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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Total loss on foreign currency transactions | $ | 17,193 | $ | 20,199 | $ | 4,651 | $ | 16,035 |
North American Records and Information Management Business | North American Data Management Business | Western European Business | Other International Business | Corporate and Other Business | Total Consolidated | ||||||||||||||||||
Gross Balance as of December 31, 2016 | $ | 2,485,806 | $ | 559,443 | $ | 405,571 | $ | 743,126 | $ | 25,922 | $ | 4,219,868 | |||||||||||
Deductible goodwill acquired during the year | 409 | — | — | 925 | 717 | 2,051 | |||||||||||||||||
Non-deductible goodwill acquired during the year | — | — | — | 13,777 | — | 13,777 | |||||||||||||||||
Goodwill allocated to Russia and Ukraine Divestment (see Note 10) | — | — | — | (3,515 | ) | — | (3,515 | ) | |||||||||||||||
Fair value and other adjustments(1) | (24,801 | ) | 545 | 9,749 | 20,194 | — | 5,687 | ||||||||||||||||
Currency effects | 6,374 | 1,900 | 22,513 | 35,887 | — | 66,674 | |||||||||||||||||
Gross Balance as of June 30, 2017 | $ | 2,467,788 | $ | 561,888 | $ | 437,833 | $ | 810,394 | $ | 26,639 | $ | 4,304,542 | |||||||||||
Accumulated Amortization Balance as of December 31, 2016 | $ | 204,895 | $ | 53,753 | $ | 56,150 | $ | 49 | $ | — | $ | 314,847 | |||||||||||
Currency effects | 243 | 61 | 613 | 16 | — | 933 | |||||||||||||||||
Accumulated Amortization Balance as of June 30, 2017 | $ | 205,138 | $ | 53,814 | $ | 56,763 | $ | 65 | $ | — | $ | 315,780 | |||||||||||
Net Balance as of December 31, 2016 | $ | 2,280,911 | $ | 505,690 | $ | 349,421 | $ | 743,077 | $ | 25,922 | $ | 3,905,021 | |||||||||||
Net Balance as of June 30, 2017 | $ | 2,262,650 | $ | 508,074 | $ | 381,070 | $ | 810,329 | $ | 26,639 | $ | 3,988,762 | |||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2016 | $ | 85,909 | $ | — | $ | 46,500 | $ | — | $ | — | $ | 132,409 | |||||||||||
Accumulated Goodwill Impairment Balance as of June 30, 2017 | $ | 85,909 | $ | — | $ | 46,500 | $ | — | $ | — | $ | 132,409 |
(1) | Total fair value and other adjustments include $5,687 in net adjustments primarily related to property, plant and equipment, customer relationship intangible assets and deferred income taxes (which represent adjustments within the applicable measurement period to provisional amounts recognized in purchase accounting). |
December 31, 2016 | June 30, 2017 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationship intangible assets and Customer Inducements | $ | 1,604,020 | $ | (351,497 | ) | $ | 1,252,523 | $ | 1,702,665 | $ | (405,650 | ) | $ | 1,297,015 | |||||||||
Other finite-lived intangible assets (included in other assets, net) | 24,788 | (7,989 | ) | 16,799 | 20,885 | (9,008 | ) | 11,877 | |||||||||||||||
Total | $ | 1,628,808 | $ | (359,486 | ) | $ | 1,269,322 | $ | 1,723,550 | $ | (414,658 | ) | $ | 1,308,892 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Amortization expense associated with finite-lived intangible assets | $ | 21,492 | $ | 25,784 | $ | 33,306 | $ | 50,899 | |||||||
Revenue reduction associated with amortization of Permanent Withdrawal Fees | 3,157 | 2,748 | 6,100 | 5,906 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 25 | $ | 27 | $ | 52 | $ | 55 | |||||||
Selling, general and administrative expenses | 9,003 | 8,516 | 15,861 | 15,037 | |||||||||||
Total stock-based compensation | $ | 9,028 | $ | 8,543 | $ | 15,913 | $ | 15,092 |
June 30, 2017 | |||||
Stock Options Outstanding | % of Stock Options Outstanding | ||||
Three-year vesting period (10 year contractual life) | 3,543,414 | 85.7 | % | ||
Five-year vesting period (10 year contractual life) | 515,916 | 12.5 | % | ||
Ten-year vesting period (12 year contractual life) | 73,738 | 1.8 | % | ||
4,133,068 | 100.0 | % |
Six Months Ended June 30, | ||||||
Weighted Average Assumptions | 2016 | 2017 | ||||
Expected volatility | 27.2 | % | 25.8 | % | ||
Risk-free interest rate | 1.32 | % | 1.96 | % | ||
Expected dividend yield | 7 | % | 6 | % | ||
Expected life | 5.6 years | 5.0 years |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Average Intrinsic Value | |||||||||
Outstanding at December 31, 2016 | 3,451,698 | $ | 31.79 | |||||||||
Granted | 1,007,224 | 36.89 | ||||||||||
Exercised | (300,271 | ) | 22.77 | |||||||||
Forfeited | (23,802 | ) | 33.89 | |||||||||
Expired | (1,781 | ) | 38.83 | |||||||||
Outstanding at June 30, 2017 | 4,133,068 | $ | 33.68 | 7.47 | $ | 13,556 | ||||||
Options exercisable at June 30, 2017 | 1,970,057 | $ | 30.68 | 5.78 | $ | 12,024 | ||||||
Options expected to vest | 2,024,082 | $ | 36.41 | 8.99 | $ | 1,448 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 9,926 | $ | 1,935 | $ | 11,359 | $ | 3,847 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cash dividends accrued on RSUs | $ | 616 | $ | 662 | $ | 1,247 | $ | 1,345 | |||||||
Cash dividends paid on RSUs | 196 | 84 | 1,831 | 1,939 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Fair value of RSUs vested | $ | 2,807 | $ | 2,047 | $ | 17,785 | $ | 16,073 |
RSUs | Weighted- Average Grant-Date Fair Value | |||||
Non-vested at December 31, 2016 | 1,163,393 | $ | 33.21 | |||
Granted | 584,089 | 36.68 | ||||
Vested | (497,339 | ) | 32.32 | |||
Forfeited | (50,356 | ) | 34.68 | |||
Non-vested at June 30, 2017 | 1,199,787 | $ | 35.21 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cash dividends accrued on PUs | $ | 263 | $ | 321 | $ | 525 | $ | 645 | |||||||
Cash dividends paid on PUs | — | — | 645 | 205 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Fair value of earned PUs that vested | $ | 1,174 | $ | — | $ | 5,255 | $ | 905 |
Original PU Awards | PU Adjustment(1) | Total PU Awards | Weighted- Average Grant-Date Fair Value | |||||||||
Non-vested at December 31, 2016 | 559,340 | (121,038 | ) | 438,302 | $ | 33.67 | ||||||
Granted | 229,692 | — | 229,692 | 41.93 | ||||||||
Vested | (32,776 | ) | — | (32,776 | ) | 27.60 | ||||||
Forfeited/Performance or Market Conditions Not Achieved | (9,106 | ) | (129,029 | ) | (138,135 | ) | 29.03 | |||||
Non-vested at June 30, 2017 | 747,150 | (250,067 | ) | 497,083 | $ | 39.17 |
(1) | Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs or a change in estimated awards based on the forecasted performance against the predefined targets. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
(Loss) income from continuing operations | $ | (14,720 | ) | $ | 83,148 | $ | 48,321 | $ | 141,992 | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 835 | 2,492 | 1,102 | 2,874 | |||||||||||
(Loss) income from continuing operations (utilized in numerator of Earnings Per Share calculation) | $ | (15,555 | ) | $ | 80,656 | $ | 47,219 | $ | 139,118 | ||||||
Income (loss) from discontinued operations, net of tax | $ | 1,587 | $ | (2,026 | ) | $ | 1,587 | $ | (2,363 | ) | |||||
Net (loss) income attributable to Iron Mountain Incorporated | $ | (13,968 | ) | $ | 78,630 | $ | 48,806 | $ | 136,755 | ||||||
Weighted-average shares—basic | 246,387,000 | 264,217,000 | 228,957,000 | 264,036,000 | |||||||||||
Effect of dilutive potential stock options | — | 395,044 | 622,293 | 428,403 | |||||||||||
Effect of dilutive potential RSUs and PUs | — | 318,375 | 450,100 | 405,640 | |||||||||||
Weighted-average shares—diluted | 246,387,000 | 264,930,419 | 230,029,393 | 264,870,043 | |||||||||||
(Losses) earnings per share—basic: | |||||||||||||||
(Loss) income from continuing operations | $ | (0.06 | ) | $ | 0.31 | $ | 0.21 | $ | 0.53 | ||||||
Income (loss) from discontinued operations, net of tax | 0.01 | (0.01 | ) | 0.01 | (0.01 | ) | |||||||||
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.52 | ||||||
(Losses) earnings per share—diluted: | |||||||||||||||
(Loss) income from continuing operations | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.53 | ||||||
Income (loss) from discontinued operations, net of tax | 0.01 | (0.01 | ) | 0.01 | (0.01 | ) | |||||||||
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.52 | ||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 1,594,475 | 2,701,129 | 2,208,135 | 2,597,692 |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||||||
Description | Total Carrying Value at December 31, 2016 | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||
Time Deposits(1) | $ | 22,240 | $ | — | $ | 22,240 | $ | — | ||||||||||||
Trading Securities | 10,659 | 10,181 | (2) | 478 | (1) | — |
Fair Value Measurements at June 30, 2017 Using | ||||||||||||||||||||
Description | Total Carrying Value at June 30, 2017 | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||
Time Deposits(1) | $ | 43,792 | $ | — | $ | 43,792 | $ | — | ||||||||||||
Trading Securities | 11,031 | 10,766 | (2) | 265 | (1) | — | ||||||||||||||
Derivative Assets(3) | 2,674 | — | 2,674 | — |
(1) | Time deposits and certain trading securities (included in Prepaid expenses and other in our Condensed Consolidated Balance Sheets) are measured based on quoted prices for similar assets and/or subsequent transactions. |
(2) | Certain trading securities are measured at fair value using quoted market prices. |
(3) | Derivative assets relate to short-term (six months or less) foreign currency contracts that we have entered into to hedge certain of our foreign exchange intercompany exposures, as more fully disclosed at Note 3. We calculate the value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets. |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of March 31, 2016 | $ | (152,160 | ) | $ | — | $ | (152,160 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 2,871 | — | 2,871 | ||||||||
Total other comprehensive income (loss) | 2,871 | — | 2,871 | ||||||||
Balance as of June 30, 2016 | $ | (149,289 | ) | $ | — | $ | (149,289 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of March 31, 2017 | $ | (161,239 | ) | $ | — | $ | (161,239 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments(1) | 7,649 | — | 7,649 | ||||||||
Total other comprehensive income (loss) | 7,649 | — | 7,649 | ||||||||
Balance as of June 30, 2017 | $ | (153,590 | ) | $ | — | $ | (153,590 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of December 31, 2015 | $ | (175,651 | ) | $ | 734 | $ | (174,917 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 26,362 | — | 26,362 | ||||||||
Market value adjustments for securities | — | (734 | ) | (734 | ) | ||||||
Total other comprehensive income (loss) | 26,362 | (734 | ) | 25,628 | |||||||
Balance as of June 30, 2016 | $ | (149,289 | ) | $ | — | $ | (149,289 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of December 31, 2016 | $ | (212,573 | ) | $ | — | $ | (212,573 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments(1) | 58,983 | — | 58,983 | ||||||||
Total other comprehensive income (loss) | 58,983 | — | 58,983 | ||||||||
Balance as of June 30, 2017 | $ | (153,590 | ) | $ | — | $ | (153,590 | ) |
(1) | During the three and six months ended June 30, 2017, approximately $29,100 of cumulative translation adjustment associated with our businesses in Russia and Ukraine was reclassified from accumulated other comprehensive items, net and was included in the gain on sale associated with the Russia and Ukraine Divestment (see Note 10). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Foreign currency transaction losses (gains), net | $ | 17,193 | $ | 20,199 | $ | 4,651 | $ | 16,035 | |||||||
Debt extinguishment expense | 9,283 | — | 9,283 | — | |||||||||||
Other, net | (835 | ) | (39,565 | ) | (230 | ) | (41,765 | ) | |||||||
$ | 25,641 | $ | (19,366 | ) | $ | 13,704 | $ | (25,730 | ) |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Foreign exchange gains (losses) | $ | 754 | $ | (7,076 | ) | $ | (588 | ) | $ | (8,148 | ) | |||||
Less: Tax expense (benefit) on foreign exchange gains (losses) | — | — | — | — | ||||||||||||
Foreign exchange gains (losses), net of tax | $ | 754 | $ | (7,076 | ) | $ | (588 | ) | $ | (8,148 | ) |
|
i. | United States |
• | The Initial United States Divestments |
• | The Seattle/Atlanta Divestments |
ii. | Australia |
• | The Australia Divestment Business |
iii. | Canada |
• | The Recall Canadian Divestments |
• | The Iron Mountain Canadian Divestments |
iv. | United Kingdom |
• | The UK Divestments |
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Total Revenues | $ | 948,962 | $ | 1,886,914 | |||
Income from Continuing Operations | $ | 20,776 | $ | 78,833 | |||
Per Share Income from Continuing Operations - Basic | $ | 0.08 | $ | 0.30 | |||
Per Share Income from Continuing Operations - Diluted | $ | 0.08 | $ | 0.30 |
Cash Paid (gross of cash acquired)(1) | $ | 39,740 | ||
Fair Value of Noncontrolling Interests | 1,339 | |||
Total Consideration | 41,079 | |||
Fair Value of Identifiable Assets Acquired: | ||||
Cash | 1,654 | |||
Accounts Receivable and Prepaid Expenses | 2,664 | |||
Other Assets | 1,101 | |||
Property, Plant and Equipment(2) | 12,110 | |||
Customer Relationship Intangible Assets(3) | 20,291 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (9,831 | ) | ||
Deferred Income Taxes | (2,738 | ) | ||
Total Fair Value of Identifiable Net Assets Acquired | 25,251 | |||
Goodwill Initially Recorded(4) | $ | 15,828 |
(1) | Included in cash paid for acquisitions in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2017 is net cash acquired of $1,654 and contingent and other payments, net of $137 related to acquisitions made in previous years. |
