Equinix (EQIX) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40205
Entity Registrant Name	EQUINIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0487526
Entity Address, Address Line One	One Lagoon Drive
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	598-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,905,734
Entity Central Index Key	0001101239
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock, $0.001
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001
Trading Symbol	EQIX
Security Exchange Name	NASDAQ
0.250% Senior Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.250% Senior Notes due 2027
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true
1.000% Senior Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2033
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,527	$ 2,096
Accounts receivable, net of allowance of $17 and $17	1,079	1,004
Other current assets	561	468
Total current assets	3,167	3,568
Property, plant and equipment, net	18,511	18,601
Operating lease right-of-use assets	1,395	1,449
Goodwill	5,621	5,737
Intangible assets, net	1,624	1,705
Other assets	1,619	1,591
Total assets	31,937	32,651
Current liabilities:
Accounts payable and accrued expenses	1,077	1,187
Accrued property, plant and equipment	321	398
Current portion of operating lease liabilities	136	131
Current portion of finance lease liabilities	165	138
Current portion of mortgage and loans payable	7	8
Current portion of senior notes	999	998
Other current liabilities	186	302
Total current liabilities	2,891	3,162
Operating lease liabilities, less current portion	1,280	1,331
Finance lease liabilities, less current portion	2,058	2,123
Mortgage and loans payable, less current portion	654	663
Senior notes, less current portion	11,978	12,062
Other liabilities	752	796
Total liabilities	19,613	20,137
Commitments and contingencies
Redeemable non-controlling interest	25	25
Common stockholders’ equity (shares in thousands):
Common stock, $0.001 par value per share: 300,000 shares authorized; 95,037 issued and 94,904 outstanding in 2024 and 94,630 issued and 94,479 outstanding in 2023	0	0
Additional paid-in capital	18,779	18,596
Treasury stock, at cost; 133 shares in 2024 and 151 shares in 2023	(50)	(56)
Accumulated dividends	(9,097)	(8,695)
Accumulated other comprehensive loss	(1,498)	(1,290)
Retained earnings	4,165	3,934
Total stockholders’ equity	12,299	12,489
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$ 31,937	$ 32,651

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 17	$ 17
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common sock, shares authorized (shares)	300,000	300,000
Common stock, shares issued (shares)	95,037	94,630
Common stock, shares outstanding (shares)	94,904	94,479
Treasury stock (shares)	133	151

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 2,127	$ 1,998
Costs and operating expenses:
Cost of revenues	1,091	1,006
Sales and marketing	226	210
General and administrative	444	395
Transaction costs	2	2
Loss on asset sales	0	1
Total costs and operating expenses	1,763	1,614
Income from operations	364	384
Interest income	24	19
Interest expense	(104)	(97)
Other income (expense)	(6)	8
Loss on debt extinguishment	(1)	0
Income before income taxes	277	314
Income tax expense	(46)	(55)
Net income	$ 231	$ 259
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS (in dollars per share)	$ 2.44	$ 2.78
Weighted-average shares for basic EPS (in shares)	94,665	92,971
Diluted EPS (in dollars per share)	$ 2.43	$ 2.77
Weighted-average shares for diluted EPS (in shares)	95,156	93,340

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 231	$ 259
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment (“CTA”) gain (loss), net of tax effects of $0 and $0	(358)	157
Net investment hedge CTA gain (loss), net of tax effects of $0 and $0	130	(40)
Unrealized gain (loss) on cash flow hedges, net of tax effects of $(6) and $6	20	(13)
Total other comprehensive income (loss), net of tax	(208)	104
Comprehensive income, net of tax	$ 23	$ 363

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment ("CTA") gain (loss), net of tax	$ 0	$ 0
Net investment hedge CTA gain (loss), tax	0	0
Unrealized gain (loss) on cash flow hedges, tax	$ (6)	$ 6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 231	$ 259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	474	405
Stock-based compensation	101	99
Amortization of intangible assets	52	52
Amortization of debt issuance costs and debt discounts	5	5
Provision for credit loss allowance	1	3
Loss on asset sales	0	1
Loss on debt extinguishment	1	0
Other items	4	4
Changes in operating assets and liabilities:
Accounts receivable	(85)	(54)
Income taxes, net	(9)	5
Other assets	(77)	0
Operating lease right-of-use assets	38	35
Operating lease liabilities	(32)	(34)
Accounts payable and accrued expenses	(56)	(73)
Other liabilities	(50)	(15)
Net cash provided by operating activities	598	692
Cash flows from investing activities:
Purchases of investments	(3)	(24)
Real estate acquisitions	(17)	(40)
Purchases of other property, plant and equipment	(707)	(530)
Proceeds from sale of assets, net of cash transferred	0	72
Net cash used in investing activities	(727)	(522)
Cash flows from financing activities:
Proceeds from employee equity programs	48	45
Payment of dividends	(412)	(326)
Proceeds from public offering of common stock, net of issuance costs	0	301
Proceeds from senior notes, net of debt discounts	0	565
Repayment of finance lease liabilities	(31)	(36)
Repayment of mortgage and loans payable	(2)	(3)
Debt issuance costs	0	(4)
Net cash provided by (used in) financing activities	(397)	542
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(40)	24
Net increase (decrease) in cash, cash equivalents and restricted cash	(566)	736
Cash, cash equivalents and restricted cash at beginning of period	2,096	1,908
Cash, cash equivalents and restricted cash at end of period	1,530	2,644
Cash and cash equivalents	1,527	2,643
Current portion of restricted cash included in other current assets	3	1
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 1,530	$ 2,644

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") 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. Our condensed consolidated balance sheet data as of December 31, 2023 has been derived from audited consolidated financial statements as of that date. Our condensed 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 ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 16, 2024. Results for the interim periods are not necessarily indicative of results for the entire fiscal year. All intercompany accounts and transactions have been eliminated in consolidation. Income Taxes We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs. We accrue for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate is subject to change in the future due to various factors such as our operating performance, tax law changes and future business acquisitions. Our effective tax rates were 16.6% and 17.6% for the three months ended March 31, 2024 and 2023, respectively. Changes to Prior Period We converted presentation of disclosures from thousands to millions in the first quarter of 2024. Certain rounding adjustments have been made to prior period disclosed amounts. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied prospectively, with retrospective application and early adoption both permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements. Accounting Standards Adopted Supplier Finance Programs In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. On January 1, 2023, we adopted this ASU and the adoption of this standard did not have an impact on our condensed consolidated financial statements. Reference Rate Reform In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In addition, FASB issued ASU 2021-01, Reference Rate Reform ("Topic 848"), which clarifies the scope of Topic 848. Collectively, the guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2021-01 is effective upon issuance and ASU 2020-04 was effective for all entities as of March 12, 2020, and together remained effective through December 31, 2022. In December 2022, FASB issued ASU 2022-06, Reference Rate Reform ("Topic 848"): Deferral of the Sunset Date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this update defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. We adopted these ASUs upon their respective issuances and resulted in no impact on our consolidated financial statements. We will evaluate our debt, derivative and lease contracts that may become eligible for modification relief and may apply the elections prospectively as needed.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Balances The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions): Accounts receivable, net (1) Contract assets, current Contract assets, non-current Deferred revenue, current Deferred revenue, non-current Beginning balances as of January 1, 2024 $ 1,004 $ 52 $ 86 $ 125 $ 154 Closing balances as of March 31, 2024 1,079 59 79 129 146 Increase (Decrease) $ 75 $ 7 $ (7) $ 4 $ (8) (1) The net change in our allowance for credit losses was insignificant during the three months ended March 31, 2024. The difference between the opening and closing balances of our accounts receivable, net, contract assets and deferred revenues primarily results from revenue growth and the timing difference between the satisfaction of our performance obligation and the customer's payment. The amount of revenue recognized during the three months ended March 31, 2024 from the opening deferred revenue balance as of January 1, 2024 was $34 million. Remaining performance obligations As of March 31, 2024, approximately $10.0 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one three The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale TM data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands): Three Months Ended 2024 2023 Net income $ 231 $ 259 Weighted-average shares used to calculate basic EPS (in thousands) 94,665 92,971 Effect of dilutive securities (in thousands): Employee equity awards 491 369 Weighted-average shares used to calculate diluted EPS (in thousands) 95,156 93,340 EPS attributable to common stockholders: Basic EPS $ 2.44 $ 2.78 Diluted EPS $ 2.43 $ 2.77 We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 360 and 140 shares for the three months ended March 31, 2024 and 2023, respectively, because its effect would be anti-dilutive (in thousands).

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments We hold various equity method investments, primarily joint venture partnership arrangements, in order to invest in certain entities that are in line with our business development objectives, including the development and operation of xScale data centers. Some of these xScale joint ventures are classified as Variable Interest Entities ("VIEs"). The following table summarizes our equity method investments, which were included in other assets on the condensed consolidated balance sheets (in millions): Investee Ownership Percentage March 31, 2024 December 31, 2023 EMEA 1 Joint Venture 20% $ 144 $ 150 VIE Joint Ventures (1) 20% 300 308 Other Various 10 10 Total $ 454 $ 468 (1) Includes investments in xScale joint ventures in each of our three regions ("Asia-Pacific 1 Joint Venture", "Asia-Pacific 2 Joint Venture", "Asia-Pacific 3 Joint Venture", "EMEA 2 Joint Venture" and "AMER 1 Joint Venture"), which share a similar purpose, design and nature of assets. Non-VIE Joint Venture EMEA 1 Joint Venture We invested in a joint venture in the form of a limited liability partnership to develop and operate xScale data centers in Europe (the "EMEA 1 Joint Venture"). The EMEA 1 Joint Venture is not a VIE given that both equity investors' interests have the characteristics of a controlling financial interest and it is sufficiently capitalized to sustain its operations, requiring additional funding from its partners only when expanding operations. Our share of income and losses of equity method investments from this joint venture was insignificant for the three months ended March 31, 2024 and 2023 and was included in other income (expense) on the condensed consolidated statement of operations. We committed to make future equity contributions to the EMEA 1 Joint Venture for funding its future development. As of March 31, 2024, we had future equity contribution commitments of $32 million. VIE Joint Ventures In March 2023, we invested in the AMER 1 Joint Venture. Upon formation of the joint venture, we sold the Mexico 3 ("MX3") data center in exchange for total consideration of $75 million. Consideration included $64 million of net cash proceeds, a 20% partnership interest in the AMER 1 Joint Venture with a fair value of $8 million, and $3 million of receivables. We recognized an insignificant loss on the sale of the MX3 data center. The VIE Joint Ventures are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to their operations and earn fees for the performance of such services, the power to direct the activities of these joint ventures that most significantly impact economic performance is shared equally between us and our partners. These activities include data center construction and operations, sales and marketing, financing, and real estate purchases or sales. Decisions about these activities require the consent of both Equinix and our partners. We concluded that neither party is deemed to have predominant control over the VIE Joint Ventures and neither party is considered to be the primary beneficiary. Our share of losses of equity method investments from these joint ventures were insignificant for the three months ended March 31, 2024 and 2023, respectively. These amounts were included in other income (expense) on the condensed consolidated statement of operations. The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of March 31, 2024 (in millions): VIE Joint Ventures Equity Investment $ 300 Outstanding Accounts Receivable 44 Contract Assets 56 Future Equity Contribution Commitments (1) 42 Maximum Future Payments under Debt Guarantees (2) 205 Total $ 647 (1) The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt. (2) In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees related to our AMER 1 Joint Venture (see Note 9). Joint Venture Related Party Transactions We have lease arrangements and provide various services to the EMEA 1 Joint Venture and the VIE Joint Ventures (collectively, the "Joint Ventures") through multiple agreements, including sales and marketing, development management, facilities management, and asset management. These transactions are generally considered to have been negotiated at arm's length. The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions): Three Months Ended Related Party Nature of Transaction 2024 2023 EMEA 1 Joint Venture Revenues $ 6 $ 7 EMEA 1 Joint Venture Expenses (1) 4 2 VIE Joint Ventures (2) Revenues 38 22 (1) Balances primarily consist of rent expenses for a 15-year sub-lease agreement with the EMEA 1 Joint Venture for a London data center. (2) Expenses from transactions with VIE Joint Ventures were insignificant for the three months ended March 31, 2024 and 2023. We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described above. The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in millions): EMEA 1 Joint Venture VIE Joint Ventures Balance Sheet March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Accounts receivable, net $ 26 $ 19 $ 44 $ 23 Other current assets (1) 11 19 52 43 Property, plant and equipment, net (2) 94 97 90 72 Operating lease right-of-use assets 2 2 2 2 Other assets (1) — — 14 21 Other current liabilities 5 9 6 6 Finance lease liabilities 109 111 93 75 Operating lease liabilities 2 2 2 2 Other liabilities (3) 49 50 — — (1) The balance primarily relates to contract assets and other receivables. (2) The balance relates to finance lease right-of-use assets. (3) The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

