Equinix (EQIX) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		96,488,187
Entity Central Index Key	0001101239
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
1.000% Senior Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2033
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
3.650% Senior Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	3.650% Senior Notes due 2033
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,776	$ 2,096
Short-term investments	451	0
Accounts receivable, net of allowance of $32 and $17	1,123	1,004
Other current assets	705	468
Total current assets	5,055	3,568
Property, plant and equipment, net	19,665	18,601
Operating lease right-of-use assets	1,487	1,449
Goodwill	5,768	5,737
Intangible assets, net	1,544	1,705
Other assets	1,919	1,591
Total assets	35,438	32,651
Current liabilities:
Accounts payable and accrued expenses	1,125	1,187
Accrued property, plant and equipment	394	398
Current portion of operating lease liabilities	149	131
Current portion of finance lease liabilities	202	138
Current portion of mortgage and loans payable	5	8
Current portion of senior notes	2,198	998
Other current liabilities	297	302
Total current liabilities	4,370	3,162
Operating lease liabilities, less current portion	1,366	1,331
Finance lease liabilities, less current portion	2,193	2,123
Mortgage and loans payable, less current portion	688	663
Senior notes, less current portion	12,387	12,062
Other liabilities	822	796
Total liabilities	21,826	20,137
Commitments and contingencies (Note 10)
Redeemable non-controlling interest	25	25
Common stockholders’ equity (shares in thousands):
Common stock, $0.001 par value per share: 300,000 shares authorized; 96,594 issued and 96,488 outstanding in 2024 and 94,630 issued and 94,479 outstanding in 2023	0	0
Additional paid-in capital	20,069	18,596
Treasury stock, at cost; 106 shares in 2024 and 151 shares in 2023	(40)	(56)
Accumulated dividends	(9,921)	(8,695)
Accumulated other comprehensive loss	(1,283)	(1,290)
Retained earnings	4,763	3,934
Total common stockholders' equity	13,588	12,489
Non-controlling interests	(1)	0
Total stockholders’ equity	13,587	12,489
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$ 35,438	$ 32,651

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 32	$ 17
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common sock, shares authorized (in shares)	300,000	300,000
Common stock, shares issued (in shares)	96,594	94,630
Common stock, shares outstanding (in shares)	96,488	94,479
Treasury stock (in shares)	106	151

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 2,201,000	$ 2,061,000	$ 6,487,000	$ 6,078,000
Costs and operating expenses:
Cost of revenues	1,098,000	1,069,000	3,271,000	3,136,000
Sales and marketing	237,000	212,000	682,000	638,000
General and administrative	434,000	404,000	1,315,000	1,205,000
Transaction costs	7,000	(1,000)	12,000	7,000
Gain on asset sales	0	(4,000)	(18,000)	(5,000)
Total costs and operating expenses	1,776,000	1,680,000	5,262,000	4,981,000
Income from operations	425,000	381,000	1,225,000	1,097,000
Interest income	35,000	23,000	88,000	66,000
Interest expense	(117,000)	(102,000)	(331,000)	(299,000)
Other income (expense)	7,000	(6,000)	(6,000)	(10,000)
Loss on debt extinguishment	0	0	(1,000)	0
Income before income taxes	350,000	296,000	975,000	854,000
Income tax expense	(54,000)	(20,000)	(147,000)	(112,000)
Net income	296,000	276,000	828,000	742,000
Net loss attributable to non-controlling interests	1,000	0	1,000	0
Net income attributable to common stockholders	$ 297,000	$ 276,000	$ 829,000	$ 742,000
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS (in dollars per share)	$ 3.11	$ 2.94	$ 8.73	$ 7.94
Weighted-average shares for basic EPS (in shares)	95,394	93,683	94,992	93,396
Diluted EPS (in dollars per share)	$ 3.10	$ 2.93	$ 8.69	$ 7.91
Weighted-average shares for diluted EPS (in shares)	95,731	94,168	95,350	93,788

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 296	$ 276	$ 828	$ 742
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment (“CTA”) gain (loss), net of tax effects of $0, $0, $0 and $0	421	(413)	(15)	(230)
Net investment hedge CTA gain (loss), net of tax effects of $0, $0, $0 and $0	(138)	149	16	85
Unrealized gain (loss) on cash flow hedges, net of tax effects of $12, $(9), $5 and $(4)	(25)	26	6	8
Total other comprehensive income (loss), net of tax	258	(238)	7	(137)
Comprehensive income, net of tax	554	38	835	605
Net loss attributable to non-controlling interests	1	0	1	0
Comprehensive income attributable to common stockholders	$ 555	$ 38	$ 836	$ 605

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment ("CTA") gain (loss), net of tax	$ 0	$ 0	$ 0	$ 0
Net investment hedge CTA gain (loss), tax	0	0	0	0
Unrealized gain (loss) on cash flow hedges, tax	$ 12	$ (9)	$ 5	$ (4)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 828	$ 742
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,356	1,226
Stock-based compensation	348	301
Amortization of intangible assets	155	156
Amortization of debt issuance costs and debt discounts	15	15
Provision for credit loss allowance	28	15
Gain on asset sales	(18)	(5)
Loss on debt extinguishment	1	0
Other items	24	28
Changes in operating assets and liabilities:
Accounts receivable	(153)	(200)
Income taxes, net	(14)	(7)
Other assets	(204)	(128)
Operating lease right-of-use assets	117	117
Operating lease liabilities	(102)	(100)
Accounts payable and accrued expenses	(98)	85
Other liabilities	(15)	(27)
Net cash provided by operating activities	2,268	2,218
Cash flows from investing activities:
Purchases of investments	(65)	(82)
Purchase of short-term investments	(450)	0
Real estate acquisitions	(287)	(153)
Purchases of other property, plant and equipment	(2,079)	(1,785)
Proceeds from sale of assets, net of cash transferred	247	77
Investment in loan receivable	(196)	0
Loan receivable upfront fee	4	0
Net cash used in investing activities	(2,826)	(1,943)
Cash flows from financing activities:
Proceeds from employee equity programs	92	87
Payment of dividends	(1,230)	(972)
Proceeds from public offering of common stock, net of issuance costs	976	301
Proceeds from senior notes, net of debt discounts	1,524	902
Repayment of finance lease liabilities	(101)	(98)
Contribution from non-controlling interest	4	25
Repayment of mortgage and loans payable	(6)	(5)
Debt issuance costs	(14)	(7)
Net cash provided by financing activities	1,245	233
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(7)	(58)
Net increase in cash, cash equivalents and restricted cash	680	450
Cash, cash equivalents and restricted cash at beginning of period	2,096	1,908
Cash, cash equivalents and restricted cash at end of period	2,776	2,358
Cash and cash equivalents	2,776	2,357
Current portion of restricted cash included in other current assets	0	1
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows	$ 2,776	$ 2,358

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 15.1% and 13.2% for the nine months ended September 30, 2024 and 2023, respectively. Changes to Prior Period We converted the 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 1,123 90 101 128 145 Increase (Decrease) $ 119 $ 38 $ 15 $ 3 $ (9) (1) Increase is net of a $15 million increase in our allowance for credit losses, driven by incremental reserves and partially offset by recoveries and write-downs of amounts previously reserved. 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 nine months ended September 30, 2024 from the opening deferred revenue balance as of January 1, 2024 was $73 million. Remaining performance obligations As of September 30, 2024, approximately $11.1 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	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Net income $ 296 $ 276 $ 828 $ 742 Net loss attributable to non-controlling interests 1 — 1 — Net income attributable to common stockholders $ 297 $ 276 $ 829 $ 742 Weighted-average shares used to calculate basic EPS 95,394 93,683 94,992 93,396 Effect of dilutive securities: Employee equity awards 337 485 358 392 Weighted-average shares used to calculate diluted EPS 95,731 94,168 95,350 93,788 EPS attributable to common stockholders: Basic EPS $ 3.11 $ 2.94 $ 8.73 $ 7.94 Diluted EPS $ 3.10 $ 2.93 $ 8.69 $ 7.91 We have excluded common stock related to employee equity awards in the diluted EPS calculation above of approximately 216 and 25 shares for the three months ended September 30, 2024 and 2023, respectively, and approximately 473 and 79 shares for the nine months ended September 30, 2024 and 2023, respectively, because their effect would be anti-dilutive (in thousands).