(2) | Consists primarily of building, building improvements, racking structures and warehouse equipment. These assets are depreciated using the straight-line method with the useful lives as noted in Note 2.f. to Notes to Consolidated Financial Statements included in our Annual Report. |
(3) | The weighted average lives of customer relationship intangible assets associated with acquisitions in 2017 was 16 years. |
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December 31, 2016 | June 30, 2017 | |||||||||||||||||||||||||||||||||
Debt (inclusive of discount) | Unamortized Deferred Financing Costs | Carrying Amount | Fair Value | Debt (inclusive of discount) | Unamortized Deferred Financing Costs | Carrying Amount | Fair Value | |||||||||||||||||||||||||||
Revolving Credit Facility | $ | 953,548 | $ | (7,530 | ) | $ | 946,018 | $ | 953,548 | $ | 713,445 | $ | (6,072 | ) | $ | 707,373 | $ | 713,445 | ||||||||||||||||
Term Loan | 234,375 | — | 234,375 | 234,375 | 225,000 | — | 225,000 | 225,000 | ||||||||||||||||||||||||||
Australian Dollar Term Loan (the "AUD Term Loan") | 177,198 | (3,774 | ) | 173,424 | 178,923 | 186,871 | (3,680 | ) | 183,191 | 188,552 | ||||||||||||||||||||||||
6% Senior Notes due 2020 (the "6% Notes due 2020")(1)(2) | 1,000,000 | (12,730 | ) | 987,270 | 1,052,500 | 1,000,000 | (11,032 | ) | 988,968 | 1,037,500 | ||||||||||||||||||||||||
43/8% Senior Notes due 2021 (the "43/8% Notes")(1)(2) | 500,000 | (7,593 | ) | 492,407 | 511,250 | 500,000 | (6,734 | ) | 493,266 | 518,150 | ||||||||||||||||||||||||
61/8% CAD Senior Notes due 2021 (the "CAD Notes due 2021")(3) | 148,792 | (1,635 | ) | 147,157 | 155,860 | 154,052 | (1,511 | ) | 152,541 | 159,251 | ||||||||||||||||||||||||
61/8% GBP Senior Notes due 2022 (the "GBP Notes")(2) | 493,648 | (6,214 | ) | 487,434 | 527,562 | 520,108 | (5,974 | ) | 514,134 | 548,090 | ||||||||||||||||||||||||
6% Senior Notes due 2023 (the "6% Notes due 2023")(1) | 600,000 | (7,322 | ) | 592,678 | 637,500 | 600,000 | (6,773 | ) | 593,227 | 636,000 | ||||||||||||||||||||||||
53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(2)(3) | 185,990 | (3,498 | ) | 182,492 | 188,780 | 192,565 | (3,296 | ) | 189,269 | 202,675 | ||||||||||||||||||||||||
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(1) | 1,000,000 | (10,529 | ) | 989,471 | 1,027,500 | 1,000,000 | (9,842 | ) | 990,158 | 1,023,700 | ||||||||||||||||||||||||
3% Euro Senior Notes due 2025 (the "Euro Notes")(1)(2)(4) | — | — | — | — | 342,699 | (4,625 | ) | 338,074 | 345,338 | |||||||||||||||||||||||||
53/8% Senior Notes due 2026 (the "53/8% Notes")(2) | 250,000 | (4,044 | ) | 245,956 | 242,500 | 250,000 | (3,830 | ) | 246,170 | 263,150 | ||||||||||||||||||||||||
Real Estate Mortgages, Capital Leases and Other | 478,565 | (1,277 | ) | 477,288 | 478,565 | 533,433 | (973 | ) | 532,460 | 533,433 | ||||||||||||||||||||||||
Accounts Receivable Securitization Program(5) | 247,000 | (384 | ) | 246,616 | 247,000 | 250,000 | (231 | ) | 249,769 | 250,000 | ||||||||||||||||||||||||
Mortgage Securitization Program | 50,000 | (1,405 | ) | 48,595 | 50,000 | 50,000 | (1,346 | ) | 48,654 | 50,000 | ||||||||||||||||||||||||
Total Long-term Debt | 6,319,116 | (67,935 | ) | 6,251,181 | 6,518,173 | — | (65,919 | ) | 6,452,254 | |||||||||||||||||||||||||
Less Current Portion | (172,975 | ) | — | (172,975 | ) | (423,500 | ) | 231 | (423,269 | ) | ||||||||||||||||||||||||
Long-term Debt, Net of Current Portion | $ | 6,146,141 | $ | (67,935 | ) | $ | 6,078,206 | $ | 6,094,673 | $ | (65,688 | ) | $ | 6,028,985 |
(1) | Collectively, the "Parent Notes". |
(2) | Collectively, the "Unregistered Notes". |
(3) | Collectively, the "CAD Notes". |
(4) | The fair value (Level 1 of fair value hierarchy described in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report) of the Euro Notes is based upon quoted market prices for the Euro Notes on June 30, 2017. |
(5) | Because the Accounts Receivable Securitization Program terminates on March 6, 2018, at which point all obligations under the program become due, this debt is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheet as of June 30, 2017. |
December 31, 2016 | June 30, 2017 | Maximum/Minimum Allowable | |||||
Net total lease adjusted leverage ratio | 5.7 | 5.8 | Maximum allowable of 6.5 | ||||
Net secured debt lease adjusted leverage ratio | 2.7 | 2.5 | Maximum allowable of 4.0 | ||||
Bond leverage ratio (not lease adjusted) | 5.2 | 5.6 | Maximum allowable of 6.5 | ||||
Fixed charge coverage ratio | 2.4 | 2.2 | Minimum allowable of 1.5 |
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December 31, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2,405 | $ | 23,380 | $ | 17,110 | $ | 193,589 | $ | — | $ | 236,484 | |||||||||||
Accounts receivable | — | 53,364 | 37,781 | 600,104 | — | 691,249 | |||||||||||||||||
Intercompany receivable | — | 653,008 | 21,114 | — | (674,122 | ) | — | ||||||||||||||||
Prepaid expenses and other | — | 70,660 | 4,967 | 108,776 | (29 | ) | 184,374 | ||||||||||||||||
Total Current Assets | 2,405 | 800,412 | 80,972 | 902,469 | (674,151 | ) | 1,112,107 | ||||||||||||||||
Property, Plant and Equipment, Net | 483 | 1,804,991 | 159,391 | 1,118,461 | — | 3,083,326 | |||||||||||||||||
Other Assets, Net: | |||||||||||||||||||||||
Long-term notes receivable from affiliates and intercompany receivable | 4,014,330 | 1,000 | — | — | (4,015,330 | ) | — | ||||||||||||||||
Investment in subsidiaries | 1,659,518 | 699,411 | 35,504 | 77,449 | (2,471,882 | ) | — | ||||||||||||||||
Goodwill | — | 2,602,784 | 217,422 | 1,084,815 | — | 3,905,021 | |||||||||||||||||
Other | — | 765,698 | 49,570 | 571,078 | — | 1,386,346 | |||||||||||||||||
Total Other Assets, Net | 5,673,848 | 4,068,893 | 302,496 | 1,733,342 | (6,487,212 | ) | 5,291,367 | ||||||||||||||||
Total Assets | $ | 5,676,736 | $ | 6,674,296 | $ | 542,859 | $ | 3,754,272 | $ | (7,161,363 | ) | $ | 9,486,800 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Intercompany Payable | $ | 558,492 | $ | — | $ | — | $ | 115,630 | $ | (674,122 | ) | $ | — | ||||||||||
Current Portion of Long-Term Debt | — | 51,456 | — | 121,548 | (29 | ) | 172,975 | ||||||||||||||||
Total Other Current Liabilities | 58,478 | 488,194 | 40,442 | 286,468 | — | 873,582 | |||||||||||||||||
Long-Term Debt, Net of Current Portion | 3,093,388 | 1,055,642 | 335,410 | 1,593,766 | — | 6,078,206 | |||||||||||||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 4,014,330 | — | — | (4,015,330 | ) | — | ||||||||||||||||
Other Long-term Liabilities | — | 127,715 | 54,054 | 188,900 | — | 370,669 | |||||||||||||||||
Commitments and Contingencies (See Note 8) | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | 28,831 | — | — | 25,866 | — | 54,697 | |||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,936,547 | 936,959 | 112,953 | 1,421,970 | (2,471,882 | ) | 1,936,547 | ||||||||||||||||
Noncontrolling Interests | — | — | — | 124 | — | 124 | |||||||||||||||||
Total Equity | 1,936,547 | 936,959 | 112,953 | 1,422,094 | (2,471,882 | ) | 1,936,671 | ||||||||||||||||
Total Liabilities and Equity | $ | 5,676,736 | $ | 6,674,296 | $ | 542,859 | $ | 3,754,272 | $ | (7,161,363 | ) | $ | 9,486,800 |
June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents(1) | $ | 1,420 | $ | 39,397 | $ | — | $ | 411,752 | $ | (161,550 | ) | $ | 291,019 | ||||||||||
Accounts receivable | — | 39,560 | 37,700 | 653,106 | — | 730,366 | |||||||||||||||||
Intercompany receivable | — | 785,821 | 66,204 | — | (852,025 | ) | — | ||||||||||||||||
Prepaid expenses and other | 2,674 | 73,310 | 4,131 | 104,405 | (29 | ) | 184,491 | ||||||||||||||||
Total Current Assets | 4,094 | 938,088 | 108,035 | 1,169,263 | (1,013,604 | ) | 1,205,876 | ||||||||||||||||
Property, Plant and Equipment, Net | 394 | 1,840,391 | 159,491 | 1,175,163 | — | 3,175,439 | |||||||||||||||||
Other Assets, Net: | |||||||||||||||||||||||
Long-term notes receivable from affiliates and intercompany receivable | 4,254,773 | 1,000 | — | — | (4,255,773 | ) | — | ||||||||||||||||
Investment in subsidiaries | 1,835,987 | 865,153 | 37,280 | 103,169 | (2,841,589 | ) | — | ||||||||||||||||
Goodwill | — | 2,553,706 | 223,838 | 1,211,218 | — | 3,988,762 | |||||||||||||||||
Other | — | 763,545 | 50,087 | 630,984 | — | 1,444,616 | |||||||||||||||||
Total Other Assets, Net | 6,090,760 | 4,183,404 | 311,205 | 1,945,371 | (7,097,362 | ) | 5,433,378 | ||||||||||||||||
Total Assets | $ | 6,095,248 | $ | 6,961,883 | $ | 578,731 | $ | 4,289,797 | $ | (8,110,966 | ) | $ | 9,814,693 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Intercompany Payable | $ | 625,427 | $ | — | $ | — | $ | 226,598 | $ | (852,025 | ) | $ | — | ||||||||||
Debit Balances Under Cash Pools | — | 136,379 | — | 25,171 | (161,550 | ) | — | ||||||||||||||||
Current Portion of Long-Term Debt | — | 46,682 | — | 376,616 | (29 | ) | 423,269 | ||||||||||||||||
Total Other Current Liabilities | 203,948 | 465,110 | 46,835 | 335,444 | — | 1,051,337 | |||||||||||||||||
Long-Term Debt, Net of Current Portion | 3,403,693 | 811,881 | 347,793 | 1,465,618 | — | 6,028,985 | |||||||||||||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 4,254,773 | — | — | (4,255,773 | ) | — | ||||||||||||||||
Other Long-term Liabilities | — | 144,356 | 43,654 | 197,711 | — | 385,721 | |||||||||||||||||
Commitments and Contingencies (See Note 8) | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | 5,392 | — | — | 62,692 | — | 68,084 | |||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,855,788 | 1,102,702 | 140,449 | 1,598,438 | (2,841,589 | ) | 1,855,788 | ||||||||||||||||
Noncontrolling Interests | — | — | — | 1,509 | — | 1,509 | |||||||||||||||||
Total Equity | 1,855,788 | 1,102,702 | 140,449 | 1,599,947 | (2,841,589 | ) | 1,857,297 | ||||||||||||||||
Total Liabilities and Equity | $ | 6,095,248 | $ | 6,961,883 | $ | 578,731 | $ | 4,289,797 | $ | (8,110,966 | ) | $ | 9,814,693 |
(1) | Included within Cash and Cash Equivalents at June 30, 2017 is approximately $29,400 and $140,900 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 5 for more information on our Cash Pools. |
Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 334,413 | $ | 32,331 | $ | 171,938 | $ | — | $ | 538,682 | |||||||||||
Service | — | 202,866 | 16,907 | 125,293 | — | 345,066 | |||||||||||||||||
Intercompany revenues | — | 1,013 | — | 19,903 | (20,916 | ) | — | ||||||||||||||||
Total Revenues | — | 538,292 | 49,238 | 317,134 | (20,916 | ) | 883,748 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 222,262 | 6,929 | 166,458 | — | 395,649 | |||||||||||||||||
Selling, general and administrative | 521 | 192,971 | 4,595 | 78,990 | — | 277,077 | |||||||||||||||||
Intercompany cost of sales | — | 3,809 | 16,094 | 1,013 | (20,916 | ) | — | ||||||||||||||||
Depreciation and amortization | 44 | 68,539 | 3,962 | 42,477 | — | 115,022 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (842 | ) | — | 216 | — | (626 | ) | |||||||||||||||
Total Operating Expenses | 565 | 486,739 | 31,580 | 289,154 | (20,916 | ) | 787,122 | ||||||||||||||||
Operating (Loss) Income | (565 | ) | 51,553 | 17,658 | 27,980 | — | 96,626 | ||||||||||||||||
Interest Expense (Income), Net | 28,069 | (6,071 | ) | 11,348 | 41,520 | — | 74,866 | ||||||||||||||||
Other Expense (Income), Net | 50,845 | 716 | 64 | (25,984 | ) | — | 25,641 | ||||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (79,479 | ) | 56,908 | 6,246 | 12,444 | — | (3,881 | ) | |||||||||||||||
Provision (Benefit) for Income Taxes | — | 7,931 | 2,174 | 734 | — | 10,839 | |||||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (65,511 | ) | (31,494 | ) | (1,315 | ) | (4,707 | ) | 103,027 | — | |||||||||||||
(Loss) Income from Continuing Operations | (13,968 | ) | 80,471 | 5,387 | 16,417 | (103,027 | ) | (14,720 | ) | ||||||||||||||
Income (Loss) from Discontinued Operations | — | 890 | 635 | 62 | — | 1,587 | |||||||||||||||||
Net (Loss) Income | (13,968 | ) | 81,361 | 6,022 | 16,479 | (103,027 | ) | (13,133 | ) | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 835 | — | 835 | |||||||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | (13,968 | ) | $ | 81,361 | $ | 6,022 | $ | 15,644 | $ | (103,027 | ) | $ | (13,968 | ) | ||||||||
Net (Loss) Income | $ | (13,968 | ) | $ | 81,361 | $ | 6,022 | $ | 16,479 | $ | (103,027 | ) | $ | (13,133 | ) | ||||||||
Other Comprehensive (Loss) Income: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | 754 | — | (4,894 | ) | 6,929 | — | 2,789 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 2,117 | (2,569 | ) | (48 | ) | (4,894 | ) | 5,394 | — | ||||||||||||||
Total Other Comprehensive Income (Loss) | 2,871 | (2,569 | ) | (4,942 | ) | 2,035 | 5,394 | 2,789 | |||||||||||||||
Comprehensive (Loss) Income | (11,097 | ) | 78,792 | 1,080 | 18,514 | (97,633 | ) | (10,344 | ) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 753 | — | 753 | |||||||||||||||||
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated | $ | (11,097 | ) | $ | 78,792 | $ | 1,080 | $ | 17,761 | $ | (97,633 | ) | $ | (11,097 | ) |
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 360,546 | $ | 31,912 | $ | 197,781 | $ | — | $ | 590,239 | |||||||||||
Service | — | 213,665 | 15,675 | 130,227 | — | 359,567 | |||||||||||||||||