Derivatives and Hedging Instrum

Derivatives and Hedging Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Derivatives and Hedging Instruments Derivatives Designated as Hedging Instruments Net Investment Hedges Foreign Currency Debt. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of March 31, 2024 and December 31, 2023, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $423 million and $1.5 billion, respectively. Foreign Currency Forward Contracts. From time to time, we use foreign currency forward contracts, which are designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. Cross-currency Interest Rate Swaps. We also utilize cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 was as follows (in millions): Amount of gain or (loss) recognized in accumulated other comprehensive income: Three Months Ended 2024 2023 Foreign currency debt $ 29 $ (24) Foreign currency forward contracts (included component) (1) 27 (1) Foreign currency forward contracts (excluded component) (2) — 1 Cross-currency interest rate swaps (included component) (1) 76 (40) Cross-currency interest rate swaps (excluded component) (3) (2) 24 Total $ 130 $ (40) Amount of gain or (loss) recognized in earnings: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts (excluded component) (2) Interest expense $ 2 $ — Cross-currency interest rate swaps (excluded component) (3) Interest expense 8 12 Total $ 10 $ 12 (1) Included component represents foreign exchange spot rates. (2) Excluded component represents foreign currency forward points. (3) Excluded component represents cross-currency basis spread and interest rates. Cash Flow Hedges Foreign Currency Forward and Option Contracts. We hedge our foreign currency transaction exposure for forecasted revenues and expenses in our EMEA region between the U.S. Dollar and foreign currencies, primarily the British Pound and the Euro. The foreign currency forward and option contracts that we use to hedge this exposure are designated as cash flow hedges. We enter into intercompany hedging instruments ("intercompany derivatives") with our wholly-owned subsidiaries in order to hedge certain forecasted revenues and expenses denominated in currencies other than the U.S. Dollar. Simultaneously, we enter into derivative contracts with unrelated third parties to externally hedge the net exposure created by such intercompany derivatives. As of March 31, 2024, our foreign currency cash flow hedge instruments had maturity dates ranging from April 2024 to December 2025 and we had a net gain of $10 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. As of December 31, 2023, our foreign currency cash flow hedge instruments had maturity dates ranging from January 2024 to December 2025 and we had a net loss of $7 million recorded within accumulated other comprehensive income (loss) to be reclassified to revenues and expenses for cash flow hedges that will mature in the next 12 months. Cross-currency Interest Rate Swaps. We also use cross-currency swaps, which are designated as cash flow hedges, to manage the foreign currency exposure associated with a portion of our foreign currency-denominated debt. Interest Rate Locks. We hedge the interest rate exposure created by anticipated fixed rate debt issuances through the use of treasury locks and swap locks (collectively, interest rate locks), which are designated as cash flow hedges. As of both March 31, 2024 and December 31, 2023, we had no interest rate locks outstanding. When interest rate locks are settled, any gain or loss from the transactions is deferred and included as a component of other comprehensive income (loss) and is amortized to interest expense over the term of the forecasted hedged transaction which is equivalent to the term of the interest rate locks. As of both March 31, 2024 and December 31, 2023, we had an insignificant net gain recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks. The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 was as follows (in millions): Amount of gain or (loss) recognized in accumulated other comprehensive income: Three Months Ended 2024 2023 Foreign currency forward and option contracts (included component) (1) $ 27 $ (13) Cross-currency interest rate swaps (2) (2) Interest rate locks 1 (4) Total $ 26 $ (19) Amount of gain or (loss) reclassified from accumulated other comprehensive income to income: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts Revenues $ (3) $ 12 Foreign currency forward contracts Costs and operating expenses 2 (3) Total $ (1) $ 9 (1) Included component represents foreign exchange spot rates. Derivatives Not Designated as Hedging Instruments Embedded Derivatives. As described above, certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. Foreign Currency Forward Contracts . We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts. Cross-currency Interest Rate Swaps. We may, from time to time, elect to de-designate a portion of our cross-currency interest rate swaps previously designated as net investment hedges. Gains and losses subsequent to the de-designation will be recognized in earnings to offset remeasurement gains and losses from foreign currency monetary assets and liabilities. The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in millions): Amount of gain or (loss) recognized in earnings: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts Other income (expense) 76 11 Total $ 76 $ 11 Notional Amounts of Derivative Instruments The notional amounts of our outstanding derivative instruments as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 1,004 $ 887 Cross-currency interest rate swaps 3,121 3,121 Cash flow hedges Foreign currency forward and option contracts 1,187 1,154 Cross-currency interest rate swaps 280 280 Total designated as hedging 5,592 5,442 Not designated as hedging instruments: Foreign currency forward contracts 2,736 3,053 Cross-currency interest rate swaps 661 1,061 Total not designated as hedging 3,397 4,114 Total Derivatives $ 8,989 $ 9,556 Fair Value of Derivative Instruments The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 19 $ 2 $ 3 $ 17 Cross-currency interest rate swaps 209 — 132 — Cash flow hedges Foreign currency forward and option contracts 15 2 2 14 Cross-currency interest rate swaps 33 — 36 — Total designated as hedging 276 4 173 31 Not designated as hedging instruments: Foreign currency forward contracts 23 3 4 70 Cross-currency interest rate swaps 79 13 80 — Total not designated as hedging 102 16 84 70 Total Derivatives $ 378 $ 20 $ 257 $ 101 (1) As presented in our condensed consolidated balance sheets within other current assets and other assets. (2) As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities. Offsetting Derivative Assets and Liabilities We enter into master netting agreements with our 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. For presentation on the condensed consolidated balance sheets, we do not offset fair value amounts recognized for derivative instruments or the accrued interest related to cross-currency interest rate swaps under master netting arrangements. The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of March 31, 2024 and December 31, 2023 (in millions): Gross Amounts Offset in Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts Gross Amounts not Offset in the Balance Sheet Net March 31, 2024 Derivative assets $ 394 $ — $ 394 $ (29) $ 365 Derivative liabilities 31 — 31 (29) 2 December 31, 2023 Derivative assets $ 282 $ — $ 282 $ (56) $ 226 Derivative liabilities 112 — 112 (56) 56

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value: • Level 1: quoted prices in active markets for identical assets or liabilities. • Level 2: observable inputs (e.g., spot rates and other data from the third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities. • Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. The fair value of certain financial assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Fair Value Fair Value Fair Value Fair Value Level 1 Level 2 Level 1 Level 2 Assets: Money market and deposit accounts (1) $ 1,006 $ 1,006 $ — $ 1,604 $ 1,604 $ — Derivative instruments (2) 378 — 378 257 — 257 Total $ 1,384 $ 1,006 $ 378 $ 1,861 $ 1,604 $ 257 Liabilities: Derivative instruments (2) $ 20 $ — $ 20 $ 101 $ — $ 101 Mortgage and loans payable (3) 672 — 672 684 — 684 Senior notes (3) 11,454 10,935 519 11,740 11,166 574 Total $ 12,146 $ 10,935 $ 1,211 $ 12,525 $ 11,166 $ 1,359 (1) Amounts are included within cash and cash equivalents in the condensed consolidated balance sheets, and are measured at fair value. (2) Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the condensed consolidated balance sheets, and are measured at fair value. Refer to Note 5. (3) Amounts include current and non-current portions and are measured at amortized cost. Refer to Note 8. We did not have any significant Level 3 financial assets or financial liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases There were no significant lease transactions during the three months ended March 31, 2024. Lease Expenses The components of lease expenses are as follows (in millions): Three Months Ended 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 48 $ 43 Interest on lease liabilities 28 28 Total finance lease cost 76 71 Operating lease cost 56 53 Variable lease cost 16 13 Total lease cost $ 148 $ 137 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations. Other Information Other information related to leases is as follows (in millions, except years and percent): Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 26 $ 27 Operating cash flows from operating leases 50 52 Financing cash flows from finance leases 31 36 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 30 $ — Operating leases 4 5 March 31, 2024 December 31, 2023 Weighted-average remaining lease term - finance leases (2) 14 years 14 years Weighted-average remaining lease term - operating leases (2) 12 years 12 years Weighted-average discount rate - finance leases 6 % 6 % Weighted-average discount rate - operating leases 5 % 5 % Finance lease right-of-use assets (3) $ 2,136 $ 2,184 (1) Represents all non-cash changes in right-of-use assets. (2) Includes lease renewal options that are reasonably certain to be exercised. (3) As of March 31, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $889 million and $870 million, respectively. Finance lease assets are recorded within property, plant and equipment, net Maturities of Lease Liabilities Maturities of lease liabilities as of March 31, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (9 months remaining) $ 143 $ 188 $ 331 2025 203 281 484 2026 195 245 440 2027 176 250 426 2028 150 238 388 Thereafter 1,075 2,077 3,152 Total lease payments 1,942 3,279 5,221 Less imputed interest (526) (1,056) (1,582) Total $ 1,416 $ 2,223 $ 3,639 We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of March 31, 2024. These leases will commence between year 2024 and 2026, with lease terms of 3 to 33 years and total lease commitments of approximately $533 million.
Leases	Leases There were no significant lease transactions during the three months ended March 31, 2024. Lease Expenses The components of lease expenses are as follows (in millions): Three Months Ended 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 48 $ 43 Interest on lease liabilities 28 28 Total finance lease cost 76 71 Operating lease cost 56 53 Variable lease cost 16 13 Total lease cost $ 148 $ 137 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations. Other Information Other information related to leases is as follows (in millions, except years and percent): Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 26 $ 27 Operating cash flows from operating leases 50 52 Financing cash flows from finance leases 31 36 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 30 $ — Operating leases 4 5 March 31, 2024 December 31, 2023 Weighted-average remaining lease term - finance leases (2) 14 years 14 years Weighted-average remaining lease term - operating leases (2) 12 years 12 years Weighted-average discount rate - finance leases 6 % 6 % Weighted-average discount rate - operating leases 5 % 5 % Finance lease right-of-use assets (3) $ 2,136 $ 2,184 (1) Represents all non-cash changes in right-of-use assets. (2) Includes lease renewal options that are reasonably certain to be exercised. (3) As of March 31, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $889 million and $870 million, respectively. Finance lease assets are recorded within property, plant and equipment, net Maturities of Lease Liabilities Maturities of lease liabilities as of March 31, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (9 months remaining) $ 143 $ 188 $ 331 2025 203 281 484 2026 195 245 440 2027 176 250 426 2028 150 238 388 Thereafter 1,075 2,077 3,152 Total lease payments 1,942 3,279 5,221 Less imputed interest (526) (1,056) (1,582) Total $ 1,416 $ 2,223 $ 3,639 We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of March 31, 2024. These leases will commence between year 2024 and 2026, with lease terms of 3 to 33 years and total lease commitments of approximately $533 million.