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Pending Acquisition On July 20, 2024, we entered into an agreement to acquire three data centers in the Philippines from Total Information Management (“TIM”), a leading technology solutions provider in the market, for a stated purchase price of $180 million subject to certain adjustments. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments We hold various equity method investments, primarily interests in 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 September 30, 2024 December 31, 2023 EMEA 1 Joint Venture 20% $ 148 $ 150 VIE Joint Ventures (1) 20% 387 308 Other Various 11 10 Total $ 546 $ 468 (1) Includes investments in the following 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", "AMER 1 Joint Venture" and "AMER 2 Joint Venture" (defined below). These investments share a similar purpose, design and nature of assets. Non-VIE Joint Venture 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 and nine months ended September 30, 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 September 30, 2024, we had future equity contribution commitments of $34 million. VIE Joint Ventures AMER 1 Joint Venture In March 2023, we invested in the AMER 1 Joint Venture. Upon formation of the joint venture, we sold the assets and liabilities of the Mexico 3 ("MX3") data center, which were included within our Americas region, 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. AMER 2 Joint Venture On April 10, 2024, we invested in a joint venture to develop and operate an xScale data center in the Americas region (the “AMER 2 Joint Venture”). At closing, we sold the assets and liabilities of the Silicon Valley 12 (“SV12”) data center site, which were included within our Americas region, for total consideration of $293 million, which was comprised of $246 million of net cash proceeds, a 20% partnership interest in the AMER 2 Joint Venture with a fair value of $26 million, and $21 million of receivables. We recognized a gain of $18 million on the sale of the SV12 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 $14 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively. Our share of losses of equity method investments from these joint ventures were insignificant for the three months ended September 30, 2024 and 2023. 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 September 30, 2024 (in millions): VIE Joint Ventures Equity Investment $ 387 Outstanding Accounts Receivable 78 Other Receivables 40 Contract Assets 103 Loan Commitment (1) 392 Future Equity Contribution Commitments (2) 64 Maximum Future Payments under Debt Guarantees (3) 263 Total $ 1,327 (1) Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below. (2) The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt. (3) 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 relates to our AMER 1 Joint Venture (see Note 10). Joint Venture Related Party Transactions Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement (the "AMER 2 Loan") with the AMER 2 Joint Venture, as a lender, with a maximum commitment of $392 million and a maturity date of April 10, 2028. We received an upfront fee of $4 million in connection with the origination of the loan, and earn interest at a contractual rate of 10% per annum on the drawn portion plus an unused commitment fee of 0.75% per annum on the undrawn portion, each payable quarterly. The term of the loan may be extended at the option of the borrower for one 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, asset management and procurement. These transactions are generally considered to have been negotiated at arm's length. The following table presents the income and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions): Three Months Ended Nine Months Ended Related Party Nature of Transaction 2024 2023 2024 2023 EMEA 1 Joint Venture Income $ 7 $ 9 $ 19 $ 23 EMEA 1 Joint Venture Expenses (1) 4 5 11 13 VIE Joint Ventures (2) Income (3) 73 13 172 52 (1) Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of 15-years as of September 30, 2024. (2) Expenses from transactions with VIE Joint Ventures were insignificant for the three and nine months ended September 30, 2024 and 2023. (3) Primarily consists of revenues related to lease and services arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three and nine months ended September 30, 2024 of $6 million and $11 million, respectively. 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 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Accounts receivable, net $ 14 $ 19 $ 78 $ 23 Other current assets (1) 17 19 116 43 Property, plant and equipment, net (2) 156 97 84 72 Operating lease right-of-use assets 2 2 3 2 Other assets (3) — — 225 21 Other current liabilities 5 9 10 6 Finance lease liabilities 175 111 88 75 Operating lease liabilities 2 2 3 2 Other liabilities (4) 51 50 — — (1) The balance primarily relates to contract assets and other receivables. (2) The balance relates to finance lease right-of-use assets. (3) As of September 30, 2024, the balance primarily relates to the AMER 2 Loan receivable. As of December 31, 2023, the balance primarily relates to contract assets and other receivables. (4) 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	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Instruments	Derivatives and Hedging Instruments Derivatives and Nonderivatives 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 September 30, 2024 and December 31, 2023, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.1 billion and $1.5 billion, respectively. Foreign Currency Forward Contracts: We use foreign currency forward contracts, designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income. We exclude forward points from the assessment of hedge effectiveness and amortize the initial value of the excluded component through interest expense. The difference between fair value changes from the excluded component and the amount amortized is recognized in other comprehensive income. Embedded Derivatives: 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. As of both September 30, 2024 and December 31, 2023 , the total remaining contract value of such customer agreements outstanding under this hedging program was $223 million. Cross-currency Interest Rate Swaps: We also use 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. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income. We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income. Cash Flow Hedges Foreign Currency Forward 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 contracts that we use to hedge this exposure are designated as cash flow hedges. We also 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. We do not exclude any components from the assessment of hedge effectiveness and the change in fair value of these derivatives is recognized in other comprehensive income until the hedged transaction occurs. As of September 30, 2024, our foreign currency forward contracts had maturity dates ranging from October 2024 to December 2026 and we had a net loss of $19 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 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 variable-rate debt and our U.S. dollar-denominated fixed-rate debt issued by our foreign subsidiaries. As of September 30, 2024, our cross-currency interest rate swaps had maturity dates ranging from March 2026 to June 2034. We had a net gain of $10 million recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for cash flow hedges. We use the spot method to assess hedge effectiveness. Fair value changes from spot rates are recognized in other comprehensive income initially and immediately reclassified to earnings to offset the gain or loss from remeasuring the associated debt. We exclude time value and cross currency basis spread from the assessment of hedge effectiveness and recognize the excluded component in interest expense through the swap accrual process. The difference between fair value changes of the excluded component and the amount amortized is recognized in other comprehensive income. 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 September 30, 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 September 30, 2024 and December 31, 2023, we had insignificant net gains recorded within accumulated other comprehensive income (loss) to be reclassified to interest expense in the next 12 months for interest rate locks. Derivatives Not Designated as Hedging Instruments 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 hedging instruments. Gains and losses subsequent to the de-designation are recognized in earnings to offset remeasurement gains and losses from foreign currency monetary assets and liabilities. Notional Amounts and Fair Value of Derivative Instruments The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Fair Value Fair Value Notional Amount (1) Assets (2) Liabilities (3) Notional Amount (1) Assets (2) Liabilities (3) Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 886 $ 2 $ 12 $ 887 $ 3 $ 17 Cross-currency interest rate swaps 2,171 73 1 3,121 132 — Cash flow hedges Foreign currency forward contracts 1,397 1 31 1,154 2 14 Cross-currency interest rate swaps 1,030 52 3 280 36 — Total designated as hedging 5,484 128 47 5,442 173 31 Not designated as hedging instruments: Foreign currency forward contracts 5,319 31 70 3,053 4 70 Cross-currency interest rate swaps 2,211 144 7 1,061 80 — Total not designated as hedging 7,530 175 77 4,114 84 70 Total Derivatives $ 13,014 $ 303 $ 124 $ 9,556 $ 257 $ 101 (1) Excludes embedded derivatives. (2) As presented in our condensed consolidated balance sheets within other current assets and other assets. (3) As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities. Impact on Accumulated Other Comprehensive Income The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net investment hedges: Foreign currency debt $ (39) $ 51 $ (5) $ 12 Foreign currency forward contracts (included component) (36) 10 (1) 9 Foreign currency forward contracts (excluded component) 3 — 3 — Cross-currency interest rate swaps (included component) (82) 100 2 79 Cross-currency interest rate swaps (excluded component) 16 (12) 17 (15) Total $ (138) $ 149 $ 16 $ 85 Cash flow hedges: Foreign currency forward contracts $ (46) $ 36 $ (17) $ 18 Cross-currency interest rate swaps (excluded component) 9 (1) 17 (2) Interest rate locks — — 1 (4) Total $ (37) $ 35 $ 1 $ 12 Impact on Earnings The gains (losses) from derivative instruments recognized in earnings, and location of such gains (losses) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended Location of gain (loss) 2024 2023 2024 2023 Net investment hedges: Foreign currency forward contracts (excluded component) Interest expense $ 3 $ — $ 8 $ 1 Cross-currency interest rate swaps (excluded component) Interest expense 6 11 21 35 Total $ 9 $ 11 $ 29 $ 36 Cash flow hedges: Foreign currency forward contracts Revenues $ 3 $ (12) $ 8 $ (6) Foreign currency forward contracts Costs and operating expenses (2) 8 (4) 12 Cross-currency interest rate swaps (excluded component) Interest expense 3 — 4 — Cross-currency interest rate swaps (included component) Other income (expense) (10) (13) (3) 3 Total $ (6) $ (17) $ 5 $ 9 Non designated hedges: Foreign currency forward contracts Other income (expense) $ (70) $ 78 $ (4) $ 82 Cross-currency interest rate swaps Other income (expense) (18) 2 (8) 2 Total $ (88) $ 80 $ (12) $ 84 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 September 30, 2024 and December 31, 2023 (in millions): Gross Amounts Gross Amounts Offset in Condensed Consolidated Balance Sheet Net Amounts Gross Amounts not Offset in Condensed Consolidated Balance Sheet Net September 30, 2024 Derivative assets $ 333 $ — $ 333 $ (95) $ 238 Derivative liabilities 145 — 145 (95) 50 December 31, 2023 Derivative assets $ 282 $ — $ 282 $ (56) $ 226 Derivative liabilities 112 — 112 (56) 56

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk. The fair value of certain financial assets and liabilities as of September 30, 2024 and December 31, 2023 were as follows (in millions): September 30, 2024 December 31, 2023 Fair Value Fair Value Fair Value Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 1,634 $ 1,634 $ — $ — $ 1,364 $ 1,364 $ — $ — Time deposits (2) 1,269 818 451 — 240 240 — — Loan receivable (3) 224 — — 224 — — — — Derivative instruments (4) 303 — 303 — 257 — 257 — Total $ 3,430 $ 2,452 $ 754 $ 224 $ 1,861 $ 1,604 $ 257 $ — Liabilities: Derivative instruments (4) $ 124 $ — $ 124 $ — $ 101 $ — $ 101 $ — Mortgage and loans payable (5) 700 — 700 — 684 — 684 — Senior notes (5) 13,530 13,045 485 — 11,740 11,166 574 — Total $ 14,354 $ 13,045 $ 1,309 $ — $ 12,525 $ 11,166 $ 1,359 $ — (1) Instruments are included within cash and cash equivalents in the condensed consolidated balance sheets, and are measured at fair value. (2) Instruments are included within cash and cash equivalents and short-term investments in the condensed consolidated balance sheets, and are measured at amortized cost. (3) Instruments are included within other assets in the condensed consolidated balance sheets, and are measured at amortized cost. Refer to Note 5. (4) Instruments 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 6. (5) Include current and non-current portions and are measured at amortized cost. Refer to Note 9.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Significant Lease Transactions The following table summarizes the significant lease transactions during the nine months ended September 30, 2024 (in millions): Renewal/Termination Options excluded (1) Net Incremental (2) Lease Quarter Transaction Lease Classification ROU assets ROU liabilities Tokyo 15 ("TY15") new data center lease Q3 New lease with a 20-year term Two 10-year renewal options Finance Lease $ 109 $ 109 Operating Lease 53 53 (1) These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time. (2) The net incremental amounts represent the adjustments to the right-of-use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered. Lease Expenses The components of lease expenses are as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 44 $ 47 $ 135 $ 133 Interest on lease liabilities 28 28 83 84 Total finance lease cost 72 75 218 217 Operating lease cost 57 58 169 168 Variable lease cost 21 17 58 47 Total lease cost $ 150 $ 150 $ 445 $ 432 (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): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 80 $ 83 Operating cash flows from operating leases 154 151 Financing cash flows from finance leases 101 98 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 228 $ 194 Operating leases 144 255 September 30, 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) $ 2,053 $ 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 September 30, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $955 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 September 30, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (3 months remaining) $ 50 $ 61 $ 111 2025 223 327 550 2026 217 260 477 2027 196 264 460 2028 168 253 421 Thereafter 1,242 2,319 3,561 Total lease payments 2,096 3,484 5,580 Less imputed interest (581) (1,089) (1,670) Total $ 1,515 $ 2,395 $ 3,910 We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of September 30, 2024. These leases will commence between year 2024 and 2026, with lease terms of 2 to 30 years and total lease commitments of approximately $246 million.
Leases	Leases Significant Lease Transactions The following table summarizes the significant lease transactions during the nine months ended September 30, 2024 (in millions): Renewal/Termination Options excluded (1) Net Incremental (2) Lease Quarter Transaction Lease Classification ROU assets ROU liabilities Tokyo 15 ("TY15") new data center lease Q3 New lease with a 20-year term Two 10-year renewal options Finance Lease $ 109 $ 109 Operating Lease 53 53 (1) These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time. (2) The net incremental amounts represent the adjustments to the right-of-use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered. Lease Expenses The components of lease expenses are as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 44 $ 47 $ 135 $ 133 Interest on lease liabilities 28 28 83 84 Total finance lease cost 72 75 218 217 Operating lease cost 57 58 169 168 Variable lease cost 21 17 58 47 Total lease cost $ 150 $ 150 $ 445 $ 432 (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): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 80 $ 83 Operating cash flows from operating leases 154 151 Financing cash flows from finance leases 101 98 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 228 $ 194 Operating leases 144 255 September 30, 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) $ 2,053 $ 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 September 30, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $955 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 September 30, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (3 months remaining) $ 50 $ 61 $ 111 2025 223 327 550 2026 217 260 477 2027 196 264 460 2028 168 253 421 Thereafter 1,242 2,319 3,561 Total lease payments 2,096 3,484 5,580 Less imputed interest (581) (1,089) (1,670) Total $ 1,515 $ 2,395 $ 3,910 We entered into agreements with various landlords primarily to lease data center spaces and ground leases which have not yet commenced as of September 30, 2024. These leases will commence between year 2024 and 2026, with lease terms of 2 to 30 years and total lease commitments of approximately $246 million.

