 77,842 | 91,709 | (3) | |||||||||||
Asia-Pacific | 43,586 | 45,454 | (4) | 128,212 | (2) | 94,969 | (4) | ||||||||||
$ | 156,003 | $ | 243,005 | $ | 438,517 | $ | 444,495 | ||||||||||
-1 | Includes the purchase price for the New York 2 IBX Data Center Purchase, which totaled $73,441. | ||||||||||||||||
-2 | Includes the purchase of real estate totaling $16,791. | ||||||||||||||||
-3 | Includes the deposit for the purchase of the Frankfurt Kleyer 90 Carrier Hotel totaling $1,353. | ||||||||||||||||
-4 | Includes the deposit for ta real estate purchase totaling $891 and purchase price adjustment for the acquisition of Asia Tone totaling $755. | ||||||||||||||||
The Company’s long-lived assets are located in the following geographic areas as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Americas | $ | 2,858,743 | $ | 2,549,863 | |||||||||||||
EMEA | 1,144,753 | 1,188,559 | |||||||||||||||
Asia-Pacific | 979,880 | 853,228 | |||||||||||||||
$ | 4,983,376 | $ | 4,591,650 | ||||||||||||||
Revenue information on a services basis is as follows (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Colocation | $ | 462,465 | $ | 408,569 | $ | 1,349,748 | $ | 1,201,487 | |||||||||
Interconnection | 95,648 | 81,650 | 273,643 | 235,994 | |||||||||||||
Managed infrastructure | 27,757 | 24,413 | 80,997 | 72,324 | |||||||||||||
Rental | 2,566 | 934 | 7,909 | 2,097 | |||||||||||||
Recurring revenues | 588,437 | 515,566 | 1,712,298 | 1,511,902 | |||||||||||||
Non-recurring revenues | 32,004 | 27,518 | 93,357 | 76,187 | |||||||||||||
$ | 620,441 | $ | 543,084 | $ | 1,805,655 | $ | 1,588,089 | ||||||||||
No single customer accounted for 10% or greater of the Company’s revenues for the three and nine months ended September 30, 2014 and 2013. No single customer accounted for 10% or greater of the Company’s gross accounts receivable as of September 30, 2014 and December 31, 2013. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
On October 15, 2014, the Company settled with the remaining holders of its 3.00% Convertible Subordinated Notes. Approximately $178,741,000 in aggregate principal amount of the 3.00% Convertible Subordinated Notes, plus accrued interest, were converted into 1,595,496 shares of common stock. The remaining 3.00% Convertible Subordinated Notes, plus accrued interest, were settled in cash. | |
In October 2014, the Company’s Board of Directors declared a special distribution of $416,000,000, or approximately $7.57 per share based on the number of shares outstanding on the declaration date (the “2014 Special Distribution”), to its common stockholders in connection with the Company’s plan to convert to a REIT. The 2014 Special Distribution is payable on November 25, 2014 to the Company’s common stockholders of record as of the close of business on October 27, 2014. Common stockholders can elect to receive payment of the 2014 Special Distribution in the form of stock or cash, with the total cash payment to all stockholders limited to no more than approximately $83,200,000 or 20% of the total distribution. The number of shares to be distributed will be determined based upon common stockholder elections and the average closing price of the Company’s common stock on the three trading days commencing on November 18, 2014. | |
In October 2014, the Compensation Committee of the Company’s Board of Directors approved amendments to the terms of all outstanding restricted stock units (“RSUs”) granted prior to January 1, 2014 to provide them dividend equivalent rights (“DERs”) in the event of future dividends paid to the Company’s stockholders. The Compensation Committee also approved adjustments for the cash portion of the 2014 Special Distribution for the Company’s outstanding RSUs, stock options and Employee Stock Purchase Plan (“ESPP”) offering periods. Prior to these actions, outstanding equity awards were not entitled to adjustments for the cash portion of the 2014 Special Distribution. Pursuant to the accounting standard for stock compensation, these actions affecting the terms of the awards are considered modifications that will result in incremental stock-based compensation expense. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [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 30.9% for the nine months ended September 30, 2014 and 21.8% for the nine months ended September 30, 2013. | |
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 employee equity awards has been reflected as an adjustment to additional paid-in capital. For the nine months ended September 30, 2014, the benefits arising from employee equity award activity that resulted in an adjustment to additional paid-in capital were approximately $16,864,000. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not believe the adoption of ASU 2014-15 will have a significant impact on its consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This ASU requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which companies expect to be entitled in exchange for those goods or services. This ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. This ASU is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the criteria for reporting discontinued operations. This ASU is required to be applied prospectively for disposals, or classifications as held for sale, of components of an entity that occur within fiscal years and interim periods beginning after December 15, 2014, with early adoption permitted. The Company will evaluate the impact that the adoption of this standard will have on disposals, or classifications as held for sale, of components of the Company that may occur in the future. | |
In July 2013, the FASB issued 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. 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 condensed 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 2053. 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 Hedges | ' |
Derivatives Not Designated as Hedges | |
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 September 30, 2014 the Company recognized a net gain of $2,745,000 associated with these embedded derivatives. During the nine months ended September 30, 2013, the Company recognized a net gain of $2,841,000 associated with these embedded derivatives. During the nine months ended September 30, 2014 and three months ended September 30, 2013, gains (losses) associated with these embedded derivatives were not significant. | |
Economic Hedges of Embedded Derivatives. The Company uses foreign currency forward contracts to manage the foreign exchange risk associated with the Company’s customer agreements that are priced in currencies different from the functional or local currencies of the parties involved (“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 and nine months ended September 30, 2014 and September 30, 2013. During the three months ended September 30, 2014, the Company recognized a net loss of $2,979,000. During the nine months ended September 30, 2013, the Company recognized a net loss of $2,270,000. During the nine months ended September 30, 2014 and three months ended September 30, 2013, gains (losses) from these contracts were not significant. | |
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 these foreign currency forward and options contracts. The Company entered into various foreign currency forward and options contracts during the three and nine months ended September 30, 2014 and September 30, 2013. During the three months and nine months ended September 30, 2014, the Company recognized a net gain of $4,073,000 and $6,975,000, respectively. During the three months and nine months ended September 30, 2013, and gains (losses) from these foreign currency forward contracts were not significant. | |
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. These investments include 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 September 30, 2014 were primarily cash and money market funds, U.S. government and agency securities, corporate bonds, certificate of deposits and commercial paper. 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 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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 42,961 | $ | 42,753 | $ | 94,377 | $ | 50,750 | |||||||||
Net (income) loss attributable to redeemable non-controlling interests | (120 | ) | (282 | ) | 1,179 | (1,252 | ) | ||||||||||
Net income attributable to Equinix, basic | 42,841 | 42,471 | 95,556 | 49,498 | |||||||||||||