Debt Facilities

Debt Facilities	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Facilities	Debt Facilities Mortgage and Loans Payable As of March 31, 2024 and December 31, 2023, our mortgage and loans payable consisted of the following (in millions): March 31, December 31, 2023 Term loans $ 635 $ 643 Mortgage payable and other loans payable 27 29 662 672 Less amount representing unamortized debt issuance costs and debt discounts (1) (1) 661 671 Less current portion (7) (8) Total $ 654 $ 663 Senior Credit Facility and Refinancing In 2022, we entered into a credit agreement (the "2022 Credit Agreement") with a group of lenders for a senior unsecured credit facility, comprised of a $4.0 billion senior unsecured multicurrency revolving credit facility (the "2022 Revolving Facility") and a £500 million senior unsecured term loan facility (the "2022 Term Loan Facility" and, together with the 2022 Revolving Facility, collectively, the "2022 Credit Facilities"). The total debt issuance costs for the 2022 Revolving Facility and 2022 Term Loan Facility are $7 million and $1 million, respectively. We borrowed the full £500 million available under the 2022 Term Loan Facility, or approximately $677 million at the exchange rate in effect on that date. The 2022 Credit Facilities have a maturity date of January 7, 2027. We may borrow, repay and reborrow amounts under the 2022 Revolving Facility until the Maturity Date, at which time all amounts outstanding under the 2022 Revolving Facility must be repaid in full. The term loan made under the 2022 Term Loan Facility has no scheduled principal amortization and must be repaid in full on the maturity date. The 2022 Revolving Credit Facility provides for extensions of credit in U.S. Dollars as well as certain other foreign currencies. Borrowings under the 2022 Revolving Facility bear interest at a rate based on the daily Secured Overnight Financing Rate ("SOFR"), term SOFR, an alternative currency daily rate, or an alternative currency term rate plus a spread adjustment, plus a margin that can vary from 0.555% to 1.200%. Borrowings under the 2022 Term Loan Facility bear interest at a rate based on the daily Sterling Overnight Index Average ("SONIA"), plus a spread adjustment, plus a margin that can vary from 0.625% to 1.450%. We are also required to pay a quarterly letter of credit fee on the face amount of each letter of credit, which fee is based on the same margin that applies from time to time to SOFR-indexed borrowings under the revolving credit line. The margin is dependent on either our consolidated net leverage ratio or our credit ratings. We are also required to pay a quarterly facility fee ranging from 0.07% to 0.25% per annum. The 2022 Credit Agreement contains customary covenants, including financial ratio covenants that are required to be maintained as of each quarter end. As of March 31, 2024 and December 31, 2023, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $630 million and $636 million, respectively. As of March 31, 2024, we had 45 irrevocable letters of credit totaling $82 million issued and outstanding under the 2022 Revolving Facility, with approximately $3.9 billion remaining available to borrow under the 2022 Revolving Facility. As of both March 31, 2024 and December 31, 2023, unamortized debt issuance costs for the 2022 Revolving Facility of $5 million were presented in other assets in the condensed consolidated balance sheets. Senior Notes As of March 31, 2024 and December 31, 2023, our senior notes consisted of the following (in millions): March 31, 2024 December 31, 2023 Amount Effective Rate Amount Effective Rate 2.625% Senior Notes due 2024 $ 1,000 2.79 % $ 1,000 2.79 % 1.250% Senior Notes due 2025 500 1.46 % 500 1.46 % 1.000% Senior Notes due 2025 700 1.18 % 700 1.18 % 2.900% Senior Notes due 2026 600 3.04 % 600 3.04 % 1.450% Senior Notes due 2026 700 1.64 % 700 1.64 % 0.250% Euro Senior Notes due 2027 540 0.45 % 552 0.45 % 1.800% Senior Notes due 2027 500 1.96 % 500 1.96 % 1.550% Senior Notes due 2028 650 1.67 % 650 1.67 % 2.000% Senior Notes due 2028 400 2.21 % 400 2.21 % 2.875% Swiss Franc Senior Notes due 2028 333 3.05 % 357 3.05 % 3.200% Senior Notes due 2029 1,200 3.30 % 1,200 3.30 % 2.150% Senior Notes due 2030 1,100 2.27 % 1,100 2.27 % 2.500% Senior Notes due 2031 1,000 2.65 % 1,000 2.65 % 3.900% Senior Notes due 2032 1,200 4.07 % 1,200 4.07 % 1.000% Euro Senior Notes due 2033 646 1.18 % 662 1.18 % 2.000% Japanese Yen Senior Notes Series A due 2035 249 2.07 % 267 2.07 % 2.130% Japanese Yen Senior Notes Series C due 2035 98 2.20 % 105 2.20 % 2.370% Japanese Yen Senior Notes Series B due 2043 68 2.42 % 72 2.42 % 2.570% Japanese Yen Senior Notes Series D due 2043 30 2.62 % 32 2.62 % 2.570% Japanese Yen Senior Notes Series E due 2043 66 2.62 % 71 2.62 % 3.000% Senior Notes due 2050 500 3.09 % 500 3.09 % 2.950% Senior Notes due 2051 500 3.00 % 500 3.00 % 3.400% Senior Notes due 2052 500 3.50 % 500 3.50 % 13,080 13,168 Less amount representing unamortized debt issuance costs and debt discounts (103) (108) 12,977 13,060 Less current portion (999) (998) Total $ 11,978 $ 12,062 2.000% Japanese Yen Senior Notes Series A due 2035, 2.370% Japanese Yen Senior Notes Series B due 2043, 2.130% Japanese Yen Senior Notes Series C due 2035, 2.570% Japanese Yen Senior Notes Series D due 2043 and 2.570% Japanese Yen Senior Notes Series E due 2043 (collectively, the "Japanese Yen Senior Notes") On February 16, 2023, we issued ¥10.0 billion, or approximately $75 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.570% senior notes due March 8, 2043. On March 8, 2023, and at the exchange rate in effect on that date, we issued ¥37.7 billion, or approximately $275 million in U.S. dollars, aggregate principal amount of 2.000% senior notes due March 8, 2035, ¥10.2 billion, or approximately $75 million in U.S. dollars, aggregate principal amount of 2.370% senior notes due March 8, 2043, ¥14.8 billion, or approximately $108 million in U.S. dollars, aggregate principal amount of 2.130% senior notes due March 8, 2035 and ¥4.6 billion, or approximately $34 million in U.S. dollars, aggregate principal amount of 2.570% senior notes due March 8, 2043. Interest on the notes is payable semi-annually in arrears on March 8 and September 8 of each year, commencing on September 8, 2023. Total debt issuance costs related to the Japanese Yen Senior Notes were $4 million. 2.875% Swiss Franc Senior Notes due 2028 On September 12, 2023, we issued CHF300 million, or approximately $337 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 2.875% senior notes due September 12, 2028 (the "2028 CHF Notes"). Interest on the notes is payable annually in arrears on September 12 of each year, commencing on September 12, 2024. Total debt issuance costs related to the 2028 CHF Notes were $3 million. Maturities of Debt Instruments The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of March 31, 2024 (in millions): Years ending: 2024 (9 months remaining) $ 1,005 2025 1,206 2026 1,306 2027 1,675 2028 1,387 Thereafter 7,163 Total $ 13,742 Interest Charges The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in millions): Three Months Ended 2024 2023 Interest expense $ 104 $ 97 Interest capitalized 9 6 Interest charges incurred $ 113 $ 103 Total interest paid in cash, net of capitalized interest, during the three months ended March 31, 2024 and 2023 was $92 million and $98 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As a result of our various IBX data center expansion projects, as of March 31, 2024, we were contractually committed for approximately $2.1 billion of unaccrued capital expenditures, primarily for IBX infrastructure 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 our customers for installation. We also had numerous other, non-capital purchase commitments in place as of March 31, 2024, such as commitments to purchase power in select locations through the remainder of 2024 and thereafter, and other open purchase orders for goods, or services to be delivered or provided during the remainder of 2024 and thereafter. Such other miscellaneous purchase commitments totaled approximately $1.7 billion as of March 31, 2024. For further information on our equity method investments contribution commitments and lease commitments, see Note 4 and Note 7, respectively, above. Contingent Liabilities We estimate our exposure on certain liabilities, such as indirect and property taxes, based on the best information available at the time of determination. With respect to real and personal property taxes, we record what we can reasonably estimate based on prior payment history, assessed value by the assessor's office, current landlord estimates or estimates based on current or changing fixed asset values in each specific municipality, as applicable. However, there are circumstances beyond our control whereby the underlying value of the property or basis for which the tax is calculated on the property may change, such as a landlord selling the underlying property of one of our IBX data center leases or a municipality changing the assessment value in a jurisdiction and, as a result, our property tax obligations may vary from period to period. Based upon the most current facts and circumstances, we make the necessary property tax accruals for each of our reporting periods. However, revisions in our estimates of the potential or actual liability could materially impact our financial position, results of operations or cash flows. Our indirect and property tax filings in various jurisdictions are subject to examination by local tax authorities. Although we believe that we have adequately assessed and accounted for our potential tax liabilities, and that our tax estimates are reasonable, there can be no certainty that additional taxes will not be due upon audit of our tax returns or as a result of further changes to the tax laws and interpretations thereof. For example, we are currently undergoing several indirect tax audits and appealing tentative assessments in Brazil. The final settlement of the audits and the outcomes of the appeals are uncertain and may not be resolved in our favor. We regularly assess the likelihood of adverse outcomes resulting from these examinations and appeals that would affect the adequacy of our tax accruals for each of the reporting periods. If any issues arising from the tax examinations and appeals are resolved in a manner inconsistent with our expectations, the revision of the estimates of the potential or actual liabilities could materially impact our financial position, results of operations, or cash flows. From time to time, we may have certain contingent liabilities that arise in the ordinary course of our business activities. Contingent liabilities are accrued when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. On March 20, 2024, the Company received a subpoena from the U.S. Attorney’s Office for the Northern District of California. On April 30, 2024, the Company received a subpoena from the Securities and Exchange Commission. The Company is cooperating fully with both government agencies. On May 2, 2024, a putative stockholder class action was filed against the Company and certain of our officers in the United States District Court for the Northern District of California. The named plaintiff alleges violations of Section 10(b) of the Exchange Act and Securities and Exchange Commission Rule 10b-5, and Section 20(a) of the Exchange Act, on the basis that the defendants allegedly made false and misleading statements about our business, results, internal controls, and accounting practices between May 3, 2019 and March 24, 2024. The lawsuit seeks, among other relief, a determination that the alleged claims may be asserted on a class-wide basis, unspecified damages, attorneys' fees, other expenses and costs. We intend to defend the lawsuit. These matters are subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to these matters. In the opinion of management, there are no other pending claims for which the outcome is expected to result in a material adverse effect in the financial position, results of operations or cash flows. Employment Agreements We have entered into a severance agreement with certain of our executive officers that provides for a severance payment equal to 100% of the executive officer's annual base salary and maximum bonus in the event his or her employment is terminated for any reason other than cause or he or she voluntarily resigns under certain circumstances as described in the agreement, or 200% of the executive officer's annual base salary and maximum bonus in the event this occurs after a change-in-control of our company. For certain other executive officers, these benefits are only triggered after a change-in-control of our company, in which case the officer is entitled to 200% of the executive officer's annual base salary and maximum bonus. In addition, under these agreements, the executive officer is entitled to the payment of his or her monthly health care premiums under the Consolidated Omnibus Budget Reconciliation Act for up to 24 months. Indemnification and Guarantor Arrangements As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was serving, at our request in such capacity. The term of the indemnification period is for the officer's or director's lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of March 31, 2024. We enter into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, we may agree to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally a business partner or a customer, in connection with matters such as any U.S. patent, or any copyright or other intellectual property infringement claim by any third party with respect to our offerings; a breach of confidentiality obligations and certain other contractual warranties; our gross negligence, willful misconduct, fraud, misrepresentation, or violation of law; and/or if we cause tangible property damage, personal injury or death. The term of any such indemnification agreement is generally perpetual after execution of the agreement. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of March 31, 2024. We enter into arrangements with certain business partners, whereby the business partner agrees to provide services as a subcontractor for our installations. Accordingly, we enter into standard indemnification agreements with our customers, whereby we indemnify them for certain acts, such as personal property damage, by our subcontractors. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have never incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. In addition, in the event of a legal action, we have purchased insurance that could limit our exposure, depending upon the details of the claim and the coverage provided. As a result, our estimated fair value of these agreements is minimal. We do not have significant liabilities recorded for these agreements as of March 31, 2024. We have service level commitment obligations to certain of our customers. As a result, service interruptions or significant equipment damage in our IBX data centers, whether or not within our control, could result in obligations to these customers. While we have purchased insurance that could limit our exposure, our liability insurance may not be adequate to cover those expenses. In addition, any loss of service, equipment damage or inability to meet our service level commitment obligations could reduce the confidence our customers have in us, and could consequently impair our ability to obtain and retain customers, which would adversely affect both our ability to generate revenues and our operating results. We generally have the ability to determine such service level credits prior to the associated revenue being recognized. We do not have significant liabilities in connection with service level credits as of March 31, 2024. Concurrent with the closing of the EMEA 2 Joint Venture, the EMEA 2 Joint Venture entered into credit facility agreements with a group of lenders under which it could borrow up to approximately $1.4 billion in total at the exchange rate in effect on March 31, 2024, with such facilities maturing in 2025 and 2026. In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with guarantees covering 20% of all payments of principal and interest due and payable by the EMEA 2 Joint Venture under these credit facilities, up to a limit of $295 million in total at the exchange rate in effect on March 31, 2024. As of March 31, 2024, the maximum potential amount of our future payments under these guarantees was approximately $205 million, at the exchange rates in effect on that date. We and our co-investor entered into an ancillary agreement to allocate funding under the credit facility agreement for use by our AMER 1 Joint Venture. As of March 31, 2024, $9 million of the guarantees related to the AMER 1 Joint Venture. Our estimated fair value of these guarantees is minimal as the likelihood of making a payout under the guarantees is remote.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Stockholders' Equity Rollforward The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2024 and 2023 ($ in millions except per share data; share data in thousands): Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Total Common Stockholders' Equity Shares Amount Shares Amount Balance as of December 31, 2023 94,630 $ — (151) $ (56) $ 18,596 $ (8,695) $ (1,290) $ 3,934 $ 12,489 Net income — — — — — — — 231 231 Other comprehensive loss — — — — — — (208) — (208) Issuance of common stock and release of treasury stock for employee equity awards 407 — 18 6 42 — — — 48 Dividend distribution on common stock, $4.26 per share — — — — — (402) — — (402) Settlement of accrued dividends on vested equity awards — — — — — (1) — — (1) Accrued dividends on unvested equity awards — — — — — 1 — — 1 Stock-based compensation, net of estimated forfeitures — — — — 141 — — — 141 Balance as of March 31, 2024 95,037 $ — (133) $ (50) $ 18,779 $ (9,097) $ (1,498) $ 4,165 $ 12,299 Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Total Common Stockholders' Equity Shares Amount Shares Amount Balance as of December 31, 2022 92,814 $ — (193) $ (72) $ 17,320 $ (7,318) $ (1,389) $ 2,965 $ 11,506 Net income — — — — — — — 259 259 Other comprehensive income — — — — — — 104 — 104 Issuance of common stock and release of treasury stock for employee equity awards 420 — 16 6 38 — — — 44 Issuance of common stock under ATM Program 458 — — — 301 — — — 301 Dividend distribution on common stock, $3.41 per share — — — — — (319) — — (319) Accrued dividends on unvested equity awards — — — — — (2) — — (2) Stock-based compensation, net of estimated forfeitures — — — — 136 — — — 136 Balance as of March 31, 2023 93,692 $ — (177) $ (66) $ 17,795 $ (7,639) $ (1,285) $ 3,224 $ 12,029 Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, by component are as follows (in millions): Balance as of December 31, Net Balance as of March 31, Foreign currency translation adjustment (“CTA”) loss $ (1,588) $ (358) $ (1,946) Unrealized gain on cash flow hedges (1) 15 20 35 Net investment hedge CTA gain (1) 284 130 414 Net actuarial loss on defined benefit plans (2) (1) — (1) Total accumulated other comprehensive loss $ (1,290) $ (208) $ (1,498) (1) Refer to Note 5 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2) We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries. Changes in foreign currencies can have a significant impact to our condensed consolidated balance sheets (as evidenced above in our foreign currency translation loss), as well as its condensed consolidated results of operations, as amounts in foreign currencies are generally translated into more U.S. Dollars when the U.S. Dollar weakens or fewer U.S. Dollars when the U.S. Dollar strengthens. As of March 31, 2024, the U.S. Dollar was generally stronger relative to certain of the currencies of the foreign countries in which we operate as compared to December 31, 2023. Because of this, the U.S. Dollar had an overall unfavorable impact on our condensed consolidated financial position because the foreign denominations translated into fewer U.S. Dollars as evidenced by an increase in foreign currency translation loss for the three months ended March 31, 2024 as reflected in the above table. The volatility of the U.S. Dollar as compared to the other currencies in which we operate could have a significant impact on our condensed consolidated financial position and results of operations including the amount of revenue that we report in future periods. Common Stock In October 2020, we established an "at the market" equity offering program (the "2020 ATM Program"), under which we could, from time to time, offer and sell shares of our common stock to or through sales agents up to an aggregate of $1.5 billion. In February 2022, we entered into a forward sale amendment to the 2020 ATM Program, under which we could, from time to time, offer and sell shares under the equity distribution agreement pursuant to forward sale transactions (the "Equity Forward Amendment"). In November 2022, we established a successor ATM program, also with substantially the same terms as the Equity Forward Amendment noted above, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $1.5 billion of our common stock to or through sales agents in "at the market" transactions (the "2022 ATM Program"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes. Activity under the 2020 and 2022 ATM Programs is summarized as follows ($ in millions except per share data; shares in thousands): Contractual Maturity Dates Execution Date Number of Shares (1) Weighted Average Price per Share (2) Settlement Value (2) Outstanding, December 31, 2022 February 2023 to November 2023 458 $ 657.75 $ 302 Forward Sale Agreements Executed February 2024 to December 2024 May 2023 to December 2023 1,208 767.12 926 Forward Sale Shares Physically Settled February 2023 to March 2024 February 2023 to November 2023 (1,023) 718.59 735 Outstanding, December 31, 2023 November 2024 643 $ 776.23 $ 499 Outstanding, March 31, 2024 November 2024 643 $ 781.33 $ 502 (1) For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement. As of March 31, 2024, the maximum number of shares that could be required to be issued to net share settle the outstanding agreements was 1,287 (in thousands). (2) For agreements settled, the value represents the actual weighted average settlement value, net of payment of commissions to sales agents and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements. As of March 31, 2024, we had approximately $470 million of common stock available for sale under the 2022 ATM Program. Stock-Based Compensation For the three months ended March 31, 2024, the Talent, Culture and Compensation Committee and/or the Stock Award Committee of our Board of Directors, as the case may be, granted an aggregate of 681 restricted stock units ("RSUs") to certain employees, including executive officers (in thousands). These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $896.09 per share and a weighted-average requisite service period of 3.62 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues, adjusted funds from operations ("AFFO") per share and digital services revenues as the performance measurements in the RSUs with both service and performance conditions that were granted in the three months ended March 31, 2024. We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total stockholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the three months ended March 31, 2024. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2024 compared to the prior year. The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions): Three Months Ended 2024 2023 Cost of revenues $ 13 $ 11 Sales and marketing 21 20 General and administrative 67 68 Total $ 101 $ 99 Redeemable Non-controlling Interest On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity. The Indonesian operating entity is a VIE because it does not have sufficient funds from its operations to be self-sustaining. We provide certain management services to the entity and earn fees for the performance of such services. We have the power to direct the activities that most significantly impact the economic performance of the entity and have concluded that we are its primary beneficiary. Under the terms of the stockholders’ agreement, the investor may put its 25% ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in the condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three months ended March 31, 2024. As of March 31, 2024, the carrying value of the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets were $34 million and $7 million, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA, both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes. The following tables present revenue information disaggregated by product lines and geographic areas, (in millions): Three Months Ended March 31, 2024 Americas EMEA Asia-Pacific Total Colocation (1) $ 607 $ 549 $ 334 $ 1,490 Interconnection 215 83 70 368 Managed infrastructure 66 35 17 118 Other (1) 6 24 4 34 Recurring revenues 894 691 425 2,010 Non-recurring revenues 45 36 36 117 Total $ 939 $ 727 $ 461 $ 2,127 (1) Includes some leasing and hedging activities. Three Months Ended March 31, 2023 Americas EMEA Asia-Pacific Total Colocation (1) $ 573 $ 516 $ 319 $ 1,408 Interconnection 199 73 65 337 Managed infrastructure 61 31 19 111 Other (1) 5 25 4 34 Recurring revenues 838 645 407 1,890 Non-recurring revenues 44 46 18 108 Total $ 882 $ 691 $ 425 $ 1,998 (1) Includes some leasing and hedging activities. Total revenues attributed to the U.S. were $795 million and $753 million during the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024, we derived revenues of $218 million from the United Kingdom, which is the only country outside of the U.S. from which we derived revenues that exceeded 10% of our total revenues. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three months ended March 31, 2023. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three months ended March 31, 2024 and 2023. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below (in millions): Three Months Ended 2024 2023 Adjusted EBITDA: Americas $ 409 $ 405 EMEA 328 327 Asia-Pacific 255 213 Total adjusted EBITDA 992 945 Depreciation, amortization and accretion expense (525) (459) Stock-based compensation expense (101) (99) Transaction costs (2) (2) Loss on asset sales — (1) Interest income 24 19 Interest expense (104) (97) Other income (expense) (6) 8 Loss on debt extinguishment (1) — Income before income taxes $ 277 $ 314 We also provide the following segment disclosures related to our operations as follows (in millions): Three Months Ended 2024 2023 Depreciation and amortization: Americas $ 307 $ 245 EMEA 132 124 Asia-Pacific 87 88 Total $ 526 $ 457 Capital expenditures: Americas $ 425 $ 301 EMEA 191 146 Asia-Pacific 91 83 Total $ 707 $ 530 Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas (in millions): March 31, December 31, Americas $ 8,722 $ 8,611 EMEA 6,195 6,321 Asia-Pacific 3,594 3,669 Total property, plant and equipment, net $ 18,511 $ 18,601 Americas $ 409 $ 421 EMEA 353 368 Asia-Pacific 633 660 Total operating lease right-of-use assets $ 1,395 $ 1,449