Intercompany revenues | — | 1,141 | — | 21,649 | (22,790 | ) | — | ||||||||||||||||
Total Revenues | — | 575,352 | 47,587 | 349,657 | (22,790 | ) | 949,806 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 230,102 | 6,789 | 177,393 | — | 414,284 | |||||||||||||||||
Selling, general and administrative | 273 | 159,577 | 3,796 | 73,799 | — | 237,445 | |||||||||||||||||
Intercompany cost of sales | — | 6,590 | 15,059 | 1,141 | (22,790 | ) | — | ||||||||||||||||
Depreciation and amortization | 43 | 75,129 | 4,309 | 48,618 | — | 128,099 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (246 | ) | 4 | 26 | — | (216 | ) | |||||||||||||||
Total Operating Expenses | 316 | 471,152 | 29,957 | 300,977 | (22,790 | ) | 779,612 | ||||||||||||||||
Operating (Loss) Income | (316 | ) | 104,200 | 17,630 | 48,680 | — | 170,194 | ||||||||||||||||
Interest Expense (Income), Net | 40,377 | 15,637 | (6,035 | ) | 39,987 | — | 89,966 | ||||||||||||||||
Other Expense (Income), Net | 339 | 543 | (127 | ) | (20,121 | ) | — | (19,366 | ) | ||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate | (41,032 | ) | 88,020 | 23,792 | 28,814 | — | 99,594 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 436 | 10,010 | 7,563 | — | 18,009 | |||||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | — | — | (1,563 | ) | — | (1,563 | ) | |||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (119,662 | ) | (29,962 | ) | (363 | ) | (13,782 | ) | 163,769 | — | |||||||||||||
Income (Loss) from Continuing Operations | 78,630 | 117,546 | 14,145 | 36,596 | (163,769 | ) | 83,148 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (1,155 | ) | — | (871 | ) | — | (2,026 | ) | ||||||||||||||
Net Income (Loss) | 78,630 | 116,391 | 14,145 | 35,725 | (163,769 | ) | 81,122 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,492 | — | 2,492 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 78,630 | $ | 116,391 | $ | 14,145 | $ | 33,233 | $ | (163,769 | ) | $ | 78,630 | ||||||||||
Net Income (Loss) | $ | 78,630 | $ | 116,391 | $ | 14,145 | $ | 35,725 | $ | (163,769 | ) | $ | 81,122 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (7,076 | ) | — | 2,704 | 11,910 | — | 7,538 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 14,725 | 11,213 | 970 | 2,704 | (29,612 | ) | — | ||||||||||||||||
Total Other Comprehensive Income (Loss) | 7,649 | 11,213 | 3,674 | 14,614 | (29,612 | ) | 7,538 | ||||||||||||||||
Comprehensive Income (Loss) | 86,279 | 127,604 | 17,819 | 50,339 | (193,381 | ) | 88,660 | ||||||||||||||||
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | — | — | — | 2,381 | — | 2,381 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 86,279 | $ | 127,604 | $ | 17,819 | $ | 47,958 | $ | (193,381 | ) | $ | 86,279 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 648,032 | $ | 59,936 | $ | 291,925 | $ | — | $ | 999,893 | |||||||||||
Service | — | 391,774 | 31,549 | 211,222 | — | 634,545 | |||||||||||||||||
Intercompany revenues | — | 2,026 | — | 37,248 | (39,274 | ) | — | ||||||||||||||||
Total Revenues | — | 1,041,832 | 91,485 | 540,395 | (39,274 | ) | 1,634,438 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 430,416 | 13,719 | 277,619 | — | 721,754 | |||||||||||||||||
Selling, general and administrative | 593 | 342,990 | 7,968 | 133,292 | — | 484,843 | |||||||||||||||||
Intercompany cost of sales | — | 7,163 | 30,085 | 2,026 | (39,274 | ) | — | ||||||||||||||||
Depreciation and amortization | 89 | 125,465 | 7,041 | 69,631 | — | 202,226 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (1,412 | ) | 6 | 329 | — | (1,077 | ) | |||||||||||||||
Total Operating Expenses | 682 | 904,622 | 58,819 | 482,897 | (39,274 | ) | 1,407,746 | ||||||||||||||||
Operating (Loss) Income | (682 | ) | 137,210 | 32,666 | 57,498 | — | 226,692 | ||||||||||||||||
Interest Expense (Income), Net | 68,053 | (14,580 | ) | 21,382 | 67,073 | — | 141,928 | ||||||||||||||||
Other Expense (Income), Net | 51,731 | 4,172 | 44 | (42,243 | ) | — | 13,704 | ||||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (120,466 | ) | 147,618 | 11,240 | 32,668 | — | 71,060 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 17,001 | 4,040 | 1,698 | — | 22,739 | |||||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (169,272 | ) | (53,868 | ) | (2,686 | ) | (7,835 | ) | 233,661 | — | |||||||||||||
Income (Loss) from Continuing Operations | 48,806 | 184,485 | 9,886 | 38,805 | (233,661 | ) | 48,321 | ||||||||||||||||
Income (Loss) from Discontinued Operations | — | 890 | 635 | 62 | — | 1,587 | |||||||||||||||||
Net Income (Loss) | 48,806 | 185,375 | 10,521 | 38,867 | (233,661 | ) | 49,908 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,102 | — | 1,102 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 48,806 | $ | 185,375 | $ | 10,521 | $ | 37,765 | $ | (233,661 | ) | $ | 48,806 | ||||||||||
Net Income (Loss) | $ | 48,806 | $ | 185,375 | $ | 10,521 | $ | 38,867 | $ | (233,661 | ) | $ | 49,908 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (588 | ) | — | (3,105 | ) | 30,460 | — | 26,767 | |||||||||||||||
Market Value Adjustments for Securities | — | (734 | ) | — | — | — | (734 | ) | |||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 26,216 | 21,530 | 613 | (3,105 | ) | (45,254 | ) | — | |||||||||||||||
Total Other Comprehensive Income (Loss) | 25,628 | 20,796 | (2,492 | ) | 27,355 | (45,254 | ) | 26,033 | |||||||||||||||
Comprehensive Income (Loss) | 74,434 | 206,171 | 8,029 | 66,222 | (278,915 | ) | 75,941 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,507 | — | 1,507 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 74,434 | $ | 206,171 | $ | 8,029 | $ | 64,715 | $ | (278,915 | ) | $ | 74,434 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 709,897 | $ | 63,918 | $ | 388,703 | $ | — | $ | 1,162,518 | |||||||||||
Service | — | 431,874 | 31,725 | 262,565 | — | 726,164 | |||||||||||||||||
Intercompany revenues | — | 2,238 | — | 43,991 | (46,229 | ) | — | ||||||||||||||||
Total Revenues | — | 1,144,009 | 95,643 | 695,259 | (46,229 | ) | 1,888,682 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 469,431 | 14,339 | 357,221 | — | 840,991 | |||||||||||||||||
Selling, general and administrative | 352 | 322,282 | 7,357 | 147,620 | — | 477,611 | |||||||||||||||||
Intercompany cost of sales | — | 13,196 | 30,795 | 2,238 | (46,229 | ) | — | ||||||||||||||||
Depreciation and amortization | 89 | 151,290 | 8,547 | 92,880 | — | 252,806 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (794 | ) | 6 | 113 | — | (675 | ) | |||||||||||||||
Total Operating Expenses | 441 | 955,405 | 61,044 | 600,072 | (46,229 | ) | 1,570,733 | ||||||||||||||||
Operating (Loss) Income | (441 | ) | 188,604 | 34,599 | 95,187 | — | 317,949 | ||||||||||||||||
Interest Expense (Income), Net | 83,161 | 12,358 | 5,635 | 74,867 | — | 176,021 | |||||||||||||||||
Other Expense (Income), Net | 420 | 3,062 | (154 | ) | (29,058 | ) | — | (25,730 | ) | ||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate | (84,022 | ) | 173,184 | 29,118 | 49,378 | — | 167,658 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 13,180 | 6,522 | 7,527 | — | 27,229 | |||||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | — | — | (1,563 | ) | — | (1,563 | ) | |||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (220,777 | ) | (53,375 | ) | (520 | ) | (22,596 | ) | 297,268 | — | |||||||||||||
Income (Loss) from Continuing Operations | 136,755 | 213,379 | 23,116 | 66,010 | (297,268 | ) | 141,992 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (957 | ) | — | (1,406 | ) | — | (2,363 | ) | ||||||||||||||
Net Income (Loss) | 136,755 | 212,422 | 23,116 | 64,604 | (297,268 | ) | 139,629 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,874 | — | 2,874 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 136,755 | $ | 212,422 | $ | 23,116 | $ | 61,730 | $ | (297,268 | ) | $ | 136,755 | ||||||||||
Net Income (Loss) | $ | 136,755 | $ | 212,422 | $ | 23,116 | $ | 64,604 | $ | (297,268 | ) | $ | 139,629 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (8,148 | ) | — | 3,339 | 63,131 | — | 58,322 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 67,131 | 39,753 | 1,257 | 3,339 | (111,480 | ) | — | ||||||||||||||||
Total Other Comprehensive Income (Loss) | 58,983 | 39,753 | 4,596 | 66,470 | (111,480 | ) | 58,322 | ||||||||||||||||
Comprehensive Income (Loss) | 195,738 | 252,175 | 27,712 | 131,074 | (408,748 | ) | 197,951 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,213 | — | 2,213 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 195,738 | $ | 252,175 | $ | 27,712 | $ | 128,861 | $ | (408,748 | ) | $ | 195,738 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (107,370 | ) | $ | 203,158 | $ | 23,827 | $ | 85,990 | $ | — | $ | 205,605 | ||||||||||
Cash Flows from Operating Activities—Discontinued Operations | — | 393 | 690 | 62 | — | 1,145 | |||||||||||||||||
Cash Flows from Operating Activities | $ | (107,370 | ) | $ | 203,551 | $ | 24,517 | $ | 86,052 | $ | — | $ | 206,750 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Capital expenditures | — | (102,219 | ) | (1,048 | ) | (60,398 | ) | — | (163,665 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | 4,074 | (2,381 | ) | (278,246 | ) | — | (276,553 | ) | ||||||||||||||
Intercompany loans to subsidiaries | (148,811 | ) | (261,681 | ) | — | — | 410,492 | — | |||||||||||||||
Investment in subsidiaries | (1,585 | ) | (1,585 | ) | — | — | 3,170 | — | |||||||||||||||
Acquisitions of customer relationships and customer inducements | — | (13,932 | ) | — | (2,814 | ) | — | (16,746 | ) | ||||||||||||||
Net proceeds from Iron Mountain Divestments (see Note 10) | — | 53,950 | — | — | — | 53,950 | |||||||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 92 | — | 279 | — | 371 | |||||||||||||||||
Cash Flows from Investing Activities—Continuing Operations | (150,396 | ) | (321,301 | ) | (3,429 | ) | (341,179 | ) | 413,662 | (402,643 | ) | ||||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | — | 90 | — | — | 90 | |||||||||||||||||
Cash Flows from Investing Activities | (150,396 | ) | (321,301 | ) | (3,339 | ) | (341,179 | ) | 413,662 | (402,553 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Repayment of revolving credit, term loan facilities, bridge facilities and other debt | (1,096,706 | ) | (3,554,881 | ) | (861,740 | ) | (1,873,787 | ) | — | (7,387,114 | ) | ||||||||||||
Proceeds from revolving credit, term loan facilities, bridge facilities and other debt | 1,083,681 | 3,285,876 | 843,281 | 1,973,967 | — | 7,186,805 | |||||||||||||||||
Net proceeds from sales of senior notes | 492,500 | 246,250 | — | — | — | 738,750 | |||||||||||||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 456 | — | 456 | |||||||||||||||||
Intercompany loans from parent | — | 147,470 | (14,427 | ) | 277,449 | (410,492 | ) | — | |||||||||||||||
Equity contribution from parent | — | 1,585 | — | 1,585 | (3,170 | ) | — | ||||||||||||||||
Parent cash dividends | (232,596 | ) | — | — | — | — | (232,596 | ) | |||||||||||||||
Net proceeds (payments) associated with employee stock-based awards | 18,641 | — | — | — | — | 18,641 | |||||||||||||||||
Excess tax benefit (deficiency) from stock-based compensation | 29 | — | — | — | — | 29 | |||||||||||||||||
Payment of debt financing and stock issuance costs | (7,532 | ) | (4,500 | ) | — | — | — | (12,032 | ) | ||||||||||||||
Cash Flows from Financing Activities—Continuing Operations | 258,017 | 121,800 | (32,886 | ) | 379,670 | (413,662 | ) | 312,939 | |||||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Financing Activities | 258,017 | 121,800 | (32,886 | ) | 379,670 | (413,662 | ) | 312,939 | |||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1,842 | (10,370 | ) | — | (8,528 | ) | |||||||||||||||
Increase (Decrease) in cash and cash equivalents | 251 | 4,050 | (9,866 | ) | 114,173 | — | 108,608 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 151 | 7,803 | 13,182 | 107,245 | — | 128,381 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 402 | $ | 11,853 | $ | 3,316 | $ | 221,418 | $ | — | $ | 236,989 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (81,406 | ) | $ | 305,548 | $ | 27,976 | $ | 69,922 | $ | — | $ | 322,040 | ||||||||||
Cash Flows from Operating Activities—Discontinued Operations | — | (957 | ) | — | (1,406 | ) | — | (2,363 | ) | ||||||||||||||
Cash Flows from Operating Activities | (81,406 | ) | 304,591 | 27,976 | 68,516 | — | 319,677 | ||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Capital expenditures | — | (124,559 | ) | (4,171 | ) | (36,477 | ) | — | (165,207 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (6,380 | ) | — | (31,843 | ) | — | (38,223 | ) | ||||||||||||||
Intercompany loans to subsidiaries | (51,119 | ) | (41,642 | ) | — | (474 | ) | 93,235 | — | ||||||||||||||
Investment in subsidiaries | (16,170 | ) | — | — | — | 16,170 | — | ||||||||||||||||
Acquisitions of customer relationships and customer inducements | — | (26,924 | ) | (410 | ) | (1,176 | ) | — | (28,510 | ) | |||||||||||||
Net proceeds from Iron Mountain Divestments (see Note 10) | — | — | — | 2,423 | — | 2,423 | |||||||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 12,933 | 2 | (4,388 | ) | — | 8,547 | ||||||||||||||||