Effect of assumed conversion of convertible debt: | |||||||||||||||||
Interest expense, net of tax | 885 | 1,865 | 4,862 | — | |||||||||||||
Net income attributable to Equinix, diluted | $ | 43,726 | $ | 44,336 | $ | 100,418 | $ | 49,498 | |||||||||
Weighted-average shares used to calculate basic EPS | 53,137 | 49,555 | 51,369 | 49,325 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Convertible debt | 1,621 | 3,467 | 2,673 | — | |||||||||||||
Employee equity awards | 480 | 559 | 460 | 725 | |||||||||||||
Weighted-average shares used to calculate diluted EPS | 55,238 | 53,581 | 54,502 | 50,050 | |||||||||||||
EPS attributable to Equinix: | |||||||||||||||||
Basic EPS | $ | 0.81 | $ | 0.86 | $ | 1.86 | $ | 1 | |||||||||
Diluted EPS | $ | 0.79 | $ | 0.83 | $ | 1.84 | $ | 0.99 | |||||||||
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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Shares reserved for conversion of 3.00% convertible subordinated notes | — | — | — | 3,613 | |||||||||||||
Shares reserved for conversion of 4.75% convertible subordinated notes | 1,873 | 4,432 | 3,042 | 4,432 | |||||||||||||
Common stock related to employee equity awards | 156 | 436 | 176 | 269 | |||||||||||||
2,029 | 4,868 | 3,218 | 8,314 | ||||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash (1) | $ | 327,877 | $ | 186,007 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | 26,304 | 74,787 | |||||||||||||||
Commercial paper | — | 1,100 | |||||||||||||||
Total cash and cash equivalents | 354,181 | 261,894 | |||||||||||||||
U.S. government securities | 116,317 | 305,021 | |||||||||||||||
U.S. government agency securities | 17,716 | 125,917 | |||||||||||||||
Corporate bonds | 1,001 | 190,177 | |||||||||||||||
Certificates of deposit | 9,520 | 76,152 | |||||||||||||||
Asset-backed securities | — | 68,938 | |||||||||||||||
Commercial paper | 2,380 | 1,993 | |||||||||||||||
Total marketable securities | 146,934 | 768,198 | |||||||||||||||
Total cash, cash equivalents and short-term and long-term investments | $ | 501,115 | $ | 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 their stated effective maturities as of (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||
Cost | Cost | ||||||||||||||||
Due within one year | $ | 140,254 | $ | 140,378 | $ | 369,698 | $ | 369,808 | |||||||||
Due after one year through three years | 6,542 | 6,556 | 398,200 | 398,390 | |||||||||||||
$ | 146,796 | $ | 146,934 | $ | 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): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | unrealized | unrealized | |||||||||||||||
gains | losses | ||||||||||||||||
U.S. government securities | $ | 116,196 | $ | 121 | $ | — | $ | 116,317 | |||||||||
U.S. government agency securities | 17,699 | 17 | — | 17,716 | |||||||||||||
Corporate bonds | 1,001 | — | — | 1,001 | |||||||||||||
Certificates of deposit | 9,520 | — | — | 9,520 | |||||||||||||
Commercial paper | 2,380 | — | — | 2,380 | |||||||||||||
$ | 146,796 | $ | 138 | $ | — | $ | 146,934 | ||||||||||
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 | ||||||||
Accounts Receivables, Net | ' | ||||||||||||||||
Accounts receivables, net, consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 285,263 | $ | 323,822 | |||||||||||||
Unearned revenue | — | (132,342 | ) | ||||||||||||||
Allowance for doubtful accounts | (9,999 | ) | (6,640 | ) | |||||||||||||
$ | 275,264 | $ | 184,840 | ||||||||||||||
Other Current Assets | ' | ||||||||||||||||
Other current assets consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Prepaid expenses | $ | 28,046 | $ | 26,578 | |||||||||||||
Taxes receivable | 35,095 | 21,584 | |||||||||||||||
Deferred tax assets, net | 7,442 | 7,442 | |||||||||||||||
Other receivables | 2,113 | 4,181 | |||||||||||||||
Derivative instruments | 12,607 | 4,457 | |||||||||||||||
Restricted cash, current | 3,199 | 3,210 | |||||||||||||||
Other current assets | 8,905 | 4,666 | |||||||||||||||
$ | 97,407 | $ | 72,118 | ||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||
Goodwill and intangible assets, net, consisted of the following as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Americas | $ | 469,099 | $ | 471,845 | |||||||||||||
EMEA | 420,791 | 435,041 | |||||||||||||||
Asia-Pacific | 134,665 | 135,267 | |||||||||||||||
$ | 1,024,555 | $ | 1,042,153 | ||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Intangible assets: | |||||||||||||||||
Intangible asset - customer contracts | $ | 225,947 | $ | 233,038 | |||||||||||||
Intangible assets - favorable leases | 24,533 | 25,147 | |||||||||||||||
Intangible asset - licenses | 9,697 | 9,697 | |||||||||||||||
Intangible asset - others | 8,420 | 8,859 | |||||||||||||||
268,597 | 276,741 | ||||||||||||||||
Less accumulated amortization | (111,122 | ) | (92,559 | ) | |||||||||||||
$ | 157,475 | $ | 184,182 | ||||||||||||||
Estimated Future Amortization Expense Related to Intangibles | ' | ||||||||||||||||
The Company’s estimated future amortization expense related to these intangibles is as follows (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (3 months remaining) | $ | 7,080 | |||||||||||||||
2015 | 28,070 | ||||||||||||||||
2016 | 27,625 | ||||||||||||||||
2017 | 26,191 | ||||||||||||||||
2018 | 23,259 | ||||||||||||||||
Thereafter | 45,250 | ||||||||||||||||
$ | 157,475 | ||||||||||||||||
Other Assets | ' | ||||||||||||||||
Other assets consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax assets, net | $ | 301,013 | $ | 229,975 | |||||||||||||
Prepaid expenses, non-current | 37,237 | 61,039 | |||||||||||||||
Debt issuance costs, net | 33,974 | 41,847 | |||||||||||||||
Deposits | 25,287 | 25,543 | |||||||||||||||
Restricted cash, non-current | 14,653 | 16,178 | |||||||||||||||
Derivative instruments | 4,008 | 4,118 | |||||||||||||||
Other assets, non-current | 6,636 | 8,624 | |||||||||||||||
$ | 422,808 | $ | 387,324 | ||||||||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||||||||||
Accounts payable and accrued expenses consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts payable | $ | 42,304 | $ | 30,291 | |||||||||||||
Accrued compensation and benefits | 94,549 | 92,106 | |||||||||||||||
Accrued interest | 58,282 | 48,310 | |||||||||||||||
Accrued taxes | 43,764 | 32,047 | |||||||||||||||
Accrued utilities and security | 31,390 | 31,314 | |||||||||||||||
Accrued professional fees | 7,844 | 9,753 | |||||||||||||||
Accrued repairs and maintenance | 5,515 | 3,557 | |||||||||||||||
Accrued other | 20,021 | 15,845 | |||||||||||||||
$ | 303,669 | $ | 263,223 | ||||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
Other current liabilities consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Deferred tax liabilities, net | $ | 72,004 | $ | 72,004 | |||||||||||||
Deferred installation revenue | 46,524 | 43,145 | |||||||||||||||
Customer deposits | 15,136 | 15,174 | |||||||||||||||
Derivative instruments | 4,014 | 6,515 | |||||||||||||||
Deferred recurring revenue | 3,982 | 5,007 | |||||||||||||||
Deferred rent | 2,292 | 3,865 | |||||||||||||||
Asset retirement obligations | 2,106 | 1,290 | |||||||||||||||
Other current liabilities | 1,618 | 958 | |||||||||||||||
$ | 147,676 | $ | 147,958 | ||||||||||||||
Other Liabilities | ' | ||||||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset retirement obligations, non-current | $ | 61,584 | $ | 58,258 | |||||||||||||
Deferred tax liabilities, net | 67,194 | 69,812 | |||||||||||||||
Deferred installation revenue, non-current | 74,575 | 60,947 | |||||||||||||||
Deferred rent, non-current | 50,678 | 37,955 | |||||||||||||||
Accrued taxes, non-current | 24,651 | 27,052 | |||||||||||||||
Customer deposits, non-current | 4,912 | 5,005 | |||||||||||||||
Deferred recurring revenue, non-current | 1,697 | 2,082 | |||||||||||||||
Other liabilities | 5,073 | 13,844 | |||||||||||||||
$ | 290,364 | $ | 274,955 | ||||||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Cash Flow Hedge Instruments | ' | ||||||||||||||||||||
As of September 30, 2014, the Company had a total of 45 cash flow hedge instruments with maturity dates ranging from October 2014 to January 2015 as follows (in thousands): | |||||||||||||||||||||
Notional | Fair Value (1) | Accumulated | |||||||||||||||||||
Amount | other | ||||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 76,444 | $ | 4,566 | $ | 4,601 | |||||||||||||||
Derivative liabilities | 30,005 | (1,596 | ) | (1,586 | ) | ||||||||||||||||
$ | 106,449 | $ | 2,970 | $ | 3,015 | ||||||||||||||||