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events AMER 2 Joint Venture On April 10, 2024, we executed an agreement to form a joint venture in the form of a limited liability partnership to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”). At closing, our partner contributed $102 million of cash in exchange for an 80% partnership interest in the AMER 2 Joint Venture. We contributed the assets and liabilities of the Silicon Valley 12 (“SV12”) data center site in exchange for a 20% partnership interest in the AMER 2 Joint Venture and cash proceeds. In connection with the transaction, we also entered into a loan agreement with the AMER 2 Joint Venture, as a lender, with an aggregate commitment of $392 million of which $196 million was drawn at closing. Declaration of dividends On May 8, 2024, we declared a quarterly cash dividend of $4.26 per share, which is payable on June 19, 2024 to our common stockholders of record as of the close of business on May 22, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared by Equinix, Inc. (collectively with its consolidated subsidiaries referred to as "Equinix," the "Company," "we," "our," or "us") 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. Our condensed consolidated balance sheet data as of December 31, 2023 has been derived from audited consolidated financial statements as of that date. Our condensed 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 ("U.S. GAAP" or "GAAP"). For further information, refer to the Consolidated Financial Statements and Notes thereto included in our Form 10-K as filed with the SEC on February 16, 2024. Results for the interim periods are not necessarily indicative of results for the entire fiscal year.
Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Income Taxes	Income Taxes We elected to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with our 2015 taxable year. As a result, we may deduct the dividends paid to our stockholders from taxable income generated by our REIT and qualified REIT subsidiaries ("QRSs"). Our dividends paid deduction generally eliminates the U.S. federal taxable income of our REIT and QRSs, resulting in no U.S. federal income tax due. However, our domestic taxable REIT subsidiaries ("TRSs") are subject to U.S. corporate income taxes on any taxable income generated by them. In addition, our foreign operations are subject to local income taxes regardless of whether the foreign operations are operated as QRSs or TRSs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024 and should be applied prospectively, with retrospective application and early adoption both permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our condensed consolidated financial statements. Accounting Standards Adopted Supplier Finance Programs In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. On January 1, 2023, we adopted this ASU and the adoption of this standard did not have an impact on our condensed consolidated financial statements. Reference Rate Reform In March 2020, FASB issued ASU 2020-04, Reference Rate Reform ("Topic 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In addition, FASB issued ASU 2021-01, Reference Rate Reform ("Topic 848"), which clarifies the scope of Topic 848. Collectively, the guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2021-01 is effective upon issuance and ASU 2020-04 was effective for all entities as of March 12, 2020, and together remained effective through December 31, 2022. In December 2022, FASB issued ASU 2022-06, Reference Rate Reform ("Topic 848"): Deferral of the Sunset Date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this update defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. We adopted these ASUs upon their respective issuances and resulted in no impact on our consolidated financial statements. We will evaluate our debt, derivative and lease contracts that may become eligible for modification relief and may apply the elections prospectively as needed.
Remaining performance obligations	Remaining performance obligations As of March 31, 2024, approximately $10.0 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one three The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScale TM data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
Derivatives Designated as Hedging Instruments	Derivatives Designated as Hedging Instruments Net Investment Hedges Foreign Currency Debt. We are exposed to the impact of foreign exchange rate fluctuations on the value of investments in our foreign subsidiaries whose functional currencies are other than the U.S. Dollar. In order to mitigate the impact of foreign currency exchange rates, we have entered into various foreign currency debt obligations, which are designated as hedges against our net investments in foreign subsidiaries. As of March 31, 2024 and December 31, 2023, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $423 million and $1.5 billion, respectively. Foreign Currency Forward Contracts. From time to time, we use foreign currency forward contracts, which are designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. Certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. These embedded derivatives are separated from their host contracts and carried on our balance sheet at their fair value. The majority of these embedded derivatives arise as a result of our foreign subsidiaries pricing their customer contracts in U.S. Dollars. We use these forward contracts embedded within our customer agreements to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. Cross-currency Interest Rate Swaps. We also utilize cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. Cash Flow Hedges Foreign Currency Forward and Option Contracts.
Derivatives Not Designated as Hedging Instruments	Derivatives Not Designated as Hedging Instruments Embedded Derivatives. As described above, certain of our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved are deemed to have foreign currency forward contracts embedded in them. Economic Hedges of Embedded Derivatives. We use foreign currency forward contracts to manage the foreign exchange risk associated with our customer agreements that are priced in currencies different from the functional or local currencies of the parties involved ("economic hedges of embedded derivatives"). Foreign currency forward contracts represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. Foreign Currency Forward Contracts . We also use foreign currency forward contracts to manage the foreign exchange risk associated with certain foreign currency-denominated monetary assets and liabilities. As a result of foreign currency fluctuations, the U.S. Dollar equivalent values of our foreign currency-denominated monetary assets and liabilities change. Gains and losses on these contracts are included in other income (expense), on a net basis, along with the foreign currency gains and losses of the related foreign currency-denominated monetary assets and liabilities associated with these foreign currency forward contracts.
Cross currency interest rate swaps	Cross-currency Interest Rate Swaps. We may, from time to time, elect to de-designate a portion of our cross-currency interest rate swaps previously designated as net investment hedges. Gains and losses subsequent to the de-designation will be recognized in earnings to offset remeasurement gains and losses from foreign currency monetary assets and liabilities.
Fair Value Measurements	We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value: • Level 1: quoted prices in active markets for identical assets or liabilities. • Level 2: observable inputs (e.g., spot rates and other data from the third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities. • Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities.
Segment Information	While we have one primary line of business, which is the design, build-out and operation of IBX data centers, we have determined that we have three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Our chief operating decision-maker evaluates performance, makes operating decisions and allocates resources based on our revenues and adjusted EBITDA, both on a consolidated basis and based on these three reportable segments. Intercompany transactions between segments are excluded for management reporting purposes.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Opening and Closing Balances	The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; deferred revenue, current; and deferred revenue, non-current (in millions): Accounts receivable, net (1) Contract assets, current Contract assets, non-current Deferred revenue, current Deferred revenue, non-current Beginning balances as of January 1, 2024 $ 1,004 $ 52 $ 86 $ 125 $ 154 Closing balances as of March 31, 2024 1,079 59 79 129 146 Increase (Decrease) $ 75 $ 7 $ (7) $ 4 $ (8) (1) The net change in our allowance for credit losses was insignificant