Debt Facilities

Debt Facilities	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt Facilities	Debt Facilities Mortgage and Loans Payable As of September 30, 2024 and December 31, 2023, our mortgage and loans payable consisted of the following (in millions): September 30, December 31, 2023 Term loans $ 670 $ 643 Mortgage payable and other loans payable 24 29 694 672 Less amount representing unamortized debt issuance costs and debt discounts (1) (1) 693 671 Less current portion (5) (8) Total $ 688 $ 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 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 September 30, 2024 and December 31, 2023, the total amounts outstanding under the 2022 Term Loan Facility, net of debt issuance costs, were $667 million and $636 million, respectively. As of September 30, 2024, we had 43 irrevocable letters of credit totaling $69 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 September 30, 2024 and December 31, 2023, unamortized debt issuance costs for the 2022 Revolving Facility of $4 million and $5 million, respectively, were presented in other assets in the condensed consolidated balance sheets. Senior Notes As of September 30, 2024 and December 31, 2023, our senior notes consisted of the following (in millions): September 30, 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 556 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 355 3.05 % 357 3.05 % 1.558% Swiss Franc Senior Notes due 2029 118 1.79 % — — % 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 667 1.18 % 662 1.18 % 3.650% Euro Senior Notes due 2033 667 3.78 % — — % 5.500% Senior Notes due 2034 750 5.74 % — — % 2.000% Japanese Yen Senior Notes Series A due 2035 262 2.07 % 267 2.07 % 2.130% Japanese Yen Senior Notes Series C due 2035 103 2.20 % 105 2.20 % 2.370% Japanese Yen Senior Notes Series B due 2043 71 2.42 % 72 2.42 % 2.570% Japanese Yen Senior Notes Series D due 2043 32 2.62 % 32 2.62 % 2.570% Japanese Yen Senior Notes Series E due 2043 70 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 % 14,701 13,168 Less amount representing unamortized debt issuance costs and debt discounts (116) (108) 14,585 13,060 Less current portion (2,198) (998) Total $ 12,387 $ 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. 5.500% Senior Notes due 2034 On May 30, 2024, we issued $750 million aggregate principal amount of 5.500% senior notes due June 15, 2034 (the "2034 Notes"). Interest on the notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. Total debt discount and debt issuance costs related to the 2034 Notes were $14 million. 3.650% Euro Senior Notes due 2033 On September 3, 2024, we issued €600 million, or approximately $664 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 3.650% senior notes due September 3, 2033 (the "2033 Euro Notes"). Interest on the notes is payable annually in arrears on September 3 of each year, commencing on September 3, 2025. Total debt discount and debt issuance costs related to the 2033 Euro Notes were $6 million. 1.558% Swiss Franc Senior Notes due 2029 On September 4, 2024, we issued CHF100 million, or approximately $118 million in U.S. dollars, at the exchange rate in effect on that date, aggregate principal amount of 1.558% senior notes due September 4, 2029 (the "2029 CHF Notes"). Interest on the notes is payable annually in arrears on September 4 of each year, commencing on September 4, 2025. Total debt issuance costs related to the 2029 CHF Notes were insignificant. 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 September 30, 2024 (in millions): Years ending: 2024 (3 months remaining) $ 1,002 2025 1,205 2026 1,305 2027 1,729 2028 1,409 Thereafter 8,745 Total $ 15,395 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 Nine Months Ended 2024 2023 2024 2023 Interest expense $ 117 $ 102 $ 331 $ 299 Interest capitalized 9 6 27 18 Interest charges incurred $ 126 $ 108 $ 358 $ 317 Total interest paid in cash, net of capitalized interest, during the three months ended September 30, 2024 and 2023 was $104 million and $90 million, respectively. Total interest paid in cash, net of capitalized interest, during the nine months ended September 30, 2024 and 2023 was $313 million and $316 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2024, we were contractually committed for approximately $2.8 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 September 30, 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 $2.0 billion as of September 30, 2024. For further information on our equity method investment commitments and lease commitments, see Note 5 and Note 8, 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 and Loudoun County, Virginia. 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, we 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 us 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 and filed a motion to dismiss the lawsuit on October 10, 2024. 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 $303 million in total at the exchange rate in effect on September 30, 2024. As of September 30, 2024, the maximum potential amount of our future payments under these guarantees was approximately $263 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 and 2023 ($ in millions except per share data; share data in thousands): Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Non-controlling Interests 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 Net income — — — — — — — 301 — 301 Other comprehensive loss — — — — — — (43) — — (43) Issuance of common stock and release of treasury stock for employee equity awards 35 — 6 2 — — — — — 2 Dividend distribution on common stock, $4.26 per share — — — — — (405) — — — (405) Accrued dividends on unvested equity awards — — — — — (12) — — — (12) Stock-based compensation, net of estimated forfeitures — — — — 136 — — — — 136 Balance as of June 30, 2024 95,072 — (127) (48) 18,915 (9,514) (1,541) 4,466 — 12,278 Net income (loss) — — — — — — — 297 (1) 296 Other comprehensive income — — — — — — 258 — — 258 Issuance of common stock and release of treasury stock for employee equity awards 309 — 21 8 36 — — — — 44 Issuance of common stock under ATM Program 1,213 — — — 976 — — — — 976 Dividend distribution on common stock, $4.26 per share — — — — — (405) — — — (405) 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 — — — — 138 — — — — 138 Contribution from non-controlling interest — — — — 4 — — — 4 Balance as of September 30, 2024 96,594 $ — (106) $ (40) $ 20,069 $ (9,921) $ (1,283) $ 4,763 $ (1) $ 13,587 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 Net income — — — — — — — 207 207 Other comprehensive loss — — — — — — (3) — (3) Issuance of common stock and release of treasury stock for employee equity awards 45 — 5 2 1 — — — 3 Dividend distribution on common stock, $3.41 per share — — — — — (319) — — (319) Accrued dividends on unvested equity awards — — — — — (5) — — (5) Stock-based compensation, net of estimated forfeitures — — — — 113 — — — 113 Balance as of June 30, 2023 93,737 — (172) (64) 17,909 (7,963) (1,288) 3,431 12,025 Net income (loss) — — — — — — — 276 276 Other comprehensive loss — — — — — — (238) — (238) Issuance of common stock and release of treasury stock for employee equity awards 300 — 18 7 36 — — — 43 Dividend distribution on common stock, $3.41 per share — — — — — (320) — — (320) Accrued dividends on unvested equity awards — — — — — (5) — — (5) Stock-based compensation, net of estimated forfeitures — — — — 106 — — — 106 Balance as of September 30, 2023 94,037 $ — (154) $ (57) $ 18,051 $ (8,288) $ (1,526) $ 3,707 $ 11,887 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 September 30, Foreign currency translation adjustment (“CTA”) loss $ (1,588) $ (15) $ (1,603) Unrealized gain on cash flow hedges (1) 15 6 21 Net investment hedge CTA gain (1) 284 16 300 Net actuarial loss on defined benefit plans (2) (1) — (1) Total accumulated other comprehensive loss $ (1,290) $ 7 $ (1,283) (1) Refer to Note 6 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 September 30, 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 nine months ended September 30, 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 $1.5 billion of our common stock to or through sales agents in "at the market" transactions (the "2022 ATM Program"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes. Forward sale activity under the 2020 and 2022 ATM Programs is summarized as follows ($ 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 Forward Sale Shares Physically Settled November 2024 to December 2024 September 2024 (643) 790.41 509 Outstanding, September 30, 2024 November 2024 — $ — $ — (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. (2) For agreements settled, the value represents the actual weighted average settlement value, net of commissions 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. For the three and nine months ended September 30, 2024, we sold an additional 569,382 shares under the 2022 ATM Program, excluding the settled forward sale transactions noted above, for approximately $467 million, net of commissions and other offering expenses. As of September 30, 2024, we fully utilized the remaining common stock available for sale under the 2022 ATM Program. Stock-Based Compensation For the nine months ended September 30, 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 800,370 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $875.72 per share and a weighted-average requisite service period of 3.56 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 nine months ended September 30, 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 nine months ended September 30, 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 Nine Months Ended 2024 2023 2024 2023 Cost of revenues $ 15 $ 12 $ 43 $ 35 Sales and marketing 25 23 71 66 General and administrative 82 63 234 200 Total $ 122 $ 98 $ 348 $ 301 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 and nine months ended September 30, 2024. The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions): Balance Sheet September 30, 2024 December 31, 2023 Cash and cash equivalents $ 21 $ 20 Property, plant and equipment, net 22 8 Other 5 2 Total assets $ 48 $ 30 Total liabilities $ 3 $ 3

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, 2024 Nine Months Ended September 30, 2024 Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total Colocation (1) $ 617 $ 566 $ 337 $ 1,520 $ 1,848 $ 1,658 $ 1,004 $ 4,510 Interconnection 224 86 74 384 658 253 215 1,126 Managed infrastructure 66 35 17 118 198 104 50 352 Other (1) 7 26 4 37 20 74 11 105 Recurring revenues 914 713 432 2,059 2,724 2,089 1,280 6,093 Non-recurring revenues 44 30 68 142 139 102 153 394 Total $ 958 $ 743 $ 500 $ 2,201 $ 2,863 $ 2,191 $ 1,433 $ 6,487 (1) Includes some leasing and hedging activities. Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total Colocation (1) $ 597 $ 538 $ 329 $ 1,464 $ 1,754 $ 1,571 $ 971 $ 4,296 Interconnection 207 79 67 353 610 229 198 1,037 Managed infrastructure 63 33 18 114 185 97 55 337 Other (1) 5 23 2 30 15 74 10 99 Recurring revenues 872 673 416 1,961 2,564 1,971 1,234 5,769 Non-recurring revenues 41 36 23 100 121 116 72 309 Total $ 913 $ 709 $ 439 $ 2,061 $ 2,685 $ 2,087 $ 1,306 $ 6,078 (1) Includes some leasing and hedging activities. Total revenues attributed to the U.S. were $819 million and $772 million during the three months ended September 30, 2024 and 2023, respectively. Total revenues attributed to the U.S. were $2.4 billion and $2.3 billion during the nine months ended September 30, 2024 and 2023, respectively. There was no country outside of the U.S. from which we derived revenues that exceeded 10% of revenues for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, we derived revenues of $219 million and $608 million, respectively, 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 during either of these periods. No single customer accounted for 10% or greater of our accounts receivable or revenues for the three and nine months ended September 30, 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 Nine Months Ended 2024 2023 2024 2023 Adjusted EBITDA: Americas $ 427 $ 405 $ 1,287 $ 1,203 EMEA 372 310 1,024 932 Asia-Pacific 249 221 765 647 Total adjusted EBITDA 1,048 936 3,076 2,782 Depreciation, amortization and accretion expense (494) (462) (1,509) (1,382) Stock-based compensation expense (122) (98) (348) (301) Transaction costs (7) 1 (12) (7) Gain on asset sales — 4 18 5 Interest income 35 23 88 66 Interest expense (117) (102) (331) (299) Other income (expense) 7 (6) (6) (10) Loss on debt extinguishment — — (1) — Income before income taxes $ 350 $ 296 $ 975 $ 854 We also provide the following segment disclosures related to our operations as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Depreciation and amortization: Americas $ 272 $ 252 $ 848 $ 750 EMEA 132 127 397 374 Asia-Pacific 92 84 266 258 Total $ 496 $ 463 $ 1,511 $ 1,382 Capital expenditures: Americas $ 412 $ 382 $ 1,230 $ 1,076 EMEA 204 147 541 449 Asia-Pacific 108 88 308 260 Total $ 724 $ 617 $ 2,079 $ 1,785 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): September 30, December 31, Americas $ 9,076 $ 8,611 EMEA 6,685 6,321 Asia-Pacific 3,904 3,669 Total property, plant and equipment, net $ 19,665 $ 18,601 Americas $ 398 $ 421 EMEA 408 368 Asia-Pacific 681 660 Total operating lease right-of-use assets $ 1,487 $ 1,449

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events AMER 3 Joint Venture On October 1, 2024, we entered into an agreement to form a joint venture to develop and operate xScale data centers in the Americas region (the "AMER 3 Joint Venture"), subject to regulatory approval and other closing conditions. 2024 ATM Program On October 1, 2024, we established a program to succeed the 2022 ATM Program, under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program"). No sales have been made under the 2024 ATM Program to date. Declaration of dividends On October 30, 2024, we declared a quarterly cash dividend of $4.26 per share, which is payable on December 11, 2024 to our common stockholders of record as of the close of business on November 13, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 297,000	$ 276,000	$ 829,000	$ 742,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2024, each of the following directors and/or officers adopted a “Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K. All trading plans were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5- (c) under the Securities Exchange Act of 1934, as amended, and our policies regarding transactions in our securities. Adoption Date Start Date End Date Total Shares to be Sold Christopher Paisley, Director 08/13/2024 11/18/2024 08/29/2025 See footnote (1) Adaire Fox-Martin, Director, Chief Executive Officer and President 08/15/2024 12/03/2024 06/30/2025 See footnote (2) (1) Mr. Paisley’s plan includes the potential sale of 600 shares, previously acquired via Restricted Stock Unit(s), for diversification purposes. (2) Ms. Fox-Martin’s plan includes, subject to the achievement of performance conditions, the potential sale of shares for tax withholding purposes relating to awards totaling up to 25,159 shares on a grant-by-grant basis. This plan also includes any shares to be granted under the 2024 Annual Incentive Plan, as determined based on final company performance, to be sold for tax withholding purposes.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher Paisley [Member]
Trading Arrangements, by Individual
Name	Christopher Paisley
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/13/2024
Expiration Date	08/29/2025
Arrangement Duration	284 days
Aggregate Available	600	600
Adaire Fox-Martin [Member]
Trading Arrangements, by Individual
Name	Adaire Fox-Martin
Title	Director, Chief Executive Officer and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/15/2024
Expiration Date	06/30/2025
Arrangement Duration	209 days
Aggregate Available	25,159	25,159