-1 | A total of $4,566 of derivative assets related to cash flow hedges are included in the condensed consolidated balance sheets within other current assets. A total of $1,596 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). Amounts presented are gross of tax. | ||||||||||||||||||||
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 Value (1) | Accumulated | |||||||||||||||||||
Amount | other | ||||||||||||||||||||
comprehensive | |||||||||||||||||||||
income (loss) (2) | |||||||||||||||||||||
Derivative assets | $ | 127,968 | $ | 2,102 | $ | 2,107 | |||||||||||||||
Derivative liabilities | 200,686 | (3,855 | ) | (3,857 | ) | ||||||||||||||||
$ | 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). Amounts presented are gross of tax. | ||||||||||||||||||||
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 September 30, 2014 (in thousands): | |||||||||||||||||||||
Gross | Gross | Net | Gross | Net | |||||||||||||||||
Amounts | amounts | amounts (1) | amounts not | ||||||||||||||||||
offset in the | offset in the | ||||||||||||||||||||
balance | balance | ||||||||||||||||||||
sheet | sheet (2) | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 4,566 | $ | — | $ | 4,566 | $ | (1,596 | ) | $ | 2,970 | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 6,338 | — | 6,338 | — | 6,338 | ||||||||||||||||
Economic hedges of embedded derivatives | — | — | — | — | — | ||||||||||||||||
Foreign currency forward and option contracts | 5,711 | — | 5,711 | (1,778 | ) | 3,933 | |||||||||||||||
12,049 | — | 12,049 | (1,778 | ) | 10,271 | ||||||||||||||||
Additional netting benefit | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
$ | 16,615 | $ | — | $ | 16,615 | $ | (3,382 | ) | $ | 13,233 | |||||||||||
Liabilities: | |||||||||||||||||||||
Designated as hedging instruments: | |||||||||||||||||||||
Foreign currency forward contracts | $ | 1,596 | $ | — | $ | 1,596 | $ | (1,596 | ) | $ | — | ||||||||||
Not designated as hedging instruments: | |||||||||||||||||||||
Embedded derivatives | 24 | — | 24 | — | 24 | ||||||||||||||||
Economic hedges of embedded derivatives | 496 | — | 496 | — | 496 | ||||||||||||||||
Foreign currency forward and option contracts | 1,899 | — | 1,899 | (1,778 | ) | 121 | |||||||||||||||
2,419 | — | 2,419 | (1,778 | ) | 641 | ||||||||||||||||
Additional netting benefit | — | — | — | (8 | ) | (8 | ) | ||||||||||||||
$ | 4,015 | $ | — | $ | 4,015 | $ | (3,382 | ) | $ | 633 | |||||||||||
-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 not | ||||||||||||||||||
offset in the | offset in the | ||||||||||||||||||||
balance | balance | ||||||||||||||||||||
sheet | 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 option 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 option 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) | 9 Months Ended | ||||||||||||
Sep. 30, 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 September 30, 2014 were as follows (in thousands): | |||||||||||||
Fair value at | Fair value | ||||||||||||
September 30, | measurement using | ||||||||||||
2014 | Level 1 | Level 2 | |||||||||||
Assets: | |||||||||||||
Cash | $ | 327,877 | $ | 327,877 | $ | — | |||||||
Money market and deposit accounts | 26,304 | 26,304 | — | ||||||||||
U.S. government securities | 116,317 | 116,317 | — | ||||||||||
U.S. government agency securities | 17,716 | — | 17,716 | ||||||||||
Corporate bonds | 1,001 | — | 1,001 | ||||||||||
Certificates of deposit | 9,520 | — | 9,520 | ||||||||||
Commercial paper | 2,380 | — | 2,380 | ||||||||||
Derivative instruments (1) | 16,615 | — | 16,615 | ||||||||||
$ | 517,730 | $ | 470,498 | $ | 47,232 | ||||||||
Liabilities: | |||||||||||||
Derivative instruments (1) | $ | 4,015 | $ | — | $ | 4,015 | |||||||
-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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | 2,089 | $ | 2,233 | $ | 6,416 | $ | 17,973 | |||||||||
Costs and services | 143 | 132 | 3,582 | 4,665 | |||||||||||||
As of September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Accounts receivable | $ | 730 | $ | 1,938 | |||||||||||||
Accounts payable | — | — |
Leases_Tables
Leases (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 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 (3 months remaining) | $ | 13,513 | $ | 11,501 | $ | 25,014 | |||||||
2015 | 59,470 | 53,832 | 113,302 | ||||||||||
2016 | 62,444 | 58,824 | 121,268 | ||||||||||
2017 | 63,889 | 59,561 | 123,450 | ||||||||||
2018 | 65,800 | 62,630 | 128,430 | ||||||||||
Thereafter | 904,762 | 582,571 | 1,487,333 | ||||||||||
Total minimum lease payments | 1,169,878 | 828,919 | 1,998,797 | ||||||||||
Plus amount representing residual property value | — | 420,771 | 420,771 | ||||||||||
Less estimated building costs | — | (5,745 | ) | (5,745 | ) | ||||||||
Less amount representing interest | (585,817 | ) | (635,518 | ) | (1,221,335 | ) | |||||||
Present value of net minimum lease payments | 584,061 | 608,427 | 1,192,488 | ||||||||||
Less current portion | (11,300 | ) | (8,832 | ) | (20,132 | ) | |||||||
$ | 572,761 | $ | 599,595 | $ | 1,172,356 | ||||||||
Debt_Facilities_Tables
Debt Facilities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Convertible Debt | ' | ||||||||||||||||
The Company’s convertible debt consisted of the following (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
3.00% Convertible Subordinated Notes | $ | 178,782 | $ | 395,986 | |||||||||||||
4.75% Convertible Subordinated Notes | 157,880 | 373,724 | |||||||||||||||
336,662 | 769,710 | ||||||||||||||||
Less amount representing debt discount | (13,905 | ) | (45,508 | ) | |||||||||||||
$ | 322,757 | $ | 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 September 30, 2014 (in thousands): | |||||||||||||||||
Year ending: | |||||||||||||||||
2014 (3 months remaining) | $ | 196,764 | |||||||||||||||
2015 | 59,117 | ||||||||||||||||
2016 (1) | 220,756 | ||||||||||||||||
2017 | 35,055 | ||||||||||||||||
2018 | 9,295 | ||||||||||||||||
Thereafter | 2,284,085 | ||||||||||||||||
$ | 2,805,072 | ||||||||||||||||
-1 | Gross of $13,905 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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Mortgage and loans payable | $ | 224,980 | $ | 254,607 | |||||||||||||
Convertible debt | 505,814 | 1,009,744 | |||||||||||||||
Senior notes | 2,293,583 | 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest expense | $ | 63,756 | $ | 61,957 | $ | 199,450 | $ | 183,289 | |||||||||
Interest capitalized | 5,565 | 2,346 | 13,050 | 7,896 | |||||||||||||
Interest charges incurred | $ | 69,321 | $ | 64,303 | $ | 212,500 | $ | 191,185 | |||||||||
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): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
U.S. term loan | $ | 110,000 | $ | 140,000 | |||||||||||||
ALOG financings | 59,317 | 67,882 | |||||||||||||||
Mortgage payable | 39,052 | 43,497 | |||||||||||||||
Other loans payable | 10,041 | 1,829 | |||||||||||||||
218,410 | 253,208 | ||||||||||||||||
Less current portion | (57,767 | ) | (53,508 | ) | |||||||||||||
$ | 160,643 | $ | 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): | |||||||||||||||||
September 30, | 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) | 9 Months Ended | ||||
Sep. 30, 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 | (1,179 | ) | |||
Other comprehensive income attributable to redeemable non-controlling interests | 1,810 | ||||
Net increase in redemption value of non-controlling interests | 90,966 | ||||
Impact of foreign currency translation | 1,671 | ||||
Exercise of vested and outstanding ALOG stock options | 8,459 | ||||
Purchase price of redeemable non-controlling interests | (225,629 | ) | |||
Balance as of September 30, 2014 | $ | — | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | September 30, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Foreign currency translation gain (loss) | $ | (132,881 | ) | $ | (106,943 | ) | $ | (239,824 | ) | ||||||||
Unrealized gain (loss) on cash flow hedges | (1,750 | ) | 4,448 | 2,698 | |||||||||||||
Unrealized gain (loss) on available for sale securities | (257 | ) | (97 | ) | (354 | ) | |||||||||||
Other comprehensive loss (income) attributable to redeemable non-controlling interests(1) | 21,121 | (21,121 | ) | — | |||||||||||||
$ | (113,767 | ) | $ | (123,713 | ) | $ | (237,480 | ) | |||||||||