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of 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 millions except per share data; share data in thousands): Three Months Ended 2024 2023 Net income $ 231 $ 259 Weighted-average shares used to calculate basic EPS (in thousands) 94,665 92,971 Effect of dilutive securities (in thousands): Employee equity awards 491 369 Weighted-average shares used to calculate diluted EPS (in thousands) 95,156 93,340 EPS attributable to common stockholders: Basic EPS $ 2.44 $ 2.78 Diluted EPS $ 2.43 $ 2.77

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The following table summarizes our equity method investments, which were included in other assets on the condensed consolidated balance sheets (in millions): Investee Ownership Percentage March 31, 2024 December 31, 2023 EMEA 1 Joint Venture 20% $ 144 $ 150 VIE Joint Ventures (1) 20% 300 308 Other Various 10 10 Total $ 454 $ 468 (1)
Schedule of The Maximum Exposure Losses of VIE Joint Ventures	The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of March 31, 2024 (in millions): VIE Joint Ventures Equity Investment $ 300 Outstanding Accounts Receivable 44 Contract Assets 56 Future Equity Contribution Commitments (1) 42 Maximum Future Payments under Debt Guarantees (2) 205 Total $ 647 (1) The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete certain construction phases or make interest payments on their outstanding debt. (2) In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees related to our AMER 1 Joint Venture (see Note 9).
Schedule of Other Related Party Transactions	The following table presents the revenues and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions): Three Months Ended Related Party Nature of Transaction 2024 2023 EMEA 1 Joint Venture Revenues $ 6 $ 7 EMEA 1 Joint Venture Expenses (1) 4 2 VIE Joint Ventures (2) Revenues 38 22 (1) Balances primarily consist of rent expenses for a 15-year sub-lease agreement with the EMEA 1 Joint Venture for a London data center. (2) Expenses from transactions with VIE Joint Ventures were insignificant for the three months ended March 31, 2024 and 2023. We have also sold certain data center facilities to our Joint Ventures and recognized gains or losses on asset sales as described above. The following table presents the assets and liabilities from related party transactions with the Joint Ventures in our condensed consolidated balance sheets (in millions): EMEA 1 Joint Venture VIE Joint Ventures Balance Sheet March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Accounts receivable, net $ 26 $ 19 $ 44 $ 23 Other current assets (1) 11 19 52 43 Property, plant and equipment, net (2) 94 97 90 72 Operating lease right-of-use assets 2 2 2 2 Other assets (1) — — 14 21 Other current liabilities 5 9 6 6 Finance lease liabilities 109 111 93 75 Operating lease liabilities 2 2 2 2 Other liabilities (3) 49 50 — — (1) The balance primarily relates to contract assets and other receivables. (2) The balance relates to finance lease right-of-use assets. (3) The balance primarily relates to the obligation to pay for future construction for certain sites sold as a part of the EMEA 1 Joint Venture transaction.

Derivatives and Hedging Instr_2

Derivatives and Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Investment Hedges	The effect of net investment hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 was as follows (in millions): Amount of gain or (loss) recognized in accumulated other comprehensive income: Three Months Ended 2024 2023 Foreign currency debt $ 29 $ (24) Foreign currency forward contracts (included component) (1) 27 (1) Foreign currency forward contracts (excluded component) (2) — 1 Cross-currency interest rate swaps (included component) (1) 76 (40) Cross-currency interest rate swaps (excluded component) (3) (2) 24 Total $ 130 $ (40) Amount of gain or (loss) recognized in earnings: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts (excluded component) (2) Interest expense $ 2 $ — Cross-currency interest rate swaps (excluded component) (3) Interest expense 8 12 Total $ 10 $ 12 (1) Included component represents foreign exchange spot rates. (2) Excluded component represents foreign currency forward points. (3) Excluded component represents cross-currency basis spread and interest rates.
Schedule of Cash Flow Hedges	The effect of cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 was as follows (in millions): Amount of gain or (loss) recognized in accumulated other comprehensive income: Three Months Ended 2024 2023 Foreign currency forward and option contracts (included component) (1) $ 27 $ (13) Cross-currency interest rate swaps (2) (2) Interest rate locks 1 (4) Total $ 26 $ (19) Amount of gain or (loss) reclassified from accumulated other comprehensive income to income: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts Revenues $ (3) $ 12 Foreign currency forward contracts Costs and operating expenses 2 (3) Total $ (1) $ 9 (1) Included component represents foreign exchange spot rates.
Schedule of Derivatives not Designated as Hedging Instruments in the Company's Condensed Consolidated Statements of Operations	The following table presents the effect of derivatives not designated as hedging instruments in our condensed consolidated statements of operations (in millions): Amount of gain or (loss) recognized in earnings: Three Months Ended Location of gain (loss) 2024 2023 Foreign currency forward contracts Other income (expense) 76 11 Total $ 76 $ 11
Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets	The notional amounts of our outstanding derivative instruments as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 1,004 $ 887 Cross-currency interest rate swaps 3,121 3,121 Cash flow hedges Foreign currency forward and option contracts 1,187 1,154 Cross-currency interest rate swaps 280 280 Total designated as hedging 5,592 5,442 Not designated as hedging instruments: Foreign currency forward contracts 2,736 3,053 Cross-currency interest rate swaps 661 1,061 Total not designated as hedging 3,397 4,114 Total Derivatives $ 8,989 $ 9,556 The following table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of March 31, 2024 and December 31, 2023 (in millions): March 31, 2024 December 31, 2023 Assets (1) Liabilities (2) Assets (1) Liabilities (2) Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 19 $ 2 $ 3 $ 17 Cross-currency interest rate swaps 209 — 132 — Cash flow hedges Foreign currency forward and option contracts 15 2 2 14 Cross-currency interest rate swaps 33 — 36 — Total designated as hedging 276 4 173 31 Not designated as hedging instruments: Foreign currency forward contracts 23 3 4 70 Cross-currency interest rate swaps 79 13 80 — Total not designated as hedging 102 16 84 70 Total Derivatives $ 378 $ 20 $ 257 $ 101 (1) As presented in our condensed consolidated balance sheets within other current assets and other assets. (2) As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Offsetting Derivative Assets and Liabilities	The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of March 31, 2024 and December 31, 2023 (in millions): Gross Amounts Offset in Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts Gross Amounts not Offset in the Balance Sheet Net March 31, 2024 Derivative assets $ 394 $ — $ 394 $ (29) $ 365 Derivative liabilities 31 — 31 (29) 2 December 31, 2023 Derivative assets $ 282 $ — $ 282 $ (56) $ 226 Derivative liabilities 112 — 112 (56) 56
Schedule of Offsetting Derivative Assets and Liabilities	The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of March 31, 2024 and December 31, 2023 (in millions): Gross Amounts Offset in Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts Gross Amounts not Offset in the Balance Sheet Net March 31, 2024 Derivative assets $ 394 $ — $ 394 $ (29) $ 365 Derivative liabilities 31 — 31 (29) 2 December 31, 2023 Derivative assets $ 282 $ — $ 282 $ (56) $ 226 Derivative liabilities 112 — 112 (56) 56

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The fair value of certain financial assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Fair Value Fair Value Fair Value Fair Value Level 1 Level 2 Level 1 Level 2 Assets: Money market and deposit accounts (1) $ 1,006 $ 1,006 $ — $ 1,604 $ 1,604 $ — Derivative instruments (2) 378 — 378 257 — 257 Total $ 1,384 $ 1,006 $ 378 $ 1,861 $ 1,604 $ 257 Liabilities: Derivative instruments (2) $ 20 $ — $ 20 $ 101 $ — $ 101 Mortgage and loans payable (3) 672 — 672 684 — 684 Senior notes (3) 11,454 10,935 519 11,740 11,166 574 Total $ 12,146 $ 10,935 $ 1,211 $ 12,525 $ 11,166 $ 1,359 (1) Amounts are included within cash and cash equivalents in the condensed consolidated balance sheets, and are measured at fair value. (2) Amounts are included within other current assets, other assets, other current liabilities and other liabilities in the condensed consolidated balance sheets, and are measured at fair value. Refer to Note 5. (3) Amounts include current and non-current portions and are measured at amortized cost. Refer to Note 8.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Lease Expenses	The components of lease expenses are as follows (in millions): Three Months Ended 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 48 $ 43 Interest on lease liabilities 28 28 Total finance lease cost 76 71 Operating lease cost 56 53 Variable lease cost 16 13 Total lease cost $ 148 $ 137 (1) Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in the condensed consolidated statements of operations.
Schedule of Other Information Related to Leases	Other information related to leases is as follows (in millions, except years and percent): Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 26 $ 27 Operating cash flows from operating leases 50 52 Financing cash flows from finance leases 31 36 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 30 $ — Operating leases 4 5 March 31, 2024 December 31, 2023 Weighted-average remaining lease term - finance leases (2) 14 years 14 years Weighted-average remaining lease term - operating leases (2) 12 years 12 years Weighted-average discount rate - finance leases 6 % 6 % Weighted-average discount rate - operating leases 5 % 5 % Finance lease right-of-use assets (3) $ 2,136 $ 2,184 (1) Represents all non-cash changes in right-of-use assets. (2) Includes lease renewal options that are reasonably certain to be exercised. (3) As of March 31, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $889 million and $870 million, respectively. Finance lease assets are recorded within property, plant and equipment, net
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (9 months remaining) $ 143 $ 188 $ 331 2025 203 281 484 2026 195 245 440 2027 176 250 426 2028 150 238 388 Thereafter 1,075 2,077 3,152 Total lease payments 1,942 3,279 5,221 Less imputed interest (526) (1,056) (1,582) Total $ 1,416 $ 2,223 $ 3,639
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (9 months remaining) $ 143 $ 188 $ 331 2025 203 281 484 2026 195 245 440 2027 176 250 426 2028 150 238 388 Thereafter 1,075 2,077 3,152 Total lease payments 1,942 3,279 5,221 Less imputed interest (526) (1,056) (1,582) Total $ 1,416 $ 2,223 $ 3,639

Debt Facilities (Tables)

Debt Facilities (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of March 31, 2024 and December 31, 2023, our mortgage and loans payable consisted of the following (in millions): March 31, December 31, 2023 Term loans $ 635 $ 643 Mortgage payable and other loans payable 27 29 662 672 Less amount representing unamortized debt issuance costs and debt discounts (1) (1) 661 671 Less current portion (7) (8) Total $ 654 $ 663 As of March 31, 2024 and December 31, 2023, our senior notes consisted of the following (in millions): March 31, 2024 December 31, 2023 Amount Effective Rate Amount Effective Rate 2.625% Senior Notes due 2024 $ 1,000 2.79 % $ 1,000 2.79 % 1.250% Senior Notes due 2025 500 1.46 % 500 1.46 % 1.000% Senior Notes due 2025 700 1.18 % 700 1.18 % 2.900% Senior Notes due 2026 600 3.04 % 600 3.04 % 1.450% Senior Notes due 2026 700 1.64 % 700 1.64 % 0.250% Euro Senior Notes due 2027 540 0.45 % 552 0.45 % 1.800% Senior Notes due 2027 500 1.96 % 500 1.96 % 1.550% Senior Notes due 2028 650 1.67 % 650 1.67 % 2.000% Senior Notes due 2028 400 2.21 % 400 2.21 % 2.875% Swiss Franc Senior Notes due 2028 333 3.05 % 357 3.05 % 3.200% Senior Notes due 2029 1,200 3.30 % 1,200 3.30 % 2.150% Senior Notes due 2030 1,100 2.27 % 1,100 2.27 % 2.500% Senior Notes due 2031 1,000 2.65 % 1,000 2.65 % 3.900% Senior Notes due 2032 1,200 4.07 % 1,200 4.07 % 1.000% Euro Senior Notes due 2033 646 1.18 % 662 1.18 % 2.000% Japanese Yen Senior Notes Series A due 2035 249 2.07 % 267 2.07 % 2.130% Japanese Yen Senior Notes Series C due 2035 98 2.20 % 105 2.20 % 2.370% Japanese Yen Senior Notes Series B due 2043 68 2.42 % 72 2.42 % 2.570% Japanese Yen Senior Notes Series D due 2043 30 2.62 % 32 2.62 % 2.570% Japanese Yen Senior Notes Series E due 2043 66 2.62 % 71 2.62 % 3.000% Senior Notes due 2050 500 3.09 % 500 3.09 % 2.950% Senior Notes due 2051 500 3.00 % 500 3.00 % 3.400% Senior Notes due 2052 500 3.50 % 500 3.50 % 13,080 13,168 Less amount representing unamortized debt issuance costs and debt discounts (103) (108) 12,977 13,060 Less current portion (999) (998) Total $ 11,978 $ 12,062
Schedule of Maturities of Debt Instruments	The following table sets forth maturities of our debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs and debt discounts, as of March 31, 2024 (in millions): Years ending: 2024 (9 months remaining) $ 1,005 2025 1,206 2026 1,306 2027 1,675 2028 1,387 Thereafter 7,163 Total $ 13,742
Schedule of Interest Charges Incurred	The following table sets forth total interest costs incurred, and total interest costs capitalized for the periods presented (in millions): Three Months Ended 2024 2023 Interest expense $ 104 $ 97 Interest capitalized 9 6 Interest charges incurred $ 113 $ 103