Cash Flows from Investing Activities—Continuing Operations | (67,289 | ) | (186,572 | ) | (4,579 | ) | (71,935 | ) | 109,405 | (220,970 | ) | ||||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Investing Activities | (67,289 | ) | (186,572 | ) | (4,579 | ) | (71,935 | ) | 109,405 | (220,970 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Repayment of revolving credit, term loan facilities and other debt | (262,579 | ) | (3,197,148 | ) | (51 | ) | (2,291,638 | ) | — | (5,751,416 | ) | ||||||||||||
Proceeds from revolving credit, term loan facilities and other debt | 224,660 | 2,913,810 | — | 2,355,655 | — | 5,494,125 | |||||||||||||||||
Net proceeds from sales of senior notes | 332,683 | — | — | — | — | 332,683 | |||||||||||||||||
Debit balances (payments) under cash pools | — | 136,379 | — | 25,171 | (161,550 | ) | — | ||||||||||||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 10,151 | — | 10,151 | |||||||||||||||||
Intercompany loans from parent | — | 44,957 | (43,089 | ) | 91,367 | (93,235 | ) | — | |||||||||||||||
Equity contribution from parent | — | — | — | 16,170 | (16,170 | ) | — | ||||||||||||||||
Parent cash dividends | (147,393 | ) | — | — | — | — | (147,393 | ) | |||||||||||||||
Net proceeds (payments) associated with employee stock-based awards | 810 | — | — | — | — | 810 | |||||||||||||||||
Payment of debt financing and stock issuance costs | (471 | ) | — | (73 | ) | — | — | (544 | ) | ||||||||||||||
Cash Flows from Financing Activities—Continuing Operations | 147,710 | (102,002 | ) | (43,213 | ) | 206,876 | (270,955 | ) | (61,584 | ) | |||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Financing Activities | 147,710 | (102,002 | ) | (43,213 | ) | 206,876 | (270,955 | ) | (61,584 | ) | |||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 2,706 | 14,706 | — | 17,412 | |||||||||||||||||
Increase (Decrease) in cash and cash equivalents | (985 | ) | 16,017 | (17,110 | ) | 218,163 | (161,550 | ) | 54,535 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,405 | 23,380 | 17,110 | 193,589 | — | 236,484 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,420 | $ | 39,397 | $ | — | $ | 411,752 | $ | (161,550 | ) | $ | 291,019 |
|
• | North American Records and Information Management Business |
• | North American Data Management Business |
• | Western European Business |
• | Other International Business |
• | Corporate and Other Business |
North American Records and Information Management Business | North American Data Management Business | Western European Business | Other International Business | Corporate and Other Business | Total Consolidated | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | ||||||||||||||||||||||||
Total Revenues | $ | 481,470 | $ | 103,270 | $ | 118,198 | $ | 165,669 | $ | 15,141 | $ | 883,748 | ||||||||||||
Depreciation and Amortization | 57,465 | 6,077 | 15,069 | 25,897 | 10,514 | 115,022 | ||||||||||||||||||
Depreciation | 47,867 | 5,832 | 11,698 | 18,323 | 9,810 | 93,530 | ||||||||||||||||||
Amortization | 9,598 | 245 | 3,371 | 7,574 | 704 | 21,492 | ||||||||||||||||||
Adjusted EBITDA | 189,138 | 57,081 | 33,273 | 41,931 | (59,989 | ) | 261,434 | |||||||||||||||||
Expenditures for Segment Assets | 19,872 | 3,750 | (1,158 | ) | 281,589 | 45,461 | 349,514 | |||||||||||||||||
Capital Expenditures | 14,734 | 2,302 | 5,978 | 15,380 | 44,419 | 82,813 | ||||||||||||||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1) | (2,546 | ) | (59 | ) | (7,103 | ) | 265,879 | 1,042 | 257,213 | |||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 7,684 | 1,507 | (33 | ) | 330 | — | 9,488 | |||||||||||||||||
For the Three Months Ended June 30, 2017 | ||||||||||||||||||||||||
Total Revenues | 509,597 | 105,995 | 121,866 | 192,405 | 19,943 | 949,806 | ||||||||||||||||||
Depreciation and Amortization | 58,628 | 8,955 | 16,124 | 30,203 | 14,189 | 128,099 | ||||||||||||||||||
Depreciation | 50,119 | 6,701 | 12,366 | 20,518 | 12,611 | 102,315 | ||||||||||||||||||
Amortization | 8,509 | 2,254 | 3,758 | 9,685 | 1,578 | 25,784 | ||||||||||||||||||
Adjusted EBITDA | 220,768 | 56,583 | 36,528 | 56,166 | (51,991 | ) | 318,054 | |||||||||||||||||
Expenditures for Segment Assets | 52,640 | 8,132 | 2,079 | 43,084 | 19,213 | 125,148 | ||||||||||||||||||
Capital Expenditures | 46,235 | 8,132 | 1,723 | 16,702 | 19,213 | 92,005 | ||||||||||||||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired | — | — | — | 26,036 | — | 26,036 | ||||||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 6,405 | — | 356 | 346 | — | 7,107 | ||||||||||||||||||
For the Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
Total Revenues | 926,151 | 199,613 | 212,074 | 267,010 | 29,590 | 1,634,438 | ||||||||||||||||||
Depreciation and Amortization | 102,815 | 11,747 | 26,320 | 40,183 | 21,161 | 202,226 | ||||||||||||||||||
Depreciation | 88,122 | 11,254 | 20,369 | 29,225 | 19,950 | 168,920 | ||||||||||||||||||
Amortization | 14,693 | 493 | 5,951 | 10,958 | 1,211 | 33,306 | ||||||||||||||||||
Adjusted EBITDA | 365,695 | 110,541 | 65,219 | 63,507 | (108,382 | ) | 496,580 | |||||||||||||||||
Expenditures for Segment Assets | 66,538 | 8,577 | 4,902 | 313,745 | 63,202 | 456,964 | ||||||||||||||||||
Capital Expenditures | 56,822 | 7,129 | 10,037 | 27,542 | 62,135 | 163,665 | ||||||||||||||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1) | (2,676 | ) | (59 | ) | (7,103 | ) | 285,349 | 1,042 | 276,553 | |||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 12,392 | 1,507 | 1,968 | 854 | 25 | 16,746 | ||||||||||||||||||
For the Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
Total Revenues | 1,017,194 | 212,945 | 241,938 | 381,646 | 34,959 | 1,888,682 | ||||||||||||||||||
Depreciation and Amortization | 119,163 | 17,888 | 30,421 | 57,879 | 27,455 | 252,806 | ||||||||||||||||||
Depreciation | 102,071 | 13,374 | 23,254 | 39,823 | 23,385 | 201,907 | ||||||||||||||||||
Amortization | 17,092 | 4,514 | 7,167 | 18,056 | 4,070 | 50,899 | ||||||||||||||||||
Adjusted EBITDA | 430,298 | 112,495 | 70,670 | 111,513 | (114,348 | ) | 610,628 | |||||||||||||||||
Expenditures for Segment Assets | 104,528 | 16,869 | 7,104 | 61,704 | 41,735 | 231,940 | ||||||||||||||||||
Capital Expenditures | 72,813 | 16,869 | 6,621 | 29,169 | 39,735 | 165,207 | ||||||||||||||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired | 4,379 | — | — | 31,844 | 2,000 | 38,223 | ||||||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 27,336 | — | 483 | 691 | — | 28,510 |
(1) | Cash paid for acquisitions, net of cash acquired for our Other International Business segment for the three and six months ended June 30, 2016 primarily consists of the cash component of the purchase price for the Recall Transaction, as the IMI entity that made the cash payment was an Australian subsidiary. However, the Recall Transaction also benefited the North American Records and Information Management Business, North American Data Management Business and Western European Business segments. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Adjusted EBITDA | $ | 261,434 | $ | 318,054 | $ | 496,580 | $ | 610,628 | |||||||
(Add)/Deduct: | |||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | (1,563 | ) | — | (1,563 | ) | |||||||||
Provision (Benefit) for Income Taxes | 10,839 | 18,009 | 22,739 | 27,229 | |||||||||||
Other Expense (Income), Net | 25,641 | (19,366 | ) | 13,704 | (25,730 | ) | |||||||||
Interest Expense, Net | 74,866 | 89,966 | 141,928 | 176,021 | |||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net | (626 | ) | (216 | ) | (1,077 | ) | (675 | ) | |||||||
Depreciation and Amortization | 115,022 | 128,099 | 202,226 | 252,806 | |||||||||||
Recall Costs(1) | 50,412 | 19,977 | 68,739 | 40,548 | |||||||||||
(Loss) Income from Continuing Operations | $ | (14,720 | ) | $ | 83,148 | $ | 48,321 | $ | 141,992 |
(1) | Represents operating expenditures associated with the Recall Transaction, including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the Divestments required in connection with receipt of regulatory approvals (including transitional services); and (iii) costs to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions ("Recall Costs"). |
|
|
Declaration Date | Dividend Per Share | Record Date | Total Amount | Payment Date | |||||||
February 17, 2016 | 0.4850 | March 7, 2016 | $ | 102,651 | March 21, 2016 | ||||||
May 25, 2016 | 0.4850 | June 6, 2016 | 127,469 | June 24, 2016 | |||||||
July 27, 2016 | 0.4850 | September 12, 2016 | 127,737 | September 30, 2016 | |||||||
October 31, 2016 | 0.5500 | December 15, 2016 | 145,006 | December 30, 2016 | |||||||
February 15, 2017 | 0.5500 | March 15, 2017 | 145,235 | April 3, 2017 | |||||||
May 24, 2017 | 0.5500 | June 15, 2017 | 145,417 | July 3, 2017 |
|
Three Months Ended June 30, 2016 | |||||||||||||||||||||
Description | Initial United States Divestments(1) | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total | ||||||||||||||||
Total Revenues | $ | — | $ | 1,810 | $ | 1,888 | $ | 311 | $ | 4,009 | |||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | — | 934 | 867 | 75 | 1,876 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 44 | — | 232 | 13 | 289 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | 890 | $ | 635 | $ | 62 | $ | 1,587 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||
Description | Initial United States Divestments(1) | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Total Revenues | $ | — | $ | 1,810 | $ | 1,888 | $ | 311 | $ | 4,009 | |||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | — | 934 | 867 | 75 | 1,876 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 44 | — | 232 | 13 | 289 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | 890 | $ | 635 | $ | 62 | $ | 1,587 |
(1) | The Access Sale occurred nearly simultaneously with the closing of the Recall Transaction. Accordingly, the revenue and expenses associated with the Initial United States Divestments are not included in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016, respectively, and the cash flows associated with the Initial United States Divestments are not included in our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016, due to the immaterial nature of the revenues, expenses and cash flows related to the Initial United States Divestments for the period of time we owned these businesses (May 2, 2016 through May 4, 2016). |
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Description | Initial United States Divestments | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | $ | — | $ | (1,801 | ) | $ | (1,248 | ) | $ | — | $ | (3,049 | ) | ||||||||
Provision (Benefit) for Income Taxes | — | (646 | ) | — | (377 | ) | — | (1,023 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | (1,155 | ) | $ | (871 | ) | $ | — | $ | (2,026 | ) |
Six Months Ended June 30, 2017 | |||||||||||||||||||||
Description | Initial United States Divestments | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | $ | — | $ | (1,562 | ) | $ | (1,916 | ) | $ | — | $ | (3,478 | ) | ||||||||
Provision (Benefit) for Income Taxes | — | (605 | ) | — | (510 | ) | — | (1,115 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | (957 | ) | $ | (1,406 | ) | $ | — | $ | (2,363 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 331 | $ | 5,073 | $ | 331 | $ | 12,960 | ||||||||
Selling, general and administrative expenses | 50,081 | 14,904 | 68,408 | 27,588 | ||||||||||||
Total Recall Costs | $ | 50,412 | $ | 19,977 | $ | 68,739 | $ | 40,548 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
North American Records and Information Management Business | $ | 2,794 | $ | 6,326 | $ | 2,833 | $ | 13,625 | ||||||||
North American Data Management Business | 517 | 1,003 | 517 | 1,876 | ||||||||||||
Western European Business | 3,913 | 2,131 | 4,130 | 5,347 | ||||||||||||
Other International Business | 5,517 | 1,937 | 5,948 | 3,588 | ||||||||||||
Corporate and Other Business | 37,671 | 8,580 | 55,311 | 16,112 | ||||||||||||
Total Recall Costs | $ | 50,412 | $ | 19,977 | $ | 68,739 | $ | 40,548 |
Accrual for Recall Costs | |||
Balance at December 31, 2016 | $ | 4,914 | |
Amounts accrued | 16,304 | ||
Change in estimates(1) | (230 | ) | |
Payments | (10,687 | ) | |
Currency translation adjustments | 66 | ||
Balance at June 30, 2017(2) | $ | 10,367 |
(1) | Includes adjustments made to amounts accrued in a prior period. |
(2) | Accrued liabilities related to Recall Costs as of June 30, 2017 presented in the table above generally related to employee severance costs and onerous lease liabilities. We expect that the majority of these liabilities will be paid throughout 2017. Additional Recall Costs recorded in our Condensed Consolidated Statement of Operations have either been settled in cash during the six months ended June 30, 2017 or are included in our Condensed Consolidated Balance Sheet as of June 30, 2017 as a component of accounts payable. |
|
|
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Total loss on foreign currency transactions | $ | 17,193 | $ | 20,199 | $ | 4,651 | $ | 16,035 |
North American Records and Information Management Business | North American Data Management Business | Western European Business | Other International Business | Corporate and Other Business | Total Consolidated | ||||||||||||||||||
Gross Balance as of December 31, 2016 | $ | 2,485,806 | $ | 559,443 | $ | 405,571 | $ | 743,126 | $ | 25,922 | $ | 4,219,868 | |||||||||||
Deductible goodwill acquired during the year | 409 | — | — | 925 | 717 | 2,051 | |||||||||||||||||