-1 | Includes $1,810 of other comprehensive income attributable to redeemable non-controlling interests for the nine months ended September 30, 2014 and $19,311 of accumulated other comprehensive income reclassified to additional paid-in capital upon the Company’s purchase of the redeemable non-controlling interests in ALOG in July 2014 (Note 9). | ||||||||||||||||
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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenues | $ | 2,145 | $ | 2,270 | $ | 6,243 | $ | 5,666 | |||||||||
Sales and marketing | 7,256 | 7,250 | 22,199 | 19,796 | |||||||||||||
General and administrative | 18,261 | 17,760 | 58,031 | 49,848 | |||||||||||||
$ | 27,662 | $ | 27,280 | $ | 86,473 | $ | 75,310 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Adjusted EBITDA: | |||||||||||||||||
Americas | $ | 160,075 | $ | 150,304 | $ | 467,763 | $ | 449,112 | |||||||||
EMEA | 69,786 | 57,139 | 198,342 | 156,557 | |||||||||||||
Asia-Pacific | 54,000 | 41,002 | 153,421 | 131,699 | |||||||||||||
Total adjusted EBITDA | 283,861 | 248,445 | 819,526 | 737,368 | |||||||||||||
Depreciation, amortization and accretion expense | (121,349 | ) | (105,534 | ) | (351,033 | ) | (324,326 | ) | |||||||||
Stock-based compensation expense | (27,662 | ) | (27,280 | ) | (86,473 | ) | (75,310 | ) | |||||||||
Restructuring charges | — | — | — | 4,837 | |||||||||||||
Acquisition costs | 281 | (438 | ) | (580 | ) | (6,626 | ) | ||||||||||
Income from operations | $ | 135,131 | $ | 115,193 | $ | 381,440 | $ | 335,943 | |||||||||
Segment Disclosures | ' | ||||||||||||||||
The Company also provides the following additional segment disclosures (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total revenues: | |||||||||||||||||
Americas | $ | 347,412 | $ | 319,413 | $ | 1,019,701 | $ | 938,673 | |||||||||
EMEA | 161,580 | 133,254 | 470,172 | 380,232 | |||||||||||||
Asia-Pacific | 111,449 | 90,417 | 315,782 | 269,184 | |||||||||||||
$ | 620,441 | $ | 543,084 | $ | 1,805,655 | $ | 1,588,089 | ||||||||||
Total depreciation and amortization: | |||||||||||||||||
Americas | $ | 66,198 | $ | 64,001 | $ | 188,990 | $ | 191,355 | |||||||||
EMEA | 27,454 | 24,274 | 84,875 | 70,403 | |||||||||||||
Asia-Pacific | 26,370 | 21,626 | 75,862 | 64,533 | |||||||||||||
$ | 120,022 | $ | 109,901 | $ | 349,727 | $ | 326,291 | ||||||||||
Capital expenditures: | |||||||||||||||||
Americas | $ | 77,241 | $ | 154,704 | (1) | $ | 232,462 | $ | 257,817 | (1) | |||||||
EMEA | 35,177 | 42,847 | (3) | 77,842 | 91,709 | (3) | |||||||||||
Asia-Pacific | 43,586 | 45,454 | (4) | 128,212 | (2) | 94,969 | (4) | ||||||||||
$ | 156,003 | $ | 243,005 | $ | 438,517 | $ | 444,495 | ||||||||||
-1 | Includes the purchase price for the New York 2 IBX Data Center Purchase, which totaled $73,441. | ||||||||||||||||
-2 | Includes the purchase of real estate totaling $16,791. | ||||||||||||||||
-3 | Includes the deposit for the purchase of the Frankfurt Kleyer 90 Carrier Hotel totaling $1,353. | ||||||||||||||||
-4 | Includes the deposit for ta real estate purchase totaling $891 and purchase price adjustment for the acquisition of Asia Tone totaling $755. | ||||||||||||||||
Long-Lived Assets | ' | ||||||||||||||||
The Company’s long-lived assets are located in the following geographic areas as of (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Americas | $ | 2,858,743 | $ | 2,549,863 | |||||||||||||
EMEA | 1,144,753 | 1,188,559 | |||||||||||||||
Asia-Pacific | 979,880 | 853,228 | |||||||||||||||
$ | 4,983,376 | $ | 4,591,650 | ||||||||||||||
Revenue Information on Service Basis | ' | ||||||||||||||||
Revenue information on a services basis is as follows (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Colocation | $ | 462,465 | $ | 408,569 | $ | 1,349,748 | $ | 1,201,487 | |||||||||
Interconnection | 95,648 | 81,650 | 273,643 | 235,994 | |||||||||||||
Managed infrastructure | 27,757 | 24,413 | 80,997 | 72,324 | |||||||||||||
Rental | 2,566 | 934 | 7,909 | 2,097 | |||||||||||||
Recurring revenues | 588,437 | 515,566 | 1,712,298 | 1,511,902 | |||||||||||||
Non-recurring revenues | 32,004 | 27,518 | 93,357 | 76,187 | |||||||||||||
$ | 620,441 | $ | 543,084 | $ | 1,805,655 | $ | 1,588,089 | ||||||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Effective income tax rate, continuing operations | 30.90% | 21.80% |
Benefits from employee equity award activity in adjustment to additional paid-in capital | $16,864,000 | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $42,961 | $42,753 | $94,377 | $50,750 |
Net (income) loss attributable to redeemable non-controlling interests | -120 | -282 | 1,179 | -1,252 |
Net income attributable to Equinix, basic | 42,841 | 42,471 | 95,556 | 49,498 |
Effect of assumed conversion of convertible debt: | ' | ' | ' | ' |
Interest expense, net of tax | 885 | 1,865 | 4,862 | ' |
Net income attributable to Equinix, diluted | $43,726 | $44,336 | $100,418 | $49,498 |
Weighted-average shares used to calculate basic EPS | 53,137 | 49,555 | 51,369 | 49,325 |
Effect of dilutive securities: | ' | ' | ' | ' |
Convertible debt | 1,621 | 3,467 | 2,673 | ' |
Employee equity awards | 480 | 559 | 460 | 725 |
Weighted-average shares used to calculate diluted EPS | 55,238 | 53,581 | 54,502 | 50,050 |
Basic EPS | $0.81 | $0.86 | $1.86 | $1 |
Diluted EPS | $0.79 | $0.83 | $1.84 | $0.99 |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | 2,029 | 4,868 | 3,218 | 8,314 |
Shares reserved for conversion of convertible subordinated notes [Member] | 3.00% 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 | ' | ' | ' | 3,613 |
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 | 1,873 | 4,432 | 3,042 | 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 | 156 | 436 | 176 | 269 |
Earnings_Per_Share_Antidilutiv1
Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Parenthetical) (Detail) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2007 | Sep. 30, 2014 | Sep. 30, 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] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Convertible debt interest rate | 3.00% | 3.00% | 3.00% | 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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Investment Holdings [Line Items] | ' | ' | ' | ' |
Cash | $327,877 | $186,007 | ' | ' |
Money market funds | 26,304 | 74,787 | ' | ' |
Commercial paper | ' | 1,100 | ' | ' |
Total cash and cash equivalents | 354,181 | 261,894 | 399,742 | 252,213 |
Total marketable securities | 146,934 | 768,198 | ' | ' |
Total cash, cash equivalents and short-term and long-term investments | 501,115 | 1,030,092 | ' | ' |
U.S. government securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 116,317 | 305,021 | ' | ' |
U.S. government agency securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 17,716 | 125,917 | ' | ' |
Corporate bonds [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 1,001 | 190,177 | ' | ' |
Certificates of deposit [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | 9,520 | 76,152 | ' | ' |
Asset-backed securities [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | ' | 68,938 | ' | ' |
Commercial paper [Member] | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' |
Total marketable securities | $2,380 | $1,993 | ' | ' |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' | ' |
Cash equivalents maturity period | ' | ' | '90 days or less | ' | '90 days or less |
Short-term investments maturity period | ' | ' | 'One year or less | ' | 'One year or less |
Long-term investments maturity period | ' | ' | 'Greater than one year and less than three years | ' | 'Greater than one year and less than three years |
Amortization expense | $6,844,000 | $6,822,000 | $20,953,000 | $20,445,000 | ' |
Non-cancelable operating lease agreements expiring year | ' | ' | '2053 | ' | ' |
Balance_Sheet_Components_Summa
Balance Sheet Components - Summary of Cost and Estimated Fair Value of Marketable Securities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Amortized Cost, Due within one year | $140,254 | $369,698 |
Amortized Cost, Due after one year through three years | 6,542 | 398,200 |
Amortized Cost | 146,796 | 767,898 |
Fair Value, Due within one year | 140,378 | 369,808 |
Fair Value, Due after one year through three years | 6,556 | 398,390 |
Fair Value, Total | $146,934 | $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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $146,796 | $767,898 |
Gross unrealized gains | 138 | 379 |
Gross unrealized losses | ' | -79 |
Fair Value, Total | 146,934 | 768,198 |
U.S. government securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 116,196 | 304,897 |
