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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)

The following table presents the fair value of derivative instruments recognized in the Company's condensed consolidated balance sheets as of December 31, 2017 (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
$
2,379

 
$

 
$
2,379

 
$
(2,379
)
 
$

Not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Embedded derivatives
5,076

 

 
5,076

 

 
5,076

Economic hedges of embedded derivatives
325

 

 
325

 

 
325

Foreign currency forward contracts
505

 

 
505

 
(340
)
 
165

 
5,906

 

 
5,906

 
(340
)
 
5,566

Additional netting benefit

 

 

 
(490
)
 
(490
)
 
$
8,285

 
$

 
$
8,285

 
$
(3,209
)
 
$
5,076

Liabilities:
 
 
 
 
 
 
 
 
 
Designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Foreign currency forward contracts designated as cash flow hedges
$
29,777

 
$

 
$
29,777

 
$
(2,379
)
 
$
27,398

Not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
Embedded derivatives
3,503

 

 
3,503

 

 
3,503

Economic hedges of embedded derivatives
20

 

 
20

 

 
20

Foreign currency forward contracts
7,547

 

 
7,547

 
(340
)
 
7,207

 
11,070

 

 
11,070

 
(340
)
 
10,730

Additional netting benefit

 

 

 
(490
)
 
(490
)
 
$
40,847

 
$

 
$
40,847

 
$
(3,209
)
 
$
37,638

 
(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.

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