Non-deductible goodwill acquired during the year | — | — | — | 13,777 | — | 13,777 | |||||||||||||||||
Goodwill allocated to Russia and Ukraine Divestment (see Note 10) | — | — | — | (3,515 | ) | — | (3,515 | ) | |||||||||||||||
Fair value and other adjustments(1) | (24,801 | ) | 545 | 9,749 | 20,194 | — | 5,687 | ||||||||||||||||
Currency effects | 6,374 | 1,900 | 22,513 | 35,887 | — | 66,674 | |||||||||||||||||
Gross Balance as of June 30, 2017 | $ | 2,467,788 | $ | 561,888 | $ | 437,833 | $ | 810,394 | $ | 26,639 | $ | 4,304,542 | |||||||||||
Accumulated Amortization Balance as of December 31, 2016 | $ | 204,895 | $ | 53,753 | $ | 56,150 | $ | 49 | $ | — | $ | 314,847 | |||||||||||
Currency effects | 243 | 61 | 613 | 16 | — | 933 | |||||||||||||||||
Accumulated Amortization Balance as of June 30, 2017 | $ | 205,138 | $ | 53,814 | $ | 56,763 | $ | 65 | $ | — | $ | 315,780 | |||||||||||
Net Balance as of December 31, 2016 | $ | 2,280,911 | $ | 505,690 | $ | 349,421 | $ | 743,077 | $ | 25,922 | $ | 3,905,021 | |||||||||||
Net Balance as of June 30, 2017 | $ | 2,262,650 | $ | 508,074 | $ | 381,070 | $ | 810,329 | $ | 26,639 | $ | 3,988,762 | |||||||||||
Accumulated Goodwill Impairment Balance as of December 31, 2016 | $ | 85,909 | $ | — | $ | 46,500 | $ | — | $ | — | $ | 132,409 | |||||||||||
Accumulated Goodwill Impairment Balance as of June 30, 2017 | $ | 85,909 | $ | — | $ | 46,500 | $ | — | $ | — | $ | 132,409 |
(1) | Total fair value and other adjustments include $5,687 in net adjustments primarily related to property, plant and equipment, customer relationship intangible assets and deferred income taxes (which represent adjustments within the applicable measurement period to provisional amounts recognized in purchase accounting) |
December 31, 2016 | June 30, 2017 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Customer relationship intangible assets and Customer Inducements | $ | 1,604,020 | $ | (351,497 | ) | $ | 1,252,523 | $ | 1,702,665 | $ | (405,650 | ) | $ | 1,297,015 | |||||||||
Other finite-lived intangible assets (included in other assets, net) | 24,788 | (7,989 | ) | 16,799 | 20,885 | (9,008 | ) | 11,877 | |||||||||||||||
Total | $ | 1,628,808 | $ | (359,486 | ) | $ | 1,269,322 | $ | 1,723,550 | $ | (414,658 | ) | $ | 1,308,892 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Amortization expense associated with finite-lived intangible assets | $ | 21,492 | $ | 25,784 | $ | 33,306 | $ | 50,899 | |||||||
Revenue reduction associated with amortization of Permanent Withdrawal Fees | 3,157 | 2,748 | 6,100 | 5,906 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 25 | $ | 27 | $ | 52 | $ | 55 | |||||||
Selling, general and administrative expenses | 9,003 | 8,516 | 15,861 | 15,037 | |||||||||||
Total stock-based compensation | $ | 9,028 | $ | 8,543 | $ | 15,913 | $ | 15,092 |
June 30, 2017 | |||||
Stock Options Outstanding | % of Stock Options Outstanding | ||||
Three-year vesting period (10 year contractual life) | 3,543,414 | 85.7 | % | ||
Five-year vesting period (10 year contractual life) | 515,916 | 12.5 | % | ||
Ten-year vesting period (12 year contractual life) | 73,738 | 1.8 | % | ||
4,133,068 | 100.0 | % |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Average Intrinsic Value | |||||||||
Outstanding at December 31, 2016 | 3,451,698 | $ | 31.79 | |||||||||
Granted | 1,007,224 | 36.89 | ||||||||||
Exercised | (300,271 | ) | 22.77 | |||||||||
Forfeited | (23,802 | ) | 33.89 | |||||||||
Expired | (1,781 | ) | 38.83 | |||||||||
Outstanding at June 30, 2017 | 4,133,068 | $ | 33.68 | 7.47 | $ | 13,556 | ||||||
Options exercisable at June 30, 2017 | 1,970,057 | $ | 30.68 | 5.78 | $ | 12,024 | ||||||
Options expected to vest | 2,024,082 | $ | 36.41 | 8.99 | $ | 1,448 |
Six Months Ended June 30, | ||||||
Weighted Average Assumptions | 2016 | 2017 | ||||
Expected volatility | 27.2 | % | 25.8 | % | ||
Risk-free interest rate | 1.32 | % | 1.96 | % | ||
Expected dividend yield | 7 | % | 6 | % | ||
Expected life | 5.6 years | 5.0 years |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Aggregate intrinsic value of stock options exercised | $ | 9,926 | $ | 1,935 | $ | 11,359 | $ | 3,847 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cash dividends accrued on RSUs | $ | 616 | $ | 662 | $ | 1,247 | $ | 1,345 | |||||||
Cash dividends paid on RSUs | 196 | 84 | 1,831 | 1,939 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Fair value of RSUs vested | $ | 2,807 | $ | 2,047 | $ | 17,785 | $ | 16,073 |
RSUs | Weighted- Average Grant-Date Fair Value | |||||
Non-vested at December 31, 2016 | 1,163,393 | $ | 33.21 | |||
Granted | 584,089 | 36.68 | ||||
Vested | (497,339 | ) | 32.32 | |||
Forfeited | (50,356 | ) | 34.68 | |||
Non-vested at June 30, 2017 | 1,199,787 | $ | 35.21 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Cash dividends accrued on PUs | $ | 263 | $ | 321 | $ | 525 | $ | 645 | |||||||
Cash dividends paid on PUs | — | — | 645 | 205 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Fair value of earned PUs that vested | $ | 1,174 | $ | — | $ | 5,255 | $ | 905 |
Original PU Awards | PU Adjustment(1) | Total PU Awards | Weighted- Average Grant-Date Fair Value | |||||||||
Non-vested at December 31, 2016 | 559,340 | (121,038 | ) | 438,302 | $ | 33.67 | ||||||
Granted | 229,692 | — | 229,692 | 41.93 | ||||||||
Vested | (32,776 | ) | — | (32,776 | ) | 27.60 | ||||||
Forfeited/Performance or Market Conditions Not Achieved | (9,106 | ) | (129,029 | ) | (138,135 | ) | 29.03 | |||||
Non-vested at June 30, 2017 | 747,150 | (250,067 | ) | 497,083 | $ | 39.17 |
(1) | Represents an increase or decrease in the number of original PUs awarded based on either the final performance criteria or market condition achievement at the end of the performance period of such PUs or a change in estimated awards based on the forecasted performance against the predefined targets. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
(Loss) income from continuing operations | $ | (14,720 | ) | $ | 83,148 | $ | 48,321 | $ | 141,992 | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 835 | 2,492 | 1,102 | 2,874 | |||||||||||
(Loss) income from continuing operations (utilized in numerator of Earnings Per Share calculation) | $ | (15,555 | ) | $ | 80,656 | $ | 47,219 | $ | 139,118 | ||||||
Income (loss) from discontinued operations, net of tax | $ | 1,587 | $ | (2,026 | ) | $ | 1,587 | $ | (2,363 | ) | |||||
Net (loss) income attributable to Iron Mountain Incorporated | $ | (13,968 | ) | $ | 78,630 | $ | 48,806 | $ | 136,755 | ||||||
Weighted-average shares—basic | 246,387,000 | 264,217,000 | 228,957,000 | 264,036,000 | |||||||||||
Effect of dilutive potential stock options | — | 395,044 | 622,293 | 428,403 | |||||||||||
Effect of dilutive potential RSUs and PUs | — | 318,375 | 450,100 | 405,640 | |||||||||||
Weighted-average shares—diluted | 246,387,000 | 264,930,419 | 230,029,393 | 264,870,043 | |||||||||||
(Losses) earnings per share—basic: | |||||||||||||||
(Loss) income from continuing operations | $ | (0.06 | ) | $ | 0.31 | $ | 0.21 | $ | 0.53 | ||||||
Income (loss) from discontinued operations, net of tax | 0.01 | (0.01 | ) | 0.01 | (0.01 | ) | |||||||||
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.52 | ||||||
(Losses) earnings per share—diluted: | |||||||||||||||
(Loss) income from continuing operations | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.53 | ||||||
Income (loss) from discontinued operations, net of tax | 0.01 | (0.01 | ) | 0.01 | (0.01 | ) | |||||||||
Net (loss) income attributable to Iron Mountain Incorporated(1) | $ | (0.06 | ) | $ | 0.30 | $ | 0.21 | $ | 0.52 | ||||||
Antidilutive stock options, RSUs and PUs, excluded from the calculation | 1,594,475 | 2,701,129 | 2,208,135 | 2,597,692 |
Fair Value Measurements at December 31, 2016 Using | ||||||||||||||||||||
Description | Total Carrying Value at December 31, 2016 | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||
Time Deposits(1) | $ | 22,240 | $ | — | $ | 22,240 | $ | — | ||||||||||||
Trading Securities | 10,659 | 10,181 | (2) | 478 | (1) | — |
Fair Value Measurements at June 30, 2017 Using | ||||||||||||||||||||
Description | Total Carrying Value at June 30, 2017 | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||
Time Deposits(1) | $ | 43,792 | $ | — | $ | 43,792 | $ | — | ||||||||||||
Trading Securities | 11,031 | 10,766 | (2) | 265 | (1) | — | ||||||||||||||
Derivative Assets(3) | 2,674 | — | 2,674 | — |
(1) | Time deposits and certain trading securities (included in Prepaid expenses and other in our Condensed Consolidated Balance Sheets) are measured based on quoted prices for similar assets and/or subsequent transactions. |
(2) | Certain trading securities are measured at fair value using quoted market prices. |
(3) | Derivative assets relate to short-term (six months or less) foreign currency contracts that we have entered into to hedge certain of our foreign exchange intercompany exposures, as more fully disclosed at Note 3. We calculate the value of such forward contracts by adjusting the spot rate utilized at the balance sheet date for translation purposes by an estimate of the forward points observed in active markets. |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of March 31, 2016 | $ | (152,160 | ) | $ | — | $ | (152,160 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 2,871 | — | 2,871 | ||||||||
Total other comprehensive income (loss) | 2,871 | — | 2,871 | ||||||||
Balance as of June 30, 2016 | $ | (149,289 | ) | $ | — | $ | (149,289 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of March 31, 2017 | $ | (161,239 | ) | $ | — | $ | (161,239 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments(1) | 7,649 | — | 7,649 | ||||||||
Total other comprehensive income (loss) | 7,649 | — | 7,649 | ||||||||
Balance as of June 30, 2017 | $ | (153,590 | ) | $ | — | $ | (153,590 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of December 31, 2015 | $ | (175,651 | ) | $ | 734 | $ | (174,917 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 26,362 | — | 26,362 | ||||||||
Market value adjustments for securities | — | (734 | ) | (734 | ) | ||||||
Total other comprehensive income (loss) | 26,362 | (734 | ) | 25,628 | |||||||
Balance as of June 30, 2016 | $ | (149,289 | ) | $ | — | $ | (149,289 | ) |
Foreign Currency Translation Adjustments | Market Value Adjustments for Securities | Total | |||||||||
Balance as of December 31, 2016 | $ | (212,573 | ) | $ | — | $ | (212,573 | ) | |||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments(1) | 58,983 | — | 58,983 | ||||||||
Total other comprehensive income (loss) | 58,983 | — | 58,983 | ||||||||
Balance as of June 30, 2017 | $ | (153,590 | ) | $ | — | $ | (153,590 | ) |
(1) | During the three and six months ended June 30, 2017, approximately $29,100 of cumulative translation adjustment associated with our businesses in Russia and Ukraine was reclassified from accumulated other comprehensive items, net and was included in the gain on sale associated with the Russia and Ukraine Divestment (see Note 10). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Foreign currency transaction losses (gains), net | $ | 17,193 | $ | 20,199 | $ | 4,651 | $ | 16,035 | |||||||
Debt extinguishment expense | 9,283 | — | 9,283 | — | |||||||||||
Other, net | (835 | ) | (39,565 | ) | (230 | ) | (41,765 | ) | |||||||
$ | 25,641 | $ | (19,366 | ) | $ | 13,704 | $ | (25,730 | ) |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Foreign exchange gains (losses) | $ | 754 | $ | (7,076 | ) | $ | (588 | ) | $ | (8,148 | ) | |||||
Less: Tax expense (benefit) on foreign exchange gains (losses) | — | — | — | — | ||||||||||||
Foreign exchange gains (losses), net of tax | $ | 754 | $ | (7,076 | ) | $ | (588 | ) | $ | (8,148 | ) |
|
Three Months Ended June 30, 2016 | Six Months Ended June 30, 2016 | ||||||
Total Revenues | $ | 948,962 | $ | 1,886,914 | |||
Income from Continuing Operations | $ | 20,776 | $ | 78,833 | |||
Per Share Income from Continuing Operations - Basic | $ | 0.08 | $ | 0.30 | |||
Per Share Income from Continuing Operations - Diluted | $ | 0.08 | $ | 0.30 |
Cash Paid (gross of cash acquired)(1) | $ | 39,740 | ||
Fair Value of Noncontrolling Interests | 1,339 | |||
Total Consideration | 41,079 | |||
Fair Value of Identifiable Assets Acquired: | ||||
Cash | 1,654 | |||
Accounts Receivable and Prepaid Expenses | 2,664 | |||
Other Assets | 1,101 | |||
Property, Plant and Equipment(2) | 12,110 | |||
Customer Relationship Intangible Assets(3) | 20,291 | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (9,831 | ) | ||
Deferred Income Taxes | (2,738 | ) | ||
Total Fair Value of Identifiable Net Assets Acquired | 25,251 | |||
Goodwill Initially Recorded(4) | $ | 15,828 |
(1) | Included in cash paid for acquisitions in the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2017 is net cash acquired of $1,654 and contingent and other payments, net of $137 related to acquisitions made in previous years. |
(2) | Consists primarily of building, building improvements, racking structures and warehouse equipment. These assets are depreciated using the straight-line method with the useful lives as noted in Note 2.f. to Notes to Consolidated Financial Statements included in our Annual Report. |