Gross unrealized gains | 121 | 131 |
Gross unrealized losses | ' | -7 |
Fair Value, Total | 116,317 | 305,021 |
U.S. government agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,699 | 125,904 |
Gross unrealized gains | 17 | 35 |
Gross unrealized losses | ' | -22 |
Fair Value, Total | 17,716 | 125,917 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,001 | 190,068 |
Gross unrealized gains | ' | 149 |
Gross unrealized losses | ' | -40 |
Fair Value, Total | 1,001 | 190,177 |
Certificates of deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 9,520 | 76,126 |
Gross unrealized gains | ' | 27 |
Gross unrealized losses | ' | -1 |
Fair Value, Total | 9,520 | 76,152 |
Commercial paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,380 | 1,989 |
Gross unrealized gains | ' | 4 |
Fair Value, Total | 2,380 | 1,993 |
Asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 68,914 |
Gross unrealized gains | ' | 33 |
Gross unrealized losses | ' | -9 |
Fair Value, Total | ' | $68,938 |
Balance_Sheet_Components_Accou
Balance Sheet Components - Accounts Receivables, Net (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $285,263 | $323,822 |
Unearned revenue | ' | -132,342 |
Allowance for doubtful accounts | -9,999 | -6,640 |
Accounts receivables, net | $275,264 | $184,840 |
Balance_Sheet_Components_Other
Balance Sheet Components - Other Current Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Prepaid expenses | $28,046 | $26,578 |
Taxes receivable | 35,095 | 21,584 |
Deferred tax assets, net | 7,442 | 7,442 |
Other receivables | 2,113 | 4,181 |
Derivative instruments | 12,607 | 4,457 |
Restricted cash, current | 3,199 | 3,210 |
Other current assets | 8,905 | 4,666 |
Other current assets, total | $97,407 | $72,118 |
Balance_Sheet_Components_Goodw
Balance Sheet Components - Goodwill and Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $1,024,555 | $1,042,153 |
Intangible assets, gross | 268,597 | 276,741 |
Less accumulated amortization | -111,122 | -92,559 |
Intangible assets, net | 157,475 | 184,182 |
Customer contracts [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 225,947 | 233,038 |
Favorable leases [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Intangible assets, gross | 24,533 | 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 | 8,420 | 8,859 |
Reportable Geographical Components [Member] | Americas [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | 469,099 | 471,845 |
Reportable Geographical Components [Member] | EMEA [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | 420,791 | 435,041 |
Reportable Geographical Components [Member] | Asia-Pacific [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | $134,665 | $135,267 |
Balance_Sheet_Components_Estim
Balance Sheet Components - Estimated Future Amortization Expense Related to Intangibles (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 (3 months remaining) | $7,080 | ' |
2015 | 28,070 | ' |
2016 | 27,625 | ' |
2017 | 26,191 | ' |
2018 | 23,259 | ' |
Thereafter | 45,250 | ' |
Intangible assets, net | $157,475 | $184,182 |
Balance_Sheet_Components_Other1
Balance Sheet Components - Other Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred tax assets, net | $301,013 | $229,975 |
Prepaid expenses, non-current | 37,237 | 61,039 |
Debt issuance costs, net | 33,974 | 41,847 |
Deposits | 25,287 | 25,543 |
Restricted cash, non-current | 14,653 | 16,178 |
Derivative instruments | 4,008 | 4,118 |
Other assets, non-current | 6,636 | 8,624 |
Other assets | $422,808 | $387,324 |
Balance_Sheet_Components_Accou1
Balance Sheet Components - Accounts Payable and Accrued Expenses (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accounts payable | $42,304 | $30,291 |
Accrued compensation and benefits | 94,549 | 92,106 |
Accrued interest | 58,282 | 48,310 |
Accrued taxes | 43,764 | 32,047 |
Accrued utilities and security | 31,390 | 31,314 |
Accrued professional fees | 7,844 | 9,753 |
Accrued repairs and maintenance | 5,515 | 3,557 |
Accrued other | 20,021 | 15,845 |
Accounts payable and accrued expenses | $303,669 | $263,223 |
Balance_Sheet_Components_Other2
Balance Sheet Components - Other Current Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Deferred tax liabilities, net | $72,004 | $72,004 |
Deferred installation revenue | 46,524 | 43,145 |
Customer deposits | 15,136 | 15,174 |
Derivative instruments | 4,014 | 6,515 |
Deferred recurring revenue | 3,982 | 5,007 |
Deferred rent | 2,292 | 3,865 |
Asset retirement obligations | 2,106 | 1,290 |
Other current liabilities | 1,618 | 958 |
Other current liabilities, total | $147,676 | $147,958 |
Balance_Sheet_Components_Other3
Balance Sheet Components - Other Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Asset retirement obligations, non-current | $61,584 | $58,258 |
Deferred tax liabilities, net | 67,194 | 69,812 |
Deferred installation revenue, non-current | 74,575 | 60,947 |
Deferred rent, non-current | 50,678 | 37,955 |
Accrued taxes, non-current | 24,651 | 27,052 |
Customer deposits, non-current | 4,912 | 5,005 |
Deferred recurring revenue, non-current | 1,697 | 2,082 |
Other liabilities | 5,073 | 13,844 |
Other liabilities noncurrent | $290,364 | $274,955 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Not designated as hedging instruments [Member] | Cash flow hedge instruments [Member] | Cash flow hedge instruments [Member] | |
Embedded derivatives [Member] | Embedded derivatives [Member] | Economic hedges of embedded derivatives [Member] | Economic hedges of embedded derivatives [Member] | Foreign currency forward and option contracts [Member] | Foreign currency forward and option contracts [Member] | Derivative | Derivative | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of cash flow hedge instruments | ' | ' | ' | ' | ' | ' | ' | 45 | 69 |
Derivative instrument maturity range, minimum | ' | ' | ' | ' | ' | ' | ' | '2014-10 | '2014-01 |
Derivative instrument maturity range, maximum | ' | ' | ' | ' | ' | ' | ' | '2015-01 | '2015-01 |
Net gain (loss) on embedded derivatives | ' | $2,745,000 | $2,841,000 | ($2,979,000) | ($2,270,000) | ' | ' | ' | ' |
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. 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 customer agreements that are priced in currencies different from the functional or local currencies of the parties involved (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. | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) in foreign currency forward and options contracts | ' | ' | ' | ' | ' | $4,073,000 | $6,975,000 | ' | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Summary of Cash Flow Hedge Instruments (Detail) (Cash flow hedge instruments [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount, Derivative assets | $76,444 | $127,968 |
Notional Amount, Derivative liabilities | 30,005 | 200,686 |
Notional Amount, Total | 106,449 | 328,654 |
Fair Value, Derivative assets | 4,566 | 2,102 |
Fair Value, Derivative liabilities | -1,596 | -3,855 |
Fair Value, Total | 2,970 | -1,753 |
Accumulated other comprehensive income (loss) [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Derivative assets | 4,601 | 2,107 |
Fair Value, Derivative liabilities | -1,586 | -3,857 |
Fair Value, Total | $3,015 | ($1,750) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Summary of Cash Flow Hedge Instruments (Parenthetical) (Detail) (Cash flow hedge instruments [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Derivative assets | $4,566 | $2,102 |
Fair Value, Derivative liabilities | 1,596 | 3,855 |
Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Derivative assets | 4,566 | 2,099 |
Other current liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Derivative liabilities | 1,596 | 3,818 |
Other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value, Derivative assets | ' | 3 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross Amounts | $16,615 | $8,575 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 16,615 | 8,575 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -3,382 | -2,279 |
Fair value of derivative assets, Net | 13,233 | 6,296 |
Fair value of derivative liabilities, Gross Amounts | 4,015 | 6,574 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 4,015 | 6,574 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -3,382 | -2,279 |
Fair value of derivative liabilities, Net | 633 | 4,295 |
Additional netting benefit [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
