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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-40205
  
logoa01.jpg
 EQUINIX, INC.
(Exact name of registrant as specified in its charter)
  
Delaware 77-0487526
(State of incorporation) (I.R.S. Employer Identification No.)
One Lagoon Drive, Redwood City, California 94065
(Address of principal executive offices, including ZIP code)
(650) 598-6000
(Registrant's telephone number, including area code)
  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, $0.001EQIXThe Nasdaq Stock Market LLC
0.250% Senior Notes due 2027The Nasdaq Stock Market LLC
1.000% Senior Notes due 2033The Nasdaq Stock Market LLC
3.650% Senior Notes due 2033The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  ☒   No  ☐


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒
The number of shares outstanding of the registrant's Common Stock as of October 29, 2024 was 96,488,187.

EQUINIX, INC.
INDEX
Page
No.
Item 1.
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3
Summary of Risk Factors
Our business is subject to numerous risks and uncertainties that make an investment in our securities speculative or risky, any one of which could materially adversely affect our results of operations, financial condition or business. These risks include, but are not limited to, those listed below. This list is not complete, and should be read together with the section titled “Risk Factors” in this Quarterly Report on Form 10-Q, as well as the other information in this Quarterly Report on Form 10-Q and the other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”).
Risks Related to the Macro Environment
•Inflation in the global economy, increased interest rates, political dissension and adverse global economic conditions, like the ones we are currently experiencing, could negatively affect our business and financial condition.
•Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.
•The ongoing military conflicts between Russia and Ukraine and in the Middle East could negatively affect our business and financial condition.
Risks Related to our Operations
•We experienced a cybersecurity incident in the past and may be vulnerable to future security breaches, which could disrupt our operations and have a material adverse effect on our business, results of operation and financial condition.
•Any failure of our physical infrastructure or negative impact on our ability to meet our obligations to our customers, or damage to customer infrastructure within our IBX data centers, could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial condition.
•We are currently making significant investments in our back-office information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.
•The level of insurance coverage that we purchase may prove to be inadequate.
•If we are unable to successfully implement our current leadership transition, or if we are unable to recruit or retain key qualified personnel, our business could be harmed.
•The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations.
•We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected.
•The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers.
•The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results.
•We have been, and in the future may be, subject to securities class action and other litigation, which may harm our business and results of operations.
Risks Related to our Offerings and Customers
•Our offerings have a long sales cycle that may harm our revenue and results of operations.
•We may not be able to compete successfully against current and future competitors.
•If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer.
•We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties.
•Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and results of operations.
Risks Related to our Financial Results
•The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline.
4
•Our results of operations may fluctuate.
•We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings.
•We have incurred substantial losses in the past and may incur additional losses in the future.
Risks Related to Our Expansion Plans
•Our construction of new IBX data centers, IBX data center expansions or IBX data center redevelopment could involve significant risks to our business.
•Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction.
•The anticipated benefits of our joint ventures may not be fully realized, or take longer to realize than expected.
•Joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
•If we cannot effectively manage our international operations and successfully implement our international expansion plans, our business and results of operations would be adversely impacted.
•We continue to invest in our expansion efforts, but may not have sufficient customer demand in the future to realize expected returns on these investments.
Risks Related to Our Capital Needs and Capital Strategy
•Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital.
•Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.
•If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited.
•Our derivative transactions expose us to counterparty credit risk.
Risks Related to Environmental Laws and Climate Change Impact
•Environmental regulations may impose upon us new or unexpected costs.
•Our business may be adversely affected by physical risks related to climate change and our response to it.
•We may fail to achieve our Environmental, Social and Governance ("ESG") and sustainability goals, or may encounter objections to them, either of which may adversely affect public perception of our business and affect our relationship with our customers, our stockholders and/or other stakeholders.
Risks Related to Certain Regulations and Laws, Including Tax Laws
•Geopolitical events contribute to an already complex and evolving regulatory landscape. If we cannot comply with the evolving laws and regulations in the countries in which we operate, we may be subject to litigation and/or sanctions, adverse revenue impacts, increased costs and our business and results of operations could be negatively impacted.