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	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 September 30, 2024, approximately $11.1 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 and Nonderivatives 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 September 30, 2024 and December 31, 2023, the total principal amounts of foreign currency debt obligations designated as net investment hedges were $1.1 billion and $1.5 billion, respectively. Foreign Currency Forward Contracts: We use foreign currency forward contracts, designated as net investment hedges, to hedge against the effect of foreign exchange rate fluctuations on our net investment in our foreign subsidiaries. We use the spot method to assess hedge effectiveness and recognize fair value changes from spot rates in other comprehensive income. We exclude forward points from the assessment of hedge effectiveness and amortize the initial value of the excluded component through interest expense. The difference between fair value changes from the excluded component and the amount amortized is recognized in other comprehensive income. Embedded Derivatives: 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. As of both September 30, 2024 and December 31, 2023 , the total remaining contract value of such customer agreements outstanding under this hedging program was $223 million. Cross-currency Interest Rate Swaps: Cash Flow Hedges Foreign Currency Forward Contracts:
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. •
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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 1,123 90 101 128 145 Increase (Decrease) $ 119 $ 38 $ 15 $ 3 $ (9) (1) Increase is net of a $15 million increase in our allowance for credit losses, driven by incremental reserves and partially offset by recoveries and write-downs of amounts previously reserved.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 Net income $ 296 $ 276 $ 828 $ 742 Net loss attributable to non-controlling interests 1 — 1 — Net income attributable to common stockholders $ 297 $ 276 $ 829 $ 742 Weighted-average shares used to calculate basic EPS 95,394 93,683 94,992 93,396 Effect of dilutive securities: Employee equity awards 337 485 358 392 Weighted-average shares used to calculate diluted EPS 95,731 94,168 95,350 93,788 EPS attributable to common stockholders: Basic EPS $ 3.11 $ 2.94 $ 8.73 $ 7.94 Diluted EPS $ 3.10 $ 2.93 $ 8.69 $ 7.91

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 December 31, 2023 EMEA 1 Joint Venture 20% $ 148 $ 150 VIE Joint Ventures (1) 20% 387 308 Other Various 11 10 Total $ 546 $ 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 September 30, 2024 (in millions): VIE Joint Ventures Equity Investment $ 387 Outstanding Accounts Receivable 78 Other Receivables 40 Contract Assets 103 Loan Commitment (1) 392 Future Equity Contribution Commitments (2) 64 Maximum Future Payments under Debt Guarantees (3) 263 Total $ 1,327 (1) Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below. (2) The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt. (3) 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 relates to our AMER 1 Joint Venture (see Note 10). The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions): Balance Sheet September 30, 2024 December 31, 2023 Cash and cash equivalents $ 21 $ 20 Property, plant and equipment, net 22 8 Other 5 2 Total assets $ 48 $ 30 Total liabilities $ 3 $ 3
Schedule of Other Related Party Transactions	The following table presents the income and expenses from these arrangements with the Joint Ventures in our condensed consolidated statements of operations (in millions): Three Months Ended Nine Months Ended Related Party Nature of Transaction 2024 2023 2024 2023 EMEA 1 Joint Venture Income $ 7 $ 9 $ 19 $ 23 EMEA 1 Joint Venture Expenses (1) 4 5 11 13 VIE Joint Ventures (2) Income (3) 73 13 172 52 (1) Primarily consists of rent expenses for a sub-lease agreement with the EMEA 1 Joint Venture for a London data center with a remaining lease term of 15-years as of September 30, 2024. (2) Expenses from transactions with VIE Joint Ventures were insignificant for the three and nine months ended September 30, 2024 and 2023. (3) Primarily consists of revenues related to lease and services arrangements as described above and also includes interest income earned on the AMER 2 Loan during the three and nine months ended September 30, 2024 of $6 million and $11 million, respectively. 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 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Accounts receivable, net $ 14 $ 19 $ 78 $ 23 Other current assets (1) 17 19 116 43 Property, plant and equipment, net (2) 156 97 84 72 Operating lease right-of-use assets 2 2 3 2 Other assets (3) — — 225 21 Other current liabilities 5 9 10 6 Finance lease liabilities 175 111 88 75 Operating lease liabilities 2 2 3 2 Other liabilities (4) 51 50 — — (1) The balance primarily relates to contract assets and other receivables. (2) The balance relates to finance lease right-of-use assets. (3) As of September 30, 2024, the balance primarily relates to the AMER 2 Loan receivable. As of December 31, 2023, the balance primarily relates to contract assets and other receivables. (4) 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)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments Recognized in the Company's Condensed Consolidated Balance Sheets	The following table presents the composition of derivative instruments recognized in our condensed consolidated balance sheets, excluding accrued interest, as of September 30, 2024 and December 31, 2023 (in millions): September 30, 2024 December 31, 2023 Fair Value Fair Value Notional Amount (1) Assets (2) Liabilities (3) Notional Amount (1) Assets (2) Liabilities (3) Designated as hedging instruments: Net investment hedges Foreign currency forward contracts $ 886 $ 2 $ 12 $ 887 $ 3 $ 17 Cross-currency interest rate swaps 2,171 73 1 3,121 132 — Cash flow hedges Foreign currency forward contracts 1,397 1 31 1,154 2 14 Cross-currency interest rate swaps 1,030 52 3 280 36 — Total designated as hedging 5,484 128 47 5,442 173 31 Not designated as hedging instruments: Foreign currency forward contracts 5,319 31 70 3,053 4 70 Cross-currency interest rate swaps 2,211 144 7 1,061 80 — Total not designated as hedging 7,530 175 77 4,114 84 70 Total Derivatives $ 13,014 $ 303 $ 124 $ 9,556 $ 257 $ 101 (1) Excludes embedded derivatives. (2) As presented in our condensed consolidated balance sheets within other current assets and other assets. (3) As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Schedule of Net Investment Hedges	The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net investment hedges: Foreign currency debt $ (39) $ 51 $ (5) $ 12 Foreign currency forward contracts (included component) (36) 10 (1) 9 Foreign currency forward contracts (excluded component) 3 — 3 — Cross-currency interest rate swaps (included component) (82) 100 2 79 Cross-currency interest rate swaps (excluded component) 16 (12) 17 (15) Total $ (138) $ 149 $ 16 $ 85 Cash flow hedges: Foreign currency forward contracts $ (46) $ 36 $ (17) $ 18 Cross-currency interest rate swaps (excluded component) 9 (1) 17 (2) Interest rate locks — — 1 (4) Total $ (37) $ 35 $ 1 $ 12
Schedule of Cash Flow Hedges	The gains (losses) from derivative instruments recognized in earnings, and location of such gains (losses) in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions): Three Months Ended Nine Months Ended Location of gain (loss) 2024 2023 2024 2023 Net investment hedges: Foreign currency forward contracts (excluded component) Interest expense $ 3 $ — $ 8 $ 1 Cross-currency interest rate swaps (excluded component) Interest expense 6 11 21 35 Total $ 9 $ 11 $ 29 $ 36 Cash flow hedges: Foreign currency forward contracts Revenues $ 3 $ (12) $ 8 $ (6) Foreign currency forward contracts Costs and operating expenses (2) 8 (4) 12 Cross-currency interest rate swaps (excluded component) Interest expense 3 — 4 — Cross-currency interest rate swaps (included component) Other income (expense) (10) (13) (3) 3 Total $ (6) $ (17) $ 5 $ 9 Non designated hedges: Foreign currency forward contracts Other income (expense) $ (70) $ 78 $ (4) $ 82 Cross-currency interest rate swaps Other income (expense) (18) 2 (8) 2 Total $ (88) $ 80 $ (12) $ 84
Schedule of Offsetting Derivative Assets and Liabilities	The following table presents information related to these offsetting arrangements, inclusive of accrued interest, as of September 30, 2024 and December 31, 2023 (in millions): Gross Amounts Gross Amounts Offset in Condensed Consolidated Balance Sheet Net Amounts Gross Amounts not Offset in Condensed Consolidated Balance Sheet Net September 30, 2024 Derivative assets $ 333 $ — $ 333 $ (95) $ 238 Derivative liabilities 145 — 145 (95) 50 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 September 30, 2024 and December 31, 2023 (in millions): Gross Amounts Gross Amounts Offset in Condensed Consolidated Balance Sheet Net Amounts Gross Amounts not Offset in Condensed Consolidated Balance Sheet Net September 30, 2024 Derivative assets $ 333 $ — $ 333 $ (95) $ 238 Derivative liabilities 145 — 145 (95) 50 December 31, 2023 Derivative assets $ 282 $ — $ 282 $ (56) $ 226 Derivative liabilities 112 — 112 (56) 56

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 were as follows (in millions): September 30, 2024 December 31, 2023 Fair Value Fair Value Fair Value Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Money market funds (1) $ 1,634 $ 1,634 $ — $ — $ 1,364 $ 1,364 $ — $ — Time deposits (2) 1,269 818 451 — 240 240 — — Loan receivable (3) 224 — — 224 — — — — Derivative instruments (4) 303 — 303 — 257 — 257 — Total $ 3,430 $ 2,452 $ 754 $ 224 $ 1,861 $ 1,604 $ 257 $ — Liabilities: Derivative instruments (4) $ 124 $ — $ 124 $ — $ 101 $ — $ 101 $ — Mortgage and loans payable (5) 700 — 700 — 684 — 684 — Senior notes (5) 13,530 13,045 485 — 11,740 11,166 574 — Total $ 14,354 $ 13,045 $ 1,309 $ — $ 12,525 $ 11,166 $ 1,359 $ — (1) Instruments are included within cash and cash equivalents in the condensed consolidated balance sheets, and are measured at fair value. (2) Instruments are included within cash and cash equivalents and short-term investments in the condensed consolidated balance sheets, and are measured at amortized cost. (3) Instruments are included within other assets in the condensed consolidated balance sheets, and are measured at amortized cost. Refer to Note 5. (4) Instruments 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 6. (5) Include current and non-current portions and are measured at amortized cost. Refer to Note 9.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Significant Lease Transactions	The following table summarizes the significant lease transactions during the nine months ended September 30, 2024 (in millions): Renewal/Termination Options excluded (1) Net Incremental (2) Lease Quarter Transaction Lease Classification ROU assets ROU liabilities Tokyo 15 ("TY15") new data center lease Q3 New lease with a 20-year term Two 10-year renewal options Finance Lease $ 109 $ 109 Operating Lease 53 53 (1) These renewal/termination options are not included in determining the lease terms as we are not reasonably certain to exercise them at this time. (2) The net incremental amounts represent the adjustments to the right-of-use ("ROU") assets and liabilities recorded during the quarter that the transactions were entered.
Schedule of Components of Lease Expenses	The components of lease expenses are as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Finance lease cost Amortization of right-of-use assets (1) $ 44 $ 47 $ 135 $ 133 Interest on lease liabilities 28 28 83 84 Total finance lease cost 72 75 218 217 Operating lease cost 57 58 169 168 Variable lease cost 21 17 58 47 Total lease cost $ 150 $ 150 $ 445 $ 432 (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): Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 80 $ 83 Operating cash flows from operating leases 154 151 Financing cash flows from finance leases 101 98 Right-of-use assets obtained in exchange for lease obligations: (1) Finance leases $ 228 $ 194 Operating leases 144 255 September 30, 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) $ 2,053 $ 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 September 30, 2024 and December 31, 2023, we recorded accumulated amortization of finance lease right-of-use assets of $955 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 September 30, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (3 months remaining) $ 50 $ 61 $ 111 2025 223 327 550 2026 217 260 477 2027 196 264 460 2028 168 253 421 Thereafter 1,242 2,319 3,561 Total lease payments 2,096 3,484 5,580 Less imputed interest (581) (1,089) (1,670) Total $ 1,515 $ 2,395 $ 3,910
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2024 are as follows (in millions): Operating Leases Finance Leases Total 2024 (3 months remaining) $ 50 $ 61 $ 111 2025 223 327 550 2026 217 260 477 2027 196 264 460 2028 168 253 421 Thereafter 1,242 2,319 3,561 Total lease payments 2,096 3,484 5,580 Less imputed interest (581) (1,089) (1,670) Total $ 1,515 $ 2,395 $ 3,910