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 | -8 | ' |
Fair value of derivative assets, Net | -8 | ' |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -8 | ' |
Fair value of derivative liabilities, Net | -8 | ' |
Designated as hedging instruments [Member] | Foreign currency forward contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross Amounts | 4,566 | 2,102 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 4,566 | 2,102 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,596 | -2,102 |
Fair value of derivative assets, Net | 2,970 | ' |
Fair value of derivative liabilities, Gross Amounts | 1,596 | 3,855 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 1,596 | 3,855 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,596 | -2,102 |
Fair value of derivative liabilities, Net | ' | 1,753 |
Not designated as hedging instruments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross Amounts | 12,049 | 6,473 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 12,049 | 6,473 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,778 | -177 |
Fair value of derivative assets, Net | 10,271 | 6,296 |
Fair value of derivative liabilities, Gross Amounts | 2,419 | 2,719 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 2,419 | 2,719 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,778 | -177 |
Fair value of derivative liabilities, Net | 641 | 2,542 |
Not designated as hedging instruments [Member] | Embedded derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross Amounts | 6,338 | 6,296 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 6,338 | 6,296 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net | 6,338 | 6,296 |
Fair value of derivative liabilities, Gross Amounts | 24 | 115 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 24 | 115 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net | 24 | 115 |
Not designated as hedging instruments [Member] | Economic hedges of embedded derivatives [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 | ' | ' |
Fair value of derivative assets, Net | ' | ' |
Fair value of derivative liabilities, Gross Amounts | 496 | 1,315 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 496 | 1,315 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net | 496 | 1,315 |
Not designated as hedging instruments [Member] | Foreign currency forward and option contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative assets, Gross Amounts | 5,711 | 177 |
Fair value of derivative assets, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative assets, Net amounts | 5,711 | 177 |
Fair value of derivative assets, Gross amounts not offset in the balance sheet | -1,778 | -177 |
Fair value of derivative assets, Net | 3,933 | ' |
Fair value of derivative liabilities, Gross Amounts | 1,899 | 1,289 |
Fair value of derivative liabilities, Gross amounts offset in the balance sheet | ' | ' |
Fair value of derivative liabilities, Net amounts | 1,899 | 1,289 |
Fair value of derivative liabilities, Gross amounts not offset in the balance sheet | -1,778 | -177 |
Fair value of derivative liabilities, Net | $121 | $1,112 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $16,615 | $8,575 |
Derivative liabilities | 4,015 | 6,574 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 16,615 | ' |
Total financial assets | 517,730 | ' |
Derivative liabilities | 4,015 | ' |
Fair Value, Measurements, Recurring [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 327,877 | ' |
Fair Value, Measurements, Recurring [Member] | Money market and deposit accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 26,304 | ' |
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 | 116,317 | ' |
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 | 17,716 | ' |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 1,001 | ' |
Fair Value, Measurements, Recurring [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 9,520 | ' |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 2,380 | ' |
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 | 470,498 | ' |
Derivative liabilities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 327,877 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money market and deposit accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 26,304 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. government securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 116,317 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 16,615 | ' |
Total financial assets | 47,232 | ' |
Derivative liabilities | 4,015 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Money market and deposit accounts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. government securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 17,716 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 1,001 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 9,520 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | $2,380 | ' |
Related_Party_Transactions_Act
Related Party Transactions - Activity of Related Party Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Revenues | $2,089 | $2,233 | $6,416 | $17,973 |
Costs and services | 143 | 132 | 3,582 | 4,665 |
Accounts receivable | 730 | 1,938 | 730 | 1,938 |
Accounts payable | ' | ' | ' | ' |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
New York 1 Capital Lease [Member] | New York 1 Capital Lease [Member] | Silicon Valley 2 Capital Lease [Member] | Dallas IBX Financing [Member] | Dallas IBX Financing [Member] | Chicago 2 Capital Lease [Member] | Chicago 2 Capital Lease [Member] | Hong Kong 2 Financing [Member] | Hong Kong 2 Financing [Member] | |
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease asset | $28,269,000 | ' | $81,542,000 | ' | ' | $49,971,000 | ' | ' | ' |
Capital lease liability | 28,490,000 | ' | 82,000,000 | ' | ' | 49,971,000 | 49,971,000 | ' | ' |
Expiration date of lease | ' | 1-Dec-29 | 1-Sep-29 | ' | 1-Dec-29 | ' | 1-Aug-30 | ' | 1-Jun-24 |
Financing obligation liabilities | ' | ' | ' | $28,089,000 | $13,908,000 | ' | ' | $15,694,000 | ' |
Leases_Summary_of_Capital_Leas
Leases - Summary of Capital Lease and Other Financing Obligations (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Capitalized Lease [Line Items] | ' | ' |
Current portion of capital lease and other financing obligations | ($20,132) | ($17,214) |
Capital lease and other financing obligations, less current portion | 1,172,356 | 914,032 |
Capital lease obligations [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (3 months remaining) | 13,513 | ' |
2015 | 59,470 | ' |
2016 | 62,444 | ' |
2017 | 63,889 | ' |
2018 | 65,800 | ' |
Thereafter | 904,762 | ' |
Total minimum lease payments | 1,169,878 | ' |
Less amount representing interest | -585,817 | ' |
Present value of net minimum lease payments | 584,061 | ' |
Current portion of capital lease and other financing obligations | -11,300 | ' |
Capital lease and other financing obligations, less current portion | 572,761 | ' |
Present value of net minimum lease payments | 584,061 | ' |
Other financing obligations [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (3 months remaining) | 11,501 | ' |
2015 | 53,832 | ' |
2016 | 58,824 | ' |
2017 | 59,561 | ' |
2018 | 62,630 | ' |
Thereafter | 582,571 | ' |
Total minimum lease payments | 828,919 | ' |
Plus amount representing residual property value | 420,771 | ' |
Less estimated building costs | -5,745 | ' |
Less amount representing interest | -635,518 | ' |
Present value of net minimum lease payments | 608,427 | ' |
Current portion of capital lease and other financing obligations | -8,832 | ' |
Capital lease and other financing obligations, less current portion | 599,595 | ' |
Present value of net minimum lease payments | 608,427 | ' |
Capital Lease and Other Financing Obligations Total [Member] | ' | ' |
Schedule Of Capitalized Lease [Line Items] | ' | ' |
2014 (3 months remaining) | 25,014 | ' |
2015 | 113,302 | ' |
2016 | 121,268 | ' |
2017 | 123,450 | ' |
2018 | 128,430 | ' |
Thereafter | 1,487,333 | ' |
Total minimum lease payments | 1,998,797 | ' |
Plus amount representing residual property value | 420,771 | ' |
Less estimated building costs | -5,745 | ' |
Less amount representing interest | -1,221,335 | ' |
Present value of net minimum lease payments | 1,192,488 | ' |
Current portion of capital lease and other financing obligations | -20,132 | ' |
Capital lease and other financing obligations, less current portion | 1,172,356 | ' |