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Rollforward of Stockholders' Equity	The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2024 and 2023 ($ in millions except per share data; share data in thousands): Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Total Common Stockholders' Equity Shares Amount Shares Amount Balance as of December 31, 2023 94,630 $ — (151) $ (56) $ 18,596 $ (8,695) $ (1,290) $ 3,934 $ 12,489 Net income — — — — — — — 231 231 Other comprehensive loss — — — — — — (208) — (208) Issuance of common stock and release of treasury stock for employee equity awards 407 — 18 6 42 — — — 48 Dividend distribution on common stock, $4.26 per share — — — — — (402) — — (402) Settlement of accrued dividends on vested equity awards — — — — — (1) — — (1) Accrued dividends on unvested equity awards — — — — — 1 — — 1 Stock-based compensation, net of estimated forfeitures — — — — 141 — — — 141 Balance as of March 31, 2024 95,037 $ — (133) $ (50) $ 18,779 $ (9,097) $ (1,498) $ 4,165 $ 12,299 Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Total Common Stockholders' Equity Shares Amount Shares Amount Balance as of December 31, 2022 92,814 $ — (193) $ (72) $ 17,320 $ (7,318) $ (1,389) $ 2,965 $ 11,506 Net income — — — — — — — 259 259 Other comprehensive income — — — — — — 104 — 104 Issuance of common stock and release of treasury stock for employee equity awards 420 — 16 6 38 — — — 44 Issuance of common stock under ATM Program 458 — — — 301 — — — 301 Dividend distribution on common stock, $3.41 per share — — — — — (319) — — (319) Accrued dividends on unvested equity awards — — — — — (2) — — (2) Stock-based compensation, net of estimated forfeitures — — — — 136 — — — 136 Balance as of March 31, 2023 93,692 $ — (177) $ (66) $ 17,795 $ (7,639) $ (1,285) $ 3,224 $ 12,029
Schedule of Changes in Accumulated Other Comprehensive Loss	The changes in accumulated other comprehensive loss, net of tax, by component are as follows (in millions): Balance as of December 31, Net Balance as of March 31, Foreign currency translation adjustment (“CTA”) loss $ (1,588) $ (358) $ (1,946) Unrealized gain on cash flow hedges (1) 15 20 35 Net investment hedge CTA gain (1) 284 130 414 Net actuarial loss on defined benefit plans (2) (1) — (1) Total accumulated other comprehensive loss $ (1,290) $ (208) $ (1,498) (1) Refer to Note 5 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2) We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.
Schedule of Sale of Stock by Activity Program	Activity under the 2020 and 2022 ATM Programs is summarized as follows ($ in millions except per share data; shares in thousands): Contractual Maturity Dates Execution Date Number of Shares (1) Weighted Average Price per Share (2) Settlement Value (2) Outstanding, December 31, 2022 February 2023 to November 2023 458 $ 657.75 $ 302 Forward Sale Agreements Executed February 2024 to December 2024 May 2023 to December 2023 1,208 767.12 926 Forward Sale Shares Physically Settled February 2023 to March 2024 February 2023 to November 2023 (1,023) 718.59 735 Outstanding, December 31, 2023 November 2024 643 $ 776.23 $ 499 Outstanding, March 31, 2024 November 2024 643 $ 781.33 $ 502 (1) For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement. As of March 31, 2024, the maximum number of shares that could be required to be issued to net share settle the outstanding agreements was 1,287 (in thousands). (2) For agreements settled, the value represents the actual weighted average settlement value, net of payment of commissions to sales agents and other offering expenses. For agreements executed and outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.
Schedule of Stock-Based Compensation Expense by Operating Expense Category	The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions): Three Months Ended 2024 2023 Cost of revenues $ 13 $ 11 Sales and marketing 21 20 General and administrative 67 68 Total $ 101 $ 99

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenue Information Disaggregated by Service Lines and Geographic Areas	The following tables present revenue information disaggregated by product lines and geographic areas, (in millions): Three Months Ended March 31, 2024 Americas EMEA Asia-Pacific Total Colocation (1) $ 607 $ 549 $ 334 $ 1,490 Interconnection 215 83 70 368 Managed infrastructure 66 35 17 118 Other (1) 6 24 4 34 Recurring revenues 894 691 425 2,010 Non-recurring revenues 45 36 36 117 Total $ 939 $ 727 $ 461 $ 2,127 (1) Includes some leasing and hedging activities. Three Months Ended March 31, 2023 Americas EMEA Asia-Pacific Total Colocation (1) $ 573 $ 516 $ 319 $ 1,408 Interconnection 199 73 65 337 Managed infrastructure 61 31 19 111 Other (1) 5 25 4 34 Recurring revenues 838 645 407 1,890 Non-recurring revenues 44 46 18 108 Total $ 882 $ 691 $ 425 $ 1,998 (1) Includes some leasing and hedging activities.
Schedule of Adjusted EBITDA	We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales as presented below (in millions): Three Months Ended 2024 2023 Adjusted EBITDA: Americas $ 409 $ 405 EMEA 328 327 Asia-Pacific 255 213 Total adjusted EBITDA 992 945 Depreciation, amortization and accretion expense (525) (459) Stock-based compensation expense (101) (99) Transaction costs (2) (2) Loss on asset sales — (1) Interest income 24 19 Interest expense (104) (97) Other income (expense) (6) 8 Loss on debt extinguishment (1) — Income before income taxes $ 277 $ 314
Schedule of Segment Disclosures	We also provide the following segment disclosures related to our operations as follows (in millions): Three Months Ended 2024 2023 Depreciation and amortization: Americas $ 307 $ 245 EMEA 132 124 Asia-Pacific 87 88 Total $ 526 $ 457 Capital expenditures: Americas $ 425 $ 301 EMEA 191 146 Asia-Pacific 91 83 Total $ 707 $ 530
Schedule of Segment Long-Lived Assets	Our long-lived assets, including property, plant and equipment, net and operating lease right-of-use assets, are located in the following geographic areas (in millions): March 31, December 31, Americas $ 8,722 $ 8,611 EMEA 6,195 6,321 Asia-Pacific 3,594 3,669 Total property, plant and equipment, net $ 18,511 $ 18,601 Americas $ 409 $ 421 EMEA 353 368 Asia-Pacific 633 660 Total operating lease right-of-use assets $ 1,395 $ 1,449

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Narrative (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Effective income tax rate, continuing operations	16.60%	17.60%

Revenue - Schedule of Opening a

Revenue - Schedule of Opening and Closing Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 1,079	$ 1,004
Increase (Decrease) in Accounts receivables, net	75
Contract assets, current	59	52
Increase (Decrease) in Contract asset, current	7
Contract assets, non-current	79	86
Increase (Decrease) in Contract asset, non-current	(7)
Deferred revenue, current	129	125
Increase (Decrease) in Deferred revenue, current	4
Deferred revenue, non-current	146	$ 154
Increase (Decrease) in Deferred revenue, non-current	$ (8)

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 34
Revenue, remaining performance obligation	$ 10,000
Renewal term	1 year
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	70%
Revenue, requirement of payment, terms	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	5 years

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 231	$ 259
Weighted-average shares used to calculate basic EPS (in shares)	94,665	92,971
Effect of dilutive securities (in thousands):
Employee equity awards (in shares)	491	369
Weighted-average shares used to calculate diluted EPS (in shares)	95,156	93,340
Basic EPS (in dollars per share)	$ 2.44	$ 2.78
Diluted EPS (in dollars per share)	$ 2.43	$ 2.77

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive potential shares of common stock excluded from computation of earnings per share (in shares)	360	140

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) region	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 454	$ 468
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20%
Equity method investments	$ 144	150
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20%
Equity method investments	$ 300	308
Other
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 10	$ 10
Asia-Pacific 1 Joint Venture, Asia-Pacific 2 Joint Venture, Asia-Pacific 3 Joint Venture, EMEA 2 Joint Venture and AMER 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, number of regions company invested in | region	3

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 454	$ 468
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage		20%
Equity method investments		$ 144	$ 150
EMEA 1 Joint Venture | Equity Contribution Commitment
Schedule of Equity Method Investments [Line Items]
Equity contribution commitment		$ 32
AMER 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20%
Equity method investments	$ 8
AMER 1 Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mexico 3 ("MX3") Data Center Site
Schedule of Equity Method Investments [Line Items]
Consideration	75
Proceeds from sale of data centers	64
Receivables acquired in sale of asset	$ 3

Equity Method Investments - S_2

Equity Method Investments - Schedule of Maximum Exposure Loss (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity Investment	$ 454	$ 468
Outstanding Accounts Receivable	1,079	1,004
VIE Joint Venture | Joint Venture
Variable Interest Entity [Line Items]
Outstanding Accounts Receivable	44
Contract Assets	56
Variable Interest Entity, Not Primary Beneficiary | Joint Venture
Variable Interest Entity [Line Items]
Outstanding Accounts Receivable	44	23
Contract Assets	52	43
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Equity Investment	300	$ 308
Future Equity Contribution Commitments	42
Total	$ 647
Ownership percentage	20%
VIE Joint Ventures | Variable Interest Entity, Not Primary Beneficiary | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum Future Payments under Debt Guarantees	$ 205
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage	20%
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum Future Payments under Debt Guarantees	$ 205
Percentage guarantee on debt payments	0.20

Equity Method Investments - Sum

Equity Method Investments - Summary of Gains (Losses) of Joint Venture Arrangements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 2,127	$ 1,998
Expenses	1,763	1,614
EMEA 1 Joint Venture | Joint Venture
Related Party Transaction [Line Items]
Revenues	6	7
Expenses	$ 4	2
EMEA 1 Joint Venture | Joint Venture | Sublease, Equinix's London 10-2 Data Center
Related Party Transaction [Line Items]
Sublease, lease term (in years)	15 years
VIE Joint Ventures | Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Revenues	$ 38	$ 22

Equity Method Investments - S_3

Equity Method Investments - Summary of Assets and Liabilities from Related Party Transactions with the Joint Ventures (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 1,079	$ 1,004
Property, plant and equipment, net	2,136	2,184
Operating lease right-of-use assets	1,395	1,449
Other current liabilities	186	302
Finance lease liabilities	2,223
Operating lease liabilities	1,416
Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Related Party Transaction [Line Items]
Accounts receivable, net	44	23
Other current assets	52	43
Property, plant and equipment, net	90	72
Operating lease right-of-use assets	2	2
Other assets	14	21
Other current liabilities	6	6
Finance lease liabilities	93	75
Operating lease liabilities	2	2
Other liabilities	0	0
EMEA 1 Joint Venture | Joint Venture
Related Party Transaction [Line Items]
Accounts receivable, net	26	19
Other current assets	11	19
Property, plant and equipment, net	94	97
Operating lease right-of-use assets	2	2
Other assets	0	0
Other current liabilities	5	9
Finance lease liabilities	109	111
Operating lease liabilities	2	2
Other liabilities	$ 49	$ 50

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, notional amount	$ 8,989	$ 9,556
Designated as hedging instruments:
Derivative [Line Items]
Derivative, notional amount	5,592	5,442
Net Investment Hedges | Designated as hedging instruments:
Derivative [Line Items]
Derivative, notional amount	423	1,500
Net Investment Hedges | Designated as hedging instruments: | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount	3,121	3,121
Cash Flow Hedges | Foreign currency forward and option contracts
Derivative [Line Items]
Net (loss) gain to be reclassified within the next 12 months	10	(7)
Cash Flow Hedges | Designated as hedging instruments: | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount	280	280
Cash Flow Hedges | Designated as hedging instruments: | Foreign currency forward and option contracts
Derivative [Line Items]
Derivative, notional amount	$ 1,187	$ 1,154

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Net Investment Hedges (Details) - Net Investment Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Total	$ 130	$ (40)
Amount of gain or (loss) recognized in earnings:
Total	10	12
Foreign currency debt
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	29	(24)
Cross-currency Interest Rate Swap
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	76	(40)
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	(2)	24
Amount of gain or (loss) recognized in earnings:
Total	8	12
Foreign currency forward contracts
Amount of gain or (loss) recognized in accumulated other comprehensive income:
Gain (loss) recognized in accumulated other comprehensive income (included component)	27	(1)
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	0	1
Amount of gain or (loss) recognized in earnings:
Total	$ 2	$ 0

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Cash Flow Hedges (Details) - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	$ 26	$ (19)
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	(1)	9
Foreign currency forward and option contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	27	(13)
Cross-currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	(2)	(2)
Interest rate locks
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in accumulated other comprehensive income:	1	(4)
Foreign exchange forward | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	(3)	12
Foreign exchange forward | Costs and operating expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive income to income:	$ 2	$ (3)

Derivatives and Hedging Instr_6

Derivatives and Hedging Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	$ 76	$ 11
Foreign currency forward contracts | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments, gain (loss)	$ 76	$ 11