Debt Facilities (Tables)

Debt Facilities (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2024 and December 31, 2023, our mortgage and loans payable consisted of the following (in millions): September 30, December 31, 2023 Term loans $ 670 $ 643 Mortgage payable and other loans payable 24 29 694 672 Less amount representing unamortized debt issuance costs and debt discounts (1) (1) 693 671 Less current portion (5) (8) Total $ 688 $ 663 As of September 30, 2024 and December 31, 2023, our senior notes consisted of the following (in millions): September 30, 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 556 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 355 3.05 % 357 3.05 % 1.558% Swiss Franc Senior Notes due 2029 118 1.79 % — — % 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 667 1.18 % 662 1.18 % 3.650% Euro Senior Notes due 2033 667 3.78 % — — % 5.500% Senior Notes due 2034 750 5.74 % — — % 2.000% Japanese Yen Senior Notes Series A due 2035 262 2.07 % 267 2.07 % 2.130% Japanese Yen Senior Notes Series C due 2035 103 2.20 % 105 2.20 % 2.370% Japanese Yen Senior Notes Series B due 2043 71 2.42 % 72 2.42 % 2.570% Japanese Yen Senior Notes Series D due 2043 32 2.62 % 32 2.62 % 2.570% Japanese Yen Senior Notes Series E due 2043 70 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 % 14,701 13,168 Less amount representing unamortized debt issuance costs and debt discounts (116) (108) 14,585 13,060 Less current portion (2,198) (998) Total $ 12,387 $ 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 September 30, 2024 (in millions): Years ending: 2024 (3 months remaining) $ 1,002 2025 1,205 2026 1,305 2027 1,729 2028 1,409 Thereafter 8,745 Total $ 15,395
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 Nine Months Ended 2024 2023 2024 2023 Interest expense $ 117 $ 102 $ 331 $ 299 Interest capitalized 9 6 27 18 Interest charges incurred $ 126 $ 108 $ 358 $ 317

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Rollforward of Stockholders' Equity	The following tables provide a rollforward of our stockholders' equity for the three months ended September 30, 2024 and 2023 ($ in millions except per share data; share data in thousands): Common Stock Treasury Stock Additional Accumulated AOCI (Loss) Retained Non-controlling Interests 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 Net income — — — — — — — 301 — 301 Other comprehensive loss — — — — — — (43) — — (43) Issuance of common stock and release of treasury stock for employee equity awards 35 — 6 2 — — — — — 2 Dividend distribution on common stock, $4.26 per share — — — — — (405) — — — (405) Accrued dividends on unvested equity awards — — — — — (12) — — — (12) Stock-based compensation, net of estimated forfeitures — — — — 136 — — — — 136 Balance as of June 30, 2024 95,072 — (127) (48) 18,915 (9,514) (1,541) 4,466 — 12,278 Net income (loss) — — — — — — — 297 (1) 296 Other comprehensive income — — — — — — 258 — — 258 Issuance of common stock and release of treasury stock for employee equity awards 309 — 21 8 36 — — — — 44 Issuance of common stock under ATM Program 1,213 — — — 976 — — — — 976 Dividend distribution on common stock, $4.26 per share — — — — — (405) — — — (405) 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 — — — — 138 — — — — 138 Contribution from non-controlling interest — — — — 4 — — — 4 Balance as of September 30, 2024 96,594 $ — (106) $ (40) $ 20,069 $ (9,921) $ (1,283) $ 4,763 $ (1) $ 13,587 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 Net income — — — — — — — 207 207 Other comprehensive loss — — — — — — (3) — (3) Issuance of common stock and release of treasury stock for employee equity awards 45 — 5 2 1 — — — 3 Dividend distribution on common stock, $3.41 per share — — — — — (319) — — (319) Accrued dividends on unvested equity awards — — — — — (5) — — (5) Stock-based compensation, net of estimated forfeitures — — — — 113 — — — 113 Balance as of June 30, 2023 93,737 — (172) (64) 17,909 (7,963) (1,288) 3,431 12,025 Net income (loss) — — — — — — — 276 276 Other comprehensive loss — — — — — — (238) — (238) Issuance of common stock and release of treasury stock for employee equity awards 300 — 18 7 36 — — — 43 Dividend distribution on common stock, $3.41 per share — — — — — (320) — — (320) Accrued dividends on unvested equity awards — — — — — (5) — — (5) Stock-based compensation, net of estimated forfeitures — — — — 106 — — — 106 Balance as of September 30, 2023 94,037 $ — (154) $ (57) $ 18,051 $ (8,288) $ (1,526) $ 3,707 $ 11,887
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 September 30, Foreign currency translation adjustment (“CTA”) loss $ (1,588) $ (15) $ (1,603) Unrealized gain on cash flow hedges (1) 15 6 21 Net investment hedge CTA gain (1) 284 16 300 Net actuarial loss on defined benefit plans (2) (1) — (1) Total accumulated other comprehensive loss $ (1,290) $ 7 $ (1,283) (1) Refer to Note 6 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	Forward sale 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 Forward Sale Shares Physically Settled November 2024 to December 2024 September 2024 (643) 790.41 509 Outstanding, September 30, 2024 November 2024 — $ — $ — (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. (2) For agreements settled, the value represents the actual weighted average settlement value, net of commissions 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 Nine Months Ended 2024 2023 2024 2023 Cost of revenues $ 15 $ 12 $ 43 $ 35 Sales and marketing 25 23 71 66 General and administrative 82 63 234 200 Total $ 122 $ 98 $ 348 $ 301
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 September 30, 2024 (in millions): VIE Joint Ventures Equity Investment $ 387 Outstanding Accounts Receivable 78 Other Receivables 40 Contract Assets 103 Loan Commitment (1) 392 Future Equity Contribution Commitments (2) 64 Maximum Future Payments under Debt Guarantees (3) 263 Total $ 1,327 (1) Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed below. (2) The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt. (3) 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 relates to our AMER 1 Joint Venture (see Note 10). The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the condensed consolidated balance sheets (in millions): Balance Sheet September 30, 2024 December 31, 2023 Cash and cash equivalents $ 21 $ 20 Property, plant and equipment, net 22 8 Other 5 2 Total assets $ 48 $ 30 Total liabilities $ 3 $ 3

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2024 Nine Months Ended September 30, 2024 Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total Colocation (1) $ 617 $ 566 $ 337 $ 1,520 $ 1,848 $ 1,658 $ 1,004 $ 4,510 Interconnection 224 86 74 384 658 253 215 1,126 Managed infrastructure 66 35 17 118 198 104 50 352 Other (1) 7 26 4 37 20 74 11 105 Recurring revenues 914 713 432 2,059 2,724 2,089 1,280 6,093 Non-recurring revenues 44 30 68 142 139 102 153 394 Total $ 958 $ 743 $ 500 $ 2,201 $ 2,863 $ 2,191 $ 1,433 $ 6,487 (1) Includes some leasing and hedging activities. Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Americas EMEA Asia-Pacific Total Americas EMEA Asia-Pacific Total Colocation (1) $ 597 $ 538 $ 329 $ 1,464 $ 1,754 $ 1,571 $ 971 $ 4,296 Interconnection 207 79 67 353 610 229 198 1,037 Managed infrastructure 63 33 18 114 185 97 55 337 Other (1) 5 23 2 30 15 74 10 99 Recurring revenues 872 673 416 1,961 2,564 1,971 1,234 5,769 Non-recurring revenues 41 36 23 100 121 116 72 309 Total $ 913 $ 709 $ 439 $ 2,061 $ 2,685 $ 2,087 $ 1,306 $ 6,078 (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 Nine Months Ended 2024 2023 2024 2023 Adjusted EBITDA: Americas $ 427 $ 405 $ 1,287 $ 1,203 EMEA 372 310 1,024 932 Asia-Pacific 249 221 765 647 Total adjusted EBITDA 1,048 936 3,076 2,782 Depreciation, amortization and accretion expense (494) (462) (1,509) (1,382) Stock-based compensation expense (122) (98) (348) (301) Transaction costs (7) 1 (12) (7) Gain on asset sales — 4 18 5 Interest income 35 23 88 66 Interest expense (117) (102) (331) (299) Other income (expense) 7 (6) (6) (10) Loss on debt extinguishment — — (1) — Income before income taxes $ 350 $ 296 $ 975 $ 854
Schedule of Segment Disclosures	We also provide the following segment disclosures related to our operations as follows (in millions): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Depreciation and amortization: Americas $ 272 $ 252 $ 848 $ 750 EMEA 132 127 397 374 Asia-Pacific 92 84 266 258 Total $ 496 $ 463 $ 1,511 $ 1,382 Capital expenditures: Americas $ 412 $ 382 $ 1,230 $ 1,076 EMEA 204 147 541 449 Asia-Pacific 108 88 308 260 Total $ 724 $ 617 $ 2,079 $ 1,785
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): September 30, December 31, Americas $ 9,076 $ 8,611 EMEA 6,685 6,321 Asia-Pacific 3,904 3,669 Total property, plant and equipment, net $ 19,665 $ 18,601 Americas $ 398 $ 421 EMEA 408 368 Asia-Pacific 681 660 Total operating lease right-of-use assets $ 1,487 $ 1,449

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Effective income tax rate, continuing operations	15.10%	13.20%

Revenue - Schedule of Opening a

Revenue - Schedule of Opening and Closing Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 1,123	$ 1,004
Increase (Decrease) in Accounts receivables, net	119
Contract assets, current	90	52
Increase (Decrease) in Contract asset, current	38
Contract assets, non-current	101	86
Increase (Decrease) in Contract asset, non-current	15
Deferred revenue, current	128	125
Increase (Decrease) in Deferred revenue, current	3
Deferred revenue, non-current	145	$ 154
Increase (Decrease) in Deferred revenue, non-current	(9)
Increase in our allowance for credit losses	$ 15

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 73
Revenue, remaining performance obligation	$ 11,100
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]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	2 years
Revenue, remaining performance obligation, percentage	70%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | 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]: 2026-10-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, requirement of payment, terms	5 years

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 296,000	$ 301,000	$ 231,000	$ 276,000	$ 207,000	$ 259,000	$ 828,000	$ 742,000
Net loss attributable to non-controlling interests	1,000			0			1,000	0
Net income attributable to common stockholders	$ 297,000			$ 276,000			$ 829,000	$ 742,000
Weighted-average shares used to calculate basic EPS (in shares)	95,394			93,683			94,992	93,396
Effect of dilutive securities:
Employee equity awards (in shares)	337			485			358	392
Weighted-average shares used to calculate diluted EPS (in shares)	95,731			94,168			95,350	93,788
Basic EPS (in dollars per share)	$ 3.11			$ 2.94			$ 8.73	$ 7.94
Diluted EPS (in dollars per share)	$ 3.10			$ 2.93			$ 8.69	$ 7.91

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Potential Shares of Common Stock Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive potential shares of common stock excluded from computation of earnings per share (in shares)	216	25	473	79

Acquisitions (Details)

Acquisitions (Details) - Total Information Management Philippines $ in Millions	Jul. 20, 2024 USD ($) center
Business Acquisition [Line Items]
Data centers purchased | center	3
Consideration transferred | $	$ 180

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) region	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 546	$ 468
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20%
Equity method investments	$ 148	150
VIE Joint Ventures | VIE Joint Ventures
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	20%
Equity method investments	$ 387	308
Other
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 11	$ 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	3 Months Ended		9 Months Ended
	Apr. 10, 2024	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 546		$ 546		$ 468
Loss from equity method investments			0	$ 0	14	$ 8
Secured Debt | AMER 2 Loan
Schedule of Equity Method Investments [Line Items]
Borrowing capacity			392		392
Upfront fee			$ 4		$ 4
Contractual rate			10%		10%
Unused commitment fee					0.75%
Extension term					1 year
Prepayment penalty term					18 months
Borrowing, outstanding			$ 193		$ 193
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Valley 12 (“SV12”) Data Center Site
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity method investment	$ 18
EMEA 1 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage			20%		20%
Equity method investments			$ 148		$ 148		$ 150
EMEA 1 Joint Venture | Equity Contribution Commitment
Schedule of Equity Method Investments [Line Items]
Equity contribution commitment			$ 34		$ 34
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
AMER 2 Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	20%
Equity method investments	$ 26
AMER 2 Joint Venture | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Silicon Valley 12 (“SV12”) Data Center Site
Schedule of Equity Method Investments [Line Items]
Consideration	293
Proceeds from sale of data centers	246
Receivables acquired in sale of asset	$ 21

Equity Method Investments - S_2

Equity Method Investments - Schedule of Maximum Exposure Loss (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity Investment	$ 546	$ 468
Outstanding Accounts Receivable	1,123	1,004
VIE Joint Venture | Joint Venture
Variable Interest Entity [Line Items]
Outstanding Accounts Receivable	78
Other Receivables	40
Contract Assets	103
VIE Joint Ventures | Joint Venture
Variable Interest Entity [Line Items]
Outstanding Accounts Receivable	78	23
Contract Assets	116	43
VIE Joint Ventures | VIE Joint Ventures
Variable Interest Entity [Line Items]
Equity Investment	387	$ 308
Future Equity Contribution Commitments	64
Total	$ 1,327
Ownership percentage	20%
VIE Joint Ventures | VIE Joint Ventures | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum Future Payments under Debt Guarantees	$ 263
VIE Joint Ventures | VIE Joint Ventures | Secured Debt
Variable Interest Entity [Line Items]
Loan Commitment	$ 392
EMEA 2 Joint Venture | VIE Joint Ventures
Variable Interest Entity [Line Items]
Ownership percentage	20%
EMEA 2 Joint Venture | VIE Joint Ventures | EMEA 2 Joint Venture Credit Facility
Variable Interest Entity [Line Items]
Maximum Future Payments under Debt Guarantees	$ 263
Percentage guarantee on debt payments	0.20

Equity Method Investments - S_3

Equity Method Investments - Schedule of Gains (Losses) of Joint Venture Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Income	$ 2,201	$ 2,061	$ 6,487	$ 6,078
Expenses	1,776	1,680	5,262	4,981
EMEA 1 Joint Venture | Joint Venture
Related Party Transaction [Line Items]
Income	7	9	19	23
Expenses	4	5	$ 11	13
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
Related Party Transaction [Line Items]
Income	73	$ 13	$ 172	$ 52
Interest income earned	$ 6		$ 11

Equity Method Investments - S_4

Equity Method Investments - Schedule of Assets and Liabilities from Related Party Transactions with the Joint Ventures (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net	$ 1,123	$ 1,004
Property, plant and equipment, net	2,053	2,184
Operating lease right-of-use assets	1,487	1,449
Other current liabilities	297	302
Finance lease liabilities	2,395
Operating lease liabilities	1,515
Joint Venture | VIE Joint Ventures
Related Party Transaction [Line Items]
Accounts receivable, net	78	23
Other current assets	116	43
Property, plant and equipment, net	84	72
Operating lease right-of-use assets	3	2
Other	225	21
Other current liabilities	10	6
Finance lease liabilities	88	75
Operating lease liabilities	3	2
Other liabilities	0	0
EMEA 1 Joint Venture | Joint Venture
Related Party Transaction [Line Items]
Accounts receivable, net	14	19
Other current assets	17	19
Property, plant and equipment, net	156	97
Operating lease right-of-use assets	2	2
Other	0	0
Other current liabilities	5	9
Finance lease liabilities	175	111
Operating lease liabilities	2	2
Other liabilities	$ 51	$ 50

Derivatives and Hedging Instr_3

Derivatives and Hedging Instruments - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, notional amount	$ 13,014,000,000	$ 9,556,000,000
Fair value of embedded derivative	223,000,000	223,000,000
Net investment hedges
Derivative [Line Items]
Derivative, notional amount	5,484,000,000	5,442,000,000
Net investment hedges | Net investment hedges
Derivative [Line Items]
Derivative, notional amount	1,100,000,000	1,500,000,000
Net investment hedges | Net investment hedges | Cross-currency interest rate swaps
Derivative [Line Items]
Derivative, notional amount	2,171,000,000	3,121,000,000
Cash flow hedges | Foreign currency forward contracts
Derivative [Line Items]
Net gain (loss) to be reclassified within the next 12 months	(19,000,000)	(7,000,000)
Cash flow hedges | Cross-currency interest rate swaps
Derivative [Line Items]
Net gain (loss) to be reclassified within the next 12 months	10,000,000
Cash flow hedges | Interest rate locks
Derivative [Line Items]
Derivative, notional amount	0	0
Cash flow hedges | Net investment hedges | Foreign currency forward contracts
Derivative [Line Items]
Derivative, notional amount	1,397,000,000	1,154,000,000
Cash flow hedges | Net investment hedges | Cross-currency interest rate swaps
Derivative [Line Items]
Derivative, notional amount	$ 1,030,000,000	$ 280,000,000

Derivatives and Hedging Instr_4

Derivatives and Hedging Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 13,014	$ 9,556
Assets	303	257
Liabilities	124	101
Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	5,484	5,442
Assets	128	173
Liabilities	47	31
Net investment hedges | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,100	1,500
Net investment hedges | Foreign currency forward contracts | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	886	887
Assets	2	3
Liabilities	12	17
Net investment hedges | Cross-currency interest rate swaps | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	2,171	3,121
Assets	73	132
Liabilities	1	0
Net investment hedges | Cross-currency interest rate swaps | Cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,030	280
Assets	52	36
Liabilities	3	0
Net investment hedges | Foreign currency forward contracts | Cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	1,397	1,154
Assets	1	2
Liabilities	31	14
Not designated as hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	7,530	4,114
Assets	175	84
Liabilities	77	70
Not designated as hedging instruments: | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	5,319	3,053
Assets	31	4
Liabilities	70	70
Not designated as hedging instruments: | Cross-currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	2,211	1,061
Assets	144	80
Liabilities	$ 7	$ 0

Derivatives and Hedging Instr_5

Derivatives and Hedging Instruments - Schedule of Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net investment hedges:
Other Comprehensive Income (Loss), before Tax, Total	$ (138)	$ 149	$ 16	$ 85
Cash flow hedges:
Net investment hedges	(37)	35	1	12
Net investment hedges
Cash flow hedges:
Net investment hedges	9	11	29	36
Foreign currency debt | Net investment hedges
Net investment hedges:
Gain (loss) recognized in accumulated other comprehensive income (included component)	(39)	51	(5)	12
Foreign currency forward contracts | Net investment hedges
Net investment hedges:
Gain (loss) recognized in accumulated other comprehensive income (included component)	(36)	10	(1)	9
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	3	0	3	0
Cash flow hedges:
Net investment hedges	3	0	8	1
Cross-currency Interest Rate Swap | Net investment hedges
Net investment hedges:
Gain (loss) recognized in accumulated other comprehensive income (included component)	(82)	100	2	79
Gain (loss) recognized in accumulated other comprehensive income (excluded component)	16	(12)	17	(15)
Cash flow hedges:
Net investment hedges	6	11	21	35
Cross-currency Interest Rate Swap | Cash flow hedges
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	9	(1)	17	(2)
Foreign currency forward contracts | Cash flow hedges
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(46)	36	(17)	18
Interest rate locks | Cash flow hedges
Cash flow hedges:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 0	$ 0	$ 1	$ (4)

Derivatives and Hedging Instr_6

Derivatives and Hedging Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	$ (37)	$ 35	$ 1	$ 12
Non designated hedges	(88)	80	(12)	84
Foreign currency forward contracts (excluded component) | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non designated hedges	(70)	78	(4)	82
Cross-currency interest rate swaps | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non designated hedges	(18)	2	(8)	2
Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	9	11	29	36
Net investment hedges | Foreign currency forward contracts (excluded component)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	3	0	8	1
Net investment hedges | Cross-currency interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedges	6	11	21	35
Cash flow hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges	(6)	(17)	5	9
Cash flow hedges | Cross-currency interest rate swaps | Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges	3	0	4	0
Cash flow hedges | Cross-currency interest rate swaps | Other income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges	(10)	(13)	(3)	3
Cash flow hedges | Foreign currency forward contracts | Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges	3	(12)	8	(6)
Cash flow hedges | Foreign currency forward contracts | Costs and operating expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges	$ (2)	$ 8	$ (4)	$ 12

Derivatives and Hedging Instr_7

Derivatives and Hedging Instruments - Schedule of Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amounts	$ 333	$ 282
Gross Amounts Offset in Condensed Consolidated Balance Sheet	0	0
Net Amounts	333	282
Gross Amounts not Offset in Condensed Consolidated Balance Sheet	(95)	(56)
Net	$ 238	$ 226
Derivative asset statement of financial position extensible enumeration not disclosed flag	Derivative assets	Derivative assets
Derivative liabilities
Gross Amounts	$ 145	$ 112
Gross Amounts Offset in Condensed Consolidated Balance Sheet	0	0
Net Amounts	145	112
Gross Amounts not Offset in Condensed Consolidated Balance Sheet	(95)	(56)
Net	$ 50	$ 56
Derivative liability statement of financial position extensible enumeration not disclosed flag	Derivative liabilities	Derivative liabilities

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets:
Derivative instruments, Assets	$ 303	$ 257
Liabilities:
Derivative instruments, Liabilities	124	101
Fair Value, Recurring
Assets:
Loan receivable	224	0
Derivative instruments, Assets	303	257
Total	3,430	1,861
Liabilities:
Derivative instruments, Liabilities	124	101
Mortgage and loans payable	700	684
Senior notes	13,530	11,740
Total	14,354	12,525
Fair Value, Recurring | Money market funds
Assets:
Money market funds	1,634	1,364
Fair Value, Recurring | Time deposits
Assets:
Money market funds	1,269	240
Level 1 | Fair Value, Recurring
Assets:
Loan receivable	0	0
Derivative instruments, Assets	0	0
Total	2,452	1,604
Liabilities:
Derivative instruments, Liabilities	0	0
Mortgage and loans payable	0	0
Senior notes	13,045	11,166
Total	13,045	11,166
Level 1 | Fair Value, Recurring | Money market funds
Assets:
Money market funds	1,634	1,364
Level 1 | Fair Value, Recurring | Time deposits
Assets:
Money market funds	818	240
Level 2 | Fair Value, Recurring
Assets:
Loan receivable	0	0
Derivative instruments, Assets	303	257
Total	754	257
Liabilities:
Derivative instruments, Liabilities	124	101
Mortgage and loans payable	700	684
Senior notes	485	574
Total	1,309	1,359
Level 2 | Fair Value, Recurring | Money market funds
Assets:
Money market funds	0	0
Level 2 | Fair Value, Recurring | Time deposits
Assets:
Money market funds	451	0
Level 3 | Fair Value, Recurring
Assets:
Loan receivable	224	0
Derivative instruments, Assets	0	0
Total	224	0
Liabilities:
Derivative instruments, Liabilities	0	0
Mortgage and loans payable	0	0
Senior notes	0	0
Total	0	0
Level 3 | Fair Value, Recurring | Money market funds
Assets:
Money market funds	0	0
Level 3 | Fair Value, Recurring | Time deposits
Assets:
Money market funds	$ 0	$ 0

Leases - Significant Lease Tran

Leases - Significant Lease Transactions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) option	Sep. 30, 2023 USD ($)
Operating Lease
Operating lease right-of-use assets	$ (117)	$ (117)
Tokyo 15 ("TY15") new data center lease
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	20 years
Number of renewal options | option	2
Operating lease, renewal term (in years)	10 years
Finance Lease
Finance lease ROU assets	$ 109
Finance lease ROU liabilities	109
Operating Lease
Operating lease right-of-use assets	53
Operating Lease, ROU liabilities	$ 53

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost
Amortization of right-of-use assets	$ 44	$ 47	$ 135	$ 133
Interest on lease liabilities	28	28	83	84
Total finance lease cost	72	75	218	217
Operating lease cost	57	58	169	168
Variable lease cost	21	17	58	47
Total lease cost	$ 150	$ 150	$ 445	$ 432

Leases -Schedule of Other Infor

Leases -Schedule of Other Information Related to Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 80	$ 83
Operating cash flows from operating leases	154	151
Financing cash flows from finance leases	101	98
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	228	194
Operating leases	$ 144	$ 255
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	$ 2,053		$ 2,184
Accumulated amortization, finance lease, right-of-use asset	$ 955		$ 870
Finance lease, right-of-use asset, statement of financial position flag	Total property, plant and equipment, net		Total property, plant and equipment, net

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Operating Leases
2024 (3 months remaining)	$ 50
2025	223
2026	217
2027	196
2028	168
Thereafter	1,242
Total lease payments	2,096
Less imputed interest	(581)
Total	1,515
Finance Leases
2024 (3 months remaining)	61
2025	327
2026	260
2027	264
2028	253
Thereafter	2,319
Total lease payments	3,484
Less imputed interest	(1,089)
Total	2,395
Total
2024 (3 months remaining)	111
2025	550
2026	477
2027	460
2028	421
Thereafter	3,561
Total lease payments	5,580
Less imputed interest	(1,670)
Total	3,910
Lessee, Lease, Description [Line Items]
Purchase commitments	$ 246
Minimum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	30 years

Debt Facilities - Mortgage and

Debt Facilities - Mortgage and Loans Payable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loans payable, gross	$ 694	$ 672
Less amount representing unamortized debt issuance costs and debt discounts	(1)	(1)
Loans payable current and non current	693	671
Less current portion	(5)	(8)
Total	688	663
Term loans
Debt Instrument [Line Items]
Loans payable, gross	670	643
Mortgage payable and other loans payable
Debt Instrument [Line Items]
Loans payable, gross	$ 24	$ 29

Debt Facilities - Additional In

Debt Facilities - Additional Information (Details) € in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2022 USD ($)	Jan. 31, 2022 GBP (£)	Sep. 30, 2024 USD ($) credit	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) credit	Sep. 30, 2023 USD ($)	Sep. 04, 2024 USD ($)	Sep. 04, 2024 CHF (SFr)	Sep. 03, 2024 USD ($)	Sep. 03, 2024 EUR (€)	May 30, 2024 USD ($)	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 (¥)	Dec. 31, 2022 USD ($)	Jan. 31, 2022 GBP (£)
Debt Instrument [Line Items]
Amount outstanding under the term loan facility, net			$ 15,395,000,000		$ 15,395,000,000
Amount of debt discounts and debt issuance costs			1,000,000		1,000,000							$ 1,000,000
Interest paid, net of capitalized interest			104,000,000	$ 90,000,000	313,000,000	$ 316,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance cost, net			116,000,000		116,000,000							108,000,000
Amount outstanding under the term loan facility, net			$ 14,585,000,000		$ 14,585,000,000							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%
2.000% Japanese Yen Senior Notes Series A due 2035 | Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)			2%		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%		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%		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%		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%	2.57%
Aggregate principal debt amount issued																	$ 75,000,000	¥ 10,000,000,000
2.875% Swiss Franc Senior Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Debt issuance cost, net													$ 3,000,000
Interest rate (percent)			2.875%		2.875%								2.875%	2.875%
Aggregate principal debt amount issued													$ 337,000,000	SFr 300,000,000
5.500% Senior Notes due 2034 | Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)			5.50%		5.50%						5.50%
Aggregate principal debt amount issued											$ 750,000,000
Amount of debt discounts and debt issuance costs											$ 14,000,000
3.650% Euro Senior Notes due 2033 | Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)			3.65%		3.65%				3.65%	3.65%
Aggregate principal debt amount issued									$ 664,000,000	€ 600
Amount of debt discounts and debt issuance costs									$ 6,000,000
1.558% Swiss Franc Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Interest rate (percent)			1.558%		1.558%		1.558%	1.558%
Aggregate principal debt amount issued							$ 118,000,000	SFr 100,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Amount available to borrow			$ 3,900,000,000		$ 3,900,000,000
Debt issuance cost			4,000,000		4,000,000							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			$ 667,000,000		$ 667,000,000							$ 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			43		43
Letters of credit outstanding, amount			$ 69,000,000		$ 69,000,000

Debt Facilities - Senior Notes

Debt Facilities - Senior Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 04, 2024	Sep. 03, 2024	May 30, 2024	Dec. 31, 2023	Sep. 12, 2023	Feb. 16, 2023
Debt Instrument [Line Items]
Total	$ 15,395
Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	14,701				$ 13,168
Less amount representing unamortized debt issuance costs and debt discounts	(116)				(108)
Total	14,585				13,060
Less current portion	(2,198)				(998)
Total	12,387				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	$ 556				$ 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% Swiss Franc Senior Notes due 2028
Debt Instrument [Line Items]
Long term debt, gross	$ 355				$ 357
Effective interest rate	3.05%				3.05%
Less amount representing unamortized debt issuance costs and debt discounts						$ (3)
Interest rate (percent)	2.875%					2.875%
Senior Notes | 1.558% Swiss Franc Senior Notes due 2029
Debt Instrument [Line Items]
Long term debt, gross	$ 118				$ 0
Effective interest rate	1.79%				0%
Interest rate (percent)	1.558%	1.558%
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	$ 667				$ 662
Effective interest rate	1.18%				1.18%
Interest rate (percent)	1%
Senior Notes | 3.650% Euro Senior Notes due 2033
Debt Instrument [Line Items]
Long term debt, gross	$ 667				$ 0
Effective interest rate	3.78%				0%
Interest rate (percent)	3.65%		3.65%
Senior Notes | 5.500% Senior Notes due 2034
Debt Instrument [Line Items]
Long term debt, gross	$ 750				$ 0
Effective interest rate	5.74%				0%
Interest rate (percent)	5.50%			5.50%
Senior Notes | 2.000% Japanese Yen Senior Notes Series A due 2035
Debt Instrument [Line Items]
Long term debt, gross	$ 262				$ 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	$ 103				$ 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	$ 71				$ 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	$ 32				$ 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	$ 70				$ 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 - Schedule of M

Debt Facilities - Schedule of Maturities of Debt Instruments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024 (3 months remaining)	$ 1,002
2025	1,205
2026	1,305
2027	1,729
2028	1,409
Thereafter	8,745
Total	$ 15,395

Debt Facilities - Schedule of I

Debt Facilities - Schedule of Interest Charges Incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest expense	$ 117	$ 102	$ 331	$ 299
Interest capitalized	9	6	27	18
Interest charges incurred	$ 126	$ 108	$ 358	$ 317

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2024 USD ($)	Mar. 31, 2023
Other Commitments [Line Items]
Purchase commitments	$ 246,000,000
Severance payment percent, scenario one	100%
Severance payment percent, scenario two	200%
Severance payment percent, scenario three	200%
EMEA 2 Joint Venture | VIE Joint Ventures
Other Commitments [Line Items]
Ownership percentage	20%
EMEA 2 Joint Venture | EMEA 2 Joint Venture Credit Facility | VIE Joint Ventures
Other Commitments [Line Items]
Borrowing capacity	$ 1,400,000,000
Percentage guarantee on debt payments	0.20
Maximum guarantee under credit facility arrangement	$ 303,000,000
Maximum future payments under debt guarantees	263,000,000
AMER 1 Joint Venture
Other Commitments [Line Items]
Ownership percentage		20%
AMER 1 Joint Venture | AMER1 Joint Venture credit | VIE Joint Ventures
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	2,800,000,000
Miscellaneous Purchase Commitments
Other Commitments [Line Items]
Purchase commitments	$ 2,000,000,000

Stockholders' Equity - Rollforw

Stockholders' Equity - Rollforward (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			94,479				94,479
Beginning balance	$ 12,278,000	$ 12,299,000	$ 12,489,000	$ 12,025,000	$ 12,029,000	$ 11,506,000	$ 12,489,000	$ 11,506,000
Treasury stock beginning balance (in shares)			(151)				(151)
Net income (loss)	296,000	301,000	$ 231,000	276,000	207,000	259,000	$ 828,000	742,000
Other comprehensive income	258,000	(43,000)	(208,000)	(238,000)	(3,000)	104,000	$ 7,000	(137,000)
Issuance of common stock and release of treasury stock for employee equity awards	44,000	2,000	48,000	43,000	3,000	44,000
Issuance of common stock under ATM Program						301,000
Dividend distribution on common stock	(405,000)	(405,000)	(402,000)	(320,000)	(319,000)	(319,000)
Settlement of accrued dividends on vested equity awards	(1,000)		(1,000)
Accrued dividends on unvested equity awards			1,000
Accrued dividends on unvested equity awards	(1,000)	(12,000)		(5,000)	(5,000)	(2,000)
Stock-based compensation, net of estimated forfeitures	138,000	136,000	141,000	106,000	113,000	136,000
Contribution from non-controlling interest	$ 4,000
Ending balance (in shares)	96,488						96,488
Ending balance	$ 13,587,000	$ 12,278,000	$ 12,299,000	$ 11,887,000	$ 12,025,000	$ 12,029,000	$ 13,587,000	$ 11,887,000
Treasury stock ending balance (in shares)	(106)						(106)
ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program	$ 976,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	95,072	95,037	94,630	93,737	93,692	92,814	94,630	92,814
Beginning balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of common stock and release of treasury stock for employee equity awards (in shares)	309	35	407	300	45	420
Issuance of common stock and release of treasury stock for employee equity awards				$ 0
Issuance of common stock under ATM Program (in shares)						458
Issuance of common stock under ATM Program	$ 0
Ending balance (in shares)	96,594	95,072	95,037	94,037	93,737	93,692	96,594	94,037
Ending balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Common Stock | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program (in shares)	1,213
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ (48,000)	$ (50,000)	$ (56,000)	$ (64,000)	$ (66,000)	$ (72,000)	$ (56,000)	$ (72,000)
Treasury stock beginning balance (in shares)	(127)	(133)	(151)	(172)	(177)	(193)	(151)	(193)
Issuance of common stock and release of treasury stock for employee equity awards (in shares)	21	6	18	18	5	16
Issuance of common stock and release of treasury stock for employee equity awards	$ 8,000	$ 2,000	$ 6,000	$ 7,000	$ 2,000	$ 6,000
Ending balance	$ (40,000)	$ (48,000)	$ (50,000)	$ (57,000)	$ (64,000)	$ (66,000)	$ (40,000)	$ (57,000)
Treasury stock ending balance (in shares)	(106)	(127)	(133)	(154)	(172)	(177)	(106)	(154)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 18,915,000	$ 18,779,000	$ 18,596,000	$ 17,909,000	$ 17,795,000	$ 17,320,000	$ 18,596,000	$ 17,320,000
Issuance of common stock and release of treasury stock for employee equity awards	36,000		42,000	36,000	1,000	38,000
Issuance of common stock under ATM Program						301,000
Stock-based compensation, net of estimated forfeitures	138,000	136,000	141,000	106,000	113,000	136,000
Contribution from non-controlling interest	4,000
Ending balance	20,069,000	18,915,000	18,779,000	18,051,000	17,909,000	17,795,000	20,069,000	18,051,000
Additional Paid-in Capital | ATM Program
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under ATM Program	976,000
Accumulated Dividends
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(9,514,000)	(9,097,000)	(8,695,000)	(7,963,000)	(7,639,000)	(7,318,000)	(8,695,000)	(7,318,000)
Dividend distribution on common stock	(405,000)	(405,000)	(402,000)	(320,000)	(319,000)	(319,000)
Settlement of accrued dividends on vested equity awards	(1,000)		(1,000)
Accrued dividends on unvested equity awards			1,000
Accrued dividends on unvested equity awards	(1,000)	(12,000)		(5,000)	(5,000)	(2,000)
Ending balance	(9,921,000)	(9,514,000)	(9,097,000)	(8,288,000)	(7,963,000)	(7,639,000)	(9,921,000)	(8,288,000)
AOCI (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,541,000)	(1,498,000)	(1,290,000)	(1,288,000)	(1,285,000)	(1,389,000)	(1,290,000)	(1,389,000)
Other comprehensive income	258,000	(43,000)	(208,000)	(238,000)	(3,000)	104,000	7,000
Ending balance	(1,283,000)	(1,541,000)	(1,498,000)	(1,526,000)	(1,288,000)	(1,285,000)	(1,283,000)	(1,526,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	4,466,000	4,165,000	3,934,000	3,431,000	3,224,000	2,965,000	3,934,000	2,965,000
Net income (loss)	297,000	301,000	231,000	276,000	207,000	259,000
Ending balance	4,763,000	4,466,000	4,165,000	$ 3,707,000	$ 3,431,000	$ 3,224,000	4,763,000	$ 3,707,000
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	0				0
Net income (loss)	(1,000)
Ending balance	$ (1,000)	$ 0	$ 0				$ (1,000)

Stockholders' Equity - Rollfo_2

Stockholders' Equity - Rollforward - Additional (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Dividend distribution on common stock (in dollars per share)	$ 4.26	$ 4.26	$ 4.26	$ 3.41	$ 3.41	$ 3.41

Stockholders' Equity - Componen

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($) plan country	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) plan country	Sep. 30, 2023 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 12,278	$ 12,299	$ 12,489	$ 12,025	$ 12,029	$ 11,506	$ 12,489	$ 11,506
Net Change	258	(43)	(208)	(238)	(3)	104	7	(137)
Ending balance	$ 13,587	12,278	12,299	11,887	12,025	12,029	$ 13,587	11,887
Number of defined benefit pension plans | plan	2						2
Number of countries with a defined benefit pension plan | country	2						2
Total accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (1,541)	(1,498)	(1,290)	(1,288)	(1,285)	(1,389)	$ (1,290)	(1,389)
Net Change	258	(43)	(208)	(238)	(3)	104	7
Ending balance	(1,283)	$ (1,541)	(1,498)	$ (1,526)	$ (1,288)	$ (1,285)	(1,283)	$ (1,526)
Foreign currency translation adjustment (“CTA”) loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(1,588)				(1,588)
Net Change							(15)
Ending balance	(1,603)						(1,603)
Unrealized gain on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			15				15
Net Change							6
Ending balance	21						21
Net investment hedge CTA gain
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			284				284
Net Change							16
Ending balance	300						300
Net actuarial loss on defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ (1)				(1)
Net Change							0
Ending balance	$ (1)						$ (1)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Nov. 30, 2022	Oct. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forward sales shares physically settled (in shares)	643,000		1,023,000
Forward sale shares physically settled	$ 509		$ 735
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, approved (in shares)		800,370
Weighted-average grant date fair value (in dollars per share)		$ 875.72
Requisite service period (in years)		3 years 6 months 21 days
2020 ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, equity offering agreement, authorized					$ 1,500
2022 ATM Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, equity offering agreement, authorized				$ 1,500
Equity Forward Amendment under the 2022 ATM Program Second Sale
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forward sales shares physically settled (in shares)	569,382	569,382
Forward sale shares physically settled	$ 467	$ 467

Stockholders' Equity - Activity

Stockholders' Equity - Activity Under the 2022 ATM Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding, Beginning balance (in shares)		643,000	458,000
Forward Sale Agreements Executed (in shares)			1,208,000
Forward Sales Shares Physically Settled (in shares)	(643,000)		(1,023,000)
Outstanding, Ending balance (in shares)	0	0	643,000
Weighted Average Price per Share
Outstanding, Beginning balance (in dollars per share)		$ 776.23	$ 657.75
Forward Sale Agreements Executed (in dollars per share)			767.12
Forward Sale Shares Physically Settled (in dollars per share)	$ 790.41	790.41	718.59
Outstanding, Ending balance (in dollars per share)	$ 0	$ 0	$ 776.23
Settlement Value
Outstanding	$ 0	$ 0	$ 499	$ 302
Forward Sale Agreements Executed			926
Forward Sale Shares Physically Settled	$ 509		$ 735

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense Recognized in Company's Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 122	$ 98	$ 348	$ 301
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	15	12	43	35
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	25	23	71	66
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 82	$ 63	$ 234	$ 200

Stockholders' Equity - Redeemab

Stockholders' Equity - Redeemable Non-controlling Interest (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Apr. 03, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]
Contribution from non-controlling interest	$ 25		$ 4	$ 25
Contribution from non-controlling interest		$ 4
Redeemable non-controlling interest		$ 25	$ 25		$ 25
Indonesian Operating Entity
Redeemable Noncontrolling Interest [Line Items]
Ownership in variable interest entity (percent)	25%
Contribution from non-controlling interest	$ 25

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Assets and Liabilities of the Indonesian VIE (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,776	$ 2,096	$ 2,357
Property, plant and equipment, net	19,665	18,601
Other	1,919	1,591
Total assets	35,438	32,651
Total liabilities	21,826	20,137
Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	21	20
Property, plant and equipment, net	22	8
Other	5	2
Total assets	48	30
Total liabilities	$ 3	$ 3

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment line	Sep. 30, 2023 USD ($)
Revenue from External Customer [Line Items]
Number of primary lines of business | line			1
Number of reportable segments | segment			3
Revenues	$ 2,201	$ 2,061	$ 6,487	$ 6,078
UNITED STATES
Revenue from External Customer [Line Items]
Revenues	$ 819	772	$ 2,400	2,300
UNITED KINGDOM
Revenue from External Customer [Line Items]
Revenues		$ 219		$ 608

Segment Information - Schedule

Segment Information - Schedule of Revenue Information Disaggregated by Service Lines and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Revenues	$ 2,201	$ 2,061	$ 6,487	$ 6,078
Recurring revenues
Revenue from External Customer [Line Items]
Revenues	2,059	1,961	6,093	5,769
Colocation
Revenue from External Customer [Line Items]
Revenues	1,520	1,464	4,510	4,296
Interconnection
Revenue from External Customer [Line Items]
Revenues	384	353	1,126	1,037
Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	118	114	352	337
Other
Revenue from External Customer [Line Items]
Revenues	37	30	105	99
Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	142	100	394	309
Americas
Revenue from External Customer [Line Items]
Revenues	958	913	2,863	2,685
Americas | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	914	872	2,724	2,564
Americas | Colocation
Revenue from External Customer [Line Items]
Revenues	617	597	1,848	1,754
Americas | Interconnection
Revenue from External Customer [Line Items]
Revenues	224	207	658	610
Americas | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	66	63	198	185
Americas | Other
Revenue from External Customer [Line Items]
Revenues	7	5	20	15
Americas | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	44	41	139	121
EMEA
Revenue from External Customer [Line Items]
Revenues	743	709	2,191	2,087
EMEA | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	713	673	2,089	1,971
EMEA | Colocation
Revenue from External Customer [Line Items]
Revenues	566	538	1,658	1,571
EMEA | Interconnection
Revenue from External Customer [Line Items]
Revenues	86	79	253	229
EMEA | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	35	33	104	97
EMEA | Other
Revenue from External Customer [Line Items]
Revenues	26	23	74	74
EMEA | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	30	36	102	116
Asia-Pacific
Revenue from External Customer [Line Items]
Revenues	500	439	1,433	1,306
Asia-Pacific | Recurring revenues
Revenue from External Customer [Line Items]
Revenues	432	416	1,280	1,234
Asia-Pacific | Colocation
Revenue from External Customer [Line Items]
Revenues	337	329	1,004	971
Asia-Pacific | Interconnection
Revenue from External Customer [Line Items]
Revenues	74	67	215	198
Asia-Pacific | Managed infrastructure
Revenue from External Customer [Line Items]
Revenues	17	18	50	55
Asia-Pacific | Other
Revenue from External Customer [Line Items]
Revenues	4	2	11	10
Asia-Pacific | Non-recurring revenues
Revenue from External Customer [Line Items]
Revenues	$ 68	$ 23	$ 153	$ 72

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 1,048	$ 936	$ 3,076	$ 2,782
Depreciation, amortization and accretion expense	(494)	(462)	(1,509)	(1,382)
Stock-based compensation expense	(122)	(98)	(348)	(301)
Transaction costs	(7)	1	(12)	(7)
Gain on asset sales	0	4	18	5
Interest income	35	23	88	66
Interest expense	(117)	(102)	(331)	(299)
Other income (expense)	7	(6)	(6)	(10)
Loss on debt extinguishment	0	0	(1)	0
Income before income taxes	350	296	975	854
Americas
Segment Reporting Information [Line Items]
Total adjusted EBITDA	427	405	1,287	1,203
EMEA
Segment Reporting Information [Line Items]
Total adjusted EBITDA	372	310	1,024	932
Asia-Pacific
Segment Reporting Information [Line Items]
Total adjusted EBITDA	$ 249	$ 221	$ 765	$ 647

Segment Information -Schedule o

Segment Information -Schedule of Segment Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization:	$ 496	$ 463	$ 1,511	$ 1,382
Capital expenditures:	724	617	2,079	1,785
Americas
Segment Reporting Information [Line Items]
Depreciation and amortization:	272	252	848	750
Capital expenditures:	412	382	1,230	1,076
EMEA
Segment Reporting Information [Line Items]
Depreciation and amortization:	132	127	397	374
Capital expenditures:	204	147	541	449
Asia-Pacific
Segment Reporting Information [Line Items]
Depreciation and amortization:	92	84	266	258
Capital expenditures:	$ 108	$ 88	$ 308	$ 260

Segment Information - Schedul_3

Segment Information - Schedule of Segment Long-Lived Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	$ 19,665	$ 18,601
Total operating lease right-of-use assets	1,487	1,449
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	9,076	8,611
Total operating lease right-of-use assets	398	421
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	6,685	6,321
Total operating lease right-of-use assets	408	368
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property, plant and equipment, net	3,904	3,669
Total operating lease right-of-use assets	$ 681	$ 660

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Billions		3 Months Ended
	Oct. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Oct. 01, 2024
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 4.26	$ 4.26	$ 4.26	$ 3.41	$ 3.41	$ 3.41
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 4.26
Subsequent Event | 2024 ATM Program
Subsequent Event [Line Items]
Sale of stock, equity offering agreement, authorized								$ 2