Present value of net minimum lease payments | $1,192,488 | ' |
Debt_Facilities_Summary_of_Mor
Debt Facilities - Summary of Mortgage, Loans Payable and Senior Notes (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Loans payable | $218,410 | $253,208 |
Less current portion | -57,767 | -53,508 |
Loans payable, less current portion | 160,643 | 199,700 |
U.S. term loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 110,000 | 140,000 |
ALOG financings [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 59,317 | 67,882 |
Mortgage payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | 39,052 | 43,497 |
Other loans payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans payable | $10,041 | $1,829 |
Debt_Facilities_Convertible_De
Debt Facilities - Convertible Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2007 | Sep. 30, 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 | $336,662,000 | $769,710,000 | $178,782,000 | $395,986,000 | $395,986,000 | $157,880,000 | $373,724,000 | $373,750,000 |
Less amount representing debt discount | -13,905,000 | -45,508,000 | ' | ' | ' | -13,905,000 | ' | ' |
Convertible subordinated debt, Total | $322,757,000 | $724,202,000 | ' | ' | ' | ' | ' | ' |
Debt_Facilities_Convertible_De1
Debt Facilities - Convertible Debt (Parenthetical) (Detail) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2007 | Sep. 30, 2014 | Sep. 30, 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] | ' | ' | ' | ' | ' | ' |
Convertible debt interest rate | 3.00% | 3.00% | 3.00% | 4.75% | 4.75% | 4.75% |
Debt_Facilities_Additional_Inf
Debt Facilities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Jun. 30, 2009 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2007 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2007 | Sep. 30, 2007 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2009 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2009 | Jun. 30, 2009 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
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] | 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] | 4.75% Convertible subordinated notes [Member] | 4.75% Convertible subordinated notes [Member] | 4.75% Convertible subordinated notes [Member] | 3.00% and 4.75% Convertible Subordinated Notes [Member] | 3.00% and 4.75% Convertible Subordinated Notes [Member] | 3.00% and 4.75% Convertible Subordinated Notes [Member] | 8.125% senior notes [Member] | |||||
Minimum [Member] | Maximum [Member] | Initial conversion rate [Member] | Condition One [Member] | Condition Two [Member] | Minimum [Member] | Initial conversion rate [Member] | ||||||||||||||||||||||
Days | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Subordinated Notes aggregate principal amount | ' | $336,662,000 | ' | $769,710,000 | ' | $395,986,000 | ' | $178,782,000 | $395,986,000 | ' | ' | ' | ' | ' | ' | $373,750,000 | ' | $157,880,000 | $373,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | $750,000,000 |
Convertible debt interest rate | ' | ' | ' | ' | ' | 3.00% | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange value of Convertible Subordinated Notes of aggregate principal amount | ' | ' | ' | ' | 217,199,000 | ' | ' | ' | ' | ' | ' | ' | ' | 215,830,000 | 215,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible subordinated notes common stock | ' | ' | ' | ' | 1,948,578 | ' | ' | ' | ' | ' | ' | ' | ' | 2,411,851 | 2,411,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment | ' | 37,510,000 | 42,304,000 | ' | 5,387,000 | ' | ' | ' | ' | ' | ' | ' | ' | 51,671,000 | 51,671,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ' | ($51,183,000) | ($93,602,000) | ' | ' | ' | $4,210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $46,973,000 | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $51,183,000 | $93,602,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capped Call, description | ' | 'The Capped Call was amended to provide that early exchanges of the 4.75% Convertible Subordinated Notes would not result in the termination of a relative amount of the Capped Call if the Company did not exercise the Capped Call at the time the 4.75% Convertible Subordinated Notes were exchanged. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated Notes converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,872,552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Facilities_Summary_of_Sen
Debt Facilities - Summary of Senior Notes (Detail) (USD $) | Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2014 | |
5.375% Senior Notes due 2023 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 5.38% |
Senior notes maturity | '2023 |
7.00% Senior Notes due 2021 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 7.00% |
Senior notes maturity | '2021 |
4.875% Senior Notes due 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Senior notes stated percentage | 4.88% |
Senior notes maturity | '2020 |
Debt_Facilities_Summary_of_Mat
Debt Facilities - Summary of Maturities of Debt Facilities (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 (3 months remaining) | $196,764 |
2015 | 59,117 |
2016 | 220,756 |
2017 | 35,055 |
2018 | 9,295 |
Thereafter | 2,284,085 |
Total long term debt | $2,805,072 |
Debt_Facilities_Summary_of_Mat1
Debt Facilities - Summary of Maturities of Debt Facilities (Parenthetical) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Gross amount representing debt discount | $13,905 | $45,508 |
4.75% Convertible subordinated notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross amount representing debt discount | $13,905 | ' |
Debt_Facilities_Fair_Value_of_
Debt Facilities - Fair Value of Debt Facilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Mortgage and loans payable | $224,980 | $254,607 |
Convertible debt | 505,814 | 1,009,744 |
Senior notes | $2,293,583 | $2,302,290 |
Debt_Facilities_Interest_Charg
Debt Facilities - Interest Charges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Interest expense | $63,756 | $61,957 | $199,450 | $183,289 |
Interest capitalized | 5,565 | 2,346 | 13,050 | 7,896 |
Interest charges incurred | $69,321 | $64,303 | $212,500 | $191,185 |
Redeemable_NonControlling_Inte2
Redeemable Non-Controlling Interests - Activities of Company's Redeemable Non-Controlling Interests (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2014 | Sep. 30, 2014 | |
Acquisition of ALOG [Member] | Acquisition of ALOG [Member] | |||||
ALOG Stock Options Settlement Agreement [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' |
Balance as of December 31, 2013 | ' | ' | $123,902,000 | ' | ' | ' |
Net loss attributable to redeemable non-controlling interests | 120,000 | 282,000 | -1,179,000 | 1,252,000 | ' | ' |
Other comprehensive income attributable to redeemable non-controlling interests | -1,007,000 | 200,000 | 1,810,000 | -4,340,000 | ' | ' |
Net increase in redemption value of non-controlling interests | ' | ' | 90,966,000 | ' | 90,966,000 | ' |
Impact of foreign currency translation | ' | ' | 1,671,000 | ' | ' | ' |
Exercise of vested and outstanding ALOG stock options | ' | ' | ' | ' | ' | 8,459,000 |
Purchase price of redeemable non-controlling interests | ' | ' | -225,629,000 | ' | ' | ' |
Balance as of September 30, 2014 | ' | ' | ' | ' | ' | ' |
Redeemable_NonControlling_Inte3
Redeemable Non-Controlling Interests - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | |
Jul. 31, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net increase in the redemption value of the redeemable non-controlling interests | ' | 90,966,000 | ' |
Acquisition of ALOG [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Acquisition date | ' | 31-Jul-14 | ' |
Percentage of ownership | ' | ' | 10.00% |
Equity interest percentage | ' | ' | 100.00% |
Cash consideration for acquisition | ' | ' | 225,629,000 |
Business acquisition contingent consideration | ' | ' | 686,000 |
Net increase in the redemption value of the redeemable non-controlling interests | 90,966,000 | ' | ' |
Business acquisition, transaction cost | ' | ' | 1,333,000 |
Riverwood and ALOG Management [Member] | Acquisition of ALOG [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Cash consideration for acquisition | 216,484,000 | ' | 216,484,000 |
ALOG Employees [Member] | Acquisition of ALOG [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Cash consideration for acquisition | $8,459,000 | ' | $8,459,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
Miscellaneous purchase commitments [Member] | ' |
Other Commitments [Line Items] | ' |