Derivatives and Hedging Instr_7

Derivatives and Hedging Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 8,989	$ 9,556
Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	5,592	5,442
Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	3,397	4,114
Net Investment Hedges | Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	423	1,500
Foreign currency forward contracts (excluded component) | Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	2,736	3,053
Foreign currency forward contracts (excluded component) | Net Investment Hedges | Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	1,004	887
Cross Currency Interest Rate Contract | Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	661	1,061
Cross Currency Interest Rate Contract | Net Investment Hedges | Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	3,121	3,121
Cross Currency Interest Rate Contract | Cash Flow Hedges | Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	280	280
Foreign currency forward and option contracts (included component) | Cash Flow Hedges | Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 1,187	$ 1,154

Derivatives and Hedging Instr_8

Derivatives and Hedging Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	$ 378	$ 257
Liabilities	20	101
Designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	276	173
Liabilities	4	31
Designated as hedging instruments: | Foreign currency forward contracts | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	19	3
Liabilities	2	17
Designated as hedging instruments: | Cross-currency interest rate swaps | Net Investment Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	209	132
Liabilities	0	0
Designated as hedging instruments: | Cross-currency interest rate swaps | Cash Flow Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	33	36
Liabilities	0	0
Designated as hedging instruments: | Foreign currency forward and option contracts | Cash Flow Hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	15	2
Liabilities	2	14
Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	102	84
Liabilities	16	70
Not designated as hedging instruments: | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	23	4
Liabilities	3	70
Not designated as hedging instruments: | Cross-currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Assets	79	80
Liabilities	$ 13	$ 0

Derivatives and Hedging Instr_9

Derivatives and Hedging Instruments - Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts	$ 394	$ 282
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts	394	282
Gross Amounts not Offset in the Balance Sheet	(29)	(56)
Net	$ 365	$ 226
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Derivative assets	Derivative assets
Derivative liabilities
Gross Amounts	$ 31	$ 112
Gross Amounts Offset in the Balance Sheet	0	0
Net Amounts	31	112
Gross Amounts not Offset in the Balance Sheet	(29)	(56)
Net	$ 2	$ 56
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Derivative liabilities	Derivative liabilities

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Assets	$ 378	$ 257
Liabilities:
Derivative instruments	20	101
Fair Value, Recurring
Assets:
Assets	378	257
Total	1,384	1,861
Liabilities:
Derivative instruments	20	101
Mortgage and loans payable	672	684
Senior notes	11,454	11,740
Total	12,146	12,525
Money market and deposit accounts | Fair Value, Recurring
Assets:
Cash and cash equivalents	1,006	1,604
Level 1 | Fair Value, Recurring
Assets:
Assets	0	0
Total	1,006	1,604
Liabilities:
Derivative instruments	0	0
Mortgage and loans payable	0	0
Senior notes	10,935	11,166
Total	10,935	11,166
Level 1 | Money market and deposit accounts | Fair Value, Recurring
Assets:
Cash and cash equivalents	1,006	1,604
Level 2 | Fair Value, Recurring
Assets:
Assets		257
Total	378	257
Liabilities:
Derivative instruments		101
Mortgage and loans payable	672	684
Senior notes	519	574
Total	1,211	1,359
Level 2 | Money market and deposit accounts | Fair Value, Recurring
Assets:
Cash and cash equivalents	$ 0	$ 0

Leases - Lease Expenses (Detail

Leases - Lease Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance lease cost
Amortization of right-of-use assets	$ 48	$ 43
Interest on lease liabilities	28	28
Total finance lease cost	76	71
Operating lease cost	56	53
Variable lease cost	16	13
Total lease cost	$ 148	$ 137

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 26	$ 27
Operating cash flows from operating leases	50	52
Financing cash flows from finance leases	31	36
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	30	0
Operating leases	$ 4	$ 5
Weighted-average remaining lease term - finance leases	14 years		14 years
Weighted-average remaining lease term - operating leases	12 years		12 years
Weighted-average discount rate - finance leases	6%		6%
Weighted-average discount rate - operating leases	5%		5%
Finance lease right-of-use assets	$ 2,136		$ 2,184
Accumulated amortization, finance lease, right-of-use asset	$ 889		$ 870
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total property, plant and equipment, net		Total property, plant and equipment, net

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Operating Leases
2024 (9 months remaining)	$ 143
2025	203
2026	195
2027	176
2028	150
Thereafter	1,075
Total lease payments	1,942
Less imputed interest	(526)
Total	1,416
Finance Leases
2024 (9 months remaining)	188
2025	281
2026	245
2027	250
2028	238
Thereafter	2,077
Total lease payments	3,279
Less imputed interest	(1,056)
Total	2,223
Total
2024 (9 months remaining)	331
2025	484
2026	440
2027	426
2028	388
Thereafter	3,152
Total lease payments	5,221
Less imputed interest	(1,582)
Total	3,639
Lessee, Lease, Description [Line Items]
Operating and finance leases not yet commenced, liability	$ 533
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	33 years

Debt Facilities - Mortgage and

Debt Facilities - Mortgage and Loans Payable (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loans payable, gross	$ 662	$ 672
Less amount representing unamortized debt issuance costs and debt discounts	(1)	(1)
Loans payable current and non current	661	671
Less current portion	(7)	(8)
Mortgage and loans payable, less current portion	654	663
Term loans
Debt Instrument [Line Items]
Loans payable, gross	635	643
Mortgage payable and other loans payable
Debt Instrument [Line Items]
Loans payable, gross	$ 27	$ 29

Debt Facilities - Additional In

Debt Facilities - Additional Information (Details)

3 Months Ended

Jan. 07, 2022 USD ($)

Jan. 07, 2022 GBP (£)

Mar. 31, 2024 USD ($) credit

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

Sep. 12, 2023 USD ($)

Sep. 12, 2023 CHF (SFr)

Mar. 08, 2023 USD ($)

Mar. 08, 2023 JPY (¥)

Feb. 16, 2023 USD ($)

Feb. 16, 2023 JPY (¥)

Jan. 07, 2022 GBP (£)

Debt Instrument [Line Items]

Amount outstanding under the term loan facility, net

$ 13,742,000,000

Amount of debt discounts and debt issuance costs

1,000,000

$ 1,000,000

Interest paid, net of capitalized interest

92,000,000

$ 98,000,000

Senior Notes

Debt Instrument [Line Items]

Debt issuance cost, net

103,000,000

108,000,000

Amount outstanding under the term loan facility, net

$ 12,977,000,000

13,060,000,000

2022 Senior Credit Facility | Line of Credit | Minimum

Debt Instrument [Line Items]

Quarterly facility fee percentage

0.07%

2022 Senior Credit Facility | Line of Credit | Minimum | SOFR

Debt Instrument [Line Items]

Variable rate (percent)

0.555%

2022 Senior Credit Facility | Line of Credit | Minimum | SONIA

Debt Instrument [Line Items]

Variable rate (percent)

0.625%

2022 Senior Credit Facility | Line of Credit | Maximum

Debt Instrument [Line Items]

Quarterly facility fee percentage

0.25%

2022 Senior Credit Facility | Line of Credit | Maximum | SOFR

Debt Instrument [Line Items]

Variable rate (percent)

1.20%

2022 Senior Credit Facility | Line of Credit | Maximum | SONIA

Debt Instrument [Line Items]

Variable rate (percent)

1.45%

3.900% Senior Notes due 2032 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

3.90%

2.000% Japanese Yen Senior Notes Series A due 2035 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

2%

Aggregate principal debt amount issued

$ 275,000,000

¥ 37,700,000,000

Amount of debt discounts and debt issuance costs

4,000,000

2.370% Japanese Yen Senior Notes Series B due 2043 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

2.37%

Aggregate principal debt amount issued

75,000,000

10,200,000,000

2.130% Japanese Yen Senior Notes Series C due 2035 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

2.13%

Aggregate principal debt amount issued

108,000,000

14,800,000,000

2.570% Japanese Yen Senior Notes Series D due 2043 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

2.57%

Aggregate principal debt amount issued

$ 34,000,000

¥ 4,600,000,000

2.570% Japanese Yen Senior Notes Series E due 2043 | Senior Notes

Debt Instrument [Line Items]

Interest rate (percent)

2.57%

2.57%

2.57%

Aggregate principal debt amount issued

$ 75,000,000

¥ 10,000,000,000

2.875% Senior Notes due 2028 | Senior Notes

Debt Instrument [Line Items]

Debt issuance cost, net

$ 3,000,000

Interest rate (percent)

2.875%

Aggregate principal debt amount issued

$ 337,000,000

SFr 300,000,000

Revolving Credit Facility | Line of Credit

Debt Instrument [Line Items]

Amount available to borrow

$ 3,900,000,000

Debt issuance cost

5,000,000

5,000,000

Revolving Credit Facility | 2022 Senior Credit Facility | Line of Credit

Debt Instrument [Line Items]

Borrowing capacity

$ 4,000,000,000

Debt issuance cost, net

7,000,000

Term loans | Line of Credit

Debt Instrument [Line Items]

Amount outstanding under the term loan facility, net

$ 630,000,000

$ 636,000,000

Term loans | 2022 Senior Credit Facility | Line of Credit

Debt Instrument [Line Items]

Borrowing capacity | £

£ 500,000,000

Debt issuance cost, net

1,000,000

Proceeds from lines of credit

$ 677,000,000

£ 500,000,000

Letter of Credit | Line of Credit

Debt Instrument [Line Items]

Numbers of letters of credit outstanding | credit

45

Letters of credit outstanding, amount

$ 82,000,000

Debt Facilities - Senior Notes

Debt Facilities - Senior Notes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Sep. 12, 2023	Feb. 16, 2023
Debt Instrument [Line Items]
Total	$ 13,742
Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	13,080	$ 13,168
Less amount representing unamortized debt issuance costs and debt discounts	(103)	(108)
Total	12,977	13,060
Less current portion	(999)	(998)
Total	11,978	12,062
Senior Notes | 2.625% Senior Notes due 2024
Debt Instrument [Line Items]
Long term debt, gross	$ 1,000	$ 1,000
Effective interest rate	2.79%	2.79%
Interest rate (percent)	2.625%
Senior Notes | 1.250% Senior Notes due 2025
Debt Instrument [Line Items]
Long term debt, gross	$ 500	$ 500
Effective interest rate	1.46%	1.46%
Interest rate (percent)	1.25%
Senior Notes | 1.000% Senior Notes due 2025
Debt Instrument [Line Items]
Long term debt, gross	$ 700	$ 700
Effective interest rate	1.18%	1.18%
Interest rate (percent)	1%
Senior Notes | 2.900% Senior Notes due 2026
Debt Instrument [Line Items]
Long term debt, gross	$ 600	$ 600
Effective interest rate	3.04%	3.04%
Interest rate (percent)	2.90%
Senior Notes | 1.450% Senior Notes due 2026
Debt Instrument [Line Items]
Long term debt, gross	$ 700	$ 700
Effective interest rate	1.64%	1.64%
Interest rate (percent)	1.45%
Senior Notes | 0.250% Euro Senior Notes due 2027
Debt Instrument [Line Items]
Long term debt, gross	$ 540	$ 552
Effective interest rate	0.45%	0.45%
Interest rate (percent)	0.25%
Senior Notes | 1.800% Senior Notes due 2027
Debt Instrument [Line Items]
Long term debt, gross	$ 500	$ 500
Effective interest rate	1.96%	1.96%
Interest rate (percent)	1.80%
Senior Notes | 1.550% Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 650	$ 650
Effective interest rate	1.67%	1.67%
Interest rate (percent)	1.55%
Senior Notes | 2.000% Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 400	$ 400
Effective interest rate	2.21%	2.21%
Interest rate (percent)	2%
Senior Notes | 2.875% Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 333	$ 357
Effective interest rate	3.05%	3.05%
Less amount representing unamortized debt issuance costs and debt discounts			$ (3)
Interest rate (percent)	2.875%
Senior Notes | 3.200% Senior Notes due 2029
Debt Instrument [Line Items]
Long term debt, gross	$ 1,200	$ 1,200
Effective interest rate	3.30%	3.30%
Interest rate (percent)	3.20%
Senior Notes | 2.150% Senior Notes due 2030
Debt Instrument [Line Items]
Long term debt, gross	$ 1,100	$ 1,100
Effective interest rate	2.27%	2.27%
Interest rate (percent)	2.15%
Senior Notes | 2.500% Senior Notes due 2031
Debt Instrument [Line Items]
Long term debt, gross	$ 1,000	$ 1,000
Effective interest rate	2.65%	2.65%
Interest rate (percent)	2.50%
Senior Notes | 3.900% Senior Notes due 2032
Debt Instrument [Line Items]
Long term debt, gross	$ 1,200	$ 1,200
Effective interest rate	4.07%	4.07%
Interest rate (percent)	3.90%
Senior Notes | 1.000% Euro Senior Notes due 2033
Debt Instrument [Line Items]
Long term debt, gross	$ 646	$ 662
Effective interest rate	1.18%	1.18%
Interest rate (percent)	1%
Senior Notes | 2.000% Japanese Yen Senior Notes Series A due 2035
Debt Instrument [Line Items]
Long term debt, gross	$ 249	$ 267
Effective interest rate	2.07%	2.07%
Interest rate (percent)	2%
Senior Notes | 2.130% Japanese Yen Senior Notes Series C due 2035
Debt Instrument [Line Items]
Long term debt, gross	$ 98	$ 105
Effective interest rate	2.20%	2.20%
Interest rate (percent)	2.13%
Senior Notes | 2.370% Japanese Yen Senior Notes Series B due 2043
Debt Instrument [Line Items]
Long term debt, gross	$ 68	$ 72
Effective interest rate	2.42%	2.42%
Interest rate (percent)	2.37%
Senior Notes | 2.570% Japanese Yen Senior Notes Series D due 2043
Debt Instrument [Line Items]
Long term debt, gross	$ 30	$ 32
Effective interest rate	2.62%	2.62%
Interest rate (percent)	2.57%
Senior Notes | 2.570% Japanese Yen Senior Notes Series E due 2043
Debt Instrument [Line Items]
Long term debt, gross	$ 66	$ 71
Effective interest rate	2.62%	2.62%
Interest rate (percent)	2.57%			2.57%
Senior Notes | 3.000% Senior Notes due 2050
Debt Instrument [Line Items]
Long term debt, gross	$ 500	$ 500
Effective interest rate	3.09%	3.09%
Interest rate (percent)	3%
Senior Notes | 2.950% Senior Notes due 2051
Debt Instrument [Line Items]
Long term debt, gross	$ 500	$ 500
Effective interest rate	3%	3%
Interest rate (percent)	2.95%
Senior Notes | 3.400% Senior Notes due 2052
Debt Instrument [Line Items]
Long term debt, gross	$ 500	$ 500
Effective interest rate	3.50%	3.50%
Interest rate (percent)	3.40%

Debt Facilities - Maturities of

Debt Facilities - Maturities of Debt Instruments (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (9 months remaining)	$ 1,005
2025	1,206
2026	1,306
2027	1,675
2028	1,387
Thereafter	7,163
Total	$ 13,742

Debt Facilities - Interest Char

Debt Facilities - Interest Charges (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 104	$ 97
Interest capitalized	9	6
Interest charges incurred	$ 113	$ 103

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Other Commitments [Line Items]
Severance payment percent, scenario one	100%
Severance payment percent, scenario two	200%
Severance payment percent, scenario three	200%
EMEA 2 Joint Venture | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Ownership percentage	20%
EMEA 2 Joint Venture | EMEA 2 Joint Venture Credit Facility | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Borrowing capacity	$ 1,400,000,000
Percentage guarantee on debt payments	0.20
Maximum guarantee under credit facility arrangement	$ 295,000,000
Maximum future payments under debt guarantees	205,000,000
AMER 1 Joint Venture
Other Commitments [Line Items]
Ownership percentage		20%
AMER 1 Joint Venture | AMER1 Joint Venture credit | Variable Interest Entity, Not Primary Beneficiary
Other Commitments [Line Items]
Maximum future payments under debt guarantees	9,000,000
Indemnification Agreement
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Indemnification Agreement Two
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Indemnification Agreement Three
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Service Level Credits Agreement
Other Commitments [Line Items]
Liabilities under guarantor agreements	0
Capital Expenditures
Other Commitments [Line Items]
Purchase commitments	2,100,000,000
Miscellaneous Purchase Commitments
Other Commitments [Line Items]
Purchase commitments	$ 1,700,000,000

Stockholders' Equity - Rollforw

Stockholders' Equity - Rollforward (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	94,479
Beginning balance	$ 12,489	$ 11,506
Treasury stock beginning balance (in shares)	(151)
Net income	$ 231	259
Other comprehensive income (loss)	(208)	104
Issuance of common stock and release of treasury stock for employee equity awards	48	44
Dividend distribution on common stock	(402)	(319)
Settlement of accrued dividends on vested equity awards	(1)
Accrued dividends on unvested equity awards	1
Accrued dividends on unvested equity awards		(2)
Stock-based compensation, net of estimated forfeitures	$ 141	136
Ending balance (in shares)	94,904
Ending balance	$ 12,299	$ 12,029
Treasury stock ending balance (in shares)	(133)
Dividend distribution on common stock (in dollars per share)	$ 4.26	$ 3.41
ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program		$ 301
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	94,630	92,814
Beginning balance	$ 0	$ 0
Issuance of common stock and release of treasury stock for employee equity awards (in shares)	407	420
Ending balance (in shares)	95,037	93,692
Ending balance	$ 0	$ 0
Common Stock | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program (in shares)		458
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (56)	$ (72)
Treasury stock beginning balance (in shares)	(151)	(193)
Issuance of common stock and release of treasury stock for employee equity awards (in shares)	18	16
Issuance of common stock and release of treasury stock for employee equity awards	$ 6	$ 6
Ending balance	$ (50)	$ (66)
Treasury stock ending balance (in shares)	(133)	(177)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 18,596	$ 17,320
Issuance of common stock and release of treasury stock for employee equity awards	42	38
Stock-based compensation, net of estimated forfeitures	141	136
Ending balance	18,779	17,795
Additional Paid-in Capital | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program		301
Accumulated Dividends
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(8,695)	(7,318)
Dividend distribution on common stock	(402)	(319)
Settlement of accrued dividends on vested equity awards	(1)
Accrued dividends on unvested equity awards	1
Accrued dividends on unvested equity awards		(2)
Ending balance	(9,097)	(7,639)
AOCI (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,290)	(1,389)
Other comprehensive income (loss)	(208)	104
Ending balance	(1,498)	(1,285)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,934	2,965
Net income	231	259
Ending balance	$ 4,165	$ 3,224

Stockholders' Equity - Rollfo_2

Stockholders' Equity - Rollforward - Additional (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividend distribution on common stock (in dollars per share)	$ 4.26	$ 3.41

Stockholders' Equity - Componen

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) plan country	Mar. 31, 2023 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,489	$ 11,506
Net Change	(208)	104
Ending balance	$ 12,299	12,029
Number of defined benefit pension plans | plan	2
Number of countries with a defined benefit pension plan | country	2
Total accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (1,290)	(1,389)
Net Change	(208)	104
Ending balance	(1,498)	$ (1,285)
Foreign currency translation adjustment (“CTA”) loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,588)
Net Change	(358)
Ending balance	(1,946)
Unrealized gain on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	15
Net Change	20
Ending balance	35
Net investment hedge CTA gain
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	284
Net Change	130
Ending balance	414
Net actuarial loss on defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)
Net Change	0
Ending balance	$ (1)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Nov. 30, 2022	Oct. 31, 2020
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, approved (in shares)	681,000
Weighted-average grant date fair value (in dollars per share)	$ 896.09
Requisite service period (in years)	3 years 7 months 13 days
2022 ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, equity offering agreement, authorized		$ 1,500	$ 1,500
Sale of stock, equity offering agreement, available for sale	$ 470

Stockholders' Equity - Activity

Stockholders' Equity - Activity Under the 2022 ATM Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Number of Shares
Outstanding, Beginning balance (in shares)	458
Forward Sale Agreements Executed (in shares)	1,208
Forward Sales Shares Physically Settled (in shares)	1,023
Outstanding, Ending balance (in shares)	643
Weighted Average Price per Share
Outstanding, Beginning balance (in dollars per share)	$ 657.75
Forward Sale Agreements Executed (in dollars per share)	767.12
Forward Sale Shares Physically Settled (in dollars per share)	718.59
Outstanding, Ending balance (in dollars per share)	$ 776.23
Settlement Value
Outstanding, Beginning balance (in dollars)	$ 302
Forward Sale Agreements Executed (in dollars)	926
Forward Sale Shares Physically Settled (in dollars)	735
Outstanding, Ending balance (in dollars)	$ 499
Number of outstanding agreements (in shares)		1,287

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense Recognized in Company's Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 101	$ 99
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	13	11
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	21	20
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 67	$ 68

Stockholders' Equity - Redeemab

Stockholders' Equity - Redeemable Non-controlling Interest (Details) - USD ($) $ in Millions	Apr. 03, 2023	Mar. 31, 2024	Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Proceeds from redeemable non-controlling interest	$ 25
Redeemable non-controlling interest		$ 25	$ 25
Indonesian Operating Entity
Redeemable Noncontrolling Interest [Line Items]
Ownership in variable interest entity (percent)	25%
Noncontrolling interest, maximum exercise price	$ 25
Indonesian Operating Entity | Other Assets
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest in variable interest entity		34
Indonesian Operating Entity | Other Liabilities
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest in variable interest entity		$ 7

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment line	Mar. 31, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of primary lines of business | line	1
Number of reportable segments | segment	3
Revenues	$ 2,127	$ 1,998
UNITED STATES
Revenue from External Customer [Line Items]
Revenues	795	$ 753
UNITED KINGDOM
Revenue from External Customer [Line Items]
Revenues	$ 218

Segment Information - Revenue I

Segment Information - Revenue Information on Services Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Revenues	$ 2,127	$ 1,998
Recurring revenues
Revenue from External Customer [Line Items]
Revenues	2,010	1,890
Colocation
Revenue from External Customer [Line Items]
Revenues	1,490	1,408
Interconnection
Revenue from External Customer [Line Items]
Revenues	368	337
Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	118	111
Other
Revenue from External Customer [Line Items]
Revenues	34	34
Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	117	108
Americas
Revenue from External Customer [Line Items]
Revenues	939	882
Americas | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	894	838
Americas | Colocation
Revenue from External Customer [Line Items]
Revenues	607	573
Americas | Interconnection
Revenue from External Customer [Line Items]
Revenues	215	199
Americas | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	66	61
Americas | Other
Revenue from External Customer [Line Items]
Revenues	6	5
Americas | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	45	44
EMEA
Revenue from External Customer [Line Items]
Revenues	727	691
EMEA | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	691	645
EMEA | Colocation
Revenue from External Customer [Line Items]
Revenues	549	516
EMEA | Interconnection
Revenue from External Customer [Line Items]
Revenues	83	73
EMEA | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	35	31
EMEA | Other
Revenue from External Customer [Line Items]
Revenues	24	25
EMEA | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	36	46
Asia-Pacific
Revenue from External Customer [Line Items]
Revenues	461	425
Asia-Pacific | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	425	407
Asia-Pacific | Colocation
Revenue from External Customer [Line Items]
Revenues	334	319
Asia-Pacific | Interconnection
Revenue from External Customer [Line Items]
Revenues	70	65
Asia-Pacific | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	17	19
Asia-Pacific | Other
Revenue from External Customer [Line Items]
Revenues	4	4
Asia-Pacific | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	$ 36	$ 18

Segment Information - Schedule

Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 992	$ 945
Depreciation, amortization and accretion expense	(525)	(459)
Stock-based compensation expense	(101)	(99)
Transaction costs	(2)	(2)
Loss on asset sales	0	(1)
Interest income	24	19
Interest expense	(104)	(97)
Other income (expense)	(6)	8
Loss on debt extinguishment	(1)	0
Income before income taxes	277	314
Americas
Segment Reporting Information [Line Items]
Total adjusted EBITDA	409	405
EMEA
Segment Reporting Information [Line Items]
Total adjusted EBITDA	328	327
Asia-Pacific
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 255	$ 213

Segment Information - Segment D

Segment Information - Segment Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization:	$ 526	$ 457
Capital expenditures:	707	530
Americas
Segment Reporting Information [Line Items]
Depreciation and amortization:	307	245
Capital expenditures:	425	301
EMEA
Segment Reporting Information [Line Items]
Depreciation and amortization:	132	124
Capital expenditures:	191	146
Asia-Pacific
Segment Reporting Information [Line Items]
Depreciation and amortization:	87	88
Capital expenditures:	$ 91	$ 83

Segment Information - Long-Live

Segment Information - Long-Lived Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 18,511	$ 18,601
Operating lease right-of-use assets	1,395	1,449
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	8,722	8,611
Operating lease right-of-use assets	409	421
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	6,195	6,321
Operating lease right-of-use assets	353	368
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	3,594	3,669
Operating lease right-of-use assets	$ 633	$ 660

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 08, 2024	Apr. 10, 2024
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 4.26
Secured Debt
Subsequent Event [Line Items]
Borrowing capacity		$ 392
Borrowing, outstanding		$ 196
AMER 2 Joint Venture
Subsequent Event [Line Items]
Ownership Percentage		20%
AMER 2 Joint Venture | Joint Venture Partner
Subsequent Event [Line Items]
Payments to acquire interest in joint venture		$ 102
AMER 2 Joint Venture | Joint Venture Partner | AMER 2 Joint Venture
Subsequent Event [Line Items]
Partnership interest percentage		80%

Uncategorized Items - eqix-2024

Label	Element	Value
Sale of Stock, Weighted Average Price Per Share	eqix_SaleOfStockWeightedAveragePricePerShare	$ 781.33
Sale of Stock, Estimated Net Settlement Value	eqix_SaleOfStockEstimatedNetSettlementValue	$ 502,000,000
Sale of Stock, Number of Shares Outstanding	eqix_SaleOfStockNumberOfSharesOutstanding	643,000