•Government regulation related to our business or failure to comply with laws and regulations may adversely affect our business.
•Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes.
•Our business could be adversely affected if we are unable to maintain our complex global legal entity structure.
Risks Related to Our REIT Status in the U.S.
•We have a number of risks related to our qualification as a real estate investment trust for federal income tax purposes ("REIT"), including the risk that we may not be able to maintain our qualification for taxation as a REIT which could expose us to substantial corporate income tax and have a materially adverse effect on our business, financial condition, and results of operations.
5
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
EQUINIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
September 30,
2024		December 31,
2023
 (Unaudited)
Assets
Current assets:
Cash and cash equivalents$2,776 $2,096 
Short-term investments451 — 
       Accounts receivable, net of allowance of $32 and $17
1,123 1,004 
Other current assets705 468 
Total current assets5,055 3,568 
Property, plant and equipment, net19,665 18,601 
Operating lease right-of-use assets1,487 1,449 
Goodwill5,768 5,737 
Intangible assets, net1,544 1,705 
Other assets1,919 1,591 
Total assets$35,438 $32,651 
Liabilities, Redeemable Non-Controlling Interest and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$1,125 $1,187 
Accrued property, plant and equipment394 398 
Current portion of operating lease liabilities149 131 
Current portion of finance lease liabilities202 138 
Current portion of mortgage and loans payable5 8 
Current portion of senior notes2,198 998 
Other current liabilities297 302 
Total current liabilities4,370 3,162 
Operating lease liabilities, less current portion1,366 1,331 
Finance lease liabilities, less current portion2,193 2,123 
Mortgage and loans payable, less current portion688 663 
Senior notes, less current portion12,387 12,062 
Other liabilities822 796 
Total liabilities21,826 20,137 
Commitments and contingencies (Note 10)
Redeemable non-controlling interest25 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
— — 
Additional paid-in capital20,069 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 earnings4,763 3,934 
Total common stockholders' equity13,588 12,489 
Non-controlling interests(1)— 
Total stockholders’ equity13,587 12,489 
Total liabilities, redeemable non-controlling interest and stockholders’ equity$35,438 $32,651 
See accompanying notes to condensed consolidated financial statements.
6
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share data)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (Unaudited)
Revenues$2,201 $2,061 $6,487 $6,078 
Costs and operating expenses:
Cost of revenues1,098 1,069 3,271 3,136 
Sales and marketing237 212 682 638 
General and administrative434 404 1,315 1,205 
Transaction costs7 (1)12 7 
Gain on asset sales — (4)(18)(5)
Total costs and operating expenses1,776 1,680 5,262 4,981 
Income from operations425 381 1,225 1,097 
Interest income35 23 88 66 
Interest expense(117)(102)(331)(299)
Other income (expense)7 (6)(6)(10)
Loss on debt extinguishment — — (1)— 
Income before income taxes350 296 975 854 
Income tax expense(54)(20)(147)(112)
Net income296 276 828 742 
Net loss attributable to non-controlling interests1 — 1 — 
Net income attributable to common stockholders$297 $276 $829 $742 
Earnings per share (“EPS”) attributable to common stockholders:
Basic EPS$3.11 $2.94 $8.73 $7.94 
Weighted-average shares for basic EPS (in thousands)95,394 93,683 94,992 93,396 
Diluted EPS$3.10 $2.93 $8.69 $7.91 
Weighted-average shares for diluted EPS (in thousands)95,731 94,168 95,350 93,788 
See accompanying notes to condensed consolidated financial statements.
7
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (Unaudited)
Net income$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 tax258 (238)7 (137)
Comprehensive income, net of tax554 38 835 605 
Net loss attributable to non-controlling interests1 — 1 — 
Comprehensive income attributable to common stockholders$555 $38 $836 $605 
See accompanying notes to condensed consolidated financial statements.
8
EQUINIX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Nine Months Ended
September 30,
20242023
 (Unaudited)
Cash flows from operating activities:
Net income$828 $742 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation1,356 1,226 
Stock-based compensation348 301 
Amortization of intangible assets155 156 
Amortization of debt issuance costs and debt discounts15 15 
Provision for credit loss allowance28 15 
Gain on asset sales (18)(5)
Loss on debt extinguishment1 — 
Other items24 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 assets117 117 
Operating lease liabilities(102)(100)
Accounts payable and accrued expenses(98)85 
Other liabilities(15)(27)
Net cash provided by operating activities2,268 2,218 
Cash flows from investing activities:
Purchases of investments(65)(82)
Purchase of short-term investments(450)— 
Real estate acquisitions(287)(153)
Purchases of other property, plant and equipment(2,079)(1,785)
Proceeds from sale of assets, net of cash transferred247 77 
Investment in loan receivable(196)— 
Loan receivable upfront fee4 — 
Net cash used in investing activities(2,826)(1,943)
Cash flows from financing activities:
Proceeds from employee equity programs92 87 
Payment of dividends(1,230)(972)
Proceeds from public offering of common stock, net of issuance costs976 301 
Proceeds from senior notes, net of debt discounts1,524 902 
Repayment of finance lease liabilities(101)(98)
Contribution from non-controlling interest4 25 
Repayment of mortgage and loans payable(6)(5)
Debt issuance costs(14)(7)
Net cash provided by financing activities1,245 233 
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash(7)(58)
Net increase in cash, cash equivalents and restricted cash680 450 
Cash, cash equivalents and restricted cash at beginning of period2,096 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— 1 
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows$2,776 $2,358 
See accompanying notes to condensed consolidated financial statements.
9

EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    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.

10
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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.
11
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
2.    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, currentContract assets, non-currentDeferred revenue, currentDeferred 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 $11.1 billion of total revenues, including deferred installation revenues, are expected to be recognized in future periods. Most of our revenue contracts have an initial term varying from one to five years, and thereafter, automatically renew in one-year increments. Included in the remaining performance obligations are contracts that are either under the initial term or under one-year renewal periods. We expect to recognize approximately 70% of our remaining performance obligations as revenues over the next two years, with more revenues expected to be recognized in the first year due to the impact of contract renewals. The remainder of the balance is generally expected to be recognized over the next three to five years. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.
The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power, service fees from xScaleTM data centers that are based on future events or actual costs incurred in the future, or any contracts that could be terminated without any significant penalties including the majority of interconnection revenues. The remaining performance obligations above include revenues to be recognized in the future related to arrangements where we are considered the lessor.
12
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
3.    Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the periods presented ($ in millions except per share data; share data in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net income$296 $276 $828 $742 
Net loss attributable to non-controlling interests1 — 1 — 
Net income attributable to common stockholders$297 $276 $829 $742 
Weighted-average shares used to calculate basic EPS95,394 93,683 94,992 93,396 
Effect of dilutive securities:
Employee equity awards337 485 358 392 
Weighted-average shares used to calculate diluted EPS95,731 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).
4.    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.
13
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
5.    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):
InvesteeOwnership PercentageSeptember 30, 2024December 31, 2023
EMEA 1 Joint Venture20%$148 $150 
VIE Joint Ventures (1)
20%387 308 
OtherVarious11 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
14
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 Receivable78 
Other Receivables40 
Contract Assets103 
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 additional year subject to an extension fee, and may be prepaid subject to a prepayment penalty if prepaid in the first 18 months. The AMER 2 Loan is secured by the assets of the AMER 2 Joint Venture, including the SV12 data center site. The equity partners of the AMER 2 Joint Venture have provided limited guarantees in connection with the AMER 2 Loan, which require payments to the lender proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments. Additionally, the equity partners may be liable for repayment of up to the entire debt balance upon the occurrence of certain adverse acts such as a non-permitted transfer of the SV12 data center site. The AMER 2 Loan was negotiated at arm's length. We have assessed the credit risk associated with the AMER 2 Loan to be low and the allowance for credit loss as of September 30, 2024 is insignificant. The maximum amount of credit loss we are exposed to is the outstanding principal, plus accrued interest and unused commitment fees. As of September 30, 2024, the total amount outstanding under the AMER 2 Loan, net of the unamortized upfront fee, was $193 million. Additional amounts may be drawn down by the borrower periodically as needed for the continuation of development and other working capital needs.
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.
15
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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
September 30,		Nine Months Ended
September 30,
Related PartyNature of Transaction2024202320242023
EMEA 1 Joint VentureIncome$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 VentureVIE Joint Ventures
Balance SheetSeptember 30, 2024December 31, 2023September 30, 2024December 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 assets2 2 3 2 
Other assets (3)
— — 225 21 
Other current liabilities5 9 10 6 
Finance lease liabilities175 111 88 75 
Operating lease liabilities2 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.
6.    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
16
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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.