Purchase commitments | $279,552,000 |
Capital expenditures [Member] | ' |
Other Commitments [Line Items] | ' |
Purchase commitments | $187,670,000 |
Stockholders_Equity_Components
Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | ($113,767) |
Net Change | -123,713 |
Balance as of September 30, 2014 | -237,480 |
Foreign currency translation gain (loss) [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2013 | -132,881 |
Net Change | -106,943 |
Balance as of September 30, 2014 | -239,824 |
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 | 4,448 |
Balance as of September 30, 2014 | 2,698 |
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 | -97 |
Balance as of September 30, 2014 | -354 |
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 | -21,121 |
Balance as of September 30, 2014 | ' |
Stockholders_Equity_Components1
Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | ' | ($1,007) | $200 | $1,810 | ($4,340) |
Reclassified to additional paid-in capital | $19,311 | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2007 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2009 | Sep. 30, 2014 | |
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] | 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 | ' | ' | ' | ' | ' | ' | ' | ' | 1,517,743 |
Average price | ' | ' | ' | ' | ' | ' | ' | ' | $196.32 |
Total consideration for common stock repurchase | ' | ' | ' | ' | ' | ' | ' | ' | $297,958,000 |
Unused balance under share repurchase program | ' | ' | ' | ' | ' | ' | ' | ' | 153,243,000 |
Reissued, shares | ' | 1,704,794 | ' | ' | ' | ' | ' | ' | ' |
Reissued, value | ' | $287,863,000 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, percentage | ' | ' | 3.00% | 3.00% | 3.00% | 4.75% | 4.75% | 4.75% | ' |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $27,662 | $27,280 | $86,473 | $75,310 |
Cost of revenues [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 2,145 | 2,270 | 6,243 | 5,666 |
Sales and marketing [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 7,256 | 7,250 | 22,199 | 19,796 |
General and administrative [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $18,261 | $17,760 | $58,031 | $49,848 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Segment | Revenues [Member] | Revenues [Member] | Revenues [Member] | Revenues [Member] | Accounts receivable [Member] | Accounts receivable [Member] | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 3 | ' | ' | ' | ' | ' | ' |
Concentration risk, customer, description | 'No single customer accounted for 10% or greater of the Company's revenues for the three and nine months ended September 30, 2014 and 2013. No single customer accounted for 10% or greater of the Company's gross accounts receivable as of September 30, 2014 and December 31, 2013. | ' | ' | ' | ' | ' | ' |
Concentration risk, customer, percentage | ' | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Adjusted EBITDA (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total adjusted EBITDA | $283,861 | $248,445 | $819,526 | $737,368 |
Depreciation, amortization and accretion expense | -121,349 | -105,534 | -351,033 | -324,326 |
Stock-based compensation expense | -27,662 | -27,280 | -86,473 | -75,310 |
Restructuring charges | ' | ' | ' | 4,837 |
Acquisition costs | 281 | -438 | -580 | -6,626 |
Income from operations | 135,131 | 115,193 | 381,440 | 335,943 |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total adjusted EBITDA | 160,075 | 150,304 | 467,763 | 449,112 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total adjusted EBITDA | 69,786 | 57,139 | 198,342 | 156,557 |
Asia-Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total adjusted EBITDA | $54,000 | $41,002 | $153,421 | $131,699 |
Segment_Information_Segment_Di
Segment Information - Segment Disclosures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $620,441 | $543,084 | $1,805,655 | $1,588,089 |
Total depreciation and amortization | 120,022 | 109,901 | 349,727 | 326,291 |
Capital expenditures | 156,003 | 243,005 | 438,517 | 444,495 |
Americas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 347,412 | 319,413 | 1,019,701 | 938,673 |
Total depreciation and amortization | 66,198 | 64,001 | 188,990 | 191,355 |
Capital expenditures | 77,241 | 154,704 | 232,462 | 257,817 |
EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 161,580 | 133,254 | 470,172 | 380,232 |
Total depreciation and amortization | 27,454 | 24,274 | 84,875 | 70,403 |
Capital expenditures | 35,177 | 42,847 | 77,842 | 91,709 |
Asia-Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 111,449 | 90,417 | 315,782 | 269,184 |
Total depreciation and amortization | 26,370 | 21,626 | 75,862 | 64,533 |
Capital expenditures | $43,586 | $45,454 | $128,212 | $94,969 |
Segment_Information_Segment_Di1
Segment Information - Segment Disclosures (Parenthetical) (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
New York 2 IBX Data Center [Member] | New York 2 IBX Data Center [Member] | Asia Tone [Member] | Frankfurt Kleyer 90 Carrier Hotel Acquisition [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | |||
EMEA [Member] | EMEA [Member] | Asia-Pacific [Member] | Asia-Pacific [Member] | Asia-Pacific [Member] | Asia-Pacific [Member] | |||||||
Frankfurt Kleyer 90 Carrier Hotel Acquisition [Member] | Frankfurt Kleyer 90 Carrier Hotel Acquisition [Member] | Asia Tone [Member] | Asia Tone [Member] | |||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of business, net of cash acquired | ' | ' | $73,441 | $73,441 | ($755) | ' | ' | ' | ' | ' | ' | ' |
Purchase of real estate | 16,791 | 74,332 | ' | ' | ' | ' | ' | ' | 891 | 891 | ' | ' |
Deposit for purchase of Business | ' | ' | ' | ' | ' | 1,353 | 1,353 | 1,353 | ' | ' | ' | ' |
Purchase price adjustment for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $755 | $755 |
Segment_Information_LongLived_
Segment Information - Long-Lived Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | $4,983,376 | $4,591,650 |
Americas [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | 2,858,743 | 2,549,863 |
EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | 1,144,753 | 1,188,559 |
Asia-Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Company's long-lived assets | $979,880 | $853,228 |
Segment_Information_Revenue_In
Segment Information - Revenue Information on Service Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $620,441 | $543,084 | $1,805,655 | $1,588,089 |
Recurring Revenues [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 588,437 | 515,566 | 1,712,298 | 1,511,902 |
Recurring Revenues [Member] | Colocation [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 462,465 | 408,569 | 1,349,748 | 1,201,487 |
Recurring Revenues [Member] | Interconnection [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 95,648 | 81,650 | 273,643 | 235,994 |
Recurring Revenues [Member] | Managed infrastructure services [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 27,757 | 24,413 | 80,997 | 72,324 |
Recurring Revenues [Member] | Rental [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 2,566 | 934 | 7,909 | 2,097 |
Non-recurring Revenues [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $32,004 | $27,518 | $93,357 | $76,187 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2007 | Oct. 15, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
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] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
3.00% Convertible subordinated notes [Member] | 2014 Special Distribution [Member] | 2014 Special Distribution [Member] | ||||||||
Maximum [Member] | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | 3.00% | ' | 3.00% | 3.00% | 3.00% | ' | ' |
Debt aggregate principal amount plus accrued interest settlement | $336,662,000 | $769,710,000 | ' | $178,782,000 | $395,986,000 | ' | $395,986,000 | $178,741,000 | ' | ' |
Convertible subordinated notes common stock | ' | ' | 1,948,578 | ' | ' | ' | ' | 1,595,496 | ' | ' |
Special distribution, amount | ' | ' | ' | ' | ' | ' | ' | ' | 416,000,000 | ' |
Special distribution, per share | ' | ' | ' | ' | ' | ' | ' | ' | $7.57 | ' |
Special distribution payable date | ' | ' | ' | ' | ' | ' | ' | ' | 25-Nov-14 | ' |
Record date | ' | ' | ' | ' | ' | ' | ' | ' | 27-Oct-14 | ' |
Total distribution payable to all stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $83,200,000 | ' |
Maximum percentage of total distribution payable to all stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |