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SEC Filings

10-Q
EQUINIX INC filed this Form 10-Q on 11/02/2018
Entire Document
 
EQUINIX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
(Unaudited)

Offsetting Derivative Assets and Liabilities
The following table presents the fair value of derivative instruments recognized in the Company's condensed consolidated balance sheets as of September 30, 2018 (in thousands):
 
Gross Amounts
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Consolidated Balance Sheet Amounts(1)
 
Gross Amounts not Offset in the Consolidated Balance Sheet(2)
 
Net
Assets:
 
 
 
 
 
 
 
 
 
Designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts designated as cash flow hedges
$
29,965

 
$

 
$
29,965

 
$
(3,549
)
 
$
26,416

Not designated as hedging instruments:

 
 
 

 

 

Embedded derivatives
5,648

 

 
5,648

 

 
5,648

Economic hedges of embedded derivatives
24

 

 
24

 
(10
)
 
14

Foreign currency forward contracts
22,503

 

 
22,503

 
(652
)
 
21,851

 
28,175

 

 
28,175

 
(662
)
 
27,513

Additional netting benefit

 

 

 
(1,245
)
 
(1,245
)
 
$
58,140

 
$

 
$
58,140

 
$
(5,456
)
 
$
52,684

Liabilities:
 
 
 
 
 
 
 
 
 
Designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts designated as cash flow hedges
$
3,549

 
$

 
$
3,549

 
$
(3,549
)
 
$

Not designated as hedging instruments:

 
 
 

 

 

Embedded derivatives
1,922

 

 
1,922

 

 
1,922

Economic hedges of embedded derivatives
300

 

 
300

 
(10
)
 
290

Foreign currency forward contracts
1,607

 

 
1,607

 
(652
)
 
955

 
3,829

 

 
3,829

 
(662
)
 
3,167

Additional netting benefit

 

 

 
(1,245
)
 
(1,245
)
 
$
7,378

 
$

 
$
7,378

 
$
(5,456
)
 
$
1,922

 
(1) 
As presented in the Company's condensed consolidated balance sheets within other current assets, other assets, other current liabilities and other liabilities.
(2) 
The Company enters into master netting agreements with its counterparties for transactions other than embedded derivatives to mitigate credit risk exposure to any single counterparty. Master netting agreements allow for individual derivative contracts with a single counterparty to offset in the event of default. For presentation on the condensed consolidated balance sheets, the Company does not offset fair value amounts recognized for derivative instruments under master netting arrangements.

23