17
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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.

18
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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, 2024December 31, 2023
Fair ValueFair 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 contracts1,397 1 31 1,154 2 14 
Cross-currency interest rate swaps1,030 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 $101 
(1)Excludes embedded derivatives.
(2)As presented in our condensed consolidated balance sheets within other current assets and other assets.
(3)As presented in our condensed consolidated balance sheets within other current liabilities and other liabilities.
Impact on Accumulated Other Comprehensive Income
The pre-tax gains (losses) from hedging instruments recognized in accumulated other comprehensive income for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net investment hedges:
Foreign currency debt$(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 
19
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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
September 30,		Nine Months Ended
September 30,
Location of gain (loss)2024202320242023
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 $(6)
Foreign currency forward contractsCosts and operating expenses(2)8 (4)12 
Cross-currency interest rate swaps (excluded component)
Interest expense
3 — 4 — 
Cross-currency interest rate swaps (included component)Other income (expense)(10)(13)(3)3 
Total$(6)$(17)$5 $9 
Non designated hedges:
Foreign currency forward contracts
Other income (expense)$(70)$78 $(4)$82 
Cross-currency interest rate swapsOther income (expense)(18)2 (8)2 
Total$(88)$80 $(12)$84 


20
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 AmountsGross Amounts Offset in Condensed Consolidated Balance SheetNet AmountsGross Amounts not Offset in Condensed Consolidated Balance SheetNet
September 30, 2024
Derivative assets$333 $— $333 $(95)$238 
Derivative liabilities145 — 145 (95)50 
December 31, 2023
Derivative assets$282 $— $282 $(56)$226 
Derivative liabilities112 — 112 (56)56 
7.    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.
21
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
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 ValueFair Value
Measurement Using		Fair ValueFair Value
Measurement Using
 Level 1Level 2Level 3Level 1Level 2Level 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.
22
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
8.    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)
LeaseQuarterTransactionLease ClassificationROU assetsROU liabilities
Tokyo 15 ("TY15") new data center leaseQ3
New lease with a 20-year term
Two 10-year renewal options
Finance Lease$109 $109 
Operating Lease53 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
September 30,		Nine Months Ended
September 30,
2024202320242023
Finance lease cost
Amortization of right-of-use assets (1)
$44 $47 $135 $133 
Interest on lease liabilities28 28 83 84 
Total finance lease cost72 75 218 217 
Operating lease cost57 58 169 168 
Variable lease cost21 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.
23
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(Unaudited)
Other Information
Other information related to leases is as follows (in millions, except years and percent):
Nine Months Ended September 30,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$80 $83 
Operating cash flows from operating leases154 151 
Financing cash flows from finance leases101 98 
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases$228 $194 
Operating leases144 255 
September 30, 2024December 31, 2023
Weighted-average remaining lease term - finance leases (2)
14 years14 years
Weighted-average remaining lease term - operating leases (2)
12 years12 years
Weighted-average discount rate - finance leases6 %6 %
Weighted-average discount rate - operating leases5 %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 on the condensed consolidated balance sheets.
Maturities of Lease Liabilities
Maturities of lease liabilities as of September 30, 2024 are as follows (in millions):
Operating LeasesFinance LeasesTotal
2024 (3 months remaining)$50 $61 $111 
2025223 327 550 
2026217 260 477 
2027196 264 460 
2028168