(3) | The weighted average lives of customer relationship intangible assets associated with acquisitions in 2017 was 16 years. |
|
December 31, 2016 | June 30, 2017 | |||||||||||||||||||||||||||||||||
Debt (inclusive of discount) | Unamortized Deferred Financing Costs | Carrying Amount | Fair Value | Debt (inclusive of discount) | Unamortized Deferred Financing Costs | Carrying Amount | Fair Value | |||||||||||||||||||||||||||
Revolving Credit Facility | $ | 953,548 | $ | (7,530 | ) | $ | 946,018 | $ | 953,548 | $ | 713,445 | $ | (6,072 | ) | $ | 707,373 | $ | 713,445 | ||||||||||||||||
Term Loan | 234,375 | — | 234,375 | 234,375 | 225,000 | — | 225,000 | 225,000 | ||||||||||||||||||||||||||
Australian Dollar Term Loan (the "AUD Term Loan") | 177,198 | (3,774 | ) | 173,424 | 178,923 | 186,871 | (3,680 | ) | 183,191 | 188,552 | ||||||||||||||||||||||||
6% Senior Notes due 2020 (the "6% Notes due 2020")(1)(2) | 1,000,000 | (12,730 | ) | 987,270 | 1,052,500 | 1,000,000 | (11,032 | ) | 988,968 | 1,037,500 | ||||||||||||||||||||||||
43/8% Senior Notes due 2021 (the "43/8% Notes")(1)(2) | 500,000 | (7,593 | ) | 492,407 | 511,250 | 500,000 | (6,734 | ) | 493,266 | 518,150 | ||||||||||||||||||||||||
61/8% CAD Senior Notes due 2021 (the "CAD Notes due 2021")(3) | 148,792 | (1,635 | ) | 147,157 | 155,860 | 154,052 | (1,511 | ) | 152,541 | 159,251 | ||||||||||||||||||||||||
61/8% GBP Senior Notes due 2022 (the "GBP Notes")(2) | 493,648 | (6,214 | ) | 487,434 | 527,562 | 520,108 | (5,974 | ) | 514,134 | 548,090 | ||||||||||||||||||||||||
6% Senior Notes due 2023 (the "6% Notes due 2023")(1) | 600,000 | (7,322 | ) | 592,678 | 637,500 | 600,000 | (6,773 | ) | 593,227 | 636,000 | ||||||||||||||||||||||||
53/8% CAD Senior Notes due 2023 (the "CAD Notes due 2023")(2)(3) | 185,990 | (3,498 | ) | 182,492 | 188,780 | 192,565 | (3,296 | ) | 189,269 | 202,675 | ||||||||||||||||||||||||
53/4% Senior Subordinated Notes due 2024 (the "53/4% Notes")(1) | 1,000,000 | (10,529 | ) | 989,471 | 1,027,500 | 1,000,000 | (9,842 | ) | 990,158 | 1,023,700 | ||||||||||||||||||||||||
3% Euro Senior Notes due 2025 (the "Euro Notes")(1)(2)(4) | — | — | — | — | 342,699 | (4,625 | ) | 338,074 | 345,338 | |||||||||||||||||||||||||
53/8% Senior Notes due 2026 (the "53/8% Notes")(2) | 250,000 | (4,044 | ) | 245,956 | 242,500 | 250,000 | (3,830 | ) | 246,170 | 263,150 | ||||||||||||||||||||||||
Real Estate Mortgages, Capital Leases and Other | 478,565 | (1,277 | ) | 477,288 | 478,565 | 533,433 | (973 | ) | 532,460 | 533,433 | ||||||||||||||||||||||||
Accounts Receivable Securitization Program(5) | 247,000 | (384 | ) | 246,616 | 247,000 | 250,000 | (231 | ) | 249,769 | 250,000 | ||||||||||||||||||||||||
Mortgage Securitization Program | 50,000 | (1,405 | ) | 48,595 | 50,000 | 50,000 | (1,346 | ) | 48,654 | 50,000 | ||||||||||||||||||||||||
Total Long-term Debt | 6,319,116 | (67,935 | ) | 6,251,181 | 6,518,173 | — | (65,919 | ) | 6,452,254 | |||||||||||||||||||||||||
Less Current Portion | (172,975 | ) | — | (172,975 | ) | (423,500 | ) | 231 | (423,269 | ) | ||||||||||||||||||||||||
Long-term Debt, Net of Current Portion | $ | 6,146,141 | $ | (67,935 | ) | $ | 6,078,206 | $ | 6,094,673 | $ | (65,688 | ) | $ | 6,028,985 |
(1) | Collectively, the "Parent Notes". |
(2) | Collectively, the "Unregistered Notes". |
(3) | Collectively, the "CAD Notes". |
(4) | The fair value (Level 1 of fair value hierarchy described in Note 2.s. to Notes to Consolidated Financial Statements included in our Annual Report) of the Euro Notes is based upon quoted market prices for the Euro Notes on June 30, 2017. |
(5) | Because the Accounts Receivable Securitization Program terminates on March 6, 2018, at which point all obligations under the program become due, this debt is classified within the current portion of long-term debt in our Condensed Consolidated Balance Sheet as of June 30, 2017. |
December 31, 2016 | June 30, 2017 | Maximum/Minimum Allowable | |||||
Net total lease adjusted leverage ratio | 5.7 | 5.8 | Maximum allowable of 6.5 | ||||
Net secured debt lease adjusted leverage ratio | 2.7 | 2.5 | Maximum allowable of 4.0 | ||||
Bond leverage ratio (not lease adjusted) | 5.2 | 5.6 | Maximum allowable of 6.5 | ||||
Fixed charge coverage ratio | 2.4 | 2.2 | Minimum allowable of 1.5 |
|
December 31, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 2,405 | $ | 23,380 | $ | 17,110 | $ | 193,589 | $ | — | $ | 236,484 | |||||||||||
Accounts receivable | — | 53,364 | 37,781 | 600,104 | — | 691,249 | |||||||||||||||||
Intercompany receivable | — | 653,008 | 21,114 | — | (674,122 | ) | — | ||||||||||||||||
Prepaid expenses and other | — | 70,660 | 4,967 | 108,776 | (29 | ) | 184,374 | ||||||||||||||||
Total Current Assets | 2,405 | 800,412 | 80,972 | 902,469 | (674,151 | ) | 1,112,107 | ||||||||||||||||
Property, Plant and Equipment, Net | 483 | 1,804,991 | 159,391 | 1,118,461 | — | 3,083,326 | |||||||||||||||||
Other Assets, Net: | |||||||||||||||||||||||
Long-term notes receivable from affiliates and intercompany receivable | 4,014,330 | 1,000 | — | — | (4,015,330 | ) | — | ||||||||||||||||
Investment in subsidiaries | 1,659,518 | 699,411 | 35,504 | 77,449 | (2,471,882 | ) | — | ||||||||||||||||
Goodwill | — | 2,602,784 | 217,422 | 1,084,815 | — | 3,905,021 | |||||||||||||||||
Other | — | 765,698 | 49,570 | 571,078 | — | 1,386,346 | |||||||||||||||||
Total Other Assets, Net | 5,673,848 | 4,068,893 | 302,496 | 1,733,342 | (6,487,212 | ) | 5,291,367 | ||||||||||||||||
Total Assets | $ | 5,676,736 | $ | 6,674,296 | $ | 542,859 | $ | 3,754,272 | $ | (7,161,363 | ) | $ | 9,486,800 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Intercompany Payable | $ | 558,492 | $ | — | $ | — | $ | 115,630 | $ | (674,122 | ) | $ | — | ||||||||||
Current Portion of Long-Term Debt | — | 51,456 | — | 121,548 | (29 | ) | 172,975 | ||||||||||||||||
Total Other Current Liabilities | 58,478 | 488,194 | 40,442 | 286,468 | — | 873,582 | |||||||||||||||||
Long-Term Debt, Net of Current Portion | 3,093,388 | 1,055,642 | 335,410 | 1,593,766 | — | 6,078,206 | |||||||||||||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 4,014,330 | — | — | (4,015,330 | ) | — | ||||||||||||||||
Other Long-term Liabilities | — | 127,715 | 54,054 | 188,900 | — | 370,669 | |||||||||||||||||
Commitments and Contingencies (See Note 8) | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | 28,831 | — | — | 25,866 | — | 54,697 | |||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,936,547 | 936,959 | 112,953 | 1,421,970 | (2,471,882 | ) | 1,936,547 | ||||||||||||||||
Noncontrolling Interests | — | — | — | 124 | — | 124 | |||||||||||||||||
Total Equity | 1,936,547 | 936,959 | 112,953 | 1,422,094 | (2,471,882 | ) | 1,936,671 | ||||||||||||||||
Total Liabilities and Equity | $ | 5,676,736 | $ | 6,674,296 | $ | 542,859 | $ | 3,754,272 | $ | (7,161,363 | ) | $ | 9,486,800 |
June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents(1) | $ | 1,420 | $ | 39,397 | $ | — | $ | 411,752 | $ | (161,550 | ) | $ | 291,019 | ||||||||||
Accounts receivable | — | 39,560 | 37,700 | 653,106 | — | 730,366 | |||||||||||||||||
Intercompany receivable | — | 785,821 | 66,204 | — | (852,025 | ) | — | ||||||||||||||||
Prepaid expenses and other | 2,674 | 73,310 | 4,131 | 104,405 | (29 | ) | 184,491 | ||||||||||||||||
Total Current Assets | 4,094 | 938,088 | 108,035 | 1,169,263 | (1,013,604 | ) | 1,205,876 | ||||||||||||||||
Property, Plant and Equipment, Net | 394 | 1,840,391 | 159,491 | 1,175,163 | — | 3,175,439 | |||||||||||||||||
Other Assets, Net: | |||||||||||||||||||||||
Long-term notes receivable from affiliates and intercompany receivable | 4,254,773 | 1,000 | — | — | (4,255,773 | ) | — | ||||||||||||||||
Investment in subsidiaries | 1,835,987 | 865,153 | 37,280 | 103,169 | (2,841,589 | ) | — | ||||||||||||||||
Goodwill | — | 2,553,706 | 223,838 | 1,211,218 | — | 3,988,762 | |||||||||||||||||
Other | — | 763,545 | 50,087 | 630,984 | — | 1,444,616 | |||||||||||||||||
Total Other Assets, Net | 6,090,760 | 4,183,404 | 311,205 | 1,945,371 | (7,097,362 | ) | 5,433,378 | ||||||||||||||||
Total Assets | $ | 6,095,248 | $ | 6,961,883 | $ | 578,731 | $ | 4,289,797 | $ | (8,110,966 | ) | $ | 9,814,693 | ||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Intercompany Payable | $ | 625,427 | $ | — | $ | — | $ | 226,598 | $ | (852,025 | ) | $ | — | ||||||||||
Debit Balances Under Cash Pools | — | 136,379 | — | 25,171 | (161,550 | ) | — | ||||||||||||||||
Current Portion of Long-Term Debt | — | 46,682 | — | 376,616 | (29 | ) | 423,269 | ||||||||||||||||
Total Other Current Liabilities | 203,948 | 465,110 | 46,835 | 335,444 | — | 1,051,337 | |||||||||||||||||
Long-Term Debt, Net of Current Portion | 3,403,693 | 811,881 | 347,793 | 1,465,618 | — | 6,028,985 | |||||||||||||||||
Long-Term Notes Payable to Affiliates and Intercompany Payable | 1,000 | 4,254,773 | — | — | (4,255,773 | ) | — | ||||||||||||||||
Other Long-term Liabilities | — | 144,356 | 43,654 | 197,711 | — | 385,721 | |||||||||||||||||
Commitments and Contingencies (See Note 8) | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | 5,392 | — | — | 62,692 | — | 68,084 | |||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | 1,855,788 | 1,102,702 | 140,449 | 1,598,438 | (2,841,589 | ) | 1,855,788 | ||||||||||||||||
Noncontrolling Interests | — | — | — | 1,509 | — | 1,509 | |||||||||||||||||
Total Equity | 1,855,788 | 1,102,702 | 140,449 | 1,599,947 | (2,841,589 | ) | 1,857,297 | ||||||||||||||||
Total Liabilities and Equity | $ | 6,095,248 | $ | 6,961,883 | $ | 578,731 | $ | 4,289,797 | $ | (8,110,966 | ) | $ | 9,814,693 |
(1) | Included within Cash and Cash Equivalents at June 30, 2017 is approximately $29,400 and $140,900 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 5 for more information on our Cash Pools. |
Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 334,413 | $ | 32,331 | $ | 171,938 | $ | — | $ | 538,682 | |||||||||||
Service | — | 202,866 | 16,907 | 125,293 | — | 345,066 | |||||||||||||||||
Intercompany revenues | — | 1,013 | — | 19,903 | (20,916 | ) | — | ||||||||||||||||
Total Revenues | — | 538,292 | 49,238 | 317,134 | (20,916 | ) | 883,748 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 222,262 | 6,929 | 166,458 | — | 395,649 | |||||||||||||||||
Selling, general and administrative | 521 | 192,971 | 4,595 | 78,990 | — | 277,077 | |||||||||||||||||
Intercompany cost of sales | — | 3,809 | 16,094 | 1,013 | (20,916 | ) | — | ||||||||||||||||
Depreciation and amortization | 44 | 68,539 | 3,962 | 42,477 | — | 115,022 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (842 | ) | — | 216 | — | (626 | ) | |||||||||||||||
Total Operating Expenses | 565 | 486,739 | 31,580 | 289,154 | (20,916 | ) | 787,122 | ||||||||||||||||
Operating (Loss) Income | (565 | ) | 51,553 | 17,658 | 27,980 | — | 96,626 | ||||||||||||||||
Interest Expense (Income), Net | 28,069 | (6,071 | ) | 11,348 | 41,520 | — | 74,866 | ||||||||||||||||
Other Expense (Income), Net | 50,845 | 716 | 64 | (25,984 | ) | — | 25,641 | ||||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (79,479 | ) | 56,908 | 6,246 | 12,444 | — | (3,881 | ) | |||||||||||||||
Provision (Benefit) for Income Taxes | — | 7,931 | 2,174 | 734 | — | 10,839 | |||||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (65,511 | ) | (31,494 | ) | (1,315 | ) | (4,707 | ) | 103,027 | — | |||||||||||||
(Loss) Income from Continuing Operations | (13,968 | ) | 80,471 | 5,387 | 16,417 | (103,027 | ) | (14,720 | ) | ||||||||||||||
Income (Loss) from Discontinued Operations | — | 890 | 635 | 62 | — | 1,587 | |||||||||||||||||
Net (Loss) Income | (13,968 | ) | 81,361 | 6,022 | 16,479 | (103,027 | ) | (13,133 | ) | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 835 | — | 835 | |||||||||||||||||
Net (Loss) Income Attributable to Iron Mountain Incorporated | $ | (13,968 | ) | $ | 81,361 | $ | 6,022 | $ | 15,644 | $ | (103,027 | ) | $ | (13,968 | ) | ||||||||
Net (Loss) Income | $ | (13,968 | ) | $ | 81,361 | $ | 6,022 | $ | 16,479 | $ | (103,027 | ) | $ | (13,133 | ) | ||||||||
Other Comprehensive (Loss) Income: | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | 754 | — | (4,894 | ) | 6,929 | — | 2,789 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 2,117 | (2,569 | ) | (48 | ) | (4,894 | ) | 5,394 | — | ||||||||||||||
Total Other Comprehensive Income (Loss) | 2,871 | (2,569 | ) | (4,942 | ) | 2,035 | 5,394 | 2,789 | |||||||||||||||
Comprehensive (Loss) Income | (11,097 | ) | 78,792 | 1,080 | 18,514 | (97,633 | ) | (10,344 | ) | ||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 753 | — | 753 | |||||||||||||||||
Comprehensive (Loss) Income Attributable to Iron Mountain Incorporated | $ | (11,097 | ) | $ | 78,792 | $ | 1,080 | $ | 17,761 | $ | (97,633 | ) | $ | (11,097 | ) |
Three Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 360,546 | $ | 31,912 | $ | 197,781 | $ | — | $ | 590,239 | |||||||||||
Service | — | 213,665 | 15,675 | 130,227 | — | 359,567 | |||||||||||||||||
Intercompany revenues | — | 1,141 | — | 21,649 | (22,790 | ) | — | ||||||||||||||||
Total Revenues | — | 575,352 | 47,587 | 349,657 | (22,790 | ) | 949,806 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 230,102 | 6,789 | 177,393 | — | 414,284 | |||||||||||||||||
Selling, general and administrative | 273 | 159,577 | 3,796 | 73,799 | — | 237,445 | |||||||||||||||||
Intercompany cost of sales | — | 6,590 | 15,059 | 1,141 | (22,790 | ) | — | ||||||||||||||||
Depreciation and amortization | 43 | 75,129 | 4,309 | 48,618 | — | 128,099 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (246 | ) | 4 | 26 | — | (216 | ) | |||||||||||||||
Total Operating Expenses | 316 | 471,152 | 29,957 | 300,977 | (22,790 | ) | 779,612 | ||||||||||||||||
Operating (Loss) Income | (316 | ) | 104,200 | 17,630 | 48,680 | — | 170,194 | ||||||||||||||||
Interest Expense (Income), Net | 40,377 | 15,637 | (6,035 | ) | 39,987 | — | 89,966 | ||||||||||||||||
Other Expense (Income), Net | 339 | 543 | (127 | ) | (20,121 | ) | — | (19,366 | ) | ||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate | (41,032 | ) | 88,020 | 23,792 | 28,814 | — | 99,594 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 436 | 10,010 | 7,563 | — | 18,009 | |||||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | — | — | (1,563 | ) | — | (1,563 | ) | |||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (119,662 | ) | (29,962 | ) | (363 | ) | (13,782 | ) | 163,769 | — | |||||||||||||
Income (Loss) from Continuing Operations | 78,630 | 117,546 | 14,145 | 36,596 | (163,769 | ) | 83,148 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (1,155 | ) | — | (871 | ) | — | (2,026 | ) | ||||||||||||||
Net Income (Loss) | 78,630 | 116,391 | 14,145 | 35,725 | (163,769 | ) | 81,122 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,492 | — | 2,492 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 78,630 | $ | 116,391 | $ | 14,145 | $ | 33,233 | $ | (163,769 | ) | $ | 78,630 | ||||||||||
Net Income (Loss) | $ | 78,630 | $ | 116,391 | $ | 14,145 | $ | 35,725 | $ | (163,769 | ) | $ | 81,122 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (7,076 | ) | — | 2,704 | 11,910 | — | 7,538 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 14,725 | 11,213 | 970 | 2,704 | (29,612 | ) | — | ||||||||||||||||
Total Other Comprehensive Income (Loss) | 7,649 | 11,213 | 3,674 | 14,614 | (29,612 | ) | 7,538 | ||||||||||||||||
Comprehensive Income (Loss) | 86,279 | 127,604 | 17,819 | 50,339 | (193,381 | ) | 88,660 | ||||||||||||||||
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | — | — | — | 2,381 | — | 2,381 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 86,279 | $ | 127,604 | $ | 17,819 | $ | 47,958 | $ | (193,381 | ) | $ | 86,279 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 648,032 | $ | 59,936 | $ | 291,925 | $ | — | $ | 999,893 | |||||||||||
Service | — | 391,774 | 31,549 | 211,222 | — | 634,545 | |||||||||||||||||
Intercompany revenues | — | 2,026 | — | 37,248 | (39,274 | ) | — | ||||||||||||||||
Total Revenues | — | 1,041,832 | 91,485 | 540,395 | (39,274 | ) | 1,634,438 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 430,416 | 13,719 | 277,619 | — | 721,754 | |||||||||||||||||
Selling, general and administrative | 593 | 342,990 | 7,968 | 133,292 | — | 484,843 | |||||||||||||||||
Intercompany cost of sales | — | 7,163 | 30,085 | 2,026 | (39,274 | ) | — | ||||||||||||||||
Depreciation and amortization | 89 | 125,465 | 7,041 | 69,631 | — | 202,226 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (1,412 | ) | 6 | 329 | — | (1,077 | ) | |||||||||||||||
Total Operating Expenses | 682 | 904,622 | 58,819 | 482,897 | (39,274 | ) | 1,407,746 | ||||||||||||||||
Operating (Loss) Income | (682 | ) | 137,210 | 32,666 | 57,498 | — | 226,692 | ||||||||||||||||
Interest Expense (Income), Net | 68,053 | (14,580 | ) | 21,382 | 67,073 | — | 141,928 | ||||||||||||||||
Other Expense (Income), Net | 51,731 | 4,172 | 44 | (42,243 | ) | — | 13,704 | ||||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes | (120,466 | ) | 147,618 | 11,240 | 32,668 | — | 71,060 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 17,001 | 4,040 | 1,698 | — | 22,739 | |||||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (169,272 | ) | (53,868 | ) | (2,686 | ) | (7,835 | ) | 233,661 | — | |||||||||||||
Income (Loss) from Continuing Operations | 48,806 | 184,485 | 9,886 | 38,805 | (233,661 | ) | 48,321 | ||||||||||||||||
Income (Loss) from Discontinued Operations | — | 890 | 635 | 62 | — | 1,587 | |||||||||||||||||
Net Income (Loss) | 48,806 | 185,375 | 10,521 | 38,867 | (233,661 | ) | 49,908 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,102 | — | 1,102 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 48,806 | $ | 185,375 | $ | 10,521 | $ | 37,765 | $ | (233,661 | ) | $ | 48,806 | ||||||||||
Net Income (Loss) | $ | 48,806 | $ | 185,375 | $ | 10,521 | $ | 38,867 | $ | (233,661 | ) | $ | 49,908 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (588 | ) | — | (3,105 | ) | 30,460 | — | 26,767 | |||||||||||||||
Market Value Adjustments for Securities | — | (734 | ) | — | — | — | (734 | ) | |||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 26,216 | 21,530 | 613 | (3,105 | ) | (45,254 | ) | — | |||||||||||||||
Total Other Comprehensive Income (Loss) | 25,628 | 20,796 | (2,492 | ) | 27,355 | (45,254 | ) | 26,033 | |||||||||||||||
Comprehensive Income (Loss) | 74,434 | 206,171 | 8,029 | 66,222 | (278,915 | ) | 75,941 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 1,507 | — | 1,507 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 74,434 | $ | 206,171 | $ | 8,029 | $ | 64,715 | $ | (278,915 | ) | $ | 74,434 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Storage rental | $ | — | $ | 709,897 | $ | 63,918 | $ | 388,703 | $ | — | $ | 1,162,518 | |||||||||||
Service | — | 431,874 | 31,725 | 262,565 | — | 726,164 | |||||||||||||||||
Intercompany revenues | — | 2,238 | — | 43,991 | (46,229 | ) | — | ||||||||||||||||
Total Revenues | — | 1,144,009 | 95,643 | 695,259 | (46,229 | ) | 1,888,682 | ||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | — | 469,431 | 14,339 | 357,221 | — | 840,991 | |||||||||||||||||
Selling, general and administrative | 352 | 322,282 | 7,357 | 147,620 | — | 477,611 | |||||||||||||||||
Intercompany cost of sales | — | 13,196 | 30,795 | 2,238 | (46,229 | ) | — | ||||||||||||||||
Depreciation and amortization | 89 | 151,290 | 8,547 | 92,880 | — | 252,806 | |||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net | — | (794 | ) | 6 | 113 | — | (675 | ) | |||||||||||||||
Total Operating Expenses | 441 | 955,405 | 61,044 | 600,072 | (46,229 | ) | 1,570,733 | ||||||||||||||||
Operating (Loss) Income | (441 | ) | 188,604 | 34,599 | 95,187 | — | 317,949 | ||||||||||||||||
Interest Expense (Income), Net | 83,161 | 12,358 | 5,635 | 74,867 | — | 176,021 | |||||||||||||||||
Other Expense (Income), Net | 420 | 3,062 | (154 | ) | (29,058 | ) | — | (25,730 | ) | ||||||||||||||
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate | (84,022 | ) | 173,184 | 29,118 | 49,378 | — | 167,658 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 13,180 | 6,522 | 7,527 | — | 27,229 | |||||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | — | — | (1,563 | ) | — | (1,563 | ) | |||||||||||||||
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax | (220,777 | ) | (53,375 | ) | (520 | ) | (22,596 | ) | 297,268 | — | |||||||||||||
Income (Loss) from Continuing Operations | 136,755 | 213,379 | 23,116 | 66,010 | (297,268 | ) | 141,992 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (957 | ) | — | (1,406 | ) | — | (2,363 | ) | ||||||||||||||
Net Income (Loss) | 136,755 | 212,422 | 23,116 | 64,604 | (297,268 | ) | 139,629 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,874 | — | 2,874 | |||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 136,755 | $ | 212,422 | $ | 23,116 | $ | 61,730 | $ | (297,268 | ) | $ | 136,755 | ||||||||||
Net Income (Loss) | $ | 136,755 | $ | 212,422 | $ | 23,116 | $ | 64,604 | $ | (297,268 | ) | $ | 139,629 | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Foreign Currency Translation Adjustments | (8,148 | ) | — | 3,339 | 63,131 | — | 58,322 | ||||||||||||||||
Equity in Other Comprehensive Income (Loss) of Subsidiaries | 67,131 | 39,753 | 1,257 | 3,339 | (111,480 | ) | — | ||||||||||||||||
Total Other Comprehensive Income (Loss) | 58,983 | 39,753 | 4,596 | 66,470 | (111,480 | ) | 58,322 | ||||||||||||||||
Comprehensive Income (Loss) | 195,738 | 252,175 | 27,712 | 131,074 | (408,748 | ) | 197,951 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | — | — | — | 2,213 | — | 2,213 | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 195,738 | $ | 252,175 | $ | 27,712 | $ | 128,861 | $ | (408,748 | ) | $ | 195,738 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (107,370 | ) | $ | 203,158 | $ | 23,827 | $ | 85,990 | $ | — | $ | 205,605 | ||||||||||
Cash Flows from Operating Activities—Discontinued Operations | — | 393 | 690 | 62 | — | 1,145 | |||||||||||||||||
Cash Flows from Operating Activities | $ | (107,370 | ) | $ | 203,551 | $ | 24,517 | $ | 86,052 | $ | — | $ | 206,750 | ||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Capital expenditures | — | (102,219 | ) | (1,048 | ) | (60,398 | ) | — | (163,665 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | 4,074 | (2,381 | ) | (278,246 | ) | — | (276,553 | ) | ||||||||||||||
Intercompany loans to subsidiaries | (148,811 | ) | (261,681 | ) | — | — | 410,492 | — | |||||||||||||||
Investment in subsidiaries | (1,585 | ) | (1,585 | ) | — | — | 3,170 | — | |||||||||||||||
Acquisitions of customer relationships and customer inducements | — | (13,932 | ) | — | (2,814 | ) | — | (16,746 | ) | ||||||||||||||
Net proceeds from Iron Mountain Divestments (see Note 10) | — | 53,950 | — | — | — | 53,950 | |||||||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 92 | — | 279 | — | 371 | |||||||||||||||||
Cash Flows from Investing Activities—Continuing Operations | (150,396 | ) | (321,301 | ) | (3,429 | ) | (341,179 | ) | 413,662 | (402,643 | ) | ||||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | — | 90 | — | — | 90 | |||||||||||||||||
Cash Flows from Investing Activities | (150,396 | ) | (321,301 | ) | (3,339 | ) | (341,179 | ) | 413,662 | (402,553 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Repayment of revolving credit, term loan facilities, bridge facilities and other debt | (1,096,706 | ) | (3,554,881 | ) | (861,740 | ) | (1,873,787 | ) | — | (7,387,114 | ) | ||||||||||||
Proceeds from revolving credit, term loan facilities, bridge facilities and other debt | 1,083,681 | 3,285,876 | 843,281 | 1,973,967 | — | 7,186,805 | |||||||||||||||||
Net proceeds from sales of senior notes | 492,500 | 246,250 | — | — | — | 738,750 | |||||||||||||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 456 | — | 456 | |||||||||||||||||
Intercompany loans from parent | — | 147,470 | (14,427 | ) | 277,449 | (410,492 | ) | — | |||||||||||||||
Equity contribution from parent | — | 1,585 | — | 1,585 | (3,170 | ) | — | ||||||||||||||||
Parent cash dividends | (232,596 | ) | — | — | — | — | (232,596 | ) | |||||||||||||||
Net proceeds (payments) associated with employee stock-based awards | 18,641 | — | — | — | — | 18,641 | |||||||||||||||||
Excess tax benefit (deficiency) from stock-based compensation | 29 | — | — | — | — | 29 | |||||||||||||||||
Payment of debt financing and stock issuance costs | (7,532 | ) | (4,500 | ) | — | — | — | (12,032 | ) | ||||||||||||||
Cash Flows from Financing Activities—Continuing Operations | 258,017 | 121,800 | (32,886 | ) | 379,670 | (413,662 | ) | 312,939 | |||||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Financing Activities | 258,017 | 121,800 | (32,886 | ) | 379,670 | (413,662 | ) | 312,939 | |||||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1,842 | (10,370 | ) | — | (8,528 | ) | |||||||||||||||
Increase (Decrease) in cash and cash equivalents | 251 | 4,050 | (9,866 | ) | 114,173 | — | 108,608 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 151 | 7,803 | 13,182 | 107,245 | — | 128,381 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 402 | $ | 11,853 | $ | 3,316 | $ | 221,418 | $ | — | $ | 236,989 |
Six Months Ended June 30, 2017 | |||||||||||||||||||||||
Parent | Guarantors | Canada Company | Non- Guarantors | Eliminations | Consolidated | ||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||
Cash Flows from Operating Activities—Continuing Operations | $ | (81,406 | ) | $ | 305,548 | $ | 27,976 | $ | 69,922 | $ | — | $ | 322,040 | ||||||||||
Cash Flows from Operating Activities—Discontinued Operations | — | (957 | ) | — | (1,406 | ) | — | (2,363 | ) | ||||||||||||||
Cash Flows from Operating Activities | (81,406 | ) | 304,591 | 27,976 | 68,516 | — | 319,677 | ||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||
Capital expenditures | — | (124,559 | ) | (4,171 | ) | (36,477 | ) | — | (165,207 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (6,380 | ) | — | (31,843 | ) | — | (38,223 | ) | ||||||||||||||
Intercompany loans to subsidiaries | (51,119 | ) | (41,642 | ) | — | (474 | ) | 93,235 | — | ||||||||||||||
Investment in subsidiaries | (16,170 | ) | — | — | — | 16,170 | — | ||||||||||||||||
Acquisitions of customer relationships and customer inducements | — | (26,924 | ) | (410 | ) | (1,176 | ) | — | (28,510 | ) | |||||||||||||
Net proceeds from Iron Mountain Divestments (see Note 10) | — | — | — | 2,423 | — | 2,423 | |||||||||||||||||
Proceeds from sales of property and equipment and other, net (including real estate) | — | 12,933 | 2 | (4,388 | ) | — | 8,547 | ||||||||||||||||
Cash Flows from Investing Activities—Continuing Operations | (67,289 | ) | (186,572 | ) | (4,579 | ) | (71,935 | ) | 109,405 | (220,970 | ) | ||||||||||||
Cash Flows from Investing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Investing Activities | (67,289 | ) | (186,572 | ) | (4,579 | ) | (71,935 | ) | 109,405 | (220,970 | ) | ||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||
Repayment of revolving credit, term loan facilities and other debt | (262,579 | ) | (3,197,148 | ) | (51 | ) | (2,291,638 | ) | — | (5,751,416 | ) | ||||||||||||
Proceeds from revolving credit, term loan facilities and other debt | 224,660 | 2,913,810 | — | 2,355,655 | — | 5,494,125 | |||||||||||||||||
Net proceeds from sales of senior notes | 332,683 | — | — | — | — | 332,683 | |||||||||||||||||
Debit balances (payments) under cash pools | — | 136,379 | — | 25,171 | (161,550 | ) | — | ||||||||||||||||
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net | — | — | — | 10,151 | — | 10,151 | |||||||||||||||||
Intercompany loans from parent | — | 44,957 | (43,089 | ) | 91,367 | (93,235 | ) | — | |||||||||||||||
Equity contribution from parent | — | — | — | 16,170 | (16,170 | ) | — | ||||||||||||||||
Parent cash dividends | (147,393 | ) | — | — | — | — | (147,393 | ) | |||||||||||||||
Net proceeds (payments) associated with employee stock-based awards | 810 | — | — | — | — | 810 | |||||||||||||||||
Payment of debt financing and stock issuance costs | (471 | ) | — | (73 | ) | — | — | (544 | ) | ||||||||||||||
Cash Flows from Financing Activities—Continuing Operations | 147,710 | (102,002 | ) | (43,213 | ) | 206,876 | (270,955 | ) | (61,584 | ) | |||||||||||||
Cash Flows from Financing Activities—Discontinued Operations | — | — | — | — | — | — | |||||||||||||||||
Cash Flows from Financing Activities | 147,710 | (102,002 | ) | (43,213 | ) | 206,876 | (270,955 | ) | (61,584 | ) | |||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 2,706 | 14,706 | — | 17,412 | |||||||||||||||||
Increase (Decrease) in cash and cash equivalents | (985 | ) | 16,017 | (17,110 | ) | 218,163 | (161,550 | ) | 54,535 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2,405 | 23,380 | 17,110 | 193,589 | — | 236,484 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,420 | $ | 39,397 | $ | — | $ | 411,752 | $ | (161,550 | ) | $ | 291,019 |
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North American Records and Information Management Business | North American Data Management Business | Western European Business | Other International Business | Corporate and Other Business | Total Consolidated | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | ||||||||||||||||||||||||
Total Revenues | $ | 481,470 | $ | 103,270 | $ | 118,198 | $ | 165,669 | $ | 15,141 | $ | 883,748 | ||||||||||||
Depreciation and Amortization | 57,465 | 6,077 | 15,069 | 25,897 | 10,514 | 115,022 | ||||||||||||||||||
Depreciation | 47,867 | 5,832 | 11,698 | 18,323 | 9,810 | 93,530 | ||||||||||||||||||
Amortization | 9,598 | 245 | 3,371 | 7,574 | 704 | 21,492 | ||||||||||||||||||
Adjusted EBITDA | 189,138 | 57,081 | 33,273 | 41,931 | (59,989 | ) | 261,434 | |||||||||||||||||
Expenditures for Segment Assets | 19,872 | 3,750 | (1,158 | ) | 281,589 | 45,461 | 349,514 | |||||||||||||||||
Capital Expenditures | 14,734 | 2,302 | 5,978 | 15,380 | 44,419 | 82,813 | ||||||||||||||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1) | (2,546 | ) | (59 | ) | (7,103 | ) | 265,879 | 1,042 | 257,213 | |||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 7,684 | 1,507 | (33 | ) | 330 | — | 9,488 | |||||||||||||||||
For the Three Months Ended June 30, 2017 | ||||||||||||||||||||||||
Total Revenues | 509,597 | 105,995 | 121,866 | 192,405 | 19,943 | 949,806 | ||||||||||||||||||
Depreciation and Amortization | 58,628 | 8,955 | 16,124 | 30,203 | 14,189 | 128,099 | ||||||||||||||||||
Depreciation | 50,119 | 6,701 | 12,366 | 20,518 | 12,611 | 102,315 | ||||||||||||||||||
Amortization | 8,509 | 2,254 | 3,758 | 9,685 | 1,578 | 25,784 | ||||||||||||||||||
Adjusted EBITDA | 220,768 | 56,583 | 36,528 | 56,166 | (51,991 | ) | 318,054 | |||||||||||||||||
Expenditures for Segment Assets | 52,640 | 8,132 | 2,079 | 43,084 | 19,213 | 125,148 | ||||||||||||||||||
Capital Expenditures | 46,235 | 8,132 | 1,723 | 16,702 | 19,213 | 92,005 | ||||||||||||||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired | — | — | — | 26,036 | — | 26,036 | ||||||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 6,405 | — | 356 | 346 | — | 7,107 | ||||||||||||||||||
For the Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
Total Revenues | 926,151 | 199,613 | 212,074 | 267,010 | 29,590 | 1,634,438 | ||||||||||||||||||
Depreciation and Amortization | 102,815 | 11,747 | 26,320 | 40,183 | 21,161 | 202,226 | ||||||||||||||||||
Depreciation | 88,122 | 11,254 | 20,369 | 29,225 | 19,950 | 168,920 | ||||||||||||||||||
Amortization | 14,693 | 493 | 5,951 | 10,958 | 1,211 | 33,306 | ||||||||||||||||||
Adjusted EBITDA | 365,695 | 110,541 | 65,219 | 63,507 | (108,382 | ) | 496,580 | |||||||||||||||||
Expenditures for Segment Assets | 66,538 | 8,577 | 4,902 | 313,745 | 63,202 | 456,964 | ||||||||||||||||||
Capital Expenditures | 56,822 | 7,129 | 10,037 | 27,542 | 62,135 | 163,665 | ||||||||||||||||||
Cash (Received) Paid for Acquisitions, Net of Cash Acquired (1) | (2,676 | ) | (59 | ) | (7,103 | ) | 285,349 | 1,042 | 276,553 | |||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 12,392 | 1,507 | 1,968 | 854 | 25 | 16,746 | ||||||||||||||||||
For the Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
Total Revenues | 1,017,194 | 212,945 | 241,938 | 381,646 | 34,959 | 1,888,682 | ||||||||||||||||||
Depreciation and Amortization | 119,163 | 17,888 | 30,421 | 57,879 | 27,455 | 252,806 | ||||||||||||||||||
Depreciation | 102,071 | 13,374 | 23,254 | 39,823 | 23,385 | 201,907 | ||||||||||||||||||
Amortization | 17,092 | 4,514 | 7,167 | 18,056 | 4,070 | 50,899 | ||||||||||||||||||
Adjusted EBITDA | 430,298 | 112,495 | 70,670 | 111,513 | (114,348 | ) | 610,628 | |||||||||||||||||
Expenditures for Segment Assets | 104,528 | 16,869 | 7,104 | 61,704 | 41,735 | 231,940 | ||||||||||||||||||
Capital Expenditures | 72,813 | 16,869 | 6,621 | 29,169 | 39,735 | 165,207 | ||||||||||||||||||
Cash Paid (Received) for Acquisitions, Net of Cash Acquired | 4,379 | — | — | 31,844 | 2,000 | 38,223 | ||||||||||||||||||
Acquisitions of Customer Relationships and Customer Inducements | 27,336 | — | 483 | 691 | — | 28,510 |
(1) | Cash paid for acquisitions, net of cash acquired for our Other International Business segment for the three and six months ended June 30, 2016 primarily consists of the cash component of the purchase price for the Recall Transaction, as the IMI entity that made the cash payment was an Australian subsidiary. However, the Recall Transaction also benefited the North American Records and Information Management Business, North American Data Management Business and Western European Business segments. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||||
Adjusted EBITDA | $ | 261,434 | $ | 318,054 | $ | 496,580 | $ | 610,628 | |||||||
(Add)/Deduct: | |||||||||||||||
Gain on Sale of Real Estate, Net of Tax | — | (1,563 | ) | — | (1,563 | ) | |||||||||
Provision (Benefit) for Income Taxes | 10,839 | 18,009 | 22,739 | 27,229 | |||||||||||
Other Expense (Income), Net | 25,641 | (19,366 | ) | 13,704 | (25,730 | ) | |||||||||
Interest Expense, Net | 74,866 | 89,966 | 141,928 | 176,021 | |||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net | (626 | ) | (216 | ) | (1,077 | ) | (675 | ) | |||||||
Depreciation and Amortization | 115,022 | 128,099 | 202,226 | 252,806 | |||||||||||
Recall Costs(1) | 50,412 | 19,977 | 68,739 | 40,548 | |||||||||||
(Loss) Income from Continuing Operations | $ | (14,720 | ) | $ | 83,148 | $ | 48,321 | $ | 141,992 |
(1) | Represents operating expenditures associated with the Recall Transaction, including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the Divestments required in connection with receipt of regulatory approvals (including transitional services); and (iii) costs to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions ("Recall Costs"). |
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Declaration Date | Dividend Per Share | Record Date | Total Amount | Payment Date | |||||||
February 17, 2016 | 0.4850 | March 7, 2016 | $ | 102,651 | March 21, 2016 | ||||||
May 25, 2016 | 0.4850 | June 6, 2016 | 127,469 | June 24, 2016 | |||||||
July 27, 2016 | 0.4850 | September 12, 2016 | 127,737 | September 30, 2016 | |||||||
October 31, 2016 | 0.5500 | December 15, 2016 | 145,006 | December 30, 2016 | |||||||
February 15, 2017 | 0.5500 | March 15, 2017 | 145,235 | April 3, 2017 | |||||||
May 24, 2017 | 0.5500 | June 15, 2017 | 145,417 | July 3, 2017 |
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Three Months Ended June 30, 2016 | |||||||||||||||||||||
Description | Initial United States Divestments(1) | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total | ||||||||||||||||
Total Revenues | $ | — | $ | 1,810 | $ | 1,888 | $ | 311 | $ | 4,009 | |||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | — | 934 | 867 | 75 | 1,876 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 44 | — | 232 | 13 | 289 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | 890 | $ | 635 | $ | 62 | $ | 1,587 |
Six Months Ended June 30, 2016 | |||||||||||||||||||||
Description | Initial United States Divestments(1) | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Total Revenues | $ | — | $ | 1,810 | $ | 1,888 | $ | 311 | $ | 4,009 | |||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | — | 934 | 867 | 75 | 1,876 | ||||||||||||||||
Provision (Benefit) for Income Taxes | — | 44 | — | 232 | 13 | 289 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | 890 | $ | 635 | $ | 62 | $ | 1,587 |
(1) | The Access Sale occurred nearly simultaneously with the closing of the Recall Transaction. Accordingly, the revenue and expenses associated with the Initial United States Divestments are not included in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016, respectively, and the cash flows associated with the Initial United States Divestments are not included in our Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016, due to the immaterial nature of the revenues, expenses and cash flows related to the Initial United States Divestments for the period of time we owned these businesses (May 2, 2016 through May 4, 2016). |
Three Months Ended June 30, 2017 | |||||||||||||||||||||
Description | Initial United States Divestments | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | $ | — | $ | (1,801 | ) | $ | (1,248 | ) | $ | — | $ | (3,049 | ) | ||||||||
Provision (Benefit) for Income Taxes | — | (646 | ) | — | (377 | ) | — | (1,023 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | (1,155 | ) | $ | (871 | ) | $ | — | $ | (2,026 | ) |
Six Months Ended June 30, 2017 | |||||||||||||||||||||
Description | Initial United States Divestments | Seattle/Atlanta Divestments | Recall Canadian Divestments | UK Divestments | Total(1) | ||||||||||||||||
Income (Loss) from Discontinued Operations Before Provision (Benefit) for Income Taxes | $ | — | $ | (1,562 | ) | $ | (1,916 | ) | $ | — | $ | (3,478 | ) | ||||||||
Provision (Benefit) for Income Taxes | — | (605 | ) | — | (510 | ) | — | (1,115 | ) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | — | $ | (957 | ) | $ | (1,406 | ) | $ | — | $ | (2,363 | ) |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
Cost of sales (excluding depreciation and amortization) | $ | 331 | $ | 5,073 | $ | 331 | $ | 12,960 | ||||||||
Selling, general and administrative expenses | 50,081 | 14,904 | 68,408 | 27,588 | ||||||||||||
Total Recall Costs | $ | 50,412 | $ | 19,977 | $ | 68,739 | $ | 40,548 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2017 | 2016 | 2017 | |||||||||||||
North American Records and Information Management Business | $ | 2,794 | $ | 6,326 | $ | 2,833 | $ | 13,625 | ||||||||
North American Data Management Business | 517 | 1,003 | 517 | 1,876 | ||||||||||||
Western European Business | 3,913 | 2,131 | 4,130 | 5,347 | ||||||||||||
Other International Business | 5,517 | 1,937 | 5,948 | 3,588 | ||||||||||||
Corporate and Other Business | 37,671 | 8,580 | 55,311 | 16,112 | ||||||||||||
Total Recall Costs | $ | 50,412 | $ | 19,977 | $ | 68,739 | $ | 40,548 |
Accrual for Recall Costs | |||
Balance at December 31, 2016 | $ | 4,914 | |
Amounts accrued | 16,304 | ||
Change in estimates(1) | (230 | ) | |
Payments | (10,687 | ) | |
Currency translation adjustments | 66 | ||
Balance at June 30, 2017(2) | $ | 10,367 |
(1) | Includes adjustments made to amounts accrued in a prior period. |
(2) | Accrued liabilities related to Recall Costs as of June 30, 2017 presented in the table above generally related to employee severance costs and onerous lease liabilities. We expect that the majority of these liabilities will be paid throughout 2017. Additional Recall Costs recorded in our Condensed Consolidated Statement of Operations have either been settled in cash during the six months ended June 30, 2017 or are included in our Condensed Consolidated Balance Sheet as of June 30, 2017 as a component of accounts payable. |
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